10-Q 1 sky-20220101.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 1, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-04714

 

Skyline Champion Corporation

(Exact name of registrant as specified in its charter)

 

Indiana

 

35-1038277

(State of Incorporation)

 

(I.R.S. Employer Identification No.)

 

 

 

755 West Big Beaver Road, Suite 1000

 

 

Troy, Michigan

 

48084

(Address of Principal Executive Offices)

 

(Zip Code)

 

(248) 614-8211

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

SKY

 

New York Stock Exchange

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:):

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Number of shares of common stock outstanding as of January 24, 2022: 56,827,132

 

 


 

SKYLINE CHAMPION CORPORATION

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

 

Condensed Consolidated Balance Sheets as of January 1, 2022 (unaudited) and April 3, 2021

1

Condensed Consolidated Income Statements (unaudited) for the three and nine months ended January 1, 2022 and December 26, 2020

2

Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended January 1, 2022 and December 26, 2020

3

Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended January 1, 2022 and December 26, 2020

4

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three and nine months ended January 1, 2022 and December 26, 2020

5

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

28

 

 

Item 4. Controls and Procedures

28

 

 

PART II – OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

29

 

 

Item 6. Exhibits

30

 

 

SIGNATURES

31

 

i


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Skyline Champion Corporation

Condensed Consolidated Balance Sheets

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

 

 

 

January 1,
2022

 

 

April 3,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

382,133

 

 

$

262,581

 

Trade accounts receivable, net

 

 

46,184

 

 

 

57,481

 

Inventories, net

 

 

185,052

 

 

 

166,113

 

Other current assets

 

 

21,340

 

 

 

13,592

 

Total current assets

 

 

634,709

 

 

 

499,767

 

Long-term assets:

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

127,196

 

 

 

115,140

 

Goodwill

 

 

191,970

 

 

 

191,803

 

Amortizable intangible assets, net

 

 

53,171

 

 

 

58,835

 

Deferred tax assets

 

 

14,304

 

 

 

19,914

 

Other noncurrent assets

 

 

46,801

 

 

 

32,443

 

Total assets

 

$

1,068,151

 

 

$

917,902

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Floor plan payable

 

$

34,315

 

 

$

25,733

 

Accounts payable

 

 

44,200

 

 

 

57,214

 

Other current liabilities

 

 

205,094

 

 

 

180,695

 

Total current liabilities

 

 

283,609

 

 

 

263,642

 

Long-term liabilities:

 

 

 

 

 

 

Long-term debt

 

 

12,430

 

 

 

39,330

 

Deferred tax liabilities

 

 

4,615

 

 

 

4,280

 

Other liabilities

 

 

34,119

 

 

 

42,039

 

Total long-term liabilities

 

 

51,164

 

 

 

85,649

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock, $0.0277 par value, 115,000 shares authorized, 56,827 and 56,640 shares issued as of January 1, 2022 and April 3, 2021, respectively

 

 

1,572

 

 

 

1,569

 

Additional paid-in capital

 

 

498,898

 

 

 

491,668

 

Retained earnings

 

 

241,135

 

 

 

82,898

 

Accumulated other comprehensive loss

 

 

(8,227

)

 

 

(7,524

)

Total stockholders’ equity

 

 

733,378

 

 

 

568,611

 

Total liabilities and stockholders’ equity

 

$

1,068,151

 

 

$

917,902

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

1


 

Skyline Champion Corporation

Condensed Consolidated Income Statements

(Unaudited, dollars in thousands, except per share amounts)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

January 1,
2022

 

 

December 26,
2020

 

 

January 1,
2022

 

 

December 26,
2020

 

Net sales

 

$

534,690

 

 

$

377,581

 

 

$

1,569,112

 

 

$

973,232

 

Cost of sales

 

 

377,451

 

 

 

305,797

 

 

 

1,171,016

 

 

 

784,652

 

Gross profit

 

 

157,239

 

 

 

71,784

 

 

 

398,096

 

 

 

188,580

 

Selling, general, and administrative expenses

 

 

65,825

 

 

 

44,286

 

 

 

181,188

 

 

 

126,466

 

Operating income

 

 

91,414

 

 

 

27,498

 

 

 

216,908

 

 

 

62,114

 

Interest expense, net

 

 

508

 

 

 

795

 

 

 

2,002

 

 

 

2,601

 

Other expense (income)

 

 

7

 

 

 

(180

)

 

 

(36

)

 

 

(6,993

)

Income before income taxes

 

 

90,899

 

 

 

26,883

 

 

 

214,942

 

 

 

66,506

 

Income tax expense

 

 

23,277

 

 

 

5,284

 

 

 

53,696

 

 

 

15,493

 

Net income

 

$

67,622

 

 

$

21,599

 

 

$

161,246

 

 

$

51,013

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.19

 

 

$

0.38

 

 

$

2.84

 

 

$

0.90

 

Diluted

 

$

1.18

 

 

$

0.38

 

 

$

2.81

 

 

$

0.90

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

2


 

Skyline Champion Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited, dollars in thousands)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

January 1,
2022

 

 

December 26,
2020

 

 

January 1,
2022

 

 

December 26,
2020

 

Net income

 

$

67,622

 

 

$

21,599

 

 

$

161,246

 

 

$

51,013

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(61

)

 

 

2,151

 

 

 

(703

)

 

 

4,107

 

Total comprehensive income

 

$

67,561

 

 

$

23,750

 

 

$

160,543

 

 

$

55,120

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

3


 

Skyline Champion Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited, dollars in thousands)

 

 

 

Nine months ended

 

 

 

January 1,
2022

 

 

December 26,
2020

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

161,246

 

 

$

51,013

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

9,869

 

 

 

8,994

 

Amortization of intangible assets

 

 

5,664

 

 

 

4,082

 

Amortization of deferred financing fees

 

 

599

 

 

 

380

 

Equity-based compensation

 

 

6,134

 

 

 

4,625

 

Deferred taxes

 

 

5,942

 

 

 

3,251

 

Loss (gain) on disposal of property, plant, and equipment

 

 

696

 

 

 

(75

)

Foreign currency transaction loss (gain)

 

 

55

 

 

 

(421

)

Change in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

11,419

 

 

 

4,577

 

Inventories

 

 

(19,133

)

 

 

(3,388

)

Prepaids and other assets

 

 

(22,954

)

 

 

(2,239

)

Accounts payable

 

 

(13,076

)

 

 

(284

)

Accrued expenses and other liabilities

 

 

17,945

 

 

 

33,301

 

Net cash provided by operating activities

 

 

164,406

 

 

 

103,816

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to property, plant, and equipment

 

 

(22,784

)

 

 

(4,235

)

Cash paid for acquisition

 

 

(207

)

 

 

 

Proceeds from maturity of Company owned life insurance policy

 

 

 

 

 

1,186

 

Proceeds from disposal of property, plant, and equipment

 

 

70

 

 

 

1,836

 

Net cash used in investing activities

 

 

(22,921

)

 

 

(1,213

)

Cash flows from financing activities

 

 

 

 

 

 

Changes in floor plan financing, net

 

 

8,583

 

 

 

(8,318

)

Payments on deferred financing fees

 

 

(1,130

)

 

 

 

Payments on revolving debt facility

 

 

(26,900

)

 

 

(38,000

)

Stock option exercises

 

 

1,099

 

 

 

67

 

Tax payments for equity-based compensation

 

 

(3,007

)

 

 

(1,687

)

Net cash used in financing activities

 

 

(21,355

)

 

 

(47,938

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(578

)

 

 

2,940

 

Net increase in cash and cash equivalents

 

 

119,552

 

 

 

57,605

 

Cash and cash equivalents at beginning of period

 

 

262,581

 

 

 

209,455

 

Cash and cash equivalents at end of period

 

$

382,133

 

 

$

267,060

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


 

Skyline Champion Corporation

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited, dollars and shares in thousands)

 

 

 

Three months ended January 1, 2022

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional
Paid in
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Total

 

Balance at October 2, 2021

 

 

56,796

 

 

$

1,572

 

 

$

496,059

 

 

$

173,513

 

 

$

(8,166

)

 

$

662,978

 

Net income

 

 

 

 

 

 

 

 

 

 

 

67,622

 

 

 

 

 

 

67,622

 

Equity-based compensation

 

 

 

 

 

 

 

 

1,921

 

 

 

 

 

 

 

 

 

1,921

 

Net common stock issued under equity-based compensation plans

 

 

31

 

 

 

 

 

 

918

 

 

 

 

 

 

 

 

 

918

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61

)

 

 

(61

)

Balance at January 1, 2022

 

 

56,827

 

 

$

1,572

 

 

$

498,898

 

 

$

241,135

 

 

$

(8,227

)

 

$

733,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended January 1, 2022

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional
Paid in
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Total

 

Balance at April 3, 2021

 

 

56,640

 

 

$

1,569

 

 

$

491,668

 

 

$

82,898

 

 

$

(7,524

)

 

$

568,611

 

Net income

 

 

 

 

 

 

 

 

 

 

 

161,246

 

 

 

 

 

 

161,246

 

Equity-based compensation

 

 

 

 

 

 

 

 

6,134

 

 

 

 

 

 

 

 

 

6,134

 

Net common stock issued under equity-based compensation plans

 

 

187

 

 

 

3

 

 

 

1,096

 

 

 

(3,009

)

 

 

 

 

 

(1,910

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(703

)

 

 

(703

)

Balance at January 1, 2022

 

 

56,827

 

 

$

1,572

 

 

$

498,898

 

 

$

241,135

 

 

$

(8,227

)

 

$

733,378

 

 

 

 

 

 

 

Three months ended December 26, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional
Paid in
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Total

 

Balance at September 26, 2020

 

 

56,638

 

 

$

1,569

 

 

$

487,557

 

 

$

29,121

 

 

$

(10,803

)

 

$

507,444

 

Net income

 

 

 

 

 

 

 

 

 

 

 

21,599

 

 

 

 

 

 

21,599

 

Equity-based compensation

 

 

 

 

 

 

 

 

1,001

 

 

 

 

 

 

 

 

 

1,001

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,151

 

 

 

2,151

 

Balance at December 26, 2020

 

 

56,638

 

 

$

1,569

 

 

$

488,558

 

 

$

50,720

 

 

$

(8,652

)

 

$

532,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 26, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional
Paid in
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Total

 

Balance at March 28, 2020

 

 

56,665

 

 

$

1,570

 

 

$

485,552

 

 

$

(48

)

 

$

(12,759

)

 

$

474,315

 

Net income

 

 

 

 

 

 

 

 

 

 

 

51,013

 

 

 

 

 

 

51,013

 

Equity-based compensation

 

 

 

 

 

 

 

 

4,625

 

 

 

 

 

 

 

 

 

4,625

 

Cumulative adjustment for adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

(245

)

 

 

 

 

 

(245

)

Net common stock issued under equity-based compensation plans

 

 

(27

)

 

 

(1

)

 

 

(1,619

)

 

 

 

 

 

 

 

 

(1,620

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,107

 

 

 

4,107

 

Balance at December 26, 2020

 

 

56,638

 

 

$

1,569

 

 

$

488,558

 

 

$

50,720

 

 

$

(8,652

)

 

$

532,195

 

 

Components of accumulated other comprehensive income (loss) consisted solely of foreign currency translation adjustments.

See accompanying Notes to Condensed Consolidated Financial Statements.

5


 

Skyline Champion Corporation

Notes to Condensed Consolidated Financial Statements

 

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 35 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 were announced to provide financial relief for affected businesses, including the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and state level programs in the United States and the Canada Emergency Wage Subsidy ("CEWS") under the COVID-19 Economic Response Plan in Canada. The Company recognized $0.2 million and $7.0 million of subsidies under these programs during the three and nine months ended December 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. In addition, the CARES Act allows for deferring payment of certain payroll taxes. Through December 2020 the Company deferred $11.8 million of payroll taxes. The Company paid $5.9 million of the deferred payroll taxes in the third quarter of fiscal 2022, with the remaining amount expected to be paid in December 2022.

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 26, 2021 (the “Fiscal 2021 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 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 $1.0 million and $0.4 million at January 1, 2022 and April 3, 2021, respectively. At both January 1, 2022 and April 3, 2021, other notes receivable are reflected net of reserves of $0.4 million.

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 2022,” will end on April 2, 2022 and will include 52 weeks. References to “fiscal 2021” refer to the Company’s fiscal year ended April 3, 2021. The three and nine months ended January 1, 2022 and December 26, 2020 each included 13 and 39 weeks, respectively.

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. 

 

6


Skyline Champion Corporation

Notes to Condensed Consolidated Financial Statements - Continued

 

2. Business Acquisition

 

ScotBilt Acquisition

 

On February 28, 2021, the Company acquired 100% of the membership interests of ScotBilt Homes, LLC and related companies (“ScotBilt”), a builder of manufactured homes with annual revenues of approximately $79.0 million, for a purchase price of $53.0 million. Under the terms of the purchase agreement, the preliminary purchase price was adjusted for cash held by ScotBilt at the closing date and working capital adjustments resulting in an initial total purchase consideration of $54.5 million. In the first quarter of fiscal 2022, the Company reduced the preliminary purchase price allocation by $0.2 million as a result of the final working capital settlement. The Company accounted for the acquisition as a business combination under the acquisition method of accounting provided by FASB ASC 805, Business Combinations (“ASC 805”). As such, the purchase price was allocated to the net assets acquired, inclusive of intangible assets, with the excess fair value recorded to goodwill. The purchase price allocation for this acquisition is preliminary and could change.

 

The preliminary allocation of the purchase price was as follows:
 

(Dollars in thousands)

 

 

 

Cash

 

$

1,521

 

Trade accounts receivable

 

 

2,256

 

Inventory

 

 

6,752

 

Property, plant, and equipment

 

 

10,466

 

Other assets

 

 

1,164

 

Accounts payable and accrued liabilities

 

 

(7,432

)

Intangibles

 

 

21,100

 

Goodwill

 

 

18,449

 

Total purchase price allocation

 

$

54,276

 

 

Goodwill is primarily attributable to expected synergies from the combination of the companies, including, but not limited to, expected cost synergies through procurement activities and operational improvements through sharing of best practices. Goodwill, which is deductible for income tax purposes, was allocated to the U.S. Factory-built Housing reporting unit.

 

Cash, trade accounts receivable, inventory, other assets, accounts payable, and accrued liabilities were generally stated at historical carrying values given the short-term nature of these assets and liabilities. Intangible assets include $13.0 million in customer relationships and $8.1 million associated with the ScotBilt trade name and were based on an independent appraisal. The fair value of the customer relationships was determined using the multi-period excess earnings method and the fair value of the trade name was determined using the relief-from-royalty method. The Company estimates that each intangible asset has a weighted average useful life of ten years from the acquisition date. Fair value estimates of property, plant, and equipment were based on independent appraisals, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals were based on a combination of market, cost, and sales comparison approaches, as appropriate. Level 3 fair value estimates of $10.5 million related to property, plant, and equipment and $21.1 million related to intangible assets were recorded in the accompanying consolidated balance sheet as of April 3, 2021.

 

The acquisition of ScotBilt was a taxable business combination. Therefore, the Company’s tax basis in the assets acquired and the liabilities assumed approximate the respective fair values at the acquisition date.

3. Inventories, net

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

 

(Dollars in thousands)

 

January 1,
2022

 

 

April 3,
2021

 

Raw materials

 

$

108,370

 

 

$

91,916

 

Work in process

 

 

22,644

 

 

 

21,642

 

Finished goods and other

 

 

54,038

 

 

 

52,555

 

Total inventories, net

 

$

185,052

 

 

$

166,113