Segment Information

9 Months Ended

Dec. 28, 2019

Segment Reporting [Abstract]

Segment Information

14. 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 segment primarily based on net sales, 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, 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 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, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Net sales:
U.S. Factory-built Housing	$	304,818		$	309,518		$	949,253		$	882,257
Canadian Factory-built Housing		22,809			27,130			72,916			79,885
Corporate/Other		14,612			18,023			46,416			70,226
Consolidated net sales	$	342,239		$	354,671		$	1,068,585		$	1,032,368
Operating income:
U.S. Factory-built Housing EBITDA	$	33,165		$	30,637		$	104,624		$	80,240
Canadian Factory-built Housing EBITDA		1,786			2,569			9,085			9,123
Corporate/Other EBITDA		(6,771	)		(12,741	)		(26,177	)		(120,937	)
Depreciation		(3,171	)		(2,944	)		(9,826	)		(8,219	)
Amortization		(1,345	)		(1,633	)		(4,069	)		(3,316	)
Consolidated operating income (loss)	$	23,664		$	15,888		$	73,637		$	(43,109	)
Depreciation:
U.S. Factory-built Housing	$	2,659		$	2,486		$	8,365		$	6,946
Canadian Factory-built Housing		255			237			744			695
Corporate/Other		257			221			717			578
Consolidated depreciation	$	3,171		$	2,944		$	9,826		$	8,219
Amortization of intangible assets:
U.S. Factory-built Housing	$	1,345		$	1,572		$	4,069		$	3,134
Canadian Factory-built Housing		—			61			—			182
Corporate/Other		—			—			—			—
Consolidated amortization of intangible assets	$	1,345		$	1,633		$	4,069		$	3,316
Capital expenditures:
U.S. Factory-built Housing	$	1,981		$	1,463		$	9,483		$	4,919
Canadian Factory-built Housing		414			158			842			572
Corporate/Other		306			1,322			1,785			2,136
Consolidated capital expenditures	$	2,701		$	2,943		$	12,110		$	7,627
(Dollars in thousands)							December 28, 2019			March 30, 2019
Total Assets:
U.S. Factory-built Housing (1)							$	474,427		$	488,878
Canadian Factory-built Housing (1)								62,430			59,260
Corporate/Other (1)								187,621			151,816
Consolidated total assets							$	724,478		$	699,954

(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.