Wabash National Corporation · NYSE:WNC
Wabash National — Shareholder Meeting (May 2015)
17 slides from Wabash National's shareholder meeting presentation, May 14, 2015
Slide 1: Annual Shareholder Meeting
ANNUAL SHAREHOLDER MEETING May 14, 2015 Dick Giromini, President & CEO Wabash National Corporation
Slide 2: Safe Harbor Statement
2 This presentation contains certain forward - looking statements, as defined by the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward - looking statements, including without limit, those regarding shipment outlook, Operating EBITDA, backlog, de
Slide 3: Celebrating 30 Years of Innovation Leadership
3 Acquired assets of leading liquid tank and dry bulk trailer producer Acquired assets of leading aluminum flatbed producer Founded as a start - up IPO ( NYSE : WNC ) Achieved leading industry position Introduced the DuraPlate ® composite dry van trailer Record trailer production of 70,000 units Acq
Slide 4: Strategic Segments
4 S TRATEGIC S EGMENTS Wabash National Corporation Commercial Trailer Products 2014 Sales: $ 1.3B • Dry & Refrigerated Vans • Platform Trailers • Fleet Used Trailers Diversified Products 2014 Sales: $466M • Tank Trailers • Truck - Mounted Tanks • Aircraft Refueling Equipment • Composite Panels & Pro
Slide 5: Diversification Efforts Driving Results
5 2007 Higher Growth and Margin Profile, Less Cyclicality 2014 D IVERSIFICATION E FFORTS D RIVING R ESULTS Revenue Manufacturing Retail 14% 86% 24% Commercial Trailer Products Diversified Products Retail 66% 10% Operating Income Manufacturing Retail Diversified Products Commercial Trailer Products 3
Slide 6: 2014 Segment Revenue and Product Mix
6 2014 S EGMENT R EVENUE AND P RODUCT M IX New Markets. New Innovation. New Growth. 2014 Consolidated Revenue: $1.86B
Slide 7: Key 2014 Accomplishments: Commercial Trailer Products
7 ▪ Expanded West Coast sales and service with dealer TEC Equipment, Inc. ▪ Introduced Wabash National, Transcraft and Benson brand van and platform trailers to Australian market ▪ Cadiz operations earned ISO 9001:2008 registration for Quality Management ▪ Lafayette operations received fourth consec
Slide 8: Key 2014 Accomplishments: Diversified Products
8 0 15 30 45 60 75 90 - 100 200 300 400 500 600 2010 2011 2012 2013 2014 Operating Income ($M) Revenue ($M) Revenue ($M) Op Income ($M) Extensive End Markets and Geographies ▪ Expanded West Coast sales and service with dealer Opperman & Son, Inc. ▪ Bulk Tank received TTMA Plant Safety Award ▪ Produc
Slide 9: Key 2014 Accomplishments: Retail
9 Strategic Footprint Providing National Support ▪ Completed third - party service expansion, yielding a 200% increase in locations served . ▪ Expanded mobile service capability, adding units in key U.S. markets ▪ Synergistic expansion in higher - margin tank parts and service K EY 2014 A CCOMPLISHM
Slide 10: Financial Performance: Revenue and Operating Income
10 $338 $640 $1,187 $1,462 $1,636 $1,863 $1,943 $0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 12/09 12/10 12/11 12/12 12/13 12/14 3/15 ($ millions) F INANCIAL P ERFORMANCE Trailing Twelve Month (TTM) Revenue FY 2014 Revenue and Operating Income Set New Records ($ millions) Significantly improved fin
Slide 11: Financial Performance: Operating EBITDA and Net Leverage
11 F INANCIAL P ERFORMANCE TTM Operating EBITDA at $178M and Net Leverage of 1.3x Net Leverage Ratio Improved top - line and margins lead to: ▪ Record level FY Operating EBITDA in 2014 ▪ Cash generation leading to lower net debt leverage and significantly improved liquidity ($43) $5 $39 $119 $150 $1
Slide 12: Financial Performance – Adjusted EPS Growth 2011-15
12 F INANCIAL P ERFORMANCE – A DJUSTED EPS G ROWTH 2011 – 2015 Adjusted EPS CAGR is 71% a) 2011 Reported Non - GAAP EPS was $0.23. Adjusted EPS as shown of $ 0.14 has been tax effected @40% as the tax rate for 2011 was impacted by full valuation allowances on our NOLS. Adjustment made to enable comp
Slide 13: Long-Term Growth Drivers
13 L ONG - T ERM G ROWTH D RIVERS ▪ Pricing discipline ▪ Operational efficiency / lean manufacturing ▪ Supply chain optimization Margin Expansion ▪ New end markets and geographies ▪ Product innovations / portfolio expansion ▪ Aftermarket p arts and s ervice capabilities Organic Growth ▪ Proven abili
Slide 14: Appendix
WABASH NATIONAL CORPORATION Appendix
Slide 15: Reconciliation of Non-GAAP Measures
15 R ECONCILIATION OF N ON - GAAP M EASURES New Markets. New Innovation. New Growth. ($ in millions) Note: This table reconciles annual net income (loss) for the periods presented to the non - GAAP measure of Operating EBITDA. Di fferences may exist in the calculation of Operating EBITDA due to roun
Slide 16: Reconciliation of Non-GAAP Measures
16 R ECONCILIATION OF N ON - GAAP M EASURES ($ in millions) Note: This table reconciles the trailing twelve month net income (loss) for the periods presented above to the non - GAAP measure of Operating EBITDA. Differences may exist in the calculation of Operating EBITDA due to rounding. New Markets
Slide 17: Reconciliation of Non-GAAP Measures
17 R ECONCILIATION OF N ON - GAAP M EASURES Note: This table reconciles annual net income for the periods presented to the non - GAAP measure of adjusted earnings and adjusted earnings per share. Differences may exist in the calculation of adjusted earnings per share due to rounding. $ Per Share $ P