免费吃瓜

NEWS RELEASE

免费吃瓜 Delivers 5% Organic Revenue Growth, 100 Points of Segment Margin Expansion and Double-Digit Earnings Growth In First Quarter 2019

- Earnings Per Share of $0.46 and Adjusted Earnings Per Share* of $0.44, up 22% Year-Over-Year

- Net Income of $20 Million and EBITDA* of $55 Million, Each up 25% Year-Over-Year

- Seventh Consecutive Quarter of Year-Over-Year Adjusted EBITDA* Margin Expansion

- Q1 Orders of $459 Million Reflect Slow Start to Year; Anticipating Sequential Order Improvement

- Reaffirmed 2019 Adjusted Guidance

CHARLOTTE, N.C., May听2, 2019 // --听免费吃瓜, Inc. (NYSE: FLOW) a leading provider of process solutions and flow control technologies, today reported results for the quarter ended March听30, 2019 and reaffirmed its previously announced 2019 full year adjusted guidance.

"Over the past few years we have made great progress on our journey to transform 免费吃瓜 into a high performing operating enterprise and I'm proud of our teams across the enterprise for their efforts on this front.听 Our global team is committed to establishing a winning culture and aligned to the key initiatives we are emphasizing to drive a higher quality of revenue and a world class customer experience.听 Our first quarter results exceeded our guidance on strong operating performance and reflect continued progress on our journey as we delivered 25% growth in EBITDA, 70 points of operating margin expansion and 5% organic revenue growth," said听Marc Michael, President and CEO.

"On the order front, we experienced a slow start to the year, particularly for orders tied to customer capital spending decisions.听 Encouragingly, we saw a pick-up in orders across the majority of our business during March and quoting activity is healthy to start the second quarter.听 Importantly, we continue to execute our product line strategy to drive a higher quality of revenue, expand gross margins and remain disciplined and selective on large orders.听 As a result, the quality of our backlog continues to improve.听 The underlying composition of our Q1 2019 orders reflects this dynamic as 50% of total orders were in our aggressive growth product lines, in-line with our expectations.听 Sequentially, orders in our aggressive growth category grew 3% with good momentum exiting the quarter," said Michael.听

Michael concluded, "For the full year, we reaffirmed our guidance for听adjusted EPS in the range of听$2.40听to听$2.75, adjusted听EBITDA between听$245听and听$265 million听and free cash flow between听$105听and听$125 million.听 I am pleased with our operational performance in the first quarter and I would like to thank all of our employees around the globe who contributed to the positive results.听 We remain committed to delivering an enhanced customer experience, improved financial performance and an increased shareholder value."

First Quarter 2019 Consolidated Results

听

$ millions; except per share data

Q1 2019

听

Q1 2018

听

Variance

听

Organic Variance

Backlog

917.4

听

1,050.8

听

(12.7)

听

(6.7)

Orders

459.4

听

509.0

听

(9.7)

听

(5.5)

Revenues⁽¹⁾

491.1

听

490.3

听

0.2

听

4.6

Operating income

36.8

听

33.2

听

10.8

听

Margin %

7.5

听

6.8

听

70bps

听

Net income

19.5

听

15.5

听

25.8

听

EPS

0.46

听

0.36

听

27.8

听

EBITDA*

54.7

听

43.9

听

24.6

听

Operating Cash Flow

21.8

听

15.6

听

Free Cash Flow*

14.9

听

10.4

听

Note: The commentary below is compared to the prior year period.

Backlog decreased (6.7)% organically, with the decrease primarily due to a reduction in dry dairy systems projects in the Food and Beverage segment, consistent with the company's focus to reduce its exposure to large projects in that market. To a lesser extent, backlog declined organically in the Power and Energy segment due to timing of OE orders for pumps. Partially offsetting these declines was an organic increase in Industrial backlog.
Orders declined (5.5)% organically, primarily due to a reduction in OE and aftermarket orders for valves and pumps in the Power and Energy segment and, to a lesser extent, a reduction in components, aftermarket and systems orders in the Food and Beverage segment. Partially offsetting these declines was an organic increase in orders in the Industrial segment for mixers, heat exchangers and hydraulic tools.
Revenues grew 4.6% organically, primarily driven by an increase in systems and component revenue in the Food and Beverage segment and, to a slightly lesser extent, increased shipments of mixers, dehydration equipment and hydraulic tools in the Industrial segment. Aftermarket revenues grew modestly on a consolidated basis.
Operating income was听$36.8 million, or 7.5% of revenues, an increase of听$3.6 million, or 70 points. The increase in income and margin was primarily driven by the organic revenue growth described above. Additionally, the company recorded听$5.0 million听of restructuring charges, as compared to听$2.6 million听in the prior-year period.
Other income (expense) was听$4.7 million听as compared to听$(4.6) million听in the prior year period driven by a gain recorded for the mark-to-market adjustment of an equity security and a decrease in foreign currency losses.
Diluted earnings per share were听$0.46, up 28% from the prior year and included:
- A net charge of听($0.07)听per share related to strategic restructuring actions within the Food and Beverage segment.
- A charge of听($0.01)听per share related to professional fees associated with the strategic portfolio action to divest its Power and Energy business.
- A benefit of听$0.10听per share related to a mark-to-market adjustment of an equity investment.
Excluding the items mentioned above, adjusted earnings per share* were听$0.44听per share.
EBITDA* increased by听$10.8 million, or 24.6%, to听$54.7 million听primarily driven by the increases in other income and operating income noted above.
Free cash flow* generation was听$14.9 million听and included听$6.9 million听of capital expenditures and听$0.4 million听of restructuring payments.

听

First Quarter 2019 Results by Segment
Food and Beverage
听
$ millions	Q1 2019			听	Q1 2018			听	Variance		听	Organic Variance
Backlog	$	290.0	听	听	$	390.6	听	听	(25.8)	%	听	(18.5)	%
Orders	153.1		听	听	171.2		听	听	(10.6)	%	听	(5.9)	%
Revenues⁽¹⁾	172.5		听	听	166.5		听	听	3.6	%	听	8.5	%
Income	18.5		听	听	17.9		听	听	3.4	%	听	听
As a percent of revenues	10.7		%	听	10.8		%	听	-10bps		听	听

Note: The commentary below is compared to the prior year period.

Backlog decreased (18.5)% organically, driven primarily by a decrease in orders for dry dairy systems projects, consistent with the company's strategy to limit its exposure to large projects in that market and, to a lesser extent, a reduction of component backlog.
Orders declined (5.9)% organically, primarily due to a reduction of component orders in the North American market and, to a lesser extent, a reduction of aftermarket and systems orders.
Revenues grew 8.5% organically, primarily driven by execution of a few larger dry dairy systems projects that were booked in 2017 and, to a lesser extent, growth in component revenue.
The increase in segment income and modest decline in margin was primarily driven by the mix of the revenue growth noted above.

听

Power and Energy
听
$ millions	Q1 2019			听	Q1 2018			听	Variance		听	Organic Variance
Backlog	$	395.0	听	听	$	428.4	听	听	(7.8)	%	听	(2.7)	%
Orders	116.7		听	听	144.4		听	听	(19.2)	%	听	(15.6)	%
Revenues⁽¹⁾	136.3		听	听	144.7		听	听	(5.8)	%	听	(2.1)	%
Income	9.8		听	听	12.2		听	听	(19.7)	%	听	听
As a percent of revenues	7.2		%	听	8.4		%	听	-120bps		听	听

Note: The commentary below is compared to the prior year period.

Backlog decreased (2.7)% organically, due primarily to a reduction of backlog for pumps, and partially offset by an increased backlog for pipeline valves.
Orders decreased (15.6)% organically, due primarily to the timing of OE pump and valve orders and, to a lesser extent, a reduction of aftermarket orders.
Revenues decreased (2.1)% organically, due primarily to a reduction of OE shipments and, to a lesser extent, a reduced amount of aftermarket revenue.
The decrease in segment income and margin was due primarily to the reduction of revenue mentioned above.

听

Industrial
听
$ millions	Q1 2019			听	Q1 2018			听	Variance		听	Organic Variance
Backlog	$	232.4	听	听	$	231.8	听	听	0.3	%	听	5.7	%
Orders	189.6		听	听	193.4		听	听	(2.0)	%	听	2.4	%
Revenues⁽¹⁾	182.3		听	听	179.1		听	听	1.8	%	听	6.4	%
Income	27.1		听	听	20.5		听	听	32.2	%	听	听
As a percent of revenues	14.9		%	听	11.4		%	听	350bps		听	听

Note: The commentary below is compared to the prior year period.

Backlog increased 5.7% organically, with the growth concentrated in the mixer, hydraulic tools and heat exchanger product lines. Partially offsetting this growth was a reduction in backlog for dehydration equipment.
Orders grew 2.4% organically, led by double-digit growth in the mixer and heat exchanger product lines and mid single-digit growth in hydraulic tools. Partially offsetting this growth was a decline in orders for pumps.
Revenues grew 6.4% organically, driven by increased shipments of mixers, dehydration equipment and hydraulic tools. Partially offsetting this growth was a decline in revenue for pumps.
The segment income growth and margin expansion was driven primarily by the organic growth described above, as well as, non-repeating repair costs.

OTHER ITEMS

Form 10-Q:听The company expects to file its quarterly report on Form 10-Q for the quarter ended March听30, 2019 with the Securities and Exchange Commission on May听2, 2019. This news release should be read in conjunction with that filing, which will be available on the company's website at听听,听in the Investor Relations section.

Strategic Announcement听: The company announced on听May 2, 2019听that its Board of Directors has initiated the process to divest a substantial portion of its Power and Energy segment.听 The company's Board has not set a timetable for the conclusion of this process nor has it made any decision related to any transaction at this time.听 More details can be found within a separate press release on the company's website at听听.

免费吃瓜免费吃瓜, Inc.:听Based in听Charlotte, North Carolina, 免费吃瓜, Inc.听(NYSE: FLOW) innovates with customers to help feed and enhance the world by designing, delivering and servicing high value solutions at the heart of growing and sustaining our diverse communities. The company's product offering is concentrated in rotating, actuating and hydraulic technologies, as well as automated process systems, into food and beverage, industrial and power and energy markets.听免费吃瓜听has approximately听$2 billion听in annual revenues with operations in more than 30 countries and sales in more than 150 countries. To learn more about 免费吃瓜, please visit听.

*Non-GAAP measure. See attached schedules for reconciliation from most comparable GAAP measure. Management believes these Non-GAAP metrics are commonly used financial measures for investors to evaluate our operating performance for the periods presented, and when read in conjunction with our condensed consolidated financial statements, present a useful tool to evaluate our ongoing operations and provide investors with metrics they can use to evaluate our management of the business from period to period. In addition, these are some of the factors we use in internal evaluations of the overall performance of our business.

Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these Non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these Non-GAAP measures are not necessarily comparable to similarly-titled measures used by other companies.

(1)听听听听 Organic revenue growth (decline) is calculated on a constant currency basis.

Note: Net leverage is as defined by the company's credit facility.

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended听December 31, 2018. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "expect," "anticipate," "plan," "target," "project," "believe" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.听 These statements are only predictions. Actual events or results may differ materially because of market conditions or other factors, and forward-looking statements should not be relied upon as a prediction of actual results.听 All the forward-looking statements in this press release are qualified in their entirety by reference to the factors discussed under the heading "Risk Factors" in the 2018 Form 10-K and in any other documents filed by the company with the Securities and Exchange Commission that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements. These risk factors may not be exhaustive. Further, the company operates in a continually changing business environment and cannot predict new risk factors that may arise as a result of these changes.听 In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and 免费吃瓜 disclaims any responsibility to update or revise such statements.

Investor Contact:
Stewart Honeycutt, Investor Relations Manager
704-752-4472
investor@免费吃瓜.com

Media Contact:
Barrett Brown, Communications Manager
704-752-4462
communications@免费吃瓜.com

听

免费吃瓜, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
听	听	听	听
听	Three months ended
听	March 30, 2019	听	March 31, 2018
Revenues	$ 听听听听听听听听听听听听听听491.1	听	$ 听听听听听听听听听听听听 490.3
Cost of products sold	336.6	听	334.6
Gross profit	154.5	听	155.7
Selling, general and administrative	108.9	听	115.5
Intangible amortization	3.8	听	4.4
Restructuring and other related charges	5.0	听	2.6
Operating income	36.8	听	33.2
听	听	听	听
Other income (expense), net	4.7	听	(4.6)
Interest expense, net	(10.7)	听	(12.5)
Income before income taxes	30.8	听	16.1
Income tax provision	(10.7)	听	(0.8)
Net income	20.1	听	15.3
Less: Net income (loss) attributable to noncontrolling interests	0.6	听	(0.2)
Net income attributable to 免费吃瓜, Inc.	$ 听听听听听听听听听听听听听听听19.5	听	$ 听听听听听听听听听听听听听 15.5
听	听	听	听
听	听	听	听
Basic income per share of common stock	$ 听听听听听听听听听听听听听听听0.46	听	$ 听听听听听听听听听听听听听 0.37
Diluted income per share of common stock	$ 听听听听听听听听听听听听听听听0.46	听	$ 听听听听听听听听听听听听听 0.36
听	听	听	听
Weighted average number of common shares outstanding - basic	42.452	听	41.978
Weighted average number of common shares outstanding - diluted	42.577	听	42.530

听

听免费吃瓜, INC. AND SUBSIDIARIES听
听CONDENSED CONSOLIDATED BALANCE SHEETS听
听(Unaudited; in millions)听
听	听	听	听
听	March 30, 2019	听	December 31, 2018
ASSETS	听	听	听
Current assets:	听	听	听
Cash and equivalents	$ 听听听听听听听听听听听听听202.2	听	$ 听听听听听听听听听听听 213.3
Accounts receivable, net	377.3	听	375.7
Contract assets	69.2	听	69.3
Inventories, net	314.6	听	304.8
Other current assets	39.1	听	44.3
Total current assets	1,002.4	听	1,007.4
Property, plant and equipment:	听	听	听
Land	34.4	听	34.2
Buildings and leasehold improvements	226.5	听	232.1
Machinery and equipment	471.5	听	463.3
听	732.4	听	729.6
Accumulated depreciation	(404.1)	听	(394.1)
Property, plant and equipment, net	328.3	听	335.5
Goodwill	744.1	听	744.3
Intangibles, net	311.1	听	312.3
Other assets	221.9	听	152.3
TOTAL ASSETS	$ 听听听听听听听听听听听 2,607.8	听	$ 听听听听听听听听听听2,551.8
听	听	听	听
LIABILITIES, MEZZANINE EQUITY AND EQUITY	听	听	听
Current liabilities:	听	听	听
Accounts payable	$ 听听听听听听听听听听听听听208.3	听	$ 听听听听听听听听听听听 203.7
Contract liabilities	169.5	听	174.9
Accrued expenses	202.7	听	195.3
Income taxes payable	31.7	听	28.2
Short-term debt	24.0	听	26.0
Current maturities of long-term debt	20.6	听	21.2
Total current liabilities	656.8	听	649.3
Long-term debt	711.7	听	722.1
Deferred and other income taxes	88.3	听	83.6
Other long-term liabilities	165.7	听	112.2
Total long-term liabilities	965.7	听	917.9
Mezzanine equity	21.2	听	21.5
Equity:	听	听	听
免费吃瓜, Inc. shareholders' equity:	听	听	听
Common stock	0.4	听	0.4
Paid-in capital	1,665.8	听	1,662.6
Accumulated deficit	(254.6)	听	(265.6)
Accumulated other comprehensive loss	(439.4)	听	(430.7)
Common stock in treasury	(19.0)	听	(13.9)
Total 免费吃瓜, Inc. shareholders' equity	953.2	听	952.8
Noncontrolling interests	10.9	听	10.3
Total equity	964.1	听	963.1
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	$ 听听听听听听听听听听听 2,607.8	听	$ 听听听听听听听听听听2,551.8

听

免费吃瓜, INC. AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)
听	听	听	听	听	听	听	听
听	As of and for the three months ended			听	听	听	听
听	March 30, 2019	听	March 31, 2018	听	螖	听	%/bps
Food and Beverage
听	听	听	听	听	听	听	听
Backlog	$ 听听听听听听听听听听听听听290.0	听	$ 听听听听听听听听听听听听390.6	听	$ 听听(100.6)	听	(25.8)%
Orders	$ 听听听听听听听听听听听听听153.1	听	$ 听听听听听听听听听听听听171.2	听	$ 听听听(18.1)	听	(10.6)%
听	听	听	听	听	听	听	听
Revenues	$ 听听听听听听听听听听听听听172.5	听	$ 听听听听听听听听听听听听166.5	听	$ 听听听听听6.0	听	3.6 %
Gross profit	51.6	听	54.9	听	(3.3)	听	听
as a percent of revenues	29.9 %	听	33.0 %	听	听	听	(310)bps
Selling, general and administrative expense	31.6	听	35.1	听	(3.5)	听	听
as a percent of revenues	18.3 %	听	21.1 %	听	听	听	(280)bps
Intangible amortization expense	1.5	听	1.9	听	(0.4)	听	听
Income	$ 听听听听听听听听听听听听听听18.5	听	$ 听听听听听听听听听听听听听17.9	听	$ 听听听听听0.6	听	3.4 %
as a percent of revenues	10.7 %	听	10.8 %	听	听	听	(10)bps
听	听	听	听	听	听	听	听
Power and Energy
听	听	听	听	听	听	听	听
Backlog	$ 听听听听听听听听听听听听听395.0	听	$ 听听听听听听听听听听听听428.4	听	$ 听听听(33.4)	听	(7.8)%
Orders	$ 听听听听听听听听听听听听听116.7	听	$ 听听听听听听听听听听听听144.4	听	$ 听听听(27.7)	听	(19.2)%
听	听	听	听	听	听	听	听
Revenues	$ 听听听听听听听听听听听听听136.3	听	$ 听听听听听听听听听听听听144.7	听	$ 听听听听(8.4)	听	(5.8)%
Gross profit	39.3	听	44.0	听	(4.7)	听	听
as a percent of revenues	28.8 %	听	30.4 %	听	听	听	(160)bps
Selling, general and administrative expense	28.4	听	30.6	听	(2.2)	听	听
as a percent of revenues	20.8 %	听	21.1 %	听	听	听	(30)bps
Intangible amortization expense	1.1	听	1.2	听	(0.1)	听	听
Income	$ 听听听听听听听听听听听听听听听9.8	听	$ 听听听听听听听听听听听听听12.2	听	$ 听听听听(2.4)	听	(19.7)%
as a percent of revenues	7.2 %	听	8.4 %	听	听	听	(120)bps
听	听	听	听	听	听	听	听
Industrial
听	听	听	听	听	听	听	听
Backlog	$ 听听听听听听听听听听听听听232.4	听	$ 听听听听听听听听听听听听231.8	听	$ 听听听听听0.6	听	0.3 %
Orders	$ 听听听听听听听听听听听听听189.6	听	$ 听听听听听听听听听听听听193.4	听	$ 听听听听(3.8)	听	(2.0)%
听	听	听	听	听	听	听	听
Revenues	$ 听听听听听听听听听听听听听182.3	听	$ 听听听听听听听听听听听听179.1	听	$ 听听听听听3.2	听	1.8 %
Gross profit	63.6	听	56.8	听	6.8	听	听
as a percent of revenues	34.9 %	听	31.7 %	听	听	听	320 bps
Selling, general and administrative expense	35.3	听	35.0	听	0.3	听	听
as a percent of revenue	19.4 %	听	19.5 %	听	听	听	(10)bps
Intangible amortization expense	1.2	听	1.3	听	(0.1)	听	听
Income	$ 听听听听听听听听听听听听听听27.1	听	$ 听听听听听听听听听听听听听20.5	听	$ 听听听听听6.6	听	32.2 %
as a percent of revenues	14.9 %	听	11.4 %	听	听	听	350 bps
听	听	听	听	听	听	听	听
Consolidated Backlog	$ 听听听听听听听听听听听听917.4	听	$ 听听听听听听听听听 1,050.8	听	$ 听(133.4)	听	(12.7)%
Consolidated Orders	459.4	听	509.0	听	(49.6)	听	(9.7)%
Consolidated Revenues	491.1	听	490.3	听	$ 听听听听 0.8	听	0.2 %
Consolidated Segment Income	55.4	听	50.6	听	4.8	听	9.5 %
as a percent of revenues	11.3 %	听	10.3 %	听	听	听	100 bps
听	听	听	听	听	听	听	听
Total income for reportable segments	$ 听听听听听听听听听听听听听听55.4	听	$ 听听听听听听听听听听听听听50.6	听	$ 听听听听听4.8	听	听
Corporate expense	13.3	听	14.4	听	(1.1)	听	听
Pension and postretirement service costs	0.3	听	0.4	听	(0.1)	听	听
Restructuring and other related charges	5.0	听	2.6	听	2.4	听	听
Consolidated Operating Income	$ 听听听听听听听听听听听听听36.8	听	$ 听听听听听听听听听听听听 33.2	听	$ 听听听听 3.6	听	10.8 %
as a percent of revenues	7.5 %	听	6.8 %	听	听	听	70 bps

听

免费吃瓜, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
听	听	听	听
听	Three months ended
听	March 30, 2019	听	March 31, 2018
Cash flows from operating activities:	听	听	听
Net income	$ 听听听听听听听听听听听听听听20.1	听	$ 听听听听听听听听听听听听听听15.3
Adjustments to reconcile net income to net cash from operating activities:	听	听	听
Restructuring and other related charges	5.0	听	2.6
Deferred income taxes	4.4	听	3.5
Depreciation and amortization	13.8	听	15.1
Stock-based compensation	3.2	听	5.1
Pension and employee benefits provided in stock	0.5	听	3.1
Loss on asset sales and other, net	0.1	听	-
Gain from investment in equity security	(6.2)	听	-
Changes in operating assets and liabilities:	听	听	听
Accounts receivable and other assets	10.5	听	14.1
Contract assets and liabilities, net	(5.6)	听	10.6
Inventories	(9.4)	听	(21.9)
Accounts payable, accrued expenses and other	(14.2)	听	(28.1)
Cash spending on restructuring actions	(0.4)	听	(3.8)
Net cash from operating activities	21.8	听	15.6
Cash flows used in investing activities:	听	听	听
Net cash used in investing activities - Capital expenditures	(6.9)	听	(5.2)
Cash flows used in financing activities:	听	听	听
Borrowings under senior credit facilities	22.0	听	19.5
Repayments of senior credit facilities	(27.0)	听	(54.5)
Borrowings under trade receivables financing arrangement	42.0	听	28.0
Repayments of trade receivables financing arrangement	(42.0)	听	(23.0)
Repayments of other financing arrangements	(2.1)	听	(3.1)
Minimum withholdings paid on behalf of employees for net share settlements, net	(5.1)	听	(4.0)
Dividends paid to noncontrolling interests in subsidiary	-	听	(1.0)
Net cash used in financing activities	(12.2)	听	(38.1)
Change in cash, cash equivalents and restricted cash due to changes in foreign currency exchange rates	(13.8)	听	7.9
Net change in cash, cash equivalents and restricted cash	(11.1)	听	(19.8)
Consolidated cash, cash equivalents and restricted cash, beginning of period	214.3	听	264.9
Consolidated cash, cash equivalents and restricted cash, end of period	$ 听听听听听听听听听听听听听203.2	听	$ 听听听听听听听听听听听听听245.1

听

免费吃瓜, INC. AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
听	听	听	听	听	听
听	Three months ended March 30, 2019
听	Net Revenue Growth (Decline)	听	Foreign Currency	听	Organic Revenue Growth (Decline)
Food and Beverage	3.6 %	听	(4.9)%	听	8.5 %
Power and Energy	(5.8)%	听	(3.7)%	听	(2.1)%
Industrial	1.8 %	听	(4.6)%	听	6.4 %
Consolidated	0.2 %	听	(4.4)%	听	4.6 %

听

免费吃瓜, INC. AND SUBSIDIARIES
CASH, DEBT AND NET DEBT RECONCILIATION
(Unaudited; in millions)
听	听	听	听
听	Three months ended	听	听
听	March 30, 2019	听	听
Beginning cash, cash equivalents and restricted cash	$ 听听听听听听听听听听听听听 214.3	听	听
听	听	听	听
Net cash from operating activities	21.8	听	听
Capital expenditures	(6.9)	听	听
Borrowings under senior credit facilities	22.0	听	听
Repayments of senior credit facilities	(27.0)	听	听
Borrowings under trade receivables financing arrangement	42.0	听	听
Repayments of trade receivables financing arrangement	(42.0)	听	听
Borrowings under other financing arrangements	鈥�	听	听
Repayments of other financing arrangements	(2.1)	听	听
Minimum withholdings paid on behalf of employees for net share settlements, net	(5.1)	听	听
Dividends paid to noncontrolling interests in subsidiary	鈥�	听	听
Change in cash, cash equivalents and restricted cash due to changes in foreign currency exchange rates	(13.8)	听	听
听	听	听	听
Ending cash, cash equivalents and restricted cash	$ 听听听听听听听听听听听听听 203.2	听	听
听	听	听	听
听	听	听	听
听	Debt and Net Debt at
听	March 30, 2019	听	December 31, 2018
Term loan	$ 听听听听听听听听听听听听听 135.0	听	$ 听听听听听听听听听听听听听 140.0
5.625% senior notes, due in August 2024	300.0	听	300.0
5.875% senior notes, due in August 2026	300.0	听	300.0
Other indebtedness	29.0	听	37.3
Less: deferred financing fees	(7.7)	听	(8.0)
Total debt	$ 听听听听听听听听听听听听听 756.3	听	$ 听听听听听听听听听听听听听 769.3
听	听	听	听
Total debt	756.3	听	769.3
Less: cash and equivalents	(202.2)	听	(213.3)
Net debt	$ 听听听听听听听听听听听听听 554.1	听	$ 听听听听听听听听听听听听听 556.0

听

免费吃瓜, INC. AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
听	听	听	听	听	听
听	Three months ended			听	2019
听	March 30, 2019	听	March 31, 2018	听	Mid-Point Guidance
Net cash from operating activities	$ 听听听听听听听听听听听听听21.8	听	$ 听听听听听听听听15.6	听	$ 听听听听听听听听听听听听听145
Capital expenditures	(6.9)	听	(5.2)	听	(30)
Free cash flow from operations	$ 听听听听听听听听听听听听听14.9	听	$ 听听听听听听听听10.4	听	$ 听听听听听听听听听听听听听115

听

免费吃瓜, INC. AND SUBSIDIARIES
ADJUSTED OPERATING INCOME RECONCILIATION
(Unaudited; in millions)
听	听	听	听
听	Three months ended
听	March 30, 2019	听	March 31, 2018
Operating income	$ 听听听听听听听听听听听听听 36.8	听	$ 听听听听听听听听33.2
Charges and fees associated with strategic actions	1.1	听	-
Certain restructuring and other related charges	4.1	听	听
Adjusted operating income	$ 听听听听听听听听听听听听听 42.0	听	$ 听听听听听听听听33.2

听

免费吃瓜, INC. AND SUBSIDIARIES
ADJUSTED NET INCOME RECONCILIATION
(Unaudited; in millions)
听	听	听	听	听	听
听	Three months ended			听	2019
听	March 30, 2019	听	March 31, 2018	听	Mid-Point Guidance
Net income attributable to 免费吃瓜, Inc.	$ 听听听听听听听听听听听听听 19.5	听	$ 听听听听听听听听15.5	听	$ 听听听听听听听听听听听听听106
Fair value adjustment related to an equity security, net of tax	(4.5)	听	-	听	(5)
Certain restructuring and other related charges, net of tax	3.2	听	-	听	9
Charges and fees associated with strategic actions, net of tax	0.8	听	-	听	听
Adjusted net income attributable to 免费吃瓜, Inc.	$ 听听听听听听听听听听听听听 19.0	听	$ 听听听听听听听听15.5	听	$ 听听听听听听听听听听听听听111

听

免费吃瓜, INC. AND SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA RECONCILIATION
(Unaudited; in millions)
听	听	听	听	听	听
听	Three months ended			听	2019
听	March 30, 2019	听	March 31, 2018	听	Mid-Point Guidance
Net income attributable to 免费吃瓜, Inc.	$ 听听听听听听听听听听听听听 19.5	听	$ 听听听听听听听听15.5	听	$ 听听听听听听听听听听听听听106
听	听	听	听	听	听
Income tax provision	10.7	听	0.8	听	43
Interest expense, net	10.7	听	12.5	听	42
Depreciation and amortization	13.8	听	15.1	听	58
EBITDA	54.7	听	43.9	听	249
Certain restructuring and other related charges	4.1	听	听	听	13
Charges and fees associated with strategic actions	1.1	听	听	听	-
Fair value adjustment related to an equity security	(6.2)	听	听	听	(6)
Adjusted EBITDA	53.7	听	43.9	听	255
Non-cash compensation expense	3.2	听	7.5	听	16
Non-service pension and postretirement related costs	0.2	听	0.3	听	1
Interest income	2.0	听	2.0	听	8
Loss on asset sales and other, net	0.1	听	鈥�	听	-
Other restructuring and impairment charges	0.9	听	2.6	听	5
Other	0.2	听	0.2	听	1
Bank consolidated EBITDA	$ 听听听听听听听听听听听听听 60.3	听	$ 听听听听听听听听56.5	听	$ 听听听听听听听听听听听听听286
听	听	听	听	听	听

听

免费吃瓜, INC. AND SUBSIDIARIES
ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
听	听	听	听	听	听
听	Three months ended			听	2019
听	March 30, 2019	听	March 31, 2018	听	Mid-Point Guidance
Diluted earnings per share	$ 听听听听听听听听听听听听听听 0.46	听	$ 听听听听听听听听0.36	听	$ 听听听听听听听听听听2.47
Fair value adjustment related to an equity security, net of tax	(0.10)	听	鈥�	听	(0.10)
Certain restructuring and other related charges, net of tax	0.07	听	-	听	0.20
Charges and fees associated with strategic actions, net of tax	0.01	听	鈥�	听	鈥�
Adjusted diluted earnings per share	$ 听听听听听听听听听听听听听听 0.44	听	$ 听听听听听听听听0.36	听	$ 听听听听听听听听听听2.57

听

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