v3.25.2
Segment Information
 3 Months Ended
Jun. 28, 2025
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.

 

Beginning in fiscal 2025, the Company adopted ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". Selected financial information by reportable segment was as follows:

 

 

 

Three months ended June 28, 2025

 

(Dollars in thousands)

 

U.S. Factory-built Housing

 

 

Canadian Factory-built Housing

 

 

Corporate/Other

 

 

Consolidated

 

Net sales

 

$

661,931

 

 

$

30,120

 

 

$

9,267

 

 

$

701,318

 

Cost of sales(1)

 

 

(480,469

)

 

 

(21,417

)

 

 

(2,114

)

 

 

 

Selling, general, and administrative expenses(2)

 

 

(82,363

)

 

 

(5,695

)

 

 

(18,838

)

 

 

 

Other items(3)

 

 

—

 

 

 

—

 

 

 

(670

)

 

 

 

Segment EBITDA

 

$

99,099

 

 

$

3,008

 

 

$

(12,355

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

 

 

 

 

 

 

 

 

 

$

99,099

 

Canadian Factory-built Housing EBITDA

 

 

 

 

 

 

 

 

 

 

 

3,008

 

Corporate/Other EBITDA

 

 

 

 

 

 

 

 

 

 

 

(12,355

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(11,902

)

Interest income, net

 

 

 

 

 

 

 

 

 

 

 

4,536

 

Equity in net loss of affiliate

 

 

 

 

 

 

 

 

 

 

 

585

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

1,306

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

84,277

 

Depreciation

 

$

8,374

 

 

$

461

 

 

$

162

 

 

$

8,997

 

Amortization

 

$

2,905

 

 

$

—

 

 

$

—

 

 

$

2,905

 

Expenditure for segment assets

 

$

8,177

 

 

$

354

 

 

$

370

 

 

$

8,901

 

Segment assets(4)

 

$

1,325,992

 

 

$

151,195

 

 

$

672,064

 

 

$

2,149,251

 
(1)
Cost of sales is presented net of depreciation expense.
(2)
Selling, general, and administrative expenses are presented net of depreciation and amortization expense.
(3)
Other items for Corporate/Other include dividend income, equity in net loss of affiliates, and non-controlling interest.
(4)
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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 29, 2024

 

(Dollars in thousands)

 

U.S. Factory-built Housing

 

 

Canadian Factory-built Housing

 

 

Corporate/Other

 

 

Consolidated

 

Net sales

 

$

599,533

 

 

$

20,799

 

 

$

7,447

 

 

$

627,779

 

Cost of sales(1)

 

 

(439,021

)

 

 

(15,039

)

 

 

(2,925

)

 

 

 

Selling, general, and administrative expenses(2)

 

 

(81,491

)

 

 

(2,881

)

 

 

(20,422

)

 

 

 

Other items(3)

 

 

—

 

 

 

—

 

 

 

(124

)

 

 

 

Segment EBITDA

 

$

79,021

 

 

$

2,879

 

 

$

(16,024

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

 

 

 

 

 

 

 

 

 

$

79,021

 

Canadian Factory-built Housing EBITDA

 

 

 

 

 

 

 

 

 

 

 

2,879

 

Corporate/Other EBITDA

 

 

 

 

 

 

 

 

 

 

 

(16,024

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(10,612

)

Interest income, net

 

 

 

 

 

 

 

 

 

 

 

4,249

 

Equity in net loss of affiliate

 

 

 

 

 

 

 

 

 

 

 

1,343

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

60,856

 

Depreciation

 

$

7,104

 

 

$

437

 

 

$

161

 

 

$

7,702

 

Amortization

 

$

2,910

 

 

$

—

 

 

$

—

 

 

$

2,910

 

Expenditure for segment assets

 

$

9,527

 

 

$

426

 

 

$

759

 

 

$

10,712

 

Segment assets(4)

 

$

1,239,898

 

 

$

133,030

 

 

$

614,202

 

 

$

1,987,130

 
(1)
Cost of sales is presented net of depreciation expense.
(2)
Selling, general, and administrative expenses are presented net of depreciation and amortization expense.
(3)
Other items for Corporate/Other include dividend income, and equity in net loss of affiliates.
(4)
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.