Slide 1: Fourth Quarter and Full Year 2022 Earnings Presentation
Fourth Quarter and Full Year 2022 Earnings Presentation February 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: Consolidated JBT Fourth Quarter & Full Year 2022 Results
Consolidated JBT Fourth Quarter & Full Year 2022 Results Key Takeaways Q4 2022 YoY FY 2022 YoY ($ Millions Except EPS) ▪ FoodTech revenue growth driven by resilient recurring revenue franchise and customer needs to automate Orders $593 1% $2,183 0% production, increase yield and throughput, and impr
Slide 4: Healthy Backlog & Pipeline
Healthy Backlog & Pipeline FoodTech AeroTech ($ Millions) ($ Millions) Orders Backlog Orders Backlog $431 $691 $670 $411 $662 $664 $387 $391 $635 $369 $372 $349 $532 $545 $489 $287 $281 $427 $455 $432 $386 $398 $412 $396 $364 $382 $349 $183 $167 $154 $161 $128 $139 $131 $100 $113 Q4 '20 Q1 '21 Q2 '2
Slide 5: FoodTech Results
FoodTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) Q4 Results $441 19.0% $87 $369 17.2% $64 19.7% 17.3% Q4 2021 Q4 2022 Q4 2021 Q4 2022 $1,591 $290 $258 FY Results $1,400 18.4% 18.2% FY 2021 FY 2022 FY 2021 FY 2022 Overview ▪ Revenue increased 20% year over year for Q4 2022
Slide 6: AeroTech Results
AeroTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) Q4 Results $158 $16 19.0% $128 17.2% 10.3% $5 3.8% Q4 2021 Q4 2022 Q4 2021 Q4 2022 $576 $48 FY Results $468 $37 8.4% 7.9% FY 2021 FY 2022 FY 2021 FY 2022 Overview ▪ Revenue increased 23% year over year for both Q4 2022 and f
Slide 7: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Net Leverage Ratio Key Metrics as of December 31, 2022 Net Debt Net Leverage Total Net Debt / TTM Pro Forma Adj. EBITDA (2) 3.0x $1,000 5.0x 4.0x Financial Liquidity (3) $526M $ Millions $500 3.4x 3.0x 3.0x 2.4x 2.4x 2.5x 2.0x Free Cash Fl
Slide 8: 2023 Guidance
2023 Guidance FoodTech AeroTech Consolidated Q1 2023 FY 2023 Q1 2023 FY 2023 Q1 2023 FY 2023 Total revenue (YoY%) 4 – 7% 5 – 9% Total revenue (YoY%) 15 – 20% 10 – 13% Total revenue (YoY%) 7 – 10% 6 – 10% Operating profit margin 9.75 – 10.5% 13 – 14% Operating profit margin 9.25 – 10.25% 11.25 – 11.7
Slide 9: Appendix
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 and pension contributions. For free cash flow purposes, we consider contributions to pension plans to be more comparable
Slide 11: Reconciliation of Operating Profit to Adjusted EBITDA
Reconciliation of Operating Profit to Adjusted EBITDA Consolidated (In millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net income $ 37.5 $ 34.2 $ 33.4 $ 25.6 $ 31.6 Income tax provision 6.3 8.0 6.3 2.9 1.9 Interest expense, net 6.0 3.6 2.5 2.1 2.4 Depreciation and amortization 21.9 20.1 19.2 19.9
Slide 12: Reconciliation of Segment Operating Profit to Adjusted EBITDA
Reconciliation of Segment Operating Profit to Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, 2022 December 31, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Operating profit $ 64.1 $ 15.1 $ 211.5 $ 43.5 Restructuring related costs - - 0.2 - M&A related costs 3.3 - 5.7 -
Slide 13: Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share (In millions, except per share data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Net Income $ 37.5 $ 34.2 $ 33.4 $ 25.6 $ 31.6 Non-GAAP adjustments Restructuring related costs 4.2 1.5 0.8 0.7 2.7 M&A related cost 5.2 4.4
Slide 14: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (In millions) FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 Cash provided by operating activities $ 142.3 $ 225.7 $ 252.0 $ 110.6 $ 154.6 Less: Capital expenditures 87.6 54.1 34.3 37.9 39.8 Plus: Proceeds from disposal of assets 1.2
Slide 15: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q4 2022 Total debt $ 977.9 Cash and cash equivalents (73.1) Net debt 904.8 Other items considered debt under the credit agreement 22.3 Consolidated total indebtedness (1) $ 927.1 Trailing twelve months Adjusted EBITDA $ 279.7 Proforma EBITDA of recent acquis
Slide 16: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue Three Months Ended Twelve Months Ended December 31, 2022 December 31, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Type of Good or Service Recurring(1) $ 210.0 $ 56.5 $ 751.4 $ 217.7 (1) Non-recurring 231.3 101.4 839.2 358.0 Total $ 441.3 $ 157.9 $ 1,590
Slide 17: Reconciliation of Diluted Earning Per Share Guidance to Adjusted Diluted Earnings Per Share Guidance
Reconciliation of Diluted Earning Per Share Guidance to Adjusted Diluted Earnings Per Share Guidance Guidance Guidance (In cents) Q1 2023 Full Year 2023 Diluted earnings per share from net income $0.50 - $0.60 $4.50 - $5.00 Non-GAAP adjustments: Restructuring related costs (1) 0.04 0.10 M&A related
Slide 18: Reconciliation of Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance
Reconciliation of Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance Guidance Q1 2023 Guidance Full Year 2023 (In percents) FoodTech AeroTech FoodTech AeroTech Operating profit 9.75 - 10.50 % 9.25 - 10.25 % 13.00 - 14.00 % 11.25 - 11.75 % (1) M&A related cost ~ 0.75 - ~ 0.25 - Adjus