Slide 1: Second Quarter 2022 Earnings Presentation
Second Quarter 2022 Earnings Presentation July 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: Elevate 2.0 Strategy Overview – Leverage Our Broad Position
Elevate 2.0 Strategy Overview – Leverage Our Broad Position 1 Organic Growth ▪ New product development ▪ End market penetration 2 ▪ Cross-selling opportunities ▪ Continued penetration into attractive geographies DIGITAL TRANSFORMATION 1 2 DigitaI Transformation ▪ Roll out digital offering ▪ Enable g
Slide 4: Acquisition of Alco-food-machines
Acquisition of Alco-food-machines Closed July 1, 2022 Alco-food-machines is a leading provider of further food processing solutions and production lines ▪ Complements and expands JBT’s product ▪ Founded in 1977 and headquartered in offering in further processing, including protein Bad Iburg, Germany
Slide 5: Acquisition of Bevcorp
Acquisition of Bevcorp Announced July 27, 2022 Bevcorp is a leading supplier of high-speed beverage container filling & closing, blending, handling and seamer equipment, parts and services ▪ Founded in 1992 and headquartered in ▪ Purchase price of $290 million Eastlake, Ohio ▪ 2022 expected revenue
Slide 6: Leading Beverage Processing and Packaging Solutions
Leading Beverage Processing and Packaging Solutions HANDLING BLENDERS FILLERS CLOSING EQUIPMENT ▪ Carbonated soft ▪ Mechanical and ▪ Can seamer equipment ▪ Custom handling drink blenders electronic volumetric ▪ Seamer rebuild equipment ▪ Hot fill and non- can and bottle fillers and overhaul ▪ Storag
Slide 7: ~$1 Billion Market for Blending, Filling, Closing, and Handling Equipment
~$1 Billion Market for Blending, Filling, Closing, and Handling Equipment BEVCORP’S OFFERINGS ARE THE MOST DIFFICULT TO REPLICATE, SOLVE KEY TECHNICAL CHALLENGES IN A BEVERAGE PACKAGING LINE, AND ARE Packaging COMPLEMENTARY WITH JBT’S FILLING & CLOSING Inputs Depalletization Rinsing Filling Capping
Slide 8: Bevcorp Strategic Rationale
Bevcorp Strategic Rationale Expands JBT’s presence in the attractive carbonated beverage production market with leading solutions in blending, can / bottle handling, filling, and closing Provides JBT true scaled exposure to carbonated soft drink, carbonated water, seltzer, energy drink, ready-to- dr
Slide 9: Second Quarter 2022 Results
Second Quarter 2022 Results 9 2
Slide 10: Consolidated JBT Second Quarter 2022 Results
Consolidated JBT Second Quarter 2022 Results Key Takeaways for Q2 2022 Results Q2 2022 YoY vs. Q1 2022 ($ Millions Except EPS) ▪ Healthy demand in North America; concerns in Orders $563 (3% ) 0% Europe materialized during the quarter due to high inflation and the conflict in Ukraine Backlog $1,101 2
Slide 11: Solid Orders and Backlog
Solid Orders and Backlog FoodTech AeroTech ($ Millions) ($ Millions) Orders Backlog Orders Backlog $431 $691 $670 $411 $635 $369 $372 $349 $532 $545 $489 $283 $287 $281 $276 $427 $360 $377 $455 $398 $412 $396 $364 $386 $382 $310 $183 $263 $154 $167 $128 $139 $131 $111 $100 $82 Q2 '20 Q3 '20 Q4 '20 Q
Slide 12: FoodTech Results
FoodTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $394 $69 $68 19.0% $361 19.0% 17.2% 17.2% Q2 2021 Q2 2022 Q2 2021 Q2 2022 Overview ▪ Revenue increased 9% year over year and was slightly below expectations driven by a larger than expected foreign exchange headwind ▪ Revenu
Slide 13: AeroTech Results
AeroTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $148 $13 11.1% $11 $115 7.6% Q2 2021 Q2 2022 Q2 2021 Q2 2022 Overview ▪ Revenue increased 29% year over year and was ahead of expectations primarily driven by our mobile equipment and airport services businesses ▪ 38% recurr
Slide 14: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Net Leverage Ratio Key Metrics as of June 30, 2022 Net Debt Net Leverage Total Net Debt / TTM Adjusted EBITDA (2) 2.5x 900.0 7.0x 800.0 6.0x 700.0 600.0 5.0x Financial Liquidity (3) $642M 500.0 4.0x 400.0 3.0x 300.0 2.0x Free Cash Flow - Y
Slide 15: Q3 2022 & Full Year 2022 Guidance
Q3 2022 & Full Year 2022 Guidance Excludes impacts from Bevcorp, which is expected to close in Q3 2022 FoodTech Corporate, EPS, and Other Items Q3 2022 FY 2022 Q3 2022 FY 2022 Revenue Growth (YoY) 12.0 – 13.5% 13 – 15% Corporate Expense (1) (% of Sales) 2.9% 2.9% Operating Margin 13.0 – 13.75% 13.0
Slide 16: 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 17: Appendix
Appendix Non-GAAP Reconciliations 17 2
Slide 18: 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 19: Reconciliation of Operating Profit to Adjusted EBITDA
Reconciliation of Operating Profit to Adjusted EBITDA (In millions) JBT Consolidated Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Net income $ 33.4 $ 25.6 $ 31.6 $ 29.3 $ 30.5 $ 27.0 Income tax provision 6.3 2.9 1.9 9.0 14.7 8.7 Interest expense, net 2.5 2.1 2.4 2.1 2.1 2.1 Depreciation and amort
Slide 20: Reconciliation of Segment Operating Profit to Adjusted EBITDA
Reconciliation of Segment Operating Profit to Adjusted EBITDA For the three months ended June 30, 2022 For the six months ended June 30, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Operating profit $ 50.2 $ 10.0 $ 90.1 $ 16.8 Inventory impairment due to restructuring - - 0.2 - M&A related
Slide 21: 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) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Net Income $ 33.4 $ 25.6 $ 31.6 $ 29.3 $ 30.5 $ 27.0 Non-GAAP adjustments Restructuring related costs Restructuring expense 0.8 0.5 2.5 1.1 1.0 1.0 Invent
Slide 22: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (In millions) Q2 2022 QTD YTD TTM FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Cash provided by operating activities $ 5.7 $ 44.8 $ 140.2 $ 225.7 $ 252.0 $ 110.6 $ 154.6 $ 106.3 Less: Capital expenditures $ 17.7 $ 44.4 78.2 54.1 34
Slide 23: Leverage Ratio Calculations
Leverage Ratio Calculations As of (In millions) June 30, 2022 Total debt $ 674.6 Cash and cash equivalents (68.1) Net debt 606.5 Other items considered debt under the credit agreement 18.9 Consolidated total indebtedness $ 625.4 Trailing twelve months Adjusted EBITDA $ 243.1 Other adjustments net to
Slide 24: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 JBT JBT JBT JBT (In millions) FoodTech AeroTech FoodTech AeroTech Type of Good or Service Recurring1 $ 181.3 $ 56.3 $ 355.5 $ 105.0 Non-recurring1 212.8 92.0 394.9 156.2 Total $ 394.1 $ 148.3 $ 750.4