2019 Q2 Form 10-Q Financial Statement

#000087952619000052 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $626.1M $612.7M
YoY Change 2.18% 40.56%
Cost Of Revenue $538.4M $527.4M
YoY Change 2.09% 43.22%
Gross Profit $87.65M $85.32M
YoY Change 2.74% 26.06%
Gross Profit Margin 14.0% 13.92%
Selling, General & Admin $35.00M $34.33M
YoY Change 1.95% 37.8%
% of Gross Profit 39.93% 40.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $35.00M $34.33M
YoY Change 1.95% 37.8%
Operating Profit $47.54M $46.04M
YoY Change 3.25% 19.07%
Interest Expense $7.020M $7.151M
YoY Change -1.83% 147.61%
% of Operating Profit 14.77% 15.53%
Other Income/Expense, Net -$5.939M -$3.114M
YoY Change 90.72% -1058.15%
Pretax Income $41.60M $42.93M
YoY Change -3.09% 18.89%
Income Tax $10.60M $11.00M
% Of Pretax Income 25.48% 25.62%
Net Earnings $30.96M $31.90M
YoY Change -2.95% 39.04%
Net Earnings / Revenue 4.95% 5.21%
Basic Earnings Per Share $0.56 $0.55
Diluted Earnings Per Share $0.56 $0.54
COMMON SHARES
Basic Shares Outstanding 55.20M shares 57.88M shares
Diluted Shares Outstanding 55.67M shares 59.27M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $140.2M $119.2M
Short-Term Investments
Other Short-Term Assets $14.45M $14.15M
YoY Change 2.13%
Inventory $264.6M $234.1M
Prepaid Expenses
Receivables $170.2M $193.5M
Other Receivables
Total Short-Term Assets $615.4M $604.1M
YoY Change 1.87%
LONG-TERM ASSETS
Property, Plant & Equipment $208.7M $195.5M
YoY Change 6.74%
Goodwill $311.1M $316.0M
YoY Change -1.55%
Intangibles $200.1M $226.6M
YoY Change -11.71%
Long-Term Investments
YoY Change
Other Assets $39.49M $26.86M
YoY Change 47.01%
Total Long-Term Assets $759.4M $765.0M
YoY Change -0.73%
TOTAL ASSETS
Total Short-Term Assets $615.4M $604.1M
Total Long-Term Assets $759.4M $765.0M
Total Assets $1.375B $1.369B
YoY Change 0.42% 46.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.6M $184.0M
YoY Change 9.06%
Accrued Expenses $120.4M $122.6M
YoY Change -1.79%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $0.00 $1.880M
YoY Change -100.0%
Total Short-Term Liabilities $321.3M $308.7M
YoY Change 4.09%
LONG-TERM LIABILITIES
Long-Term Debt $489.9M $503.6M
YoY Change -2.72%
Other Long-Term Liabilities $28.85M $19.97M
YoY Change 44.44%
Total Long-Term Liabilities $518.7M $523.6M
YoY Change -0.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $321.3M $308.7M
Total Long-Term Liabilities $518.7M $523.6M
Total Liabilities $873.3M $832.2M
YoY Change 4.93%
SHAREHOLDERS EQUITY
Retained Earnings $186.9M $142.7M
YoY Change 30.95%
Common Stock $749.0K $744.0K
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $316.7M $265.9M
YoY Change 19.12%
Treasury Stock Shares 20.33M shares 17.23M shares
Shareholders Equity $501.6M $499.2M
YoY Change
Total Liabilities & Shareholders Equity $1.375B $1.369B
YoY Change 0.42% 46.84%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $30.96M $31.90M
YoY Change -2.95% 39.04%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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BASIS OF PRESENTATION<div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements of Wabash National Corporation (the “Company”) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations and cash flows. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;">.</span></div>
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IncrementalCommonSharesAttributableToConversionOfDebtSecurities
435000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
1073000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
471000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
960000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
486000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1114000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55668000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59274000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55719000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60023000 shares
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
20200000 USD
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
88800000 USD
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2019Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-641000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
47538000 USD
CY2019Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-125000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-516000 USD
CY2019Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-394000 USD
CY2019Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-357000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-37000 USD
CY2018Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
409000 USD
CY2018Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
409000 USD
CY2018Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-644000 USD
CY2018Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
0 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-644000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10600000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000000.0 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13800000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15900000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.230
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segments
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
626053000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
626053000 USD
CY2019Q2 us-gaap Assets
Assets
1374829000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
612690000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
612690000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
46041000 USD
CY2018Q2 us-gaap Assets
Assets
1369131000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1159227000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1159227000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
72736000 USD
CY2019Q2 us-gaap Assets
Assets
1374829000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1104009000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1104009000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
71696000 USD
CY2018Q2 us-gaap Assets
Assets
1369131000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
626053000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
612690000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1159227000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1104009000 USD

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