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Business Segments | 9 Months Ended
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May 30, 2020
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company has 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. The Company evaluates performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense. The Company's 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. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The Company's CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. The Company's CODM has ultimate responsibility for enterprise decisions. The Company's 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 the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019. The Company evaluates the performance of its 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 |  |  |  | Nine Months Ended |  |
(in thousands) | May 30, 2020 |  | May 25, 2019 |  | May 30, 2020 |  | May 25, 2019
Net Revenues |  |  |  |  |  |  |
Towable | $ | 188,898 |  |  | $ | 346,811 |  |  | $ | 813,611 |  |  | $ | 890,335 |
Motorhome | 203,590 |  |  | 160,239 |  |  | 755,023 |  |  | 506,229 |
Corporate / All Other | 9,970 |  |  | 21,890 |  |  | 49,092 |  |  | 58,714 |
Consolidated | $ | 402,458 |  |  | $ | 528,940 |  |  | $ | 1,617,726 |  |  | $ | 1,455,278 |
Adjusted EBITDA |  |  |  |  |  |  |
Towable | $ | 16,451 |  |  | $ | 57,172 |  |  | $ | 86,982 |  |  | $ | 121,638 |
Motorhome | (10,789) |  |  | 381 |  |  | 13,488 |  |  | 16,716 |
Corporate / All Other | (1,588) |  |  | (1,679) |  |  | (8,919) |  |  | (9,539) |
Consolidated | $ | 4,074 |  |  | $ | 55,874 |  |  | $ | 91,551 |  |  | $ | 128,815 |
Capital Expenditures |  |  |  |  |  |  |
Towable | $ | 2,296 |  |  | $ | 4,810 |  |  | $ | 11,962 |  |  | $ | 21,335 |
Motorhome | 5,768 |  |  | 2,543 |  |  | 13,348 |  |  | 7,933 |
Corporate / All Other | 1,492 |  |  | 962 |  |  | 3,272 |  |  | 2,413 |
Consolidated | $ | 9,556 |  |  | $ | 8,315 |  |  | $ | 28,582 |  |  | $ | 31,681 |
(in thousands) |  |  |  |  | May 30, 2020 |  | August 31, 2019
Total Assets |  |  |  |  |  |  |
Towable |  |  |  |  | $ | 652,351 |  |  | $ | 628,994 |
Motorhome |  |  |  |  | 620,425 |  |  | 332,157 |
Corporate / All Other |  |  |  |  | 260,264 |  |  | 143,080 |
Consolidated |  |  |  |  | $ | 1,533,040 |  |  | $ | 1,104,231 |
Reconciliation of net income to consolidated Adjusted EBITDA:
| Three Months Ended |  |  |  | Nine Months Ended |  |
(in thousands) | May 30, 2020 |  | May 25, 2019 |  | May 30, 2020 |  | May 25, 2019
Net (loss) income | $ | (12,353) |  |  | $ | 36,171 |  |  | $ | 18,983 |  |  | $ | 79,930 |
Interest expense | 8,440 |  |  | 4,446 |  |  | 23,140 |  |  | 13,293 |
(Benefit) provision for income taxes | (4,186) |  |  | 8,717 |  |  | 3,702 |  |  | 18,609 |
Depreciation | 4,134 |  |  | 3,520 |  |  | 11,854 |  |  | 9,788 |
Amortization of intangible assets | 6,926 |  |  | 2,278 |  |  | 18,514 |  |  | 7,204 |
EBITDA | 2,961 |  |  | 55,132 |  |  | 76,193 |  |  | 128,824 |
Acquisition-related fair-value inventory step-up | — |  |  | — |  |  | 4,810 |  |  | — |
Acquisition-related costs | (189) |  |  | — |  |  | 9,761 |  |  | — |
Restructuring expenses | 1,376 |  |  | 1,102 |  |  | 1,247 |  |  | 1,321 |
Non-operating income | (74) |  |  | (360) |  |  | (460) |  |  | (1,330) |
Adjusted EBITDA | $ | 4,074 |  |  | $ | 55,874 |  |  | $ | 91,551 |  |  | $ | 128,815 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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