Wabash National Corporation · NYSE:WNC
Wabash National — Q3 2024 Earnings Presentation
17 slides from Wabash National's earnings presentation, Oct 24, 2024
Slide 1: Third Quarter 2024 Earnings Release
Third Quarter 2024 Earnings Release Changing How the World Reaches You® October 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 Have achieved the right positioning where continued investment 1 and development of capabilities will increase the scale of profitable growth; Updated org structure to support. Ecosystem approach to growth displaying early success; shown by new 2 relationships with Kodiak and Steel Dy
Slide 4: Q3 2024 Consolidated Financial Performance
Q3 2024 Consolidated Financial Performance Non-GAAP New Shipments GAAP Financial Adjusted Results Financial Results Revenue $464M 7,585 Trailers Operating Income (Loss) $(433.0)M $17.0M1 Operating Margin (93.3)% 3.7%1 3,630 Truck Bodies Net (Loss) Income Attributable to Common $(330.2)M $8.6M2 Stock
Slide 5: Q3 2024 Segment Financial Performance
Q3 2024 Segment Financial Performance Transportation Solutions Parts & Services 21.9% $583 15.3% $56 $52 15.9% $416 7.0% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q3 2024 Q3 2023 ◦ 3rd quarter operating cash reflects Net cash provided by operating activities $42.8 $58.3 boost from moderate sequential Cash payments for capital expenditures $(14.6) $(29.3) working capital release versus 2nd quarter. Expendit
Slide 7: 2024 Financial Outlook
2024 Financial Outlook OTHER KEY METRICS • SG&A: ~$160M • Intangible Amortization: $12M $1.95B 5.0% $1.25 • Interest Expense: $20M • Marketplace JV Expense: $6.5M Revenue Adjusted Adjusted • Capex: $70 to 80M (midpoint) Operating EPS2 Margin1 (midpoint) • Tax Rate: 25.5% FY (midpoint) A MeaningfulAS
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 81,842 $ 179,271 Accounts receivable, net 238,657 182,990 Inventories, net 260,599 267,635 Prepaid expenses and other 58,388 51,457 Total cur
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 464,040 $ 632,828 $ 1,529,926 $ 1,940,400 Cost of sales 408,031 509,918 1,307,813 1,550,436 Gross profit 56,009 122,910 22
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Nine Months Ended September 30, 2024 2023 Cash flows from operating activities Net (loss) income $ (282,382) $ 181,351 Adjustments to reconcile net (loss) income to net cash provided by operating activities Depreciation
Slide 12: Q3 QTD Segment Information
Q3 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2024 2023 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 7,585 10,765 excludes certain costs, expenses, New truck bodies 3,630 4,16
Slide 13: Q3 YTD Segment Information
Q3 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2024 2023 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 25,330 34,375 excludes certain costs, expenses, other charges, gains or inc
Slide 14: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income Three Months Ended Nine Months Ended 1 Adjusted operating income (loss), Unaudited - dollars in thousands September 30, September 30, a non-GAAP financial measure, 2024 2023 2024 2023 excludes certain costs, expenses, other charges, gains or inco
Slide 15: 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income attribu
Slide 16: 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (329,873) $ 55,481 $ (282,382) $ 181,351 Income tax (benefit) expense (108,406) 18,068 (92,
Slide 17: 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 September 30, 2024 2023 2024 2023 Income from operations $ 29,162 $ 89,413 $ 8,316 $ 12,358 Depreciation and amortization 12,28