Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


(Mark One)
☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2024


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-10883

WABASH NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		52-1375208
(State of Incorporation)		(IRS Employer Identification Number)

3900 McCarty Lane
Lafayette	Indiana	47905
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (765) 771-5310

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

WNC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding at July 17, 2024 was 43,999,230.

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WABASH NATIONAL CORPORATION

FORM 10-Q

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets at June 30 , 2024 and December 31, 2023	3

	Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30 , 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	6

	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30 , 2024 and 2023	7

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43

Item 4.	Controls and Procedures	44

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	44

Item 1A.	Risk Factors	44

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 5.	Other Information	44

Item 6.	Exhibits	45

	Signatures	46

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Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	June 30, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	77,285	$	179,271
Accounts receivable, net	243,248		182,990
Inventories, net	272,926		267,635
Prepaid expenses and other	50,506		51,457
Total current assets	643,965		681,353
Property, plant, and equipment, net	331,744		325,444
Goodwill	188,423		188,409
Intangible assets, net	80,269		86,418
Investment in unconsolidated entity	—		1,647
Other assets	94,911		79,543
Total assets	$	1,339,312	$	1,362,814
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	—	$	—

Accounts payable	175,483		156,608
Other accrued liabilities	147,873		195,601
Total current liabilities	323,356		352,209
Long-term debt	396,800		396,465

Deferred income taxes	13,219		17,013
Other non-current liabilities	55,146		47,028
Total liabilities	788,521		812,715
Commitments and contingencies
Noncontrolling interest	366		603
Wabash National Corporation stockholders’ equity:
Common stock 200,000,000 shares authorized, $0.01 par value, 44,225,215 and 45,393,260 shares outstanding, respectively	781		774
Additional paid-in capital	684,504		677,886
Retained earnings	443,734		403,923
Accumulated other comprehensive losses	(2,101)		(428)
Treasury stock at cost, 33,904,416 and 32,128,755 common shares, respectively	(576,493)		(532,659)
Total Wabash National Corporation stockholders' equity	550,425		549,496
Total liabilities, noncontrolling interest, and equity	$	1,339,312	$	1,362,814

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – dollars in thousands, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net sales	$	550,610	$	686,620	$	1,065,886	$	1,307,572
Cost of sales	460,952		535,593		899,782		1,040,518
Gross profit	89,658		151,027		166,104		267,054
General and administrative expenses	33,969		37,318		70,642		73,358
Selling expenses	7,936		7,194		14,978		14,078
Amortization of intangible assets	2,993		3,203		6,149		6,406

Impairment and other, net	997		2		997		2
Income from operations	43,763		103,310		73,338		173,210
Other income (expense):
Interest expense	(4,948)		(4,987)		(9,936)		(9,981)
Other, net	1,572		475		3,181		862
Other expense, net	(3,376)		(4,512)		(6,755)		(9,119)
Loss from unconsolidated entity	(1,415)		—		(2,901)		—
Income before income tax expense	38,972		98,798		63,682		164,091
Income tax expense	9,768		24,324		16,191		38,221
Net income	29,204		74,474		47,491		125,870
Net income attributable to noncontrolling interest	246		146		366		329
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541

Net income attributable to common stockholders per share:
Basic	$	0.65	$	1.57	$	1.04	$	2.64
Diluted	$	0.64	$	1.54	$	1.03	$	2.58
Weighted average common shares outstanding (in thousands):
Basic	44,896		47,452		45,139		47,610
Diluted	45,365		48,373		45,751		48,737

Dividends declared per share	$	0.08	$	0.08	$	0.16	$	0.16

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited – dollars in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	29,204	$	74,474	$	47,491	$	125,870
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(1,192)		502		(1,008)		1,066
Unrealized loss on derivative instruments	(941)		(2,952)		(665)		(3,188)
Total other comprehensive loss	(2,133)		(2,450)		(1,673)		(2,122)
Comprehensive income	27,071		72,024		45,818		123,748
Comprehensive income attributable to noncontrolling interest	246		146		366		329
Comprehensive income attributable to common stockholders	$	26,825	$	71,878	$	45,452	$	123,419

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – dollars in thousands)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net income	$	47,491	$	125,870
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation	20,306		13,760
Amortization of intangibles	6,149		6,406
Net loss on sale of property, plant and equipment	—		2

Deferred income taxes	(3,763)		6,653
Stock-based compensation	6,618		5,681
Non-cash interest expense	478		477
Equity in loss of unconsolidated entity	2,901		—

Accounts receivable	(60,258)		23,829
Inventories	(5,291)		(98,600)
Prepaid expenses and other	995		(9,148)
Accounts payable and accrued liabilities	(25,292)		69,793
Other, net	3,278		1,608
Net cash (used in) provided by operating activities	(6,388)		146,331
Cash flows from investing activities
Cash payments for capital expenditures	(36,288)		(55,820)
Expenditures for revenue generating assets	—		(3,244)

Investment in unconsolidated entity	(7,100)		—
Net cash used in investing activities	(43,388)		(59,064)
Cash flows from financing activities
Proceeds from exercise of stock options	7		155
Dividends paid	(7,775)		(8,366)

Borrowings under revolving credit facilities	431		103,731
Payments under revolving credit facilities	(431)		(103,731)



Debt issuance costs paid	(5)		(102)
Stock repurchases	(43,834)		(37,896)
Distribution to noncontrolling interest	(603)		(512)
Net cash used in financing activities	(52,210)		(46,721)
Cash and cash equivalents:
Net (decrease) increase in cash, cash equivalents, and restricted cash	(101,986)		40,546
Cash, cash equivalents, and restricted cash at beginning of period	179,271		58,245
Cash, cash equivalents, and restricted cash at end of period	$	77,285	$	98,791
Supplemental disclosures of cash flow information:
Cash paid for interest	$	9,394	$	9,545
Net cash paid for income taxes	$	23,664	$	40,905
Period end balance of payables for property, plant, and equipment	$	5,474	$	18,362

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited – dollars in thousands)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
	Shares	Amount
Balances at December 31, 2023	45,393,260	$	774	$	677,886	$	403,923	$	(428)	$	(532,659)	$	549,496
Net income attributable to common stockholders for the period						18,167						18,167
Foreign currency translation								184				184
Stock-based compensation	334,955	6		3,240								3,246
Stock repurchase	(589,144)									(22,138)		(22,138)

Common stock dividends						(3,152)						(3,152)
Unrealized gain on derivative instruments, net of tax								276				276
Common stock issued in connection with:
Stock option exercises	500	—		7								7
Balances at March 31, 2024	45,139,571	$	780	$	681,133	$	418,938	$	32	$	(554,797)	$	546,086
Net income attributable to common stockholders for the period						28,958						28,958
Foreign currency translation								(1,192)				(1,192)
Stock-based compensation	21,500	1		3,371								3,372
Stock repurchase	(935,856)									(21,696)		(21,696)

Common stock dividends						(4,162)						(4,162)
Unrealized loss on derivative instruments, net of tax								(941)				(941)
Common stock issued in connection with:
Stock option exercises												—
Balances at June 30, 2024	44,225,215	$	781	$	684,504	$	443,734	$	(2,101)	$	(576,493)	$	550,425

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
	Shares	Amount
Balances at December 31, 2022	47,675,796	$	766	$	665,941	$	188,241	$	(882)	$	(456,453)	$	397,613
Net income attributable to common stockholders for the period						51,213						51,213
Foreign currency translation								564				564
Stock-based compensation	480,463	8		2,758								2,766
Stock repurchase	(540,875)									(23,566)		(23,566)

Common stock dividends						(4,055)						(4,055)
Unrealized loss on derivative instruments, net of tax								(236)				(236)
Common stock issued in connection with:
Stock option exercises	10,683			144								144
Balances at March 31, 2023	47,626,067	$	774	$	668,843	$	235,399	$	(554)	$	(480,019)	$	424,443
Net income attributable to common stockholders for the period						74,328						74,328
Foreign currency translation								502				502
Stock-based compensation	24,550			2,915								2,915
Stock repurchase	(585,997)									(14,330)		(14,330)
Equity component of convertible senior notes repurchase												—
Common stock dividends						(3,893)						(3,893)
Unrealized loss on derivative instruments, net of tax								(2,952)				(2,952)
Common stock issued in connection with:
Stock option exercises	750			11								11
Balances at June 30, 2023	47,065,370	$	774	$	671,769	$	305,834	$	(3,004)	$	(494,349)	$	481,024

The accompanying notes are an integral part of these Condensed Consolidated Statements.

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WABASH NATIONAL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION

Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, the Company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. The Company designs, manufactures, and services a diverse range of products, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. This diversification has been achieved through acquisitions, organic growth, and product innovation.

The condensed consolidated financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 5). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated.

The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

2. NEW ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company’s operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

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3. REVENUE RECOGNITION

The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.

The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to, or pick up by, the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control which is recorded as customer deposits in Other accrued liabilities as shown in Note 11. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.

4. GOODWILL & OTHER INTANGIBLE ASSETS

As further described in Note 19, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments have also been determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. As of June 30, 2024, goodwill allocated to the TS and P&S segments was approximately $120.5 million and $67.9 million, respectively. The Company considered whether there were any indicators of impairment during the three and six months ended June 30, 2024 and concluded there were none.

The changes in the carrying amounts of goodwill from December 31, 2022 through the six-month period ended June 30, 2024 were as follows (in thousands):


	Transportation Solutions		Parts & Services		Total




















Balance at December 31, 2022
Goodwill	$	188,759	$	108,075	$	296,834
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2022	120,502		67,932		188,434


Effects of foreign currency	(16)		(9)		(25)
Balance at December 31, 2023
Goodwill	188,743		108,066		296,809
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2023	120,486		67,923		188,409
Effects of foreign currency	(2)		—		(2)
Balance at March 31, 2024
Goodwill	188,741		108,066		296,807
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of March 31, 2024	120,484		67,923		188,407
Effects of foreign currency	10		6		16
Balance at June 30, 2024
Goodwill	188,751		108,072		296,823
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of June 30, 2024	$	120,494	$	67,929	$	188,423

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5. NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (“VIEs”)

VIEs & Consolidation

The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either the variable interest model (the “VIE model”) or the voting interest model (the “VOE model”).

VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.

The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.

To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (typically management and representation on the board of directors as well as control of the overall strategic direction of the entity) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.

To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, which primarily include the obligation to absorb losses or fund expenditures or losses (if needed), that are deemed to be variable interests in the VIE. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.

At the VIE’s inception, the Company determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. The Company then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP.

Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, the Company consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. The Company has no entities consolidated under the VOE model.

At each reporting period, the Company reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.

If the Company concludes it is not the primary beneficiary of a VIE, the Company evaluates whether it has the ability to exercise significant influence over operating and financial policies of the entity requiring the equity method of accounting. The Company’s judgment regarding the level of influence over an equity method investment includes, but is not limited to, considering key factors such as the Company’s ownership interest (generally represented by ownership of at least 20 percent but not more than 50 percent), representation on the board of directors, participation in policy making decisions, technological dependency, and material intercompany transactions. Generally, under the equity method, investments are recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of the initial investment. Equity in income or losses is recorded according to the Company’s level of ownership; if losses accumulate, the Company records its share of losses until the investment has been fully depleted. If the Company’s investment has been fully depleted, the Company recognizes additional losses only when it is committed to provide further financial support. Dividends received from equity method investees reduce the amount of the Company’s investment when received and do not impact the Company’s earnings. The Company evaluates its equity method investments for an other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

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Linq Venture Holdings LLC

During the fourth quarter of 2023, the Company continued to unify and expand its parts and services capabilities and ecosystem by executing an agreement with a partner to create a new legal entity (Linq Venture Holdings LLC, “Linq”) to develop and scale a digital marketplace in and for the transportation and logistics distribution industry. Linq is intended to be the digital channel to market Wabash equipment and parts & services, as well as non-Wabash parts & services, in a digital marketplace format to end-customers as well as dealers. The Company holds 49% ownership of the membership units in Linq while its partner holds 51%. Initial capital contributions to Linq were in proportion to the respective ownership interests. The Company’s initial capital contribution was approximately $2.5 million while its partner’s contribution was approximately $2.6 million. At its formation, Linq had no debt or other financial obligations other than typical operating expenses and costs. Creditors of Linq do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests.

The operating agreement provides the Company’s partner with put rights that would require the Company to purchase its partner’s interest in Linq. In addition, the operating agreement provides the Company with call rights that would allow it to purchase its partner’s interest in Linq. These put and call rights vary depending upon when they may be exercised, which is generally from formation of Linq up to and including the seven-year anniversary of formation. Upon receiving notice that the Company’s partner has exercised the put right or the Company has exercised the call right, a valuation will occur as stipulated within the operating agreement. Generally, the valuation stipulated within the operating agreement is materially equivalent to a fair value calculation. Such put and call rights have not been exercised by the Company’s partner or the Company as of the current period end date.

Because Linq does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that Linq is a VIE. The Company has the ability to significantly influence the activities of Linq through minority representation on the Board of Directors as well as through participation in certain management and strategic decisions of Linq. The Company’s partner is responsible for the overall development and management of the digital marketplace, the primary purpose for which Linq was formed. Both the Company and its partner have a requirement to provide funding to Linq if needed.

As part of the formation of Linq, the Company executed a credit agreement with Linq whereby a $10.0 million revolving line of credit (the “Wabash Note”) with a 7% simple accrued interest rate, paid quarterly, is available to Linq. The commitment under the Wabash Note may be increased to $35.0 million subject to the approval of the Board of Directors as stipulated in the operating agreement. In the three-month period ended June 30, 2024, $5.6 million was borrowed under the Wabash Note. Interest income resulting from the Wabash Note for both three and six-month periods ended June 30, 2024 was less than $0.1 million. Interest income under the Wabash Note is included in Other, net in the Company’s Condensed Consolidated Statements of Operations. The Company did not provide financial or other support to Linq that it was not contractually obligated to provide.

Given the facts and circumstances specific to Linq, the Company concluded that it is not the primary beneficiary of this VIE. However, the Company has the ability to exercise significant influence over the operating and financial policies of Linq. The Company’s maximum exposure to loss in this unconsolidated VIE is limited to the Company’s initial capital contribution and any amounts borrowed under the Wabash Note. The partner’s put right does not have a standalone value as it based upon a fair value calculation when exercised, as stipulated in the operating agreement.

The Company’s equity method investment in Linq is recorded in Investment in unconsolidated entity on its Condensed Consolidated Balance Sheets. Any amounts borrowed under the Wabash Note are recorded in Other assets on the Company’s Condensed Consolidated Balance Sheets and within Investment in unconsolidated entity cash outflows presented in the investing cash flows of the Company’s Condensed Consolidated Statements of Cash Flows. Linq is considered operationally integral. The Company’s share of the results from its equity method investment is included in Loss from unconsolidated entity in the Condensed Consolidated Statements of Operations.

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The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):


	2024		2023
Balance at January 1	$	1,647	$	—
Loss from unconsolidated entity	(1,486)		—
Balance at March 31	161		—
Loss from unconsolidated entity	(1,415)		—
Equity deficit applied to note (1)	1,254		—
Balance at June 30	$	—	$	—

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond our initial investment have been recorded against the basis of our other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Note.

Wabash Parts LLC

During the second quarter of 2022, the Company unified and expanded its parts and distribution capabilities by executing an agreement with a partner to create a new legal entity (Wabash Parts LLC, “WP”) to operate a parts and services distribution platform. The Company holds 50% ownership in WP while its partner holds the remaining 50%. Initial capital contributions were insignificant. WP has no debt or other financial obligations other than typical operating expenses and costs. Creditors of WP do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests.

The operating agreement provides the Company’s partner with a put right that would require the Company to purchase its partner’s interest in WP. Upon receiving notice that the Company’s partner has exercised the put right, a valuation will occur as stipulated within the operating agreement. Such put right has not been exercised by the Company’s partner and is therefore not mandatorily redeemable as of the current period end date, however the existence of the put right that is beyond the Company’s control requires the noncontrolling interest to be presented in the temporary equity section of the Company’s Condensed Consolidated Balance Sheets.

Because the entity does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that WP is a VIE. The Company has the power to direct the activities of WP through majority representation on the Board of Directors as well as control related to the management and overall strategic direction of the entity. In addition, the Company has the obligation to absorb the benefits and losses of WP that could potentially be significant to the entity. The Company also has a requirement to provide funding to the entity if needed. Given the facts and circumstances specific to WP, the Company concluded that it is the primary beneficiary and, as such, is required to consolidate the entity. WP’s results of operations are included in the Parts & Services operating and reportable segment. Through June 30, 2024, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of June 30, 2024, the Company does not have any obligations to provide financial support to WP.

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The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	2,045	$	3,020
Accounts receivable, net	2,105		1,540
Inventories, net	2		85
Prepaid expenses and other	137		68
Total current assets	4,289		4,713
Property, plant, and equipment, net	—		—
Other assets	283		543
Total assets	$	4,572	$	5,256
Liabilities
Current liabilities:
Accounts payable	$	3,820	$	4,024
Other accrued liabilities	20		26
Total current liabilities	3,840		4,050
Other non-current liabilities	—		—
Total liabilities	$	3,840	$	4,050

The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):


	2024		2023
Balance at January 1	$	603	$	512
Net income attributable to noncontrolling interest	120		183
Other comprehensive income (loss)	—		—
Distributions paid to noncontrolling interest	(603)		—
Balance at March 31	120		695
Net income attributable to noncontrolling interest	246		146
Other comprehensive income (loss)	—		—
Distributions declared to noncontrolling interest	—		(512)
Balance at June 30	$	366	$	329

6. INVENTORIES, NET

Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. Inventories, net of reserves, consist of the following components (in thousands):


	June 30, 2024		December 31, 2023
Raw materials and components	$	143,863	$	156,314
Finished goods	100,208		86,586
Work in progress	17,226		14,102
Aftermarket parts	8,739		7,263
Used trailers	2,890		3,370
	$	272,926	$	267,635

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7. PREPAID EXPENSES AND OTHER

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Chassis converter pool agreements	$	28,034	$	27,312
Assets held for sale	—		—
Income tax receivables	7,716		11,840

Insurance premiums & maintenance/subscription agreements	9,696		5,899
Commodity swap contracts	1,940		1,511
All other	3,120		4,895
	$	50,506	$	51,457

Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. There were no assets held for sale as of either date presented. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. As further described in Note 9, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets. As of June 30, 2024 and December 31, 2023, there was no restricted cash included in prepaid expenses and other current assets.

8. DEBT

Long-term debt consists of the following (in thousands):


	June 30, 2024		December 31, 2023
Senior Notes due 2028	$	400,000	$	400,000
Revolving Credit Agreement	—		—

	400,000		400,000
Less: unamortized discount and fees	(3,200)		(3,535)
Less: current portion	—		—
	$	396,800	$	396,465

Senior Notes due 2028

On October 6, 2021, the Company closed on an offering of $400 million in aggregate principal amount of its 4.50% unsecured Senior Notes due 2028 (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture dated as of October 6, 2021, by and among the Company, certain subsidiary guarantors named therein (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the “Indenture”). The Senior Notes bear interest at the rate of 4.50% and pay interest semi-annually in cash in arrears on April 15 and October 15 of each year. The Senior Notes will mature on October 15, 2028. At any time prior to October 15, 2024, the Company may redeem some or all of the Senior Notes for cash at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes being redeemed plus an applicable make-whole premium set forth in the Indenture and accrued and unpaid interest to, but not including, the redemption date.

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Prior to October 15, 2024, the Company may redeem up to 40% of the Senior Notes at a redemption price of 104.500% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date, with the proceeds of certain equity offerings so long as if, after any such redemption occurs, at least 60% of the aggregate principal amount of the Senior Notes remain outstanding. On and after October 15, 2024, the Company may redeem some or all of the Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 102.250% for the twelve-month period beginning on October 15, 2024, 101.125% for the twelve-month period beginning October 15, 2025 and 100.000% beginning on October 15, 2026, plus accrued and unpaid interest to, but not including, the redemption date. Upon the occurrence of a Change of Control (as defined in the Indenture), unless the Company has exercised its optional redemption right in respect of the Senior Notes, the holders of the Senior Notes will have the right to require the Company to repurchase all or a portion of the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest to, but not including, the date of repurchase.

The Senior Notes are guaranteed on a senior unsecured basis by all direct and indirect existing and future domestic restricted subsidiaries, subject to certain restrictions. The Senior Notes and related guarantees are the Company’s and the Guarantors’ general unsecured senior obligations and will be subordinated to all of the Company and the Guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the Senior Notes are structurally subordinated to any existing and future debt of any of the Company’s subsidiaries that are not Guarantors, to the extent of the assets of those subsidiaries.

Subject to a number of exceptions and qualifications, the Indenture restricts the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or with respect to any other interest or participation in, or measured by, its profits; (iii) make loans and certain investments; (iv) sell assets; (v) create or incur liens; (vi) enter into transactions with affiliates; and (vii) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of important exceptions and qualifications.

During any time when the Senior Notes are rated investment grade by at least two of Moody’s, Fitch and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and the Company and its subsidiaries will cease to be subject to such covenants during such period.

The Indenture contains customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of June 30, 2024, the Company was in compliance with all covenants.

Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and six-month period ended June 30, 2024 was $4.5 million and $0.2 million, and $9.0 million and $0.3 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and six-month period ended June 30, 2023 was $4.5 million and $0.2 million, and $9.0 million and $0.3 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes are included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revolving Credit Agreement

On September 23, 2022, the Company entered into the Third Amendment to Second Amended and Restated Credit Agreement among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), certain of its subsidiaries as guarantors, the lenders party thereto, and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended the Company’s existing Second Amended and Restated Credit Agreement dated as of December 21, 2018 (as amended from time to time, the “Revolving Credit Agreement”).

Under the Revolving Credit Agreement, the lenders agree to make available a $350 million revolving credit facility to the Borrowers with a scheduled maturity date of September 23, 2027. The Company has the option to increase the total commitments under the facility by up to an additional $175 million, subject to certain conditions, including obtaining agreements from one or more lenders, whether or not party to the Revolving Credit Agreement, to provide such additional commitments. Availability under the Revolving Credit Agreement is based upon quarterly (or more frequent under certain circumstances) borrowing base certifications of the Borrowers’ eligible inventory, eligible leasing inventory and eligible accounts receivable, and is reduced by certain reserves in effect from time to time.

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Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in the amount of $25 million and allows for swingline loans in the amount of $35 million. Outstanding borrowings under the Revolving Credit Agreement bear interest at an annual rate, at the Borrowers’ election, equal to (i) adjusted term Secured Overnight Financing Rate plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the Revolving Credit Agreement. The Borrowers are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses of the Agent and the lenders.

The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors.

The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, repay subordinated indebtedness, make investments and dispose of assets. In addition, the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 as of the end of any period of 12 fiscal months when excess availability under the Revolving Credit Agreement is less than the greater of (a) 10.0% of the lesser of (i) the total revolving commitments and (ii) the borrowing base (such lesser amount, the “Line Cap”) and (b) $25 million. As of June 30, 2024, the Company was in compliance with all covenants.

If availability under the Revolving Credit Agreement is less than the greater of (i) 10% of the Line Cap and (ii) $25 million for three consecutive business days, or if there exists an event of default, amounts in any of the Borrowers’ and the Guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the facility.

The Revolving Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the lenders may, among other things, require the immediate payment of all amounts outstanding and foreclose on collateral. In addition, in the case of an event of default arising from certain events of bankruptcy or insolvency, the lenders’ obligations under the Revolving Credit Agreement would automatically terminate, and all amounts outstanding under the Revolving Credit Agreement would automatically become due and payable.

The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Agreement, amounted to $380.9 million as of June 30, 2024 and $516.1 million as of December 31, 2023.

During the three-month period ended June 30, 2024, the Company had payments of principal totaling $0.2 million and borrowings of principal totaling $0.2 million. During the six-month period ended June 30, 2024, the Company had payments of principal totaling $0.4 million and borrowings of principal totaling $0.4 million. As of June 30, 2024, there were no amounts outstanding under the Revolving Credit Agreement.

During the three-month period ended June 30, 2023, the Company had payments of principal totaling $60.4 million and borrowings of principal totaling $60.4 million. During the six-month period ended June 30, 2023, the Company had payments of principal totaling $103.7 million and borrowings of principal totaling $103.7 million. As of June 30, 2023, there were no amounts outstanding under the Revolving Credit Agreement.

Interest expense under the Revolving Credit Agreement for the three- and six-month periods ended June 30, 2024 was approximately $0.2 million and $0.4 million, respectively. During the three- and six-month periods ended June 30, 2023, interest expense under the Revolving Credit Agreement was approximately $0.3 million and $0.5 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

9. FINANCIAL DERIVATIVE INSTRUMENTS

Commodity Pricing Risk

As of June 30, 2024, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $36.7 million. The Company uses commodity swap contracts to mitigate the risks associated with fluctuations in commodity prices impacting its cash flows related to inventory purchases from suppliers. The Company does not hedge all commodity price risk.

At inception, the Company designated the commodity swap contracts as cash flow hedges. The contracts mature at specified monthly settlement dates and will be recognized into earnings through December 2024. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur.

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Financial Statement Presentation

As of June 30, 2024 and December 31, 2023, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):


		Asset / (Liability) Derivatives
	Balance Sheet Caption	June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments
Commodity swap contracts	Prepaid expenses and other	$	1,940	$	1,511
Commodity swap contracts	Accounts payable and Other accrued liabilities	(1,818)		(1,045)
Total derivatives designated as hedging instruments		$	122	$	466

The following table summarizes the gain or loss recognized in AOCI as of June 30, 2024 and December 31, 2023 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)				Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Earnings

	June 30, 2024		December 31, 2023			Three Months Ended June 30,				Six Months Ended June 30,
						2024		2023		2024		2023
Derivatives instruments
Commodity swap contracts	$	(277)	$	388	Cost of sales	$	624	$	(369)	$	(124)	$	117

Over the next 12 months, the Company expects to reclassify approximately $0.4 million of pretax deferred losses, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled.

10. LEASES

Lessee Activities

The Company records a right-of-use (“ROU”) asset and lease liability for substantially all leases for which it is a lessee, in accordance with Accounting Standards Codification (“ASC”) 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration.

The Company leases certain industrial spaces, office spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally 1 to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised at lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

During the six months ended June 30, 2024, leased assets obtained in exchange for new operating lease liabilities totaled approximately $5.4 million. During the six months ended June 30, 2023, leased assets obtained in exchange for new operating lease liabilities totaled approximately $6.5 million. As of June 30, 2024, obligations related to operating leases that the Company has executed but have not yet commenced were nominal.

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Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):


	Classification	June 30, 2024		December 31, 2023
Right-of-Use Assets
Operating	Other assets	$	34,476	$	32,219

Total leased ROU assets		$	34,476	$	32,219
Liabilities
Current
Operating	Other accrued liabilities	$	10,640	$	9,049

Noncurrent
Operating	Other non-current liabilities	23,836		23,170

Total lease liabilities		$	34,476	$	32,219

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):


	Classification	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	2,905	$	2,128



Net lease cost		$	2,905	$	2,128

	Classification	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	5,665	$	4,085



Net lease cost		$	5,665	$	4,085

Maturity of the Company’s lease liabilities as of June 30, 2024 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024 (remainder)	$	6,154	$	—	$	6,154
2025	11,637		—		11,637
2026	10,451		—		10,451
2027	5,643		—		5,643
2028	2,409		—		2,409
Thereafter	1,222		—		1,222
Total lease payments	$	37,516	$	—	$	37,516
Less: interest	3,040		—
Present value of lease payments	$	34,476	$	—

As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:


	June 30, 2024		December 31, 2023
Weighted average remaining lease term (years)
Operating leases	3.5		3.8

Weighted average discount rate
Operating leases	4.95	%	4.94	%

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Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,696	$	4,114
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	—	$	—

Lessor and Sublessor Activities

The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no sales-type or direct financing lease arrangements as of June 30, 2024.

The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets.

Initial lease terms are generally three to five years. Certain of the Company’s leases provide customers with renewal options that provide the ability to extend the lease term for a period of generally one to five years. In addition, some leases include options for the customer to purchase the trailers at fair market value, as determined by the Company at or near the end of the lease. The Company’s lease agreements generally do not have residual value guarantees nor permit customers to terminate the lease agreements prior to natural expiration. As stipulated in the lease agreements, the Company may receive reimbursements from customers for certain damage or required repairs to the trailers.

Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.

Lease income is included in Net sales on the Company’s Condensed Consolidated Statements of Operations, and is recorded in the Parts & Services operating segment. For the three and six months ended June 30, 2024 and 2023, the Company’s lease income consisted of the following components (in thousands):


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	559	$	117
Variable lease income	—		—
Total lease income1	$	559	$	117

	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	1,202	$	179
Variable lease income	—		—
Total lease income1	$	1,202	$	179

—————————

(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.

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The following table shows the Company’s future contractual receipts from noncancelable operating leases as of June 30, 2024 (in thousands):


	Operating Leases2
2024 (remainder)	$	1,037
2025	2,062
2026	2,062
2027	1,949
2028	1,567
Thereafter	99
Total contractual receipts	$	8,776

—————————

(2) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.

11. OTHER ACCRUED LIABILITIES

The following table presents the major components of Other accrued liabilities (in thousands):


	June 30, 2024		December 31, 2023
Warranty	$	22,620	$	21,286
Chassis converter pool agreements	28,034		27,312
Payroll and related taxes	18,831		40,265
Customer deposits	26,671		45,586
Self-insurance	11,371		11,311
Accrued interest	3,817		3,817
Operating lease obligations	10,640		9,049
Accrued taxes	14,837		24,662
All other	11,052		12,313
	$	147,873	$	195,601

The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):


	2024		2023
Balance as of January 1	$	21,286	$	22,061
Provisions and revisions to estimates	4,048		1,770

Payments	(2,714)		(2,086)
Balance as of June 30	$	22,620	$	21,745

The Company offers a limited warranty for its products with a coverage period that ranges between 1 and 5 years, except that the coverage period for DuraPlate® trailer panels is 10 years and the coverage period for steel main beams on flatbed trailer products exceeds 10 years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale or when a specific recall notice has been issued.

12. FAIR VALUE MEASUREMENTS

The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:

▪Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets;

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▪Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and

▪Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

Recurring Fair Value Measurements

The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant.

The investments purchased by the Company include mutual funds, which are classified as Level 1, and life-insurance contracts valued based on the performance of underlying mutual funds, which are classified as Level 2. Additionally, the Company holds a pool of investments made by a wholly owned captive insurance subsidiary. These investments are comprised of mutual funds, which are classified as Level 1.

The fair value of the Company’s derivatives is estimated with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes, and are classified as Level 2.

Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are shown below (in thousands):


	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024
Commodity swap contracts	Recurring	$	122	$	—	$	122	$	—
Mutual funds	Recurring	$	14,273	$	14,273	$	—	$	—
Life-insurance contracts	Recurring	$	20,151	$	—	$	20,151	$	—
December 31, 2023
Commodity swap contracts	Recurring	$	466	$	—	$	466	$	—
Mutual funds	Recurring	$	11,735	$	11,735	$	—	$	—
Life-insurance contracts	Recurring	$	18,510	$	—	$	18,510	$	—

Estimated Fair Value of Debt

The estimated fair value of debt at June 30, 2024 consists of the Senior Notes due 2028 (see Note 8). The fair value of the Senior Notes due 2028 are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the Revolving Credit Agreement are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for any borrowings.

The Company’s carrying and estimated fair value of debt at June 30, 2024 and December 31, 2023 were as follows (in thousands):


	June 30, 2024								December 31, 2023
	Carrying Value		Fair Value						Carrying Value		Fair Value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Instrument
Senior Notes due 2028	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—
Revolving Credit Agreement	—		—		—		—		—		—		—		—

	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—

The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements, since long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the condensed consolidated financial statements.

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13. COMMITMENTS AND CONTINGENCIES

Litigation

As of June 30, 2024, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, including class action lawsuits, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. Accrual for losses have been recorded for those matters deemed both probable and reasonably estimated. On the basis of information currently available to it, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Consolidated Statements of Operations.

Legal Matter Estimated Liability

As of June 30, 2024, the Company was named as a defendant in California state court in two purported class action lawsuits, alleging wage and hour claims under California-specific employment laws (collectively, the “Matters”). The defense of both lawsuits is being handled in conjunction with one another. During the three months ended March 31, 2023, in accordance with ASC 450, the Company concluded a liability related to the Matters was probable and estimable. As such, an estimated liability $3.0 million is included in General & administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2023. During the second quarter of 2023, the Company reached an agreement to resolve the Matters via settlement for an amount materially consistent with the estimated liability. The settlement proceeds were paid in the first quarter of 2024, and the Company expects the matters will be closed in the third quarter of 2024.

Product Liability Claims

The Company is and has been, and may in the future be, subject to product liability claims and litigation incidental to the Company’s normal operating activities. The ultimate outcome of such claims and litigation cannot be predicted with any certainty and any such claim or litigation could materially and adversely affect the Company’s financial condition, results of operations and cash flows.

Environmental Disputes

In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National Corporation (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (the “PRP Group”) notified Wabash in August 2014 that it was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial condition and results of operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations.

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On November 13, 2019, the Company received a notice that it was considered one of several PRPs by the Indiana Department of Environmental Management (“IDEM”) under CERCLA and state law related to substances found in soil and groundwater at a property located at 817 South Earl Avenue, Lafayette, Indiana (the “Site”). The Company has never owned or operated the Site, but the Site is near certain of the Company’s owned properties. In 2020, the Company agreed to implement a limited work plan to further investigate the source of the contamination at the Site and worked with IDEM and other PRPs to finalize the terms of the work plan. The Company submitted its initial site investigation report to IDEM during the third quarter of 2020, indicating that the data collected by the Company’s consultant confirmed that the Company’s properties are not the source of contamination at the Site. In December 2021, after completing further groundwater sampling work, the Company submitted to IDEM a supplemental written report, which again stated that the Company is not a responsible party and the Company’s properties are not a source of any contamination. In June 2022, the Company and other PRPs finalized Work Plan Addendum No. 3, which provided for additional groundwater sampling on another PRP property. The Company completed all additional sampling and submitted supplemental reports to IDEM as of the first quarter of 2024. All available information and reports establish there is no source of any contamination on the Company’s owned properties. As of June 30, 2024, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations.

Chassis Converter Pool Agreements

The Company obtains vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of June 30, 2024, the Company’s outstanding chassis converter pool with the manufacturer totaled $28.0 million and has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities. All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $1.6 million. Under these agreements, if the chassis is not delivered to a customer within a specified time frame, the Company is required to pay a finance or storage charge on the chassis. Additionally, the Company receives finance support funds from manufacturers when the chassis are assigned into the Company’s chassis pool. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company.

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14. NET INCOME PER COMMON SHARE

Basic earnings per common share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per common share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income attributable to common stockholders per common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts).


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541
Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Basic net income attributable to common stockholders per share	$	0.65	$	1.57	$	1.04	$	2.64

Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541

Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Dilutive stock options and restricted stock	469		921		612		1,127
Diluted weighted average common shares outstanding	45,365		48,373		45,751		48,737
Diluted net income attributable to common stockholders per share	$	0.64	$	1.54	$	1.03	$	2.58

15. STOCK-BASED COMPENSATION

The Company recognizes all share-based payments based upon their grant date fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. In addition, the Company’s policy is to estimate expected forfeitures on share-based awards. The fair value of service and performance-based units is based on the market price of a share of underlying common stock at the date of grant. The fair values of the awards that contain market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return, and correlation matrix. The amount of compensation costs related to restricted stock units and performance units not yet recognized, excluding estimated forfeitures, was $21.3 million at June 30, 2024, for which the expense will be recognized through 2027.

16. STOCKHOLDERS’ EQUITY

Share Repurchase Program

On February 15, 2024, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $150 million repurchase program approved in August 2021 and the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in February 2027. Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the Company. As of June 30, 2024, $151.2 million remained available under the program.

Common and Preferred Stock

The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 million shares and 25 million shares, respectively, with par value of $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences, and other rights and restrictions.

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Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component, net of tax, for the six months ended June 30, 2024 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2023	$	(816)	$	388	$	(428)
Net unrealized gains (losses) arising during the period(a)	184		(290)		(106)
Less: Net realized gains (losses) reclassified to net income(b)	—		(566)		(566)
Net change during the period	184		276		460
Balances at March 31, 2024	(632)		664		32
Net unrealized gains (losses) arising during the period(c)	(1,192)		(464)		(1,656)
Less: Net realized gains (losses) reclassified to net income(d)	—		477		477
Net change during the period	(1,192)		(941)		(2,133)
Balances at June 30, 2024	$	(1,824)	$	(277)	$	(2,101)

—————————

(a) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.

(b) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.

(d) Derivative instruments net of $0.2 million of tax liability for the three months ended June 30, 2024.

Changes in AOCI by component, net of tax, for the six months ended June 30, 2023 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2022	$	(1,791)	$	909	$	(882)
Net unrealized gains (losses) arising during the period(e)	564		130		694
Less: Net realized gains (losses) reclassified to net income(f)	—		366		366
Net change during the period	564		(236)		328
Balances at March 31, 2023	(1,227)		673		(554)
Net unrealized gains (losses) arising during the period(g)	502		(3,229)		(2,727)
Less: Net realized gains (losses) reclassified to net income(h)	—		(277)		(277)
Net change during the period	502		(2,952)		(2,450)
Balances at June 30, 2023	$	(725)	$	(2,279)	$	(3,004)

—————————

(e) Derivative instruments net of less than $0.1 million of tax liability for the three months ended March 31, 2023.

(f) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2023.

(g) Derivative instruments net of $1.0 million of tax benefit for the three months ended June 30, 2023.

(h) Derivative instruments net of $0.1 million of tax liability for the three months ended June 30, 2023.

17. INCOME TAXES

For the three months ended June 30, 2024, the Company recognized income tax expense of $9.8 million compared to $24.3 million for the same period in the prior year. The Company recognized income tax expense of $16.2 million in the first six months of 2024 compared to $38.2 million for the same period in the prior year. The effective tax rates for the first six months of 2024 and 2023 were 25.4% and 23.3%, respectively. For the first six months of 2024, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes. For the first six months of 2023, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes net of discrete items incurred related to stock-based compensation.

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18. IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT

During the second quarter of 2024, the Company impaired approximately $1.0 million due to a construction-in-progress project that was no longer expected to be completed. The impairment is included in Impairment and other, net in the Condensed Consolidated Statements of Operations. There were no material impairments during the three and six-month periods ended June 30, 2023.

19. SEGMENTS

a. Segment Reporting

Based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in two operating and reportable segments: Transportation Solutions and Parts & Services.

Additional information related to the composition of each segment is included below.

▪Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility. The Company’s EcoNex™ products, which are under the Company’s AcuthermTM portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies are also in the TS segment.

▪Parts & Services (“P&S”): The P&S segment is comprised of the Company’s Parts and Services business as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). In addition, the Company’s Composites business, which focuses on the use of DuraPlate® composite panels beyond the semi-trailer market, is also part of the P&S segment. This segment also includes the Wabash Parts LLC and Linq Venture Holdings LLC entities we created with our partners as further described in Note 5. Our Trailers as a Service (TAAS)SM initiatives are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures stainless-steel storage tanks and silos, mixers, and processors for a variety of end markets. Growing and expanding the Parts and Services businesses is a key strategic initiative for the Company moving forward.

The accounting policies of the TS and P&S segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income (loss) from operations. The Company has not allocated certain corporate related administrative costs, interest, and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance.

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Reportable segment information is as follows (in thousands):


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	497,100	$	53,510	$	—	$	550,610
Intersegment sales	1,605		1,391		(2,996)		—
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610

Income (loss) from operations	$	56,918	$	12,087	$	(25,242)	$	43,763


Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	625,718	$	60,902	$	—	$	686,620
Intersegment sales	4,964		1,164		(6,128)		—
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620

Income (loss) from operations	$	115,806	$	12,937	$	(25,433)	$	103,310


Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	964,223	$	101,663	$	—	$	1,065,886
Intersegment sales	4,910		2,472		(7,382)		—
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886

Income (loss) from operations	$	101,173	$	22,607	$	(50,442)	$	73,338


Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	1,201,014	$	106,558	$	—	$	1,307,572
Intersegment sales	7,739		2,648		(10,387)		—
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572

Income (loss) from operations	$	202,922	$	22,146	$	(51,858)	$	173,210

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b. Product Information

The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	383,145	$	—	$	(681)	$	382,464	69.5	%
Used trailers	—		1,144		—		1,144		0.2	%
Components, parts and services	—		34,453		—		34,453		6.3	%
Equipment and other	115,560		19,304		(2,315)		132,549		24.1	%
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610	100.0	%

Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	523,537	$	—	$	(2,002)	$	521,535	76.0	%
Used trailers	—		517		—		517		0.1	%
Components, parts and services	—		39,794		—		39,794		5.8	%
Equipment and other	107,145		21,755		(4,126)		124,774		18.2	%
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620	100.0	%

Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	749,303	$	—	$	(1,501)	$	747,802	70.2	%
Used trailers	—		2,488		—		2,488		0.2	%
Components, parts and services	—		70,083		—		70,083		6.6	%
Equipment and other	219,830		31,564		(5,881)		245,513		23.0	%
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886	100.0	%

Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	1,008,785	$	—	$	(2,364)	$	1,006,421	77.0	%
Used trailers	—		1,056		—		1,056		0.1	%
Components, parts and services	—		75,476		—		75,476		5.8	%
Equipment and other	199,968		32,674		(8,023)		224,619		17.2	%
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572	100.0	%

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) of Wabash National Corporation (together with its subsidiaries, “Wabash,” “Company,” “us,” “we,” or “our”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan” or “anticipate” and other similar words. Forward-looking statements convey the Company’s current expectations or forecasts of future events. Our “forward-looking statements” include, but are not limited to, statements regarding:

▪demand for our products and the sensitivity of demand to economic conditions;

▪the highly cyclical nature of our business;

▪economic weakness and its impact on the markets and customers we serve;

▪our backlog and indicators of the level of our future revenues;

▪changes in our customer relationships or in the financial condition of our customers;

▪reliance on information technology to support our operations and our ability to protect against service interruptions or security breaches;

▪inflation;

▪reliance on a limited number of suppliers of raw materials and components, price increases of raw materials and components, and our ability to obtain raw materials and components;

▪our ability to attract and retain key personnel or a sufficient workforce;

▪our ability to execute on our long-term strategic plan and growth initiatives or to meet our long-term financial goals;

▪volatility in the supply of vehicle chassis and other vehicle components:

▪significant competition in the industries in which we operate including offerings by our competitors of new or better products and services or lower prices;

▪our competition in the highly competitive specialized vehicle industry;

▪market acceptance of our technology and products or market share gains of competing products;

▪disruptions of manufacturing operations;

▪our ability to effectively manage, safeguard, design, manufacture, service, repair, and maintain our leased (or subleased) trailers;

▪our ability to realize all of the expected enhanced revenue, earnings, and cash flow from our joint venture arrangement to create Linq Venture Holdings LLC;

▪our ability to realize all of the expected enhanced revenue, earnings, and cash flow from our agreement to create Wabash Parts LLC;

▪current and future governmental laws and regulations and costs related to compliance with such laws and regulations;

▪changes to U.S. or foreign tax laws and the effects on our effective tax rate and future profitability;

▪changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences;

▪the effects of product liability and other legal claims;

▪climate change and related public focus from regulators and various stakeholders;

▪impairment in the carrying value of goodwill and other long-lived intangible assets;

▪our ability to continue a regular quarterly dividend;

▪our ability to generate sufficient cash to service all of our indebtedness;

▪our indebtedness, financial condition and fulfillment of obligations thereunder;

▪increased risks of international operations;

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▪our ability to meet environmental, social, and governance (“ESG”) expectations or standards or to achieve our ESG goals;

▪provisions of our Senior Notes which could discourage potential future acquisitions of us by a third party;

▪the risks related to restrictive covenants in our Senior Notes indenture and Revolving Credit Agreement (each, as defined below), including limits on financial and operating flexibility;

▪price and trading volume volatility of our common stock; and

▪assumptions relating to the foregoing.

Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in this Quarterly Report. Important risks and factors that could cause our actual results to be materially different from our expectations include the factors that are disclosed in “Item 1A-Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Each forward-looking statement contained in this Quarterly Report reflects our management’s view only as of the date on which that forward-looking statement was made. We are not obligated to update forward-looking statements or publicly release the result of any revisions to them to reflect events or circumstances after the date of this Quarterly Report or to reflect the occurrence of unanticipated events, except as required by law.

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Results of Operations

The following table sets forth certain operating data as a percentage of net sales for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net sales	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	83.7	%	78.0	%	84.4	%	79.6	%
Gross profit	16.3	%	22.0	%	15.6	%	20.4	%

General and administrative expenses	6.2	%	5.4	%	6.6	%	5.6	%
Selling expenses	1.4	%	1.0	%	1.4	%	1.1	%
Amortization of intangibles	0.5	%	0.5	%	0.6	%	0.5	%
Impairment and other, net	0.2	%	—	%	0.1	%	—	%
Income from operations	7.9	%	15.0	%	6.9	%	13.2	%

Interest expense	(0.9	%)	(0.7	%)	(0.9	%)	(0.8	%)
Other, net	0.3	%	0.1	%	0.3	%	0.1	%
Other expense, net	(0.6	%)	(0.7	%)	(0.6	%)	(0.7	%)
Loss from unconsolidated entity	(0.3	%)	—	%	(0.3	%)	—	%
Income before income tax expense	7.1	%	14.4	%	6.0	%	12.5	%

Income tax expense	1.8	%	3.5	%	1.5	%	2.9	%
Net income	5.3	%	10.8	%	4.5	%	9.6	%

For the three-month period ended June 30, 2024, we recorded net sales of $550.6 million compared to $686.6 million in the prior year period. Net sales for the three-month period ended June 30, 2024, decreased $136.0 million, or 19.8%, compared to the prior year period. New trailer shipments decreased 21.8% and new truck body shipments decreased 2.5%. The decrease in new trailer (primarily dry vans) shipments outpaced the increase in revenue per unit across all product lines except dry vans, driving the overall decrease in revenue. Net sales within the P&S reportable segment decreased $7.2 million compared to the prior year period, primarily due to a decrease in sales within our Process Systems and Components businesses, partially offset by an increase in sales in our Upfitting Solutions and Services and Aftermarket Parts businesses. Overall, gross profit margin decreased to 16.3% in the second quarter of 2024 compared to 22.0% in the prior year period primarily driven by lower sales volumes and consistent fixed costs. We continue to focus on positioning ourselves to profitably capitalize on current demand while being vigilant to respond to any key changes to the industry and overall economy.

For the three-month period ended June 30, 2024, selling, general and administrative expenses declined $2.6 million as compared to the same period in 2023. As a percentage of net sales, selling, general and administrative expenses were 7.6% in the second quarter of 2024 as compared to 6.5% in the prior year period. The overall decrease in selling, general and administrative expenses in the current year period compared to the same period in the prior year was largely driven by a decrease of $4.2 million in employee-related costs, including benefits and incentive programs partially offset by an increase of $1.6 million of advertising and promotional expenses.

Our management team continues to be focused on increasing overall stockholder value by optimizing our manufacturing operations to match the current demand environment, implementing cost savings initiatives and enterprise lean techniques, strengthening our capital structure and maintaining strong liquidity, developing innovative products that enable our customers to succeed, improving earnings, and continuing diversification of the business into higher margin opportunities that leverage our intellectual and process capabilities.

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Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Net Sales

Net sales in the second quarter of 2024 decreased $136.0 million, or 19.8%, compared to the second quarter of 2023. By business segment, prior to the elimination of intercompany sales, sales and related units sold were as follows (dollars in thousands):


	Three Months Ended June 30,				Change
	2024		2023		Amount		%
	(prior to elimination of intersegment sales)
Sales by Segment
Transportation Solutions	$	498,705	$	630,682	$	(131,977)	(20.9	%)
Parts & Services	54,901		62,066		(7,165)		(11.5	%)

Eliminations	(2,996)		(6,128)		3,132
Total	$	550,610	$	686,620	$	(136,010)	(19.8	%)

New Units Shipped	(units)
Trailers	9,245		11,825		(2,580)		(21.8	%)
Truck bodies	3,925		4,025		(100)		(2.5	%)
Total	13,170		15,850		(2,680)		(16.9	%)

Used Units Shipped	(units)
Trailers	20		15		5		33.3	%

TS segment sales, prior to the elimination of intersegment sales, were $498.7 million for the second quarter of 2024, a decrease of $132.0 million, or 20.9%, compared to the second quarter of 2023. New trailers shipped during the second quarter of 2024 totaled 9,245 trailers compared to 11,825 trailers in the prior year period, a decrease of 21.8%, which was primarily driven by lower new trailer shipments (primarily dry vans). New truck bodies shipped during the second quarter of 2024 totaled 3,925 truck bodies compared to 4,025 truck bodies in the prior year period, a decrease of 2.5%, offset by higher per unit revenue resulting in a slight increase in truck body revenue. Overall, the decrease in new trailer shipments outpaced the increase in revenue per unit across all product lines except dry vans, driving the overall decrease in revenue.

P&S segment sales, prior to the elimination of intersegment sales, were $54.9 million for the second quarter of 2024, a decrease of $7.2 million, or 11.5%, compared to the second quarter of 2023. The overall decrease in sales for this segment was due primarily to lower sales in our Process Systems and Components businesses of $6.9 million and $4.7 million, respectively. The overall decrease in sales was partially offset by higher sales within our Upfitting Solutions and Services business and our Aftermarket Parts business of $2.6 million and $1.5 million, respectively.

Cost of Sales

Cost of sales was $461.0 million in the second quarter of 2024, a decrease of $74.6 million, or 13.9%, compared to the prior year period. Cost of sales is comprised of material costs, a variable expense, and other manufacturing costs, comprised of both fixed and variable expenses, including direct and indirect labor, outbound freight, overhead expenses, and depreciation.

TS segment cost of sales was $424.0 million in the second quarter of 2024, a decrease of $72.7 million, or 14.6%, compared to the prior year period. The decrease in cost of sales, which was primarily driven by lower shipment volumes, was due to a decrease in material costs of $66.1 million, or 19.1%, along with a decrease in certain other manufacturing costs.

P&S segment cost of sales was $39.9 million in the second quarter of 2024, a decrease of $5.1 million, or 11.2%, compared to the prior period. The decrease in cost of sales, which was primarily driven by lower shipment volumes, was due to a decrease in material costs of $6.1 million, or 18.6%, partially offset by higher labor and employee-related costs of approximately $1.7 million from the prior year period.

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Gross Profit

Gross profit was $89.6 million in the second quarter of 2024, a decrease of $61.4 million from the prior year period. Gross profit as a percentage of net sales was 16.3% for the second quarter of 2024, compared to 22.0% for the same period in 2023. Gross profit by segment was as follows (dollars in thousands):


	Three Months Ended June 30,				Change
	2024		2023		Amount		%
Gross Profit by Segment
Transportation Solutions	$	74,675	$	133,945	$	(59,270)	(44.2	%)
Parts & Services	14,969		17,082		(2,113)		(12.4	%)

Corporate & Eliminations	—		—		—
Total	$	89,644	$	151,027	$	(61,383)	(40.6	%)

TS segment gross profit was $74.7 million for the second quarter of 2024 compared to $133.9 million for the second quarter of 2023. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 15.0% in the second quarter of 2024 compared to 21.2% in the comparative 2023 period. The overall decrease in gross profit from the prior year period was primarily driven by a decrease in new trailer shipments with our dry van products accounting for approximately $41.4 million of the decrease in gross profit. This was partially offset by net price favorability driven primarily by higher pricing across all product lines except dry vans.

P&S segment gross profit was $15.0 million for the second quarter of 2024 compared to $17.1 million for the second quarter of 2023. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 27.3% in the second quarter of 2024 compared to 27.5% in the 2023 period. The overall decrease in gross profit was primarily related to the decrease in sales in our Process systems and Components businesses.

General and Administrative Expenses

General and administrative expenses for the second quarter of 2024 decreased $3.3 million, or 9.0%, from the prior year period. The decrease from the prior year period was due in part to a decrease in employee-related costs of approximately $3.5 million, primarily due to decreased costs of employee benefits and incentive programs. As a percentage of net sales, general and administrative expenses were 6.2% for the second quarter of 2024 compared to 5.4% for the second quarter of 2023. The overall increase in general and administrative expenses as a percentage of net sales was primarily attributable to lower net sales in the second quarter.

Selling Expenses

Selling expenses were $7.9 million in the second quarter of 2024, an increase of $0.7 million, or 10.3%, compared to the prior year period. The increase was primarily attributable to higher advertising and promotional expenses of approximately $1.6 million offset partially offset by a decrease in employee costs related to benefits and incentive programs of approximately $0.7 million. As a percentage of net sales, selling expenses were 1.4% for the second quarter of 2024 compared to 1.0% for the second quarter of 2023. The increase in selling expenses as a percentage of net sales was due in part to lower overall sales and an increase in advertising and promotional expenses.

Amortization of Intangibles

Amortization of intangibles was $3.0 million during the second quarter of 2024 compared to $3.2 million in the prior year period. Amortization of intangibles was the result of expenses recognized for intangible assets recorded from previous acquisitions. The decrease from the prior year period is related to certain of the intangible assets recorded upon the acquisition of Supreme in September 2017 that became fully amortized at December 31, 2023.

Impairment and Other, Net

Impairment and other, net was a net loss of $1.0 million for the three month period ended June 30, 2024 compared to a nominal loss in the prior year period. Activity during the current year period primarily related to the impairment of a construction-in-progress project that was no longer expected to be completed.

Other Income (Expense)

Interest expense totaled $4.9 million during both the second quarter of 2024 and 2023. Interest expense relates to interest and non-cash accretion charges on our Senior Notes due 2028 and Revolving Credit Agreement.

Other, net for the second quarter of 2024 represented income of $1.6 million as compared to income of $0.5 million for the prior year period. Income for the current and prior year periods primarily relate to interest income.

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Income Taxes

We recognized income tax expense of $9.8 million in the second quarter of 2024 compared to $24.3 million for the same period in the prior year. The effective tax rate for this period was 25.1% compared to a rate of 24.6% for the same period in the prior year. For the first six months of 2024, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes while the effective rate of first six months of 2023 differs primarily due to state taxes net of discrete items incurred related to stock-based compensation.

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Net Sales

Net sales in the first six months of 2024 decreased $241.7 million, or 18.5%, compared to the first six months of 2023. By business segment, prior to the elimination of intercompany sales, sales and related units sold were as follows (dollars in thousands):


	Six Months Ended June 30,				Change
	2024		2023		Amount		%
	(prior to elimination of intersegment sales)
Sales by Segment
Transportation Solutions	$	969,133	$	1,208,753	$	(239,620)	(19.8	%)
Parts & Services	104,135		109,206		(5,071)		(4.6	%)

Eliminations	(7,382)		(10,387)		3,005
Total	$	1,065,886	$	1,307,572	$	(241,686)	(18.5	%)

New Units Shipped	(units)
Trailers	17,745		23,610		(5,865)		(24.8	%)
Truck bodies	7,615		7,835		(220)		(2.8	%)
Total	25,360		31,445		(6,085)		(19.4	%)

Used Units Shipped	(units)
Trailers	35		30		5		16.7	%

TS segment sales, prior to the elimination of intersegment sales, were $969.1 million for the first six months of 2024, a decrease of $239.6 million, or 19.8%, compared to the first six months of 2023. New trailers shipped during the first six months of 2024 totaled 17,745 trailers compared to 23,610 trailers in the prior year period, a decrease of 24.8%, which was primarily driven by lower new trailer shipments (primarily dry vans). The decrease in new trailer shipments outpaced the increase in revenue per new trailer unit across all trailer product lines except dry vans, driving the overall decrease in revenue. New truck bodies shipped during the first six months of 2024 totaled 7,615 truck bodies compared to 7,835 truck bodies in the prior year period, a decrease of 2.8%, despite a slight increase in truck body revenue due to higher revenue per unit.

P&S segment sales, prior to the elimination of intersegment sales, were $104.1 million for the first six months of 2024, a decrease of $5.1 million, or 4.6%, compared to the first six months of 2023. The overall decrease in sales for this segment was due primarily to lower sales in our Process Systems and Components businesses which decreased by $10.1 million and $2.5 million, respectively. The overall decrease in sales was partially offset by an increase in sales within our Upfitting Solutions and Services and Aftermarket Parts businesses of $4.3 million and $1.9 million, respectively.

Cost of Sales

Cost of sales was $899.8 million in the first six months of 2024, a decrease of $140.7 million, or 13.5%, compared to the prior year period. Cost of sales is comprised of material costs, a variable expense, and other manufacturing costs, comprised of both fixed and variable expenses, including direct and indirect labor, outbound freight, overhead expenses, and depreciation.

TS segment cost of sales was $831.3 million in the first six months of 2024, a decrease of $139.9 million, or 14.4%, compared to the prior year period. The decrease in cost of sales, which was primarily driven by lower shipment volumes and was due to a decrease in materials costs of $131.7 million, or 19.5%, along with a decrease in certain other manufacturing costs.

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P&S segment cost of sales was $75.8 million in the first six months of 2024, an decrease of $3.9 million, or 4.9%, compared to the prior period. The decrease in cost of sales was primarily driven by lower material costs of $6.3 million due in part to lower sales. This decrease was partially offset by an increase in labor and employee-related costs of approximately $2.8 million compared to the prior year period.

Gross Profit

Gross profit was $166.1 million in the first six months of 2024, a decrease of $101.0 million from the prior year period. Gross profit as a percentage of net sales was 15.6% for the six months of 2024, compared to 20.4% for the same period in 2023. Gross profit by segment was as follows (dollars in thousands):


	Six Months Ended June 30,				Change
	2024		2023		Amount		%
Gross Profit by Segment
Transportation Solutions	$	137,800	$	237,549	$	(99,749)	(42.0	%)
Parts & Services	28,304		29,505		(1,201)		(4.1	%)

Corporate & Eliminations	—		—		—
Total	$	166,104	$	267,054	$	(100,950)	(37.8	%)

TS segment gross profit was $137.8 million for the first six months of 2024 compared to $237.5 million for the first six months of 2023. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 14.2% in the first six months of 2024 compared to 19.7% in the comparative 2023 period. The overall decrease in gross profit from the prior year period was primarily driven by a decrease in new trailer shipments (primarily our dry van products), partially offset by net price favorability driven primarily by higher pricing across all product lines except dry vans.

P&S segment gross profit was $28.3 million for the first six months of 2024 compared to $29.5 million for the first six months of 2023. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 27.2% in the first six months of 2024 compared to 27.0% in the 2023 period. The overall decrease in gross profit was primarily related to the decrease in sales in our Process systems and Components businesses. The increase in gross profit as percentage of net sales in the first six months of 2024 compared to 2023 was primarily due to material margin improvements.

General and Administrative Expenses

General and administrative expenses for the first six months of 2024 decreased $2.7 million, or 3.7%, from the prior year period. The decrease from the prior year period was due in part to a decrease in employee-related costs of approximately $4.9 million, primarily due to decreased costs of employee benefits and incentive programs. This decrease was partially offset by an increase in professional fees and outside services costs of approximately $0.8 million and an increase in maintenance and repair costs of $0.7 million compared to the prior year. As a percentage of net sales, general and administrative expenses were 6.6% for the first six months of 2024 compared to 5.6% for the first six months of 2023. The overall increase in general and administrative expenses as a percentage of net sales was primarily attributable to fixed costs on lower net sales in 2024.

Selling Expenses

Selling expenses were $15.0 million in the first six months of 2024, an increase of $0.9 million, or 6.4%, compared to the prior year period. The increase was primarily attributable to an increase of advertising and promotional expenses of approximately $1.9 million. This was partially offset by a decrease in employee-related costs of approximately $0.5 million. As a percentage of net sales, selling expenses were 1.4% for the first six months of 2024 compared to 1.1% for the first six months of 2023. The increase in selling expenses as a percentage of net sales was due in part to the increase in advertising and promotional expenses.

Amortization of Intangibles

Amortization of intangibles was $6.1 million for the first six months of 2024 compared to $6.4 million during the first six months of 2023. Amortization of intangibles was the result of expenses recognized for intangible assets recorded from previous acquisitions. The decrease from the prior year period is related to certain of the intangible assets recorded upon the acquisition of Supreme in September 2017 that became fully amortized at December 31, 2023.

Impairment and Other, Net

Impairment and other, net was a net loss of $1.0 million for the six month period ended June 30, 2024 compared to a nominal loss in the prior year period. Activity during the current year period primarily related to the impairment of a construction-in-progress project that was no longer expected to be completed.

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Interest expense totaled $9.9 million during the first six months of 2024 compared to $10.0 million in the prior year period. Interest expense relates to interest and non-cash accretion charges on our Senior Notes due 2028 and Revolving Credit Agreement.

Other, net for the first six months of 2024 represented income of $3.2 million as compared to income of $0.9 million for the prior year period. Income for the current and prior year periods primarily relate to interest income.

Income Taxes

We recognized income tax expense of $16.2 million in the first six months of 2024 compared to income tax expense of $38.2 million for the same period in the prior year. The effective tax rate for this period was 25.4% compared to a rate of 23.3% for the same period in the prior year. For the first six months of 2024, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes while the effective rate of first six months of 2023 differs primarily due to state taxes net of discrete items incurred related to stock-based compensation.

Liquidity and Capital Resources

Capital Structure

Our capital structure is comprised of a mix of debt and equity. As of June 30, 2024, our debt-to-equity ratio was approximately 0.7:1.0. Our long-term objective is to generate operating cash flows sufficient to support the growth within our businesses and increase shareholder value. This objective will be achieved through a balanced capital allocation strategy of sustaining strong liquidity, maintaining healthy leverage ratios, investing in the business, both organically and strategically, and returning capital to our shareholders. The Board of Directors has designated a Finance Committee for the primary purpose of assisting the Board in its oversight of the Company’s capital structure, financing, investment, and other financial matters of importance to the Company.

During the first six months of 2024, in keeping with this balanced approach, we paid dividends of approximately $7.8 million and repurchased shares under our Board approved share repurchase program totaling $21.7 million (inclusive of excise tax). Our Revolving Credit Agreement has total revolving commitments of $350.0 million and a maturity date of September 2027, which is the nearest maturity date of our long-term debt. As of June 30, 2024, there were no amounts outstanding under the Revolving Credit Agreement. Collectively, these actions demonstrate our confidence in the financial outlook of the Company and our ability to generate cash flow, both near and long term, and reinforce our overall commitment to deliver shareholder value while maintaining the flexibility to continue to execute our strategic plan for profitable growth and diversification.

Our liquidity position, defined as cash on hand and available borrowing capacity under the Revolving Credit Agreement, amounted to $380.9 million as of June 30, 2024, a decrease of 14% compared to $441.1 million as of June 30, 2023 and a decrease of 26% from $516.1 million as of December 31, 2023. The decrease as of June 30, 2024 compared to June 30, 2023 was primarily attributable to a lower available capacity on the Revolving Credit Agreement and a lower cash balance as of June 30, 2024. The decrease as of June 30, 2024 compared to December 31, 2023 was primarily attributable to a reduced borrowing capacity on the Revolving Credit Agreement due to lower 2023 year-end accounts receivable and inventory balances. In addition, there was a lower cash balance as of June 30, 2024 as compared to December 31, 2023. For the remainder of 2024, we expect to continue our commitment to fund our working capital requirements, capital expenditures, and our Trailers as a Service (TAAS)SM initiative from operations or available borrowing capacity under the Revolving Credit Agreement (as needed). We will continue to maintain our assets to react to any economic and/or industry changes, while also responsibly returning capital to our shareholders. We will continue to move rapidly to adjust to the current environment, including to the softening of demand for certain of our products, to preserve the strength of our balance sheet, while prioritizing the safety of our employees and ensuring the liquidity and financial well-being of the Company.

Debt Agreements and Related Amendments

Senior Notes due 2028

On October 6, 2021, we closed on an offering of $400 million in aggregate principal amount of its 4.50% unsecured Senior Notes due 2028 (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture dated as of October 6, 2021, by and among Wabash, certain subsidiary guarantors named therein (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the “Indenture”). The Senior Notes bear interest at the rate of 4.50% and pay interest semi-annually in cash in arrears on April 15 and October 15 of each year. The Senior Notes will mature on October 15, 2028. At any time prior to October 15, 2024, we may redeem some or all of the Senior Notes for cash at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes being redeemed plus an applicable make-whole premium set forth in the Indenture and accrued and unpaid interest to, but not including, the redemption date.

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Prior to October 15, 2024, we may redeem up to 40% of the Senior Notes at a redemption price of 104.500% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date, with the proceeds of certain equity offerings so long as if, after any such redemption occurs, at least 60% of the aggregate principal amount of the Senior Notes remain outstanding. On and after October 15, 2024, we may redeem some or all of the Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 102.250% for the twelve-month period beginning on October 15, 2024, 101.125% for the twelve-month period beginning October 15, 2025 and 100.000% beginning on October 15, 2026, plus accrued and unpaid interest to, but not including, the redemption date. Upon the occurrence of a Change of Control (as defined in the Indenture), unless we have exercised its optional redemption right in respect of the Senior Notes, the holders of the Senior Notes will have the right to require us to repurchase all or a portion of the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest to, but not including, the date of repurchase.

The Senior Notes are guaranteed on a senior unsecured basis by all direct and indirect existing and future domestic restricted subsidiaries, subject to certain restrictions. The Senior Notes and related guarantees are our and the Guarantors’ general unsecured senior obligations and will be subordinated to all of our and the Guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the Senior Notes are structurally subordinated to any existing and future debt of any of our subsidiaries that are not Guarantors, to the extent of the assets of those subsidiaries.

Subject to a number of exceptions and qualifications, the Indenture restricts our ability and the ability of certain of our subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, our capital stock or with respect to any other interest or participation in, or measured by, our profits; (iii) make loans and certain investments; (iv) sell assets; (v) create or incur liens; (vi) enter into transactions with affiliates; and (vii) consolidate, merge or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications.

During any time when the Senior Notes are rated investment grade by at least two of Moody’s, Fitch and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and we and our subsidiaries will cease to be subject to such covenants during such period.

Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and six-month period ended June 30, 2024 was $4.5 million and $0.2 million, and $9.0 million and $0.3 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and six-month period ended June 30, 2023 was $4.5 million and $0.2 million, and $9.0 million and $0.3 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes are included in Interest expense in our Condensed Consolidated Statements of Operations.

Revolving Credit Agreement

On September 23, 2022, we entered into the Third Amendment to Second Amended and Restated Credit Agreement among us, certain of our subsidiaries as borrowers (together with us, the “Borrowers”), certain of our subsidiaries as guarantors, the lenders party thereto, and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended our existing Second Amended and Restated Credit Agreement, dated as of December 21, 2018 (as amended from time to time, the “Revolving Credit Agreement”).

Under the Revolving Credit Agreement, the lenders agree to make available a $350 million revolving credit facility to the Borrowers with a scheduled maturity date of September 23, 2027. We have the option to increase the total commitments under the facility by up to an additional $175 million, subject to certain conditions, including obtaining agreements from one or more lenders, whether or not party to the Revolving Credit Agreement, to provide such additional commitments. Availability under the Revolving Credit Agreement is based upon quarterly (or more frequent under certain circumstances) borrowing base certifications of the Borrowers’ eligible inventory, eligible leasing inventory and eligible accounts receivable, and is reduced by certain reserves in effect from time to time.

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The Revolving Credit Agreement is guaranteed by certain of our subsidiaries (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors.

The Revolving Credit Agreement contains customary covenants limiting our ability and certain of our subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, repay subordinated indebtedness, make investments and dispose of assets. In addition, we will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 as of the end of any period of 12 fiscal months when excess availability under the Revolving Credit Agreement is less than the greater of (a) 10.0% of the lesser of (i) the total revolving commitments and (ii) the borrowing base (such lesser amount, the “Line Cap”) and (b) $25 million. As of June 30, 2024, we were in compliance with all covenants.

Our liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Agreement, amounted to $380.9 million as of June 30, 2024 and $516.1 million as of December 31, 2023.

During the three-month period ended June 30, 2024, we had payments of principal totaling $0.2 million and borrowings of principal totaling $0.2 million. During the six-month period ended June 30, 2024, we had payments of principal totaling $0.4 million and borrowings of principal totaling $0.4 million. As of June 30, 2024, there were no amounts outstanding under the Revolving Credit Agreement.

During the three-month period ended June 30, 2023, we had payments of principal totaling $60.4 million and borrowings of principal totaling $60.4 million. During the six-month period ended June 30, 2023, we had payments of principal totaling $103.7 million and borrowings of principal totaling $103.7 million. As of June 30, 2023, there were no amounts outstanding under the Revolving Credit Agreement.

Interest expense under the Revolving Credit Agreement for the three- and six-month periods ended June 30, 2024 was approximately $0.2 million and $0.4 million, respectively. During the three- and six-month periods ended June 30, 2023, interest expense under the Revolving Credit Agreement was approximately $0.3 million and $0.5 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense in our Condensed Consolidated Statements of Operations.

Cash Flows

Cash used in operating activities for the first six months of 2024 totaled $6.4 million, compared to providing $146.3 million during the same period in 2023. Cash used in operations during the current year period was the result of net income adjusted for various non-cash activities including depreciation, amortization, deferred taxes, stock-based compensation, equity in loss of unconsolidated entity, and a $89.8 million increase in working capital. Changes in key working capital accounts for 2024 and 2023 are summarized below (in thousands):


	Six Months Ended June 30,
	2024		2023		Change
Source (Use) of cash:
Accounts receivable	$	(60,258)	$	23,829	$	(84,087)
Inventories	(5,291)		(98,600)		93,309
Accounts payable and accrued liabilities	(25,292)		69,793		(95,085)
Net use of cash	$	(90,841)	$	(4,978)	$	(85,863)

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Accounts receivable increased $60.3 million in the first six months of 2024 as compared to a $23.8 million decrease in the prior year period. Days sales outstanding, a measure of working capital efficiency that measures the amount of time a receivable is outstanding, was 40 days and 31 days for the three months ended June 30, 2024 and 2023, respectively. The increase in accounts receivable during the first six months of 2024 compared to 2023 was primarily due to the timing of shipments and receipt of customer payments. Inventory increased by $5.3 million during the first six months of 2024 as compared to an increase of $98.6 million in the 2023 period. Our inventory turns, a commonly used measure of working capital efficiency that measures how quickly inventory turns per year, was approximately 6 times in each of the 2024 and 2023 periods. The increase in inventory for the 2024 period was primarily attributable to higher finished goods inventory partially offset by a reduction in raw materials. Accounts payable and accrued liabilities decreased by $25.3 million during the first six months of 2024 compared to an increase of $69.8 million for the same period in 2023. Days payable outstanding, a measure of working capital efficiency that measures the amount of time a payable is outstanding, was 34 days for the three months ended June 30, 2024 compared to 39 days for the three months ended June 30, 2023.

Investing activities used $43.4 million during the first six months of 2024, as compared to using $59.1 million during the same period in 2023. Investing activities for the first six months of 2024 related to capital expenditures for property, plant, and equipment of $36.3 million and an additional $7.1 million of investments into unconsolidated entities. Investing activities for the first six months of 2023 related to capital expenditures for property, plant, and equipment of $55.8 million and $3.2 million of expenditures for revenue generating assets. For the first six months of both 2024 and 2023, investing activities included no proceeds from the sale of assets.

Financing activities used $52.2 million during the first six months of 2024 as compared to using $46.7 million during the same period in 2023. Net cash used by financing activities during the current year period primarily relates to common stock repurchases and withholdings of $43.8 million and cash dividend payments of $7.8 million. Borrowings under our Revolving Credit Agreement totaled $0.4 million, which were fully offset by principal, interest, and unused fee payments made under our Revolving Credit Agreement totaling $0.4 million. Net cash used by financing activities during the first six months of 2023 primarily related to common stock repurchases and withholdings of $37.9 million and cash dividend payments to our shareholders of $8.4 million. In addition, borrowings under our Credit Agreement totaled $103.7 million, fully offset by principal, interest, and unused fee payments made under our Credit Agreement of $103.7 million.

As of June 30, 2024, our liquidity position, defined as cash on hand and available borrowing capacity under our Revolving Credit Agreement, amounted to $380.9 million, representing a decrease of $60.2 million (or 14%) compared to June 30, 2023 and a decrease of $135.2 million (or 26%) compared to December 31, 2023. The decrease as of June 30, 2024 compared to June 30, 2023 was primarily attributable to a lower available capacity on the Revolving Credit Agreement and a lower cash balance as of June 30, 2024. The decrease as of June 30, 2024 compared to December 31, 2023 was primarily attributable to a reduced borrowing capacity on the Revolving Credit Agreement due to lower 2023 year-end accounts receivable and inventory balances. In addition, there was a lower cash balance as of June 30, 2024. Total debt obligations amounted to $400.0 million as of June 30, 2024.

For the remainder of 2024, we expect to continue our commitment to fund our working capital requirements, capital expenditures, and our Trailers as a Service (TAAS)SM initiative from operations or available borrowing capacity under the Revolving Credit Agreement (as needed). We will continue to maintain our assets, to react to any key economic and/or industry changes, while also responsibly returning capital to our shareholders. We will continue to move rapidly to adjust to the current environment, including to the softening of demand for certain of our products, to preserve the strength of our balance sheet, while prioritizing the safety of our employees and ensuring the liquidity and financial well-being of the Company.

Capital Expenditures

Capital spending related to property, plant, and equipment amounted to approximately $36.3 million for the first six months of 2024. In addition, there were no expenditures for revenue generating assets for the first six months of 2024.

We believe our capital expenditures for 2024 related to property, plant, and equipment will be in the range of $75 to $85 million, while capital expenditures supporting our Trailers as a Service (TAAS)SM growth initiative with revenue generating assets are expected to be in the range of $10 to $20 million. Capital spending for 2024 is expected to be utilized to support our growth strategies (including TAAS) as well as our maintenance and productivity improvement initiatives within our facilities.

Goodwill

We considered whether there were any indicators of impairment during the three and six months ended June 30, 2024 and concluded there were none.

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Contractual Obligations and Commercial Commitments

A summary of payments of our contractual obligations and commercial commitments, both on and off balance sheet, as of June 30, 2024 are as follows (in thousands):


	2024		2025		2026		2027		2028		Thereafter		Total
Debt:

Revolving Credit Agreement (due 2027)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Senior Notes (due 2028)	—		—		—		—		400,000		—		400,000
Interest payments on Revolving Credit Agreement and Senior Notes due 20281	9,000		18,000		18,000		18,000		18,000		—		81,000

Total debt	9,000		18,000		18,000		18,000		418,000		—		481,000
Other:
Operating Leases	6,154		11,637		10,451		5,643		2,409		1,222		37,516
Total other	6,154		11,637		10,451		5,643		2,409		1,222		37,516
Other commercial commitments:
Letters of Credit	6,002		—		—		—		—		—		6,002
Raw Material Purchase Commitments	36,700		—		—		—		—		—		36,700
Chassis Agreements and Programs	29,650		—		—		—		—		—		29,650
Total other commercial commitments	72,352		—		—		—		—		—		72,352
Total obligations	$	87,506	$	29,637	$	28,451	$	23,643	$	420,409	$	1,222	$	590,868

1 Future interest payments on variable rate long-term debt (if any) are estimated based on the rate in effect as of June 30, 2024, and only include interest payments (not unused line fees). However, as of June 30, 2024, there was no variable rate debt (Revolving Credit Agreement) outstanding.

Borrowings under the Revolving Credit Agreement bear interest at a variable rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate determined by the lender’s prime rate plus an applicable margin, as defined in the agreement. Any outstanding borrowings under the Revolving Credit Agreement bear interest at a rate, at our election, equal to (i) adjusted term SOFR plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the Revolving Credit Agreement. We are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses of our agent and lenders. During the three-month period ended June 30, 2024, we had borrowings of principal and payments of principal totaling $0.4 million under the Revolving Credit Agreement. As of June 30, 2024, there were no amounts outstanding under the Revolving Credit Agreement.

The Senior Notes due 2028 bear interest at the rate of 4.5% per annum from the date of issuance, payable semi-annually on April 15 and October 15.

Operating leases represent the total future minimum lease payments that have commenced. As of June 30, 2024, obligations related to operating leases that we have executed but have not yet commenced were nominal.

We have standby letters of credit totaling $6.0 million issued in connection with workers compensation claims and surety bonds.

We have $36.7 million in purchase commitments through December 2024 for various raw material commodities, including aluminum, steel, polyethylene and nickel as well as other raw material components which are within normal production requirements.

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We obtain vehicle chassis for our specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and to a lesser extent, for unallocated orders. Although each manufacturer’s agreement has different terms and conditions, the agreements generally state that the manufacturer will provide a supply of chassis to be maintained from time to time at our various facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. The manufacturer transfers the chassis to us on a “restricted basis,” retaining the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to us nor permit us to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although we are party to related finance agreements with manufacturers, we have not historically settled, nor expect to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of June 30, 2024 our outstanding chassis converter pool with the manufacturer totaled $28.0 million and we have included this financing agreement on our Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities. All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $1.6 million. Under these agreements, if the chassis is not delivered to a customer within a specified time frame, we are required to pay a finance or storage charge on the chassis. Additionally, we receive finance support funds from manufacturers when the chassis are assigned into our chassis pool. Typically, chassis are converted and delivered to customers within 90 days of our receipt of the chassis.

Backlog

Orders that have been confirmed by customers in writing and have defined delivery timeframes are included in our backlog. Orders that comprise our backlog may be subject to changes in quantities, delivery, specifications, terms, or cancellation. The following table presents backlog information as of June 30, 2024, December 31, 2023, and June 30, 2023 (in millions):


	June 30, 2024		December 31, 2023		Change	June 30, 2024		June 30, 2023		Change
12-month backlog	$	959	$	1,589	(40)%	$	959	$	2,092	(54)%
Total backlog	$	1,301	$	1,895	(31)%	$	1,301	$	2,423	(46)%

The decrease in rolling 12-month backlog and total backlog from December 31, 2023 is primarily attributable to the fulfillment of orders during the first six months of 2024 outpacing new orders. The decrease in rolling 12-month backlog and total backlog from June 30, 2023 is primarily related to the softened new trailer and truck body demand stemming from uncertainty in the 2024 markets.

We continue to believe that our long-term relationship agreements with certain strategic customers will provide a good base of backlog for years to come. Refer to the “Outlook” section below for additional details related to industry and market conditions.

Outlook

The trailer industry generally follows the transportation industry’s cycles. According to ACT Research Company (“ACT”), total United States trailer production in 2023 was approximately 318,000 trailers, a 3.2% increase from 2022. While there remains uncertainty in the industry, including but not limited to overall economic conditions and softening of demand for certain of our products, current estimates from ACT and FTR Associations (“FTR”) for 2024 United States trailer production are 242,000 and 237,000, respectively, representing a 23.8% and 24.6% decline, respectively compared to 2023.

ACT is forecasting annual new trailer production levels for 2025, 2026, 2027, 2028, and 2029 of approximately 244,000, 280,000, 300,000, 298,000, and 294,000, respectively. In addition, FTR is forecasting annual new trailer production levels of 270,000 and 295,000 for 2025 and 2026, respectively. These estimates are generally consistent with historical trailer industry production levels. However, overall economic uncertainty and softening demand in the industry for certain of our products could continue to impact these estimates. This uncertainty and softening are evident in the ACT and FTR forecasts, particularly for 2024 production. However, we believe that our strategic plan and actions taken over the last several years have positioned us to remain well-suited to adapt to changes in the industry and demand environment due to our strong balance sheet, liquidity profile, and diversification.

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Other potential risks we face for the remainder of 2024 primarily relate to our ability to effectively manage our manufacturing operations, including economic uncertainty, and our overall business. In addition, the cost of raw materials, commodities, and components are also potential risks. Significant increases in the cost of certain commodities, raw materials or components have had, and may continue to have, an adverse effect on our results of operations. As has been our practice, we will endeavor to pass raw material and component price increases to our customers in addition to continuing our cost management and hedging activities in an effort to minimize the risk that changes in material costs could have on our operating results. In addition, we rely on a limited number of suppliers for certain key components and raw materials in the manufacturing of our products, including tires, landing gear, axles, suspensions, aluminum extrusions, chassis and specialty steel coil. While we have taken actions to mitigate certain of these risks, which include our previously announced supply agreements at the current and expected demand levels, there may be additional or increased shortages of supplies of raw materials or components which would have an adverse impact on our ability to meet demand for our products. Despite these risks, we believe we are well positioned to capitalize on overall demand when it returns to normalized levels.

For the remainder of 2024, we will continue to adjust to changes in the current environment, preserve the strength of our balance sheet, prioritize the safety of our employees, and ensure the liquidity and financial well-being of the Company. We believe we remain well-positioned for both near-term and long-term success in the transportation, logistics, and distribution industries because: (1) our core customers are among the major participants in the transportation, logistics, and distribution industries; (2) our technology and innovation provide value-added solutions for our customers by reducing operating costs, improving revenue opportunities, and solving unique transportation problems; (3) our Wabash Management System (“WMS”) principles and processes and enterprise-wide lean efforts drive focus on the interconnected processes that are critical for success across our business; (4) our significant brand recognition, presence throughout North America, and the utilization of our extensive dealer network to market and sell our products; and (5) our One Wabash approach to create a consistent, superior experience for all customers who seek our connected solutions in the transportation, logistics, and distribution markets. By continuing to be an innovation leader in the transportation, logistics, and distribution industries we expect to leverage our existing assets and capabilities into higher margin products and markets by delivering connected, value-added customer solutions.

Critical Accounting Policies and Estimates

We have included a summary of our Critical Accounting Policies and Estimates in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the summary provided in that report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In addition to the risks inherent in our operations, we have exposure to financial and market risk resulting from volatility in commodity prices, interest rates and foreign exchange rates. The following discussion provides additional detail regarding our exposure to these risks.

Commodity Prices

We are exposed to fluctuation in commodity prices through the purchase of various raw materials that are processed from commodities such as aluminum, steel, lumber, nickel, copper, and polyethylene. Given the historical volatility of certain commodity prices, this exposure can significantly impact product costs. We manage some of our commodity price changes by entering into fixed price contracts with our suppliers and through financial derivatives. To the extent that we are unable to offset the increased commodity costs in our product prices, our results would be materially and adversely affected. As of June 30, 2024, we had $36.7 million in raw material purchase commitments through December 2024 for materials that will be used in the production process, as compared to $35.7 million as of December 31, 2023. We typically do not set prices for our products more than 45-90 days in advance of our commodity purchases and can, subject to competitive market conditions, take into account the cost of the commodity in setting our prices for each order. As of June 30, 2024, a hypothetical ten percent change in commodity prices based on our raw material purchase commitments through December 2024 would result in a corresponding change in cost of goods sold of approximately $3.7 million. This sensitivity analysis does not account for the change in the competitive environment indirectly related to the change in commodity prices and the potential managerial action taken in response to these changes.

Interest Rates

As of June 30, 2024, we had no floating rate debt outstanding under our Revolving Credit Agreement. The only other outstanding debt on our Condensed Consolidated Balance Sheets as of June 30, 2024 were the Senior Notes, which carry a fixed interest rate of 4.50%. Based on the current borrowings under our Revolving Credit Agreement, a hypothetical 100 basis-point change in the floating interest rate would result in no corresponding change in interest expense over a one-year period. This sensitivity analysis does not account for the change in the competitive environment indirectly related to the change in interest rates and the potential managerial action taken in response to these changes.

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Foreign Exchange Rates

We are subject to fluctuations in the Mexican peso exchange rates that impact transactions with our foreign subsidiaries, as well as U.S. denominated transactions between these foreign subsidiaries and unrelated parties. A ten percent change in the Mexican peso exchange rates would have an immaterial impact on results of operations. We do not hold or issue derivative financial instruments for speculative purposes.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) were effective as of June 30, 2024.

Changes in Internal Controls over Financial Reporting

There were no changes in the Company’s internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the second quarter of fiscal year 2024 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

See Item 3 of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. See also Note 13, “Commitments and Contingencies”, to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report.

Item 1A. Risk Factors

You should carefully consider the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 including those under the heading “Risk Factors” appearing in Item 1A of Part I of the Form 10-K and other information contained in this Quarterly Report before investing in our securities. Realization of any of these risks could have a material adverse effect on our business, financial condition, cash flows, and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Our Equity Securities


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Amount That May Yet Be Purchased Under the Plans or Programs ($ in millions)
April 1 - 30, 2024	231,671	$	26.24	231,671	$	166.8
May 1 - 31, 2024	327,526	$	22.73	327,526	$	159.3
June 1 - 30, 2024	376,659	$	21.07	376,659	$	151.2
Total	935,856	$	22.93	935,856	$	151.2

On February 15, 2024, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $150 million repurchase program approved in August 2021 and the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in February 2027. For the quarter ended June 30, 2024, we repurchased 935,856 shares pursuant to our repurchase program. Additionally, during this period there were no shares repurchased to cover minimum employee tax withholding obligations upon the vesting of restricted stock awards.

Item 5. Other Information

(c)

During the second quarter of 2024, none of our directors or executive officers adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K).

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Item 6. Exhibits


(a)	Exhibits
	31.1	Certification of Principal Executive Officer
	31.2	Certification of Principal Financial Officer
	32.1	Written Statement of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
	101	The following materials from Wabash National Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023, (vi) Notes to Condensed Consolidated Financial Statements and (iv) the information included in Part II, Item 5(c). The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
	104	Cover Page Interactive Data File (formatting as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		WABASH NATIONAL CORPORATION

Date: July 24, 2024	By:	/s/ Michael N. Pettit
		Michael N. Pettit
		Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent L. Yeagy, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Wabash National Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 24, 2024	By:	/s/ Brent L. Yeagy
		Brent L. Yeagy
		President and Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael N. Pettit, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Wabash National Corporation;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 24, 2024	By:	/s/ Michael N. Pettit
		Michael N. Pettit
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)

Exhibit 32.1

Written Statement of Chief Executive Officer and Chief Financial Officer

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the President and Chief Executive Officer and the Senior Vice President and Chief Financial Officer of Wabash National Corporation (the “Company”), each hereby certifies that, to his knowledge, on July 24, 2024:

(a) the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2024, filed on July 24, 2024 with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ Brent L. Yeagy
			Brent L. Yeagy
			President and Chief Executive Officer
			July 24, 2024

			/s/ Michael N. Pettit
			Michael N. Pettit
			Senior Vice President and Chief Financial Officer
			July 24, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Wabash National Corporation and will be retained by Wabash National Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-10883
Entity Registrant Name	WABASH NATIONAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1375208
Entity Address, Address Line One	3900 McCarty Lane
Entity Address, City or Town	Lafayette
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47905
City Area Code	765
Local Phone Number	771-5310
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WNC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		43,999,230
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000879526
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77,285	$ 179,271
Accounts receivable, net	243,248	182,990
Inventories, net	272,926	267,635
Prepaid expenses and other	50,506	51,457
Total current assets	643,965	681,353
Property, plant, and equipment, net	331,744	325,444
Goodwill	188,423	188,409
Intangible assets, net	80,269	86,418
Investment in unconsolidated entity	0	1,647
Other assets	94,911	79,543
Total assets	1,339,312	1,362,814
Current liabilities:
Current portion of long-term debt	0	0
Accounts payable	175,483	156,608
Other accrued liabilities	147,873	195,601
Total current liabilities	323,356	352,209
Long-term debt	396,800	396,465
Deferred income taxes	13,219	17,013
Other non-current liabilities	55,146	47,028
Total liabilities	788,521	812,715
Commitments and contingencies
Noncontrolling interest	366	603
Wabash National Corporation stockholders’ equity:
Common stock 200,000,000 shares authorized, $0.01 par value, 44,225,215 and 45,393,260 shares outstanding, respectively	781	774
Additional paid-in capital	684,504	677,886
Retained earnings	443,734	403,923
Accumulated other comprehensive losses	(2,101)	(428)
Treasury stock at cost, 33,904,416 and 32,128,755 common shares, respectively	(576,493)	(532,659)
Total Wabash National Corporation stockholders' equity	550,425	549,496
Total liabilities, noncontrolling interest, and equity	$ 1,339,312	$ 1,362,814

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	44,225,215	45,393,260
Treasury stock, shares (in shares)	33,904,416	32,128,755

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 550,610	$ 686,620	$ 1,065,886	$ 1,307,572
Cost of sales	460,952	535,593	899,782	1,040,518
Gross profit	89,658	151,027	166,104	267,054
General and administrative expenses	33,969	37,318	70,642	73,358
Selling expenses	7,936	7,194	14,978	14,078
Amortization of intangible assets	2,993	3,203	6,149	6,406
Impairment and other, net	997	2	997	2
Income (loss) from operations	43,763	103,310	73,338	173,210
Other income (expense):
Interest expense	(4,948)	(4,987)	(9,936)	(9,981)
Other, net	1,572	475	3,181	862
Other expense, net	(3,376)	(4,512)	(6,755)	(9,119)
Loss from unconsolidated entity	(1,415)	0	(2,901)	0
Income before income tax expense	38,972	98,798	63,682	164,091
Income tax expense	9,768	24,324	16,191	38,221
Net income	29,204	74,474	47,491	125,870
Net income attributable to noncontrolling interest	246	146	366	329
Net income attributable to common stockholders	$ 28,958	$ 74,328	$ 47,125	$ 125,541
Net income attributable to common stockholders per share:
Basic (in usd per share)	$ 0.65	$ 1.57	$ 1.04	$ 2.64
Diluted (in usd per share)	$ 0.64	$ 1.54	$ 1.03	$ 2.58
Weighted average common shares outstanding (in thousands):
Basic (in shares)	44,896	47,452	45,139	47,610
Diluted (in shares)	45,365	48,373	45,751	48,737
Dividends declared per share (in usd per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 29,204	$ 74,474	$ 47,491	$ 125,870
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(1,192)	502	(1,008)	1,066
Unrealized loss on derivative instruments	(941)	(2,952)	(665)	(3,188)
Total other comprehensive loss	(2,133)	(2,450)	(1,673)	(2,122)
Comprehensive income	27,071	72,024	45,818	123,748
Comprehensive income attributable to noncontrolling interest	246	146	366	329
Comprehensive income attributable to common stockholders	$ 26,825	$ 71,878	$ 45,452	$ 123,419

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 47,491	$ 125,870
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation	20,306	13,760
Amortization of intangibles	6,149	6,406
Gain (Loss) on Disposition of Assets	0	2
Deferred income taxes	(3,763)	6,653
Stock-based compensation	6,618	5,681
Non-cash interest expense	478	477
Equity in loss of unconsolidated entity	2,901	0
Accounts receivable	(60,258)	23,829
Inventories	(5,291)	(98,600)
Prepaid expenses and other	995	(9,148)
Accounts payable and accrued liabilities	(25,292)	69,793
Other, net	3,278	1,608
Net cash (used in) provided by operating activities	(6,388)	146,331
Cash flows from investing activities
Cash payments for capital expenditures	(36,288)	(55,820)
Expenditures for revenue generating assets	0	(3,244)
Investment in unconsolidated entity	(7,100)	0
Net cash used in investing activities	(43,388)	(59,064)
Cash flows from financing activities
Proceeds from exercise of stock options	7	155
Dividends paid	(7,775)	(8,366)
Borrowings under revolving credit facilities	431	103,731
Payments under revolving credit facilities	(431)	(103,731)
Debt issuance costs paid	(5)	(102)
Stock repurchases	(43,834)	(37,896)
Distribution to noncontrolling interest	(603)	(512)
Net cash used in financing activities	(52,210)	(46,721)
Cash and cash equivalents:
Net (decrease) increase in cash, cash equivalents, and restricted cash	(101,986)	40,546
Cash, cash equivalents, and restricted cash at beginning of period	179,271	58,245
Cash, cash equivalents, and restricted cash at end of period	77,285	98,791
Supplemental disclosures of cash flow information:
Cash paid for interest	9,394	9,545
Net cash paid for income taxes	23,664	40,905
Period end balance of payables for property, plant, and equipment	$ 5,474	$ 18,362

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Lossses)	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2022		47,675,796
Balance at beginning of period at Dec. 31, 2022	$ 397,613	$ 766	$ 665,941	$ 188,241	$ (882)	$ (456,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,213			51,213
Foreign currency translation	564				564
Stock-based compensation (in shares)		480,463
Stock-based compensation	2,766	$ 8	2,758
Stock repurchase (in shares)		(540,875)
Stock repurchase	(23,566)					(23,566)
Common stock dividends	(4,055)			(4,055)
Unrealized loss on derivative instruments	(236)				(236)
Stock option exercises (in shares)		10,683
Stock option exercises	144		144
Balance at end of period (in shares) at Mar. 31, 2023		47,626,067
Balance at end of period at Mar. 31, 2023	424,443	$ 774	668,843	235,399	(554)	(480,019)
Balance at beginning of period (in shares) at Dec. 31, 2022		47,675,796
Balance at beginning of period at Dec. 31, 2022	397,613	$ 766	665,941	188,241	(882)	(456,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,541
Foreign currency translation	1,066
Unrealized loss on derivative instruments	(3,188)
Balance at end of period (in shares) at Jun. 30, 2023		47,065,370
Balance at end of period at Jun. 30, 2023	481,024	$ 774	671,769	305,834	(3,004)	(494,349)
Balance at beginning of period (in shares) at Mar. 31, 2023		47,626,067
Balance at beginning of period at Mar. 31, 2023	424,443	$ 774	668,843	235,399	(554)	(480,019)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,328			74,328
Foreign currency translation	502				502
Stock-based compensation (in shares)		24,550
Stock-based compensation	2,915		2,915
Stock repurchase (in shares)		(585,997)
Stock repurchase	(14,330)					(14,330)
Common stock dividends	(3,893)			(3,893)
Unrealized loss on derivative instruments	(2,952)				(2,952)
Stock option exercises (in shares)		750
Stock option exercises	11		11
Balance at end of period (in shares) at Jun. 30, 2023		47,065,370
Balance at end of period at Jun. 30, 2023	481,024	$ 774	671,769	305,834	(3,004)	(494,349)
Balance at beginning of period (in shares) at Dec. 31, 2023		45,393,260
Balance at beginning of period at Dec. 31, 2023	549,496	$ 774	677,886	403,923	(428)	(532,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,167			18,167
Foreign currency translation	184				184
Stock-based compensation (in shares)		334,955
Stock-based compensation	3,246	$ 6	3,240
Stock repurchase (in shares)		(589,144)
Stock repurchase	(22,138)					(22,138)
Common stock dividends	(3,152)			(3,152)
Unrealized loss on derivative instruments	276				276
Stock option exercises (in shares)		500
Stock option exercises	7		7
Balance at end of period (in shares) at Mar. 31, 2024		45,139,571
Balance at end of period at Mar. 31, 2024	546,086	$ 780	681,133	418,938	32	(554,797)
Balance at beginning of period (in shares) at Dec. 31, 2023		45,393,260
Balance at beginning of period at Dec. 31, 2023	549,496	$ 774	677,886	403,923	(428)	(532,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,125
Foreign currency translation	(1,008)
Unrealized loss on derivative instruments	(665)
Balance at end of period (in shares) at Jun. 30, 2024		44,225,215
Balance at end of period at Jun. 30, 2024	550,425	$ 781	684,504	443,734	(2,101)	(576,493)
Balance at beginning of period (in shares) at Mar. 31, 2024		45,139,571
Balance at beginning of period at Mar. 31, 2024	546,086	$ 780	681,133	418,938	32	(554,797)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,958			28,958
Foreign currency translation	(1,192)				(1,192)
Stock-based compensation (in shares)		21,500
Stock-based compensation	3,372	$ 1	3,371
Stock repurchase (in shares)		(935,856)
Stock repurchase	(21,696)					(21,696)
Common stock dividends	(4,162)			(4,162)
Unrealized loss on derivative instruments	(941)				(941)
Stock option exercises (in shares)
Stock option exercises	0
Balance at end of period (in shares) at Jun. 30, 2024		44,225,215
Balance at end of period at Jun. 30, 2024	$ 550,425	$ 781	$ 684,504	$ 443,734	$ (2,101)	$ (576,493)

DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, the Company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. The Company designs, manufactures, and services a diverse range of products, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. This diversification has been achieved through acquisitions, organic growth, and product innovation. The condensed consolidated financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 5). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company’s operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to, or pick up by, the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control which is recorded as customer deposits in Other accrued liabilities as shown in Note 11. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.

GOODWILL & OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL & OTHER INTANGIBLE ASSETS

The changes in the carrying amounts of goodwill from December 31, 2022 through the six-month period ended June 30, 2024 were as follows (in thousands):


	Transportation Solutions		Parts & Services		Total




















Balance at December 31, 2022
Goodwill	$	188,759	$	108,075	$	296,834
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2022	120,502		67,932		188,434


Effects of foreign currency	(16)		(9)		(25)
Balance at December 31, 2023
Goodwill	188,743		108,066		296,809
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2023	120,486		67,923		188,409
Effects of foreign currency	(2)		—		(2)
Balance at March 31, 2024
Goodwill	188,741		108,066		296,807
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of March 31, 2024	120,484		67,923		188,407
Effects of foreign currency	10		6		16
Balance at June 30, 2024
Goodwill	188,751		108,072		296,823
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of June 30, 2024	$	120,494	$	67,929	$	188,423

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NONCONTROLLING INTREST AND VARIABLE INTEREST ENTITIES (VIEs)

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (“VIEs”)

VIEs & Consolidation

At each reporting period, the Company reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.

Linq Venture Holdings LLC

The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):


	2024		2023
Balance at January 1	$	1,647	$	—
Loss from unconsolidated entity	(1,486)		—
Balance at March 31	161		—
Loss from unconsolidated entity	(1,415)		—
Equity deficit applied to note (1)	1,254		—
Balance at June 30	$	—	$	—

Wabash Parts LLC

The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	2,045	$	3,020
Accounts receivable, net	2,105		1,540
Inventories, net	2		85
Prepaid expenses and other	137		68
Total current assets	4,289		4,713
Property, plant, and equipment, net	—		—
Other assets	283		543
Total assets	$	4,572	$	5,256
Liabilities
Current liabilities:
Accounts payable	$	3,820	$	4,024
Other accrued liabilities	20		26
Total current liabilities	3,840		4,050
Other non-current liabilities	—		—
Total liabilities	$	3,840	$	4,050

The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):


	2024		2023
Balance at January 1	$	603	$	512
Net income attributable to noncontrolling interest	120		183
Other comprehensive income (loss)	—		—
Distributions paid to noncontrolling interest	(603)		—
Balance at March 31	120		695
Net income attributable to noncontrolling interest	246		146
Other comprehensive income (loss)	—		—
Distributions declared to noncontrolling interest	—		(512)
Balance at June 30	$	366	$	329

INVENTORIES, NET

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET


	June 30, 2024		December 31, 2023
Raw materials and components	$	143,863	$	156,314
Finished goods	100,208		86,586
Work in progress	17,226		14,102
Aftermarket parts	8,739		7,263
Used trailers	2,890		3,370
	$	272,926	$	267,635

PREPAID EXPENSES AND OTHER

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Chassis converter pool agreements	$	28,034	$	27,312
Assets held for sale	—		—
Income tax receivables	7,716		11,840

Insurance premiums & maintenance/subscription agreements	9,696		5,899
Commodity swap contracts	1,940		1,511
All other	3,120		4,895
	$	50,506	$	51,457

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

Long-term debt consists of the following (in thousands):


	June 30, 2024		December 31, 2023
Senior Notes due 2028	$	400,000	$	400,000
Revolving Credit Agreement	—		—

	400,000		400,000
Less: unamortized discount and fees	(3,200)		(3,535)
Less: current portion	—		—
	$	396,800	$	396,465

Senior Notes due 2028

Revolving Credit Agreement

The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors.

FINANCIAL DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL DERIVATIVE INSTRUMENTS

Commodity Pricing Risk

Financial Statement Presentation

As of June 30, 2024 and December 31, 2023, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):


		Asset / (Liability) Derivatives
	Balance Sheet Caption	June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments
Commodity swap contracts	Prepaid expenses and other	$	1,940	$	1,511
Commodity swap contracts	Accounts payable and Other accrued liabilities	(1,818)		(1,045)
Total derivatives designated as hedging instruments		$	122	$	466


	Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)				Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Earnings

	June 30, 2024		December 31, 2023			Three Months Ended June 30,				Six Months Ended June 30,
						2024		2023		2024		2023
Derivatives instruments
Commodity swap contracts	$	(277)	$	388	Cost of sales	$	624	$	(369)	$	(124)	$	117

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

Lessee Activities

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):


	Classification	June 30, 2024		December 31, 2023
Right-of-Use Assets
Operating	Other assets	$	34,476	$	32,219

Total leased ROU assets		$	34,476	$	32,219
Liabilities
Current
Operating	Other accrued liabilities	$	10,640	$	9,049

Noncurrent
Operating	Other non-current liabilities	23,836		23,170

Total lease liabilities		$	34,476	$	32,219

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):


	Classification	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	2,905	$	2,128



Net lease cost		$	2,905	$	2,128

	Classification	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	5,665	$	4,085



Net lease cost		$	5,665	$	4,085

Maturity of the Company’s lease liabilities as of June 30, 2024 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024 (remainder)	$	6,154	$	—	$	6,154
2025	11,637		—		11,637
2026	10,451		—		10,451
2027	5,643		—		5,643
2028	2,409		—		2,409
Thereafter	1,222		—		1,222
Total lease payments	$	37,516	$	—	$	37,516
Less: interest	3,040		—
Present value of lease payments	$	34,476	$	—


	June 30, 2024		December 31, 2023
Weighted average remaining lease term (years)
Operating leases	3.5		3.8

Weighted average discount rate
Operating leases	4.95	%	4.94	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,696	$	4,114
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	—	$	—

Lessor and Sublessor Activities

Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	559	$	117
Variable lease income	—		—
Total lease income1	$	559	$	117

	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	1,202	$	179
Variable lease income	—		—
Total lease income1	$	1,202	$	179

—————————

(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.

The following table shows the Company’s future contractual receipts from noncancelable operating leases as of June 30, 2024 (in thousands):


	Operating Leases2
2024 (remainder)	$	1,037
2025	2,062
2026	2,062
2027	1,949
2028	1,567
Thereafter	99
Total contractual receipts	$	8,776

—————————

LEASES

Lessee Activities

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):


	Classification	June 30, 2024		December 31, 2023
Right-of-Use Assets
Operating	Other assets	$	34,476	$	32,219

Total leased ROU assets		$	34,476	$	32,219
Liabilities
Current
Operating	Other accrued liabilities	$	10,640	$	9,049

Noncurrent
Operating	Other non-current liabilities	23,836		23,170

Total lease liabilities		$	34,476	$	32,219

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):


	Classification	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	2,905	$	2,128



Net lease cost		$	2,905	$	2,128

	Classification	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	5,665	$	4,085



Net lease cost		$	5,665	$	4,085

Maturity of the Company’s lease liabilities as of June 30, 2024 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024 (remainder)	$	6,154	$	—	$	6,154
2025	11,637		—		11,637
2026	10,451		—		10,451
2027	5,643		—		5,643
2028	2,409		—		2,409
Thereafter	1,222		—		1,222
Total lease payments	$	37,516	$	—	$	37,516
Less: interest	3,040		—
Present value of lease payments	$	34,476	$	—


	June 30, 2024		December 31, 2023
Weighted average remaining lease term (years)
Operating leases	3.5		3.8

Weighted average discount rate
Operating leases	4.95	%	4.94	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,696	$	4,114
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	—	$	—

Lessor and Sublessor Activities

Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	559	$	117
Variable lease income	—		—
Total lease income1	$	559	$	117

	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	1,202	$	179
Variable lease income	—		—
Total lease income1	$	1,202	$	179

—————————

(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.

The following table shows the Company’s future contractual receipts from noncancelable operating leases as of June 30, 2024 (in thousands):


	Operating Leases2
2024 (remainder)	$	1,037
2025	2,062
2026	2,062
2027	1,949
2028	1,567
Thereafter	99
Total contractual receipts	$	8,776

—————————

OTHER ACCRUED LIABILITIES

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

OTHER ACCRUED LIABILITIES

The following table presents the major components of Other accrued liabilities (in thousands):


	June 30, 2024		December 31, 2023
Warranty	$	22,620	$	21,286
Chassis converter pool agreements	28,034		27,312
Payroll and related taxes	18,831		40,265
Customer deposits	26,671		45,586
Self-insurance	11,371		11,311
Accrued interest	3,817		3,817
Operating lease obligations	10,640		9,049
Accrued taxes	14,837		24,662
All other	11,052		12,313
	$	147,873	$	195,601

The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):


	2024		2023
Balance as of January 1	$	21,286	$	22,061
Provisions and revisions to estimates	4,048		1,770

Payments	(2,714)		(2,086)
Balance as of June 30	$	22,620	$	21,745

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

▪Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets;

▪Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

Recurring Fair Value Measurements


	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024
Commodity swap contracts	Recurring	$	122	$	—	$	122	$	—
Mutual funds	Recurring	$	14,273	$	14,273	$	—	$	—
Life-insurance contracts	Recurring	$	20,151	$	—	$	20,151	$	—
December 31, 2023
Commodity swap contracts	Recurring	$	466	$	—	$	466	$	—
Mutual funds	Recurring	$	11,735	$	11,735	$	—	$	—
Life-insurance contracts	Recurring	$	18,510	$	—	$	18,510	$	—

Estimated Fair Value of Debt

The Company’s carrying and estimated fair value of debt at June 30, 2024 and December 31, 2023 were as follows (in thousands):


	June 30, 2024								December 31, 2023
	Carrying Value		Fair Value						Carrying Value		Fair Value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Instrument
Senior Notes due 2028	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—
Revolving Credit Agreement	—		—		—		—		—		—		—		—

	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation As of June 30, 2024, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, including class action lawsuits, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. Accrual for losses have been recorded for those matters deemed both probable and reasonably estimated. On the basis of information currently available to it, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Consolidated Statements of Operations. Legal Matter Estimated Liability As of June 30, 2024, the Company was named as a defendant in California state court in two purported class action lawsuits, alleging wage and hour claims under California-specific employment laws (collectively, the “Matters”). The defense of both lawsuits is being handled in conjunction with one another. During the three months ended March 31, 2023, in accordance with ASC 450, the Company concluded a liability related to the Matters was probable and estimable. As such, an estimated liability $3.0 million is included in General & administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2023. During the second quarter of 2023, the Company reached an agreement to resolve the Matters via settlement for an amount materially consistent with the estimated liability. The settlement proceeds were paid in the first quarter of 2024, and the Company expects the matters will be closed in the third quarter of 2024. Product Liability Claims The Company is and has been, and may in the future be, subject to product liability claims and litigation incidental to the Company’s normal operating activities. The ultimate outcome of such claims and litigation cannot be predicted with any certainty and any such claim or litigation could materially and adversely affect the Company’s financial condition, results of operations and cash flows. Environmental Disputes In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National Corporation (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (the “PRP Group”) notified Wabash in August 2014 that it was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial condition and results of operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations. On November 13, 2019, the Company received a notice that it was considered one of several PRPs by the Indiana Department of Environmental Management (“IDEM”) under CERCLA and state law related to substances found in soil and groundwater at a property located at 817 South Earl Avenue, Lafayette, Indiana (the “Site”). The Company has never owned or operated the Site, but the Site is near certain of the Company’s owned properties. In 2020, the Company agreed to implement a limited work plan to further investigate the source of the contamination at the Site and worked with IDEM and other PRPs to finalize the terms of the work plan. The Company submitted its initial site investigation report to IDEM during the third quarter of 2020, indicating that the data collected by the Company’s consultant confirmed that the Company’s properties are not the source of contamination at the Site. In December 2021, after completing further groundwater sampling work, the Company submitted to IDEM a supplemental written report, which again stated that the Company is not a responsible party and the Company’s properties are not a source of any contamination. In June 2022, the Company and other PRPs finalized Work Plan Addendum No. 3, which provided for additional groundwater sampling on another PRP property. The Company completed all additional sampling and submitted supplemental reports to IDEM as of the first quarter of 2024. All available information and reports establish there is no source of any contamination on the Company’s owned properties. As of June 30, 2024, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations. Chassis Converter Pool Agreements The Company obtains vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of June 30, 2024, the Company’s outstanding chassis converter pool with the manufacturer totaled $28.0 million and has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities. All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $1.6 million. Under these agreements, if the chassis is not delivered to a customer within a specified time frame, the Company is required to pay a finance or storage charge on the chassis. Additionally, the Company receives finance support funds from manufacturers when the chassis are assigned into the Company’s chassis pool. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company.

NET INCOME PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541
Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Basic net income attributable to common stockholders per share	$	0.65	$	1.57	$	1.04	$	2.64

Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541

Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Dilutive stock options and restricted stock	469		921		612		1,127
Diluted weighted average common shares outstanding	45,365		48,373		45,751		48,737
Diluted net income attributable to common stockholders per share	$	0.64	$	1.54	$	1.03	$	2.58

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company recognizes all share-based payments based upon their grant date fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. In addition, the Company’s policy is to estimate expected forfeitures on share-based awards. The fair value of service and performance-based units is based on the market price of a share of underlying common stock at the date of grant. The fair values of the awards that contain market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return, and correlation matrix. The amount of compensation costs related to restricted stock units and performance units not yet recognized, excluding estimated forfeitures, was $21.3 million at June 30, 2024, for which the expense will be recognized through 2027.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Program

Common and Preferred Stock

Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component, net of tax, for the six months ended June 30, 2024 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2023	$	(816)	$	388	$	(428)
Net unrealized gains (losses) arising during the period(a)	184		(290)		(106)
Less: Net realized gains (losses) reclassified to net income(b)	—		(566)		(566)
Net change during the period	184		276		460
Balances at March 31, 2024	(632)		664		32
Net unrealized gains (losses) arising during the period(c)	(1,192)		(464)		(1,656)
Less: Net realized gains (losses) reclassified to net income(d)	—		477		477
Net change during the period	(1,192)		(941)		(2,133)
Balances at June 30, 2024	$	(1,824)	$	(277)	$	(2,101)

—————————

(a) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.

(b) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.

(d) Derivative instruments net of $0.2 million of tax liability for the three months ended June 30, 2024.

Changes in AOCI by component, net of tax, for the six months ended June 30, 2023 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2022	$	(1,791)	$	909	$	(882)
Net unrealized gains (losses) arising during the period(e)	564		130		694
Less: Net realized gains (losses) reclassified to net income(f)	—		366		366
Net change during the period	564		(236)		328
Balances at March 31, 2023	(1,227)		673		(554)
Net unrealized gains (losses) arising during the period(g)	502		(3,229)		(2,727)
Less: Net realized gains (losses) reclassified to net income(h)	—		(277)		(277)
Net change during the period	502		(2,952)		(2,450)
Balances at June 30, 2023	$	(725)	$	(2,279)	$	(3,004)

—————————

(e) Derivative instruments net of less than $0.1 million of tax liability for the three months ended March 31, 2023.

(f) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2023.

(g) Derivative instruments net of $1.0 million of tax benefit for the three months ended June 30, 2023.

(h) Derivative instruments net of $0.1 million of tax liability for the three months ended June 30, 2023.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2024, the Company recognized income tax expense of $9.8 million compared to $24.3 million for the same period in the prior year. The Company recognized income tax expense of $16.2 million in the first six months of 2024 compared to $38.2 million for the same period in the prior year. The effective tax rates for the first six months of 2024 and 2023 were 25.4% and 23.3%, respectively. For the first six months of 2024, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes. For the first six months of 2023, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes net of discrete items incurred related to stock-based compensation.

IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT	6 Months Ended
IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT	IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT During the second quarter of 2024, the Company impaired approximately $1.0 million due to a construction-in-progress project that was no longer expected to be completed. The impairment is included in Impairment and other, net in the Condensed Consolidated Statements of Operations. There were no material impairments during the three and six-month periods ended June 30, 2023.

SEGMENTS

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENTS

a. Segment Reporting

Additional information related to the composition of each segment is included below.

Reportable segment information is as follows (in thousands):


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	497,100	$	53,510	$	—	$	550,610
Intersegment sales	1,605		1,391		(2,996)		—
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610

Income (loss) from operations	$	56,918	$	12,087	$	(25,242)	$	43,763


Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	625,718	$	60,902	$	—	$	686,620
Intersegment sales	4,964		1,164		(6,128)		—
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620

Income (loss) from operations	$	115,806	$	12,937	$	(25,433)	$	103,310


Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	964,223	$	101,663	$	—	$	1,065,886
Intersegment sales	4,910		2,472		(7,382)		—
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886

Income (loss) from operations	$	101,173	$	22,607	$	(50,442)	$	73,338


Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	1,201,014	$	106,558	$	—	$	1,307,572
Intersegment sales	7,739		2,648		(10,387)		—
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572

Income (loss) from operations	$	202,922	$	22,146	$	(51,858)	$	173,210

b. Product Information


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	383,145	$	—	$	(681)	$	382,464	69.5	%
Used trailers	—		1,144		—		1,144		0.2	%
Components, parts and services	—		34,453		—		34,453		6.3	%
Equipment and other	115,560		19,304		(2,315)		132,549		24.1	%
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610	100.0	%

Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	523,537	$	—	$	(2,002)	$	521,535	76.0	%
Used trailers	—		517		—		517		0.1	%
Components, parts and services	—		39,794		—		39,794		5.8	%
Equipment and other	107,145		21,755		(4,126)		124,774		18.2	%
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620	100.0	%

Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	749,303	$	—	$	(1,501)	$	747,802	70.2	%
Used trailers	—		2,488		—		2,488		0.2	%
Components, parts and services	—		70,083		—		70,083		6.6	%
Equipment and other	219,830		31,564		(5,881)		245,513		23.0	%
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886	100.0	%

Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	1,008,785	$	—	$	(2,364)	$	1,006,421	77.0	%
Used trailers	—		1,056		—		1,056		0.1	%
Components, parts and services	—		75,476		—		75,476		5.8	%
Equipment and other	199,968		32,674		(8,023)		224,619		17.2	%
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572	100.0	%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 28,958	$ 18,167	$ 74,328	$ 51,213	$ 47,125	$ 125,541

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS (Policies)	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company’s operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
REVENUE RECOGNITION	The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.

GOODWILL & OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amounts of goodwill from December 31, 2022 through the six-month period ended June 30, 2024 were as follows (in thousands):


	Transportation Solutions		Parts & Services		Total




















Balance at December 31, 2022
Goodwill	$	188,759	$	108,075	$	296,834
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2022	120,502		67,932		188,434


Effects of foreign currency	(16)		(9)		(25)
Balance at December 31, 2023
Goodwill	188,743		108,066		296,809
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of December 31, 2023	120,486		67,923		188,409
Effects of foreign currency	(2)		—		(2)
Balance at March 31, 2024
Goodwill	188,741		108,066		296,807
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of March 31, 2024	120,484		67,923		188,407
Effects of foreign currency	10		6		16
Balance at June 30, 2024
Goodwill	188,751		108,072		296,823
Accumulated impairment losses	(68,257)		(40,143)		(108,400)
Net balance as of June 30, 2024	$	120,494	$	67,929	$	188,423

NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Equity Method Investments

The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):


	2024		2023
Balance at January 1	$	1,647	$	—
Loss from unconsolidated entity	(1,486)		—
Balance at March 31	161		—
Loss from unconsolidated entity	(1,415)		—
Equity deficit applied to note (1)	1,254		—
Balance at June 30	$	—	$	—

Schedule of Variable Interest Entities

The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	2,045	$	3,020
Accounts receivable, net	2,105		1,540
Inventories, net	2		85
Prepaid expenses and other	137		68
Total current assets	4,289		4,713
Property, plant, and equipment, net	—		—
Other assets	283		543
Total assets	$	4,572	$	5,256
Liabilities
Current liabilities:
Accounts payable	$	3,820	$	4,024
Other accrued liabilities	20		26
Total current liabilities	3,840		4,050
Other non-current liabilities	—		—
Total liabilities	$	3,840	$	4,050

Schedule Of Noncontrolling Interest Activity

The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):


	2024		2023
Balance at January 1	$	603	$	512
Net income attributable to noncontrolling interest	120		183
Other comprehensive income (loss)	—		—
Distributions paid to noncontrolling interest	(603)		—
Balance at March 31	120		695
Net income attributable to noncontrolling interest	246		146
Other comprehensive income (loss)	—		—
Distributions declared to noncontrolling interest	—		(512)
Balance at June 30	$	366	$	329

INVENTORIES, NET (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories, net of reserves, consist of the following components (in thousands):


	June 30, 2024		December 31, 2023
Raw materials and components	$	143,863	$	156,314
Finished goods	100,208		86,586
Work in progress	17,226		14,102
Aftermarket parts	8,739		7,263
Used trailers	2,890		3,370
	$	272,926	$	267,635

PREPAID EXPENSES AND OTHER (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Chassis converter pool agreements	$	28,034	$	27,312
Assets held for sale	—		—
Income tax receivables	7,716		11,840

Insurance premiums & maintenance/subscription agreements	9,696		5,899
Commodity swap contracts	1,940		1,511
All other	3,120		4,895
	$	50,506	$	51,457

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following (in thousands):


	June 30, 2024		December 31, 2023
Senior Notes due 2028	$	400,000	$	400,000
Revolving Credit Agreement	—		—

	400,000		400,000
Less: unamortized discount and fees	(3,200)		(3,535)
Less: current portion	—		—
	$	396,800	$	396,465

FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of June 30, 2024 and December 31, 2023, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):


		Asset / (Liability) Derivatives
	Balance Sheet Caption	June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments
Commodity swap contracts	Prepaid expenses and other	$	1,940	$	1,511
Commodity swap contracts	Accounts payable and Other accrued liabilities	(1,818)		(1,045)
Total derivatives designated as hedging instruments		$	122	$	466

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


	Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)				Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Earnings

	June 30, 2024		December 31, 2023			Three Months Ended June 30,				Six Months Ended June 30,
						2024		2023		2024		2023
Derivatives instruments
Commodity swap contracts	$	(277)	$	388	Cost of sales	$	624	$	(369)	$	(124)	$	117

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Assets and Liabilities, Lessee

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):


	Classification	June 30, 2024		December 31, 2023
Right-of-Use Assets
Operating	Other assets	$	34,476	$	32,219

Total leased ROU assets		$	34,476	$	32,219
Liabilities
Current
Operating	Other accrued liabilities	$	10,640	$	9,049

Noncurrent
Operating	Other non-current liabilities	23,836		23,170

Total lease liabilities		$	34,476	$	32,219

Lease, Cost

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):


	Classification	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	2,905	$	2,128



Net lease cost		$	2,905	$	2,128

	Classification	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease cost	Cost of sales, selling expenses and general and administrative expense	$	5,665	$	4,085



Net lease cost		$	5,665	$	4,085

Remaining lease term and discount rates are as follows:


	June 30, 2024		December 31, 2023
Weighted average remaining lease term (years)
Operating leases	3.5		3.8

Weighted average discount rate
Operating leases	4.95	%	4.94	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):


	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,696	$	4,114
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	—	$	—

Operating Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of June 30, 2024 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024 (remainder)	$	6,154	$	—	$	6,154
2025	11,637		—		11,637
2026	10,451		—		10,451
2027	5,643		—		5,643
2028	2,409		—		2,409
Thereafter	1,222		—		1,222
Total lease payments	$	37,516	$	—	$	37,516
Less: interest	3,040		—
Present value of lease payments	$	34,476	$	—

Finance Lease, Liability, Maturity

Maturity of the Company’s lease liabilities as of June 30, 2024 is as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024 (remainder)	$	6,154	$	—	$	6,154
2025	11,637		—		11,637
2026	10,451		—		10,451
2027	5,643		—		5,643
2028	2,409		—		2,409
Thereafter	1,222		—		1,222
Total lease payments	$	37,516	$	—	$	37,516
Less: interest	3,040		—
Present value of lease payments	$	34,476	$	—

Operating Lease, Lease Income

For the three and six months ended June 30, 2024 and 2023, the Company’s lease income consisted of the following components (in thousands):


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	559	$	117
Variable lease income	—		—
Total lease income1	$	559	$	117

	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Operating lease income
Fixed lease income	$	1,202	$	179
Variable lease income	—		—
Total lease income1	$	1,202	$	179

—————————

(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.

Lessor, Operating Lease, Payment to be Received, Maturity

The following table shows the Company’s future contractual receipts from noncancelable operating leases as of June 30, 2024 (in thousands):


	Operating Leases2
2024 (remainder)	$	1,037
2025	2,062
2026	2,062
2027	1,949
2028	1,567
Thereafter	99
Total contractual receipts	$	8,776

—————————

OTHER ACCRUED LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

The following table presents the major components of Other accrued liabilities (in thousands):


	June 30, 2024		December 31, 2023
Warranty	$	22,620	$	21,286
Chassis converter pool agreements	28,034		27,312
Payroll and related taxes	18,831		40,265
Customer deposits	26,671		45,586
Self-insurance	11,371		11,311
Accrued interest	3,817		3,817
Operating lease obligations	10,640		9,049
Accrued taxes	14,837		24,662
All other	11,052		12,313
	$	147,873	$	195,601

Changes in Product Warranty Accrual

The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):


	2024		2023
Balance as of January 1	$	21,286	$	22,061
Provisions and revisions to estimates	4,048		1,770

Payments	(2,714)		(2,086)
Balance as of June 30	$	22,620	$	21,745

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities


	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024
Commodity swap contracts	Recurring	$	122	$	—	$	122	$	—
Mutual funds	Recurring	$	14,273	$	14,273	$	—	$	—
Life-insurance contracts	Recurring	$	20,151	$	—	$	20,151	$	—
December 31, 2023
Commodity swap contracts	Recurring	$	466	$	—	$	466	$	—
Mutual funds	Recurring	$	11,735	$	11,735	$	—	$	—
Life-insurance contracts	Recurring	$	18,510	$	—	$	18,510	$	—

Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis

The Company’s carrying and estimated fair value of debt at June 30, 2024 and December 31, 2023 were as follows (in thousands):


	June 30, 2024								December 31, 2023
	Carrying Value		Fair Value						Carrying Value		Fair Value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Instrument
Senior Notes due 2028	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—
Revolving Credit Agreement	—		—		—		—		—		—		—		—

	$	396,800	$	—	$	358,112	$	—	$	396,465	$	—	$	361,774	$	—

NET INCOME PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share

The calculation of basic and diluted net income attributable to common stockholders per common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts).


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541
Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Basic net income attributable to common stockholders per share	$	0.65	$	1.57	$	1.04	$	2.64

Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders	$	28,958	$	74,328	$	47,125	$	125,541

Weighted average common shares outstanding	44,896		47,452		45,139		47,610
Dilutive stock options and restricted stock	469		921		612		1,127
Diluted weighted average common shares outstanding	45,365		48,373		45,751		48,737
Diluted net income attributable to common stockholders per share	$	0.64	$	1.54	$	1.03	$	2.58

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in AOCI by Component

Changes in AOCI by component, net of tax, for the six months ended June 30, 2024 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2023	$	(816)	$	388	$	(428)
Net unrealized gains (losses) arising during the period(a)	184		(290)		(106)
Less: Net realized gains (losses) reclassified to net income(b)	—		(566)		(566)
Net change during the period	184		276		460
Balances at March 31, 2024	(632)		664		32
Net unrealized gains (losses) arising during the period(c)	(1,192)		(464)		(1,656)
Less: Net realized gains (losses) reclassified to net income(d)	—		477		477
Net change during the period	(1,192)		(941)		(2,133)
Balances at June 30, 2024	$	(1,824)	$	(277)	$	(2,101)

—————————

(a) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.

(b) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.

(d) Derivative instruments net of $0.2 million of tax liability for the three months ended June 30, 2024.

Changes in AOCI by component, net of tax, for the six months ended June 30, 2023 are summarized as follows (in thousands):


	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2022	$	(1,791)	$	909	$	(882)
Net unrealized gains (losses) arising during the period(e)	564		130		694
Less: Net realized gains (losses) reclassified to net income(f)	—		366		366
Net change during the period	564		(236)		328
Balances at March 31, 2023	(1,227)		673		(554)
Net unrealized gains (losses) arising during the period(g)	502		(3,229)		(2,727)
Less: Net realized gains (losses) reclassified to net income(h)	—		(277)		(277)
Net change during the period	502		(2,952)		(2,450)
Balances at June 30, 2023	$	(725)	$	(2,279)	$	(3,004)

—————————

(e) Derivative instruments net of less than $0.1 million of tax liability for the three months ended March 31, 2023.

(f) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2023.

(g) Derivative instruments net of $1.0 million of tax benefit for the three months ended June 30, 2023.

(h) Derivative instruments net of $0.1 million of tax liability for the three months ended June 30, 2023.

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is as follows (in thousands):


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	497,100	$	53,510	$	—	$	550,610
Intersegment sales	1,605		1,391		(2,996)		—
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610

Income (loss) from operations	$	56,918	$	12,087	$	(25,242)	$	43,763


Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	625,718	$	60,902	$	—	$	686,620
Intersegment sales	4,964		1,164		(6,128)		—
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620

Income (loss) from operations	$	115,806	$	12,937	$	(25,433)	$	103,310


Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	964,223	$	101,663	$	—	$	1,065,886
Intersegment sales	4,910		2,472		(7,382)		—
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886

Income (loss) from operations	$	101,173	$	22,607	$	(50,442)	$	73,338


Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Corporate and Eliminations		Consolidated
Net sales
External customers	$	1,201,014	$	106,558	$	—	$	1,307,572
Intersegment sales	7,739		2,648		(10,387)		—
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572

Income (loss) from operations	$	202,922	$	22,146	$	(51,858)	$	173,210

Major Product Categories and Percentage of Consolidated Net Sales

The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):


Three Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	383,145	$	—	$	(681)	$	382,464	69.5	%
Used trailers	—		1,144		—		1,144		0.2	%
Components, parts and services	—		34,453		—		34,453		6.3	%
Equipment and other	115,560		19,304		(2,315)		132,549		24.1	%
Total net sales	$	498,705	$	54,901	$	(2,996)	$	550,610	100.0	%

Three Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	523,537	$	—	$	(2,002)	$	521,535	76.0	%
Used trailers	—		517		—		517		0.1	%
Components, parts and services	—		39,794		—		39,794		5.8	%
Equipment and other	107,145		21,755		(4,126)		124,774		18.2	%
Total net sales	$	630,682	$	62,066	$	(6,128)	$	686,620	100.0	%

Six Months Ended June 30, 2024	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	749,303	$	—	$	(1,501)	$	747,802	70.2	%
Used trailers	—		2,488		—		2,488		0.2	%
Components, parts and services	—		70,083		—		70,083		6.6	%
Equipment and other	219,830		31,564		(5,881)		245,513		23.0	%
Total net sales	$	969,133	$	104,135	$	(7,382)	$	1,065,886	100.0	%

Six Months Ended June 30, 2023	Transportation Solutions		Parts & Services		Eliminations		Consolidated
New trailers	$	1,008,785	$	—	$	(2,364)	$	1,006,421	77.0	%
Used trailers	—		1,056		—		1,056		0.1	%
Components, parts and services	—		75,476		—		75,476		5.8	%
Equipment and other	199,968		32,674		(8,023)		224,619		17.2	%
Total net sales	$	1,208,753	$	109,206	$	(10,387)	$	1,307,572	100.0	%

REVENUE RECOGNITION (Details)	6 Months Ended
REVENUE RECOGNITION (Details)	Jun. 30, 2024 performance_obligation
Revenue from Contract with Customer [Abstract]
Number of separate and distinct performance obligations	3

GOODWILL & OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Number of operating segments \| segment		2
Number of segments \| segment		2
Goodwill	$ 188,423	$ 188,423	$ 188,407	$ 188,409	$ 188,434
Goodwill and intangible asset impairment	0	0
Transportation Solutions
Goodwill [Line Items]
Goodwill	120,494	120,494	120,484	120,486	120,502
Parts & Services
Goodwill [Line Items]
Goodwill	$ 67,929	$ 67,929	$ 67,923	$ 67,923	$ 67,932

GOODWILL & OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, gross	$ 296,823	$ 296,807	$ 296,809	$ 296,834
Goodwill, Impaired, Accumulated Impairment Loss	(108,400)	(108,400)	(108,400)	(108,400)
Net goodwill	188,423	188,407	188,409	188,434
Effects of foreign currency	16	(2)	(25)
Transportation Solutions
Goodwill [Roll Forward]
Goodwill, gross	188,751	188,741	188,743	188,759
Goodwill, Impaired, Accumulated Impairment Loss	(68,257)	(68,257)	(68,257)	(68,257)
Net goodwill	120,494	120,484	120,486	120,502
Effects of foreign currency	10	(2)	(16)
Parts & Services
Goodwill [Roll Forward]
Goodwill, gross	108,072	108,066	108,066	108,075
Goodwill, Impaired, Accumulated Impairment Loss	(40,143)	(40,143)	(40,143)	(40,143)
Net goodwill	67,929	67,923	67,923	$ 67,932
Effects of foreign currency	$ 6	$ 0	$ (9)

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Ownership Interests [Line Items]
Investment in unconsolidated entity			$ 7,100	$ 0
Long-term debt, gross	$ 400,000	$ 400,000	400,000
Linq
Other Ownership Interests [Line Items]
Investment in unconsolidated entity		$ 2,500
Excess cash distribution, term		30 days
Partners \| Linq
Other Ownership Interests [Line Items]
Investment in unconsolidated entity		$ 2,600
Linq \| Wabash \| Line of Credit
Other Ownership Interests [Line Items]
Line of credit facility, maximum borrowing capacity		$ 10,000
Interest rate, stated percentage		7.00%
Line of credit facility accordion feature increase amount		$ 35,000
Long-term debt, gross	5,600		5,600
Interest income (less than)	$ 100		$ 100
Wabash Parts LLC
Other Ownership Interests [Line Items]
Excess cash distribution, term		30 days
Noncontrolling interest, ownership percentage by parent	50.00%		50.00%
Noncontrolling interest, ownership percentage by noncontrolling owners	50.00%		50.00%
Linq
Other Ownership Interests [Line Items]
Ownership percentage		49.00%
Put and call exercise rights duration (in years)		7 years
Linq \| Partners
Other Ownership Interests [Line Items]
Ownership percentage		51.00%

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Summary of Investment Balance (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		$ 1,647			$ 1,647
Loss from unconsolidated entity	$ (1,415)		$ 0		(2,901)	$ 0
Ending balance	0				0
Variable Interest Entity, Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	161	1,647	0	$ 0	1,647	0
Loss from unconsolidated entity	(1,415)	(1,486)	0	0
Investment in unconsolidated entity	1,254		0
Ending balance	$ 0	$ 161	$ 0	$ 0	$ 0	$ 0

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Summary of Variable Interest Entity Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 77,285	$ 179,271
Accounts receivable, net	243,248	182,990
Inventories, net	272,926	267,635
Prepaid expenses and other	50,506	51,457
Total current assets	643,965	681,353
Other assets	94,911	79,543
Total assets	1,339,312	1,362,814
Accounts payable	175,483	156,608
Other accrued liabilities	11,052	12,313
Total current liabilities	323,356	352,209
Other non-current liabilities	55,146	47,028
Total liabilities	788,521	812,715
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	2,045	3,020
Accounts receivable, net	2,105	1,540
Inventories, net	2	85
Prepaid expenses and other	137	68
Total current assets	4,289	4,713
Property, plant, and equipment, net	0	0
Other assets	283	543
Total assets	4,572	5,256
Accounts payable	3,820	4,024
Other accrued liabilities	20	26
Total current liabilities	3,840	4,050
Other non-current liabilities	0	0
Total liabilities	$ 3,840	$ 4,050

NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Summary of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at January 1	$ 120	$ 603	$ 695	$ 512	$ 603	$ 512
Net income attributable to noncontrolling interest	246	120	146	183	366	329
Other comprehensive income (loss)	0	0	0	0
Distributions paid to noncontrolling interest	0	(603)	(512)	0
Ending balance	$ 366	$ 120	$ 329	$ 695	$ 366	$ 329

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and components	$ 143,863	$ 156,314
Finished goods	100,208	86,586
Work in progress	17,226	14,102
Aftermarket parts	8,739	7,263
Used trailers	2,890	3,370
Total inventory	$ 272,926	$ 267,635

PREPAID EXPENSES AND OTHER - Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Chassis converter pool agreements	$ 28,034,000	$ 27,312,000
Assets held for sale	0	0
Income tax receivables	7,716,000	11,840,000
Insurance premiums & maintenance/subscription agreements	9,696,000	5,899,000
Commodity swap contracts	1,940,000	1,511,000
All other	3,120,000	4,895,000
Prepaid expenses and other current assets	50,506,000	51,457,000
Restricted cash	$ 0	$ 0

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 400,000	$ 400,000
Less: unamortized discount and fees	(3,200)	(3,535)
Less: current portion	0	0
Long-term debt	396,800	396,465
Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	400,000	400,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

DEBT - Senior Notes Due 2028 (Details) - USD ($)		3 Months Ended		6 Months Ended
DEBT - Senior Notes Due 2028 (Details) - USD ($)	Oct. 06, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest expense		$ 4,948,000	$ 4,987,000	$ 9,936,000	$ 9,981,000
Senior Notes due 2028 \| New Senior Notes
Debt Instrument [Line Items]
Notes issued, aggregate principal amount	$ 400,000,000
Notes issued, interest rate	4.50%
Debt instrument, redemption price, percentage	100.00%
Debt instrument, redemption price, percentage of principal amount remaining	60.00%
Interest expense		4,500,000	4,500,000	9,000,000.0	9,000,000.0
Accretion expense		$ 200,000	$ 200,000	$ 300,000	$ 300,000
Senior Notes due 2028 \| New Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	104.50%
Debt instrument, redemption price, percentage of principal amount redeemed	40.00%
Senior Notes due 2028 \| New Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	102.25%
Senior Notes due 2028 \| New Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.125%
Senior Notes due 2028 \| New Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Senior Notes due 2028 \| New Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%

DEBT - Revolving Credit Agreement (Details)		3 Months Ended		6 Months Ended
DEBT - Revolving Credit Agreement (Details)	Sep. 23, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of lines of credit				$ 431,000	$ 103,731,000
Borrowings under revolving credit facilities				431,000	103,731,000
Long-term debt, gross		$ 400,000,000		400,000,000		$ 400,000,000
Interest expense		4,948,000	$ 4,987,000	9,936,000	9,981,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Line of credit facility accordion feature increase amount	$ 175,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.20%
Fixed charge coverage ratio	1.0
Line of credit facility, excess availability, commitment percentage, threshold	10.00%
Line of credit facility, excess availability, amount	$ 25,000,000
Line of credit facility, excess availability applied to principal, commitment percentage	10.00%
Debt instrument, covenant period	3 years
Liquidity position to meet future obligations, amount		380,900,000		380,900,000		$ 516,100,000
Repayments of lines of credit		200,000	60,400,000	400,000	103,700,000
Borrowings under revolving credit facilities		200,000	60,400,000	400,000	103,700,000
Long-term debt, gross		0	0	0	0
Interest expense		$ 200,000	$ 300,000	$ 400,000	$ 500,000
Revolving Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Revolving Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Letter of Credit \| Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Bridge Loan \| Revolving Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 35,000,000

FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative notional amount	$ 36.7
Pretax deferred gains expected to be reclassified	$ (0.4)

FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total derivatives designated as hedging instruments	$ 122	$ 466
Prepaid expenses and other
Derivative [Line Items]
Derivative asset, fair value, gross asset	1,940	1,511
Accounts payable and Other accrued liabilities
Derivative [Line Items]
Liability derivatives	$ (1,818)	$ (1,045)

FINANCIAL DERIVATIVE INSTRUMENTS - Summary of Gain or Loss Recognized in AOCI (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)	$ (277)		$ (277)		$ 388
Amount of Gain (Loss) Reclassified from AOCI into Earnings	$ 624	$ (369)	$ (124)	$ 117

LEASES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 5.4	$ 6.5
Lease not yet commenced	$ 0.0
Minimum
Lessee, Lease, Description [Line Items]
Lessee renewal term	1 year
Lessor, operating lease, term of contract	3 years
Lessor renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee renewal term	5 years
Lessor, operating lease, term of contract	5 years
Lessor renewal term	5 years

LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Right-of-Use Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating	$ 34,476	$ 32,219
Total leased ROU assets	$ 34,476	$ 32,219
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating	$ 10,640	$ 9,049
Noncurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Operating	$ 23,836	$ 23,170
Total lease liabilities	$ 34,476	$ 32,219

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 2,905	$ 2,128	$ 5,665	$ 4,085
Net lease cost	$ 2,905	$ 2,128	$ 5,665	$ 4,085

LEASES - Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024 (remainder)	$ 6,154
2025	11,637
2026	10,451
2027	5,643
2028	2,409
Thereafter	1,222
Total lease payments	37,516
Less: interest	3,040
Present value of lease payments	34,476
Finance Leases
2024 (remainder)	0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments	0
Less: interest	0
Present value of lease payments	0
Total
2024 (remainder)	6,154
2025	11,637
2026	10,451
2027	5,643
2028	2,409
Thereafter	1,222
Total lease payments	$ 37,516

LEASES - Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted average remaining lease term (years)
Operating leases	3 years 6 months	3 years 9 months 18 days
Weighted average discount rate
Operating leases	4.95%	4.94%

LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 5,696	$ 4,114
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	$ 0	$ 0

LEASES - Lessor Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease income	$ 559	$ 117	$ 1,202	$ 179
Variable lease income	0	0	0	0
Total lease income	$ 559	$ 117	$ 1,202	$ 179

LEASES - Lessor Maturity Schedule (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remainder)	$ 1,037
2025	2,062
2026	2,062
2027	1,949
2028	1,567
Thereafter	99
Total contractual receipts	$ 8,776

OTHER ACCRUED LIABILITIES - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Warranty	$ 22,620	$ 21,286	$ 21,745	$ 22,061
Chassis converter pool agreements	28,034	27,312
Payroll and related taxes	18,831	40,265
Customer deposits	26,671	45,586
Self-insurance	11,371	11,311
Accrued interest	3,817	3,817
Operating lease obligations	10,640	9,049
Accrued taxes	14,837	24,662
All other	11,052	12,313
Other accrued liabilities	$ 147,873	$ 195,601

OTHER ACCRUED LIABILITIES - Changes in Product Warranty Accrual (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 21,286	$ 22,061
Provisions and revisions to estimates	4,048	1,770
Payments	(2,714)	(2,086)
Balance at end of period	$ 22,620	$ 21,745

OTHER ACCRUED LIABILITIES - Narrative (Details)	6 Months Ended
OTHER ACCRUED LIABILITIES - Narrative (Details)	Jun. 30, 2024
Minimum
Accrued Liabilities [Line Items]
Warranty coverage period	1 year
Maximum
Accrued Liabilities [Line Items]
Warranty coverage period	5 years
DuraPlate Trailer Panels
Accrued Liabilities [Line Items]
Warranty coverage period	10 years
Steel Main Beams On Flatbed Trailers
Accrued Liabilities [Line Items]
Warranty coverage period	10 years

FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life-insurance contracts	$ 20,151	$ 18,510
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	14,273	11,735
Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity swap contracts	122	466
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life-insurance contracts	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	14,273	11,735
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity swap contracts	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life-insurance contracts	20,151	18,510
Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	0	0
Significant Other Observable Inputs (Level 2) \| Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity swap contracts	122	466
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life-insurance contracts	0	0
Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds	0	0
Significant Unobservable Inputs (Level 3) \| Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity swap contracts	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 396,800	$ 396,465
Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	396,800	396,465
Revolving Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 1 \| Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 1 \| Revolving Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	358,112	361,774
Level 2 \| Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	358,112	361,774
Level 2 \| Revolving Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 3 \| Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	0
Level 3 \| Revolving Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2024 USD ($) product_category	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Outstanding chassis converter pool	$ 28,034	$ 27,312
Chassis converter pool, delivery period	90 days
Pending Litigation \| California Consolidated Class Action
Loss Contingencies [Line Items]
Number of lawsuits \| product_category	2
Estimated litigation liability	$ 3,000
Chassis Converter Pool Agreements
Loss Contingencies [Line Items]
Consigned inventory belonging to the manufacturer	$ 1,600

NET INCOME PER SHARE - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders	$ 28,958	$ 74,328	$ 47,125	$ 125,541
Weighted average common shares outstanding (in shares)	44,896	47,452	45,139	47,610
Basic net income attributable to common stockholders per share (in usd per share)	$ 0.65	$ 1.57	$ 1.04	$ 2.64
Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders	$ 28,958	$ 74,328	$ 47,125	$ 125,541
Weighted average common shares outstanding (in shares)	44,896	47,452	45,139	47,610
Dilutive stock options and restricted stock (in shares)	469	921	612	1,127
Diluted weighted average common shares outstanding (in shares)	45,365	48,373	45,751	48,737
Diluted net income income attributable to common stockholders per share (in usd per share)	$ 0.64	$ 1.54	$ 1.03	$ 2.58

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Compensation costs related to restricted stock units and performance units not yet recognized	$ 21.3

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2024	Jun. 30, 2024	Dec. 31, 2023	Aug. 31, 2021	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount	$ 150.0			$ 150.0	$ 100.0
Stock repurchase program, period in force	3 years
Stock repurchase program, remaining authorized repurchase amount		$ 151.2
Common stock, shares authorized (in shares)		200,000,000	200,000,000
Common stock, par value (in usd per share)		$ 0.01	$ 0.01
Preferred Class A
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in shares)		25,000,000

STOCKHOLDERS' EQUITY - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 546,086	$ 549,496	$ 424,443	$ 397,613	$ 549,496	$ 397,613
Net unrealized gains (losses) arising during the period	(1,656)	(106)	(2,727)	694
Less: Net realized gains (losses) reclassified to net (loss) income	477	(566)	(277)	366
Total other comprehensive loss	(2,133)	460	(2,450)	328	(1,673)	(2,122)
Balance at end of period	550,425	546,086	481,024	424,443	550,425	481,024
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	200	100	1,000	(100)
Reclassification from AOCI, current period, tax expense (benefit)	200	(200)	100	100
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	32	(428)	(554)	(882)	(428)	(882)
Balance at end of period	(2,101)	32	(3,004)	(554)	(2,101)	(3,004)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(632)	(816)	(1,227)	(1,791)	(816)	(1,791)
Net unrealized gains (losses) arising during the period	(1,192)	184	502	564
Less: Net realized gains (losses) reclassified to net (loss) income	0	0	0	0
Total other comprehensive loss	(1,192)	184	502	564
Balance at end of period	(1,824)	(632)	(725)	(1,227)	(1,824)	(725)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	664	388	673	909	388	909
Net unrealized gains (losses) arising during the period	(464)	(290)	(3,229)	130
Less: Net realized gains (losses) reclassified to net (loss) income	477	(566)	(277)	366
Total other comprehensive loss	(941)	276	(2,952)	(236)
Balance at end of period	$ (277)	$ 664	$ (2,279)	$ 673	$ (277)	$ (2,279)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 9,768	$ 24,324	$ 16,191	$ 38,221
Effective tax rate			25.40%	23.30%

IMPAIRMENT AND PROPERTY, PLANT, AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Impairment	$ 1.0	$ 0.0	$ 1.0	$ 0.0

SEGMENTS - Narrative (Details)	6 Months Ended
SEGMENTS - Narrative (Details)	Jun. 30, 2024 segment product_category
Segment Reporting [Abstract]
Number of segments	2
Number of operating segments	2
Number of products \| product_category	4

SEGMENTS - Reportable Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales
Net sales	$ 550,610	$ 686,620	$ 1,065,886	$ 1,307,572
Income (loss) from operations	43,763	103,310	73,338	173,210
Transportation Solutions
Net sales
Net sales	497,100	625,718	964,223	1,201,014
Parts & Services
Net sales
Net sales	53,510	60,902	101,663	106,558
Corporate and Eliminations
Net sales
Net sales	(2,996)	(6,128)	(7,382)	(10,387)
Income (loss) from operations	(25,242)	(25,433)	(50,442)	(51,858)
Corporate and Eliminations \| Transportation Solutions
Net sales
Net sales	1,605	4,964	4,910	7,739
Corporate and Eliminations \| Parts & Services
Net sales
Net sales	1,391	1,164	2,472	2,648
Operating Segments \| Transportation Solutions
Net sales
Net sales	498,705	630,682	969,133	1,208,753
Income (loss) from operations	56,918	115,806	101,173	202,922
Operating Segments \| Parts & Services
Net sales
Net sales	54,901	62,066	104,135	109,206
Income (loss) from operations	$ 12,087	$ 12,937	$ 22,607	$ 22,146

SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Net sales	$ 550,610	$ 686,620	$ 1,065,886	$ 1,307,572
Sales Revenue, Net \| Product Concentration Risk
Product Information [Line Items]
Percentage of consolidated net sales	100.00%	100.00%	100.00%	100.00%
Eliminations
Product Information [Line Items]
Net sales	$ (2,996)	$ (6,128)	$ (7,382)	$ (10,387)
Transportation Solutions
Product Information [Line Items]
Net sales	497,100	625,718	964,223	1,201,014
Transportation Solutions \| Operating Segments
Product Information [Line Items]
Net sales	498,705	630,682	969,133	1,208,753
Transportation Solutions \| Eliminations
Product Information [Line Items]
Net sales	1,605	4,964	4,910	7,739
Parts & Services
Product Information [Line Items]
Net sales	53,510	60,902	101,663	106,558
Parts & Services \| Operating Segments
Product Information [Line Items]
Net sales	54,901	62,066	104,135	109,206
Parts & Services \| Eliminations
Product Information [Line Items]
Net sales	1,391	1,164	2,472	2,648
New trailers
Product Information [Line Items]
Net sales	$ 382,464	$ 521,535	$ 747,802	$ 1,006,421
New trailers \| Sales Revenue, Net \| Product Concentration Risk
Product Information [Line Items]
Percentage of consolidated net sales	69.50%	76.00%	70.20%	77.00%
New trailers \| Eliminations
Product Information [Line Items]
Net sales	$ (681)	$ (2,002)	$ (1,501)	$ (2,364)
New trailers \| Transportation Solutions \| Operating Segments
Product Information [Line Items]
Net sales	383,145	523,537	749,303	1,008,785
New trailers \| Parts & Services \| Operating Segments
Product Information [Line Items]
Net sales	0	0	0	0
Used trailers
Product Information [Line Items]
Net sales	$ 1,144	$ 517	$ 2,488	$ 1,056
Used trailers \| Sales Revenue, Net \| Product Concentration Risk
Product Information [Line Items]
Percentage of consolidated net sales	0.20%	0.10%	0.20%	0.10%
Used trailers \| Eliminations
Product Information [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0
Used trailers \| Transportation Solutions \| Operating Segments
Product Information [Line Items]
Net sales	0	0	0	0
Used trailers \| Parts & Services \| Operating Segments
Product Information [Line Items]
Net sales	1,144	517	2,488	1,056
Components, parts and services
Product Information [Line Items]
Net sales	$ 34,453	$ 39,794	$ 70,083	$ 75,476
Components, parts and services \| Sales Revenue, Net \| Product Concentration Risk
Product Information [Line Items]
Percentage of consolidated net sales	6.30%	5.80%	6.60%	5.80%
Components, parts and services \| Eliminations
Product Information [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0
Components, parts and services \| Transportation Solutions \| Operating Segments
Product Information [Line Items]
Net sales	0	0	0	0
Components, parts and services \| Parts & Services \| Operating Segments
Product Information [Line Items]
Net sales	34,453	39,794	70,083	75,476
Equipment and other
Product Information [Line Items]
Net sales	$ 132,549	$ 124,774	$ 245,513	$ 224,619
Equipment and other \| Sales Revenue, Net \| Product Concentration Risk
Product Information [Line Items]
Percentage of consolidated net sales	24.10%	18.20%	23.00%	17.20%
Equipment and other \| Eliminations
Product Information [Line Items]
Net sales	$ (2,315)	$ (4,126)	$ (5,881)	$ (8,023)
Equipment and other \| Transportation Solutions \| Operating Segments
Product Information [Line Items]
Net sales	115,560	107,145	219,830	199,968
Equipment and other \| Parts & Services \| Operating Segments
Product Information [Line Items]
Net sales	$ 19,304	$ 21,755	$ 31,564	$ 32,674

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