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Business Segments
 12 Months Ended
Aug. 27, 2022
Segment Reporting [Abstract]  
Business Segments Business Segments
We have identified seven operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, 6) Barletta marine, and 7) 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 acquisition of Barletta resulted in a newly created Marine reportable segment effective for the first quarter of Fiscal 2022. The Marine reportable segment consists of the Barletta and Chris-Craft operating segments. Prior year amounts for Chris-Craft have been reclassified from Corporate / All Other category to the Marine segment.

Our three reportable segments are: Towable (an aggregation of the Grand Design towables and the Winnebago towables operating segments), Motorhome (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 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. Marine is comprised of products that include boats, along with manufactured products and services.

The Corporate / All Other category includes the 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.

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.

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, restructuring expenses, gain or loss on sale of property, plant and equipment, contingent consideration fair value adjustment, and non-operating income or loss.

Financial information by reportable segment is as follows:
202220212020
Net Revenues
Towable$2,597,358 $2,009,959 $1,227,567 
Motorhome1,911,196 1,539,084 1,056,794 
Marine425,269 60,209 51,812 
Corporate / All Other23,907 20,595 19,360 
Consolidated$4,957,730 $3,629,847 $2,355,533 
Adjusted EBITDA
Towable$383,622 $289,007 $148,276 
Motorhome237,992 169,205 32,949 
Marine60,831 5,177 (348)
Corporate / All Other(33,517)(27,322)(12,802)
Consolidated$648,928 $436,067 $168,075 
Capital Expenditures
Towable$45,703 $25,121 $13,389 
Motorhome22,260 17,604 15,061 
Marine16,367 2,166 3,927 
Corporate / All Other3,639 — — 
Consolidated$87,969 $44,891 $32,377 
August 27, 2022August 28, 2021
Total Assets
Towable$874,879 $790,257 
Motorhome823,390 728,060 
Marine416,146 102,901 
Corporate / All Other302,242 441,349 
Consolidated$2,416,657 $2,062,567 
Reconciliation of net income to consolidated Adjusted EBITDA is as follows:
202220212020
Net income$390,636 $281,871 $61,442 
Interest expense, net41,313 40,365 37,461 
Provision for income taxes124,086 85,579 15,834 
Depreciation24,238 18,201 15,997 
Amortization29,419 14,361 22,104 
EBITDA609,692 440,377 152,838 
Acquisition-related fair-value inventory step-up— — 4,810 
Acquisition-related costs5,222 725 9,761 
Litigation reserves6,551 — — 
Restructuring expenses (1)
— 112 1,640 
Gain on sale of property, plant and equipment— (4,753)— 
Contingent consideration fair value adjustment29,382 — — 
Non-operating income(1,919)(394)(974)
Adjusted EBITDA$648,928 $436,067 $168,075 
(1)    Balance excludes depreciation expense classified as restructuring as the balance is already included in the EBITDA calculation.

Net revenues by geography are as follows:
202220212020
United States$4,618,130 $3,410,588 $2,225,028 
International339,600 219,259 130,505 
Net revenues$4,957,730 $3,629,847 $2,355,533