XML 30 R22.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Segment Information
3 Months Ended
Jun. 29, 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, 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

 

(Dollars in thousands)

 

June 29, 2024

 

 

July 1, 2023

 

Net sales:

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

599,533

 

 

$

428,785

 

Canadian Factory-built Housing

 

 

20,799

 

 

 

26,120

 

Corporate/Other

 

 

7,447

 

 

 

9,864

 

Consolidated net sales

 

$

627,779

 

 

$

464,769

 

Operating income:

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

$

79,021

 

 

$

74,233

 

Canadian Factory-built Housing EBITDA

 

 

2,879

 

 

 

4,764

 

Corporate/Other EBITDA

 

 

(16,024

)

 

 

(12,171

)

Other (income)

 

 

(1,219

)

 

 

 

Depreciation

 

 

(7,702

)

 

 

(4,633

)

Amortization

 

 

(2,910

)

 

 

(2,959

)

Equity in net loss of affiliates

 

 

1,343

 

 

 

 

Consolidated operating income

 

$

55,388

 

 

$

59,234

 

Depreciation:

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

7,104

 

 

$

4,128

 

Canadian Factory-built Housing

 

 

437

 

 

 

356

 

Corporate/Other

 

 

161

 

 

 

149

 

Consolidated depreciation

 

$

7,702

 

 

$

4,633

 

 

 

 

 

 

 

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

 

$

2,910

 

 

$

2,959

 

Capital expenditures:

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

9,527

 

 

$

9,678

 

Canadian Factory-built Housing

 

 

426

 

 

 

466

 

Corporate/Other

 

 

759

 

 

 

197

 

Consolidated capital expenditures

 

$

10,712

 

 

$

10,341

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

June 29, 2024

 

 

March 30, 2024

 

 

 

 

 

 

 

 

Total Assets:

 

 

 

 

 

 

U.S. Factory-built Housing (1)

 

$

1,239,898

 

 

$

1,239,338

 

Canadian Factory-built Housing (1)

 

 

133,030

 

 

 

132,420

 

Corporate/Other (1)

 

 

614,202

 

 

 

551,583

 

Consolidated total assets

 

$

1,987,130

 

 

$

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.