Wabash National Corporation · NYSE:WNC
Wabash National — Raymond James 45th Annual Institutional Investors Conference (March 2024)
18 slides from Wabash National's conference presentation, Mar 4, 2024
Slide 1: Raymond James 45th Annual Institutional Investors Conference
Raymond James 45th Annual Institutional Investors Conference Brent Yeagy – President & CEO March 4, 2024
Slide 2: Forward-Looking Statements
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 future events. All statements contained in this prese
Slide 3: Key Messages
3 Key Messages • Wabash is the leader in transportation solutions with a portfolio of equipment spanning from First to Final Mile • Refreshed vision, mission and purpose pair with reorganization, rebranding to support strategy • Focus on strategic initiatives to reduce cyclicality and drive margin a
Slide 4: Wabash Snapshot
4WNC Investor Day | Wabash Snapshot (NYSE: WNC) Leveraging the Industry’s Broadest Portfolio Across All Phases of Transportation 1985 Lafayette, IN $1.2B1 6,700 14 $2.5B 12.3% Founded Headquarters Market-cap Global Employees Manufacturing Locations 2023 Revenue 2023 Operating Margin • Long-haul rout
Slide 5: New Purpose, Vision and Mission
5WNC Investor Day | New Purpose, Vision and Mission PURPOSE To change how the world reaches you VISION To be the innovation leader of connected solutions for the transportation, logistics, and distribution industries MISSION To enable our customers to succeed with breakthrough ideas and solutions th
Slide 6: Early Achievement of 2025 Financial Goals
6WNC Investor Day | Early Achievement of 2025 Financial Goals 2022 Results 2023 Results 2025 Goals Operating EBITDA1 $224M $369M $330M Operating EBITDA Margin1 9% 14.6% 11% EPS $2.25 $4.81 $3.50 1 Operating EBITDA, a non-GAAP financial measure, includes noncontrolling interest and is defined as earn
Slide 7: Strategic Priorities Fueling Long-term Profitable Growth
7WNC Investor Day | Strategic Priorities Fueling Long-term Profitable Growth EXPAND GROW FOCUS Cold Chain Market Share (Refrigerated Applications) in Parts & Services Logistics Network Efficiency • Capture opportunities from goods moved through temp-controlled cold chain • Bring differentiated solut
Slide 8: Well-Positioned to Benefit from Favorable Secular Growth Drivers
8WNC Investor Day | eCommerce and Reshoring driving increased freight touches and increasing logistics complexity Well-Positioned to Benefit from Favorable Secular Growth Drivers Strong Tailwinds to Secular Demand Trends L O N G E R - T E R M D E M AN D T R E N D S U N D E R P I N N E D B Y P O S I
Slide 9: Customer-centric Organization Enables Execution of First to Final Mile Strategy
9WNC Investor Day | Customer-centric Organization Enables Execution of First to Final Mile Strategy Providing One Face to Customers for Our First to Final Mile Portfolio of Solutions Continuing to Progress and Enhance Our Customer Experience… FROM TO • Slightly better than average, transactional rel
Slide 10: Growing Our Higher Margin Parts & Services Segment
10WNC Investor Day | Growing Our Higher Margin Parts & Services Segment Growth in Parts & Services Increases Recurring Revenue within Wabash’s Portfolio $177 $193 $221 $270 $300 2021 2022 2023 2024E 2025E Increasing Amount of Recurring Revenue1 • Increasing recurring revenue provides increased stabi
Slide 11: 2024 Financial Outlook
11 A Meaningful Step Forward in Financial Results $2.3B ~7% $2.25 Revenue (midpoint) Operating Margin EPS (midpoint) OTHER KEY METRICS • Revenue Range: $2.2 - $2.4B • SG&A: ~7% of Sales • Intangible Amortization: $12M • Interest Expense: $20M • Marketplace JV Expense: $6.5M • Capex: $70 - 80M • Tax
Slide 12: Appendix
APPENDIX WABASH
Slide 13: Consolidated Balance Sheets
13 Consolidated Balance Sheets Unaudited - dollars in thousands December 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 179,271 $ 58,245 Accounts receivable, net 182,990 255,577 Inventories 267,635 243,870 Prepaid expenses and other 51,457 34,927 Total current assets 6
Slide 14: Consolidated Statements of Operations
14 Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Net sales $ 596,100 $ 657,449 $ 2,536,500 $ 2,502,129 Cost of sales 487,877 562,852 2,038,313 2,179,438 Gross profit 108,223 94,597 498,187 3
Slide 15: Consolidated Statements of Cash Flows
15 Consolidated Statements of Cash Flows Unaudited - dollars in thousands Year Ended December 31, 2023 2022 Cash flows from operating activities: Net income $ 231,855 $ 112,770 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 32,507 31,758 Amortization o
Slide 16: Q4 QTD Segment Information
16 Q4 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended December 31, 2023 2022 Units Shipped New trailers 10,075 13,135 New truck bodies 4,075 3,250 Used trailers 35 15 Three Months Ended December 31, Transportation Solutions Parts & Services C
Slide 17: Q4 YTD Segment Information
17 Q4 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Twelve Months Ended December 31, 2023 2022 Units Shipped New trailers 44,450 52,035 New truck bodies 16,070 14,800 Used trailers 90 95 Twelve Months Ended December 31, Transportation Solutions Parts & Servic
Slide 18: Reconciliation of Operating EBITDA and Free Cash Flow
18 Reconciliation of Operating EBITDA and Free Cash Flow Unaudited - dollars in thousands Operating EBITDA1: Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Net income $ 50,504 $ 41,601 $ 231,855 $ 112,770 Income tax expense 6,541 11,834 62,830 33,665 Interest ex
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