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Business Segments
 9 Months Ended
May 29, 2021
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. Financial performance is evaluated based on each operating segment's Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as defined below, which excludes certain corporate administration expenses and non-operating income and expense.

The Company's two reportable segments are: Towable (an aggregation of the Grand Design towables and the Winnebago towables operating segments) and Motorhome (an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments). Towable is comprised of non-motorized products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome is comprised of products that include a motorized chassis, along with other related manufactured products and services.

The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as certain corporate administration expenses related to the oversight of the enterprise, 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 Executive Officer (the Chief Operating Decision Maker ("CODM")) regularly reviews consolidated financial results in their entirety and operating segment financial information through Adjusted EBITDA, and has ultimate responsibility for enterprise decisions. The Company's CODM is responsible for allocating resources and assessing performance of the consolidated enterprise, reportable segments and operating segments. Management of each operating segment has responsibility for operating decisions, allocating resources and assessing performance within their respective operating segment. Both reportable segments and all operating segments follow the same accounting policies in Note 1 to the Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020.
The Company monitors and evaluates operating performance of its reportable segments based on Adjusted EBITDA. The Company believes disclosing Adjusted EBITDA is useful to securities analysts, investors and other interested parties when evaluating companies in the industry. 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 pretax 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, gain or loss on sale of property and equipment, and non-operating income (loss).

Financial information by reportable segment is as follows:

Three Months EndedNine Months Ended
(in thousands)May 29,
2021		May 30,
2020		May 29,
2021		May 30,
2020
Net Revenues
Towable$555,749 $188,898 $1,449,934 $813,611 
Motorhome385,257 203,590 1,090,221 755,023 
Corporate / All Other19,731 9,970 53,599 49,092 
Consolidated$960,737 $402,458 $2,593,754 $1,617,726 
Adjusted EBITDA
Towable$80,130 $16,451 $205,639 $86,982 
Motorhome37,467 (10,789)118,779 13,488 
Corporate / All Other(7,823)(1,588)(17,386)(8,919)
Consolidated$109,774 $4,074 $307,032 $91,551 
Capital Expenditures
Towable$4,639 $2,296 $11,490 $11,962 
Motorhome2,976 5,768 10,247 13,348 
Corporate / All Other1,061 1,492 1,859 3,272 
Consolidated$8,676 $9,556 $23,596 $28,582 


(in thousands)May 29,
2021		August 29,
2020
Assets
Towable$745,249 $718,253 
Motorhome721,603 600,304 
Corporate / All Other512,918 395,143 
Consolidated$1,979,770 $1,713,700 
Reconciliation of net income to consolidated Adjusted EBITDA is as follows:

Three Months EndedNine Months Ended
(in thousands)May 29, 2021May 30, 2020May 29, 2021May 30, 2020
Net income (loss)$71,295 $(12,353)$197,786 $18,983 
Interest expense10,229 8,440 30,222 23,140 
Provision (benefit) for income taxes21,005 (4,186)59,728 3,702 
Depreciation4,917 4,134 13,476 11,854 
Amortization3,590 6,926 10,771 18,514 
EBITDA111,036 2,961 311,983 76,193 
Acquisition-related fair-value inventory step-up— — — 4,810 
Acquisition-related costs— (189)— 9,761 
Restructuring expenses19 1,376 112 1,247 
Gain on sale of property, plant and equipment(1,188)— (4,753)— 
Non-operating income(93)(74)(310)(460)
Adjusted EBITDA$109,774 $4,074 $307,032 $91,551