• Wabash Announces Second Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 27 يوليو 2022 06:55:00   America/New_York

    • Record quarterly revenue of $642.8 million on increasing new trailer shipments
    • Operating income of $35.9 million as operating margin continued improving to 5.6%
    • Diluted earnings per share of $0.46, within prior outlook range
    • Robust backlog of $2.3B sets second quarter record; increases 71% YoY
    • 2022 outlook for revenue and EPS maintained at $2.5B and $1.90, respectively

    LAFAYETTE, Ind., July 27, 2022 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter ended June 30, 2022.

    Net sales for the second quarter 2022 of $642.8 million increased 43.0% versus the prior year quarter as the Company continued to ramp production in light of strong customer demand. Consolidated gross profit was $78.0 million, or 12.1% of sales. Operating income was $35.9 million, or 5.6% of sales during the quarter. Diluted earnings per share was $0.46, within the range of the Company's prior quarterly outlook.

    Total company backlog as of June 30, 2022 was approximately $2.3 billion, an increase of $1 billion compared to the same quarter last year. Wabash's backlog represents a second quarter record and exceeds the prior Q2 high by approximately 71%.

    “During the second quarter, Wabash generated an all-time quarterly sales record of $643 million as demand for our portfolio of connected solutions remained robust," explained Brent Yeagy, president and chief executive officer. “Yet another quarter of sequential improvement in operating margins has brought our EBITDA generation back to levels not seen since mid-2019. Strengthening financial performance continues to give us confidence in achieving our full year EPS outlook of $1.90.”

    For the full-year ending December 31, 2022, the company maintained its outlook for revenue of $2.5 billion and EPS of $1.90.

    “Because of the heavily seasonal nature of trailer ordering, industry backlogs typically decline around 15 percent during the second quarter as shipments eat into the order book. Demand remains very strong as evidenced by our backlog remaining at $2.3 billion from the first quarter to the second quarter, particularly in light of record shipments during Q2," said Yeagy. "Beyond our productive conversations regarding 2023 build slots, I am particularly pleased by customers' willingness to think beyond next year's order cycle to engage in planning a shared vision for the longer term.”

    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 second quarter of 2022 and 2021. A complete disclosure of the results by individual segment is included in the tables following this release.

      Wabash National Corporation    
    Three Months Ended June 30, 2022 2021    
    New Units Shipped        
    Trailers  13,670   11,595     
    Truck bodies  3,970   4,800     
             
      Transportation Solutions Parts & Services
    Three Months Ended June 30, 2022 2021 2022 2021
      (Unaudited, dollars in thousands)
    Net sales $595,982  $402,177  $50,395  $48,752 
    Gross profit $66,055  $46,660  $11,830  $10,262 
    Gross profit margin  11.1%   11.6%   23.5%   21.0% 
    Income from operations $47,973  $26,815  $8,138  $8,061 
    Income from operations margin  8.0%   6.7%   16.1%   16.5% 
    Adjusted income from operations $47,973  $26,815  $8,138  $6,187 
    Adjusted income from operations margin  8.0%   6.7%   16.1%   12.7% 

    Transportation Solutions’ net sales for the second quarter were $596.0 million, an increase of 48.2%, as compared to the prior year quarter, as operations continued to scale up. Operating income was $48.0 million or 8.0% of sales during the quarter.

    Parts & Services' net sales for the second quarter were $50.4 million, an increase of 3.4% as compared to the prior year quarter. Operating income was $8.1 million, or 16.1% of sales during the quarter. Parts & Services' second quarter 2021 financial results include Extract Technology, which was divested June 30, 2021.

    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, 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.

    Operating EBITDA includes noncontrolling interest 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 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 income and net 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.

    Free cash flow is defined as net cash provided by (used in) operating activities minus cash payments for capital expenditures. 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 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. 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 adjustments for debt transactions and the impact of sales and divestitures, 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 income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance.

    Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest 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 is included in the tables following this release.

    Second Quarter 2022 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 27, 2022, beginning at 11:00 a.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website www.onewabash.com. The conference call will also be accessible by dialing (888) 440-6928, conference ID 6579482. 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 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 CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited - dollars in thousands)

     June 30,
    2022    		 December 31,
    2021
    Assets   
    Current assets:   
    Cash and cash equivalents$138,484  $71,778 
    Accounts receivable, net 231,625   176,511 
    Inventories, net 305,338   237,621 
    Prepaid expenses and other 31,980   43,795 
    Total current assets 707,427   529,705 
    Property, plant, and equipment, net 242,636   232,425 
    Goodwill 188,440   188,443 
    Intangible assets, net 105,599   114,441 
    Other assets 46,203   42,057 
    Total assets$1,290,305  $1,107,071 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Current portion of finance lease obligations —   59 
    Accounts payable 304,761   173,950 
    Other accrued liabilities 127,927   115,316 
    Total current liabilities 432,688   289,325 
    Long-term debt 454,506   428,315 
    Deferred income taxes 33,864   36,019 
    Other non-current liabilities 30,889   27,873 
    Total liabilities 951,947   781,532 
    Commitments and contingencies   
    Noncontrolling interest 187   — 
    Wabash National Corporation stockholders’ equity:   
    Common stock 200,000,000 shares authorized, $0.01 par value, 48,701,087 and 48,954,482 shares outstanding, respectively 764   759 
    Additional paid-in capital 659,355   653,978 
    Retained earnings 118,771   92,111 
    Accumulated other comprehensive (loss) income (5,226)  859 
    Treasury stock at cost, 27,816,488 and 27,013,275 common shares, respectively (435,493)  (422,168)
    Total Wabash National Corporation stockholders' equity 338,171   325,539 
    Total liabilities, noncontrolling interest, and equity$1,290,305  $1,107,071 

    WABASH NATIONAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited - dollars in thousands, except per share amounts)

     Three Months Ended June 30, Six Months Ended June 30,
     2022 2021 2022 2021
    Net sales$642,769  $449,422  $1,189,530  $841,425 
    Cost of sales 564,735   393,814   1,053,441   738,651 
    Gross profit 78,034   55,608   136,089   102,774 
    General and administrative expenses 30,944   22,907   57,276   45,774 
    Selling expenses 7,376   6,065   13,585   12,730 
    Amortization of intangible assets 3,803   5,799   8,842   11,597 
    Impairment and other, net 3   (1,847)  343   (1,226)
    Income from operations 35,908   22,684   56,043   33,899 
    Other income (expense):       
    Interest expense (5,218)  (6,034)  (10,131)  (12,184)
    Other, net (327)  (413)  (398)  (427)
    Other expense, net (5,545)  (6,447)  (10,529)  (12,611)
    Income before income tax expense 30,363   16,237   45,514   21,288 
    Income tax expense 7,624   3,985   10,701   5,819 
    Net income 22,739   12,252   34,813   15,469 
    Net income attributable to noncontrolling interest 187   —   187   — 
    Net income attributable to common stockholders$22,552  $12,252  $34,626  $15,469 
            
            
    Net income attributable to common stockholders per share:       
    Basic$0.46  $0.24  $0.71  $0.30 
    Diluted$0.46  $0.24  $0.70  $0.29 
    Weighted average common shares outstanding (in thousands):       
    Basic 49,034   51,272   49,019   51,697 
    Diluted 49,535   51,989   49,662   52,472 
            
    Dividends declared per share$0.08  $0.08  $0.16  $0.16 

    WABASH NATIONAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited - dollars in thousands)

     Six Months Ended June 30,
     2022 2021
    Cash flows from operating activities   
    Net income$34,813  $15,469 
    Adjustments to reconcile net income to net cash provided by (used in) operating activities   
    Depreciation 16,482   12,881 
    Amortization of intangibles 8,842   11,597 
    Net gain on sale of property, plant and equipment and business divestiture (642)  (2,043)
    Loss on debt extinguishment —   452 
    Deferred income taxes (139)  (1,799)
    Stock-based compensation 4,647   4,216 
    Impairment 986   817 
    Non-cash interest expense 426   591 
    Accounts receivable (55,114)  (25,758)
    Inventories (67,717)  (89,733)
    Prepaid expenses and other 814   2,500 
    Accounts payable and accrued liabilities 142,869   56,074 
    Other, net (3,593)  1,650 
    Net cash provided by (used in) operating activities$82,674  $(13,086)
    Cash flows from investing activities   
    Cash payments for capital expenditures (22,369)  (11,063)
    Proceeds from the sale of assets 1,445   20,978 
    Net cash (used in) provided by investing activities$(20,924) $9,915 
    Cash flows from financing activities   
    Proceeds from exercise of stock options 735   1,450 
    Dividends paid (8,278)  (8,437)
    Borrowings under revolving credit facilities 56,739   232 
    Payments under revolving credit facilities (30,773)  (232)
    Principal payments under finance lease obligations (59)  (172)
    Principal payments under term loan credit facility —   (30,000)
    Debt issuance costs paid (83)  — 
    Stock repurchases (13,325)  (41,302)
    Net cash provided by (used in) financing activities$4,956  $(78,461)
    Cash and cash equivalents:   
    Net increase (decrease) in cash, cash equivalents, and restricted cash$66,706  $(81,632)
    Cash, cash equivalents, and restricted cash at beginning of period 71,778   217,677 
    Cash, cash equivalents, and restricted cash at end of period$138,484  $136,045 

    WABASH NATIONAL CORPORATION
    SEGMENTS AND RELATED INFORMATION
    (Unaudited - dollars in thousands)

      Wabash National Corporation    
    Three Months Ended June 30, 2022 2021    
    Units Shipped        
    New trailers  13,670  11,595    
    New truck bodies  3,970  4,800    
    Used trailers  40  15    
             
    Three Months Ended June 30, Transportation
    Solutions    		 Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2022        
    New Trailers $508,430 $188 $(361) $508,257
    Used Trailers  —  1,120  —   1,120
    Components, parts and service  —  37,473  —   37,473
    Equipment and other  87,552  11,614  (3,247)  95,919
    Total net external sales $595,982 $50,395 $(3,608) $642,769
    Gross profit $66,055 $11,830 $149  $78,034
    Income (loss) from operations $47,973 $8,138 $(20,203) $35,908
    Adjusted income (loss) from operations1 $47,973 $8,138 $(20,203) $35,908
             
    2021        
    New Trailers $321,833 $— $—  $321,833
    Used Trailers  —  378  —   378
    Components, parts and service  —  34,260  —   34,260
    Equipment and other  80,344  14,114  (1,507)  92,951
    Total net external sales $402,177 $48,752 $(1,507) $449,422
    Gross profit $46,660 $10,262 $(1,314) $55,608
    Income (loss) from operations $26,815 $8,061 $(12,192) $22,684
    Adjusted income (loss) from operations1 $26,815 $6,187 $(12,192) $20,810

    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
    SEGMENTS AND RELATED INFORMATION
    (Unaudited - dollars in thousands)

      Wabash National Corporation    
    Six Months Ended June 30, 2022 2021    
    Units Shipped        
    New trailers  25,545  21,255    
    New truck bodies  7,510  9,570    
    Used trailers  60  55    
             
    Six Months Ended June 30, Transportation
    Solutions    		 Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2022        
    New Trailers $946,393 $242 $(672) $945,963
    Used Trailers  —  1,689  —   1,689
    Components, parts and service  —  71,037  —   71,037
    Equipment and other  151,654  24,135  (4,948)  170,841
    Total net external sales $1,098,047 $97,103 $(5,620) $1,189,530
    Gross profit $113,737 $22,352 $—  $136,089
    Income (loss) from operations $79,670 $14,927 $(38,554) $56,043
    Adjusted income (loss) from operations1 $79,670 $14,927 $(38,554) $56,043
             
    2021        
    New Trailers $590,763 $— $—  $590,763
    Used Trailers  165  1,225  —   1,390
    Components, parts and service  —  26,362  —   26,362
    Equipment and other  156,368  69,760  (3,218)  222,910
    Total net external sales $747,296 $97,347 $(3,218) $841,425
    Gross profit $84,988 $20,728 $(2,942) $102,774
    Income (loss) from operations $43,438 $14,445 $(23,984) $33,899
    Adjusted income (loss) from operations1 $43,438 $12,571 $(23,984) $32,025

    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 Income1Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
     2022 2021 2022 2021
    Transportation Solutions       
    Income from operations$47,973  $26,815  $79,670  $43,438 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 47,973   26,815  $79,670  $43,438 
            
    Parts & Services       
    Income from operations 8,138   8,061   14,927   14,445 
    Adjustments:       
    Gain on divestiture of Extract Technology —   (1,874)  —   (1,874)
    Adjusted operating income 8,138   6,187   14,927   12,571 
            
    Corporate       
    Loss from operations (20,203)  (12,192)  (38,554)  (23,984)
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating loss (20,203)  (12,192)  (38,554)  (23,984)
            
    Consolidated       
    Income from operations 35,908   22,684  $56,043  $33,899 
    Adjustments:       
    Gain on divestiture of Extract Technology —   (1,874)  —   (1,874)
    Adjusted operating income$35,908  $20,810  $56,043  $32,025 

    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)

    Operating EBITDA1:Three Months Ended June 30, Six Months Ended June 30,
     2022 2021 2022 2021
    Net income$22,739 $12,252  $34,813 $15,469 
    Income tax expense 7,624  3,985   10,701  5,819 
    Interest expense 5,218  6,034   10,131  12,184 
    Depreciation and amortization 12,060  12,248   25,324  24,478 
    Stock-based compensation 2,370  2,184   4,647  4,216 
    Impairment and other, net 3  (1,847)  343  (1,226)
    Other, net 327  413   398  427 
    Operating EBITDA$50,341 $35,269  $86,357 $61,367 


    Adjusted Net Income Attributable to Common Stockholders2:Three Months Ended June 30, Six Months Ended June 30,
     2022 2021 2022 2021
    Net income attributable to common stockholders$22,552 $12,252  $34,626 $15,469 
    Adjustments:       
    Loss on debt extinguishment —  452   —  452 
    Gain on divestiture of Extract Technology —  (1,874)  —  (1,874)
    Tax effect of aforementioned items —  327   —  327 
    Adjusted net income attributable to common stockholders$22,552 $11,157  $34,626 $14,374 


    Adjusted Diluted Earnings Per Share2:Three Months Ended June 30, Six Months Ended June 30,
     2022 2021 2022 2021
    Diluted earnings per share$0.46 $0.24  $0.70 $0.29 
    Adjustments:       
    Loss on debt extinguishment —  0.01   —  0.01 
    Gain on divestiture of Extract Technology —  (0.04)  —  (0.04)
    Tax effect of aforementioned items —  —   —  0.01 
    Adjusted diluted earnings per share$0.46 $0.21  $0.70 $0.27 
            
    Weighted average diluted shares outstanding (in thousands) 49,535  51,989   49,662  52,472 

    1 Operating EBITDA includes noncontrolling interest 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 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 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 adjustments for debt transactions and the impact of sales and divestitures, and the related tax effects of these adjustments.

    WABASH NATIONAL CORPORATION
    RECONCILIATION OF FREE CASH FLOW1
    (Unaudited - dollars in thousands)

     Three Months Ended June 30, Six Months Ended June 30,
     2022 2021 2022 2021
    Net cash provided by (used in) operating activities$117,241  $9,318  $82,674  $(13,086)
    Cash payments for capital expenditures (12,420)  (6,898)  (22,369)  (11,063)
    Free cash flow1$104,821  $2,420  $60,305  $(24,149)

    1 Free cash flow is defined as net cash provided by (used in) operating activities minus cash payments for capital expenditures. 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 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 June 30,2022 2021 2022 2021
    Income from operations$47,973  $26,815  $8,138  $8,061 
    Depreciation and amortization 10,705   10,452   643   1,298 
    Impairment and other, net 2   7   —   (1,855)
    Adjusted segment EBITDA$58,680  $37,274  $8,781  $7,504 
            
    Adjusted segment EBITDA margin 9.8%  9.3%  17.4%  15.4%


     Transportation Solutions Parts & Services
    Six Months Ended June 30,2022 2021 2022 2021
    Income from operations$79,670  $43,438  $14,927  $14,445 
    Depreciation and amortization 22,238   20,837   1,678   2,613 
    Impairment and other, net (619)  826   (10)  (2,052)
    Adjusted segment EBITDA$101,289  $65,101  $16,595  $15,006 
            
    Adjusted segment EBITDA margin 9.2%  8.7%  17.1%  15.4%

    1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest 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
    Sr Director, Corporate Development & Investor Relations
    (765) 490-5664
    ryan.reed@onewabash.com


    Primary Logo

شارك على،