2024 Q3 Form 10-Q Financial Statement

#000087952624000033 Filed on July 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $464.0M $550.6M
YoY Change -26.67% -19.81%
Cost Of Revenue $408.0M $461.0M
YoY Change -19.98% -13.94%
Gross Profit $56.01M $89.66M
YoY Change -54.43% -40.63%
Gross Profit Margin 12.07% 16.28%
Selling, General & Admin $486.2M $41.91M
YoY Change 1059.72% -5.86%
% of Gross Profit 868.03% 46.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.94M $13.72M
YoY Change 11.34% 31.03%
% of Gross Profit 24.89% 15.3%
Operating Expenses $486.2M $41.91M
YoY Change 1059.72% -12.18%
Operating Profit -$433.0M $43.76M
YoY Change -657.76% -57.64%
Interest Expense -$6.635M $4.948M
YoY Change -234.53% -199.22%
% of Operating Profit 11.31%
Other Income/Expense, Net -$3.574M -$3.376M
YoY Change -12.57% -810.74%
Pretax Income -$438.3M $38.97M
YoY Change -695.9% -60.55%
Income Tax -$108.4M $9.800M
% Of Pretax Income 25.15%
Net Earnings -$330.2M $28.96M
YoY Change -696.73% -61.04%
Net Earnings / Revenue -71.15% 5.26%
Basic Earnings Per Share -$7.53 $0.65
Diluted Earnings Per Share -$7.53 $0.64
COMMON SHARES
Basic Shares Outstanding 44.00M shares 45.02M shares
Diluted Shares Outstanding 43.83M shares 45.37M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.84M $77.29M
YoY Change -22.27% -21.77%
Cash & Equivalents $81.84M $77.29M
Short-Term Investments
Other Short-Term Assets $2.487M $3.120M
YoY Change -56.71% -93.8%
Inventory $260.6M $272.9M
Prepaid Expenses
Receivables $238.7M $243.2M
Other Receivables $15.62M $7.716M
Total Short-Term Assets $639.5M $644.0M
YoY Change -11.31% -11.6%
LONG-TERM ASSETS
Property, Plant & Equipment $376.3M $366.2M
YoY Change 7.66% 7.63%
Goodwill $188.4M $188.4M
YoY Change 0.01% 0.01%
Intangibles $77.36M $80.27M
YoY Change -13.68% -13.53%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $109.5M $94.91M
YoY Change 54.41% 170.29%
Total Long-Term Assets $815.9M $695.3M
YoY Change 22.08% 5.9%
TOTAL ASSETS
Total Short-Term Assets $639.5M $644.0M
Total Long-Term Assets $815.9M $695.3M
Total Assets $1.455B $1.339B
YoY Change 4.75% -3.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.6M $175.5M
YoY Change -8.61% -24.05%
Accrued Expenses $151.7M $147.9M
YoY Change -19.3% 27.1%
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 $339.3M $323.4M
YoY Change -13.72% -25.39%
LONG-TERM LIABILITIES
Long-Term Debt $397.0M $396.8M
YoY Change 0.17% 0.17%
Other Long-Term Liabilities $517.9M $55.15M
YoY Change 1089.27% 35.3%
Total Long-Term Liabilities $914.9M $451.9M
YoY Change 108.0% 3.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $339.3M $323.4M
Total Long-Term Liabilities $914.9M $451.9M
Total Liabilities $1.254B $788.5M
YoY Change 44.13% -12.78%
SHAREHOLDERS EQUITY
Retained Earnings $110.0M $443.7M
YoY Change -69.21% 45.09%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $594.9M $576.5M
YoY Change 16.12% 16.62%
Treasury Stock Shares
Shareholders Equity $200.5M $550.4M
YoY Change
Total Liabilities & Shareholders Equity $1.455B $1.339B
YoY Change 4.75% -3.3%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$330.2M $28.96M
YoY Change -696.73% -61.04%
Depreciation, Depletion And Amortization $13.94M $13.72M
YoY Change 11.34% 31.03%
Cash From Operating Activities $42.78M $11.02M
YoY Change -26.59% -85.66%
INVESTING ACTIVITIES
Capital Expenditures $15.99M $17.10M
YoY Change -46.64% -38.12%
Acquisitions
YoY Change
Other Investing Activities -$256.0K -$7.100M
YoY Change
Cash From Investing Activities -$16.25M -$24.20M
YoY Change -45.79% -12.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.97M -25.32M
YoY Change 0.78% 35.69%
NET CHANGE
Cash From Operating Activities 42.78M 11.02M
Cash From Investing Activities -16.25M -24.20M
Cash From Financing Activities -21.97M -25.32M
Net Change In Cash 4.557M -38.50M
YoY Change -29.86% -226.04%
FREE CASH FLOW
Cash From Operating Activities $42.78M $11.02M
Capital Expenditures $15.99M $17.10M
Free Cash Flow $26.79M -$6.081M
YoY Change -5.35% -112.36%

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, 2023.</span></div>
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