• Wabash National Corporation Announces Fourth Quarter and Full Year 2020 Results

    ソース: Nasdaq GlobeNewswire / 03 2 2021 05:55:01   America/Chicago

    • Strengthening demand drives fourth quarter revenue of $404.1 million
    • Fourth quarter operating income of $10.0 million, decremental margin of 12 percent
    • Fourth quarter earnings per diluted share of $0.10
    • Backlog shows $500M sequential increase to $1.5 billion
    • 2021 EPS outlook initiated at $0.75 per diluted share; range of $0.70 to $0.80

    LAFAYETTE, Ind., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (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, 2020.

    Net sales for the fourth quarter 2020 were $404.1 million while operating income was $10.0 million or 2.5% of net sales. For the full year 2020, total revenue totaled $1.5 billion while generating an operating loss of $(85.6) million or operating income of $22.5 million on a non-GAAP adjusted basis.

    Net income for the fourth quarter 2020 was $5.5 million, or $0.10 per diluted share. For the full year of 2020, net loss was $(97.4) million or earnings per diluted share of $(1.84). On a non-GAAP adjusted basis, full year 2020 net income was $7.8 million or earnings per diluted share of $0.15. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2020 was $25.2 million, or 6.2% of net sales, and full year operating EBITDA was $73.6 million, or 5.0% of net sales.

    Total Company backlog as of December 31, 2020 was approximately $1.5 billion as new order activity remained strong during the fourth quarter. Backlog rose 43% compared to September 2020 and was 32% above December 2019.

    “While we're all looking forward to 2021 with optimism, I want to make sure we take time to highlight Wabash National's resilient financial performance during challenging market conditions in 2020,” explained Brent Yeagy, president and chief executive officer. “Full year decremental margin of 14%, free cash flow generation of $104 million and maintaining our dividend through the cycle all show meaningful improvement in the company's financial performance.”

    Outlook

    For the full year ending December 31, 2021, the company has issued guidance of $1.9 billion to $2.0 billion in sales and an earnings per diluted share midpoint of $0.75 with a range of $0.70 to $0.80. 

    Mr. Yeagy continued, “Conditions strengthened throughout 2020 in many of our customers' end markets and equipment demand is poised to improve in 2021. While we are focused in the near-term on executing on this cyclical upturn, we also continue to work on strategic initiatives to profitably grow the company in the long-term. Bringing new technologies to market combined with our focus on building out adjacent revenue streams will provide us with opportunities for growth beyond what the cycle gives us.”

    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 2020 and 2019. 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, 2020 2019 2020 2019 2020 2019
                 
      (Unaudited, dollars in thousands)
    New trailers shipped 10,085  14,300  525  650  —  — 
    Net sales $283,031  $399,288  $75,205  $94,661  $51,948  $92,740 
    Gross profit $29,387  $50,384  $13,178  $16,324  $4,400  $6,239 
    Gross profit margin 10.4% 12.6% 17.5% 17.2% 8.5% 6.7%
    Income (loss) from operations $25,533  $43,135  $1,203  $5,610  $(4,533) $(5,914)
    Income (loss) from operations margin 9.0% 10.8% 1.6% 5.9% (8.7)% (6.4)%
    Adjusted income (loss) from operations $23,276  $43,135  $3,322  $5,610  $(4,533) $(5,914)
    Adjusted income (loss) from operations margin 8.2% 10.8% 4.4% 5.9% (8.7)% (6.4)%

    Commercial Trailer Products’ net sales for the fourth quarter were $283.0 million, a decrease of 29.1% compared to the prior year quarter, as a result of demand coming off peak levels but rebounding throughout the year. Operating income was $25.5 million, or 9.0% of sales during the quarter. Adjusting for a gain on the sale of a former branch location, CTP's fourth quarter non-GAAP operating income was $23.3 million, or 8.2% of sales during the quarter.

    Diversified Products’ net sales for the fourth quarter were $75.2 million, a decrease of 20.6% compared to the prior year quarter, as a result of reduced market demand. Operating income was $1.2 million, or 1.6% of sales during the quarter. Adjusting for a loss on the sale of a business, DPG's fourth quarter non-GAAP operating income was $3.3 million, or 4.4% of sales during the quarter.

    Final Mile Products’ net sales for the fourth quarter totaled $51.9 million, a decrease of 44.0% due to building to scheduled production during the quarter, while ramping to accommodate improved 2021 demand. Operating loss during the fourth quarter was $4.5 million as a result of weaker volume leverage over fixed costs.

    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 issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes 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 (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 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 provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash provided by operating activities 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 2020 Conference Call

    Wabash National will discuss its results during its quarterly investor conference call on Wednesday, February 3, 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 (833) 476-0947, conference ID 1619249. 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, liquid 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®, 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 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 NATIONAL CORPORATION
    CONSOLIDATED BALANCE SHEETS
    (Unaudited - dollars in thousands)

      December 31,
    2020    		 December 31,
    2019
    Assets    
    Current assets:    
    Cash and cash equivalents $217,677  $140,516 
    Accounts receivable, net 101,301  172,737 
    Inventories 163,750  186,914 
    Prepaid expenses and other 63,036  41,222 
    Total current assets 545,764  541,389 
    Property, plant, and equipment, net 209,676  221,346 
    Goodwill 199,560  311,026 
    Intangible assets 166,887  189,898 
    Other assets 39,583  40,932 
    Total assets $1,161,470  $1,304,591 
    Liabilities and Stockholders' Equity    
    Current liabilities:    
    Current portion of long-term debt $—  $— 
    Current portion of finance lease obligations 348  327 
    Accounts payable 104,425  134,821 
    Other accrued liabilities 130,980  124,230 
    Total current liabilities 235,753  259,378 
    Long-term debt 447,979  455,386 
    Finance lease obligations 30  378 
    Deferred income taxes 46,777  37,576 
    Other non-current liabilities 26,052  30,885 
    Total liabilities 756,591  783,603 
    Commitments and contingencies    
    Stockholders' equity:    
    Common stock, $0.01 par value: 200,000,000 shares authorized; 52,536,482 and 53,473,620 shares outstanding, respectively 755  750 
    Additional paid-in capital 644,695  638,917 
    Retained earnings 107,233  221,841 
    Accumulated other comprehensive (income) loss 7,633  (3,978)
    Treasury stock, at cost: 23,004,607 and 21,640,109 common shares, respectively (355,437) (336,542)
    Total stockholders' equity 404,879  520,988 
    Total liabilities and stockholders' equity $1,161,470  $1,304,591 

    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,
      2020 2019 2020 2019
    Net sales $404,078  $579,001  $1,481,889  $2,319,136 
    Cost of sales 358,582  506,694  1,322,135  2,012,754 
    Gross profit 45,496  72,307  159,754  306,382 
    General and administrative expenses 24,166  26,272  92,740  108,274 
    Selling expenses 5,686  9,136  25,080  34,851 
    Amortization of intangible assets 5,497  5,118  21,981  20,471 
    Impairment and other, net 106  —  105,561  — 
    Income (loss) from operations 10,041  31,781  (85,608) 142,786 
    Other income (expense):        
    Interest expense (6,291) (6,517) (24,194) (27,340)
    Other, net 240  40  588  2,285 
    Other expense, net (6,051) (6,477) (23,606) (25,055)
    Income (loss) before income tax 3,990  25,304  (109,214) 117,731 
    Income tax (benefit) expense (1,504) 6,929  (11,802) 28,156 
    Net income (loss) $5,494  $18,375  $(97,412) $89,575 
    Net income (loss) per share:        
    Basic $0.10  $0.34  $(1.84) $1.64 
    Diluted $0.10  $0.34  $(1.84) $1.62 
    Weighted average common shares outstanding (in thousands):        
    Basic 52,840  53,917  52,945  54,695 
    Diluted 53,831  54,613  52,945  55,290 
             
    Dividends declared per share $0.08  $0.08  $0.32  $0.32 


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

      Year Ended December 31,
      2020 2019
    Cash flows from operating activities:    
    Net (loss) income $(97,412) $89,575 
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
    Depreciation 25,989  21,886 
    Amortization of intangibles 21,981  20,471 
    Net (gain) loss on sale of assets and business divestiture (1,567) (109)
    Loss on debt extinguishment 396  165 
    Deferred income taxes 5,016  3,420 
    Stock-based compensation 4,509  9,036 
    Non-cash interest expense 1,112  1,045 
    Impairment 107,114  — 
    Accounts receivable 71,436  8,327 
    Inventories 21,099  (2,510)
    Prepaid expenses and other (2,875) (3,809)
    Accounts payable and accrued liabilities (28,266) (817)
    Other, net (4,398) (396)
    Net cash provided by operating activities 124,134  146,284 
    Cash flows from investing activities:    
    Capital expenditures (20,131) (37,645)
    Proceeds from sale of assets and business divestiture 17,115  785 
    Net cash used in investing activities (3,016) (36,860)
    Cash flows from financing activities:    
    Proceeds from exercise of stock options 1,273  848 
    Borrowings under term loan credit facility, net of original issuance discount 148,500  — 
    Dividends paid (17,324) (17,797)
    Borrowings under revolving credit facilities 45,794  619 
    Payments under revolving credit facilities (45,794) (619)
    Principal payments under finance lease obligations (327) (308)
    Principal payments against senior notes (10,000) — 
    Principal payments under term loan credit facility (146,393) (50,470)
    Debt issuance costs paid (791) (164)
    Stock repurchases (18,895) (33,707)
    Net cash used in financing activities (43,957) (101,598)
    Cash, cash equivalents, and restricted cash:    
    Net increase (decrease) in cash, cash equivalents, and restricted cash 77,161  7,826 
    Cash, cash equivalents, and restricted cash at beginning of period 140,516  132,690 
    Cash, cash equivalents, and restricted cash at end of period $217,677  $140,516 


    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
    2020          
    New trailers shipped  10,085  525  —  —  10,610 
    Used trailers shipped 155  15  —  —  170 
               
    New Trailers $269,669  $36,945  $—  $—  $306,614 
    Used Trailers 728  573  —  —  1,301 
    Components, parts and service 8,698  23,155  3,239  (6,107) 28,985 
    Equipment and other 3,936  14,532  48,709  1  67,178 
    Total net external sales $283,031  $75,205  $51,948  $(6,106) $404,078 
    Gross profit $29,387  $13,178  $4,400  $(1,469) $45,496 
    Income (loss) from operations $25,533  $1,203  $(4,533) $(12,162) $10,041 
               
    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 


    Twelve Months Ended December 31, Commercial
    Trailer Products    		 Diversified
    Products    		 Final Mile
    Products    		 Corporate and
    Eliminations    		 Consolidated
    2020          
    New trailers shipped 34,585  2,050  —  —  36,635 
    Used trailers shipped 475  125  —  —  600 
               
    New Trailers $941,932  $145,888  $—  $—  $1,087,820 
    Used Trailers 3,841  4,545  —  —  8,386 
    Components, parts and service 36,912  88,010  12,517  (23,391) 114,048 
    Equipment and other 10,091  55,691  205,881  (28) 271,635 
    Total net external sales $992,776  $294,134  $218,398  $(23,419) $1,481,889 
    Gross profit $101,556  $52,933  $10,973  $(5,708) $159,754 
    Income (loss) from operations $79,662  $1,563  $(123,585) $(43,248) $(85,608)
               
    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 


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

      Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2020 2019 2020 2019
    Commercial Trailer Products        
    Income from operations $25,533  $43,135  $79,662  $145,877 
    Impairment —  —  377  — 
    Gain on sale of Columbus branch (2,257) —  (2,257) — 
    Adjusted operating income $23,276  $43,135  $77,782  $145,877 
             
    Diversified Products        
    Income from operations 1,203  5,610  1,563  29,748 
    Adjustments:        
    Impairment —  —  10,971  — 
    Loss on divestiture of Beall brand 2,119  —  2,119  — 
    Adjusted operating income 3,322  5,610  14,653  29,748 
             
    Final Mile Products        
    (Loss) income from operations (4,533) (5,914) (123,585) 9,804 
    Adjustments:        
    Impairment —  —  95,766  — 
    Adjusted operating (loss) income (4,533) (5,914) (27,819) 9,804 
             
    Corporate         
    Loss from operations (12,162) (11,050) (43,248) (42,643)
    Adjustments:        
    Debt transactions —  —  1,156  — 
    Adjusted operating loss (12,162) (11,050) (42,092) (42,643)
             
    Consolidated        
    Income (loss) from operations 10,041  31,781  (85,608) 142,786 
    Adjustments:        
    Impairment —  —  107,114  — 
    Gain on sale of Columbus branch (2,257) —  (2,257) — 
    Loss on divestiture of Beall brand 2,119  —  2,119  — 
    Debt transactions —  —  1,156  — 
    Adjusted operating income $9,903  $31,781  $22,524  $142,786 


    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,
      2020 2019 2020 2019
    Net income (loss) $5,494  $18,375  $(97,412) $89,575 
    Income tax (benefit) expense (1,504) 6,929  (11,802) 28,156 
    Interest expense 6,291  6,517  24,194  27,340 
    Depreciation and amortization 12,830  10,746  47,970  42,357 
    Stock-based compensation 2,231  1,674  4,509  9,036 
    Debt issuance costs expensed —  —  1,156  — 
    Impairment and other, net 106  —  105,561  — 
    Other, net (240) (40) (588) (2,285)
    Operating EBITDA $25,208  $44,201  $73,588  $194,179 


    Adjusted Net Income2: Three Months Ended December 31, Twelve Months Ended December 31,
      2020 2019 2020 2019
    Net income (loss) $5,494  $18,375  $(97,412) $89,575 
    Adjustments:        
    Debt transactions3 177  —  1,552  — 
    Impairment —  —  107,114  — 
    Gain on sale of Columbus branch (2,257) —  (2,257) — 
    Loss on divestiture of Beall brand 2,119  —  2,119  — 
    Tax effect of aforementioned items (15) —  (3,365) — 
    Adjusted net income $5,518  $18,375  $7,751  $89,575 


    Adjusted Diluted Earnings Per Share2: Three Months Ended December 31, Twelve Months Ended December 31,
      2020 2019 2020 2019
    Diluted earnings per share $0.10  $0.34  $(1.84) $1.62 
    Adjustments:        
    Debt transactions3 —  —  0.03  — 
    Impairment —  —  2.01  — 
    Gain on sale of Columbus branch (0.04) —  (0.04) — 
    Loss on divestiture of Beall brand 0.04  —  0.04  — 
    Tax effect of aforementioned items —  —  (0.05) — 
    Adjusted diluted earnings per share $0.10  $0.34  $0.15  $1.62 
             
    Weighted Average # of Diluted Shares O/S 53,831  54,613  53,446  55,290 

    ¹ Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, debt issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes loss on debt extinguishment charges).
    ² Adjusted 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.
    ³ Debt transactions include debt issuance costs within General & administrative expenses related to the closing of the New Term Loan Credit Agreement and loss on debt extinguishment charges included in Other, net.


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

      Twelve Months Ended
    December 31,
      2020 2019
    Net cash provided by operating activities $124,134  $146,284 
    Capital expenditures (20,131) (37,645)
    Free cash flow1 $104,003  $108,639 

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


    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
    Three Months Ended December 31 2020 2019 2020 2019 2020 2019
    Income (loss) from operations $25,533  $43,135  $1,203  $5,610  $(4,533) $(5,914)
    Depreciation and amortization 3,021  2,750  5,358  4,526  3,909  2,887 
    Impairment and other, net (2,102) —  2,208  —  —  — 
    Adjusted segment EBITDA $26,452  $45,885  $8,769  $10,136  $(624) $(3,027)
                 
    Adjusted segment EBITDA margin 9.3% 11.5% 11.7% 10.7% (1.2)% (3.3)%


      Commercial Trailer Products Diversified Products Final Mile Products
    Twelve Months Ended December 31 2020 2019 2020 2019 2020 2019
    Income (loss) from operations $79,662  $145,877  $1,563  $29,748  $(123,585) $9,804 
    Depreciation and amortization 11,557  10,667  19,300  18,621  14,891  11,361 
    Impairment and other, net (3,660) —  13,197  —  96,028  — 
    Adjusted segment EBITDA $87,559  $156,544  $34,060  $48,369  $(12,666) $21,165 
                 
    Adjusted segment EBITDA Margin 8.8% 10.3% 11.6% 12.6% (5.8)% 4.8%

    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@wabashnational.com

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


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