Wabash National Corporation · NYSE:WNC
Wabash National — Q3 2023 Earnings Presentation
17 slides from Wabash National's earnings presentation, Oct 25, 2023
Slide 1: Third Quarter 2023 Earnings Release
Third Quarter 2023 Earnings Release Changing How the World Reaches You® October 25, 2023
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 Partner ecosystem continues to grow as relational agreement 1 executed with Rockland Flooring Next phase of P&S growth beginning as joint venture formed with 2 Fernweh Group to scale parts, TaaS with digital platform EPS of $3.74 thru the first 3 quarters of 2023 exceeds long-term tar
Slide 4: Q3 2023 Consolidated Financial Performance
Q3 2023 Consolidated Financial Performance New Shipments Revenue $633M 10,765 Trailers Operating Income $77.6M Operating Margin 12.3% Net Income Attributable to 4,160 Truck Bodies $55.3M Common Stockholders Diluted EPS Attributable to $1.16 Common Stockholders 4
Slide 5: Q3 2023 Segment Financial Performance
Q3 2023 Segment Financial Performance Transportation Solutions Parts & Services $56 21.9% $612 $583 15.3% $47 16.5% 10.3% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q3 2023 Q3 2022 Net cash provided by (used in) operating ◦ Robust operating cash and free $58.3 $(10.5) activities cash flow generation during third Cash payments for capital expenditures $(29.3) $(19.9) quarter Expenditures for revenue generatin
Slide 7: 2023 Financial Outlook
2023 Financial Outlook OTHER KEY METRICS • Revenue: $2.6B $2.6B ~12% $4.65 • EPS: $4.60 to $4.70 • SG&A: ~6.5% of Sales • Intangible Amortization: $13M Revenue Operating EPS Margin (midpoint) • Interest Expense: $21M (midpoint) • Capex: $95-105M • Tax Rate: 24% FY A A Meaningful Meaningful Step Step
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands September 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 105,288 $ 58,245 Accounts receivable, net 211,181 255,577 Inventories, net 344,292 243,870 Prepaid expenses and other 60,282 34,927 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, 2023 2022 2023 2022 Net sales $ 632,828 $ 655,150 $ 1,940,400 $ 1,844,680 Cost of sales 509,918 563,145 1,550,436 1,616,586 Gross profit 122,910 92,005 38
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Nine Months Ended September 30, 2023 2022 Cash flows from operating activities Net income $ 181,351 $ 71,169 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 23,075 25,239 Am
Slide 12: Q3 QTD Segment Information
Q3 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 10,765 13,365 excludes certain costs, expenses, New truck bodies 4,160 4,1
Slide 13: Q3 YTD Segment Information
Q3 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 34,375 38,900 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, a non-GAAP financial measure, Unaudited - dollars in thousands September 30, September 30, excludes certain costs, expenses, 2023 2022 2023 2022 other charges, gains or income that
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, 2023 2022 2023 2022 Net income attributable t
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income $ 55,481 $ 36,356 $ 181,351 $ 71,169 Income tax expense 18,068 11,130 56,289 21,831 Interest expen
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, 2023 2022 2023 2022 Income from operations $ 89,413 $ 63,274 $ 12,358 $ 7,732 Depreciation and amortization 11,29