Slide 1: Third Quarter 2023 Earnings Presentation
Third Quarter 2023 Earnings Presentation October 2023 1 2
Slide 2: Forward-Looking and Non-GAAP Statements
Forward-Looking and Non-GAAP Statements These slides and the accompanying presentation contain “forward-looking” statements, including statements about management’s expectations regarding trends in the food and air transportation markets, strategic initiatives, including Elevate 2.0, acquisition str
Slide 3: Third Quarter 2023 Results
Third Quarter 2023 Results Key Takeaways Q3 2023 YoY vs. Q2 2023 ($ Millions Except EPS) ▪ Year-over-year (YoY) adjusted EBITDA margin increased 120 basis points as a result of JBT’s pricing actions, Results from Continuing Operations restructuring program, and supply chain efforts Orders $398 14% (
Slide 4: Healthy Demand from Product / End Market Diversification and Resilient Recurring Business Model
Healthy Demand from Product / End Market Diversification and Resilient Recurring Business Model Orders and Backlog Trend Q3 2023 Revenue Breakdown ($ Millions) Orders Backlog North America EMEA Recurring Non-Recurring $691 $670 $678 $697 $689 Asia Pacific Latin America $635 $662 $664 $545 7% 9% $455
Slide 5: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Leverage Ratio (1) Key Metrics as of September 30, 2023 Net Debt Leverage Ratio Net Debt / TTM Adj. EBITDA from Continuing Operations (2) 0.5x $1,000 5.0x Financial Liquidity (3) ~$1.2B 4.0x $ Millions $500 3.4x 3.0x YTD Free Cash Flow (2)
Slide 6: 2023 Continuing Operations Outlook
2023 Continuing Operations Outlook Continuing Operations Updated Guidance Q4 2023 FY 2023 $ millions except EPS Guidance Guidance Revenue growth (year over year) 0 – 4% 4.5 – 5.5% Income from Continuing Operations $39 – $43 $113 – $117 Adjusted EBITDA (1) $73 – $79 $265 – $271 Adjusted EBITDA margin
Slide 7: Appendix
Appendix Non-GAAP Reconciliations 7 2
Slide 8: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ Free cash flow: We define free cash flow as cash provided by operating activities, less capital expenditures, plus proceeds from sale of fixed assets and pension contributions. For free cash flow purposes, we consider contributions to pension plans to be more comparable
Slide 9: Reconciliation of Income from Continuing Operations to Adjusted EBITDA
Reconciliation of Income from Continuing Operations to Adjusted EBITDA (In millions) Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Income from continuing operations $ 30.5 $ 27.7 $ 16.4 $ 29.7 $ 25.7 Income tax provision 4.3 8.4 4.4 4.0 5.8 Interest expense, net 0.9 7.1 6.5 5.5 3.2 Depreciation and amorti
Slide 10: 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 Nine Months Ended September 30, September 30, (In millions, except per share data) 2023 2022 2023 2022 Income from continuing operations $ 30.5 $ 25.7 $ 74.6 $ 71.3 Non-GAAP adjustments Restructuri
Slide 11: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q3 2023 (In millions) QTD YTD Cash provided by operating activities $ 33.0 $ 95.6 Less: Capital expenditures 10.9 46.2 Plus: Proceeds from disposal of assets 0.7 1.2 Plus: Pension contributions 9.7 11.2 Free cash flow $ 32.5 $
Slide 12: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q3 2023 Total debt $ 645.8 Cash and marketable securities (1) (526.7) Net debt 119.1 Other items considered debt under the credit agreement 18.6 Consolidated total indebtedness (2) $ 137.7 Trailing twelve months Adjusted EBITDA from continuing operations $ 2
Slide 13: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue As of September 30, 2023 QTD YTD Type of Good or Service Recurring(1) $ 202.7 $ 639.1 Non-recurring(1) 200.9 580.7 Total $ 403.6 $ 1,219.8 % of recurring 50% 52% (1) Aftermarket parts and services and revenue from lease and long-term service contracts are consider
Slide 14: Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance
Reconciliation of Diluted Earnings Per Share from Continuing Operations to Adjusted Diluted Earnings Per Share Guidance Guidance Guidance (In cents) Q4 2023 Full Year 2023 Diluted earnings per share from continuing operations $1.20 - $1.35 $3.50 - $3.65 Non-GAAP adjustments: Restructuring related co
Slide 15: Reconciliation of Income to Adjusted EBITDA Guidance
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance Guidance Guidance (In millions) Q4 2023 Full Year 2023 Income from continuing operations $39.0 - $43.0 $113.0 - $117.0 Income tax provision 11.5 - 12.5 29.0 - 30.0 Interest expense, net ~(2.5) ~12.0 Depreciation and amor