Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — The Manitowoc Company — IDEAS Conference 2024
21 slides from Manitowoc Company, Inc. (the)'s conference presentation, Jun 13, 2024
Slide 1: The Manitowoc Company, Inc. IDEAS Conference
The Manitowoc Company, Inc. IDEAS Conference June 13, 2024 New York, NY
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, and are subject to uncertainty and changes in circum
Slide 3: 3
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Slide 4: Company Overview
Company Overview MEAP • 2023 Revenue: $2.2B 16% EURAF 30% • 2023 Adjusted EBITDA(1): $175M (7.9% of sales) Sales by • 2023 Adjusted ROIC(1): 11.2% Geography(3) • 2023 Net Leverage Ratio(2): 1.9x AMERICAS • Global footprint 54% • Strong brand loyalty • Large installed base and growth of accretive aft
Slide 5: A Crane Renaissance in the Making…
A Crane Renaissance in the Making… Global Investments in Total Revenue ($M) Energy Generation and 2004 - 2008 Distribution Avg Revenue: ~$2,400 $4,000 U.S. Infrastructure Bill & CHIPS Investments 2010 - 2013 Avg Revenue: ~$2,200 $3,000 2020 – 2023 European Housing Avg Revenue: ~$1,850 Market Demand
Slide 6: Manitowoc’s Evolution Since 2016
Manitowoc’s Evolution Since 2016 2016 2020 Introduced Four 2022 Became a standalone COVID-19 pandemic – good Breakthrough Initiatives Acquired Honnen Equipment’s crane Company stress test crane assets; opened Spain service location 2019 2021 2023 Refinanced debt Acquired Aspen Equipment & Opened Den
Slide 7: Growing Aftermarket Business
Growing Aftermarket Business • Parts & Service • Rent-to-Own (RPO) $800 • Rentals TTM Aftermarket Revenue ($M) $600 • Used sales • Crane remanufacturing $400 $613 $545 • Training services $200 $366 $382 $405 $403 $376 $449 • Digital solutions $0 2016 2017 2018 2019 2020 2021 2022 2023 TARGETING AFTE
Slide 8: Driving Shareholder Value
Driving Shareholder Value GROWING AFTERMARKET INCREASES MARGINS AND REDUCES CYCLICALITY _____________________ (1) Please refer to Appendix 8
Slide 9: Building Momentum on Breakthrough Initiatives
Building Momentum on Breakthrough Initiatives Aspirational Targets Grow EU Grow our Leverage • $3.0B Revenue Expand Tower Belt & Road All-Terrain Aftermarket Crane Presence in North Crane NPD • $1.0B Non-new machine sales Rental & (Middle to Grow Aftermarket East focus) America Aftermarket • 12% Adj
Slide 10: Expand Aftermarket in North America
Expand Aftermarket in North America 2021 – 2023 Progress Rental Fleet Services • Acquired H&E Crane business (MGX) and Aspen Full-Service Equipment in 2021 Capabilities • Added 3 new branch locations Parts Sales • Grew service technician headcount from 31 to 194 Remanufacturing • Launched QuickStart
Slide 11: Grow EU Tower Rental & Aftermarket
Grow EU Tower Rental & Aftermarket 2021 – 2023 Progress Rental Fleet • 160 units in rental fleet Services • Grew rental fleet OEC by $28 Full-Service million Capabilities • Grew to 14 service locations and 107 service technicians Parts Sales • 56 units sold out of rental fleet • 202 used trade-ins s
Slide 12: Capital Allocation Strategy
Capital Allocation Strategy Strategic Rental Fleet Growth Acquisitions Increased OEC by $57M • $180M invested in 2021 since 2020(1) • Robust acquisition funnel <3x Target Net Leverage 2.4x Net Leverage(2) $233M Dividend Program Total Liquidity(3) Share Repurchase(4) None currently approved • $28M/2.
Slide 13: In Conclusion
In Conclusion • MTW has undertaken significant “self-help” actions to achieve a reasonable ROIC. • We have a proven track record with acquisitions and a good funnel. • Positioning company in less cyclical, higher margin aftermarket segment. • The Crane Cycle is poised for another boom period. • Agin
Slide 14: Appendix
Appendix
Slide 15: The Manitowoc Way: Sustainable Business Strategy
The Manitowoc Way: Sustainable Business Strategy Updated Jan 24 Updated Jan 24 Updated April 23 BUILDING COMMUNITIES FOR CURRENT AND FUTURE GENERATIONS 15
Slide 16: Aspirations
Aspirations Net Sales Non-New Machine Sales $4,000 $1,200 $1,000 $3,000 $1,000 $3,000 $2,228 $800 $2,032 $613 $1,847 $1,834 $1,720 $600 $545 $2,000 $449 $1,443 $405 $403 $376 $400 $1,000 $200 $- $- 2018 2019 2020 2021 2022 2023 Target 2018 2019 2020 2021 2022 2023 Target Adjusted EBITDA % Adjusted R
Slide 17: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended March 31, December 31, 2024 2023 2023 2022 Net income (loss) $ 4.5 $ 16.5 $ 39.2 $ (123.6) Interest expense and amortization of deferred financing fees 9.5 8.4 35.2 33.0 Provision for income taxes 1.9 4.2 5.0 3.4 Depreciation e
Slide 18: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended March 31, December 31, 2024 2023 2023 2022 Net cash provided by (used for) operating activities $ (30.6) $ 15.4 $ 63.0 $ 76.9 Capital expenditures (12.2) (10.6) (77.4) (61.8) Free cash flows $ (42.8) $ 4.8 $ (14.4) $ 15.1 _____
Slide 19: Appendix – Adjusted ROIC Calculation
Appendix – Adjusted ROIC Calculation Year Ended December 31, 2023 Operating income $ 92.4 Amortization of intangible assets 3.2 Restructuring expense 1.3 Other non-recurring items – net 21.8 Adjusted operating income 118.7 Provision for income taxes (17.8) Adjusted NOPAT $ 100.9 5-Quarter Average To
Slide 20: Crane Types
Crane Types All-terrain (AT) Boom Truck (BT) Crawler (CR) Rough-terrain (RT) Tower Crane (TC) Truck-mounted (TM) 20
Slide 21: Thank you for your interest
Thank you for your interest Additional information: Ion Warner – SVP Marketing & Investor Relations O +1 414-760-4805 M +1 717-414-1813 ion.warner@manitowoc.com www.manitowoc.com