Wabash National Corporation · NYSE:WNC
Wabash National — Q2 2023 Earnings Presentation
18 slides from Wabash National's earnings presentation, Jul 26, 2023
Slide 1: Second Quarter 2023 Earnings Release
Second Quarter 2023 Earnings Release Changing How the World Reaches You® July 26, 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: Wabash Strategy Summary
Wabash Strategy Summary CREATED A NEW CUSTOMER- CENTRIC STRUCTURE TO EXECUTE AS ONE WABASH CREATING VALUE Solve industry needs with customer collaboration to create innovative Through Strategic Focus solutions Portfolio Organization Reinvigorate Parts & Services Increase ease of doing business for S
Slide 4: CEO Highlights
CEO Highlights 1 Quarterly records for revenue, operating income, and EPS Total backlog of $2.4B and 12-month backlog of $2.1B - sequential 2 contraction in-line with normal seasonality 3 Looking for improvement in freight markets through peak season 2023 4 Ready to support our customers as market i
Slide 5: Q2 2023 Consolidated Financial Performance
Q2 2023 Consolidated Financial Performance New Shipments Revenue $687M 11,825 Trailers Operating Income $103.3M Operating Margin 15.0% Net Income Attributable to 4,025 Truck Bodies $74.3M Common Stockholders Diluted EPS Attributable to $1.54 Common Stockholders 5
Slide 6: Q2 2023 Segment Financial Performance
Q2 2023 Segment Financial Performance Transportation Solutions Parts & Services $631 $62 $596 18.4% $50 20.8% 16.1% 8.0% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 6
Slide 7: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q2 2023 Q2 2022 ◦ Robust operating cash and free Net cash provided by operating activities $77 $117 cash flow generation during second Cash payments for capital expenditures $(24) $(12) quarter Expenditures for revenue generating assets $(3) $— F
Slide 8: 2023 Financial Outlook
2023 Financial Outlook OTHER KEY METRICS • Revenue Range $2.6B to $2.8B $2.7B ~12% $4.45 • EPS Range $4.25 to $4.65 • SG&A: 6.0 - 6.5% of Sales • Intangible Amortization: $13M Revenue Operating EPS (midpoint) Margin (midpoint) • Interest Expense: $23M (midpoint) • Capex: $100-110M • Tax Rate: 25% A
Slide 9: Appendix
Appendix WABASIT
Slide 10: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 98,791 $ 58,245 Accounts receivable, net 231,748 255,577 Inventories, net 342,470 243,870 Prepaid expenses and other 55,419 34,927 Total current a
Slide 11: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net sales $ 686,620 $ 642,769 $ 1,307,572 $ 1,189,530 Cost of sales 535,593 564,735 1,040,518 1,053,441 Gross profit 151,027 78,034 267,054 136,0
Slide 12: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2023 2022 Cash flows from operating activities Net income $ 125,870 $ 34,813 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 13,760 16,482 Amortiza
Slide 13: Q2 QTD Segment Information
Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 11,825 13,670 excludes certain costs, expenses, New truck bodies 4,025 3,950 ot
Slide 14: Q2 YTD Segment Information
Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 23,610 25,535 excludes certain costs, expenses, other charges, gains or income Ne
Slide 15: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income Three Months Ended Six Months Ended 1 Adjusted operating income, a non-GAAP financial measure, Unaudited - dollars in thousands June 30, June 30, excludes certain costs, expenses, 2023 2022 2023 2022 other charges, gains or income that are includ
Slide 16: 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income attributable to common st
Slide 17: 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 74,474 $ 22,739 $ 125,870 $ 34,813 Income tax expense 24,324 7,624 38,221 10,701 Interest expense 4,987 5,2
Slide 18: 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 June 30, 2023 2022 2023 2022 Income from operations $ 115,806 $ 47,973 $ 12,937 $ 8,138 Depreciation and amortization 9,379 10,