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SEGMENTS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Segment Reporting
The Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and the Board of Directors. Based on how the 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 part of the Company’s Acutherm™ portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. Additionally, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies, as well as service and stake bodies, are also in the TS segment.
▪Parts & Services (“P&S”): The P&S segment comprises the Company’s Parts and Services business, as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). Additionally, 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, which we created with our partners as further described in Note 6. Our Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network to provide a valuable suite of services to our customers, 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 our Parts and Services offerings continues to be a key strategic initiative for the Company.
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 CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures monthly. 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.
Reportable segment information is as follows (in thousands):
Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2024
Net sales
     External customers$1,747,039 $199,701 $— $1,946,740 
     Intersegment sales8,094 5,361 (13,455)— 
Total net sales1,755,133 205,062 (13,455)1,946,740 
Cost of sales1,537,515 157,608 (13,455)1,681,668 
     Gross profit217,618 47,454 — 265,072 
Other operating expenses (1)
69,341 12,037 539,798 621,176 
     Segment income (loss) from operations148,277 35,417 (539,798)(356,104)
Product liability matter— — 450,000 450,000 
     Consolidated income (loss) from operations$148,277 $35,417 $(89,798)$93,896 
Depreciation and amortization$49,987 $2,681 $4,317 $56,985 
2023
Net sales
     External customers$2,320,274 $216,226 $— $2,536,500 
     Intersegment sales18,330 4,647 (22,977)— 
Total net sales2,338,604 220,873 (22,977)2,536,500 
Cost of sales1,898,740 162,550 (22,977)2,038,313 
     Gross profit439,864 58,323 — 498,187 
Other operating expenses (1)
72,936 13,674 99,628 186,238 
     Consolidated income (loss) from operations$366,928 $44,649 $(99,628)$311,949 
Depreciation and amortization$40,443 $2,201 $2,676 $45,320 
2022
Net sales
     External customers$2,312,637 $189,492 $— $2,502,129 
     Intersegment sales8,277 3,984 (12,261)— 
Total net sales2,320,914 193,476 (12,261)2,502,129 
Cost of sales2,043,072 148,627 (12,261)2,179,438 
     Gross profit277,842 44,849 — 322,691 
Other operating expenses (1)
67,900 14,291 73,858 156,049 
     Consolidated income (loss) from operations$209,942 $30,558 $(73,858)$166,642 
Depreciation and amortization$41,187 $2,717 $3,065 $46,969 
—————————
(1)Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
Customer Concentration
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 42%, 32%, and 33% of the Company’s aggregate net sales in 2024, 2023, and 2022, respectively. Our largest customer, included as part of the Transportation Solutions segment, accounted for 15% and 12% of our aggregate net sales in 2024 and 2023, respectively. No individual customer accounted for more than 10% of our aggregate net sales in 2022. International sales accounted for less than 10% in each of the last three years.
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 new truck body sales). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Year ended December 31, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,335,902 $— $(3,978)$1,331,924 68.4%
Used trailers71 4,012 (71)4,012 0.2%
Components, parts and services— 128,565 — 128,565 6.6%
Equipment and other419,160 72,485 (9,406)482,239 24.8%
Total net external sales$1,755,133 $205,062 $(13,455)$1,946,740 100.0%
Year ended December 31, 2023Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,924,700 $— $(5,901)$1,918,799 75.7%
Used trailers— 4,978 — 4,978 0.2%
Components, parts and services— 148,256 — 148,256 5.8%
Equipment and other413,904 67,639 (17,076)464,467 18.3%
Total net external sales$2,338,604 $220,873 $(22,977)$2,536,500 100.0%
Year ended December 31, 2022Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$2,012,428 $1,722 $(1,286)$2,012,864 80.4%
Used trailers— 2,905 — 2,905 0.1%
Components, parts and services— 139,762 — 139,762 5.6%
Equipment and other308,486 49,087 (10,975)346,598 13.9%
Total net external sales$2,320,914 $193,476 $(12,261)$2,502,129 100.0%