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Business Segments | 6 Months Ended
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Mar. 01, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments We have nine operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Grand Design motorhomes, 6) Chris-Craft marine, 7) Barletta marine, 8) Winnebago specialty vehicles, and 9) 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, Newmar motorhomes, and Grand Design 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 31, 2024. We monitor and evaluate operating performance of our reportable segments based on Adjusted EBITDA. EBITDA is defined as net (loss) income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net (loss) 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, contingent consideration fair value adjustment, and non-operating income or loss. Financial information by reportable segment is as follows:
| Three Months Ended |  | Six Months Ended
(in millions) | March 1, 2025 |  | February 24, 2024 |  | March 1, 2025 |  | February 24, 2024
Net Revenues |  |  |  |  |  |  |
Towable RV | $ | 288.2 |  |  | $ | 284.7 |  |  | $ | 542.2 |  |  | $ | 615.5 |
Motorhome RV | 235.6 |  |  | 338.4 |  |  | 507.3 |  |  | 672.8 |
Marine | 81.7 |  |  | 69.8 |  |  | 172.2 |  |  | 157.1 |
Reportable segment net revenues | 605.5 |  |  | 692.9 |  |  | 1,221.7 |  |  | 1,445.4 |
Corporate / All Other | 14.7 |  |  | 10.7 |  |  | 24.1 |  |  | 21.2 |
Consolidated net revenues | $ | 620.2 |  |  | $ | 703.6 |  |  | $ | 1,245.8 |  |  | $ | 1,466.6 |
Adjusted EBITDA |  |  |  |  |  |  |
Towable RV | $ | 17.0 |  |  | $ | 26.8 |  |  | $ | 30.6 |  |  | $ | 59.9 |
Motorhome RV | 5.2 |  |  | 26.0 |  |  | 7.9 |  |  | 47.3 |
Marine | 7.7 |  |  | 4.4 |  |  | 16.1 |  |  | 11.6 |
Reportable segment Adjusted EBITDA | 29.9 |  |  | 57.2 |  |  | 54.6 |  |  | 118.8 |
Corporate / All Other | (7.1) |  |  | (7.4) |  |  | (17.4) |  |  | (14.9) |
Consolidated Adjusted EBITDA | $ | 22.8 |  |  | $ | 49.8 |  |  | $ | 37.2 |  |  | $ | 103.9 |
Capital Expenditures |  |  |  |  |  |  |
Towable RV | $ | 1.1 |  |  | $ | 0.2 |  |  | $ | 2.0 |  |  | $ | 2.6 |
Motorhome RV | 6.4 |  |  | 6.7 |  |  | 13.9 |  |  | 14.0 |
Marine | 0.7 |  |  | 1.7 |  |  | 2.0 |  |  | 2.9 |
Reportable segment capital expenditures | 8.2 |  |  | 8.6 |  |  | 17.9 |  |  | 19.5 |
Corporate / All Other | 0.2 |  |  | 2.4 |  |  | 0.5 |  |  | 3.3 |
Consolidated capital expenditures | $ | 8.4 |  |  | $ | 11.0 |  |  | $ | 18.4 |  |  | $ | 22.8 |
(in millions) | March 1, 2025 |  | August 31, 2024
Assets |  |  |
Towable RV | $ | 723.7 |  |  | $ | 719.0 |
Motorhome RV | 851.3 |  |  | 788.0 |
Marine | 373.7 |  |  | 377.8 |
Reportable segment assets | 1,948.7 |  |  | 1,884.8 |
Corporate / All Other | 245.3 |  |  | 499.4 |
Consolidated assets | $ | 2,194.0 |  |  | $ | 2,384.2 |
Reconciliation of net (loss) income to consolidated Adjusted EBITDA is as follows:
| Three Months Ended |  | Six Months Ended
(in millions) | March 1, 2025 |  | February 24, 2024 |  | March 1, 2025 |  | February 24, 2024
Net (loss) income | $ | (0.4) |  |  | $ | (12.7) |  |  | $ | (5.6) |  |  | $ | 13.1 |
Interest expense, net | 6.8 |  |  | 5.3 |  |  | 12.6 |  |  | 9.4 |
Income tax provision (benefit) | — |  |  | 7.1 |  |  | (1.5) |  |  | 15.7 |
Depreciation | 9.4 |  |  | 8.5 |  |  | 19.1 |  |  | 16.6 |
Amortization | 5.6 |  |  | 5.7 |  |  | 11.2 |  |  | 11.3 |
EBITDA | 21.4 |  |  | 13.9 |  |  | 35.8 |  |  | 66.1 |
Acquisition-related costs | — |  |  | 0.2 |  |  | — |  |  | 1.5 |
Change in fair value of note receivable | — |  |  | 3.0 |  |  | — |  |  | 3.0 |
Contingent consideration fair value adjustment | — |  |  | 0.3 |  |  | — |  |  | 1.1 |
Loss on note repurchase | 2.0 |  |  | 32.7 |  |  | 2.0 |  |  | 32.7 |
Non-operating income | (0.6) |  |  | (0.3) |  |  | (0.6) |  |  | (0.5) |
Adjusted EBITDA | $ | 22.8 |  |  | $ | 49.8 |  |  | $ | 37.2 |  |  | $ | 103.9 |

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- Definition The entire disclosure for reporting segments including data and tables. 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