Company Quick10K Filing
Quick10K
Wabash National
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$14.84 55 $823
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-21 Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-01-30 Regulation FD, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-12-21 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-03 Regulation FD, Exhibits
8-K 2018-11-14 Other Events, Exhibits
8-K 2018-11-14 Other Events
8-K 2018-11-07 Officers
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-12 Earnings, Exhibits
8-K 2018-09-14 Regulation FD, Exhibits
8-K 2018-09-13 Regulation FD, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-30 Regulation FD, Exhibits
8-K 2018-05-16 Regulation FD, Exhibits
8-K 2018-05-15 Officers, Shareholder Vote
8-K 2018-02-13 Regulation FD, Exhibits
8-K 2018-01-30 Earnings, Exhibits
REG Regency Centers 10,950
MTG MGIC Investment 5,000
IMMR Immersion 331
ENOB Enochian Biosciences 221
HEAR Turtle Beach 155
TACT Transact Technologies 69
AIQ Alliance Healthcare Services 42
AHPI Allied Healthcare Products 7
SBSAA Spanish Broadcasting System 0
TDNT Trident Brands 0
WNC 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.01 wnc-20190630xex3101.htm
EX-31.02 wnc-20190630xex3102.htm
EX-32.01 wnc-20190630xex3201.htm

Wabash National Earnings 2019-06-30

WNC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 2019
or
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
tv505206img03.jpg
52-1375208
(State of Incorporate)
(IRS Employer Identification Number)
 
 
1000 Sagamore Parkway South
 
Lafayette
Indiana
47905
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (765) 771-5300
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 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 25, 2019 was 54,456,563.
 


Table of Contents

WABASH NATIONAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents

Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
 
June 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
140,155

 
$
132,690

Accounts receivable, net
170,177

 
181,064

Inventories
264,567

 
184,404

Prepaid expenses and other
40,550

 
51,261

Total current assets
615,449

 
549,419

Property, plant, and equipment, net
208,718

 
206,991

Goodwill
311,085

 
311,084

Intangible assets, net
200,089

 
210,328

Other assets
39,488

 
26,571

Total assets
$
1,374,829

 
$
1,304,393

Liabilities and Stockholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Current portion of long-term debt
$

 
$
1,880

Current portion of finance lease obligations
317

 
299

Accounts payable
200,641

 
153,113

Other accrued liabilities
120,356

 
116,384

Total current liabilities
321,314

 
271,676

Long-term debt
489,865

 
503,018

Finance lease obligations
544

 
714

Deferred income taxes
32,691

 
34,905

Other non-current liabilities
28,850

 
20,231

Total liabilities
873,264

 
830,544

Commitments and contingencies


 


Stockholders’ equity:
 
 
 
Common stock 200,000,000 shares authorized, $0.01 par value, 54,675,691 and 55,135,788 shares outstanding, respectively
749

 
744

Additional paid-in capital
634,465

 
629,039

Retained earnings
186,934

 
150,244

Accumulated other comprehensive losses
(3,896
)
 
(3,343
)
Treasury stock at cost, 20,331,511 and 19,372,735 common shares, respectively
(316,687
)
 
(302,835
)
Total stockholders' equity
501,565

 
473,849

Total liabilities and stockholders’ equity
$
1,374,829

 
$
1,304,393


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

3

Table of Contents

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
626,053

 
$
612,690

 
$
1,159,227

 
$
1,104,009

Cost of sales
538,403

 
527,375

 
1,002,887

 
954,576

Gross profit
87,650

 
85,315

 
156,340

 
149,433

General and administrative expenses
26,509

 
25,778

 
56,649

 
50,887

Selling expenses
8,494

 
8,556

 
16,717

 
16,901

Amortization of intangible assets
5,109

 
4,940

 
10,238

 
9,881

Acquisition expenses

 

 

 
68

Income from operations
47,538

 
46,041

 
72,736

 
71,696

Other income (expense):
 
 
 
 
 
 
 
Interest expense
(7,020
)
 
(7,151
)
 
(14,110
)
 
(14,605
)
Other, net
1,081

 
4,037

 
912

 
11,953

Other expense, net
(5,939
)
 
(3,114
)
 
(13,198
)
 
(2,652
)
Income before income tax
41,599

 
42,927

 
59,538

 
69,044

Income tax expense
10,639

 
11,025

 
13,798

 
15,870

Net income
$
30,960

 
$
31,902

 
$
45,740

 
$
53,174

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
0.56

 
$
0.55

 
$
0.83

 
$
0.92

Diluted
$
0.56

 
$
0.54

 
$
0.82

 
$
0.89

Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
55,197

 
57,879

 
55,233

 
57,836

Diluted
55,668

 
59,274

 
55,719

 
60,023

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.080

 
$
0.075

 
$
0.160

 
$
0.150


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

4

Table of Contents

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
30,960

 
$
31,902

 
$
45,740

 
$
53,174

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment and other
(115
)
 
(644
)
 
183

 
(236
)
Unrealized loss on derivative instruments
78

 

 
(736
)
 

Total other comprehensive (loss) income
(37
)
 
(644
)
 
(553
)
 
(236
)
Comprehensive income
$
30,923

 
$
31,258

 
$
45,187

 
$
52,938


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

5

Table of Contents

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
Cash flows from operating activities
 
 
 
Net income
$
45,740

 
$
53,174

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation
10,957

 
10,330

Amortization of intangibles
10,238

 
9,881

Net loss (gain) on sale of property, plant and equipment
481

 
(9,743
)
Loss on debt extinguishment
53

 
174

Deferred income taxes
(2,214
)
 
(81
)
Stock-based compensation
5,377

 
5,390

Non-cash interest expense
523

 
1,110

Accounts receivable
10,886

 
(46,564
)
Inventories
(80,163
)
 
(56,057
)
Prepaid expenses and other
(325
)
 
1,756

Accounts payable and accrued liabilities
58,210

 
72,792

Other, net
1,210

 
(1,691
)
Net cash provided by operating activities
60,973

 
40,471

Cash flows from investing activities
 
 
 
Capital expenditures
(14,995
)
 
(11,117
)
Proceeds from the sale of property, plant, and equipment
38

 
16,426

Other, net

 
3,060

Net cash (used in) provided by investing activities
(14,957
)
 
8,369

Cash flows from financing activities
 
 
 
Proceeds from exercise of stock options
55

 
910

Dividends paid
(9,061
)
 
(9,271
)
Borrowings under revolving credit facilities
288

 
423

Payments under revolving credit facilities
(288
)
 
(423
)
Principal payments under capital lease obligations
(152
)
 
(143
)
Principal payments under term loan credit facility
(15,470
)
 
(940
)
Principal payments under industrial revenue bond

 
(92
)
Debt issuance costs paid
(71
)
 

Convertible senior notes repurchase

 
(80,200
)
Stock repurchase
(13,852
)
 
(21,413
)
Net cash used in financing activities
(38,551
)
 
(111,149
)
Cash and cash equivalents:
 
 
 
Net increase (decrease) in cash, cash equivalents, and restricted cash
7,465

 
(62,309
)
Cash, cash equivalents and restricted cash at beginning of period
132,690

 
191,521

Cash, cash equivalents, and restricted cash at end of period
$
140,155

 
$
129,212

Supplemental disclosures of cash flow information:
 
 
 
Cash paid for interest
$
13,661

 
$
14,071

Cash paid for income taxes
$
10,567

 
$
12,700

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

6

Table of Contents

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings

 
Accumulated
Other
Comprehensive
Losses
 
Treasury
Stock
 
Total
 
Shares
 
Amount
 
 
 
 
 
Balances at December 31, 2018
55,135,788

 
$
744

 
$
629,039

 
$
150,244

 
$
(3,343
)
 
$
(302,835
)
 
$
473,849

Net income for the year


 


 


 
14,780

 


 


 
14,780

Foreign currency translation and other


 


 


 


 
298

 


 
298

Stock-based compensation
273,158

 
5

 
2,581

 


 


 


 
2,586

Stock repurchase


 


 


 


 


 
(2,635
)
 
(2,635
)
Equity component of convertible senior notes repurchase


 


 


 


 


 


 

Common stock dividends


 


 


 
(4,512
)
 


 


 
(4,512
)
Unrealized loss on derivative instruments, net of tax


 


 


 


 
(814
)
 


 
(814
)
Common stock issued in connection with:


 


 


 


 


 


 


Stock option exercises
15,187

 


 
54

 


 


 


 
54

Balances at March 31, 2019
55,424,133

 
$
749

 
$
631,674

 
$
160,512

 
$
(3,859
)
 
$
(305,470
)
 
$
483,606

Net income for the year


 


 


 
30,960

 


 


 
30,960

Foreign currency translation and other


 


 


 


 
(115
)
 


 
(115
)
Stock-based compensation
26,639

 

 
2,791

 


 


 


 
2,791

Stock repurchase
(775,081
)
 


 


 


 


 
(11,217
)
 
(11,217
)
Equity component of convertible senior notes repurchase


 


 


 


 


 


 

Common stock dividends


 


 


 
(4,538
)
 


 


 
(4,538
)
Unrealized loss on derivative instruments, net of tax


 


 


 


 
78

 


 
78

Common stock issued in connection with:


 


 


 


 


 


 


Stock option exercises


 


 


 


 


 


 

Balances at June 30, 2019
54,675,691

 
$
749

 
$
634,465

 
$
186,934

 
$
(3,896
)
 
$
(316,687
)
 
$
501,565



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



7

Table of Contents

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Dollars in thousands)
(Unaudited)

 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings

 
Accumulated
Other
Comprehensive
Losses
 
Treasury
Stock
 
Total
 
Shares
 
Amount
 
 
 
 
 
Balances at December 31, 2017
57,564,493

 
$
737

 
$
653,435

 
$
98,728

 
$
(2,385
)
 
$
(244,452
)
 
$
506,063

Net income for the year


 


 


 
21,272

 


 


 
21,272

Foreign currency translation and other


 


 


 


 
409

 


 
409

Stock-based compensation
380,588

 
6

 
2,651

 


 


 


 
2,657

Stock repurchase


 


 


 


 


 
(5,412
)
 
(5,412
)
Equity component of convertible senior notes repurchase


 


 
(7,830
)
 


 


 


 
(7,830
)
Common stock dividends


 


 


 
(4,748
)
 


 


 
(4,748
)
Common stock issued in connection with:


 


 


 


 


 


 


Stock option exercises
92,473

 
1

 
860

 


 


 


 
861

Balances at March 31, 2018
58,037,554

 
$
744

 
$
649,116

 
$
115,252

 
$
(1,976
)
 
$
(249,864
)
 
$
513,272

Net income for the year


 


 


 
31,902

 


 


 
31,902

Foreign currency translation and other


 


 


 


 
(644
)
 


 
(644
)
Stock-based compensation
24,040

 

 
2,733

 


 


 


 
2,733

Stock repurchase
(798,992
)
 


 


 


 


 
(16,001
)
 
(16,001
)
Equity component of convertible senior notes repurchase


 


 
(27,689
)
 


 


 


 
(27,689
)
Common stock dividends


 


 


 
(4,407
)
 


 


 
(4,407
)
Common stock issued in connection with:


 


 


 


 


 


 


Stock option exercises
4,514

 

 
49

 


 


 


 
49

Balances at June 30, 2018
57,267,116

 
$
744

 
$
624,209

 
$
142,747

 
$
(2,620
)
 
$
(265,865
)
 
$
499,215


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


8

Table of Contents

WABASH NATIONAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The condensed consolidated financial statements of Wabash National Corporation (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 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 cash flows. 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, 2018.
2. NEW ACCOUNTING PRONOUNCEMENTS
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-2, “Leases (Topic 842)”. This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months.  Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.  The Company has identified its existing lease contracts and calculated the right-of-use (“ROU”) assets, which are reflected in Other Assets on the Condensed Consolidated Balance Sheets, and lease liabilities, which are reflected in the Other Accrued Liabilities and Other Non-Current Liabilities on the Condensed Consolidated Balance Sheets. This guidance was effective for the Company as of January 1, 2019. Adoption of the new standard resulted in the recording of ROU assets and lease liabilities of $9.9 million as of January 1, 2019. The FASB has issued further ASUs related to the standard providing an optional transition method allowing entities to not recast comparative periods. The Company elected the practical expedients upon transition that retained the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. The Company did not reassess whether any contracts entered into prior to adoption are leases. The Company has approximately $15.1 million of noncancelable future rental obligations as of June 30, 2019, as shown in Note 8.
3. REVENUE RECOGNITION
The Company adopted FASB ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” effective January 1, 2018. The adoption of Topic 606 did not have a material impact on the consolidated financial statements. 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 is applying the practical expedient and treating it as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense. For performance obligations satisfied over time, which include certain equipment-related sales within our Diversified Products reportable segment that have no alternative use and contain an enforceable right to payment, as well as service work whereby the customer simultaneously receives and consumes the benefits provided, the Company recognizes revenue on the basis of the Company’s efforts or inputs to the satisfaction of these performance obligations, measured by actual total cost incurred to the total estimated costs for each project. Total revenue recognized over time was not material to the consolidated financial statements for all periods presented.
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 9. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.

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4. INVENTORIES
Inventories consist of the following components (in thousands):
 
June 30,
2019
 
December 31,
2018
Raw materials and components
$
139,236

 
$
115,083

Finished goods
99,351

 
48,698

Work in progress
18,095

 
13,119

Aftermarket parts
7,307

 
6,421

Used trailers
578

 
1,083

 
$
264,567

 
$
184,404


5. PREPAID EXPENSES
Prepaid expenses and other current assets consist of the following (in thousands):
 
June 30,
2019
 
December 31,
2018
Chassis converter pool agreements
$
11,704

 
$
22,273

Assets held for sale
3,009

 
3,039

Income tax receivables
205

 
9,872

Insurance premiums & maintenance agreements
11,184

 
3,313

All other
14,448

 
12,764

 
$
40,550

 
$
51,261


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. Assets held for sale are related to the Company’s former branch locations and businesses the Company has sold or intends to sell within one year. Insurance premiums and maintenance agreements are charged to expenses over the contractual life, which is generally one year or less. Additionally, prepaid expenses include costs in excess of billings on contracts for which the Company recognizes revenue over time as services are completed. There is no restricted cash included in prepaid expenses and other for the periods ending June 30, 2019 and December 31, 2018.

6. DEBT
Long-term debt consists of the following (in thousands):
 
June 30,
2019
 
December 31,
2018
Senior notes due 2025
$
325,000

 
$
325,000

Term loan credit agreement
170,228

 
185,699

 
495,228

 
510,699

Less: unamortized discount and fees
(5,363
)
 
(5,801
)
Less: current portion

 
(1,880
)
 
$
489,865

 
$
503,018


Senior Notes
On September 26, 2017, the Company issued Senior Notes due 2025 (the “Senior Notes”) with an aggregate principal amount of $325 million. The Senior Notes bear interest at the rate of 5.50% per annum from the date of issuance, and pay interest semi-annually in cash on April 1 and October 1 of each year, beginning on April 1, 2018. The Company used the net proceeds of $318.9 million from the sale of the Senior Notes to finance a portion of the acquisition of Supreme and to pay related fees and expenses. 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

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obligations and are subordinate to all of the Company’s 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 subordinate 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. The Senior Notes will mature on October 1, 2025.
The indenture for the Senior Notes restricts the Company’s ability and the ability of certain of its subsidiaries, subject to certain exceptions and qualifications, 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.
The indenture for the Senior Notes contains customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. As of June 30, 2019, the Company was in compliance with all covenants.
Contractual coupon interest expense and accretion of discount and fees for the Senior Notes for the three- and six-month periods ended June 30, 2019 and 2018, was $4.6 million and $9.2 million, respectively, and is included in Interest Expense on the Company’s Condensed Consolidated Statements of Operations.
Revolving Credit Agreement
On December 21, 2018, the Company entered into the Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), the lenders from time to time party thereto, Wells Fargo Capital Finance, LLC, and Citizens Business Capital, which amended and restated the Company’s existing amended and restated revolving credit agreement, dated as of May 8, 2012.
The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Revolver Guarantors”) and is secured by (i) first priority security interests in substantially all personal property of the Borrowers and the Revolver Guarantors, consisting of accounts receivable, inventory, cash, deposit and securities accounts and any cash or other assets in such accounts and, to the extent evidencing or otherwise related to such property, all general intangibles, licenses, intercompany debt, letter of credit rights, commercial tort claims, chattel paper, instruments, supporting obligations, documents and payment intangibles (collectively, the “Revolver Priority Collateral”), and (ii) second-priority liens on and security interests in (A) equity interests of each direct subsidiary held by the Borrowers and each Revolver Guarantor, and (B) substantially all other tangible and intangible assets of the Borrowers and the Revolver Guarantors, excluding real property (the “Term Priority Collateral”).
The Revolving Credit Agreement has a scheduled maturity date of December 21, 2023, subject to certain springing maturity events.
Under the Revolving Credit Agreement, the lenders agree to make available to the Company a $175 million revolving credit facility. The Company has the option to increase the total commitment under the facility to up to $275 million, subject to certain conditions. Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in an amount not in excess of $15 million, and allows for swingline loans in an amount not in excess of $17.5 million. Outstanding borrowings under the Revolving Credit agreement will bear interest at an annual rate, at the Borrowers’ election, equal to (i) LIBOR 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 loan facility. 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 thereunder.
The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its affiliates 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 (commencing with the month ending December 31, 2018) when excess availability under the Revolving Credit Agreement is less than 10% of the total revolving commitment.
As of June 30, 2019 and 2018, the Company had no outstanding borrowings under the Credit Agreement and was in compliance with all covenants. The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Facility, amounted to $307.4 million as of June 30, 2019, and $287.7 million as of June 30, 2018.
Term Loan Credit Agreement
In May 2012, the Company entered into the Term Loan Credit Agreement (as amended, the “Term Loan Credit Agreement”), which provides for, among other things, (x) a senior secured term loan of $188.0 million that matures on March 19, 2022, subject to certain springing maturity events (the “Term Loans”), and (y) an uncommitted accordion feature to provide for additional senior secured term loans of up to $75 million plus an unlimited amount provided that the senior secured leverage ratio would not exceed 3.00 to 1.00, subject to certain conditions (the “Term Loan Facility”).

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On November 17, 2017, the Company entered into Amendment No. 5 to the Term Loan Credit Agreement (“Amendment No. 5”). As of the Amendment No. 5 date, $188.0 million of the Term Loans were outstanding. Under Amendment No. 5, the lenders agreed to provide to the Company term loans in the same aggregate principal amount of the outstanding Term Loans, which were used to refinance the outstanding Term Loans.
The Term Loan Credit Agreement is guaranteed by certain of the Company’s subsidiaries, and is secured by (i) first-priority liens on, and security interests in, the Term Priority Collateral, and (ii) second-priority security interests in the Revolver Priority Collateral.
The Term Loan Credit Agreement contains customary covenants limiting the Company’s ability to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, pay off subordinated indebtedness, make investments and dispose of assets. As of June 30, 2019, the Company was in compliance with all covenants.
For the three- and six-month periods ended June 30, 2019, under the Term Loan Credit Agreement the Company paid interest of $2.2 million and $4.4 million, respectively, and principal of $15.0 million and $15.5 million during each period. For the three- and six-month periods ended June 30, 2018, the Company paid interest of $2.0 million and $3.9 million, respectively, and principal of $0.5 million and $0.9 million during each period. The Company recognized a loss on debt extinguishment of $0.1 million in connection with the prepayment of principal in the second quarter of 2019, included in Other, net in the Condensed Consolidated Statement of Operations. As of June 30, 2019, the Company had $170.2 million outstanding under the Term Loan Credit Agreement, of which none was classified as current on the Company’s Condensed Consolidated Balance Sheet.
For each three-month period ended June 30, 2019 and 2018, the Company incurred charges of less than $0.1 million, and $0.1 million for each six-month period ended June 30, 2019 and 2018, for amortization of fees and original issuance discount, which is included in Interest Expense in the Condensed Consolidated Statements of Operations.
7. FINANCIAL DERIVATIVE INSTRUMENTS
Commodity Pricing Risk
As of June 30, 2019, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $31.4 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 through April 2020. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur.
Financial Statement Presentation
As of June 30, 2019 and December 31, 2018, 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,
2019
 
December 31,
2018
Derivatives designated as hedging instruments
 
 
 
 
 
 
Commodity swap contracts
 
Prepaid expenses and other
 
$
32

 
$
17

Commodity swap contracts
 
Other accrued liabilities
 
(2,013
)
 
(1,146
)
Total derivatives designated as hedging instruments
 
 
 
$
(1,981
)
 
$
(1,129
)


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The following table summarizes the gain or loss recognized in AOCI as of June 30, 2019 and December 31, 2018 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2019 and 2018 (in thousands):
 
 
Amount of Gain (Loss) 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,
2019
 
December 31,
2018
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
 
 
2019
 
2018
 
2019
 
2018
Derivatives instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity swap contracts
 
$
(1,501
)
 
$
(765
)
 
Cost of sales
 
$
(478
)
 
$

 
$
(646
)
 
$


Over the next 12 months, the Company expects to reclassify approximately $2.0 million of pretax deferred losses, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled.
8. LEASES
The Company leases certain industrial spaces, office space, land, and equipment. 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. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years. The exercise of lease renewal options is at the Company’s sole discretion. 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. Leased assets obtained in exchange for new operating lease liabilities in the current period were not material.
Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
 
 
Classification
 
June 30, 2019
Right-of-Use Assets
 
 
 
 
Operating
 
Other assets
 
$
12,562

Finance
 
Property, plant and equipment, net of depreciation
 
3,017

Total Leased ROU Assets
 
 
 
$
15,579

Liabilities
 
 
 
 
Current
 
 
 
 
Operating
 
Other accrued liabilities
 
$
3,870

Finance
 
Current portion of finance lease obligations
 
317

Noncurrent
 
 
 
 
Operating
 
Non-current liabilities
 
8,767

Finance
 
Finance lease obligations
 
544

Total lease liabilities
 
 
 
$
13,498


Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
 
 
Classification
 
Three Months Ended
June 30, 2019
 
Six Months Ended
June 30, 2019
Operating lease cost
 
Cost of sales, selling expenses and general and administrative expense
 
$
1,126

 
$
2,198

Finance lease cost
 
 
 
 
 
 
Amortization of ROU leased assets
 
Depreciation and amortization
 
36

 
72

Interest on lease liabilities
 
Interest expense
 
17

 
35

Net lease cost
 
 
 
$
1,179

 
$
2,305



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Maturity of the Company’s lease liabilities is as follows (in thousands):
 
 
Operating Leases
 
Finance Leases
 
Total
2019 (remainder)
 
$
2,153

 
$
180

 
$
2,333

2020
 
3,621

 
361

 
3,982

2021
 
3,032

 
361

 
3,393

2022
 
1,797

 
30

 
1,827

2023
 
1,594

 

 
1,594

Thereafter
 
2,008

 

 
2,008

Total lease payments
 
$
14,205

 
$
932

 
$
15,137

Less: interest
 
1,568

 
71

 
 
Present value of lease payments
 
$
12,637

 
$
861

 
 

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 commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:
 
 
June 30, 2019
Weighted average remaining lease term (years)
 
 
Operating leases
 
4.6

Finance leases
 
2.6

Weighted average discount rate
 
 
Operating leases
 
5.16
%
Finance leases
 
6.16
%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
 
 
Six Months Ended
June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
 
Operating cash flows from operating leases
 
$
2,124

Operating cash flows from finance leases
 
$
35

Financing cash flows from finance leases
 
$
152


9. OTHER ACCRUED LIABILITIES
The following table presents the major components of Other Accrued Liabilities (in thousands):
 
June 30,
2019
 
December 31,
2018
Warranty
$
23,509

 
$
22,247

Chassis converter pool agreements
11,704

 
22,273

Payroll and related taxes
21,530

 
16,096

Customer deposits
28,945

 
23,483

Self-insurance
12,772

 
9,890

Accrued interest
4,705

 
4,779

Operating lease obligations
3,870

 

Accrued taxes
2,320

 
7,653

All other
11,001

 
9,963

 
$
120,356

 
$
116,384



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The following table presents the changes in the product warranty accrual included in Other Accrued Liabilities (in thousands):
 
2019
 
2018
Balance as of January 1
$
22,247

 
$