Exhibit 99.1 

  

Media Contact:

Dana Stelsel

Director, Corporate Communications

(765) 771-5766

dana.stelsel@wabashnational.com 

 Wabash_National_NoLinewtag

 

Investor Relations:

Jeff Taylor

Senior Vice President, Chief Financial Officer
(765) 771-5310
jeff.taylor@wabashnational.com

 

 

Wabash National Corporation Announces Second Quarter 2018 Results;

Achieved Record Quarterly Net Sales on Continued Strong Demand

 

·Achieved record quarter net sales of $613 million, a 41 percent increase from prior year
·Gross profit and operating income increased 26 percent and 19 percent, respectively, compared to the prior year
·Second quarter GAAP and non-GAAP earnings of $0.54 and $0.49 per diluted share, respectively
·Backlog increased 51 percent to $1.2 billion compared to the prior year
·Company updates full-year 2018 guidance for new trailer shipments of 60,000 to 62,000 trailers and GAAP and non-GAAP earnings to $2.06 to $2.12 per diluted share and $1.94 to $2.00 per diluted share, respectively

 

LAFAYETTE, Ind. – July 31, 2018 – Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems, today reported results for the quarter ending June 30, 2018.

 

Net sales for the second quarter 2018 increased 41 percent to $613 million from $436 million in the prior year quarter. This increase reflects strong top-line growth in each of the Company’s three operating segments due to a continued healthy demand environment and the favorable impact of the inclusion of the results of Supreme Industries, Inc. (“Supreme”), acquired in the third quarter of 2017. Gross profit increased $17.6 million and profit margin decreased 160 basis points as compared to the prior year period. The decrease in the profit margin is due primarily to increased material costs, higher labor costs attributable to attracting and retaining a skilled workforce and supplier constraints for key materials leading to production inefficiencies. Operating income increased 19 percent to $46.0 million compared to operating income of $38.7 million for the second quarter 2017.

 

“We are pleased to have delivered a strong performance in the quarter, especially considering the challenging environment we faced, as we continue to execute our strategic plan to profitably grow and diversify,” stated Brent Yeagy, president and chief executive officer. “We achieved a new record for quarterly consolidated revenue at approximately $613 million, which is 13 percent higher than the previous record from the fourth quarter of 2015. This new record is directly attributable to the addition of the Supreme business and our Final Mile Products segment. Needless to say, we continue to believe our Final Mile Products business will help drive future growth for Wabash National. Overall, all three of our reporting segments continue to experience strong demand in most end markets and we expect a stronger second half of 2018.”

 

 

 

 

Mr. Yeagy continued, “Backlog totaling $1.2 billion as of June 30, 2018, remains seasonally and historically strong, increasing approximately 51 percent when compared to the prior year quarter. Trailer and truck body demand and orders have remained strong for the past several months continuing the trend from the first quarter and supporting our belief in the growing secular demand in e-commerce and home delivery. We continue to take steps to reduce the margin impact of U.S. tariff policy, raw material inflation, supply base disruptions and a very tight labor market on our business in 2018. As a result, we are updating our full-year guidance for 2018 new trailer shipments to 60,000 to 62,000 units and GAAP and non-GAAP earnings to $2.06 to $2.12 per diluted share and $1.94 to $2.00 per diluted share, respectively. With our focus on people, purpose and performance we will continue to drive ongoing productivity improvements throughout the organization and progress on our strategic initiatives.”

 

Net income for the second quarter 2018 was $31.9 million, or $0.54 per diluted share, compared to the second quarter 2017 net income of $22.9 million, or $0.36 per diluted share. Second quarter 2018 non-GAAP adjusted earnings were $29.2 million, or $0.49 per diluted share, a $6.0 million increase as compared to the prior year period. Non-GAAP adjusted earnings for the second quarter 2018 excludes net gains on sale of former facilities and acquisition and integration related activities associated with Supreme. Non-GAAP adjusted earnings for the second quarter 2017 includes charges related to the early extinguishment of debt in connection with the Company’s repurchase of a portion of its outstanding convertible senior notes, one-time executive severance costs and losses on closure of former facilities.

 

Operating EBITDA, a non-GAAP measure that excludes the effects of certain items, for the second quarter 2018 was $58.9 million, an increase of $9.4 million compared to operating EBITDA for the prior year period. On a trailing twelve month basis, net sales totaled $2.1 billion, generating operating EBITDA of $195.5 million, or 9.4 percent of net sales.

 

 
 

 

The following is a summary of select operating and financial results for the past five quarters:

 

    Three Months Ended
(Dollars in thousands, except per share amounts)  June 30,   September 30,   December 31,   March 31,   June 30, 
   2017   2017   2017   2018   2018 
                     
Net Sales  $435,903   $425,098   $543,444   $491,319   $612,690 
                          
Gross Profit Margin   15.5%   14.3%   13.4%   13.1%   13.9%
                          
Income from Operations  $38,668   $26,591   $35,293   $25,656   $46,041 
                          
Income from Operations Margin   8.9%   6.3%   6.5%   5.2%   7.5%
                          
Net Income  $22,945   $18,947   $49,356   $21,272   $31,902 
                          
Diluted EPS  $0.36   $0.30   $0.80   $0.35   $0.54 
                          
Non-GAAP Measures(1):                         
Operating EBITDA  $49,450   $46,561   $51,062   $38,984   $58,881 
                          
Operating EBITDA Margin   11.3%   11.0%   9.4%   7.9%   9.6%
                          
Adjusted Earnings  $23,189   $21,214   $22,250   $16,857   $29,186 
                          
Adjusted Diluted EPS  $0.37   $0.34   $0.36   $0.28   $0.49 

  

Notes:

(1)See “Non-GAAP Measures” below for explanation of the non-GAAP results included above.

  

Business Segment Highlights

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarter of 2018 and 2017. Final Mile Products segment did not exist as a separate segment in the second quarter of 2017; therefore, only 2018 highlights are shown. A complete disclosure of the results by individual segment is included in the tables following this release.

  

(dollars in thousands)  Commercial Trailer Products   Diversified Products   Final Mile Products 
                     
Three months ended June 30                         
    2018    2017    2018    2017    2018 
New trailers shipped   15,650    13,600    650    550    - 
Net sales  $402,507   $348,140   $94,085   $90,827   $121,209 
Gross profit  $47,513   $50,882   $16,692   $17,149   $20,923 
Gross profit margin   11.8%   14.6%   17.7%   18.9%   17.3%
Income from operations  $40,784   $42,155   $4,395   $5,061   $10,258 
Income from operations margin   10.1%   12.1%   4.7%   5.6%   8.5%

  

Commercial Trailer Products’ net sales for the second quarter were $403 million, an increase of $54 million, or 16 percent, as compared to the prior year. Gross profit margin for the second quarter decreased 280 basis points as compared to the prior year period primarily due to increases in material costs due to tariff related inflation, short term labor costs required to meet current demand and supplier induced production interruptions. Operating income decreased $1.4 million, or 3 percent, from the second quarter last year to $40.8 million, or 10.1 percent of net sales.

 

 

 

 

Diversified Products’ net sales for the second quarter were $94 million, an increase of $3 million, or 4 percent, as compared to the prior year, due primarily to the increased demand for liquid tank trailers as compared to the previous year period. Gross profit and profit margins as compared to the prior year period decreased $0.5 million and 120 basis points, respectively, primarily due to increased material costs and short-term labor inefficiencies, including higher overtime levels in order to meet strong demand requirements. Operating income for the second quarter 2018 was $4.4 million, or 4.7 percent of net sales, a decrease of $0.7 million compared to the prior year.

 

Final Mile Products’ net sales for the second quarter totaled $121 million. This is the highest revenue quarter in Supreme’s history and is the result of a strong demand market in the truck body industry. Gross profit and gross profit margin for the second quarter were $20.9 million and 17.3 percent, respectively. Operating income for the second quarter 2018 totaled $10.3 million, or 8.5 percent of net sales.

 

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, including operating EBITDA, operating EBITDA margin, adjusted earnings and adjusted earnings per diluted share.

 

These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated.

 

Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, charges incurred in connection with the acquisition and integration of Supreme, and other non-operating income and expense. Management believes providing operating EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of operating EBITDA, when combined with the GAAP presentations of operating income and net income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of operating EBITDA to net income is included in the tables following this release.

 

Adjusted earnings and adjusted earnings per diluted share for the three- and six-month periods ending June 30, 2018 and 2017 reflect adjustments for charges incurred in connection with acquisition and integration of Supreme, the losses attributable to the Company’s extinguishment of debt, executive severance costs and income or losses recognized on sale of former branch locations. Prior periods would also include adjustments related to tax benefits associated with the adjustment of the Company’s net deferred income tax liability as a result of the Tax Cuts and Jobs Act of 2017 and reversal of reserves for uncertain tax positions. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted earnings and adjusted earnings per diluted share to net income and net income per diluted share is included in the tables following this release.

 

 

 

 

Second Quarter 2018 Conference Call

Wabash National will conduct a conference call to review and discuss its second quarter results on August 1, 2018 at 10:00 a.m. EDT.  Access to the live webcast will be available on the Company’s website at www.wabashnational.com. For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available through October 24, 2018. Meeting access also will be available via conference call at 800-708-4539, participant code 47275547.

 

About Wabash National Corporation

Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems. Established in 1985, the Company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, aircraft refueling equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Garsite, Progress Tank, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.

  

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the continued integration of Supreme into the Company’s business, adverse reactions to the transaction by customers, suppliers or strategic partners, uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, customer acceptance of and reactions to pricing changes and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

 

# # #

 

 

 

 

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,
 
   2018   2017   2018   2017 
                 
Net sales  $612,690   $435,903   $1,104,009   $798,619 
Cost of sales   527,375    368,225    954,576    671,584 
Gross profit   85,315    67,678    149,433    127,035 
                     
General and administrative expenses   25,778    19,018    50,887    37,436 
Selling expenses   8,556    5,897    16,901    12,070 
Amortization of intangibles   4,940    4,095    9,881    8,597 
Acquisition expenses   -    -    68    - 
Income from operations   46,041    38,668    71,696    68,932 
                     
Other income (expense):                    
Interest expense   (7,151)   (2,888)   (14,605)   (5,878)
Other, net   4,037    325    11,953    1,657 
Income before income taxes   42,927    36,105    69,044    64,711 
Income tax expense   11,025    13,160    15,870    21,593 
Net income  $31,902   $22,945   $53,174   $43,118 
Dividends declared per share  $0.075   $0.06   $0.15   $0.12 
Basic net income per share  $0.55   $0.38   $0.92   $0.72 
Diluted net income per share  $0.54   $0.36   $0.89   $0.68 
                     
Comprehensive income (loss):                    
Net income  $31,902   $22,945   $53,174   $43,118 
Foreign currency translation adjustment   (600)   294    (127)   772 
Unrealized holding loss on investments   (44)   -    (109)   - 
Net comprehensive income  $31,258   $23,239   $52,938   $43,890 
                     
                     
Basic net income per share:                    
Net income applicable to common stockholders  $31,902   $22,945   $53,174   $43,118 
Weighted average common shares outstanding   57,879    59,902    57,836    60,022 
Basic net income per share  $0.55   $0.38   $0.92   $0.72 
                     
Diluted net income per share:                    
Net income applicable to common stockholders  $31,902   $22,945   $53,174   $43,118 
                     
Weighted average common shares outstanding   57,879    59,902    57,836    60,022 
Dilutive shares from assumed conversion of convertible senior notes   435    1,831    1,073    1,762 
Dilutive stock options and restricted stock   960    1,474    1,114    1,519 
Diluted weighted average common shares outstanding   59,274    63,207    60,023    63,303 
Diluted net income per share  $0.54   $0.36   $0.89   $0.68 

 

 

 

 

 

 

WABASH NATIONAL CORPORATION

SEGMENTS AND RELATED INFORMATION

(Dollars in thousands)

(Unaudited)

  

   Commercial   Diversified   Final Mile   Corporate and     
Three Months Ended June 30,  Trailer Products   Products   Products   Eliminations   Consolidated 
2018                    
New trailers shipped   15,650    650            16,300 
Used trailers shipped   250    50            300 
                          
New Trailers  $385,131   $37,602   $   $   $422,733 
Used Trailers   2,499    628   $        3,127 
Components, parts and service   9,042    31,926   $2,623    (5,091)   38,500 
Equipment and other   5,835    23,929   $118,586    (20)   148,330 
Total net external sales  $402,507   $94,085   $121,209   $(5,111)  $612,690 
                          
Gross profit  $47,513   $16,692   $20,923   $187   $85,315 
Income (Loss) from operations  $40,784   $4,395   $10,258   $(9,396)  $46,041 
                          
2017                         
New trailers shipped   13,600    550            14,150 
Used trailers shipped   50    50            100 
                          
New Trailers  $329,405   $33,290   $   $   $362,695 
Used Trailers   1,236    637   $        1,873 
Components, parts and service   13,102    32,194   $    (3,064)   42,232 
Equipment and other   4,398    24,705   $        29,103 
Total net external sales  $348,140   $90,827   $   $(3,064)  $435,903 
                          
Gross profit  $50,882   $17,149   $   $(352)  $67,678 
Income (Loss) from operations  $42,154   $5,062   $   $(8,548)  $38,668 
                          
Six Months Ended June 30,                         
2018                         
New trailers shipped   28,300    1,200            29,500 
Used trailers shipped   750    50            800 
                          
New Trailers  $695,449   $71,441   $   $   $766,890 
Used Trailers   6,906    1,714   $        8,620 
Components, parts and service   17,690    65,894   $5,036    (11,853)   76,767 
Equipment and other   9,884    50,239   $191,632    (23)   251,732 
Total net external sales  $729,929   $189,288   $196,668   $(11,876)  $1,104,009 
                          
Gross profit  $84,036   $33,990   $32,455   $(1,047)  $149,434 
Income (Loss) from operations  $70,265   $9,423   $10,867   $(18,859)  $71,696 
                          
2017                         
New trailers shipped   24,000    1,050            25,050 
Used trailers shipped   150    50            200 
                          
New Trailers  $586,595   $63,985   $   $   $650,580 
Used Trailers   2,123    1,856   $        3,979 
Components, parts and service   25,845    65,869   $    (5,047)   86,667 
Equipment and other   8,367    49,026   $        57,393 
Total net external sales  $622,929   $180,737   $   $(5,047)  $798,619 
                          
Gross profit  $93,008   $34,742   $   $(715)  $127,035 
Income (Loss) from operations  $75,546   $9,666   $   $(16,280)  $68,932 

 

 

 

 

WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

  

   June 30,   December 31, 
   2018   2017 
   (Unaudited)     
ASSETS  
Current assets          
Cash and cash equivalents  $119,215   $191,521 
Accounts receivable   193,450    146,836 
Inventories   234,122    180,735 
Prepaid expenses and other   57,343    57,299 
Total current assets  $604,130   $576,391 
           
Property, plant and equipment   195,546    195,363 
           
Goodwill   315,977    317,464 
           
Intangible assets   226,618    237,030 
           
Other assets   26,860    25,265 
   $1,369,131   $1,351,513 
           
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities          
Current portion of long-term debt  $1,880   $46,020 
Current portion of capital lease obligations   281    290 
Accounts payable   183,966    108,448 
Other accrued liabilities   122,552    128,910 
Total current liabilities  $308,679   $283,668 
           
Long-term debt   503,576    504,091 
           
Capital lease obligations   879    1,012 
           
Deferred income taxes   36,808    36,955 
           
Other noncurrent liabilities   19,974    19,724 
           
Stockholders' equity  $499,215    506,063 
   $1,369,131   $1,351,513 

 

 

 

 

WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

 

   Six Months Ended June 30, 
  2018   2017 
Cash flows from operating activities          
Net income  $53,174   $43,118 
Adjustments to reconcile net income to net cash provided by operating activities          
Depreciation   10,330    8,412 
Amortization of intangibles   9,881    8,597 
Net gain on the sale of assets   (9,743)   (2,502)
Deferred income taxes   (81)   45 
Loss on debt extinguishment   174    764 
Stock-based compensation   5,390    5,430 
Non-cash interest expense   1,110    1,042 
Changes in operating assets and liabilities          
Accounts receivable   (46,564)   30,656 
Inventories   (56,057)   (60,748)
Prepaid expenses and other   1,756    3,998 
Accounts payable and accrued liabilities   72,792    35,285 
Other, net   (1,691)   1,147 
Net cash provided by operating activities  $40,471   $75,244 
           
Cash flows from investing activities          
Capital expenditures   (11,117)   (10,856)
Proceeds from the sale of property, plant, and equipment   16,426    3,736 
Other, net   3,060    1,220 
Net cash provided by (used in) investing activities  $8,369   $(5,900)
           
Cash flows from financing activities          
Proceeds from exercise of stock options   910    5,630 
Dividends paid   (9,271)   (7,767)
Borrowings under revolving credit facilities   423    371 
Payments under revolving credit facilities   (423)   (371)
Principal payments under capital lease obligations   (143)   (303)
Proceeds from issuance of term loan credit facility       189,470 
Principal payments under term loan credit facility   (940)   (190,418)
Principal payments under industrial revenue bond   (92)   (311)
Debt issuance costs paid       (354)
Stock repurchase   (21,413)   (42,794)
Convertible senior notes repurchase   (80,200)   (7,331)
Net cash used in financing activities  $(111,149)  $(54,178)
           
Net (decrease) increase in cash, cash equivalents, and restricted cash  $(62,309)  $15,166 
Cash, cash equivalents, and restricted cash at beginning of period   191,521    163,467 
Cash, cash equivalents, and restricted cash at end of period  $129,212   $178,633 

 

 

 

 

 

WABASH NATIONAL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share amounts)

(Unaudited)

 

Operating EBITDA1:                
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Net income  $31,902   $22,945   $53,174   $43,118 
Income tax expense   11,025    13,160    15,870    21,593 
Interest expense   7,151    2,888    14,605    5,878 
Depreciation and amortization   10,107    8,315    20,211    17,009 
Stock-based compensation   2,733    2,467    5,390    5,430 
Acquisition expenses   -    -    68    - 
Other non-operating income   (4,037)   (325)   (11,953)   (1,657)
Operating EBITDA  $58,881   $49,450   $97,365   $91,371 

 

   Three Months Ended   Trailing Twelve Months 
   September 30,
2017
   December 31,
2017
   March 31,
2018
   June 30,
2018
   June 30,
2018
 
Net income  $18,947   $49,356   $21,272   $31,902   $121,477 
Income tax expense   10,728    (21,204)   4,846    11,025    5,395 
Interest expense   3,187    7,335    7,454    7,151    25,127 
Depreciation and amortization   8,386    9,651    10,104    10,107    38,248 
Stock-based compensation   2,881    2,117    2,657    2,733    10,388 
Acquisition expenses   8,704    4,002    567    -      
Other non-operating income   (6,271)   (194)   (7,916)   (4,037)   (18,418)
Operating EBITDA  $46,561   $51,062   $38,984   $58,881   $195,488 

 

Adjusted Earnings2:                                
   Three Months Ended June 30,   Six Months Ended June 30, 
   2018   2017   2018   2017 
   $   Per Share   $   Per Share   $   Per Share   $   Per Share 
                                 
Net Income  $31,902   $0.54   $22,945   $0.36   $53,174   $0.89   $43,118   $0.68 
                                         
Adjustments:                                        
Facility transactions3   (3,506)   (0.06)   18    -    (10,629)   (0.18)   (1,655)   (0.03)
Loss on debt extinguishment   -    -    125    -    174    -    765    0.01 
    Acquisition expenses and related charges   (164)   -    -    -    819    0.01    -    - 
Executive severance expense   -    -    238    -    -    -    238    - 
Tax effect of aforementioned items   954    0.02    (137)   -    2,505    0.04    235    - 
                                         
Adjusted earnings  $29,186   $0.49   $23,189   $0.37   $46,043   $0.77   $42,701   $0.67 
                                         
Weighted Average # of Diluted Shares O/S   59,274         63,207         60,023         63,303      

 

   Three Months Ended 
   September 30, 2017   December 31, 2017   March 31, 2018 
   $   Per Share   $   Per Share   $   Per Share 
                         
Net Income  $18,947   $0.30   $49,356   $0.80   $21,272   $0.35 
                               
Adjustments:                              
Facility transactions3   (5,165)   (0.08)   274    -    (7,123)   (0.12)
Loss on debt extinguishment   3    -    32    -    174    - 
    Acquisition expenses and related charges   8,704    0.14    6,308    0.10    983    0.02 
Tax effect of aforementioned items   (1,275)   (0.02)   (2,381)   (0.04)   1,551    0.03 
Tax reform and other discrete tax adjustments   -    -    (31,339)   (0.51)   -    - 
                               
Adjusted earnings  $21,214   $0.34   $22,250   $0.36   $16,857   $0.28 
                               
Weighted Average # of Diluted Shares O/S   62,236         61,567         60,850      

 

1Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, acquisition expenses and related charges, and other non-operating income and expense.  
                         
2Adjusted earnings and adjusted earnings per diluted share reflect adjustments for charges incurred in connection with acquisition expense and related costs, the losses attributable to the Company's extinguishment of debt, income or losses recognized on the sale and/or closure of former Company locations, and one-time executive severance costs.
                         
3Facility transactions in 2017 and 2018 relate to gains and/or losses incurred for the sale or closure of former Company locations.

 

 

 

 

 

 

 

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