• Wabash Announces Fourth Quarter and Full Year 2021 Results

    Источник: Nasdaq GlobeNewswire / 02 фев 2022 05:58:01   America/Chicago

    • Record backlog of $2.5 billion up 31% sequentially and 70% year-over-year
    • Fourth quarter revenue of $479.3 million
    • Fourth quarter GAAP operating loss of $(18.6) million or operating income of $9.7 million on a non-GAAP adjusted basis
    • Fourth quarter GAAP earnings per diluted share of $(0.51) or $0.07 on a non-GAAP adjusted basis
    • 2022 EPS outlook maintained, updated for reduced amortization impact at $1.75
    • Company announces move to unified Wabash branded offerings, retirement of legacy brand names

    LAFAYETTE, Ind., Feb. 02, 2022 (GLOBE NEWSWIRE) -- Wabash (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, 2021.

    For the fourth quarter 2021 net sales were $479.3 million as supply chain challenges persisted. Operating loss was $(18.6) million. On a non-GAAP basis, adjusting for a non-cash impairment of trade names and trademarks, operating income was $9.7 million or 2.0% of net sales. Net loss was $(25.3) million, or $(0.51) per diluted share. Adjusting for debt transactions costs and non-cash impairment of trade names and trademarks, fourth quarter net income was $3.7 million, or $0.07 per share on a non-GAAP basis.

    For the full year 2021, revenue totaled $1.8 billion with operating income of $33.5 million. On a non-GAAP adjusted basis, operating income was $60.0 million or 3.3% of sales. Net income was $1.2 million or earnings per diluted share of $0.02. On a non-GAAP adjusted basis, net income was $29.1 million or earnings per diluted share of $0.56.

    Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2021 was $22.8 million, or 4.8% of net sales, and full year operating EBITDA was $117.0 million, or 6.5% of net sales.

    Total Company backlog as of December 31, 2021 was approximately $2.5 billion as new order activity continued to outpace shipments during the fourth quarter. Backlog rose 31% compared to September 2021 and was 70% above December 2020.

    “After two years of accomplishments in our reorganization, new customer acquisition, and strategic growth as One Wabash, the culmination of our efforts is how we go to market with a powerful brand strategy designed to carry all of our legacy brands into the future," explained Brent Yeagy, president and chief executive officer. "Last quarter we communicated the modification of our corporate name to Wabash and today we're excited to follow on to announce the streamlining of our product brand architecture to further leverage the Wabash brand name. Moving to Wabash-branded offerings while retiring legacy product brand names will serve as the external manifestation of our One Wabash structure.”

    Outlook

    For the full year ending December 31, 2022, the company has issued guidance of approximately $2.3 billion in sales and earnings per diluted share of at least $1.75. 

    Mr. Yeagy continued, “As our guidance suggests, we remain optimistic about 2022 as our One Wabash organization has executed meaningful cost recovery within our order backlog, which grew to another record level during the fourth quarter. While our financial outlook assumes no improvement in supply chain conditions, other known changes including hiring activity and the initiation of pass-through pricing on commodities ensure a new level of margin stability and EPS certainty for Wabash in 2022. Longer-term we remain focused on bringing new products and technologies to market, building out adjacent revenue streams and growing beyond the equipment cycle.”

    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 2021 and 2020. A complete disclosure of the results by individual segment is included in the tables following this release.

      Wabash    
    Three Months Ended December 31,  2021   2020     
    Units Shipped        
    New trailers          11,655           10,585     
    New truck bodies          3,230           3,300     
    Used trailers          25           170     
             
      Transportation Solutions Parts & Service
    Three Months Ended December 31,  2021   2020   2021   2020 
      (Unaudited, dollars in thousands)
    Net sales $443,146  $361,280  $38,143  $44,985 
    Gross profit $36,854  $36,119  $7,958  $10,848 
    Gross profit margin  8.3%  10.0%  20.9%  24.1%
    (Loss) income from operations $(7,623) $13,396  $1,692  $8,808 
    (Loss) income from operations margin  (1.7)%  3.7%  4.4%  19.6%
    Adjusted income from operations $17,996  $15,515  $4,419  $6,551 
    Adjusted income from operations margin  4.1%  4.3%  11.6%  14.6%

    Transportation Solutions’ net sales for the fourth quarter were $443.1 million, an increase of 22.7% compared to the prior year quarter, as a result of strong customer demand and improving rates of production. During the quarter, GAAP operating loss was $7.6 million. Non-GAAP operating income was $18.0 million or 4.1% of sales when adjusting for a non-cash impairment of trade names and trademarks.

    Parts & Service's net sales for the fourth quarter were $38.1 million, a decrease of 15.2% compared to the prior year quarter, primarily due to the divestiture of Extract Technology on June 30, 2021. Operating income was $1.7 million during the quarter. Adjusting for a non-cash impairment of trade names and trademarks, Parts and Services' fourth quarter non-GAAP operating income was $4.4 million, or 11.6% of sales during the quarter.

    Non-GAAP Measures

    In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including operating EBITDA, free cash flow, adjusted operating income (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 transactions (including losses on debt extinguishment and debt issuance costs expensed), impairment and other, net, and other non-operating income and expense. Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income (loss) and net income (loss), is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income (loss) is included in the tables following this release.

    Free cash flow is defined as net cash (used in) provided by operating activities minus capital expenditures. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash (used in) provided by operating activities is included in the tables following this release.

    Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating income (loss) to operating income (loss), the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted net 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 2021 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, February 2, 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.onewabash.com. The conference call will also be accessible by dialing (888) 440-6928, conference ID 6579482. A replay of the call will be available on the site shortly after the conclusion of the presentation.

    About Wabash

    Wabash (NYSE: WNC) is the visionary leader of engineered 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 onewabash.com.

    Safe Harbor Statement

    This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include a continued or prolonged shutdown or reduction of our operations, substantially reduced customer orders or 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
    CONSOLIDATED BALANCE SHEETS
    (Unaudited - dollars in thousands)

     December 31,
    2021    		 December 31,
    2020
    Assets   
    Current assets:   
    Cash and cash equivalents$71,778  $217,677 
    Accounts receivable, net 176,511   101,301 
    Inventories 237,621   163,750 
    Prepaid expenses and other 43,795   63,036 
    Total current assets 529,705   545,764 
    Property, plant, and equipment, net 232,425   209,676 
    Goodwill 188,443   199,560 
    Intangible assets 114,441   166,887 
    Other assets 42,057   39,583 
    Total assets$1,107,071  $1,161,470 
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Current portion of finance lease obligations 59   348 
    Accounts payable 173,950   104,425 
    Other accrued liabilities 115,316   130,980 
    Total current liabilities 289,325   235,753 
    Long-term debt 428,315   447,979 
    Finance lease obligations —   30 
    Deferred income taxes 36,019   46,777 
    Other non-current liabilities 27,873   26,052 
    Total liabilities 781,532   756,591 
    Commitments and contingencies   
    Stockholders' equity:   
    Common stock, $0.01 par value: 200,000,000 shares authorized; 48,954,482 and 52,536,482 shares outstanding, respectively 759   755 
    Additional paid-in capital 653,978   644,695 
    Retained earnings 92,111   107,233 
    Accumulated other comprehensive income 859   7,633 
    Treasury stock, at cost: 27,013,275 and 23,004,607 common shares, respectively (422,168)  (355,437)
    Total stockholders' equity 325,539   404,879 
    Total liabilities and stockholders' equity$1,107,071  $1,161,470 
     
     
     

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

     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021   2020   2021   2020 
    Net sales$479,277  $404,078  $1,803,268  $1,481,889 
    Cost of sales 436,629   358,582   1,606,801   1,322,135 
    Gross profit 42,648   45,496   196,467   159,754 
    General and administrative expenses 22,067   24,166   88,807   92,740 
    Selling expenses 5,371   5,686   23,691   25,080 
    Amortization of intangible assets 5,630   5,497   22,858   21,981 
    Impairment and other, net 28,200   106   27,569   105,561 
    Income (loss) from operations (18,620)  10,041   33,542   (85,608)
    Other income (expense):       
    Interest expense (5,097)  (6,291)  (23,128)  (24,194)
    Other, net (8,929)  240   (9,124)  588 
    Other expense, net (14,026)  (6,051)  (32,252)  (23,606)
    Income (loss) before income tax (32,646)  3,990   1,290   (109,214)
    Income tax (benefit) expense (7,333)  (1,504)  126   (11,802)
    Net income (loss)$(25,313) $5,494  $1,164  $(97,412)
    Net income (loss) per share:       
    Basic$(0.51) $0.10  $0.02  $(1.84)
    Diluted$(0.51) $0.10  $0.02  $(1.84)
    Weighted average common shares outstanding (in thousands):       
    Basic 49,400   52,840   50,684   52,945 
    Diluted 49,400   53,831   51,608   52,945 
            
    Dividends declared per share$0.08  $0.08  $0.32  $0.32 
                    
                    
                    

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

     Year Ended December 31,
     2021
    		 2020
    Cash flows from operating activities:   
    Net income (loss)$1,164  $(97,412)
    Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:   
    Depreciation 25,984   25,989 
    Amortization of intangibles 22,858   21,981 
    Net (gain) loss on sale of assets and business divestiture (1,594)  (1,567)
    Loss on debt extinguishment 9,504   396 
    Deferred income taxes (8,147)  5,016 
    Stock-based compensation 7,059   4,509 
    Non-cash interest expense 1,082   1,112 
    Impairment 29,163   107,114 
    Accounts receivable (80,879)  71,436 
    Inventories         (74,804)  21,099 
    Prepaid expenses and other 8,570   (2,875)
    Accounts payable and accrued liabilities 54,862   (28,266)
    Other, net (2,292)  (4,398)
    Net cash (used in) provided by operating activities (7,470)  124,134 
    Cash flows from investing activities:   
    Capital expenditures (49,105)  (20,131)
    Proceeds from sale of assets and business divestiture 22,029   17,115 
    Net cash used in investing activities (27,076)  (3,016)
    Cash flows from financing activities:   
    Proceeds from exercise of stock options 2,228   1,273 
    Borrowings under new senior notes 400,000   — 
    Borrowings under term loan credit facility, net of original issuance discount —   148,500 
    Dividends paid (16,435)  (17,324)
    Borrowings under revolving credit facilities 50,823   45,794 
    Payments under revolving credit facilities (17,788)  (45,794)
    Principal payments under finance lease obligations (319)  (327)
    Principal payments against old senior notes (315,000)  (10,000)
    Principal payments under term loan credit facility (138,835)  (146,393)
    Debt issuance costs paid (9,296)  (791)
    Stock repurchases (66,731)  (18,895)
    Net cash used in financing activities (111,353)  (43,957)
    Cash, cash equivalents, and restricted cash:   
    Net (decrease) increase in cash, cash equivalents, and restricted cash (145,899)  77,161 
    Cash, cash equivalents, and restricted cash at beginning of period 217,677   140,516 
    Cash, cash equivalents, and restricted cash at end of period$71,778  $217,677 
     
     
     

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

      Wabash    
    Three Months Ended December 31, 2021
    		 2020    
    Units Shipped        
    New trailers  11,655   10,585    
    New truck bodies  3,230   3,300    
    Used trailers  25   170    
             
    Three Months Ended December 31, Transportation
    Solutions    		 Parts & Service Corporate and
    Eliminations    		 Consolidated
    2021        
    New Trailers and truck bodies $388,182  $179 $(181) $388,180 
    Used Trailers  —   659  —   659 
    Components, parts and service  —   30,182  (1,831)  28,351 
    Equipment and other  54,964   7,123  —   62,087 
    Total net external sales $443,146  $38,143 $(2,012) $479,277 
    Gross profit $36,854  $7,958 $(2,164) $42,648 
    (Loss) income from operations $(7,623) $1,692 $(12,689) $(18,620)
    Adjusted income (loss) from operations1 $17,996  $4,419 $(12,689) $9,726 
             
    2020        
    New Trailers and truck bodies $306,481  $289 $(155) $306,615 
    Used Trailers  698   603  —   1,301 
    Components, parts and service  —   31,017  (2,032)  28,985 
    Equipment and other  54,101   13,076  —   67,177 
    Total net external sales $361,280  $44,985 $(2,187) $404,078 
    Gross profit $36,119  $10,848 $(1,471) $45,496 
    Income (loss) from operations $13,396  $8,808 $(12,163) $10,041 
    Adjusted income (loss) from operations1 $15,515  $6,551 $(12,163) $9,903 

    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
    SEGMENTS AND RELATED INFORMATION
    (Unaudited - dollars in thousands)

      Wabash    
    Twelve Months Ended December 31,  2021   2020     
    Units Shipped        
    New trailers          45,365           36,615     
    New truck bodies          16,560           13,430     
    Used trailers          95           600     
             
    Twelve Months Ended December 31, Transportation
    Solutions    		 Parts & Service Corporate and
    Eliminations    		 Consolidated
    2021        
    New Trailers and truck bodies $1,354,375  $179  $(181) $1,354,373 
    Used Trailers  165   2,349   —   2,514 
    Components, parts and service  —   131,929   (7,036)  124,893 
    Equipment and other  278,779   42,709   —   321,488 
    Total net external sales $1,633,319  $177,166  $(7,217) $1,803,268 
    Gross profit $166,630  $36,870  $(7,033) $196,467 
    Income (loss) from operations $61,869  $20,201  $(48,528) $33,542 
    Adjusted income (loss) from operations1 $87,488  $21,054  $(48,528) $60,014 
             
    2020        
    New Trailers and truck bodies $1,087,978  $3,387  $(3,545) $1,087,820 
    Used Trailers  3,677   4,709   —   8,386 
    Components, parts and service  —   123,517   (9,469)  114,048 
    Equipment and other  223,774   47,861   —   271,635 
    Total net external sales $1,315,429  $179,474  $(13,014) $1,481,889 
    Gross profit $123,314  $42,149  $(5,709) $159,754 
    (Loss) income from operations $(29,702) $(12,658) $(43,248) $(85,608)
    Adjusted income (loss) from operations1 $40,674  $23,942  $(42,092) $22,524 

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

     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
     2021
    		 2020
    		 2021
    		 2020
    Transportation Solutions       
    (Loss) income from operations$(7,623) $13,396  $61,869  $(29,702)
    Adjustments:       
    Trade names & trademarks impairment 25,619   —   25,619   — 
    Impairment —   —   —   68,257 
    Loss on divestiture of Beall brand —   2,119   —   2,119 
    Adjusted operating income$17,996  $15,515  $87,488  $40,674 
            
    Parts & Service       
    Income (loss) from operations 1,692   8,808   20,201   (12,658)
    Adjustments:       
    Trade names & trademarks impairment 2,727   —   2,727   — 
    Gain on divestiture of Extract Technology —   —   (1,874)  — 
    Impairment —   —   —   38,857 
    Gain on sale of Columbus branch —   (2,257)  —   (2,257)
    Adjusted operating income 4,419   6,551   21,054   23,942 
            
    Corporate        
    Loss from operations (12,689)  (12,163)  (48,528)  (43,248)
    Adjustments:       
    Debt transactions —   —   —   1,156 
    Adjusted operating loss (12,689)  (12,163)  (48,528)  (42,092)
            
    Consolidated       
    (Loss) income from operations (18,620)  10,041   33,542   (85,608)
    Adjustments:       
    Trade names & trademarks impairment 28,346   —   28,346   — 
    Gain on divestiture of Extract Technology —   —   (1,874)  — 
    Impairment —   —   —   107,114 
    Loss on divestiture of Beall brand —   2,119   —   2,119 
    Gain on sale of Columbus branch —   (2,257)  —   (2,257)
    Debt transactions —   —   —   1,156 
    Adjusted operating income$9,726  $9,903  $60,014  $22,524 

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

    Operating EBITDA1:Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021   2020   2021   2020 
    Net income (loss)$(25,313) $5,494  $1,164  $(97,412)
    Income tax (benefit) expense (7,333)  (1,504)  126   (11,802)
    Interest expense 5,097   6,291   23,128   24,194 
    Depreciation and amortization 12,021   12,830   48,842   47,970 
    Stock-based compensation 1,170   2,231   7,059   4,509 
    Debt transactions1 9,052   —   9,504   1,552 
    Impairment and other, net 28,200   106   27,569   105,561 
    Other, net (123)  (240)  (380)  (984)
    Operating EBITDA$22,771  $25,208  $117,012  $73,588 


    Adjusted Net Income2:Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021   2020   2021   2020 
    Net income (loss)$(25,313) $5,494  $1,164  $(97,412)
    Adjustments:       
    Trade names & trademarks impairment 28,346   —   28,346   — 
    Gain on divestiture of Extract Technology —   —   (1,874)  — 
    Debt transactions3 9,052   177   9,504   1,552 
    Impairment —   —   —   107,114 
    Loss on divestiture of Beall brand —   2,119   —   2,119 
    Gain on sale of Columbus branch —   (2,257)  —   (2,257)
    Tax effect of aforementioned items (8,415)  (15)  (8,087)  (3,365)
    Adjusted net income$3,670  $5,518  $29,053  $7,751 


    Adjusted Diluted Earnings Per Share2:Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
     2021
    		 2020
    		 2021
    		 2020
    Diluted earnings per share$(0.51) $0.10  $0.02  $(1.84)
    Adjustments:       
    Trade names & trademarks impairment 0.57   —   0.56   — 
    Gain on divestiture of Extract Technology —   —   (0.04)  — 
    Debt transactions3 0.18   —   0.18   0.03 
    Impairment —   —   —   2.01 
    Loss on divestiture of Beall brand —   0.04   —   0.04 
    Gain on sale of Columbus branch —   (0.04)  —   (0.04)
    Tax effect of aforementioned items (0.17)  —   (0.16)  (0.05)
    Adjusted diluted earnings per share$0.07  $0.10  $0.56  $0.15 
            
    Weighted Average # of Diluted Shares O/S 50,436   53,831   51,608   53,446 

    1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, debt transactions (including losses on debt extinguishment and debt issuance costs expensed), impairment and other, net, and other non-operating income and expense.

    2Adjusted 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.

    3Debt transactions include losses on debt extinguishment and debt issuance costs expensed.

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

     Twelve Months Ended
    December 31,
     2020 2019
    Net cash (used in) provided by operating activities$(7,470) $124,134 
    Capital expenditures (49,105)  (20,131)
    Free cash flow1$(56,575) $104,003 

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

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

     Transportation Solutions Parts & Service
    Three Months Ended December 31 2021   2020   2021   2020 
    (Loss) income from operations$(7,623) $13,396  $1,692  $8,808 
    Depreciation and amortization 10,364   10,799   1,107   1,488 
    Impairment and other, net 25,619   2,369   2,585   (2,263)
    Adjusted segment EBITDA$28,360  $26,564  $5,384  $8,033 
            
    Adjusted segment EBITDA margin 6.4%  7.4%  14.1%  17.9%


     Transportation Solutions Parts & Service
    Twelve Months Ended December 31 2021   2020   2021   2020 
    Income (loss) from operations$61,869  $(29,702) $20,201  $(12,658)
    Depreciation and amortization 41,819   40,236   4,781   5,512 
    Impairment and other, net 26,554   68,600   1,025   36,966 
    Adjusted segment EBITDA$130,242  $79,134  $26,007  $29,820 
            
    Adjusted segment EBITDA Margin 8.0%  6.0%  14.7%  16.6%

    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@onewabash.com

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


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