Wabash National Corporation (NYSE:WNC) Q4 2021 Earnings Conference Call February 2, 2022 10:00 AM ET Company Participants Ryan Reed - Director, Investor Relations Brent Yeagy - President and Chief Executive Officer Mike Pettit - Chief Financial Officer Conference Call Participants Felix Boeschen - Raymond James Justin Long - Stephens Mike Shlisky - D.A. Davidson Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript a ...

Wabash National Corp (NYSE:WNC) Q3 2021 Earnings Conference Call November 9, 2021 11:00 AM ET Company Participants Ryan Reed - Director, IR Brent Yeagy - President, CEO & Director Michael Pettit - SVP & CFO Conference Call Participants Justin Long - Stephens Inc. Joel Tiss - BMO Capital Markets Jeff Kauffman - Vertical Research Partners Operator Good day and thank you for standing-by. Welcome to Wabash National Corporation Third Quarter 2021 Earnings Call. [Operator Instructions] I would like to hand the ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to _ Commission File Number: 001-10883 WABASH NATIONAL CORPORATION (Exact name of registrant as specified in its charter) (State of Incorporation) 3900 Mc ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2021, including balance sheets, statements of operations, comprehensive income, cash flows, and stockholders' equity, along with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets increased slightly to **$1,180.5 million** from **$1,161.5 million** at December 31, 2020, driven by higher inventories and accounts receivable, partially offset by decreased cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $134,375 | $217,677 | | Inventories, net | $252,550 | $163,750 | | Total current assets | $587,984 | $545,764 | | Total assets | $1,180,500 | $1,161,470 | | **Liabilities & Equity** | | | | Accounts payable | $171,377 | $104,425 | | Long-term debt | $418,900 | $447,979 | | Total liabilities | $780,520 | $756,591 | | Total stockholders' equity | $399,980 | $404,879 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2021, the company reported **$12.3 million** net income, a significant turnaround from a **$0.1 million** net loss in Q2 2020, driven by a **32.5%** increase in net sales to **$449.4 million** Statement of Operations Highlights (in thousands, except per share amounts) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $449,422 | $339,153 | $841,425 | $726,227 | | Gross profit | $55,608 | $34,321 | $102,774 | $71,064 | | Income (loss) from operations | $22,684 | $5,999 | $33,899 | $(104,057) | | Net income (loss) | $12,252 | $(146) | $15,469 | $(106,793) | | Diluted EPS | $0.24 | $0.00 | $0.29 | $(2.01) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2021, net cash used in operating activities was **$13.1 million**, a significant shift from the **$22.7 million** provided by operations in the same period of 2020, primarily due to increased working capital needs and inventory Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(13,086) | $22,654 | | Net cash provided by (used in) investing activities | $9,915 | $(8,196) | | Net cash used in financing activities | $(78,461) | $(18,981) | | **Net decrease in cash** | **$(81,632)** | **$(4,523)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, financial statement line items, including a **Q1 2020 goodwill impairment** of **$106.7 million**, debt composition, hedging, the **Q2 2021 divestiture** of Extract Technology, and segment performance - In Q1 2020, the company recorded goodwill impairment charges of **$95.8 million** for the Final Mile Products (FMP) reporting unit and **$11.0 million** for the Tank Trailers reporting unit[26](index=26&type=chunk) - In Q2 2021, the company sold its Extract Technology business for net proceeds of approximately **$20.8 million**, recognizing a gain of **$1.9 million**, with **$11.1 million** of goodwill allocated and disposed of[86](index=86&type=chunk)[25](index=25&type=chunk) Long-Term Debt Composition (in thousands) | Debt Instrument | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Senior Notes due 2025 | $315,000 | $315,000 | | New Term Loan Credit Agreement due 2027 | $108,835 | $138,835 | | **Total Principal** | **$423,835** | **$453,835** | | Less: unamortized discount and fees | $(4,935) | $(5,856) | | **Total Long-term debt** | **$418,900** | **$447,979** | Segment Performance - Six Months Ended June 30, 2021 (in thousands) | Segment | Total Net Sales | Income (loss) from Operations | | :--- | :--- | :--- | | Commercial Trailer Products | $544,051 | $53,164 | | Diversified Products | $150,586 | $11,913 | | Final Mile Products | $158,088 | $(7,194) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant operational and financial improvements in Q2 and H1 2021, highlighting **32.5%** year-over-year net sales growth, strong liquidity of **$304.3 million**, increased capital expenditure forecasts, and a **$1.34 billion** order backlog, despite ongoing industry uncertainties [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q2 2021 saw a strong recovery with net sales rising to **$449.4 million** from **$339.2 million** in Q2 2020, driven by a **38.0%** increase in new trailer unit shipments and an improved gross profit margin of **12.4%** Q2 2021 vs Q2 2020 Sales by Segment (in thousands) | Sales by Segment | Q2 2021 | Q2 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Trailer Products | $296,342 | $232,254 | 27.6% | | Diversified Products | $76,578 | $63,951 | 19.7% | | Final Mile Products | $81,023 | $50,832 | 59.4% | | **Total Net Sales** | **$449,422** | **$339,153** | **32.5%** | - Gross profit margin increased to **12.4%** in Q2 2021 from **10.1%** in Q2 2020, driven by higher volumes and cost containment measures[99](index=99&type=chunk)[107](index=107&type=chunk) - For the six months ended June 30, 2021, net sales increased **15.9%** year-over-year, driven by a **21.0%** increase in new trailer shipments[119](index=119&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of **$304.3 million** as of June 30, 2021, returning capital through **$8.4 million** in dividends and **$40.0 million** in share repurchases, while increasing its 2021 capital expenditure forecast to **$55-$60 million** - The company's liquidity position (cash and available borrowing) was **$304.3 million** as of June 30, 2021[136](index=136&type=chunk)[149](index=149&type=chunk) - Capital allocation in the first six months of 2021 included **$8.4 million** in dividends, **$40.0 million** in share repurchases, and a **$30.0 million** debt prepayment[135](index=135&type=chunk)[160](index=160&type=chunk) - The 2021 capital expenditure forecast was increased by **$20 million** to a range of **$55 million to $60 million** to retool existing capacity for expanded dry van production[162](index=162&type=chunk) - Cash used in operations for the first six months of 2021 was **$13.1 million**, driven by an **$89.7 million** increase in inventories to meet anticipated production[158](index=158&type=chunk) [Backlog and Outlook](index=40&type=section&id=Backlog%20and%20Outlook) The company reported a strong order backlog of approximately **$1.34 billion** at June 30, 2021, a **77%** increase year-over-year, with industry forecasts predicting significant recovery in U.S. trailer production for 2021 and strong outlooks for 2022 Order Backlog Comparison | Date | Backlog (in millions) | | :--- | :--- | | June 30, 2021 | $1,342 | | December 31, 2020 | $1,482 | | June 30, 2020 | $757 | - Industry forecasters (ACT and FTR) estimate total U.S. trailer production for 2021 to be between **291,000 and 295,000 units**, a significant recovery from **206,000 units** in 2020[176](index=176&type=chunk) - Forecasts for 2022 trailer production are also strong, with ACT estimating **333,000 units** and FTR estimating **320,000 units**[177](index=177&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from commodity price volatility, interest rate changes, and foreign exchange fluctuations, which are managed through fixed-price contracts, financial derivatives, and monitoring of floating-rate debt - The company manages commodity price risk through fixed-price contracts and financial derivatives, with **$110.8 million** in raw material purchase commitments as of June 30, 2021[183](index=183&type=chunk)[172](index=172&type=chunk) - A hypothetical **100 basis-point** change in the floating interest rate on its outstanding debt would change annual interest expense by approximately **$1.1 million**[184](index=184&type=chunk) - Exposure to fluctuations in the Mexican peso exchange rate is considered to have an immaterial impact on results of operations[185](index=185&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during the second quarter - The Company's disclosure controls and procedures were deemed effective as of June 30, 2021[186](index=186&type=chunk) - No material changes to internal control over financial reporting occurred during the second quarter of fiscal year 2021[187](index=187&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 of the financial statements for information on legal proceedings, which are not expected to have a material impact on the company's financial condition or liquidity - For details on legal proceedings, the report refers to Note 12, which states that existing proceedings are not expected to have a material impact[188](index=188&type=chunk)[72](index=72&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020, and investors are advised to consider those risks - The report directs investors to the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2020[189](index=189&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2021, the company repurchased **1,304,214 shares** of common stock for approximately **$21.9 million** under its repurchase program, with **$11.4 million** remaining available as of June 30, 2021 Share Repurchases for Quarter Ended June 30, 2021 | Period | Total Shares Purchased | Average Price Paid per Share | Total Shares Purchased (Public Program) | Max Amount Remaining ($ in millions) | | :--- | :--- | :--- | :--- | :--- | | April 2021 | 282,662 | $18.56 | 282,662 | $28.0 | | May 2021 | 412,307 | $16.67 | 412,307 | $21.2 | | June 2021 | 616,060 | $16.01 | 609,245 | $11.4 | | **Total** | **1,311,029** | **$16.77** | **1,304,214** | **$11.4** | [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, a Section 906 certification, and iXBRL-formatted financial statements - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and iXBRL data files (101, 104)[192](index=192&type=chunk)

Wabash National Corp (NYSE:WNC) Q2 2021 Earnings Conference Call July 28, 2021 10:00 AM ET Company Participants Ryan Reed - Director, IR Brent Yeagy - President, CEO & Director Michael Pettit - SVP & CFO Conference Call Participants Justin Long - Stephens Inc. Jeffrey Kauffman - Vertical Research Partners Felix Boeschen - Raymond James & Associates Operator Good day, and thank you for standing by, and welcome to the Wabash National Corporation Second Quarter 2021 Earnings Call. [Operator Instructions]. I wo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to _ Commission File Number: 001-10883 WABASH NATIONAL CORPORATION (Exact name of registrant as specified in its charter) (State of Incorporation) 1000 Sagamo ...

WABASH NATIONAL CORPORATION 2021 Q1 EARNINGS RELEASE WNC LISTED NYSE SAFE HARBOR STATEMENT & NON-GAAP FINANCIAL MEASURES This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation other than statements of historical fact are forward-looking statements. These forw ...

Financial Data and Key Metrics Changes - First quarter revenue was $392 million, with consolidated new trailer shipments of 9,670 units [22] - Gross margin was 12% of sales, while operating margin came in at 2.9%, both above expectations due to strong cost control [22] - Net income for the quarter was $3.2 million, or $0.06 per diluted share [22] - Operating EBITDA for the first quarter was $26 million, or 6.7% of sales [22] Business Line Data and Key Metrics Changes - Commercial trailer products generated revenue of $240 million with operating income of $20.9 million; average selling price for new trailers was approximately $26,000, a 7.5% decrease year-over-year [24] - Diversified products group generated $74 million in revenue with operating income of $6.1 million and an EBITDA margin of 14.3%, the best since 2016; average selling price for new trailers was about $72,000, a 4% increase year-over-year [24] - Final Mile products generated $77 million in revenue but experienced an operating loss of $4 million; however, EBITDA turned positive with a gain of $621,000 [25][26] Market Data and Key Metrics Changes - Demand indicators for core transportation, logistics, and distribution markets remain strong, with record spot rates and expectations for continued increases in contract rates [6][7] - The company noted that labor availability and material cost increases are significant headwinds affecting operations [9][10] Company Strategy and Development Direction - The company is focusing on product development and innovation, particularly in structural composite technology, to capture market opportunities [13][14] - There is a commitment to reinvest in the business to support future organic growth and leverage flexible manufacturing across product lines [15] - The company aims to achieve an operating margin of 8% in the next two to three years, indicating confidence in overcoming current challenges [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future as labor and supply chain challenges are expected to normalize over time, with strong freight growth and customer demand [20] - The company is maintaining its prior guidance and is pleased with the demand environment extending into 2022 and beyond [17][18] Other Important Information - Year-to-date operating cash flow was negative $22 million, with a focus on working capital efficiency [27] - Liquidity as of March 31 was $337 million, with $169 million in cash and $168 million available on the revolving credit facility [28] - The company plans to invest $35 million to $40 million in capital expenditures for 2021 [27] Q&A Session Summary Question: Can you provide more color on gross margin expectations by segment? - Management indicated that headwinds from commodity prices and labor are compressing gross margins across segments, with expectations for slight improvements in SG&A [36][37] Question: What is the outlook for earnings and operating margins in the back half of the year? - Management expects sequential improvement in operating margins and earnings in the second half of the year, driven by increased production and demand [39][40] Question: What is the timeline for Final Mile products to return to profitability? - Management anticipates significant EBITDA generation in 2021, with expectations for profitability in the Final Mile segment by 2022 [65][66] Question: Can you discuss the impact of working capital and the higher tax rate? - Management noted that working capital was a drain but better than expected, and the higher tax rate was due to a one-time adjustment related to incentive-based compensation [71][76] Question: How is MSC technology evolving within the company? - Management highlighted increased adoption potential for MSC technology across various products, indicating a shift in how it is marketed and engineered [78][79]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the Fiscal Year Ended December 31, 2020 (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or 1000 Sagamore Parkway South (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (765) 771-5300 | Securities registered pursuant to Section 12(b) of the Act: | | | | --- | --- | --- | | Title of each class | Trading Symbol(s) | Name o ...

WABASH NATIONAL CORPORATION 2020 Q4 EARNINGS RELEASE WNC LISTED NYSE SAFE HARBOR STATEMENT & NON-GAAP FINANCIAL MEASURES This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation other than statements of historical fact are forward-looking statements. These forw ...