• Wabash Announces Third Quarter 2023 Results

    ソース: Nasdaq GlobeNewswire / 25 10 2023 05:53:00   America/Chicago

    • Quarterly revenue of $633 million
    • Operating income of $78 million with operating margin of 12.3%
    • Quarterly diluted earnings per share of $1.16
    • Total backlog of $1.9B, order activity shifting toward later end of typical seasonality
    • 2023 EPS outlook increased $0.20 to $4.65 midpoint

    LAFAYETTE, Ind., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter ended September 30, 2023.

    The Company's net sales for the third quarter of 2023 reached $632.8 million, reflecting a 3.4% decrease compared to the same quarter of the previous year. The Company achieved consolidated gross profit of $123 million, equivalent to 19.4% of sales. Operating income amounted to $77.6 million, representing 12.3% of sales for the quarter. These results exceeded prior expectations, primarily due to the Company's strong material margin, favorable product mix, and strong results from parts and services, tanks, and truck bodies. Third quarter diluted earnings per share was $1.16, surpassing the Company's previous quarterly outlook range.

    As of September 30, 2023, total Company backlog stood at approximately $1.9 billion, a decrease of 20% compared to the third quarter of 2022 as the timing of order activity is likely to come toward the later end of typical seasonal patterns for the industry. Backlog expected to be shipped within the following 12-months amounted to approximately $1.4 billion as of September 30, 2023.

    "At Wabash, we believe in the power of strong connections," said Brent Yeagy, president and chief executive officer. "We've successfully created value by redefining our relationships with customers and suppliers, and now, we're ready to take it to the next level. With digital transformation as our compass, we are poised to extend our reach even further within the dynamic segments of transportation, logistics, and distribution as we set the groundwork to deliver an innovative digital marketplace that will endeavor to enhance efficiency for our customers by pulling on the full breadth of our partner ecosystem."

    For the full-year ending December 31, 2023, the Company narrowed its revenue outlook to approximately $2.6 billion and increased its EPS guidance to a range of $4.60 to $4.70 with a midpoint of $4.65.

    “Through the first three quarters of 2023 we have achieved cumulative diluted EPS of $3.74, surpassing the full year EPS target of $3.50 by 2025 that we presented at our 2022 Investor Meeting," explained Yeagy. "We are raising the bar considerably for the peak earnings potential of Wabash. We are also poised to generate significant free cash flow in 2023 even while making meaningful investments in our operations. As we navigate softer near-term demand conditions within the dry van market, we expect the strength of our first to final mile portfolio to be apparent as truck bodies, tank trailers and parts & services support our results leading to what we anticipate will be our best-ever trough performance in 2024."

    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 third quarter of 2023 and 2022. A complete disclosure of the results by individual segment is included in the tables following this release.

      Wabash National Corporation    
    Three Months Ended September 30,  2023   2022     
    New Units Shipped        
    Trailers          10,765           13,365     
    Truck bodies          4,160           4,115     
             
      Transportation Solutions Parts & Services
    Three Months Ended September 30,  2023   2022   2023   2022 
      (Unaudited, dollars in thousands)
    Net sales $        582,870  $        611,779  $        56,441  $        46,728 
    Gross profit $        107,549  $        80,779  $        15,361  $        11,226 
    Gross profit margin  18.5%  13.2%  27.2%  24.0%
    Income from operations $89,413  $63,274  $12,358  $7,732 
    Income from operations margin  15.3%  10.3%  21.9%  16.5%

    During the third quarter, Transportation Solutions achieved net sales of $582.9 million, a decrease of 4.7% compared to the same quarter of the previous year. Operating income for the quarter amounted to $89.4 million, representing 15.3% of sales.

    Parts & Services' net sales for the third quarter reached $56.4 million, an increase of 20.8% compared to the prior year quarter as the segment continued to make notable strides along its path of strategic growth. Operating income for the quarter amounted to $12.4 million, or 21.9% of sales.

    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 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 income, and reconciliations to GAAP financial statements should be carefully evaluated.

    Operating EBITDA includes noncontrolling interest and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, and other non-operating income and expense (including any loss on debt extinguishment charges). Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net 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 (used in) 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 used in operating activities, the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted operating income and margin, non-GAAP financial measures, exclude 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 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 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 margin is calculated by dividing adjusted operating income by total net sales. A reconciliation of adjusted operating income to operating income, the most comparable GAAP financial measure, is included in the tables following this release.

    Adjusted net income attributable to common stockholders and adjusted diluted earnings per share reflect no adjustments for any period presented. 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 adjusted net income attributable to common stockholders and adjusted diluted earnings per share to net income attributable to common stockholders and diluted earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.

    Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest 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 Operating EBITDA, Operating EBITDA Margin, 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.

    Third Quarter 2023 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Wednesday, October 25, 2023, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at 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 (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 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.


    WABASH NATIONAL CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited - dollars in thousands)

     September 30,
    2023    		 December 31,
    2022
    Assets   
    Current assets:   
    Cash and cash equivalents$105,288  $58,245 
    Accounts receivable, net 211,181   255,577 
    Inventories, net 344,292   243,870 
    Prepaid expenses and other 60,282   34,927 
    Total current assets 721,043   592,619 
    Property, plant, and equipment, net 319,358   271,116 
    Goodwill 188,418   188,434 
    Intangible assets, net 89,621   99,231 
    Other assets 70,900   52,123 
    Total assets$1,389,340  $1,203,523 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Accounts payable 205,299   189,141 
    Other accrued liabilities 187,918   158,327 
    Total current liabilities 393,217   347,468 
    Long-term debt 396,300   395,818 
    Deferred income taxes 37,107   27,758 
    Other non-current liabilities 43,548   34,354 
    Total liabilities 870,172   805,398 
    Commitments and contingencies   
    Noncontrolling interest 481   512 
    Wabash National Corporation stockholders’ equity:   
    Common stock 200,000,000 shares authorized, $0.01 par value, 46,297,254 and 47,675,796 shares outstanding, respectively 774   766 
    Additional paid-in capital 674,900   665,941 
    Retained earnings 357,294   188,241 
    Accumulated other comprehensive loss (1,929)  (882)
    Treasury stock at cost, 31,223,492 and 28,972,928 common shares, respectively (512,352)  (456,453)
    Total Wabash National Corporation stockholders' equity 518,687   397,613 
    Total liabilities, noncontrolling interest, and equity$1,389,340  $1,203,523 
     

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

     Three Months Ended September 30, Nine Months Ended September 30,
      2023   2022   2023   2022 
    Net sales$632,828  $655,150  $1,940,400  $1,844,680 
    Cost of sales 509,918   563,145   1,550,436   1,616,586 
    Gross profit 122,910   92,005   389,964   228,094 
    General and administrative expenses 35,836   27,845   109,194   85,121 
    Selling expenses 6,086   7,752   20,164   21,337 
    Amortization of intangible assets 3,204   3,184   9,610   12,026 
    Impairment and other, net 147   349   149   692 
    Income from operations 77,637   52,875   250,847   108,918 
    Other income (expense):       
    Interest expense (4,932)  (5,210)  (14,913)  (15,341)
    Other, net 844   (179)  1,706   (577)
    Other expense, net (4,088)  (5,389)  (13,207)  (15,918)
    Income before income tax expense 73,549   47,486   237,640   93,000 
    Income tax expense 18,068   11,130   56,289   21,831 
    Net income 55,481   36,356   181,351   71,169 
    Net income attributable to noncontrolling interest 152   186   481   373 
    Net income attributable to common stockholders$55,329  $36,170  $180,870  $70,796 
            
            
    Net income attributable to common stockholders per share:       
    Basic$1.18  $0.75  $3.82  $1.45 
    Diluted$1.16  $0.73  $3.74  $1.43 
    Weighted average common shares outstanding (in thousands):       
    Basic 46,906   48,515   47,373   48,849 
    Diluted 47,755   49,402   48,348   49,651 
            
    Dividends declared per share$0.08  $0.08  $0.24  $0.24 
                    

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

     Nine Months Ended September 30,
      2023   2022 
    Cash flows from operating activities   
    Net income$181,351  $71,169 
    Adjustments to reconcile net income to net cash provided by operating activities   
    Depreciation 23,075   25,239 
    Amortization of intangibles 9,610   12,026 
    Net loss (gain) on sale of property, plant and equipment 149   (635)
    Deferred income taxes 9,924   (178)
    Stock-based compensation 8,812   7,367 
    Impairment —   1,339 
    Non-cash interest expense 710   644 
    Accounts receivable 44,396   (71,575)
    Inventories (100,422)  (72,080)
    Prepaid expenses and other (11,820)  (716)
    Accounts payable and accrued liabilities 39,277   101,101 
    Other, net (464)  (1,545)
    Net cash provided by operating activities 204,598   72,156 
    Cash flows from investing activities   
    Cash payments for capital expenditures (85,071)  (42,304)
    Expenditures for revenue generating assets (3,961)  — 
    Proceeds from the sale of assets —   1,445 
    Net cash used in investing activities (89,032)  (40,859)
    Cash flows from financing activities   
    Proceeds from exercise of stock options 155   1,241 
    Dividends paid (12,157)  (12,176)
    Borrowings under revolving credit facilities 103,992   72,244 
    Payments under revolving credit facilities (103,992)  (57,279)
    Principal payments under finance lease obligations —   (59)
    Debt issuance costs paid (110)  (1,023)
    Stock repurchases (55,899)  (24,545)
    Distribution to noncontrolling interest (512)  — 
    Net cash used in financing activities (68,523)  (21,597)
    Cash and cash equivalents:   
    Net increase in cash, cash equivalents, and restricted cash 47,043   9,700 
    Cash, cash equivalents, and restricted cash at beginning of period 58,245   71,778 
    Cash, cash equivalents, and restricted cash at end of period$105,288  $81,478 
     

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

      Wabash National Corporation    
    Three Months Ended September 30, 2023 2022    
    Units Shipped        
    New trailers  10,765  13,365    
    New truck bodies  4,160  4,115    
    Used trailers  25  20    
             
    Three Months Ended September 30, Transportation Solutions Parts & Services Corporate and
    Eliminations    		 Consolidated
    2023        
    New Trailers $477,802 $— $(2,216) $475,586
    Used Trailers  —  1,340  —   1,340
    Components, parts and service  —  38,091  —   38,091
    Equipment and other  105,068  17,010  (4,267)  117,811
    Total net external sales $582,870 $56,441 $(6,483) $632,828
    Gross profit $107,549 $15,361 $—  $122,910
    Income (loss) from operations $89,413 $12,358 $(24,134) $77,637
    Adjusted income (loss) from operations1 $89,413 $12,358 $(24,134) $77,637
             
    2022        
    New Trailers $529,659 $1,150 $(301) $530,508
    Used Trailers  —  693  —   693
    Components, parts and service  —  34,171  —   34,171
    Equipment and other  82,120  10,714  (3,056)  89,778
    Total net external sales $611,779 $46,728 $(3,357) $655,150
    Gross profit $80,779 $11,226 $—  $92,005
    Income (loss) from operations $63,274 $7,732 $(18,131) $52,875
    Adjusted income (loss) from operations1 $63,274 $7,732 $(18,131) $52,875

    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    
    Nine Months Ended September 30, 2023 2022    
    Units Shipped        
    New trailers  34,375  38,900    
    New truck bodies  11,995  11,550    
    Used trailers  55  80    
             
    Nine Months Ended September 30, Transportation Solutions Parts & Services Corporate and
    Eliminations    		 Consolidated
    2023        
    New Trailers $1,486,587 $— $(4,580) $1,482,007
    Used Trailers  —  2,396  —   2,396
    Components, parts and service  —  113,567  —   113,567
    Equipment and other  305,036  49,684  (12,290)  342,430
    Total net external sales $1,791,623 $165,647 $(16,870) $1,940,400
    Gross profit $345,098 $44,866 $—  $389,964
    Income (loss) from operations $292,335 $34,504 $(75,992) $250,847
    Adjusted income (loss) from operations1 $292,335 $34,504 $(75,992) $250,847
             
    2022        
    New Trailers $1,476,052 $1,392 $(973) $1,476,471
    Used Trailers  —  2,382  —   2,382
    Components, parts and service  —  105,208  —   105,208
    Equipment and other  233,774  34,849  (8,004)  260,619
    Total net external sales $1,709,826 $143,831 $(8,977) $1,844,680
    Gross profit $194,516 $33,578 $—  $228,094
    Income (loss) from operations $142,944 $22,659 $(56,685) $108,918
    Adjusted income (loss) from operations1 $142,944 $22,659 $(56,685) $108,918

    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
    September 30,    		 Nine Months Ended
    September 30,
      2023   2022   2023   2022 
    Transportation Solutions       
    Income from operations$89,413  $63,274  $292,335  $142,944 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 89,413   63,274   292,335   142,944 
            
    Parts & Services       
    Income from operations 12,358   7,732   34,504   22,659 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income 12,358   7,732   34,504   22,659 
            
    Corporate       
    Loss from operations (24,134)  (18,131)  (75,992)  (56,685)
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating loss (24,134)  (18,131)  (75,992)  (56,685)
            
    Consolidated       
    Income from operations 77,637   52,875   250,847   108,918 
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating income$77,637  $52,875  $250,847  $108,918 

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

    Operating EBITDA1:Three Months Ended September 30, Nine Months Ended September 30,
      2023   2022  2023   2022
    Net income$55,481  $36,356 $181,351  $71,169
    Income tax expense 18,068   11,130  56,289   21,831
    Interest expense 4,932   5,210  14,913   15,341
    Depreciation and amortization 12,519   11,941  32,685   37,265
    Stock-based compensation 3,131   2,720  8,812   7,367
    Impairment and other, net 147   349  149   692
    Other, net (844)  179  (1,706)  577
    Operating EBITDA$93,434  $67,885 $292,493  $154,242


    Adjusted Net Income Attributable to Common Stockholders2:Three Months Ended September 30, Nine Months Ended September 30,
     2023 2022 2023 2022
    Net income attributable to common stockholders$55,329 $36,170 $180,870 $70,796
    Adjustments:       
    N/A —  —  —  —
    Adjusted net income attributable to common stockholders$55,329 $36,170 $180,870 $70,796


    Adjusted Diluted Earnings Per Share2:Three Months Ended September 30, Nine Months Ended September 30,
      2023  2022  2023  2022
    Diluted earnings per share$1.16 $0.73 $3.74 $1.43
    Adjustments:       
    N/A —  —  —  —
    Adjusted diluted earnings per share$1.16 $0.73 $3.74 $1.43
            
    Weighted average diluted shares outstanding (in thousands) 47,755  49,402  48,348  49,651

    1 Operating EBITDA includes noncontrolling interest and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, and other non-operating income and expense (including any loss on debt extinguishment charges). Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance.

    2 Adjusted net income attributable to common stockholders and adjusted diluted earnings per share reflect no adjustments for any period presented.

    WABASH NATIONAL CORPORATION
    RECONCILIATION OF FREE CASH FLOW1
    (Unaudited - dollars in thousands)

     Three Months Ended September 30, Nine Months Ended September 30,
      2023   2022   2023   2022 
    Net cash provided by (used in) operating activities$58,267  $(10,518) $204,598  $72,156 
    Cash payments for capital expenditures (29,251)  (19,935)  (85,071)  (42,304)
    Expenditures for revenue generating assets (717)  —   (3,961)  — 
    Free cash flow1$28,299  $(30,453) $115,566  $29,852 

    1 Free cash flow is defined as net cash provided by (used in) 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 used in 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 September 30,2023
    		 2022
    		 2023
    		 2022
    Income from operations$89,413  $63,274  $12,358  $7,732 
    Depreciation and amortization 11,298   10,491   554   559 
    Impairment and other, net 147   258   —   15 
    Adjusted segment EBITDA$100,858  $74,023  $12,912  $8,306 
            
    Adjusted segment EBITDA margin 17.3%  12.1%  22.9%  17.8%
            
     Transportation Solutions Parts & Services
    Nine Months Ended September 30,2023
    		 2022
    		 2023
    		 2022
    Income from operations$292,335  $142,944  $34,504  $22,659 
    Depreciation and amortization 29,305   32,729   1,603   2,237 
    Impairment and other, net 149   (360)  —   5 
    Adjusted segment EBITDA$321,789  $175,313  $36,107  $24,901 
            
    Adjusted segment EBITDA margin 18.0%  10.3%  21.8%  17.3%

    1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest 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.

    Media Contact:
    Dana Stelsel
    Director, Communications
    (765) 771-5766
    dana.stelsel@onewabash.com 

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


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