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Business Segments | 6 Months Ended
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Feb. 29, 2020
Segment Reporting [Abstract] |
Business Segments | Business Segments We have six operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, and 6) Winnebago specialty vehicles. We evaluate performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense. Our two reportable segments include: 1) Towable (comprised of products which are not motorized and are generally towed by another vehicle as well as other related manufactured products and services), which is an aggregation of the Grand Design towables and the Winnebago towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services), which is an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments. The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as expenses related to certain corporate administration expenses for the oversight of the enterprise. These expenses include items such as corporate leadership and administration costs. Identifiable assets of the reportable segments exclude general corporate assets, which principally consist of cash and cash equivalents and certain deferred tax balances. The general corporate assets are included in the Corporate / All Other category. Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The operating segments' management have responsibility for operating decisions, allocating resources, and assessing performance within their respective segments. The accounting policies of both reportable segments are the same and are described in Note 1, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019. We evaluate the performance of our reportable segments based on Adjusted EBITDA. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other adjustments made in order to present comparable results from period to period. Examples of items excluded from Adjusted EBITDA include acquisition-related fair-value inventory step-up, acquisition-related costs, restructuring expenses, and non-operating income. The following table shows information by reportable segment:
| Three Months Ended |  |  |  | Six Months Ended |  |
(in thousands) | February 29, 2020 |  | February 23, 2019 |  | February 29, 2020 |  | February 23, 2019
Net Revenues |  |  |  |  |  |  |
Towable | $ | 283,463 |  |  | $ | 250,691 |  |  | $ | 624,713 |  |  | $ | 543,524 |
Motorhome | 325,542 |  |  | 164,662 |  |  | 551,433 |  |  | 345,990 |
Corporate / All Other | 17,805 |  |  | 17,337 |  |  | 39,122 |  |  | 36,824 |
Consolidated | $ | 626,810 |  |  | $ | 432,690 |  |  | $ | 1,215,268 |  |  | $ | 926,338 |
Adjusted EBITDA |  |  |  |  |  |  |
Towable | $ | 34,746 |  |  | $ | 33,638 |  |  | $ | 70,531 |  |  | $ | 64,466 |
Motorhome | 14,946 |  |  | 4,359 |  |  | 24,277 |  |  | 16,335 |
Corporate / All Other | (4,263) |  |  | (3,509) |  |  | (7,331) |  |  | (7,860) |
Consolidated | $ | 45,429 |  |  | $ | 34,488 |  |  | $ | 87,477 |  |  | $ | 72,941 |
Capital Expenditures |  |  |  |  |  |  |
Towable | $ | 5,640 |  |  | $ | 7,648 |  |  | $ | 9,666 |  |  | $ | 16,525 |
Motorhome | 5,372 |  |  | 2,198 |  |  | 7,612 |  |  | 5,390 |
Corporate / All Other | 1,421 |  |  | 749 |  |  | 1,779 |  |  | 1,451 |
Consolidated | $ | 12,433 |  |  | $ | 10,595 |  |  | $ | 19,057 |  |  | $ | 23,366 |
(in thousands) |  |  |  |  | February 29, 2020 |  | August 31, 2019
Total Assets |  |  |  |  |  |  |
Towable |  |  |  |  | $ | 687,718 |  |  | $ | 628,994 |
Motorhome |  |  |  |  | 653,014 |  |  | 332,157 |
Corporate / All Other |  |  |  |  | 231,195 |  |  | 143,080 |
Consolidated |  |  |  |  | $ | 1,571,927 |  |  | $ | 1,104,231 |
Reconciliation of net income to consolidated Adjusted EBITDA:
| Three Months Ended |  |  |  | Six Months Ended |  |
(in thousands) | February 29, 2020 |  | February 23, 2019 |  | February 29, 2020 |  | February 23, 2019
Net income | $ | 17,268 |  |  | $ | 21,598 |  |  | $ | 31,336 |  |  | $ | 43,759 |
Interest expense | 8,651 |  |  | 4,346 |  |  | 14,700 |  |  | 8,847 |
Provision for income taxes | 3,995 |  |  | 3,166 |  |  | 7,888 |  |  | 9,892 |
Depreciation | 4,134 |  |  | 3,099 |  |  | 7,720 |  |  | 6,268 |
Amortization of intangible assets | 7,974 |  |  | 2,267 |  |  | 11,588 |  |  | 4,926 |
EBITDA | 42,022 |  |  | 34,476 |  |  | 73,232 |  |  | 73,692 |
Acquisition-related fair-value inventory step-up | 3,634 |  |  |  |  | 4,810 |  |  | — |
Acquisition-related costs | — |  |  | — |  |  | 9,950 |  |  | — |
Restructuring expenses | 43 |  |  | 219 |  |  | (129) |  |  | 219 |
Non-operating income | (270) |  |  | (207) |  |  | (386) |  |  | (970) |
Adjusted EBITDA | $ | 45,429 |  |  | $ | 34,488 |  |  | $ | 87,477 |  |  | $ | 72,941 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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