Wabash National Corporation · NYSE:WNC
Wabash National — Investor Presentation (September 2011)
26 slides from Wabash National's investor presentation, Sep 12, 2011
Slide 1: September 2011
September 2011 Dick Giromini, President & CEO Mark Weber, CFO
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation will contain certain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements. are, however, subject to certain risks and uncertainties that could cause actual results to differ materially
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS v v « ® cd Leading market position as #1 dry van semi-trailer manufacturer in North America Strong brand preference and longstanding relationships with blue-chip customer base Best-in-class, technologically innovative products Trucking cycle recovery and aging fleet equipment f
Slide 4: Company History
Company HISTORY 1985 - 2011 + Headquartered in Lafayette, IN + 4,200 Associates + 2011 Estimated Trailer Shipments: Acquired specific assets of bankrupt 46,000 - 48,000 Fruehaut Traller Corp. Founded as 7 a startup Major industry Major industry Gained and held downturn downturn: leading industry ‘i
Slide 5: Leading North American Trailer Manufacturer
LEADING NORTH AMERICAN TRAILER MANUFACTU! Longstanding Market Share Leader + #1 in Total Trailer production for 17 of the past 23 years * #1 in Dry Van trailer production + #3 in Refrigerated Van trailer production © Top 3 in Platform trailer production * Strong brand recognition and brand preferenc
Slide 6: Premier Carrier Relationships
PREMIER CARRIER RELATIONSHIPS Wabash National Customers + 48% of Top 50 For-Hire Fleets + 32% of Top 100 For-Hire Fleets SAFEWAY C9 FedEx. Geom UTWiktin XTRA. Source: 2010 Transport Topics 100 Growing with the industry’s leading carriers ‘
Slide 7: Comprehensive Product Line
COMPREHENSIVE PRODUCT LINE WNC Shipments by Product Type Dry Freight Vans: 77% / Total Sheet & Post. Bimodal Vans 1% 3% Platform, Specialty Equipment: Note: Percentages based on WNC shipments 2008-2010
Slide 8: Sales and Distribution
SALES AND DISTRIBUTION Dry and Refri Vans + Factory Direct Sales Force + Independent Dealers: 28 * Locations: 64 * Sales People: 100+ Platform and Dump Trailers + Independent Dealers: 82 * Locations: 120 Wabash National Trailer Centers * Branch Locations: 14 (3 Used Trailer Centers) + Sales People:
Slide 9: Long History of Innovation
ONG HISTORY OF INNOVATION ‘+ Wabash National holds 60 patents — and growing + “Voice of customer” drives new technology development * In 1996, the DuraPlate® dry van was introduced — the industry's first composite trailer design. Since that time, we have produced over 400,000 DuraPlate® trailers 199
Slide 10: Industry-Leading Innovation
INDUSTRY-LEADING INNOVATION launch Innovation Description 2009 single lock meci 2009-2011 Bonding Technologies ‘Truck Body Sidewalls, Trailer Sidewalls, Logistics 2011 Tire Hauler Proprietary solution for cost-effective transport of 13" tires 2011 Combo ID/Stop Light Enhanced visibility for improved
Slide 11: Attractive Point in the Trailer Cycle
ATTRACTIVE POINT IN THE TRAILER CYCLE + Previous three cycles lasted 58, 67, and 89 months + The most recent cycle reached its low in Dec.'08, at month 89 * Trailer industry is 33 months into a new cycle as of September 2011 Monthly Trailer Net Orders, N. America 40.000 Cycle recovery progressing: R
Slide 12: Truck Tonnage Indicator
TRUCK TONNAGE INDICATOR ‘Seasonally Adjusted Truck Tonnage Index (ATA) ian 0 A : Vi 95 Jen-05 — Jan-06— Jan-O7—Jan08—Jan09Jan-40— Jatt. dan-t2 July TTI down 1.3% M/M & up
Slide 13: Industry Outlook
INnDUsTRY OUTLOOK * Trailer demand is forecasted to grow to 268K — 275K in 2013/2014 * WNC is well-positioned to capitalize on strong dry van demand over the next several years Total Trailer Shipments: Forecast 2009 2010 2011 2012 2013 2014 2015 ACT 79,027 124,162 206,750 249,250 268,000 240,700 216
Slide 14: 2011 Outlook: Industry Forecast
2011 OuTLook: INDUSTRY FORECAST US. Taller Forecasts: ivers iments (ACT & Production (FTR) * Age of equipment is at 8+ years, an all-time high + Equipment age profile: disproportionate number of aged units in fleets «34 years of significant under-buy 2006 2007 2008. 2008 2010 2011 202 2012 204 2ONSF
Slide 15: Potential Demand Drivers
Potential Demand Drivers + CARB Regulations (California Air Resource Board) on emissions/fuel efficiency * Proposed increase in GVWR (Gross Vehicle Weight Restriction) from 80,000 to 97,000 Ibs + Proposed changes to HOS Rules (Hours of Service) from 11 to 10 hours + Proposed requirement for EOBRs (E
Slide 16: DuraPlate Products: Continued Growth
DuraPLATE® PRODUCTS: CONTINUED GROWTH 2222 2> #32 2© Revenue: Start Up $10M. $24M $40-50M $70-90M DuraPlate* Composite ‘Truck Body & preted Cargo Trallers Somi-Trallor Commercial enone wagon = | |e _ ; VanTruck Bodies DurPiate Aerskit Portable storage m coated, galvanized skins + Foamed HDPE Core *
Slide 17: Allied Products: Energy Sector
ALLIED PRODUCTS: ENERGY SECTOR $70M+ Frac Tank Agreement * Entry into the Energy and Environmental Services Markets * Leverage industrial expertise in welding, forming, fabrication, and assembly into products outside of our traditional trailer business + Producing Frac Tanks on behalf of Sabre Manuf
Slide 18: Financials
FINANCIALS
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS Revenue Gross Margin waco Mae é& ; we (20 8% mn : | ite a : i % 200s 2007 2008 2000-2010 20K1 ‘008 2007 ow 2011 YD Operating Income'") Operating EBITDA Margin) 0 ia we 20 * 5% % 2 * | | 4% i a om = | = (154) “% % “ee (8375) 8% 0 = 20 a 708 moor 2008-2000 2O10—2aH ‘oi mor moon 20
Slide 20: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS $7 Revenue 300 B 2 ser E $78. $86 $88 $85. 579 1a08 3008 1009 3009 1010 ©3010 1011 Operating EBITDA 150 S108 gg 307 pee (49) 6 3486.0), ya0s 3008 1009 sa09 1010 2010 1011 50 BS sr a (6 milions) ta = iss) Optimization & Productivity Initiatives Consolidated six lines to
Slide 21: Appendix
APPENDIX
Slide 22: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT (Sin mavsonds) 2008 am oo 2 0 gam verses Samim sams sma $B § oman $ sono comorsns wom __ioom __ as samo __ sam __ eae Geos pott ee a ee) m8 ever eaomsTRATYE BESS cr a ee a ee) Seunserensts ee os Sotates fi ie fe ae 1m 1 Lesson cacomuLwravent am om Ince ts fom operatens
Slide 23: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (Sin mavsonds) a __sponon sss Co andenhegavaerts . ams mms ums ms enue m0 mms von ass maa res mus sum aso a Prepidexpersesand other san 21s Tetlcarent ane 7 Tacs 3 ase F tea? Fes Faas oper pant eupment mos mms noua a oy : Deeredingme tne 3 2m ce rc) cae msm see 308 ‘oa Tou
Slide 24: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS Preateetnetane teria a ms nse
Slide 25: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (in mions) 200s = 2007, 200820032010 TD 6/2012 Nene os) ee ee Income a bereft expense ° a m eo (03) a Incase narvalu of worant - na mo Inerestexerse © 3 ” a a au Depreaon nd aaron ns Bs as 2s 169 9 Stod-bsedcampesson 40 a“ 50 au as 1s Imps of goad 184 “ 20 . . Oth
Slide 26: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES (inaitions) 2008 2009, 2010 on a @ soto 5 HS AIS UH SING $ MHHS HHS HHS ms SuHYS GOS UNS 4 $325 59 oven ese ono aya oy oat aeons) tetra Ho my ms eer anameton 22 2 9 6 & & 8 oH 6 ow wos rennet « herman name ese oy ey _ey_ yy ” peep Soy sss 2 samy $a aos Lal Teieiu
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