Exhibit 99.1

doverlogoa.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 2023 RESULTS


DOWNERS GROVE, Ill., April 26, 2023 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2023. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended March 31,
($ in millions, except per share data)20232022% Change
U.S. GAAP
Revenue$2,079 $2,052 1 %
Net earnings
229 226 1 %
Diluted EPS
1.63 1.56 4 %
Non-GAAP
Organic revenue change3 %
Adjusted net earnings 1
273 275 (1)%
Adjusted diluted EPS1.94 1.90 2 %

1 Q1 2023 and 2022 adjusted net earnings exclude after tax purchase accounting expenses and restructuring and other costs.

For the quarter ended March 31, 2023, Dover generated revenue of $2.1 billion, an increase of 1% (+3% organic). GAAP net earnings of $229 million increased 1%, and GAAP diluted EPS of $1.63 was up 4%. On an adjusted basis, net earnings of $273 million decreased 1% and adjusted diluted EPS of $1.94 was up 2%.

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, "Dover delivered solid results in the first quarter, as strong execution more than offset inflationary and foreign currency translation headwinds. Revenue grew across the majority of our portfolio, enabled by the recovery in global supply chains and solid demand across many of our end markets. New order intake in the quarter was healthy and encouraging for the rest of the year.

“Margin performance was as expected with four out of five segments improving year-over-year margins meaningfully on volume leverage, cost actions, and disciplined pricing. Margins in the Pumps and Process Solutions segment were lower due to the mix effect of lower biopharma volumes, though sequential order rates in the quarter inflected positively leading us to expect the biopharma business will improve sequentially from here and return to growth in the second half.

“Our prior investments in automation, productivity projects, and cost actions are delivering the benefits necessary to offset inflationary input costs. We are in the process of completing several capacity expansions in our secular growth businesses that we highlighted at our recent investor day putting us in position to win share in these attractive markets. The recent acquisition of Witte





in our plastics and polymers business is performing ahead of expectations. Our strong financial position allows us to pursue our healthy pipeline of attractive bolt-on acquisitions and to opportunistically return capital to our shareholders.

“We are encouraged by the trends and performance so far in 2023, and have a constructive but also watchful outlook for the remainder of 2023. Overall demand conditions in our attractive industrial markets remain solid, and our bookings are healthy. Our elevated backlog levels, especially in some of our longer-cycle businesses, provide good visibility to our full year forecast. We are on track to deliver our full year cash flow target as we liquidate inventory in concert with a normalization of our backlog. We are mindful of the mixed macroeconomic backdrop and are diligently monitoring our customers’ plans, with available cost control levers and operational flexibility positioning us to deliver results in various macroeconomic environments. We maintain our full year adjusted EPS guidance.”

FULL YEAR 2023 GUIDANCE:

In 2023, Dover expects to generate GAAP EPS in the range of $7.81 to $8.01 (adjusted EPS of $8.85 to $9.05), based on full year revenue growth of 3% to 5% (all-in and organic).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its first quarter results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Wednesday, April 26, 2023. 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 over $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, general economic conditions and conditions in the particular markets in which we operate, supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics, the impact of interest rate and currency exchange rate fluctuations, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, 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, 2022, 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 2023

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data*)

Three Months Ended March 31,
20232022
Revenue$2,079,023 $2,051,901 
Cost of goods and services1,332,004 1,308,707 
Gross profit747,019 743,194 
Selling, general and administrative expenses432,414 443,843 
Operating earnings314,605 299,351 
Interest expense34,214 26,552 
Interest income(2,091)(775)
Other income, net(3,808)(2,129)
Earnings before provision for income taxes286,290 275,703 
Provision for income taxes57,716 49,550 
Net earnings$228,574 $226,153 
Net earnings per share:
Basic$1.64 $1.57 
Diluted$1.63 $1.56 
Weighted average shares outstanding:
Basic139,757144,087
Diluted140,616145,329
Dividends paid per common share$0.505 $0.500 
* Per share data may be impacted by rounding.
IS - 1

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
20232022
Q1Q1Q2Q3Q4FY 2022
REVENUE
Engineered Products$497,549 $487,647 $514,436 $516,501 $525,048 $2,043,632 
Clean Energy & Fueling430,729 458,395 494,075 464,022 462,015 1,878,507 
Imaging & Identification283,091 272,255 275,951 282,371 293,238 1,123,815 
Pumps & Process Solutions413,881 435,195 441,127 433,558 418,355 1,728,235 
Climate & Sustainability Technologies455,325 399,078 434,164 462,671 441,811 1,737,724 
Intersegment eliminations(1,552)(669)(1,038)(832)(1,286)(3,825)
Total consolidated revenue$2,079,023 $2,051,901 $2,158,715 $2,158,291 $2,139,181 $8,508,088 
NET EARNINGS
Segment Earnings:
Engineered Products$84,275 $71,130 $81,671 $90,145 $103,573 $346,519 
Clean Energy & Fueling
73,605 72,962 99,034 90,208 90,789 352,993 
Imaging & Identification68,315 58,598 61,392 74,477 73,617 268,084 
Pumps & Process Solutions 115,244 146,617 138,048 128,573 119,780 533,018 
Climate & Sustainability Technologies
73,778 53,609 64,181 75,190 61,504 254,484 
Total segment earnings415,217 402,916 444,326 458,593 449,263 1,755,098 
Purchase accounting expenses 1
42,679 53,286 47,019 40,526 40,272 181,103 
Restructuring and other costs 2
14,053 10,552 7,944 8,613 11,881 38,990 
Loss on dispositions 3
— 194 — — — 194 
Corporate expense / other 4,5
40,072 37,404 27,967 27,876 42,033 135,280 
Interest expense34,214 26,552 26,989 29,789 33,126 116,456 
Interest income(2,091)(775)(949)(1,244)(1,462)(4,430)
Earnings before provision for income taxes286,290 275,703 335,356 353,033 323,413 1,287,505 
Provision for income taxes57,716 49,550 45,738 67,007 59,834 222,129 
Net earnings$228,574 $226,153 $289,618 $286,026 $263,579 $1,065,376 
SEGMENT EARNINGS MARGIN
Engineered Products16.9 %14.6 %15.9 %17.5 %19.7 %17.0 %
Clean Energy & Fueling
17.1 %15.9 %20.0 %19.4 %19.7 %18.8 %
Imaging & Identification24.1 %21.5 %22.2 %26.4 %25.1 %23.9 %
Pumps & Process Solutions 27.8 %33.7 %31.3 %29.7 %28.6 %30.8 %
Climate & Sustainability Technologies
16.2 %13.4 %14.8 %16.3 %13.9 %14.6 %
Total segment earnings margin20.0 %19.6 %20.6 %21.2 %21.0 %20.6 %
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Loss on dispositions includes working capital adjustments related to dispositions.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
5 Q4 and FY 2022 include a $6.3 million settlement charge related to our U.S. qualified defined benefit plan.

IS - 2

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
20232022
Q1Q1Q2Q3Q4FY 2022
Net earnings per share:
Basic$1.64 $1.57 $2.01 $2.01 $1.88 $7.47 
Diluted$1.63 $1.56 $2.00 $2.00 $1.87 $7.42 
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings$228,574 $226,153 $289,618 $286,026 $263,579 $1,065,376 
Weighted average shares outstanding:
Basic139,757 144,087 143,832 142,506 140,343 142,681 
Diluted140,616 145,329 144,669 143,257 141,168 143,595 
* Per share data may be impacted by rounding.




















































IS - 3


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

Non-GAAP Reconciliations
20232022
Q1Q1Q2Q3Q4FY 2022
Adjusted net earnings:
Net earnings$228,574 $226,153 $289,618 $286,026 $263,579 $1,065,376 
Purchase accounting expenses, pre-tax 1
42,679 53,286 47,019 40,526 40,272 181,103 
Purchase accounting expenses, tax impact 2
(9,599)(12,538)(11,013)(9,494)(8,689)(41,734)
Restructuring and other costs, pre-tax 3
14,053 10,552 7,944 8,613 11,881 38,990 
Restructuring and other costs, tax impact 2
(2,990)(2,191)(1,803)(1,921)(2,311)(8,226)
Loss on dispositions, pre-tax 4
— 194 — — — 194 
Loss on dispositions, tax-impact 2
— (27)— — (27)
Tax Cuts and Jobs Act 5
— — (22,579)— — (22,579)
Adjusted net earnings
$272,717 $275,429 $309,186 $323,750 $304,732 $1,213,097 
Adjusted diluted net earnings per share:
Diluted net earnings per share$1.63 $1.56 $2.00 $2.00 $1.87 $7.42 
Purchase accounting expenses, pre-tax 1
0.30 0.37 0.33 0.28 0.29 1.27 
Purchase accounting expenses, tax impact 2
(0.07)(0.09)(0.08)(0.07)(0.06)(0.30)
Restructuring and other costs, pre-tax 3
0.10 0.07 0.05 0.06 0.08 0.26 
Restructuring and other costs, tax impact 2
(0.02)(0.02)(0.01)(0.01)(0.02)(0.06)
Loss on dispositions, pre-tax 4
— — — — — — 
Loss on dispositions, tax-impact 2
— — — — — — 
Tax Cuts and Jobs Act 5
— — (0.16)— — (0.16)
Adjusted diluted net earnings per share
$1.94 $1.90 $2.14 $2.26 $2.16 $8.45 
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. Q1, Q2, and FY 2022 include $12,487, $7,158, and $19,869 of amortization of inventory step-up, respectively, 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 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 and FY 2022 include $5,457 of non-cash foreign currency translation losses reclassified to earnings included within restructuring and other costs and $2,117 related to write-off of assets due to an exit from certain Latin America countries for our Climate & Sustainability Technologies segment.
4 Q1 2022 and FY 2022 represents working capital adjustments related to the disposition of Unified Brands and the Race Winning Brands equity method investment in Q4 2021.
5 Q2 and FY 2022 represent a reduction to income taxes previously recorded related to the Tax Cuts and Jobs Act.
* Per share data and totals may be impacted by rounding.
IS - 4

DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20232022
Q1Q1Q2Q3Q4FY 2022
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$84,275 $71,130 $81,671 $90,145 $103,573 $346,519 
Other depreciation and amortization 1
7,070 7,274 6,799 6,819 6,853 27,745 
Adjusted segment EBITDA 2
91,345 78,404 88,470 96,964 110,426 374,264 
Adjusted segment EBITDA margin 2
18.4 %16.1 %17.2 %18.8 %21.0 %18.3 %
Clean Energy & Fueling:
Segment earnings$73,605 $72,962 $99,034 $90,208 $90,789 $352,993 
Other depreciation and amortization 1
7,046 8,466 6,533 6,893 6,923 28,815 
Adjusted segment EBITDA 2
80,651 81,428 105,567 97,101 97,712 381,808 
Adjusted segment EBITDA margin 2
18.7 %17.8 %21.4 %20.9 %21.1 %20.3 %
Imaging & Identification:
Segment earnings$68,315 $58,598 $61,392 $74,477 $73,617 $268,084 
Other depreciation and amortization 1
3,394 3,497 3,496 3,372 3,820 14,185 
Adjusted segment EBITDA 2
71,709 62,095 64,888 77,849 77,437 282,269 
Adjusted segment EBITDA margin 2
25.3 %22.8 %23.5 %27.6 %26.4 %25.1 %
Pumps & Process Solutions:
Segment earnings$115,244 $146,617 $138,048 $128,573 $119,780 $533,018 
Other depreciation and amortization 1
10,939 9,922 9,787 10,137 10,993 40,839 
Adjusted segment EBITDA 2
126,183 156,539 147,835 138,710 130,773 573,857 
Adjusted segment EBITDA margin 2
30.5 %36.0 %33.5 %32.0 %31.3 %33.2 %
Climate & Sustainability Technologies:
Segment earnings$73,778 $53,609 $64,181 $75,190 $61,504 $254,484 
Other depreciation and amortization 1
6,624 6,495 6,443 6,736 6,530 26,204 
Adjusted segment EBITDA 2
80,402 60,104 70,624 81,926 68,034 280,688 
Adjusted segment EBITDA margin 2
17.7 %15.1 %16.3 %17.7 %15.4 %16.2 %
Total Segments:
Total segment earnings 2, 3
$415,217 $402,916 $444,326 $458,593 $449,263 $1,755,098 
Other depreciation and amortization 1
35,073 35,654 33,058 33,957 35,119 137,788 
Total Adjusted segment EBITDA 2
450,290 438,570 477,384 492,550 484,382 1,892,886 
Total Adjusted segment EBITDA margin 2
21.7 %21.4 %22.1 %22.8 %22.6 %22.2 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to net earnings.
IS - 5

DOVER CORPORATION
QUARTERLY NET EARNINGS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20232022
Q1Q1Q2Q3Q4FY 2022
Net earnings$228,574 $226,153 $289,618 $286,026 $263,579 $1,065,376 
Provision for income taxes57,716 49,550 45,738 67,007 59,834 222,129 
Earnings before provision for income taxes286,290 275,703 335,356 353,033 323,413 1,287,505 
Interest income(2,091)(775)(949)(1,244)(1,462)(4,430)
Interest expense34,214 26,552 26,989 29,789 33,126 116,456 
Corporate expense / other 1,7
40,072 37,404 27,967 27,876 42,033 135,280 
Loss on dispositions 2
— 194 — — — 194 
Restructuring and other costs 3
14,053 10,552 7,944 8,613 11,881 38,990 
Purchase accounting expenses 4
42,679 53,286 47,019 40,526 40,272 181,103 
Total segment earnings 6
415,217 402,916 444,326 458,593 449,263 1,755,098 
Add: Other depreciation and amortization 5
35,073 35,654 33,058 33,957 35,119 137,788 
Total adjusted segment EBITDA 6
$450,290 $438,570 $477,384 $492,550 $484,382 $1,892,886 
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 Loss on dispositions includes working capital adjustments related to dispositions.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, exit costs, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
5 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
6 Refer to Non-GAAP Disclosures section for definition.
7 Q4 and FY 2022 include a $6.3 million settlement charge related to our U.S. qualified defined benefit plan.
IS - 6

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
2023
Q1
Organic
Engineered Products3.4 %
Clean Energy & Fueling
(2.6)%
Imaging & Identification8.2 %
Pumps & Process Solutions(7.1)%
Climate & Sustainability Technologies
16.2 %
Total Organic2.9 %
Acquisitions0.9 %
Currency translation(2.5)%
Total*1.3 %
* Totals may be impacted by rounding.
2023
Q1
Organic
United States2.6 %
Other Americas16.8 %
Europe(0.3)%
Asia (3.9)%
Other20.8 %
Total Organic2.9 %
Acquisitions0.9 %
Currency translation(2.5)%
Total*1.3 %
* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation
Range
2023 Guidance for Earnings per Share (GAAP)$7.81 $8.01 
Purchase accounting expenses, net0.90
Restructuring and other costs, net0.14
2023 Guidance for Adjusted Earnings per Share (Non-GAAP)$8.85 $9.05 
* Per share data and totals may be impacted by rounding.











IS - 7

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

Quarterly Cash Flow
20232022
Q1Q1Q2Q3Q4FY 2022
Net Cash Flows Provided By (Used In):
Operating activities$241,284 $23,683 $178,773 $264,625 $338,643 $805,724 
Investing activities(43,556)(46,963)(68,890)(286,208)(138,863)(540,924)
Financing activities(306,565)(75,204)120,469 (178,844)(126,686)(260,265)

Quarterly Free Cash Flow (Non-GAAP)
20232022
Q1Q1Q2Q3Q4FY 2022
Cash flow from operating activities$241,284 $23,683 $178,773 $264,625 $338,643 $805,724 
Less: Capital expenditures(48,375)(50,381)(50,196)(65,462)(54,923)(220,962)
Free cash flow$192,909 $(26,698)$128,577 $199,163 $283,720 $584,762 
Cash flow from operating activities as a percentage of revenue11.6 %1.2 %8.3 %12.3 %15.8 %9.5 %
Cash flow from operating activities as a percentage of adjusted net earnings88.5 %8.6 %57.8 %81.7 %111.1 %66.4 %
Free cash flow as a percentage of revenue9.3 %(1.3) %6.0 %9.2 %13.3 %6.9 %
Free cash flow as a percentage of adjusted net earnings70.7 %(9.7) %41.6 %61.5 %93.1 %48.2 %

IS - 8

DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
20232022
Q1Q1Q2Q3Q4FY 2022
BOOKINGS
Engineered Products$536,472 $541,035 $452,668 $512,374 $498,249 $2,004,326 
Clean Energy & Fueling
454,526 501,491 487,861 432,259 399,414 1,821,025 
Imaging & Identification290,712 307,104 292,136 281,789 273,170 1,154,199 
Pumps & Process Solutions464,297 459,790 471,693 415,253 362,468 1,709,204 
Climate & Sustainability Technologies
300,014 444,852 403,574 422,820 388,527 1,659,773 
Intersegment eliminations(1,530)(2,295)(1,207)(423)(1,391)(5,316)
Total consolidated bookings$2,044,491 $2,251,977 $2,106,725 $2,064,072 $1,920,437 $8,343,211 
ADJUSTED BOOKINGS
Engineered Products$536,472 $541,035 $452,668 $512,374 $498,249 $2,004,326 
Clean Energy & Fueling
454,526 501,491 487,861 432,259 399,414 1,821,025 
Imaging & Identification290,712 307,104 292,136 281,789 273,170 1,154,199 
Pumps & Process Solutions464,297 459,790 471,693 415,253 362,468 1,709,204 
Climate & Sustainability Technologies1
390,814 444,852 477,674 422,820 388,527 1,733,873 
Intersegment eliminations(1,530)(2,295)(1,207)(423)(1,391)(5,316)
Total consolidated adjusted bookings$2,135,291 $2,251,977 $2,180,825 $2,064,072 $1,920,437 $8,417,311 
1 Q1 2023 excludes a reversal of ~$90M of previously-booked orders from one customer in food retail. Q2 2022 and FY 2022 excludes a reversal of ~$74M of previously-booked orders from one customer in beverage can-making.
BACKLOG
Engineered Products$755,442 $830,135 $759,589 $742,766 $720,114 
Clean Energy & Fueling
337,116 426,342 411,350 368,050 312,142 
Imaging & Identification236,215 243,411 255,255 241,896 232,812 
Pumps & Process Solutions742,890 704,935 715,646 679,955 686,512 
Climate & Sustainability Technologies
899,379 1,218,155 1,186,180 1,139,737 1,068,644 
Intersegment eliminations(1,083)(1,756)(1,839)(1,439)(1,893)
Total consolidated backlog$2,969,959 $3,421,222 $3,326,181 $3,170,965 $3,018,331 


2023
Q1Q1 Adjusted
BOOKINGS AND ADJUSTED BOOKINGS GROWTH FACTORS
Organic
Engineered Products0.9 %0.9 %
Clean Energy & Fueling
(6.1)%(6.1)%
Imaging & Identification(1.8)%(1.8)%
Pumps & Process Solutions(1.2)%(1.2)%
Climate & Sustainability Technologies
(30.6)%(10.3)%
Total Organic(7.6)%(3.7)%
Acquisitions1.0 %1.0 %
Currency translation(2.6)%(2.6)%
Total*(9.2)%(5.3)%
* Totals may be impacted by rounding.



IS - 9

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, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, 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 purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. We exclude after-tax purchase accounting expenses 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 purchase accounting expenses 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 represent diluted EPS adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act and gain/loss on dispositions.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.

Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by 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 liquidity because they provide 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 the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K 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.

IS - 10

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.

Adjusted bookings represent bookings, excluding reversal of $90 million of previously booked orders from one customer in the first quarter of 2023 and $74 million of previously booked orders from one customer in the second quarter of 2022 within the Climate & Sustainability Technologies segment. This metric is useful for comparability with historical bookings.

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 acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

Adjusted organic bookings represent organic bookings, excluding a reversal of $90 million of previously booked orders from one customer within the Climate & Sustainability Technologies segment. This metric is useful for comparability with historical organic bookings.

Backlog represents an estimate of the total remaining bookings at a point in time for which performance obligations have not yet been 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 - 11