Slide 1: Q1 2024 Earnings Presentation
Q1 2024 Earnings Presentation May 2024 1 2
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: First Quarter 2024 Results
First Quarter 2024 Results Key Takeaways Q1 2024 YoY vs. Q4 2023 ($ Millions Except EPS) ▪ Achieved sixth consecutive quarter of year-over-year (YoY) improvement in adjusted EBITDA margin Results from Continuing Operations Orders $389 (4%) (7%) ▪ The first quarter, which is typically the seasonally
Slide 5: Demonstrating Resiliency with Orders Across Diverse End Markets
Demonstrating Resiliency with Orders Across Diverse End Markets and a High Level of Recurring Revenue Orders and Backlog Trend Q1 2024 Revenue Breakdown ($ Millions) Orders Backlog Non-recurring Recurring North America EMEA $691 $670 $678 $697 $689 $678 Asia Pacific Latin America $662 $664 $664 6% 8
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 March 31, 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) $1M 3.0x
Slide 7: Reiterating 2024 Outlook for Adj. EBITDA and Adj. EPS
Reiterating 2024 Outlook for Adj. EBITDA and Adj. EPS FY 2024 $ millions except EPS Guidance Revenue $1,735 – $1,765 Income from Continuing Operations $142 – $154 Adjusted EBITDA (1) $295 – $310 Adjusted EBITDA Margin 17.0 – 17.5% GAAP EPS $4.40 – $4.80 Adjusted EPS (1) $5.05 – $5.45 Free Cash Flow
Slide 8: Target Timeline for Marel Transaction Next Steps
Target Timeline for Marel Transaction Next Steps May June July August September October November December – Q1 2025 2024 2025 S-4 May Late-July: Target preliminary Target SEC S-4 filing approval JBT Stockholder Vote Late-August: Target JBT special stockholder meeting / stockholder vote Voluntary Tak
Slide 9: Expect to Deliver Compelling Synergies for Combination with Marel
Expect to Deliver Compelling Synergies for Combination with Marel Identified & Expected Annual Run-Rate Additional Potential Revenue Synergies Cost Synergies Cross-selling capabilities through diversified and scaled product offering OPEX 45% >$125M within 3 years COGS post close 55% Go-to market eff
Slide 10: Appendix
Appendix Non-GAAP Reconciliations 10 2
Slide 11: 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 12: Reconciliation of Income from Continuing Operations to Adjusted EBITDA
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Three Months Ended March 31, (In millions) 2024 2023 Income from continuing operations $ 22.7 $ 17.1 Income tax provision 8.1 4.6 Interest (income) expense, net (2.8) 6.5 Depreciation and amortization 22.1 22.7 EBITDA from contin
Slide 13: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Three Months Ended March 31, (In millions, except per share data) 2024 2023 Income from continuing operations $ 22.7 $ 17.1 Non-GAAP adjustments Restructuring related costs 1.1 0.8 M&A related costs 5.2 2.5 Impact on
Slide 14: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q1 2024 (In millions) YTD TTM Cash provided by operating activities $ 10.4 $ 73.2 Less: Capital expenditures 10.5 49.3 Plus: Proceeds from disposal of assets 0.5 2.5 Plus: Pension contributions 0.3 12.1 Plus: income taxes on g
Slide 15: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q1 2024 Total debt $ 647.0 Cash and marketable securities (479.0) Net debt 168.0 Other items considered debt under the credit agreement 15.9 Consolidated total indebtedness (1) $ 183.9 Trailing twelve months Adjusted EBITDA from continuing operations $ 276.1
Slide 16: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue As of March 31, 2024 Type of Good or Service (1) Recurring $ 202.8 (1) Non-recurring 189.5 Total $ 392.3 % of recurring 52% (1) Aftermarket parts and services and revenue from lease and long- term service contracts are considered recurring revenue. Non-recurring r
Slide 17: 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 $4.40 - $4.80 Non-GAAP adjustments: (1) Restructuring related costs 0.03 (2) M&A related co
Slide 18: Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance Guidance (In millions) Full Year 2024 Income from continuing operations $142.0 - $154.0 Income tax provision 31.5 - 34.5 Interest income, net ~(2.0) Depreciation and amortization ~90.0 EBITDA from continuing operations 2