Wabash Announces Fourth Quarter and Full Year 2023 Results

February 1, 2024
  • Quarterly revenue of $596 million  
  • Quarterly operating income of $61.1 million with operating margin of 10.3%
  • Quarterly earnings per diluted share of $1.07
  • Total backlog steady at $1.9 billion; 12-month backlog up $100 million sequentially to $1.6 billion
  • 2024 Outlook initiated with midpoints of $2.3 billion revenue and diluted earnings per share of $2.25

LAFAYETTE, Ind., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today reported results for the quarter and full year ended December 31, 2023.

For the fourth quarter of 2023, net sales were $596 million. Operating income was $61.1 million, or 10.3% of sales. The Company's tax rate was lower than usual during the fourth quarter primarily as a result of benefit from R&D tax credits. Net income attributable to common stockholders was $50.4 million, or $1.07 per diluted share. For the full year 2023, revenue totaled $2.5 billion with operating income of $311.9 million, or 12.3% of sales. Full year net income attributable to common stockholders was $231.3 million, or $4.81 per diluted share. The Company achieved annual records for sales, operating income and EPS in 2023.

Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2023 was $76.8 million, or 12.9% of net sales, and full year operating EBITDA was $369.3 million, or 14.6% of net sales.

Total Company backlog as of December 31, 2023 was approximately $1.9 billion, which was steady compared to the prior quarter. Backlog expected to be shipped within the following 12-months was $1.6 billion as of December 31, 2023 - a $100 million increase from the prior quarter.

“During 2023 we’ve substantially exceeded the financial performance in any year of the company’s history," explained Brent Yeagy, President and Chief Executive Officer. "Beyond our financial accomplishments, I’m even more excited about the strategic progress we made during 2023 and how it positions us to generate stronger results going forward for our employees, our customers and our other stakeholders. Our execution is allowing us to achieve higher levels of financial performance through all phases of the cycle and we are confident that when market conditions strengthen for our customers, we will deliver financial performance that exceeds 2023.”

Outlook

For the full year ending December 31, 2024, the Company has issued guidance with sales in the range of $2.2 billion to $2.4 billion with a midpoint of $2.3 billion and earnings per diluted share of $2.00 to $2.50 with a midpoint of $2.25. 

Mr. Yeagy continued, “While we expect a moderation in 2024 financial performance relative to 2023, it’s important to note that the midpoint of our 2024 EPS guidance would still represent the 2nd best EPS generation in our company’s history and would easily be the best results achieved during a year of declining revenue. We're poised to demonstrate the company's resilience through 2024 as our meaningful backlog and a strong balance sheet give us confidence to continue at full speed with our strategic growth initiatives.”

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 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 December 31, 2023   2022        
Units Shipped              
New trailers   10,075       13,135          
New truck bodies   4,075       3,250          
Used trailers   35       15          
               
  Transportation Solutions   Parts & Services
Three Months Ended December 31, 2023   2022   2023   2022
  (Unaudited, dollars in thousands)
Net sales $ 546,981     $ 611,088     $ 55,226     $ 49,645  
Gross profit $ 94,766     $ 83,326     $ 13,457     $ 11,271  
Gross profit margin   17.3 %     13.6 %     24.4 %     22.7 %
Income from operations $ 74,593     $ 66,998     $ 10,145     $ 7,899  
Income from operations margin   13.6 %     11.0 %     18.4 %     15.9 %
Adjusted income from operations $ 74,593     $ 66,998     $ 10,145     $ 7,899  
Adjusted income from operations margin   13.6 %     11.0 %     18.4 %     15.9 %
                               

Transportation Solutions’ net sales for the fourth quarter were $547.0 million, a decrease of 10.5% compared to the prior year quarter. During the quarter, operating income was $74.6 million, or 13.6% of sales.

Parts & Services' net sales for the fourth quarter were $55.2 million, an increase of 11.2% compared to the prior year quarter. Operating income was $10.1 million, or 18.4% 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 & excludes loss from unconsolidated entity 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 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 (used in) operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

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. There are no adjustments for any period presented.

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 & excludes loss from unconsolidated entity 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 2023 Conference Call

Wabash will discuss its results during its quarterly investor conference call on Thursday, February 1, 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,
2023
  December 31,
2022
Assets      
Current assets:      
Cash and cash equivalents $ 179,271     $ 58,245  
Accounts receivable, net   182,990       255,577  
Inventories   267,635       243,870  
Prepaid expenses and other   51,457       34,927  
Total current assets   681,353       592,619  
Property, plant, and equipment, net   325,444       271,116  
Goodwill   188,409       188,434  
Intangible assets, net   86,418       99,231  
Investment in unconsolidated entity   1,647        
Other assets   79,543       52,123  
Total assets $ 1,362,814     $ 1,203,523  
Liabilities and Stockholders' Equity      
Current liabilities:      
Current portion of long-term debt $     $  
Accounts payable   156,608       189,141  
Other accrued liabilities   195,601       158,327  
Total current liabilities   352,209       347,468  
Long-term debt   396,465       395,818  
Deferred income taxes   17,013       27,758  
Other non-current liabilities   47,028       34,354  
Total liabilities   812,715       805,398  
Commitments and contingencies      
Noncontrolling interest   603       512  
Wabash National Corporation Stockholders' equity:      
Common stock, $0.01 par value: 200,000,000 shares authorized; 45,393,260 and 47,675,796 shares outstanding, respectively   774       766  
Additional paid-in capital   677,886       665,941  
Retained earnings   403,923       188,241  
Accumulated other comprehensive loss   (428 )     (882 )
Treasury stock, at cost: 32,128,755 and 28,972,928 common shares, respectively   (532,659 )     (456,453 )
Total Wabash National Corporation stockholders' equity   549,496       397,613  
Total liabilities, noncontrolling interest, and equity $ 1,362,814     $ 1,203,523  
               

 

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,
    2023       2022       2023       2022  
Net sales $ 596,100     $ 657,449     $ 2,536,500     $ 2,502,129  
Cost of sales   487,877       562,852       2,038,313       2,179,438  
Gross profit   108,223       94,597       498,187       322,691  
General and administrative expenses   37,464       27,962       146,658       113,083  
Selling expenses   6,368       5,733       26,532       27,070  
Amortization of intangible assets   3,203       3,185       12,813       15,211  
Impairment and other, net   86       (7 )     235       685  
Income from operations   61,102       57,724       311,949       166,642  
Other income (expense):              
Interest expense   (4,941 )     (5,184 )     (19,854 )     (20,525 )
Other, net   1,687       895       3,393       318  
Other expense, net   (3,254 )     (4,289 )     (16,461 )     (20,207 )
Loss from unconsolidated entity   (803 )           (803 )      
Income before income tax   57,045       53,435       294,685       146,435  
Income tax expense   6,541       11,834       62,830       33,665  
Net income   50,504       41,601       231,855       112,770  
Net income attributable to noncontrolling interest   122       139       603       512  
Net income attributable to common stockholders $ 50,382     $ 41,462     $ 231,252     $ 112,258  
               
Net income attributable to common stockholders per share:              
Basic $ 1.10     $ 0.86     $ 4.92     $ 2.31  
Diluted $ 1.07     $ 0.84     $ 4.81     $ 2.25  
Weighted average common shares outstanding (in thousands):              
Basic   45,938       47,964       47,011       48,626  
Diluted   46,931       49,550       48,030       49,881  
               
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,
    2023       2022  
Cash flows from operating activities:      
Net income $ 231,855     $ 112,770  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation   32,507       31,758  
Amortization of intangibles   12,813       15,211  
Net loss (gain) on sale of property, plant and equipment and business divestiture   235       (635 )
Deferred income taxes   (13,459 )     (7,614 )
Stock-based compensation   11,799       9,746  
Non-cash interest expense   946       868  
Equity in loss of unconsolidated entity   803        
Impairment         1,339  
Accounts receivable   72,587       (79,066 )
Inventories   (23,765 )     (6,249 )
Prepaid expenses and other   (10,727 )     1,069  
Accounts payable and accrued liabilities   5,775       46,085  
Other, net   (1,878 )     (1,198 )
Net cash provided by operating activities   319,491       124,084  
Cash flows from investing activities:      
Cash payments for capital expenditures   (98,093 )     (57,086 )
Expenditures for revenue generating assets   (5,535 )      
Proceeds from sale of assets   154       1,781  
Investment in unconsolidated entity   (2,450 )      
Net cash used in investing activities   (105,924 )     (55,305 )
Cash flows from financing activities:      
Proceeds from exercise of stock options   155       2,224  
Dividends paid   (15,861 )     (16,020 )
Borrowings under revolving credit facilities   104,199       97,549  
Payments under revolving credit facilities   (104,199 )     (130,584 )
Principal payments under finance lease obligations         (59 )
Debt issuance costs paid   (117 )     (1,137 )
Stock repurchases   (76,206 )     (34,285 )
Distribution to noncontrolling interest   (512 )      
Net cash used in financing activities   (92,541 )     (82,312 )
Cash, cash equivalents, and restricted cash:      
Net decrease in cash, cash equivalents, and restricted cash   121,026       (13,533 )
Cash, cash equivalents, and restricted cash at beginning of period   58,245       71,778  
Cash, cash equivalents, and restricted cash at end of period $ 179,271     $ 58,245  
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 18,938     $ 20,131  
Net cash paid for income taxes $ 82,589     $ 18,333  
Period end balance of payables for property, plant, and equipment $ 11,662     $ 18,809  
               

 

WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
 
    Wabash National Corporation        
Three Months Ended December 31,   2023   2022        
Units Shipped                
New trailers     10,075     13,135        
New truck bodies     4,075     3,250        
Used trailers     35     15        
                 
Three Months Ended December 31,   Transportation Solutions   Parts & Services   Corporate and
Eliminations
  Consolidated
2023                
New trailers   $ 438,113   $   $ (1,321 )   $ 436,792
Used trailers         2,582           2,582
Components, parts and service         34,689           34,689
Equipment and other     108,868     17,955     (4,786 )     122,037
Total net external sales   $ 546,981   $ 55,226   $ (6,107 )   $ 596,100
Gross profit   $ 94,766   $ 13,457   $     $ 108,223
Income (loss) from operations   $ 74,593   $ 10,145   $ (23,636 )   $ 61,102
Adjusted income (loss) from operations1   $ 74,593   $ 10,145   $ (23,636 )   $ 61,102
                 
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
                           

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,   2023   2022        
Units Shipped                
New trailers     44,450     52,035        
New truck bodies     16,070     14,800        
Used trailers     90     95        
                 
Twelve Months Ended December 31,   Transportation Solutions   Parts & Services   Corporate and
Eliminations
  Consolidated
2023                
New trailers   $ 1,924,700   $   $ (5,901 )   $ 1,918,799
Used trailers         4,978           4,978
Components, parts and service         148,256           148,256
Equipment and other     413,904     67,639     (17,076 )     464,467
Total net external sales   $ 2,338,604   $ 220,873   $ (22,977 )   $ 2,536,500
Gross profit   $ 439,864   $ 58,323   $     $ 498,187
Income (loss) from operations   $ 366,928   $ 44,649   $ (99,628 )   $ 311,949
Adjusted income (loss) from operations1   $ 366,928   $ 44,649   $ (99,628 )   $ 311,949
                 
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
                           

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,
  2023   2022   2023   2022
Transportation Solutions              
Income from operations $ 74,593     $ 66,998     $ 366,928     $ 209,942  
Adjustments:              
N/A                      
Adjusted operating income   74,593       66,998       366,928       209,942  
Adjusted operating income margin   13.6 %     11.0 %     15.7 %     9.0 %
               
Parts & Services              
Income from operations   10,145       7,899       44,649       30,558  
Adjustments:              
N/A                      
Adjusted operating income   10,145       7,899       44,649       30,558  
Adjusted operating income margin   18.4 %     15.9 %     20.2 %     15.8 %
               
Corporate              
Loss from operations   (23,636 )     (17,173 )     (99,628 )     (73,858 )
Adjustments:              
N/A                      
Adjusted operating loss   (23,636 )     (17,173 )     (99,628 )     (73,858 )
               
Consolidated              
Income from operations   61,102       57,724       311,949       166,642  
Adjustments:              
N/A                      
Adjusted operating income $ 61,102     $ 57,724     $ 311,949     $ 166,642  
Adjusted operating income margin   10.3 %     8.8 %     12.3 %     6.7 %
                               

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. There are no adjustments for any period presented.

 
WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Unaudited - dollars in thousands, except per share amounts)
 
Operating EBITDA 1 : Three Months Ended December 31,   Twelve Months Ended December 31,
  2023   2022   2023   2022
Net income $ 50,504     $ 41,601     $ 231,855     $ 112,770  
Income tax expense   6,541       11,834       62,830       33,665  
Interest expense   4,941       5,184       19,854       20,525  
Depreciation and amortization   12,635       9,704       45,320       46,969  
Stock-based compensation   2,987       2,379       11,799       9,746  
Impairment and other, net   86       (7 )     235       685  
Other, net   (1,687 )     (895 )     (3,393 )     (318 )
Loss from unconsolidated entity   803             803        
Operating EBITDA $ 76,810     $ 69,800     $ 369,303     $ 224,042  

 

Adjusted Net Income Attributable to Common Stockholders 2 : Three Months Ended December 31,   Twelve Months Ended December 31,
  2023   2022   2023   2022
Net income attributable to common stockholders $ 50,382   $ 41,462   $ 231,252   $ 112,258
Adjustments:              
N/A              
Adjusted net income attributable to common stockholders $ 50,382   $ 41,462   $ 231,252   $ 112,258

 

Adjusted Diluted Earnings Per Share 2 : Three Months Ended December 31,   Twelve Months Ended December 31,
  2023   2022   2023   2022
Diluted earnings per share $ 1.07   $ 0.84   $ 4.81   $ 2.25
Adjustments:              
N/A              
Adjusted diluted earnings per share $ 1.07   $ 0.84   $ 4.81   $ 2.25
               
Weighted average diluted shares outstanding (in thousands)   46,931     49,550     48,030     49,881
                       

1 Operating EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity 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 FLOW 1
(Unaudited - dollars in thousands)
   
  Twelve Months Ended
December 31,
  2023   2022
Net cash provided by operating activities $ 319,491     $ 124,084  
Cash payments for capital expenditures   (98,093 )     (57,086 )
Expenditures for revenue generating assets   (5,535 )      
Free cash flow1 $ 215,863     $ 66,998  
               

1 Free cash flow is defined as net cash provided by 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 (used in) operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

 
WABASH NATIONAL CORPORATION
RECONCILIATION OF ADJUSTED SEGMENT EBITDA 1
AND ADJUSTED SEGMENT EBITDA MARGIN 1
(Unaudited - dollars in thousands)
 
  Transportation Solutions   Parts & Services
Three Months Ended December 31 2023   2022   2023   2022
Income from operations $ 74,593     $ 66,998     $ 10,145     $ 7,899  
Depreciation and amortization   11,138       8,458       598       480  
Impairment and other, net   86       (1 )           (5 )
Adjusted segment EBITDA $ 85,817     $ 75,455     $ 10,743     $ 8,374  
               
Adjusted segment EBITDA margin   15.7 %     12.3 %     19.5 %     16.9 %

 

  Transportation Solutions   Parts & Services
Twelve Months Ended December 31 2023   2022   2023   2022
Income from operations $ 366,928     $ 209,942     $ 44,649     $ 30,558  
Depreciation and amortization   40,443       41,187       2,201       2,717  
Impairment and other, net   235       (361 )            
Adjusted segment EBITDA $ 407,606     $ 250,768     $ 46,850     $ 33,275  
               
Adjusted segment EBITDA Margin   17.4 %     10.8 %     21.2 %     17.2 %
                               

1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity 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
VP, Corporate Development, IR, and FP&A
(765) 490-5664
ryan.reed@onewabash.com


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Source: Wabash National Corporation