2022 Q1 Form 10-Q Financial Statement

#000087952622000022 Filed on April 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $546.8M $392.0M
YoY Change 39.48% 1.27%
Cost Of Revenue $488.7M $344.8M
YoY Change 41.72% -1.57%
Gross Profit $58.06M $47.17M
YoY Change 23.09% 28.37%
Gross Profit Margin 10.62% 12.03%
Selling, General & Admin $32.54M $29.53M
YoY Change 10.19% -13.62%
% of Gross Profit 56.05% 62.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.225M $6.432M
YoY Change 27.88% 14.37%
% of Gross Profit 14.17% 13.64%
Operating Expenses $32.54M $29.53M
YoY Change 10.19% -13.62%
Operating Profit $20.14M $11.22M
YoY Change 79.54% -110.19%
Interest Expense $4.913M $6.150M
YoY Change -20.11% -1.95%
% of Operating Profit 24.4% 54.84%
Other Income/Expense, Net -$4.984M -$6.164M
YoY Change -19.14% 0.2%
Pretax Income $15.15M $5.051M
YoY Change 199.96% -104.35%
Income Tax $3.100M $1.800M
% Of Pretax Income 20.46% 35.64%
Net Earnings $12.07M $3.217M
YoY Change 275.32% -103.02%
Net Earnings / Revenue 2.21% 0.82%
Basic Earnings Per Share $0.25 $0.06
Diluted Earnings Per Share $0.24 $0.06
COMMON SHARES
Basic Shares Outstanding 49.00M shares 52.13M shares
Diluted Shares Outstanding 49.73M shares 53.04M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.79M
YoY Change
Cash & Equivalents $72.79M $168.9M
Short-Term Investments
Other Short-Term Assets $3.494M $10.89M
YoY Change -67.9% 19.12%
Inventory $286.7M $227.2M
Prepaid Expenses
Receivables $290.0M $134.4M
Other Receivables $3.836M
Total Short-Term Assets $695.9M $620.6M
YoY Change 12.13% 7.55%
LONG-TERM ASSETS
Property, Plant & Equipment $243.8M
YoY Change
Goodwill $188.4M $199.6M
YoY Change -5.57% -2.38%
Intangibles $109.4M $161.1M
YoY Change -32.09% -12.6%
Long-Term Investments
YoY Change
Other Assets $41.04M $38.46M
YoY Change 6.71% -1.52%
Total Long-Term Assets $570.9M $605.7M
YoY Change -5.74% -6.58%
TOTAL ASSETS
Total Short-Term Assets $695.9M $620.6M
Total Long-Term Assets $570.9M $605.7M
Total Assets $1.267B $1.226B
YoY Change 3.3% 0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.6M $171.0M
YoY Change 51.29% 15.26%
Accrued Expenses $114.0M $127.3M
YoY Change -10.45% 5.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $372.7M $298.6M
YoY Change 24.81% 10.78%
LONG-TERM LIABILITIES
Long-Term Debt $484.4M $448.2M
YoY Change 8.06% -10.46%
Other Long-Term Liabilities $27.08M $24.93M
YoY Change 8.64% -6.8%
Total Long-Term Liabilities $511.4M $473.1M
YoY Change 8.09% -10.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $372.7M $298.6M
Total Long-Term Liabilities $511.4M $473.1M
Total Liabilities $924.6M $824.1M
YoY Change 12.2% -0.89%
SHAREHOLDERS EQUITY
Retained Earnings $100.1M $106.5M
YoY Change -5.98% -4.34%
Common Stock $764.0K $757.0K
YoY Change 0.92% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $430.2M $374.8M
YoY Change 14.79% 8.13%
Treasury Stock Shares 27.45M shares 24.11M shares
Shareholders Equity $342.3M $402.3M
YoY Change
Total Liabilities & Shareholders Equity $1.267B $1.226B
YoY Change 3.3% 0.08%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $12.07M $3.217M
YoY Change 275.32% -103.02%
Depreciation, Depletion And Amortization $8.225M $6.432M
YoY Change 27.88% 14.37%
Cash From Operating Activities -$34.57M -$22.40M
YoY Change 54.29% 122.84%
INVESTING ACTIVITIES
Capital Expenditures $9.949M $4.165M
YoY Change 138.87% -33.66%
Acquisitions
YoY Change
Other Investing Activities $1.445M
YoY Change
Cash From Investing Activities -$8.504M -$3.962M
YoY Change 114.64% -36.64%
FINANCING ACTIVITIES
Cash Dividend Paid $4.337M $4.253M
YoY Change 1.98% -5.11%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $44.09M -$22.42M
YoY Change -296.61% -173.82%
NET CHANGE
Cash From Operating Activities -$34.57M -$22.40M
Cash From Investing Activities -$8.504M -$3.962M
Cash From Financing Activities $44.09M -$22.42M
Net Change In Cash $1.016M -$48.79M
YoY Change -102.08% -446.74%
FREE CASH FLOW
Cash From Operating Activities -$34.57M -$22.40M
Capital Expenditures $9.949M $4.165M
Free Cash Flow -$44.52M -$26.57M
YoY Change 67.55% 62.68%

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BASIS OF PRESENTATION &amp; DESCRIPTION OF THE BUSINESSThe 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, 2021.<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As further described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, on January 10, 2022, the Company completed its review and approval of its plan for rebranding as Wabash</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span>. As part of the planning process, the Company assessed its usage of trade names and brand names in connection with the long-term growth strategy as One Wabash. Under the plan as approved, the Company no longer plans to use certain trade names or brand names, and will predominantly use Wabash (or variations thereof) to refer to the Company.
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0.01
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 USD
CY2021Q3 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P3Y
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
131400000 USD
CY2022Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
17798000 USD
CY2022Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
3970000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
13828000 USD
CY2021Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
15002000 USD
CY2021Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
775000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14227000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3100000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.203
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.363
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1000000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1100000 USD
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
700000 USD
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
800000 USD
CY2021Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
546761000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
546761000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
20135000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
392003000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
392003000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11215000 USD
CY2022Q1 wnc Number Of Product Categories
NumberOfProductCategories
4 product_category
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
546761000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
392003000 USD

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