GlobeNewswire Inc | Jul 28, 2021 06:58AM EDT

July 28, 2021

-- Revenue of $449.4 million on increasing new trailer shipments -- Operating income of $22.7 million on a GAAP basis or $20.8 million on a non-GAAP adjusted basis -- Earnings per share of $0.24 on a GAAP basis or $0.21 on a non-GAAP adjusted basis -- Backlog of $1.3 billion up 77% YoY; outperforms normal sequential seasonality -- 2021 EPS outlook maintained, updated for divestiture impact at $0.72 per diluted share; range of $0.67 to $0.77

LAFAYETTE, Ind., July 28, 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 ended June30, 2021.

Net sales for the second quarter 2021 of $449.4 million increased 32.5% versus the prior year quarter as the company continued to scale its ability to serve strong customer demand. Consolidated gross profit was $55.6million, or 12.4% of sales. Operating income was $22.7 million, or 5.0% of sales during the quarter. On a non-GAAP adjusted basis, operating income was $20.8 million. GAAP earnings per share were $0.24, or $0.21, on a non-GAAP adjusted basis.

Total company backlog as of June30, 2021 was approximately $1.3 billion. Normal seasonal order patterns generally dictate that the backlog declines sequentially in Q2; however, during the second quarter of 2021, the backlog softened less than usual and remained up 77% compared to June of 2020.

While the manufacturing environment continued to be broadly challenging during the second quarter, Wabash National is successfully navigating the issues created by labor scarcity and material cost increases compounded by exceptionally strong demand in our industry and in the economy as a whole, explained Brent Yeagy, president and chief executive officer. Our strong financial results are a testament to our employees' dedication to serve our customers as well as our diligent cost control through the year.

For the full year ending December 31, 2021, the company maintained its EPS outlook and updated it for the impact of the divestiture of Extract Technology, which closed on June 30, 2021. The midpoint for earnings per diluted share is anticipated to be $0.72 with a range of $0.67 to $0.77.

We are pleased that new trailer shipments remain on an upward trajectory and that the ramp in trailer production continues to meet our expectations. Freight markets remain very strong and our customers are looking to trailers as a way to address intensified driver shortages and network imbalances. We will continue to manage through short-term commodity headwinds and labor challenges as we work toward maximizing our factory capacity and positioning ourselves to capitalize on continued strong customer demand in 2021 and beyond.

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 second quarter of 2021 and 2020. A complete disclosure of the results by individual segment is included in the tables following this release.

Commercial Trailer Diversified Products Final Mile Products ProductsThreeMonths 2021 2020 2021 2020 2021 2020Ended June30, (dollars in thousands)Newtrailers 11,090 8,000 500 400 ? ? shippedNet sales $ 296,342 $ 232,254 $ 76,578 $ 63,951 $ 81,023 $ 50,832 Gross $ 38,623 $ 22,392 $ 12,151 $ 10,761 $ 6,147 $ 1,963 profitGrossprofit 13.0% 9.6% 15.9% 16.8% 7.6% 3.9% marginIncome(loss) $ 32,299 $ 18,599 $ 5,824 $ 2,242 $ (3,247) $ (6,569) fromoperationsIncome(loss)from 10.9% 8.0% 7.6% 3.5% (4.0)% (12.9)% operationsmarginAdjustedincome(loss) $ 32,299 $ 18,599 $ 3,950 $ 2,242 $ (3,247) $ (6,569) fromoperationsAdjustedincome(loss) 10.9% 8.0% 5.2% 3.5% (4.0)% (12.9)% fromoperationsmargin

Commercial Trailer Products net sales for the second quarter were $296.3 million, an increase of 27.6% as compared to the prior year quarter, as operations scaled to meet improved customer demand. Operating income was $32.3 million or 10.9% of sales during the quarter.

Diversified Products net sales for the second quarter were $76.6 million, an increase of 19.7% as compared to the prior year quarter, as operations worked to ramp up. Revenue in this business was impacted by the divestiture of the Beall brand of tank trailers on December 31, 2020. Operating income was $5.8 million, or 7.6% of sales during the quarter.

Final Mile Products net sales for the second quarter totaled $81.0 million, an increase of 59.4% as compared to the prior year, as operations scaled to be able to satisfy stronger market demand. Operating loss was $3.2 million during the quarter while adjusted segment EBITDA improved to $1.3 million.

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, impairment and other, net, and other non-operating income and expense. Management believes providing operating EBITDA is useful for investors to understand the Companys 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 investors understanding of the Companys 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 (used in) provided by operating activities minus capital expenditures. Management believes providing free cash flow is useful for investors to understand the Companys 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 investors understanding of the Companys operating performance. A reconciliation of free cash flow to cash (used in) 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 Companys operating results as they are not indicative of the Companys core operating results or may obscure trends useful in evaluating the Companys 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 Companys 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 (loss) and adjusted earnings per diluted (2021) and basic (2020) share reflect adjustments for the impact of sales and divestitures, debt transactions, and non-cash impairment, and the related tax effects of these adjustments. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Companys prior year periods and, when combined with the GAAP presentation of net income (loss) and diluted (2021) and basic (2020) net income (loss) per share, is beneficial to an investors understanding of the Companys performance.

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 Companys 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.

Second Quarter 2021 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Wednesday, July28, 2021, beginning at 10:00 a.m. EDT.The call and an accompanying slide presentation will be accessible on the "Investors" section of the Companys website www.wabashnational.com. The conference call will also be accessible by dialing (833) 476-0947, conference ID 3994951. 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 companys 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 equipment. Its innovative products are sold under the following brand names: Wabash National, Benson, Brenner Tank, Bulk Tank International, DuraPlate, 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 Companys 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 Companys 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 Companys 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 sales volumes and supply disruptions due to the coronavirus (COVID-19) outbreak, the continued integration of Supreme into the Companys 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 Companys 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 Companys reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands)

June 30, December 31, 2021 2020Assets Current assets: Cash and cash equivalents $ 134,375 $ 217,677 Accounts receivable, net 121,390 101,301 Inventories, net 252,550 163,750 Prepaid expenses and other 79,669 63,036 Total current assets 587,984 545,764 Property, plant, and equipment, net 207,369 209,676 Goodwill 188,438 199,560 Intangible assets, net 154,048 166,887 Other assets 42,661 39,583 Total assets $ 1,180,500 $ 1,161,470 Liabilities and Stockholders? Equity Current liabilities: Current portion of long-term debt $ ? $ ? Current portion of finance lease obligations 206 348 Accounts payable 171,377 104,425 Other accrued liabilities 110,966 130,980 Total current liabilities 282,549 235,753 Long-term debt 418,900 447,979 Finance lease obligations ? 30 Deferred income taxes 52,517 46,777 Other non-current liabilities 26,554 26,052 Total liabilities 780,520 756,591 Commitments and contingencies Stockholders? equity: Common stock 200,000,000 shares authorized,$0.01 par value, 50,464,034 and 52,536,482 758 755 shares outstanding, respectivelyAdditional paid-in capital 650,358 644,695 Retained earnings 114,445 107,233 Accumulated other comprehensive income 31,158 7,633 Treasury stock at cost, 25,422,064 and (396,739 ) (355,437 )23,004,607 common shares, respectivelyTotal stockholders' equity 399,980 404,879 Total liabilities and stockholders? equity $ 1,180,500 $ 1,161,470

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

Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020Net sales $ 449,422 $ 339,153 $ 841,425 $ 726,227 Cost of sales 393,814 304,832 738,651 655,163 Gross profit 55,608 34,321 102,774 71,064 General andadministrative 22,907 19,633 45,774 45,825 expensesSelling 6,065 4,886 12,730 12,884 expensesAmortizationof intangible 5,799 5,493 11,597 10,988 assetsImpairment and (1,847 ) (1,690 ) (1,226 ) 105,424 other, netIncome (loss)from 22,684 5,999 33,899 (104,057 )operationsOther income (expense):Interest (6,034 ) (5,882 ) (12,184 ) (12,154 )expenseOther, net (413 ) 285 (427 ) 405 Other expense, (6,447 ) (5,597 ) (12,611 ) (11,749 )netIncome (loss)before income 16,237 402 21,288 (115,806 )tax expense(benefit)Income taxexpense 3,985 548 5,819 (9,013 )(benefit)Net income $ 12,252 $ (146 ) $ 15,469 $ (106,793 )(loss) Net income(loss) per share:Basic $ 0.24 $ 0.00 $ 0.30 $ (2.01 )Diluted $ 0.24 $ 0.00 $ 0.29 $ (2.01 )Weightedaverage commonshares outstanding(inthousands):Basic 51,272 52,874 51,697 53,015 Diluted 51,989 52,874 52,472 53,015 Dividendsdeclared per $ 0.08 $ 0.08 $ 0.16 $ 0.16 share

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

Six Months Ended June 30, 2021 2020Cash flows from operating activities Net income (loss) $ 15,469 $ (106,793 )Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activitiesDepreciation 12,881 11,657 Amortization of intangibles 11,597 10,988 Net gain on sale of property, plant and equipment (2,043 ) (1,690 )and business divestitureLoss on debt extinguishment 452 ? Deferred income taxes (1,799 ) (2,648 )Stock-based compensation 4,216 416 Impairment 817 107,114 Non-cash interest expense 591 535 Accounts receivable (25,758 ) 48,785 Inventories (89,733 ) (14,154 )Prepaid expenses and other 2,500 (8,195 )Accounts payable and accrued liabilities 56,074 (22,126 )Other, net 1,650 (1,235 )Net cash (used in) provided by operating $ (13,086 ) $ 22,654 activitiesCash flows from investing activities Capital expenditures (11,063 ) (10,921 )Proceeds from the sale of assets and business 20,978 2,725 divestitureNet cash provided by (used in) investing $ 9,915 $ (8,196 )activitiesCash flows from financing activities Proceeds from exercise of stock options 1,450 ? Dividends paid (8,437 ) (8,742 )Borrowings under revolving credit facilities 232 45,449 Payments under revolving credit facilities (232 ) (45,449 )Principal payments under finance lease obligations (172 ) (162 )Principal payments under term loan credit facility (30,000 ) ? Debt issuance costs paid ? (12 )Stock repurchases (41,302 ) (10,065 )Net cash used in financing activities $ (78,461 ) $ (18,981 )Cash and cash equivalents: Net decrease in cash, cash equivalents, and $ (81,632 ) $ (4,523 )restricted cashCash, cash equivalents, and restricted cash at 217,677 140,516 beginning of periodCash, cash equivalents, and restricted cash at end $ 136,045 $ 135,993 of period

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

Three CommercialMonths Trailer Diversified Final Mile Corporate and ConsolidatedEnded June Products Products Products Eliminations30,2021 Newtrailers 11,090 500 ? ? 11,590 shippedUsedtrailers ? 15 ? ? 15 shipped New $ 287,741 $ 34,090 $ ? $ ? $ 321,831 TrailersUsed 19 359 ? ? 378 TrailersComponents,parts and 5,529 27,544 3,965 (4,282 ) 32,756 serviceEquipment 3,053 14,585 77,058 (239 ) 94,457 and otherTotal netexternal $ 296,342 $ 76,578 $ 81,023 $ (4,521 ) $ 449,422 salesGross $ 38,623 $ 12,151 $ 6,147 $ (1,313 ) $ 55,608 profitIncome(loss) from $ 32,299 $ 5,824 $ (3,247 ) $ (12,192 ) $ 22,684 operationsAdjustedincome(loss) from $ 32,299 $ 3,950 $ (3,247 ) $ (12,192 ) $ 20,810 operations^1 2020 Newtrailers 8,000 400 ? ? 8,400 shippedUsedtrailers 185 35 ? ? 220 shipped New $ 218,753 $ 28,176 $ ? $ ? $ 246,929 TrailersUsed 2,273 1,323 ? ? 3,596 TrailersComponents,parts and 9,571 22,166 2,453 (7,884 ) 26,306 serviceEquipment 1,657 12,286 48,379 ? 62,322 and otherTotal netexternal $ 232,254 $ 63,951 $ 50,832 $ (7,884 ) $ 339,153 salesGross $ 22,392 $ 10,761 $ 1,963 $ (795 ) $ 34,321 profitIncome(loss) from $ 18,599 $ 2,242 $ (6,569 ) $ (8,273 ) $ 5,999 operationsAdjustedincome(loss) from $ 18,599 $ 2,242 $ (6,569 ) $ (8,273 ) $ 5,999 operations^1

1 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 Companys operating results as they are not indicative of the Companys core operating results or may obscure trends useful in evaluating the Companys 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 Companys view of our results as compared to prior periods.

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

Six Months Commercial Diversified Final Mile Corporate andEnded June Trailer Products Products Eliminations Consolidated30, Products2021 Newtrailers 20,340 920 ? ? 21,260 shippedUsedtrailers 15 40 ? ? 55 shipped New $ 526,406 $ 64,356 $ ? $ ? $ 590,762 TrailersUsed 184 1,206 ? ? 1,390 TrailersComponents,parts and 11,470 57,510 7,688 (10,125 ) 66,543 serviceEquipment 5,991 27,514 150,400 (1,175 ) 182,730 and otherTotal netexternal $ 544,051 $ 150,586 $ 158,088 $ (11,300 ) $ 841,425 salesGross $ 65,858 $ 27,254 $ 12,603 $ (2,941 ) $ 102,774 profitIncome(loss) from $ 53,164 $ 11,913 $ (7,194 ) $ (23,984 ) $ 33,899 operationsAdjustedincome(loss) from $ 53,164 $ 10,039 $ (7,194 ) $ (23,984 ) $ 32,025 operations^1 2020 Newtrailers 16,525 1,050 ? ? 17,575 shippedUsedtrailers 220 70 ? ? 290 shipped New $ 456,654 $ 71,488 $ ? $ ? $ 528,142 TrailersUsed 2,591 2,533 ? ? 5,124 TrailersComponents,parts and 18,843 48,248 6,175 (14,984 ) 58,282 serviceEquipment 5,141 24,640 104,927 (29 ) 134,679 and otherTotal netexternal $ 483,229 $ 146,909 $ 111,102 $ (15,013 ) $ 726,227 salesGross $ 46,235 $ 25,902 $ 1,719 $ (2,792 ) $ 71,064 profitIncome(loss) from $ 34,470 $ (3,828 ) $ (114,610 ) $ (20,089 ) $ (104,057 )operationsAdjustedincome(loss) from $ 34,847 $ 7,143 $ (18,844 ) $ (20,089 ) $ 3,057 operations^1

1 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 Companys operating results as they are not indicative of the Companys core operating results or may obscure trends useful in evaluating the Companys 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 Companys view of our results as compared to prior periods.

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

Adjusted Operating Income Three Months Ended Six Months Ended(Loss)^1 June 30, June 30, 2021 2020 2021 2020Commercial Trailer Products Income from operations $ 32,299 $ 18,599 $ 53,164 $ 34,470 Adjustments: Impairment ? ? ? 377 Adjusted operating income $ 32,299 $ 18,599 $ 53,164 $ 34,847 Diversified Products Income (loss) from operations 5,824 2,242 11,913 (3,828 )Adjustments: Impairment ? ? ? 10,971 Gain on divestiture of Extract (1,874 ) ? (1,874 ) ? TechnologyAdjusted operating income 3,950 2,242 10,039 7,143 Final Mile Products Loss from operations (3,247 ) (6,569 ) (7,194 ) (114,610 )Adjustments: Impairment ? ? ? 95,766 Adjusted operating loss (3,247 ) (6,569 ) (7,194 ) (18,844 ) Corporate Loss from operations (12,192 ) (8,273 ) (23,984 ) (20,089 ) Consolidated Income (loss) from operations 22,684 5,999 33,899 (104,057 )Adjustments: Impairment ? ? ? 107,114 Gain on divestiture of Extract (1,874 ) ? (1,874 ) ? TechnologyAdjusted operating income $ 20,810 $ 5,999 $ 32,025 $ 3,057

1 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 Companys operating results as they are not indicative of the Companys core operating results or may obscure trends useful in evaluating the Companys 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 Companys view of our results as compared to prior periods.

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

Operating EBITDA^ Three Months Ended June Six Months Ended June 30,1: 30, 2021 2020 2021 2020Net income (loss) $ 12,252 $ (146 ) $ 15,469 $ (106,793 )Income tax 3,985 548 5,819 (9,013 )expense (benefit)Interest expense 6,034 5,882 12,184 12,154 Depreciation and 12,248 11,526 24,478 22,645 amortizationStock-based 2,184 1,333 4,216 416 compensationImpairment and (1,847 ) (1,690 ) (1,226 ) 105,424 other, netOther, net 413 (285 ) 427 (405 )Operating EBITDA $ 35,269 $ 17,168 $ 61,367 $ 24,428

Adjusted Net Income (Loss)^2: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020Net income (loss) $ 12,252 $ (146 ) $ 15,469 $ (106,793 )Adjustments: Loss on debt extinguishment 452 ? 452 ? Impairment ? ? ? 107,114 Gain on divestiture of (1,874 ) ? (1,874 ) ? Extract TechnologyTax effect of aforementioned 327 ? 327 (2,786 )itemsAdjusted net income (loss) $ 11,157 $ (146 ) $ 14,374 $ (2,465 )

Adjusted Diluted (2021) and Basic Three Months Ended Six Months Ended(2020) Earnings Per Share^2: June 30, June 30, 2021 2020 2021 2020Diluted (2021) and basic (2020) $ 0.24 $ 0.00 $ 0.29 $ (2.01 )earnings per shareAdjustments: Loss on debt extinguishment 0.01 ? 0.01 ? Impairment ? ? ? 2.01 Gain on divestiture of Extract (0.04 ) ? (0.04 ) ? TechnologyTax effect of aforementioned items ? ? 0.01 (0.05 )Adjusted diluted (2021) and basic $ 0.21 $ 0.00 $ 0.27 $ (0.05 )(2020) earnings per share Weighted average diluted (2021)and basic (2020) shares 51,989 52,874 52,472 53,015 outstanding (in thousands)

1 Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, and other non-operating income and expense. Management believes providing operating EBITDA is useful for investors to understand the Companys 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 investors understanding of the Companys operating performance.2 Adjusted net income (loss) and adjusted earnings per diluted (2021) and basic (2020) share reflect adjustments for the impact of sales and divestitures, debt transactions, and non-cash impairment, and the related tax effects of these adjustments. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Companys prior year periods and, when combined with the GAAP presentation of net income (loss) and diluted (2021) and basic (2020) net income (loss) per share, is beneficial to an investors understanding of the Companys performance.

WABASH NATIONAL CORPORATIONRECONCILIATION OF FREE CASH FLOW1(Unaudited - dollars in thousands)

Six Months Ended June 30, 2021 2020Net cash (used in) provided by operating $ (13,086 ) $ 22,654 activitiesCapital expenditures (11,063 ) (10,921 )Free cash flow^1 $ (24,149 ) $ 11,733

1 Free cash flow is defined as net cash (used in) provided by operating activities minus capital expenditures. Management believes providing free cash flow is useful for investors to understand the Companys 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 investors understanding of the Companys operating performance.

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

Commercial Trailer Diversified Products Final Mile Products ProductsThree MonthsEnded June 2021 2020 2021 2020 2021 202030, 2021Income(loss) from $ 32,299 $ 18,599 $ 5,824 $ 2,242 $ (3,247 ) $ (6,569 )operationsDepreciationand 3,211 2,946 3,961 4,613 4,577 3,577 amortizationImpairmentand other, (4 ) (1,767 ) (1,841 ) ? 1 80 netAdjustedsegment $ 35,506 $ 19,778 $ 7,944 $ 6,855 $ 1,331 $ (2,912 )EBITDA Adjustedsegment 12.0 % 8.5 % 10.4 % 10.7 % 1.6 % (5.7 )EBITDA %margin

Commercial Trailer Diversified Products Final Mile Products ProductsSix MonthsEnded June 2021 2020 2021 2020 2021 202030, 2021Income(loss) from $ 53,164 $ 34,470 $ 11,913 $ (3,828 ) $ (7,194 ) $ (114,610 )operationsDepreciationand 6,248 5,679 8,061 9,114 9,141 7,132 amortizationImpairmentand other, 181 (1,394 ) (1,413 ) 10,971 6 95,847 netAdjustedsegment $ 59,593 $ 38,755 $ 18,561 $ 16,257 $ 1,953 $ (11,631 )EBITDA Adjustedsegment 11.0 % 8.0 % 12.3 % 11.1 % 1.2 % (10.5 )%EBITDAmargin

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 Companys 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) 771-5766dana.stelsel@wabashnational.com

Investor Relations:Ryan ReedDirector, Corporate Development & Investor Relations(765) 490-5664ryan.reed@wabashnational.com