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Business Segments
 12 Months Ended
Aug. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
We 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.

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 in this Annual Report on Form 10-K.

We monitor and evaluate operating 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 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, change in fair value of note receivable and other investments, contingent consideration fair value adjustment, goodwill impairment, loss on note repurchase, and non-operating income or loss.
Financial information by reportable segment is as follows:
(in millions)202420232022
Net Revenues
Towable RV$1,318.8 $1,415.3 $2,597.4 
Motorhome RV1,279.8 1,560.1 1,911.2 
Marine325.5 469.7 425.3 
Corporate / All Other49.4 45.6 23.8 
Consolidated$2,973.5 $3,490.7 $4,957.7 
Adjusted EBITDA
Towable RV$122.4 $172.1 $383.6 
Motorhome RV73.7 142.0 238.0 
Marine25.6 60.5 60.8 
Corporate / All Other(31.1)(19.9)(33.5)
Consolidated$190.6 $354.7 $648.9 
Capital Expenditures
Towable RV$6.3 $25.6 $45.7 
Motorhome RV22.6 31.1 22.3 
Marine5.7 19.1 16.4 
Corporate / All Other10.4 7.4 3.6 
Consolidated$45.0 $83.2 $88.0 

(in millions)August 31, 2024August 26, 2023
Total Assets
Towable RV$719.0 $751.2 
Motorhome RV788.0 802.2 
Marine377.8 426.9 
Corporate / All Other499.4 452.1 
Consolidated$2,384.2 $2,432.4 
Reconciliation of net income to consolidated Adjusted EBITDA is as follows:
(in millions)202420232022
Net income$13.0 $215.9 $390.6 
Interest expense, net21.1 20.5 41.3 
Provision for income taxes25.4 63.3 124.1 
Depreciation35.6 29.2 24.2 
Amortization23.0 17.7 29.4 
EBITDA118.1 346.6 609.6 
Acquisition-related costs1.5 7.5 5.2 
Litigation reserves— (0.4)6.6 
Change in fair value of note receivable and other investments6.0 — — 
Contingent consideration fair value adjustment1.1 0.6 29.4 
Goodwill impairment (Note 7)30.3 — — 
Loss on note repurchase (Note 9)32.7 — — 
Non-operating loss (income)0.9 0.4 (1.9)
Adjusted EBITDA$190.6 $354.7 $648.9 

Net revenues by geography are as follows:
(in millions)202420232022
United States$2,775.1 $3,346.6 $4,618.1 
International198.4 144.1 339.6 
Net revenues$2,973.5 $3,490.7 $4,957.7