Dover Corporation · NYSE:DOV

Dover — Goldman Sachs Industrials & Materials Conference 2022

19 slides from Dover's conference presentation, May 10, 2022

  1. Slide 1: Dover Corporation

    May 10, 2022 Dover Corporation Goldman Sachs Industrials & Materials Conference Rich Tobin, President & CEO

  2. 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 the impacts of coronavirus (COVID-19) on the global economy and on our customers, suppliers, employee

  3. Slide 3: Q1 2022 Performance Highlights and Recent Developments

    Q1 2022 Performance Highlights and Recent Developments Organic Revenue(1) +9% Y-o-Y Org. Bookings(2) -4% Y-o-Y Organic growth in four of five segments Book-to-bill(2): 1.10, >1 across all segments Adj. Segment -210 bps Y-o-Y to 17.0% Backlog(2) +54% Y-o-Y to $3.4B EBIT Margin(1) Incremental non-cash

  4. Slide 4: Dover Strategy Delivers Attractive Through-Cycle Earnings Accretion Through Healthy Growth and Strong Margin Improvement

    Dover Strategy Delivers Attractive Through-Cycle Earnings Accretion Through Healthy Growth and Strong Margin Improvement Revenue and Adj. Segment EBIT Margin(1) Adj. Earnings Per Share(1) Adj. Segment EBIT Margin (%) Revenue ($B) ~4-5% Org. Rev CAGR(1) $8.5-$8.7B +14-15% CAGR $8.45-$8.65 $7.9B $7.0B

  5. Slide 5: Elevated Backlog Provides Visibility and Confidence in Projected Growth

    Elevated Backlog Provides Visibility and Confidence in Projected Growth; Expect Order Rates and Backlog to Normalize Thru 2022 Unprecedented Book-to-Bill(1) in ’21 Continued Backlog(1) Strength $B Revenue Bookings $B 3.4 9.4 3.2 7.9 DEP DEP 7.0 7.3 7.1 7.3 6.9 2.1 6.7 DEP DCEF 1.8 DCEF 1.7 Order rat

  6. Slide 6: Portfolio Activity Update: Continuing to Invest Behind Strength

    Portfolio Activity Update: Continuing to Invest Behind Strength Inorganic Portfolio Evolution Priorities 2018-22 Acquisitions Spend ($M)1 Runway Software / & Priority Core Services Adjacencies Hygienic pumps  Grow in pumps IoT control solutions  Hygienic and life science ~$440 DPPS  Fluid path ad

  7. Slide 7: Malema Acquisition Adds a Complementary Provider of High-Precision Flow Measurement and Control Instruments

    Malema Acquisition Adds a Complementary Provider of High- Precision Flow Measurement and Control Instruments Acquisition Rationale  Strong Growth Outlook $225M at close and up to $50M in Purchase Price – Long-term tailwinds in biologics production (vs. contingent consideration small molecule drugs)

  8. Slide 8: DPPS Biopharma and Medical Sales More than Doubled Over the Past Two Years

    DPPS Biopharma and Medical Sales More than Doubled Over the Past Two Years; Significant Capacity Investments to Support Growth Key Milestones 2005 2009 2012 2013 2016 2017 2018 2020 2021 2022 Acquired Single-Use Acquired Genderless Integrated EZ-Set Launch New New Capacity New Connector Connector Pu

  9. Slide 9: Appendix

    Appendix 9

  10. Slide 10: Organic Revenue and Bookings Bridges

    Organic Revenue and Bookings Bridges Segment Growth Factors Q1 2022 Organic Growth Revenue Bookings Organic Engineered Products 14.6% 3.4% Clean Energy & Fueling 0.2% -2.7% Imaging & Identification -1.1% 7.7% Pumps & Process Solutions 12.6% -14.0% Climate & Sustainability Technologies 17.4% -9.4% To

  11. Slide 11: Organic Revenue Bridges

    Organic Revenue Bridges 2018 - 2021 Revenue Growth Factors 2021 2020 2019 2018 Organic Engineered Products 14.1% -10.3% 5.4% 6.6% Clean Energy & Fueling 5.8% -8.8% 10.5% 9.9% Imaging & Identification 8.0% -7.2% 1.2% 4.6% Pumps & Process Solutions 26.6% -2.3% 3.9% 7.4% Climate & Sustainability Techno

  12. Slide 12: Reconciliation of Adjusted Net Earnings to Net Earnings and Adjusted Diluted EPS to Diluted EPS

    Reconciliation of Adjusted Net Earnings to Net Earnings and Adjusted Diluted EPS to Diluted EPS ($ in millions, except per share data) Q1 2022 Q1 2021 FY 2021 FY 2020 FY 2019 FY 2018 Net earnings from continuing operations ($) 226 233 1,124 683 678 591 Acquisition-related amortization, pre tax 53 36

  13. Slide 13: Reconciliation of FY 2018-21 Earnings from Continuing Operations to Adj. Segment EBIT

    Reconciliation of FY 2018-21 Earnings from Continuing Operations to Adj. Segment EBIT and Calculation of Adj. Segment EBIT Margin ($ in millions) FY 2021 FY 2020 FY 2019 FY 2018 Revenue 7,907 6,684 7,136 6,992 Earnings from continuing operations 1,124 683 678 591 Add back: Corporate expense 161 127

  14. Slide 14: Reconciliation of Q1 2022 Net Earnings to Adj. EBIT and Adj. EBITDA

    Reconciliation of Q1 2022 Net Earnings to Adj. EBIT and Adj. EBITDA and Calculation of Adj. EBIT Margin and Adj. EBITDA Margin by Segment Q1 2022 ($ in millions) DEP DCEF DII DPPS DCST Total Revenue 488 458 272 435 399 2,052 Net earnings - - - - - 226 Add back: Corporate expense - - - - - 37 Interes

  15. Slide 15: Reconciliation of Q1 2021 Net Earnings to Adj. EBIT and Adj. EBITDA

    Reconciliation of Q1 2021 Net Earnings to Adj. EBIT and Adj. EBITDA and Calculation of Adj. EBIT Margin and Adj. EBITDA Margin by Segment Q1 2021 ($ in millions) DEP DCEF DII DPPS DCST Total Revenue 428 390 284 394 372 1,868 Net earnings - - - - - 233 Add back: Corporate expense - - - - - 39 Interes

  16. Slide 16: Reconciliation of Free Cash Flow and EPS to Adjusted EPS

    Reconciliation of Free Cash Flow and EPS to Adjusted EPS Free Cash Flow ($ millions) Q1 2022 Q1 2021 Net Cash Provided by Operating Activities 24 177 Capital Expenditures (50) (31) Free Cash Flow (27) 146 Cash Flow from Operating Activities as a % of Net Earnings 11% 76% Cash Flow from Operating Act

  17. Slide 17: Non-GAAP Definitions

    Non-GAAP Definitions Definitions of Non-GAAP Measures: Adjusted Net Earnings: is defined as net earnings adjusted for the effect of acquisition-related amortization, rightsizing and other costs/benefits, gain/loss on dispositions, loss on extinguishment of debt, loss on assets held for sale, and the

  18. Slide 18: Performance Measure Definitions

    Performance Measure Definitions Definitions of Performance Measures: Bookings represent total orders received from customers in the current reporting period. This metric is an important measure of performance and an indicator of revenue order trends. Organic Bookings represent total orders received

  19. Slide 19: Slide 19

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