• Wabash Announces Fourth Quarter and Full Year 2022 Results

    来源: Nasdaq GlobeNewswire / 02 2月 2023 06:53:01   America/New_York

    • Quarterly revenue of $657.4 million  
    • Quarterly operating income of $57.7 million with operating margin of 8.8%
    • Quarterly earnings per diluted share of $0.84
    • Record backlog of $3.4 billion bolstered by the addition of long-term customer agreement
    • 2023 Outlook initiated with midpoints of $2.9 billion revenue and diluted earnings per share of $2.85

    LAFAYETTE, Ind., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the quarter and full year ended December 31, 2022.

    For the fourth quarter of 2022, net sales were $657.4 million. Operating income was $57.7 million, or 8.8% of sales. Net income attributable to common stockholders was $41.5 million, or $0.84 per diluted share. Sales and EPS both reached record levels during the quarter. For the full year 2022, revenue totaled an annual record of $2.5 billion with operating income of $166.6 million, or 6.7% of sales. Full year net income attributable to common stockholders was $112.3 million, or $2.25 per diluted share. Full year 2022 achieved record levels for both sales and EPS.

    Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2022 was $69.8 million, or 10.6% of net sales, and full year operating EBITDA was $224.0 million, or 9.0% of net sales.

    Total Company backlog as of December 31, 2022 increased to approximately $3.4 billion as sequential new order activity substantially outpaced shipments, supported by a long-term agreement with J.B. Hunt that was executed during the fourth quarter. Backlog rose 46% compared to September 2022 and was 34% above December 2021. Backlog expected to be shipped within the following 12-months was $2.8 billion as of December 31, 2022.

    “Although 2022 will go down as the most successful year of financial performance the Company has achieved so far, the groundwork to enable this execution has been in progress since 2019,” explained Brent Yeagy, President and Chief Executive Officer. “The changes to our strategy and the accompanying improvements to our organization that we've communicated in recent years have positioned us for this record performance, which we fully expect to expand upon in 2023.”

    Outlook

    For the full year ending December 31, 2023, the Company has issued guidance in the range of $2.8 to $3.0 billion in sales with a midpoint of $2.9 billion and earnings per diluted share of $2.70 to $3.00 with a midpoint of $2.85. 

    Mr. Yeagy continued, “With the partnership of strategic customers like J.B. Hunt, we are jointly exercising a new level of control over our destiny. The commercial implications of this activity are clear from a total backlog of $3.4 billion, which blows away our prior backlog record by almost $1 billion and already provides significant visibility in 2024. What is less noticeable, but just as exciting, is how our Wabash team has embraced the level of change we have driven in recent years and is creating a future with more opportunity for organic growth than the Company has enjoyed at any point since its inception.”

    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 2022 and 2021. A complete disclosure of the results by individual segment is included in the tables following this release.

      Wabash National Corporation    
    Three Months Ended December 31,  2022   2021     
    Units Shipped        
    New trailers  13,310   11,655     
    New truck bodies  3,250   3,230     
    Used trailers  15   25     
             
      Transportation Solutions Parts & Services
    Three Months Ended December 31,  2022   2021   2022   2021 
      (Unaudited, dollars in thousands)
    Net sales $611,088  $443,146  $49,645  $38,143 
    Gross profit $83,326  $36,854  $11,271  $7,958 
    Gross profit margin  13.6%  8.3%  22.7%  20.9%
    Income (loss) from operations $66,998  $(7,623) $7,899  $1,692 
    Income (loss) from operations margin  11.0%  (1.7)%  15.9%  4.4%
    Adjusted income from operations $66,998  $17,996  $7,899  $4,419 
    Adjusted income from operations margin  11.0%  4.1%  15.9%  11.6%

    Transportation Solutions’ net sales for the fourth quarter were $611.1 million, an increase of 37.9% compared to the prior year quarter, as a result of robust customer demand and strong production. During the quarter, operating income was $67.0 million, or 11.0% of sales.

    Parts & Services' net sales for the fourth quarter were $49.6 million, an increase of 30.2% compared to the prior year quarter, as a result of enhanced organizational focus and the early success of Wabash Parts, the Company's parts distribution joint venture. Operating income was $7.9 million, or 15.9% of sales during the quarter.

    Non-GAAP Measures

    In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including operating EBITDA, free cash flow, adjusted operating income 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. 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 adjustments for non-cash impairment, debt transactions, and the impact of sales and divestitures, 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 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.

    Fourth Quarter 2022 Conference Call

    Wabash will discuss its results during its quarterly investor conference call on Thursday, February 2, beginning at 11:00 a.m. EST. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website www.onewabash.com. The conference call will also be accessible by dialing (888) 440-6928, conference ID 6579482. A replay of the call will be available on the site shortly after the conclusion of the presentation.

    About Wabash

    Wabash (NYSE: WNC) is the visionary leader of 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
    CONSOLIDATED BALANCE SHEETS
    (Unaudited - dollars in thousands)

     December 31,
    2022    		 December 31,
    2021
    Assets   
    Current assets:   
    Cash and cash equivalents$58,245  $71,778 
    Accounts receivable, net 255,577   176,511 
    Inventories 243,870   237,621 
    Prepaid expenses and other 34,927   43,795 
    Total current assets 592,619   529,705 
    Property, plant, and equipment, net 271,116   232,425 
    Goodwill 188,434   188,443 
    Intangible assets, net 99,231   114,441 
    Other assets 52,123   42,057 
    Total assets$1,203,523  $1,107,071 
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Current portion of long-term debt$—  $— 
    Current portion of finance lease obligations —   59 
    Accounts payable 189,141   173,950 
    Other accrued liabilities 158,327   115,316 
    Total current liabilities 347,468   289,325 
    Long-term debt 395,818   428,315 
    Deferred income taxes 27,758   36,019 
    Other non-current liabilities 34,354   27,873 
    Total liabilities 805,398   781,532 
    Commitments and contingencies   
    Noncontrolling interest 512   — 
    Wabash National Corporation Stockholders' equity:   
    Common stock, $0.01 par value: 200,000,000 shares authorized; 47,675,796 and 48,954,482 shares outstanding, respectively 766   759 
    Additional paid-in capital 665,941   653,978 
    Retained earnings 188,241   92,111 
    Accumulated other comprehensive (loss) income (882)  859 
    Treasury stock, at cost: 28,972,928 and 27,013,275 common shares, respectively (456,453)  (422,168)
    Total Wabash National Corporation stockholders' equity 397,613   325,539 
    Total liabilities, noncontrolling interest, and equity$1,203,523  $1,107,071 


    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,
      2022   2021   2022   2021 
    Net sales$657,449  $479,277  $2,502,129  $1,803,268 
    Cost of sales 562,852   436,629   2,179,438   1,606,801 
    Gross profit 94,597   42,648   322,691   196,467 
    General and administrative expenses 27,962   22,067   113,083   88,807 
    Selling expenses 5,733   5,371   27,070   23,691 
    Amortization of intangible assets 3,185   5,630   15,211   22,858 
    Impairment and other, net (7)  28,200   685   27,569 
    Income (loss) from operations 57,724   (18,620)  166,642   33,542 
    Other income (expense):       
    Interest expense (5,184)  (5,097)  (20,525)  (23,128)
    Other, net 895   (8,929)  318   (9,124)
    Other expense, net (4,289)  (14,026)  (20,207)  (32,252)
    Income (loss) before income tax 53,435   (32,646)  146,435   1,290 
    Income tax expense (benefit) 11,834   (7,333)  33,665   126 
    Net income (loss) 41,601   (25,313)  112,770   1,164 
    Net income attributable to noncontrolling interest 139   —   512   — 
    Net income (loss) attributable to common stockholders$41,462  $(25,313) $112,258  $1,164 
            
    Net income (loss) attributable to common stockholders per share:       
    Basic$0.86  $(0.51) $2.31  $0.02 
    Diluted$0.84  $(0.51) $2.25  $0.02 
    Weighted average common shares outstanding (in thousands):       
    Basic 47,964   49,400   48,626   50,684 
    Diluted 49,550   49,400   49,881   51,608 
            
    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,
      2022   2021 
    Cash flows from operating activities:   
    Net income$112,770  $1,164 
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
    Depreciation 31,758   25,984 
    Amortization of intangibles 15,211   22,858 
    Net gain on sale of property, plant and equipment and business divestiture (635)  (1,594)
    Loss on debt extinguishment —   9,504 
    Deferred income taxes (7,614)  (8,147)
    Stock-based compensation 9,746   7,059 
    Non-cash interest expense 868   1,082 
    Impairment 1,339   29,163 
    Accounts receivable (79,066)  (80,879)
    Inventories (6,249)  (74,804)
    Prepaid expenses and other 1,069   8,570 
    Accounts payable and accrued liabilities 46,085   54,862 
    Other, net (1,198)  (2,292)
    Net cash provided by (used in) operating activities 124,084   (7,470)
    Cash flows from investing activities:   
    Cash payments for capital expenditures (57,086)  (49,105)
    Proceeds from sale of assets and business divestiture 1,781   22,029 
    Net cash used in investing activities (55,305)  (27,076)
    Cash flows from financing activities:   
    Proceeds from exercise of stock options 2,224   2,228 
    Borrowings under new senior notes —   400,000 
    Dividends paid (16,020)  (16,435)
    Borrowings under revolving credit facilities 72,549   50,823 
    Payments under revolving credit facilities (105,584)  (17,788)
    Principal payments under finance lease obligations (59)  (319)
    Principal payments against old senior notes —   (315,000)
    Principal payments under term loan credit facility —   (138,835)
    Debt issuance costs paid (1,137)  (9,296)
    Stock repurchases (34,285)  (66,731)
    Net cash used in financing activities (82,312)  (111,353)
    Cash, cash equivalents, and restricted cash:   
    Net decrease in cash, cash equivalents, and restricted cash (13,533)  (145,899)
    Cash, cash equivalents, and restricted cash at beginning of period 71,778   217,677 
    Cash, cash equivalents, and restricted cash at end of period$58,245  $71,778 
    Supplemental disclosures of cash flow information:   
    Cash paid for interest$20,131  $22,040 
    Net cash paid (refunds received) for income taxes$18,333  $(467)
    Period end balance of payables for property, plant, and equipment$18,809  $3,785 


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

      Wabash National Corporation    
    Three Months Ended December 31,  2022   2021    
    Units Shipped        
    New trailers  13,310   11,655    
    New truck bodies  3,250   3,230    
    Used trailers  15   25    
             
    Three Months Ended December 31, Transportation
    Solutions    		 Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2022        
    New trailers $536,376  $330 $(313) $536,393 
    Used trailers  —   523  —   523 
    Components, parts and service  —   34,554  —   34,554 
    Equipment and other  74,712   14,238  (2,971)  85,979 
    Total net external sales $611,088  $49,645 $(3,284) $657,449 
    Gross profit $83,326  $11,271 $—  $94,597 
    Income (loss) from operations $66,998  $7,899 $(17,173) $57,724 
    Adjusted income (loss) from operations1 $66,998  $7,899 $(17,173) $57,724 
             
    2021        
    New trailers $388,182  $179 $(181) $388,180 
    Used trailers  —   659  —   659 
    Components, parts and service  —   30,182  —   30,182 
    Equipment and other  54,964   7,123  (1,831)  60,256 
    Total net external sales $443,146  $38,143 $(2,012) $479,277 
    Gross profit $36,854  $7,958 $(2,164) $42,648 
    (Loss) income from operations $(7,623) $1,692 $(12,689) $(18,620)
    Adjusted income (loss) from operations1 $17,996  $4,419 $(12,689) $9,726 

    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    
    Twelve Months Ended December 31,  2022  2021    
    Units Shipped        
    New trailers  52,035  45,365    
    New truck bodies  14,800  16,560    
    Used trailers  95  95    
             
    Twelve Months Ended December 31, Transportation
    Solutions    		 Parts &
    Services    		 Corporate and
    Eliminations    		 Consolidated
    2022        
    New trailers $2,012,428 $1,722 $(1,286) $2,012,864
    Used trailers  —  2,905  —   2,905
    Components, parts and service  —  139,762  —   139,762
    Equipment and other  308,486  49,087  (10,975)  346,598
    Total net external sales $2,320,914 $193,476 $(12,261) $2,502,129
    Gross profit $277,842 $44,849 $—  $322,691
    Income (loss) from operations $209,942 $30,558 $(73,858) $166,642
    Adjusted income (loss) from operations1 $209,942 $30,558 $(73,858) $166,642
             
    2021        
    New trailers $1,354,375 $179 $(181) $1,354,373
    Used trailers  165  2,349  —   2,514
    Components, parts and service  —  131,929  —   131,929
    Equipment and other  278,779  42,709  (7,036)  314,452
    Total net external sales $1,633,319 $177,166 $(7,217) $1,803,268
    Gross profit $166,630 $36,870 $(7,033) $196,467
    Income (loss) from operations $61,869 $20,201 $(48,528) $33,542
    Adjusted income (loss) from operations1 $87,488 $21,054 $(48,528) $60,014

    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)

     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2022   2021   2022   2021 
    Transportation Solutions       
    Income (loss) from operations$66,998  $(7,623) $209,942  $61,869 
    Adjustments:       
    Trade names & trademarks impairment —   25,619   —   25,619 
    Adjusted operating income 66,998   17,996   209,942   87,488 
    Adjusted operating income margin 11.0%  4.1%  9.0%  5.4%
            
    Parts & Services       
    Income from operations 7,899   1,692   30,558   20,201 
    Adjustments:       
    Trade names & trademarks impairment —   2,727   —   2,727 
    Gain on divestiture of Extract Technology —   —   —   (1,874)
    Adjusted operating income 7,899   4,419   30,558   21,054 
    Adjusted operating income margin 15.9%  11.6%  15.8%  11.9%
            
    Corporate        
    Loss from operations (17,173)  (12,689)  (73,858)  (48,528)
    Adjustments:       
    N/A —   —   —   — 
    Adjusted operating loss (17,173)  (12,689)  (73,858)  (48,528)
            
    Consolidated       
    Income (loss) from operations 57,724   (18,620)  166,642   33,542 
    Adjustments:       
    Trade names & trademarks impairment —   28,346   —   28,346 
    Gain on divestiture of Extract Technology —   —   —   (1,874)
    Adjusted operating income$57,724  $9,726  $166,642  $60,014 
    Adjusted operating income margin 8.8%  2.0%  6.7%  3.3%

    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. Adjusted operating income margin is calculated by dividing adjusted operating income by total net sales.


    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,
      2022   2021   2022   2021 
    Net income (loss)$41,601  $(25,313) $112,770  $1,164 
    Income tax expense (benefit) 11,834   (7,333)  33,665   126 
    Interest expense 5,184   5,097   20,525   23,128 
    Depreciation and amortization 9,704   12,021   46,969   48,842 
    Stock-based compensation 2,379   1,170   9,746   7,059 
    Debt transactions3 —   9,052   —   9,504 
    Impairment and other, net (7)  28,200   685   27,569 
    Other, net (895)  (123)  (318)  (380)
    Operating EBITDA$69,800  $22,771  $224,042  $117,012 


    Adjusted Net Income Attributable to Common Stockholders2:Three Months Ended December 31, Twelve Months Ended December 31,
      2022  2021   2022  2021 
    Net income (loss) attributable to common stockholders$41,462 $(25,313) $112,258 $1,164 
    Adjustments:       
    Trade names & trademarks impairment —  28,346   —  28,346 
    Gain on divestiture of Extract Technology —  —   —  (1,874)
    Debt transactions3 —  9,052   —  9,504 
    Tax effect of aforementioned items —  (8,415)  —  (8,087)
    Adjusted net income attributable to common stockholders$41,462 $3,670  $112,258 $29,053 


    Adjusted Diluted Earnings Per Share2:Three Months Ended December 31, Twelve Months Ended December 31,
      2022  2021   2022  2021 
    Diluted earnings per share$0.84 $(0.51) $2.25 $0.02 
    Adjustments:       
    Trade names & trademarks impairment —  0.57   —  0.56 
    Gain on divestiture of Extract Technology —  —   —  (0.04)
    Debt transactions3 —  0.18   —  0.18 
    Tax effect of aforementioned items —  (0.17)  —  (0.16)
    Adjusted diluted earnings per share$0.84 $0.07  $2.25 $0.56 
            
    Weighted average diluted shares outstanding (in thousands) 49,550  50,436   49,881  51,608 

    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 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 losses on debt extinguishment.

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

     Twelve Months Ended
    December 31,
      2022   2021 
    Net cash provided by (used in) operating activities$124,084  $(7,470)
    Cash payments for capital expenditures (57,086)  (49,105)
    Free cash flow1$66,998  $(56,575)

    1 Free cash flow is defined as net cash provided by (used in) operating activities minus cash payments for capital expenditures. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in 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 December 31 2022   2021   2022   2021 
    Income (loss) from operations$66,998  $(7,623) $7,899  $1,692 
    Depreciation and amortization 8,458   10,364   480   1,107 
    Impairment and other, net (1)  25,619   (5)  2,585 
    Adjusted segment EBITDA$75,455  $28,360  $8,374  $5,384 
            
    Adjusted segment EBITDA margin 12.3%  6.4%  16.9%  14.1%


     Transportation Solutions Parts & Services
    Twelve Months Ended December 31 2022   2021   2022   2021 
    Income from operations$209,942  $61,869  $30,558  $20,201 
    Depreciation and amortization 41,187   41,819   2,717   4,781 
    Impairment and other, net (361)  26,554   —   1,025 
    Adjusted segment EBITDA$250,768  $130,242  $33,275  $26,007 
            
    Adjusted segment EBITDA Margin 10.8%  8.0%  17.2%  14.7%

    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, Corporate 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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