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Segment Information
6 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information

12. 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, 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 30,
2023

 

 

October 1,
2022

 

 

September 30,
2023

 

 

October 1,
2022

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

428,132

 

 

$

754,237

 

 

$

856,917

 

 

$

1,415,318

 

Canadian Factory-built Housing

 

 

29,256

 

 

 

39,198

 

 

 

55,376

 

 

 

84,260

 

Corporate/Other

 

 

6,848

 

 

 

13,390

 

 

 

16,712

 

 

 

33,128

 

Consolidated net sales

 

$

464,236

 

 

$

806,825

 

 

$

929,005

 

 

$

1,532,706

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

$

64,752

 

 

$

199,284

 

 

$

138,985

 

 

$

360,849

 

Canadian Factory-built Housing EBITDA

 

 

5,763

 

 

 

10,141

 

 

 

10,527

 

 

 

21,468

 

Corporate/Other EBITDA

 

 

(13,759

)

 

 

(12,293

)

 

 

(25,930

)

 

 

(21,882

)

Other expense (income)

 

 

2,065

 

 

 

 

 

 

2,065

 

 

 

(634

)

Depreciation

 

 

(4,700

)

 

 

(4,166

)

 

 

(9,333

)

 

 

(7,836

)

Amortization

 

 

(2,086

)

 

 

(2,775

)

 

 

(5,045

)

 

 

(4,721

)

Consolidated operating income

 

$

52,035

 

 

$

190,191

 

 

$

111,269

 

 

$

347,244

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

4,198

 

 

$

3,505

 

 

$

8,326

 

 

$

6,542

 

Canadian Factory-built Housing

 

 

356

 

 

 

345

 

 

 

712

 

 

 

626

 

Corporate/Other

 

 

146

 

 

 

316

 

 

 

295

 

 

 

668

 

Consolidated depreciation

 

$

4,700

 

 

$

4,166

 

 

$

9,333

 

 

$

7,836

 

Amortization of U.S. Factory-built Housing intangible assets:

 

$

2,086

 

 

$

2,775

 

 

$

5,045

 

 

$

4,721

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

11,743

 

 

$

14,778

 

 

$

21,421

 

 

$

23,711

 

Canadian Factory-built Housing

 

 

475

 

 

 

1,068

 

 

 

941

 

 

 

1,429

 

Corporate/Other

 

 

288

 

 

 

332

 

 

 

485

 

 

 

473

 

Consolidated capital expenditures

 

$

12,506

 

 

$

16,178

 

 

$

22,847

 

 

$

25,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

September 30,
2023

 

 

April 1,
2023

 

Total Assets:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing (1)

 

 

 

 

 

 

 

$

697,547

 

 

$

708,573

 

Canadian Factory-built Housing (1)

 

 

 

 

 

 

 

 

125,961

 

 

 

124,673

 

Corporate/Other (1)

 

 

 

 

 

 

 

 

845,667

 

 

 

729,478

 

Consolidated total assets

 

 

 

 

 

 

 

$

1,669,175

 

 

$

1,562,724

 

 

(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.