EX-99.2 3 d818165dex992.htm EX-99.2 EX-99.2
“Focused
manufacturer of
engineered lifting
equipment”
Exhibit 99.2
Manitex International, Inc.
Conference Call
Third Quarter 2014
November 6th, 2014

2
Forward Looking Statements &
Non GAAP Measures
“Focused
manufacturer of
engineered lifting
equipment”
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation
contains statements that are forward-looking in nature which express the beliefs and expectations of
management including statements regarding the Company’s expected results of operations or liquidity;
statements concerning projections, predictions, expectations, estimates or forecasts as to our business,
financial and operational results and future economic performance; and statements of management’s goals
and objectives and other similar expressions concerning matters that are not historical facts.  In some
cases, you can identify forward-looking statements by terminology such as “anticipate,”
“estimate,”
“plan,”
“project,”
“continuing,”
“ongoing,”
“expect,”
“we believe,”
“we intend,”
“may,”
“will,”
“should,”
“could,”
and similar expressions. Such statements are based on current plans, estimates and expectations and
involve a number of known and unknown risks, uncertainties and other factors that could cause the
Company's future results, performance or achievements to differ significantly from the results, performance
or achievements expressed or implied by such forward-looking statements. These factors and additional
information are discussed in the Company's filings with the Securities and Exchange Commission and
statements in this presentation should be evaluated in light of these important factors. Although we believe
that these statements are based upon reasonable assumptions, we cannot guarantee future results.
Forward-looking statements speak only as of the date on which they are made, and the Company
undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of
new information, future developments or otherwise.
Non-GAAP Measures: Manitex International from time to time refers to
various non-GAAP (generally
accepted accounting principles) financial measures in this presentation.  Manitex believes that this
information is useful to understanding its operating results without the impact of special items. See
Manitex’s Third Quarter 2014 Earnings Release on the Investor Relations section of our website
www.manitexinternational.com
for a description and/or reconciliation of these measures.

3
“Focused
manufacturer of
engineered lifting
equipment”
Overview
•
Summary
•
Sales of $66.2 million (15.1% increase)
•
Net income of $1.8 million ($0.8 million decrease)
•
EBITDA $4.5 million, 6.8% of sales
•
EPS $0.13 (compared to $0.21 in Q3-2013, but 1.5 million more diluted shares)
•
Order intake in Q3-2014 at book to bill of ~1.
•
YTD increase in backlog of ~32% to $102.1 million.
•
Announced $17 million of new crane orders (additional to 9/30 backlog) over 50% in
higher capacities
•
Joint Venture with Terex Corp. to operate A.S.V., Inc. Announced
October 2014
•
Manitex will own 51% of A.S.V.
•
2014 forecast revenues of $128 million for A.S.V.
•
Growth expected in 2015 from gradual recovery now underway
•
Continue to expect acquisition of PM Group to close in Q4-2014
•
2014 forecast revenues of $106 million in revenues
•
Growth expected through expansion of North American distribution

4
“Focused
manufacturer of
engineered lifting
equipment”
Commercial Overview
•
Order demand in the quarter saw pick up in higher capacity crane
units, steady conditions in
Europe for CVS and steady activity for material handling equipment in N. America.
•
Book to bill ratio of 99.3% in Q3-2014, and 113% YTD.
•
Relatively slow growth in N. America, below start of the year expectations and still a long
way from the peak of 2007-8. Expect crane market to be down year over year.
•
Certain geographies have stronger demand for equipment for energy, but overall still
relatively flat. Continue to expect energy developments to pick up in medium term. As of
October 31, N. America rig count year over year increase of 10.4% (280 basis point
increase since 6/30/14)  (222 rigs),
•
Our European demand remained relatively stable quarter over quarter, but stronger than a
year ago.
•
In September, completed shipments of military units under existing contracts. Expect ramp up on
new contracts to continue progressively in Q4-2014 and into 2015.
•
9/30/14 Backlog of $102.1million (12/31/13, $77.3 million):
•
Broad based order book with stronger representation from military forklifts and container
handling equipment.
•
Higher capacity cranes % in backlog increased 33% from end of Q2-14.
•
November 3rd, announced $17 million of new crane orders (additional to 9/30 backlog)
with over 50% in higher capacities

5
Key Figures -
Quarterly
“Focused
manufacturer of
engineered lifting
equipment”
USD thousands
Q3-2014
Q3-2013
Q2-2014
Net sales
$66,197
$57,521
$68,399
% change in Q3-2014 to prior period
15.1%
(3.2%)
Gross profit
10,915
11,201
13,144
Gross margin %
16.5%
19.5%
19.2%
Operating expenses
7,504
6,544
7,966
Net Income
1,768
2,621
2,986
Earnings Per Share
$0.13
$0.21
$0.22
Adjusted Ebitda
4,519
5,624
6,293
Adjusted Ebitda % of Sales
6.8%
9.8%
9.2%
Working capital
84,105
71,512
84,392
Current ratio
2.7
2.6
2.5
Backlog
$102,056
$96,684
$102,517
% change in Q3-2014 to prior period
5.6%
(0.4%)

6
“Focused
manufacturer of
engineered lifting
equipment”
Q3-2014 Operating Performance
$m
$m
Q3-2013 Net income
2.6    
Gross profit impact of increased sales of $8.7 million
(2014 sales less 2013 sales at 2013 gross profit % ).
1.7
Impact from decrease in margin
(2014 gross profit % -
2013 gross profit % multiplied by 2014 sales)
(2.0)
Increase in gross profit
(0.3)
Operating expenses from acquisitions
Other 
(0.7)
(0.2)
Interest / other
0.1
Decrease in tax
0.3
Q3-2014 Net income
$1.8      

7
Working Capital
“Focused
manufacturer of
engineered lifting
equipment”
$000
September 30,
2014
December 31,
2013
Working Capital
$84,105
$73,873
Days sales outstanding (DSO)
62
53
Days payable outstanding (DPO)
47
45
Inventory turns
2.7
2.9
Current ratio
2.7
2.5
Operating working capital
98,144
86,677
Operating working capital % of annualized LQS
37.1%
33.1%
•Working capital increase Q3-2014 v Q4-2013, of $10.2m: Key factors:
•Trade & Other Receivables $5.5m, Inventory $8.4m, partially offset by
reduced cash $1.2m, increased accounts payable $2.7m, short term
working
capital borrowings $0.5m.
•Increase in finished goods inventory of $0.5, reduction in WIP of $0.1 million 
offset by increase in components of $7.9 million.
•Working capital ratios: DSO increase from a higher proportion of
international
sales and timing of payments on military

8
“Focused
manufacturer of
engineered lifting
equipment”
$000
September
30, 2014
December
31, 2013
Total Cash
$4,934
$6,091
Total Debt
54,703
54,201
Total Equity
91,707
84,991
Net capitalization
141,476
133,101
Net debt / capitalization
35.2%
36.1%
Trailing 12 month Adjusted EBITDA
$21,759
$21,483
Debt / Adjusted EBITDA
x2.5
x2.5
•Increase in debt of $0.5 million from 12/31/13 principally reflects increase in working capital
facilities in N.A. ($0.5m).
•Generated $6.4 million in cash from operating activities in Q3-2014.
•N. American revolver facilities, based on available collateral at 9/30/14 was $51.4m.
•N. American revolver unused availability at 9/30/14 of $10.9m.
Debt & Liquidity
•
Net capitalization is the sum of debt plus equity minus cash
•
Net debt is total debt less cash

9
Summary
“Focused
manufacturer of
engineered lifting
equipment”
•
Q3-2014 results as expected were impacted by a sales mix change. We
see this mix improving in Q4-2014 and into 2015 based on the backlog
and recent orders received.
•
Despite sluggish markets, we have continued with solid order intake in
the quarter and year to date. Our diversified products have allowed us
to benefit from uptick in general construction and container handling
markets.
•
Including PM Group and ASV, we enter 2015 anticipating more than
$500 million in revenues and increasing profits.
•
We are executing well within the confines of a weak global economy,
and will continue to pursue long-term expansion opportunities and
optimize our cost structure.