2023 Q2 Form 10-Q Financial Statement

#000087952623000023 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $686.6M $621.0M $657.4M
YoY Change 6.82% 13.57% 37.18%
Cost Of Revenue $535.6M $504.9M $562.9M
YoY Change -5.16% 3.32% 28.91%
Gross Profit $151.0M $116.0M $94.60M
YoY Change 93.54% 99.86% 121.81%
Gross Profit Margin 22.0% 18.69% 14.39%
Selling, General & Admin $44.51M $42.92M $33.70M
YoY Change 16.16% 31.91% 22.8%
% of Gross Profit 29.47% 36.99% 35.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.47M $6.493M $9.704M
YoY Change -13.18% -21.06% -19.27%
% of Gross Profit 6.93% 5.6% 10.26%
Operating Expenses $47.71M $42.92M $36.87M
YoY Change 24.52% 31.91% 11.51%
Operating Profit $103.3M $69.90M $57.72M
YoY Change 187.71% 247.16% 502.55%
Interest Expense -$4.987M $4.994M -$5.184M
YoY Change -195.57% 1.65% 1.71%
% of Operating Profit -4.83% 7.14% -8.98%
Other Income/Expense, Net $475.0K -$4.607M $1.095M
YoY Change -108.57% -7.56% -112.26%
Pretax Income $98.80M $65.29M $53.44M
YoY Change 225.39% 330.95% -263.68%
Income Tax $24.32M $13.90M $11.83M
% Of Pretax Income 24.62% 21.29% 22.15%
Net Earnings $74.33M $51.21M $41.46M
YoY Change 229.58% 324.16% -263.8%
Net Earnings / Revenue 10.83% 8.25% 6.31%
Basic Earnings Per Share $1.57 $1.07 $0.86
Diluted Earnings Per Share $1.54 $1.04 $0.84
COMMON SHARES
Basic Shares Outstanding 47.48M shares 47.51M shares 47.94M shares
Diluted Shares Outstanding 48.37M shares 49.14M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.79M $68.25M $58.25M
YoY Change -28.66% -6.25% -18.85%
Cash & Equivalents $98.79M $68.25M $58.25M
Short-Term Investments
Other Short-Term Assets $50.35M $6.339M $5.601M
YoY Change 1325.16% 81.43% 54.68%
Inventory $342.5M $315.6M $243.9M
Prepaid Expenses
Receivables $231.7M $256.6M $255.6M
Other Receivables $5.068M $106.0K $2.358M
Total Short-Term Assets $728.4M $682.9M $592.6M
YoY Change 2.97% -1.87% 11.88%
LONG-TERM ASSETS
Property, Plant & Equipment $340.3M $310.6M $294.1M
YoY Change 29.98% 27.39% 20.64%
Goodwill $188.4M $188.4M $188.4M
YoY Change -0.02% -0.01% 0.0%
Intangibles $92.82M $96.03M $99.23M
YoY Change -12.1% -12.23% -13.29%
Long-Term Investments $0.00
YoY Change
Other Assets $35.12M $52.96M $52.12M
YoY Change -24.0% 29.02% 23.93%
Total Long-Term Assets $656.6M $626.2M $610.9M
YoY Change 12.65% 9.69% 5.81%
TOTAL ASSETS
Total Short-Term Assets $728.4M $682.9M $592.6M
Total Long-Term Assets $656.6M $626.2M $610.9M
Total Assets $1.385B $1.309B $1.204B
YoY Change 7.34% 3.34% 8.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.0M $250.6M $189.1M
YoY Change -24.19% -3.13% 8.73%
Accrued Expenses $116.3M $173.8M $158.3M
YoY Change -9.05% 52.47% 37.3%
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
Total Short-Term Liabilities $433.4M $424.4M $347.5M
YoY Change 0.17% 13.88% 20.1%
LONG-TERM LIABILITIES
Long-Term Debt $396.1M $396.0M $395.8M
YoY Change -12.84% -18.25% -7.59%
Other Long-Term Liabilities $40.76M $35.91M $34.35M
YoY Change 31.95% 32.61% 23.25%
Total Long-Term Liabilities $436.9M $431.9M $430.2M
YoY Change -9.99% -15.55% -5.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $433.4M $424.4M $347.5M
Total Long-Term Liabilities $436.9M $431.9M $430.2M
Total Liabilities $904.0M $884.0M $805.4M
YoY Change -5.03% -4.39% 3.05%
SHAREHOLDERS EQUITY
Retained Earnings $305.8M $235.4M $188.2M
YoY Change 157.5% 135.12% 104.36%
Common Stock $774.0K $774.0K $766.0K
YoY Change 1.31% 1.31% 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $494.3M $480.0M $456.5M
YoY Change 13.51% 11.59% 8.12%
Treasury Stock Shares 29.85M shares 28.97M shares
Shareholders Equity $481.0M $424.4M $397.6M
YoY Change
Total Liabilities & Shareholders Equity $1.385B $1.309B $1.204B
YoY Change 7.34% 3.34% 8.71%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $74.33M $51.21M $41.46M
YoY Change 229.58% 324.16% -263.8%
Depreciation, Depletion And Amortization $10.47M $6.493M $9.704M
YoY Change -13.18% -21.06% -19.27%
Cash From Operating Activities $76.85M $69.48M $51.93M
YoY Change -34.45% -301.01% -22.22%
INVESTING ACTIVITIES
Capital Expenditures $27.64M $31.42M $14.78M
YoY Change -322.55% 215.84% -151.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $336.0K
YoY Change -100.0% 441.94%
Cash From Investing Activities -$27.64M -$31.42M -$14.45M
YoY Change 122.55% 269.51% -49.93%
FINANCING ACTIVITIES
Cash Dividend Paid $4.551M
YoY Change 4.93%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.66M -$28.06M -60.72M
YoY Change -52.31% -163.65% 291.61%
NET CHANGE
Cash From Operating Activities 76.85M $69.48M 51.93M
Cash From Investing Activities -27.64M -$31.42M -14.45M
Cash From Financing Activities -18.66M -$28.06M -60.72M
Net Change In Cash 30.55M $10.00M -23.23M
YoY Change -53.5% 884.25% -203.7%
FREE CASH FLOW
Cash From Operating Activities $76.85M $69.48M $51.93M
Capital Expenditures $27.64M $31.42M $14.78M
Free Cash Flow $49.21M $38.06M $37.15M
YoY Change -62.05% -185.5% -61.17%

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DESCRIPTION OF THE BUSINESS &amp; BASIS OF PRESENTATION<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%">Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, 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, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. This diversification has been achieved through acquisitions, organic growth, and product innovation.</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%">The condensed consolidated financial statements of 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 (“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 Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 5). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated.</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%">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, 2022.</span></div>
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CY2022Q4 us-gaap Interest Payable Current
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3854000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
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5994000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
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6120000 usd
CY2023Q1 us-gaap Accrued Income Taxes
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37218000 usd
CY2022Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
24793000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12782000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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9088000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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158327000 usd
CY2022Q4 us-gaap Product Warranty Accrual
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22061000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22045000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
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756000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
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946000 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
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1260000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
847000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
21557000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22144000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49136000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49730000 shares
CY2023Q1 us-gaap Cash Surrender Value Fair Value Disclosure
CashSurrenderValueFairValueDisclosure
16141000 usd
CY2022Q4 us-gaap Cash Surrender Value Fair Value Disclosure
CashSurrenderValueFairValueDisclosure
15509000 usd
CY2023Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
395977000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
395818000 usd
CY2023Q1 wnc Number Of Lawsuits
NumberOfLawsuits
2 lawsuit
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23400000 usd
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51213000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12074000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47770000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49004000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
51213000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
12074000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47770000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49004000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1366000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
726000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
21500000 usd
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
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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91000000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
694000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
366000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
328000 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
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13900000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3100000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.203
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
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
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
620952000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
620952000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
69900000 usd
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
CY2023Q1 wnc Number Of Product Categories
NumberOfProductCategories
4 product_category
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
620952000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
546761000 usd

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