Skyline Champion (SKY) 10-Q 1 Nov 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Thousands	6 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Skyline Champion Corporation
Entity Central Index Key	0000090896
Current Fiscal Year End Date	--04-01
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,617,679
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
Title of 12(b) Security	Common Stock
Trading Symbol	SKY
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	IN
Entity Interactive Data Current	Yes
Document Transition Report	false
Document Quarterly Report	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Current assets:
Cash and cash equivalents	$ 701,155	$ 747,453
Trade accounts receivable, net	55,097	67,296
Inventories, net	182,239	202,238
Other current assets	39,447	26,479
Total current assets	977,938	1,043,466
Long-term assets:
Property, plant, and equipment, net	191,766	177,125
Goodwill	196,574	196,574
Amortizable intangible assets, net	40,299	45,343
Deferred tax assets	19,798	17,422
Other noncurrent assets	242,800	82,794
Total assets	1,669,175	1,562,724
Current liabilities:
Accounts payable	50,829	44,702
Other current liabilities	192,322	204,215
Total current liabilities	243,151	248,917
Long-term liabilities:
Long-term debt	12,430	12,430
Deferred tax liabilities	6,417	5,964
Other liabilities	66,984	62,412
Total long-term liabilities	85,831	80,806
Stockholders' Equity:
Common stock, $0.0277 par value, 115,000 shares authorized, 57,133 and 57,108 shares issued as of September 30, 2023 and April 1, 2023, respectively	1,587	1,585
Additional paid-in capital	530,645	519,479
Retained earnings	821,628	725,672
Accumulated other comprehensive loss	(13,667)	(13,735)
Total stockholders' equity	1,340,193	1,233,001
Total liabilities and stockholders' equity	$ 1,669,175	$ 1,562,724

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Apr. 01, 2023
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	57,162,000	57,108,000

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 464,236	$ 806,825	$ 929,005	$ 1,532,706
Cost of sales	347,747	532,719	682,843	1,029,265
Gross profit	116,489	274,106	246,162	503,441
Selling, general, and administrative expenses	64,454	83,915	134,893	156,197
Operating income	52,035	190,191	111,269	347,244
Interest (income), net	(10,480)	(1,974)	(19,781)	(1,884)
Other expense (income)	2,065	0	2,065	(634)
Income before income taxes	60,450	192,165	128,985	349,762
Income tax expense	14,781	48,073	32,047	88,519
Net income	$ 45,669	$ 144,092	$ 96,938	$ 261,243
Net income per share:
Basic	$ 0.8	$ 2.53	$ 1.69	$ 4.59
Diluted	$ 0.79	$ 2.51	$ 1.68	$ 4.55

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 45,669	$ 144,092	$ 96,938	$ 261,243
Other comprehensive (loss) income
Foreign currency translation adjustments	(2,115)	(5,295)	68	(7,599)
Total comprehensive income	$ 43,554	$ 138,797	$ 97,006	$ 253,644

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Cash flows from operating activities
Net income	$ 96,938	$ 261,243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,378	12,557
Amortization of deferred financing fees	162	175
Equity-based compensation	10,943	7,753
Deferred taxes	(1,919)	3,318
Loss (gain) on disposal of property, plant, and equipment	96	(85)
Foreign currency transaction loss	76	974
Change in assets and liabilities:
Accounts receivable	12,101	7,633
Floor plan receivables	(2,521)	0
Inventories	20,059	11,540
Other assets	(13,434)	(14,489)
Accounts payable	4,387	(21,000)
Accrued expenses and other liabilities	(12,128)	8,947
Net cash provided by operating activities	129,138	278,566
Cash flows from investing activities
Additions to property, plant, and equipment	(22,847)	(25,613)
Cash paid for equity method investment	(1,000)	0
Cash paid for investment in ECN common stock	(78,858)	0
Cash paid for investment in ECN preferred stock	(64,520)	0
Investment in floor plan loans	(18,466)	0
Proceeds from floor plan loans	10,528	0
Acquisitions, net of cash acquired	0	(6,810)
Proceeds from disposal of property, plant, and equipment	524	132
Net cash used in investing activities	(174,639)	(32,291)
Cash flows from financing activities
Changes in floor plan financing, net	0	3,027
Stock option exercises	224	596
Tax payments for equity-based compensation	(982)	(1,363)
Net cash (used in) provided by financing activities	(758)	2,260
Effect of exchange rate changes on cash and cash equivalents	(39)	(6,944)
Net (decrease) increase in cash and cash equivalents	(46,298)	241,591
Cash and cash equivalents at beginning of period	747,453	435,413
Cash and cash equivalents at end of period	$ 701,155	$ 677,004

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Apr. 02, 2022	$ 825,113	$ 1,573	$ 502,846	$ 327,902	$ (7,208)
Beginning balance, shares at Apr. 02, 2022		56,838,000
Net income	261,243			261,243
Equity-based compensation	7,753		7,753
Net common stock issued under equity-based compensation plans	(767)	$ 7	651	(1,425)
Net common stock issued under equity-based compensation plans, shares		87,000
Foreign currency translation adjustments	(7,599)				(7,599)
Ending balance at Oct. 01, 2022	1,085,743	$ 1,580	511,250	587,720	(14,807)
Ending balance, shares at Oct. 01, 2022		56,925,000
Beginning balance at Jul. 02, 2022	943,578	$ 1,573	506,815	444,702	(9,512)
Beginning balance, shares at Jul. 02, 2022		56,848,000
Net income	144,092			144,092
Equity-based compensation	3,793		3,793
Net common stock issued under equity-based compensation plans	(425)	$ 7	642	(1,074)
Net common stock issued under equity-based compensation plans, shares		77,000
Foreign currency translation adjustments	(5,295)				(5,295)
Ending balance at Oct. 01, 2022	1,085,743	$ 1,580	511,250	587,720	(14,807)
Ending balance, shares at Oct. 01, 2022		56,925,000
Beginning balance at Apr. 01, 2023	1,233,001	$ 1,585	519,479	725,672	(13,735)
Beginning balance, shares at Apr. 01, 2023		57,108,000
Net income	96,938			96,938
Equity-based compensation	10,943		10,943
Net common stock issued under equity-based compensation plans	(757)	$ 2	223	(982)
Net common stock issued under equity-based compensation plans, shares		54,000
Foreign currency translation adjustments	68				68
Ending balance at Sep. 30, 2023	1,340,193	$ 1,587	530,645	821,628	(13,667)
Ending balance, shares at Sep. 30, 2023		57,162,000
Beginning balance at Jul. 01, 2023	1,290,921	$ 1,586	524,907	775,980	(11,552)
Beginning balance, shares at Jul. 01, 2023		57,133,000
Net income	45,669			45,669
Equity-based compensation	5,515		5,515
Net common stock issued under equity-based compensation plans	203	$ 1	223	(21)
Net common stock issued under equity-based compensation plans, shares		29,000
Foreign currency translation adjustments	(2,115)				(2,115)
Ending balance at Sep. 30, 2023	$ 1,340,193	$ 1,587	$ 530,645	$ 821,628	$ (13,667)
Ending balance, shares at Sep. 30, 2023		57,162,000

Basis of Presentation and Busin

Basis of Presentation and Business	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Business	1. Basis of Presentation and Business Nature of Operations: Skyline Champion Corporation's (the “Company”) operations consist of manufacturing, retail, construction services, and transportation activities. At September 30, 2023, the Company operated 39 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. In addition to its core home building business, the Company provides construction services to install and set-up factory-built homes. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers across the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands. 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 30, 2023 (the “Fiscal 2023 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. 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 2024,” will end on March 30, 2024 and will include 52 weeks. References to “fiscal 2023” refer to the Company’s fiscal year ended April 1, 2023. The three and six months ended September 30, 2023 and October 1, 2022 each included 13 and 26 weeks, respectively. 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. Accounts receivable are reflected net of reserves of $ 2.6 million and $ 1.7 million at September 30, 2023 and April 1, 2023, respectively. Floor plan receivables consist of loans the Company purchased from an independent financial institution in the first quarter of fiscal 2024 for $ 18.5 million, of which approximately $ 8.0 million remains outstanding at September 30, 2023, and amounts loaned by the Company through the financial institution to certain independent retailers for purchases of homes manufactured by the Company, of which $ 2.6 million was outstanding at September 30, 2023, both of which are carried net of payments received and recorded at amortized cost. The Company intends to hold the floor plan receivables until maturity or payoff. These loans are serviced by the financial institution for which we pay a servicing fee. Upon execution of the financing arrangement, the loans are generally payable at the earlier of the sale of the underlying home or two years from the origination date. At September 30, 2023, Floor Plan Receivables are included in Other Current Assets and Other Noncurrent Assets in the Condensed Consolidated Balance Sheets. The floor plan receivables are collateralized by the related homes, mitigating loss exposure. The Company and the financial institution evaluate the credit worthiness of each independent retailer prior to credit approval, including reviewing the independent retailer’s payment history, financial condition, and overall economic environment. We evaluate the risk of credit loss in aggregate on existing loans with similar terms, based on historic experience and current economic conditions, as well as individual retailers with past due balances or other indications of heightened credit risk. The allowance for credit losses related to floor plan receivables was not material as of September 30, 2023. Loans are considered past due if any required interest or curtailment payment remains unpaid 30 days after the due date. Receivables are placed on non-performing status if any interest or installment payments are past due over 90 days. Loans are placed on nonaccrual status when interest payments are past due over 90 days. At September 30, 2023 , there were no floor plan receivables on nonaccrual status and the weighted-average age of the floor plan receivables was nine months. Interest income from floor plan receivables is recognized on an accrual basis and is included in Interest Income in the accompanying Condensed Consolidated Income Statements. Interest income for the three and six months ended September 30, 2023 was $ 0.3 million and $ 0.6 million, respectively. There were no floor plan receivables as of October 1, 2022 or related interest income for the three and six months then ended. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations.

Inventories, Net

Inventories, Net	6 Months Ended
	Sep. 30, 2023
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 30, April 1, Raw materials $ 92,121 $ 100,379 Work in process 21,239 23,157 Finished goods and other 68,879 78,702 Total inventories, net $ 182,239 $ 202,238 At September 30, 2023 and April 1, 2023, reserves for obsolete inventory were $ 9.1 million and $ 7.9 million , respectively.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Sep. 30, 2023
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 30, 2023 and October 1, 2022 was $ 4.7 million and $ 4.2 million , respectively. Depreciation expense for the six months ended September 30, 2023 and October 1, 2022 was $ 9.3 million and $ 7.8 million , respectively. The components of property, plant, and equipment were as follows: (Dollars in thousands) September 30, April 1, Land and improvements $ 42,676 $ 41,749 Buildings and improvements 131,386 119,226 Machinery and equipment 100,694 91,007 Construction in progress 31,035 30,010 Property, plant, and equipment, at cost 305,791 281,992 Less: accumulated depreciation ( 114,025 ) ( 104,867 ) Property, plant, and equipment, net $ 191,766 $ 177,125

Goodwill, Intangible Assets, an

Goodwill, Intangible Assets, and Cloud Computing Arrangements	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Intangible Assets, and Cloud Computing Arrangements	4. Goodwill, Intangible Assets, and Cloud Computing Arrangements 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 both September 30, 2023 and April 1, 2023, the Company had goodwill of $ 196.6 million . At September 30, 2023, there were no accumulated impairment losses related to goodwill. Intangible Assets The components of amortizable intangible assets were as follows: (Dollars in thousands) September 30, 2023 April 1, 2023 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,019 $ 21,499 $ 87,518 $ 66,013 $ 21,497 $ 87,510 Accumulated amortization ( 36,200 ) ( 11,019 ) ( 47,219 ) ( 32,103 ) ( 10,064 ) ( 42,167 ) Amortizable intangibles, net $ 29,819 $ 10,480 $ 40,299 $ 33,910 $ 11,433 $ 45,343 During the three months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $ 2.1 million and $ 2.8 million , respectively. During the six months ended September 30, 2023 and October 1, 2022, amortization of intangible assets was $ 5.0 million and $ 4.7 million , respectively. Cloud Computing Arrangements The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. At September 30, 2023 and April 1, 2023, the Company had capitalized cloud computing costs, net of amortization of $ 25.7 million and $ 25.0 million , respectively. Cloud computing costs are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. Amortization of capitalized cloud computing costs for the three and six months ended September 30, 2023 was $ 0.2 million and $ 0.4 million , respectively. Amortization of capitalized cloud computing costs for the three and six months ended October 1, 2022 was $ 0.2 million and $ 0.4 million , respectively .

Investment in ECN Capital Corpo

Investment in ECN Capital Corporation	6 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in ECN Capital Corporation	5. Investment in ECN Capital Corporation In September 2023, the Company entered into a share subscription agreement with ECN Capital Corp. ("ECN") and made a $ 137.8 million equity investment in ECN on a private placement basis. The Company purchased 33.6 million common shares, representing approximately 12 % of the total outstanding common shares of ECN, and 27.5 million mandatory convertible preferred shares (the “Preferred Shares”). The Preferred Shares receive cumulative cash dividends at an annual rate of 4.0 %. Following the private placement, the Company owns approximately 19.9 % of the voting shares of ECN. The Company's interest in the common stock investment in ECN is accounted for under the equity method and the Company’s share of the earnings or losses of ECN are recorded on a three-month lag. For the three and six months ended September 30, 2023, there were no earnings or losses recognized related to the equity method investment. At September 30, 2023, the investment in the common stock of ECN totaled $ 78.9 million, including $ 3.1 million of capitalized transaction costs, and is included in Other Noncurrent Assets in the accompanying Condensed Consolidated Balance Sheets. The Company's investment in the Preferred Shares is included in Other Noncurrent Assets in the accompanying Condensed Consolidated Balance Sheets. The investment is measured using the measurement alternative for equity investments without a readily determinable fair value. The carrying amount of $ 64.5 million at September 30, 2023 represents the purchase price and capitalized transaction costs of $ 2.5 million. There have been no adjustments to the carrying amount or impairment of the investment. Amounts due to ECN, a related party, were not material at September 30, 2023. ECN, through its wholly-owned subsidiary Triad Financial Services, Inc. ("Triad") provides loan servicing for the Company's floor plan receivables, for which we pay a fee that was immaterial for the period subsequent to the investment in ECN. Triad also provides floor plan financing of the Company's products to independent retailers. At September 30, 2023, the Company had repurchase commitments on retailer floor plan loans outstanding with Triad of $ 55.7 million.

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	6. Other Current Liabilities The components of other current liabilities were as follows: (Dollars in thousands) September 30, April 1, Customer deposits $ 63,746 $ 69,285 Accrued volume rebates 27,211 25,084 Accrued warranty obligations 29,977 28,576 Accrued compensation and payroll taxes 28,710 41,422 Accrued insurance 14,708 15,075 Other 27,970 24,773 Total other current liabilities $ 192,322 $ 204,215

Accrued Warranty Obligations

Accrued Warranty Obligations	6 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Accrued Warranty Obligations	7. Accrued Warranty Obligations Changes in the accrued warranty obligations were as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Balance at beginning of period $ 35,090 $ 33,155 $ 35,961 $ 32,832 Warranty expense 14,977 15,839 27,833 27,760 Cash warranty payments ( 12,705 ) ( 13,239 ) ( 26,432 ) ( 24,837 ) Balance at end of period 37,362 35,755 37,362 35,755 Less: noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) ( 7,385 ) ( 7,026 ) Total current portion $ 29,977 $ 28,729 $ 29,977 $ 28,729

Debt

Debt	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	8. Debt Long-term debt consisted of the following: (Dollars in thousands) September 30, April 1, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430 On July 7, 2021, the Company entered into an Amended and Restated Credit Agreement with a syndicate of banks that provides for a revolving credit facility of up to $ 200.0 million, including a $ 45.0 million letter of credit sub-facility ("Amended Credit Agreement"). The Amended Credit Agreement replaced the Company's previously existing $ 100.0 million revolving credit facility. The Amended Credit Agreement allows the Company to draw down, repay and re-draw loans on the available facility during the term, subject to certain terms and conditions, matures in July 2026 , and has no scheduled amortization. On May 18, 2023, the Company further amended the Amended Credit Agreement, which removed references to the London Interbank Offer Rate ("LIBOR") and clarified language pertaining to the Secured Overnight Financing Rate ("SOFR") in regards to the interest rate on borrowings. The interest rate on borrowings under the Amended Credit Agreement is based on SOFR plus a SOFR adjustment, plus an interest rate spread. The interest rate spread adjusts based on the consolidated total net leverage of the Company from a high of 1.875 % when the consolidated total net leverage ratio is equal to or greater than 2.25 :1.00, to a low of 1.125 % when the consolidated total net leverage ratio is below 0.50:1.00. Alternatively for same day borrowings, the interest rate is based on an Alternative Base Rate ("ABR") plus an interest rate spread that ranges from a high of 0.875 % to a low of 0.125 % based on the consolidated total net leverage ratio. In addition, the Company is obligated to pay an unused line fee ranging between 0.15 % and 0.3 % depending on the consolidated total net leverage ratio, in respect of unused commitments under the Amended Credit Agreement. At September 30, 2023 the interest rate under the Amended Credit Agreement was 6.54 % and letters of credit issued under the Amended Credit Agreement totaled $ 34.0 million. Available borrowing capacity under the Amended Credit Agreement as of September 30, 2023 was $ 166.0 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 30, 2023, including related costs and fees, was 5.62 %. T he industrial revenue bonds require lump-sum payments of principal upon maturity in 2029 and are secured by the assets of certain manufacturing facilities. The Amended 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 Amended Credit Agreement as of September 30, 2023 .

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	9. Revenue Recognition The following tables disaggregate the Company’s revenue by sales category: Three months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 428,132 $ 29,256 $ — $ 457,388 Transportation — — 6,848 6,848 Total $ 428,132 $ 29,256 $ 6,848 $ 464,236 Six months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 856,917 $ 55,376 $ — $ 912,293 Transportation — — 16,712 16,712 Total $ 856,917 $ 55,376 $ 16,712 $ 929,005 Three months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 754,148 $ 39,198 $ — $ 793,346 Commercial 89 — — 89 Transportation — — 13,390 13,390 Total $ 754,237 $ 39,198 $ 13,390 $ 806,825 Six months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,414,959 $ 84,260 $ — $ 1,499,219 Commercial 359 — — 359 Transportation — — 33,128 33,128 Total $ 1,415,318 $ 84,260 $ 33,128 $ 1,532,706

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes For the three months ended September 30, 2023 and October 1, 2022, the Company recorded $ 14.8 million and $ 48.1 million of income tax expense and had an effective tax rate of 24.5 % and 25.0 % , respectively. For the six months ended September 30, 2023 and October 1, 2022, the Company recorded $ 32.0 million and $ 88.5 million of income tax expense and had an effective tax rate of 24.8 % and 25.3 % , respectively. The Company’s effective tax rate for the three and six months ended September 30, 2023 differs from the federal statutory income tax rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. The Company’s effective tax rate for the three and six months ended October 1, 2022 differs from the federal statutory income tax rate of 21.0 % due primarily to the effect of state and local income taxes, non-deductible expenses, tax credits, and results in foreign jurisdictions. At September 30, 2023 , the Company had no unrecognized tax benefits.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share Basic net income per share 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. Diluted earnings per share is calculated using our weighted-average outstanding common shares, including the dilutive effect of stock awards as determined under the treasury stock method. 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 30, October 1, September 30, October 1, Numerator: Net income attributable to the Company's common shareholders $ 45,669 $ 144,092 $ 96,938 $ 261,243 Denominator: Basic weighted-average shares outstanding 57,232 56,956 57,224 56,933 Dilutive securities 492 450 471 431 Diluted weighted-average shares outstanding 57,724 57,406 57,695 57,364 Basic net income per share $ 0.80 $ 2.53 $ 1.69 $ 4.59 Diluted net income per share $ 0.79 $ 2.51 $ 1.68 $ 4.55

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	12. Segment Information Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, before elimination of inter-company shipments, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets. The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs directly incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily include cash and certain U.S. deferred tax items not specifically allocated to another segment. Selected financial information by reportable segment was as follows: Three months ended Six months ended (Dollars in thousands) September 30, October 1, September 30, October 1, Net sales: U.S. Factory-built Housing $ 428,132 $ 754,237 $ 856,917 $ 1,415,318 Canadian Factory-built Housing 29,256 39,198 55,376 84,260 Corporate/Other 6,848 13,390 16,712 33,128 Consolidated net sales $ 464,236 $ 806,825 $ 929,005 $ 1,532,706 Operating income: U.S. Factory-built Housing EBITDA $ 64,752 $ 199,284 $ 138,985 $ 360,849 Canadian Factory-built Housing EBITDA 5,763 10,141 10,527 21,468 Corporate/Other EBITDA ( 13,759 ) ( 12,293 ) ( 25,930 ) ( 21,882 ) Other expense (income) 2,065 — 2,065 ( 634 ) Depreciation ( 4,700 ) ( 4,166 ) ( 9,333 ) ( 7,836 ) Amortization ( 2,086 ) ( 2,775 ) ( 5,045 ) ( 4,721 ) Consolidated operating income $ 52,035 $ 190,191 $ 111,269 $ 347,244 Depreciation: U.S. Factory-built Housing $ 4,198 $ 3,505 $ 8,326 $ 6,542 Canadian Factory-built Housing 356 345 712 626 Corporate/Other 146 316 295 668 Consolidated depreciation $ 4,700 $ 4,166 $ 9,333 $ 7,836 Amortization of U.S. Factory-built Housing intangible assets: $ 2,086 $ 2,775 $ 5,045 $ 4,721 Capital expenditures: U.S. Factory-built Housing $ 11,743 $ 14,778 $ 21,421 $ 23,711 Canadian Factory-built Housing 475 1,068 941 1,429 Corporate/Other 288 332 485 473 Consolidated capital expenditures $ 12,506 $ 16,178 $ 22,847 $ 25,613 (Dollars in thousands) September 30, April 1, Total Assets: U.S. Factory-built Housing (1) $ 697,547 $ 708,573 Canadian Factory-built Housing (1) 125,961 124,673 Corporate/Other (1) 845,667 729,478 Consolidated total assets $ 1,669,175 $ 1,562,724 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.

Commitments, Contingencies and

Commitments, Contingencies and Legal Proceedings	6 Months Ended
	Sep. 30, 2023
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 its agreement to pay the financial institution. The risk of loss from these agreements is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Based on these repurchase agreements and our historical loss experience, we established an associated loss reserve which was $ 2.0 million and $ 2.5 million at September 30, 2023 and April 1, 2023, respectively. Excluding the resale value of the homes, the contingent repurchase obligation as of September 30, 2023 was estimated to be $ 297.1 million . Losses incurred on homes repurchased were immaterial during the three and six months ended September 30, 2023 and October 1, 2022. At September 30, 2023, the Company was contingently obligated for $ 34.0 million under letters of credit, consisting of $ 12.6 million to support long-term debt, $ 21.1 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 Amended Credit Agreement. The Company was also contingently obl igated for $ 31.3 million und er surety bonds, generally to support performance on long-term construction contracts and license and service bonding requirements. The Company has received claims for damage related to water intrusion in homes built in one of its manufacturing facilities. The Company is investigating the cause of the damage and assessing its responsibility to remediate. While it is reasonably possible that the Company will receive future claims that could result in additional costs to repair that could be significant in the aggregate, the Company is unable to estimate the number of such claims or the amount or range of any potential losses associated with such claims at this time. 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	14. Subsequent Event On October 13 , 2023, the Company acquired 100 % of the equity interests of Regional Enterprises, LLC and related companies ("Regional"). The purchase price (exclusive of working capital and earnout adjustments) is estimated to be $ 313 million, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $ 93 million. The purchase price is subject to an earnout provision as well as customary net working capital adjustments. The Company funded the acquisition with cash on hand and $ 30 million of the Company’s common stock. Regional, the fourth largest HUD manufacturer in the United States, operates three manufacturing facilities in Alabama and 43 retail sales centers across the southeast U.S. The related acquisition costs, which are included in Other Expense (Income), Net in the Condensed Consolidated Income Statements, were $ 2.1 million during the three and six months ended September 30, 2023. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time since the acquisition date and the ongoing status of the valuation. Therefore, it is not practical for the Company to provide the major classes of assets acquired and liabilities assumed or pro forma revenue and earnings.

Basis of Presentation and Bus_2

Basis of Presentation and Business (Policies)	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations: Skyline Champion Corporation's (the “Company”) operations consist of manufacturing, retail, construction services, and transportation activities. At September 30, 2023, the Company operated 39 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. In addition to its core home building business, the Company provides construction services to install and set-up factory-built homes. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers across the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands.
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 30, 2023 (the “Fiscal 2023 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. 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 2024,” will end on March 30, 2024 and will include 52 weeks. References to “fiscal 2023” refer to the Company’s fiscal year ended April 1, 2023. The three and six months ended September 30, 2023 and October 1, 2022 each included 13 and 26 weeks, respectively. 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. Accounts receivable are reflected net of reserves of $ 2.6 million and $ 1.7 million at September 30, 2023 and April 1, 2023, respectively. Floor plan receivables consist of loans the Company purchased from an independent financial institution in the first quarter of fiscal 2024 for $ 18.5 million, of which approximately $ 8.0 million remains outstanding at September 30, 2023, and amounts loaned by the Company through the financial institution to certain independent retailers for purchases of homes manufactured by the Company, of which $ 2.6 million was outstanding at September 30, 2023, both of which are carried net of payments received and recorded at amortized cost. The Company intends to hold the floor plan receivables until maturity or payoff. These loans are serviced by the financial institution for which we pay a servicing fee. Upon execution of the financing arrangement, the loans are generally payable at the earlier of the sale of the underlying home or two years from the origination date. At September 30, 2023, Floor Plan Receivables are included in Other Current Assets and Other Noncurrent Assets in the Condensed Consolidated Balance Sheets. The floor plan receivables are collateralized by the related homes, mitigating loss exposure. The Company and the financial institution evaluate the credit worthiness of each independent retailer prior to credit approval, including reviewing the independent retailer’s payment history, financial condition, and overall economic environment. We evaluate the risk of credit loss in aggregate on existing loans with similar terms, based on historic experience and current economic conditions, as well as individual retailers with past due balances or other indications of heightened credit risk. The allowance for credit losses related to floor plan receivables was not material as of September 30, 2023. Loans are considered past due if any required interest or curtailment payment remains unpaid 30 days after the due date. Receivables are placed on non-performing status if any interest or installment payments are past due over 90 days. Loans are placed on nonaccrual status when interest payments are past due over 90 days. At September 30, 2023 , there were no floor plan receivables on nonaccrual status and the weighted-average age of the floor plan receivables was nine months. Interest income from floor plan receivables is recognized on an accrual basis and is included in Interest Income in the accompanying Condensed Consolidated Income Statements. Interest income for the three and six months ended September 30, 2023 was $ 0.3 million and $ 0.6 million, respectively. There were no floor plan receivables as of October 1, 2022 or related interest income for the three and six months then ended. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Sep. 30, 2023
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 30, April 1, Raw materials $ 92,121 $ 100,379 Work in process 21,239 23,157 Finished goods and other 68,879 78,702 Total inventories, net $ 182,239 $ 202,238

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
	Sep. 30, 2023
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 30, April 1, Land and improvements $ 42,676 $ 41,749 Buildings and improvements 131,386 119,226 Machinery and equipment 100,694 91,007 Construction in progress 31,035 30,010 Property, plant, and equipment, at cost 305,791 281,992 Less: accumulated depreciation ( 114,025 ) ( 104,867 ) Property, plant, and equipment, net $ 191,766 $ 177,125

Goodwill, Intangible Assets, _2

Goodwill, Intangible Assets, and Cloud Computing Arrangements (Tables)	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Amortizable Intangible Assets	The components of amortizable intangible assets were as follows: (Dollars in thousands) September 30, 2023 April 1, 2023 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,019 $ 21,499 $ 87,518 $ 66,013 $ 21,497 $ 87,510 Accumulated amortization ( 36,200 ) ( 11,019 ) ( 47,219 ) ( 32,103 ) ( 10,064 ) ( 42,167 ) Amortizable intangibles, net $ 29,819 $ 10,480 $ 40,299 $ 33,910 $ 11,433 $ 45,343

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Components of Other Current Liabilities	The components of other current liabilities were as follows: (Dollars in thousands) September 30, April 1, Customer deposits $ 63,746 $ 69,285 Accrued volume rebates 27,211 25,084 Accrued warranty obligations 29,977 28,576 Accrued compensation and payroll taxes 28,710 41,422 Accrued insurance 14,708 15,075 Other 27,970 24,773 Total other current liabilities $ 192,322 $ 204,215

Accrued Warranty Obligations (T

Accrued Warranty Obligations (Tables)	6 Months Ended
	Sep. 30, 2023
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 30, October 1, September 30, October 1, Balance at beginning of period $ 35,090 $ 33,155 $ 35,961 $ 32,832 Warranty expense 14,977 15,839 27,833 27,760 Cash warranty payments ( 12,705 ) ( 13,239 ) ( 26,432 ) ( 24,837 ) Balance at end of period 37,362 35,755 37,362 35,755 Less: noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) ( 7,385 ) ( 7,026 ) Total current portion $ 29,977 $ 28,729 $ 29,977 $ 28,729

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Long Term Debt	Long-term debt consisted of the following: (Dollars in thousands) September 30, April 1, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Corporate Net Sales	The following tables disaggregate the Company’s revenue by sales category: Three months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 428,132 $ 29,256 $ — $ 457,388 Transportation — — 6,848 6,848 Total $ 428,132 $ 29,256 $ 6,848 $ 464,236 Six months ended September 30, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 856,917 $ 55,376 $ — $ 912,293 Transportation — — 16,712 16,712 Total $ 856,917 $ 55,376 $ 16,712 $ 929,005 Three months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 754,148 $ 39,198 $ — $ 793,346 Commercial 89 — — 89 Transportation — — 13,390 13,390 Total $ 754,237 $ 39,198 $ 13,390 $ 806,825 Six months ended October 1, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,414,959 $ 84,260 $ — $ 1,499,219 Commercial 359 — — 359 Transportation — — 33,128 33,128 Total $ 1,415,318 $ 84,260 $ 33,128 $ 1,532,706

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2023
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 30, October 1, September 30, October 1, Numerator: Net income attributable to the Company's common shareholders $ 45,669 $ 144,092 $ 96,938 $ 261,243 Denominator: Basic weighted-average shares outstanding 57,232 56,956 57,224 56,933 Dilutive securities 492 450 471 431 Diluted weighted-average shares outstanding 57,724 57,406 57,695 57,364 Basic net income per share $ 0.80 $ 2.53 $ 1.69 $ 4.59 Diluted net income per share $ 0.79 $ 2.51 $ 1.68 $ 4.55

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2023
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 30, October 1, September 30, October 1, Net sales: U.S. Factory-built Housing $ 428,132 $ 754,237 $ 856,917 $ 1,415,318 Canadian Factory-built Housing 29,256 39,198 55,376 84,260 Corporate/Other 6,848 13,390 16,712 33,128 Consolidated net sales $ 464,236 $ 806,825 $ 929,005 $ 1,532,706 Operating income: U.S. Factory-built Housing EBITDA $ 64,752 $ 199,284 $ 138,985 $ 360,849 Canadian Factory-built Housing EBITDA 5,763 10,141 10,527 21,468 Corporate/Other EBITDA ( 13,759 ) ( 12,293 ) ( 25,930 ) ( 21,882 ) Other expense (income) 2,065 — 2,065 ( 634 ) Depreciation ( 4,700 ) ( 4,166 ) ( 9,333 ) ( 7,836 ) Amortization ( 2,086 ) ( 2,775 ) ( 5,045 ) ( 4,721 ) Consolidated operating income $ 52,035 $ 190,191 $ 111,269 $ 347,244 Depreciation: U.S. Factory-built Housing $ 4,198 $ 3,505 $ 8,326 $ 6,542 Canadian Factory-built Housing 356 345 712 626 Corporate/Other 146 316 295 668 Consolidated depreciation $ 4,700 $ 4,166 $ 9,333 $ 7,836 Amortization of U.S. Factory-built Housing intangible assets: $ 2,086 $ 2,775 $ 5,045 $ 4,721 Capital expenditures: U.S. Factory-built Housing $ 11,743 $ 14,778 $ 21,421 $ 23,711 Canadian Factory-built Housing 475 1,068 941 1,429 Corporate/Other 288 332 485 473 Consolidated capital expenditures $ 12,506 $ 16,178 $ 22,847 $ 25,613 (Dollars in thousands) September 30, April 1, Total Assets: U.S. Factory-built Housing (1) $ 697,547 $ 708,573 Canadian Factory-built Housing (1) 125,961 124,673 Corporate/Other (1) 845,667 729,478 Consolidated total assets $ 1,669,175 $ 1,562,724 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.

Basis of Presentation and Bus_3

Basis of Presentation and Business - Additional information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023 USD ($) Center	Jul. 01, 2023 USD ($)	Sep. 30, 2023 USD ($) Facility Center	Oct. 01, 2022 USD ($)	Apr. 01, 2023 USD ($)	Jul. 31, 2022 Center
Significant Accounting Policies [Line Items]
Trade accounts receivable, net	$ 55,097		$ 55,097		$ 67,296
Floor Plan Receivable		$ 18,500		$ 0
Outstanding floor plan receivable	8,000		8,000
Payments for loans receivable			2,600
Floor plan receivables on nonaccrual status			0
Interest income from floor plan receivables	300		600
Alta Cima Corporation [Member]
Significant Accounting Policies [Line Items]
Number of Retail Sales Centers | Center						12
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Significant Accounting Policies [Line Items]
Trade accounts receivable, net	$ 2,600		$ 2,600		$ 1,700
U.S [Member]
Significant Accounting Policies [Line Items]
Number of manufacturing facilities | Facility			39
Number of sales centers | Center	31		31
Canada [Member]
Significant Accounting Policies [Line Items]
Number of manufacturing facilities | Facility			5

Business Acquisition - Schedule

Business Acquisition - Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Business Acquisition [Line Items]
Goodwill	$ 196,574	$ 196,574

Inventories, Net - Summary of C

Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 92,121	$ 100,379
Work in process	21,239	23,157
Finished goods and other	68,879	78,702
Total inventories, net	$ 182,239	$ 202,238

Inventories, Net - Additional I

Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Apr. 01, 2023
Inventory Disclosure [Abstract]
Reserves for obsolete inventory	$ 9.1	$ 7.9

Property Plant, and Equipment -

Property Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.7	$ 4.2	$ 9.3	$ 7.8
Minimum [Member] | Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	3 years		3 years
Minimum [Member] | Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	8 years		8 years
Minimum [Member] | Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	3 years		3 years
Maximum [Member] | Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	10 years		10 years
Maximum [Member] | Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	25 years		25 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property, plant and equipment	8 years		8 years

Property Plant, and Equipment_2

Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 305,791	$ 281,992
Less accumulated depreciation	(114,025)	(104,867)
Property, plant, and equipment, net	191,766	177,125
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	42,676	41,749
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	131,386	119,226
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	100,694	91,007
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 31,035	$ 30,010

Goodwill, Intangible Assets, _3

Goodwill, Intangible Assets, and Cloud Computing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 196,574		$ 196,574		$ 196,574
Accumulated impairment losses	0		0
Amortization of intangible assets	2,100	$ 2,800	5,000	$ 4,700
Capitalized cloud computing costs	25,700		25,700		$ 25,000
Amortization of capitalized cloud computing costs	$ 200	$ 200	$ 400	$ 400

Goodwill, Intangible Assets, _4

Goodwill, Intangible Assets, and Cloud Computing Arrangements - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 87,518	$ 87,510
Accumulated amortization	(47,219)	(42,167)
Amortizable intangibles, net	40,299	45,343
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	66,019	66,013
Accumulated amortization	(36,200)	(32,103)
Amortizable intangibles, net	29,819	33,910
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	21,499	21,497
Accumulated amortization	(11,019)	(10,064)
Amortizable intangibles, net	$ 10,480	$ 11,433

Investment in ECN Capital Cor_2

Investment in ECN Capital Corporation - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	1 Months Ended
	Sep. 30, 2023	Apr. 01, 2023
Schedule of Equity Method Investments [Line Items]
Investment in the common stock	$ 1,587	$ 1,585
Carrying amount of preferred shares	64,500
Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate cost of investments	2,500
ECN Capital Corp.
Schedule of Equity Method Investments [Line Items]
Equity investments in ECN	$ 137,800
Common shares purchased	33.6
Percentage of common stock outstanding	12%
Cash dividend on preferred Shares	4%
Voting shares	19.90%
Investment in the common stock	$ 78,900
Aggregate cost of investments	3,100
Commitments on retailer floor plan loans outstanding	$ 55,700
ECN Capital Corp. | Mandatory convertible preferred shares
Schedule of Equity Method Investments [Line Items]
Number of shares issued	27.5

Other Current Liabilities - Com

Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023	Oct. 01, 2022
Other Liabilities Disclosure [Abstract]
Customer deposits	$ 63,746	$ 69,285
Accrued volume rebates	27,211	25,084
Accrued warranty obligations	29,977	28,576	$ 28,729
Accrued compensation and payroll taxes	28,710	41,422
Accrued insurance	14,708	15,075
Other	27,970	24,773
Total other current liabilities	$ 192,322	$ 204,215

Accrued Warranty Obligations -

Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Apr. 01, 2023
Guarantees and Product Warranties [Abstract]
Balance at beginning of period	$ 35,090	$ 33,155	$ 35,961	$ 32,832
Warranty expense	14,977	15,839	27,833	27,760
Cash warranty payments	(12,705)	(13,239)	(26,432)	(24,837)
Balance at end of period	37,362	35,755	37,362	35,755
Less noncurrent portion in other long-term liabilities	(7,385)	(7,026)	(7,385)	(7,026)
Total current portion	$ 29,977	$ 28,729	$ 29,977	$ 28,729	$ 28,576

Debt - Summary of Long Term Deb

Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 01, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 12,430	$ 12,430
Obligations Under Industrial Revenue Bonds Due 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	12,430	12,430
Revolving Credit Facility Maturing in 2026 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Thousands		6 Months Ended
	May 18, 2023	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Jul. 07, 2021 USD ($)	Jul. 03, 2021 USD ($)
Debt Instrument [Line Items]
Revolving credit facility, maturity month and year		2026-07
Deferred financing fees written off		$ 162	$ 175
Obligations Under Industrial Revenue Bonds Due 2029 [Member]
Debt Instrument [Line Items]
Weighted-average interest rate		5.62%
Industrial revenue bonds maturity		2029
Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility				$ 200,000	$ 100,000
First lien leverage ratio	0.0225
Interest rate on borrowings		6.54%
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | SOFR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.875%
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | SOFR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member]
Debt Instrument [Line Items]
Unused line fee percentage	0.15%
Maximum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member]
Debt Instrument [Line Items]
Unused line fee percentage	0.30%
Letter of Credit [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility				$ 45,000
Letters of credit issued		$ 34,000
Available borrowings under Credit Agreement		$ 166,000

Revenue Recognition - Summary o

Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	$ 464,236	$ 806,825	$ 929,005	$ 1,532,706
Manufacturing and Retail [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	457,388	793,346	912,293	1,499,219
Commercial [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales		89		359
Transportation [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	6,848	13,390	16,712	33,128
U.S Factory-built Housing [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	428,132	754,237	856,917	1,415,318
U.S Factory-built Housing [Member] | Manufacturing and Retail [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	428,132	754,148	856,917	1,414,959
U.S Factory-built Housing [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales		89		359
Canadian Factory-built Housing [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	29,256	39,198	55,376	84,260
Canadian Factory-built Housing [Member] | Manufacturing and Retail [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	29,256	39,198	55,376	84,260
Corporate Other [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	6,848	13,390	16,712	33,128
Corporate Other [Member] | Transportation [Member]
Disaggregation of Revenue [Line Items]
Consolidated Net Sales	$ 6,848	$ 13,390	$ 16,712	$ 33,128

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Contingency [Line Items]
Income tax expense	$ 14,781,000	$ 48,073,000	$ 32,047,000	$ 88,519,000
Effective tax rate	24.50%	25%	24.80%	25.30%
Statutory federal income tax rate	21%	21%	21%	21%
Unrecognized tax benefits	$ 0		$ 0

Earnings Per Share - Computatio

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. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Numerator:
Net income attributable to the Company's common shareholders	$ 45,669	$ 144,092	$ 96,938	$ 261,243
Denominator:
Basic weighted average shares outstanding	57,232	56,956	57,224	56,933
Dilutive securities	492	450	471	431
Diluted weighted average shares outstanding	57,724	57,406	57,695	57,364
Basic net income per share	$ 0.8	$ 2.53	$ 1.69	$ 4.59
Diluted net income per share	$ 0.79	$ 2.51	$ 1.68	$ 4.55

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Financial Information by Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Apr. 01, 2023
Segment Reporting Information [Line Items]
Net sales		$ 464,236	$ 806,825	$ 929,005	$ 1,532,706
Operating income		52,035	190,191	111,269	347,244
Other expense (income)		2,065	0	2,065	(634)
Depreciation		(4,700)	(4,166)	(9,333)	(7,836)
Amortization		(2,086)	(2,775)	(5,045)	(4,721)
Amortization of intangible assets		2,100	2,800	5,000	4,700
Assets		1,669,175		1,669,175		$ 1,562,724
U.S Factory-built Housing [Member]
Segment Reporting Information [Line Items]
Net sales		428,132	754,237	856,917	1,415,318
Amortization of intangible assets		2,086	2,775	5,045	4,721
Canadian Factory-built Housing [Member]
Segment Reporting Information [Line Items]
Net sales		29,256	39,198	55,376	84,260
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Net sales		6,848	13,390	16,712	33,128
Assets	[1]	845,667		845,667		729,478
Operating Segments [Member] | U.S Factory-built Housing [Member]
Segment Reporting Information [Line Items]
Net sales		428,132	754,237	856,917	1,415,318
Operating income		64,752	199,284	138,985	360,849
Depreciation		4,198	3,505	8,326	6,542
Capital expenditures		11,743	14,778	21,421	23,711
Assets	[1]	697,547		697,547		708,573
Operating Segments [Member] | Canadian Factory-built Housing [Member]
Segment Reporting Information [Line Items]
Net sales		29,256	39,198	55,376	84,260
Operating income		5,763	10,141	10,527	21,468
Depreciation		356	345	712	626
Capital expenditures		475	1,068	941	1,429
Assets	[1]	125,961		125,961		124,673
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating income		(13,759)	(12,293)	(25,930)	(21,882)
Depreciation		146	316	295	668
Capital expenditures		288	332	485	473
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Net sales		464,236	806,825	929,005	1,532,706
Operating income		52,035	190,191	111,269	347,244
Depreciation		4,700	4,166	9,333	7,836
Capital expenditures		12,506	$ 16,178	22,847	$ 25,613
Assets		$ 1,669,175		$ 1,669,175		$ 1,562,724
[1] Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.

Commitments, Contingencies an_2

Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Apr. 01, 2023
Commitment And Contingencies [Line Items]
Reserve for estimated losses under repurchase agreements	$ 2	$ 2	$ 2.5
Contingent repurchase obligation	297.1	$ 297.1
Guarantee obligations term		12 years
Letters of Credit [Member]
Commitment And Contingencies [Line Items]
Contingent obligation	34	$ 34
Long-term Debt [Member]
Commitment And Contingencies [Line Items]
Contingent obligation	12.6	12.6
Casualty Insurance Program [Member]
Commitment And Contingencies [Line Items]
Contingent obligation	21.1	21.1
Bonding Agreements [Member]
Commitment And Contingencies [Line Items]
Contingent obligation	0.3	0.3
Surety Bond [Member]
Commitment And Contingencies [Line Items]
Contingent obligation	$ 31.3	$ 31.3

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) $ in Millions		3 Months Ended	6 Months Ended
	Oct. 13, 2023 USD ($) Center	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Subsequent Event [Line Items]
Acquisition related costs		$ 2.1	$ 2.1
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Retail Sales Centers | Center	43
Regional Enterprises, LLC | Subsequent Event [Member]
Subsequent Event [Line Items]
Equity interests percentage	100%
Purchase price for business acquisition	$ 313
Debt related to inventory floor plan liabilities	93
Regional Enterprises, LLC | Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase price for business acquisition	$ 30