Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — The Manitowoc Company — Q4 2021 Earnings Presentation
12 slides from Manitowoc Company, Inc. (the)'s earnings presentation, Feb 22, 2022
Slide 1: Fourth-Quarter 2021 Earnings Conference Call
Fourth-Quarter 2021 Earnings Conference Call Aaron Ravenscroft– President & Chief Executive Officer February 22, 2022 David Antoniuk – EVP & Chief Financial Officer Ion Warner – VP Marketing & Investor Relations
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor Statement Any statements contained in this presentation that are not historical facts are “forward-looking statements.” These statements are based on the current expectations of the management of the Company, only speak as of the date on which they are made, an
Slide 3: 2021 Full-year Summary
2021 Full-year Summary Transitioning to growth • Recovery from COVID-19 shutdowns • Inflationary pressures • $1B backlog; +10-year high • Significant progress on Four Strategic Priorities Progress on ESG journey • Safety: Doubled SLAMs YOY; RIR of 1.39(1) • Adopted Accuvio to account for environment
Slide 4: Financial & Other Key Metrics
Financial & Other Key Metrics Q4 2021 Q4 2020 Y/Y ∆ FY 2021 FY 2020 Y/Y ∆ Orders $ 615.2 $ 508.6 21.0 % $ 2,166.6 $ 1,511.4 43.4 % Net sales 497.8 430.3 15.7 % 1,720.2 1,443.4 19.2 % Engineering, selling & admin expenses 77.5 53.7 44.3 % 258.5 208.8 23.8 % Operating income 1.8 22.8 (92.3)% 46.5 38.6
Slide 5: Full-Year 2022 Guidance
Full-Year 2022 Guidance Revenue Approximately $2.0 to $2.2 billion Adjusted EBITDA Approximately $130 to $160 million Depreciation and Approximately $65 million amortization Interest expense Approximately $28 to $30 million Provision for income tax Approximately $13 to $17 million, excluding expense
Slide 6: Strategic Focus on Aftermarket
Strategic Focus on Aftermarket • Aftermarket parts • Field service • Lifting solutions • RPOs • Rentals • Used sales • Remanufacture/ Rebuilt cranes • Digital solutions INCREASE NON-NEW MACHINE SALES BY 50% OVER 5 YEARS 6
Slide 7: Appendix
Q@anitowoc Appendix
Slide 8: Appendix
$1,200 $200 Appendix sos Orders 4.2018 Q1 2019.2 2019.03 2019 Q4 20191 2020.02 2070.03 2070.44 2020 QI 2021 G2 2021 03 2021 04 2071 TaEnding Backlog —=Orders $600 $500 10.6% Q4 2018 Qi 2019 Q2 2019 Q3 2019 Q4 2019 Qi 2020 Q2 2020 Q3 2020 Q4 2020 Qi 2021 Q2 2021 Q3 2021 Q4 2021 Revenue ——Adj EBITDA %
Slide 9: Appendix
Appendix (1) See appendix for reconciliation of GAAP to non-GAAP measures (2) (3) Q1 2019 and forward reflects termination of Manitowoc’s accounts receivable securitization program Net Working Capital includes $81M from acquisitions in Q4 2021 9
Slide 10: Appendix- Adjusted EBITDA Reconciliation
Appendix- Adjusted EBITDA Reconciliation Adjusted EBITDA and Adjusted Operating Income The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, plus adjusting for the net impact of restructuring and certain other items. The reconciliation of net i
Slide 11: Appendix- Non-GAAP Financial Measures
Appendix- Non-GAAP Financial Measures Reconciliation of Adjusted Net Income (Loss) to Net Income (Loss) (in millions, except per share data) Three Months Ended December 31, 2021 2020 As As reported Adjustments Adjusted reported Adjustments Adjusted Gross profit (1) $ 79.4 $ 2.3 $ 81.7 $ 78.0 $ — $ 7
Slide 12: Appendix- Non-GAAP Financial Measures
Appendix- Non-GAAP Financial Measures Year Ended December 31, 2021 2020 As reported Adjustments Adjusted As reported Adjustments Adjusted Gross profit (1) $ 307.2 $ 2.3 $ 309.5 $ 254.7 $ — $ 254.7 Engineering, selling and administrative expenses (2) (258.5) 19.5 (239.0) (208.8) — (208.8) Asset impai
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