Smith-midland Corporation · NASDAQ:SMID
Smith-midland — Investor Presentation (November 2023)
17 slides from Smith-midland's investor presentation, November 2023
Slide 1: Investor Presentation
INVESTOR PRESENTATION NASDAQ: SMID NOVEMBER 2023
Slide 2: Safe Harbor Statement
Safe Harbor Statement These slides and the accompanying oral presentation contain This presentation may contain forward-looking statements about Smith-Midland forward-looking statements. All statements other than statements of Corporation within the meaning of the Securities Act of 1933, the Securit
Slide 3: Smith-Midland at a Glance
Smith-Midland at a Glance Founded SMID 1960 (Nasdaq) Headquartered in Midland, Virginia $24.50 $130M Share Price* Market Cap * As of 11/13/23 LEADER INNOVATIVE THREE $57.7M $60.2M In Highway & Commercial Production Facilities Infrastructure Products Construction Building Servicing NY to FL Products
Slide 4: Investment Highlights
Investment Highlights Leading precast concrete manufacturer Most widely used highway safety barrier Patented products include J-J Hooks® and connection in the U.S. EASI-SET® Approved in 42 states, mandated replacement by 2030 Growing licensee base expanding Strategic shift to barrier rental model ge
Slide 5: Proprietary Products
Proprietary Products JJ-Hooks® SlenderWall® Highway Barriers Cladding System Easi-Set® SoftSound® Concrete Buildings Absorptive Noise Wall smithmidland.com | Investor Presentation November 2023 5
Slide 6: Customized Products
Customized Products Decorative Security Military Training smithmidland.com | Investor Presentation November 2023 6
Slide 7: Strategically Located Manufacturing Plants
Strategically Located Manufacturing Plants VIRGINIA 45 acres, 59K sf (Midland) reaches NY to NC/WV NORTH 46 acres, 15K sf CAROLINA reaches NC to TN/KY (Reidsville) *New in 2020, double capacity from prior plant SOUTH 39 acres, 29K sf CAROLINA reaches NC to FL/AL (Columbia) smithmidland.com | Investo
Slide 8: Concrete Safety Barrier Rental Division
Concrete Safety Barrier Rental Division Construction, Highway, & Event Security 520K linear feet fleet Expansion to 575K linear feet by end of 2023 Estimated cost $5 million Shift to barrier rentals vs sales Higher margins of 25-35% Recurring revenues Stability of earnings and income Improved cash-f
Slide 9: Expanded Geographic Reach through Licensing
Expanded Geographic Reach through Licensing 70+ Licenses Award-Winning Products 6% Royalty smithmidland.com | Investor Presentation November 2023 9
Slide 10: Infrastructure Spend Tailwinds Benefit Smith-Midland
Infrastructure Spend Tailwinds Benefit Smith-Midland • New MASH TL3 standard • All U.S. highway barrier mandated replacement over the next 5-7 years • J-J Hooks® approved in California for the first time in Company history – 2nd most highway miles in U.S. • Accelerated spend through Public / Private
Slide 11: Trends Favoring Off-Site Precast Modular Construction
Trends Favoring Off-Site Precast Modular Construction • Macro trend to off-site modular construction • Shortened lead times • Reduced subcontractors • Minimization of carrying costs • Increased quality • Speed of installation • Aging construction workforce • Developer saves Time & Money smithmidland
Slide 12: Annual Revenue, Backlog
Annual Revenue, Backlog REVENUE BACKLOG (in millions) (in millions) $70.0 $57.7 $58.0 $60.2 $60.0 $52.4 $50.0 $53.0 Millions Millions $50.6 $50.1 $40.0 $30.9 $29.0 $48.0 $46.7 $30.0 $43.9 $19.6 $20.0 $43.0 $10.0 $38.0 $0.0 2019 2020 2021 2022 TTM 3Q23 2019 2020 2021 2022 2023 YTD smithmidland.com |
Slide 13: Investment Highlights
Investment Highlights Leading precast concrete manufacturer Most widely used highway safety barrier Patented products include J-J Hooks® and connection in the U.S. EASI-SET® Approved in 42 states, mandated replacement by 2030 Growing licensee base expanding Strategic shift to barrier rental model ge
Slide 14: Appendix
APPENDIX 540-439-3266 investors@smithmidland.com www.SmithMidland.com
Slide 15: Earnings per Share & EBITDA
Earnings per Share & EBITDA Earnings per Share EBITDA 1.6 (in millions) $1.45 14 1.4 $11.9 12 1.2 10 1 8 0.8 $6.4 0.6 $0.51 6 $4.4 $4.1 $0.38 4 $3.4 0.4 0.2 $0.15 $0.11 2 0 0 2019 2020 2021 2022 TTM 3Q23 2019 2020 2021 2022 TTM 3Q23 smithmidland.com | Investor Presentation November 2023 15
Slide 16: Balance Sheet
Balance Sheet September 30, December 31, ASSETS 2023 (Unaudited) 2022 Current assets Cash $ 5,849 $ 6,726 Other current assets 24,044 22,214 Total current assets 29,893 28,940 Property and equipment, net 27,412 25,124 Other assets 349 249 Total assets $ 57,654 $ 54,313 LIABILITIES AND STOCKHOLDERS’
Slide 17: Income Statement
Income Statement 2022 2021 2020 2019 Product sales $27,821 $28,500 $26,776 $32,228 Barrier rentals 6,545 9,925 6,879 2,488 Royalty income 2,498 2,216 1,688 1,672 Shipping and installation revenue 13,267 10,001 8,519 10,303 Total revenue 50,131 50,642 43,862 46,691 Cost of goods sold 40,662 36,222 32
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