Slide 1: First Quarter 2022 Earnings Presentation
First Quarter 2022 Earnings Presentation April 2022 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 2022 Results
Consolidated JBT First Quarter 2022 Results Key Takeaways for Q1 2022 Results Q1 2022 YoY vs. Q4 2021 ($ Millions Except EPS) ▪ Healthy demand for FoodTech products & Orders $566 16% (4% ) solutions and recovery at AeroTech led to 16% year over year order growth Backlog $1,102 43% 9% ▪ Year over yea
Slide 4: Continued Strength in Orders and Backlog
Continued Strength in Orders and Backlog FoodTech AeroTech ($ Millions) ($ Millions) Orders Backlog Orders Backlog $691 $411 $635 $369 $372 $349 $532 $545 $310 $489 $283 $287 $281 $276 $427 $395 $377 $360 $455 $398 $412 $364 $386 $382 $316 $310 $183 $263 $155 $154 $128 $139 $131 $111 $100 $82 Q1 '20
Slide 5: FoodTech Results
FoodTech Results Orders Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) ($ Millions) $412 $386 $356 $58 $58 $312 18.7% 16.3% Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Overview ▪ Quarterly orders driven by customer demands for greater capacity, yield, and labor-saving automation; con
Slide 6: AeroTech Results
AeroTech Results Orders Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) ($ Millions) $154 $113 $11 $106 10.7% $8 $100 7.1% Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Overview ▪ Orders expanded 53% from the prior year quarter primarily driven by demand for AeroTech’s market leading mo
Slide 7: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt Key Metrics as of March 31, 2022 ($ Millions) Net Debt Cash Total Net Debt / TTM Adjusted EBITDA (1) 2.4x $653 $674 $670 $642 $58 $79 $84 $202 Financial Liquidity (2) $687M $470 $58 $595 $596 $586 Free Cash Flow - YTD $15M $412 $439 Free Cash
Slide 8: Q2 2022 and Full Year 2022 Guidance
Q2 2022 and Full Year 2022 Guidance FoodTech Corporate, EPS, and Other Items Q2 2022 FY 2022 Q2 2022 FY 2022 Revenue Growth (YoY) 13 – 15% 15 – 18% Corporate Expense (1) (% of Sales) 2.8% 3.1% Operating Margin 13.0 – 14.0% 13.75 – 14.75% Interest Expense ($ Millions) ~$2.5 ~$10 Adj. EBITDA Margin 17
Slide 9: 2021 ESG Report: Make it BETTER
2021 ESG Report: Make it BETTER A Breakdown of Our Environmentally Make it Beneficial Products Make it 0.79 SUSTAINABLE 1% TOGETHER Total Recordable Incident Revenue Outside Rate 125% lower than 2020 Environmental 52% 16% Helping our customers make Impact Areas Our talented, diverse, and BLS industr
Slide 10: JBT Investor Day Key Takeaways (March 24, 2022)
JBT Investor Day Key Takeaways (March 24, 2022) 1 JBT to explore a pure play FoodTech strategy 2 Broad participation across attractive and resilient food & beverage markets 3 Compelling macro trends support growth 4 Innovative and market leading technologies and application knowledge 5 Elevate 2.0 i
Slide 11: Elevate 2.0 Strategy Overview – Leverage Our Broad Position
Elevate 2.0 Strategy Overview – Leverage Our Broad Position Organic Growth 1 ▪ New product development 2 ▪ End market penetration ▪ Cross-selling opportunities DIGITAL ▪ Continued penetration into attractive geographies TRANSFORMATION 1 2 DigitaI Transformation ▪ Roll out digital offering ▪ Enable g
Slide 12: Financial Framework Through 2025
Financial Framework Through 2025 REVENUE 2025 ADJ. FCF M&A ROIC CAGR (1) EBITDA MARGIN (1) CONVERSION >100% FOCUS 15%+ 7 – 9% 17%+ Free cash flow Targeting 15%+ FoodTech (1) conversion to Demonstrated excluding M&A in FoodTech (1) success & capacity 21%+ net income to succeed 2025 7 – 9% Executive A
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Non-GAAP financial measures are provided to enhance investors’ overall understanding of our financial performance by eliminating effects of certain items that are not comparable from one period to the next. In addition, this information is used by management as a ba
Slide 14: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA (In millions) JBT Consolidated Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Net income $ 25.6 $ 31.6 $ 29.3 $ 30.5 $ 27.0 Income tax provision 2.9 1.9 9.0 14.7 8.7 Interest expense, net 2.1 2.4 2.1 2.1 2.1 Depreciation and amortization 19.9 20.2 20.0 18.3 1
Slide 15: Reconciliation of Operating Profit to Adjusted EBITDA
Reconciliation of Operating Profit to Adjusted EBITDA (In millions) JBT FoodTech Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Operating profit $ 39.9 $ 45.1 $ 48.9 $ 51.5 $ 41.5 Restructuring related costs Inventory impairment due to restructuring 0.2 0.2 - - - M&A related cost 0.3 0.5 0.3 0.3 0.5 Adjust
Slide 16: Reconciliation of Operating Profit to Adjusted EBITDA
Reconciliation of Operating Profit to Adjusted EBITDA (In millions) JBT AeroTech Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Operating profit $ 6.8 $ 3.6 $ 7.0 $ 12.1 $ 9.9 Adjusted operating profit 6.8 3.6 7.0 12.1 9.9 Depreciation and amortization 1.2 1.3 1.2 0.6 1.4 Adjusted EBITDA $ 8.0 $ 4.9 $ 8.2
Slide 17: Reconciliation of Segment Operating Profit to Adjusted EBITDA
Reconciliation of Segment Operating Profit to Adjusted EBITDA For the three months ended March 31, 2022 (In millions) FoodTech AeroTech Operating profit $ 39.9 $ 6.8 Inventory impairment due to restructuring 0.2 - M&A related costs 0.3 - Adjusted operating profit 40.4 6.8 Depreciation and amortizati
Slide 18: 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) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Net Income $ 25.6 $ 31.6 $ 29.3 $ 30.5 $ 27.0 Non-GAAP adjustments Restructuring related costs Restructuring expense 0.5 2.5 1.1 1.0 1.0 Inventory impairment due
Slide 19: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (In millions) Q1 2022 TTM FY 2021 FY 2020 FY 2019 FY 2018 Cash provided by operating activities $ 39.1 $ 179.1 $ 225.7 $ 252.0 $ 110.6 $ 154.6 Less: Capital expenditures 26.7 71.9 54.1 34.3 37.9 39.8 Plus: Proceeds from dispos
Slide 20: Leverage Ratio Calculations
Leverage Ratio Calculations As of (In millions) March 31, 2022 Total debt $ 670.0 Cash and cash equivalents (84.2) Net debt 585.8 Other items considered debt under the credit agreement 18.0 Consolidated total indebtedness $ 603.8 Trailing twelve months Adjusted EBITDA $ 247.2 Other adjustments net t
Slide 21: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue Three Months Ended March 31, 2022 (In millions) JBT FoodTech JBT AeroTech Type of Good or Service Recurring1 174.2 48.7 Non-recurring1 182.1 64.2 Total 356.3 112.9 1 Aftermarket parts and services and revenue from lease and long-term service contracts are consider