Wabash National Corporation · NYSE:WNC
Wabash National — Q4 2023 Earnings Presentation
17 slides from Wabash National's earnings presentation, Feb 1, 2024
Slide 1: Fourth Quarter 2023 Earnings Release
Fourth Quarter 2023 Earnings Release Changing How the World Reaches You® February 1, 2024
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 Wabash Achieved Record Financial Performance in 2023 with Sales 1 of $2.5B and EPS of $4.81 Strategic Progress Has Been Characterized by Connections, 2 Relationships and Networks Wabash Marketplace JV with Fernweh Group Moving Quickly to Scale 3 Digital Capabilities Strong Conviction
Slide 4: Q4 2023 Consolidated Financial Performance
Q4 2023 Consolidated Financial Performance New Shipments Revenue $596M 10,075 Trailers Operating Income $61.1M Operating Margin 10.3% Net Income Attributable to 4,075 Truck Bodies $50.4M Common Stockholders Diluted EPS Attributable to $1.07 Common Stockholders 4
Slide 5: Q4 2023 Segment Financial Performance
Q4 2023 Segment Financial Performance Transportation Solutions Parts & Services 13.6% $55 18.4% $611 $50 $547 15.9% 11.0% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q4 2023 Q4 2022 ◦ Strong year-to-date Operating Cash Net cash provided by operating activities $114.9 $51.9 Flow aided by more efficient Q4 inventory levels Cash payments for capital expenditures $(13.0) $(14.8) Expenditures for revenue generatin
Slide 7: 2024 Financial Outlook
2024 Financial Outlook OTHER KEY METRICS • Revenue Range: $2.2 - $2.4B $2.3B ~7% $2.25 • SG&A: ~7% of Sales • Intangible Amortization: $12M • Interest Expense: $20M Revenue Operating EPS (midpoint) Margin (midpoint) • Marketplace JV Expense: $6.5M • Capex: $70 - 80M • Tax Rate: 25.5% A MeaningfulASt
Slide 8: Appendix
Appendix WABASIT
Slide 9: Consolidated Balance Sheets
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 681,
Slide 10: Consolidated Statements of Operations
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 94,597 498,187 322,
Slide 11: Consolidated Statements of Cash Flows
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 of i
Slide 12: Q4 QTD Segment Information
Q4 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended December 31, 2023 2022 Units Shipped 1 Adjusted operating income (loss), New trailers 10,075 13,135 a non-GAAP financial measure, excludes certain costs, expenses, New truck bodies 4,075 3,25
Slide 13: Q4 YTD Segment Information
Q4 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Twelve Months Ended December 31, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 44,450 52,035 excludes certain costs, expenses, other charges, gains or in
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, 2023 2022 2023 2022 1 Adjusted operating income (loss), Transportation Solutions a non-GAAP financial measure, excludes certain costs, expenses, Inc
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 December 31, Twelve Months Ended December 31, 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 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 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 December 31 2023 2022 2023 2022 Income from operations $ 74,593 $ 66,998 $ 10,145 $ 7,899 Depreciation and amortization 11,138