• Wabash Announces Third Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 26 أكتوبر 2022 06:53:01   America/New_York

    • Record quarterly revenue of $655.2 million
    • Operating income of $52.9 million with operating margin at 8.1%, up 430 basis points year-over-year
    • Record earnings per share of $0.73, exceeding prior quarterly outlook range
    • Robust backlog of $2.3B establishes a third quarter record; increases 20% year-over-year
    • 2022 EPS outlook increased to $2.15

    LAFAYETTE, Ind., Oct. 26, 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 September 30, 2022.

    Net sales for the third quarter 2022 of $655.2 million increased 35.8% versus the prior year quarter as the Company continued to execute well on strong customer demand. Consolidated gross profit was $92.0 million, or 14.0% of sales. Operating income was $52.9 million, or 8.1% of sales during the quarter. Versus the same quarter last year, gross and operating margins expanded by 340 basis points and 430 basis points, respectively. Third quarter diluted earnings per share was $0.73, which exceeded the Company's prior quarterly outlook.

    Total company backlog as of September 30, 2022 was approximately $2.3 billion, which is an increase of 20 percent versus the third quarter of 2021 and also represents an all-time third quarter record.

    “During the third quarter, Wabash executed very well to generate record sales of $655.2 million as well as record quarterly EPS of $0.73," explained Brent Yeagy, president and chief executive officer. “This is a meaningful step forward in our financial performance and what makes the quarter even more exciting is the progress made against our strategic plan as we added new dealers, announced a new product line brand, and added additional strategically-aligned expertise to our board of directors that will support Wabash for years into the future.”

    For the full-year ending December 31, 2022, the company maintained its outlook for revenue of $2.5 billion and increased its EPS guidance to $2.15.

    “Demand conditions remain strong as evidenced by our order book, which set a third quarter record at $2.3 billion and implies $1.7 billion of orders in 2023," said Yeagy. "Our process of booking orders has shifted from transactional to strategic as we engage with customers to plan for how Wabash can serve their needs from across our first to final mile portfolio for the next several years as opposed to the usual one-year out conversation and we expect to have updates on that front in the weeks and months to come.”

    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 third 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 September 30,  2022   2021     
    New Units Shipped        
    Trailers  13,365   12,455     
    Truck bodies  4,115   3,780     
             
      Transportation Solutions Parts & Services
    Three Months Ended September 30,  2022   2021   2022   2021 
      (Unaudited, dollars in thousands)
    Net sales $611,779  $442,636  $46,728  $41,903 
    Gross profit $80,779  $44,705  $11,226  $8,268 
    Gross profit margin  13.2%  10.1%  24.0%  19.7%
    Income from operations $63,274  $25,970  $7,732  $4,148 
    Income from operations margin  10.3%  5.9%  16.5%  9.9%
                     

    Transportation Solutions’ net sales for the third quarter were $611.8 million, an increase of 38.2%, as compared to the prior year quarter, as operations continued to scale up. Operating income was $63.3 million or 10.3% of sales during the quarter.

    Parts & Services' net sales for the third quarter were $46.7 million, an increase of 11.5% as compared to the prior year quarter as the segment continued to achieve milestones along its path of strategic growth. Operating income was $7.7 million, or 16.5% of sales during the quarter.

    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. 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. 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. 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.

    Third Quarter 2022 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, October 26, 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 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 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)

     September 30,
    2022    		 December 31,
    2021
    Assets   
    Current assets:   
    Cash and cash equivalents$81,478  $71,778 
    Accounts receivable, net 248,086   176,511 
    Inventories, net 309,701   237,621 
    Prepaid expenses and other 35,251   43,795 
    Total current assets 674,516   529,705 
    Property, plant, and equipment, net 252,383   232,425 
    Goodwill 188,441   188,443 
    Intangible assets, net 102,415   114,441 
    Other assets 51,560   42,057 
    Total assets$1,269,315  $1,107,071 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Current portion of finance lease obligations —   59 
    Accounts payable 239,049   173,950 
    Other accrued liabilities 158,315   115,316 
    Total current liabilities 397,364   289,325 
    Long-term debt 443,662   428,315 
    Deferred income taxes 33,100   36,019 
    Other non-current liabilities 34,714   27,873 
    Total liabilities 908,840   781,532 
    Commitments and contingencies   
    Noncontrolling interest 373   — 
    Wabash National Corporation stockholders’ equity:   
    Common stock 200,000,000 shares authorized, $0.01 par value, 48,065,277 and 48,954,482 shares outstanding, respectively 765   759 
    Additional paid-in capital 662,581   653,978 
    Retained earnings 150,943   92,111 
    Accumulated other comprehensive (loss) income (7,474)  859 
    Treasury stock at cost, 28,509,690 and 27,013,275 common shares, respectively (446,713)  (422,168)
    Total Wabash National Corporation stockholders' equity 360,102   325,539 
    Total liabilities, noncontrolling interest, and equity$1,269,315  $1,107,071 
     
     

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

     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Net sales$655,150  $482,566  $1,844,680  $1,323,991 
    Cost of sales 563,145   431,521   1,616,586   1,170,172 
    Gross profit 92,005   51,045   228,094   153,819 
    General and administrative expenses 27,845   20,966   85,121   66,740 
    Selling expenses 7,752   5,590   21,337   18,320 
    Amortization of intangible assets 3,184   5,631   12,026   17,228 
    Impairment and other, net 349   595   692   (631)
    Income from operations 52,875   18,263   108,918   52,162 
    Other income (expense):       
    Interest expense (5,210)  (5,847)  (15,341)  (18,031)
    Other, net (179)  232   (577)  (195)
    Other expense, net (5,389)  (5,615)  (15,918)  (18,226)
    Income before income tax expense 47,486   12,648   93,000   33,936 
    Income tax expense 11,130   1,640   21,831   7,459 
    Net income 36,356   11,008   71,169   26,477 
    Net income attributable to noncontrolling interest 186   —   373   — 
    Net income attributable to common stockholders$36,170  $11,008  $70,796  $26,477 
            
            
    Net income attributable to common stockholders per share:       
    Basic$0.75  $0.22  $1.45  $0.52 
    Diluted$0.73  $0.22  $1.43  $0.51 
    Weighted average common shares outstanding (in thousands):       
    Basic 48,515   49,974   48,849   51,116 
    Diluted 49,402   50,581   49,651   51,785 
            
    Dividends declared per share$0.08  $0.08  $0.24  $0.24 
                    
                    

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

     Nine Months Ended September 30,
      2022   2021 
    Cash flows from operating activities   
    Net income$71,169  $26,477 
    Adjustments to reconcile net income to net cash provided by (used in) operating activities   
    Depreciation 25,239   19,593 
    Amortization of intangibles 12,026   17,228 
    Net gain on sale of property, plant and equipment and business divestiture (635)  (1,447)
    Loss on debt extinguishment —   452 
    Deferred income taxes (178)  (1,756)
    Stock-based compensation 7,367   5,889 
    Impairment 1,339   817 
    Non-cash interest expense 644   882 
    Accounts receivable (71,575)  (118,176)
    Inventories (72,080)  (96,818)
    Prepaid expenses and other (716)  1,054 
    Accounts payable and accrued liabilities 101,101   65,424 
    Other, net (1,545)  6,152 
    Net cash provided by (used in) operating activities 72,156   (74,229)
    Cash flows from investing activities   
    Cash payments for capital expenditures (42,304)  (20,192)
    Proceeds from the sale of assets 1,445   21,967 
    Net cash (used in) provided by investing activities (40,859)  1,775 
    Cash flows from financing activities   
    Proceeds from exercise of stock options 1,241   1,949 
    Dividends paid (12,176)  (12,470)
    Borrowings under revolving credit facilities 72,244   347 
    Payments under revolving credit facilities (57,279)  (347)
    Principal payments under finance lease obligations (59)  (259)
    Principal payments under term loan credit facility —   (30,000)
    Debt issuance costs paid (1,023)  (50)
    Stock repurchases (24,545)  (55,019)
    Net cash used in financing activities (21,597)  (95,849)
    Cash and cash equivalents:   
    Net increase (decrease) in cash, cash equivalents, and restricted cash 9,700   (168,303)
    Cash, cash equivalents, and restricted cash at beginning of period 71,778   217,677 
    Cash, cash equivalents, and restricted cash at end of period$81,478  $49,374 
     
     

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

      Wabash National Corporation    
    Three Months Ended September 30,  2022  2021    
    Units Shipped        
    New trailers  13,365  12,455    
    New truck bodies  4,115  3,780    
    Used trailers  20  15    
             
    Three Months Ended September 30, Transportation S
    olutions    		 Parts & Services Corporate and
    Eliminations    		 Consolidated
    2022        
    New Trailers $529,659 $1,150 $(301) $530,508
    Used Trailers  —  693  —   693
    Components, parts and service  —  34,171  —   34,171
    Equipment and other  82,120  10,714  (3,056)  89,778
    Total net external sales $611,779 $46,728 $(3,357) $655,150
    Gross profit $80,779 $11,226 $—  $92,005
    Income (loss) from operations $63,274 $7,732 $(18,131) $52,875
    Adjusted income (loss) from operations1 $63,274 $7,732 $(18,131) $52,875
             
    2021        
    New Trailers $375,430 $— $—  $375,430
    Used Trailers  —  465  —   465
    Components, parts and service  —  31,974  —   31,974
    Equipment and other  67,206  9,464  (1,973)  74,697
    Total net external sales $442,636 $41,903 $(1,973) $482,566
    Gross profit $44,705 $8,268 $(1,928) $51,045
    Income (loss) from operations $25,970 $4,148 $(11,855) $18,263
    Adjusted income (loss) from operations1 $25,970 $4,148 $(11,855) $18,263
                  

    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    
    Nine Months Ended September 30,  2022  2021    
    Units Shipped        
    New trailers  38,910  33,710    
    New truck bodies  11,550  13,330    
    Used trailers  80  70    
             
    Nine Months Ended September 30, Transportation
    Solutions    		 Parts & Services Corporate and
    Eliminations    		 Consolidated
    2022        
    New Trailers $1,476,052 $1,392 $(973) $1,476,471
    Used Trailers  —  2,382  —   2,382
    Components, parts and service  —  105,208  —   105,208
    Equipment and other  233,774  34,849  (8,004)  260,619
    Total net external sales $1,709,826 $143,831 $(8,977) $1,844,680
    Gross profit $194,516 $33,578 $—  $228,094
    Income (loss) from operations $142,944 $22,659 $(56,685) $108,918
    Adjusted income (loss) from operations1 $142,944 $22,659 $(56,685) $108,918
             
    2021        
    New Trailers $966,193 $— $—  $966,193
    Used Trailers  165  1,690  —   1,855
    Components, parts and service  —  101,747  —   101,747
    Equipment and other  223,815  35,586  (5,205)  254,196
    Total net external sales $1,190,173 $139,023 $(5,205) $1,323,991
    Gross profit $129,776 $28,912 $(4,869) $153,819
    Income (loss) from operations $69,492 $18,509 $(35,839) $52,162
    Adjusted income (loss) from operations1 $69,492 $16,635 $(35,839) $50,288
                  

    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
    September 30,    		 Nine Months Ended
    September 30,
      2022   2021   2022   2021 
    Transportation Solutions       
    Income from operations$63,274  $25,970  $142,944  $69,492 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 63,274   25,970  $142,944  $69,492 
            
    Parts & Services       
    Income from operations 7,732   4,148   22,659   18,509 
    Adjustments:       
    Gain on divestiture of Extract Technology —   —   —   (1,874)
    Adjusted operating income 7,732   4,148   22,659   16,635 
            
    Corporate       
    Loss from operations (18,131)  (11,855)  (56,685)  (35,839)
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating loss (18,131)  (11,855)  (56,685)  (35,839)
            
    Consolidated       
    Income from operations 52,875   18,263  $108,918  $52,162 
    Adjustments:       
    Gain on divestiture of Extract Technology —   —   —   (1,874)
    Adjusted operating income$52,875  $18,263  $108,918  $50,288 
     

    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 September 30, Nine Months Ended September 30,
      2022  2021   2022  2021 
    Net income$36,356 $11,008  $71,169 $26,477 
    Income tax expense 11,130  1,640   21,831  7,459 
    Interest expense 5,210  5,847   15,341  18,031 
    Depreciation and amortization 11,941  12,343   37,265  36,821 
    Stock-based compensation 2,720  1,673   7,367  5,889 
    Impairment and other, net 349  595   692  (631)
    Other, net 179  (232)  577  195 
    Operating EBITDA$67,885 $32,874  $154,242 $94,241 


    Adjusted Net Income Attributable to Common Stockholders2:Three Months Ended September 30, Nine Months Ended September 30,
      2022  2021  2022  2021 
    Net income attributable to common stockholders$36,170 $11,008 $70,796 $26,477 
    Adjustments:       
    Loss on debt extinguishment —  —  —  452 
    Gain on divestiture of Extract Technology —  —  —  (1,874)
    Tax effect of aforementioned items —  —  —  327 
    Adjusted net income attributable to common stockholders$36,170 $11,008 $70,796 $25,382 


    Adjusted Diluted Earnings Per Share2:Three Months Ended September 30, Nine Months Ended September 30,
      2022  2021  2022  2021 
    Diluted earnings per share$0.73 $0.22 $1.43 $0.51 
    Adjustments:       
    Loss on debt extinguishment —  —  —  0.01 
    Gain on divestiture of Extract Technology —  —  —  (0.04)
    Tax effect of aforementioned items —  —  —  0.01 
    Adjusted diluted earnings per share$0.73 $0.22 $1.43 $0.49 
            
    Weighted average diluted shares outstanding (in thousands) 49,402  50,581  49,651  51,785 
     

    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 September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Net cash provided by (used in) operating activities$(10,518) $(61,143) $72,156  $(74,229)
    Cash payments for capital expenditures (19,935)  (9,129)  (42,304)  (20,192)
    Free cash flow1$(30,453) $(70,272) $29,852  $(94,421)


     Twelve Months Ended
    December 31,
      2021   2020 
    Net cash (used in) provided by operating activities$(7,470) $124,134 
    Cash payments for capital expenditures (49,105)  (20,131)
    Free cash flow1$(56,575) $104,003 
     

    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 September 30, 2022   2021   2022   2021 
    Income from operations$63,274  $25,970  $7,732  $4,148 
    Depreciation and amortization 10,491   10,617   559   1,062 
    Impairment and other, net 258   109   15   492 
    Adjusted segment EBITDA$74,023  $36,696  $8,306  $5,702 
            
    Adjusted segment EBITDA margin 12.1%  8.3%  17.8%  13.6%


     Transportation Solutions Parts & Services
    Nine Months Ended September 30, 2022   2021   2022   2021 
    Income from operations$142,944  $69,492  $22,659  $18,509 
    Depreciation and amortization 32,729   31,455   2,237   3,674 
    Impairment and other, net (360)  935   5   (1,560)
    Adjusted segment EBITDA$175,313  $101,882  $24,901  $20,623 
            
    Adjusted segment EBITDA margin 10.3%  8.6%  17.3%  14.8%
                    

    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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