Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — The Manitowoc Company — Q4 2022 Earnings Presentation
18 slides from Manitowoc Company, Inc. (the)'s earnings presentation, Feb 21, 2023
Slide 1: Fourth-Quarter 2022 Earnings Conference Call
Fourth-Quarter 2022 Earnings Conference Call Aaron Ravenscroft – President & Chief Executive Officer February 21, 2023 Brian Regan – EVP & Chief Financial Officer Ion Warner – SVP Marketing & Investor Relations
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: 2022 Full-year Highlights
2022 Full-year Highlights • Sales of $2.0B; up 18% Y/Y • Adjusted EBITDA of $143M; up 23% Y/Y • Non-new machine sales of $545M; up 22% Y/Y • Continuing to invest in new products; launched nine cranes 2021 Full-Year Summary TMS800-2 Truck-mounted GMK4070L All-terrain MLC250 Crawler MR 229 Tower crane
Slide 4: Progress on ESG
Progress on ESG Continuous Improvements in Health & Safety • Completed a record 87,000 safety observations • Lowered Recordable Injury Rate to 1.53 • Improved Lost Time Incident Rate 10% Y/Y to 0.92 Meaningful Success on Sustainability • Achieved ISO 50001 certification at all manufacturing sites •
Slide 5: Our Lean Journey
Our Lean Journey Success at German facility • Major Lean transformation project • 66% reduction in distance traveled by cranes CEO Award 2022 • Demonstrating The Manitowoc Way values • Winners from Zhangjiagang and Niella Dan Alessandro Diego Alessandro Guo Dutto Marabotto Macario GLOBAL TEAMS; ONE
Slide 6: Regional Market Conditions
Regional Market Conditions Europe Customers cautious: - Rising interest rates - Tighter loan conditions - Softening housing market North America Asia-Pacific Stable market: Middle East Bullish sentiment: Mixed sentiment: - Sufficient dealer - SE Asia muted - Major infrastructure inventory levels - S
Slide 7: Saudi Vision 2030
Saudi Vision 2030 • Over $1 trillion investment plan by Saudi Government • Executing 15 Megaprojects • Actively working with regional partners to support ENORMOUS INVESTMENTS IN SAUDI ARABIA 7
Slide 8: Progress on Breakthrough Initiatives
Progress on Breakthrough Initiatives Grow our tower crane rental & aftermarket business in Europe • Invested $30 million over last three years to grow rental fleet • Kicked off UK rental fleet Build out our tower crane business in China to serve the Belt & Road regions • Launched two new tower model
Slide 9: Financial & Other Key Metrics
Financial & Other Key Metrics Q4 2022 Q4 2021 Y/Y ∆ FY 2022 FY 2021 Y/Y ∆ Orders $ 708.0 $ 615.2 15.1 % $ 2,095.5 $ 2,166.6 (3.3)% Net sales 621.6 497.8 24.9 % 2,032.5 1,720.2 18.2 % Engineering, selling & admin expenses 79.4 77.5 2.5 % 281.0 258.5 8.7 % Operating income (loss) (136.5) 1.8 NM (93.0)
Slide 10: Full-Year 2023 Guidance
Full-Year 2023 Guidance Revenue Approximately $2.0 to $2.1 billion Adjusted EBITDA Approximately $130 to $160 million Depreciation and amortization Approximately $60 to $65 million Interest expense Approximately $31 to $33 million Provision for income tax expense Approximately $13 to $17 million, ex
Slide 11: MegaTrends
MegaTrends Higher Resurgent Commodity China Demand Prices U.S. Infrastructure & Saudi Arabian CHIPS Bill Megaprojects Investments European Aging Crane Market Fleets Need Rebound Refresh MEGATRENDS FUEL CRANE RENAISSANCE 11
Slide 12: Appendix
Q@anitowoc Appendix
Slide 13: Appendix- Other Financial Measures
Appendix- Other Financial Measures 13
Slide 14: Appendix- Other Financial Measures
Appendix- Other Financial Measures (1) See appendix for reconciliation of GAAP to non-GAAP measures (2) (3) Net Operating Working Capital includes $81M from acquisitions in Q4 2021 Net Operating Working includes Net Accounts Receivable, Net Inventory, and Accounts Payable 14
Slide 15: Appendix- GAAP to Non-GAAP Reconciliation
Appendix- GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, 2022 2021 2022 2021 Net income (loss) $ (144.1) $ (3.6) $ (123.6) $ 11.0 Interest expense and amortization of deferred financing fees 8.7 7.8 33.0 30.4 Provision (benefit) for income taxes 4.3 (1.2) 3.4
Slide 16: Appendix- GAAP to Non-GAAP Reconciliation
Appendix- GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2022 2021 As Reported Adjustments Adjusted As Reported Adjustments Adjusted Gross profit (1) $ 116.5 $ — $ 116.5 $ 79.4 $ 2.3 $ 81.7 Engineering, selling and administrative expenses (2) (79.4) — (79.4) (77.5) 14.0 (63.5) Asset
Slide 17: Appendix- GAAP to Non-GAAP Reconciliation
Appendix- GAAP to Non-GAAP Reconciliation Year Ended December 31, 2022 2021 As Reported Adjustments Adjusted As Reported Adjustments Adjusted Gross profit (1) $ 364.5 $ 3.3 $ 367.8 $ 307.2 $ 2.3 $ 309.5 Engineering, selling and administrative expenses (2) (281.0) (4.3) (285.3) (258.5) 19.5 (239.0) A
Slide 18: Appendix- GAAP to Non-GAAP Reconciliation
Appendix- GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, 2022 2021 2022 2021 Net cash provided by operating activities $ 80.2 $ 8.2 $ 76.9 $ 76.2 Capital expenditures (30.0) (18.1) (61.8) (40.4) Free cash flows $ 50.2 $ (9.9) $ 15.1 $ 35.8 18
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