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Wabash National Corporation Announces Fourth Quarter and Full Year 2020 Results

02/03/2021
  • Strengthening demand drives fourth quarter revenue of $404.1 million
  • Fourth quarter operating income of $10.0 million, decremental margin of 12 percent
  • Fourth quarter earnings per diluted share of $0.10
  • Backlog shows $500M sequential increase to $1.5 billion
  • 2021 EPS outlook initiated at $0.75 per diluted share; range of $0.70 to $0.80

LAFAYETTE, Ind., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC), the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the quarter and full year ended December 31, 2020.

Net sales for the fourth quarter 2020 were $404.1 million while operating income was $10.0 million or 2.5% of net sales. For the full year 2020, total revenue totaled $1.5 billion while generating an operating loss of $(85.6) million or operating income of $22.5 million on a non-GAAP adjusted basis.

Net income for the fourth quarter 2020 was $5.5 million, or $0.10 per diluted share. For the full year of 2020, net loss was $(97.4) million or earnings per diluted share of $(1.84). On a non-GAAP adjusted basis, full year 2020 net income was $7.8 million or earnings per diluted share of $0.15. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2020 was $25.2 million, or 6.2% of net sales, and full year operating EBITDA was $73.6 million, or 5.0% of net sales.

Total Company backlog as of December 31, 2020 was approximately $1.5 billion as new order activity remained strong during the fourth quarter. Backlog rose 43% compared to September 2020 and was 32% above December 2019.

“While we're all looking forward to 2021 with optimism, I want to make sure we take time to highlight Wabash National's resilient financial performance during challenging market conditions in 2020,” explained Brent Yeagy, president and chief executive officer. “Full year decremental margin of 14%, free cash flow generation of $104 million and maintaining our dividend through the cycle all show meaningful improvement in the company's financial performance.”

Outlook

For the full year ending December 31, 2021, the company has issued guidance of $1.9 billion to $2.0 billion in sales and an earnings per diluted share midpoint of $0.75 with a range of $0.70 to $0.80. 

Mr. Yeagy continued, “Conditions strengthened throughout 2020 in many of our customers' end markets and equipment demand is poised to improve in 2021. While we are focused in the near-term on executing on this cyclical upturn, we also continue to work on strategic initiatives to profitably grow the company in the long-term. Bringing new technologies to market combined with our focus on building out adjacent revenue streams will provide us with opportunities for growth beyond what the cycle gives us.”

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 2020 and 2019. A complete disclosure of the results by individual segment is included in the tables following this release.

    Commercial Trailer Products   Diversified Products   Final Mile Products
Three Months Ended December 31,   2020   2019   2020   2019   2020   2019
                         
    (Unaudited, dollars in thousands)
New trailers shipped   10,085     14,300     525     650          
Net sales   $ 283,031     $ 399,288     $ 75,205     $ 94,661     $ 51,948     $ 92,740  
Gross profit   $ 29,387     $ 50,384     $ 13,178     $ 16,324     $ 4,400     $ 6,239  
Gross profit margin   10.4 %   12.6 %   17.5 %   17.2 %   8.5 %   6.7 %
Income (loss) from operations   $ 25,533     $ 43,135     $ 1,203     $ 5,610     $ (4,533 )   $ (5,914 )
Income (loss) from operations margin   9.0 %   10.8 %   1.6 %   5.9 %   (8.7 )%   (6.4 )%
Adjusted income (loss) from operations   $ 23,276     $ 43,135     $ 3,322     $ 5,610     $ (4,533 )   $ (5,914 )
Adjusted income (loss) from operations margin   8.2 %   10.8 %   4.4 %   5.9 %   (8.7 )%   (6.4 )%

Commercial Trailer Products’ net sales for the fourth quarter were $283.0 million, a decrease of 29.1% compared to the prior year quarter, as a result of demand coming off peak levels but rebounding throughout the year. Operating income was $25.5 million, or 9.0% of sales during the quarter. Adjusting for a gain on the sale of a former branch location, CTP's fourth quarter non-GAAP operating income was $23.3 million, or 8.2% of sales during the quarter.

Diversified Products’ net sales for the fourth quarter were $75.2 million, a decrease of 20.6% compared to the prior year quarter, as a result of reduced market demand. Operating income was $1.2 million, or 1.6% of sales during the quarter. Adjusting for a loss on the sale of a business, DPG's fourth quarter non-GAAP operating income was $3.3 million, or 4.4% of sales during the quarter.

Final Mile Products’ net sales for the fourth quarter totaled $51.9 million, a decrease of 44.0% due to building to scheduled production during the quarter, while ramping to accommodate improved 2021 demand. Operating loss during the fourth quarter was $4.5 million as a result of weaker volume leverage over fixed costs.

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, debt issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes 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 (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 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 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 income and adjusted earnings per diluted share each reflect adjustments for sales of assets, non-cash impairment and debt transactions, 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 (loss) and diluted 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 share to net income (loss) and net income (loss) per diluted 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.

Fourth Quarter 2020 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Wednesday, February 3, beginning at 10:00 a.m. EST. 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 1619249. 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, liquid 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®, 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 order 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
CONSOLIDATED BALANCE SHEETS
(Unaudited - dollars in thousands)

    December 31,
2020
  December 31,
2019
Assets        
Current assets:        
Cash and cash equivalents   $ 217,677     $ 140,516  
Accounts receivable, net   101,301     172,737  
Inventories   163,750     186,914  
Prepaid expenses and other   63,036     41,222  
Total current assets   545,764     541,389  
Property, plant, and equipment, net   209,676     221,346  
Goodwill   199,560     311,026  
Intangible assets   166,887     189,898  
Other assets   39,583     40,932  
Total assets   $ 1,161,470     $ 1,304,591  
Liabilities and Stockholders' Equity        
Current liabilities:        
Current portion of long-term debt   $     $  
Current portion of finance lease obligations   348     327  
Accounts payable   104,425     134,821  
Other accrued liabilities   130,980     124,230  
Total current liabilities   235,753     259,378  
Long-term debt   447,979     455,386  
Finance lease obligations   30     378  
Deferred income taxes   46,777     37,576  
Other non-current liabilities   26,052     30,885  
Total liabilities   756,591     783,603  
Commitments and contingencies        
Stockholders' equity:        
Common stock, $0.01 par value: 200,000,000 shares authorized; 52,536,482 and 53,473,620 shares outstanding, respectively   755     750  
Additional paid-in capital   644,695     638,917  
Retained earnings   107,233     221,841  
Accumulated other comprehensive (income) loss   7,633     (3,978 )
Treasury stock, at cost: 23,004,607 and 21,640,109 common shares, respectively   (355,437 )   (336,542 )
Total stockholders' equity   404,879     520,988  
Total liabilities and stockholders' equity   $ 1,161,470     $ 1,304,591  

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,
    2020   2019   2020   2019
Net sales   $ 404,078     $ 579,001     $ 1,481,889     $ 2,319,136  
Cost of sales   358,582     506,694     1,322,135     2,012,754  
Gross profit   45,496     72,307     159,754     306,382  
General and administrative expenses   24,166     26,272     92,740     108,274  
Selling expenses   5,686     9,136     25,080     34,851  
Amortization of intangible assets   5,497     5,118     21,981     20,471  
Impairment and other, net   106         105,561      
Income (loss) from operations   10,041     31,781     (85,608 )   142,786  
Other income (expense):                
Interest expense   (6,291 )   (6,517 )   (24,194 )   (27,340 )
Other, net   240     40     588     2,285  
Other expense, net   (6,051 )   (6,477 )   (23,606 )   (25,055 )
Income (loss) before income tax   3,990     25,304     (109,214 )   117,731  
Income tax (benefit) expense   (1,504 )   6,929     (11,802 )   28,156  
Net income (loss)   $ 5,494     $ 18,375     $ (97,412 )   $ 89,575  
Net income (loss) per share:                
Basic   $ 0.10     $ 0.34     $ (1.84 )   $ 1.64  
Diluted   $ 0.10     $ 0.34     $ (1.84 )   $ 1.62  
Weighted average common shares outstanding (in thousands):                
Basic   52,840     53,917     52,945     54,695  
Diluted   53,831     54,613     52,945     55,290  
                 
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,
    2020   2019
Cash flows from operating activities:        
Net (loss) income   $ (97,412 )   $ 89,575  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation   25,989     21,886  
Amortization of intangibles   21,981     20,471  
Net (gain) loss on sale of assets and business divestiture   (1,567 )   (109 )
Loss on debt extinguishment   396     165  
Deferred income taxes   5,016     3,420  
Stock-based compensation   4,509     9,036  
Non-cash interest expense   1,112     1,045  
Impairment   107,114      
Accounts receivable   71,436     8,327  
Inventories   21,099     (2,510 )
Prepaid expenses and other   (2,875 )   (3,809 )
Accounts payable and accrued liabilities   (28,266 )   (817 )
Other, net   (4,398 )   (396 )
Net cash provided by operating activities   124,134     146,284  
Cash flows from investing activities:        
Capital expenditures   (20,131 )   (37,645 )
Proceeds from sale of assets and business divestiture   17,115     785  
Net cash used in investing activities   (3,016 )   (36,860 )
Cash flows from financing activities:        
Proceeds from exercise of stock options   1,273     848  
Borrowings under term loan credit facility, net of original issuance discount   148,500      
Dividends paid   (17,324 )   (17,797 )
Borrowings under revolving credit facilities   45,794     619  
Payments under revolving credit facilities   (45,794 )   (619 )
Principal payments under finance lease obligations   (327 )   (308 )
Principal payments against senior notes   (10,000 )    
Principal payments under term loan credit facility   (146,393 )   (50,470 )
Debt issuance costs paid   (791 )   (164 )
Stock repurchases   (18,895 )   (33,707 )
Net cash used in financing activities   (43,957 )   (101,598 )
Cash, cash equivalents, and restricted cash:        
Net increase (decrease) in cash, cash equivalents, and restricted cash   77,161     7,826  
Cash, cash equivalents, and restricted cash at beginning of period   140,516     132,690  
Cash, cash equivalents, and restricted cash at end of period   $ 217,677     $ 140,516  


WABASH NATIONAL CORPORATION

SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)

Three Months Ended December 31,   Commercial
Trailer Products
  Diversified
Products
  Final Mile
Products
  Corporate and
Eliminations
  Consolidated
2020                    
New trailers shipped     10,085     525             10,610  
Used trailers shipped   155     15             170  
                     
New Trailers   $ 269,669     $ 36,945     $     $     $ 306,614  
Used Trailers   728     573             1,301  
Components, parts and service   8,698     23,155     3,239     (6,107 )   28,985  
Equipment and other   3,936     14,532     48,709     1     67,178  
Total net external sales   $ 283,031     $ 75,205     $ 51,948     $ (6,106 )   $ 404,078  
Gross profit   $ 29,387     $ 13,178     $ 4,400     $ (1,469 )   $ 45,496  
Income (loss) from operations   $ 25,533     $ 1,203     $ (4,533 )   $ (12,162 )   $ 10,041  
                     
2019                    
New trailers shipped   14,300     650             14,950  
Used trailers shipped   25     15             40  
                     
New Trailers   $ 386,037     $ 51,222     $     $     $ 437,259  
Used Trailers   199     301             500  
Components, parts and service   9,350     24,343     2,858     (7,447 )   29,104  
Equipment and other   3,702     18,795     89,882     (241 )   112,138  
Total net external sales   $ 399,288     $ 94,661     $ 92,740     $ (7,688 )   $ 579,001  
Gross profit   $ 50,384     $ 16,324     $ 6,239     $ (640 )   $ 72,307  
Income (loss) from operations   $ 43,135     $ 5,610     $ (5,914 )   $ (11,050 )   $ 31,781  

 

Twelve Months Ended December 31,   Commercial
Trailer Products
  Diversified
Products
  Final Mile
Products
  Corporate and
Eliminations
  Consolidated
2020                    
New trailers shipped   34,585     2,050             36,635  
Used trailers shipped   475     125             600  
                     
New Trailers   $ 941,932     $ 145,888     $     $     $ 1,087,820  
Used Trailers   3,841     4,545             8,386  
Components, parts and service   36,912     88,010     12,517     (23,391 )   114,048  
Equipment and other   10,091     55,691     205,881     (28 )   271,635  
Total net external sales   $ 992,776     $ 294,134     $ 218,398     $ (23,419 )   $ 1,481,889  
Gross profit   $ 101,556     $ 52,933     $ 10,973     $ (5,708 )   $ 159,754  
Income (loss) from operations   $ 79,662     $ 1,563     $ (123,585 )   $ (43,248 )   $ (85,608 )
                     
2019                    
New trailers shipped   54,650     2,850             57,500  
Used trailers shipped   75     75             150  
                     
New Trailers   $ 1,464,636     $ 198,043     $     $     $ 1,662,679  
Used Trailers   435     2,044             2,479  
Components, parts and service   40,344     113,024     15,023     (27,902 )   140,489  
Equipment and other   16,126     71,405     426,887     (929 )   513,489  
Total net external sales   $ 1,521,541     $ 384,516     $ 441,910     $ (28,831 )   $ 2,319,136  
Gross profit   $ 177,190     $ 74,588     $ 57,815     $ (3,211 )   $ 306,382  
Income (loss) from operations   $ 145,877     $ 29,748     $ 9,804     $ (42,643 )   $ 142,786  


WABASH NATIONAL CORPORATION

SEGMENT and COMPANY FINANCIAL INFORMATION
(Unaudited - dollars in thousands)

    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2020   2019   2020   2019
Commercial Trailer Products                
Income from operations   $ 25,533     $ 43,135     $ 79,662     $ 145,877  
Impairment           377      
Gain on sale of Columbus branch   (2,257 )       (2,257 )    
Adjusted operating income   $ 23,276     $ 43,135     $ 77,782     $ 145,877  
                 
Diversified Products                
Income from operations   1,203     5,610     1,563     29,748  
Adjustments:                
Impairment           10,971      
Loss on divestiture of Beall brand   2,119         2,119      
Adjusted operating income   3,322     5,610     14,653     29,748  
                 
Final Mile Products                
(Loss) income from operations   (4,533 )   (5,914 )   (123,585 )   9,804  
Adjustments:                
Impairment           95,766      
Adjusted operating (loss) income   (4,533 )   (5,914 )   (27,819 )   9,804  
                 
Corporate                
Loss from operations   (12,162 )   (11,050 )   (43,248 )   (42,643 )
Adjustments:                
Debt transactions           1,156      
Adjusted operating loss   (12,162 )   (11,050 )   (42,092 )   (42,643 )
                 
Consolidated                
Income (loss) from operations   10,041     31,781     (85,608 )   142,786  
Adjustments:                
Impairment           107,114      
Gain on sale of Columbus branch   (2,257 )       (2,257 )    
Loss on divestiture of Beall brand   2,119         2,119      
Debt transactions           1,156      
Adjusted operating income   $ 9,903     $ 31,781     $ 22,524     $ 142,786  


WABASH NATIONAL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Unaudited - dollars in thousands, except per share amounts)

Operating EBITDA 1 :   Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Net income (loss)   $ 5,494     $ 18,375     $ (97,412 )   $ 89,575  
Income tax (benefit) expense   (1,504 )   6,929     (11,802 )   28,156  
Interest expense   6,291     6,517     24,194     27,340  
Depreciation and amortization   12,830     10,746     47,970     42,357  
Stock-based compensation   2,231     1,674     4,509     9,036  
Debt issuance costs expensed           1,156      
Impairment and other, net   106         105,561      
Other, net   (240 )   (40 )   (588 )   (2,285 )
Operating EBITDA   $ 25,208     $ 44,201     $ 73,588     $ 194,179  

 

Adjusted Net Income 2 :   Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Net income (loss)   $ 5,494     $ 18,375     $ (97,412 )   $ 89,575  
Adjustments:                
Debt transactions3   177         1,552      
Impairment           107,114      
Gain on sale of Columbus branch   (2,257 )       (2,257 )    
Loss on divestiture of Beall brand   2,119         2,119      
Tax effect of aforementioned items   (15 )       (3,365 )    
Adjusted net income   $ 5,518     $ 18,375     $ 7,751     $ 89,575  

 

Adjusted Diluted Earnings Per Share 2 :   Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Diluted earnings per share   $ 0.10     $ 0.34     $ (1.84 )   $ 1.62  
Adjustments:                
Debt transactions3           0.03      
Impairment           2.01      
Gain on sale of Columbus branch   (0.04 )       (0.04 )    
Loss on divestiture of Beall brand   0.04         0.04      
Tax effect of aforementioned items           (0.05 )    
Adjusted diluted earnings per share   $ 0.10     $ 0.34     $ 0.15     $ 1.62  
                 
Weighted Average # of Diluted Shares O/S   53,831     54,613     53,446     55,290  

¹ Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, debt issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes loss on debt extinguishment charges).
² Adjusted net income and adjusted diluted earnings per share reflect adjustments for non-cash impairment, debt transactions, and the impact of sales and divestitures, and the related tax effects of these adjustments.
³ Debt transactions include debt issuance costs within General & administrative expenses related to the closing of the New Term Loan Credit Agreement and loss on debt extinguishment charges included in Other, net.


WABASH NATIONAL CORPORATION

RECONCILIATION OF FREE CASH FLOW
(Unaudited - dollars in thousands)

    Twelve Months Ended
December 31,
    2020   2019
Net cash provided by operating activities   $ 124,134     $ 146,284  
Capital expenditures   (20,131 )   (37,645 )
Free cash flow1   $ 104,003     $ 108,639  

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


WABASH NATIONAL CORPORATION

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

    Commercial Trailer Products   Diversified Products   Final Mile Products
Three Months Ended December 31   2020   2019   2020   2019   2020   2019
Income (loss) from operations   $ 25,533     $ 43,135     $ 1,203     $ 5,610     $ (4,533 )   $ (5,914 )
Depreciation and amortization   3,021     2,750     5,358     4,526     3,909     2,887  
Impairment and other, net   (2,102 )       2,208              
Adjusted segment EBITDA   $ 26,452     $ 45,885     $ 8,769     $ 10,136     $ (624 )   $ (3,027 )
                         
Adjusted segment EBITDA margin   9.3 %   11.5 %   11.7 %   10.7 %   (1.2 )%   (3.3 )%

 

    Commercial Trailer Products   Diversified Products   Final Mile Products
Twelve Months Ended December 31   2020   2019   2020   2019   2020   2019
Income (loss) from operations   $ 79,662     $ 145,877     $ 1,563     $ 29,748     $ (123,585 )   $ 9,804  
Depreciation and amortization   11,557     10,667     19,300     18,621     14,891     11,361  
Impairment and other, net   (3,660 )       13,197         96,028      
Adjusted segment EBITDA   $ 87,559     $ 156,544     $ 34,060     $ 48,369     $ (12,666 )   $ 21,165  
                         
Adjusted segment EBITDA Margin   8.8 %   10.3 %   11.6 %   12.6 %   (5.8 )%   4.8 %

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 Stelsel
Director, Corporate Communications
(765) 771-5766
dana.stelsel@wabashnational.com

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

 

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