Wabash National Corporation · NYSE:WNC
Wabash National — Q1 2021 Earnings Presentation
18 slides from Wabash National's earnings presentation, Apr 28, 2021
Slide 1: Wabash National Corporation 2021 Q1 Earnings Release
WABASH NATIONAL CORPORATION 2021 Q1 EARNINGS RELEASE
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
SAFE HARBOR STATEMENT & NON-GAAP FINANCIAL MEASURES 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 f
Slide 3: CEO Highlights
CEO HIGHLIGHTS ▪ Pleased with results for the quarter Q1 2021 ▪ Team showed focus despite uneven operating environment Perspective ▪ Q1 EPS above our expectations ▪ Demand conditions remain robust; carriers benefiting from strong rate environment Market Update ▪ Labor conditions remain challenging ▪
Slide 4: Q1 2021 Consolidated Financial Performance
Q1 2021 CONSOLIDATED FINANCIAL PERFORMANCE 1Q21 Results 1Q20 Results Revenue grows as operations ramp $392M $387M Net Sales Net Sales New Trailer Shipments increase YoY 9,670 9,150 New Trailer Shipments New Trailer Shipments Gross Margin shows year over year expansion 12.0% 9.5% Gross Margin Gross M
Slide 5: Commercial Trailer Products
COMMERCIAL TRAILER PRODUCTS Revenue Operating Margin* (1)% +190 bps $248 $251 8.4% 6.5% Q1 2021 Q1 2020 Q1 2021 Q1 2020 *Q1 2020 operating margin reflects an adjustment for non-cash impairment to operating income. A reconciliation of adjusted operating income to income from operations is included in
Slide 6: Diversified Products Group
DIVERSIFIED PRODUCTS GROUP Revenue Operating Margin* (11)% +230 bps 8.2% $83 $74 5.9% Q1 2021 Q1 2020 Q1 2021 Q1 2020 *Q1 2020 operating margin reflects an adjustment for non-cash impairment to operating loss. A reconciliation of adjusted operating income to loss from operations is included in the a
Slide 7: Final Mile Products
FINAL MILE PRODUCTS Revenue Operating Margin* 28% +1,520 bps (5.1)% $77 (20.4)% $60 Q1 2021 Q1 2020 Q1 2021 Q1 2020 *Q1 2020 operating margin reflects an adjustment for non-cash impairment to operating loss. A reconciliation of adjusted operating loss to loss from operations is included in the appen
Slide 8: Cash Flow, Balance Sheet & Capital Allocation Summary
Cash Flow, Balance Sheet & Capital Allocation Summary YTD Cash Generation Balance Sheet • $(22)M Operating Cash • $169M Cash • $4M Capital Expenditure • $168M Revolver • $(27)M Free Cash Flow • $337M Total Liquidity Capital Allocation Q1 2021 Moving Forward • $18.2M Share Repurchase • Maintenance +
Slide 9: 2021 Guidance
2021 GUIDANCE Key Metrics Sales Operating Margin $1.95B-$2.05B 3.65% to 4.15% Midpoint: $2.0B Midpoint: 3.9% Other EPS New Trailer Shipments: 47k-49k SG&A: $122-126M Range: $0.70-0.80 Intangibles Amortization: ~$24M Interest Expense: ~$24M Midpoint: $0.75 CapEx: $35-40M Tax Rate: 27-28% 9 9
Slide 10: Appendix
APPENDIX a
Slide 11: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited - dollars in thousands March 31, 2021 December 31, 2020 Assets Current assets: Cash and cash equivalents $ 168,887 $ 217,677 Accounts receivable, net 134,360 101,301 Inventories, net 227,172 163,750 Prepaid expenses and other 90,225 63,036 Total curren
Slide 12: Condensed Consolidated Statements of Operations
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited - dollars in thousands Three Months Ended March 31, 2021 2020 Net sales $ 392,003 $ 387,074 Cost of sales 344,837 350,331 Gross profit 47,166 36,743 General and administrative expenses 22,867 26,192 Selling expenses 6,665 7,998 Amortization o
Slide 13: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - dollars in thousands Three Months Ended March 31, 2021 2020 Cash flows from operating activities Net income (loss) $ 3,217 $ (106,647) Adjustments to reconcile net income (loss) to net cash used in operating activities Depreciation 6,432 5,
Slide 14: Q1 QTD Segment Information
Q1 QTD SEGMENT INFORMATION Unaudited - dollars in thousands Commercial Diversified Final Mile Corporate and Three Months Ended March 31, Trailer Products Products Products Eliminations Consolidated 2021 New trailers shipped 9,250 420 — — 9,670 Used trailers shipped 15 25 — — 40 New trailers $ 238,66
Slide 15: Reconciliation of Adjusted Segment and Operating Income
RECONCILIATION OF ADJUSTED SEGMENT AND OPERATING INCOME 1 Unaudited - dollars in thousands Three Months Ended March 31, 2021 2020 Commercial Trailer Products Income from operations $ 20,865 $ 15,871 Adjustments: Impairment — 377 Adjusted operating income 20,865 16,248 Diversified Products Income (lo
Slide 16: Reconciliation of Adjusted Net Income (Loss) and Adjusted Earnings Per Share
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED EARNINGS PER SHARE Unaudited - dollars in thousands Adjusted Net Income (Loss)1: Three Months Ended March 31, 2021 2020 Net income (loss) $ 3,217 $ (106,647) Adjustments: Impairment — 107,114 Tax effect of aforementioned items — (2,786) Adjus
Slide 17: Reconciliation of Operating EBITDA and Free Cash Flow
RECONCILIATION OF OPERATING EBITDA AND FREE CASH FLOW Unaudited - dollars in thousands Operating EBITDA1: Three Months Ended March 31, 2021 2020 Net income (loss) $ 3,217 $ (106,647) Income tax expense (benefit) 1,834 (9,561) Interest expense 6,150 6,272 Depreciation and amortization 12,230 11,119 S
Slide 18: Reconciliation of Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
RECONCILIATION OF ADJUSTED SEGMENT EBITDA1 AND ADJUSTED SEGMENT EBITDA MARGIN1 Unaudited - dollars in thousands Commercial Trailer Products Diversified Products Final Mile Products Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Income (loss) from operations $ 20,865 $ 15,871 $ 6,089 $ (6