Wabash National Corporation · NYSE:WNC
Wabash National — Q4 2021 Earnings Presentation
17 slides from Wabash National's earnings presentation, Feb 2, 2022
Slide 1: Fourth Quarter 2021 Earnings Release
Fourth Quarter 2021 Earnings Release
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 • Product branding change represents culmination of go to market efforts • Incremental dry van capacity addition on track • New product launch of refrigerated home delivery truck body; Next generation walk-in body being developed • New products will continue to accentuate sustainabili
Slide 4: Q4 2021 Consolidated Financial Performance
REVENUE SHIPMENTS $479M New Trailers: 11,655 Q4 2021 Consolidated New Truck Bodies: 3,230 Financial ADJUSTED OPERATING INCOME1 ADJUSTED OPERATING MARGIN1 Performance $9.7M 2.0% ADJUSTED NET INCOME2 ADJUSTED EARNINGS PER SHARE2 $3.7M $0.07 4 1 Adjusted for non-cash impairment of trade names and trade
Slide 5: Q4 2021 Segment Financial Performance
Q4 2021 Segment Financial Performance Transportation Solutions Parts & Service 443 4.3% 45 4.1% 14.6% 361 38 11.6% Revenue ($M) Adjusted Operating Margin1 Revenue ($M) Adjusted Operating Margin1 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 5 1 Adjusted for non-cash impairment of t
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary ($M) Q4 2021 Q4 2020 FY 2021 FY 2020 Cash from Operations 66.8 17.0 -7.5 124.1 Capital Expenditure -28.9 -6.4 -49.1 -20.1 Free Cash Flow 37.8 10.6 -56.6 104.0 Cash Flow ◦ YTD operating cash shows impact of working capital ramp to support production growth ◦ Pos
Slide 7: 2022 Financial Outlook
REVENUE OPERATING MARGIN 2022 Financial Outlook $2.3B 6% EPS OTHER KEY METRICS $1.75 SG&A: mid-6% of sales Intangible amortization: ~$18M Interest expense: ~$20M Capex: $80-90M Tax rate: ~26.5% 7
Slide 8: Appendix
Appendix WABASH
Slide 9: Consolidated Balance Sheets
Consolidated Balance Sheets Unaudited - dollars in thousands December 31, 2021 December 31, 2020 Assets Current assets: Cash and cash equivalents $ 71,778 $ 217,677 Accounts receivable, net 176,511 101,301 Inventories 237,621 163,750 Prepaid expenses and other 43,795 63,036 Total current assets 529,
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2021 2020 2021 2020 Net sales $ 479,277 $ 404,078 $ 1,803,268 $ 1,481,889 Cost of sales 436,629 358,582 1,606,801 1,322,135 Gross profit 42,648 45,496 196,467 159,7
Slide 11: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Unaudited - dollars in thousands Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income (loss) $ 1,164 $ (97,412) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation 25,984 2
Slide 12: Q4 QTD Segment Information
Q4 QTD Segment Information (Unaudited - dollars in thousands) Wabash Three Months Ended December 31, 2021 2020 Units Shipped 1 Adjusted operating income (loss), New trailers 11,655 10,585 a non-GAAP financial measure, excludes certain costs, expenses, New truck bodies 3,230 3,300 other charges, gain
Slide 13: Q4 YTD Segment Information
Q4 YTD Segment Information (Unaudited - dollars in thousands) Wabash Twelve Months Ended December 31, 2021 2020 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 45,365 36,615 excludes certain costs, expenses, other charges, gains or income New truck bodies
Slide 14: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2021 2020 2021 2020 Transportation Solutions 1 Adjusted operating income (loss), Income from operations $ (7,623) $ 13,396 $ 61,869 $ (29,702) a non
Slide 15: Reconciliation of Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Adjusted Net Income and Adjusted Diluted EPS Unaudited - dollars in thousands Adjusted Net Income1: Three Months Ended December 31, Twelve Months Ended December 31, 2021 2020 2021 2020 Net income (loss) $ (25,313) $ 5,494 $ 1,164 $ (97,412) Adjustments: Trade names & trademarks imp
Slide 16: Reconciliation of Operating EBITDA and Free Cash Flow
Reconciliation of Operating EBITDA and Free Cash Flow Unaudited - dollars in thousands Operating EBITDA1: Three Months Ended December 31, Twelve Months Ended December 31, 2021 2020 2021 2020 Net income (loss) $ (25,313) $ 5,494 $ 1,164 $ (97,412) Income tax (benefit) expense (7,333) (1,504) 126 (11,
Slide 17: Reconciliation of Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Service Three Months Ended December 31 2021 2020 2021 2020 (Loss) income from operations $ (7,623) $ 13,396 $ 1,692 $ 8,808 Depreciation and amortization 1