Exhibit 99.1

Investor Contact:			Media Contact:
Jack Dickens			Adrian Sakowicz
Senior Director - Investor Relations			Vice President - Communications
(630) 743-2566			(630) 743-5039
jdickens@dovercorp.com			asakowicz@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)																								2022						2021						% 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 change																																				9		%
Adjusted net earnings 2																								275						263						5		%
Adjusted diluted EPS																								1.90						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,
															2022						2021
Revenue															$	2,051,901					$	1,867,901
Cost of goods and services															1,308,707						1,146,353
Gross profit															743,194						721,548
Selling, general, and administrative expenses															443,843						408,998
Operating earnings															299,351						312,550
Interest expense															26,552						26,823
Interest income															(775)						(680)
Other income, net															(2,129)						(2,843)
Earnings before provision for income taxes															275,703						289,250
Provision for income taxes															49,550						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:
Basic															144,087						143,765
Diluted															145,329						144,938
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)

			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 2021
REVENUE
Engineered Products			$	487,647																							$	428,127		$	442,091					$	447,798					$	462,811		$	1,780,827
Clean Energy & Fueling			458,395																								389,678			437,042						410,561						410,872			1,648,153
Imaging & Identification			272,255																								284,328			294,076						292,535						292,428			1,163,367
Pumps & Process Solutions			435,195																								394,377			428,701						438,240						447,316			1,708,634
Climate & Sustainability Technologies			399,078																								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 & Identification			51,529																								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 / other			37,361																								38,620			40,762						33,498						47,947			160,827
Interest expense			26,552																								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 taxes			275,703																								289,250			323,344						327,519						460,713			1,400,826
Provision for income taxes			49,550																								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 & Identification			18.9%																								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 margin			16.5%																								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 & Identification			9,189																								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
Corporate			2,173																								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.

IS - 1

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

Earnings Per Share
			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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:
Basic			144,087																								143,765			143,941						143,976						144,005			143,923
Diluted			145,329																								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

			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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.

IS - 3

DOVER CORPORATION

QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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 - Segment			66,315																								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 costs			190																								58			1,657						1,584						548			3,847
Adjusted EBIT - Segment			41,632																								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 costs			1,377																								682			178						1,291						4,326			6,477
Adjusted EBIT - Segment			52,906																								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) costs			686																								(2,006)			899						487						184			(436)
Adjusted EBIT - Segment			140,026																								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 - Segment			48,751																								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 Products																					14.6		%
Clean Energy & Fueling																					0.2		%
Imaging & Identification																					(1.1)		%
Pumps & Process Solutions																					12.6		%
Climate & Sustainability Technologies																					17.4		%
Total Organic																					9.3		%
Acquisitions																					4.4		%
Dispositions																					(1.6)		%
Currency translation																					(2.2)		%
Total*																					9.9		%

* Totals may be impacted by rounding.

																					2022
																					Q1
Organic
United States																					9.0		%
Other Americas																					11.0		%
Europe																					5.8		%
Asia																					18.9		%
Other																					9.4		%
Total Organic																					9.3		%
Acquisitions																					4.4		%
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, net						0.91
Rightsizing and other costs, net						0.15
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

			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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)

			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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 revenue			1.2 %																								9.5 %			12.8 %						17.4 %						16.5 %			14.1 %
Cash flow from operating activities as a percentage of adjusted net earnings			8.6 %																								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)

			2022						2021
			Q1																								Q1			Q2						Q3						Q4			FY 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 & Identification			307,104																								293,614			299,608						293,782						303,400			1,190,404
Pumps & Process Solutions			459,790																								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 & Identification			243,411																								198,556			206,125						204,766						212,098
Pumps & Process Solutions			704,935																								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 Products																					3.4		%
Clean Energy & Fueling																					(2.7)		%
Imaging & Identification																					7.7		%
Pumps & Process Solutions																					(14.0)		%
Climate & Sustainability Technologies																					(9.4)		%
Total Organic																					(4.3)		%
Acquisitions																					4.4		%
Dispositions																					(1.4)		%
Currency translation																					(2.1)		%
Total*																					(3.4)		%

* Totals may be impacted by rounding.

IS - 7

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.

IS - 8

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.

IS - 9