2018 Q3 Earnings Call. November 5, 2018

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1 208 Q3 Earnings Call November 5, 208

2 Forward-Looking Statements Certain statements in this presentation constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 995. Statements contained in this presentation that are not historical facts are forward-looking statements and include, for example, the Company s expectations regarding future results, the Company s full-year financial outlook, descriptions of our operating and strategic plans and any assumptions on which those expectations, outlook or plans are based. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this presentation are based on our current beliefs and expectations and speak only as of the date hereof. These statements are not guarantees or indicative of future performance. Important assumptions, risks, uncertainties and factors that could cause actual results to differ materially from those forward-looking statements are described in more detail under the caption "Risk Factors" in our most recent Annual Report on Form 0-K, Quarterly Report on Form 0-Q and in our other filings with the Securities and Exchange Commission. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forwardlooking statements after the date of this presentation to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Non-GAAP Financial Measures The Company uses certain non-gaap financial measures in this presentation. These non-gaap financial measures should not be considered as an alternative to our financial information presented in accordance with U.S. GAAP as they have important limitations as analytical tools. Reconciliations of these non-gaap financials measures to the most comparable GAAP measures can be found in our press release for the third quarter of 208, which is available at together with this presentation. 2

3 208 Third Quarter Results Delivers sales, Adjusted Operating EBITDA and Adjusted EPS growth over prior year US$ in millions (except per share data) 208 Q3 207 Q3 Δ - Organic Net Sales $394.7 $ % - Impact from acquisition 2 $ % - FX translation impact 2 ($2.5) --- (0.7%) Net sales $42.9 $ % Adjusted Operating EBITDA Adjusted Operating EBITDA margin $ % $ % +5.9% (50 bps) - Organic business contribution - Crem acquisition contribution (20 bps) (30 bps) Amortization expense $9.9 $7.9 Interest expense $23.3 $2.7 Effective tax rate,3 32.2% 3.8% Adjusted Net Earnings $35.2 $ % Adjusted Diluted EPS $0.25 $ % See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures and revisions to 207 results. 2 Reflects percentage impact of adjusting items between net sales and Organic Net Sales effective tax rate includes a $2.6M charge from the Tax Cuts and Jobs Act, which is excluded from Adjusted Net Earnings and Adjusted Diluted EPS. 3

4 3 Consecutive Quarters of YOY Adjusted Operating EBITDA Growth Adjusted Operating EBITDA (in $ millions) $300 $250 $200 $50 $00 $50 $55.3 $53.0 $50. $29.4 $75.5 $66.9 $63.8 $62.5 $86.7 $8.9 $75. $76.3 $69.8 $68.5 $69.3 $62.6 $47.7 $229.7 $276.9 $260.0 $0 Q Q2 Q3 Q4 FY/YTD See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures. 2 Amounts presented for the years 204, 205 and 206 and the respective quarters within those years do not include the impact of adoption of accounting guidance in Accounting Standards Update ( ASU ) related to the presentation of net periodic pension and postretirement benefit costs. The impact of this ASU results in the reclassification of certain costs from Selling, general and administrative expenses to Other expense net in the consolidated statement of operations. 4

5 208 Q3 Segment Organic Net Sales (US$ in millions) Americas (Q3: +5.4%, YTD: +6.0%) EMEA (Q3: +.0%, YTD: +.%) $290.0 $286.5 $70.0 $280.0 $65.0 $62.6 $63.2 $270.0 $27.7 $60.0 $55.0 $ Q3 208 Q3 Cold-side Hot-side KitchenCare $ Q3 208 Q3 Cold-side Hot-side KitchenCare APAC (Q3: -2.4%, YTD: +.2%) $55.0 $50.0 $45.0 $46. $45.0 $40.0 $ Q3 208 Q3 Cold-side Hot-side KitchenCare Fabristeel See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures. 5

6 The Levers that will Bridge the Gap to our Margin Ambition The 000 BPS Challenge of gap closure is a multi-year journey. Right-Sizing 80/20 PLS & CLS Product Costs & Platforms Purchasing & Supply Chain Lean Mfg. New Products and Systems EBITDA Margin Ambition Mid-to-high twenties still to go Guidance Range 208 Plant Rationalization Headcount Reductions KitchenCare Improvements Simplification Achieved 207 Achieved EBITDA Margins Mid-teens Runway Remaining : Stage of Initiative Progress = Later Stage = Mid Stage = Early Stage See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures. 6

7 208 Q3 Adjusted Operating EBITDA Margin 29.0% 27.0% Total: -50 bps Organic businesses: -20 bps % % 2.0% 2.5% % % % % Q3 Adjusted Operating EBITDA Simplification and Right- Sizing Net Pricing Other FX Impact Acquisition Impact Compensation Volume/Mix Material Cost Inflation 208 Q3 Adjusted Operating EBITDA See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures. 7

8 208 Q3 Free Cash Flow and Capital Structure US$ in millions Free Cash Flow Cash $70 $60 $60.7 $0 $05 $03.9 $50 $ % $38.6 $00 $95 -$0.5 $93.4 $30 $90 $ Q3 208 Q3 $ Q2 208 Q3 Debt $,500 $,482.3 $,450 $,434. $,400 -$48.2 $,350 $,300 $, Q2 208 Q3 See Welbilt s 208 Q3 earnings release for the reconciliations from GAAP to non-gaap measures. 8

9 208 Full-Year Guidance Details Organic Net Sales growth Now between 3% and 5% - General market in Americas remains stable for balance of year - Large chain sales remain positive Now between 8.% and 9.% Adjusted Operating EBITDA margin - Continued mix headwinds - Section 30 tariffs Now between $0.73 and $0.8 per share Adjusted Diluted EPS - Effective tax rate of 26% to 28%, excluding Q3 TCJA charge of $2.6M - Assumes 4.4 million fully diluted shares outstanding - Includes $0.02 from Crem acquisition (excludes restructuring, gains or losses from impairment or disposal of assets, acquisition transaction/integration costs, debt extinguishment expenses, foreign currency transaction gains and losses, and discrete tax adjustments related to the 207 Tax Cuts and Jobs Act) 9

10 Q&A 0

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