Wabash National Corporation (NYSE:WNC), a diversified
industrial manufacturer and North America’s leading producer of
semi-trailers and liquid transportation systems, today reported
results for the first quarter ended March 31, 2016.
Net income for the first quarter of 2016 was
$27.5 million, or $0.42 per diluted share, compared to the first
quarter 2015 net income of $10.5 million, or $0.15 per diluted
share. First quarter 2016 non-GAAP adjusted earnings
increased $14.0 million over the prior year period to $27.8
million, or $0.42 per diluted share. Non-GAAP adjusted
earnings for the first quarter of 2016 includes an early
extinguishment of debt charge of $0.5 million related to the
Company’s repurchase of a portion of its outstanding convertible
senior notes.
Net sales for the first quarter increased 2
percent to $448 million from $438 million in the prior year quarter
while operating income increased 77 percent on improved pricing and
operational execution to $48.2 million, compared to $27.3 million
for the first quarter of 2015. Operating EBITDA, a non-GAAP
measure that excludes the effects of certain recurring and
non-recurring items, for the first quarter of 2016 was $59.8
million, an increase of $20.7 million, or 53 percent, compared to
operating EBITDA for the prior year period. On a trailing
twelve month basis, net sales exceeded $2.0 billion, generating
Operating EBITDA of $250.1 million, or 12.3 percent of net
sales. The continued year-over-year improvement in operating
performance is attributable to the successful execution of the
Company’s growth and diversification strategies, strong pricing
environment within our Commercial Trailer Products segment and
operational improvements across the Company’s manufacturing
facilities.
The following is a summary of select operating and financial
results for the past five quarters:
|
|
|
|
|
|
|
|
Three Months Ended |
|
(Dollars in thousands, except per share amounts) |
|
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
March 31, |
|
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
|
|
|
Net Sales |
|
|
$ |
437,597 |
|
|
$ |
514,831 |
|
|
$ |
531,350 |
|
|
$ |
543,711 |
|
|
$ |
447,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin |
|
|
|
13.1 |
% |
|
|
14.1 |
% |
|
|
16.2 |
% |
|
|
16.2 |
% |
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
$ |
27,263 |
|
|
$ |
42,054 |
|
|
$ |
56,389 |
|
|
$ |
54,663 |
|
|
$ |
48,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
Margin |
|
|
|
6.2 |
% |
|
|
8.2 |
% |
|
|
10.6 |
% |
|
|
10.1 |
% |
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
10,474 |
|
|
$ |
28,649 |
|
|
$ |
31,880 |
|
|
$ |
33,286 |
|
|
$ |
27,524 |
|
|
|
Diluted EPS |
|
|
$ |
0.15 |
|
|
$ |
0.41 |
|
|
$ |
0.47 |
|
|
$ |
0.50 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Measures(1): |
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
|
|
$ |
39,135 |
|
|
$ |
53,655 |
|
|
$ |
68,030 |
|
|
$ |
68,643 |
|
|
$ |
59,820 |
|
|
|
Operating EBITDA
Margin |
|
|
|
8.9 |
% |
|
|
10.4 |
% |
|
|
12.8 |
% |
|
|
12.6 |
% |
|
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
|
|
$ |
13,788 |
|
|
$ |
23,586 |
|
|
$ |
31,880 |
|
|
$ |
34,138 |
|
|
$ |
27,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
EPS |
|
|
$ |
0.19 |
|
|
$ |
0.33 |
|
|
$ |
0.47 |
|
|
$ |
0.51 |
|
|
$ |
0.42 |
|
|
|
|
|
` |
|
|
|
` |
|
|
|
|
|
Notes:
(1) See “Non-GAAP Measures” below for explanation of the
non-GAAP results included above.
Dick Giromini, president and chief executive
officer, stated, “First quarter results represent the best in our
Company’s history as we set first quarter records for sales, gross
profit, income from operations and operating EBITDA.
Furthermore, we established new records for gross profit margin and
operating income margin of 17.8 percent and 10.8 percent,
respectively. The momentum generated in 2015 has continued
into the first quarter of 2016 with strong operational execution
throughout the Company, along with margin enhancement through
improved pricing and a continued strong demand environment within
our Commercial Trailer Products segment.”
Mr. Giromini continued, “New trailer shipments
for the first quarter were approximately 14,500, exceeding our
previous guidance of 13,000 to 14,000 trailers driven by strong
customer pick-ups and favorable weather conditions. A robust
backlog of $1.1 billion; overall trailer market projections by ACT
Research and FTR; customer commentary; and outstanding operational
execution across the business, have put us on pace to deliver
another record year in 2016, our fifth consecutive year of record
performance. As such, we are increasing our full-year
adjusted earnings guidance to $1.65 to $1.75 per diluted
share.”
First Quarter Business Segment
HighlightsThe table below is a summary of select segment
operating and financial results prior to the elimination of
intersegment sales for the first quarter of 2016 and 2015,
respectively. A complete disclosure of the results by
individual segment is included in the tables following this
release.
|
|
|
(dollars in thousands) |
|
Commercial |
|
Diversified |
|
|
|
|
|
Trailer Products |
|
Products |
|
Retail |
Three
months ended March 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
New
trailers shipped |
|
|
14,300 |
|
|
|
500 |
|
|
|
400 |
|
Net
sales |
|
$ |
354,848 |
|
|
$ |
79,424 |
|
|
$ |
34,037 |
|
Gross
profit |
|
$ |
59,583 |
|
|
$ |
18,524 |
|
|
$ |
3,785 |
|
Gross
profit margin |
|
|
16.8 |
% |
|
|
23.3 |
% |
|
|
11.1 |
% |
Income
(Loss) from operations |
|
$ |
52,060 |
|
|
$ |
6,622 |
|
|
$ |
(149 |
) |
Income
(Loss) from operations margin |
|
|
14.7 |
% |
|
|
8.3 |
% |
|
|
-0.4 |
% |
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
New
trailers shipped |
|
|
13,600 |
|
|
|
850 |
|
|
|
750 |
|
Net
sales |
|
$ |
314,504 |
|
|
$ |
103,992 |
|
|
$ |
43,140 |
|
Gross
profit |
|
$ |
29,633 |
|
|
$ |
23,373 |
|
|
$ |
4,853 |
|
Gross
profit margin |
|
|
9.4 |
% |
|
|
22.5 |
% |
|
|
11.2 |
% |
Income from
operations |
|
$ |
22,770 |
|
|
$ |
10,611 |
|
|
$ |
1,126 |
|
Income from
operations margin |
|
|
7.2 |
% |
|
|
10.2 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
Commercial Trailer Products’ net sales increased $40 million, or
12.8 percent, on shipments of 14,300 trailers, or 700 more trailers
than the prior year period. This increase in revenue was
primarily due to an improved pricing environment, a 5.1 percent
increase in trailer shipments and product mix. Supported by
higher volumes, pricing and continued operational improvements,
gross profit and gross profit margin increased $30.0 million and
740 basis points, respectively, as compared to the same period last
year. Operating income increased $29.3 million, or 128.6
percent, from the first quarter last year to $52.1 million.
Diversified Products’ net sales decreased $25
million, or 23.6 percent, primarily the result of lower tank
trailer shipments as compared to the previous year period.
Demand for non-trailer truck mounted equipment, process systems and
composite products were comparable with the previous year
period. Gross profit and operating income declined $4.8
million and $4.0 million, respectively, compared to the prior year
period, primarily due to lower overall net sales and pricing
pressures on certain products. However, gross profit margin
improved 80 basis points as compared to the prior year as a result
of continued strong operational execution and product mix.
Retail’s net sales of $34 million decreased 21.1
percent compared with the prior year period primarily due to lower
shipments of new trailers. Gross profit and operating income
declined $1.1 million and $1.3 million, respectively, compared to
the prior year period due to lower net sales. Gross profit
margin of 11.1 percent was comparable with the prior year period
despite lower sales due to a higher mix of parts and service
product lines.
Non-GAAP MeasuresIn addition to disclosing
financial results calculated in accordance with United States
generally accepted accounting principles (GAAP), the financial
information included in this release contains non-GAAP financial
measures, including operating EBITDA, operating EBITDA margin,
adjusted earnings and adjusted earnings per diluted share.
These non-GAAP measures should not be considered
a substitute for, or superior to, financial measures and results
calculated in accordance with GAAP, including net income, and
reconciliations to GAAP financial statements should be carefully
evaluated.
Operating EBITDA is defined as earnings before
interest, taxes, depreciation, amortization, stock-based
compensation, impairment of intangibles and other non-operating
income and expense. Management believes operating EBITDA
provides useful information to investors regarding the Company’s
results of operations. The Company provides this measure
because we believe it is useful for investors to understand the
Company’s performance period to period with the exclusion of the
recurring and non-recurring items identified above.
Management believes the presentation of operating EBITDA, when
combined with the primary GAAP presentation of operating income, is
beneficial to an investor’s understanding of the Company’s
operating performance. A reconciliation of operating EBITDA
to net income is included in the tables following this release.
Adjusted earnings and adjusted earnings per
diluted share for the first quarter of 2016 and 2015 reflect
adjustments for charges related to the extinguishment of
debt. For certain other periods presented, we have excluded
from these measures income recognized on the sale of former retail
branch locations as well as charges related to losses incurred in
connection with the Company’s impairment of intangible
assets. Management believes providing these measures and
excluding these items facilitate comparisons to the Company’s prior
year periods and, when combined with the primary GAAP presentation
of net income and diluted net income per share, is beneficial to an
investor’s understanding of the Company’s performance. A
reconciliation of adjusted earnings and adjusted earnings per
diluted share to net income and diluted net income per share is
included in the tables following this release.
First Quarter 2016 Conference
CallWabash National will conduct a conference call to
review and discuss its first quarter results on April 27, 2016, at
10:00 a.m. EDT. Access to the live webcast will be available
on the Company’s website at www.wabashnational.com. For those
unable to participate in the live webcast, the call will be
archived at www.wabashnational.com within three hours of the
conclusion of the live call and will remain available through July
20, 2016. Meeting access also will be available via
conference call at 888-771-4371, participant code 42294454.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash
National Corporation (NYSE:WNC) is a diversified industrial
manufacturer and North America’s leading producer of semi-trailers
and liquid transportation systems. Established in 1985, the Company
manufactures a diverse range of products including: dry freight and
refrigerated trailers, platform trailers, bulk tank trailers, dry
and refrigerated truck bodies, truck-mounted tanks, intermodal
equipment, aircraft refueling equipment, structural composite
panels and products, trailer aerodynamic solutions, and specialty
food grade and pharmaceutical equipment. Its innovative products
are sold under the following brand names: Wabash National®, Beall®,
Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®,
Extract Technology®, Garsite, Progress Tank, Transcraft®, Walker
Engineered Products, and Walker Transport. Visit
www.wabashnational.com to learn more.
Safe Harbor StatementThis press release
contains certain forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements convey the Company’s current expectations or forecasts
of future events. All statements contained in this press release
other than statements of historical fact are forward-looking
statements. These forward-looking statements include, among other
things, the Company’s adjusted earnings guidance for 2016,
statements regarding the Company’s outlook for trailer shipments,
backlog, expectations regarding demand levels for trailers,
non-trailer equipment and our other diversified products, pricing,
profitability and earnings, cash flow and liquidity, opportunity to
capture higher margin sales, new product innovations, and our
growth and diversification strategies. These and the
Company’s other forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those implied by the forward-looking statements.
Without limitation, these risks and uncertainties include the
uncertain economic conditions including the possibility that
customer demand may not meet our expectations, increased
competition, reliance on certain customers and corporate
partnerships, risks of customer pick-up delays, shortages and costs
of raw materials, risks in implementing and sustaining improvements
in the Company’s manufacturing capacity and cost containment,
dependence on industry trends and timing and costs of
indebtedness. Readers should review and consider the various
disclosures made by the Company in this press release and in the
Company’s reports to its stockholders and periodic reports on Forms
10-K and 10-Q.
WABASH NATIONAL CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
447,676 |
|
|
$ |
437,597 |
|
|
Cost of
sales |
|
|
368,150 |
|
|
|
380,400 |
|
|
|
Gross profit |
|
|
79,526 |
|
|
|
57,197 |
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
|
|
19,392 |
|
|
|
18,051 |
|
|
Selling
expenses |
|
|
6,961 |
|
|
|
6,569 |
|
|
Amortization of intangibles |
|
|
4,988 |
|
|
|
5,314 |
|
|
|
Income from operations |
|
|
48,185 |
|
|
|
27,263 |
|
|
|
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(4,095 |
) |
|
|
(5,173 |
) |
|
|
Other, net |
|
|
(398 |
) |
|
|
(5,382 |
) |
|
|
Income before income taxes |
|
|
43,692 |
|
|
|
16,708 |
|
|
Income tax
expense |
|
|
16,168 |
|
|
|
6,234 |
|
|
Net
income |
|
$ |
27,524 |
|
|
$ |
10,474 |
|
|
Basic net
income per share |
|
$ |
0.42 |
|
|
$ |
0.15 |
|
|
Diluted net
income per share |
|
$ |
0.42 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
Net income |
|
$ |
27,524 |
|
|
$ |
10,474 |
|
|
|
Foreign currency translation
adjustment |
|
|
(97 |
) |
|
|
(303 |
) |
|
Net
comprehensive income |
|
$ |
27,427 |
|
|
$ |
10,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share: |
|
|
|
|
|
|
Net income applicable to common
stockholders |
|
$ |
27,524 |
|
|
$ |
10,474 |
|
|
|
Weighted average common shares
outstanding |
|
|
65,037 |
|
|
|
68,731 |
|
|
|
Basic net income per share |
|
$ |
0.42 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
Diluted net
income per share: |
|
|
|
|
|
|
Net income applicable to common
stockholders |
|
$ |
27,524 |
|
|
$ |
10,474 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
65,037 |
|
|
|
68,731 |
|
|
|
Dilutive shares from assumed
conversion of convertible senior notes |
|
|
- |
|
|
|
1,729 |
|
|
|
Dilutive stock options and
restricted stock |
|
|
1,187 |
|
|
|
1,095 |
|
|
|
Diluted weighted average common
shares outstanding |
|
|
66,224 |
|
|
|
71,555 |
|
|
|
Diluted net income per share |
|
$ |
0.42 |
|
|
$ |
0.15 |
|
|
WABASH NATIONAL CORPORATION |
SEGMENTS AND RELATED INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
Diversified |
|
|
|
Corporate and |
|
|
Three Months Ended March 31, |
|
Trailer Products |
|
Products |
|
Retail |
|
Eliminations |
|
Consolidated |
|
2016 |
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
14,300 |
|
|
|
500 |
|
|
|
400 |
|
|
|
(700 |
) |
|
|
14,500 |
|
Used
trailers shipped |
|
|
150 |
|
|
|
50 |
|
|
|
150 |
|
|
|
(50 |
) |
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
347,582 |
|
|
$ |
29,776 |
|
|
$ |
11,839 |
|
|
$ |
(17,388 |
) |
|
$ |
371,809 |
|
Used
Trailers |
|
|
1,715 |
|
|
|
901 |
|
|
|
2,393 |
|
|
|
(256 |
) |
|
|
4,753 |
|
Components,
parts and service |
|
|
1,630 |
|
|
|
20,522 |
|
|
|
19,768 |
|
|
|
(2,985 |
) |
|
|
38,935 |
|
Equipment
and other |
|
|
3,921 |
|
|
|
28,225 |
|
|
|
37 |
|
|
|
(4 |
) |
|
|
32,179 |
|
|
Total net external sales |
|
$ |
354,848 |
|
|
$ |
79,424 |
|
|
$ |
34,037 |
|
|
$ |
(20,633 |
) |
|
$ |
447,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
59,583 |
|
|
$ |
18,524 |
|
|
$ |
3,785 |
|
|
$ |
(2,366 |
) |
|
$ |
79,526 |
|
Income
(Loss) from operations |
|
$ |
52,060 |
|
|
$ |
6,622 |
|
|
$ |
(149 |
) |
|
$ |
(10,348 |
) |
|
$ |
48,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
New
trailers shipped |
|
|
13,600 |
|
|
|
850 |
|
|
|
750 |
|
|
|
(850 |
) |
|
|
14,350 |
|
Used
trailers shipped |
|
|
100 |
|
|
|
50 |
|
|
|
200 |
|
|
|
- |
|
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Trailers |
|
$ |
307,680 |
|
|
$ |
54,018 |
|
|
$ |
19,857 |
|
|
$ |
(20,283 |
) |
|
$ |
361,272 |
|
Used
Trailers |
|
|
2,170 |
|
|
|
1,169 |
|
|
|
2,571 |
|
|
|
(327 |
) |
|
|
5,583 |
|
Components,
parts and service |
|
|
1,391 |
|
|
|
23,463 |
|
|
|
19,941 |
|
|
|
(3,282 |
) |
|
|
41,513 |
|
Equipment
and other |
|
|
3,263 |
|
|
|
25,342 |
|
|
|
771 |
|
|
|
(147 |
) |
|
|
29,229 |
|
|
Total net external sales |
|
$ |
314,504 |
|
|
$ |
103,992 |
|
|
$ |
43,140 |
|
|
$ |
(24,039 |
) |
|
$ |
437,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
29,633 |
|
|
$ |
23,373 |
|
|
$ |
4,853 |
|
|
$ |
(662 |
) |
|
$ |
57,197 |
|
Income
(Loss) from operations |
|
$ |
22,770 |
|
|
$ |
10,611 |
|
|
$ |
1,126 |
|
|
$ |
(7,244 |
) |
|
$ |
27,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
(Unaudited) |
|
|
ASSETS |
Current
assets |
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
168,411 |
|
|
$ |
178,853 |
|
|
Accounts
receivable |
|
|
159,443 |
|
|
|
152,824 |
|
|
Inventories |
|
|
208,209 |
|
|
|
166,982 |
|
|
Deferred income
taxes |
|
|
- |
|
|
|
22,431 |
|
|
Prepaid expenses and
other |
|
|
12,180 |
|
|
|
8,417 |
|
|
|
Total current assets |
|
$ |
548,243 |
|
|
$ |
529,507 |
|
|
|
|
|
|
|
|
Property,
plant and equipment |
|
|
138,722 |
|
|
|
140,438 |
|
|
|
|
|
|
|
|
Deferred
income taxes |
|
|
14,255 |
|
|
|
1,358 |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
149,768 |
|
|
|
149,718 |
|
|
|
|
|
|
|
|
Intangible
assets |
|
|
109,548 |
|
|
|
114,616 |
|
|
|
|
|
|
|
|
Other
assets |
|
|
15,134 |
|
|
|
14,033 |
|
|
|
|
|
$ |
975,670 |
|
|
$ |
949,670 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current
liabilities |
|
|
|
|
|
Current portion of
long-term debt |
|
$ |
2,451 |
|
|
$ |
37,611 |
|
|
Current portion of
capital lease obligations |
|
|
708 |
|
|
|
806 |
|
|
Accounts payable |
|
|
123,720 |
|
|
|
79,618 |
|
|
Other accrued
liabilities |
|
|
95,256 |
|
|
|
93,042 |
|
|
|
Total current liabilities |
|
$ |
222,135 |
|
|
$ |
211,077 |
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
277,690 |
|
|
|
274,885 |
|
|
|
|
|
|
|
|
Capital
lease obligations |
|
|
1,748 |
|
|
|
1,875 |
|
|
|
|
|
|
|
|
Deferred
income taxes |
|
|
649 |
|
|
|
1,497 |
|
|
|
|
|
|
|
|
Other
noncurrent liabilities |
|
|
21,473 |
|
|
|
20,525 |
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
451,975 |
|
|
|
439,811 |
|
|
|
|
|
$ |
975,670 |
|
|
$ |
949,670 |
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
Cash flows
from operating activities |
|
|
|
|
|
|
|
Net income |
|
|
$ |
27,524 |
|
|
$ |
10,474 |
|
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities |
|
|
|
|
|
Depreciation |
|
|
|
4,176 |
|
|
|
4,138 |
|
|
|
|
Amortization of
intangibles |
|
|
|
4,988 |
|
|
|
5,314 |
|
|
|
|
Deferred income
taxes |
|
|
|
7,595 |
|
|
|
1,642 |
|
|
|
|
Excess tax benefits
from stock-based compensation |
|
|
|
(1,090 |
) |
|
|
- |
|
|
|
|
Loss on debt
extinguishment |
|
|
|
487 |
|
|
|
5,286 |
|
|
|
|
Stock-based
compensation |
|
|
|
2,470 |
|
|
|
2,420 |
|
|
|
|
Non-cash interest
expense |
|
|
|
948 |
|
|
|
1,185 |
|
|
|
Changes in operating
assets and liabilities |
|
|
|
|
|
Accounts
receivable |
|
|
|
(6,619 |
) |
|
|
(21,686 |
) |
|
|
Inventories |
|
|
|
(41,227 |
) |
|
|
(65,843 |
) |
|
|
Prepaid expenses and
other |
|
|
|
(3,763 |
) |
|
|
3,216 |
|
|
|
Accounts payable and
accrued liabilities |
|
|
|
46,316 |
|
|
|
57,625 |
|
|
|
Other, net |
|
|
|
1,099 |
|
|
|
458 |
|
|
|
Net cash provided by
(used in) operating activities |
|
|
$ |
42,904 |
|
|
$ |
4,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities |
|
|
|
|
|
|
|
Capital
expenditures |
|
|
|
(2,976 |
) |
|
|
(2,975 |
) |
|
|
Net cash provided by
(used in) investing activities |
|
|
$ |
(2,976 |
) |
|
$ |
(2,975 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities |
|
|
|
|
|
|
|
Proceeds from exercise
of stock options |
|
|
|
192 |
|
|
|
719 |
|
|
|
Excess tax benefits
from stock-based compensation |
|
|
|
|
1,090 |
|
|
|
- |
|
|
|
Borrowings under
revolving credit facilities |
|
|
|
175 |
|
|
|
163 |
|
|
|
Payments under
revolving credit facilities |
|
|
|
(175 |
) |
|
|
(163 |
) |
|
|
Principal payments
under capital lease obligations |
|
|
|
(225 |
) |
|
|
(432 |
) |
|
|
Proceeds from issuance
of term loan credit facility |
|
|
|
- |
|
|
|
192,845 |
|
|
|
Principal payments
under term loan credit facility |
|
|
|
(482 |
) |
|
|
(192,845 |
) |
|
|
Principal payments
under industrial revenue bond |
|
|
|
(127 |
) |
|
|
(122 |
) |
|
|
Debt issuance costs
paid |
|
|
|
- |
|
|
|
(1,994 |
) |
|
|
Stock repurchase |
|
|
|
(8,757 |
) |
|
|
(19,929 |
) |
|
|
Convertible senior
notes repurchase |
|
|
|
(42,061 |
) |
|
|
- |
|
|
|
Net cash provided by
(used in) financing activities |
|
|
$ |
(50,370 |
) |
|
$ |
(21,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents |
|
|
$ |
(10,442 |
) |
|
$ |
(20,504 |
) |
|
Cash and
cash equivalents at beginning of period |
|
|
|
178,853 |
|
|
|
146,113 |
|
|
Cash and
cash equivalents at end of period |
|
|
$ |
168,411 |
|
|
$ |
125,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION |
RECONCILIATION OF GAAP FINANCIAL MEASURES
TO |
NON-GAAP FINANCIAL MEASURES |
(Dollars in thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
EBITDA1: |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
27,524 |
|
|
$ |
10,474 |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
16,168 |
|
|
|
6,234 |
|
|
|
|
|
|
|
|
|
Interest expense |
|
4,095 |
|
|
|
5,173 |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
9,164 |
|
|
|
9,452 |
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
2,470 |
|
|
|
2,420 |
|
|
|
|
|
|
|
|
|
Impairment of
Intangibles |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Other non-operating
(income) expense |
|
398 |
|
|
|
5,382 |
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
59,819 |
|
|
$ |
39,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Trailing Twelve Months |
|
|
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
March 31, 2016 |
|
March 31, 2016 |
|
|
Net income |
$ |
28,649 |
|
|
$ |
31,880 |
|
|
$ |
33,286 |
|
|
$ |
27,524 |
|
|
$ |
121,338 |
|
|
|
Income tax expense |
|
16,672 |
|
|
|
19,538 |
|
|
|
16,578 |
|
|
|
16,168 |
|
|
|
68,957 |
|
|
|
Interest expense |
|
4,802 |
|
|
|
4,784 |
|
|
|
4,789 |
|
|
|
4,095 |
|
|
|
18,470 |
|
|
|
Depreciation and
amortization |
|
9,482 |
|
|
|
9,525 |
|
|
|
9,538 |
|
|
|
9,164 |
|
|
|
37,709 |
|
|
|
Stock-based
compensation |
|
2,119 |
|
|
|
2,116 |
|
|
|
3,355 |
|
|
|
2,470 |
|
|
|
10,060 |
|
|
|
Impairment of
Intangibles |
|
- |
|
|
|
- |
|
|
|
1,087 |
|
|
|
- |
|
|
|
1,087 |
|
|
|
Other non-operating
(income) expense |
|
(8,069 |
) |
|
|
187 |
|
|
|
10 |
|
|
|
398 |
|
|
|
(7,474 |
) |
|
|
Operating EBITDA |
$ |
53,655 |
|
|
$ |
68,030 |
|
|
$ |
68,643 |
|
|
$ |
59,819 |
|
|
$ |
250,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Earnings2: |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
27,524 |
|
|
$ |
0.42 |
|
|
$ |
10,474 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment, net of
taxes |
|
307 |
|
|
|
- |
|
|
|
3,314 |
|
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ |
27,831 |
|
|
$ |
0.42 |
|
|
$ |
13,788 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average # of
Diluted Shares O/S |
|
66,224 |
|
|
|
|
|
71,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
$ |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
28,649 |
|
|
$ |
0.41 |
|
|
$ |
31,880 |
|
|
$ |
0.47 |
|
|
$ |
33,286 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment, net of
taxes |
|
211 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
126 |
|
|
|
- |
|
Impairment of intangibles, net of
taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
726 |
|
|
|
0.01 |
|
Branch Transactions, net of
taxes |
|
(5,274 |
) |
|
|
(0.07 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ |
23,586 |
|
|
$ |
0.33 |
|
|
$ |
31,880 |
|
|
$ |
0.47 |
|
|
$ |
34,138 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average # of
Diluted Shares O/S |
|
70,694 |
|
|
|
|
|
68,042 |
|
|
|
|
|
67,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Operating EBITDA is defined as earnings before interest,
taxes, depreciation, amortization, stock-based compensation, and
other non-operating income and expense. |
|
2Adjusted earnings and adjusted earnings per diluted share
reflect adjustments for non-recurring charges related to losses
incurred in connection with the Company’s extinguishment of
debt. Historically, we have also excluded income recognized
on the sale of former retail branch locations as well as an
impairment of intangibles. |
Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Mike Pettit
Vice President, Finance & Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com
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