Wabash National Corporation · NYSE:WNC
Wabash National — Raymond James 2023 Transportation Day
18 slides from Wabash National's conference presentation, Aug 10, 2023
Slide 1: Raymond James 2023 Transportation Day
Raymond James 2023 Transportation Day Brent Yeagy – President & CEO August 10, 2023
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this prese
Slide 3: Key Messages
3 Key Messages • Wabash is the leader in transportation solutions with a portfolio of equipment spanning from First to Final Mile • Refreshed vision, mission and purpose pair with reorganization, rebranding to support strategy • Focus on strategic initiatives to reduce cyclicality and drive margin a
Slide 4: Wabash Snapshot
4WNC Investor Day | Wabash Snapshot (NYSE: WNC) Leveraging the Industry’s Broadest Portfolio Across All Phases of Transportation 1985 Lafayette, IN $1.15B1 6,900 14 $2.7B ~12% Founded Headquarters Market-cap Global Employees Manufacturing Locations 2023F Revenue Midpoint 2023F Operating Margin Midpo
Slide 5: New Purpose, Vision and Mission
5WNC Investor Day | New Purpose, Vision and Mission PURPOSE To change how the world reaches you VISION To be the innovation leader of connected solutions for the transportation, logistics, and distribution industries MISSION To enable our customers to succeed with breakthrough ideas and solutions th
Slide 6: Rapid Progress Against 2025 Goals
6WNC Investor Day | Rapid Progress Against 2025 Goals 2022 Achievements 2023 Outlook (Midpoint) 2025 Goals Revenue $2.5B $2.7B $3.0B Recurring Revenue1 $193M ~$250M $300M Operating Margin 6.7% ~12% 9% Operating EBITDA2 $224M $365M $330M Operating EBITDA Margin2 9% 13.5% 11% EPS $2.25 $4.45 $3.50 1 R
Slide 7: Strategic Priorities Fueling Long-term Profitable Growth
7WNC Investor Day | Strategic Priorities Fueling Long-term Profitable Growth EXPAND GROW FOCUS Cold Chain Market Share (Refrigerated Applications) in Parts & Services Logistics Network Efficiency • Capture opportunities from goods moved through temp-controlled cold chain • Bring differentiated solut
Slide 8: Well-Positioned to Benefit from Favorable Secular Growth Drivers
8WNC Investor Day | eCommerce and Reshoring driving increased freight touches and increasing logistics complexity Well-Positioned to Benefit from Favorable Secular Growth Drivers Strong Tailwinds to Secular Demand Trends L O N G E R - T E R M D E M AN D T R E N D S U N D E R P I N N E D B Y P O S I
Slide 9: Customer-centric Organization Enables Better Execution of First to Final Mile Strategy
9WNC Investor Day | Customer-centric Organization Enables Better Execution of First to Final Mile Strategy Providing One Face to Customers for Our First to Final Mile Portfolio of Solutions Continuing to Progress and Enhance Our Customer Experience… FROM TO • Slightly better than average, transactio
Slide 10: Growing Our Higher Margin Parts & Services Segment
10WNC Investor Day | Growing Our Higher Margin Parts & Services Segment Growth in Parts & Services Increases Recurring Revenue within Wabash’s Portfolio $177 $193 $250 $300 2021 2022 2023E 2025E Increasing Amount of Recurring Revenue1 • Increasing recurring revenue provides increased stability throu
Slide 11: A Meaningful Step Forward in Financial Results: 2023 Financial Outlook
11 A Meaningful Step Forward in Financial Results $2.7B ~12% $4.45 Revenue (midpoint) Operating Margin (midpoint) EPS (midpoint) OTHER KEY METRICS • Revenue Range $2.6B to $2.8B • EPS Range $4.25 to $4.65 • SG&A: 6.0 - 6.5% of Sales • Intangible Amortization: $13M • Interest Expense: $23M • Capex: $
Slide 12: Appendix
APPENDIX
Slide 13: Condensed Consolidated Balance Sheets
13 Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 98,791 $ 58,245 Accounts receivable, net 231,748 255,577 Inventories, net 342,470 243,870 Prepaid expenses and other 55,419 34,927 Total curren
Slide 14: Condensed Consolidated Statements of Operations
14 Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net sales $ 686,620 $ 642,769 $ 1,307,572 $ 1,189,530 Cost of sales 535,593 564,735 1,040,518 1,053,441 Gross profit 151,027 78,034 267,054 13
Slide 15: Condensed Consolidated Statements of Cash Flows
15 Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2023 2022 Cash flows from operating activities Net income $ 125,870 $ 34,813 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 13,760 16,482 Amort
Slide 16: Q2 QTD Segment Information
16 Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2023 2022 Units Shipped New trailers 11,825 13,670 New truck bodies 4,025 3,950 Used trailers 15 40 Three Months Ended June 30, Transportation Solutions Parts & Services Corporate
Slide 17: Q2 YTD Segment Information
17 Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2023 2022 Units Shipped New trailers 23,610 25,535 New truck bodies 7,835 7,435 Used trailers 30 60 Six Months Ended June 30, Transportation Solutions Parts & Services Corporate and
Slide 18: Reconciliation of Operating EBITDA and Operating EBITDA Margin
18 Reconciliation of Operating EBITDA and Operating EBITDA Margin Unaudited - dollars in thousands Operating EBITDA1: Twelve Months Ended December 31, 2022 2021 Net income $ 112,770 $ 1,164 Income tax expense 33,665 126 Interest expense 20,525 23,128 Depreciation and amortization 46,969 48,842 Stock
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