Slide 1: First Quarter 2023 Earnings Presentation
First Quarter 2023 Earnings Presentation April 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 First Quarter 2023 Results
Consolidated JBT First Quarter 2023 Results Key Takeaways Q4 Q1 2022 Q1 2023 YoY YoY 2023 vs. Q4 YoYFY 2022 vs. Q4 2022 2022 YoY ($ Millions Except EPS) Adjusted EBITDA increased 30% year over year Orders $638 13% 8% driven by improved price-cost dynamics and a higher mix of recurring revenue at F
Slide 4: Healthy Backlog & Pipeline
Healthy Backlog & Pipeline FoodTech AeroTech ($ Millions) ($ Millions) Orders Backlog Orders Backlog $482 $691 $670 $664 $678 $635 $662 $431 $411 $387 $391 $532 $545 $369 $372 $349 $489 $281 $455 $432 $386 $398 $412 $396 $406 $382 $349 $232 $183 $167 $154 $161 $139 $131 $100 $113 Q1 '21 Q2 '21 Q3 '2
Slide 5: FoodTech Results
FoodTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $389 $70 $356 19.0% 18.1% $58 17.2% 16.3% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Overview Revenue increased 9% year over year and was ahead of guidance driven by higher recurring revenue and timing of shipments as supply chain dy
Slide 6: AeroTech Results
AeroTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $141 $14 $113 10.1% $8 7.1% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Overview Revenue increased 25% year over year driven by higher equipment volume and improved pricing 39% recurring revenue, which increased $6 million from the
Slide 7: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Net Leverage Ratio (1) Key Metrics as of March 31, 2023 Net Debt Net Leverage Total Net Debt / TTM Pro Forma Adj. EBITDA (2) 3.0x $1,000 5.0x 4.0x Financial Liquidity (3) $543M $ Millions $500 3.4x 3.0x 3.0x 3.0x 2.4x 2.5x 2.0x Free Cash F
Slide 8: 2023 Guidance
2023 Guidance FoodTech AeroTech Consolidated Q2 2023 FY 2023 Q2 2023 FY 2023 Q2 2023 FY 2023 Total revenue (YoY%) 5 – 10% 5 – 9% Total revenue (YoY%) 4 – 7% 12 – 14% Total revenue (YoY%) 5 – 9% 7 – 10% Operating profit margin 12.5 – 13.25% 13 – 14% Operating profit margin 10.0 – 11.0% 11.25 – 11.75%
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 Three Months Ended March 31, (In millions) 2023 2022 Net income $ 25.6 $ 25.6 Income tax provision 7.0 2.9 Interest expense, net 7.2 2.1 Depreciation and amortization 23.9 19.9 EBITDA $ 63.7 $ 50.5 Restructuring related costs(1) 0.6 0.7 Pension e
Slide 12: Reconciliation of Segment Operating Profit to Adjusted EBITDA
Reconciliation of Segment Operating Profit to Adjusted EBITDA Three Months Ended March 31, 2023 (In millions) FoodTech AeroTech Operating profit $ 46.3 $ 13.2 M&A related costs 2.2 - Adjusted operating profit 48.5 13.2 Depreciation and amortization 21.7 1.1 Adjusted EBITDA $ 70.2 $ 14.3 Three Months
Slide 13: 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 March 31, (In millions, except per share data) 2023 2022 Net Income $ 25.6 $ 25.6 Non-GAAP adjustments Restructuring related costs 0.6 0.7 M&A related cost 3.4 2.6 LIFO expense 2.2 0.3 Impact on ta
Slide 14: Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q1 2023 (In millions) YTD TTM FY 2022 FY 2021 FY 2020 FY 2019 Cash provided by operating activities $ 21.6 $ 124.8 $ 142.3 $ 225.7 $ 252.0 $ 110.6 Less: Capital expenditures 17.9 78.8 87.6 54.1 34.3 37.9 Plus: Proceeds from di
Slide 15: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q1 2023 Total debt $ 957.3 Cash and cash equivalents (45.7) Net debt 911.6 Other items considered debt under the credit agreement 18.7 Consolidated total indebtedness(1) $ 930.3 Trailing twelve months Adjusted EBITDA $ 295.7 Proforma EBITDA of recent acquisi
Slide 16: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue Three Months Ended March 31, 2023 (In millions) FoodTech AeroTech Type of Good or Service Recurring(1) $ 219.3 $ 54.5 Non-recurring(1) 169.2 86.5 Total $ 388.5 $ 141.0 % of recurring 56% 39% (1) Aftermarket parts and services and revenue from lease and long- term
Slide 17: Diluted Earnings Per Share Guidance to Adjusted Guidance
Reconciliation of Diluted Earning Per Share Guidance to Adjusted Diluted Earnings Per Share Guidance Guidance Guidance (In cents) Q2 2023 Full Year 2023 Diluted earnings per share from net income $0.90 - $1.05 $4.50 - $5.00 Non-GAAP adjustments: Restructuring related costs(1) 0.10 0.11 M&A related c
Slide 18: Net Income Guidance to Adjusted EBITDA Guidance
Reconciliation of Net Income Guidance to Adjusted EBITDA Guidance Guidance Guidance (In millions) Q2 2023 Full Year 2023 Net income $29.0 - $34.0 $145.0 - $161.0 Income tax provision 8.0 - 9.5 40.0 - 47.0 Interest expense, net 7.0 - 7.5 ~27.0 Depreciation and amortization ~25.0 95.0 - 100.0 EBITDA 6
Slide 19: Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance
Reconciliation of Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance Guidance Q2 2023 Guidance Full Year 2023 (In percents) FoodTech AeroTech FoodTech AeroTech Operating profit 12.50 - 13.25 % 10.00 - 11.00 % 13.00 - 14.00 % 11.25 - 11.75 % M&A related cost(1) ~ 0.25 - ~ 0.25 - Adju