Wabash National Corporation · NYSE:WNC
Wabash National — Q2 2022 Earnings Presentation
17 slides from Wabash National's earnings presentation, Jul 27, 2022
Slide 1: Second Quarter 2022 Earnings Release
Second Quarter 2022 Earnings Release Changing How the World Reaches You® July 27, 2022
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 Investor Meeting Opportunity to Describe New Strategy, 1 Reorganization, Rebranding and Illuminate Growth Initiatives and Financial Targets Trailers as a Service Platform Provides Lease Access with Maintenance 2 & Repair Support to Assist in Trailer Pools/Power-Only Record Q2 Revenue
Slide 4: Q2 2022 Consolidated Financial Performance
Q2 2022 Consolidated Financial Performance New Shipments Revenue $643M 13,670 Trailers Operating Income $35.9M Operating Margin 5.6% Net Income Attributable to 3,970 Truck Bodies $22.6M Common Stockholders Diluted EPS $0.46 4
Slide 5: Q2 2022 Segment Financial Performance
Q2 2022 Segment Financial Performance Transportation Solutions Parts & Services1 5 1 Q2 2021 operating margin excludes the gain on sale of Extract Technology.
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q2 2022 Q2 2021 ◦ Significant free cash flow Net cash provided by (used in) operating $117 $9 generated in Q2, aided by activities release of working capital Cash payments for capital expenditures $(12) $(7) Free Cash Flow1 $105 $2 Q2 Capital All
Slide 7: 2022 Financial Outlook
2022 Financial Outlook OTHER KEY METRICS $2.5B ~6% $1.90 • SG&A: 5.5 - 6.0% of Sales • Intangible Amortization: ~$15M • Interest Expense: ~$20M Revenue Operating EPS Margin • Capex: $80-90M • Tax Rate: ~26% A A Meaningful Meaningful Step Step Forward Forward in in Financial Financial Results Results
Slide 8: Appendix
Appendix
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2022 December 31, 2021 Assets Current assets: Cash and cash equivalents $ 138,484 $ 71,778 Accounts receivable, net 231,625 176,511 Inventories, net 305,338 237,621 Prepaid expenses and other 31,980 43,795 Total current
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net sales $ 642,769 $ 449,422 $ 1,189,530 $ 841,425 Cost of sales 564,735 393,814 1,053,441 738,651 Gross profit 78,034 55,608 136,089 102,774 Ge
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2022 2021 Cash flows from operating activities Net income $ 34,813 $ 15,469 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation 16,482 12,881
Slide 12: Q2 QTD Segment Information
Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2022 2021 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers excludes certain costs, expenses, 13,670 11,595 other charges, gains or income
Slide 13: Q2 YTD Segment Information
Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2022 2021 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, New trailers other charges, gains or income 25,545 21,255 th
Slide 14: Reconciliation of Adjusted Segment Operating Income
Reconciliation of Adjusted Segment Operating Income1 1 Adjusted operating income, a Three Months Ended Six Months Ended non-GAAP financial measure, excludes certain costs, expenses, Unaudited - dollars in thousands June 30, June 30, other charges, gains or income that are included in the 2022 2021 2
Slide 15: 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income attributable to common st
Slide 16: 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income $ 22,739 $ 12,252 $ 34,813 $ 15,469 Income tax expense 7,624 3,985 10,701 5,819 Interest expense 5,218 6,034
Slide 17: 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 June 30, 2022 2021 2022 2021 Income from operations $ 47,973 $ 26,815 $ 8,138 $ 8,061 Depreciation and amortization 10,705 10,4