Segment Information

9 Months Ended

Dec. 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						Nine months ended
(Dollars in thousands)	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Net sales:
U.S. Factory-built Housing	$	610,757		$	521,124		$	1,797,417		$	1,378,041
Canadian Factory-built Housing		25,692			30,803			68,725			86,179
Corporate/Other		8,476			7,528			23,439			24,240
Consolidated net sales	$	644,925		$	559,455		$	1,889,581		$	1,488,460
Operating income:
U.S. Factory-built Housing EBITDA	$	97,449		$	71,862		$	264,918		$	210,847
Canadian Factory-built Housing EBITDA		4,573			6,473			10,431			17,000
Corporate/Other EBITDA		(17,105	)		(13,271	)		(49,656	)		(39,201	)
Other (income) expense		(2,158	)		756			(3,363	)		2,821
Depreciation		(7,784	)		(6,862	)		(22,029	)		(16,195	)
Amortization		(2,889	)		(2,777	)		(8,767	)		(7,822	)
Equity in net (income) loss of affiliates		(568	)		—			1,466			—
Net income attributable to non-controlling interest		1,290			—			1,874			—
Consolidated operating income	$	72,808		$	56,181		$	194,874		$	167,450
Depreciation:
U.S. Factory-built Housing	$	7,172		$	6,332		$	20,220		$	14,658
Canadian Factory-built Housing		462			372			1,347			1,084
Corporate/Other		150			158			462			453
Consolidated depreciation	$	7,784		$	6,862		$	22,029		$	16,195
Amortization of U.S. Factory-built Housing intangible assets:	$	2,889		$	2,777		$	8,767		$	7,822
Capital expenditures:
U.S. Factory-built Housing	$	12,124		$	16,670		$	34,116		$	38,091
Canadian Factory-built Housing		213			1,091			1,087			2,032
Corporate/Other		807			378			2,768			863
Consolidated capital expenditures	$	13,144		$	18,139		$	37,971		$	40,986
(Dollars in thousands)							December 28, 2024			March 30, 2024
Total Assets:
U.S. Factory-built Housing (1)							$	1,235,694		$	1,239,338
Canadian Factory-built Housing (1)								131,779			132,420
Corporate/Other (1)								669,996			551,583
Consolidated total assets							$	2,037,469		$	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.