Wabash National Corporation · NYSE:WNC
Wabash National — Q1 2025 Earnings Presentation
16 slides from Wabash National's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Earnings Release
First Quarter 2025 Earnings Release Changing How the World Reaches You® April 30, 2025
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of f
Slide 3: CEO Highlights
CEO Highlights Market conditions softened through the quarter; Customers delaying 1 equipment purchasing decisions on tariff uncertainty. Parts & Services continued to grow revenue in Q1. Upfit volumes 2 doubled YoY while TaaS continued to expand. Limited direct exposure to tariffs via heavily domes
Slide 4: Q1 2025 Consolidated Financial Performance
Q1 2025 Consolidated Financial Performance Non-GAAP New Shipments GAAP Financial Adjusted Results Financial Results Revenue $381M 6,290 Trailers Operating Income (Loss) $314.6M $(27.4)M1 Operating Margin 82.6% (7.2)%1 3,000 Truck Bodies Net Income (Loss) Attributable to Common $230.9M $(24.8)M2 Stoc
Slide 5: Q1 2025 Segment Financial Performance
Q1 2025 Segment Financial Performance Transportation Solutions Parts & Services 9.4% 21.4% $52 $49 $470 13.3% $347 (2.8)% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q1 2025 Q1 2024 ◦ 1st quarter 2025 operating cash Net cash used in operating activities $(0.3) $(17.4) reflects boost from moderate Cash payments for capital expenditures $(8.7) $(19.2) sequential working capital release versus 4th quarter 2024.
Slide 7: 2025 Financial Outlook
2025 Financial Outlook OTHER KEY METRICS • Adjusted EPS Range: $(0.85) to $(0.35) • SG&A: ~$170M $1.8B -0.5% ($0.60) • Intangible Amortization: $11M • Interest Expense: $20M Revenue Adjusted Adjusted • Marketplace JV Expense: $5M (midpoint) Operating EPS2 • Capex: $50 to 60M Margin1 (midpoint) (midp
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 81,036 $ 115,484 Accounts receivable, net 171,693 143,946 Inventories, net 278,648 258,825 Prepaid expenses and other 126,191 76,233 Total curren
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended March 31, 2025 2024 Net sales $ 380,890 $ 515,276 Cost of sales 361,887 438,830 Gross profit 19,003 76,446 General and administrative expenses (304,685) 36,673 Selling expenses 6,379 7,042 Amortizatio
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net income $ 231,196 $ 18,287 Adjustments to reconcile net income to net cash used in operating activities Depreciation 12,243 9,580 Amortizati
Slide 12: Q1 QTD Segment Information
Q1 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended March 31, 2025 2024 Units Shipped 1 Adjusted operating (loss) income, a non-GAAP financial measure, New trailers 6,290 8,500 excludes certain costs, expenses, New truck bodies 3,000 3,690 oth
Slide 13: Reconciliation of Adjusted Segment Operating (Loss) Income
Reconciliation of Adjusted Segment Operating (Loss) Income1 Three Months Ended 1 Adjusted operating (loss) income, Unaudited - dollars in thousands March 31, a non-GAAP financial measure, 2025 2024 excludes certain costs, expenses, other charges, gains or income Transportation Solutions that are inc
Slide 14: Reconciliation of Adjusted Net (Loss) Income and Adjusted Diluted EPS
Reconciliation of Adjusted Net (Loss) Income Attributable to Common Stockholders and Adjusted Diluted EPS Unaudited - dollars in thousands Adjusted Net (Loss) Income Attributable to Common Stockholders1: Three Months Ended March 31, 2025 2024 Net income attributable to common stockholders $ 230,941
Slide 15: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended March 31, 2025 2024 Net income $ 231,196 $ 18,287 Income tax expense 78,101 6,423 Interest expense 5,026 4,988 Depreciation and amortization 15,032 12,736 Stock-based compensati
Slide 16: Reconciliation of Adjusted Segment EBITDA and Margin
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended March 31, 2025 2024 2025 2024 (Loss) income from operations $ (9,798) $ 44,255 $ 6,910 $ 10,520 Depreciation and amortization 1