Wabash National Corporation Announces Fourth Quarter and Full Year 2020 Results

• Strengthening demand drives fourth quarter revenue of $404.1 million
• Fourth quarter operating income of $10.0 million, decremental margin of 12 percent
• Fourth quarter earnings per diluted share of $0.10
• Backlog shows $500M sequential increase to $1.5 billion
• 2021 EPS outlook initiated at $0.75 per diluted share; range of $0.70 to $0.80

LAFAYETTE, Ind., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC), the innovation leader of engineered solutions for the transportation, logistics and distribution industries, today reported results for the quarter and full year ended December 31, 2020.

Net sales for the fourth quarter 2020 were $404.1 million while operating income was $10.0 million or 2.5% of net sales. For the full year 2020, total revenue totaled $1.5 billion while generating an operating loss of $(85.6) million or operating income of $22.5 million on a non-GAAP adjusted basis.

Net income for the fourth quarter 2020 was $5.5 million, or $0.10 per diluted share. For the full year of 2020, net loss was $(97.4) million or earnings per diluted share of $(1.84). On a non-GAAP adjusted basis, full year 2020 net income was $7.8 million or earnings per diluted share of $0.15. Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter 2020 was $25.2 million, or 6.2% of net sales, and full year operating EBITDA was $73.6 million, or 5.0% of net sales.

Total Company backlog as of December 31, 2020 was approximately $1.5 billion as new order activity remained strong during the fourth quarter. Backlog rose 43% compared to September 2020 and was 32% above December 2019.

“While we're all looking forward to 2021 with optimism, I want to make sure we take time to highlight Wabash National's resilient financial performance during challenging market conditions in 2020,” explained Brent Yeagy, president and chief executive officer. “Full year decremental margin of 14%, free cash flow generation of $104 million and maintaining our dividend through the cycle all show meaningful improvement in the company's financial performance.”

Outlook

For the full year ending December 31, 2021, the company has issued guidance of $1.9 billion to $2.0 billion in sales and an earnings per diluted share midpoint of $0.75 with a range of $0.70 to $0.80. 

Mr. Yeagy continued, “Conditions strengthened throughout 2020 in many of our customers' end markets and equipment demand is poised to improve in 2021. While we are focused in the near-term on executing on this cyclical upturn, we also continue to work on strategic initiatives to profitably grow the company in the long-term. Bringing new technologies to market combined with our focus on building out adjacent revenue streams will provide us with opportunities for growth beyond what the cycle gives us.”

Business Segment Highlights

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the fourth quarter of 2020 and 2019. A complete disclosure of the results by individual segment is included in the tables following this release.

		Commercial Trailer Products								Diversified Products								Final Mile Products
Three Months Ended December 31,		2020				2019				2020				2019				2020				2019
		(Unaudited, dollars in thousands)
New trailers shipped		10,085				14,300				525				650				—				—
Net sales		$	283,031			$	399,288			$	75,205			$	94,661			$	51,948			$	92,740
Gross profit		$	29,387			$	50,384			$	13,178			$	16,324			$	4,400			$	6,239
Gross profit margin		10.4		%		12.6		%		17.5		%		17.2		%		8.5		%		6.7		%
Income (loss) from operations		$	25,533			$	43,135			$	1,203			$	5,610			$	(4,533	)		$	(5,914	)
Income (loss) from operations margin		9.0		%		10.8		%		1.6		%		5.9		%		(8.7		)%		(6.4		)%
Adjusted income (loss) from operations		$	23,276			$	43,135			$	3,322			$	5,610			$	(4,533	)		$	(5,914	)
Adjusted income (loss) from operations margin		8.2		%		10.8		%		4.4		%		5.9		%		(8.7		)%		(6.4		)%

Commercial Trailer Products’ net sales for the fourth quarter were $283.0 million, a decrease of 29.1% compared to the prior year quarter, as a result of demand coming off peak levels but rebounding throughout the year. Operating income was $25.5 million, or 9.0% of sales during the quarter. Adjusting for a gain on the sale of a former branch location, CTP's fourth quarter non-GAAP operating income was $23.3 million, or 8.2% of sales during the quarter.

Diversified Products’ net sales for the fourth quarter were $75.2 million, a decrease of 20.6% compared to the prior year quarter, as a result of reduced market demand. Operating income was $1.2 million, or 1.6% of sales during the quarter. Adjusting for a loss on the sale of a business, DPG's fourth quarter non-GAAP operating income was $3.3 million, or 4.4% of sales during the quarter.

Final Mile Products’ net sales for the fourth quarter totaled $51.9 million, a decrease of 44.0% due to building to scheduled production during the quarter, while ramping to accommodate improved 2021 demand. Operating loss during the fourth quarter was $4.5 million as a result of weaker volume leverage over fixed costs.

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including operating EBITDA, free cash flow, adjusted operating income (loss), adjusted net income (loss), adjusted earnings per share, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income (loss), and reconciliations to GAAP financial statements should be carefully evaluated.

Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, debt issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes loss on debt extinguishment charges). Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income (loss) and net income (loss), is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income (loss) is included in the tables following this release.

Free cash flow is defined as net cash provided by operating activities minus capital expenditures. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash provided by operating activities is included in the tables following this release.

Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating income (loss) to operating income (loss), the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted net income and adjusted earnings per diluted share each reflect adjustments for sales of assets, non-cash impairment and debt transactions, and the related tax effects of these adjustments. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net income (loss) and diluted net income (loss) per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net income and adjusted earnings per diluted share to net income (loss) and net income (loss) per diluted share is included in the tables following this release.

Adjusted segment EBITDA, a non-GAAP financial measure, is calculated by adding back segment depreciation and amortization expense to segment operating income (loss), and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to income (loss) from operations is included in the tables following this release.

Fourth Quarter 2020 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Wednesday, February 3, beginning at 10:00 a.m. EST. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website www.wabashnational.com. The conference call will also be accessible by dialing (833) 476-0947, conference ID 1619249. A replay of the call will be available on the site shortly after the conclusion of the presentation.

About Wabash National Corporation

As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE: WNC) is Changing How the World Reaches You™. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash National designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, liquid tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include a continued or prolonged shutdown or reduction of our operations, substantially reduced customer orders or order volumes and supply disruptions due to the coronavirus (COVID-19 outbreak), the continued integration of Supreme into the Company’s business, adverse reactions to the transaction by customers, suppliers or strategic partners, uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

WABASH NATIONAL CORPORATIONCONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands)

		December 31,2020				December 31,2019
Assets
Current assets:
Cash and cash equivalents		$	217,677			$	140,516
Accounts receivable, net		101,301				172,737
Inventories		163,750				186,914
Prepaid expenses and other		63,036				41,222
Total current assets		545,764				541,389
Property, plant, and equipment, net		209,676				221,346
Goodwill		199,560				311,026
Intangible assets		166,887				189,898
Other assets		39,583				40,932
Total assets		$	1,161,470			$	1,304,591
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt		$	—			$	—
Current portion of finance lease obligations		348				327
Accounts payable		104,425				134,821
Other accrued liabilities		130,980				124,230
Total current liabilities		235,753				259,378
Long-term debt		447,979				455,386
Finance lease obligations		30				378
Deferred income taxes		46,777				37,576
Other non-current liabilities		26,052				30,885
Total liabilities		756,591				783,603
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value: 200,000,000 shares authorized; 52,536,482 and 53,473,620 shares outstanding, respectively		755				750
Additional paid-in capital		644,695				638,917
Retained earnings		107,233				221,841
Accumulated other comprehensive (income) loss		7,633				(3,978		)
Treasury stock, at cost: 23,004,607 and 21,640,109 common shares, respectively		(355,437		)		(336,542		)
Total stockholders' equity		404,879				520,988
Total liabilities and stockholders' equity		$	1,161,470			$	1,304,591

WABASH NATIONAL CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - dollars in thousands, except per share amounts)

		Three Months EndedDecember 31,								Twelve Months EndedDecember 31,
		2020				2019				2020				2019
Net sales		$	404,078			$	579,001			$	1,481,889			$	2,319,136
Cost of sales		358,582				506,694				1,322,135				2,012,754
Gross profit		45,496				72,307				159,754				306,382
General and administrative expenses		24,166				26,272				92,740				108,274
Selling expenses		5,686				9,136				25,080				34,851
Amortization of intangible assets		5,497				5,118				21,981				20,471
Impairment and other, net		106				—				105,561				—
Income (loss) from operations		10,041				31,781				(85,608		)		142,786
Other income (expense):
Interest expense		(6,291		)		(6,517		)		(24,194		)		(27,340		)
Other, net		240				40				588				2,285
Other expense, net		(6,051		)		(6,477		)		(23,606		)		(25,055		)
Income (loss) before income tax		3,990				25,304				(109,214		)		117,731
Income tax (benefit) expense		(1,504		)		6,929				(11,802		)		28,156
Net income (loss)		$	5,494			$	18,375			$	(97,412	)		$	89,575
Net income (loss) per share:
Basic		$	0.10			$	0.34			$	(1.84	)		$	1.64
Diluted		$	0.10			$	0.34			$	(1.84	)		$	1.62
Weighted average common shares outstanding (in thousands):
Basic		52,840				53,917				52,945				54,695
Diluted		53,831				54,613				52,945				55,290
Dividends declared per share		$	0.08			$	0.08			$	0.32			$	0.32

WABASH NATIONAL CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited - dollars in thousands)

		Year Ended December 31,
		2020				2019
Cash flows from operating activities:
Net (loss) income		$	(97,412	)		$	89,575
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation		25,989				21,886
Amortization of intangibles		21,981				20,471
Net (gain) loss on sale of assets and business divestiture		(1,567		)		(109		)
Loss on debt extinguishment		396				165
Deferred income taxes		5,016				3,420
Stock-based compensation		4,509				9,036
Non-cash interest expense		1,112				1,045
Impairment		107,114				—
Accounts receivable		71,436				8,327
Inventories		21,099				(2,510		)
Prepaid expenses and other		(2,875		)		(3,809		)
Accounts payable and accrued liabilities		(28,266		)		(817		)
Other, net		(4,398		)		(396		)
Net cash provided by operating activities		124,134				146,284
Cash flows from investing activities:
Capital expenditures		(20,131		)		(37,645		)
Proceeds from sale of assets and business divestiture		17,115				785
Net cash used in investing activities		(3,016		)		(36,860		)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,273				848
Borrowings under term loan credit facility, net of original issuance discount		148,500				—
Dividends paid		(17,324		)		(17,797		)
Borrowings under revolving credit facilities		45,794				619
Payments under revolving credit facilities		(45,794		)		(619		)
Principal payments under finance lease obligations		(327		)		(308		)
Principal payments against senior notes		(10,000		)		—
Principal payments under term loan credit facility		(146,393		)		(50,470		)
Debt issuance costs paid		(791		)		(164		)
Stock repurchases		(18,895		)		(33,707		)
Net cash used in financing activities		(43,957		)		(101,598		)
Cash, cash equivalents, and restricted cash:
Net increase (decrease) in cash, cash equivalents, and restricted cash		77,161				7,826
Cash, cash equivalents, and restricted cash at beginning of period		140,516				132,690
Cash, cash equivalents, and restricted cash at end of period		$	217,677			$	140,516

WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED INFORMATION(Unaudited - dollars in thousands)

Three Months Ended December 31,		CommercialTrailer Products				DiversifiedProducts				Final MileProducts				Corporate andEliminations				Consolidated
2020
New trailers shipped			10,085			525				—				—				10,610
Used trailers shipped		155				15				—				—				170
New Trailers		$	269,669			$	36,945			$	—			$	—			$	306,614
Used Trailers		728				573				—				—				1,301
Components, parts and service		8,698				23,155				3,239				(6,107		)		28,985
Equipment and other		3,936				14,532				48,709				1				67,178
Total net external sales		$	283,031			$	75,205			$	51,948			$	(6,106	)		$	404,078
Gross profit		$	29,387			$	13,178			$	4,400			$	(1,469	)		$	45,496
Income (loss) from operations		$	25,533			$	1,203			$	(4,533	)		$	(12,162	)		$	10,041
2019
New trailers shipped		14,300				650				—				—				14,950
Used trailers shipped		25				15				—				—				40
New Trailers		$	386,037			$	51,222			$	—			$	—			$	437,259
Used Trailers		199				301				—				—				500
Components, parts and service		9,350				24,343				2,858				(7,447		)		29,104
Equipment and other		3,702				18,795				89,882				(241		)		112,138
Total net external sales		$	399,288			$	94,661			$	92,740			$	(7,688	)		$	579,001
Gross profit		$	50,384			$	16,324			$	6,239			$	(640	)		$	72,307
Income (loss) from operations		$	43,135			$	5,610			$	(5,914	)		$	(11,050	)		$	31,781

Twelve Months Ended December 31,		CommercialTrailer Products				DiversifiedProducts				Final MileProducts				Corporate andEliminations				Consolidated
2020
New trailers shipped		34,585				2,050				—				—				36,635
Used trailers shipped		475				125				—				—				600
New Trailers		$	941,932			$	145,888			$	—			$	—			$	1,087,820
Used Trailers		3,841				4,545				—				—				8,386
Components, parts and service		36,912				88,010				12,517				(23,391		)		114,048
Equipment and other		10,091				55,691				205,881				(28		)		271,635
Total net external sales		$	992,776			$	294,134			$	218,398			$	(23,419	)		$	1,481,889
Gross profit		$	101,556			$	52,933			$	10,973			$	(5,708	)		$	159,754
Income (loss) from operations		$	79,662			$	1,563			$	(123,585	)		$	(43,248	)		$	(85,608	)
2019
New trailers shipped		54,650				2,850				—				—				57,500
Used trailers shipped		75				75				—				—				150
New Trailers		$	1,464,636			$	198,043			$	—			$	—			$	1,662,679
Used Trailers		435				2,044				—				—				2,479
Components, parts and service		40,344				113,024				15,023				(27,902		)		140,489
Equipment and other		16,126				71,405				426,887				(929		)		513,489
Total net external sales		$	1,521,541			$	384,516			$	441,910			$	(28,831	)		$	2,319,136
Gross profit		$	177,190			$	74,588			$	57,815			$	(3,211	)		$	306,382
Income (loss) from operations		$	145,877			$	29,748			$	9,804			$	(42,643	)		$	142,786

WABASH NATIONAL CORPORATIONSEGMENT and COMPANY FINANCIAL INFORMATION(Unaudited - dollars in thousands)

		Three Months EndedDecember 31,								Twelve Months EndedDecember 31,
		2020				2019				2020				2019
Commercial Trailer Products
Income from operations		$	25,533			$	43,135			$	79,662			$	145,877
Impairment		—				—				377				—
Gain on sale of Columbus branch		(2,257		)		—				(2,257		)		—
Adjusted operating income		$	23,276			$	43,135			$	77,782			$	145,877
Diversified Products
Income from operations		1,203				5,610				1,563				29,748
Adjustments:
Impairment		—				—				10,971				—
Loss on divestiture of Beall brand		2,119				—				2,119				—
Adjusted operating income		3,322				5,610				14,653				29,748
Final Mile Products
(Loss) income from operations		(4,533		)		(5,914		)		(123,585		)		9,804
Adjustments:
Impairment		—				—				95,766				—
Adjusted operating (loss) income		(4,533		)		(5,914		)		(27,819		)		9,804
Corporate
Loss from operations		(12,162		)		(11,050		)		(43,248		)		(42,643		)
Adjustments:
Debt transactions		—				—				1,156				—
Adjusted operating loss		(12,162		)		(11,050		)		(42,092		)		(42,643		)
Consolidated
Income (loss) from operations		10,041				31,781				(85,608		)		142,786
Adjustments:
Impairment		—				—				107,114				—
Gain on sale of Columbus branch		(2,257		)		—				(2,257		)		—
Loss on divestiture of Beall brand		2,119				—				2,119				—
Debt transactions		—				—				1,156				—
Adjusted operating income		$	9,903			$	31,781			$	22,524			$	142,786

WABASH NATIONAL CORPORATIONRECONCILIATION OF GAAP FINANCIAL MEASURES TONON-GAAP FINANCIAL MEASURES(Unaudited - dollars in thousands, except per share amounts)

Operating EBITDA1:		Three Months Ended December 31,								Twelve Months Ended December 31,
		2020				2019				2020				2019
Net income (loss)		$	5,494			$	18,375			$	(97,412	)		$	89,575
Income tax (benefit) expense		(1,504		)		6,929				(11,802		)		28,156
Interest expense		6,291				6,517				24,194				27,340
Depreciation and amortization		12,830				10,746				47,970				42,357
Stock-based compensation		2,231				1,674				4,509				9,036
Debt issuance costs expensed		—				—				1,156				—
Impairment and other, net		106				—				105,561				—
Other, net		(240		)		(40		)		(588		)		(2,285		)
Operating EBITDA		$	25,208			$	44,201			$	73,588			$	194,179

Adjusted Net Income2:		Three Months Ended December 31,								Twelve Months Ended December 31,
		2020				2019				2020				2019
Net income (loss)		$	5,494			$	18,375			$	(97,412	)		$	89,575
Adjustments:
Debt transactions3		177				—				1,552				—
Impairment		—				—				107,114				—
Gain on sale of Columbus branch		(2,257		)		—				(2,257		)		—
Loss on divestiture of Beall brand		2,119				—				2,119				—
Tax effect of aforementioned items		(15		)		—				(3,365		)		—
Adjusted net income		$	5,518			$	18,375			$	7,751			$	89,575

Adjusted Diluted Earnings Per Share2:		Three Months Ended December 31,								Twelve Months Ended December 31,
		2020				2019				2020				2019
Diluted earnings per share		$	0.10			$	0.34			$	(1.84	)		$	1.62
Adjustments:
Debt transactions3		—				—				0.03				—
Impairment		—				—				2.01				—
Gain on sale of Columbus branch		(0.04		)		—				(0.04		)		—
Loss on divestiture of Beall brand		0.04				—				0.04				—
Tax effect of aforementioned items		—				—				(0.05		)		—
Adjusted diluted earnings per share		$	0.10			$	0.34			$	0.15			$	1.62
Weighted Average # of Diluted Shares O/S		53,831				54,613				53,446				55,290

¹ Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, debt issuance costs expensed within General & administrative expenses related to the closing of the New Term Loan Credit Agreement, impairment and other, net, and other non-operating income and expense (which includes loss on debt extinguishment charges).² Adjusted net income and adjusted diluted earnings per share reflect adjustments for non-cash impairment, debt transactions, and the impact of sales and divestitures, and the related tax effects of these adjustments.³ Debt transactions include debt issuance costs within General & administrative expenses related to the closing of the New Term Loan Credit Agreement and loss on debt extinguishment charges included in Other, net.

WABASH NATIONAL CORPORATIONRECONCILIATION OF FREE CASH FLOW(Unaudited - dollars in thousands)

		Twelve Months EndedDecember 31,
		2020				2019
Net cash provided by operating activities		$	124,134			$	146,284
Capital expenditures		(20,131		)		(37,645		)
Free cash flow1		$	104,003			$	108,639

¹ Free cash flow is defined as net cash provided by operating activities minus capital expenditures.

WABASH NATIONAL CORPORATIONRECONCILIATION OF ADJUSTED SEGMENT EBITDA¹AND ADJUSTED SEGMENT EBITDA MARGIN¹(Unaudited - dollars in thousands)

		Commercial Trailer Products								Diversified Products								Final Mile Products
Three Months Ended December 31		2020				2019				2020				2019				2020				2019
Income (loss) from operations		$	25,533			$	43,135			$	1,203			$	5,610			$	(4,533	)		$	(5,914	)
Depreciation and amortization		3,021				2,750				5,358				4,526				3,909				2,887
Impairment and other, net		(2,102		)		—				2,208				—				—				—
Adjusted segment EBITDA		$	26,452			$	45,885			$	8,769			$	10,136			$	(624	)		$	(3,027	)
Adjusted segment EBITDA margin		9.3		%		11.5		%		11.7		%		10.7		%		(1.2		)%		(3.3		)%

		Commercial Trailer Products								Diversified Products								Final Mile Products
Twelve Months Ended December 31		2020				2019				2020				2019				2020				2019
Income (loss) from operations		$	79,662			$	145,877			$	1,563			$	29,748			$	(123,585	)		$	9,804
Depreciation and amortization		11,557				10,667				19,300				18,621				14,891				11,361
Impairment and other, net		(3,660		)		—				13,197				—				96,028				—
Adjusted segment EBITDA		$	87,559			$	156,544			$	34,060			$	48,369			$	(12,666	)		$	21,165
Adjusted segment EBITDA Margin		8.8		%		10.3		%		11.6		%		12.6		%		(5.8		)%		4.8		%

¹ Adjusted segment EBITDA, a non-GAAP financial measure, is calculated by adding back segment depreciation and amortization expense to segment operating income (loss), and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales.

Media Contact:Dana StelselDirector, Corporate Communications(765) 771-5766[email protected]

Investor Relations:Ryan ReedDirector, Corporate Development & Investor Relations(765) 490-5664[email protected]

Source: Wabash National Corporation

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