Wabash National Corporation · NYSE:WNC
Wabash National — Q4 2022 Earnings Presentation
18 slides from Wabash National's earnings presentation, Feb 2, 2023
Slide 1: Fourth Quarter 2022 Earnings Release
Fourth Quarter 2022 Earnings Release Changing How the World Reaches You® February 2, 2023
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 Strategic & Organizational Journey Positioned Us to Generate 1 Record Financial Performance in 2022 Booked Long-Term Agreement with J.B. Hunt - takes strategic 2 relationship to a new level 10-Year Supply Agreement with Ryerson Supports Production with 3 Supply Surety Exceptional Q4 F
Slide 4: Q4 2022 Consolidated Financial Performance
Q4 2022 Consolidated Financial Performance New Shipments Revenue $657M 13,310 Trailers Operating Income $57.7M Operating Margin 8.8% Net Income Attributable to 3,250 Truck Bodies $41.5M Common Stockholders Diluted EPS Attributable to $0.84 Common Stockholders 4
Slide 5: Q4 2022 Segment Financial Performance
Q4 2022 Segment Financial Performance Transportation Solutions Parts & Services 5 1 Q4 2021 adjusted for non-cash impairment of trade names and trademarks.
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) ◦ Strong year-to-date Operating Cash Q4 2022 Q4 2021 Flow aided by efficient Q4 inventory Net cash provided by (used in) operating $52 $67 levels activities Cash payments for capital expenditures ($15) ($29) ◦ Continued opportunity to reinvest in
Slide 7: 2023 Financial Outlook
2023 Financial Outlook OTHER KEY METRICS $2.9B 7.5% $2.85 • SG&A: ~5% of Sales • Intangible Amortization: $13M • Interest Expense: $24M Revenue Operating EPS Margin • Capex: $90-100M • Tax Rate: 26.5% A Meaningful Raising theStep Bar Forward in Financial on Financial Results Performance 7
Slide 8: Appendix
Appendix
Slide 9: EPS Outlook Bridge
EPS Outlook Bridge $0.16 $0.05 $0.21 $0.45 $0.25 $2.85 $2.25 2022 EPS Dry Van Expansion Transportation Parts & Services SG&A + Interest & Taxes 2023 EPS Outlook Solutions Amortization (Midpoint) 9
Slide 10: Consolidated Balance Sheets
Consolidated Balance Sheets Unaudited - dollars in thousands December 31, 2022 December 31, 2021 Assets Current assets: Cash and cash equivalents $ 58,245 $ 71,778 Accounts receivable, net 255,577 176,511 Inventories 243,870 237,621 Prepaid expenses and other 34,927 43,795 Total current assets 592,6
Slide 11: Consolidated Statements of Operations
Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net sales $ 657,449 $ 479,277 $ 2,502,129 $ 1,803,268 Cost of sales 562,852 436,629 2,179,438 1,606,801 Gross profit 94,597 42,648 322,691 196,4
Slide 12: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Unaudited - dollars in thousands Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 112,770 $ 1,164 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 31,758 25,984 Amortizat
Slide 13: Q4 QTD Segment Information
Q4 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended December 31, 2022 2021 Units Shipped 1 Adjusted operating income (loss), New trailers 13,310 11,655 a non-GAAP financial measure, excludes certain costs, expenses, New truck bodies 3,250 3,23
Slide 14: Q4 YTD Segment Information
Q4 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Twelve Months Ended December 31, 2022 2021 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 52,035 45,365 excludes certain costs, expenses, other charges, gains or in
Slide 15: Reconciliation of Adjusted Segment Operating Income
Reconciliation of Adjusted Segment Operating Income1 Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 1 Adjusted operating income (loss), Transportation Solutions a non-GAAP financial measure, excludes certain costs, expenses, Inco
Slide 16: Reconciliation of Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Adjusted Net Income Attributable to Common Stockholders and Adjusted Diluted EPS Unaudited - dollars in thousands Adjusted Net Income Attributable to Common Stockholders1: Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income (loss) attribu
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 December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income (loss) $ 41,601 $ (25,313) $ 112,770 $ 1,164 Income tax expense (benefit) 11,834 (7,333) 33,665 12
Slide 18: Reconciliation of Adjusted Segment EBITDA and Margin
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended December 31 2022 2021 2022 2021 Income (loss) from operations $ 66,998 $ (7,623) $ 7,899 $ 1,692 Depreciation and amortization