Wabash National Corporation · NYSE:WNC
Wabash National — Q2 2024 Earnings Presentation
17 slides from Wabash National's earnings presentation, Jul 24, 2024
Slide 1: Second Quarter 2024 Earnings Release
Second Quarter 2024 Earnings Release Changing How the World Reaches You® July 24, 2024
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 Q2 EPS of $0.64 exceeds prior quarterly outlook on strong margin 1 performance Equipment portfolio continues to see diversity in trends by product type. 2 Parts & Services showing to be less cyclical. Total backlog ending Q2 of $1.3B, twelve-month backlog of $1.0B. 3 Backlog declined
Slide 4: Q2 2024 Consolidated Financial Performance
Q2 2024 Consolidated Financial Performance New Shipments Revenue $551M 9,245 Trailers Operating Income $43.8M Operating Margin 7.9% Net Income Attributable to 3,925 Truck Bodies $29.0M Common Stockholders Diluted EPS Attributable to $0.64 Common Stockholders 4
Slide 5: Q2 2024 Segment Financial Performance
Q2 2024 Segment Financial Performance Transportation Solutions Parts & Services $631 22.0% 18.4% $62 20.8% $55 $499 11.4% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q2 2024 Q2 2023 ◦ YTD operating cash and free cash Net cash provided by operating activities $11.0 $76.8 flow reflect increase in receivables, Cash payments for capital expenditures $(17.1) $(24.4) driven by back-loaded shipments in Q2 Expenditur
Slide 7: 2024 Financial Outlook
2024 Financial Outlook OTHER KEY METRICS • Revenue Range: $2.0B to $2.2B • EPS Range: $1.50 to $1.60 $2.1B 5.5% $1.55 • SG&A: ~$160M • Intangible Amortization: $12M Revenue Operating EPS • Interest Expense: $20M (midpoint) Margin (midpoint) (midpoint) • Marketplace JV Expense: $6.5M • Capex: $75-85M
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 77,285 $ 179,271 Accounts receivable, net 243,248 182,990 Inventories, net 272,926 267,635 Prepaid expenses and other 50,506 51,457 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, 2024 2023 2024 2023 Net sales $ 550,610 $ 686,620 $ 1,065,886 $ 1,307,572 Cost of sales 460,952 535,593 899,782 1,040,518 Gross profit 89,658 151,027 166,104 267,054
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2024 2023 Cash flows from operating activities Net income $ 47,491 $ 125,870 Adjustments to reconcile net income to net cash (used in) provided by operating activities Depreciation 20,306 13,76
Slide 12: Q2 QTD Segment Information
Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2024 2023 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 9,245 11,825 excludes certain costs, expenses, New truck bodies 3,925 4,025 oth
Slide 13: Q2 YTD Segment Information
Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2024 2023 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 17,745 23,610 excludes certain costs, expenses, other charges, gains or income Ne
Slide 14: Reconciliation of Adjusted Segment Operating Income
1 Reconciliation of Adjusted Segment Operating Income Three Months Ended Six Months Ended 1 Adjusted operating income (loss), a non-GAAP financial measure, Unaudited - dollars in thousands June 30, June 30, excludes certain costs, expenses, 2024 2023 2024 2023 other charges, gains or income that are
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, 2024 2023 2024 2023 Net income attributable to common st
Slide 16: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 29,204 $ 74,474 $ 47,491 $ 125,870 Income tax expense 9,768 24,324 16,191 38,221 Interest expense 4,948 4,987
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, 2024 2023 2024 2023 Income from operations $ 56,918 $ 115,806 $ 12,087 $ 12,937 Depreciation and amortization 12,093 9