0000107687-24-000037 | 10-Q | XBRL Viewer

Debt (Tables)

3 Months Ended

Nov. 30, 2024

Schedule of Debt Outstanding Obligations

The following table summarizes our outstanding debt:


(in millions)	November 30, 2024		August 31, 2024
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
2030 Convertible Notes	350.0		350.0
2025 Convertible Notes	59.3		59.3
Total debt, gross	709.3		709.3
Unamortized debt issuance cost, net	(12.4)		(13.1)
Current maturities of long-term debt, net	(59.2)		(59.1)
Long-term debt, net	$	637.7	$	637.1

The fair value of outstanding debt obligations, gross is as follows:


(in millions)	November 30, 2024		August 31, 2024
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.2		299.0
2030 Convertible Notes	352.6		344.2
2025 Convertible Notes	62.2		63.2
Total debt, gross	$	715.0	$	706.4

Schedule of Contractual Maturities of Debt

Aggregate contractual maturities of debt in future fiscal years are as follows:


(in millions)	Amount
Remainder of Fiscal 2025	$	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Fiscal 2030	350.0
Thereafter	—
Total debt, gross	$	709.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue (Tables)

3 Months Ended

Nov. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

The following table disaggregates revenue by reportable segment and product category:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Net Revenues
Towable RV
Fifth Wheel	$	125.7	$	162.9
Travel Trailer	119.6		158.0
Other(1)	8.7		9.9
Total Towable RV	254.0		330.8
Motorhome RV
Class A	101.7		164.9
Class B	53.0		72.3
Class C and Other(1)	117.0		97.2
Total Motorhome RV	271.7		334.4
Marine	90.5		87.3
Corporate / All Other(2)	9.4		10.5
Consolidated Net Revenues	$	625.6	$	763.0

(1) Relates to parts, accessories, and services.

(2) Relates to units, parts, accessories, and services associated with Winnebago specialty vehicles. In addition, this activity also includes Lithionics battery sales, including the related systems and accessories, that are sold directly to external customers.

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Nov. 30, 2024	Nov. 25, 2023
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 625.6	$ 763.0
Operating Segments
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	616.2	752.5
Operating Segments \| Towable RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	254.0	330.8
Operating Segments \| Towable RV \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	125.7	162.9
Operating Segments \| Towable RV \| Travel Trailer
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	119.6	158.0
Operating Segments \| Towable RV \| Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	8.7	9.9
Operating Segments \| Motorhome RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	271.7	334.4
Operating Segments \| Motorhome RV \| Class A
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	101.7	164.9
Operating Segments \| Motorhome RV \| Class B
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	53.0	72.3
Operating Segments \| Motorhome RV \| Class C and Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	117.0	97.2
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	90.5	87.3
Corporate / All Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 9.4	$ 10.5

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 25, 2023
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Convertible Notes (Details)					3 Months Ended
Debt - Convertible Notes (Details)	Nov. 30, 2024 USD ($) $ / shares	Jan. 23, 2024 USD ($) day $ / shares	Jan. 18, 2024 USD ($)	Nov. 01, 2019 USD ($) day $ / shares	Nov. 30, 2024 USD ($) $ / shares	Feb. 24, 2024 USD ($)	Nov. 25, 2023 USD ($)	Aug. 31, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding amount	$ 637,700,000				$ 637,700,000			$ 637,100,000
Offering-related costs	12,400,000				12,400,000			$ 13,100,000
Interest expense, net					5,800,000		$ 4,100,000
2025 Convertible Notes
Debt Instrument [Line Items]
Debt amount				$ 300,000,000.0
Interest rate, stated percentage				1.50%
Outstanding amount	$ 59,300,000				$ 59,300,000
Proceeds from issuance of notes				$ 290,200,000
Conversion rate (in shares)	0.0162047			0.0156906
Conversion price (in dollars per share) \| $ / shares	$ 61.70			$ 63.73	$ 61.70
Aggregate repurchase principal amount			$ 240,700,000
Payments for convertible note bond hedge			293,800,000
Loss on note repurchase						$ 32,700,000
2025 Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Percentage of the conversion price				130.00%
Number of trading days \| day				20
Number of consecutive trading days \| day				30
2025 Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Percentage of the conversion price				98.00%
Number of trading days \| day				5
Number of consecutive trading days \| day				5
2025 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.10%				2.10%
Interest expense, net					$ 300,000		$ 1,600,000
Proceeds from termination of call spread transactions			$ 30,500,000
2030 Convertible Notes
Debt Instrument [Line Items]
Debt amount		$ 350,000,000.0
Interest rate, stated percentage		3.25%
Proceeds from issuance of notes		$ 339,800,000
Conversion rate (in shares)		0.0113724
Conversion price (in dollars per share) \| $ / shares		$ 87.93
2030 Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Percentage of the conversion price		130.00%
Number of trading days \| day		20
Number of consecutive trading days \| day		30
Number of trading days to be redeemable \| day		40
2030 Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Percentage of the conversion price		98.00%
Number of trading days \| day		5
Number of consecutive trading days \| day		5
2030 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Offering-related costs	$ 10,200,000				$ 10,200,000
Debt instrument, interest rate, effective percentage	3.80%				3.80%
Interest expense, net					$ 3,200,000
Net cost incurred transaction, amount					$ 20,600,000

Goodwill and Intangible Assets - Narrative (Details)	Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	6 years

Inventories

3 Months Ended

Nov. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in millions)	November 30, 2024		August 31, 2024
Finished goods	$	89.0	$	81.3
Work-in-process	151.0		171.9
Raw materials	247.4		237.6
Total	487.4		490.8
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	51.9		52.1
Inventories, net	$	435.5	$	438.7

Inventory valuation methods consist of the following:


(in millions)	November 30, 2024		August 31, 2024
LIFO basis	$	244.1	$	264.6
FIFO basis	243.3		226.2
Total	$	487.4	$	490.8

The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates.

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Inventory Disclosure [Abstract]
LIFO basis	$ 244.1	$ 264.6
FIFO basis	243.3	226.2
Total	$ 487.4	$ 490.8

Goodwill and Intangible Assets

3 Months Ended

Nov. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The carrying amount of goodwill by reportable segment is as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at November 30, 2024 and August 31, 2024(1)	$	244.7	$	73.1	$	136.1	$	30.3	$	484.2

(1) There was no activity in the three months ended November 30, 2024.

Other intangible assets, net of accumulated amortization, consist of the following:


	November 30, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		1.0		3.1
Dealer networks/customer relationships	183.6		95.4		88.2
Backlog	43.6		43.3		0.3
Developed technology	38.3		8.8		29.5
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	155.1	$	473.4

	August 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.8		3.3
Dealer networks/customer relationships	183.6		91.5		92.1
Backlog	43.6		43.2		0.4
Developed technology	38.3		7.4		30.9
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	149.5	$	479.0

The weighted average remaining amortization period for finite-lived intangible assets as of November 30, 2024 was approximately six years.

Estimated future amortization expense related to finite-lived intangible assets is as follows:


(in millions)	Amortization
Remainder of Fiscal 2025	$	16.5
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Fiscal 2030	12.3
Thereafter	12.0
Total amortization expense remaining	$	121.1

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2024	Nov. 25, 2023	Aug. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 576.0		$ 570.0
Less: Accumulated depreciation	237.9		231.1
Property, plant, and equipment, net	338.1		338.9
Depreciation	9.7	$ 8.1
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	14.6		14.6
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	278.3		279.3
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	175.4		171.8
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	72.8		72.0
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7.6		7.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 27.3		$ 24.5

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Schedule of Intangible Assets [Line Items]
Total amortization expense remaining	$ 121.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	628.5	$ 628.5
Accumulated Amortization	155.1	149.5
Net Carrying Value	473.4	479.0
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	4.1	4.1
Total amortization expense remaining	3.1	3.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1.0	0.8
Dealer networks/customer relationships
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	183.6	183.6
Total amortization expense remaining	88.2	92.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	95.4	91.5
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	43.6	43.6
Total amortization expense remaining	0.3	0.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	43.3	43.2
Developed technology
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	38.3	38.3
Total amortization expense remaining	29.5	30.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	8.8	7.4
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6.6	6.6
Total amortization expense remaining	0.0	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6.6	6.6
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Indefinite-lived trade names	$ 352.3	$ 352.3

Property, Plant, and Equipment

3 Months Ended

Nov. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following:


(in millions)	November 30, 2024		August 31, 2024
Land	$	14.6	$	14.6
Buildings and building improvements	278.3		279.3
Machinery and equipment	175.4		171.8
Software	72.8		72.0
Transportation	7.6		7.8
Construction in progress	27.3		24.5
Property, plant, and equipment, gross	576.0		570.0
Less: Accumulated depreciation	237.9		231.1
Property, plant, and equipment, net	$	338.1	$	338.9

Depreciation expense was $9.7 million and $8.1 million for the three months ended November 30, 2024 and November 25, 2023, respectively.

Investments and Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:


	Fair Value at		Fair Value Hierarchy
(in millions)	November 30, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.2	$	2.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.3	$	2.3	$	—	$	—


	Fair Value at		Fair Value Hierarchy
(in millions)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—

Total assets at fair value	$	2.2	$	2.2	$	—	$	—

Fair Value, Liabilities Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:


	Fair Value at		Fair Value Hierarchy
(in millions)	November 30, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.2	$	2.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.3	$	2.3	$	—	$	—


	Fair Value at		Fair Value Hierarchy
(in millions)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—

Total assets at fair value	$	2.2	$	2.2	$	—	$	—

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Nov. 30, 2024	Nov. 25, 2023
Earnings per share - basic
Net (loss) income	$ (5.2)	$ 25.8
Weighted average common shares outstanding (in shares)	28.6	29.6
Basic (loss) earnings per common share (in dollars per share)	$ (0.18)	$ 0.87
Earnings per share - diluted
Net (loss) income	$ (5.2)	$ 25.8
Interest expense on convertible notes, net of tax	0.0	1.2
Diluted net (loss) income	$ (5.2)	$ 27.0
Dilutive impact of stock compensation awards (in shares)	0.0	0.3
Dilutive impact of convertible notes (in shares)	0.0	4.8
Weighted average common shares outstanding, assuming dilution (in shares)	28.6	34.7
Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution (in shares)	0.2	0.1
Diluted (loss) earnings per common share (in dollars per share)	$ (0.18)	$ 0.78

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Current assets
Allowance for credit losses	$ 0.2	$ 0.2
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000.0	10,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	120,000,000.0	120,000,000.0
Common stock, shares issued (in shares)	51,800,000	51,800,000
Treasury stock, at cost, shares (in shares)	23,400,000	23,000,000.0

Investments and Fair Value Measurements

3 Months Ended

Nov. 30, 2024

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

In determining the fair value of financial assets and liabilities, we utilize market data or other assumptions that we believe market participants would use in pricing the asset or liability in the principal or most advantageous market and adjust for non-performance and/or other risks associated with us as well as counterparties, as appropriate. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1 — Unadjusted quoted prices which are available in active markets for identical assets or liabilities accessible at the measurement date.

Level 2 — Inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:


	Fair Value at		Fair Value Hierarchy
(in millions)	November 30, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.2	$	2.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.3	$	2.3	$	—	$	—


	Fair Value at		Fair Value Hierarchy
(in millions)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—

Total assets at fair value	$	2.2	$	2.2	$	—	$	—

Assets that Fund Deferred Compensation

Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, used to fund the Executive Deferred Compensation Plan, are

classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. Refer to Note 11 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 for additional information regarding these plans.

The proportion of the assets that will fund the deferred compensation payments within a year are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The remaining assets are classified as non-current and are included in other long-term assets on the Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain non-financial assets are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three months ended November 30, 2024 or November 25, 2023.

Assets and Liabilities Not Measured at Fair Value

Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. These financial instruments include cash and cash equivalents, receivables, accounts payable, and other payables. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy.

Our debt obligations are recorded at amortized cost but measured at fair value for disclosure purposes. The fair value of our debt was determined using current quoted prices in active markets for our publicly traded debt obligations, which is classified as Level 1 in the fair value hierarchy. See Note 8 in the Notes to Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for the fair value of our debt.

Cover Page - shares	3 Months Ended
Cover Page - shares	Nov. 30, 2024	Dec. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2024
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	13200 Pioneer Trail
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55347
City Area Code	952
Local Phone Number	829-8600
Title of each class	Common Stock, $0.50 par value per share
Trading Symbol(s)	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,396,755
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Income Taxes	3 Months Ended
Income Taxes	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 21.9% and 24.9% for the three months ended November 30, 2024 and November 25, 2023, respectively. The change in our effective tax rate was driven primarily by the current year pre-tax book loss compared to pre-tax book income in the prior year. As of November 30, 2024, $9.1 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Comparatively, as of August 31, 2024, $6.8 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets. We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of November 30, 2024, our U.S. Federal returns from Fiscal 2021 to present are subject to review by the Internal Revenue Service. With limited exceptions, U.S. state returns from Fiscal 2020 to present continue to be subject to review by state taxing jurisdictions. We are currently under review by certain U.S. state tax authorities for Fiscal 2020 through Fiscal 2023. We believe we have adequately reserved for our exposure to potential additional payments for uncertain tax positions in our liability for unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Aug. 26, 2023		51.8
Beginning balance at Aug. 26, 2023	$ 1,368.1	$ 25.9	$ 197.7	$ 1,747.8	$ (0.4)	$ (602.9)
Treasury stock, beginning balance (in shares) at Aug. 26, 2023						(22.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4.6		4.6
Issuance of stock for employee benefit and stock-based awards, net	0.0		(5.6)			$ 5.6
Issuance of stock for employee benefit and stock-based awards, net (in shares)						0.1
Repurchase of common stock	(44.5)		(0.3)			$ (44.2)
Repurchase of common stock (in shares)						(0.7)
Net (loss) income	25.8			25.8
Ending balance (in shares) at Nov. 25, 2023		51.8
Ending balance at Nov. 25, 2023	1,354.0	$ 25.9	196.4	1,773.6	(0.4)	$ (641.5)
Treasury stock, ending balance (in shares) at Nov. 25, 2023						(22.6)
Beginning balance (in shares) at Aug. 31, 2024		51.8
Beginning balance at Aug. 31, 2024	$ 1,273.3	$ 25.9	194.2	1,723.3	(0.4)	$ (669.7)
Treasury stock, beginning balance (in shares) at Aug. 31, 2024	(23.0)					(23.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 5.5		5.5
Issuance of stock for employee benefit and stock-based awards, net	0.5		(5.1)			$ 5.6
Issuance of stock for employee benefit and stock-based awards, net (in shares)						0.2
Repurchase of common stock	(33.9)		(0.3)			$ (33.6)
Repurchase of common stock (in shares)						(0.6)
Net (loss) income	(5.2)			(5.2)
Ending balance (in shares) at Nov. 30, 2024		51.8
Ending balance at Nov. 30, 2024	$ 1,240.2	$ 25.9	$ 194.3	$ 1,718.1	$ (0.4)	$ (697.7)
Treasury stock, ending balance (in shares) at Nov. 30, 2024	(23.4)					(23.4)

Business Segments (Tables)

3 Months Ended

Nov. 30, 2024

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Financial information by reportable segment is as follows:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Net Revenues
Towable RV	$	254.0	$	330.8
Motorhome RV	271.7		334.4
Marine	90.5		87.3
Reportable segment net revenues	616.2		752.5
Corporate / All Other	9.4		10.5
Consolidated net revenues	$	625.6	$	763.0

Adjusted EBITDA
Towable RV	$	13.6	$	33.1
Motorhome RV	2.7		21.3
Marine	8.4		7.2
Reportable segment Adjusted EBITDA	24.7		61.6
Corporate / All Other	(10.3)		(7.5)
Consolidated Adjusted EBITDA	$	14.4	$	54.1

Capital Expenditures
Towable RV	$	0.9	$	2.4
Motorhome RV	7.5		7.3
Marine	1.3		1.2
Reportable segment capital expenditures	9.7		10.9
Corporate / All Other	0.3		0.9
Consolidated capital expenditures	$	10.0	$	11.8


(in millions)	November 30, 2024		August 31, 2024
Assets
Towable RV	$	684.0	$	719.0
Motorhome RV	840.7		788.0
Marine	376.7		377.8
Reportable segment assets	1,901.4		1,884.8
Corporate / All Other	396.6		499.4
Consolidated assets	$	2,298.0	$	2,384.2

Reconciliation of net (loss) income to consolidated Adjusted EBITDA is as follows:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Net (loss) income	$	(5.2)	$	25.8
Interest expense, net	5.8		4.1
Income tax (benefit) provision	(1.5)		8.6
Depreciation	9.7		8.1
Amortization	5.6		5.6
EBITDA	14.4		52.2
Acquisition-related costs	—		1.3

Contingent consideration fair value adjustment	—		0.8

Non-operating income	—		(0.2)
Adjusted EBITDA	$	14.4	$	54.1

Earnings Per Share (Tables)

3 Months Ended

Nov. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended
(in millions, except per share data)	November 30, 2024		November 25, 2023
Earnings per share - basic
Net (loss) income	$	(5.2)	$	25.8
Weighted average common shares outstanding	28.6		29.6
Basic (loss) earnings per common share(1)	$	(0.18)	$	0.87

Earnings per share - diluted
Net (loss) income	$	(5.2)	$	25.8
Interest expense on convertible notes, net of tax	—		1.2
Diluted net (loss) income	$	(5.2)	$	27.0

Weighted average common shares outstanding	28.6		29.6
Dilutive impact of stock compensation awards	—		0.3
Dilutive impact of convertible notes	—		4.8
Weighted average common shares outstanding, assuming dilution	28.6		34.7

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.2		0.1

Diluted (loss) earnings per common share(1)	$	(0.18)	$	0.78

(1) Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Basis of Presentation	3 Months Ended
Basis of Presentation	Nov. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly-owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in management’s opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 30, 2025. Segment Update In conjunction with the Grand Design RV entrance into the motorized RV category, we established a Grand Design motorhomes operating segment in the first quarter of Fiscal 2025. This newly created operating segment is included in the Motorhome RV reportable segment. Prior period amounts have not been reclassified as the impact was not significant. Comprehensive Income Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders. As of November 30, 2024 and November 25, 2023, the difference between comprehensive income and net (loss) income was not material. Subsequent Events In preparing the accompanying unaudited consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing, noting no material subsequent events. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-04, which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization and depletion. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 26, 2028 and filings thereafter. In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The new rule will require disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions; climate-related risks, governance, and oversight; and the financial impacts of severe weather events and other natural conditions, subject to certain materiality thresholds. These disclosures are required to be phased in to our annual reporting beginning in Fiscal 2026. However, in April 2024, the SEC stayed the implementation of this rule pending the outcome of legal challenges. We continue to monitor developments and evaluate the impact of adoption on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires expanded disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 29, 2026 and annual filings thereafter. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 30, 2025 and filings thereafter.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Nov. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly-owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in management’s opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 30, 2025.
Segment Update	In conjunction with the Grand Design RV entrance into the motorized RV category, we established a Grand Design motorhomes operating segment in the first quarter of Fiscal 2025. This newly created operating segment is included in the Motorhome RV reportable segment. Prior period amounts have not been reclassified as the impact was not significant.
Comprehensive Income	Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders.
Subsequent Events	In preparing the accompanying unaudited consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing, noting no material subsequent events.
Recently Issued Accounting Pronouncements	In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-04, which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization and depletion. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 26, 2028 and filings thereafter. In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The new rule will require disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions; climate-related risks, governance, and oversight; and the financial impacts of severe weather events and other natural conditions, subject to certain materiality thresholds. These disclosures are required to be phased in to our annual reporting beginning in Fiscal 2026. However, in April 2024, the SEC stayed the implementation of this rule pending the outcome of legal challenges. We continue to monitor developments and evaluate the impact of adoption on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires expanded disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 29, 2026 and annual filings thereafter. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ending August 30, 2025 and filings thereafter.
Fair Value Measurements	Assets that Fund Deferred Compensation Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, used to fund the Executive Deferred Compensation Plan, are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. Refer to Note 11 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 for additional information regarding these plans. The proportion of the assets that will fund the deferred compensation payments within a year are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The remaining assets are classified as non-current and are included in other long-term assets on the Consolidated Balance Sheets. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain non-financial assets are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three months ended November 30, 2024 or November 25, 2023. Assets and Liabilities Not Measured at Fair Value Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. These financial instruments include cash and cash equivalents, receivables, accounts payable, and other payables. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Our debt obligations are recorded at amortized cost but measured at fair value for disclosure purposes. The fair value of our debt was determined using current quoted prices in active markets for our publicly traded debt obligations, which is classified as Level 1 in the fair value hierarchy. See Note 8 in the Notes to Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for the fair value of our debt.
Repurchase Commitments	Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements was approximately $1,665.5 million and $1,673.7 million at November 30, 2024 and August 31, 2024, respectively. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period-end reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on these repurchase agreements and our historical loss experience, an associated loss reserve is established, which is included in other current liabilities on the Consolidated Balance Sheets. Our repurchase accrual was $1.0 million and $1.1 million at November 30, 2024 and August 31, 2024, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.
Revenue	We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Contingent Liabilities and Commitments	3 Months Ended
Contingent Liabilities and Commitments	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements was approximately $1,665.5 million and $1,673.7 million at November 30, 2024 and August 31, 2024, respectively. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period-end reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on these repurchase agreements and our historical loss experience, an associated loss reserve is established, which is included in other current liabilities on the Consolidated Balance Sheets. Our repurchase accrual was $1.0 million and $1.1 million at November 30, 2024 and August 31, 2024, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the three months ended November 30, 2024 and November 25, 2023. Litigation We are involved in various legal proceedings which are considered ordinary and routine litigation incidental to the business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have a material adverse effect on our financial position, results of operations or liquidity, the possibility exists that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and our view of these matters may change in the future.

Business Segments (Details) $ in Millions	3 Months Ended
Business Segments (Details) $ in Millions	Nov. 30, 2024 USD ($) segment	Nov. 25, 2023 USD ($)	Aug. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	9
Number of reportable segments \| segment	3
Net Revenues	$ 625.6	$ 763.0
Adjusted EBITDA	14.4	54.1
Capital Expenditures	10.0	11.8
Assets	2,298.0		$ 2,384.2
Net (loss) income	(5.2)	25.8
Interest expense, net	5.8	4.1
Income tax (benefit) provision	(1.5)	8.6
Depreciation	9.7	8.1
Amortization	5.6	5.6
EBITDA	14.4	52.2
Acquisition-related costs	0.0	1.3
Contingent consideration fair value adjustment	0.0	0.8
Non-operating income	0.0	(0.2)
Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	616.2	752.5
Adjusted EBITDA	24.7	61.6
Capital Expenditures	9.7	10.9
Assets	1,901.4		1,884.8
Operating Segments \| Towable RV
Segment Reporting Information [Line Items]
Net Revenues	254.0	330.8
Adjusted EBITDA	13.6	33.1
Capital Expenditures	0.9	2.4
Assets	684.0		719.0
Operating Segments \| Motorhome RV
Segment Reporting Information [Line Items]
Net Revenues	271.7	334.4
Adjusted EBITDA	2.7	21.3
Capital Expenditures	7.5	7.3
Assets	840.7		788.0
Operating Segments \| Marine
Segment Reporting Information [Line Items]
Net Revenues	90.5	87.3
Adjusted EBITDA	8.4	7.2
Capital Expenditures	1.3	1.2
Assets	376.7		377.8
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	9.4	10.5
Adjusted EBITDA	(10.3)	(7.5)
Capital Expenditures	0.3	$ 0.9
Assets	$ 396.6		$ 499.4

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Nov. 30, 2024	Nov. 25, 2023	Aug. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	21.90%	24.90%
Income taxes receivable	$ 9.1		$ 6.8

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Current assets
Cash and cash equivalents	$ 262.5	$ 330.9
Receivables, less allowance for credit losses ($0.2 and $0.2, respectively)	171.4	183.5
Inventories, net	435.5	438.7
Prepaid expenses and other current assets	38.9	35.6
Total current assets	908.3	988.7
Property, plant, and equipment, net	338.1	338.9
Goodwill	484.2	484.2
Other intangible assets, net	473.4	479.0
Investment in life insurance	29.7	29.6
Operating lease assets	46.4	46.6
Other long-term assets	17.9	17.2
Total assets	2,298.0	2,384.2
Current liabilities
Accounts payable	113.6	144.7
Current maturities of long-term debt, net	59.2	59.1
Accrued expenses:
Accrued compensation	29.7	35.9
Product warranties	72.5	78.9
Self-insurance	17.9	20.2
Promotional	27.7	30.4
Accrued interest and dividends	12.0	14.6
Other current liabilities	19.6	20.9
Total current liabilities	352.2	404.7
Non-current liabilities
Long-term debt, net	637.7	637.1
Deferred income tax liabilities, net	3.8	3.0
Unrecognized tax benefits	5.5	5.4
Long-term operating lease liabilities	44.7	45.6
Other long-term liabilities	13.9	15.1
Total liabilities	1,057.8	1,110.9
Contingent liabilities and commitments (Note 9)
Shareholders' equity:
Preferred stock, par value $0.01: 10.0 shares authorized; zero shares issued and outstanding	0.0	0.0
Common stock, par value $0.50: 120.0 shares authorized; 51.8 shares issued	25.9	25.9
Additional paid-in capital	194.3	194.2
Retained earnings	1,718.1	1,723.3
Accumulated other comprehensive loss	(0.4)	(0.4)
Treasury stock, at cost: 23.4 and 23.0 shares, respectively	(697.7)	(669.7)
Total shareholders' equity	1,240.2	1,273.3
Total liabilities and shareholders' equity	$ 2,298.0	$ 2,384.2

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Nov. 30, 2024	Nov. 25, 2023
Income Statement [Abstract]
Net revenues	$ 625.6	$ 763.0
Cost of goods sold	548.8	647.2
Gross profit	76.8	115.8
Selling, general, and administrative expenses	72.1	71.1
Amortization	5.6	5.6
Total operating expenses	77.7	76.7
Operating (loss) income	(0.9)	39.1
Interest expense, net	5.8	4.1
Non-operating loss	0.0	0.6
(Loss) income before income taxes	(6.7)	34.4
Income tax (benefit) provision	(1.5)	8.6
Net (loss) income	$ (5.2)	$ 25.8
(Loss) earnings per common share:
Basic (in dollars per share)	$ (0.18)	$ 0.87
Diluted (in dollars per share)	$ (0.18)	$ 0.78
Weighted average common shares outstanding:
Basic (in shares)	28.6	29.6
Diluted (in shares)	28.6	34.7

Earnings Per Share

3 Months Ended

Nov. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended
(in millions, except per share data)	November 30, 2024		November 25, 2023
Earnings per share - basic
Net (loss) income	$	(5.2)	$	25.8
Weighted average common shares outstanding	28.6		29.6
Basic (loss) earnings per common share(1)	$	(0.18)	$	0.87

Earnings per share - diluted
Net (loss) income	$	(5.2)	$	25.8
Interest expense on convertible notes, net of tax	—		1.2
Diluted net (loss) income	$	(5.2)	$	27.0

Weighted average common shares outstanding	28.6		29.6
Dilutive impact of stock compensation awards	—		0.3
Dilutive impact of convertible notes	—		4.8
Weighted average common shares outstanding, assuming dilution	28.6		34.7

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.2		0.1

Diluted (loss) earnings per common share(1)	$	(0.18)	$	0.78

(1) Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

The dilutive effect of stock compensation awards, if any, was determined using the treasury stock method while the dilutive impact of the 2025 Convertible Notes and the 2030 Convertible Notes was determined using the if-converted method. Under the treasury stock method, shares associated with certain anti-dilutive securities have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding or anti-dilution. Under the if-converted method, the 2025 Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, as the 2025 Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election. If dilutive, the resulting shares are included in the denominator of the calculation and interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 2030 Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 2030 Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

Product Warranties (Tables)

3 Months Ended

Nov. 30, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Balance at beginning of period	$	78.9	$	97.8

Provision	20.5		18.4
Claims paid	(26.9)		(24.4)
Balance at end of period	$	72.5	$	91.8

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Nov. 30, 2024	Nov. 25, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 78.9	$ 97.8
Provision	20.5	18.4
Claims paid	(26.9)	(24.4)
Balance at end of period	$ 72.5	$ 91.8

Property, Plant, and Equipment (Tables)

3 Months Ended

Nov. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following:


(in millions)	November 30, 2024		August 31, 2024
Land	$	14.6	$	14.6
Buildings and building improvements	278.3		279.3
Machinery and equipment	175.4		171.8
Software	72.8		72.0
Transportation	7.6		7.8
Construction in progress	27.3		24.5
Property, plant, and equipment, gross	576.0		570.0
Less: Accumulated depreciation	237.9		231.1
Property, plant, and equipment, net	$	338.1	$	338.9

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Nov. 30, 2024	Nov. 25, 2023
Pay vs Performance Disclosure
Net income	$ (5.2)	$ 25.8

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt - Schedule of Contractual Maturities of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Debt Disclosure [Abstract]
Remainder of Fiscal 2025	$ 59.3
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	300.0
Fiscal 2029	0.0
Fiscal 2030	350.0
Thereafter	0.0
Total debt, gross	$ 709.3	$ 709.3

Goodwill and Intangible Assets (Tables)

3 Months Ended

Nov. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amount of goodwill by reportable segment is as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at November 30, 2024 and August 31, 2024(1)	$	244.7	$	73.1	$	136.1	$	30.3	$	484.2

(1) There was no activity in the three months ended November 30, 2024.

Schedule of Other Intangible Assets

Other intangible assets, net of accumulated amortization, consist of the following:


	November 30, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		1.0		3.1
Dealer networks/customer relationships	183.6		95.4		88.2
Backlog	43.6		43.3		0.3
Developed technology	38.3		8.8		29.5
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	155.1	$	473.4

	August 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.8		3.3
Dealer networks/customer relationships	183.6		91.5		92.1
Backlog	43.6		43.2		0.4
Developed technology	38.3		7.4		30.9
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	149.5	$	479.0

Schedule of Remaining Estimated Aggregate Annual Amortization Expense

Estimated future amortization expense related to finite-lived intangible assets is as follows:


(in millions)	Amortization
Remainder of Fiscal 2025	$	16.5
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Fiscal 2030	12.3
Thereafter	12.0
Total amortization expense remaining	$	121.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2024	Aug. 31, 2024
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Percentage of dealer invoice that liability cannot exceed	100.00%
Accrued loss on repurchases	$ 1.0	$ 1.1
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,665.5	$ 1,673.7

Investments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Assets that fund deferred compensation
Domestic equity funds	$ 2.2	$ 2.1
International equity funds	0.1	0.1
Total assets at fair value	2.3	2.2
Level 1
Assets that fund deferred compensation
Domestic equity funds	2.2	2.1
International equity funds	0.1	0.1
Total assets at fair value	2.3	2.2
Level 2
Assets that fund deferred compensation
Domestic equity funds	0.0	0.0
International equity funds	0.0	0.0
Total assets at fair value	0.0	0.0
Level 3
Assets that fund deferred compensation
Domestic equity funds	0.0	0.0
International equity funds	0.0	0.0
Total assets at fair value	$ 0.0	$ 0.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2024	Nov. 25, 2023
Operating activities
Net income	$ (5.2)	$ 25.8
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation	9.7	8.1
Amortization	5.6	5.6
Amortization of debt issuance costs	0.8	0.8
Last in, first-out ("LIFO") expense	(0.2)	0.1
Stock-based compensation	5.5	4.6
Deferred income taxes	0.8	1.0
Contingent consideration fair value adjustment	0.0	0.8
Other, net	(1.2)	0.4
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	12.0	(9.1)
Inventories, net	3.4	(24.0)
Prepaid expenses and other assets	0.1	(1.7)
Accounts payable	(31.6)	(23.4)
Income taxes and unrecognized tax benefits	(1.5)	8.7
Accrued expenses and other liabilities	(14.9)	(19.1)
Net cash used in operating activities	(16.7)	(21.4)
Investing activities
Purchases of property, plant, and equipment	(10.0)	(11.8)
Other, net	2.0	(2.9)
Net cash used in investing activities	(8.0)	(14.7)
Financing activities
Borrowings on long-term debt	0.0	780.6
Repayments on long-term debt	0.0	(780.6)
Payments of cash dividends	(10.2)	(9.6)
Payments for repurchases of common stock	(33.6)	(44.2)
Other, net	0.1	(0.4)
Net cash used in financing activities	(43.7)	(54.2)
Net decrease in cash and cash equivalents	(68.4)	(90.3)
Cash and cash equivalents at beginning of period	330.9	309.9
Cash and cash equivalents at end of period	262.5	219.6
Supplemental Disclosures
Income taxes (received) paid, net	(0.1)	0.0
Interest paid	0.7	2.5
Non-cash investing and financing activities
Capital expenditures in accounts payable	$ 5.0	$ 2.9

Debt - Components of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Debt Instrument [Line Items]
Total debt, gross	$ 709.3	$ 709.3
Unamortized debt issuance cost, net	(12.4)	(13.1)
Current maturities of long-term debt, net	(59.2)	(59.1)
Long-term debt, net	637.7	637.1
ABL Credit Facility
Debt Instrument [Line Items]
Total debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt, gross	300.0	300.0
2030 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	350.0	350.0
2025 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	59.3	$ 59.3
Long-term debt, net	$ 59.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Millions	Nov. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2025	$ 16.5
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Fiscal 2030	12.3
Thereafter	12.0
Total amortization expense remaining	$ 121.1

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 89.0	$ 81.3
Work-in-process	151.0	171.9
Raw materials	247.4	237.6
Total	487.4	490.8
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	51.9	52.1
Inventories, net	$ 435.5	$ 438.7

Debt - Fair Value of Outstanding Debt Obligations, Gross (Details) - USD ($) $ in Millions	Nov. 30, 2024	Aug. 31, 2024
Debt Instrument [Line Items]
Total debt, gross	$ 715.0	$ 706.4
ABL Credit Facility
Debt Instrument [Line Items]
Total debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt, gross	300.2	299.0
2030 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	352.6	344.2
2025 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 62.2	$ 63.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Product Warranties

3 Months Ended

Nov. 30, 2024

Product Warranties Disclosures [Abstract]

Product Warranties

We provide certain service and warranty on our products. From time to time, we also voluntarily incur costs for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of our products and maintain the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon historical warranty and service claims experience. Adjustments are made to accruals as claim data and cost experience becomes available.

In addition to the costs associated with the contractual warranty coverage provided on products, we also occasionally incur costs as a result of additional service actions not covered by warranties, including product recalls and customer satisfaction actions. Although we estimate and reserve for the cost of these service actions when probable and estimable, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate.

Changes in the product warranty liability are as follows:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Balance at beginning of period	$	78.9	$	97.8

Provision	20.5		18.4
Claims paid	(26.9)		(24.4)
Balance at end of period	$	72.5	$	91.8

Revenue

3 Months Ended

Nov. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

All operating revenue is generated from contracts with customers. Our primary revenue source is generated through the sale of manufactured towable RV units, motorhome RV units and marine units to our independent dealer network (our customers). The following table disaggregates revenue by reportable segment and product category:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Net Revenues
Towable RV
Fifth Wheel	$	125.7	$	162.9
Travel Trailer	119.6		158.0
Other(1)	8.7		9.9
Total Towable RV	254.0		330.8
Motorhome RV
Class A	101.7		164.9
Class B	53.0		72.3
Class C and Other(1)	117.0		97.2
Total Motorhome RV	271.7		334.4
Marine	90.5		87.3
Corporate / All Other(2)	9.4		10.5
Consolidated Net Revenues	$	625.6	$	763.0

(1) Relates to parts, accessories, and services.

We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

Concentration of Risk

No single dealer organization accounted for more than 10% of net revenue for the three months ended November 30, 2024 or November 25, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Debt

3 Months Ended

Nov. 30, 2024

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:


(in millions)	November 30, 2024		August 31, 2024
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
2030 Convertible Notes	350.0		350.0
2025 Convertible Notes	59.3		59.3
Total debt, gross	709.3		709.3
Unamortized debt issuance cost, net	(12.4)		(13.1)
Current maturities of long-term debt, net	(59.2)		(59.1)
Long-term debt, net	$	637.7	$	637.1

Credit Agreements

On July 15, 2022, we amended and restated our asset-backed revolving credit agreement ("ABL Credit Facility") to, among other things, increase the commitments available from $192.5 million to $350.0 million and extend the maturity date from October 22, 2024 to July 15, 2027 (subject to certain factors which may accelerate the maturity date). The $350.0 million credit facility is on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL Credit Facility is available for issuance of letters of credit to a specified limit of $35.0 million. We pay a commitment fee of 0.25% based on the average daily amount of the facility available, but unused during the most recent quarter. We can elect to base

the interest rate on various rates plus specific spreads depending on the borrowing amount outstanding. If drawn, interest on ABL Credit Facility borrowings is at a floating rate based upon our election, either term SOFR or REVSOFR30 (as defined in the ABL Credit Facility agreement), plus, in each case, a credit spread adjustment of 0.10%, as well as an applicable spread between 1.25% and 1.75%, depending on the usage of the facility during the most recent quarter. Based on current usage, we would pay an applicable spread of 1.25%. In connection with the amendment, we capitalized $1.2 million of issuance costs that are being amortized over the five-year term of the ABL Credit Facility.

Senior Secured Notes

On July 8, 2020, we closed our private offering (the “Senior Secured Notes Offering”) of $300.0 million aggregate principal amount of 6.25% Senior Secured Notes due 2028 (the “Senior Secured Notes”). The Senior Secured Notes were issued in accordance with an Indenture dated as of July 8, 2020 (the “Indenture”). The Senior Secured Notes will mature on July 15, 2028 unless earlier redeemed or repurchased. Interest on the Senior Secured Notes accrues starting July 8, 2020 and is payable semi-annually in arrears on January 15 and July 15 of each year, which began on January 15, 2021.

Debt issuance costs incurred and capitalized are amortized on a straight-line basis over the term of the associated debt agreement. If early principal payments are made on the Senior Secured Notes, a proportional amount of the unamortized debt issuance costs is expensed. As part of the Senior Secured Notes Offering, we capitalized $7.5 million in debt issuance costs that are being amortized over the eight-year term of the agreement.

2030 Convertible Notes

On January 23, 2024, we issued $350.0 million in aggregate principal amount of 3.25% unsecured convertible senior notes due 2030 (the “2030 Convertible Notes”). The net proceeds from the issuance of the 2030 Convertible Notes, after deducting the initial purchasers' transaction fees and offering expenses payable by us, were approximately $339.8 million. The 2030 Convertible Notes bear interest at the annual rate of 3.25%, payable on January 15 and July 15 of each year, beginning on July 15, 2024, and will mature on January 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms prior to such date.

The 2030 Convertible Notes may be converted at any time on or after July 15, 2029, until the close of business on the second scheduled trading day immediately preceding their maturity date. Upon conversion, we will settle the principal amount of the 2030 Convertible Notes in cash, and any conversion premium in excess of the principal amount in cash, or a combination of cash and shares of common stock, at our election.

The initial conversion rate of the 2030 Convertible Notes was 11.3724 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which is equal to an initial conversion price of approximately $87.93 per share. The conversion rate is subject to adjustment upon the occurrence of events specified in the Indenture to the 2030 Convertible Notes but will not be adjusted for accrued and unpaid interest on any 2030 Convertible Note being converted. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture to the 2030 Convertible Notes) during the make-whole fundamental change conversion period (as defined in the Indenture to the 2030 Convertible Notes), we will, in certain circumstances, increase the conversion rate by the number of additional shares described in the Indenture to the 2030 Convertible Notes for a holder that elects to convert such holder’s 2030 Convertible Notes in connection with such make-whole fundamental change. As of November 30, 2024, there have been no changes to the initial conversion rate.

Prior to the close of business on the business day immediately preceding July 15, 2029, the 2030 Convertible Notes will be convertible only under the following circumstances:

1.during any calendar quarter commencing after the calendar quarter ended on March 31, 2024 (and only during such calendar quarter), if the last reported sale price (as defined in the Indenture to the 2030 Convertible Notes) per share of the common stock is more than 130% of the applicable conversion price (as defined in the Indenture to the 2030 Convertible Notes) on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

2.during the five consecutive business day period immediately after any five consecutive trading day period (the "measurement period to the 2030 Convertible Notes") in which the trading price (as defined in the 2030 Convertible Notes) per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period to the 2030 Convertible Notes was less than 98% of the product of the last reported sale price per share of the common stock and the conversion rate for the 2030 Convertible Notes on each such trading day;

3.upon the occurrence of certain specified corporate events set forth in the Indenture to the 2030 Convertible Notes; or

4.if we call such 2030 Convertible Notes for redemption (as described below).

The 2030 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after January 15, 2028 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price for a

specified period of time (as set forth in the Indenture to the 2030 Convertible Notes). The redemption price will be equal to the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

On January 18, 2024 and January 19, 2024, in connection with the offering of the 2030 Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “2030 Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2030 Convertible Notes.

On January 18, 2024 and January 19, 2024, we also entered into privately negotiated warrant transactions (collectively, the “2030 Warrant Transactions” and, together with the 2030 Hedge Transactions, the “2030 Call Spread Transactions”), whereby we sold warrants at a higher strike price relating to the same number of shares of our common stock that initially underlie the 2030 Convertible Notes, subject to customary anti-dilution adjustments.

The 2030 Hedge Transactions and the 2030 Warrant Transactions are separate transactions, and in each case, are not part of the terms of the 2030 Convertible Notes and will not affect any holder’s rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the 2030 Call Spread Transactions.

Accounting Treatment of the 2030 Convertible Notes and Related 2030 Hedge Transactions and 2030 Warrant Transactions

The 2030 Convertible Notes are accounted for as a single liability measured at amortized cost. Interest expense, representing the amortization of the $10.2 million of debt issuance costs as well as the contractual interest expense are amortized using an effective interest rate of 3.8% over the term of the 2030 Convertible Notes. We recorded $3.2 million of interest expense during the three months ended November 30, 2024.

The net after-tax cost incurred in connection with the 2030 Call Spread Transactions was $20.6 million. These transactions are classified as equity and are not remeasured each reporting period.

2025 Convertible Notes

On November 1, 2019, we issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (the “2025 Convertible Notes”), of which $59.3 million of aggregate principal amount of 2025 Convertible Notes remain outstanding at November 30, 2024. The net proceeds from the issuance of the 2025 Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by us, were approximately $290.2 million. The 2025 Convertible Notes bear interest at the annual rate of 1.5%, payable on April 1 and October 1 of each year, beginning on April 1, 2020, and will mature on April 1, 2025, unless earlier converted or repurchased by us.

The 2025 Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, at an initial conversion rate of 15.6906 shares of common stock per $1,000 principal amount of 2025 Convertible Notes, which is equivalent to an initial conversion price of approximately $63.73 per share, as adjusted pursuant to the terms of the Indenture governing the 2025 Convertible Notes. The 2025 Convertible Notes may be converted at any time on or after October 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date.

The conversion rate of the 2025 Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the 2025 Convertible Notes made following certain fundamental changes and under other circumstances set forth in the Indenture to the 2025 Convertible Notes. As of November 30, 2024, the conversion rate was 16.2082 shares of common stock per $1,000 principal amount of 2025 Convertible Notes, which is equivalent to a conversion price of approximately $61.70. The difference between the initial conversion rate and the conversion rate as of November 30, 2024 is due to cash dividends that have been declared following the issuance of the 2025 Convertible Notes.

It is our current intent to settle all conversions of the 2025 Convertible Notes in cash. Our ability to cash settle may be limited depending on the stock price at the time of conversion.

Prior to the close of business on the business day immediately preceding October 1, 2024, the 2025 Convertible Notes will be convertible only under the following circumstances:

1.during any calendar quarter commencing after December 31, 2019 if the closing sale price of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

2.during the five consecutive business day period after any five consecutive trading day period (the "measurement period to the 2025 Convertible Notes") in which the trading price per $1,000 principal amount of 2025 Convertible Notes for each trading day of the measurement period to the 2025 Convertible Notes was less than 98% of the product of the last reported sale price of the common stock and the conversion rate for the 2025 Convertible Notes on each such trading day; or

3.upon the occurrence of certain specified corporate events set forth in the Indenture for the 2025 Convertible Notes.

We may not redeem the 2025 Convertible Notes at our option prior to the maturity date, and no sinking fund is provided for the 2025 Convertible Notes.

On October 29, 2019 and October 30, 2019, in connection with the offering of the 2025 Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “2025 Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2025 Convertible Notes.

On October 29, 2019 and October 30, 2019, we also entered into privately negotiated warrant transactions (collectively, the “2025 Warrant Transactions” and, together with the 2025 Hedge Transactions, the “2025 Call Spread Transactions”), whereby we sold warrants at a higher strike price relating to the same number of shares of our common stock that initially underlie the 2025 Convertible Notes, subject to customary anti-dilution adjustments.

The 2025 Hedge Transactions and the 2025 Warrant Transactions are separate transactions, in each case, and are not part of the terms of the 2025 Convertible Notes and will not affect any holder’s rights under the 2025 Convertible Notes. Holders of the 2025 Convertible Notes will not have any rights with respect to the 2025 Call Spread Transactions.

On January 18, 2024, we entered into separate, privately negotiated transactions (the "2025 Convertible Note Repurchases") with certain holders of the 2025 Convertible Notes to repurchase $240.7 million aggregate principal amount of the 2025 Convertible Notes using $293.8 million of the net proceeds received from the 2030 Convertible Notes. In connection with the 2025 Convertible Note Repurchases, we recorded a loss on note repurchase of $32.7 million in the accompanying Consolidated Statements of Income during the second quarter of Fiscal 2024. The loss on note repurchase represents the difference between the fair value of consideration transferred to the holders of the repurchased 2025 Convertible Notes and the conversion value of 2025 Convertible Notes repurchased pursuant to the original conversion terms. Concurrently with the 2025 Convertible Note Repurchases, we entered into agreements to terminate a proportionate amount of the 2025 Call Spread Transactions, which resulted in net proceeds of $30.5 million recorded as equity in the accompanying Consolidated Balance Sheets.

Accounting Treatment of the 2025 Convertible Notes and Related 2025 Hedge Transactions and 2025 Warrant Transactions

The 2025 Convertible Notes are accounted for as a single liability measured at amortized cost. Interest expense, representing the amortization of the remaining debt issuance costs as well as the contractual interest expense are amortized using an effective interest rate of 2.1% over the term of the 2025 Convertible Notes. We recorded $0.3 million and $1.6 million of interest expense during the three months ended November 30, 2024 and November 25, 2023, respectively.

The 2025 Call Spread Transactions are classified as equity and are not remeasured each reporting period.

Fair Value and Future Maturities

The fair value of outstanding debt obligations, gross is as follows:


(in millions)	November 30, 2024		August 31, 2024
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.2		299.0
2030 Convertible Notes	352.6		344.2
2025 Convertible Notes	62.2		63.2
Total debt, gross	$	715.0	$	706.4

Aggregate contractual maturities of debt in future fiscal years are as follows:


(in millions)	Amount
Remainder of Fiscal 2025	$	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Fiscal 2030	350.0
Thereafter	—
Total debt, gross	$	709.3

We were in compliance with all of our financial debt covenants as of November 30, 2024.

Refer to Note 9 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 for additional information regarding our debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	Nov. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 484.2
Ending balance	484.2
Corporate / All Other
Goodwill [Roll Forward]
Beginning balance	30.3
Ending balance	30.3
Towable RV \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	244.7
Ending balance	244.7
Motorhome RV \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	73.1
Ending balance	73.1
Marine \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	136.1
Ending balance	$ 136.1

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Debt - Credit Agreements (Details) - USD ($)	Jul. 15, 2022	Jul. 08, 2020	Jul. 14, 2022
ABL Credit Facility
Debt Instrument [Line Items]
Debt, face amount	$ 350,000,000.0		$ 192,500,000
Debt instrument, basis spread on variable rate	0.10%
Debt issuance costs	$ 1,200,000
Debt term	5 years
ABL Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
ABL Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
ABL Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Debt amount	$ 35,000,000.0
ABL Credit Facility \| Letter of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount		$ 300,000,000.0
Debt issuance costs		$ 7,500,000
Debt term		8 years
Interest rate, stated percentage		6.25%

Inventories (Tables)

3 Months Ended

Nov. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in millions)	November 30, 2024		August 31, 2024
Finished goods	$	89.0	$	81.3
Work-in-process	151.0		171.9
Raw materials	247.4		237.6
Total	487.4		490.8
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	51.9		52.1
Inventories, net	$	435.5	$	438.7

Inventory valuation methods consist of the following:


(in millions)	November 30, 2024		August 31, 2024
LIFO basis	$	244.1	$	264.6
FIFO basis	243.3		226.2
Total	$	487.4	$	490.8

Business Segments

3 Months Ended

Nov. 30, 2024

Segment Reporting [Abstract]

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
(in millions)	November 30, 2024		November 25, 2023
Net Revenues
Towable RV	$	254.0	$	330.8
Motorhome RV	271.7		334.4
Marine	90.5		87.3
Reportable segment net revenues	616.2		752.5
Corporate / All Other	9.4		10.5
Consolidated net revenues	$	625.6	$	763.0

Adjusted EBITDA
Towable RV	$	13.6	$	33.1
Motorhome RV	2.7		21.3
Marine	8.4		7.2
Reportable segment Adjusted EBITDA	24.7		61.6
Corporate / All Other	(10.3)		(7.5)
Consolidated Adjusted EBITDA	$	14.4	$	54.1

Capital Expenditures
Towable RV	$	0.9	$	2.4
Motorhome RV	7.5		7.3
Marine	1.3		1.2
Reportable segment capital expenditures	9.7		10.9
Corporate / All Other	0.3		0.9
Consolidated capital expenditures	$	10.0	$	11.8


(in millions)	November 30, 2024		August 31, 2024
Assets
Towable RV	$	684.0	$	719.0
Motorhome RV	840.7		788.0
Marine	376.7		377.8
Reportable segment assets	1,901.4		1,884.8
Corporate / All Other	396.6		499.4
Consolidated assets	$	2,298.0	$	2,384.2

Reconciliation of net (loss) income to consolidated Adjusted EBITDA is as follows:


	Three Months Ended
(in millions)	November 30, 2024		November 25, 2023
Net (loss) income	$	(5.2)	$	25.8
Interest expense, net	5.8		4.1
Income tax (benefit) provision	(1.5)		8.6
Depreciation	9.7		8.1
Amortization	5.6		5.6
EBITDA	14.4		52.2
Acquisition-related costs	—		1.3

Contingent consideration fair value adjustment	—		0.8

Non-operating income	—		(0.2)
Adjusted EBITDA	$	14.4	$	54.1

- 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.

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+ Details