Wabash National Corporation (NYSE: WNC), the innovation leader of
engineered solutions for the transportation, logistics and
distribution industries, today reported results for the quarter
ended March 31, 2021.
Net sales for the first quarter 2021 of $392.0
million increased 1.3% versus the prior year quarter as the Company
continued to scale its ability to serve strong customer demand.
Consolidated gross profit was $47.2 million, or 12.0% of
sales. Operating income was $11.2 million, or 2.9% of sales.
Earnings per share was $0.06.
Total Company backlog as of March 31, 2021
was approximately $1.5 billion as new order activity slightly
outpaced shipments despite seasonal trends showing a sequential
softening in first quarter backlog three of the past five years.
Backlog rose 4% compared to December 2020 and was 57% above March
2020.
“During the first quarter, the Wabash team
executed well to navigate the unprecedented labor and supply-chain
challenges that have impacted our industry in addition to all U.S.
manufacturing sectors,” explained Brent Yeagy, president and chief
executive officer. “Freight activity in the United States remains
exceptionally strong and we are focused on adding the system
capacity to support our customers’ demand for equipment now and
into the future.”
For the full year ending December 31, 2021, the
company increased its sales guidance to $1.95 billion to $2.05
billion and maintained its earnings per diluted share midpoint of
$0.75 with a range of $0.70 to $0.80.
“We remain focused on executing on solid demand
conditions this year while simultaneously working to secure
adequate labor and supply stability in order to achieve strong exit
run rates by the end of 2021. We expect to be well positioned to
maximize our factory capacity and achieve further operating margin
expansion in 2022, particularly as we anniversary strong material
cost headwinds in the current year. Our One Wabash approach has our
businesses coming together in new and interesting ways and has
accelerated conversations with key customers seeking strategic
partners for solutions to support transportation, logistics and
distribution.”
Business Segment Highlights
The table below is a summary of select segment
operating and financial results prior to the elimination of
intersegment sales for the first quarter of 2021 and 2020. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
Commercial TrailerProducts |
|
Diversified Products |
|
Final Mile Products |
Three Months Ended March 31, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(dollars in thousands) |
New trailers shipped |
|
9,250 |
|
|
8,525 |
|
|
420 |
|
|
625 |
|
|
— |
|
|
— |
|
Net sales |
|
$ |
247,709 |
|
|
$ |
250,975 |
|
|
$ |
74,008 |
|
|
$ |
82,958 |
|
|
$ |
77,065 |
|
|
$ |
60,270 |
|
Gross profit |
|
$ |
27,235 |
|
|
$ |
23,843 |
|
|
$ |
15,103 |
|
|
$ |
15,141 |
|
|
$ |
6,456 |
|
|
$ |
(244 |
) |
Gross profit margin |
|
11.0 |
% |
|
9.5 |
% |
|
20.4 |
% |
|
18.3 |
% |
|
8.4 |
% |
|
(0.4 |
)% |
Income (loss) from
operations |
|
$ |
20,865 |
|
|
$ |
15,871 |
|
|
$ |
6,089 |
|
|
$ |
(6,070 |
) |
|
$ |
(3,947 |
) |
|
$ |
(108,041 |
) |
Income (loss) from operations
margin |
|
8.4 |
% |
|
6.3 |
% |
|
8.2 |
% |
|
(7.3 |
)% |
|
(5.1 |
)% |
|
(179.3 |
)% |
Adjusted income (loss) from
operations |
|
$ |
20,865 |
|
|
$ |
16,248 |
|
|
$ |
6,089 |
|
|
$ |
4,901 |
|
|
$ |
(3,947 |
) |
|
$ |
(12,275 |
) |
Adjusted income (loss) from
operations margin |
|
8.4 |
% |
|
6.5 |
% |
|
8.2 |
% |
|
5.9 |
% |
|
(5.1 |
)% |
|
(20.4 |
)% |
Commercial Trailer Products’ net sales for the
first quarter were $247.7 million, a decrease of 1.3% as compared
to the prior year quarter, as operations scale to meet improved
customer demand. Operating income was $20.9 million or 8.4% of
sales during the quarter.
Diversified Products’ net sales for the first
quarter were $74.0 million, a decrease of 10.8% as compared to the
prior year, as operations work to ramp up. Additionally, the
revenue decline was influenced by a divestiture completed in the
prior year. Operating income was $6.1 million, or 8.2% of sales
during the quarter.
Final Mile Products’ net sales for the first
quarter totaled $77.1 million, an increase of 27.9% as compared to
the prior year, as operations scale to be able to satisfy stronger
market demand. Operating loss was $3.9 million 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 (loss),
adjusted net income (loss), adjusted 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 (loss), and reconciliations to GAAP financial
statements should be carefully evaluated.
Operating EBITDA is defined as earnings before
interest, taxes, depreciation, amortization, stock-based
compensation, impairment and other, net, and other non-operating
income and expense. Management believes providing operating EBITDA
is useful for investors to understand the Company’s performance and
results of operations period to period with the exclusion of the
items identified above. Management believes the presentation of
operating EBITDA, when combined with the GAAP presentations of
operating income (loss) and net income (loss), is beneficial to an
investor’s understanding of the Company’s operating performance. A
reconciliation of operating EBITDA to net income (loss) is included
in the tables following this release.
Free cash flow is defined as net cash (used in)
provided by operating activities minus 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) provided by operating activities is
included in the tables following this release.
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. A
reconciliation of adjusted operating income (loss) to operating
income (loss), the most comparable GAAP financial measure, is
included in the tables following this release.
Adjusted net loss (2020) and adjusted earnings
per basic (2020) share reflect adjustments for non-cash impairment
and the related tax effects of these adjustments. Management
believes providing adjusted measures and excluding certain items
facilitates comparisons to the Company’s prior year periods and,
when combined with the GAAP presentation of net loss and basic
(2020) net income loss per share, is beneficial to an investor’s
understanding of the Company’s performance. A reconciliation of
adjusted net income and adjusted earnings per diluted (2021) and
basic (2020) share to net income (loss) and net income (loss) per
diluted (2021) and basic (2020) share is included in the tables
following this release.
Adjusted segment EBITDA, a non-GAAP financial
measure, is calculated by adding back segment depreciation and
amortization expense to segment operating income (loss), and
excludes certain costs, expenses, other charges, gains or income
that are included in the determination of operating income (loss)
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 (loss) from
operations is included in the tables following this release.
First Quarter 2021 Conference
Call
Wabash National will discuss its results during
its quarterly investor conference call on Wednesday, April 28,
2021, beginning at 10:00 a.m. EDT. The call and an
accompanying slide presentation will be accessible on the
"Investors" section of the Company’s website
www.wabashnational.com. The conference call will also be accessible
by dialing (833) 476-0947, conference ID 2497361. A replay of the
call will be available on the site shortly after the conclusion of
the presentation.
About Wabash National Corporation
As the innovation leader of engineered solutions
for the transportation, logistics and distribution industries,
Wabash National Corporation (NYSE: WNC) is changing how the world
reaches you. Headquartered in Lafayette, Indiana, the company’s
mission is to enable customers to succeed with breakthrough ideas
and solutions that help them move everything from first to final
mile. Wabash National designs and manufactures a diverse range of
products, including: dry freight and refrigerated trailers,
platform trailers, bulk tank trailers, dry and refrigerated truck
bodies, structural composite panels and products, trailer
aerodynamic solutions, and specialty food grade and pharmaceutical
equipment. Its innovative products are sold under the following
brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk
Tank International, DuraPlate®, Extract Technology®, Supreme®,
Transcraft®, Walker Engineered Products, and Walker Transport.
Learn more at www.wabashnational.com.
Safe Harbor Statement
This press release contains certain
forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements convey
the Company’s current expectations or forecasts of future events.
All statements contained in this press release other than
statements of historical fact are forward-looking statements. These
forward-looking statements include, among other things, all
statements regarding the Company’s outlook for trailer and truck
body shipments, backlog, expectations regarding demand levels for
trailers, truck bodies, non-trailer equipment and our other
diversified product offerings, pricing, profitability and earnings,
cash flow and liquidity, opportunity to capture higher margin
sales, new product innovations, our growth and diversification
strategies, our expectations for improved financial performance
during the course of the year and our expectations with regards to
capital allocation. These and the Company’s other forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those implied
by the forward-looking statements. Without limitation, these risks
and uncertainties include a continued or prolonged shutdown or
reduction of our operations, substantially reduced customer orders
or sales volumes and supply disruptions due to the coronavirus
(COVID-19) outbreak, the continued integration of Supreme into the
Company’s business, adverse reactions to the transaction by
customers, suppliers or strategic partners, uncertain economic
conditions including the possibility that customer demand may not
meet our expectations, increased competition, reliance on certain
customers and corporate partnerships, risks of customer pick-up
delays, shortages and costs of raw materials including the impact
of tariffs or other international trade developments, risks in
implementing and sustaining improvements in the Company’s
manufacturing operations and cost containment, dependence on
industry trends and timing, supplier constraints, labor costs and
availability, customer acceptance of and reactions to pricing
changes and costs of indebtedness. Readers should review and
consider the various disclosures made by the Company in this press
release and in the Company’s reports to its stockholders and
periodic reports on Forms 10-K and 10-Q.
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited - dollars in thousands)
|
March 31,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
168,887 |
|
|
$ |
217,677 |
|
Accounts receivable, net |
134,360 |
|
|
101,301 |
|
Inventories, net |
227,172 |
|
|
163,750 |
|
Prepaid expenses and other |
90,225 |
|
|
63,036 |
|
Total current assets |
620,644 |
|
|
545,764 |
|
Property, plant, and
equipment, net |
206,598 |
|
|
209,676 |
|
Goodwill |
199,552 |
|
|
199,560 |
|
Intangible assets, net |
161,097 |
|
|
166,887 |
|
Other assets |
38,463 |
|
|
39,583 |
|
Total assets |
$ |
1,226,354 |
|
|
$ |
1,161,470 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
Current portion of finance lease obligations |
293 |
|
|
348 |
|
Accounts payable |
170,961 |
|
|
104,425 |
|
Other accrued liabilities |
127,324 |
|
|
130,980 |
|
Total current liabilities |
298,578 |
|
|
235,753 |
|
Long-term debt |
448,214 |
|
|
447,979 |
|
Finance lease obligations |
— |
|
|
30 |
|
Deferred income taxes |
52,333 |
|
|
46,777 |
|
Other non-current
liabilities |
24,927 |
|
|
26,052 |
|
Total liabilities |
824,052 |
|
|
756,591 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock 200,000,000 shares authorized, $0.01 par value,
51,711,291 and52,536,482 shares outstanding, respectively |
757 |
|
|
755 |
|
Additional paid-in capital |
647,960 |
|
|
644,695 |
|
Retained earnings |
106,483 |
|
|
107,233 |
|
Accumulated other comprehensive income |
21,860 |
|
|
7,633 |
|
Treasury stock at cost, 24,111,035 and 23,004,607 common shares,
respectively |
(374,758 |
) |
|
(355,437 |
) |
Total stockholders' equity |
402,302 |
|
|
404,879 |
|
Total liabilities and stockholders’ equity |
$ |
1,226,354 |
|
|
$ |
1,161,470 |
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited - dollars in thousands, except per
share amounts)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
Net sales |
$ |
392,003 |
|
|
$ |
387,074 |
|
Cost of sales |
344,837 |
|
|
350,331 |
|
Gross profit |
47,166 |
|
|
36,743 |
|
General and administrative
expenses |
22,867 |
|
|
26,192 |
|
Selling expenses |
6,665 |
|
|
7,998 |
|
Amortization of intangible
assets |
5,798 |
|
|
5,495 |
|
Impairment and other, net |
621 |
|
|
107,114 |
|
Income (loss) from operations |
11,215 |
|
|
(110,056 |
) |
Other income (expense): |
|
|
|
Interest expense |
(6,150 |
) |
|
(6,272 |
) |
Other, net |
(14 |
) |
|
120 |
|
Other expense, net |
(6,164 |
) |
|
(6,152 |
) |
Income (loss) before income
tax expense (benefit) |
5,051 |
|
|
(116,208 |
) |
Income tax expense
(benefit) |
1,834 |
|
|
(9,561 |
) |
Net income (loss) |
$ |
3,217 |
|
|
$ |
(106,647 |
) |
|
|
|
|
Net income (loss) per
share: |
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
(2.01 |
) |
Diluted |
$ |
0.06 |
|
|
$ |
(2.01 |
) |
Weighted average
common shares outstanding (in thousands): |
|
|
|
Basic |
52,126 |
|
|
53,156 |
|
Diluted |
53,044 |
|
|
53,156 |
|
|
|
|
|
Dividends declared per
share |
$ |
0.08 |
|
|
$ |
0.08 |
|
WABASH NATIONAL
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(Unaudited - dollars in thousands)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
Cash flows from
operating activities |
|
|
|
Net income (loss) |
$ |
3,217 |
|
|
$ |
(106,647 |
) |
Adjustments to reconcile net
income (loss) to net cash used in operating activities |
|
|
|
Depreciation |
6,432 |
|
|
5,624 |
|
Amortization of intangibles |
5,798 |
|
|
5,495 |
|
Net gain on sale of property, plant and equipment |
(193 |
) |
|
(3 |
) |
Deferred income taxes |
661 |
|
|
(1,849 |
) |
Stock-based compensation |
2,032 |
|
|
(917 |
) |
Impairment |
817 |
|
|
107,114 |
|
Non-cash interest expense |
296 |
|
|
265 |
|
Accounts receivable |
(33,059 |
) |
|
34,522 |
|
Inventories |
(63,422 |
) |
|
(59,001 |
) |
Prepaid expenses and other |
(7,031 |
) |
|
(838 |
) |
Accounts payable and accrued liabilities |
61,789 |
|
|
8,235 |
|
Other, net |
259 |
|
|
(2,054 |
) |
Net cash used in operating activities |
$ |
(22,404 |
) |
|
$ |
(10,054 |
) |
Cash flows from
investing activities |
|
|
|
Capital expenditures |
(4,165 |
) |
|
(6,278 |
) |
Proceeds from the sale of property, plant, and equipment |
203 |
|
|
25 |
|
Net cash used in investing activities |
$ |
(3,962 |
) |
|
$ |
(6,253 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from exercise of stock options |
1,235 |
|
|
— |
|
Dividends paid |
(4,253 |
) |
|
(4,482 |
) |
Borrowings under revolving credit facilities |
114 |
|
|
45,040 |
|
Payments under revolving credit facilities |
(114 |
) |
|
(40 |
) |
Principal payments under finance lease obligations |
(85 |
) |
|
(80 |
) |
Debt issuance costs paid |
— |
|
|
(9 |
) |
Stock repurchases |
(19,321 |
) |
|
(10,051 |
) |
Net cash (used in) provided by financing activities |
$ |
(22,424 |
) |
|
$ |
30,378 |
|
Cash and cash
equivalents: |
|
|
|
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
$ |
(48,790 |
) |
|
$ |
14,071 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
217,677 |
|
|
140,516 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
168,887 |
|
|
$ |
154,587 |
|
WABASH NATIONAL
CORPORATIONSEGMENTS AND RELATED
INFORMATION(Unaudited - dollars in thousands)
Three Months Ended March 31, |
|
CommercialTrailer Products |
|
DiversifiedProducts |
|
Final MileProducts |
|
Corporate andEliminations |
|
Consolidated |
2021 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
9,250 |
|
|
420 |
|
|
— |
|
|
— |
|
|
9,670 |
|
Used trailers shipped |
|
15 |
|
|
25 |
|
|
— |
|
|
— |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
238,665 |
|
|
$ |
30,266 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
268,931 |
|
Used Trailers |
|
165 |
|
|
847 |
|
|
— |
|
|
— |
|
|
1,012 |
|
Components, parts and service |
|
5,941 |
|
|
29,966 |
|
|
3,723 |
|
|
(5,843 |
) |
|
33,787 |
|
Equipment and other |
|
2,938 |
|
|
12,929 |
|
|
73,342 |
|
|
(936 |
) |
|
88,273 |
|
Total net external sales |
|
$ |
247,709 |
|
|
$ |
74,008 |
|
|
$ |
77,065 |
|
|
$ |
(6,779 |
) |
|
$ |
392,003 |
|
Gross profit |
|
$ |
27,235 |
|
|
$ |
15,103 |
|
|
$ |
6,456 |
|
|
$ |
(1,628 |
) |
|
$ |
47,166 |
|
Income (loss) from operations |
|
$ |
20,865 |
|
|
$ |
6,089 |
|
|
$ |
(3,947 |
) |
|
$ |
(11,792 |
) |
|
$ |
11,215 |
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
New trailers shipped |
|
8,525 |
|
|
625 |
|
|
— |
|
|
— |
|
|
9,150 |
|
Used trailers shipped |
|
35 |
|
|
35 |
|
|
— |
|
|
— |
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
New Trailers |
|
$ |
237,901 |
|
|
$ |
43,312 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
281,213 |
|
Used Trailers |
|
318 |
|
|
1,210 |
|
|
— |
|
|
— |
|
|
1,528 |
|
Components, parts and service |
|
9,272 |
|
|
26,082 |
|
|
3,722 |
|
|
(7,100 |
) |
|
31,976 |
|
Equipment and other |
|
3,484 |
|
|
12,354 |
|
|
56,548 |
|
|
(29 |
) |
|
72,357 |
|
Total net external sales |
|
$ |
250,975 |
|
|
$ |
82,958 |
|
|
$ |
60,270 |
|
|
$ |
(7,129 |
) |
|
$ |
387,074 |
|
Gross profit |
|
$ |
23,843 |
|
|
$ |
15,141 |
|
|
$ |
(244 |
) |
|
$ |
(1,997 |
) |
|
$ |
36,743 |
|
Income (loss) from operations |
|
$ |
15,871 |
|
|
$ |
(6,070 |
) |
|
$ |
(108,041 |
) |
|
$ |
(11,816 |
) |
|
$ |
(110,056 |
) |
WABASH NATIONAL
CORPORATIONSEGMENT AND COMPANY FINANCIAL
INFORMATION(Unaudited - dollars in thousands)
Adjusted Operating
Income (Loss)1 |
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Commercial Trailer
Products |
|
|
|
Income from operations |
$ |
20,865 |
|
|
$ |
15,871 |
|
Adjustments: |
|
|
|
Impairment |
— |
|
|
377 |
|
Adjusted operating income |
$ |
20,865 |
|
|
$ |
16,248 |
|
|
|
|
|
Diversified
Products |
|
|
|
Income (loss) from operations |
6,089 |
|
|
(6,070 |
) |
Adjustments: |
|
|
|
Impairment |
— |
|
|
10,971 |
|
Adjusted operating income |
6,089 |
|
|
4,901 |
|
|
|
|
|
Final Mile
Products |
|
|
|
Loss from operations |
(3,947 |
) |
|
(108,041 |
) |
Adjustments: |
|
|
|
Impairment |
— |
|
|
95,766 |
|
Adjusted operating loss |
(3,947 |
) |
|
(12,275 |
) |
|
|
|
|
Corporate |
|
|
|
Loss from operations |
(11,792 |
) |
|
(11,816 |
) |
|
|
|
|
Consolidated |
|
|
|
Income (loss) from operations |
11,215 |
|
|
(110,056 |
) |
Adjustments: |
|
|
|
Impairment |
— |
|
|
107,114 |
|
Adjusted operating income (loss) |
$ |
11,215 |
|
|
$ |
(2,942 |
) |
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
CORPORATIONRECONCILIATION OF GAAP FINANCIAL
MEASURES TONON-GAAP FINANCIAL
MEASURES(Unaudited - dollars in thousands, except per
share amounts)
Operating
EBITDA1: |
Three Months Ended March 31, |
|
2021 |
|
2020 |
Net income (loss) |
$ |
3,217 |
|
|
$ |
(106,647 |
) |
Income tax expense
(benefit) |
1,834 |
|
|
(9,561 |
) |
Interest expense |
6,150 |
|
|
6,272 |
|
Depreciation and
amortization |
12,230 |
|
|
11,119 |
|
Stock-based compensation |
2,032 |
|
|
(917 |
) |
Impairment and other, net |
621 |
|
|
107,114 |
|
Other, net |
14 |
|
|
(120 |
) |
Operating EBITDA |
$ |
26,098 |
|
|
$ |
7,260 |
|
Adjusted Net
Income2: |
Three Months Ended March 31, |
|
2021 |
|
2020 |
Net income (loss) |
$ |
3,217 |
|
|
$ |
(106,647 |
) |
Adjustments: |
|
|
|
Impairment |
— |
|
|
107,114 |
|
Tax effect of aforementioned items |
— |
|
|
(2,786 |
) |
Adjusted net income
(loss) |
$ |
3,217 |
|
|
$ |
(2,319 |
) |
Adjusted Diluted
(2021) and Basic (2020) Earnings Per
Share2: |
Three Months Ended March 31, |
|
2021 |
|
2020 |
Diluted (2021) and basic (2020) earnings per share |
$ |
0.06 |
|
|
$ |
(2.01 |
) |
Adjustments: |
|
|
|
Impairment |
— |
|
|
2.02 |
|
Tax effect of aforementioned items |
— |
|
|
(0.05 |
) |
Adjusted diluted (2021) and
basic (2020) earnings per share |
$ |
0.06 |
|
|
$ |
(0.04 |
) |
|
|
|
|
Weighted average diluted
(2021) and basic (2020) shares outstanding (in thousands) |
53,044 |
|
|
53,156 |
|
1 Operating EBITDA is defined
as earnings before interest, taxes, depreciation, amortization,
stock-based compensation, impairment and other, net, and other
non-operating income and expense. Management believes providing
operating EBITDA is useful for investors to understand the
Company’s performance and results of operations period to period
with the exclusion of the items identified above. Management
believes the presentation of operating EBITDA, when combined with
the GAAP presentations of operating income (loss) and net income
(loss), is beneficial to an investor’s understanding of the
Company’s operating performance.
2 Adjusted net loss (2020) and
adjusted earnings per basic (2020) share reflect adjustments for
non-cash impairment and the related tax effects of these
adjustments. Management believes providing adjusted measures and
excluding certain items facilitates comparisons to the Company’s
prior year periods and, when combined with the GAAP presentation of
net loss and basic (2020) net income loss per share, is beneficial
to an investor’s understanding of the Company’s performance.
WABASH NATIONAL
CORPORATIONRECONCILIATION OF FREE CASH
FLOW1(Unaudited - dollars in
thousands)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
Net cash used in operating activities |
$ |
(22,404 |
) |
|
$ |
(10,054 |
) |
Capital expenditures |
(4,165 |
) |
|
(6,278 |
) |
Free cash flow1 |
$ |
(26,569 |
) |
|
$ |
(16,332 |
) |
1 Free cash flow is defined as
net cash (used in) provided by operating activities minus 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.
WABASH NATIONAL
CORPORATIONRECONCILIATION OF ADJUSTED SEGMENT
EBITDA1AND ADJUSTED SEGMENT
EBITDA MARGIN1(Unaudited - dollars in
thousands)
|
Commercial Trailer Products |
|
Diversified Products |
|
Final Mile Products |
Three Months Ended
March 31, |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Income (loss) from operations |
$ |
20,865 |
|
|
$ |
15,871 |
|
|
$ |
6,089 |
|
|
$ |
(6,070 |
) |
|
$ |
(3,947 |
) |
|
$ |
(108,041 |
) |
Depreciation and
amortization |
3,038 |
|
|
2,732 |
|
|
4,099 |
|
|
4,499 |
|
|
4,564 |
|
|
3,555 |
|
Impairment and other, net |
186 |
|
|
377 |
|
|
432 |
|
|
10,971 |
|
|
4 |
|
|
95,766 |
|
Adjusted segment EBITDA |
$ |
24,089 |
|
|
$ |
18,980 |
|
|
$ |
10,620 |
|
|
$ |
9,400 |
|
|
$ |
621 |
|
|
$ |
(8,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted segment EBITDA
margin |
9.7 |
% |
|
7.6 |
% |
|
14.3 |
% |
|
11.3 |
% |
|
0.8 |
% |
|
(14.5 |
)% |
1 Adjusted segment EBITDA, a
non-GAAP financial measure, is calculated by adding back segment
depreciation and amortization expense to segment operating income
(loss), and excludes certain costs, expenses, other charges, gains
or income that are included in the determination of operating
income (loss) 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
StelselDirector, Corporate Communications(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Ryan ReedDirector, Corporate
Development & Investor Relations(765)
490-5664ryan.reed@wabashnational.com
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