Slide 1: Dover Corporation
Dover Corporation Richard Tobin, Chairman, President & CEO
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks, including general economic conditions and conditions in the particular markets in which we operate, changes in
Slide 3: Entering 2024 In a Better Position Than 12 Months Ago
Entering 2024 In a Better Position Than 12 Months Ago ▪ Constructive outlook for 2024 Quarterly Y-o-Y Organic Bookings(1) Growth – Solid underlying demand across most end markets; well- 61% positioned to capture secular growth 27% 25% 22% – Customer inventory levels have largely reset, but expect 2%
Slide 4: Strong FCF Performance Positions DOV to Continue Playing Offense on Capital Allocation
Strong FCF Performance Positions DOV to Continue Playing Offense on Capital Allocation Priorities Commentary Cash Flow and Capital Allocation Capacity ▪ Capex of $193M (2.3% of revenue) in 2023, down Annual Free Cash Flow(4) Invest >10% vs. 2022 1 Organically ▪ Significant capacity expansion project
Slide 5: Recent Investments Into Platforms with ~$200M in Revenue Drive Portfolio to Higher Growth and Margins
Recent Investments Into Platforms with ~$200M(1) in Revenue Drive Portfolio to Higher Growth and Margins US CO2 Systems Thermal Connectors North America Heat Exchangers ▪ New Class 8 clean room and R&D facility ▪ Property acquired in Q4’23 to support future Recent ▪ 100+% capacity expansion in US la
Slide 6: Strong Value-Creation Driven by Growth and Margin Improvement
Strong Value-Creation Driven by Growth and Margin Improvement; Equipped With the Portfolio, Strategy and Levers to Drive Future Value Segment Earnings(1) ($M) Through-Cycle Adj. EPS(1) Segment Margin DFS+CPC+PSG Rest of Dover 5-Year Earnings +10-11% CAGR 1,755 1,768 CAGR 1,633 $8.80 $8.95-$9.15 $8.4
Slide 7: Appendix
Appendix 7
Slide 8: Organic Revenue Bridges
Organic Revenue Bridges Note: Numbers may not add due to rounding 8
Slide 9: Organic Bookings Bridges
Organic Bookings Bridges Note: Numbers may not add due to rounding (1) Refer to Performance Measures Definitions section.. 9
Slide 10: Reconciliation of Net Earnings to Total Segment Earnings
Reconciliation of Net Earnings to Total Segment Earnings Note: Numbers may not add due to rounding 10
Slide 11: Reconciliation of Operating Earnings to Adjusted EBITDA
Reconciliation of Operating Earnings to Adjusted EBITDA Note: Numbers may not add due to rounding (1) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other 11 costs (bene
Slide 12: Reconciliation of Net Earnings to Adjusted Net Earnings and Diluted EPS to Adjusted Diluted EPS
Reconciliation of Net Earnings to Adjusted Net Earnings and Diluted EPS to Adjusted Diluted EPS Note: Numbers may not add due to rounding 12
Slide 13: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Note: Numbers may not add due to rounding 13
Slide 14: Non-GAAP Definitions
Non-GAAP Definitions Definitions of Non-GAAP Measures: Adjusted Net Earnings: is defined as net earnings adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions. Adjusted Net Earnings Marg
Slide 15: Performance Measure Definitions
Performance Measure Definitions Definitions of Performance Measures: Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicato
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