Financial Data and Key Metrics Changes - In Q4 2025, consolidated revenue was $321 million, with adjusted gross margin at -1.1% and adjusted operating margin at -13.6% [20][21] - Adjusted EBITDA was -$26.2 million, or -8.1% of sales, and adjusted net income attributable to common stockholders was -$37.8 million, or -$0.93 per diluted share [22] - Full-year operating cash generation totaled $12 million, with free cash flow at -$31 million, excluding a $30 million legal settlement [23] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $263 million with non-GAAP operating income of -$31.7 million, or -12.1% of sales [22] - Parts and Services generated revenue of $64.5 million and operating income of $5.1 million, or 7.9% of sales, showing year-over-year growth of 33% [22][14] Market Data and Key Metrics Changes - The transportation industry faced prolonged softness in demand, with freight, construction, and industrial activity operating below normalized levels [5][10] - Early signs of stabilization in freight volumes and gradual improvement in fleet utilization rates were noted, but these have not yet translated into increased order activity [5][6] Company Strategy and Development Direction - The company is focused on aligning costs with demand, preserving liquidity, and protecting margins while pursuing market share opportunities [6][7] - Actions taken in 2025 are believed to strengthen the company's foundation and improve its ability to perform through the cycle [4] - The company is investing in its parts and service business, which has shown resilience and growth, and is expected to operate in the high teens EBITDA over time [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand environment is expected to remain difficult in Q1 2026, with revenue guidance of $310 million to $330 million and adjusted earnings per share between -$0.95 and -$0.05 [11][25] - The first quarter is anticipated to be the weakest of the year in terms of revenue and operating margins, but there is confidence that 2026 will show improvement compared to 2025 [11][25] Other Important Information - The company idled manufacturing facilities in Little Falls and Goshen, resulting in approximately $16 million in non-cash charges during the quarter [8] - The domestic trailer industry has filed antidumping and countervailing duty petitions concerning certain imported trailer products, with investigations currently underway [9] Q&A Session Summary Question: Impact of idling capacity on refrigerated truck bodies - Management confirmed that they are not exiting the refrigerated market and are repositioning products for future demand [32][33] Question: Continuation of parts and services growth into 2026 - Management expects to see continued growth in the parts and services segment in 2026, with potential margin improvements after Q1 [34][36] Question: Update on imported trailers and potential dumping - Management clarified that Wabash is not negatively impacted by the ongoing investigations and that any penalties would apply to international competitors [60][62] Question: Capital allocation strategy moving forward - The company plans to prioritize paying down debt, maintaining dividends, and funding internal capital expenditures, with a focus on liquidity management [77][78]