SKYLINE CHAMPION CORP, 10-Q filed on 10/28/2020
Quarterly Report
v3.20.2
Document and Entity Information - shares
6 Months Ended
Sep. 26, 2020
Oct. 23, 2020
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 26, 2020  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Trading Symbol SKY  
Entity Registrant Name Skyline Champion Corporation  
Entity Central Index Key 0000090896  
Entity Current Reporting Status Yes  
Current Fiscal Year End Date --03-28  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   56,638,836
Entity File Number 001-04714  
Entity Tax Identification Number 35-1038277  
Entity Address, Address Line One 755 West Big Beaver Road  
Entity Address, Address Line Two Suite 1000  
Entity Address, City or Town Troy  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48084  
City Area Code 248  
Local Phone Number 614-8211  
Document Quarterly Report true  
Document Transition Report false  
Title of 12(b) Security Common Stock  
Security Exchange Name NYSE  
Entity Incorporation, State or Country Code IN  
Entity Interactive Data Current Yes  
v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Current assets:    
Cash and cash equivalents $ 264,286 $ 209,455
Trade accounts receivable, net 46,826 45,733
Inventories, net 128,016 126,386
Other current assets 18,188 17,239
Total current assets 457,316 398,813
Long-term assets:    
Property, plant, and equipment, net 104,678 109,291
Goodwill 173,521 173,521
Amortizable intangible assets, net 40,632 43,357
Deferred tax assets 19,784 21,812
Other noncurrent assets 33,540 34,906
Total assets 829,471 781,700
Current liabilities:    
Floor plan payable 26,598 33,914
Accounts payable 44,186 38,703
Other current liabilities 124,281 114,030
Total current liabilities 195,065 186,647
Long-term liabilities:    
Long-term debt 77,330 77,330
Deferred tax liabilities 3,761 3,264
Other 45,871 40,144
Total long-term liabilities 126,962 120,738
Stockholders' Equity:    
Common stock, $0.0277 par value, 115,000 shares authorized, 56,638 and 56,665 shares issued (including 0 and 145 shares subject to restriction) as of September 26, 2020 and March 28, 2020, respectively 1,569 1,570
Additional paid-in capital 487,557 485,552
Retained earnings (accumulated deficit) 29,121 (48)
Accumulated other comprehensive loss (10,803) (12,759)
Total stockholders’ equity 507,444 474,315
Total liabilities and stockholders’ equity $ 829,471 $ 781,700
v3.20.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 26, 2020
Mar. 28, 2020
Statement Of Financial Position [Abstract]    
Common stock, par value $ 0.0277 $ 0.0277
Common stock, shares authorized 115,000,000 115,000,000
Common stock, shares issued 56,638,000 56,665,000
Shares subject to restriction 0 145,000
v3.20.2
Condensed Consolidated Income Statements - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Income Statement [Abstract]        
Net sales $ 322,366 $ 354,458 $ 595,651 $ 726,346
Cost of sales 259,573 280,403 478,855 576,256
Gross profit 62,793 74,055 116,796 150,090
Selling, general, and administrative expenses 41,373 48,402 82,180 100,117
Operating income 21,420 25,653 34,616 49,973
Interest expense, net 864 382 1,806 691
Other income (2,599)   (6,813)  
Income before income taxes 23,155 25,271 39,623 49,282
Income tax expense 5,644 7,526 10,209 14,157
Net income $ 17,511 $ 17,745 $ 29,414 $ 35,125
Net income per share:        
Basic $ 0.31 $ 0.31 $ 0.52 $ 0.62
Diluted $ 0.31 $ 0.31 $ 0.52 $ 0.62
v3.20.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]        
Net income $ 17,511 $ 17,745 $ 29,414 $ 35,125
Other comprehensive income (loss):        
Foreign currency translation adjustments 861 (530) 1,956 369
Total comprehensive income $ 18,372 $ 17,215 $ 31,370 $ 35,494
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Cash flows from operating activities    
Net income $ 29,414 $ 35,125
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 5,969 6,655
Amortization of intangible assets 2,721 2,724
Amortization of deferred financing fees 253 257
Fair market value adjustment for asset classified as held for sale   986
Equity-based compensation 3,624 4,703
Deferred taxes 2,655 3,214
Loss (gain) on disposal of property, plant, and equipment 15 (11)
Foreign currency transaction gain (219) (25)
Change in assets and liabilities:    
Accounts receivable (984) 1,480
Inventories (990) 9,701
Prepaids and other assets (2,063) (5,805)
Accounts payable 5,406 (98)
Accrued expenses and other liabilities 18,041 (6,748)
Net cash provided by operating activities 63,842 52,158
Cash flows from investing activities    
Additions to property, plant, and equipment (2,552) (9,409)
Proceeds from maturity of Company owned life insurance policy 1,186  
Proceeds from disposal of property, plant, and equipment 32 17
Net cash used in investing activities (1,334) (9,392)
Cash flows from financing activities    
Changes in floor plan financing, net (7,316) (2,810)
Payments on revolving debt facility   (10,000)
Stock option exercises 67 112
Tax payments for equity-based compensation (1,687) (2,131)
Net cash used in financing activities (8,936) (14,829)
Effect of exchange rate changes on cash and cash equivalents 1,259 168
Net increase in cash and cash equivalents 54,831 28,105
Cash and cash equivalents at beginning of period 209,455 126,634
Cash and cash equivalents at end of period $ 264,286 $ 154,739
v3.20.2
Condensed Consolidated Statements of Stockholder's' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings (Accumulated Deficit) [Member]
Retained Earnings (Accumulated Deficit) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning balance at Mar. 30, 2019 $ 411,972   $ 1,569 $ 479,226 $ (58,208)   $ (10,615)
Beginning balance, shares at Mar. 30, 2019     56,657        
Net income 35,125       35,125    
Equity-based compensation 4,703     4,703      
Net common stock issued under equity-based compensation plans (2,019)   $ 1 (2,020)      
Net common stock issued under equity-based compensation plans, shares     8        
Foreign currency translation adjustments 369           369
Ending balance at Sep. 28, 2019 450,150   $ 1,570 481,909 (23,083)   (10,246)
Ending balance, shares at Sep. 28, 2019     56,665        
Beginning balance at Jun. 29, 2019 432,168   $ 1,569 481,143 (40,828)   (9,716)
Beginning balance, shares at Jun. 29, 2019     56,657        
Net income 17,745       17,745    
Equity-based compensation 2,786     2,786      
Net common stock issued under equity-based compensation plans (2,019)   $ 1 (2,020)      
Net common stock issued under equity-based compensation plans, shares     8        
Foreign currency translation adjustments (530)           (530)
Ending balance at Sep. 28, 2019 450,150   $ 1,570 481,909 (23,083)   (10,246)
Ending balance, shares at Sep. 28, 2019     56,665        
Beginning balance at Mar. 28, 2020 474,315 $ (245) $ 1,570 485,552 (48) $ (245) (12,759)
Beginning balance, shares at Mar. 28, 2020     56,665        
Net income 29,414       29,414    
Equity-based compensation $ 3,624     3,624      
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member            
Net common stock issued under equity-based compensation plans $ (1,620)   $ (1) (1,619)      
Net common stock issued under equity-based compensation plans, shares     (27)        
Foreign currency translation adjustments 1,956           1,956
Ending balance at Sep. 26, 2020 507,444   $ 1,569 487,557 29,121   (10,803)
Ending balance, shares at Sep. 26, 2020     56,638        
Beginning balance at Jun. 27, 2020 489,297   $ 1,570 487,781 11,610   (11,664)
Beginning balance, shares at Jun. 27, 2020     56,665        
Net income 17,511       17,511    
Equity-based compensation 1,398     1,398      
Net common stock issued under equity-based compensation plans (1,623)   $ (1) (1,622)      
Net common stock issued under equity-based compensation plans, shares     (27)        
Foreign currency translation adjustments 861           861
Ending balance at Sep. 26, 2020 $ 507,444   $ 1,569 $ 487,557 $ 29,121   $ (10,803)
Ending balance, shares at Sep. 26, 2020     56,638        
v3.20.2
Basis of Presentation and Business
6 Months Ended
Sep. 26, 2020
Accounting Policies [Abstract]  
Basis of Presentation and Business

1.

Basis of Presentation and Business

Nature of Operations: Skyline Champion Corporation (the “Company”) is a leading producer of factory-built housing in the United States (“U.S.”) and Canada. The Company’s operations consist of manufacturing, retail, and transportation activities. The Company operates 33 manufacturing facilities throughout the U.S. and five manufacturing facilities in western Canada. These facilities primarily construct factory-built, timber-framed manufactured, and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 18 sales centers that sell manufactured houses to consumers primarily in the Southern U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles and other products throughout the U.S. and Canada.

COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs have been announced which provide financial relief for affected businesses including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the first quarter of fiscal 2021, the Company recognized CARES Act subsidies of $0.6 million. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through September 26, 2020, the Company has deferred $7.4 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $2.6 million and $6.2 million of payroll subsidies under CEWS during the three and six months ended September 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. As of September 26, 2020, the Company had received $5.6 million of the CEWS subsidies.

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations.

The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 21, 2020 (the “Fiscal 2020 Annual Report”).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year.

Certain prior year amounts have been reclassified to conform with the current year presentation.

The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2021,” will end on April 3, 2021 and will include 53 weeks. References to “fiscal 2020” refer to the Company’s fiscal year ended March 28, 2020. The three and six months ended September 26, 2020 and September 28, 2019 each included 13 weeks and 26 weeks, respectively.  

Recently Adopted Accounting Pronouncements: On March 29, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” using a modified retrospective approach. The standard amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model and other models with the current expected credit losses ("CECL") model. The cumulative effect of adoption resulted in an increase of $0.2 million in the allowance for credit loss and a corresponding decrease in retained earnings as of March 29, 2020. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. As of September 26, 2020 and March 28, 2020, accounts receivable are reflected net of reserves of $0.3 million and $0.4 million, respectively. As of September 26, 2020 and March 28, 2020, other notes receivable are reflected net of reserves of $0.4 million and $0.5 million, respectively. Changes in expected credit losses were not significant in the first six months of fiscal 2021.  

In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” which addresses concerns over the cost and complexity of the two-step impairment testing model, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying

amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted the provisions of ASU 2017-04 effective March 29, 2020, and the adoption did not have an impact on the Company's consolidated financial statements.

There were no other accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations.

v3.20.2
Inventories, Net
6 Months Ended
Sep. 26, 2020
Inventory Disclosure [Abstract]  
Inventories, Net

2.

Inventories, net

The components of inventory, net of reserves for obsolete inventory, were as follows:

 

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Raw materials

 

$

65,072

 

 

$

55,408

 

Work in process

 

 

18,292

 

 

 

17,773

 

Finished goods and other

 

 

44,652

 

 

 

53,205

 

Total inventories, net

 

$

128,016

 

 

$

126,386

 

 

At September 26, 2020 and March 28, 2020, reserves for obsolete inventory were $4.5 million and $4.2 million, respectively.

 

v3.20.2
Property, Plant, and Equipment
6 Months Ended
Sep. 26, 2020
Property Plant And Equipment [Abstract]  
Property, Plant, and Equipment

3.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost. Depreciation is calculated primarily on a straight-line basis, generally over the following estimated useful lives: land improvements – 3 to 10 years; buildings and improvements – 8 to 25 years; and vehicles and machinery and equipment – 3 to 8 years. Depreciation expense for the three months ended September 26, 2020 and September 28, 2019 was $3.1 million and $3.6 million, respectively. Depreciation expense for the six months ended September 26, 2020 and September 28, 2019 was $6.0 million and $6.7 million, respectively.

The components of property, plant, and equipment were as follows:

 

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Land and improvements

 

$

35,233

 

 

$

35,332

 

Buildings and improvements

 

 

86,720

 

 

 

87,222

 

Machinery and equipment

 

 

53,308

 

 

 

51,239

 

Construction in progress

 

 

1,493

 

 

 

1,810

 

Property, plant, and equipment, at cost

 

 

176,754

 

 

 

175,603

 

Less: accumulated depreciation

 

 

(72,076

)

 

 

(66,312

)

Property, plant, and equipment, net

 

$

104,678

 

 

$

109,291

 

 

v3.20.2
Goodwill and Intangible Assets
6 Months Ended
Sep. 26, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

4.

Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At September 26, 2020 and March 28, 2020, the Company had goodwill of $173.5 million.

Intangible Assets

The components of amortizable intangible assets were as follows:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

 

 

Customer

Relationships

 

 

Trade

Names

 

 

Total

 

 

Customer

Relationships

 

 

Trade

Names

 

 

Total

 

Gross carrying amount

 

$

48,616

 

 

$

13,169

 

 

$

61,785

 

 

$

48,370

 

 

$

13,068

 

 

$

61,438

 

Accumulated amortization

 

 

(15,534

)

 

 

(5,619

)

 

 

(21,153

)

 

 

(13,118

)

 

 

(4,963

)

 

$

(18,081

)

Amortizable intangibles, net

 

$

33,082

 

 

$

7,550

 

 

$

40,632

 

 

$

35,252

 

 

$

8,105

 

 

$

43,357

 

 

During both the three months ended September 26, 2020 and September 28, 2019, amortization of intangible assets was $1.3 million. During both the six months ended September 26, 2020 and September 28, 2019, amortization of intangible assets was $2.7 million.

 

v3.20.2
Other Current Liabilities
6 Months Ended
Sep. 26, 2020
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities

5.

Other Current Liabilities

The components of other current liabilities were as follows:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

Customer deposits

 

$

32,471

 

 

$

22,679

 

Accrued volume rebates

 

 

16,208

 

 

 

17,469

 

Accrued warranty obligations

 

 

18,670

 

 

 

19,179

 

Accrued compensation and payroll taxes

 

 

25,525

 

 

 

27,776

 

Accrued insurance

 

 

12,387

 

 

 

11,182

 

Other

 

 

19,020

 

 

 

15,745

 

Total other current liabilities

 

$

124,281

 

 

$

114,030

 

 

v3.20.2
Accrued Warranty Obligations
6 Months Ended
Sep. 26, 2020
Guarantees And Product Warranties [Abstract]  
Accrued Warranty Obligations

6.

Accrued Warranty Obligations

Changes in the accrued warranty obligations were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

Balance at the beginning of the period

 

$

24,695

 

 

$

23,990

 

 

$

24,969

 

 

$

23,346

 

Warranty expense

 

 

8,394

 

 

 

9,840

 

 

 

14,753

 

 

 

19,436

 

Cash warranty payments

 

 

(8,629

)

 

 

(9,393

)

 

 

(15,262

)

 

 

(18,345

)

Balance at end of period

 

 

24,460

 

 

 

24,437

 

 

 

24,460

 

 

 

24,437

 

Less: noncurrent portion in other long-term liabilities

 

 

(5,790

)

 

 

(4,960

)

 

 

(5,790

)

 

 

(4,960

)

Total current portion

 

$

18,670

 

 

$

19,477

 

 

$

18,670

 

 

$

19,477

 

 

v3.20.2
Debt and Floor Plan Payable
6 Months Ended
Sep. 26, 2020
Debt Disclosure [Abstract]  
Debt and Floor Plan Payable

7.

Debt and Floor Plan Payable

Long-term debt consisted of the following:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

Revolving credit facility maturing in 2023

 

$

64,900

 

 

$

64,900

 

Obligations under industrial revenue bonds due 2029

 

 

12,430

 

 

 

12,430

 

Total debt

 

 

77,330

 

 

 

77,330

 

Less: current portion

 

 

 

 

 

 

Total long-term debt

 

$

77,330

 

 

$

77,330

 

 

The Company has an agreement with a syndicate of banks that provides for a revolving credit facility of up to $100.0 million, including a letter of credit sub-facility of not less than $45.0 million (“Credit Agreement”). The revolving credit facility allows the Company to draw down, repay and re-draw loans on the available funds during the term of the Credit Agreement.

The Credit Agreement matures on June 5, 2023 and has no scheduled amortization. The interest rate on borrowings under the Credit Agreement adjusts based on the first lien net leverage of the Company from a high of LIBOR plus 2.25% and ABR plus 1.25% when the first lien net leverage is equal to or greater than 2.00:1.00, to a low of LIBOR plus 1.50% and ABR plus 0.50% when the first lien net leverage is below 0.50:1.00. In addition, the Company is obligated to pay an unused line fee ranging between 0.25% and 0.40% (depending on the first lien net leverage) in respect of unused commitments under the Credit Agreement. At September 26, 2020 the interest rate on borrowings under the Credit Agreement was 1.70%. At September 26, 2020, letters of credit issued under the Credit Agreement totaled $33.9 million. Total available borrowings under the Credit Agreement as of September 26, 2020 were $1.2 million.

Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at September 26, 2020, including related costs and fees, was 2.22%. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029.

 

The Credit Agreement contains covenants that restrict the amount of additional debt, liens and certain payments, including equity buybacks, investments, dispositions, mergers and consolidations, among other restrictions as defined. The Company was in compliance with all covenants of the Credit Agreement as of September 26, 2020.

Floor Plan Payable

The Company’s retail operations utilize floor plan financing to fund the purchase of manufactured homes for display or resale. At September 26, 2020 and March 28, 2020, the Company had outstanding borrowings on floor plan financing agreements of $26.6 million and $33.9 million, respectively. Total credit line capacity provided under the agreements was $49.0 million as of September 26, 2020. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer.

v3.20.2
Revenue Recognition
6 Months Ended
Sep. 26, 2020
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

8.

Revenue Recognition

The following tables disaggregate the Company’s revenue by sales category for the three and six months ended September 26, 2020 and September 28, 2019:

 

 

 

Three Months Ended September 26, 2020

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

275,969

 

 

$

24,558

 

 

$

 

 

$

300,527

 

Commercial

 

 

7,391

 

 

 

 

 

 

 

 

 

7,391

 

Transportation

 

 

 

 

 

 

 

 

14,448

 

 

 

14,448

 

Total

 

$

283,360

 

 

$

24,558

 

 

$

14,448

 

 

$

322,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 26, 2020

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

524,828

 

 

$

39,753

 

 

$

 

 

$

564,581

 

Commercial

 

 

7,391

 

 

 

 

 

 

 

 

 

7,391

 

Transportation

 

 

 

 

 

 

 

 

23,679

 

 

 

23,679

 

Total

 

$

532,219

 

 

$

39,753

 

 

$

23,679

 

 

$

595,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 28, 2019

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

308,299

 

 

$

26,407

 

 

$

 

 

$

334,706

 

Commercial

 

 

4,531

 

 

 

 

 

 

 

 

 

4,531

 

Transportation

 

 

 

 

 

 

 

 

15,221

 

 

 

15,221

 

Total

 

$

312,830

 

 

$

26,407

 

 

$

15,221

 

 

$

354,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 28, 2019

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

639,904

 

 

$

50,107

 

 

$

 

 

$

690,011

 

Commercial

 

 

4,531

 

 

 

 

 

 

 

 

 

4,531

 

Transportation

 

 

 

 

 

 

 

 

31,804

 

 

 

31,804

 

Total

 

$

644,435

 

 

$

50,107

 

 

$

31,804

 

 

$

726,346

 

 

v3.20.2
Leases
6 Months Ended
Sep. 26, 2020
Leases [Abstract]  
Leases

9.

Leases

The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. Lease expense included in the accompanying condensed consolidated income statements is shown below:

 

 

 

Three Months Ended

 

(Dollars in thousands)

 

September 26, 2020

 

 

September 28, 2019

 

Operating lease expense

 

$

1,357

 

 

$

1,470

 

Short-term lease expense

 

 

529

 

 

 

230

 

Total lease expense

 

$

1,886

 

 

$

1,700

 

 

 

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26, 2020

 

 

September 28, 2019

 

Operating lease expense

 

$

2,740

 

 

$

2,875

 

Short-term lease expense

 

 

985

 

 

 

603

 

Total lease expense

 

$

3,725

 

 

$

3,478

 

 

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are below:

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Right-of-use assets under operating leases:

 

 

 

 

 

 

 

 

Other long-term assets

 

$

12,384

 

 

$

14,808

 

Lease obligations under operating leases:

 

 

 

 

 

 

 

 

Other current liabilities

 

$

4,376

 

 

$

4,789

 

Other long-term liabilities

 

 

8,008

 

 

 

10,019

 

Total lease obligation

 

$

12,384

 

 

$

14,808

 

 

Maturities of lease obligations as of September 26, 2020, are shown below:

 

(Dollars in thousands)

 

September 26,

2020

 

Fiscal 2021 (1)

 

$

2,712

 

Fiscal 2022

 

 

4,743

 

Fiscal 2023

 

 

3,683

 

Fiscal 2024

 

 

1,568

 

Fiscal 2025

 

 

786

 

Thereafter

 

 

1,705

 

Total undiscounted cash flows

 

 

15,197

 

Less: imputed interest

 

 

(2,813

)

Lease obligations under operating leases

 

$

12,384

 

(1)

For remaining period in fiscal year.

The weighted-average lease term and discount rate for operating leases are shown below:

 

 

 

September 26,

2020

 

Weighted-average remaining lease term (in years)

 

 

4.6

 

Weighted-average discount rate

 

 

5.5

 

 

The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate, which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments.

 

Cash flow information related to operating leases is shown below:

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26,

2020

 

 

September 28,

2019

 

Non-cash activity:

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

32

 

 

$

1,606

 

Operating cash flows:

 

 

 

 

 

 

 

 

Cash paid related to operating lease obligations

 

$

2,800

 

 

$

2,958

 

 

v3.20.2
Income Taxes
6 Months Ended
Sep. 26, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

10.

Income Taxes

For the three months ended September 26, 2020 and September 28, 2019, the Company recorded $5.6 million and $7.5 million of income tax expense and had an effective tax rate of 24.4% and 29.8%, respectively. For the six months ended September 26, 2020 and September 28, 2019, the Company recorded $10.2 million and $14.2 million of income tax expense and had an effective tax rate of 25.8% and 28.7%, respectively. The change in the effective tax rate for the three and six months ended September 26, 2020 compared with the same respective periods of the prior year, was primarily due to an increase in tax credits, certain U.S. tax law changes and results in foreign jurisdictions

The Company’s effective tax rate for both the three and six months ended September 26, 2020 and September 28, 2019 differs from the federal statutory income tax rate of 21.0% due primarily to the effect of non-deductible expenses, state and local income taxes, tax credits, and results in foreign jurisdictions.

At September 26, 2020, the Company had no unrecognized tax benefits. The Company does not anticipate any material changes to uncertain tax benefits in the next twelve months. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense.

v3.20.2
Earnings Per Share
6 Months Ended
Sep. 26, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

11.

Earnings Per Share

Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-vesting restricted share awards are considered participating securities. Diluted earnings per common share is computed based on the more dilutive of: (i) the two-class method, assuming the participating securities are not exercised or converted; or (ii) the summation of average common shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued.

During the three and six months ended September 26, 2020 and September 28, 2019, the two-class method was more dilutive. Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the three and six months ended September 26, 2020 totaled 0.3 million and 0.4 million, respectively. There were no antidilutive securities in the three and six months ended September 28, 2019.

 

The following table sets forth the computation of basic and diluted earnings per common share:

 

 

 

Three Months Ended

 

Six Months Ended

 

(Dollars and shares in thousands, except per share data)

 

September 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,511

 

 

$

17,745

 

 

$

29,414

 

 

$

35,125

 

Undistributed earnings allocated to participating securities

 

 

(19

)

 

 

(65

)

 

 

(53

)

 

 

(154

)

Net income attributable to the Company's common shareholders

 

$

17,492

 

 

$

17,680

 

 

$

29,361

 

 

$

34,971

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

56,654

 

 

 

56,481

 

 

 

56,593

 

 

 

56,424

 

Dilutive securities

 

 

255

 

 

 

243

 

 

 

238

 

 

 

233

 

Diluted weighted-average shares outstanding

 

 

56,909

 

 

 

56,724

 

 

 

56,831

 

 

 

56,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.31

 

 

$

0.31

 

 

$

0.52

 

 

$

0.62

 

Diluted net income per share

 

$

0.31

 

 

$

0.31

 

 

$

0.52

 

 

$

0.62

 

 

v3.20.2
Segment Information
6 Months Ended
Sep. 26, 2020
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, 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 includes cash and certain 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 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

283,360

 

 

$

312,830

 

 

$

532,219

 

 

$

644,435

 

Canadian Factory-built Housing

 

 

24,558

 

 

 

26,407

 

 

 

39,753

 

 

 

50,107

 

Corporate/Other

 

 

14,448

 

 

 

15,221

 

 

 

23,679

 

 

 

31,804

 

Consolidated net sales

 

$

322,366

 

 

$

354,458

 

 

$

595,651

 

 

$

726,346

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

$

28,697

 

 

$

35,314

 

 

$

53,090

 

 

$

71,459

 

Canadian Factory-built Housing EBITDA

 

 

5,951

 

 

 

4,244

 

 

 

10,857

 

 

 

7,299

 

Corporate/Other EBITDA

 

 

(6,221

)

 

 

(8,998

)

 

 

(13,828

)

 

 

(19,406

)

Other income

 

 

(2,599

)

 

 

 

 

 

(6,813

)

 

 

 

Depreciation

 

 

(3,048

)

 

 

(3,545

)

 

 

(5,969

)

 

 

(6,655

)

Amortization

 

 

(1,360

)

 

 

(1,362

)

 

 

(2,721

)

 

 

(2,724

)

Consolidated operating income

 

$

21,420

 

 

$

25,653

 

 

$

34,616

 

 

$

49,973

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

2,391

 

 

$

3,068

 

 

$

4,789

 

 

$

5,706

 

Canadian Factory-built Housing

 

 

248

 

 

 

247

 

 

 

363

 

 

 

489

 

Corporate/Other

 

 

409

 

 

 

230

 

 

 

817

 

 

 

460

 

Consolidated depreciation

 

$

3,048

 

 

$

3,545

 

 

$

5,969

 

 

$

6,655

 

Amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

1,360

 

 

$

1,362

 

 

$

2,721

 

 

$

2,724

 

Canadian Factory-built Housing

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated amortization of intangible assets

 

$

1,360

 

 

$

1,362

 

 

$

2,721

 

 

$

2,724

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

1,054

 

 

$

4,144

 

 

$

1,939

 

 

$

7,502

 

Canadian Factory-built Housing

 

 

85

 

 

 

317

 

 

 

242

 

 

 

428

 

Corporate/Other

 

 

102

 

 

 

422

 

 

 

371

 

 

 

1,479

 

Consolidated capital expenditures

 

$

1,241

 

 

$

4,883

 

 

$

2,552

 

 

$

9,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

September 26,

2020

 

 

March 28,

2020

 

Total Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing (1)

 

 

 

 

 

 

 

 

 

$

489,399

 

 

$

491,110

 

Canadian Factory-built Housing (1)

 

 

 

 

 

 

 

 

 

 

68,696

 

 

 

56,760

 

Corporate/Other (1)

 

 

 

 

 

 

 

 

 

 

271,376

 

 

 

233,830

 

Consolidated total assets

 

 

 

 

 

 

 

 

 

$

829,471

 

 

$

781,700

 

 

(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.

 

 

v3.20.2
Commitments, Contingencies and Legal Proceedings
6 Months Ended
Sep. 26, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Legal Proceedings

13.

Commitments, Contingencies and Legal Proceedings

Repurchase Contingencies and Guarantees

The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the manufactured housing industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their agreement to pay the financial institution. The risk of loss from these agreements is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Excluding the resale value of the homes, the contingent repurchase obligation as of September 26, 2020 was estimated to be $142.6 million. The Company accounts for the guarantees under its repurchase agreements with the retailers’ financing institutions by estimating and deferring a portion of the related product sale that represents the estimated fair value of the repurchase obligation. In addition, the Company has estimated the expected contingent net loss the Company will incur upon resale of any repurchases. These estimates are based on recent historical experience supplemented by management’s assessment of current economic and other conditions affecting retailers for which the Company has a contingent repurchase obligation. Based on these repurchase agreements, historical loss experience, as well as current economic conditions and forecasts that affect the potential loss exposure, a loss reserve of $0.9 million and $1.0 million was recorded as of September 26, 2020 and March 28, 2020, respectively. Losses incurred on homes repurchased were not significant during the three or six month periods ended September 26, 2020 or September 28, 2019.

At September 26, 2020, the Company was contingently obligated for $33.9 million under letters of credit, primarily consisting of $12.6 million to support long-term debt, $21.0 million to support the casualty insurance program, and $0.3 million to support bonding agreements. The letters of credit are issued from a sub-facility of the Credit Agreement. The Company was also contingently obligated for $14.3 million under surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements.

In the normal course of business, the Company’s former subsidiaries that operated in the United Kingdom historically provided certain guarantees to two customers. Those guarantees provide contractual liability for proven construction defects up to 12 years from the date of delivery of certain products. The guarantees remain a contingent liability of the Company which declines over time through October 2027. As of the date of this report, the Company expects few, if any, claims to be reported under the terms of the guarantees.

Legal Proceedings

The Company has agreed to indemnify counterparties in the ordinary course of its business in agreements to acquire and sell business assets and in financing arrangements. The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. As of the date of this filing, the Company believes the ultimate liability with respect to these contingent obligations will not have, either individually or in the aggregate, a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

v3.20.2
Basis of Presentation and Business (Policies)
6 Months Ended
Sep. 26, 2020
Accounting Policies [Abstract]  
COVID-19 Government Financial Assistance

COVID-19 Government Financial Assistance: The outbreak of a novel strain of coronavirus ("COVID-19") was declared a global pandemic by the World Health Organization in March 2020. Various government programs have been announced which provide financial relief for affected businesses including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in the United States, and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. During the first quarter of fiscal 2021, the Company recognized CARES Act subsidies of $0.6 million. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through September 26, 2020, the Company has deferred $7.4 million of payroll taxes that will be paid beginning in December 2021. In Canada, the Company recognized $2.6 million and $6.2 million of payroll subsidies under CEWS during the three and six months ended September 26, 2020, respectively. The Company’s policy is to account for these subsidies as Other Income in the period in which the related costs are incurred and the Company is reasonably assured to receive payment. As of September 26, 2020, the Company had received $5.6 million of the CEWS subsidies.

Basis of Presentation

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations.

The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany balances and transactions. In the opinion of management, these statements include all normal recurring adjustments necessary to fairly state the Company’s consolidated results of operations, cash flows, and financial position. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on May 21, 2020 (the “Fiscal 2020 Annual Report”).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes thereto. Actual results could differ from those estimates. The condensed consolidated income statements, condensed consolidated statements of comprehensive income, and condensed consolidated statements of cash flows for the interim periods are not necessarily indicative of the results of operations or cash flows for the full year.

Certain prior year amounts have been reclassified to conform with the current year presentation.

The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest to March 31. The Company’s current fiscal year, “fiscal 2021,” will end on April 3, 2021 and will include 53 weeks. References to “fiscal 2020” refer to the Company’s fiscal year ended March 28, 2020. The three and six months ended September 26, 2020 and September 28, 2019 each included 13 weeks and 26 weeks, respectively.  

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements: On March 29, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” using a modified retrospective approach. The standard amends several aspects of the measurement of credit losses related to certain financial instruments, including the replacement of the existing incurred credit loss model and other models with the current expected credit losses ("CECL") model. The cumulative effect of adoption resulted in an increase of $0.2 million in the allowance for credit loss and a corresponding decrease in retained earnings as of March 29, 2020. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. As of September 26, 2020 and March 28, 2020, accounts receivable are reflected net of reserves of $0.3 million and $0.4 million, respectively. As of September 26, 2020 and March 28, 2020, other notes receivable are reflected net of reserves of $0.4 million and $0.5 million, respectively. Changes in expected credit losses were not significant in the first six months of fiscal 2021.  

In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” which addresses concerns over the cost and complexity of the two-step impairment testing model, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying

amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted the provisions of ASU 2017-04 effective March 29, 2020, and the adoption did not have an impact on the Company's consolidated financial statements.

There were no other accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations.

v3.20.2
Inventories, Net (Tables)
6 Months Ended
Sep. 26, 2020
Inventory Disclosure [Abstract]  
Summary of Components of Inventory, Net of Reserves for Obsolete Inventory

The components of inventory, net of reserves for obsolete inventory, were as follows:

 

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Raw materials

 

$

65,072

 

 

$

55,408

 

Work in process

 

 

18,292

 

 

 

17,773

 

Finished goods and other

 

 

44,652

 

 

 

53,205

 

Total inventories, net

 

$

128,016

 

 

$

126,386

 

v3.20.2
Property, Plant, and Equipment (Tables)
6 Months Ended
Sep. 26, 2020
Property Plant And Equipment [Abstract]  
Summary of Components of Property, Plant, and Equipment

The components of property, plant, and equipment were as follows:

 

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Land and improvements

 

$

35,233

 

 

$

35,332

 

Buildings and improvements

 

 

86,720

 

 

 

87,222

 

Machinery and equipment

 

 

53,308

 

 

 

51,239

 

Construction in progress

 

 

1,493

 

 

 

1,810

 

Property, plant, and equipment, at cost

 

 

176,754

 

 

 

175,603

 

Less: accumulated depreciation

 

 

(72,076

)

 

 

(66,312

)

Property, plant, and equipment, net

 

$

104,678

 

 

$

109,291

 

 

v3.20.2
Goodwill and Intangible Assets (Tables)
6 Months Ended
Sep. 26, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Components of Amortizable Intangible Assets

The components of amortizable intangible assets were as follows:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

 

 

Customer

Relationships

 

 

Trade

Names

 

 

Total

 

 

Customer

Relationships

 

 

Trade

Names

 

 

Total

 

Gross carrying amount

 

$

48,616

 

 

$

13,169

 

 

$

61,785

 

 

$

48,370

 

 

$

13,068

 

 

$

61,438

 

Accumulated amortization

 

 

(15,534

)

 

 

(5,619

)

 

 

(21,153

)

 

 

(13,118

)

 

 

(4,963

)

 

$

(18,081

)

Amortizable intangibles, net

 

$

33,082

 

 

$

7,550

 

 

$

40,632

 

 

$

35,252

 

 

$

8,105

 

 

$

43,357

 

 

v3.20.2
Other Current Liabilities (Tables)
6 Months Ended
Sep. 26, 2020
Other Liabilities Disclosure [Abstract]  
Components of Other Current Liabilities

The components of other current liabilities were as follows:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

Customer deposits

 

$

32,471

 

 

$

22,679

 

Accrued volume rebates

 

 

16,208

 

 

 

17,469

 

Accrued warranty obligations

 

 

18,670

 

 

 

19,179

 

Accrued compensation and payroll taxes

 

 

25,525

 

 

 

27,776

 

Accrued insurance

 

 

12,387

 

 

 

11,182

 

Other

 

 

19,020

 

 

 

15,745

 

Total other current liabilities

 

$

124,281

 

 

$

114,030

 

 

v3.20.2
Accrued Warranty Obligations (Tables)
6 Months Ended
Sep. 26, 2020
Guarantees And Product Warranties [Abstract]  
Summary of Changes in Accrued Warranty Obligations

Changes in the accrued warranty obligations were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

Balance at the beginning of the period

 

$

24,695

 

 

$

23,990

 

 

$

24,969

 

 

$

23,346

 

Warranty expense

 

 

8,394

 

 

 

9,840

 

 

 

14,753

 

 

 

19,436

 

Cash warranty payments

 

 

(8,629

)

 

 

(9,393

)

 

 

(15,262

)

 

 

(18,345

)

Balance at end of period

 

 

24,460

 

 

 

24,437

 

 

 

24,460

 

 

 

24,437

 

Less: noncurrent portion in other long-term liabilities

 

 

(5,790

)

 

 

(4,960

)

 

 

(5,790

)

 

 

(4,960

)

Total current portion

 

$

18,670

 

 

$

19,477

 

 

$

18,670

 

 

$

19,477

 

 

v3.20.2
Debt and Floor Plan Payable (Tables)
6 Months Ended
Sep. 26, 2020
Debt Disclosure [Abstract]  
Summary of Long Term Debt

Long-term debt consisted of the following:

 

(Dollars in thousands)

 

September 26, 2020

 

 

March 28, 2020

 

Revolving credit facility maturing in 2023

 

$

64,900

 

 

$

64,900

 

Obligations under industrial revenue bonds due 2029

 

 

12,430

 

 

 

12,430

 

Total debt

 

 

77,330

 

 

 

77,330

 

Less: current portion

 

 

 

 

 

 

Total long-term debt

 

$

77,330

 

 

$

77,330

 

 

v3.20.2
Revenue Recognition (Tables)
6 Months Ended
Sep. 26, 2020
Revenue From Contract With Customer [Abstract]  
Summary of Corporate Net Sales

The following tables disaggregate the Company’s revenue by sales category for the three and six months ended September 26, 2020 and September 28, 2019:

 

 

 

Three Months Ended September 26, 2020

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

275,969

 

 

$

24,558

 

 

$

 

 

$

300,527

 

Commercial

 

 

7,391

 

 

 

 

 

 

 

 

 

7,391

 

Transportation

 

 

 

 

 

 

 

 

14,448

 

 

 

14,448

 

Total

 

$

283,360

 

 

$

24,558

 

 

$

14,448

 

 

$

322,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 26, 2020

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

524,828

 

 

$

39,753

 

 

$

 

 

$

564,581

 

Commercial

 

 

7,391

 

 

 

 

 

 

 

 

 

7,391

 

Transportation

 

 

 

 

 

 

 

 

23,679

 

 

 

23,679

 

Total

 

$

532,219

 

 

$

39,753

 

 

$

23,679

 

 

$

595,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 28, 2019

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

308,299

 

 

$

26,407

 

 

$

 

 

$

334,706

 

Commercial

 

 

4,531

 

 

 

 

 

 

 

 

 

4,531

 

Transportation

 

 

 

 

 

 

 

 

15,221

 

 

 

15,221

 

Total

 

$

312,830

 

 

$

26,407

 

 

$

15,221

 

 

$

354,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 28, 2019

 

(Dollars in thousands)

 

U.S.

Factory-Built

Housing

 

 

Canadian

Factory-Built

Housing

 

 

Corporate/

Other

 

 

Total

 

 

 

 

 

Manufacturing and retail

 

$

639,904

 

 

$

50,107

 

 

$

 

 

$

690,011

 

Commercial

 

 

4,531

 

 

 

 

 

 

 

 

 

4,531

 

Transportation

 

 

 

 

 

 

 

 

31,804

 

 

 

31,804

 

Total

 

$

644,435

 

 

$

50,107

 

 

$

31,804

 

 

$

726,346

 

 

v3.20.2
Leases (Tables)
6 Months Ended
Sep. 26, 2020
Leases [Abstract]  
Summary of Lease Expense Included in Condensed Consolidated Income Statements Lease expense included in the accompanying condensed consolidated income statements is shown below:

 

 

 

Three Months Ended

 

(Dollars in thousands)

 

September 26, 2020

 

 

September 28, 2019

 

Operating lease expense

 

$

1,357

 

 

$

1,470

 

Short-term lease expense

 

 

529

 

 

 

230

 

Total lease expense

 

$

1,886

 

 

$

1,700

 

 

 

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26, 2020

 

 

September 28, 2019

 

Operating lease expense

 

$

2,740

 

 

$

2,875

 

Short-term lease expense

 

 

985

 

 

 

603

 

Total lease expense

 

$

3,725

 

 

$

3,478

 

Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheet

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are below:

(Dollars in thousands)

 

September 26,

2020

 

 

March 28,

2020

 

Right-of-use assets under operating leases:

 

 

 

 

 

 

 

 

Other long-term assets

 

$

12,384

 

 

$

14,808

 

Lease obligations under operating leases:

 

 

 

 

 

 

 

 

Other current liabilities

 

$

4,376

 

 

$

4,789

 

Other long-term liabilities

 

 

8,008

 

 

 

10,019

 

Total lease obligation

 

$

12,384

 

 

$

14,808

 

 

Summary of Maturities of Lease Obligations

Maturities of lease obligations as of September 26, 2020, are shown below:

 

(Dollars in thousands)

 

September 26,

2020

 

Fiscal 2021 (1)

 

$

2,712

 

Fiscal 2022

 

 

4,743

 

Fiscal 2023

 

 

3,683

 

Fiscal 2024

 

 

1,568

 

Fiscal 2025

 

 

786

 

Thereafter

 

 

1,705

 

Total undiscounted cash flows

 

 

15,197

 

Less: imputed interest

 

 

(2,813

)

Lease obligations under operating leases

 

$

12,384

 

(1)

For remaining period in fiscal year.

Schedule of Weighted Average Remaining Lease Term and Discount Rate

The weighted-average lease term and discount rate for operating leases are shown below:

 

 

 

September 26,

2020

 

Weighted-average remaining lease term (in years)

 

 

4.6

 

Weighted-average discount rate

 

 

5.5

 

 

Schedule of Cash Flow Information Related to Operating Leases

 

Cash flow information related to operating leases is shown below:

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26,

2020

 

 

September 28,

2019

 

Non-cash activity:

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for operating lease obligations

 

$

32

 

 

$

1,606

 

Operating cash flows:

 

 

 

 

 

 

 

 

Cash paid related to operating lease obligations

 

$

2,800

 

 

$

2,958

 

 

v3.20.2
Earnings Per Share (Tables)
6 Months Ended
Sep. 26, 2020
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:

 

 

 

Three Months Ended

 

Six Months Ended

 

(Dollars and shares in thousands, except per share data)

 

September 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,511

 

 

$

17,745

 

 

$

29,414

 

 

$

35,125

 

Undistributed earnings allocated to participating securities

 

 

(19

)

 

 

(65

)

 

 

(53

)

 

 

(154

)

Net income attributable to the Company's common shareholders

 

$

17,492

 

 

$

17,680

 

 

$

29,361

 

 

$

34,971

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

56,654

 

 

 

56,481

 

 

 

56,593

 

 

 

56,424

 

Dilutive securities

 

 

255

 

 

 

243

 

 

 

238

 

 

 

233

 

Diluted weighted-average shares outstanding

 

 

56,909

 

 

 

56,724

 

 

 

56,831

 

 

 

56,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.31

 

 

$

0.31

 

 

$

0.52

 

 

$

0.62

 

Diluted net income per share

 

$

0.31

 

 

$

0.31

 

 

$

0.52

 

 

$

0.62

 

 

v3.20.2
Segment Information (Tables)
6 Months Ended
Sep. 26, 2020
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Segments

Selected financial information by reportable segment was as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(Dollars in thousands)

 

September 26,

2020

 

 

September 28,

2019

 

 

September 26,

2020

 

 

September 28,

2019

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

283,360

 

 

$

312,830

 

 

$

532,219

 

 

$

644,435

 

Canadian Factory-built Housing

 

 

24,558

 

 

 

26,407

 

 

 

39,753

 

 

 

50,107

 

Corporate/Other

 

 

14,448

 

 

 

15,221

 

 

 

23,679

 

 

 

31,804

 

Consolidated net sales

 

$

322,366

 

 

$

354,458

 

 

$

595,651

 

 

$

726,346

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing EBITDA

 

$

28,697

 

 

$

35,314

 

 

$

53,090

 

 

$

71,459

 

Canadian Factory-built Housing EBITDA

 

 

5,951

 

 

 

4,244

 

 

 

10,857

 

 

 

7,299

 

Corporate/Other EBITDA

 

 

(6,221

)

 

 

(8,998

)

 

 

(13,828

)

 

 

(19,406

)

Other income

 

 

(2,599

)

 

 

 

 

 

(6,813

)

 

 

 

Depreciation

 

 

(3,048

)

 

 

(3,545

)

 

 

(5,969

)

 

 

(6,655

)

Amortization

 

 

(1,360

)

 

 

(1,362

)

 

 

(2,721

)

 

 

(2,724

)

Consolidated operating income

 

$

21,420

 

 

$

25,653

 

 

$

34,616

 

 

$

49,973

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

2,391

 

 

$

3,068

 

 

$

4,789

 

 

$

5,706

 

Canadian Factory-built Housing

 

 

248

 

 

 

247

 

 

 

363

 

 

 

489

 

Corporate/Other

 

 

409

 

 

 

230

 

 

 

817

 

 

 

460

 

Consolidated depreciation

 

$

3,048

 

 

$

3,545

 

 

$

5,969

 

 

$

6,655

 

Amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

1,360

 

 

$

1,362

 

 

$

2,721

 

 

$

2,724

 

Canadian Factory-built Housing

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated amortization of intangible assets

 

$

1,360

 

 

$

1,362

 

 

$

2,721

 

 

$

2,724

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing

 

$

1,054

 

 

$

4,144

 

 

$

1,939

 

 

$

7,502

 

Canadian Factory-built Housing

 

 

85

 

 

 

317

 

 

 

242

 

 

 

428

 

Corporate/Other

 

 

102

 

 

 

422

 

 

 

371

 

 

 

1,479

 

Consolidated capital expenditures

 

$

1,241

 

 

$

4,883

 

 

$

2,552

 

 

$

9,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

September 26,

2020

 

 

March 28,

2020

 

Total Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Factory-built Housing (1)

 

 

 

 

 

 

 

 

 

$

489,399

 

 

$

491,110

 

Canadian Factory-built Housing (1)

 

 

 

 

 

 

 

 

 

 

68,696

 

 

 

56,760

 

Corporate/Other (1)

 

 

 

 

 

 

 

 

 

 

271,376

 

 

 

233,830

 

Consolidated total assets

 

 

 

 

 

 

 

 

 

$

829,471

 

 

$

781,700

 

 

(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.

 

 

v3.20.2
Basis of Presentation and Business - Additional information (Detail)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
USD ($)
Center
Jun. 27, 2020
USD ($)
Sep. 26, 2020
USD ($)
Facility
Center
Mar. 29, 2020
USD ($)
Mar. 28, 2020
USD ($)
Organization And Business Operations [Line Items]          
Decreased in retained earnings $ (29,121)   $ (29,121)   $ 48
Trade accounts receivable, net 46,826   46,826   45,733
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Organization And Business Operations [Line Items]          
Increase in allowance for credit losses       $ 200  
Decreased in retained earnings       $ 200  
Trade accounts receivable, net 300   300   400
Other notes receivable net of reserves 400   400   $ 500
COVID-19          
Organization And Business Operations [Line Items]          
CARES act subsidies recognized   $ 600      
Deferred payroll taxes paid     7,400    
CEWS payroll subsidies recognized $ 2,600   6,200    
CEWS subsidies received     $ 5,600    
U.S [Member]          
Organization And Business Operations [Line Items]          
Number of manufacturing facilities | Facility     33    
Number of sales centers | Center 18   18    
Canada [Member]          
Organization And Business Operations [Line Items]          
Number of manufacturing facilities | Facility     5    
v3.20.2
Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 65,072 $ 55,408
Work in process 18,292 17,773
Finished goods and other 44,652 53,205
Total inventories, net $ 128,016 $ 126,386
v3.20.2
Inventories, Net - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 26, 2020
Mar. 28, 2020
Inventory Disclosure [Abstract]    
Reserves for obsolete inventory $ 4.5 $ 4.2
v3.20.2
Property Plant, and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Property, Plant and Equipment [Line Items]        
Depreciation expense $ 3,048 $ 3,545 $ 5,969 $ 6,655
Minimum [Member] | Land and Improvements [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     3 years  
Minimum [Member] | Building and Improvements [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     8 years  
Minimum [Member] | Vehicles [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     3 years  
Minimum [Member] | Machinery and Equipment [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     3 years  
Maximum [Member] | Land and Improvements [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     10 years  
Maximum [Member] | Building and Improvements [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     25 years  
Maximum [Member] | Vehicles [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     8 years  
Maximum [Member] | Machinery and Equipment [Member]        
Property, Plant and Equipment [Line Items]        
Estimated useful lives of property, plant and equipment     8 years  
v3.20.2
Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 176,754 $ 175,603
Less: accumulated depreciation (72,076) (66,312)
Property, plant, and equipment, net 104,678 109,291
Land and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 35,233 35,332
Building and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 86,720 87,222
Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 53,308 51,239
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 1,493 $ 1,810
v3.20.2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Mar. 28, 2020
Goodwill And Intangible Assets Disclosure [Abstract]          
Goodwill $ 173,521   $ 173,521   $ 173,521
Amortization of intangible assets $ 1,300 $ 1,300 $ 2,721 $ 2,724  
v3.20.2
Goodwill and Intangible Assets - Components of Amortizable Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 61,785 $ 61,438
Accumulated amortization (21,153) (18,081)
Amortizable intangibles, net 40,632 43,357
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 48,616 48,370
Accumulated amortization (15,534) (13,118)
Amortizable intangibles, net 33,082 35,252
Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 13,169 13,068
Accumulated amortization (5,619) (4,963)
Amortizable intangibles, net $ 7,550 $ 8,105
v3.20.2
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Sep. 28, 2019
Other Liabilities Disclosure [Abstract]      
Customer deposits $ 32,471 $ 22,679  
Accrued volume rebates 16,208 17,469  
Accrued warranty obligations 18,670 19,179 $ 19,477
Accrued compensation and payroll taxes 25,525 27,776  
Accrued insurance 12,387 11,182  
Other 19,020 15,745  
Total other current liabilities $ 124,281 $ 114,030  
v3.20.2
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Mar. 28, 2020
Guarantees And Product Warranties [Abstract]          
Balance at the beginning of the period $ 24,695 $ 23,990 $ 24,969 $ 23,346  
Warranty expense 8,394 9,840 14,753 19,436  
Cash warranty payments (8,629) (9,393) (15,262) (18,345)  
Balance at end of period 24,460 24,437 24,460 24,437  
Less: noncurrent portion in other long-term liabilities (5,790) (4,960) (5,790) (4,960)  
Total current portion $ 18,670 $ 19,477 $ 18,670 $ 19,477 $ 19,179
v3.20.2
Debt and Floor Plan Payable - Summary of Long Term Debt (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Debt Instrument [Line Items]    
Total debt $ 77,330 $ 77,330
Total long-term debt 77,330 77,330
Revolving Credit Facility Maturing in 2023 [Member]    
Debt Instrument [Line Items]    
Total debt 64,900 64,900
Obligations Under Industrial Revenue Bonds Due 2029 [Member]    
Debt Instrument [Line Items]    
Total debt $ 12,430 $ 12,430
v3.20.2
Debt and Floor Plan Payable - Additional Information (Detail)
6 Months Ended
Sep. 26, 2020
USD ($)
Mar. 28, 2020
USD ($)
Obligations Under Industrial Revenue Bonds Due 2029 [Member]    
Debt Instrument [Line Items]    
Weighted-average interest rate 2.22%  
Industrial revenue bonds maturity 2029  
Floor Plan Financing Arrangements [Member]    
Debt Instrument [Line Items]    
Available borrowings under Credit Agreement $ 49,000,000.0  
Outstanding borrowings $ 26,600,000 $ 33,900,000
Line of Credit Facility, description Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer.  
Credit Agreement [Member] | Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Revolving credit facility $ 100,000,000.0  
First lien leverage ratio 2  
Revolving credit facility maturity date Jun. 05, 2023  
Interest rate on borrowings 1.70%  
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Equal to Or Greater Than 2.00:1.00 [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.25%  
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Equal to Or Greater Than 2.00:1.00 [Member] | Base Rate [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.25%  
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Below 0.50:1.00 [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.50%  
Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage Below 0.50:1.00 [Member] | Base Rate [Member]    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.50%  
Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage [Member]    
Debt Instrument [Line Items]    
Unused line fee percentage 0.25%  
Maximum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | First Lien Net Leverage [Member]    
Debt Instrument [Line Items]    
Unused line fee percentage 0.40%  
Letter of Credit [Member] | Credit Agreement [Member]    
Debt Instrument [Line Items]    
Letters of credit issued $ 33,900,000  
Available borrowings under Credit Agreement 1,200,000  
Letter of Credit [Member] | Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Revolving credit facility $ 45,000,000.0  
v3.20.2
Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales $ 322,366 $ 354,458 $ 595,651 $ 726,346
Manufacturing and Retail [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 300,527 334,706 564,581 690,011
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 7,391 4,531 7,391 4,531
Transportation [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 14,448 15,221 23,679 31,804
U.S Factory-built Housing [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 283,360 312,830 532,219 644,435
U.S Factory-built Housing [Member] | Manufacturing and Retail [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 275,969 308,299 524,828 639,904
U.S Factory-built Housing [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 7,391 4,531 7,391 4,531
Canadian Factory-built Housing [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 24,558 26,407 39,753 50,107
Canadian Factory-built Housing [Member] | Manufacturing and Retail [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 24,558 26,407 39,753 50,107
Corporate Other [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales 14,448 15,221 23,679 31,804
Corporate Other [Member] | Transportation [Member]        
Disaggregation of Revenue [Line Items]        
Consolidated Net Sales $ 14,448 $ 15,221 $ 23,679 $ 31,804
v3.20.2
Leases - Summary of Lease Expense Included in Condensed Consolidated Income Statements (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Lease Cost [Abstract]        
Operating lease expense $ 1,357 $ 1,470 $ 2,740 $ 2,875
Short-term lease expense 529 230 985 603
Total lease expense $ 1,886 $ 1,700 $ 3,725 $ 3,478
v3.20.2
Leases - Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Leases [Abstract]    
Right-of-use assets under operating leases, Other long-term assets $ 12,384 $ 14,808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsNoncurrent us-gaap:OtherAssetsNoncurrent
Other current liabilities $ 4,376 $ 4,789
Other long-term liabilities 8,008 10,019
Total lease obligation $ 12,384 $ 14,808
v3.20.2
Leases - Summary of Maturities of Lease Obligations (Detail) - USD ($)
$ in Thousands
Sep. 26, 2020
Mar. 28, 2020
Operating Lease Liabilities Payments Due [Abstract]    
Fiscal 2021 $ 2,712  
Fiscal 2022 4,743  
Fiscal 2023 3,683  
Fiscal 2024 1,568  
Fiscal 2025 786  
Thereafter 1,705  
Total undiscounted cash flows 15,197  
Less: imputed interest (2,813)  
Lease obligations under operating leases $ 12,384 $ 14,808
v3.20.2
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail)
Sep. 26, 2020
Lease Cost [Abstract]  
Weighted-average remaining lease term (in years) 4 years 7 months 6 days
Weighted-average discount rate 5.50%
v3.20.2
Leases - Schedule of Cash Flow Information Related to Operating Leases (Detail) - USD ($)
$ in Thousands
6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Leases [Abstract]    
Right-of-use assets obtained in exchange for operating lease obligations $ 32 $ 1,606
Cash paid related to operating lease obligations $ 2,800 $ 2,958
v3.20.2
Income Taxes - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Income Tax Disclosure [Abstract]        
Income tax expense $ 5,644,000 $ 7,526,000 $ 10,209,000 $ 14,157,000
Effective tax rate 24.40% 29.80% 25.80% 28.70%
Statutory federal income tax rate 21.00% 21.00% 21.00% 21.00%
Unrecognized tax benefits $ 0   $ 0  
v3.20.2
Earnings Per Share - Additional Information (Detail) - shares
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Earnings Per Share [Abstract]        
Antidilutive securities 300,000 0 400,000 0
v3.20.2
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Numerator:        
Net income $ 17,511 $ 17,745 $ 29,414 $ 35,125
Undistributed earnings allocated to participating securities (19) (65) (53) (154)
Net income attributable to the Company's common shareholders $ 17,492 $ 17,680 $ 29,361 $ 34,971
Denominator:        
Basic weighted-average shares outstanding 56,654 56,481 56,593 56,424
Dilutive securities 255 243 238 233
Diluted weighted-average shares outstanding 56,909 56,724 56,831 56,657
Basic $ 0.31 $ 0.31 $ 0.52 $ 0.62
Diluted $ 0.31 $ 0.31 $ 0.52 $ 0.62
v3.20.2
Segment Information - Additional Information (Detail)
6 Months Ended
Sep. 26, 2020
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.20.2
Segment Information - Schedule of Financial Information by Reportable Segments (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Mar. 28, 2020
Segment Reporting Information [Line Items]          
Net sales $ 322,366 $ 354,458 $ 595,651 $ 726,346  
Operating income (loss) 21,420 25,653 34,616 49,973  
Other income (2,599)   (6,813)    
Depreciation 3,048 3,545 5,969 6,655  
Amortization (1,360) (1,362) (2,721) (2,724)  
Amortization of intangible assets 1,300 1,300 2,721 2,724  
Assets 829,471   829,471   $ 781,700
U.S Factory-built Housing [Member]          
Segment Reporting Information [Line Items]          
Net sales 283,360 312,830 532,219 644,435  
Canadian Factory-built Housing [Member]          
Segment Reporting Information [Line Items]          
Net sales 24,558 26,407 39,753 50,107  
Operating Segments [Member] | U.S Factory-built Housing [Member]          
Segment Reporting Information [Line Items]          
Net sales 283,360 312,830 532,219 644,435  
Operating income (loss) 28,697 35,314 53,090 71,459  
Depreciation 2,391 3,068 4,789 5,706  
Amortization of intangible assets 1,360 1,362 2,721 2,724  
Capital expenditures 1,054 4,144 1,939 7,502  
Assets 489,399   489,399   491,110
Operating Segments [Member] | Canadian Factory-built Housing [Member]          
Segment Reporting Information [Line Items]          
Net sales 24,558 26,407 39,753 50,107  
Operating income (loss) 5,951 4,244 10,857 7,299  
Depreciation 248 247 363 489  
Capital expenditures 85 317 242 428  
Assets 68,696   68,696   56,760
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Net sales 14,448 15,221 23,679 31,804  
Operating income (loss) (6,221) (8,998) (13,828) (19,406)  
Depreciation 409 230 817 460  
Capital expenditures 102 422 371 1,479  
Assets 271,376   271,376   233,830
Segment Reconciling Items [Member]          
Segment Reporting Information [Line Items]          
Net sales 322,366 354,458 595,651 726,346  
Operating income (loss) 21,420 25,653 34,616 49,973  
Depreciation 3,048 3,545 5,969 6,655  
Amortization of intangible assets 1,360 1,362 2,721 2,724  
Capital expenditures 1,241 $ 4,883 2,552 $ 9,409  
Assets $ 829,471   $ 829,471   $ 781,700
v3.20.2
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($)
$ in Millions
6 Months Ended
Sep. 26, 2020
Mar. 28, 2020
Commitment And Contingencies [Line Items]    
Reserve for estimated losses under repurchase agreements $ 0.9 $ 1.0
Losses under repurchase obligations $ 142.6  
Guarantee obligations term 12 years  
Letters of Credit [Member]    
Commitment And Contingencies [Line Items]    
Contingent obligation $ 33.9  
Long-term Debt [Member]    
Commitment And Contingencies [Line Items]    
Contingent obligation 12.6  
Casualty Insurance Program [Member]    
Commitment And Contingencies [Line Items]    
Contingent obligation 21.0  
Bonding Agreements [Member]    
Commitment And Contingencies [Line Items]    
Contingent obligation 0.3  
Surety Bond [Member]    
Commitment And Contingencies [Line Items]    
Contingent obligation $ 14.3