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Business Segments
 6 Months Ended
Feb. 25, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
We have 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.

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 other related manufactured products and services.

The Corporate / All Other category includes the Winnebago specialty vehicles operating segment 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 EndedSix Months Ended
(in millions)February 25,
2023		February 26,
2022		February 25,
2023		February 26,
2022
Net Revenues
Towable$342.5 $646.6 $689.8 $1,297.6 
Motorhome403.8 417.6 868.0 839.0 
Marine112.9 97.3 244.3 176.6 
Corporate / All Other7.5 3.2 16.8 7.3 
Consolidated$866.7 $1,164.7 $1,818.9 $2,320.5 
Adjusted EBITDA
Towable$39.3 $100.6 $75.6 $212.7 
Motorhome42.5 46.1 92.8 96.2 
Marine14.4 13.0 32.9 23.5 
Corporate / All Other(7.8)(9.0)(15.9)(14.4)
Consolidated$88.4 $150.7 $185.4 $318.0 
Capital Expenditures
Towable$6.2 $10.2 $20.5 $21.3 
Motorhome9.0 7.9 14.8 15.6 
Marine5.3 1.9 12.6 2.5 
Corporate / All Other1.1 0.2 1.5 4.0 
Consolidated$21.6 $20.2 $49.4 $43.4 

(in millions)February 25,
2023		August 27,
2022
Assets
Towable$871.4 $874.9 
Motorhome856.9 823.4 
Marine443.6 416.1 
Corporate / All Other273.5 302.3 
Consolidated$2,445.4 $2,416.7 
Reconciliation of net income to consolidated Adjusted EBITDA is as follows:
Three Months EndedSix Months Ended
(in millions)February 25, 2023February 26, 2022February 25, 2023February 26, 2022
Net income$52.8 $91.2 $113.0 $190.8 
Interest expense, net5.3 10.3 11.2 20.6 
Provision for income taxes16.9 28.8 36.4 58.9 
Depreciation6.7 5.5 13.3 10.8 
Amortization3.8 8.0 7.6 16.2 
EBITDA85.5 143.8 181.5 297.3 
Acquisition-related costs1.1 0.4 1.7 3.8 
Litigation reserves— — — 4.0 
Contingent consideration fair value adjustment1.6 6.5 2.0 12.9 
Non-operating loss0.2 — 0.2 — 
Adjusted EBITDA$88.4 $150.7 $185.4 $318.0