Wabash National Corporation · NYSE:WNC
Wabash National — Q3 2022 Earnings Presentation
18 slides from Wabash National's earnings presentation, Oct 26, 2022
Slide 1: Third Quarter 2022 Earnings Release
Third Quarter 2022 Earnings Release Changing How the World Reaches You® October 26, 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 Excellent progress against our strategy in Q3: New Dealers, New 1 Product Line Brand, New Director 2 Record Revenue and EPS in Third Quarter 3 Q3 Operating Margin of 8.1% expanded 430 basis points year-over-year Demand Conditions Remain Strong; Supply Chain Likely Still a Constraint 4
Slide 4: Q3 2022 Consolidated Financial Performance
Q3 2022 Consolidated Financial Performance New Shipments Revenue $655M 13,365 Trailers Operating Income $52.9M Operating Margin 8.1% Net Income Attributable to 4,115 Truck Bodies $36.2M Common Stockholders Diluted EPS Attributable to $0.73 Common Stockholders 4
Slide 5: Q3 2022 Segment Financial Performance
Q3 2022 Segment Financial Performance Transportation Solutions Parts & Services 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) ◦ Supply chain environment and ramp Q3 2022 Q3 2021 to record revenues causing working Net cash provided by (used in) operating $(11) $(61) capital expansion activities Cash payments for capital expenditures $(20) $(9) ◦ Ample opportunity to redu
Slide 7: Executing on the Way to Our Longer-Term Financial Goals
Executing on the Way to Our Longer-Term Financial Goals 2022 2022 2025 Outlook (May ‘22) Outlook (Oct ‘22) Goals Revenue $2.5B $2.5B $3.0B Recurring Revenue1 $200M $200M $300M Operating Margin 6.0% 6.5% 9% Operating EBITDA2 $205M $221M $330M Operating EBITDA Margin2 ~8% ~9% 11% EPS $1.90 $2.15 $3.50
Slide 8: 2022 Financial Outlook
2022 Financial Outlook OTHER KEY METRICS $2.5B 6.5% $2.15 • SG&A: 5.5 - 6.0% of Sales • Intangible Amortization: ≈$15M • Interest Expense: ≈$21M Revenue Operating EPS Margin • Capex: $80-90M • Tax Rate: ≈25% A A Meaningful Meaningful Step Step Forward Forward in in Financial Financial Results Result
Slide 9: Appendix
Appendix
Slide 10: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands September 30, 2022 December 31, 2021 Assets Current assets: Cash and cash equivalents $ 81,478 $ 71,778 Accounts receivable, net 248,086 176,511 Inventories, net 309,701 237,621 Prepaid expenses and other 35,251 43,795 Total curr
Slide 11: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net sales $ 655,150 $ 482,566 $ 1,844,680 $ 1,323,991 Cost of sales 563,145 431,521 1,616,586 1,170,172 Gross profit 92,005 51,045 228
Slide 12: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Nine Months Ended September 30, 2022 2021 Cash flows from operating activities Net income $ 71,169 $ 26,477 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation 25,239
Slide 13: Q3 QTD Segment Information
Q3 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2022 2021 Units Shipped 1 Adjusted operating income (loss), New trailers 13,365 12,455 a non-GAAP financial measure, excludes certain costs, expenses, New truck bodies 4,115 3,7
Slide 14: Q3 YTD Segment Information
Q3 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2022 2021 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 38,910 33,710 excludes certain costs, expenses, other charges, gains or inc
Slide 15: Reconciliation of Adjusted Segment Operating Income
Reconciliation of Adjusted Segment Operating Income1 1 Adjusted operating income, a non- Three Months Ended Nine Months Ended GAAP financial measure, Unaudited - dollars in thousands September 30, September 30, excludes certain costs, expenses, other charges, gains or income 2022 2021 2022 2021 that
Slide 16: 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable t
Slide 17: 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 36,356 $ 11,008 $ 71,169 $ 26,477 Income tax expense 11,130 1,640 21,831 7,459 Interest expense
Slide 18: 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 September 30, 2022 2021 2022 2021 Income from operations $ 63,274 $ 25,970 $ 7,732 $ 4,148 Depreciation and amortization 10,491