Slide 1: Third Quarter 2022 Earnings Presentation
Third Quarter 2022 Earnings Presentation October 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 Third Quarter 2022 Results
Consolidated JBT Third Quarter 2022 Results Key Takeaways for Q3 2022 Results Q3 2022 YoY vs. Q2 2022 ($ Millions Except EPS) ▪ Achieved record adjusted EBITDA at FoodTech driven by volume increases and improving price/cost realization Orders $462 (11% ) (18% ) despite foreign exchange headwinds Bac
Slide 4: Healthy Backlog & Pipeline
Healthy Backlog & Pipeline FoodTech AeroTech ($ Millions) ($ Millions) Orders Backlog Orders Backlog $431 $691 $670 $411 $635 $662 $387 $369 $372 $349 $532 $545 $489 $276 $287 $281 $427 $377 $455 $386 $398 $412 $396 $364 $382 $349 $310 $183 $154 $167 $128 $139 $131 $111 $100 $113 Q3 '20 Q4 '20 Q1 '2
Slide 5: FoodTech Results
FoodTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $77 $399 $67 19.0% 19.3% $359 17.2% 18.7% Q3 2021 Q3 2022 Q3 2021 Q3 2022 Overview ▪ Revenue increased 11% year over year and was slightly below expectations driven by a larger than expected foreign exchange headwind and a p
Slide 6: AeroTech Results
AeroTech Results Revenue Adj. EBITDA (1) & Margin ($ Millions) ($ Millions) $157 $13 8.2% $118 $8 6.9% Q3 2021 Q3 2022 Q3 2021 Q3 2022 Overview ▪ Revenue increased 32% year over year as market recovery continued; revenue was slightly ahead of expectations driven by timing of shipments for mobile equ
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 September 30, 2022 Net Debt Net Leverage Total Net Debt / TTM Pro Forma Adj. EBITDA (2) 3.4x 1,000.0 7.0x 6.0x 800.0 5.0x Financial Liquidity (3) $425M 600.0 4.0x 400.0 3.0x 3.4x Free Cash Flow (2) - YT
Slide 8: Full Year 2022 Revised Guidance vs. Previous Guidance
Full Year 2022 Revised Guidance vs. Previous Guidance FY 2022 Revenue vs. Previous Guidance (1) FY 2022 Adj. EPS vs. Previous Guidance (1) ($ Millions) Prior FY FX AeroTech FoodTech Bevcorp Revised Prior FY FX AeroTech Taxes & Revised 2022 Mid- Impact FY 2022 2022 Mid- Impact Other FY 2022 point Mid
Slide 9: Full Year 2022 Guidance
Full Year 2022 Guidance FoodTech AeroTech Corporate, EPS, & Other FY 2022 FY 2022 FY 2022 Total Revenue Growth (YoY) 13.25 – 13.75% Total Revenue Growth (YoY) 23 – 24% Total JBT Revenue Growth (YoY) 15.75 – 16.25% Operating Profit Margin 13.0 – 13.3% Operating Profit Margin 7.75 – 8.25% Corporate Ex
Slide 10: Appendix
Appendix Non-GAAP Reconciliations 10 2
Slide 11: 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 12: Reconciliation of Operating Profit to Adjusted EBITDA
Reconciliation of Operating Profit to Adjusted EBITDA (In millions) JBT Consolidated Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Net income $ 34.2 $ 33.4 $ 25.6 $ 31.6 $ 29.3 Income tax provision 8.0 6.3 2.9 1.9 9.0 Interest expense, net 3.6 2.5 2.1 2.4 2.1 Depreciation and amortization 20.1 19.2 19.9 2
Slide 13: Reconciliation of Segment Operating Profit to Adjusted EBITDA
Reconciliation of Segment Operating Profit to Adjusted EBITDA For the three months ended September 30, 2022 For the nine months ended September 30, 2022 (In millions) FoodTech AeroTech FoodTech AeroTech Operating profit $ 57.3 $ 11.6 $ 147.4 $ 28.4 Inventory impairment due to restructuring - - 0.2 -
Slide 14: 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) Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Net Income $ 34.2 $ 33.4 $ 25.6 $ 31.6 $ 29.3 Non-GAAP adjustments Restructuring related costs Restructuring expense 1.5 0.8 0.5 2.5 1.1 Inventory impairment due
Slide 15: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (In millions) Q3 2022 QTD YTD TTM FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Cash provided by operating activities $ 29.8 $ 74.6 $ 137.0 $ 225.7 $ 252.0 $ 110.6 $ 154.6 $ 106.3 Less: Capital expenditures $ 21.3 $ 65.7 85.9 54.1 3
Slide 16: Leverage Ratio Calculations
Leverage Ratio Calculations As of (In millions) September 30, 2022 Total debt $ 979.8 Cash and cash equivalents (52.6) Net debt 927.2 Other items considered debt under the credit agreement 20.5 Consolidated total indebtedness(1) $ 947.7 Trailing twelve months Adjusted EBITDA $ 252.6 (2) Proforma EBI
Slide 17: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 JBT JBT JBT JBT (In millions) FoodTech AeroTech FoodTech AeroTech Type of Good or Service Recurring(1) 185.9 56.2 541.4 161.2 Non-recurring(1) 213.0 100.4 607.9 256.6 Total 398.9 156.6 1,14
Slide 18: 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) Q4 2022 Full Year 2022 Diluted earnings per share from net income $1.15 - $1.30 $4.05 - $4.20 Non-GAAP adjustments: Restructuring related costs (1) - 0.09 M&A related cos
Slide 19: Reconciliation of Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance
Reconciliation of Operating Profit Margin Guidance to Adjusted EBITDA Margin Guidance Guidance Q4 2022 Guidance Full Year 2022 (In percents) JBT FoodTech JBT AeroTech JBT FoodTech JBT AeroTech Operating profit 13.75 - 14.50 % 11.00 - 12.00 % 13.00 - 13.30 % 7.75 - 8.25 % M&A related cost(1) ~ 0.75 -