(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description | |
104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
WABASH NATIONAL CORPORATION | ||
Date: February 12, 2020 | By: | /s/ Michael N. Pettit |
Michael N. Pettit | ||
Senior Vice President and Chief Financial Officer |
• | Full year revenue of $2.3 billion is highest in company history; operating income, net income and EPS increase vs 2018 |
• | Strong demand drives $579.0 million in Q4 2019 revenue |
• | Q4 2019 earnings per diluted share of $0.34 |
• | Strong cash generation continued in 2019 |
• | Q4 2019 backlog shows sequential increase growing to $1.1 billion |
• | 2020 EPS outlook initiated at $1.20 per diluted share; range of $1.10 to $1.30 |
Commercial Trailer Products | Diversified Products | Final Mile Products | ||||||||||||||||||||||
Three Months Ended December 31, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
New trailers shipped | 14,300 | 16,750 | 650 | 750 | — | — | ||||||||||||||||||
Net sales | $ | 399,288 | $ | 438,667 | $ | 94,661 | $ | 102,322 | $ | 92,740 | $ | 74,532 | ||||||||||||
Gross profit | $ | 50,384 | $ | 45,170 | $ | 16,324 | $ | 17,420 | $ | 6,239 | $ | 7,362 | ||||||||||||
Gross profit margin | 12.6 | % | 10.3 | % | 17.2 | % | 17.0 | % | 6.7 | % | 9.9 | % | ||||||||||||
Income (loss) from operations | $ | 43,135 | $ | 39,075 | $ | 5,610 | $ | (6,111 | ) | $ | (5,914 | ) | $ | (1,463 | ) | |||||||||
Income (loss) from operations margin | 10.8 | % | 8.9 | % | 5.9 | % | (6.0 | )% | (6.4 | )% | (2.0 | )% |
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 140,516 | $ | 132,690 | |||
Accounts receivable, net | 172,737 | 181,064 | |||||
Inventories | 186,914 | 184,404 | |||||
Prepaid expenses and other | 41,222 | 51,261 | |||||
Total current assets | 541,389 | 549,419 | |||||
Property, plant, and equipment, net | 221,346 | 206,991 | |||||
Goodwill | 311,026 | 311,084 | |||||
Intangible assets | 189,898 | 210,328 | |||||
Other assets | 40,932 | 26,571 | |||||
Total assets | $ | 1,304,591 | $ | 1,304,393 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | — | $ | 1,880 | |||
Current portion of finance lease obligations | 327 | 299 | |||||
Accounts payable | 134,821 | 153,113 | |||||
Other accrued liabilities | 124,230 | 116,384 | |||||
Total current liabilities | 259,378 | 271,676 | |||||
Long-term debt | 455,386 | 503,018 | |||||
Finance lease obligations | 378 | 714 | |||||
Deferred income taxes | 37,576 | 34,905 | |||||
Other non-current liabilities | 30,885 | 20,231 | |||||
Total liabilities | 783,603 | 830,544 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock, $0.01 par value: 200,000,000 shares authorized; 53,473,620 and 55,135,788 shares outstanding, respectively | 750 | 744 | |||||
Additional paid-in capital | 638,917 | 629,039 | |||||
Retained earnings | 221,841 | 150,244 | |||||
Accumulated other comprehensive loss | (3,978 | ) | (3,343 | ) | |||
Treasury stock, at cost: 21,640,109 and 19,372,735 common shares, respectively | (336,542 | ) | (302,835 | ) | |||
Total stockholders' equity | 520,988 | 473,849 | |||||
Total liabilities and stockholders' equity | $ | 1,304,591 | $ | 1,304,393 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net sales | $ | 579,001 | $ | 610,196 | $ | 2,319,136 | $ | 2,267,278 | |||||||
Cost of sales | 506,694 | 541,140 | 2,012,754 | 1,983,627 | |||||||||||
Gross profit | 72,307 | 69,056 | 306,382 | 283,651 | |||||||||||
General and administrative expenses | 26,272 | 21,194 | 108,274 | 95,114 | |||||||||||
Selling expenses | 9,136 | 7,455 | 34,851 | 33,046 | |||||||||||
Amortization of intangible assets | 5,118 | 4,650 | 20,471 | 19,468 | |||||||||||
Acquisition expenses | — | — | — | 68 | |||||||||||
Impairment | — | 12,979 | — | 24,968 | |||||||||||
Income from operations | 31,781 | 22,778 | 142,786 | 110,987 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (6,517 | ) | (7,110 | ) | (27,340 | ) | (28,759 | ) | |||||||
Other, net | 40 | 1,290 | 2,285 | 13,776 | |||||||||||
Other expense, net | (6,477 | ) | (5,820 | ) | (25,055 | ) | (14,983 | ) | |||||||
Income before income tax | 25,304 | 16,958 | 117,731 | 96,004 | |||||||||||
Income tax expense | 6,929 | 5,374 | 28,156 | 26,583 | |||||||||||
Net income | $ | 18,375 | $ | 11,584 | $ | 89,575 | $ | 69,421 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.34 | $ | 0.21 | $ | 1.64 | $ | 1.22 | |||||||
Diluted | $ | 0.34 | $ | 0.21 | $ | 1.62 | $ | 1.19 | |||||||
Weighted average common shares outstanding (in thousands): | |||||||||||||||
Basic | 53,917 | 55,543 | 54,695 | 56,996 | |||||||||||
Diluted | 54,613 | 56,290 | 55,290 | 58,430 | |||||||||||
Dividends declared per share | $ | 0.080 | $ | 0.080 | $ | 0.320 | $ | 0.305 |
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 89,575 | $ | 69,421 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 21,886 | 21,215 | |||||
Amortization of intangibles | 20,471 | 19,468 | |||||
Net gain on sale of property, plant and equipment | (109 | ) | (10,148 | ) | |||
Loss on debt extinguishment | 165 | 280 | |||||
Deferred income taxes | 2,671 | (2,976 | ) | ||||
Stock-based compensation | 9,036 | 10,169 | |||||
Non-cash interest expense | 1,045 | 1,745 | |||||
Impairment of goodwill and other long-lived assets | — | 24,968 | |||||
Accounts receivable | 8,327 | (39,539 | ) | ||||
Inventories | (2,510 | ) | (18,713 | ) | |||
Prepaid expenses and other | (2,536 | ) | 4,548 | ||||
Accounts payable and accrued liabilities | (2,887 | ) | 32,653 | ||||
Other, net | 1,150 | (620 | ) | ||||
Net cash provided by operating activities | 146,284 | 112,471 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (37,645 | ) | (34,009 | ) | |||
Proceeds from sale of property, plant and equipment | 785 | 17,776 | |||||
Acquisitions, net of cash acquired | — | — | |||||
Other, net | — | 3,060 | |||||
Net cash used in investing activities | (36,860 | ) | (13,173 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock options | 848 | 961 | |||||
Borrowings under senior notes | — | — | |||||
Dividends paid | (17,797 | ) | (17,768 | ) | |||
Borrowings under revolving credit facilities | 619 | 937 | |||||
Payments under revolving credit facilities | (619 | ) | (937 | ) | |||
Principal payments under finance lease obligations | (308 | ) | (290 | ) | |||
Proceeds from issuance of term loan credit facility | — | — | |||||
Principal payments under term loan credit facility | (50,470 | ) | (1,880 | ) | |||
Principal payments under industrial revenue bond | — | (93 | ) | ||||
Debt issuance costs paid | (164 | ) | (476 | ) | |||
Convertible senior notes repurchase | — | (80,200 | ) | ||||
Stock repurchase | (33,707 | ) | (58,383 | ) | |||
Net cash (used in) provided by financing activities | (101,598 | ) | (158,129 | ) | |||
Cash and cash equivalents: | |||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 7,826 | (58,831 | ) | ||||
Cash, cash equivalents, and restricted cash at beginning of year | 132,690 | 191,521 | |||||
Cash, cash equivalents, and restricted cash at end of year | $ | 140,516 | $ | 132,690 |
Three Months Ended December 31, | Commercial Trailer Products | Diversified Products | Final Mile Products | Corporate and Eliminations | Consolidated | |||||||||||||||
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 | ||||||||
2018 | ||||||||||||||||||||
New trailers shipped | 16,750 | 750 | — | — | 17,500 | |||||||||||||||
Used trailers shipped | 100 | 50 | — | — | 150 | |||||||||||||||
New Trailers | $ | 424,131 | $ | 48,950 | $ | — | $ | — | $ | 473,081 | ||||||||||
Used Trailers | 824 | 1,025 | — | — | 1,849 | |||||||||||||||
Components, parts and service | 9,214 | 27,141 | 2,628 | (5,282 | ) | 33,701 | ||||||||||||||
Equipment and other | 4,498 | 25,206 | 71,904 | (43 | ) | 101,565 | ||||||||||||||
Total net external sales | $ | 438,667 | $ | 102,322 | $ | 74,532 | $ | (5,325 | ) | $ | 610,196 | |||||||||
Gross profit | $ | 45,170 | $ | 17,420 | $ | 7,362 | $ | (896 | ) | $ | 69,056 | |||||||||
Income (Loss) from operations | $ | 39,075 | $ | (6,111 | ) | $ | (1,463 | ) | $ | (8,723 | ) | $ | 22,778 |
Twelve Months Ended December 31, | Commercial Trailer Products | Diversified Products | Final Mile Products | Corporate and Eliminations | Consolidated | |||||||||||||||
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 | |||||||||
2018 | ||||||||||||||||||||
New trailers shipped | 59,500 | 2,650 | — | — | 62,150 | |||||||||||||||
Used trailers shipped | 950 | 150 | — | — | 1,100 | |||||||||||||||
New Trailers | $ | 1,473,583 | $ | 164,790 | $ | — | $ | — | $ | 1,638,373 | ||||||||||
Used Trailers | 9,618 | 3,514 | — | — | 13,132 | |||||||||||||||
Components, parts and service | 34,994 | 122,099 | 9,968 | (21,811 | ) | 145,250 | ||||||||||||||
Equipment and other | 18,743 | 103,568 | 348,281 | (69 | ) | 470,523 | ||||||||||||||
Total net external sales | $ | 1,536,938 | $ | 393,971 | $ | 358,249 | $ | (21,880 | ) | $ | 2,267,278 | |||||||||
Gross profit | $ | 168,343 | $ | 68,428 | $ | 48,771 | $ | (1,891 | ) | $ | 283,651 | |||||||||
Income (Loss) from operations | $ | 141,793 | $ | (3,033 | ) | $ | 7,909 | $ | (35,682 | ) | $ | 110,987 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Commercial Trailer Products | |||||||||||||||
Income from operations | $ | 43,135 | $ | 39,077 | $ | 145,877 | $ | 141,795 | |||||||
Diversified Products | |||||||||||||||
Income from operations | 5,610 | (6,111 | ) | 29,748 | (3,033 | ) | |||||||||
Adjustments: | |||||||||||||||
Impairment | — | 12,979 | — | 24,968 | |||||||||||
Adjusted operating income | 5,610 | 6,868 | 29,748 | 21,935 | |||||||||||
Final Mile Products | |||||||||||||||
Income from operations | (5,914 | ) | (1,465 | ) | 9,804 | 7,907 | |||||||||
Adjustments: | |||||||||||||||
Acquisition expenses and related charges | — | — | — | 751 | |||||||||||
Adjusted operating income | (5,914 | ) | (1,465 | ) | 9,804 | 8,658 | |||||||||
Corporate | |||||||||||||||
Income from operations | (11,050 | ) | (8,723 | ) | (42,643 | ) | (35,682 | ) | |||||||
Adjustments: | |||||||||||||||
Acquisition expenses and related charges | — | — | — | 68 | |||||||||||
Executive severance | — | 180 | — | 180 | |||||||||||
Facility transactions | — | 413 | — | 413 | |||||||||||
Adjusted operating income | (11,050 | ) | (8,130 | ) | (42,643 | ) | (35,021 | ) | |||||||
Consolidated | |||||||||||||||
Income from operations | 31,781 | 22,778 | 142,786 | 110,987 | |||||||||||
Adjustments: | |||||||||||||||
Impairment | — | 12,979 | — | 24,968 | |||||||||||
Acquisition expenses and related charges | — | — | — | 819 | |||||||||||
Executive severance | — | 180 | — | 180 | |||||||||||
Facility transactions | — | 413 | — | 413 | |||||||||||
Adjusted operating income | $ | 31,781 | $ | 36,350 | $ | 142,786 | $ | 137,367 |
Operating EBITDA1: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 18,375 | $ | 11,584 | $ | 89,575 | $ | 69,421 | |||||||
Income tax expense | 6,929 | 5,374 | 28,156 | 26,583 | |||||||||||
Interest expense | 6,517 | 7,110 | 27,340 | 28,759 | |||||||||||
Depreciation and amortization | 10,746 | 10,164 | 42,357 | 40,683 | |||||||||||
Stock-based compensation | 1,674 | 1,690 | 9,036 | 10,169 | |||||||||||
Impairment | — | 12,979 | — | 24,968 | |||||||||||
Acquisition expenses | — | — | — | 68 | |||||||||||
Other non-operating income | (40 | ) | (1,290 | ) | (2,285 | ) | (13,776 | ) | |||||||
Operating EBITDA | $ | 44,201 | $ | 47,611 | $ | 194,179 | $ | 186,875 |
Adjusted Net Income2: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 18,375 | $ | 11,584 | $ | 89,575 | $ | 69,421 | |||||||
Adjustments: | |||||||||||||||
Facility transactions3 | — | 194 | — | (10,585 | ) | ||||||||||
Loss on debt extinguishment | — | 106 | — | 280 | |||||||||||
Impairment | — | 12,979 | — | 24,968 | |||||||||||
Acquisition expenses and related charges | — | — | — | 819 | |||||||||||
Executive severance expense | — | 180 | — | 180 | |||||||||||
Tax effect of aforementioned items | — | (3,499 | ) | — | (4,072 | ) | |||||||||
Tax reform and other discrete tax adjustments | — | — | — | 3,084 | |||||||||||
Adjusted net income | $ | 18,375 | $ | 21,544 | $ | 89,575 | $ | 84,095 |
Adjusted Diluted Earnings Per Share2: | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.21 | $ | 1.62 | $ | 1.19 | |||||||
Adjustments: | |||||||||||||||
Facility transactions3 | — | — | — | (0.18 | ) | ||||||||||
Loss on debt extinguishment | — | — | — | 0.01 | |||||||||||
Impairment | — | 0.23 | — | 0.43 | |||||||||||
Acquisition expenses and related charges | — | — | — | 0.01 | |||||||||||
Executive severance expense | — | — | — | — | |||||||||||
Tax effect of aforementioned items | — | (0.06 | ) | — | (0.07 | ) | |||||||||
Tax reform and other discrete tax adjustments | — | — | — | 0.05 | |||||||||||
Adjusted diluted earnings per share | $ | 0.34 | $ | 0.38 | $ | 1.62 | $ | 1.44 | |||||||
Weighted Average # of Diluted Shares O/S | 54,613 | 56,290 | 55,290 | 58,430 |
Twelve Months Ended December 31, | |||||||
2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 146,284 | $ | 112,471 | |||
Capital expenditures | (37,645 | ) | (34,009 | ) | |||
Free cash flow1 | $ | 108,639 | $ | 78,462 | |||
Free cash flow | $ | 108,639 | $ | 78,462 | |||
Divided by: Net income | $ | 89,575 | $ | 69,421 | |||
Free cash flow conversion2 | 121 | % | 113 | % |
Commercial Trailer Products | Diversified Products | Final Mile Products | |||||||||||||||||||||
Twelve Months Ended December 31, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Income (Loss) from operations | $ | 145,877 | $ | 141,795 | $ | 29,748 | $ | (3,033 | ) | $ | 9,804 | $ | 7,907 | ||||||||||
Depreciation and amortization | 10,667 | 9,631 | 18,621 | 21,177 | 11,361 | 8,314 | |||||||||||||||||
Impairment | — | — | — | 24,968 | — | — | |||||||||||||||||
Acquisition expenses and related charges | — | — | — | — | — | 751 | |||||||||||||||||
Adjusted Segment EBITDA | $ | 156,544 | $ | 151,426 | $ | 48,369 | $ | 43,112 | $ | 21,165 | $ | 16,972 | |||||||||||
Adjusted Segment EBITDA Margin | 10.3 | % | 9.9 | % | 12.6 | % | 10.9 | % | 4.8 | % | 4.7 | % |
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Cover Page Cover Page |
Feb. 12, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Feb. 12, 2020 |
Entity Registrant Name | WABASH NATIONAL CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-10883 |
Entity Tax Identification Number | 52-1375208 |
Entity Address, Address Line One | 1000 Sagamore Parkway South |
Entity Address, City or Town | Lafayette |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 47905 |
City Area Code | 765 |
Local Phone Number | 771-5310 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | WNC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000879526 |
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