Wabash National Corporation · NYSE:WNC
Wabash National — Q1 2022 Earnings Presentation
16 slides from Wabash National's earnings presentation, Apr 27, 2022
Slide 1: First Quarter 2022 Earnings Release
First Quarter 2022 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 • Strong start to 2022 • Corporate responsibility making an impact across the organization • Refreshed branding well-received ◦ The finishing touch on a holistic pivot to be more customer-centric • Exciting new products, partnerships coming through the pipeline • Market conditions and
Slide 4: Q1 2022 Consolidated Financial Performance
REVENUE SHIPMENTS $547M New Trailers: 11,695 Q1 2022 Consolidated New Truck Bodies: 3,540 Financial OPERATING INCOME OPERATING MARGIN Performance $20.1M 3.7% NET INCOME DILUTED EARNINGS PER SHARE $12.1M $0.24 4
Slide 5: Q1 2022 Segment Financial Performance
Q1 2022 Segment Financial Performance Transportation Solutions Parts & Services 6.3% 502 49 14.5% 47 13.1% 4.8% 345 Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary ($M) Q1 2022 Q1 2021 Cash from Operations -34.6 -22.4 Capital Payments for Capital Expenditures -9.9 -4.2 Free Cash Flow1 -44.5 -26.6 Cash Flow ◦ YTD operating cash shows impact of working capital ramp to support production growth ◦ Expect working capital relea
Slide 7: 2022 Financial Outlook
REVENUE OPERATING MARGIN 2022 Financial Outlook $2.5B ~6% EPS OTHER KEY METRICS $1.90 SG&A: 5.5-6.0% of sales Intangible amortization: ~$15M Interest expense: ~$20M Capex: $80-90M Tax rate: ~26% 7
Slide 8: Appendix
Appendix WABASH
Slide 9: Consolidated Balance Sheets
Consolidated Balance Sheets Unaudited - dollars in thousands March 31, 2022 December 31, 2021 Assets Current assets: Cash and cash equivalents $ 72,794 $ 71,778 Accounts receivable, net 290,035 176,511 Inventories, net 286,734 237,621 Prepaid expenses and other 46,374 43,795 Total current assets 695
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended March 31, 2022 2021 Net sales $ 546,761 $ 392,003 Cost of sales 488,706 344,837 Gross profit 58,055 47,166 General and administrative expenses 26,332 22,867 Selling expenses 6,209 6,665 Amortization of intangib
Slide 11: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Unaudited - dollars in thousands Three Months Ended March 31, 2022 2021 Cash flows from operating activities Net income $ 12,074 $ 3,217 Adjustments to reconcile net income to net cash used in operating activities Depreciation 8,225 6,432 Amortization of intangi
Slide 12: Q1 QTD Segment Information
Q1 QTD Segment Information (Unaudited - dollars in thousands) Wabash Three Months Ended March 31, 2022 2021 Units Shipped New trailers 11,695 9,660 New truck bodies 3,540 4,760 Used trailers 20 40 Transportation Corporate and Three Months Ended March 31, Solutions Parts & Services Eliminations Conso
Slide 13: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income 1 Adjusted operating income, a non-GAAP financial measure, Three Months Ended excludes certain costs, expenses, Unaudited - dollars in thousands March 31, other charges, gains or income 2022 2021 that are included in the determination of operatin
Slide 14: 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 March 31, 2022 2021 Net income $ 12,074 $ 3,217 Adjustments: N/A — — Adjusted net income $ 12,074 $ 3,217 Adjusted Diluted Earnings Per Share1: Three Months Ended
Slide 15: 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 March 31, 2022 2021 Net income $ 12,074 $ 3,217 Income tax expense 3,077 1,834 Interest expense 4,913 6,150 Depreciation and amortization 13,264 12,230 Stock-based compensatio
Slide 16: 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 & Services Three Months Ended March 31, 2022 2021 2022 2021 Income from operations $ 31,697 $ 16,623 $ 6,789 $ 6,384 Depreciation and amortization 11,533 10,