Wabash National Corporation · NYSE:WNC
Wabash National — Debt Investor Presentation (September 2017)
6 slides from Wabash National's debt investor presentation, Sep 8, 2017
Slide 1: Successful Diversification of Revenue and Operational Improvements
SUCCESSFUL DIVERSIFICATION OF REVENUE AND OPERATIONAL IMPROVEMENTS Business Model Has Successfully Evolved in the Last Ten Years 2005 $1.2B Reefers Parts & Services Dry Vans Dry Van Trailers 2016 $1.8B Reefers Platforms Tank Trailers Parts & Service Composite Products Process Systems Truck Bodies Dr
Slide 2: Blue Chip Combined Customer Base with Limited Concentration
BLUE CHIP COMBINED CUSTOMER BASE WITH LIMITED CONCENTRATION Diversified Products Commercial Trailer Products No Customer Makes Up More than 5% of Total Sales (1) Longstanding Relationships with the Industry’s Leading Carriers Business Risk Minimized by Broad Customer Base Final Mile Products Top 5 C
Slide 3: Balanced Capital Allocation Strategy to Support Growth
BALANCED CAPITAL ALLOCATION STRATEGY TO SUPPORT GROWTH Strategic Objectives Policy Actions Progress + Indicator Liquidity ? Maintain liquidity to support the core business and fund growth opportunities across business cycle ~$297M of PF Liquidity (1) Debt Management ? Manage net debt to maintain cre
Slide 4: Historical Financial Performance
Wabash HISTORICAL FINANCIAL PERFORMANCE (1) Historical Gross Revenue $M 1,462 1,636 1,863 2,027 2,139 2,020 2012 2013 2014 2015 2016 LTM Historical Capital Expenditures 15 18 20 21 24 27 2012 2013 2014 2015 2016 LTMHistorical Adjusted Operating EBITDA 119 150 169 229 286 238 2012 2013 2014 2015 2016
Slide 5: Use of Proceeds and Pro Forma Capitalization
USE OF PROCEEDS AND PRO FORMA CAPITALIZATION Sources and Uses Pro Forma Capitalization Sources of Funds $M Unsecured Bonds Issuance (1) 325 Balance Sheet Cash —— WNC 51 Balance Sheet Cash — Supreme (2) 25 Total 401 Uses of Funds $M Supreme Acquisition (3) 388 Fees and Expenses (4) 6 Supreme Debt Ret
Slide 6: Regulation G Reconciliation: Wabash
REGULATION G RECONCILIATION: WABASH Operating EBITDA Reconciliation ($Ms) Wabash Operating EBITDA Reconciliation $Ms, unless stated (1) Pro Forma 2012 2013 2014 2015 2016 LTM Net Income $106 $47 $61 $104 $121 $97 Interest Expense 22 31 22 20 35 33 Income Tax Expense 57 26 38 59 66 50 Depreciation an
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