Oshkosh Corporation 2016 Analyst Day Presentation

Oshkosh Corporation Analyst Day

Executive Officer

Oshkosh Corporation Analyst Day (NYSE:OSK)

September 23, 2016


Pat Davidson

Vice President, Investor Relations

Executive Officer


September 23, 2016

September 23, 2016Oshkosh Corporation Analyst Day 3

Forward-Looking StatementsThis presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement strategies; the strength of the dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. DoD and international defense customer procurement of products and services and acceptance and funding or payments thereof; the Company’s ability to utilize material and components which it has committed to purchase from suppliers; higher material costs resulting from production variability due to uncertainty of timing of funding or payments from international defense customers; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles, including a future FMTV production contract; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilitiesexpansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings maynot be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’sintangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters thatmay affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risksrelated to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

Agenda


8:00 am Welcome Pat Davidson

Oshkosh Overview & Strategy Wilson Jones

Defense John Bryant

Access Equipment Frank Nerenhausen

Commercial Brad Nelson

Fire & Emergency Jim Johnson

10:00 am Break

10:20 am Financial Summary Dave Sagehorn

Concluding Remarks Wilson Jones

11:00 am Q&A Panel All Presenters

12:00 pm Lunch/Wrap-up

Wilson Jones

President and Chief Executive Officer


September 23, 2016

A different integrated global industrial

MOVE – Evolving to deliver more value

Positioned for long-term success

6

Oshkosh Corporation Key Messages

September 23, 2016Oshkosh Corporation Analyst Day

Leading provider of

specialty vehicles

Nearly 100 years in business;

incorporated in 1917

Focused on delivering value to

customers and shareholders

Serial innovator of game-

changing new products

ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL

7

Moving the World at Work

Making a Difference


Oshkosh Corporation Profile – FY16YTD(1)

8

49%Access Equipment

20%Defense

15%Fire &

Emergency

16%Commercial

Revenue by Segment

77%United States

4%Other NA

12%EAME

7%Rest of World

Revenue by Geography

Revenue growth in Defense

and Fire & Emergency Segments

Delivering a stronger

international mix

(1) Through 06/30/16


Fire Apparatus

9

Concrete Mixers/Batch Plants

#1Heavy Defense Trucks (Army & Marines)

Medium Defense Trucks (Army & Marines)

Light Defense Trucks (JLTV – beginning FY17)

Airport Products (Rescue and Firefighting & Snow Removal)

Aerial Work Platforms/Telehandlers

Refuse Collection Vehicles

Industry Leadership

Strong Brands Value Creation

Wreckers & Carriers

(1) Company estimates

NORTH AMERICA RANK (1)

#1

#1

#1

#1

#1

#1

#2

GLOBAL RANK (1)

#1


MOVE Strategy Has DeliveredFY13 - FY15 strong operational results offset by weaker than

expected market recovery

10

Focused execution

‒ Improved cost structure

‒ New game-changing products

Strong results despite numerous

challenges

‒ Slower than expected domestic

construction rebound

‒ Slow growth in

international markets

‒ Impact of weak oil & gas prices

‒ Strong U.S. dollar

Grew EPS(3) at ~10% CAGR


MOVE Impact at OshkoshStrong operational results

Gained share in North America, despite a

weaker than expected economic recovery

Refuse Collection Vehicles Fire Trucks

11September 23, 2016Oshkosh Corporation Analyst Day

12Oshkosh Corporation Analyst Day

Generated cost savings of $200M,

exceeding target by ~30%


Fire & Emergency Access Equipment

September 23, 2016


Extensive new product launches

across the enterprise


Ascendant two-axle ladder truck Revolutionary JLTV

Defense offeringTier 4 compliant telehandlers

September 23, 2016


International product launches and

expanded sales & service presence


ARFF sales into Europe Growth in Middle East sales

with new M-ATV variants

Extending the reach

of access equipment

across the globe

September 23, 2016

A DIFFERENT INTEGRATED

GLOBAL INDUSTRIAL

Leveraging Our Unique Position

16

Diverse End

Markets

Leverage Best Attributes of Two Distinct Approaches

Integrated

Operations


Favorable and Diverse End Market Drivers

17

Defense recovery

– JLTV ramp-up

– Solid U.S. base program funding

– International opportunities

U.S. construction slowly

improving, though uneven – both

residential and non-residential

Municipal spending recovering

Aging fleets in multiple markets

Significant access

equipment product adoption

opportunities globally

– Despite current market challenges

Population growth

and urbanization

Mid to high single-digit FY16 to FY17 revenue growth –

despite Access Equipment Segment expected decline


$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E

Non-Defense Defense

Annual OSK Revenues

($ in

Bill

ion

s)

(1)

12

3

4

Diversification strategy implemented in 1996 to grow organically and by acquisition

Defense begins to accelerate in early 2000s as a result of 9/11 attacks and U.S. response

Economic downturn of 2008-2010 and Middle East conflicts resulted in a more

defense-centric company

Non-defense businesses recovery in FY12 – FY15, led by Access Equipment,

helped to offset a significant cyclical downturn in Defense

Growing Defense business expected to drive performance beyond 2016

5

(1) Mid-point of Company guidance

(1)

18

Historical Benefits of Diverse End Markets


1

2

3

4

5

Integrated Enterprise Approach Drives

Opportunity/Efficiency Across Business Segments

19

Global product development

Enterprise-wide operations

Global procurement and

supply chain

‒ Leverage scale of OSK

One Oshkosh culture

‒ People, Purpose, Performance

Take Advantage of Opportunities

Unavailable to Many Companies


Global Product Development

20

Common product development process

Shared expertise and technology

‒ Material science

‒ Modeling and simulation

Structural design – booms and ladders

‒ Core technologies – electrical,

hydraulics, powertrain, software,

suspension/off-road expertise

‒ Design to cost

Engineering resource planning

‒ Managing through cycles

‒ Retain knowledge, reduce cost


Enterprise-wide Operations

21

Lean culture as a foundation

Enterprise-wide capacity planning

‒ Leveraging standardized process drives

improved utilization

‒ Manufacturing Centers of Excellence to

optimize core competencies

Inter-segment manufacturing integration

Standardized manufacturing idea and

information sharing for best practices

Strategic partnerships with preferred

equipment suppliers

‒ Facilitates resource commonization

and troubleshooting


Global Procurement and Supply Chain

Diverse end markets lead to more

stable demand; drives investment

by OSK suppliers

‒ Vendor managed inventory

‒ Supplier Cost Reduction

Idea Program (SCRIP)

‒ Long-term supply agreements

‒ Quality performance investments

Oshkosh Corporation Analyst Day 22

Integrated Enterprise approach

allows OSK to leverage size

and scale

‒ Common suppliers across segments

‒ Centralized logistics

‒ Material order quantity optimization

‒ Global process adherence

‒ Global sourcing capabilities

‒ Training and education

‒ Transferability of talent

September 23, 2016

23

One Oshkosh CultureMotivated team members led by experienced management team

Building a stronger and deeper Oshkosh culture

Diverse and complementary backgrounds

Continually developing/acquiring talent

Acting decisively for shareholders

Oshkosh Corporation Analyst Day September 23, 2016

MOVE – EVOLVING TO

DELIVER MORE VALUE

25

Grow profitably by maintaining intense focus on

customer experience

Optimize our costs and capital structure to provide

value for customers and shareholders

Lead in innovation over the product life cycle

Drive international growth in targeted geographies

Evolving to Deliver More Value


Market Leader Delighting CustomersGrow profitably by maintaining intense focus on customer experience

26

Enhance customer experience by:

Increasing use of standard

processes and tools to drive

consistent customer experience

Providing total customer care

solutions over product life cycle

Expanding use of Advanced

Product Quality Planning

Utilizing Voice of Customer to deliver

superior products and solutions


27

Targeting ~$55 million yr/yr cost

reduction in FY17

Build on current practices for

product, process and overhead

improvements

‒ Component commonality

‒ Supply chain optimization

‒ Weight reduction

Incrementally improve margins

independent of volume through

simplification actions


Optimize Cost and Capital Structure Optimize our costs and capital structure to provide value for customers and shareholders

Shared Production Facility in MexicoStrategically positioned for long-term cost competitiveness


Cross-segment facility designed for

growth

‒ Vertically integrated

Cutting

Bending

Machining

Welding

Paint

Final assembly

Provides alternatives for regional

sourcing and distribution

29

Organizational SimplificationFocus on what drives value

20%

20%

80%

80%

ActivitiesRevenue

& Profit‒ Focus

‒ Innovate

‒ Grow


Data-driven process

Provides a method to identify the “critical

few” in our business

Objectively determines where to allocate

time and resources

30

Applying Simplification to the BusinessCommercial Segment: Simplify business approach at IMT

Stable operating income despite

~20% revenue decline at IMT


Revenue OI %

Simplification Activities Completed

Established core Simplify cross

functional team

Segmented customers and products to

identify value drivers

Reallocated resources to focus on

higher value activities

Eliminated lower profitability/lower

volume product offerings

Flattened organization to push down

ownership and responsibility

Focused operations on eliminating

waste and driving process improvement

Value InnovationTarget 15 - 20% annual revenue(1) from new products in FY17

Continue innovation leadership

Further development of

value/global products

Leverage benefits of multi-

generational product and

technology plans

(1) Revenues from new products tracked through the first 24 months following the initial sale for all new products and new product development projects

Next generation protection and mobility

JLTV

Game-changing 107 foot two-axle aerial

Ascendant TM Aerial Ladder

Balances high payload,

low body weight

JLG 1500AJP Articulating Boom Lift

World’s tallest articulating

boom lift

Meridian Front-end Loader RCV


24%

0%

10%

20%

30%

40%

50%

FY16E FY17E

% of OSK Sales Outside U.S.

Emerging Market Growth

32

Drive international growth in targeted geographies

~15% - 20% increase in international sales

– From estimated $1.5 billion in FY16 to an

estimated $1.75 billion in FY17

– Driving international to 25% - 30% of OSK sales

Growth driven by Defense and Access

Equipment

Expanding our reach across the globe

(1)

25% - 30%


24%

POSITIONED FOR

LONG-TERM SUCCESS

Expecting to grow in FY17:

– Revenue

– Operating income

– EPS

Favorable end markets for Defense,

Fire & Emergency and Commercial

Managing costs and maintaining

market leadership in a lower access

equipment market

Low FY17 free cash flow due to

increased working capital usage to

support increased international sales,

leads to strong free cash flow in FY18

Oshkosh Corporation (NYSE: OSK)

FY16E FY17E % Growth(1)

Revenue $6.1B - $6.2B $6.5B - $6.7B ~7%

Operating

Income$360M - $375M(2) $390M - $430M ~11%

OI Margin % ~6.0%(2) 6.0% - 7.0% ~8%

EPS $2.85 - $3.00(2) $3.00 - $3.40 ~10%

(1) Calculated using rounded mid-point

of Company FY16 & FY17 guidance

(2) Non-GAAP results. See appendix

for reconciliation to GAAP results

(3) Source: NYSE/FactSet; calendar

year analyst estimates

2016–2017

EPS Growth(3)

S&P 500: ~14.0%

Industrials: ~9.0%

34

Oshkosh CorporationThe next 12 months


Positive Long-term OutlookConvergence of favorable market dynamics and

benefits of MOVE position OSK to deliver strong results


Favorable market dynamics

‒ JLTV provides multi-year visibility

for Defense

‒ Current access equipment

replacement demand headwind

becomes future tailwind

‒ Fleet ages help to drive Fire &

Emergency and Commercial

Segment demand

MOVE strategy will continue to

drive results

Expected strong free cash flow

over the cycle provides capital

allocation alternatives

A Different Integrated Global Industrial Company

36







John Bryant

President, Oshkosh Defense


September 23, 2016

Defense Segment Key MessagesTargeting high single-digit operating income margins over the next few years

#1 provider of light, medium, MRAP and heavy tactical

wheeled vehicles in the world(1)

Winning strategy based on breakthrough technologies,

operational agility, life cycle value and defense expertise that

delivers exceptional technical, operational and economic

value for our military customers

Solid budget visibility for the multi-year, multi-billion dollar U.S.

JLTV program, as well as international market potential



92%

8%

Defense Sales(1)

U.S. DoD

International

Defense FY16 Estimates

Revenue: ~$1.35 billion

Operating income margin: ~8.5%

Defense Segment OverviewTactical wheeled vehicles (TWV), integration & life cycle services for the

defense industry

Global headquarters in Oshkosh, WI

Founded in 1917

The globally recognized leader in TWVs

– More than 150,000 vehicles delivered and sustained

– Customers in more than 20 countries

– Logistics and support network that spans 6 continents

– Comprehensive systems integration and life cycle

products and services

– Engineering and manufacturing advanced systems and

components that drive value for our customers

(1) FY15 sales from Oshkosh Corporation 10-K dated November 13, 2015


Oshkosh Defense Vehicle and Systems Portfolio


Heavy TWVMedium TWV

& ARFF

MRAP &

Light TWV

C4ISR & Systems

Integration

HEMTT

HET

LVSR

FMTV

MTVR

P-19R ARFF

M-ATV

L-ATV / JLTV

L-ATV / JLTV

Unmanned

Ground Vehicles

Suspension

Systems

Defense Aftermarket Products and Services


Parts & Kits

Training

Technical

Support

Reset/Recap

Next-Generation Technologies from Shared R&D Support Our Growth Roadmap

TAK-4® Family of Independent Suspension Systems

Command

Zone®

Integrated

Diagnostics

TerraMax® Unmanned Ground

Vehicle Technology

ProPulse®

Hybrid

Diesel

Electric

NetReady C4ISR &

Systems Integration


JLTV

A traditional 10+ year U.S. procurement

process with a sophisticated Best Value

evaluation methodology

M-ATV Family of Vehicles

An urgent U.S. requirement based on

technical performance and schedule,

followed by an Oshkosh-funded product

strategy to address international markets

FMTV

A competition to leverage the U.S.

Government owned technical data

package to reduce cost and

improve quality

Continuous investment in breakthrough technologies

Lean, agile operations

Focus on providing exceptional life cycle value

Defense contracting and compliance expertise


Defense Segment StrategyLeveraging deep experience, technical expertise and a strong team for the winning approach

JLTV Redefining Light TWV PerformanceBreakthrough technologies


Next-Generation Protected Mobility

Extending our portfolio of industry

leading suspension technology

Systems engineering for optimal

survivability; Armor manufacturing

Fully integrated networking and

C4ISR for field ready vehicles

Joint Light Tactical Vehicle (JLTV)U.S. JLTV Production

Contract Overview

~$6.7 billion

Base award plus 8 ordering years

Program scope includes:

– 4 Mission Package Configurations

– Mission Kits

– Interim Contractor Support (ICS)

– Total Package Fielding (TPF)

– System Technical Support (STS)

– Technical Data Package

Quantity: 18,000+ vehicles(1)

– Vehicle deliveries expected through 2024


Utility

2 D

oo

r4

Do

or

General PurposeClose Combat

Weapons Carrier

Heavy Guns Carrier Future Variants

(1) Source: FY17 U.S. President’s Budget

U.S. JLTV Program Schedule


FY17 President’s Budget

Funding Request

Order

Quantity

Sales

Quantity

FY16 804

FY17 2,020 ~750

FY18 3,377 ~2,000

FY19 4,603 ~3,000

FY20 5,019 ~4,500

FY21 2,764 ~5,000

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Deliveries

& Testing

Armor Coupon Testing

Blast Hull Testing

LRIP(1) YR 1 LRIP YR 2 LRIP YR 3

FRP(2) YR 1

FRP YR 2 FRP YR 3

Performance, Reliability & Live Fire Testing

Full Rate Production Milestone

Delivering unprecedented performance. On-time. On-budget.

(1) Low Rate Initial Production

(2) Full Rate Production

Global Light TWV Market Potential

Today’s HMMWV Installed Base(1)

240,000 HMMWVs

60 countries

30+ configurations

The Oshkosh JLTV Will Shape the History of Light Military Vehicles

53%47%

Armor CapableHMMWV

UnarmoredHMMWV

JLTV is Next-Generation Protected

Mobility for the Modern Battlefield

HMMWVJeep JLTV

(1) Source: Government publications, IHS Jane’s, SIPRI, AM General Website


Delivering Long-Term Value HEMTT 1981 2016Heavy Expanded Mobility Tactical Truck 7,491 vehicles 35,000+ vehicles

M-ATV Family of Vehicles 2009 2016Mine Resistant Ambush Protected All-Terrain Vehicle 2,244 vehicles 10,000+ vehicles

HEMTT A2 HEMTT A4 HEMTT Recap

Base UIK Upgrade M-ATV Family of VehiclesRPG Upgrade

HEMTT A0 HEMTT A1 HEMTT Reset

Training

JLTV 2015 2040EJoint Light Tactical Vehicle 16,901 vehicles(1) 55,000+ vehicles(2)


(1) Estimate of customer contractual requirements as of initial award date

(2) Government stated estimate of quantity – subject to funding and production contract recompete

United States$560.40

Western Europe$217.03

Rest of Asia$189.04

China$181.98

Eastern Europe$90.80

Middle East$80.53

Saudi Arabia$47.61

Africa$38.77

Australia$29.63

Brazil$20.85

Rest of the Americas$22.10

Canada$14.66

Worldwide Defense Spending

$0 $400,000 $800,000

Rest of World

Next 15 countries

United States

$271,227

$661,776

$560,400

2015 Defense Spending (in millions, USD)

Source: IHS Jane’s Defense Budgets 9/1/16

Positioned for International Growth

via FMS* and DCS* Channels

* FMS = Foreign Military Sales; DCS = Direct Commercial Sales


Future Military Operating Environment

Increased velocity of change

Increased diversity of threats

Wider access to lethal & disruptive

technologies

Adaptive & unpredictable enemies

Increased prevalence of urban warfare

Nation-on-nation conflicts more likely

Budget

Constraints

Force

Reductions

Procurement

Reform

Increase

Readiness

Adaptable,

Agile Force

Multiple

Conflicts &

Threats

Sources: Institute of Land Warfare Report, Sept 2015; Multiple US DoD Strategy Documents

U.S. Defense Market Drivers & Constraints


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.thinglink.com/scene/512681424654958593&ei=Zp5DVdfINcyWNqzogegL&bvm=bv.92189499,d.eXY&psig=AFQjCNG1yAMb_LXtvm_2_AYRNcQnKCJ7SQ&ust=1430581180906378

Defense Revenue Expectations


$0

$1

$2

$3

$4

$5

$6

$7

$8

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E

Net Sales (in billions)

Revenue JLTV Non-JLTV

Family of Heavy Tactical Vehicles (FHTV)

Family of Medium Tactical Vehicles (FMTV)

Joint Light Tactical Vehicle (JLTV)

Medium Tactical Vehicle Replacement (MTVR)

Logistics Vehicle System Replacement (LVSR)

Global Integrated Product Support (GIPS) - Aftermarket

U.S. M-ATV Global MRAP All-Terrain Vehicle (M-ATV)

P-19R ARFF

Targeting

$1.7 - $2.0

billion of sales

in FY17 – FY19

JLTV

approaching

~50% of sales

by FY19

(1) (1)

(1) Mid-point of revenue range expectations

$4,365 $3,951

$3,050

$1,725

$940 ~$1,350

~$1,850

12.4

%

6.0

%

7.4

%

4.4

%

1.0

%

~8

.5%

~9.5

%

0%

2%

4%

6%

8%

10%

12%

14%

$0

$1,000

$2,000

$3,000

$4,000

$5,000

FY11 FY12 FY13 FY14 FY15 FY16E FY17E

Revenue Operating Income Margin

Revenue & Margin on a Growth Trajectory

Revenue ($ in millions) OI Margin %

Estimates

Revenue Expectations

FY16 and FY17 benefit from international

M-ATV sales

Steady U.S. medium and heavy volumes

JLTV sales ramp begins in FY17; full-rate

production begins in FY19

Operating Income Margin Expectations

OI margin increase vs. FY15 driven by higher sales

volume, a balanced TWV product mix and steady

aftermarket performance

Targeting high single-digit OI margin

in FY18 – FY19

Financial information presented on a GAAP basis



Defense Segment SummaryTargeting high single-digit operating income margins

over the next few years

#1 provider of light, medium, MRAP and

heavy tactical wheeled vehicles in the world(1)

Winning strategy based on breakthrough

technologies, operational agility, life cycle

value and defense expertise that delivers

exceptional technical, operational and

economic value for our military customers

Solid budget visibility for the multi-year,

multi-billion dollar U.S. JLTV program,

as well as international market potential



Executive Officer


September 23, 2016

Frank Nerenhausen

President, Access Equipment Segmentr


September 23, 2016


Global leader in access equipment

Focused strategy built on simplifying the business, continuing to lead

in innovation and expanding aftermarket parts and services

Well positioned for long-term global success as near-term headwind

of replacement demand cycle becomes a tailwind and product

adoption grows

Access Equipment Segment Key MessagesTargeting higher operating income margins across the cycle

Global headquarters in Hagerstown, MD

Founded in 1969

Global market leader in access equipment

Global footprint:

– 4 regional headquarters

– 10 manufacturing facilities/4 continents

– 19 sales and service centers

– 4 parts distribution centers

– 4 engineering centers

Sales through 3,500+ customer

locations on 6 continents

Leader in towing and recovery

48%

33%

19%

Access Equipment Sales(1)

Aerial Work Platforms

Telehandlers

Other

Access Equipment Segment Overview Aerial work platforms, telehandlers and towing equipment

57

Access Equipment FY16 Estimates


Operating income margin: ~9.6%(2)



(2) Non-GAAP results. See appendix for reconciliation to GAAP results

Telehandlers (TMH)

Low Pivot

High Pivot

Private Label

Aerial Work Platforms (AWP)

Boom Lifts Scissor Lifts

Vertical Lifts Low-Level

Access Wreckers

Towing Equipment

Rotators

Carriers

58

Broad Product Portfolio


Fleet replacement cycle

negatively impacting market as

fleet growth flattens in mature

markets (U.S. and Canada)

Positive outlook for modest

growth in North American

residential and nonresidential

construction

Adoption and growth in Mexico

while challenging business

environment continues in Brazil

Prior Peak 2012 2013 2014 2015 2016E 2017E

0

200

400

600

800

ResidentialCAGR 7.9%

NonresidentialCAGR 1.4%

North American Construction Forecast(Billion US $)

Source: IHS Global Data; CAGR = 2012 to 2017

Source: Ducker Worldwide for IPAF; AWP = Booms, Scissor and Vertical Mast lifts

59

Access Equipment Market Trends: Americas


(1) June 2016 IHS estimates

(2) Internal modeling for industry unit shipments

• Machine replacement cycle of around 7 - 8 years was correlated with an economic

downturn in the previous 2 cycles (early 2000s and 2009/2010)

• U.S. GDP forecasts do not predict a recessionary component in the short to medium-term

view (current downturn driven by a pause in replacement only)

North American Access Equipment MarketImpact of business and replacement cycles

60

7 – 8 Years

N.A. Market Shipments(2)

Forecast N.A. Market Shipments(2)

U.S. GDP Growth

Forecast GDP Growth(1)

7 – 8 Years 7 – 8 Years


Current North America Fleet Replacement Demand Negatively impacted by low sales during last recession…

(1) Rouse Services: Age composition of Access Equipment of “Rouse 8” fleets in North America as of 6/30/2016

61

… Believe Becomes a Demand Driver in Future Years

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2016Partial

2015201420132012201120102009

Model Year of Fleet

Composition of Rental Fleet in 2016 as Percent of Total Units(1)

Current

Headwind


Access Equipment Market Trends: EMEA

Construction trending flat

in Europe and Africa

Fleet growth flattening in mature

European markets; Southern

European markets (Italy, Spain)

beginning to recover

Volatility driving cautious approach

Turkey, Poland, South Africa and

developing Middle East countries

key to future growth

Rental fleet age in Europe

estimated to be significantly higher

than current North American fleet

0

200

400

600

800

1000

1200

1400

1600

1800

PriorPeak

2012 2013 2014 2015 2016E 2017E



Construction Forecast – Europe & Africa (Billion 2010 US $)




Growth rates have eased slightly

in Asia but remain elevated

versus other regions

Rental model proliferating in

China, driving AWP growth

Replacement demand growing

in Korea and Japan

Australian market focused on

extending equipment life

Other markets of interest

include: Taiwan, Thailand,

Vietnam and Malaysia

0

500

1000

1500

2000

2012 2013 2014 2015 2016 2017



Construction Forecast – China(Billion 2010 US $)



63

Access Equipment Market Trends: Asia-Pacific


AWP Market CAGR: 1% – 2%(1)

TMH Market CAGR: 4% – 6%(1)









North America

Latin America

EMEA

Pac Rim

Australia

Global AWP and TMH Market Outlook(1)


(1) FY16-FY21 CAGR based on internal estimates of market units

Simplify the business to reduce cost and complexity

Expand our portfolio of aftermarket services

Build on our history of innovation leadership

Access Equipment StrategyDriving cash flow, creating leverage for the next cycle

65

Managing the business through the replacement cycle


Commercialize life cycle

management by expanding

the aftermarket portfolio

Grow in mature markets

– West coast U.S. parts distribution

center

– Increase mobile service

– Drive toward connectivity

Australia model well

developed and successful

– Australian service model has

generated approximately 10%

more service and parts revenue,

as a percentage of sales, vs.

current North American model

66

Expanding Our Aftermarket Portfolio


ADAPTATIONS FOR

ADJACENT MARKETS

CORE

PRODUCTS

New R Series

Scissors

MARKET

EXPANDERS

World’s Tallest

Articulating Boom

Hybrid 340AJ

53 ft Rough

Terrain Scissor

New Compact

Crawler Boom

14 ft LiftPod

New Agriculture

Spec TMH

Power Towers

Product Family

EXPERIMENTAL/

BLUE OCEAN IDEAS

67

Innovation LeadershipFielded 24 innovative products in fiscal 2016


TRAINING ACCIDENT AVOIDANCE ROBOTICS

Training Simulators

Augmented Reality

SkyGuard

RFID

Obstruction Detection

Proactive Sensors

Autonomous Products

68

Innovation LeadershipPioneering new safety solutions


$3.21

$2.05

$2.92$3.12

$3.51$3.40

~$2.95$2.7 – $2.8

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

FY08 FY11 FY12 FY13 FY14 FY15 FY16E FY17E



North American replacement demand

pressures revenue in the short term

Low growth in EMEA and continued

double-digit growth in Asia Pacific not

sufficient to offset North America

replacement demand declines


Focused on margin improvement initiatives

through the North American replacement cycle

Cost reduction and simplification efforts

mitigating a portion of volume, price and

material cost headwinds

Estimates

69

Revenue and Operating Income OutlookManaging cost during a period of lower demand

7.7

5%

–8

.5%

~9

.6%

(1)

12

.0%

14

.3%

12

.2%

7.9

%

3.2

%

11

.3%


(1) Non-GAAP results. See appendix for reconciliation to GAAP results. Other financial information presented on a GAAP basis

Revenue ($ in billions) OI Margin %

Access Equipment SummaryTargeting higher operating income margins

across the cycle

70

Global leader in access equipment

Focused strategy built on simplifying

the business, continuing to lead in

innovation and expanding aftermarket

parts and services

Well positioned for long-term global

success as near-term headwind of

replacement demand cycle becomes

a tailwind and product adoption grows


Brad Nelson

President – Commercial Segment


September 23, 2016

Differentiated leader in North American refuse collection vehicle

and concrete mixer markets with broad product lineup,

operational scale and well-respected brands

Strategy focused on innovation, simplification and supporting

customers through the product life cycle

Promising market fundamentals and elevated customer fleet

ages drive performance opportunities

Commercial Segment Key MessagesTargeting 10% operating income margins over time

Oshkosh Corporation Analyst Day 72September 23, 2016

http://enterprise.osk.corp.truck/marketing/Logo Library/Commercial Logos/1. McNeilus Logo/McNeilus-CMYK.jpg

http://enterprise.osk.corp.truck/marketing/Logo Library/Commercial Logos/4. London Logo/London logo 4C RGB.jpg

http://enterprise.osk.corp.truck/marketing/Logo Library/Commercial Logos/5. IMT Logo/IMT logo 4C rgb.jpg

Commercial Segment Overview

Global headquarters in Dodge Center, MN

Founded in 1970

Market-leading provider of RCVs, concrete

mixers, mechanics trucks and concrete

batch plants

Industry-leading scale and footprint:

– Operations in U.S., Mexico and Canada

– Outstanding service delivered through 30

company-owned branches with close

proximity to customers

– 76 domestic and 48 international dealers

September 23, 2016 73

39%

47%

14%

Commercial Sales(1)

Refuse

Concrete

Other

Refuse collection vehicles (RCV), concrete placement, field service vehicles

Commercial FY16 Estimates





Diversified Market and Customer Balance

74

Industry leader in North America

Strong presence in Latin America

provides balance

Diversified across multiple product lines

and customer segments

– Fleet

– Independent/Private

– Municipalities

Strong aftermarket parts and service

helps stabilize revenue across cycle

Scale, scope and localized presence

valued by customers of all sizes


AftermarketConcrete

Mixers

Rear Discharge

Industry Leader with Broadest Product Line

75

Refuse Collection

Vehicles

Mechanics Trucks,

Truck Mounted Cranes,

Concrete Batch Plants

Front Discharge Batch Plants

Rear Loader

Side Loader

Dominator

Articulating Cranes

Front Loader

BridgeMaster™

Branch Network

Mobile Service

eCommerce


Technology and Innovation Leadership


0

2

4

6

8

10

12

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Average concrete mixer fleet age¹

Average fleet age in years

77

North American Concrete Mixer Market Outlook Poised for growth due to housing fundamentals and advanced fleet age

Concrete mixer market strongly

correlated to housing starts

Fleet age is high; ~10 years

North American rear discharge

concrete mixer market still below

(~25%) long-term average

Despite solid construction

activity, concrete mixer customers

remain cautious

Home ownership at lowest level

in 50 years

Slight tailwind expected from

highway bill (FAST act)0

50

100

150

200

250

300

350

400

450

500

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Rear discharge Front discharge Concrete yards poured

Co

nc

rete

ya

rds

po

ure

d (0

00

s)

Co

nc

rete

mix

er

un

its

September 23, 2016

Concrete mixer market and yards of concrete poured²


(1) Source: 2001-2014 Truck Mixer Manufacturing Bureau (TMMB)(2) Source: Mixer Units through 2015 from TMMB, Concrete Yards Poured through 2014 from National Ready Mix Association,

2016-2017 units company estimates, 2015-2016 yards poured company estimates

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

225

235

245

255

265

275

285

FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15

Mu

nic

ipa

l S

oli

d W

aste

(to

ns

in

mil

lio

ns

)

U.S. Refuse collection vehicles and MSW¹

WASTEC Units MSW Generated

-60%

-40%

-20%

0%

20%

40%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15

U.S

. R

CV

ma

rke

t Y

OY

Ch

an

ge

U.S. Refuse collection vehicles and single-family housing starts YOY change³

RCV domestic market YOY Change

Single Family Housing Starts YOY change

Sin

gle

-fam

ily h

ou

sin

g s

tarts

YO

Y c

ha

ng

eU

.S. R

CV

sa

les

(un

its)

6.5% CAGR FY 11-16

U.S. Refuse Collection Vehicle Market OutlookSteadiness driven by fleet age, growth

in GDP, construction and population

78

Fleet age elevated

– Large operators >8 years(2)

Fleets seeing volume growth due to

increase in waste generation

Share growth past 2 years

Solid municipal spending as tax

receipts rebound

Expect waste hauling market

consolidation to continue

– Trend toward privatization

Housing starts drive higher

waste volumes


(1) Municipal Solid Waste (MSW) 1999-2013 as reported by EPA, 2014 – 2016 OSK internal estimates, Refuse Collection Vehicles 1999 – 2015 Waste Equipment Technology Association (WASTEC), 2016 OSK Internal Estimates

(2) Estimates based on publicly traded refuse company information and OSK internal estimates (3) Refuse Collection Vehicles 2005 – 2015 WASTEC, single-family housing starts as reported by IHS

• Differentiate through innovation and customer intimacy

• Simplify

• Diversify through the cycle

• Enable our winning team

Expand leadership positions in our markets through MOVE

Commercial Segment Strategy


Case Study: Aftermarket

80

Opportunity Initiatives and Timing Results

Differentiation: Growth, stability and profit across the cycle

Investing in new branches

and mobile service expansion

Customer proximity; now 30

parts and service locations

Capturing full product life

cycle value

Compressed Natural Gas

installs and inspections

provide adjacent opportunity

Best in class eCommerce

platform

Whole Good Unit Sale:

~45% of potential life cycle profit

Annuity Parts and Service:


Drum Replacement:


Used Truck Disposition:


Commercial Segment

aftermarket sales have

grown at 14% CAGR

from FY10 – FY15 Over half of total

product life cycle profit

comes after initial sale

Concrete Mixer


FY10 FY11 FY12 FY13 FY14 FY15

Commercial Aftermarket Sales

Co

mm

erc

ial A

fterm

ark

et

Reven

ue

14% CAGR FY10-FY15

$565 $697

$767 $866

$978 ~$1,000 ~$1,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

0

200

400

600

800

1,000

1,200




Operating income margin CAGR of 46%

(FY11-17E)

MOVE investments in FY17 support long-term

margin improvement

Estimates

81

Long-Term Positive Outlook Near-term growth tempered by concrete mixer market caution


Share gains and increased

aftermarket sales contributed to

historical revenue growth

Market fundamentals and MOVE

initiatives drive future growth

September 23, 2016

0.7

%

4.6

%

5.3

%

6.2

%

6.6

%

~6.7

5%

~6.7

5%

Revenue ($ in millions)



OI Margin %

82September 23, 2016

Targeting 10% operating income margins over time

Differentiated leader in North American

refuse collection vehicle and concrete mixer

markets with broad product lineup,

operational scale and well-respected brands

Strategy focused on innovation,

simplification and supporting customers

through the product life cycle

Promising market fundamentals and

elevated customer fleet ages drive

performance opportunities


Commercial Segment Summary

Jim Johnson

President – Fire & Emergency Segment Officer


September 23, 2016

Leader in U.S. fire truck and global airport products(1) with

industry-leading brands, products and distribution network

Strategy focused on operational excellence, simplification and

continuing to lead in innovation

Aging fleets and steady growth in municipal demand support

solid outlook

Fire & Emergency Segment Key Messages


Targeting double-digit operating income margins in the near term

(1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal

85

Fire & Emergency Segment OverviewFire trucks, airport products, communications vehicles

75%

18%

7%Fire & Emergency Sales(1)

Fire Trucks

Airport Products

Other

Global headquarters in Appleton, WI

Founded in 1913

Operations in Wisconsin and Florida

Global distribution network with the

strongest dealer network in the industry

Industry’s innovation and

technology leader

Leading North American fire truck and

airport products manufacturer

Fire & Emergency FY16 Estimates

Revenue: ~$950 million


(1) FY15 sales breakdown per internal Company financial data


Pumpers

Superior Product Portfolio

86

Aerials

Rescues Military Simulators

Blowers

Brooms

Broadcast

Command

ARFF

Pierce®

Fire Trucks

Oshkosh Airport

Products

Frontline

Communications


• Operational excellence and simplification methodology to

tailor the customer experience

• First to market with disruptive technology and market-

shaping new products

• Leverage best-in-class global sales and service network

• Collaborative environment that fosters empowerment, trust

and personal initiative

Innovate, Simplify, Serve

87

Fire & Emergency StrategyLeveraging the power of our brands and strength in technology to expand sales

and operating margins globally


88

Aerials

Pum

pers

Rescues

Tankers

Ladder Tiller Rear Mount Platform Mid Mount Platform

Custom Custom PUC Commercial Mini Pumper

Non-Walk-In Walk-In Dryside Elliptical


Pierce Engineers and Builds a Full Spectrum of Vehicles for the Fire Service

89

Continual Launch of New Products and Technology, Disruptive to the Industry

TAK-4® Suspension

Ascendant Aerial

Command Zone™

Legacy of industry firsts

- Independent suspension - Side and frontal airbags

- Electronic stability control - Foam retardant systems

- Multiplexing

Voice of customer: 10,000 – 12,000 visits per year


Leading Dealer Network, Investing for Growth

90

Leading dealer network in

North America, with global

reach of sales, service

and parts

In past 18 months, 11

dealers made investments

totaling 200,000 sq feet

of expansion

Pierce dealer MacQueen

Equipment Group’s service

facility in Saint Paul, MN

MacQueen Equipment Service Center

Sponsored video in

Times Square

Golden State Fire

New Sacramento, CA Facility


91

Housing prices and local property taxes have continued to recover

Aging fleets coupled with improving state and local tax receipts have led

to steady growth in municipal demand

Domestic Fire Truck Market Drivers Gaining Momentum


Increasing Home Prices and Property Taxes

1990 1995 2000 2005 2010 2015

MARKET

EXPANDERS

92

EXPERIMENTAL/

BLUE OCEAN IDEAS

U.S. fire truck market has grown

modestly off recession lows

New product innovations and broad

product lineup driving share gains

Large cities placing multiple unit,

multiple year orders has become

more common

Pierce dealer network continues to

invest in new sales and service

infrastructure

Trends for U.S. Fire Truck Market

U.S. Fire Truck Market (units)

U.S. Fire Truck market hasn’t recovered to pre-recession levels

0

1000

2000

3000

4000

5000

6000

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15


93

Winning in Global Fire Truck and ARFF Markets(1)

Latin America

EMEA

APAC

North America

Mexico Airport

Authority

18 ARFF

Peru and

Puerto Rico

25 ARFF

Australian Military

28 Air Transportable ARFF

Multiple Provinces

in China

Over 100 Pierce

Civil Aviation

Authority, Philippines

41 ARFF

Saudi Aramco,

Saudi Arabia

22 Pierce

Kuwait Fire Service

11 ARFF

(1) Select bookings and deliveries from FY15 and FY16, in units


$754 $769 $792 $757$815

~$950 ~$1,000

2.3

%

1.1

%

3.0

%

3.5

%

5.4

%

~6.7

5%

~8.5

%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

0

200

400

600

800

1,000

1,200



94


Recovering municipal spending coupled

with share gains result in record backlog

Efficiency gains and capacity improvements

yield improved output, revenue growth


Simplification activities, line rate increases

and successful product launches all

contributing to margin improvement

Revenue Growth on Path to Exceed $1 Billion; Approaching Double-Digit Margin

EstimatesRevenue ($ in millions)


OI Margin %


Fire & Emergency Segment SummaryTargeting double-digit operating income

margins in the near term

Leader in U.S. fire truck and global airport

products(1) with industry-leading brands,

products and distribution network

Strategy focused on operational excellence,

simplification and continuing to lead

in innovation

Aging fleets and steady growth in municipal

demand support solid outlook

(1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal

95Oshkosh Corporation Analyst Day September 23, 2016


Executive Officer


September 23, 2016

Dave Sagehorn

Chief Financial Officer

Executive Officer


September 23, 2016


Oshkosh CorporationFocused on creating shareholder value

Defense, Fire & Emergency and Commercial Segments’ performance

offsetting near-term Access Equipment Segment headwinds

Expected strong free cash flow over the cycle

Responsible capital allocation strategy

MACRO OVERVIEW AND

FINANCIAL OUTLOOK


U.S. GDP and Housing Starts

2.7%

1.8%

-0.3%

-2.8%

2.5%1.6%

2.3% 2.2% 2.4% 2.6%1.8%

2.4% 2.3%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

U.S. GDP(YoY % change)

U.S. Housing Starts(Millions)

Current Forecast(1)Actual

(1) Source: U.S. GDP and Housing Starts average of PCA, IHS, Moody’s and ITR projections as of August 24, 2016

Positive, slow growth

expected for GDP and

housing starts(1)

Population growth

expected to continue to

support higher

projected housing starts

over the long term

Macroeconomic growth

coupled with aging fleet

dynamics supports

demand drivers

1.8

1.3

0.90.6 0.6 0.6

0.8 0.9 1.0 1.1 1.2 1.3 1.4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

September 23, 2016


U.S. Non-residential Construction and Municipal Spending

5.1%

15.4%

7.3%

-7.0%-13.7% -5.9%

4.0%

-3.2%

3.6%

7.9%4.1% 2.3% 3.5%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

U.S. Non-residential Construction(YoY % change)

0.9%

1.5%0.3%

1.6%

-2.7%-3.3%

-1.9%-1.0%

0.6%

2.8% 2.4%3.5% 3.1%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

U.S. Municipal Spending(YoY % change)

Current Forecast(1)Actual(1) Source: U.S. Non-residential Construction average of PCA, IHS, Moody’s and ITR projections as of August 24, 2016;

U.S. Municipal Spending from ITR Economics dated June 7, 2016.

Moderating, but still

positive, non-residential

construction growth

expected in 2017

and 2018

Municipal spending

expected to continue

to grow over the

forecast horizon

September 23, 2016


International Macroeconomic Outlook

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 2014 2015 2016 2017

Euro Area Australia China Mexico Brazil

Global GDP(1)

(YoY % change)

Continued slowing of GDP

growth rate in China

Slow economic growth

environment for Europe,

Australia and Mexico

China and Mexico present

continued product adoption

opportunities

Brazil continues

to struggle with political and

fiscal crises

(1) Source: OECD - June 1, 2016

September 23, 2016

Updated Estimates for FY16

Additional estimates

– Corporate expenses of$150 - $155 million

– Tax rate of ~31%

– CapEx of ~$100 million

– Free Cash Flow(1) ~$400 million

– Assumes share count of ~74.5 million

– Sale of ~325 international M-ATVs in Q4

(~600 total units in FY16)

Revenues of $6.1 to $6.2 billion

Adjusted operating income of $360 million to $375 million(1)

Adjusted EPS of $2.85 to $3.00(1)

(1) Non-GAAP results. See appendix for reconciliation to GAAP results.

103

Segment information

MeasureAccess

EquipmentDefense

Fire & Emergency

Commercial

Sales

(billions)~$2.95 ~$1.35 ~$0.95 ~$1.0

Operating Income

Margin~9.6%(1) ~8.5% ~6.75% ~6.75%


$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

FY16E RevenueMid-point

Access Defense Commercial F&E FY17E Revenue

$6.15

($ B

illi

on

s)

$6.5 - $6.7

104

FY17 Revenue EstimatesAnnual Revenues

Defense Segment benefits from ramp of JLTV production and ~1,000

international M-ATVs

Modest Fire & Emergency and Commercial Segment sales growth

Access Equipment continues to be impacted by lower North American market

replacement demand

(1)

(1) Mid-point of company FY16 Revenue guidance


$0

$100

$200

$300

$400

$500

$600

$700

FY16E OIMid-point

Access Defense Commercial F&E Corporate FY17E OI

$370

$390 - $430

($ M

illio

ns

)

105

FY17 Operating Income Estimates

Defense Segment growth driven by international M-ATV shipments and JLTV

production ramp

Higher operating income margins expected for Fire & Emergency and

Defense Segments

Access Equipment Segment managing headwinds and cost structure in

softer market

Operating Income

(1,2)


(1) Rounded mid-point of company FY16 Operating Income guidance(2) Non-GAAP results. See appendix for reconciliation to GAAP results

$0.00

$1.00

$2.00

$3.00

$4.00

FY16E EPSMid-point

AccessEquipment

Defense Commercial F&E Corporate &Other

FY17 EPSRange

$2.90

EP

SFY17 Earnings Per Share Estimates


(1) Rounded mid-point of company FY16 EPS guidance(2) Non-GAAP results. See appendix for reconciliation to GAAP results(3) Versus rounded mid-point of company FY16 EPS guidance

EPS growth(3) of ~10% at mid-point despite Access Equipment Segment

sales decline

Defense Segment biggest driver of EPS growth

(1,2)

$3.00 - $3.40

September 23, 2016

$0

$100

$200

$300

$400

$500

$600

$700

FY16 FCF FY17 NetIncome

Non-Cashadd back

WorkingCapital

Cap-Ex Other FY17 FCF FY18 FCF

~$400

$0 - $50

($ M

illio

ns

)

Free Cash Flow (FCF) Outlook

107

FY17 working capital use due to international M-ATV contract (drives strong

cash generation from working capital in FY18)

Target ~100% free cash flow conversion over a cycle

Free Cash Flow(1)

(1) Non-GAAP results. See appendix for reconciliation to GAAP results.(2) Driven by earnings and cash generation from working capital.


FY17 Early View Estimates

108

Revenues of $6.5 to $6.7 billion

Operating income of $390 million to $430 million

EPS of $3.00 to $3.40

Assumptions– No recession

– Sale of ~1,000 International M-ATVs

– Continued caution by construction equipment customers

– Slow recovery of N.A. fire apparatus market continues

– Modest refuse collection vehicle market growth

– Working capital build to support international defense sales

Additional estimates– Corporate expenses of $140 - $145 million

– Tax rate of ~33%

– CapEx of ~$100 million

– Free Cash Flow(1) of $0 to $50 million

– Assumes share count of ~74.5 million

Segment information

MeasureAccess

EquipmentDefense

Fire & Emergency

Commercial

Sales

(billions)$2.7 to $2.8 ~$1.85 ~$1.0 ~$1.0

Operating Income

Margin7.75% - 8.5% ~9.5% ~8.5% ~6.75%


(1) Non-GAAP results. See appendix for reconciliation to GAAP results.

CAPITAL ALLOCATION


Responsible Capital Allocation Strategy

Long-term

targeted capital

structure

Drives

sales and

EPS growth Reinvest in core

business

Invest in external

growth (M&A)

Return cash to

shareholders

Reduce debt

Hold cash

Debt to

EBITDA

target ~2.0X

Opportunistic

levers to

drive additional

shareholder

value

September 23, 2016

Strong Balance Sheet, Credit and Liquidity

Strong balance sheet(1)

– Debt/Capital ~30%

– Total debt: $855 million

Responsible leverage profile

– Target: Debt/EBITDA ~2x

Strong interest coverage

– Consistently > 7x

Manageable debt maturities


9/30/15 9/30/16E

Debt/EBITDA(2) 1.8x 1.7x

EBITDA(2)/Interest Exp. 9.3x 8.4x

Debt/Total Capital 32.9% 30.0%

Debt $939M $855M

Liquidity $766M $963M

$5 $20 $20 $315

$850

$250 $250

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Debt Maturities($ Millions)

Term Loan Revolver 2022 Notes 2025 Notes

(1) Estimated at 09/30/16.(2) Non-GAAP results. See appendix for reconciliation to GAAP results.

Rating Outlook

S&P BB+ Stable

Moody’s Ba2 Stable

September 23, 2016

70

75

80

85

90

95

09/30/12 09/30/13 09/30/14 9/30/2015 6/30/2016

# Outstanding Shares

(Mill

ion

s)

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

FY14 FY15 FY16

Annualized Dividend Payment

Committed to Returning Capital to Shareholders

112

* Through 06/30/16

~27%Increase

~20% Reduction

Repurchased shares at favorable prices; ~$900 million in share

repurchases from FY13 - FY16 YTD*

Reinstated dividend in Q1 FY14; increased annually since reinstatement

– Targeting regular annual dividend increases

Target returning ~50% of free cash flow to shareholders over the cycle


M&A Strategy Summary

Historically a large part of Oshkosh strategy

Strong expected free cash flow provides opportunities

Industrial transaction valuations have remained high;

OSK continues to be selective and patient

More likely to consider bolt-ons as opposed to

transformational acquisitions

Characteristics of targets include the following:

– Market leaders

– Technology-oriented and complementary products to

OSK businesses

– Return profile (ROIC, EPS accretion) that delivers clear value

creation over time

– Strong synergy opportunities

– Ideally less cyclical than existing businesses

– Open to various geographies


Oshkosh CorporationFocused on creating shareholder value


Defense, Fire & Emergency and Commercial Segments’ performance

offsetting near-term Access Equipment Segment headwinds

Expected strong free cash flow over the cycle

Responsible capital allocation strategy

Wilson Jones

President and Chief Executive Officer


September 23, 2016

116






Appendix


Appendix: Non-GAAP to GAAP Reconciliation The table below presents a reconciliation of the Company’s presented non-GAAP measures to

the most directly comparable GAAP measures (in millions, except per share amounts):

2012 2015

Adjusted earnings per share - diluted (non-GAAP) 2.30$ 3.02$

Debt extinguishment costs, net of tax - (0.12)

Pension and OPEB curtailment/settlement, net of tax (0.02) 0.03

Performance share valuation adjustment, net of tax (0.05) -

Tender offer and proxy contest costs, net of tax (0.05) -

Discrete tax benefits 0.49 -

Restructuring charges, net of tax - (0.03)

Earnings per share - diluted (GAAP) 2.67$ 2.90$

Low High

Operating income

As presented 360.0$ 375.0$

Restructuring charges (27.0) (27.0)

GAAP 333.0$ 348.0$

Earnings per share - diluted

As presented 2.85$ 3.00$

Restructuring charges, net of tax (0.23) (0.23)

GAAP 2.62$ 2.77$

Fiscal 2016

Estimates

Access Equipment operating income margin

As presented ~9.6%

Restructuring charges ~(0.9)%

GAAP ~8.7%

September 30,

Fiscal 2016 Estimates


The table below presents a reconciliation of the Company’s presented non-GAAP measures

to the most directly comparable GAAP measures (in millions):

Fiscal 2016

Estimates Low High

Net cash flows provided by operating activities 500.0$ 100.0$ 150.0$

Additions to property, plant and equipment (100.0) (100.0) (100.0)

Free cash flow 400.0$ -$ 50.0$


Fiscal 2015 Low High

Operating income (GAAP) 398.6$ 333.0$ 348.0$

Depreciation 64.9 73.0 73.0

Amortization of purchased intangibles 53.2 53.0 53.0

OPEB curtailment gain (3.4) - -

Restructuring charges 2.9 27.0 27.0

EBITDA 516.2$ 486.0$ 501.0$


Appendix: Non-GAAP to GAAP Reconciliation


Appendix: Commonly Used AcronymsARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement

AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle

AMPS Aftermarket parts & service MRAP Mine Resistant Ambush Protected

C4ISRCommand, Control, Communications, Computers, Intelligence,

Surveillance and ReconnaissanceMSVS Medium Support Vehicle System (Canada)

CAGR Compound Annual Growth Rate NOL Net Operating Loss

CapEx Capital Expenditures NPD New Product Development

DCS Direct Commercial Sales NRC National Rental Company

DoD Department of Defense OCO Overseas Contingency Operations

EMEA Europe, Middle East & Africa OH Overhead

EMD Engineering & Manufacturing Development OI Operating Income

EPS Diluted Earnings Per Share OOS Oshkosh Operating System

FAST Act Fixing America’s Surface Transportation Act OPEB Other Post-Employment Benefits

FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System

FMS Foreign Military Sales PUC Pierce Ultimate Configuration

FMTV Family of Medium Tactical Vehicles R&D Research & Development

GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle

GAO Government Accountability Office RFP Request for Proposal

HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World

HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)

HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command

IRC Independent Rental Company TDP Technical Data Package

IT Information Technology TMH Telescopic Material Handler

JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle

JPO Joint Program Office UCA Undefinitized Contract Action

JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)

JUONS Joint Urgent Operational Needs Statement UK United Kingdom

L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius


Executive Officer


September 23, 2016

Oshkosh Corporation 2016 Analyst Day Presentation

Investor Relations

Transcript of Oshkosh Corporation 2016 Analyst Day Presentation