Oshkosh Corporation Investor Presentation MARCH 2018
Oshkosh CorporationInvestor Presentation
MARCH 2018
March 2018Investor Presentation 2
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 presentation, 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 U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and acceptance of and funding or payments for such products and services; 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 Family of Medium Tactical Vehicles 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 facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that may 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; 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 data security threats and breaches; 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 January 25, 2018. All forward-looking statements speak only as of January 25, 2018. 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.
3
A different integrated global industrial
MOVE – Evolving to deliver more valuePositioned for long-term
success
Oshkosh Corporation Key Messages
March 2018Investor Presentation
Leading provider of specialty vehicles Celebrated 100 years strong
in 2017
A different integrated global industrial
Focused on delivering value to customers and shareholders
Serial innovator of game-changing new products
ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL
Build. Serve. Defend. Protect.
March 2018Investor Presentation 4
Oshkosh Corporation Profile - FY17
5
44%Access Equipment
27%Defense
15%Fire &
Emergency
14%Commercial
Revenue by Segment
74%United States
3%Other NA
17%EMEA
6%Rest of World
Revenue by Geography
March 2018Investor Presentation
FY17 global revenue of $6.8 billionacross four segments
Integrated approach drives opportunity/efficiency across enterprise
Fire Apparatus
6
Concrete Mixers/Batch Plants
#1
Military Tactical Wheeled Vehicles
Airport Products (ARFF/Snow Removal)
Aerial Work Platforms/Telehandlers
Refuse Collection Vehicles
Broad Industry Leadership
Strong Brands Value Creation
Wreckers & Carriers
(1) Company estimates
NORTH AMERICA RANK (1)
#1
#1
#1
#1
#2
GLOBAL RANK (1)
Investor Presentation March 2018
#1
A Different Global Industrial
7
Diverse End Markets
Integrated Operations
March 2018Investor Presentation
Take Advantage of Opportunities Unavailable to Many Companies
Defense
Access Equipment
Fire & Emergency
Commercial
Shared technology
Shared procurement
Shared production processes
Shared talent
8
Grow profitably by maintaining intense focus on customer experience
Optimize our costs and capital structure to provide value for customers and shareholders - Simplify
Lead in innovation over the product life cycle
Drive international growth in targeted geographies
Evolving to Deliver More Value
March 2018Investor Presentation
9March 2018Investor Presentation
People First Culture
Maturing the concept
Driving better results
Engage. Develop. Connect.
OSK Full Year Performance
Strong Performance During 100th Year
Access equipment, defense and fire & emergency segments all achieved full year adjusted operating income* margin ≥10%
People First culture maturing Focus on simplifying our
businesses 4th consecutive year of
increasing dividends; goal of raising annually
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
10March 2018Investor Presentation
Net Sales(billions) Adjusted EPS*
$3.14
$4.25
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
FY16 FY17
$6.3$6.8
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
FY16 FY17
Solid Start to FY18
Q1 adjusted EPS* of $0.84, exceeded expectations
Double digit percentage sales growth in defense, access and commercial segments
Generally solid performance across the enterprise
Strong backlogs across all four segments
Raising full year FY18 adjusted EPS* range to $5.00 - $5.45
11March 2018Investor Presentation
OSK Fiscal Q1 Performance
Net Sales(billions) Adjusted EPS
$0.26
$0.84*
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
FY17 FY18
$1.21
$1.59
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2$2.4
FY17 FY18
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
Access EquipmentRecent Highlights National rental company
negotiations largely complete− Consistent positive customer outlook Q1 orders up 94% vs. prior year− Customers placed orders earlier− Ending backlog more than 2.5x prior
year level Continued solid international
demand (Latin America remains weak)
Incurred additional costs and inefficiencies implementing previously announced restructuring plan
March 2018Investor Presentation 12
Defense Recent Highlights Strong results driven by JLTV ramp
up and international M-ATV shipments
JLTV continues to track positively to the program schedule‒ Strong reliability test results‒ Received $100 million order in Q1− Constructive dialogue with
international customers Progress in pursuit of additional
international orders Awarded FMTV A2 production
contract in February, 2018 Solid funding for Oshkosh programs
in FY19 President’s Budget Request
March 2018Investor Presentation 13
Joint Light Tactical Vehicle (JLTV)U.S. JLTV Production Contract Overview
~$6.7 billion initial announced value Base award plus 8 order 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
March 2018Investor Presentation 14
Utility
2 D
oor
4 D
oor
General Purpose Close Combat Weapons Carrier
Heavy Guns Carrier Future Variants
(1) Source: FY17 U.S. President’s Budget
U.S. JLTV Program Schedule
March 2018Investor Presentation 15
FY18 President’s Budget Funding Request
OrderQuantity
Expected SalesQuantity
FY16 804 ---
FY17(3) 1,803 ~600 to 650
FY18(4) 2,637 ~1,500 to 2,000
FY19(4) 5,032 ~3,000
FY20(4) 5,029 ~4,500
FY21(4) 3,865 ~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
Ballistic Testing
LRIP(1) YR 1 LRIP YR 2 LRIP YR 3
FRP(2) YR 1
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(3) Actual(4) FY18-FY21 Order Quantity values based on FY18 and FY19 President's Budget Requests for U.S. Army and U. S. Marine Corps.
FRP YR 2
Army First Unit Equipped
Marine Corps Fielding Decision
Global Light TWV Market PotentialSignificant international interest / opportunity
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 CapableHMMWVUnarmoredHMMWV
JLTV is Next-Generation Protected Mobility for the Modern Battlefield
HMMWVJeep JLTV
(1) Source: Government publications, IHS Jane’s, SIPRI, AM General Website
March 2018Investor Presentation 16
Fire & Emergency Recent Highlights
Strong performance in FY17 continued in Q1 FY18
Lower international ARFF deliveries largely offset by higher fire apparatus sales
North American fire truck market grew 4% in FY17− Expect “flat to slightly positive” market
in FY18, supported by continued growing municipal tax receipts and aging fleets
Meaningful opportunities in international markets− Led by China and the Middle East
March 2018Investor Presentation 17
18
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
Investor Presentation March 2018
Increasing Home Prices and Property Taxes
1990 1995 2000 2005 2010 2015
Data through Sept 2017
$ Billions
Commercial Recent Highlights Q1 results in line with expectations Implemented new organizational
structure − Supports greater accountability and
long-term strategy
Committed to improved performance− Driving lasting change through
simplification activities
Positive longer-term outlook for RCV and concrete mixer markets
March 2018Investor Presentation 19
20
Revenues of $7.1 to $7.3 billion
Adjusted operating income* of $550 million to $600 million
Adjusted EPS* of $5.00 to $5.45
Additional expectations Corporate expenses of ~$155 million Adjusted tax rate* of ~23% CapEx of ~$100 million Free Cash Flow* of ~$400 million Assumes share count of ~76.0 million
Segment information
Measure Access Equipment Defense Fire &
Emergency Commercial
Sales(billions) $3.3 - $3.4 ~ $1.8 – $1.85 ~ $1.1 ~ $0.975
Adj. Operating Income Margin 10.75% - 11.25%* 9.75% - 10.0% 10.75% - 11.25% 5.75% - 6.25%*
Investor Presentation March 2018
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Q2 Expectations Higher adjusted earnings compared to Q2
FY17 Higher sales and adjusted operating income in
all non-defense segments Lower defense segment sales and operating
income as higher JLTV sales only partially offset lower international M-ATV sales
Lower tax rate
FY18 Expectations (as of January 25, 2018)
Investor Presentation 21
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
March 2018
Strong Balance Sheet and Liquidity Strong balance sheet(1)
– Debt/Capital ~27%– Total debt: $831 million
Responsible leverage profile– Target: Debt/EBITDA ~2x
Strong interest coverage– Consistently > 7x
Manageable debt maturities‒ Bank facility maturing in 2019
to be addressed in FY18‒ Potential refinance of note
maturing in 2022
$20 $315
$850
$250 $250
2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt Maturities($ in millions)
Term Loan Revolver 2022 Notes 2025 Notes
(1) As of September 30, 2017.(2) Revolver undrawn as of December 31, 2017.(3) First callable in March 2017.(4) First callable in March 2020.
March 2018Investor Presentation 22
(3) (4)(2)
Positive Long-term OutlookConvergence of favorable market dynamics and benefits of MOVE position OSK to deliver strong results
23March 2018Investor Presentation
Favorable market dynamics‒ JLTV provides multi-year visibility
for Defense‒ Access Equipment replacement
demand opportunities‒ Fleet ages help to drive Fire &
Emergency and Commercial Segment demand
MOVE strategy drives results
Expected strong free cash flow over the cycle will ensure strong balance sheet
Expect revenue and operatingincome margin growth to continue
A Different Integrated Global Industrial Company
For informationcontact:
Patrick N. DavidsonSr. Vice President, Investor Relations(920) [email protected]
Jeffrey D. WattDirector, Investor Relations(920) [email protected]
Consolidated Results
• Sales impacted by:+ Higher sales in defense, access
equipment and commercial segments
• Adjusted EPS* impacted by:+ Higher adjusted operating
income in all segments+ Lower tax rate due to tax reform− Higher corporate expenses
(Dollars in millions, except per share amounts)
First Quarter
Net Sales $1,586.3 $1,211.4% Change 30.9% (3.2)%
Adjusted Operating Income $92.4* $36.2
% Change 155.2% 19.4%% Margin 5.8% 3.0%
Adjusted EPS $0.84* $0.26% Change 223.1% 36.8%
2018 2017
March 2018Investor Presentation 25
Q1 Comments
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Appendix: Access Equipment
March 2018Investor Presentation 26
Net Sales $628.2 $489.2% Change 28.4% (7.7)%
Adjusted Operating Income $29.9* $24.4
% Change 22.5% 19.2%% Margin 4.8% 5.0%
First Quarter2018 2017
(Dollars in millions)
• Sales impacted by:+ Higher aerial work platform and
telehandler sales
• Adjusted operating income* impacted by:+ Higher sales volume− Higher material costs− Unfavorable miscellaneous
reserve adjustments and customer mix
− Adverse FX
• Backlog up 165% vs. prior year to $1.58 billion
Q1 Comments
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Appendix: Defense
Net Sales $493.5 $294.5% Change 67.6% (7.4)%
Operating Income $65.2 $23.8% Change 173.9% 2.6%% Margin 13.2% 8.1%
First Quarter
(Dollars in millions)
2018 2017
March 2018Investor Presentation 27
• Sales impacted by:+ Ramp up of JLTV program+ M-ATV international sales
• Operating income impacted by:+ Higher sales volume+ Improved manufacturing
performance− Adverse product mix
• Backlog down 17% vs. prior year to $1.85 billion
Q1 Comments
Appendix: Fire & Emergency
• Sales impacted by:− Lower international ARFF
deliveries+ Higher fire truck sales
• Operating income impacted by:+ Improved pricing+ Improved operational execution− Higher SG&A expenses
• Backlog up 9% vs. prior year to $985 million
March 2018Investor Presentation 28
Net Sales $229.1 $232.5% Change (1.5)% 12.0%
Operating Income $25.1 $17.0% Change 47.6% 68.1%% Margin 11.0% 7.3%
First Quarter2018 2017
(Dollars in millions)
Q1 Comments
Appendix: Commercial
March 2018Investor Presentation 29
Net Sales $241.4 $199.2% Change 21.2% (0.6)%
Adjusted OperatingIncome $10.8* $4.6
% Change 134.8% (47.9)%% Margin 4.5% 2.3%
First Quarter2018 2017
(Dollars in millions)
• Sales impacted by:+ Higher concrete mixer and RCV
unit volume
• Adjusted operating income* impacted by:+ Higher sales volume
• Backlog up 58% vs. prior year to $374 million
Q1 Comments
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Appendix: Consolidated Results
Comments
(Dollars in millions, except per share amounts)
Full Year
Net Sales $6,829.6 $6,279.2% Change 8.8% 3.0%
Adjusted OperatingIncome* $506.3 $391.8
% Change 29.2% (1.6)%% Margin 7.4% 6.2%
Adjusted EPS* $4.25 $3.14% Change 35.4% 4.0%
2017 2016
March 2018Investor Presentation 30
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Sales impacted by:+ Higher sales in defense and
fire & emergency
Adjusted EPS* impacted by:+ Higher defense, fire &
emergency and access equipment segment operating income
+ Lower tax rate− Lower commercial segment
operating income
Appendix: Access Equipment
March 2018Investor Presentation 31
Net Sales $3,026.4 $3,012.4% Change 0.5% (11.4)%
Adjusted Operating Income* $302.4 $291.2
% Change 3.8% (28.9)%% Margin 10.0% 9.7%
Full Year2017 2016
(Dollars in millions)
Sales impacted by:+ Higher AWP volume− Lower telehandler volume
Adjusted operating income* impacted by:+ Improved absorption+ Favorable mix‒ Higher incentive compensation
Backlog up 152.2% vs. prior year to $452 million
Comments
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Appendix: Defense
Net Sales $1,820.1 $1,351.1% Change 34.7% 43.8%
Operating Income $207.9 $122.5% Change 69.7% 1,983.1%% Margin 11.4% 9.1%
Full Year
(Dollars in millions)
2017 2016
March 2018Investor Presentation 32
Sales impacted by:+ Ramp-up of JLTV program+ M-ATV international sales+ FHTV sales
Operating income impacted by:+ Higher sales volume‒ Higher SG&A
Backlog down 10.6% vs. prior year to $2.1 billion
Comments
Appendix: Fire & Emergency
Sales impacted by:+ Improved pricing+ Higher content units+ Increased volume
Operating income impacted by:+ Improved pricing
Backlog up 9.2% vs. prior year to $932 million
March 2018Investor Presentation 33
Net Sales $1,030.9 $953.3% Change 8.1% 16.9%
Operating Income $104.2 $67.0% Change 55.5% 53.1%% Margin 10.1% 7.0%
Full Year2017 2016
(Dollars in millions)
Comments
Appendix: Commercial
March 2018Investor Presentation 34
Net Sales $970.3 $979.2% Change (0.9)% 0.1%
Operating Income $43.8 $67.6% Change (35.2)% 4.8%% Margin 4.5% 6.9%
Full Year2017 2016
(Dollars in millions)
Sales impacted by:‒ Lower RCV volume+ Higher package sales+ Higher concrete mixer volume
Operating income impacted by:− Lower sales volume− Operational inefficiencies
Backlog up 85.2% vs. prior year to $321 million
Comments
March 2018Investor Presentation 35
The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions, except per share amounts):
Appendix: GAAP to Non-GAAP Reconciliation
2017 2016
Earnings per share-diluted (GAAP) 3.77$ 2.91$ Long-lived asset impairment charge, net of tax - 0.22 Restructuring-related costs, net of tax 0.48 0.01 Adjusted earnings per share-diluted (non-GAAP) 4.25$ 3.14$
Consolidated operating income (GAAP) 463.0$ 364.0$ Long-lived asset impairment charge - 26.9 Restructuring-related costs 43.3 0.9 Adjusted consolidated operating income (non-GAAP) 506.3$ 391.8$
Access equipment segment operating income (GAAP) 259.1$ 263.4$ Long-lived asset impairment charge - 26.9 Restructuring-related costs 43.3 0.9 Adjusted access equipment segment operating income (non-GAAP) 302.4$ 291.2$
Net income (GAAP) 285.6$ 216.4$ Long-lived asset impairment charge - 16.7 Restructuring-related costs, net of tax 36.2 0.8 Adjusted net income (non-GAAP) 321.8$ 233.9$
Fiscal Year EndedSeptember 30,
March 2018Investor Presentation 36
The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions, except per share amounts):
Appendix: GAAP to Non-GAAP Reconciliation
2017 2016
Access equipment segment operating income (GAAP) 13.8$ 24.4$ Costs and inefficiencies related to restructuring actions 16.1 - Adjusted access equipment segment operating income (non-GAAP) 29.9$ 24.4$
Commercial segment operating income (GAAP) 8.3$ 4.6$ Restructuring-related costs 2.5 - Adjusted commercial segment operating income (non-GAAP) 10.8$ 4.6$
Consolidated operating income (GAAP) 73.8$ 36.2$ Costs and ineffciencies related to restructuring actions 18.6 - Adjusted consolidated operating income (non-GAAP) 92.4$ 36.2$
Provision for income taxes (GAAP) 4.7$ 5.2$ Income tax benefit of costs and inefficiencies related to restructuring actions 4.5 - Revaluation of net deferred tax liabilities 23.9 - Repatriation tax (17.4) - Adjusted provision for income taxes (non-GAAP) 15.7$ 5.2$
Earnings per share-diluted (GAAP) 0.74$ 0.26$ Costs and inefficiencies related to restructuring actions, net of tax 0.18 - Revaluation of net deferred tax liabilities (0.31) - Repatriation tax 0.23 - Adjusted earnings per share-diluted (non-GAAP) 0.84$ 0.26$
Three Months EndedDecember 31,
March 2018Investor Presentation 37
The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions, except per share amounts):
Appendix: GAAP to Non-GAAP Reconciliation
Low High
Consolidated operating income (GAAP) 520.0$ 570.0$ Costs and inefficiencies related to restructuring actions 30.0 30.0 Adjusted consolidated operating income (non-GAAP) 550.0$ 600.0$
Earnings per share-diluted (GAAP) 4.75$ 5.20$ Costs and inefficiencies related to restructuring actions, net of tax 0.33 0.33 Revaluation of net deferred tax liabilities (0.31) (0.31) Repatriation tax 0.23 0.23 Adjusted earnings per share-diluted (non-GAAP) 5.00$ 5.45$
Access equipment segment operating income margin (GAAP) 9.95% 10.5%Costs and inefficiencies related to restructuring actions 0.80% 0.75%Adjusted access equipment segment operating income margin (non-GAAP) 10.75% 11.25%
Commercial segment operating income margin (GAAP) 5.35% 5.85%Restructuring related costs 0.40% 0.40%Adjusted commercial segment operating income margin (non-GAAP) 5.75% 6.25%
Fiscal Year EndedSeptember 30, 2018 Expectations
March 2018Investor Presentation 38
The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (in millions):
Appendix: GAAP to Non-GAAP Reconciliation
Fiscal 2018Expectations
Net cash flows provided by operating activities 500.0$ Additions to property, plant and equipment (100.0) Free cash flow 400.0$
Low HighEffective income tax rate (GAAP) 21.8% 21.8%Impact of costs and inefficiencies related to restructuring actions (0.1%) (0.1%)Revaluation of net deferred tax liabilities 5.1% 4.7%Repatriation tax (3.8%) (3.4%)Adjusted effective income tax rate (non-GAAP) 23.0% 23.0%
Fiscal Year EndedSeptember 30, 2018 Expectations
Appendix: Commonly Used Acronyms
39March 2018Investor Presentation
ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System ReplacementAWP Aerial Work Platform M-ATV MRAP All-Terrain VehicleAMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEMD Engineering & Manufacturing Development OCO Overseas Contingency OperationsEMEA Europe, Middle East & Africa OH OverheadEPS Diluted Earnings Per Share OI Operating IncomeFAST Act Fixing America’s Surface Transportation Act OOS Oshkosh Operating SystemFDIC Fire Department Instructors Conference OPEB Other Post-Employment BenefitsFHTV Family of Heavy Tactical Vehicles PLS Palletized Load SystemFMS Foreign Military Sales PUC Pierce Ultimate ConfigurationFMTV Family of Medium Tactical Vehicles R&D Research & DevelopmentGAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection VehicleGAO Government Accountability Office RFP Request for ProposalHEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of WorldHET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments CommandIRC Independent Rental Company TDP Technical Data PackageIT Information Technology TPV Tactical Protector VehicleJLTV Joint Light Tactical Vehicle TWV Tactical Wheeled VehicleJPO Joint Program Office UCA Undefinitized Contract ActionJROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)JUONS Joint Urgent Operational Needs Statement UK United KingdomL-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius
LRIP Low Rate Initial Production