About Wabash National

Wabash National Corporation designs and manufactures 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. The company is the visionary leader of connected solutions for the transportation, logistics, and distribution industries. Rebranding In January 2022, the company and its portfolio of brands rebranded as Wabash and began a significant shift in its go-to-market brand strategy. This marks a milestone in the company's transformation, following two years of accomplishments in its reorganization, new customer acquisition, and strategic growth as One Wabash. As of January 2022, the company marketed nearly all products in its Transportation Solutions and Parts & Services segments as Wabash. The company will continue to market DuraPlate, DuraPlateHD, DuraPlate AeroSkirt, and AeroSkirt CX, as well as the new EcoNex Technology brand for its proprietary molded structural composite. Wabash Management System The company's Wabash Management System (WMS) is a set of principles and standardized business processes for the purpose of achieving its strategic objectives. These principles are centered around lean thinking and state that lean application must extend across and throughout the company's entire enterprise, not only its manufacturing processes. By codifying what makes the company's company great, the WMS drives focus on the interconnected processes that are critical for success across its business. WMS is based on forward planning and continuous capability evaluation as the company simultaneously drives execution and breakthrough performance. WMS requires everyone to be an active contributor to the company's enterprise-wide lean efforts and enables growth through innovation and industry leading customer satisfaction and alliances. The company's WMS principles underpin an ongoing improvement cycle that includes Strategic Planning and Deployment, Kaizen, and Daily Management. It is through this set of standards and thinking that it creates a One Wabash approach to its employees and customers, add new business capabilities, and enable profitable growth. In partnership with Purdue University, during 2022, the company developed a curriculum for WMS Facilitator and Coaching. The company has hosted WMS University Champion training sessions and have over 225 graduates of the program while continuing to enhance internally. Company-wide, it has frequent WMS communication and engagement enhancement sessions, including lunch & learn trainings. Finally, the company has developed a strategic deployment process and planning cycle. The company's One Wabash organizational structure enables long-term growth for it with an intense focus on value streams, streamlined processes, product innovation, and a consistent, superior experience for all customers who seek its solutions in the transportation, logistics and distribution markets. Operating Segments The company operates through two segments, Transportation Solutions (TS) and Parts & Services (P&S). Transportation Solutions 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, all of which were previously reported in the CTP segment. The company's EcoNex Technology products that were historically included in both the CTP and FMP segments are reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks that were historically reported in the DPG segment. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies that were previously reported in the FMP segment are also in the TS segment. Parts & Services The P&S segment consists of each of the company's historical segments' parts & services businesses, as well as the upfitting component of its truck bodies business. In addition, the company's Composites products, which are focused on the use of DuraPlate composite panels beyond the semi-trailer market, are also part of the P&S segment. This segment also includes Wabash Parts LLC and Linq Venture Holdings LLC entities created in the second quarter of 2022 and the fourth quarter of 2023. Additionally, the P&S segment includes the company's Trailers as a Service (TAAS) initiative, which combines its market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network in order to provide a valuable suite of services to its customers. Finally, the P&S segment includes the company's Engineered Products business, including stainless-steel storage tanks and silos, mixers, and processors for a variety of end markets. Strategy The company's TS and P&S segment structure aligns its resources and processes on serving the customer, and its strategy is centered around its ability to scale core competencies by growing in and around core markets with known customers. The company's first to final mile portfolio of products creates simplicity for customers managing through significant industry change. During 2023, the company partnered with Loadsmith and continued its partnership with FreightVana to support its Trailers as a Service (TAAS) initiative. The company's TAAS initiative combines its market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network in order to provide a valuable suite of services to its customers and contribute to its growing base of recurring revenue in its Parts & Services operating segment. The amendment to its Revolving Credit Agreement during the third quarter of 2022, supports its TAAS offering with increased liquidity availability. The company's overall business and segments have significant opportunities to grow through disciplined strategic acquisitions. When evaluating acquisition targets, the company generally looks for opportunities that exhibit the following attributes: customer-focused solutions; access to new technology and innovation; strong management team that is a cultural fit; aligned with its core competencies in purchasing, operations, distribution, and product development; and growth markets, whether end-markets or geographical, within the transportation, logistics, and distribution industries. Products The company manages a diverse product portfolio, maintain long-standing customer relationships, and focuses on innovative and breakthrough technologies within two operating segments. The company's Transportation Solutions segment primarily includes the following products: Van, Platform, and Tank Trailers Dry Van Trailers: The dry van market represents the company's largest product line and includes trailers sold under the DuraPlate and DuraPlate HD trademarks. The company's DuraPlate trailers utilize a proprietary technology that consists of a composite sandwich panel wall for increased durability and greater strength. In addition, the company has introduced DuraPlate Cell Core, a modified DuraPlate panel that reduces the weight of a conventional 53-foot DuraPlate trailer by 300 pounds. Platform Trailers: Platform trailers were sold under the Transcraft and Benson trademarks until the January 2022 rebranding as Wabash. Platform trailers consist of a trailer chassis with a flat or drop loading deck without permanent sides or a roof. These trailers are primarily utilized to haul steel coils, construction materials, and large equipment. In addition to the company's all steel and combination steel and aluminum platform trailers, it offers a premium all-aluminum platform trailer. Acutherm Refrigerated Trailers: The company's refrigerated trailers provide thermal efficiency, maximum payload capacity, and superior damage resistance. The company's refrigerated trailers were sold under the ArcticLite trademark until the January 2022 rebranding as Wabash and use its SolarGuard technology, coupled with its foaming process, which enables customers to achieve lower costs through reduced operating hours of refrigeration equipment and therefore reduced fuel consumption. As previously discussed, the company's Acutherm refrigerated trailer with EcoNex Technology provides up to 28% improvement in thermal performance over Wabash's conventional ArcticLite refrigerated trailer construction, prevents water intrusion, slows foam degradation, and ultimately, extends equipment life. The all-composite floor system of the Acutherm refrigerated trailer with EcoNex Technology is being engineered to increase cube capacity and eliminate corrosion issues of conventional refrigerated trailers. Tank Trailers: The company's tank trailer offerings include several products dedicated to transportation solutions. These brands included Walker Transport, Brenner Tank, and Bulk Tank International until the January 2022 rebranding as Wabash. The company's product offerings in this component of the TS segment include stainless steel and aluminum tank trailers for the dairy, food and beverage, oil, and gas markets, as well as stainless steel and fiberglass reinforced poly tank trailers for chemical end markets. Truck Bodies and Related Products Wabash Dry Freight Truck Bodies: These truck bodies range from 12 to 30 feet in length with exterior walls assembled from one of several material options, including the company's premium DuraPlate panels and pre-painted aluminum sheet and post. Additional features include industry-leading durable one-piece front header design, LED marker lights, sealed wiring harnesses, hardwood flooring, and various door configurations to accommodate end-user loading and unloading requirements. This product is adaptable for a diverse range of uses in dry-freight transportation. Cargo and Cargo XL Bodies: An ideal route truck for a variety of commercial applications, these van bodies are manufactured on cutaway chassis which allow access from the cab to the cargo area. This newly designed product line utilizes the company's DuraPlate panel wall construction as the foundation for a superior light duty delivery vehicle for the growing final mile segment of the truck body market it serves. Insulated Acutherm Refrigerated Truck Bodies: These insulated van bodies, in lengths from 12 to 28 feet, provide versatility and dependability for temperature-controlled applications. Flexible for either hand-load or pallet-load requirements, they are ideal for multi-stop distribution of both fresh and frozen products. Soon to be offered in late 2024, Acutherm Refrigerated Truck Bodies with EcoNex Technology will join the ranks of the company's refrigerated products introducing a lighter and more thermally efficient insulated wall, floor, and roof construction to meet the growing demand for a more sustainable thermal delivery solution for its customers. Light-Duty Acutherm Refrigerated Bodies with EcoNex Technology: The company's new light-duty, home delivery refrigerated truck body with EcoNex Technology is being designed to maximize both cargo capacity and delivery productivity on chassis with gross vehicle weight ratings below 10,000 pounds. The purpose-built insulated body design facilitates a rack and tote system unique to the food distribution industry while creating easy access to separate temperature zones for perishable goods. Platform Truck Bodies: The company's platform truck bodies offer various configurations with steel front bulkheads and removable stake racks on the sides and rear. The platform truck body is utilized for a broad range of manufacturing and construction industries' transportation needs. Other Transportation Solutions Components Used Trailers: These products include the sale of used trailers through the company's used fleet sales center to facilitate additional new trailer sales with a focus on selling both large and small fleet trade packages to the wholesale market. Wood Products: The company manufactures laminated hardwood oak flooring used primarily in its dry van trailer products at its manufacturing operations located in Harrison, Arkansas. The company's current Parts & Services segment primarily includes the following products: Upfit, Parts, and Services Offerings Aftermarket Parts and Services: Aftermarket component products are manufactured to provide continued support to the company's customers throughout the life-cycle of the trailer. Utilizing its on-site service centers, the company provides a wide array of quality aftermarket parts and services to its customers. In addition, the company provides parts and maintenance and repair services for tank trailers and other related equipment through its five tank service centers. Truck Body Upfitting, Parts, and Services: Through its truck body upfitting locations, the company offers solutions to help customize and ensure its products meet the needs of its customers. Offerings include steel flatbed bodies, truck body mounting, shelving for package delivery, partitions, roof racks, hitches, thermal solutions, liftgates, and more. The company also offers direct-line access to truck body repair parts (generally for all manufacturers) and provide other services, such as door repair and replacement, collision repair (generally for all manufacturers), and basic maintenance. The company has six locations throughout the United States for truck body parts and services, five of which also offer upfitting services. Linq Venture Holdings, LLC Linq Venture Holdings LLC: In 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. Wabash Parts LLC Wabash Parts LLC: In 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) to operate a parts and services distribution platform. The single channel distribution network will, over time, include the entire Wabash aftermarket portfolio and a wide range of transportation parts with increased inventory and faster shipping. In addition, the network utilizes Wabash's extensive network of equipment dealers' service capabilities, as well as the infrastructure of industry-leading partners of national wholesale distribution for aftermarket heavy-duty truck and trailers parts, using multiple distribution centers across the United States. Process Systems Process Systems: Product offerings include stainless steel storage tanks and silos, mixers, and processors for the dairy, food and beverage, pharmaceutical, chemical, craft brewing, and biotech end markets. In 2021, the company sold the Extract Technology business. Extract Technology manufactured stainless steel isolators and downflow booths, as well as custom-fabricated equipment including workstations and drum booths for the pharmaceutical, fine chemical, biotech, and nuclear end markets. Other Parts & Services Product Offerings Trailers as a Service (TAAS): The company's TAAS initiative combines its market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network in order to provide a valuable suite of services to its customers and contribute to its growing base of recurring revenue in its Parts & Services operating segment. Composites: The company's Composites products focus on the use of DuraPlate composite panels and EcoNex technology beyond the semi-trailer market. Product offerings include truck bodies, overhead doors, and other industrial applications. The company continues to develop new products and actively explore markets that can benefit from the proven performance of its proprietary technology. The company offers a number of aerodynamic solutions designed to improve overall trailer aerodynamics and fuel economy, most notably the DuraPlate AeroSkirt, which is EPA Smartway verified and California Air Resource Board compliant. Used Trailers: These products include the sale of used trailers that do not occur through the company's used fleet sales center. Customers The company's customer base has historically included many of the nation's largest truckload common carriers, leasing companies, private fleet carriers, less-than-truckload common carriers, and package carriers. The company continues to expand its customer base and achieve diversification through acquisitions, organic growth, product innovation, and through its extensive distribution and service network. All of these efforts have been accomplished while maintaining its relationships with its core customers. The company's five largest customers together accounted for approximately 32% of its aggregate net sales in 2023. The company's largest customer accounted for 12% of its aggregate net sales in 2023. The company has established relationships as a supplier to many large customers in the transportation industry for its dry and refrigerated van products, platform trailers, and tank trailers, including the following: Truckload Carriers: Averitt Express, Inc.; Crete Carrier Corporation; J.B. Hunt Transport, Inc.; and Werner Enterprises, Inc. Less-Than-Truckload Carriers: Old Dominion Freight Lines, Inc.; R&L Carriers, Inc.; and Saia, Inc. Leasing Companies: Penske Truck Leasing Company; Ryder System, Inc. Private Fleets: Kroger; Target Corporation; and Walmart. Liquid Carriers: Dana Liquid Transport Corporation; Oakley Transport, Inc.; Quality Carriers, Inc.; and Sprint Transport, LLC. Through its engineered products component of the Parts & Services segment the company also sells its products to other customers including, but not limited to, GlaxoSmithKline Services Unlimited and W.M. Sprinkman. In addition, the company sells its truck bodies to fleet leasing customers and direct customers including but not limited to: Budget Truck Rental, LLC; Enterprise Holdings, Inc.; Penske Truck Leasing Company; and Ryder System, Inc. Notable end users of the company's truck body products include, but are not limited to: Krispy Kreme, Inc.; Southern Glazer's Wine and Spirits of America; and Costco Wholesale Corporation. Marketing and Distribution The company markets and distributes its products through the following channels: Factory direct accounts; and Independent dealerships. Factory direct accounts are generally large fleets that are high volume purchasers. Historically, the company has focused on the factory direct market in which customers are highly knowledgeable of the life-cycle costs of equipment and, therefore, are best equipped to appreciate the innovative design and value-added features of its products, as well as the value proposition for lower total cost of ownership over the life-cycle of its products. The company also sells its van, platform, and tank trailers through a network of independent dealers. Additionally, the company's truck body products are sold through commercial dealers. The company's dealers primarily serve mid-market and smaller sized carriers and private fleets in the geographic region where the dealer is located and occasionally may sell to large fleets. The dealers may also perform service and warranty work for the company's customers. Patents and Intellectual Property The company holds or has applied for 153 patents in the U.S. on various components and techniques utilized in its manufacture of transportation equipment and engineered products. In addition, the company holds or has applied for 153 patents or registered designs in foreign countries. The company's patents include intellectual property related to the manufacture of trailers, containers, truck bodies, platform trailers, tanks, and other engineered products. Many of the company's patents include intellectual property related to the manufacture of trailers, containers, truck bodies, and platforms using its proprietary EcoNex Technology. The company's EcoNex Technology is a molded structural composite technology and these patents and patent applications cover the use of extruded foam bricks assembled and cured together in different configurations with resins and fiber mats to create various components and structures including for example, wall panels and flooring assemblies. The company's the intellectual property related to this use of composite technology in its industry, including proprietary knowledge of the processes involved in manufacturing these components and the resulting products, will offer it a significant market advantage to continue to create proprietary products exploiting this technology. These patent applications will not begin to expire until 2036. The company's DuraPlate patent portfolio includes several patents and pending patent applications, which cover not only utilization of its DuraPlate products in the manufacture of trailers, but also cover a number of aerodynamic-related products aimed at increasing the fuel efficiency of trailers, including DuraPlate AeroSkirt. U.S. and foreign patents and patent applications in the company's DuraPlate patent portfolio have expiration dates extending until 2036. Certain U.S. patents relating to the combined use of DuraPlate panels and logistics systems within the sidewalls of the company's dry van trailers will not expire until 2027 or after; several other issued U.S. patents and pending patent applications relating to the use of DuraPlate panels, or other composite materials, within aerodynamic-related products will not begin to expire until after 2030. Additionally, the company's intellectual property portfolio includes patents related to the rear impact guard (RIG). The RIG patents include RIG designs which surpass the new federal regulatory RIG standards for the U.S. and Canada and will not begin to expire until 2035. In addition, the company's intellectual property portfolio includes patents and patent applications covering many trailer industry components. These products have become highly desirable and are recognized for their innovation in the markets it serves. These patents include, for example, those covering the Trust Lock Plus door locking mechanism, the Max Clearance Overhead Door System, which provides additional overhead clearance when an overhead-style rear door is in the opened position that would be comparable to that of swing-door models, the use of bonded or riveted intermediate logistics strips, the bonded D-ring hold-down device, bonded skylights, and the DuraPlate arched roof. The patents covering these products will not expire before 2029. The company also holds or has applied for 46 trademarks in the U.S. as well as 73 trademarks in foreign countries. These trademarks include the Wabash brand, as well as trademarks associated with its proprietary technologies and products, such as DuraPlate, MaxClearance Overhead Door System, Trust Lock Plus, EZ-7, DuraPlate Aeroskirt, Aeroskirt CX, DuraPlate HD, Lock-Rite, and EZ-Adjust. Further, the company's EcoNex Technology trademark application pending in the U.S., Canada, Mexico, and Australia covers its proprietary molded structural composites technology featured in many of its refrigerated solutions. Additional trademark and service mark applications covering its proprietary technologies include Acutherm covering an intelligent thermal management system of components, products, and solutions as well as its Trailers as a Service (TAAS) platform for providing customers with trailer pool services. Research and Development The company's research and development expenses were $7.5 million in 2023. History Wabash National Corporation was founded in 1985. The company was incorporated in Delaware in 1991.