0000879526-20-000004.txt : 20200212 0000879526-20-000004.hdr.sgml : 20200212 20200212071058 ACCESSION NUMBER: 0000879526-20-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200212 DATE AS OF CHANGE: 20200212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WABASH NATIONAL Corp CENTRAL INDEX KEY: 0000879526 STANDARD INDUSTRIAL CLASSIFICATION: TRUCK TRAILERS [3715] IRS NUMBER: 521375208 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10883 FILM NUMBER: 20599698 BUSINESS ADDRESS: STREET 1: 1000 SAGAMORE PARKWAY SOUTH CITY: LAFAYETTE STATE: IN ZIP: 47905 BUSINESS PHONE: 7657715310 MAIL ADDRESS: STREET 1: 1000 SAGAMORE PARKWAY SOUTH CITY: LAFAYETTE STATE: IN ZIP: 47905 FORMER COMPANY: FORMER CONFORMED NAME: WABASH NATIONAL CORP /DE DATE OF NAME CHANGE: 19930328 8-K 1 wnc201912318k.htm 8-K Document
false0000879526 0000879526 2020-02-12 2020-02-12


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) February 12, 2020
 
WABASH NATIONAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
001-10883
52-1375208
(State or other jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 
1000 Sagamore Parkway South
 
 
Lafayette
Indiana
 
47905
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (765) 771-5310
Not applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


 




Item 2.02 Results of Operations and Financial Condition.
On February 12, 2020, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the year and quarter ended December 31, 2019. A copy of the Company’s press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The press release and a teleconference visual presentation are also available on the Company’s Investor Relations website at ir.wabashnational.com.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
 
Exhibit No.
 
Description
 
 
 
 
104
 
Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).





SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
WABASH NATIONAL CORPORATION
 
 
 
Date: February 12, 2020
By:
/s/ Michael N. Pettit
 
 
Michael N. Pettit
 
 
Senior Vice President and Chief Financial Officer



 EX-99.1 2 wnc-12312019xex991.htm EXHIBIT 99.1 Exhibit


wnclogoa02.jpg  
Media Contact:
Dana Stelsel
Director, Corporate Communications
(765) 771-5766
dana.stelsel@wabashnational.com


Investor Relations:
Ryan Reed
Director of Investor Relations
(765) 771-5805
ryan.reed@wabashnational.com
 

Wabash National Corporation Announces Fourth Quarter and Full Year 2019 Results
 
•
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

LAFAYETTE, Ind. – February 12, 2020 – Wabash National Corporation (NYSE: WNC), the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the full year and quarter ended December 31, 2019.
Net sales for the fourth quarter 2019 were $579.0 million while operating income was $31.8 million or 5.5 percent of net sales. For the full year of 2019, total revenue reached a new record of $2.3 billion while generating operating income of $142.8 million or 6.2 percent of net sales.
Net income for the fourth quarter 2019 was $18.4 million, or $0.34 per diluted share. For the full year of 2019, net income was $89.6 million or earnings per diluted share of $1.62. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2019 was $44.2 million, or 7.6 percent of net sales, and full year operating EBITDA of $194.2 million, or 8.4 percent of net sales.
“I’m pleased to achieve a new all-time sales record of $2.3 billion in 2019 while also generating stronger operating income, net income and EPS versus the prior year," explained Brent Yeagy, president and chief executive officer.  "Additionally, full year cash generation was strong and I’m excited to add to our streak of what is now 7 consecutive years of free cash conversion of 100% or greater.”
Outlook
For the full year ending December 31, 2020, the company has issued guidance of $2.05 to $2.15 billion in sales and an earnings per diluted share midpoint of $1.20 with a range of $1.10 to $1.30. 




Mr. Yeagy continued, “Moderating trailer demand in 2020 has been expected for some time and we've taken a proactive approach toward strengthening our balance sheet and planning to execute in such an environment. I am confident in our team's ability to succeed in any phase of the cycle and also to continue moving forward with our strategic initiatives under the guidance of the Wabash Management System.”
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 2019 and 2018. 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,
 
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
)%
Commercial Trailer Products’ net sales for the fourth quarter totaled $399.3 million, a decrease of $39.4 million, or 9.0 percent. Gross profit margin for the fourth quarter increased 230 basis points as compared to the prior year period primarily due to successful efforts to recover cost pressures as well as product and customer mix. Operating income increased $4.1 million, or 10.4 percent, from the fourth quarter last year to $43.1 million, or 10.8 percent of net sales.
Diversified Products’ net sales for the fourth quarter were $94.7 million, a decrease of $7.7 million, or 7.5 percent, as compared to the prior year quarter, due primarily to the impact from the divestiture of a business. Gross profit margin as compared to the prior year period increased 20 basis points, primarily due to product and customer mix. Operating income in the fourth quarter of 2019 was $5.6 million, or 5.9 percent of net sales, compared to a loss of $6.1 million on a GAAP basis or income of $6.9 million on a non-GAAP Adjusted basis during the fourth quarter 2018.
Final Mile Products’ net sales for the fourth quarter totaled $92.7 million, an increase of $18.2 million or 24.4 percent. Gross profit and gross profit margin for the fourth quarter were $6.2 million and 6.7 percent, respectively. Operating loss during the fourth quarter was $5.9 million, or 6.4 percent of net sales. While the business saw continued growth, operating results were negatively impacted during the quarter by operational inefficiencies as the business encountered headwinds relating to demand fluctuations and product mix.
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, adjusted operating income, adjusted net income and adjusted earnings per diluted share.  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, and reconciliations to GAAP financial statements should be carefully evaluated.
Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses and related charges, 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 and net income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income 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 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.
Adjusted operating income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income 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 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 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 to operating income, the most comparable GAAP financial measure, is included in the tables following this press release.
Adjusted net income and adjusted earnings per diluted share, each reflect adjustments for income or losses recognized on the sale and/or closure of former Company locations, the losses attributable to the Company's extinguishment of debt, a non-cash impairment of assets, acquisition expenses and related charges, and tax reform and other discrete tax 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 and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of each of adjusted net income and adjusted earnings per diluted share to net income and net income per diluted share is included in the tables following this release.
Fourth Quarter 2019 Conference Call
Wabash National will discuss its results during its quarterly investor conference call on Wednesday, February 12th, 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 844-778-4139, participant code 5877386. 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, bulk 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®, Beall®, 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 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,
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






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,
 
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





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

 
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





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
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






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






WABASH NATIONAL CORPORATION
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,
 
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

1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses and related charges, impairments, and other non-operating income and expense.  
2Adjusted net income and adjusted earnings per diluted share reflect adjustments for acquisition expenses, the losses attributable to the Company’s extinguishment of debt, impairment charges, executive severance costs, income or losses recognized on the sale and/or closure of former Company locations, adjustments related to the Company’s deferred tax assets as a result of IRS guidance on application of the Tax Cuts and Jobs Act of 2017, and reversal of reserves for uncertain tax positions. 
3Facility transactions in 2018 relate to gains and/or losses incurred for the sale or closure of former Company locations.




WABASH NATIONAL CORPORATION
RECONCILIATION OF FREE CASH FLOW AND
FREE CASH FLOW CONVERSION
(Unaudited - dollars in thousands)

 
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
%


1 Free cash flow is defined as net cash provided by operating activities minus capital expenditures.
2 Free cash flow conversion is defined as free cash flow divided by net income.





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
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
%



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 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.


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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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