Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — The Manitowoc Company — Stifel 2022 Cross Sector Insight Conference
20 slides from Manitowoc Company, Inc. (the)'s conference presentation, Jun 9, 2022
Slide 1: Stifel 2022 Cross Sector Insight Conference
Stifel 2022 Cross Sector Insight Conference Boston, MA ● June 9, 2022 Aaron Ravenscroft President & CEO Brian Regan EVP & CFO
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor Statement Any statements contained in this presentation that are not historical facts are “forward-looking statements.” These statements are based on the current expectations of the management of the Company, only speak as of the date on which they are made and
Slide 3: The Manitowoc Company, Inc.
The Manitowoc Company, Inc. MANITOWOC CHANGES THE WAY OUR COMMUNITIES LOOK 3
Slide 4: Company Overview
Company Overview • 2021 Revenue: $1.7B • 2021 Adjusted EBITDA: $116M (6.7% of sales)2 • 2021 Net Working Capital: $400M (23% of TTM sales) • 2021 Net Leverage Ratio: 2.9x • Global footprint • Strong brand-loyalty • Large installed-base, and growing aftermarket MARKET LEADING PROVIDER OF LIFTING SOLU
Slide 5: Manitowoc's Vision for the Future
Aftermarket Growth Strategy Manitowoc’s Vision for the Future Grow Tower Accelerate Build out Expand Crane New Product China and Aftermarket Rental & Development Belt & Road activities in Aftermarket in All-Terrain Tower Crane North business in Cranes Business America Europe THE MANITOWOC WAY Macro-
Slide 6: CRANES+50: Re-Shaping the Company
CRANES+50: Re-Shaping the Company Our strategy to increase our non-new machine sales by 50% over the next five years, starting from baseline sales of $449 million in 2021. GROWING OUR RECURRING REVENUE 6
Slide 7: Grow EU Tower Crane Rental Fleet
Grow EU Tower Crane Rental Fleet • Building our tower crane rental fleet to grow our overall market presence • Increasing market share through RPO’s • Supporting key accounts with strategic rental fleet • Expanding parts and service business • Driving used crane sales HELPING OUR CUSTOMERS MANAGE TH
Slide 8: Accelerate NPD in All-Terrains
Accelerate NPD in All-Terrains Filling gaps in our All-Terrain product range to grow our global market share Increasing our product portfolio with a wider range of models Expanding key technology architectures, such as max-base and Grove Connect Growing installed base to leverage aftermarket INVESTI
Slide 9: Build Out Belt & Road Tower Crane Business
Build Out Belt & Road Tower Crane Business • Transitioned our China factory into a regional business • Engineering and designing locally for local market • Growing market share in the Belt & Road markets GROWING OUR PRESENCE IN DEVELOPING ECONOMIES 9
Slide 10: North America Aftermarket
North America Aftermarket Fleet Support Services Technician Talent Pool Parts Sales Aspen Equipment, LLC Reman/Refurb MGX Equipment Services, LLC Branch/Service Location Remanufacturing Location New Aspen Equipment Territory GROW LESS CYCLICAL, HIGHER-MARGIN REVENUE STREAMS 10
Slide 11: The Manitowoc Way
The Manitowoc Way I do what is RIGHT. We work as a TEAM. We deliver RESULTS. I am a ROLE MODEL. A CULTURE BUILT ON SERVING OUR CUSTOMERS 11
Slide 12: The Manitowoc Way: Innovation
The Manitowoc Way: Innovation Architecture Features Dealer Portal Crane Control System Cloud Data Storage Cloud Diagnostic Storage Capability • Shared knowledge • Service acceleration • Accelerated communication • Lower cost of Custom GPS • Improved quality ownership Application Tracking • Reduced w
Slide 13: The Manitowoc Way: ESG
The Manitowoc Way: ESG MSCI ESG RATING A • ESG is incorporated into our Short-Term Incentive plan • Safety – 36-month rolling RIR has improved from 1.87 in June 2019 to 1.55 in June 2022 • Environmental – implemented Accuvio environmental accounting software to track our progress • Diversity – execu
Slide 14: Capital Allocation
Capital Allocation Rental Fleet Growth Acquisitions ~$15M invested in 2021 ~$180M invested in 2021 ~$25M expected in 2022 <3x Target Net Leverage 2.4x Pro Forma Net Leverage1 $267M Dividend Program Total Liquidity2 Share Repurchase3 None currently approved $10.6M remaining authorization 1 Based on T
Slide 15: Long-Term Goals
Long-Term Goals Financial Metric Aspirational Target Revenue $2.5B Adj. EBITDA >$275M Key Assumptions for Aspirational Targets: ~$250M revenue from Breakthrough Initiatives (incl. acquisitions) ~$250M revenue from market growth Normalized market growth through the cycle Normalized pricing co
Slide 16: Macro-Trends: An Eventual Crane Renaissance
Macro-Trends: An Eventual Crane Renaissance Total Revenue ($M) 2004 - 2008 Avg Revenue: ~$2,400 $4,000 $3,000 2010 - 2013 Avg Revenue: ~$2,200 2020 – 2022F Avg Revenue: ~$1,750 2017 - 2019 Avg Revenue: ~$1,700 $2,000 $1,000 $0 MANITOWOC IS LONG-TERM FOCUSED 16
Slide 17: Appendix
@anit owoc Appendix
Slide 18: Appendix – Adjusted EBITDA Reconciliation
Appendix – Adjusted EBITDA Reconciliation Adjusted EBITDA and Adjusted Operating Income The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, plus adjusting for the net impact of restructuring and certain other items. The reconciliation of net
Slide 19: Appendix – Adjusted EBITDA Reconciliation
Appendix – Adjusted EBITDA Reconciliation 19
Slide 20: Build Something Real
Q@anitowoc BUILD SOMETHING REAL”
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