Wabash National Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wabash National Corp. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

WABASH NATIONAL Corp (WNC) filed a Annual Report (10-K) with the SEC on February 22, 2024. Wabash National Corporation filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is manufacturing truck trailers. The filing includes financial data for fiscal years 2021, 2022, and 2023. The company is incorporated in Delaware and headquartered in Lafayette, Indiana.

Why It Matters

For investors and stakeholders tracking WABASH NATIONAL Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Wabash National's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial statements and risk factors within the report offer insights into the company's ability to navigate the truck trailer manufacturing industry, including potential challenges and opportunities.

Risk Assessment

Risk Level: medium — WABASH NATIONAL Corp shows moderate risk based on this filing. The company operates in the truck trailer manufacturing industry, which is subject to cyclical demand and economic fluctuations, as indicated by the standard industrial classification and the nature of the business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Wabash National's performance and outlook in the cyclical truck trailer market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 3715 — SIC Code (Standard Industrial Classification for Truck Trailers)
• 2023 — Fiscal Year (Year covered by the report)
• 2022 — Previous Fiscal Year (Comparative financial data year)
• 2021 — Prior Fiscal Year (Comparative financial data year)

Key Players & Entities

• Wabash National Corp. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• 3715 (industry_code) — Standard Industrial Classification for Truck Trailers
• DE (state) — State of incorporation
• LAFAYETTE (city) — Business address city
• IN (state) — Business address state
• USD (currency) — Currency used in financial statements

FAQ

Risk Factors

• Industry Cyclicality and Demand Fluctuations [high — market]: The company's business is subject to the cyclical nature of the truck trailer industry, which can lead to significant fluctuations in demand and revenue based on economic conditions.
• Supply Chain and Manufacturing Operations [medium — operational]: Disruptions in the supply chain or operational inefficiencies can impact the company's ability to meet production targets and control costs.
• Interest Rate and Financing Risks [medium — financial]: Changes in interest rates can affect the cost of financing for both the company and its customers, potentially impacting sales and profitability.

Key Dates

• 2024-02-22: Filing of 2023 Form 10-K — Provides comprehensive annual financial and operational data for the fiscal year ending 2023-12-31.

Key Financial Figures

• $940.8 billion — ociation ("ATA"), was estimated to be a $940.8 billion industry in 2022, representing approxim

Filing Documents

• wnc-20231231.htm (10-K) — 2199KB
• exhibit1014-20231231.htm (EX-10.14) — 26KB
• exhibit211-20231231.htm (EX-21.1) — 15KB
• exhibit231-20231231.htm (EX-23.1) — 4KB
• exhibit311-20231231.htm (EX-31.1) — 8KB
• exhibit312-20231231.htm (EX-31.2) — 8KB
• exhibit321-20231231.htm (EX-32.1) — 8KB
• exhibit971-20231231.htm (EX-97.1) — 23KB
• wnc-20231231_g1.jpg (GRAPHIC) — 5KB
• wnc-20231231_g2.jpg (GRAPHIC) — 100KB
• 0000879526-24-000008.txt (&nbsp;) — 12275KB
• wnc-20231231.xsd (EX-101.SCH) — 68KB
• wnc-20231231_cal.xml (EX-101.CAL) — 134KB
• wnc-20231231_def.xml (EX-101.DEF) — 310KB
• wnc-20231231_lab.xml (EX-101.LAB) — 952KB
• wnc-20231231_pre.xml (EX-101.PRE) — 668KB
• wnc-20231231_htm.xml (XML) — 1961KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 30 Item 1C Cybersecurity 30 Item 2

Properties

Properties 31 Item 3

Legal Proceedings

Legal Proceedings 32 Item 4 Mine Safety Disclosures 32 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6 [Reserved] 34 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89 Item 9A

Controls and Procedures

Controls and Procedures 89 Item 9B Other Information 91 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 91 PART III Item 10 Directors, Executive Officers and Corporate Governance 91 Item 11

Executive Compensation

Executive Compensation 91 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13 Certain Relationships and Related Transactions, and Director Independence 91 Item 14 Principal Accounting Fees and Services 91 PART IV Item 15 Exhibits and Financial Statement Schedules 92 Item 16 Form 10-K Summary 92

SIGNATURES

SIGNATURES 94 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual 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 pr

—BUSINESS

ITEM 1—BUSINESS Overview Wabash National Corporation, which we refer to herein as "Wabash," the "Company," "us," "we," or "our," is Changing How the World Reaches You . Wabash was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana, as a dry van trailer manufacturer. Today we are the visionary leader of connected solutions for the transportation, logistics, and distribution industries. To that end, we design and manufacture 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, transportation, logistics, and distribution industry parts and services, and specialty food grade processing equipment. We have achieved this diversification through acquisitions, organic growth, and product innovation. We believe our position as a leader in our key industries is the result of longstanding relationships with our core customers, our demonstrated ability to attract new customers, our broad and innovative product lines, our engineering leadership, and our extensive distribution and service network. More importantly, we believe our leadership position is indicative of the Values and Leadership Principles that guide our actions. At Wabash, its our focus on people, purpose, and performance that drives us to do better. Our Purpose is to change how the world reaches you; our Vision is to be the visionary leader of connected solutions for the transportation, logistics, and distribution industries; and our Mission is to enable our customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Our Values are the qualities that govern our critical leadership behaviors and accelerate our progress. Be Curious: We will make bold choices and encourage creativity, collaboration and risk-taking to turn breakthrough ideas into

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View this 10-K filing on SEC EDGAR