Slide 1: Q2 2024 Earnings Presentation
Q2 2024 Earnings Presentation July 30, 2024
Slide 2: Forward-Looking and Non-GAAP Statements
Forward-Looking and Non-GAAP Statements This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT’s abi
Slide 3: Important Additional Information
Important Additional Information Important Notices This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which suc
Slide 4: Second Quarter 2024 Results
Second Quarter 2024 Results Key Takeaways Q2 2024 YoY vs. Q1 2024 ($ Millions Except EPS) ▪ Orders of $437M were strong and just below the all-time record for quarterly food and beverage orders Results from Continuing Operations ▪ Revenue included a 1% unfavorable impact from foreign exchange Orders
Slide 5: Strong Orders Across Diverse End Markets, Including an Initial Improvement in North American Poultry Demand
Strong Orders Across Diverse End Markets, Including an Initial Improvement in North American Poultry Demand Orders and Backlog Trend Q2 2024 Revenue Breakdown ($ Millions) Recurring Non-Recurring North America EMEA Orders Backlog Asia Pacific Latin America $670 $678 $697 $689 $678 $697 $662 $664 $66
Slide 6: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Leverage Ratio (1) Key Metrics as of June 30, 2024 Net Debt Leverage Ratio Net Debt / TTM Adj. EBITDA from Continuing Operations (2) 0.6x $1,000 5.0x Financial Liquidity (3) ~$1.2B 4.0x $ Millions $500 3.0x YTD Free Cash Flow (2) $14M 2.8x
Slide 7: Updated 2024 Outlook
Updated 2024 Outlook FY 2024 $ millions except EPS Guidance Revenue Growth Drivers (year over year) Revenue $1,715 – $1,750 ~3 – 5% (~1%) Growth ~0 – 1% Income from Continuing Operations $137 – $146 ~1 – 2% ~2% Adjusted EBITDA (1) $295 – $305 ~1% Adjusted EBITDA Margin 17.0 – 17.5% $1,664M GAAP EPS
Slide 8: Target Timeline for Marel Transaction
Target Timeline for Marel Transaction May June July August September October November December Q1 2025 Ongoing: Year-end 2024: Preparation and Regulatory submission of required Regulatory review Target regulatory approvals filings May 15: June 25: S-4 Filed preliminary S-4 went S-4 effective JBT Aug
Slide 9: Appendix
Appendix BT.
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures The non-GAAP financial measures presented in this report may differ from similarly-titled measures used by other companies. The non-GAAP financial measures are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures p
Slide 11: Reconciliation of Income to Adjusted EBITDA
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, (In millions) 2024 2023 2024 2023 Income from continuing operations $ 30.7 $ 28.4 $ 53.4 $ 45.5 Income tax (benefit) provision (3.3) 8.6 4.8 13.2 Interest (income) expense, ne
Slide 12: Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share data) 2024 2023 2024 2023 Income from continuing operations $ 30.7 $ 28.4 $ 53.4 $ 45.5 Non-GAAP adjustments Restructuring related
Slide 13: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q2 2024 (In millions) YTD TTM Cash provided by operating activities $ 32.0 $ 43.6 Less: Capital expenditures 21.0 40.8 Plus: Proceeds from disposal of assets 0.9 2.5 Plus: Pension contributions 1.6 12.2 Plus: income taxes on g
Slide 14: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q2 2024 Total debt $ 647.6 Cash and marketable securities (474.3) Net debt 173.3 Other items considered debt under the credit agreement 14.3 Consolidated total indebtedness (1) $ 187.6 Trailing twelve months Adjusted EBITDA from continuing operations $ 268.4
Slide 15: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue As of June 30, 2024 QTD YTD Type of Good or Service Recurring(1) $ 197.8 $ 400.6 Non-recurring(1) 204.5 394.0 Total $ 402.3 $ 794.6 % of recurring 49% 50% (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recu
Slide 16: Reconciliation of Diluted EPS to Adjusted Diluted EPS Guidance
Reconciliation of Diluted Earnings Per Share from Continuing Operations to Adjusted Diluted Earnings Per Share Guidance Guidance (In cents) Full Year 2024 Diluted earnings per share from continuing operations $4.25 - $4.55 Non-GAAP adjustments: Restructuring related costs (1) 0.03 (2) 1.24 M&A relat
Slide 17: Reconciliation of Income to Adjusted EBITDA Guidance
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance Guidance (In millions) Full Year 2024 Income from continuing operations $137.0 - $146.0 Income tax provision 28.0 - 31.0 Interest income, net (5.0 - 7.0) Depreciation and amortization ~90.0 EBITDA from continuing operati