Wabash National Corporation (NYSE: WNC), the innovation leader of
engineered solutions for the transportation, logistics and
distribution industries, today reported results for the quarter
ended March 31, 2020.
Net sales for the first quarter 2020 were $387
million as customer pickups of equipment trailed expectations.
Operating loss was $110 million principally driven by goodwill
impairment of $107 million during the quarter, while non-GAAP
adjusted operating loss was $2.9 million resulting from lower
revenue and previously anticipated manufacturing inefficiencies in
the company's Final Mile segment compounded by the initial impact
of COVID-19. GAAP earnings per share was $(2.01) while non-GAAP
earnings per share was $(0.04) for the quarter.
Total Company backlog ending March 2020 was
approximately $1.0 billion compared to backlog of $1.1 billion
ending December 2019.
“While the environment we encountered during the
first quarter began as expected, the end of the quarter did not
align to anyone's plans. Our primary objective has been the safety
and well-being of our employees. Thanks to their dedication and
rapid adaptation to working under social distancing protocols, we
have continued to support our customers' equipment needs as they
facilitate the movement of essential goods throughout our nation's
economy. The COVID-19 pandemic is sure to have a significant impact
on the economy in 2020, though we have been encouraged by the
relative stability of our backlog through this time,” explained
Brent Yeagy, president and chief executive officer.
Liquidity as of the end of the first quarter was
$277 million with cash of $155 million and available borrowings of
$122 million. The company's nearest debt maturity, amounting to
$135 million, is in March of 2022. Additionally, the Company's debt
carries no financial covenants at present borrowing
levels.
"Over the last several years we have been
preparing the company for an eventual downturn in our end markets
and have taken steps to fortify our balance sheet by building cash,
repaying debt and ensuring credit availability. These steps have
positioned us well to successfully navigate this extraordinary
time, while the continued execution of our strategic plan during
this period will allow us to emerge stronger," continued Yeagy.
"While we are diligently managing our cash position, the resilience
we are seeing in our business allows us to maintain our dividend
and evaluate opportunities for further debt reduction."
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 2020 and 2019. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
Three Months Ended
March 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(dollars in thousands) |
New trailers shipped |
|
8,525 |
|
|
12,400 |
|
|
625 |
|
|
700 |
|
|
— |
|
|
— |
|
Net sales |
|
$ |
250,975 |
|
|
$ |
341,045 |
|
|
$ |
82,958 |
|
|
$ |
99,648 |
|
|
$ |
60,270 |
|
|
$ |
100,849 |
|
Gross profit |
|
$ |
23,843 |
|
|
$ |
35,940 |
|
|
$ |
15,141 |
|
|
$ |
20,099 |
|
|
$ |
(244 |
) |
|
$ |
13,524 |
|
Gross profit margin |
|
9.5 |
% |
|
10.5 |
% |
|
18.3 |
% |
|
20.2 |
% |
|
(0.4 |
%) |
|
13.4 |
% |
Income (loss) from
operations |
|
$ |
15,871 |
|
|
$ |
26,321 |
|
|
$ |
(6,070 |
) |
|
$ |
8,044 |
|
|
$ |
(108,041 |
) |
|
$ |
1,869 |
|
Income (loss) from operations
margin |
|
6.3 |
% |
|
7.7 |
% |
|
(7.3 |
%) |
|
8.1 |
% |
|
(179.3 |
%) |
|
1.9 |
% |
Adjusted income (loss) from
operations |
|
$ |
16,248 |
|
|
$ |
26,321 |
|
|
$ |
4,901 |
|
|
$ |
8,044 |
|
|
$ |
(12,275 |
) |
|
$ |
1,869 |
|
Adjusted income (loss) from
operations margin |
|
6.5 |
% |
|
7.7 |
% |
|
5.9 |
% |
|
8.1 |
% |
|
(20.4 |
%) |
|
1.9 |
% |
Commercial Trailer Products’ net sales for the
first quarter were $251 million, a decrease of $90.1 million, or
26.4 percent as compared to the prior year quarter as a result of
an anticipated normalization of market demand as well as slower
customer pickups of equipment. Operating income decreased $10.5
million, or 39.7 percent, from the first quarter last year to $15.9
million as a result of volume leverage on lower revenues during the
quarter.
Diversified Products’ net sales for the first
quarter were $83 million, a decrease of $16.7 million, or 16.7
percent, as compared to the prior year. While the tank trailer
business showed relative stability, revenue was more than offset by
lower volumes in the composites business. Operating loss in the
first quarter of 2020 was $6.1 million, impacted by a noncash
goodwill impairment of $11.0 million during the quarter related to
the 2012 acquisition of the Walker Group. Operating income on a
non-GAAP adjusted basis was $4.9 million
Final Mile Products’ net sales for the first
quarter totaled $60 million, a decrease of $40.6 million, or 40.2
percent, as compared to the prior year, due to slower customer
pickups and softer demand compounded by COVID-19. Operating loss
was $108 million after a noncash goodwill impairment charge of
$95.8 million during the quarter related to the 2017 acquisition of
Supreme Industries. Operating loss on a non-GAAP adjusted basis was
$12.3 million due to previously anticipated manufacturing
inefficiencies related to demand patterns and product mix as well
as negative impacts from COVID-19.
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
operating EBITDA, adjusted operating income, adjusted net (loss)
income and adjusted earnings per 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 (loss) 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, and other non-operating income and
expense. Management believes providing operating 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 operating
EBITDA, when combined with the GAAP presentations of operating
(loss) income and net (loss) income, is beneficial to an investor’s
understanding of the Company’s operating performance. A
reconciliation of operating EBITDA to net (loss) income is included
in the tables following this release.
Adjusted operating (loss) income, a non-GAAP
financial measure, excludes certain costs, expenses, other charges,
gains or income that are included in the determination of operating
(loss) 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 (loss) income 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 (loss)
income to provide investors with a better understanding of the
Company’s view of our results as compared to prior periods. A
reconciliation of adjusted operating (loss) income to operating
(loss) income, the most comparable GAAP financial measure, is
included in the tables following this press release.
Adjusted net (loss) income and adjusted earnings
per basic (2020) or diluted (2019) share, each reflect adjustments
for non-cash goodwill impairment and gains and/or losses incurred
for the sale or closure of former Company locations, and the
related tax effects of these adjustments. 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 (loss) income and basic (2020)
and diluted (2019) net (loss) income per share, is beneficial to an
investor’s understanding of the Company’s performance. A
reconciliation of each of adjusted net (loss) income and adjusted
earnings per basic or diluted share to net (loss) income and net
(loss) income per basic or diluted share is included in the tables
following this release.
First Quarter 2020 Conference
Call
Wabash National will discuss its results during
its quarterly investor conference call on Thursday, May 14,
2020, beginning at 10:00 a.m. EDT. The call and an accompanying
slide presentation will be accessible on the "Investors" section of
the Company’s website www.wabashnational.com. The conference call
will also be accessible by dialing (844) 778-4139, conference ID
8099552. A replay of the call will be available on the site shortly
after the conclusion of the presentation.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash
National Corporation (NYSE: WNC) is a diversified industrial
manufacturer and a leading producer of semi-trailers, truck bodies
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, 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®, Supreme®,
Transcraft®, Walker Engineered Products, and Walker Transport.
Learn more at www.wabashnational.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 a continued or prolonged shutdown or
reduction of our operations, substantially reduced customer orders
or sales volumes and supply disruptions due to the coronavirus
(COVID-19) outbreak, the continued integration of Supreme into the
Company’s business, adverse reactions to the transaction by
customers, suppliers or strategic partners, 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 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 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
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited - dollars in thousands)
|
|
March 31, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
154,587 |
|
|
$ |
140,516 |
|
Accounts receivable, net |
|
138,215 |
|
|
172,737 |
|
Inventories |
|
245,915 |
|
|
186,914 |
|
Prepaid expenses and other |
|
38,340 |
|
|
41,222 |
|
Total current assets |
|
577,057 |
|
|
541,389 |
|
Property, plant, and
equipment, net |
|
220,546 |
|
|
221,346 |
|
Goodwill |
|
204,420 |
|
|
311,026 |
|
Intangible assets, net |
|
184,332 |
|
|
189,898 |
|
Other assets |
|
39,056 |
|
|
40,932 |
|
Total assets |
|
$ |
1,225,411 |
|
|
$ |
1,304,591 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt |
|
$ |
— |
|
|
$ |
— |
|
Current portion of finance lease obligations |
|
332 |
|
|
327 |
|
Accounts payable |
|
148,331 |
|
|
134,821 |
|
Other accrued liabilities |
|
120,872 |
|
|
124,230 |
|
Total current liabilities |
|
269,535 |
|
|
259,378 |
|
Long-term debt |
|
500,591 |
|
|
455,386 |
|
Finance lease obligations |
|
293 |
|
|
378 |
|
Deferred income taxes |
|
34,276 |
|
|
37,576 |
|
Other non-current
liabilities |
|
26,747 |
|
|
30,885 |
|
Total liabilities |
|
831,442 |
|
|
783,603 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock 200,000,000 shares authorized, $0.01 par value,
52,848,721 and 53,473,620 shares outstanding, respectively |
|
753 |
|
|
750 |
|
Additional paid-in capital |
|
637,997 |
|
|
638,917 |
|
Retained earnings |
|
111,309 |
|
|
221,841 |
|
Accumulated other comprehensive losses |
|
(9,497 |
) |
|
(3,978 |
) |
Treasury stock at cost, 22,498,930 and 21,640,109 common shares,
respectively |
|
(346,593 |
) |
|
(336,542 |
) |
Total stockholders' equity |
|
393,969 |
|
|
520,988 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,225,411 |
|
|
$ |
1,304,591 |
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited - dollars in thousands, except per
share amounts)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Net sales |
|
$ |
387,074 |
|
|
$ |
533,174 |
|
Cost of sales |
|
350,331 |
|
|
464,484 |
|
Gross profit |
|
36,743 |
|
|
68,690 |
|
General and administrative
expenses |
|
26,192 |
|
|
30,140 |
|
Selling expenses |
|
7,998 |
|
|
8,223 |
|
Amortization of intangible
assets |
|
5,495 |
|
|
5,129 |
|
Impairment |
|
107,114 |
|
|
— |
|
(Loss) income from operations |
|
(110,056 |
) |
|
25,198 |
|
Other income (expense): |
|
|
|
|
Interest expense |
|
(6,272 |
) |
|
(7,090 |
) |
Other, net |
|
120 |
|
|
(169 |
) |
Other expense, net |
|
(6,152 |
) |
|
(7,259 |
) |
(Loss) income before income
tax (benefit) expense |
|
(116,208 |
) |
|
17,939 |
|
Income tax (benefit)
expense |
|
(9,561 |
) |
|
3,159 |
|
Net (loss) income |
|
$ |
(106,647 |
) |
|
$ |
14,780 |
|
|
|
|
|
|
Net (loss) income per
share: |
|
|
|
|
Basic |
|
$ |
(2.01 |
) |
|
$ |
0.27 |
|
Diluted |
|
$ |
(2.01 |
) |
|
$ |
0.27 |
|
Weighted average
common shares outstanding (in thousands): |
|
|
|
|
Basic |
|
53,156 |
|
|
55,268 |
|
Diluted |
|
53,156 |
|
|
55,770 |
|
|
|
|
|
|
Dividends declared per
share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited - dollars in thousands)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Cash flows from
operating activities |
|
|
|
|
Net (loss) income |
|
$ |
(106,647 |
) |
|
$ |
14,780 |
|
Adjustments to reconcile net
(loss) income to net cash (used in) provided by operating
activities |
|
|
|
|
Depreciation |
|
5,624 |
|
|
5,420 |
|
Amortization of intangibles |
|
5,495 |
|
|
5,129 |
|
Net gain on sale of property, plant and equipment |
|
(3 |
) |
|
486 |
|
Deferred income taxes |
|
(1,849 |
) |
|
(2,281 |
) |
Stock-based compensation |
|
(917 |
) |
|
2,586 |
|
Impairment |
|
107,114 |
|
|
— |
|
Non-cash interest expense |
|
265 |
|
|
260 |
|
Accounts receivable |
|
34,522 |
|
|
(4,681 |
) |
Inventories |
|
(59,001 |
) |
|
(72,576 |
) |
Prepaid expenses and other |
|
(838 |
) |
|
(1,279 |
) |
Accounts payable and accrued liabilities |
|
8,235 |
|
|
84,770 |
|
Other, net |
|
(2,054 |
) |
|
1,152 |
|
Net cash (used in) provided by operating activities |
|
$ |
(10,054 |
) |
|
$ |
33,766 |
|
Cash flows from
investing activities |
|
|
|
|
Capital expenditures |
|
(6,278 |
) |
|
(6,802 |
) |
Proceeds from the sale of property, plant, and equipment |
|
25 |
|
|
29 |
|
Net cash used in investing activities |
|
$ |
(6,253 |
) |
|
$ |
(6,773 |
) |
Cash flows from
financing activities |
|
|
|
|
Proceeds from exercise of stock options |
|
— |
|
|
55 |
|
Dividends paid |
|
(4,482 |
) |
|
(4,627 |
) |
Borrowings under revolving credit facilities |
|
45,040 |
|
|
140 |
|
Payments under revolving credit facilities |
|
(40 |
) |
|
(140 |
) |
Principal payments under finance lease obligations |
|
(80 |
) |
|
(75 |
) |
Principal payments under term loan credit facility |
|
— |
|
|
(470 |
) |
Debt issuance costs paid |
|
(9 |
) |
|
(15 |
) |
Stock repurchase |
|
(10,051 |
) |
|
(2,635 |
) |
Net cash provided by (used in) financing activities |
|
$ |
30,378 |
|
|
$ |
(7,767 |
) |
Cash and cash
equivalents: |
|
|
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
$ |
14,071 |
|
|
$ |
19,226 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
140,516 |
|
|
132,690 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
154,587 |
|
|
$ |
151,916 |
|
WABASH NATIONAL
CORPORATIONSEGMENTS AND RELATED
INFORMATION(Unaudited - dollars in thousands)
Three Months Ended
March 31, |
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
|
Corporate and Eliminations |
|
Consolidated |
2020 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
8,525 |
|
|
625 |
|
|
— |
|
|
— |
|
|
9,150 |
|
Used trailers shipped |
|
35 |
|
|
35 |
|
|
— |
|
|
— |
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
237,901 |
|
|
$ |
43,312 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
281,213 |
|
Used Trailers |
|
318 |
|
|
1,210 |
|
|
— |
|
|
— |
|
|
1,528 |
|
Components, parts and service |
|
9,272 |
|
|
26,082 |
|
|
3,722 |
|
|
(7,100 |
) |
|
31,976 |
|
Equipment and other |
|
3,484 |
|
|
12,354 |
|
|
56,548 |
|
|
(29 |
) |
|
72,357 |
|
Total net external sales |
|
$ |
250,975 |
|
|
$ |
82,958 |
|
|
$ |
60,270 |
|
|
$ |
(7,129 |
) |
|
$ |
387,074 |
|
Gross profit |
|
$ |
23,843 |
|
|
$ |
15,141 |
|
|
$ |
(244 |
) |
|
$ |
(1,997 |
) |
|
$ |
36,743 |
|
Income (loss) from operations |
|
$ |
15,871 |
|
|
$ |
(6,070 |
) |
|
$ |
(108,041 |
) |
|
$ |
(11,816 |
) |
|
$ |
(110,056 |
) |
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
|
12,400 |
|
|
|
700 |
|
|
— |
|
|
— |
|
|
13,100 |
|
Used trailers shipped |
|
|
50 |
|
|
|
25 |
|
|
— |
|
|
— |
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
325,819 |
|
|
$ |
45,799 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
371,618 |
|
Used Trailers |
|
137 |
|
|
587 |
|
|
— |
|
|
— |
|
|
724 |
|
Components, parts and service |
|
10,333 |
|
|
35,884 |
|
|
3,416 |
|
|
(7,920 |
) |
|
41,713 |
|
Equipment and other |
|
4,756 |
|
|
17,378 |
|
|
97,433 |
|
|
(448 |
) |
|
119,119 |
|
Total net external sales |
|
$ |
341,045 |
|
|
$ |
99,648 |
|
|
$ |
100,849 |
|
|
$ |
(8,368 |
) |
|
$ |
533,174 |
|
Gross profit |
|
$ |
35,940 |
|
|
$ |
20,099 |
|
|
$ |
13,524 |
|
|
$ |
(873 |
) |
|
$ |
68,690 |
|
Income (loss) from operations |
|
$ |
26,321 |
|
|
$ |
8,044 |
|
|
$ |
1,869 |
|
|
$ |
(11,036 |
) |
|
$ |
25,198 |
|
WABASH NATIONAL
CORPORATIONSEGMENT AND COMPANY FINANCIAL
INFORMATION(Unaudited - dollars in thousands)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Commercial Trailer
Products |
|
|
|
|
Income from operations |
|
$ |
15,871 |
|
|
$ |
26,321 |
|
Adjustments: |
|
|
|
|
Impairment |
|
377 |
|
|
— |
|
Adjusted operating income |
|
$ |
16,248 |
|
|
$ |
26,321 |
|
|
|
|
|
|
Diversified
Products |
|
|
|
|
(Loss) income from operations |
|
(6,070 |
) |
|
8,044 |
|
Adjustments: |
|
|
|
|
Impairment |
|
10,971 |
|
|
— |
|
Adjusted operating income |
|
4,901 |
|
|
8,044 |
|
|
|
|
|
|
Final Mile
Products |
|
|
|
|
(Loss) income from operations |
|
(108,041 |
) |
|
1,869 |
|
Adjustments: |
|
|
|
|
Impairment |
|
95,766 |
|
|
— |
|
Adjusted operating (loss) income |
|
(12,275 |
) |
|
1,869 |
|
|
|
|
|
|
Corporate |
|
|
|
|
Loss from operations |
|
(11,816 |
) |
|
(11,036 |
) |
|
|
|
|
|
Consolidated |
|
|
|
|
(Loss) income from operations |
|
(110,056 |
) |
|
25,198 |
|
Adjustments: |
|
|
|
|
Impairment |
|
107,114 |
|
|
— |
|
Adjusted operating (loss) income |
|
$ |
(2,942 |
) |
|
$ |
25,198 |
|
WABASH NATIONAL
CORPORATIONRECONCILIATION OF GAAP FINANCIAL
MEASURES TONON-GAAP FINANCIAL
MEASURES(Unaudited - dollars in thousands, except per
share amounts)
Operating
EBITDA¹: |
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Net (loss) income |
|
$ |
(106,647 |
) |
|
$ |
14,780 |
|
Income tax (benefit)
expense |
|
(9,561 |
) |
|
3,159 |
|
Interest expense |
|
6,272 |
|
|
7,090 |
|
Depreciation and
amortization |
|
11,119 |
|
|
10,549 |
|
Stock-based compensation |
|
(917 |
) |
|
2,586 |
|
Impairment |
|
107,114 |
|
|
— |
|
Other, net |
|
(120 |
) |
|
169 |
|
Operating EBITDA |
|
$ |
7,260 |
|
|
$ |
38,333 |
|
Adjusted Net (Loss)
Income²: |
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Net (loss) income |
|
$ |
(106,647 |
) |
|
$ |
14,780 |
|
Adjustments: |
|
|
|
|
Facility transactions³ |
|
— |
|
|
488 |
|
Impairment |
|
107,114 |
|
|
— |
|
Tax effect of aforementioned items |
|
(2,786 |
) |
|
(126 |
) |
Adjusted net (loss)
income |
|
$ |
(2,319 |
) |
|
$ |
15,142 |
|
Adjusted Basic (2020)
and Diluted (2019) Earnings Per Share²: |
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Basic (2020) and diluted (2019) earnings per share |
|
$ |
(2.01 |
) |
|
$ |
0.27 |
|
Adjustments: |
|
|
|
|
Facility transactions³ |
|
— |
|
|
— |
|
Impairment |
|
2.02 |
|
|
— |
|
Tax effect of aforementioned items |
|
(0.05 |
) |
|
— |
|
Adjusted basic (2020) and
diluted (2019) earnings per share |
|
$ |
(0.04 |
) |
|
$ |
0.27 |
|
|
|
|
|
|
Weighted average basic (2020)
and diluted (2019) shares outstanding (in thousands) |
|
53,156 |
|
|
55,770 |
|
¹Operating EBITDA is defined as earnings before
interest, taxes, depreciation, amortization, stock-based
compensation, impairment, and other non-operating income and
expense.²Adjusted net (loss) income and adjusted basic (2020) and
diluted (2019) earnings per share reflect adjustments for non-cash
impairment and gains and/or losses incurred for the sale or closure
of former Company locations, and the related tax effects of these
adjustments.³Facility transactions in 2019 relate to gains and/or
losses incurred for the sale or closure of former Company
locations.
WABASH NATIONAL
CORPORATIONRECONCILIATION OF FREE CASH FLOW
AND FREE CASH FLOW CONVERSION(Unaudited -
dollars in thousands)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
Net cash (used in) provided by operating activities |
|
$ |
(10,054 |
) |
|
$ |
33,766 |
|
Capital expenditures |
|
(6,278 |
) |
|
(6,802 |
) |
Free cash flow¹ |
|
$ |
(16,332 |
) |
|
$ |
26,964 |
|
¹Free cash flow is defined as net cash (used in)
provided by operating activities minus capital expenditures.
Media Contact:Dana
StelselDirector, Corporate Communications(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Ryan
ReedDirector, Investor Relations(765)
490-5664ryan.reed@wabashnational.com
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