XML 37 R26.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
a. 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 AcuthermTM 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 the 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 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):
Three Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$320,932 $60,663 $— $381,595 
Intersegment sales13,542 301 (13,843)— 
Total net sales334,474 60,964 (13,843)381,595 
Cost of sales329,397 50,333 (13,843)365,887 
     Gross profit5,077 10,631 — 15,708 
Other operating expenses (1)
18,193 4,010 (64,141)(41,938)
     (Loss) income from operations$(13,116)$6,621 $64,141 $57,646 
Depreciation and amortization$12,299 $1,132 $1,179 $14,610 
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$413,321 $50,719 $— $464,040 
Intersegment sales2,185 1,605 (3,790)— 
Total net sales415,506 52,324 (3,790)464,040 
Cost of sales370,568 41,253 (3,790)408,031 
     Gross profit44,938 11,071 — 56,009 
Other operating expenses (1)
15,776 2,755 470,506 489,037 
     Income (loss) from operations$29,162 $8,316 $(470,506)$(433,028)
Depreciation and amortization$12,285 $551 $1,094 $13,930 
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,049,332 $171,969 $— $1,221,301 
Intersegment sales32,159 694 (32,853)— 
Total net sales1,081,491 172,663 (32,853)1,221,301 
Cost of sales1,039,400 138,643 (32,853)1,145,190 
     Gross profit42,091 34,020 — 76,111 
Other operating expenses (1)
52,487 11,429 (355,251)(291,335)
     (Loss) income from operations$(10,396)$22,591 $355,251 $367,446 
Depreciation and amortization$36,689 $3,561 $3,462 $43,712 
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,377,544 $152,382 $— $1,529,926 
Intersegment sales7,095 4,077 (11,172)— 
Total net sales1,384,639 156,459 (11,172)1,529,926 
Cost of sales1,201,901 117,084 (11,172)1,307,813 
     Gross profit182,738 39,375 — 222,113 
Other operating expenses (1)
52,403 8,452 520,948 581,803 
     Income (loss) from operations$130,335 $30,923 $(520,948)$(359,690)
Depreciation and amortization$35,696 $1,627 $3,071 $40,394 
___________________
(1) Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
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 September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$259,038 $— $(13,473)$245,565 64.4 %
Used trailers— 929 — 929 0.2 %
Components, parts and services— 32,584 — 32,584 8.5 %
Equipment and other75,436 27,451 (370)102,517 26.9 %
Total net sales$334,474 $60,964 $(13,843)$381,595 100.0 %
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$308,577 $(1,661)$306,916 66.1 %
Used trailers71 396 (71)396 0.1 %
Components, parts and services31,539 31,539 6.8 %
Equipment and other106,858 20,389 (2,058)125,189 27.0 %
Total net sales$415,506 $52,324 $(3,790)$464,040 100.0 %
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$823,014 $(31,914)$791,100 64.8 %
Used trailers3,549 3,549 0.3 %
Components, parts and services96,841 96,841 7.9 %
Equipment and other258,477 72,273 (939)329,811 27.0 %
Total net sales$1,081,491 $172,663 $(32,853)$1,221,301 100.0 %
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,057,880 $(3,162)$1,054,718 68.9 %
Used trailers71 2,884 (71)2,884 0.2 %
Components, parts and services101,622 101,622 6.6 %
Equipment and other326,688 51,953 (7,939)370,702 24.2 %
Total net sales$1,384,639 $156,459 $(11,172)$1,529,926 100.0 %