• Wabash Announces Fourth Quarter and Full Year 2024 Results

    Источник: Nasdaq GlobeNewswire / 29 янв 2025 06:53:00   America/New_York

    •  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., Jan. 29, 2025 (GLOBE NEWSWIRE) -- 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,  2024   2023     
    Units Shipped        
    New trailers  6,770   10,075     
    New truck bodies  3,010   4,075     
    Used trailers  35   35     
             
      Transportation Solutions Parts & Services
    Three Months Ended December 31,  2024   2023   2024   2023 
      (Unaudited, dollars in thousands)
    Net sales $370,494  $546,981  $48,603  $55,226 
    Gross profit $34,687  $94,766  $8,079  $13,457 
    Gross profit margin  9.4%  17.3%  16.6%  24.4%
    Income from operations $17,942  $74,593  $4,494  $10,145 
    Income from operations margin  4.8%  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.

    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 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, net 143,946   182,990 
    Inventories, net 258,825   267,635 
    Prepaid expenses and other 76,233   51,457 
    Total current assets 594,488   681,353 
    Property, plant, and equipment, net 339,247   325,444 
    Deferred income taxes 94,873   — 
    Goodwill 188,441   188,409 
    Intangible assets, net 74,445   86,418 
    Investment in unconsolidated entities 7,250   1,647 
    Other assets 112,785   79,543 
    Total assets$1,411,529  $1,362,814 
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Accounts payable 146,738   156,608 
    Other accrued liabilities 161,671   195,601 
    Total current liabilities 308,409   352,209 
    Long-term debt 397,142   396,465 
    Deferred income taxes —   17,013 
    Other non-current liabilities 516,152   47,028 
    Total liabilities 1,221,703   812,715 
    Commitments and contingencies   
    Noncontrolling interest 996   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, respectively 781   774 
    Additional paid-in capital 689,216   677,886 
    Retained earnings 105,633   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' equity 188,830   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,
      2024   2023   2024   2023 
    Net sales$416,814  $596,100  $1,946,740  $2,536,500 
    Cost of sales 373,855   487,877   1,681,668   2,038,313 
    Gross profit 42,959   108,223   265,072   498,187 
    General and administrative expenses 30,991   37,464   580,684   146,658 
    Selling expenses 5,932   6,368   28,035   26,532 
    Amortization of intangible assets 2,912   3,203   11,973   12,813 
    Impairment and other, net (462)  86   484   235 
    Income (loss) from operations 3,586   61,102   (356,104)  311,949 
    Other income (expense):       
    Interest expense (4,945)  (4,941)  (19,839)  (19,854)
    Other, net 869   1,687   5,434   3,393 
    Other expense, net (4,076)  (3,254)  (14,405)  (16,461)
    Loss from unconsolidated entity (1,511)  (803)  (6,089)  (803)
    (Loss) income before income tax expense (2,001)  57,045   (376,598)  294,685 
    Income tax (benefit) expense (1,308)  6,541   (93,523)  62,830 
    Net (loss) income (693)  50,504   (283,075)  231,855 
    Net income attributable to noncontrolling interest 337   122   996   603 
    Net (loss) income attributable to common stockholders$(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):       
    Basic 43,343   45,938   44,359   47,011 
    Diluted 43,343   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,
      2024   2023 
    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:   
    Depreciation 45,012   32,507 
    Amortization of intangibles 11,973   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 compensation 11,309   11,799 
    Non-cash interest expense 962   946 
    Equity in loss of unconsolidated entity 6,089   803 
    Impairment 994   — 
    Accounts receivable 39,044   72,587 
    Inventories 8,810   (23,765)
    Prepaid expenses and other 4,020   (10,727)
    Accounts payable and accrued liabilities (68,687)  5,775 
    Other, net 452,997   (1,763)
    Net cash provided by operating activities 117,272   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 divestiture 4,448   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 options 28   155 
    Dividends paid (14,779)  (15,861)
    Borrowings under revolving credit facilities 884   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 period 179,271   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, 2024 2023    
    Units Shipped        
    New trailers  6,770  10,075    
    New truck bodies  3,010  4,075    
    Used trailers  35  35    
             
    Three Months Ended December 31, Transportation Solutions Parts & Services Corporate 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 other  92,472  20,532  (1,467)  111,537
    Total net external sales $370,494 $48,603 $(2,283) $416,814
    Gross profit $34,687 $8,079 $—  $42,766
    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 other  108,868  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, 2024 2023    
    Units Shipped        
    New trailers  32,100  44,450    
    New truck bodies  14,255  16,070    
    Used trailers  80  90    
             
    Twelve Months Ended December 31, Transportation Solutions Parts & Services Corporate and
    Eliminations    		 Consolidated
    2024        
    New trailers $1,335,902 $— $(3,978) $1,331,924 
    Used trailers  71  4,012  (71)  4,012 
    Components, parts and service  —  128,565  —   128,565 
    Equipment and other  419,160  72,485  (9,406)  482,239 
    Total net external sales $1,755,133 $205,062 $(13,455) $1,946,740 
    Gross profit $217,425 $47,454 $—  $264,879 
    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 other  413,904  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 Income1Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2024   2023   2024   2023 
    Transportation Solutions       
    Income from operations$17,942  $74,593  $148,277  $366,928 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 17,942   74,593   148,277   366,928 
    Adjusted operating income margin 4.8%  13.6%  8.4%  15.7%
            
    Parts & Services       
    Income from operations 4,494   10,145   35,417   44,649 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 4,494   10,145   35,417   44,649 
    Adjusted operating income margin 9.2%  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 operations 3,586   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 margin 0.9%  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,
      2024   2023   2024   2023 
    Net (loss) income$(693) $50,504  $(283,075) $231,855 
    Income tax (benefit) expense (1,308)  6,541   (93,523)  62,830 
    Interest expense 4,945   4,941   19,839   19,854 
    Depreciation and amortization 16,591   12,635   56,985   45,320 
    Stock-based compensation 1,394   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 entity 1,511   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,
      2024   2023   2024   2023 
    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,
      2024   2023   2024   2023 
    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,
      2024   2023   2024   2023 
    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 Solutions Parts & Services
    Three Months Ended December 31 2024   2023   2024   2023 
    Income from operations$17,942  $74,593  $4,494  $10,145 
    Depreciation and amortization 14,291   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 margin 8.6%  15.7%  11.4%  19.5%
     


     Transportation Solutions Parts & Services
    Twelve Months Ended December 31 2024   2023   2024   2023 
    Income from operations$148,277  $366,928  $35,417  $44,649 
    Depreciation and amortization 49,987   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 Margin 11.3%  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.


    Primary Logo

Опубликовать