GlobeNewswire Inc | Nov 9, 2021 06:58AM EST

November 09, 2021

-- Record backlog of $1.9 billion up 87% YoY -- Revenue of $482.6 million on increasing new trailer shipments -- Operating income of $18.3 million -- Earnings per share of $0.22, exceeding prior outlook -- 2022 EPS outlook of $1.70 on stronger production run-rates and pricing

LAFAYETTE, Ind., Nov. 09, 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 September30, 2021.

Net sales for the third quarter 2021 of $482.6 million increased 37.3% versus the prior year quarter as the company continued to scale its ability to serve strong customer demand. Consolidated gross profit was $51.0million, or 10.6% of sales. Operating income was $18.3 million, or 3.8% of sales during the quarter. Earnings per share was $0.22 on both a GAAP and non-GAAP basis.

Total company backlog as of September30, 2021 was approximately $1.9 billion - an increase of $600 million sequentially from Q2 2021. Wabash National's backlog of $1.9 billion represents an increase of 87% compared to September of 2020 and is an all-time record for the Company.

Wabash continues to execute well in the midst of an uneven business and manufacturing environment, explained Brent Yeagy, President and Chief Executive Officer. Generating earnings per share exceeding our prior outlook speaks to our employees' agile performance and this management team's ability to provide credible guidance. We continue to monitor changes in the supply chain and offer our best look at future financial performance.

For the full year ending December 31, 2021, the company modified its EPS outlook to $0.60 to $0.65.

As we fine-tune our guidance for the remainder of 2021 to reflect increased supply chain and material cost headwinds, we are excited by the record strength in our order book and the opportunity for strong financial performance in 2022," said Yeagy. "Assuming little change in labor and supply chain conditions, the combination of a stronger jumping off point in build rates and a hard reset on pricing within our 2022 order book allows us to offer an initial EPS outlook of $1.70 for 2022.

Business Segment Highlights

Effective in the third quarter of 2021, Wabash has updated its segment reporting structure to align with how the business is operated and how the company goes to market.

"Following our One Wabash organizational changes, we are excited to present a refreshed segment view that is consistent with how we are now managing our business," said Mike Pettit, Senior Vice President and Chief Financial Officer. "Our new segmentation structure reflects our enhanced focus on new growth opportunities and also aligns how we discuss the business with how we operate the business. This will create enhanced transparency and a more simplified discussion of how and where value is created at Wabash for our employees, our customers, and our shareholders."

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the third quarter of 2021 and 2020. A complete disclosure of the results by individual segment is included in the tables following this release.

Wabash National Corporation Three MonthsEnded September 2021 2020 30,New Units Shipped Trailers 12,455 8,485 Truck bodies 3,780 3,600 Transportation Solutions Parts & ServiceThree MonthsEnded September 2021 2020 2021 202030, (dollars in thousands)Net sales $ 442,636 $ 307,357 $ 41,903 $ 47,258 Gross profit $ 44,705 $ 34,528 $ 8,268 $ 10,113 Gross profit 10.1% 11.2% 19.7% 21.4% marginIncome (loss) $ 25,970 $ 13,522 $ 4,148 $ 5,878 from operationsIncome (loss)from operations 5.9% 4.4% 9.9% 12.4% marginAdjusted income(loss) from $ 25,970 $ 13,522 $ 4,148 $ 5,878 operationsAdjusted income(loss) from 5.9% 4.4% 9.9% 12.4% operations margin

Transportation Solutions net sales for the third quarter were $442.6 million, an increase of 44.0% as compared to the prior year quarter, as operations scaled to meet improved customer demand. Operating income was $26.0 million or 5.9% of sales during the quarter.

Parts & Service's net sales for the third quarter were $41.9 million, a decrease of 11.3% as compared to the prior year quarter, primarily due to the divestiture of Extract Technology on June 30, 2021. Operating income was $4.1 million, or 9.9% of sales during the quarter.

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) and margin, non-GAAP financial measures, exclude 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) and margin 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) and margin 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 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 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.

Third Quarter 2021 Conference Call

Wabash National will discuss its results during its quarterly investor conference call on Tuesday, November9, 2021, beginning at 10:00 a.m. EST.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 3504758. 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)

September 30, December 31, 2021 2020Assets Current assets: Cash and cash equivalents $ 49,374 $ 217,677 Accounts receivable, net 213,808 101,301 Inventories, net 259,635 163,750 Prepaid expenses and other 59,347 63,036 Total current assets 582,164 545,764 Property, plant, and equipment, net 208,456 209,676 Goodwill 188,443 199,560 Intangible assets, net 148,418 166,887 Other assets 43,859 39,583 Total assets $ 1,171,340 $ 1,161,470 Liabilities and Stockholders? Equity Current liabilities: Current portion of long-term debt $ ? $ ? Current portion of finance lease obligations 119 348 Accounts payable 181,251 104,425 Other accrued liabilities 106,607 130,980 Total current liabilities 287,977 235,753 Long-term debt 419,130 447,979 Finance lease obligations ? 30 Deferred income taxes 49,465 46,777 Other non-current liabilities 28,574 26,052 Total liabilities 785,146 756,591 Commitments and contingencies Stockholders? equity: Common stock 200,000,000 shares authorized,$0.01 par value, 49,574,651 and 52,536,482 759 755 shares outstanding, respectivelyAdditional paid-in capital 652,530 644,695 Retained earnings 121,495 107,233 Accumulated other comprehensive income 21,866 7,633 Treasury stock at cost, 26,358,147 and (410,456 ) (355,437 )23,004,607 common shares, respectivelyTotal stockholders' equity 386,194 404,879 Total liabilities and stockholders? equity $ 1,171,340 $ 1,161,470

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

Three Months Ended September Nine Months Ended September 30, 30, 2021 2020 2021 2020Net sales $ 482,566 $ 351,584 $ 1,323,991 $ 1,077,811 Cost of sales 431,521 308,390 1,170,172 963,553 Gross profit 51,045 43,194 153,819 114,258 General andadministrative 20,966 22,749 66,740 68,574 expensesSelling 5,590 6,510 18,320 19,394 expensesAmortizationof intangible 5,631 5,496 17,228 16,484 assetsImpairment and 595 31 (631 ) 105,455 other, netIncome (loss)from 18,263 8,408 52,162 (95,649 )operationsOther income (expense):Interest (5,847 ) (5,749 ) (18,031 ) (17,903 )expenseOther, net 232 (57 ) (195 ) 348 Other expense, (5,615 ) (5,806 ) (18,226 ) (17,555 )netIncome (loss)before income 12,648 2,602 33,936 (113,204 )tax expense(benefit)Income taxexpense 1,640 (1,285 ) 7,459 (10,298 )(benefit)Net income $ 11,008 $ 3,887 $ 26,477 $ (102,906 )(loss) Net income(loss) per share:Basic $ 0.22 $ 0.07 $ 0.52 $ (1.94 )Diluted $ 0.22 $ 0.07 $ 0.51 $ (1.94 )Weightedaverage commonshares outstanding(inthousands):Basic 49,974 52,912 51,116 52,980 Diluted 50,581 53,380 51,785 52,980 Dividendsdeclared per $ 0.08 $ 0.08 $ 0.24 $ 0.24 share

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

Nine Months Ended September 30, 2021 2020Cash flows from operating activities Net income (loss) $ 26,477 $ (102,906 )Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activitiesDepreciation 19,593 18,656 Amortization of intangibles 17,228 16,484 Net gain on sale of property, plant and equipment (1,447 ) (1,669 )and business divestitureLoss on debt extinguishment 452 219 Deferred income taxes (1,756 ) (753 )Stock-based compensation 5,889 2,278 Impairment 817 107,114 Non-cash interest expense 882 807 Accounts receivable (118,176 ) 68,095 Inventories (96,818 ) (14,596 )Prepaid expenses and other 1,054 (3,086 )Accounts payable and accrued liabilities 65,424 20,128 Other, net 6,152 (3,672 )Net cash (used in) provided by operating activities $ (74,229 ) $ 107,099 Cash flows from investing activities Capital expenditures (20,192 ) (13,719 )Proceeds from the sale of assets and business 21,967 2,726 divestitureNet cash provided by (used in) investing activities $ 1,775 $ (10,993 )Cash flows from financing activities Proceeds from exercise of stock options 1,949 44 Dividends paid (12,470 ) (13,015 )Borrowings under revolving credit facilities 347 45,584 Payments under revolving credit facilities (347 ) (45,584 )Principal payments under finance lease obligations (259 ) (244 )Borrowings under term loan credit facility, net of ? 148,500 original issuance discountPrincipal payments under term loan credit facility (30,000 ) (135,228 )Principal payments against senior notes ? (10,000 )Debt issuance costs paid (50 ) (792 )Stock repurchases (55,019 ) (10,065 )Net cash used in financing activities $ (95,849 ) $ (20,800 )Cash and cash equivalents: Net (decrease) increase in cash, cash equivalents, $ (168,303 ) $ 75,306 and restricted cashCash, cash equivalents, and restricted cash at 217,677 140,516 beginning of periodCash, cash equivalents, and restricted cash at end $ 49,374 $ 215,822 of period

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

Wabash National Corporation Three Months Ended 2021 2020 September 30,Units Shipped New trailers 12,455 8,485 New truck bodies 3,780 3,600 Used trailers 15 140 Three Months Ended Transportation Parts & Corporate and ConsolidatedSeptember 30, Solutions Service Eliminations2021 New Trailers $ 375,430 $ ? $ ? $ 375,430 Used Trailers ? 465 ? 465 Components, parts ? 31,974 (1,973 ) 30,001 and serviceEquipment and other 67,206 9,464 ? 76,670 Total net external $ 442,636 $ 41,903 $ (1,973 ) $ 482,566 salesGross profit $ 44,705 $ 8,268 $ (1,928 ) $ 51,045 Income (loss) from $ 25,970 $ 4,148 $ (11,855 ) $ 18,263 operationsAdjusted income(loss) from $ 25,970 $ 4,148 $ (11,855 ) $ 18,263 operations^1 2020 New Trailers $ 251,998 $ 1,510 $ (444 ) $ 253,064 Used Trailers 505 1,456 ? 1,961 Components, parts ? 29,369 (2,587 ) 26,782 and serviceEquipment and other 54,854 14,923 ? 69,777 Total net external $ 307,357 $ 47,258 $ (3,031 ) $ 351,584 salesGross profit $ 34,528 $ 10,113 $ (1,447 ) $ 43,194 Income (loss) from $ 13,522 $ 5,878 $ (10,992 ) $ 8,408 operationsAdjusted income(loss) from $ 13,522 $ 5,878 $ (9,836 ) $ 9,564 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)

Wabash National Corporation Nine Months Ended 2021 2020 September 30,Units Shipped New trailers 33,710 26,030 New truck bodies 13,330 10,130 Used trailers 70 430 Nine Months Ended Transportation Parts & Corporate and ConsolidatedSeptember 30, Solutions Service Eliminations2021 New Trailers $ 966,193 $ ? $ ? $ 966,193 Used Trailers 165 1,690 ? 1,855 Components, parts ? 101,747 (5,205 ) 96,542 and serviceEquipment and 223,815 35,586 ? 259,401 otherTotal net $ 1,190,173 $ 139,023 $ (5,205 ) $ 1,323,991 external salesGross profit $ 129,776 $ 28,912 $ (4,869 ) $ 153,819 Income (loss) $ 69,492 $ 18,509 $ (35,839 ) $ 52,162 from operationsAdjusted income(loss) from $ 69,492 $ 16,635 $ (35,839 ) $ 50,288 operations^1 2020 New Trailers $ 781,497 $ 3,098 $ (3,390 ) $ 781,205 Used Trailers 2,979 4,106 ? 7,085 Components, parts ? 92,500 (7,437 ) 85,063 and serviceEquipment and 169,673 34,785 ? 204,458 otherTotal net $ 954,149 $ 134,489 $ (10,827 ) $ 1,077,811 external salesGross profit $ 87,195 $ 31,301 $ (4,238 ) $ 114,258 Loss from $ (43,098 ) $ (21,466 ) $ (31,085 ) $ (95,649 )operationsAdjusted income(loss) from $ 25,159 $ 17,391 $ (29,929 ) $ 12,621 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 (Loss) Three Months Ended Nine Months Ended^1 September 30, September 30, 2021 2020 2021 2020Transportation Solutions Income (loss) from operations $ 25,970 $ 13,522 $ 69,492 $ (43,098 )Adjustments: Impairment ? ? ? 68,257 Adjusted operating income $ 25,970 $ 13,522 $ 69,492 $ 25,159 Parts & Service Income (loss) from operations 4,148 5,878 18,509 (21,466 )Adjustments: Impairment ? ? ? 38,857 Gain on divestiture of Extract ? ? (1,874 ) ? TechnologyAdjusted operating income 4,148 5,878 16,635 17,391 Corporate Loss from operations (11,855 ) (10,992 ) (35,839 ) (31,085 )Adjustments: Debt transactions ? 1,156 ? 1,156 Adjusted operating loss (11,855 ) (9,836 ) (35,839 ) (29,929 ) Consolidated Income (loss) from operations $ 18,263 $ 8,408 $ 52,162 $ (95,649 )Adjustments: Impairment ? ? ? 107,114 Gain on divestiture of Extract ? ? (1,874 ) ? TechnologyDebt transactions ? 1,156 ? 1,156 Adjusted operating income $ 18,263 $ 9,564 $ 50,288 $ 12,621

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^1: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Net income (loss) $ 11,008 $ 3,887 $ 26,477 $ (102,906 )Income tax expense 1,640 (1,285 ) 7,459 (10,298 )(benefit)Interest expense 5,847 5,749 18,031 17,903 Depreciation and 12,343 12,495 36,821 35,140 amortizationStock-based 1,673 1,862 5,889 2,278 compensationDebt issuance costs ? 1,156 ? 1,156 expensedImpairment and other, 595 31 (631 ) 105,455 netOther, net (232 ) 57 195 (348 )Operating EBITDA $ 32,874 $ 23,952 $ 94,241 $ 48,380

Adjusted Net Income^2: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Net income (loss) $ 11,008 $ 3,887 $ 26,477 $ (102,906 )Adjustments: Debt transactions^3 ? 1,375 452 1,375 Impairment ? ? ? 107,114 Gain on divestiture of ? ? (1,874 ) ? Extract TechnologyTax effect of aforementioned ? (564 ) 327 (3,350 )itemsAdjusted net income $ 11,008 $ 4,698 $ 25,382 $ 2,233

Adjusted Diluted Earnings Per Three Months Ended Nine Months EndedShare^2: September 30, September 30, 2021 2020 2021 2020Diluted earnings per share $ 0.22 $ 0.07 $ 0.51 $ (1.94 )Adjustments: Debt transactions^3 ? 0.03 0.01 0.03 Impairment ? ? ? 2.02 Gain on divestiture of Extract ? ? (0.04 ) ? TechnologyTax effect of aforementioned items ? (0.01 ) 0.01 (0.06 )Adjusted diluted earnings per $ 0.22 $ 0.09 $ 0.49 $ 0.04 share Weighted average diluted shares 50,581 53,380 51,785 53,299 outstanding (in thousands)

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. 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 and adjusted earnings per diluted 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 net income (loss) per share, is beneficial to an investors understanding of the Companys performance.

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^1(Unaudited - dollars in thousands)

Nine Months Ended September 30, 2021 2020Net cash (used in) provided by operating $ (74,229 ) $ 107,099 activitiesCapital expenditures (20,192 ) (13,719 )Free cash flow^1 $ (94,421 ) $ 93,380

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 EBITDA^1AND ADJUSTED SEGMENT EBITDA MARGIN^1(Unaudited - dollars in thousands)

Transportation Solutions Parts & ServiceThree Months Ended 2021 2020 2021 2020September 30, 2021Income from operations $ 25,970 $ 13,522 $ 4,148 $ 5,878 Depreciation and 10,617 10,278 1,062 1,337 amortizationImpairment and other, 109 108 492 (156 )netAdjusted segment EBITDA $ 36,696 $ 23,908 $ 5,702 $ 7,059 Adjusted segment EBITDA 8.3 % 7.8 % 13.6 % 14.9 %margin

Transportation Solutions Parts & ServiceNine Months Ended 2021 2020 2021 2020September 30, 2021Income (loss) from $ 69,492 $ (43,098 ) $ 18,509 $ (21,466 )operationsDepreciation and 31,455 29,437 3,674 4,024 amortizationImpairment and 935 66,231 (1,560 ) 39,229 other, netAdjusted segment $ 101,882 $ 52,570 $ 20,623 $ 21,787 EBITDA Adjusted segment 8.6 % 5.5 % 14.8 % 16.2 %EBITDA margin

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.

WABASH NATIONAL CORPORATIONTRANSPORTATION SOLUTIONS AND PARTS & SERVICE SEGMENTS - SELECTED DATA(Unaudited - dollars in thousands) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019REVENUE Transportation $ 442,636 $ 402,300 $ 345,236 $ 361,279 $ 307,358 $ 302,687 $ 344,104 $ 533,640 $ 533,385 $ 572,376 $ 475,408 SolutionsParts & $ 41,903 $ 48,633 $ 48,487 $ 44,985 $ 47,258 $ 40,354 $ 46,877 $ 50,023 $ 51,814 $ 60,224 $ 63,958 Service OPERATING INCOME (LOSS) AND ADJUSTED OPERATING INCOME^1 Transportation SolutionsOperating $ 25,970 $ 26,848 $ 16,674 $ 13,396 $ 13,522 $ 9,069 $ (65,689 ) $ 37,475 $ 41,687 $ 48,769 $ 25,958 income (loss)Adjustments: Loss ondivestiture of $ ? $ ? $ ? $ 2,119 $ ? $ ? $ ? $ ? $ ? $ ? $ ? Beall brandImpairment $ ? $ ? $ ? $ ? $ ? $ ? $ 68,257 $ ? $ ? $ ? $ ? Adjustedoperating $ 25,970 $ 26,848 $ 16,674 $ 15,515 $ 13,522 $ 9,069 $ 2,568 $ 37,475 $ 41,687 $ 48,769 $ 25,958 income^1 Parts & ServiceOperating $ 4,148 $ 8,028 $ 6,333 $ 8,807 $ 5,878 $ 5,132 $ (32,476 ) $ 5,356 $ 6,609 $ 9,275 $ 10,282 income (loss)Adjustments: Gain ondivestiture of $ ? $ (1,874 ) $ ? $ ? $ ? $ ? $ ? $ ? $ ? $ ? $ ? ExtractTechnologyGain on saleof Columbus $ ? $ ? $ ? $ (2,257 ) $ ? $ ? $ ? $ ? $ ? $ ? $ ? branchImpairment $ ? $ ? $ ? $ ? $ ? $ ? $ 38,857 $ ? $ ? $ ? $ ? Adjustedoperating $ 4,148 $ 6,154 $ 6,333 $ 6,550 $ 5,878 $ 5,132 $ 6,381 $ 5,356 $ 6,609 $ 9,275 $ 10,282 income^1 UNITS New trailers 12,455 11,595 9,660 10,585 8,485 8,425 9,120 14,980 14,470 14,965 13,095New truck 3,780 4,790 4,760 3,300 3,600 3,025 3,505 5,090 6,460 8,060 6,225bodiesUsed trailers 15 15 40 170 140 220 70 40 35 30 45

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.

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