Slide 1: Q4 and Full Year 2023 Earnings Presentation
Q4 and Full Year 2023 Earnings Presentation February 2024 1 2
Slide 2: Forward-Looking and Non-GAAP Statements
Forward-Looking and Non-GAAP Statements These slides and the accompanying presentation (collectively, the “presentation”) contain 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 a
Slide 3: Important Additional Information
Important Additional Information Important Notices This presentation 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 such offer, solicitation or
Slide 4: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results Key Takeaways Q4 2023 YoY FY 2023 YoY ▪ Adjusted EBITDA and adjusted EPS exceeded guidance ($ Millions Except EPS) provided during last earnings call; performance driven by Results from Continuing Operations stronger operational execution on supply chain ini
Slide 5: Demonstrating Resiliency with Orders Across Diverse End Markets, Sustained Backlog, and Growth in Recurring Revenue
Demonstrating Resiliency with Orders Across Diverse End Markets, Sustained Backlog, and Growth in Recurring Revenue Orders and Backlog Trend FY 2023 Revenue Breakdown ($ Millions) Orders Backlog Non-recurring Recurring North America EMEA $691 $670 $678 $697 $689 $678 Asia Pacific Latin America $635
Slide 6: Broad Participation in Key Markets is a Strong Differentiator
Broad Participation in Key Markets is a Strong Differentiator 2023 Key Takeaways 2023 Equipment Orders by Market ▪ Experienced equipment demand across a variety of categories 3% 9% ▪ Pharmaceuticals and nutraceuticals 24% 9% ▪ Warehouse automation (AGV) ▪ Beverages, juices, and dairy alternatives 13
Slide 7: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Leverage Ratio (1) Key Metrics as of December 31, 2023 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 Full Year Free Cash Flow (2)
Slide 8: 2024 Continuing Operations Outlook
2024 Continuing Operations Outlook FY 2024 $ millions except EPS Guidance Revenue Growth Drivers (year over year) Revenue $1,750 – $1,780 ~5 – 7% ~1% Growth Income from Continuing Operations $150 – $162 ~1% ~1 – 2% Adjusted EBITDA $295 – $310 ~1 – 2% ~1% Adjusted EBITDA Margin 17.0 – 17.5% $1,664M G
Slide 9: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations 9 2
Slide 10: 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, pension contributions, and income taxes on gain from sale of AeroTech. For free cash flow purposes, we consider contrib
Slide 11: Reconciliation of Income to Adjusted EBITDA
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, December 31, (In millions) 2023 2022 2023 2022 Income from continuing operations $ 52.7 $ 31.2 $ 129.3 $ 103.8 Income tax provision 5.7 4.5 23.5 16.2 Interest (income) expense,
Slide 12: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Three Months Ended Twelve Months Ended December 31, December 31, (In millions, except per share data) 2023 2022 2023 2022 Income from continuing operations $ 52.7 $ 31.2 $ 129.3 $ 103.8 Non-GAAP adjustments Restructu
Slide 13: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q4 2023 (In millions) QTD YTD Cash provided by operating activities $ (21.4) $ 74.2 Less: Capital expenditures 8.9 55.1 Plus: Proceeds from disposal of assets 0.9 2.1 Plus: Pension contributions 0.9 12.1 Plus: income taxes on
Slide 14: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q4 2023 Total debt $ 646.4 Cash and marketable securities (483.3) Net debt 163.1 Other items considered debt under the credit agreement 17.1 Consolidated total indebtedness (1) $ 180.2 Trailing twelve months Adjusted EBITDA from continuing operations $ 273.1
Slide 15: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue As of December 31, 2023 QTD YTD Type of Good or Service Recurring(1) $ 206.5 $ 845.6 Non-recurring(1) 238.1 818.8 Total $ 444.6 $ 1,664.4 % of recurring 46% 51% (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considere
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 $4.65 - $5.05 Non-GAAP adjustments: Restructuring related costs (1) 0.03 M&A related costs(
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 $150.0 - $162.0 Income tax provision 43.0 - 46.0 Interest income, net ~(4.0) Depreciation and amortization ~90.0 EBITDA from continuing operations 2