EX-99.1 2 a202204218-kexhibit991pr.htm EX-99.1 Document




Exhibit 99.1

doverlogo.jpg
Investor Contact:Media Contact:
Jack DickensAdrian Sakowicz
Senior Director - Investor RelationsVice President - Communications
(630) 743-2566(630) 743-5039
jdickens@dovercorp.comasakowicz@dovercorp.com

DOVER REPORTS FIRST QUARTER 2022 RESULTS


DOWNERS GROVE, Ill., April 21, 2022 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2022.
Three Months Ended March 31,
($ in millions, except per share data)20222021% Change
U.S. GAAP
Revenue$2,052 $1,868 10 %
Net earnings 1
226 233 (3)%
Diluted EPS
1.56 1.61 (3)%
Non-GAAP
Organic revenue change9 %
Adjusted net earnings 2
275 263 5 %
Adjusted diluted EPS1.90 1.81 5 %
1 Q1 2022 and 2021 net earnings include rightsizing and other costs of $8.4 million and $3.1 million, respectively. Q1 2022 also includes a $0.2 million adjustment for the dispositions of UB and RWB in Q4 2021.

2 Q1 2022 and 2021 adjusted net earnings exclude after tax acquisition-related amortization costs of $40.7 million and $26.8 million, respectively, and rightsizing and other costs of $8.4 million and $3.1 million, respectively. Q1 2022 also excludes a $0.2 million adjustment for the dispositions of UB and RWB in Q4 2021.


For the quarter ended March 31, 2022, Dover generated revenue of $2.1 billion, an increase of 10% (+9% organic) compared to the first quarter of the prior year. GAAP net earnings of $226 million decreased 3%, and GAAP diluted EPS of $1.56 was also down 3%. On an adjusted basis, net earnings of $275 million increased 5% and adjusted diluted EPS of $1.90 was also up 5% versus the comparable quarter of the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Our results in the first quarter were in line with our expectations and reflect solid execution amidst an operating environment that remains challenging on many levels.

“Revenue grew across a majority of our businesses, buoyed by solid underlying demand and our ability to produce and ship despite numerous operational challenges, and a difficult macro backdrop in Eastern Europe and China. Backlogs and order rates remain robust across much of the portfolio. Operating margin performance for the quarter was satisfactory as volume leverage, productivity, and tight cost controls were able to dampen the negative impact of supply chain constraints, input inflation, and un-forecasted production interruptions. Our pricing versus cost spread improved from the previous quarter as we liquidated our older order book and inventory position; we expect this to further improve over the balance of the year, meaningfully contributing to profitability.

“We are investing in capacity expansions and productivity improvements to ensure we can continue to drive revenue growth and win in the marketplace. The acquisitions that we closed in the fourth quarter of 2021 in the Clean Energy and Fueling segment are performing above expectations, and we recently acquired unique electric refuse collection vehicle technology.






“We believe we are well-positioned to deliver solid performance in 2022. Demand conditions are constructive and our backlog remains at record levels, providing us with good revenue visibility and the ability to forecast production. We are taking active measures to counter persisting headwinds and are prudently evaluating various scenarios of macro and specific market developments. We are maintaining our 2022 adjusted full-year guidance and will continue evaluating it as the year unfolds.”

FULL YEAR 2022 GUIDANCE:

In 2022, Dover expects to generate GAAP EPS in the range of $7.39 to $7.59 (adjusted EPS of $8.45 to $8.65), based on full year revenue growth of 8% to 10% (7% to 9% on an organic basis).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its first quarter 2022 results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Thursday, April 21, 2022. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s first quarter results and its operating segments can be found on the Company’s website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, “forward-looking” statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics, other general economic conditions and conditions in the particular markets in which we operate, the impact on global or a regional economy due to the outbreak or escalation of hostilities or war, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
























INVESTOR SUPPLEMENT - FIRST QUARTER 2022

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data)
Three Months Ended March 31,
20222021
Revenue$2,051,901 $1,867,901 
Cost of goods and services1,308,707 1,146,353 
Gross profit743,194 721,548 
Selling, general, and administrative expenses443,843 408,998 
Operating earnings299,351 312,550 
Interest expense26,552 26,823 
Interest income(775)(680)
Other income, net(2,129)(2,843)
Earnings before provision for income taxes275,703 289,250 
Provision for income taxes49,550 56,481 
Net earnings$226,153 $232,769 
Net earnings per share:
Basic$1.57 $1.62 
Diluted$1.56 $1.61 
Weighted average shares outstanding:
Basic144,087143,765
Diluted145,329144,938
Dividends paid per common share$0.500 $0.495 
* Per share data may be impacted by rounding.


DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
20222021
Q1Q1Q2Q3Q4FY 2021
REVENUE
Engineered Products$487,647 $428,127 $442,091 $447,798 $462,811 $1,780,827 
Clean Energy & Fueling458,395 389,678 437,042 410,561 410,872 1,648,153 
Imaging & Identification272,255 284,328 294,076 292,535 292,428 1,163,367 
Pumps & Process Solutions435,195 394,377 428,701 438,240 447,316 1,708,634 
Climate & Sustainability Technologies399,078 372,077 430,506 429,425 376,167 1,608,175 
Intercompany eliminations(669)(686)(740)(290)(359)(2,075)
Total consolidated revenue$2,051,901 $1,867,901 $2,031,676 $2,018,269 $1,989,235 $7,907,081 
NET EARNINGS
Segment Earnings:
Engineered Products 1
$66,134 $68,779 $62,720 $71,717 $82,295 $285,511 
Clean Energy & Fueling
41,442 66,480 78,755 65,593 60,560 271,388 
Imaging & Identification51,529 56,992 60,747 63,419 55,989 237,147 
Pumps & Process Solutions 139,340 123,645 138,632 142,414 142,172 546,863 
Climate & Sustainability Technologies 2
40,396 38,117 48,971 42,841 192,693 322,622 
Total segment earnings (EBIT)338,841 354,013 389,825 385,984 533,709 1,663,531 
Corporate expense / other37,361 38,620 40,762 33,498 47,947 160,827 
Interest expense26,552 26,823 26,661 26,433 26,402 106,319 
Interest income(775)(680)(942)(1,466)(1,353)(4,441)
Earnings before provision for income taxes275,703 289,250 323,344 327,519 460,713 1,400,826 
Provision for income taxes49,550 56,481 58,836 63,763 97,928 277,008 
Net earnings$226,153 $232,769 $264,508 $263,756 $362,785 $1,123,818 
SEGMENT MARGIN
Engineered Products 1
13.6%16.1%14.2%16.0%17.8%16.0%
Clean Energy & Fueling
9.0%17.1%18.0%16.0%14.7%16.5%
Imaging & Identification18.9%20.0%20.7%21.7%19.1%20.4%
Pumps & Process Solutions 32.0%31.4%32.3%32.5%31.8%32.0%
Climate & Sustainability Technologies 2
10.1%10.2%11.4%10.0%51.2%20.1%
Total segment operating margin16.5%19.0%19.2%19.1%26.8%21.0%
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Products$11,699 $14,047 $11,981 $11,123 $11,493 $48,644 
Clean Energy & Fueling
27,699 19,269 19,475 19,920 19,346 78,010 
Imaging & Identification9,189 9,593 9,294 9,821 9,802 38,510 
Pumps & Process Solutions 16,890 16,926 16,866 17,843 17,440 69,075 
Climate & Sustainability Technologies
11,353 12,096 12,077 12,392 12,069 48,634 
Corporate2,173 1,875 1,826 1,812 1,737 7,250 
Total depreciation and amortization expense$79,003 $73,806 $71,519 $72,911 $71,887 $290,123 
1 Q4 and FY2021 include a $24,723 gain related to the disposition of our Race Winning Brands ("RWB") equity method investment. Q3 and FY 2021 include a $9,078 payment received for previously incurred restructuring costs related to a product line exit.
2 Q1 2022 includes $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring costs and a $2,117 write-off of assets related to an exit from certain Latin America countries. Q4 and FY2021 include a $181,615 gain on the disposition of Unified Brands ("UB"), a $12,073 other than temporary impairment charge related to an equity method investment, and a $6,072 write-off of assets incurred in connection with an exit from certain Latin America countries.

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DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
20222021
Q1Q1Q2Q3Q4FY 2021
Net earnings per share:
Basic$1.57 $1.62 $1.84 $1.83 $2.52 $7.81 
Diluted$1.56 $1.61 $1.82 $1.81 $2.49 $7.74 
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings$226,153 $232,769 $264,508 $263,756 $362,785 $1,123,818 
Weighted average shares outstanding:
Basic144,087 143,765 143,941 143,976 144,005 143,923 
Diluted145,329 144,938 145,118 145,440 145,460 145,273 
* Per share data may be impacted by rounding.




















































IS - 2


DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations
20222021
Q1Q1Q2Q3Q4FY 2021
Adjusted net earnings:
Net earnings$226,153 $232,769 $264,508 $263,756 $362,785 $1,123,818 
Acquisition-related amortization, pre-tax 1
53,286 35,516 35,162 35,587 35,715 141,980 
Acquisition-related amortization, tax impact 2
(12,538)(8,720)(8,571)(8,700)(8,763)(34,754)
Rightsizing and other costs (benefits), pre-tax 3
10,552 4,162 10,779 (3,201)26,696 38,436 
Rightsizing and other costs (benefits), tax impact 2
(2,191)(1,031)(2,597)902 (4,610)(7,336)
Loss (gain) on dispositions, pre-tax 4
194 — — — (206,338)(206,338)
Loss (gain) on dispositions, tax-impact 2
(27)— — — 53,218 53,218 
Adjusted net earnings
$275,429 $262,696 $299,281 $288,344 $258,703 $1,109,024 
Adjusted diluted net earnings per share:
Diluted net earnings per share$1.56 $1.61 $1.82 $1.81 $2.49 $7.74 
Acquisition-related amortization, pre-tax 1
0.37 0.25 0.24 0.24 0.25 0.98 
Acquisition-related amortization, tax impact 2
(0.09)(0.06)(0.06)(0.06)(0.06)(0.24)
Rightsizing and other costs (benefits), pre-tax 3
0.07 0.03 0.07 (0.02)0.18 0.26 
Rightsizing and other costs (benefits), tax impact 2
(0.02)(0.01)(0.02)0.01 (0.03)(0.05)
(Gain) loss on dispositions, pre-tax 4
— — — — (1.42)(1.42)
(Gain) loss on dispositions, tax-impact 2
— — — — 0.37 0.37 
Adjusted diluted net earnings per share
$1.90 $1.81 $2.06 $1.98 $1.78 $7.63 
1 Includes amortization on acquisition-related intangible assets and inventory step-up. Q1 2022 includes $12,487 of amortization of inventory step-up primarily related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Rightsizing and other costs (benefits) include actions taken on employee reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2022 includes $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring costs and a $2,117 write-off of assets related to an exit from certain Latin America countries for our Climate & Sustainability Technologies segment. Q4 and FY 2021 for our Climate & Sustainability Technologies segment include a $12,073 other than temporary impairment charge related to an equity method investment and a $6,072 write-off of assets incurred in connection with an exit from certain Latin America countries. Q3 and FY 2021 include a $9,078 payment received for previously incurred restructuring costs related to a product line exit in our Engineered Products segment.
4 Q1 2022 represents working capital adjustments related to the disposition of UB and the RWB equity method investment in Q4 2021. Q4 and FY2021 represent a $181,615 gain on disposition of UB in our Climate & Sustainability Technologies segment and a $24,723 gain on disposition of our RWB equity method investment in our Engineered Products segment.
* Per share data and totals may be impacted by rounding.
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DOVER CORPORATION
QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations20222021
Q1Q1Q2Q3Q4FY 2021
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA
Engineered Products:
Segment earnings (EBIT)$66,134 $68,779 $62,720 $71,717 $82,295 $285,511 
Rightsizing and other costs (benefits) 1
509 4,019 4,654 (8,332)464 805 
Gain on disposition 2
(328)— — — (24,723)(24,723)
Adjusted EBIT - Segment66,315 72,798 67,374 63,385 58,036 261,593 
Adjusted EBIT %13.6 %17.0 %15.2 %14.2 %12.5 %14.7 %
Adjusted D&A 3
11,699 10,594 9,695 11,123 11,493 42,905 
Adjusted EBITDA - Segment$78,014 $83,392 $77,069 $74,508 $69,529 $304,498 
Adjusted EBITDA %16.0 %19.5 %17.4 %16.6 %15.0 %17.1 %
Clean Energy & Fueling:
Segment earnings (EBIT)$41,442 $66,480 $78,755 $65,593 $60,560 $271,388 
Rightsizing and other costs190 58 1,657 1,584 548 3,847 
Adjusted EBIT - Segment41,632 66,538 80,412 67,177 61,108 275,235 
Adjusted EBIT %9.1 %17.1 %18.4 %16.4 %14.9 %16.7 %
Adjusted D&A 3
27,699 19,180 19,475 19,335 19,346 77,336 
Adjusted EBITDA - Segment 4
$69,331 $85,718 $99,887 $86,512 $80,454 $352,571 
Adjusted EBITDA %15.1 %22.0 %22.9 %21.1 %19.6 %21.4 %
Imaging & Identification:
Segment earnings (EBIT)$51,529 $56,992 $60,747 $63,419 $55,989 $237,147 
Rightsizing and other costs1,377 682 178 1,291 4,326 6,477 
Adjusted EBIT - Segment52,906 57,674 60,925 64,710 60,315 243,624 
Adjusted EBIT %19.4 %20.3 %20.7 %22.1 %20.6 %20.9 %
Adjusted D&A 3
9,189 9,218 9,184 9,821 9,274 37,497 
Adjusted EBITDA - Segment$62,095 $66,892 $70,109 $74,531 $69,589 $281,121 
Adjusted EBITDA %22.8 %23.5 %23.8 %25.5 %23.8 %24.2 %
Pumps & Process Solutions:
Segment earnings (EBIT)$139,340 $123,645 $138,632 $142,414 $142,172 $546,863 
Rightsizing and other (benefits) costs686 (2,006)899 487 184 (436)
Adjusted EBIT - Segment140,026 121,639 139,531 142,901 142,356 546,427 
Adjusted EBIT %32.2 %30.8 %32.5 %32.6 %31.8 %32.0 %
Adjusted D&A 3
16,513 16,926 16,866 17,206 17,440 68,438 
Adjusted EBITDA - Segment$156,539 $138,565 $156,397 $160,107 $159,796 $614,865 
Adjusted EBITDA %36.0 %35.1 %36.5 %36.5 %35.7 %36.0 %
Climate & Sustainability Technologies:
Segment earnings (EBIT)$40,396 $38,117 $48,971 $42,841 $192,693 $322,622 
Rightsizing and other (benefits) costs 5
7,833 (38)2,539 1,520 19,193 23,214 
Loss (gain) on dispositions 6
522 — — — (181,615)(181,615)
Adjusted EBIT - Segment48,751 38,079 51,510 44,361 30,271 164,221 
Adjusted EBIT %12.2 %10.2 %12.0 %10.3 %8.0 %10.2 %
Adjusted D&A 3
11,353 11,745 12,077 12,392 12,069 48,283 
Adjusted EBITDA - Segment$60,104 $49,824 $63,587 $56,753 $42,340 $212,504 
Adjusted EBITDA %15.1 %13.4 %14.8 %13.2 %11.3 %13.2 %
Total Segments:
Segment earnings (EBIT) 7
$338,841 $354,013 $389,825 $385,984 $533,709 $1,663,531 
Rightsizing and other costs (benefits) 1, 5
10,595 2,715 9,927 (3,450)24,715 33,907 
Loss (gain) on dispositions 2, 6
194 — — — (206,338)(206,338)
Adjusted EBIT - Segment 8
349,630 356,728 399,752 382,534 352,086 1,491,100 
Adjusted EBIT % 8
17.0 %19.1 %19.7 %19.0 %17.7 %18.9 %
Adjusted D&A 3
76,453 67,663 67,297 69,877 69,622 274,459 
Adjusted EBITDA - Segment 4, 8
$426,083 $424,391 $467,049 $452,411 $421,708 $1,765,559 
Adjusted EBITDA % 8
20.8 %22.7 %23.0 %22.4 %21.2 %22.3 %
1 Q3 and FY 2021 include a $9,078 payment received for previously incurred restructuring costs related to a product line exit.
2 Q1 2022 includes a $328 working capital adjustment related to the disposition of our RWB equity method investment in Q4 2021. Q4 and FY2021 include a related gain on disposition of $24,723.
3 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs.
4 Q1 2022 EBITDA includes $12,487 of acquisition-related amortization of inventory step-up.
5 Q1 2022 includes $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring costs and a $2,117 write-off of assets related to an exit from certain Latin America countries. Q4 and FY 2021 include a $12,073 other than temporary impairment charge related to an equity method investment and a $6,072 write-off of assets incurred in connection with an exit from certain Latin America countries.
6 Q1 2022 includes a $522 working capital adjustment related to the disposition of UB in Q4 2021. Q4 and FY2021 include a related gain on disposition of $181,615.
7 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings.
8 Refer to Non-GAAP Disclosures section for definition.
IS - 4

DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors
2022
Q1
Organic
Engineered Products14.6 %
Clean Energy & Fueling
0.2 %
Imaging & Identification(1.1)%
Pumps & Process Solutions12.6 %
Climate & Sustainability Technologies
17.4 %
Total Organic9.3 %
Acquisitions4.4 %
Dispositions(1.6)%
Currency translation(2.2)%
Total*9.9 %
* Totals may be impacted by rounding.
2022
Q1
Organic
United States9.0 %
Other Americas11.0 %
Europe5.8 %
Asia 18.9 %
Other9.4 %
Total Organic9.3 %
Acquisitions4.4 %
Dispositions(1.6)%
Currency translation(2.2)%
Total*9.9 %
* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation
Range
2022 Guidance for Earnings per Share (GAAP)$7.39 $7.59 
Acquisition-related amortization, net0.91
Rightsizing and other costs, net0.15
2022 Guidance for Adjusted Earnings per Share (Non-GAAP)$8.45 $8.65 
* Per share data and totals may be impacted by rounding.





















IS - 5

DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)

Quarterly Cash Flow
20222021
Q1Q1Q2Q3Q4FY 2021
Net Cash Flows Provided By (Used In):
Operating activities$23,683 $177,184 $260,073 $351,329 $327,279 $1,115,865 
Investing activities(46,963)(29,572)(121,631)(135,439)(706,111)(992,753)
Financing activities(75,204)(124,239)(75,949)(74,610)24,918 (249,880)

Quarterly Free Cash Flow (Non-GAAP)
20222021
Q1Q1Q2Q3Q4FY 2021
Cash flow from operating activities$23,683 $177,184 $260,073 $351,329 $327,279 $1,115,865 
Less: Capital expenditures(50,381)(31,260)(41,971)(47,926)(50,308)(171,465)
Free cash flow$(26,698)$145,924 $218,102 $303,403 $276,971 $944,400 
Cash flow from operating activities as a percentage of revenue1.2 %9.5 %12.8 %17.4 %16.5 %14.1 %
Cash flow from operating activities as a percentage of adjusted net earnings8.6 %67.4 %86.9 %121.8 %126.5 %100.6 %
Free cash flow as a percentage of revenue-1.3 %7.8 %10.7 %15.0 %13.9 %11.9 %
Free cash flow as a percentage of adjusted net earnings-9.7 %55.5 %72.9 %105.2 %107.1 %85.2 %

IS - 6

DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
20222021
Q1Q1Q2Q3Q4FY 2021
BOOKINGS
Engineered Products$541,035 $528,310 $497,200 $502,767 $585,452 $2,113,729 
Clean Energy & Fueling
501,491 422,668 453,146 467,821 398,844 1,742,479 
Imaging & Identification307,104 293,614 299,608 293,782 303,400 1,190,404 
Pumps & Process Solutions459,790 551,365 521,010 490,581 460,105 2,023,061 
Climate & Sustainability Technologies
444,852 537,326 606,545 540,280 632,849 2,317,000 
Intercompany eliminations(2,295)(863)(498)(407)(290)(2,058)
Total consolidated bookings$2,251,977 $2,332,420 $2,377,011 $2,294,824 $2,380,360 $9,384,615 
BACKLOG
Engineered Products$830,135 $562,557 $613,517 $662,834 $785,085 
Clean Energy & Fueling
426,342 238,822 256,497 312,176 383,572 
Imaging & Identification243,411 198,556 206,125 204,766 212,098 
Pumps & Process Solutions704,935 539,097 634,477 682,415 688,931 
Climate & Sustainability Technologies
1,218,155 677,309 854,188 964,233 1,174,479 
Intercompany eliminations(1,756)(544)(262)(252)(225)
Total consolidated backlog$3,421,222 $2,215,797 $2,564,542 $2,826,172 $3,243,940 
Bookings Growth Factors
2022
Q1
Organic
Engineered Products3.4 %
Clean Energy & Fueling
(2.7)%
Imaging & Identification7.7 %
Pumps & Process Solutions(14.0)%
Climate & Sustainability Technologies
(9.4)%
Total Organic(4.3)%
Acquisitions4.4 %
Dispositions(1.4)%
Currency translation(2.1)%
Total*(3.4)%
* Totals may be impacted by rounding.














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Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted net earnings, adjusted diluted net earnings per share, total segment earnings (EBIT), adjusted EBIT by segment, adjusted EBIT margin by segment, adjusted EBITDA by segment, adjusted EBITDA margin by segment, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted net earnings, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted net earnings per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. 

Adjusted net earnings represents net earnings adjusted for the effect of acquisition-related amortization and inventory step-up, rightsizing and other costs/benefits, and a gain/loss on disposition. We exclude after-tax acquisition-related amortization because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or Management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted net earnings per share or adjusted earnings per share represents diluted EPS adjusted for the effect of acquisition-related amortization and inventory step-up, rightsizing and other costs/benefits, and a gain/loss on disposition,

Total segment earnings (EBIT) is defined as net earnings before income taxes, net interest expense and corporate expenses. Total segment earnings (EBIT) margin is defined as total segment earnings (EBIT) divided by revenue.

Adjusted EBIT by Segment is defined as net earnings before income taxes, net interest expense, corporate expenses, rightsizing and other costs/benefits, and a 2020 gain/loss on disposition. Adjusted EBIT Margin by Segment is defined as adjusted EBIT by segment divided by segment revenue.

Adjusted EBITDA by Segment is defined as adjusted EBIT by segment plus depreciation and amortization, excluding depreciation and amortization included within rightsizing and other costs/benefits. Adjusted EBITDA Margin by Segment is defined as adjusted EBITDA by segment divided by segment revenue.

Management believes the non-GAAP measures above are useful to investors to better understand the Company’s ongoing profitability as they will better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted net earnings equals free cash flow divided by adjusted net earnings. Management believes that free cash flow and free cash flow ratios are important measures of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and bookings performance and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to consolidated revenue (the most directly comparable GAAP financial measure) because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.


Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period. This metric is an important measure of performance and an indicator of revenue order trends.

Organic bookings represent total orders received from customers in the current reporting period excluding the impact of foreign currency exchange rates and the impact of acquisition and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

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Backlog represents an estimate of the total remaining bookings at a point in time for which performance obligations have not yet have satisfied. This metric is useful as it represents the aggregate amount we expect to recognize as revenue in the future.

We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.
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