2021 Q4 Form 10-Q Financial Statement

#000087952621000071 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $479.3M $482.6M $449.4M
YoY Change 18.61% 37.25% 32.51%
Cost Of Revenue $436.6M $431.5M $393.8M
YoY Change 39.93% 29.19%
Gross Profit $42.65M $51.05M $55.61M
YoY Change -6.26% 18.18% 62.02%
Gross Profit Margin 8.9% 10.58% 12.37%
Selling, General & Admin $27.44M $26.56M $28.97M
YoY Change -9.24% 18.16%
% of Gross Profit 64.34% 52.02% 52.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.02M $12.34M $24.48M
YoY Change
% of Gross Profit 28.19% 24.18% 44.02%
Operating Expenses $33.07M $26.56M $28.97M
YoY Change -9.24% 18.16%
Operating Profit $9.580M $18.26M $22.68M
YoY Change 117.21% 278.13%
Interest Expense -$5.097M $5.847M $6.034M
YoY Change 1.7% 2.58%
% of Operating Profit -53.2% 32.02% 26.6%
Other Income/Expense, Net -$8.929M -$5.615M -$6.447M
YoY Change -3.29% 15.19%
Pretax Income -$32.65M $12.65M $16.24M
YoY Change 386.09% 3939.05%
Income Tax -$7.333M $1.600M $4.000M
% Of Pretax Income 12.65% 24.64%
Net Earnings -$25.31M $11.01M $12.25M
YoY Change -560.74% 183.2% -8491.78%
Net Earnings / Revenue -5.28% 2.28% 2.73%
Basic Earnings Per Share -$0.51 $0.22 $0.24
Diluted Earnings Per Share -$0.51 $0.22 $0.24
COMMON SHARES
Basic Shares Outstanding 49.48M shares 49.97M shares 51.27M shares
Diluted Shares Outstanding 50.58M shares 51.99M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.78M $49.37M $134.4M
YoY Change
Cash & Equivalents $71.78M $49.37M $134.4M
Short-Term Investments
Other Short-Term Assets $3.621M $6.470M $4.087M
YoY Change -49.46% -55.57% -74.15%
Inventory $237.6M $259.6M $252.6M
Prepaid Expenses
Receivables $176.5M $213.8M $121.4M
Other Receivables $10.39M $13.16M $11.05M
Total Short-Term Assets $529.7M $582.2M $588.0M
YoY Change -2.94% 2.76% 16.93%
LONG-TERM ASSETS
Property, Plant & Equipment $243.8M $220.1M $217.9M
YoY Change
Goodwill $188.4M $188.4M $188.4M
YoY Change -5.57% -7.78% -7.82%
Intangibles $114.4M $148.4M $154.0M
YoY Change -31.43% -14.4% -13.86%
Long-Term Investments
YoY Change
Other Assets $42.06M $43.86M $42.66M
YoY Change 6.25% 18.73% 13.69%
Total Long-Term Assets $577.4M $589.2M $592.5M
YoY Change -6.23% -6.42% -7.33%
TOTAL ASSETS
Total Short-Term Assets $529.7M $582.2M $588.0M
Total Long-Term Assets $577.4M $589.2M $592.5M
Total Assets $1.107B $1.171B $1.181B
YoY Change -4.68% -2.07% 3.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.0M $181.3M $171.4M
YoY Change 66.58% 24.66% 37.38%
Accrued Expenses $115.3M $106.6M $111.0M
YoY Change -11.96% -19.58% 3.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $289.3M $288.0M $282.5M
YoY Change 22.72% 2.93% 21.73%
LONG-TERM LIABILITIES
Long-Term Debt $428.3M $419.1M $418.9M
YoY Change -4.39% -8.33% -8.1%
Other Long-Term Liabilities $27.87M $28.57M $26.55M
YoY Change 6.99% 12.03% 3.13%
Total Long-Term Liabilities $456.2M $447.7M $445.5M
YoY Change -3.76% -7.26% -7.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $289.3M $288.0M $282.5M
Total Long-Term Liabilities $456.2M $447.7M $445.5M
Total Liabilities $781.5M $785.1M $780.5M
YoY Change 3.3% -1.7% 4.2%
SHAREHOLDERS EQUITY
Retained Earnings $92.11M $121.5M $114.4M
YoY Change -14.1% 14.49% 7.3%
Common Stock $759.0K $759.0K $758.0K
YoY Change 0.53% 0.8% 0.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $422.2M $410.5M $396.7M
YoY Change 18.77% 18.42% 14.46%
Treasury Stock Shares 27.01M shares 26.36M shares 25.42M shares
Shareholders Equity $325.5M $386.2M $400.0M
YoY Change
Total Liabilities & Shareholders Equity $1.107B $1.171B $1.181B
YoY Change -4.68% -2.07% 3.35%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$25.31M $11.01M $12.25M
YoY Change -560.74% 183.2% -8491.78%
Depreciation, Depletion And Amortization $12.02M $12.34M $24.48M
YoY Change
Cash From Operating Activities $66.76M -$61.14M -$13.09M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$28.91M -$9.129M -$11.06M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $62.00K $989.0K $20.98M
YoY Change
Cash From Investing Activities -$28.85M -$8.140M $9.915M
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 -15.50M -17.39M -78.46M
YoY Change
NET CHANGE
Cash From Operating Activities 66.76M -61.14M -13.09M
Cash From Investing Activities -28.85M -8.140M 9.915M
Cash From Financing Activities -15.50M -17.39M -78.46M
Net Change In Cash 22.40M -86.67M -81.63M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $66.76M -$61.14M -$13.09M
Capital Expenditures -$28.91M -$9.129M -$11.06M
Free Cash Flow $95.67M -$52.01M -$2.023M
YoY Change

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BASIS OF PRESENTATION &amp; DESCRIPTION OF THE BUSINESS<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements of Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) 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 (“GAAP”) 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 its 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 December 31, 2020.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the One Wabash organizational transformation began during the first quarter of 2020 to better align resources and processes on serving the customer and to enable long-term growth. In connection with the substantial completion of the Company’s One Wabash strategic initiatives, including organizational and structural changes as well as portfolio rationalization, beginning in September 2021 the Company realigned its operating and reportable segments based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance. Based on this realignment, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts &amp; Service (“P&amp;S”), and eliminated the historical Commercial Trailer Products (“CTP”), Diversified Products (“DPG”), and Final Mile Products (“FMP”) segments. Accordingly, historical segment operating information and disclosures have been revised to conform to the current period segment presentation. Refer to Note 18 for additional discussion regarding segments and to Note 4 for the impact thereof to the evaluation of recorded goodwill balances.</span></div>
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0 USD
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1346000 USD
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0 USD
CY2021Q3 wnc Operating Lease And Finance Lease Liability To Be Paid Year Four
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1346000 USD
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2040000 USD
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0 USD
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OperatingAndFinanceLeaseLiabilityToBePaidDueAfterYearFour
2040000 USD
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P4Y3M18D
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P3Y7M6D
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P0Y3M18D
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P1Y1M6D
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20570000 USD
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22575000 USD
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3779000 USD
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3132000 USD
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2882000 USD
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4951000 USD
CY2021Q3 us-gaap Product Warranty Accrual
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21467000 USD
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20756000 USD
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9400000 USD
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447979000 USD
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0 shares
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50581000 shares
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52980000 shares
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100000000 USD
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12400000 USD
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150000000 USD
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P3Y
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100000000 USD
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100000000 USD
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147700000 USD
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200000000 shares
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0.01
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15002000 USD
CY2021Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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775000 USD
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CY2021Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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6264000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
9298000 USD
CY2021Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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4139000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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5200000 USD
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CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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2582000 USD
CY2021Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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13431000 USD
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CY2021Q1 us-gaap Reclassification From Aoci Current Period Tax
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300000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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5000000 USD
CY2021Q2 us-gaap Reclassification From Aoci Current Period Tax
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2100000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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1400000 USD
CY2021Q3 us-gaap Reclassification From Aoci Current Period Tax
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4500000 USD
CY2020Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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CY2020Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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788000 USD
CY2020Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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764000 USD
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2780000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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200000 USD
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200000 USD
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1600000 USD
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-1300000 USD
us-gaap Income Tax Expense Benefit
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7500000 USD
us-gaap Income Tax Expense Benefit
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0.220
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0.091
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13200000 USD
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800000 USD
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2700000 USD
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1700000 USD
CY2021Q3 us-gaap Number Of Reportable Segments
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3 segment
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2 segment
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2 segment
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482566000 USD
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482566000 USD
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18263000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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351584000 USD
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351584000 USD
CY2020Q3 us-gaap Operating Income Loss
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8408000 USD
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1323991000 USD
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1323991000 USD
us-gaap Operating Income Loss
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52162000 USD
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1077811000 USD
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1077811000 USD
us-gaap Operating Income Loss
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4 product_category
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482566000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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351584000 USD
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1323991000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1077811000 USD

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