Segment Information

12 Months Ended

Mar. 28, 2020

17.	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, 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 deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Year Ended
(Dollars in thousands)	March 28, 2020			March 30, 2019			March 31, 2018

Net sales:
U.S. Factory-built Housing	$	1,226,393		$	1,177,687		$	860,488
Canadian Factory-built Housing		84,196			98,567			96,603
Corporate/Other		59,141			83,789			107,631
Consolidated net sales	$	1,369,730		$	1,360,043		$	1,064,722
Operating income:
U.S. Factory-built Housing EBITDA	$	131,339		$	111,857		$	66,747
Canadian Factory-built Housing EBITDA		9,272			10,417			10,800
Corporate/Other EBITDA		(35,610	)		(135,937	)		(14,698	)
Depreciation		(13,116	)		(11,259	)		(7,773	)
Amortization		(5,430	)		(4,820	)		(487	)
Consolidated operating income (loss)	$	86,455		$	(29,742	)	$	54,589
Depreciation:
U.S. Factory-built Housing	$	11,015		$	9,507		$	6,360
Canadian Factory-built Housing		1,073			933			907
Corporate/Other		1,028			819			506
Consolidated depreciation	$	13,116		$	11,259		$	7,773
Amortization of intangible assets:
U.S. Factory-built Housing	$	5,430		$	4,587		$	241
Canadian Factory-built Housing		—			233			246
Corporate/Other		—			—			—
Consolidated amortization of intangible assets	$	5,430		$	4,820		$	487
Capital expenditures:
U.S. Factory-built Housing	$	11,753		$	9,494		$	7,348
Canadian Factory-built Housing		1,566			879			888
Corporate/Other		2,070			1,719			1,206
Consolidated capital expenditures	$	15,389		$	12,092		$	9,442

(Dollars in thousands)	March 28, 2020			March 30, 2019

Total Assets:
U.S. Factory-built Housing (1)	$	491,110		$	488,878
Canadian Factory-built Housing (1)		56,760			59,260
Corporate/Other (1)		233,830			151,816
Consolidated total assets	$	781,700		$	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.