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Manitowoc q4 2016 conf call deck feb 02 2017 final
1. Q4 2016 Earnings Conference Call
February 2, 2017
Barry Pennypacker – President & Chief Executive Officer
Dave Antoniuk – SVP & Chief Financial Officer
Ion Warner – VP Marketing & Investor Relations
2. 2
Forward- Looking Statements
Safe Harbor Statement
Any statements contained in this presentation that are not historical facts are “forward-looking
statements.” These statements are based on the current expectations of the management of the company,
only speak as of the date on which they are made, and are subject to uncertainty and changes in
circumstances.
We undertake no obligation to update or revise forward-looking statements, whether as a result of new
information, future events, or otherwise. Forward-looking statements include, without limitation,
statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,”
and words of similar import. By their nature, forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements. These factors include, but are not limited
to, those relating to revenue growth of the company, future market strength of the company’s business
segments and products, market acceptance of existing products and new product introductions and
technology, economic conditions, successful acquisitions, manufacturing and facility utilization efficiencies,
risks relating to actions of activist shareholders, and other factors listed in the company’s preliminary
offering circular with respect to the notes, dated May 5, 2016. Any “forward-looking statements” in this
presentation are intended to qualify for the safe harbor from liability under the Private Securities Litigation
Reform Act of 1995.
Non-GAAP Measures
The company uses certain non-GAAP measures in discussing the company’s performance. The
reconciliation of those measures to the most comparable GAAP measures is detailed in Manitowoc’s press
release for the fourth quarter of 2016, which is available at www.manitowoc.com, together with this
presentation.
3. 3
• Americas – continued weakness
• Europe – improved over prior quarter
• Middle East – significant declines year-over-year
• Favorable customer demand with new products
• Continued low used crane values
• Lower rental rates
Q4 2016 Summary
• Revenue of $378.2 million in line with expectations
• $57.8 million of Net Cash Flow from operations
• $100 million reduction in inventory
Financial
Summary
Business
Highlights
4. 4
Progress on Strategic Priorities
• 2016 new model launches: 8 mobiles
and 9 towers
• 6 new crane introductions at ConExpo
• Aligning capacity to current demand
-- plant relocations on schedule
• Re-sizing the organization
• Improvements in quality and
reliability –> market share gains
• Military project on schedule
Margin Expansion
Innovation
Growth
Velocity • Implement The Manitowoc Way
Actions to Target Double Digit Operating Margins (EBITA) by 2020
5. 5
Financial & Other Key Metrics
(1) Please see press release for reconciliation of GAAP to non-GAAP measures
(2) Reflects election of FIFO method of accounting for inventories in Q4, 2016
Q4 2016 Q4 2015 YoY ∆ Q3 2016 QoQ ∆
Orders 348.3$ 424.5$ (18.0)% 309.9$ 12.4 %
Net sales 378.2$ 543.1$ (30.4)% 349.8$ 8.1 %
SG&A expense 61.9$ 77.1$ (19.7)% 73.0$ (15.2)%
Operating income/ (loss) (23.8)$ (13.9)$ (71.2)% (133.5)$ 82.2 %
Non-GAAP adjusted operating (loss)
income (1)
(16.4)$ 11.1$ n/m (31.5)$ 47.9 %
Non-GAAP Adjusted EBITDA (1) (5.7)$ 22.6$ n/m (20.9)$ 72.7 %
Net Inventory (2) 429.0$ 489.2$ (12.3)% 529.1$ (18.9)%
Net cash (used for) provided by
operating activities of continuing
operations
57.8$ 51.3$ 12.7 % (1.4)$ n/m
Capital expenditures 11.1$ 23.0$ (51.7)% 10.1$ 9.9 %
Backlog 323.8$ 512.6$ (36.8)% 353.6$ (8.4)%
Book-to-bill 0.92 0.78 17.8 % 0.89 4.0 %
6. 6
2017 Guidance
2017 Guidance
Revenue
Down approximately 8 - 10% year-
over-year
Adjusted EBITDA Approximately $41 to $59 million
Adj. operating income % Approximately zero to 1%
Depreciation Approximately $40 to $45 million
Amortization of intangibles Approximately $2 to $2.5 million
Capital expenditures Approximately $30 million