Wabash National Corporation · NYSE:WNC
Wabash National — Q1 2024 Earnings Presentation
16 slides from Wabash National's earnings presentation, Apr 24, 2024
Slide 1: First Quarter 2024 Earnings Release
First Quarter 2024 Earnings Release Changing How the World Reaches You® April 24, 2024
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 Q1 results slightly short due to slower-than-expected customer 1 pickups. Anticipate delays to be recovered in subsequent quarters. Continue to enhance our dealer network with digital enablement. 2 Launched Wabash Marketplace to deliver solutions for customers. Portfolio more resilien
Slide 4: Q1 2024 Consolidated Financial Performance
Q1 2024 Consolidated Financial Performance New Shipments Revenue $515M 8,500 Trailers Operating Income $29.6M Operating Margin 5.7% Net Income Attributable to 3,690 Truck Bodies $18.2M Common Stockholders Diluted EPS Attributable to $0.39 Common Stockholders 4
Slide 5: Q1 2024 Segment Financial Performance
Q1 2024 Segment Financial Performance Transportation Solutions Parts & Services 21.4% $578 15.1% $49 $47 19.5% $470 9.4% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q1 2024 Q1 2023 Net cash (used in) provided by operating ◦ Back-ended quarter of shipments $(17.4) $69.5 activities led to cash outflow during first Cash payments for capital expenditures $(19.2) $(31.4) quarter Expenditures for revenue generatin
Slide 7: 2024 Financial Outlook
2024 Financial Outlook OTHER KEY METRICS • Revenue Range: $2.2B to $2.4B • EPS Range: $2.00 to $2.50 $2.3B ~7% $2.25 • SG&A: ~7% of Sales • Intangible Amortization: $12M Revenue Operating EPS • Interest Expense: $20M (midpoint) Margin (midpoint) (midpoint) • Marketplace JV Expense: $6.5M • Capex: $7
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 115,786 $ 179,271 Accounts receivable, net 247,680 182,990 Inventories, net 278,551 267,635 Prepaid expenses and other 45,477 51,457 Total curren
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended March 31, 2024 2023 Net sales $ 515,276 $ 620,952 Cost of sales 438,830 504,925 Gross profit 76,446 116,027 General and administrative expenses 36,673 36,040 Selling expenses 7,042 6,884 Amortization
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Three Months Ended March 31, 2024 2023 Cash flows from operating activities Net income $ 18,287 $ 51,396 Adjustments to reconcile net income to net cash (used in) provided by operating activities Depreciation 9,580 6,49
Slide 12: Q1 QTD Segment Information
Q1 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended March 31, 2024 2023 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 8,500 11,780 excludes certain costs, expenses, New truck bodies 3,690 3,815 ot
Slide 13: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income Three Months Ended 1 Adjusted operating income (loss), a non-GAAP financial measure, Unaudited - dollars in thousands March 31, excludes certain costs, expenses, 2024 2023 other charges, gains or income that are included in the Transportation Sol
Slide 14: 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 March 31, 2024 2023 Net income attributable to common stockholders $ 18,167 $ 51,213 Adjust
Slide 15: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended March 31, 2024 2023 Net income $ 18,287 $ 51,396 Income tax expense 6,423 13,897 Interest expense 4,988 4,994 Depreciation and amortization 12,736 9,696 Stock-based compensation
Slide 16: 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 March 31, 2024 2023 2024 2023 Income from operations $ 44,255 $ 87,116 $ 10,520 $ 9,209 Depreciation and amortization 11,332 8,