false000087952600008795262025-01-292025-01-29


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) January 29, 2025
 
WABASH NATIONAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
Delaware001-1088352-1375208
(State or other jurisdiction
of Incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
 
3900 McCarty Lane
LafayetteIndiana47905
(Address of principal executive offices)(Zip Code)
 
Registrant’s telephone number, including area code: (765) 771-5310
Not applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
WNC
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition.
On January 29, 2025, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the year and quarter ended December 31, 2024. A copy of the Company’s press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The press release and a teleconference visual presentation are also available on the Company’s Investor Relations website at ir.wabashnational.com.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
 
Exhibit No.Description
  
104Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 WABASH NATIONAL CORPORATION
   
Date: January 29, 2025By:/s/ Patrick Keslin
  Patrick Keslin
  Senior Vice President and Chief Financial Officer



image.jpg  
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@onewabash.com


Investor Relations:
Ryan Reed
VP, Corporate Development & IR
(765) 490-5664
ryan.reed@onewabash.com
 

Wabash Announces Fourth Quarter and Full Year 2024 Results
 
•Quarterly revenue of $417M, operating income of $3.6M and EPS of $(0.02)
•Full year revenue of $1.95B and adjusted EPS of $1.22 demonstrates improved portfolio resilience
•Recent key leadership additions strengthen culture to allow more rapid strategic advancement
•Total backlog up sequentially to $1.2 billion
•2025 Outlook initiated with midpoints of $2.0 billion revenue and diluted earnings per share of $0.95

LAFAYETTE, Ind. – January 29, 2025 – Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter and full year ended December 31, 2024.
For the fourth quarter of 2024, net sales were $416.8 million. Operating income was $3.6 million, or 0.9% of sales. Net loss attributable to common stockholders was $1.0 million, or $(0.02) per diluted share. For the full year 2024, revenue totaled $1.95 billion with operating loss of $356.1 million or non-GAAP adjusted operating income of $94 million, representing 4.8% of sales. Full year net loss attributable to common stockholders was $284.1 million, or $(6.40) per diluted share. On a non-GAAP adjusted basis, full year net income was $54.7 million, or $1.22 per diluted share. Adjusted EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2024 was $21.1 million, or 5.1% of net sales, and full year adjusted EBITDA was $162.7 million, or 8.4% of net sales.
Total Company backlog as of December 31, 2024 was approximately $1.2 billion, which represents an increase compared to the prior quarter. Backlog expected to be shipped within the following 12-months was $813 million as of December 31, 2024 - a greater than $100 million increase from the prior quarter.
“During 2024, we continued to build on our record setting financial and strategic accomplishments of 2023 by demonstrating improved resilience during an industry down-cycle and maintaining a forward posture by continuing to invest in strategic growth in a manner that's unprecedented relative to market conditions," explained Brent Yeagy, President and Chief Executive Officer. "With significant leadership additions completed during 2024, our organization and our people are positioned to sustainably grow the company's base of recurring revenue by delivering value to our customers leveraging the intersection between physical and digital technologies.”
Outlook
For the full year ending December 31, 2025, the Company has issued guidance with sales in the range of $1.9 billion to $2.1 billion with a midpoint of $2.0 billion and earnings per diluted share of $0.85 to $1.05 with a midpoint of $0.95. 


Mr. Yeagy continued, “While our backlog grew sequentially in the fourth quarter, we expect customer orders to be more evenly distributed throughout the year compared to typical seasonal patterns. Consequently, we've taken a measured approach to our initial financial outlook. It's also worth noting that the areas of our business we anticipate the strongest performance in 2025 - Truck Bodies and Parts & Services - traditionally operate with relatively modest backlogs and convert orders to revenue quickly. Overall, we see 2025 as a transitional year, paving the way for improving market conditions as well as providing opportunity for continued advancement on our journey to increase value for customers leveraging all facets of our expanding portfolio and ecosystem.”
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 fourth quarter of 2024 and 2023. A complete disclosure of the results by individual segment is included in the tables following this release.
Wabash National Corporation
Three Months Ended December 31,20242023
Units Shipped
New trailers6,77010,075
New truck bodies3,0104,075
Used trailers3535
 Transportation SolutionsParts & Services
Three Months Ended December 31,2024202320242023
(Unaudited, dollars in thousands)
Net sales$370,494 $546,981 $48,603 $55,226 
Gross profit$34,880 $94,766 $8,079 $13,457 
Gross profit margin9.4%17.3%16.6%24.4%
Income from operations$17,942 $74,593 $4,494 $10,145 
Income from operations margin4.8%13.6%9.2%18.4%
Transportation Solutions’ net sales for the fourth quarter were $370.5 million, a decrease of 32.3% compared to the prior year quarter. During the quarter, operating income was $17.9 million, or 4.8% of sales.
Parts & Services' net sales for the fourth quarter were $48.6 million, an decrease of 12.0% compared to the prior year quarter. Operating income was $4.5 million, or 9.2% 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 adjusted 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 (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.
Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) 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 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 provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted operating income (loss) and margin, non-GAAP financial measures, exclude 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) 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 (loss) 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 (loss) margin is calculated by dividing adjusted operating income (loss) by total net sales. 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) income attributable to common stockholders and adjusted diluted earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net (loss) income and diluted net (loss) income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.
Adjusted segment EBITDA and margin, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity 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 Adjusted EBITDA, 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.
Fourth Quarter 2024 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Wednesday, January 29, 2025 beginning at 12:00 p.m. EST. 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 (800) 715-9871, conference ID 9986205. 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 risks related to the Missouri product liability action and the unfavorable jury verdict, 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
CONSOLIDATED BALANCE SHEETS
(Unaudited - dollars in thousands)
 
December 31,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$115,484 $179,271 
Accounts receivable, net143,946 182,990 
Inventories, net258,825 267,635 
Prepaid expenses and other76,233 51,457 
Total current assets594,488 681,353 
Property, plant, and equipment, net339,247 325,444 
Deferred income taxes94,873 — 
Goodwill188,441 188,409 
Intangible assets, net74,445 86,418 
Investment in unconsolidated entities7,250 1,647 
Other assets112,785 79,543 
Total assets$1,411,529 $1,362,814 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt$— $— 
Accounts payable146,738 156,608 
Other accrued liabilities161,671 195,601 
Total current liabilities308,409 352,209 
Long-term debt397,142 396,465 
Deferred income taxes— 17,013 
Other non-current liabilities516,152 47,028 
Total liabilities1,221,703 812,715 
Commitments and contingencies
Noncontrolling interest996 603 
Wabash National Corporation stockholders' equity:
Common stock, $0.01 par value: 200,000,000 shares authorized; 42,882,308 and 45,393,260 shares outstanding, respectively781 774 
Additional paid-in capital689,216 677,886 
Retained earnings105,633 403,923 
Accumulated other comprehensive loss(3,229)(428)
Treasury stock, at cost: 35,253,494 and 32,128,755 common shares, respectively(603,571)(532,659)
Total Wabash National Corporation stockholders' equity188,830 549,496 
Total liabilities, noncontrolling interest, and equity$1,411,529 $1,362,814 



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

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Net sales$416,814 $596,100 $1,946,740 $2,536,500 
Cost of sales373,855 487,877 1,681,668 2,038,313 
Gross profit42,959 108,223 265,072 498,187 
General and administrative expenses30,991 37,464 580,684 146,658 
Selling expenses5,932 6,368 28,035 26,532 
Amortization of intangible assets2,912 3,203 11,973 12,813 
Impairment and other, net(462)86 484 235 
Income (loss) from operations3,586 61,102 (356,104)311,949 
Other income (expense):
Interest expense(4,945)(4,941)(19,839)(19,854)
Other, net869 1,687 5,434 3,393 
Other expense, net(4,076)(3,254)(14,405)(16,461)
Loss from unconsolidated entity(1,511)(803)(6,089)(803)
(Loss) income before income tax expense(2,001)57,045 (376,598)294,685 
Income tax (benefit) expense(1,308)6,541 (93,523)62,830 
Net (loss) income(693)50,504 (283,075)231,855 
Net income attributable to noncontrolling interest337 122 996 603 
Net (loss) income attributable to common stockholders$(1,030)$50,382 $(284,071)$231,252 
Net (loss) income attributable to common stockholders per share:
Basic$(0.02)$1.10 $(6.40)$4.92 
Diluted$(0.02)$1.07 $(6.40)$4.81 
Weighted average common shares outstanding (in thousands):
Basic43,343 45,938 44,359 47,011 
Diluted43,343 46,931 44,359 48,030 
Dividends declared per share$0.08 $0.08 $0.32 $0.32 



WABASH NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands)
Year Ended December 31,
20242023
Cash flows from operating activities:  
Net (loss) income$(283,075)$231,855 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation45,012 32,507 
Amortization of intangibles11,973 12,813 
Net (gain) loss on sale of property, plant and equipment and business divestiture(493)235 
Deferred income taxes(111,683)(13,459)
Stock-based compensation11,309 11,799 
Non-cash interest expense962 946 
Equity in loss of unconsolidated entity6,089 803 
Impairment994 — 
Accounts receivable39,044 72,587 
Inventories8,810 (23,765)
Prepaid expenses and other4,020 (10,727)
Accounts payable and accrued liabilities(68,687)5,775 
Other, net452,997 (1,763)
Net cash provided by operating activities117,272 319,606 
Cash flows from investing activities:
Cash payments for capital expenditures(72,188)(98,093)
Expenditures for revenue generating assets(6,948)(5,650)
Proceeds from sale of assets and business divestiture4,448 154 
Investment in unconsolidated entities(20,100)(2,450)
Net cash used in investing activities(94,788)(106,039)
Cash flows from financing activities:
Proceeds from exercise of stock options28 155 
Dividends paid(14,779)(15,861)
Borrowings under revolving credit facilities884 104,199 
Payments under revolving credit facilities(884)(104,199)
Debt issuance costs paid(5)(117)
Stock repurchases(70,912)(76,206)
Distribution to noncontrolling interest(603)(512)
Net cash used in financing activities(86,271)(92,541)
Cash, cash equivalents, and restricted cash:
Net (decrease) increase in cash, cash equivalents, and restricted cash(63,787)121,026 
Cash, cash equivalents, and restricted cash at beginning of period179,271 58,245 
Cash, cash equivalents, and restricted cash at end of period$115,484 $179,271 
Supplemental disclosures of cash flow information:
Cash paid for interest$18,786 $18,938 
Net cash paid for income taxes$29,831 $82,589 
Period end balance of payables for property, plant, and equipment$5,915 $11,662 



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

Wabash National Corporation
Three Months Ended December 31,20242023
Units Shipped
New trailers6,77010,075
New truck bodies3,0104,075
Used trailers3535
Three Months Ended December 31,Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2024
New trailers$278,022 $— $(816)$277,206 
Used trailers— 1,128 — 1,128 
Components, parts and service— 26,943 — 26,943 
Equipment and other92,472 20,532 (1,467)111,537 
Total net external sales$370,494 $48,603 $(2,283)$416,814 
Gross profit$34,880 $8,079 $— $42,959 
Income (loss) from operations$17,942 $4,494 $(18,850)$3,586 
Adjusted income (loss) from operations1
$17,942 $4,494 $(18,850)$3,586 
2023    
New trailers$438,113 $— $(1,321)$436,792 
Used trailers— 2,582 — 2,582 
Components, parts and service— 34,689 — 34,689 
Equipment and other108,868 17,955 (4,786)122,037 
Total net external sales$546,981 $55,226 $(6,107)$596,100 
Gross profit$94,766 $13,457 $— $108,223 
Income (loss) from operations$74,593 $10,145 $(23,636)$61,102 
Adjusted income (loss) from operations1
$74,593 $10,145 $(23,636)$61,102 



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
Twelve Months Ended December 31,20242023
Units Shipped
New trailers32,10044,450
New truck bodies14,25516,070
Used trailers8090
Twelve Months Ended December 31,Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2024    
New trailers$1,335,902 $— $(3,978)$1,331,924 
Used trailers71 4,012 (71)4,012 
Components, parts and service— 128,565 — 128,565 
Equipment and other419,160 72,485 (9,406)482,239 
Total net external sales$1,755,133 $205,062 $(13,455)$1,946,740 
Gross profit$217,618 $47,454 $— $265,072 
Income (loss) from operations$148,277 $35,417 $(539,798)$(356,104)
Adjusted income (loss) from operations1
$148,277 $35,417 $(89,798)$93,896 
2023    
New trailers$1,924,700 $— $(5,901)$1,918,799 
Used trailers— 4,978 — 4,978 
Components, parts and service— 148,256 — 148,256 
Equipment and other413,904 67,639 (17,076)464,467 
Total net external sales$2,338,604 $220,873 $(22,977)$2,536,500 
Gross profit$439,864 $58,323 $— $498,187 
Income (loss) from operations$366,928 $44,649 $(99,628)$311,949 
Adjusted income (loss) from operations1
$366,928 $44,649 $(99,628)$311,949 



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 Income1
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
Transportation Solutions
Income from operations$17,942 $74,593 $148,277 $366,928 
Adjustments:
N/A— — — — 
Adjusted operating income17,942 74,593 148,277 366,928 
Adjusted operating income margin4.8%13.6%8.4%15.7%
Parts & Services
Income from operations4,494 10,145 35,417 44,649 
Adjustments:
N/A— — — — 
Adjusted operating income4,494 10,145 35,417 44,649 
Adjusted operating income margin9.2%18.4%17.3%20.2%
Corporate
Loss from operations(18,850)(23,636)(539,798)(99,628)
Adjustments:
Missouri legal matter— — 450,000 — 
Adjusted operating loss(18,850)(23,636)(89,798)(99,628)
Consolidated
Income from operations3,586 61,102 (356,104)311,949 
Adjustments:
Missouri legal matter— — 450,000 — 
Adjusted operating income$3,586 $61,102 $93,896 $311,949 
Adjusted operating income margin0.9%10.3%4.8%12.3%



1 Adjusted operating income (loss) and margin, 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. Adjusted operating income (loss) margin is calculated by dividing adjusted operating income by total net sales.


WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Unaudited - dollars in thousands, except per share amounts)
Adjusted EBITDA1 :
Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Net (loss) income$(693)$50,504 $(283,075)$231,855 
Income tax (benefit) expense(1,308)6,541 (93,523)62,830 
Interest expense4,945 4,941 19,839 19,854 
Depreciation and amortization16,591 12,635 56,985 45,320 
Stock-based compensation1,394 2,987 11,309 11,799 
Missouri legal matter— — 450,000 — 
Impairment and other, net(462)86 484 235 
Other, net(869)(1,687)(5,434)(3,393)
Loss from unconsolidated entity1,511 803 6,089 803 
Adjusted EBITDA$21,109 $76,810 $162,674 $369,303 
Adjusted Net (Loss) Income Attributable to Common Stockholders2:
Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Net (loss) income attributable to common stockholders$(1,030)$50,382 $(284,071)$231,252 
Adjustments:    
Missouri legal matter— — 450,000 — 
Tax effect of aforementioned items— — (111,213)— 
Adjusted net (loss) income attributable to common stockholders$(1,030)$50,382 $54,716 $231,252 
Adjusted Diluted (Loss) Earnings Per Share2:
Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Diluted (loss) earnings per share$(0.02)$1.07 $(6.40)$4.81 
Adjustments:    
Missouri legal matter— — 10.14 — 
Tax effect of aforementioned items— — (2.52)— 
Adjusted diluted (loss) earnings per share$(0.02)$1.07 $1.22 $4.81 
Weighted average diluted shares outstanding (in thousands)3
43,343 46,931 44,908 48,030 


1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance.
2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.
3 Weighted average diluted shares outstanding for the twelve months ended December 31, 2024 differ from the GAAP presentation on the Company's Consolidated Statement of Operations due to the Company being in a loss position on an unadjusted basis.


WABASH NATIONAL CORPORATION
RECONCILIATION OF FREE CASH FLOW1
(Unaudited - dollars in thousands)
Three Months Ended December 31,Twelve Months Ended
December 31,
2024202320242023
Net cash provided by operating activities$80,884 $115,008 $117,272 $319,606 
Cash payments for capital expenditures(21,345)(13,022)(72,188)(98,093)
Expenditures for revenue generating assets(5,513)(1,689)(6,948)(5,650)
Free cash flow1
$54,026 $100,297 $38,136 $215,863 


1 Free cash flow is defined as net cash provided by operating activities minus cash payments for capital expenditures and 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.




WABASH NATIONAL CORPORATION
RECONCILIATION OF ADJUSTED SEGMENT EBITDA1
AND ADJUSTED SEGMENT EBITDA MARGIN1
(Unaudited - dollars in thousands)

Transportation SolutionsParts & Services
Three Months Ended December 312024202320242023
Income from operations$17,942 $74,593 $4,494 $10,145 
Depreciation and amortization14,291 11,138 1,054 598 
Impairment and other, net(477)86 14 — 
Adjusted segment EBITDA$31,756 $85,817 $5,562 $10,743 
Adjusted segment EBITDA margin8.6 %15.7 %11.4 %19.5 %

Transportation SolutionsParts & Services
Twelve Months Ended December 312024202320242023
Income from operations$148,277 $366,928 $35,417 $44,649 
Depreciation and amortization49,987 40,443 2,681 2,201 
Impairment and other, net(518)235 1 — 
Adjusted segment EBITDA$197,746 $407,606 $38,099 $46,850 
Adjusted segment EBITDA Margin11.3 %17.4 %18.6 %21.2 %



1 Adjusted segment EBITDA and margin, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity 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.


v3.24.4
Cover Page Cover Page
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name WABASH NATIONAL CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-10883
Entity Tax Identification Number 52-1375208
Entity Address, Address Line One 3900 McCarty Lane
Entity Address, City or Town Lafayette
Entity Address, State or Province IN
Entity Address, Postal Zip Code 47905
City Area Code 765
Local Phone Number 771-5310
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol WNC
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000879526
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