2023 Q4 Form 10-Q Financial Statement

#000087952623000046 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $596.1M $632.8M
YoY Change -9.33% -3.41%
Cost Of Revenue $487.9M $509.9M
YoY Change -13.32% -9.45%
Gross Profit $108.2M $122.9M
YoY Change 14.4% 33.59%
Gross Profit Margin 18.16% 19.42%
Selling, General & Admin $43.83M $41.92M
YoY Change 30.08% 17.77%
% of Gross Profit 40.5% 34.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.64M $12.52M
YoY Change 30.2% 4.84%
% of Gross Profit 11.67% 10.19%
Operating Expenses $47.04M $41.92M
YoY Change 27.56% 17.77%
Operating Profit $61.19M $77.64M
YoY Change 6.0% 46.83%
Interest Expense -$5.744M $4.932M
YoY Change 10.8% -5.34%
% of Operating Profit -9.39% 6.35%
Other Income/Expense, Net $1.687M -$4.088M
YoY Change 54.06% -24.14%
Pretax Income $57.05M $73.55M
YoY Change 6.76% 54.89%
Income Tax $6.541M $18.10M
% Of Pretax Income 11.47% 24.61%
Net Earnings $50.38M $55.33M
YoY Change 21.51% 52.97%
Net Earnings / Revenue 8.45% 8.74%
Basic Earnings Per Share $1.10 $1.18
Diluted Earnings Per Share $1.07 $1.16
COMMON SHARES
Basic Shares Outstanding 46.09M shares 47.00M shares
Diluted Shares Outstanding 47.76M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.3M $105.3M
YoY Change 207.79% 29.22%
Cash & Equivalents $179.3M $105.3M
Short-Term Investments
Other Short-Term Assets $51.46M $5.745M
YoY Change 818.71% -27.98%
Inventory $267.6M $344.3M
Prepaid Expenses
Receivables $183.0M $211.2M
Other Receivables $0.00 $11.58M
Total Short-Term Assets $681.4M $721.0M
YoY Change 14.97% 6.9%
LONG-TERM ASSETS
Property, Plant & Equipment $325.4M $349.6M
YoY Change 10.65% 38.51%
Goodwill $188.4M $188.4M
YoY Change -0.01% -0.01%
Intangibles $86.42M $89.62M
YoY Change -12.91% -12.49%
Long-Term Investments $1.647M
YoY Change
Other Assets $79.54M $70.90M
YoY Change 52.61% 37.51%
Total Long-Term Assets $681.5M $668.3M
YoY Change 11.55% 12.36%
TOTAL ASSETS
Total Short-Term Assets $681.4M $721.0M
Total Long-Term Assets $681.5M $668.3M
Total Assets $1.363B $1.389B
YoY Change 13.24% 9.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.6M $205.3M
YoY Change -17.2% -14.12%
Accrued Expenses $195.6M $187.9M
YoY Change 23.54% 18.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $352.2M $393.2M
YoY Change 1.36% -1.04%
LONG-TERM LIABILITIES
Long-Term Debt $396.5M $396.3M
YoY Change 0.16% -10.68%
Other Long-Term Liabilities $47.03M $43.55M
YoY Change 36.89% 25.45%
Total Long-Term Liabilities $443.5M $439.8M
YoY Change 3.1% -8.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $352.2M $393.2M
Total Long-Term Liabilities $443.5M $439.8M
Total Liabilities $813.3M $870.2M
YoY Change 0.98% -4.25%
SHAREHOLDERS EQUITY
Retained Earnings $403.9M $357.3M
YoY Change 114.58% 136.71%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $532.7M $512.4M
YoY Change 16.7% 14.69%
Treasury Stock Shares
Shareholders Equity $549.5M $518.7M
YoY Change
Total Liabilities & Shareholders Equity $1.363B $1.389B
YoY Change 13.24% 9.46%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $50.38M $55.33M
YoY Change 21.51% 52.97%
Depreciation, Depletion And Amortization $12.64M $12.52M
YoY Change 30.2% 4.84%
Cash From Operating Activities $114.9M $58.27M
YoY Change 121.25% -653.97%
INVESTING ACTIVITIES
Capital Expenditures $14.60M $29.97M
YoY Change -1.26% -250.33%
Acquisitions
YoY Change
Other Investing Activities -$2.296M $0.00
YoY Change -783.33%
Cash From Investing Activities -$16.89M -$29.97M
YoY Change 16.93% 50.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.02M -21.80M
YoY Change -60.44% -17.89%
NET CHANGE
Cash From Operating Activities 114.9M 58.27M
Cash From Investing Activities -16.89M -29.97M
Cash From Financing Activities -24.02M -21.80M
Net Change In Cash 73.98M 6.497M
YoY Change -418.44% -111.4%
FREE CASH FLOW
Cash From Operating Activities $114.9M $58.27M
Capital Expenditures $14.60M $29.97M
Free Cash Flow $100.3M $28.30M
YoY Change 170.01% 200.51%

Facts In Submission

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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. The Company 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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6120000 usd
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22374000 usd
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2986000 usd
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Income Tax Expense Benefit
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18100000 usd
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1100000 usd
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700000 usd
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2 segment
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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false

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