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Business Segments | 9 Months Ended
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May 27, 2023
Segment Reporting [Abstract] |
Business Segments | Business SegmentsWe have eight operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, 6) Barletta marine, 7) Winnebago specialty vehicles and 8) Lithionics. 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. In the third quarter of Fiscal 2023, we changed the name of our “Towable” reportable segment to “Towable RV” and our “Motorhome” reportable segment to “Motorhome RV”. These name changes had no impact on the composition of our segments, or previously reported results of operations, financial position, cash flows or segment results. Our three reportable segments are: Towable RV (an aggregation of the Grand Design towables and the Winnebago towables operating segments); Motorhome RV (an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments); and Marine (an aggregation of the Chris-Craft marine and Barletta marine operating segments). Towable RV is comprised of non-motorized RV products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome RV is comprised of products that include a motorhome chassis, along with other related manufactured products and services. Marine is comprised of products that include boats, along with other related manufactured products and services. The Corporate / All Other category includes the Winnebago specialty vehicles and Lithionics 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. Our 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. Our CODM is responsible for allocating resources and assessing performance of the consolidated enterprise, reportable segments and between operating segments. Management of each operating segment has responsibility for operating decisions, allocating resources and assessing performance within their respective operating segment. The accounting policies of all reportable segments are the same as those described in Note 1 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 27, 2022. We monitor and evaluate operating performance of our reportable segments based on Adjusted EBITDA. We believe disclosing Adjusted EBITDA is useful to securities analysts, investors and other interested parties when evaluating companies in our industries. 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 period over period. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, litigation reserves, contingent consideration fair value adjustment, and non-operating income or loss. Financial information by reportable segment is as follows:
| Three Months Ended |  | Nine Months Ended
(in millions) | May 27, 2023 |  | May 28, 2022 |  | May 27, 2023 |  | May 28, 2022
Net Revenues |  |  |  |  |  |  |
Towable RV | $ | 384.1 |  |  | $ | 805.6 |  |  | $ | 1,073.9 |  |  | $ | 2,103.2 |
Motorhome RV | 374.4 |  |  | 516.3 |  |  | 1,242.4 |  |  | 1,355.4 |
Marine | 129.0 |  |  | 126.5 |  |  | 373.3 |  |  | 303.2 |
Corporate / All Other | 13.3 |  |  | 9.7 |  |  | 30.1 |  |  | 16.8 |
Consolidated | $ | 900.8 |  |  | $ | 1,458.1 |  |  | $ | 2,719.7 |  |  | $ | 3,778.6 |
Adjusted EBITDA |  |  |  |  |  |  |
Towable RV | $ | 53.8 |  |  | $ | 117.8 |  |  | $ | 129.4 |  |  | $ | 330.4 |
Motorhome RV | 26.8 |  |  | 64.4 |  |  | 119.6 |  |  | 160.6 |
Marine | 17.3 |  |  | 19.8 |  |  | 50.2 |  |  | 43.3 |
Corporate / All Other | (1.5) |  |  | (10.3) |  |  | (17.4) |  |  | (24.6) |
Consolidated | $ | 96.4 |  |  | $ | 191.7 |  |  | $ | 281.8 |  |  | $ | 509.7 |
Capital Expenditures |  |  |  |  |  |  |
Towable RV | $ | 3.4 |  |  | $ | 12.6 |  |  | $ | 23.9 |  |  | $ | 34.0 |
Motorhome RV | 8.9 |  |  | 0.6 |  |  | 23.7 |  |  | 16.2 |
Marine | 4.4 |  |  | 6.0 |  |  | 17.0 |  |  | 8.6 |
Corporate / All Other | 1.9 |  |  | 0.6 |  |  | 3.4 |  |  | 4.4 |
Consolidated | $ | 18.6 |  |  | $ | 19.8 |  |  | $ | 68.0 |  |  | $ | 63.2 |
(in millions) | May 27, 2023 |  | August 27, 2022
Assets |  |  |
Towable RV | $ | 818.4 |  |  | $ | 874.9 |
Motorhome RV | 802.2 |  |  | 823.4 |
Marine | 434.4 |  |  | 416.1 |
Corporate / All Other | 357.8 |  |  | 302.3 |
Consolidated | $ | 2,412.8 |  |  | $ | 2,416.7 |
Reconciliation of net income to consolidated Adjusted EBITDA is as follows:
| Three Months Ended |  | Nine Months Ended
(in millions) | May 27, 2023 |  | May 28, 2022 |  | May 27, 2023 |  | May 28, 2022
Net income | $ | 59.1 |  |  | $ | 117.2 |  |  | $ | 172.1 |  |  | $ | 308.0 |
Interest expense, net | 5.2 |  |  | 10.5 |  |  | 16.4 |  |  | 31.1 |
Provision for income taxes | 16.0 |  |  | 37.3 |  |  | 52.4 |  |  | 96.2 |
Depreciation | 7.6 |  |  | 6.3 |  |  | 20.9 |  |  | 17.0 |
Amortization | 4.4 |  |  | 8.0 |  |  | 12.0 |  |  | 24.2 |
EBITDA | 92.3 |  |  | 179.3 |  |  | 273.8 |  |  | 476.5 |
Acquisition-related costs | 3.9 |  |  | 0.7 |  |  | 5.6 |  |  | 4.6 |
Litigation reserves | — |  |  | — |  |  | — |  |  | 4.0 |
Contingent consideration fair value adjustment | — |  |  | 11.8 |  |  | 2.0 |  |  | 24.7 |
Non-operating loss (income) | 0.2 |  |  | (0.1) |  |  | 0.4 |  |  | (0.1) |
Adjusted EBITDA | $ | 96.4 |  |  | $ | 191.7 |  |  | $ | 281.8 |  |  | $ | 509.7 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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