Wabash Announces Fourth Quarter and Full Year 2024 Results

Quarterly revenue of $417M, operating income of $3.6M and EPS of $(0.02)Full year revenue of $1.95B and adjusted EPS of $1.22 demonstrates improved portfolio resilienceRecent key leadership additions strengthen culture to allow more rapid strategic advancement Total backlog up sequentially to $1.2 billion2025 Outlook initiated with midpoints of $2.0 billion revenue and diluted earnings per share of $0.95 LAFAYETTE, Ind., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter and full year ended December 31, 2024. For the fourth quarter of 2024, net sales were $416.8 million. Operating income was $3.6 million, or 0.9% of sales. Net loss attributable to common stockholders was $1.0 million, or $(0.02) per diluted share. For the full year 2024, revenue totaled $1.95 billion with operating loss of $356.1 million or non-GAAP adjusted operating income of $94 million, representing 4.8% of sales. Full year net loss attributable to common stockholders was $284.1 million, or $(6.40) per diluted share. On a non-GAAP adjusted basis, full year net income was $54.7 million, or $1.22 per diluted share. Adjusted EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2024 was $21.1 million, or 5.1% of net sales, and full year adjusted EBITDA was $162.7 million, or 8.4% of net sales. Total Company backlog as of December 31, 2024 was approximately $1.2 billion, which represents an increase compared to the prior quarter. Backlog expected to be shipped within the following 12-months was $813 million as of December 31, 2024 - a greater than $100 million increase from the prior quarter. “During 2024, we continued to build on our record setting financial and strategic accomplishments of 2023 by demonstrating improved resilience during an industry down-cycle and maintaining a forward posture by continuing to invest in strategic growth in a manner that's unprecedented relative to market conditions," explained Brent Yeagy, President and Chief Executive Officer. "With significant leadership additions completed during 2024, our organization and our people are positioned to sustainably grow the company's base of recurring revenue by delivering value to our customers leveraging the intersection between physical and digital technologies.” Outlook For the full year ending December 31, 2025, the Company has issued guidance with sales in the range of $1.9 billion to $2.1 billion with a midpoint of $2.0 billion and earnings per diluted share of $0.85 to $1.05 with a midpoint of $0.95. Mr. Yeagy continued, “While our backlog grew sequentially in the fourth quarter, we expect customer orders to be more evenly distributed throughout the year compared to typical seasonal patterns. Consequently, we've taken a measured approach to our initial financial outlook. It's also worth noting that the areas of our business we anticipate the strongest performance in 2025 - Truck Bodies and Parts & Services - traditionally operate with relatively modest backlogs and convert orders to revenue quickly. Overall, we see 2025 as a transitional year, paving the way for improving market conditions as well as providing opportunity for continued advancement on our journey to increase value for customers leveraging all facets of our expanding portfolio and ecosystem.” 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 2024 and 2023. 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, 2024 2023 Units Shipped New trailers 6,770 10,075 New truck bodies 3,010 4,075 Used trailers 35 35 Transportation Solutions Parts & ServicesThree Months Ended December 31, 2024 2023 2024 2023 (Unaudited, dollars in thousands)Net sales $370,494 $546,981 $48,603 $55,226 Gross profit $34,687 $94,766 $8,079 $13,457 Gross profit margin 9.4% 17.3% 16.6% 24.4%Income from operations $17,942 $74,593 $4,494 $10,145 Income from operations margin 4.8% 13.6% 9.2% 18.4% Transportation Solutions’ net sales for the fourth quarter were $370.5 million, a decrease of 32.3% compared to the prior year quarter. During the quarter, operating income was $17.9 million, or 4.8% of sales. Parts & Services' net sales for the fourth quarter were $48.6 million, an decrease of 12.0% compared to the prior year quarter. Operating income was $4.5 million, or 9.2% 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 adjusted 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 (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated. Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) 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 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, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted operating income (loss) and margin, non-GAAP financial measures, exclude 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) 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 (loss) 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 (loss) margin is calculated by dividing adjusted operating income (loss) by total net sales. 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 (loss) income attributable to common stockholders and adjusted diluted earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. 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 (loss) income and diluted net (loss) income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release. Adjusted segment EBITDA and margin, 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 Adjusted EBITDA, 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 2024 Conference Call Wabash will discuss its results during its quarterly investor conference call on Wednesday, January 29, 2025 beginning at 12:00 p.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 (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation. About 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 risks related to the Missouri product liability action and the unfavorable jury verdict, 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. Media Contact:Dana StelselDirector, Communications(765) 771-5766dana.stelsel@onewabash.com Investor Relations:Ryan ReedVP, Corporate Development & IR(765) 490-5664ryan.reed@onewabash.com WABASH NATIONAL CORPORATIONCONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands) December 31,2024 December 31,2023Assets Current assets: Cash and cash equivalents$115,484 $179,271 Accounts receivable, net 143,946 182,990 Inventories, net 258,825 267,635 Prepaid expenses and other 76,233 51,457 Total current assets 594,488 681,353 Property, plant, and equipment, net 339,247 325,444 Deferred income taxes 94,873 — Goodwill 188,441 188,409 Intangible assets, net 74,445 86,418 Investment in unconsolidated entities 7,250 1,647 Other assets 112,785 79,543 Total assets$1,411,529 $1,362,814 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt$— $— Accounts payable 146,738 156,608 Other accrued liabilities 161,671 195,601 Total current liabilities 308,409 352,209 Long-term debt 397,142 396,465 Deferred income taxes — 17,013 Other non-current liabilities 516,152 47,028 Total liabilities 1,221,703 812,715 Commitments and contingencies Noncontrolling interest 996 603 Wabash National Corporation stockholders' equity: Common stock, $0.01 par value: 200,000,000 shares authorized; 42,882,308 and 45,393,260 shares outstanding, respectively 781 774 Additional paid-in capital 689,216 677,886 Retained earnings 105,633 403,923 Accumulated other comprehensive loss (3,229) (428)Treasury stock, at cost: 35,253,494 and 32,128,755 common shares, respectively (603,571) (532,659)Total Wabash National Corporation stockholders' equity 188,830 549,496 Total liabilities, noncontrolling interest, and equity$1,411,529 $1,362,814 WABASH NATIONAL CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - dollars in thousands, except per share amounts) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Net sales$416,814 $596,100 $1,946,740 $2,536,500 Cost of sales 373,855 487,877 1,681,668 2,038,313 Gross profit 42,959 108,223 265,072 498,187 General and administrative expenses 30,991 37,464 580,684 146,658 Selling expenses 5,932 6,368 28,035 26,532 Amortization of intangible assets 2,912 3,203 11,973 12,813 Impairment and other, net (462) 86 484 235 Income (loss) from operations 3,586 61,102 (356,104) 311,949 Other income (expense): Interest expense (4,945) (4,941) (19,839) (19,854)Other, net 869 1,687 5,434 3,393 Other expense, net (4,076) (3,254) (14,405) (16,461)Loss from unconsolidated entity (1,511) (803) (6,089) (803)(Loss) income before income tax expense (2,001) 57,045 (376,598) 294,685 Income tax (benefit) expense (1,308) 6,541 (93,523) 62,830 Net (loss) income (693) 50,504 (283,075) 231,855 Net income attributable to noncontrolling interest 337 122 996 603 Net (loss) income attributable to common stockholders$(1,030) $50,382 $(284,071) $231,252 Net (loss) income attributable to common stockholders per share: Basic$(0.02) $1.10 $(6.40) $4.92 Diluted$(0.02) $1.07 $(6.40) $4.81 Weighted average common shares outstanding (in thousands): Basic 43,343 45,938 44,359 47,011 Diluted 43,343 46,931 44,359 48,030 Dividends declared per share$0.08 $0.08 $0.32 $0.32 WABASH NATIONAL CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited - dollars in thousands) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net (loss) income$(283,075) $231,855 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation 45,012 32,507 Amortization of intangibles 11,973 12,813 Net (gain) loss on sale of property, plant and equipment and business divestiture (493) 235 Deferred income taxes (111,683) (13,459)Stock-based compensation 11,309 11,799 Non-cash interest expense 962 946 Equity in loss of unconsolidated entity 6,089 803 Impairment 994 — Accounts receivable 39,044 72,587 Inventories 8,810 (23,765)Prepaid expenses and other 4,020 (10,727)Accounts payable and accrued liabilities (68,687) 5,775 Other, net 452,997 (1,763)Net cash provided by operating activities 117,272 319,606 Cash flows from investing activities: Cash payments for capital expenditures (72,188) (98,093)Expenditures for revenue generating assets (6,948) (5,650)Proceeds from sale of assets and business divestiture 4,448 154 Investment in unconsolidated entities (20,100) (2,450)Net cash used in investing activities (94,788) (106,039)Cash flows from financing activities: Proceeds from exercise of stock options 28 155 Dividends paid (14,779) (15,861)Borrowings under revolving credit facilities 884 104,199 Payments under revolving credit facilities (884) (104,199)Debt issuance costs paid (5) (117)Stock repurchases (70,912) (76,206)Distribution to noncontrolling interest (603) (512)Net cash used in financing activities (86,271) (92,541)Cash, cash equivalents, and restricted cash: Net (decrease) increase in cash, cash equivalents, and restricted cash (63,787) 121,026 Cash, cash equivalents, and restricted cash at beginning of period 179,271 58,245 Cash, cash equivalents, and restricted cash at end of period$115,484 $179,271 Supplemental disclosures of cash flow information: Cash paid for interest$18,786 $18,938 Net cash paid for income taxes$29,831 $82,589 Period end balance of payables for property, plant, and equipment$5,915 $11,662 WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED INFORMATION(Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended December 31, 2024 2023 Units Shipped New trailers 6,770 10,075 New truck bodies 3,010 4,075 Used trailers 35 35 Three Months Ended December 31, Transportation Solutions Parts & Services Corporate andEliminations Consolidated2024 New trailers $278,022 $— $(816) $277,206Used trailers — 1,128 — 1,128Components, parts and service — 26,943 — 26,943Equipment and other 92,472 20,532 (1,467) 111,537Total net external sales $370,494 $48,603 $(2,283) $416,814Gross profit $34,687 $8,079 $— $42,766Income (loss) from operations $17,942 $4,494 $(18,850) $3,586Adjusted income (loss) from operations1 $17,942 $4,494 $(18,850) $3,586 2023 New trailers $438,113 $— $(1,321) $436,792Used trailers — 2,582 — 2,582Components, parts and service — 34,689 — 34,689Equipment and other 108,868 17,955 (4,786) 122,037Total net external sales $546,981 $55,226 $(6,107) $596,100Gross profit $94,766 $13,457 $— $108,223Income (loss) from operations $74,593 $10,145 $(23,636) $61,102Adjusted income (loss) from operations1 $74,593 $10,145 $(23,636) $61,102 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 CORPORATIONSEGMENTS AND RELATED INFORMATION(Unaudited - dollars in thousands) Wabash National Corporation Twelve Months Ended December 31, 2024 2023 Units Shipped New trailers 32,100 44,450 New truck bodies 14,255 16,070 Used trailers 80 90 Twelve Months Ended December 31, Transportation Solutions Parts & Services Corporate andEliminations Consolidated2024 New trailers $1,335,902 $— $(3,978) $1,331,924 Used trailers 71 4,012 (71) 4,012 Components, parts and service — 128,565 — 128,565 Equipment and other 419,160 72,485 (9,406) 482,239 Total net external sales $1,755,133 $205,062 $(13,455) $1,946,740 Gross profit $217,425 $47,454 $— $264,879 Income (loss) from operations $148,277 $35,417 $(539,798) $(356,104)Adjusted income (loss) from operations1 $148,277 $35,417 $(89,798) $93,896 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 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 CORPORATIONSEGMENT and COMPANY FINANCIAL INFORMATION(Unaudited - dollars in thousands) Adjusted Operating Income1Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Transportation Solutions Income from operations$17,942 $74,593 $148,277 $366,928 Adjustments: N/A — — — — Adjusted operating income 17,942 74,593 148,277 366,928 Adjusted operating income margin 4.8% 13.6% 8.4% 15.7% Parts & Services Income from operations 4,494 10,145 35,417 44,649 Adjustments: N/A — — — — Adjusted operating income 4,494 10,145 35,417 44,649 Adjusted operating income margin 9.2% 18.4% 17.3% 20.2% Corporate Loss from operations (18,850) (23,636) (539,798) (99,628)Adjustments: Missouri legal matter — — 450,000 — Adjusted operating loss (18,850) (23,636) (89,798) (99,628) Consolidated Income from operations 3,586 61,102 (356,104) 311,949 Adjustments: Missouri legal matter — — 450,000 — Adjusted operating income$3,586 $61,102 $93,896 $311,949 Adjusted operating income margin 0.9% 10.3% 4.8% 12.3% 1 Adjusted operating income (loss) and margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating income (loss) margin is calculated by dividing adjusted operating income by total net sales. WABASH NATIONAL CORPORATIONRECONCILIATION OF GAAP FINANCIAL MEASURES TONON-GAAP FINANCIAL MEASURES(Unaudited - dollars in thousands, except per share amounts) Adjusted EBITDA1:Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net (loss) income$(693) $50,504 $(283,075) $231,855 Income tax (benefit) expense (1,308) 6,541 (93,523) 62,830 Interest expense 4,945 4,941 19,839 19,854 Depreciation and amortization 16,591 12,635 56,985 45,320 Stock-based compensation 1,394 2,987 11,309 11,799 Missouri legal matter — — 450,000 — Impairment and other, net (462) 86 484 235 Other, net (869) (1,687) (5,434) (3,393)Loss from unconsolidated entity 1,511 803 6,089 803 Adjusted EBITDA$21,109 $76,810 $162,674 $369,303 Adjusted Net (Loss) Income Attributable to Common Stockholders2:Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net (loss) income attributable to common stockholders$(1,030) $50,382 $(284,071) $231,252 Adjustments: Missouri legal matter — — 450,000 — Tax effect of aforementioned items — — (111,213) — Adjusted net (loss) income attributable to common stockholders$(1,030) $50,382 $54,716 $231,252 Adjusted Diluted (Loss) Earnings Per Share2:Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Diluted (loss) earnings per share$(0.02) $1.07 $(6.40) $4.81 Adjustments: Missouri legal matter — — 10.14 — Tax effect of aforementioned items — — (2.52) — Adjusted diluted (loss) earnings per share$(0.02) $1.07 $1.22 $4.81 Weighted average diluted shares outstanding (in thousands)3 43,343 46,931 44,908 48,030 1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted 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 adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. 2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. 3 Weighted average diluted shares outstanding for the twelve months ended December 31, 2024 differ from the GAAP presentation on the Company's Consolidated Statement of Operations due to the Company being in a loss position on an unadjusted basis. WABASH NATIONAL CORPORATIONRECONCILIATION OF FREE CASH FLOW1(Unaudited - dollars in thousands) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Net cash provided by operating activities$80,884 $115,008 $117,272 $319,606 Cash payments for capital expenditures (21,345) (13,022) (72,188) (98,093)Expenditures for revenue generating assets (5,513) (1,689) (6,948) (5,650)Free cash flow1$54,026 $100,297 $38,136 $215,863 1 Free cash flow is defined as net cash provided by operating activities minus cash payments for capital expenditures and 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 operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. WABASH NATIONAL CORPORATIONRECONCILIATION OF ADJUSTED SEGMENT EBITDA1AND ADJUSTED SEGMENT EBITDA MARGIN1(Unaudited - dollars in thousands) Transportation Solutions Parts & ServicesThree Months Ended December 31 2024 2023 2024 2023 Income from operations$17,942 $74,593 $4,494 $10,145 Depreciation and amortization 14,291 11,138 1,054 598 Impairment and other, net (477) 86 14 — Adjusted segment EBITDA$31,756 $85,817 $5,562 $10,743 Adjusted segment EBITDA margin 8.6% 15.7% 11.4% 19.5% Transportation Solutions Parts & ServicesTwelve Months Ended December 31 2024 2023 2024 2023 Income from operations$148,277 $366,928 $35,417 $44,649 Depreciation and amortization 49,987 40,443 2,681 2,201 Impairment and other, net (518) 235 1 — Adjusted segment EBITDA$197,746 $407,606 $38,099 $46,850 Adjusted segment EBITDA Margin 11.3% 17.4% 18.6% 21.2% 1 Adjusted segment EBITDA and margin, 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.

Wabash Announces Fourth Quarter and Full Year 2024 Results

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