Wabash National Corporation · NYSE:WNC
Wabash National — Raymond James Industrials Conference 2021
17 slides from Wabash National's conference presentation, Aug 25, 2021
Slide 1: Raymond James Industrials Conference
WABASH NATIONAL CORPORATION Raymond James Industrials Conference August 25, 2021
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
2 2 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
Slide 3: Wabash National – Changing How the World Reaches You Key Messages
3 3 Wabash National – Changing How the World Reaches You Key Messages ▪ Wabash National is the leader in transportation solutions with a portfolio of equipment spanning from First to Final Mile. ▪ Refreshed vision, mission & purpose pair with organizational realignment to support strategy ▪ Focus on
Slide 4: Wabash at a Glance
4 4 Wabash at a Glance (NYSE: WNC) 4 Leveraging the Industry’s Broadest Portfolio Across All Phases of Transportation 1985 Lafayette, IN ~$700M1 ~5,800 16 $1.5B 1.5% $104M Founded Headquarters Market-cap Global Employees Manufacturing Locations 2020 Revenue 2020 Adjusted Operating Margin² 2020 Free
Slide 5: Purpose, Vision, Mission
5 5 Purpose To change how the world reaches you Vision To be the innovation leader of engineered solutions for the transportation, logistics and distribution industries Mission To enable our customers to succeed with breakthrough ideas and solutions that help them move everything from first to final
Slide 6: New Organizational Structure Benefits All Stakeholders
6 6 2019 2020 thru 2022 Customers Employees Shareholders • Streamlined commercial structure to facilitate ease of interaction • Enhanced ability to innovate to support rapidly changing transportation needs • Strategic partner with a diverse portfolio of transportation equipment • Improved cost struc
Slide 7: Strategic Platforms to Facilitate Growth Beyond Cycle
7 7 2019 2020 thru 2022 Cold Chain eCommerce & Logistics Disruption Parts & Services • Expand share in markets driven by movement of goods through the temperature- controlled cold chain • Bring differentiated solutions to create customer value by leveraging innovative technology offerings (Molded St
Slide 8: Wabash National 2020 Performance Highlights
8 8 2019 2020 thru 2022 Wabash National 2020 Performance Highlights 61 110 73 111 158 118 78 109 104 2012 2013 2014 2015 2016 2017 2018 2019 2020 Free Cash Flow ($M) Revenue has experienced cycles, but Free Cash Flow has been stable • Rapid action on cost control resulted in 2020 decremental margin
Slide 9: Wabash National Outlook Highlights
9 9 2019 2020 thru 2022 Wabash National Outlook Highlights Ramp in ‘21 to Facilitate Strong Run-Rates into ’22. ’23 to Benefit from Increased Capacity ▪ Revenue up 30%+ to $1.95 billion ▪ Adjusted Operating Margin¹ up 240bps to 3.9 percent • $20M annualized run-rate cost savings from organizational
Slide 10: Future State: Dry Vans and Reefer Vans
10 10 Future State: Dry Vans Past State Demand Evolution • Ramping down refrigerated van capacity to retool for dry van production • Modified capacity to produce additional 10,000 dry vans annually beginning 2023 • 20% capacity increase for WNC, only 5% for industry total • $20M of capex investment
Slide 11: Extending our Materials-based Competitive Advantage
11 11 2020 thru 2022 Extending our Materials-based Competitive Advantage Our Innovative Products Provide Customers with Operating Efficiency and Reduced Environmental Impact ▪ Molded Structural Composite (MSC) Refrigerated Van • Transformative design features lighter-weight and improved thermal effi
Slide 12: Appendix
i IWABASH| XK Appendix 12
Slide 13: Reconciliation of Adjusted Segment Operating Income (Loss)
13 13 Reconciliation of Adjusted Segment Operating Income (Loss)1 Unaudited - dollars in thousands Twelve Months Ended December 31, 2020 2019 Commercial Trailer Products Income from operations $ 79,662 $ 145,877 Adjustments: Impairment 377 — Gain on sale of Columbus branch (2,257) — Adjusted operati
Slide 14: Reconciliation of Adjusted Segment Operating Income (Loss)
14 14 Reconciliation of Adjusted Segment Operating Income (Loss)1 Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commercial Trailer Products Income from operations $ 32,299 $ 18,599 $ 53,164 $ 34,470 Adjustments: Impairment — — — 377 Adjust
Slide 15: Reconciliation of Adjusted Diluted Earnings Per Share
15 15 Reconciliation of Adjusted Diluted Earnings Per Share Adjusted Diluted EPS1: Twelve Months Ended December 31, 2020 2019 Diluted earnings per share $ (1.84) $ 1.62 Adjustments: Debt transactions2 0.03 — Impairment 2.01 — Gain on sale of Columbus branch (0.04) — Loss on divestiture of Beall bran
Slide 16: Adjusted Net Income (Loss) and Adjusted Earnings Per Share
16 16 Unaudited - dollars in thousands Adjusted Net Income (Loss)1: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ 12,252 $ (146) $ 15,469 $ (106,793) Adjustments: Loss on debt extinguishment 452 — 452 — Impairment — — — 107,114 Gain on divestiture of E
Slide 17: Other Non-GAAP Reconciliations
17 17 Other Non-GAAP Reconciliations Unaudited - dollars in millions ¹ Totals for Adjusted Net Income and Free Cash Flow may not foot due to rounding of individual items to nearest million. Adjusted Net Income (1): 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net income (loss) 106$ 47$ 61$ 104$ 119$
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