Wabash (NYSE: WNC), the innovation leader of connected solutions
for the transportation, logistics and distribution industries,
today reported results for the quarter ended March 31, 2024.
The Company's net sales for the first quarter of
2024 were $515.3 million, reflecting a 17.0% decrease compared to
the same quarter of the previous year. The Company achieved
consolidated gross profit of $76 million, equivalent to 14.8%
of sales. Operating income amounted to $29.6 million, representing
5.7% of sales for the quarter. These results were somewhat lower
than prior expectations, primarily due to slower-than-anticipated
customer pickups of finished goods, which is necessary for revenue
recognition. First quarter diluted earnings per share was
$0.39.
As of March 31, 2024, total Company backlog
stood at approximately $1.8 billion, a decrease of 5% compared to
the fourth quarter of 2023 as new order activity nearly kept pace
with shipments during the first quarter of 2024. Backlog expected
to be shipped within the following 12-months amounted to
approximately $1.5 billion as of March 31, 2024.
"During the first quarter, customer pickups of
equipment lagged somewhat behind the pace of our production," said
Brent Yeagy, president and chief executive officer. "It's typical
for customer pickup rates to vary between quarters, especially in
slower years for the industry. We anticipate that the delays
experienced in the first quarter will be recovered in subsequent
quarters, particularly the second quarter."
For the full-year ending December 31, 2024, the
Company maintained its revenue outlook of approximately $2.2
billion to $2.4 billion with a midpoint of $2.3 billion and also
maintained its EPS guidance range of $2.00 to $2.50 with a midpoint
of $2.25.
“2024 is a pivotal year for our strategic
advancement. Despite a down year for dry vans, we view this as an
unprecedented opportunity to continue investing in our business,"
explained Yeagy. "We are strengthening our competitive position by
leveraging our dealer network to create national scale and
integrating digital solutions to better enable access to parts,
trailers and services across this network. With the ongoing
development of our Wabash Marketplace digital platform, we
anticipate streamlining the supply chain experience and offering
best in class access to parts, services as well as Trailers as a
Service (TAAS)SM."
Business Segment Highlights
The table below is a summary of select segment
operating and financial results prior to the elimination of
intersegment sales for the first quarter of 2024 and 2023. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
Wabash National Corporation |
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
|
|
|
New Units Shipped |
|
|
|
|
|
|
|
|
Trailers |
|
|
8,500 |
|
|
|
11,780 |
|
|
|
|
|
Truck bodies |
|
|
3,690 |
|
|
|
3,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation Solutions |
|
Parts & Services |
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
(Unaudited, dollars in thousands) |
Net sales |
|
$ |
470,428 |
|
|
$ |
578,071 |
|
|
$ |
49,234 |
|
|
$ |
47,140 |
|
Gross profit |
|
$ |
63,125 |
|
|
$ |
103,604 |
|
|
$ |
13,335 |
|
|
$ |
12,423 |
|
Gross profit margin |
|
|
13.4% |
|
|
|
17.9% |
|
|
|
27.1% |
|
|
|
26.4% |
|
Income from operations |
|
$ |
44,255 |
|
|
$ |
87,116 |
|
|
$ |
10,520 |
|
|
$ |
9,209 |
|
Income from operations margin |
|
|
9.4% |
|
|
|
15.1% |
|
|
|
21.4% |
|
|
|
19.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the first quarter, Transportation
Solutions achieved net sales of $470.4 million, a decrease of 18.6%
compared to the same quarter of the previous year. Operating income
for the quarter amounted to $44.3 million, representing 9.4% of
sales.
Parts & Services' net sales for the first
quarter reached $49.2 million, an increase of 4.4% compared to the
prior year quarter as the segment continued to make strides along
its path of strategic growth. Operating income for the quarter
amounted to $10.5 million, or 21.4% of sales.
Non-GAAP Measures
In 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
adjusted EBITDA, free cash flow, adjusted operating income and
margin, adjusted net income attributable to common stockholders,
adjusted diluted earnings per share, adjusted segment EBITDA, and
adjusted segment EBITDA margin. 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.
Adjusted EBITDA includes noncontrolling interest
& excludes loss from unconsolidated entity and is defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation, impairment and other, net, and other
non-operating income and expense (including any loss on debt
extinguishment charges). Management believes providing adjusted
EBITDA is useful for investors to understand the Company’s
performance and results of operations period to period with the
exclusion of the items identified above. Management believes the
presentation of adjusted EBITDA, when combined with the GAAP
presentations of operating income and net income, is beneficial to
an investor’s understanding of the Company’s operating performance.
A reconciliation of adjusted EBITDA to net income, the most
comparable GAAP financial measure, is included in the tables
following this release.
Free cash flow is defined as net cash provided
by (used in) operating activities minus cash payments for capital
expenditures minus expenditures for revenue generating assets.
Management believes providing free cash flow is useful for
investors to understand the Company’s performance and results of
cash generation period to period with the exclusion of the item
identified above. Management believes the presentation of free cash
flow, when combined with the GAAP presentations of cash provided by
operating activities, is beneficial to an investor’s understanding
of the Company’s operating performance. A reconciliation of free
cash flow to cash used in operating activities, the most comparable
GAAP financial measure, is included in the tables following this
release.
Adjusted operating income and margin, non-GAAP
financial measures, exclude certain costs, expenses, other charges,
gains or income that are included in the determination of operating
income under U.S. GAAP, but that management would not consider
important in evaluating the quality of the Company’s operating
results as they are not indicative of the Company’s core operating
results or may obscure trends useful in evaluating the Company’s
continuing activities. Accordingly, the Company presents adjusted
operating income and margin excluding these special items to help
investors evaluate our operating performance and trends in our
business consistent with how management evaluates such performance
and trends. Further, the Company presents adjusted operating income
and margin to provide investors with a better understanding of the
Company’s view of our results as compared to prior periods.
Adjusted operating income margin is calculated by dividing adjusted
operating income by total net sales. A reconciliation of adjusted
operating income to operating income, the most comparable GAAP
financial measure, is included in the tables following this
release.
Adjusted net income attributable to common
stockholders and adjusted diluted earnings per share reflect no
adjustments for any period presented. Management believes providing
adjusted measures and excluding certain items facilitates
comparisons to the Company’s prior year periods and, when combined
with the 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 net income
attributable to common stockholders and adjusted diluted earnings
per share to net income attributable to common stockholders and
diluted earnings per share, the most comparable GAAP financial
measures, are included in the tables following this release.
Adjusted segment EBITDA, a non-GAAP financial
measure, includes noncontrolling interest & excludes loss from
unconsolidated entity and is calculated by adding back segment
depreciation and amortization expense to segment operating income,
and excludes certain costs, expenses, other charges, gains or
income that are included in the determination of operating income
under GAAP, but that management would not consider important in
evaluating the quality of the Company’s segment operating results
as they are not indicative of each segment's core operating results
or may obscure trends useful in evaluating the segment's continuing
activities. Adjusted segment EBITDA Margin is calculated by
dividing Adjusted segment EBITDA by segment total net sales. A
reconciliation of adjusted segment EBITDA to income from
operations, the most comparable GAAP financial measure, is included
in the tables following this release.
Information reconciling any forward-looking
Adjusted EBITDA, Adjusted Operating Income, Adjusted Operating
Income Margin, Free Cash Flow, Adjusted EBITDA Margin, and Adjusted
EPS to GAAP financial measures is unavailable to us without
unreasonable effort. We cannot provide reconciliations of the above
noted forward looking non-GAAP measures to GAAP financial measures
because certain items required for such reconciliations are outside
of our control and/or cannot be reasonably predicted. Preparation
of such reconciliations would require a forward-looking balance
sheet, statement of income and statement of cash flows, prepared in
accordance with GAAP, and such forward-looking financial statements
are unavailable to us without unreasonable effort.
First Quarter
2024 Conference Call
Wabash will discuss its results during its
quarterly investor conference call on Wednesday, April 24,
2024, beginning at 12:00 p.m. EDT. The call and an
accompanying slide presentation will be accessible on the
"Investors" section of the Company’s website at www.onewabash.com.
The conference call will also be accessible by dialing (888)
672-2415, conference ID 4733976. A replay of the call will be
available on the site shortly after the conclusion of the
presentation.
About
Wabash (NYSE: WNC) is the visionary leader of
connected solutions for the transportation, logistics and
distribution industries that is Changing How the World Reaches
You®. Headquartered in Lafayette, Indiana, the company enables
customers to thrive by providing insight into tomorrow and
delivering pragmatic solutions today to move everything from first
to final mile. Wabash designs, manufactures, and services a diverse
range of products, including: dry freight and refrigerated
trailers, flatbed trailers, tank trailers, dry and refrigerated
truck bodies, structural composite panels and products, trailer
aerodynamic solutions, and specialty food grade processing
equipment. Learn more at www.onewabash.com.
Safe Harbor Statement
This 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, all
statements regarding the Company’s outlook for trailer and truck
body shipments, backlog, expectations regarding demand levels for
trailers, truck bodies, non-trailer equipment and our other
diversified product offerings, pricing, profitability and earnings,
cash flow and liquidity, opportunity to capture higher margin
sales, new product innovations, our growth and diversification
strategies, our expectations for improved financial performance
during the course of the year and our expectations with regards to
capital allocation. 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 highly cyclical nature of our
business, uncertain economic conditions including the possibility
that customer demand may not meet our expectations, our backlog may
not reflect future sales of our products, increased competition,
reliance on certain customers and corporate partnerships, risks of
customer pick-up delays, shortages and costs of raw materials
including the impact of tariffs or other international trade
developments, risks in implementing and sustaining improvements in
the Company’s manufacturing operations and cost containment,
dependence on industry trends and timing, supplier constraints,
labor costs and availability, customer acceptance of and reactions
to pricing changes, costs of indebtedness, and our ability to
execute on our long-term strategic plan. 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 BALANCE SHEETS (Unaudited - dollars in
thousands) |
|
|
March 31, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
115,786 |
|
|
$ |
179,271 |
|
Accounts receivable, net |
|
247,680 |
|
|
|
182,990 |
|
Inventories, net |
|
278,551 |
|
|
|
267,635 |
|
Prepaid expenses and other |
|
45,477 |
|
|
|
51,457 |
|
Total current assets |
|
687,494 |
|
|
|
681,353 |
|
Property, plant, and equipment, net |
|
335,574 |
|
|
|
325,444 |
|
Goodwill |
|
188,407 |
|
|
|
188,409 |
|
Intangible assets, net |
|
83,262 |
|
|
|
86,418 |
|
Investment in unconsolidated entity |
|
161 |
|
|
|
1,647 |
|
Other assets |
|
83,631 |
|
|
|
79,543 |
|
Total assets |
$ |
1,378,529 |
|
|
$ |
1,362,814 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
Accounts payable |
|
211,819 |
|
|
|
156,608 |
|
Other accrued liabilities |
|
156,770 |
|
|
|
195,601 |
|
Total current liabilities |
|
368,589 |
|
|
|
352,209 |
|
Long-term debt |
|
396,631 |
|
|
|
396,465 |
|
Deferred income taxes |
|
13,528 |
|
|
|
17,013 |
|
Other non-current liabilities |
|
53,575 |
|
|
|
47,028 |
|
Total liabilities |
|
832,323 |
|
|
|
812,715 |
|
Commitments and contingencies |
|
|
|
Noncontrolling interest |
|
120 |
|
|
|
603 |
|
Wabash National Corporation stockholders’ equity: |
|
|
|
Common stock 200,000,000 shares authorized, $0.01 par value,
45,139,571 and 45,393,260 shares outstanding, respectively |
|
780 |
|
|
|
774 |
|
Additional paid-in capital |
|
681,133 |
|
|
|
677,886 |
|
Retained earnings |
|
418,938 |
|
|
|
403,923 |
|
Accumulated other comprehensive income (loss) |
|
32 |
|
|
|
(428 |
) |
Treasury stock at cost, 32,968,560 and 32,128,755 common shares,
respectively |
|
(554,797 |
) |
|
|
(532,659 |
) |
Total Wabash National Corporation stockholders' equity |
|
546,086 |
|
|
|
549,496 |
|
Total liabilities, noncontrolling interest, and equity |
$ |
1,378,529 |
|
|
$ |
1,362,814 |
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars
in thousands, except per share amounts) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net sales |
$ |
515,276 |
|
|
$ |
620,952 |
|
Cost of sales |
|
438,830 |
|
|
|
504,925 |
|
Gross profit |
|
76,446 |
|
|
|
116,027 |
|
General and administrative expenses |
|
36,673 |
|
|
|
36,040 |
|
Selling expenses |
|
7,042 |
|
|
|
6,884 |
|
Amortization of intangible assets |
|
3,156 |
|
|
|
3,203 |
|
Income from operations |
|
29,575 |
|
|
|
69,900 |
|
Other income (expense): |
|
|
|
Interest expense |
|
(4,988 |
) |
|
|
(4,994 |
) |
Other, net |
|
1,609 |
|
|
|
387 |
|
Other expense, net |
|
(3,379 |
) |
|
|
(4,607 |
) |
Loss from unconsolidated entity |
|
(1,486 |
) |
|
|
— |
|
Income before income tax expense |
|
24,710 |
|
|
|
65,293 |
|
Income tax expense |
|
6,423 |
|
|
|
13,897 |
|
Net income |
|
18,287 |
|
|
|
51,396 |
|
Net income attributable to noncontrolling interest |
|
120 |
|
|
|
183 |
|
Net income attributable to common stockholders |
$ |
18,167 |
|
|
$ |
51,213 |
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders per
share: |
|
|
|
Basic |
$ |
0.40 |
|
|
$ |
1.07 |
|
Diluted |
$ |
0.39 |
|
|
$ |
1.04 |
|
Weighted average common shares outstanding (in
thousands): |
|
|
|
Basic |
|
45,383 |
|
|
|
47,770 |
|
Diluted |
|
46,254 |
|
|
|
49,136 |
|
|
|
|
|
Dividends declared per share |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars
in thousands) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Cash flows from operating activities |
|
|
|
Net income |
$ |
18,287 |
|
|
$ |
51,396 |
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities |
|
|
|
Depreciation |
|
9,580 |
|
|
|
6,493 |
|
Amortization of intangibles |
|
3,156 |
|
|
|
3,203 |
|
Deferred income taxes |
|
(3,574 |
) |
|
|
39 |
|
Stock-based compensation |
|
3,246 |
|
|
|
2,766 |
|
Non-cash interest expense |
|
237 |
|
|
|
244 |
|
Equity in loss of unconsolidated entity |
|
1,486 |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
(64,690 |
) |
|
|
(1,021 |
) |
Inventories |
|
(10,916 |
) |
|
|
(71,773 |
) |
Prepaid expenses and other |
|
772 |
|
|
|
(3,156 |
) |
Accounts payable and accrued liabilities |
|
22,203 |
|
|
|
81,735 |
|
Other, net |
|
2,803 |
|
|
|
(442 |
) |
Net cash (used in) provided by operating activities |
|
(17,410 |
) |
|
|
69,484 |
|
Cash flows from investing activities |
|
|
|
Cash payments for capital expenditures |
|
(19,185 |
) |
|
|
(31,423 |
) |
Expenditures for revenue generating assets |
|
— |
|
|
|
— |
|
Proceeds from the sale of assets |
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
(19,185 |
) |
|
|
(31,423 |
) |
Cash flows from financing activities |
|
|
|
Proceeds from exercise of stock options |
|
7 |
|
|
|
144 |
|
Dividends paid |
|
(4,151 |
) |
|
|
(4,551 |
) |
Borrowings under revolving credit facilities |
|
232 |
|
|
|
43,294 |
|
Payments under revolving credit facilities |
|
(232 |
) |
|
|
(43,294 |
) |
Debt issuance costs paid |
|
(5 |
) |
|
|
(88 |
) |
Stock repurchases |
|
(22,138 |
) |
|
|
(23,566 |
) |
Distribution to noncontrolling interest |
|
(603 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(26,890 |
) |
|
|
(28,061 |
) |
Cash and cash equivalents: |
|
|
|
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
|
(63,485 |
) |
|
|
10,000 |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
179,271 |
|
|
|
58,245 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
115,786 |
|
|
$ |
68,245 |
|
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION SEGMENTS AND
RELATED INFORMATION (Unaudited - dollars in
thousands) |
|
|
|
Wabash National Corporation |
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
|
|
|
Units Shipped |
|
|
|
|
|
|
|
|
New trailers |
|
|
8,500 |
|
|
11,780 |
|
|
|
|
New truck bodies |
|
|
3,690 |
|
|
3,815 |
|
|
|
|
Used trailers |
|
|
15 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Transportation Solutions |
|
Parts & Services |
|
Corporate and Eliminations |
|
Consolidated |
2024 |
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
366,158 |
|
$ |
— |
|
$ |
(820 |
) |
|
$ |
365,338 |
Used Trailers |
|
|
— |
|
|
1,344 |
|
|
— |
|
|
|
1,344 |
Components, parts and service |
|
|
— |
|
|
35,630 |
|
|
— |
|
|
|
35,630 |
Equipment and other |
|
|
104,270 |
|
|
12,260 |
|
|
(3,566 |
) |
|
|
112,964 |
Total net external sales |
|
$ |
470,428 |
|
$ |
49,234 |
|
$ |
(4,386 |
) |
|
$ |
515,276 |
Gross profit |
|
$ |
63,125 |
|
$ |
13,335 |
|
$ |
— |
|
|
$ |
76,460 |
Income (loss) from operations |
|
$ |
44,255 |
|
$ |
10,520 |
|
$ |
(25,200 |
) |
|
$ |
29,575 |
Adjusted income (loss) from operations1 |
|
$ |
44,255 |
|
$ |
10,520 |
|
$ |
(25,200 |
) |
|
$ |
29,575 |
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
485,248 |
|
$ |
124 |
|
$ |
(362 |
) |
|
$ |
485,010 |
Used Trailers |
|
|
— |
|
|
539 |
|
|
— |
|
|
|
539 |
Components, parts and service |
|
|
— |
|
|
35,682 |
|
|
— |
|
|
|
35,682 |
Equipment and other |
|
|
92,823 |
|
|
10,795 |
|
|
(3,897 |
) |
|
|
99,721 |
Total net external sales |
|
$ |
578,071 |
|
$ |
47,140 |
|
$ |
(4,259 |
) |
|
$ |
620,952 |
Gross profit |
|
$ |
103,604 |
|
$ |
12,423 |
|
$ |
— |
|
|
$ |
116,027 |
Income (loss) from operations |
|
$ |
87,116 |
|
$ |
9,209 |
|
$ |
(26,425 |
) |
|
$ |
69,900 |
Adjusted income (loss) from operations1 |
|
$ |
87,116 |
|
$ |
9,209 |
|
$ |
(26,425 |
) |
|
$ |
69,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Adjusted operating income (loss), a non-GAAP
financial measure, excludes certain costs, expenses, other charges,
gains or income that are included in the determination of operating
income (loss) under U.S. GAAP, but that management would not
consider important in evaluating the quality of the Company’s
operating results as they are not indicative of the Company’s core
operating results or may obscure trends useful in evaluating the
Company’s continuing activities. Accordingly, the Company presents
adjusted operating income (loss) excluding these special items to
help investors evaluate our operating performance and trends in our
business consistent with how management evaluates such performance
and trends. Further, the Company presents adjusted operating income
(loss) to provide investors with a better understanding of the
Company’s view of our results as compared to prior periods.
WABASH
NATIONAL CORPORATION SEGMENT AND COMPANY FINANCIAL
INFORMATION (Unaudited - dollars in thousands) |
|
Adjusted Operating Income1 |
Three Months Ended March 31, |
|
2024 |
|
2023 |
Transportation Solutions |
|
|
|
Income from operations |
$ |
44,255 |
|
|
$ |
87,116 |
|
Adjustments: |
|
|
|
N/A |
|
— |
|
|
|
— |
|
Adjusted operating income |
|
44,255 |
|
|
|
87,116 |
|
|
|
|
|
Parts & Services |
|
|
|
Income from operations |
|
10,520 |
|
|
|
9,209 |
|
Adjustments: |
|
|
|
N/A |
|
— |
|
|
|
— |
|
Adjusted operating income |
|
10,520 |
|
|
|
9,209 |
|
|
|
|
|
Corporate |
|
|
|
Loss from operations |
|
(25,200 |
) |
|
|
(26,425 |
) |
Adjustments: |
|
|
|
N/A |
|
— |
|
|
|
— |
|
Adjusted operating loss |
|
(25,200 |
) |
|
|
(26,425 |
) |
|
|
|
|
Consolidated |
|
|
|
Income from operations |
|
29,575 |
|
|
|
69,900 |
|
Adjustments: |
|
|
|
N/A |
|
— |
|
|
|
— |
|
Adjusted operating income |
$ |
29,575 |
|
|
$ |
69,900 |
|
|
|
|
|
|
|
|
|
1 Adjusted operating income (loss), a non-GAAP
financial measure, excludes certain costs, expenses, other charges,
gains or income that are included in the determination of operating
income (loss) under U.S. GAAP, but that management would not
consider important in evaluating the quality of the Company’s
operating results as they are not indicative of the Company’s core
operating results or may obscure trends useful in evaluating the
Company’s continuing activities. Accordingly, the Company presents
adjusted operating income (loss) excluding these special items to
help investors evaluate our operating performance and trends in our
business consistent with how management evaluates such performance
and trends. Further, the Company presents adjusted operating income
(loss) to provide investors with a better understanding of the
Company’s view of our results as compared to prior periods.
WABASH NATIONAL CORPORATION RECONCILIATION
OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES (Unaudited - dollars in thousands, except per
share amounts) |
|
Adjusted
EBITDA1: |
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net income |
$ |
18,287 |
|
|
$ |
51,396 |
|
Income tax expense |
|
6,423 |
|
|
|
13,897 |
|
Interest expense |
|
4,988 |
|
|
|
4,994 |
|
Depreciation and amortization |
|
12,736 |
|
|
|
9,696 |
|
Stock-based compensation |
|
3,246 |
|
|
|
2,766 |
|
Other, net |
|
(1,609 |
) |
|
|
(387 |
) |
Loss from unconsolidated entity |
|
1,486 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
45,557 |
|
|
$ |
82,362 |
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Common
Stockholders2: |
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net income attributable to common stockholders |
$ |
18,167 |
|
$ |
51,213 |
Adjustments: |
|
|
|
N/A |
|
— |
|
|
— |
Adjusted net income attributable to common stockholders |
$ |
18,167 |
|
$ |
51,213 |
|
|
|
|
|
|
Adjusted Diluted Earnings Per
Share2: |
Three Months Ended March 31, |
|
2024 |
|
2023 |
Diluted earnings per share |
$ |
0.39 |
|
$ |
1.04 |
Adjustments: |
|
|
|
N/A |
|
— |
|
|
— |
Adjusted diluted earnings per share |
$ |
0.39 |
|
$ |
1.04 |
|
|
|
|
Weighted average diluted shares outstanding (in thousands) |
|
46,254 |
|
|
49,136 |
|
|
|
|
|
|
1 Adjusted EBITDA includes noncontrolling
interest & excludes loss from unconsolidated entity and is
defined as earnings before interest, taxes, depreciation,
amortization, stock-based compensation, impairment and other, net,
and other non-operating income and expense (including any loss on
debt extinguishment charges). Management believes providing
adjusted EBITDA is useful for investors to understand the Company’s
performance and results of operations period to period with the
exclusion of the items identified above. Management believes the
presentation of adjusted EBITDA, when combined with the GAAP
presentations of operating income and net income, is beneficial to
an investor’s understanding of the Company’s operating
performance.
2 Adjusted net income attributable to common
stockholders and adjusted diluted earnings per share reflect no
adjustments for any period presented.
WABASH
NATIONAL CORPORATION RECONCILIATION OF FREE CASH
FLOW1 (Unaudited - dollars in
thousands) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Net cash (used in) provided by operating activities |
$ |
(17,410 |
) |
|
$ |
69,484 |
|
Cash
payments for capital expenditures |
|
(19,185 |
) |
|
|
(31,423 |
) |
Expenditures
for revenue generating assets |
|
— |
|
|
|
— |
|
Free cash
flow1 |
$ |
(36,595 |
) |
|
$ |
38,061 |
|
|
|
|
|
|
|
|
|
1 Free cash flow is defined as net cash (used
in) provided by operating activities minus cash payments for
capital expenditures minus expenditures for revenue generating
assets. Management believes providing free cash flow is useful for
investors to understand the Company’s performance and results of
cash generation period to period with the exclusion of the item
identified above. Management believes the presentation of free cash
flow, when combined with the GAAP presentations of cash (used in)
provided by operating activities, is beneficial to an investor’s
understanding of the Company’s operating performance.
WABASH NATIONAL CORPORATION RECONCILIATION
OF ADJUSTED SEGMENT EBITDA1 AND
ADJUSTED SEGMENT EBITDA MARGIN1
(Unaudited - dollars in thousands) |
|
|
Transportation Solutions |
|
Parts & Services |
Three Months Ended March 31, |
2024 |
|
2023 |
|
2024 |
|
2023 |
Income from operations |
$ |
44,255 |
|
|
$ |
87,116 |
|
|
$ |
10,520 |
|
|
$ |
9,209 |
|
Depreciation and amortization |
|
11,332 |
|
|
|
8,628 |
|
|
|
547 |
|
|
|
496 |
|
Adjusted segment EBITDA |
$ |
55,587 |
|
|
$ |
95,744 |
|
|
$ |
11,067 |
|
|
$ |
9,705 |
|
|
|
|
|
|
|
|
|
Adjusted segment EBITDA margin |
|
11.8 |
% |
|
|
16.6 |
% |
|
|
22.5 |
% |
|
|
20.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Adjusted segment EBITDA, a non-GAAP financial
measure, includes noncontrolling interest & excludes loss from
unconsolidated entity and is calculated by adding back segment
depreciation and amortization expense to segment operating income,
and excludes certain costs, expenses, other charges, gains or
income that are included in the determination of operating income
under GAAP, but that management would not consider important in
evaluating the quality of the Company’s segment operating results
as they are not indicative of each segment's core operating results
or may obscure trends useful in evaluating the segment's continuing
activities. Adjusted segment EBITDA margin is calculated by
dividing Adjusted segment EBITDA by segment total net sales.
Media Contact: Dana Stelsel
Director, Communications (765) 771-5766
dana.stelsel@onewabash.com
Investor Relations: Ryan Reed VP,
Corporate Development, IR and FP&A (765) 490-5664
ryan.reed@onewabash.com
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