• Wabash Announces Second Quarter 2023 Results

    المصدر: Nasdaq GlobeNewswire / 26 يوليو 2023 06:51:01   America/New_York

    • Quarterly revenue of $686.6 million
    • Record operating income of $103 million with operating margin of 15.0% on strong material margin and favorable product mix
    • Record quarterly earnings per share of $1.54
    • Strong total backlog of $2.4B, sequential contraction in-line with normal seasonality
    • 2023 EPS outlook increased to $4.45 midpoint

    LAFAYETTE, Ind., July 26, 2023 (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, 2023.

    The Company's net sales for the second quarter of 2023 reached $686.6 million, reflecting a 6.8% increase compared to the same quarter of the previous year. This growth was a function of the Company's continued execution to fulfill customer demand. The Company achieved consolidated gross profit of $151 million, equivalent to 22.0% of sales. Operating income amounted to $103 million, representing 15.0% of sales for the quarter. These results exceeded prior expectations, primarily due to the Company's strong material margin, favorable product mix, and strong results from parts and services, tanks, and truck bodies. Second quarter diluted earnings per share was $1.54, surpassing the Company's previous quarterly outlook range.

    As of June 30, 2023, total Company backlog stood at approximately $2.4 billion, an increase of 5% compared to the second quarter of 2022. Backlog expected to be shipped within the following 12-months amounted to approximately $2.1 billion as of June 30, 2023.

    “During the second quarter, Wabash accomplished another significant milestone with record quarterly EPS of $1.54," said Brent Yeagy, president and chief executive officer. “These financial results further reinforce our belief that Wabash's earnings power is structurally higher than previously anticipated. We have transformed the way our Company is perceived by customers, suppliers, and other stakeholders, while simultaneously reinvigorating organic growth. These are changes that will endure at any phase of the business cycle and we expect to continue to raise both the floor and ceiling of our earnings profile going forward.”

    For the full-year ending December 31, 2023, the Company updated its revenue outlook to a range of $2.6 billion to $2.8 billion with a revenue midpoint of $2.7 billion. The Company increased its EPS guidance to a range of $4.25 to $4.65 with an EPS midpoint of $4.45.

    “Our execution during the first half of this year already positions 2023 as our best year in terms of financial achievements and we expect our backlog to support a strong second half," explained Yeagy. "As we continue to track the challenging market conditions affecting our customers, we look forward to improvement in freight rates as capacity and demand align more favorably. We view the return to more normal seasonality during this year's peak season for freight as a potentially significant turning point. Our focus remains on serving our customers with agility and responsiveness, adapting to the evolving market dynamics as we progress toward a brighter long-term future."

    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 2023 and 2022. 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,  2023   2022     
    New Units Shipped        
    Trailers  11,825   13,670     
    Truck bodies  4,025   3,950     
             
      Transportation Solutions Parts & Services
    Three Months Ended June 30,  2023   2022   2023   2022 
      (Unaudited, dollars in thousands)
    Net sales $630,682  $595,982  $62,066  $50,395 
    Gross profit $133,945  $66,055  $17,082  $11,830 
    Gross profit margin  21.2%   11.1%   27.5%   23.5% 
    Income from operations $115,806  $47,973  $12,937  $8,138 
    Income from operations margin  18.4%   8.0%   20.8%   16.1% 
                     

    During the second quarter, Transportation Solutions achieved net sales of $630.7 million, an increase of 5.8% compared to the same quarter of the previous year. Operating income for the quarter amounted to $115.8 million, representing 18.4% of sales.

    Parts & Services' net sales for the second quarter reached $62.1 million, an increase of 23.2% compared to the prior year quarter as the segment continued to make notable strides along its path of strategic growth. Operating income for the quarter amounted to $12.9 million, or 20.8% 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 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, 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 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 Operating EBITDA, Operating EBITDA Margin, 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.

    Second Quarter 2023 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 26, 2023, 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 at 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 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)
     June 30,
    2023    		 December 31,
    2022
    Assets   
    Current assets:   
    Cash and cash equivalents$98,791  $58,245 
    Accounts receivable, net 231,748   255,577 
    Inventories, net 342,470   243,870 
    Prepaid expenses and other 55,419   34,927 
    Total current assets 728,428   592,619 
    Property, plant, and equipment, net 314,133   271,116 
    Goodwill 188,411   188,434 
    Intangible assets, net 92,824   99,231 
    Other assets 61,245   52,123 
    Total assets$1,385,041  $1,203,523 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Accounts payable 231,036   189,141 
    Other accrued liabilities 202,374   158,327 
    Total current liabilities 433,410   347,468 
    Long-term debt 396,138   395,818 
    Deferred income taxes 33,381   27,758 
    Other non-current liabilities 40,759   34,354 
    Total liabilities 903,688   805,398 
    Commitments and contingencies   
    Noncontrolling interest 329   512 
    Wabash National Corporation stockholders’ equity:   
    Common stock 200,000,000 shares authorized, $0.01 par value, 47,065,370 and 47,675,796 shares outstanding, respectively 774   766 
    Additional paid-in capital 671,769   665,941 
    Retained earnings 305,834   188,241 
    Accumulated other comprehensive loss (3,004)  (882)
    Treasury stock at cost, 30,438,260 and 28,972,928 common shares, respectively (494,349)  (456,453)
    Total Wabash National Corporation stockholders' equity 481,024   397,613 
    Total liabilities, noncontrolling interest, and equity$1,385,041  $1,203,523 
            


    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,
      2023   2022   2023   2022 
    Net sales$686,620  $642,769  $1,307,572  $1,189,530 
    Cost of sales 535,593   564,735   1,040,518   1,053,441 
    Gross profit 151,027   78,034   267,054   136,089 
    General and administrative expenses 37,318   30,944   73,358   57,276 
    Selling expenses 7,194   7,376   14,078   13,585 
    Amortization of intangible assets 3,203   3,803   6,406   8,842 
    Impairment and other, net 2   3   2   343 
    Income from operations 103,310   35,908   173,210   56,043 
    Other income (expense):       
    Interest expense (4,987)  (5,218)  (9,981)  (10,131)
    Other, net 475   (327)  862   (398)
    Other expense, net (4,512)  (5,545)  (9,119)  (10,529)
    Income before income tax expense 98,798   30,363   164,091   45,514 
    Income tax expense 24,324   7,624   38,221   10,701 
    Net income 74,474   22,739   125,870   34,813 
    Net income attributable to noncontrolling interest 146   187   329   187 
    Net income attributable to common stockholders$74,328  $22,552  $125,541  $34,626 
            
            
    Net income attributable to common stockholders per share:       
    Basic$1.57  $0.46  $2.64  $0.71 
    Diluted$1.54  $0.46  $2.58  $0.70 
    Weighted average common shares outstanding (in thousands):       
    Basic 47,452   49,034   47,610   49,019 
    Diluted 48,373   49,535   48,737   49,662 
            
    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,
      2023   2022 
    Cash flows from operating activities   
    Net income$125,870  $34,813 
    Adjustments to reconcile net income to net cash provided by operating activities   
    Depreciation 13,760   16,482 
    Amortization of intangibles 6,406   8,842 
    Net loss (gain) on sale of property, plant and equipment 2   (642)
    Deferred income taxes 6,653   (139)
    Stock-based compensation 5,681   4,647 
    Impairment —   986 
    Non-cash interest expense 477   426 
    Accounts receivable 23,829   (55,114)
    Inventories (98,600)  (67,717)
    Prepaid expenses and other (9,148)  814 
    Accounts payable and accrued liabilities 69,793   142,869 
    Other, net 1,608   (3,593)
    Net cash provided by operating activities 146,331   82,674 
    Cash flows from investing activities   
    Cash payments for capital expenditures (55,820)  (22,369)
    Expenditures for revenue generating assets (3,244)  — 
    Proceeds from the sale of assets —   1,445 
    Net cash used in investing activities (59,064)  (20,924)
    Cash flows from financing activities   
    Proceeds from exercise of stock options 155   735 
    Dividends paid (8,366)  (8,278)
    Borrowings under revolving credit facilities 103,731   56,739 
    Payments under revolving credit facilities (103,731)  (30,773)
    Principal payments under finance lease obligations —   (59)
    Debt issuance costs paid (102)  (83)
    Stock repurchases (37,896)  (13,325)
    Distribution to noncontrolling interest (512)  — 
    Net cash (used in) provided by financing activities (46,721)  4,956 
    Cash and cash equivalents:   
    Net increase in cash, cash equivalents, and restricted cash 40,546   66,706 
    Cash, cash equivalents, and restricted cash at beginning of period 58,245   71,778 
    Cash, cash equivalents, and restricted cash at end of period$98,791  $138,484 
            


    WABASH NATIONAL CORPORATION
    SEGMENTS AND RELATED INFORMATION
    (Unaudited - dollars in thousands)
     
      Wabash National Corporation    
    Three Months Ended June 30,  2023  2022    
    Units Shipped        
    New trailers  11,825  13,670    
    New truck bodies  4,025  3,950    
    Used trailers  15  40    
             
    Three Months Ended June 30, Transportation Solutions Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2023        
    New Trailers $523,537 $— $(2,002) $521,535
    Used Trailers  —  517  —   517
    Components, parts and service  —  39,794  —   39,794
    Equipment and other  107,145  21,879  (4,126)  124,898
    Total net external sales $630,682 $62,190 $(6,128) $686,744
    Gross profit $133,945 $17,082 $—  $151,027
    Income (loss) from operations $115,806 $12,937 $(25,433) $103,310
    Adjusted income (loss) from operations1 $115,806 $12,937 $(25,433) $103,310
             
    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
                  

    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,  2023  2022    
    Units Shipped        
    New trailers  23,610  25,535    
    New truck bodies  7,835  7,435    
    Used trailers  30  60    
             
    Six Months Ended June 30, Transportation
    Solutions    		 Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2023        
    New Trailers $1,008,785 $— $(2,364) $1,006,421
    Used Trailers  —  1,056  —   1,056
    Components, parts and service  —  75,476  —   75,476
    Equipment and other  199,968  32,674  (8,023)  224,619
    Total net external sales $1,208,753 $109,206 $(10,387) $1,307,572
    Gross profit $237,549 $29,505 $—  $267,054
    Income (loss) from operations $202,922 $22,146 $(51,858) $173,210
    Adjusted income (loss) from operations1 $202,922 $22,146 $(51,858) $173,210
             
    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
                  

    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,
      2023   2022   2023   2022 
    Transportation Solutions       
    Income from operations$115,806  $47,973  $202,922  $79,670 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 115,806   47,973   202,922   79,670 
            
    Parts & Services       
    Income from operations 12,937   8,138   22,146   14,927 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 12,937   8,138   22,146   14,927 
            
    Corporate       
    Loss from operations (25,433)  (20,203)  (51,858)  (38,554)
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating loss (25,433)  (20,203)  (51,858)  (38,554)
            
    Consolidated       
    Income from operations 103,310   35,908   173,210   56,043 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income$103,310  $35,908  $173,210  $56,043 
                    

    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,
      2023   2022  2023   2022
    Net income$74,474  $22,739 $125,870  $34,813
    Income tax expense 24,324   7,624  38,221   10,701
    Interest expense 4,987   5,218  9,981   10,131
    Depreciation and amortization 10,470   12,060  20,166   25,324
    Stock-based compensation 2,915   2,370  5,681   4,647
    Impairment and other, net 2   3  2   343
    Other, net (475)  327  (862)  398
    Operating EBITDA$116,697  $50,341 $199,059  $86,357


    Adjusted Net Income Attributable to Common Stockholders2:Three Months Ended June 30, Six Months Ended June 30,
      2023  2022  2023  2022
    Net income attributable to common stockholders$74,328 $22,552 $125,541 $34,626
    Adjustments:       
    N/A —  —  —  —
    Adjusted net income attributable to common stockholders$74,328 $22,552 $125,541 $34,626


    Adjusted Diluted Earnings Per Share2:Three Months Ended June 30, Six Months Ended June 30,
      2023  2022  2023  2022
    Diluted earnings per share$1.54 $0.46 $2.58 $0.70
    Adjustments:       
    N/A —  —  —  —
    Adjusted diluted earnings per share$1.54 $0.46 $2.58 $0.70
            
    Weighted average diluted shares outstanding (in thousands) 48,373  49,535  48,737  49,662
                

    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 no adjustments for any period presented.

    WABASH NATIONAL CORPORATION
    RECONCILIATION OF FREE CASH FLOW1
    (Unaudited - dollars in thousands)
     
     Three Months Ended June 30, Six Months Ended June 30,
      2023   2022   2023   2022 
    Net cash provided by operating activities$76,847  $117,241  $146,331  $82,674 
    Cash payments for capital expenditures (24,397)  (12,420)  (55,820)  (22,369)
    Expenditures for revenue generating assets (3,244)  —   (3,244)  — 
    Free cash flow1$49,206  $104,821  $87,267  $60,305 
                    

    1 Free cash flow is defined as net cash 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 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, 2023   2022   2023   2022 
    Income from operations$115,806  $47,973  $12,937  $8,138 
    Depreciation and amortization 9,379   10,705   553   643 
    Impairment and other, net 2   2   —   — 
    Adjusted segment EBITDA$125,187  $58,680  $13,490  $8,781 
            
    Adjusted segment EBITDA margin 19.8%  9.8%  21.7%  17.4%
            
     Transportation Solutions Parts & Services
    Six Months Ended June 30, 2023   2022   2023   2022 
    Income from operations$202,922  $79,670  $22,146  $14,927 
    Depreciation and amortization 18,007   22,238   1,049   1,678 
    Impairment and other, net 2   (619)  —   (10)
    Adjusted segment EBITDA$220,931  $101,289  $23,195  $16,595 
            
    Adjusted segment EBITDA margin 18.3%  9.2%  21.2%  17.1%
                    

    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


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