Segment Information

6 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segment Information

13. Segment Information

Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, before elimination of inter-company shipments, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets.

The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, the Company's financing activities, corporate costs directly incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily include cash and certain U.S. deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Three months ended						Six months ended
(Dollars in thousands)	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net sales:
U.S. Factory-built Housing	$	587,127		$	428,132		$	1,186,660		$	856,917
Canadian Factory-built Housing		22,234			29,256			43,033			55,376
Corporate/Other		7,516			6,848			14,963			16,712
Consolidated net sales	$	616,877		$	464,236		$	1,244,656		$	929,005
Operating income:
U.S. Factory-built Housing EBITDA	$	88,448			64,752		$	167,469		$	138,985
Canadian Factory-built Housing EBITDA		2,979			5,763			5,858			10,527
Corporate/Other EBITDA		(15,943	)		(13,759	)		(31,967	)		(25,930	)
Other expense (income)		14			2,065			(1,205	)		2,065
Depreciation		(6,543	)		(4,700	)		(14,245	)		(9,333	)
Amortization		(2,968	)		(2,086	)		(5,878	)		(5,045	)
Equity in net loss of affiliates		691			—			2,034			—
Consolidated operating income	$	66,678		$	52,035		$	122,066		$	111,269
Depreciation:
U.S. Factory-built Housing	$	5,944		$	4,198		$	13,048		$	8,326
Canadian Factory-built Housing		448			356			885			712
Corporate/Other		151			146			312			295
Consolidated depreciation	$	6,543		$	4,700		$	14,245		$	9,333
Amortization of U.S. Factory-built Housing intangible assets:	$	2,968		$	2,086		$	5,878		$	5,045
Capital expenditures:
U.S. Factory-built Housing	$	12,465		$	11,743		$	21,992		$	21,421
Canadian Factory-built Housing		448			475			874			941
Corporate/Other		1,202			288			1,961			485
Consolidated capital expenditures	$	14,115		$	12,506		$	24,827		$	22,847
(Dollars in thousands)							September 28, 2024			March 30, 2024
Total Assets:
U.S. Factory-built Housing (1)							$	1,251,635		$	1,239,338
Canadian Factory-built Housing (1)								137,703			132,420
Corporate/Other (1)								638,334			551,583
Consolidated total assets							$	2,027,672		$	1,923,341

(1)Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.