Wabash National Corporation · NYSE:WNC
Wabash National — Q1 2023 Earnings Presentation
16 slides from Wabash National's earnings presentation, Apr 26, 2023
Slide 1: First Quarter 2023 Earnings Release
First Quarter 2023 Earnings Release Changing How the World Reaches You® April 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: CEO Highlights
CEO Highlights Excellent Q1 financial results underpinned by structural changes 1 and strategic progress Ambassador program launched to strengthen dealer incentives, TaaS 2 continues to scale 3 Incremental dry van capacity ready for production Watching continued weak freight rates for customers; bel
Slide 4: Q1 2023 Consolidated Financial Performance
Q1 2023 Consolidated Financial Performance New Shipments Revenue $621M 11,780 Trailers Operating Income $69.9M Operating Margin 11.3% Net Income Attributable to 3,815 Truck Bodies $51.2M Common Stockholders Diluted EPS Attributable to $1.04 Common Stockholders 4
Slide 5: Q1 2023 Segment Financial Performance
Q1 2023 Segment Financial Performance Transportation Solutions Parts & Services 15.1% $47 $47 19.5% $578 $502 14.5% 6.3% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) ◦ Robust operating cash and free Q1 2023 Q1 2022 cash flow generation during first Net cash provided by (used in) operating $69 $(35) quarter activities Cash payments for capital expenditures $(31) $(10) Free Cash Flow1 $38 $(45) Q1 Capital Alloc
Slide 7: 2023 Financial Outlook
2023 Financial Outlook OTHER KEY METRICS • Revenue Range $2.8B to $3.0B $2.9B ~10.5% $4.25 • EPS Range $4.00 to $4.50 • SG&A: 5.5 - 6.0% of Sales • Intangible Amortization: $13M Revenue Operating EPS (midpoint) Margin (midpoint) • Interest Expense: $24M (midpoint) • Capex: $100-110M • Tax Rate: 25%
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands March 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 68,245 $ 58,245 Accounts receivable, net 256,598 255,577 Inventories, net 315,643 243,870 Prepaid expenses and other 42,434 34,927 Total current
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended March 31, 2023 2022 Net sales $ 620,952 $ 546,761 Cost of sales 504,925 488,706 Gross profit 116,027 58,055 General and administrative expenses 36,040 26,332 Selling expenses 6,884 6,209 Amortization
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Three Months Ended March 31, 2023 2022 Cash flows from operating activities Net income $ 51,396 $ 12,074 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation 6,493 8,22
Slide 12: Q1 QTD Segment Information
Q1 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended March 31, 2023 2022 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 11,780 11,865 excludes certain costs, expenses, New truck bodies 3,815 3,485 o
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 that are included in the 2023 2022 determination of operatin
Slide 14: 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 March 31, 2023 2022 Net income attributable to common stockholders $ 51,213 $ 12,074 Adjust
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, 2023 2022 Net income $ 51,396 $ 12,074 Income tax expense 13,897 3,077 Interest expense 4,994 4,913 Depreciation and amortization 9,696 13,264 Stock-based compensati
Slide 16: 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 March 31, 2023 2022 2023 2022 Income from operations $ 87,116 $ 31,697 $ 9,209 $ 6,789 Depreciation and amortization 8,626 11,5