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EX-99.2 - EX-99.2 - DOVER Corpa202007228kexhibit992.htm


Exhibit 99.1
doverlogo11.jpg

Investor Contact:Media Contact:
Andrey GaliukAdrian Sakowicz
Vice President - Corporate DevelopmentVice President - Communications
and Investor Relations(630) 743-5039
(630) 743-5131asakowicz@dovercorp.com
agaliuk@dovercorp.com

DOVER REPORTS SECOND QUARTER 2020 RESULTS; RE-INITIATES FULL YEAR GUIDANCE


DOWNERS GROVE, Ill., July 22, 2020 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2020.

Three Months Ended June 30,Six Months Ended June 30,
($ in millions, except per share data)20202019% Change20202019% Change
U.S. GAAP
Revenue$1,499  $1,811  (17)%$3,155  $3,535  (11)%
Net earnings 1
125  198  (37)%301  304  (1)%
Diluted EPS
0.86  1.35  (36)%2.07  2.07  — %
Non-GAAP
Organic revenue change(16)%(10)%
Adjusted net earnings 2
164  229  (28)%368  412  (11)%
Adjusted diluted EPS1.13  1.56  (28)%2.53  2.80  (10)%

1 Q2 2020 and 2019 net earnings include rightsizing and other costs of $13.4 million and $5.1 million, respectively. Q2 2020 also includes a $0.6 million expense related to the sale of AMS Chino. Q2 year-to-date 2020 and 2019 net earnings include rightsizing and other costs of $19.6 million and $8.2 million, respectively. Q2 year-to-date 2020 also includes a $4.4 million non-cash gain on the sale of AMS Chino, and year-to-date 2019 includes a $46.9 million non-cash loss on assets held for sale related to Finder.

2 Q2 2020 and 2019 adjusted net earnings exclude after tax acquisition-related amortization costs of $25.7 million and $26.2 million, respectively, and rightsizing and other costs of $13.4 million and $5.1 million, respectively. Q2 2020 also excludes a $0.6 million expense related to the sale of AMS Chino. Q2 year-to-date 2020 and 2019 adjusted net earnings exclude acquisition-related amortization costs of $51.3 million and $52.9 million, respectively, and rightsizing and other costs of $19.6 million and $8.2 million, respectively. Q2 year-to-date 2020 also excludes a $4.4 million non-cash gain on the sale of AMS Chino, and year-to-date 2019 excludes a $46.9 million non-cash loss on assets held for sale related to Finder.


For the quarter ended June 30, 2020, Dover generated revenue of $1.5 billion, a decline of 17% (-16% organic) compared to the second quarter of the prior year. GAAP net earnings of $125 million decreased 37%, and GAAP diluted EPS of $0.86 was down 36%. On an adjusted basis, net earnings of $164 million declined 28%, and adjusted diluted EPS of $1.13 was down 28% versus the comparable quarter of the prior year.

For the six months ended June 30, 2020, Dover generated revenue of $3.2 billion, a decline of 11% (-10% organic) compared to the first six months of the prior year. GAAP net earnings of $301 million decreased 1%, and GAAP diluted EPS of $2.07 was flat year-over-year. On an adjusted basis, net earnings of $368 million declined 11%, and adjusted diluted EPS of $2.53 was down 10% 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, “We are proud of our work and results in the second quarter. Economic uncertainty and operational disruption caused by the COVID-19 pandemic slowed activity across many markets and made the operating environment undeniably challenging. Our businesses have navigated the quarter well, as we focused on what was and remains within our control: diligently managing our costs and cash flow, providing a safe working environment for our associates and supporting our customers with the critical products they needed to keep their essential operations running.

“As we expected, activity declined across a majority of the markets we serve, albeit the impact varied widely across our diverse portfolio with many businesses proving their profitability and cash flow resilience in challenging conditions. Demand conditions in




textile printing, foodservice, below-ground fueling, food retail and automotive aftermarket were particularly challenged, partially offset by relative resilience in biopharma, aerospace & defense, heat exchangers and marking & coding. We remain positioned well for the second half with a higher backlog compared to this time last year, driven by our longer cycle businesses and sequential intra-quarter improvement in many shorter cycle businesses.

“Global lockdowns, travel restrictions, proactive production curtailments and reduced volumes created a challenging operating environment in the second quarter, but our cost controls and continued execution of our multi-year productivity program resulted in a satisfactory decremental margin performance, positioning us well to reach or exceed our annual conversion margin target.

“Looking forward, the demand outlook for the remainder of the year remains uncertain, with activity across most markets improving but not back to business-as-usual. As a result of our improved demand visibility into the third quarter, and our solid margin performance year-to-date, we are making the decision to reinstate our annual guidance, though with a wider range than usual for the mid-year reflecting the fluidity of market conditions. We retain additional flexibility to adjust our cost base if macroeconomic conditions in the second half of the year necessitate a response.”

FULL YEAR 2020 GUIDANCE REINSTATED:

In 2020, Dover expects to generate GAAP EPS in the range of $4.16 to $4.41 ($5.00 to $5.25 on an adjusted basis). A full reconciliation between forecasted GAAP and forecasted adjusted EPS is included as an exhibit herein.

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter and year-to-date 2020 results as well as updated 2020 guidance at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Wednesday, July 22, 2020. 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 second 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 $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of over 23,000 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, other general economic conditions and conditions in the particular markets in which we operate, 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, 2019, 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 - SECOND QUARTER 2020

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

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Revenue$1,499,175  $1,810,706  $3,155,114  $3,535,463  
Cost of goods and services947,577  1,138,113  1,991,273  2,239,328  
Gross profit551,598  672,593  1,163,841  1,296,135  
Selling, general, and administrative expenses366,740  396,634  753,681  805,100  
Loss on assets held for sale—  —  —  46,946  
Operating earnings184,858  275,959  410,160  444,089  
Interest expense28,711  31,754  55,979  63,562  
Interest income(728) (945) (1,911) (1,835) 
Loss (gain) on sale of a business781  —  (5,770) —  
Other income, net(735) (4,589) (8,467) (5,695) 
Earnings before provision for income taxes156,829  249,739  370,329  388,057  
Provision for income taxes32,063  51,654  69,284  84,267  
Net earnings$124,766  $198,085  $301,045  $303,790  
Net earnings per share:
Basic$0.87  $1.36  $2.09  $2.09  
Diluted$0.86  $1.35  $2.07  $2.07  
Weighted average shares outstanding:
Basic143,955145,366144,107145,227
Diluted144,995147,179145,359147,041
Dividends paid per common share$0.49  $0.48  $0.98  $0.96  
* Per share data may be impacted by rounding.

IS - 1



DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
20202019
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2019
REVENUE
Engineered Products$408,160  $342,380  $750,540  $418,851  $429,928  $848,779  $426,689  $422,089  $1,697,557  
Fueling Solutions359,982  326,495  686,477  373,050  390,586  763,636  411,769  444,772  1,620,177  
Imaging & Identification256,765  227,977  484,742  268,354  266,588  534,942  275,109  274,420  1,084,471  
Pumps & Process Solutions319,536  309,095  628,631  330,219  338,924  669,143  341,337  328,048  1,338,528  
Refrigeration & Food Equipment311,913  293,527  605,440  334,643  385,474  720,117  370,335  306,165  1,396,617  
Intra-segment eliminations(417) (299) (716) (360) (794) (1,154) 106  95  (953) 
Total consolidated revenue$1,655,939  $1,499,175  $3,155,114  $1,724,757  $1,810,706  $3,535,463  $1,825,345  $1,775,589  $7,136,397  
NET EARNINGS
Segment Earnings:
Engineered Products$69,094  $47,702  $116,796  $67,119  $77,129  $144,248  $74,367  $73,233  $291,848  
Fueling Solutions53,498  47,214  100,712  37,230  52,637  89,867  68,069  73,937  231,873  
Imaging & Identification51,482  38,046  89,528  55,955  54,641  110,596  61,655  57,233  229,484  
Pumps & Process Solutions 1
66,079  67,702  133,781  14,991  76,278  91,269  77,433  71,379  240,081  
Refrigeration & Food Equipment 2
23,529  11,459  34,988  24,807  44,375  69,182  35,211  14,439  118,832  
Total segment earnings (EBIT)263,682  212,123  475,805  200,102  305,060  505,162  316,735  290,221  1,112,118  
Corporate expense / other 3
24,097  27,311  51,408  30,866  24,512  55,378  28,658  63,781  147,817  
Interest expense27,268  28,711  55,979  31,808  31,754  63,562  31,410  30,846  125,818  
Interest income(1,183) (728) (1,911) (890) (945) (1,835) (1,263) (1,428) (4,526) 
Earnings before provision for income taxes213,500  156,829  370,329  138,318  249,739  388,057  257,930  197,022  843,009  
Provision for income taxes37,221  32,063  69,284  32,613  51,654  84,267  51,924  28,900  165,091  
Net earnings$176,279  $124,766  $301,045  $105,705  $198,085  $303,790  $206,006  $168,122  $677,918  
SEGMENT MARGIN
Engineered Products16.9 %13.9 %15.6 %16.0 %17.9 %17.0 %17.4 %17.4 %17.2 %
Fueling Solutions14.9 %14.5 %14.7 %10.0 %13.5 %11.8 %16.5 %16.6 %14.3 %
Imaging & Identification20.1 %16.7 %18.5 %20.9 %20.5 %20.7 %22.4 %20.9 %21.2 %
Pumps & Process Solutions 1
20.7 %21.9 %21.3 %4.5 %22.5 %13.6 %22.7 %21.8 %17.9 %
Refrigeration & Food Equipment 2
7.5 %3.9 %5.8 %7.4 %11.5 %9.6 %9.5 %4.7 %8.5 %
Total segment operating margin15.9 %14.1 %15.1 %11.6 %16.8 %14.3 %17.4 %16.3 %15.6 %
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Products$10,122  $9,722  $19,844  $10,359  $10,452  $20,811  $10,095  $10,126  $41,032  
Fueling Solutions18,339  17,968  36,307  17,879  18,945  36,824  18,744  19,477  75,045  
Imaging & Identification8,769  9,224  17,993  7,435  7,413  14,848  7,360  8,322  30,530  
Pumps & Process Solutions 18,336  17,572  35,908  17,548  16,201  33,749  16,018  17,817  67,584  
Refrigeration & Food Equipment11,548  11,421  22,969  13,011  12,777  25,788  13,047  12,525  51,360  
Corporate1,638  1,696  3,334  1,506  1,981  3,487  1,523  1,726  6,736  
Total depreciation and amortization expense$68,752  $67,603  $136,355  $67,738  $67,769  $135,507  $66,787  $69,993  $272,287  
1 Q1 and FY 2019 include a $46,946 loss on assets held for sale for Finder Pompe S.r.l.
2 Q1, Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770 net gain on the sale of the Chino, California branch of The AMS Group ("AMS Chino"), respectively. Q2 and Q2 YTD also include a $3,640 write-off of assets.
3 Q4 and FY 2019 include a $23,543 loss on early extinguishment of debt.


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DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
20202019
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2019
Net earnings per share:
Basic$1.22  $0.87  $2.09  $0.73  $1.36  $2.09  $1.42  $1.16  $4.67  
Diluted$1.21  $0.86  $2.07  $0.72  $1.35  $2.07  $1.40  $1.15  $4.61  
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings$176,279  $124,766  $301,045  $105,705  $198,085  $303,790  $206,006  $168,122  $677,918  
Weighted average shares outstanding:
Basic144,259  143,955  144,107  145,087  145,366  145,227  145,372  144,966  145,198  
Diluted145,782  144,995  145,359  146,911  147,179  147,041  147,051  146,790  146,992  
* 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
20202019
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2019
Adjusted net earnings:
Net earnings$176,279  $124,766  $301,045  $105,705  $198,085  $303,790  $206,006  $168,122  $677,918  
Acquisition-related amortization, pre-tax 1
34,062  34,101  68,163  35,635  34,997  70,632  34,244  33,460  138,336  
Acquisition-related amortization, tax impact 2
(8,411) (8,451) (16,862) (8,964) (8,777) (17,741) (8,624) (8,403) (34,768) 
Rightsizing and other costs, pre-tax 3
7,859  16,840  24,699  3,963  6,457  10,420  3,807  17,926  32,153  
Rightsizing and other costs, tax impact 2
(1,605) (3,452) (5,057) (861) (1,377) (2,238) (806) (3,745) (6,789) 
Loss on extinguishment of debt, pre-tax 4
—  —  —  —  —  —  —  23,543  23,543  
Loss on extinguishment of debt, tax impact 2
—  —  —  —  —  —  —  (5,163) (5,163) 
Loss on assets held for sale 5
—  —  —  46,946  —  46,946  —  —  46,946  
(Gain) loss on disposition, pre-tax 6
(6,551) 781  (5,770) —  —  —  —  —  —  
(Gain) loss on disposition, tax-impact 2
1,592  (190) 1,402  —  —  —  —  —  —  
Adjusted net earnings
$203,225  $164,395  $367,620  $182,424  $229,385  $411,809  $234,627  $225,740  $872,176  
Adjusted diluted net earnings per share:
Diluted net earnings per share$1.21  $0.86  $2.07  $0.72  $1.35  $2.07  $1.40  $1.15  $4.61  
Acquisition-related amortization, pre-tax 1
0.23  0.24  0.47  0.24  0.24  0.48  0.23  0.23  0.94  
Acquisition-related amortization, tax impact 2
(0.06) (0.06) (0.12) (0.06) (0.06) (0.12) (0.06) (0.06) (0.24) 
Rightsizing and other costs, pre-tax 3
0.05  0.12  0.17  0.03  0.04  0.07  0.03  0.12  0.22  
Rightsizing and other costs, tax impact 2
(0.01) (0.02) (0.03) (0.01) (0.01) (0.02) (0.01) (0.03) (0.06) 
Loss on extinguishment of debt, pre-tax 4
—  —  —  —  —  —  —  0.16  0.16  
Loss on extinguishment of debt, tax impact 2
—  —  —  —  —  —  —  (0.04) (0.04) 
Loss on assets held for sale 5
—  —  —  0.32  —  0.32  —  —  0.32  
(Gain) loss on disposition, pre-tax 6
(0.04) —  (0.04) —  —  —  —  —  —  
(Gain) loss on disposition, tax-impact 2
0.01  —  0.01  —  —  —  —  —  —  
Adjusted diluted net earnings per share
$1.39  $1.13  $2.53  $1.24  $1.56  $2.80  $1.60  $1.54  $5.93  
1 Includes amortization on acquisition-related intangible assets and inventory step-up.
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 include actions taken on employee reductions, facility consolidations and site closures, product line exits and other asset charges.
4 Represents a loss on early extinguishment of €300,000 2.125% notes due 2020 and $450,000 4.30% notes due 2021.
5 Represents a loss on assets held for sale of Finder Pompe S.r.l. ("Finder"). Under local law, no tax benefit is realized from the loss on the sale of a wholly-owned business.
6 Represents a (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment.
* Per share data and totals may be impacted by rounding.

IS - 4



DOVER CORPORATION
QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20202019
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2019
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA
Engineered Products:
Segment earnings (EBIT)$69,094  $47,702  $116,796  $67,119  $77,129  $144,248  $74,367  $73,233  $291,848  
Rightsizing and other costs361  4,169  4,530  80  1,125  1,205  590  1,355  3,150  
Adjusted EBIT - Segment69,455  51,871  121,326  67,199  78,254  145,453  74,957  74,588  294,998  
Adjusted EBIT %17.0 %15.2 %16.2 %16.0 %18.2 %17.1 %17.6 %17.7 %17.4 %
Adjusted D&A 2
10,122  9,722  19,844  10,359  9,855  20,214  10,095  10,126  40,435  
Adjusted EBITDA - segment$79,577  $61,593  $141,170  $77,558  $88,109  $165,667  $85,052  $84,714  $335,433  
Adjusted EBITDA %19.5 %18.0 %18.8 %18.5 %20.5 %19.5 %19.9 %20.1 %19.8 %
Fueling Solutions:
Segment earnings (EBIT)$53,498  $47,214  $100,712  $37,230  $52,637  $89,867  $68,069  $73,937  $231,873  
Rightsizing and other costs1,493  868  2,361  752  1,768  2,520  811  1,554  4,885  
Adjusted EBIT - Segment54,991  48,082  103,073  37,982  54,405  92,387  68,880  75,491  236,758  
Adjusted EBIT %15.3 %14.7 %15.0 %10.2 %13.9 %12.1 %16.7 %17.0 %14.6 %
Adjusted D&A 2
18,339  17,783  36,122  17,879  18,945  36,824  18,744  19,477  75,045  
Adjusted EBITDA - segment$73,330  $65,865  $139,195  $55,861  $73,350  $129,211  $87,624  $94,968  $311,803  
Adjusted EBITDA %20.4 %20.2 %20.3 %15.0 %18.8 %16.9 %21.3 %21.4 %19.2 %
Imaging & Identification:
Segment earnings (EBIT)$51,482  $38,046  $89,528  $55,955  $54,641  $110,596  $61,655  $57,233  $229,484  
Rightsizing and other costs264  (527) (263) 389  1,268  1,657  301  4,392  6,350  
Adjusted EBIT - Segment51,746  37,519  89,265  56,344  55,909  112,253  61,956  61,625  235,834  
Adjusted EBIT %20.2 %16.5 %18.4 %21.0 %21.0 %21.0 %22.5 %22.5 %21.7 %
Adjusted D&A 2
8,769  9,224  17,993  7,336  7,317  14,653  7,286  7,892  29,831  
Adjusted EBITDA - segment$60,515  $46,743  $107,258  $63,680  $63,226  $126,906  $69,242  $69,517  $265,665  
Adjusted EBITDA %23.6 %20.5 %22.1 %23.7 %23.7 %23.7 %25.2 %25.3 %24.5 %
Pumps & Process Solutions:
Segment earnings (EBIT)$66,079  $67,702  $133,781  $14,991  $76,278  $91,269  $77,433  $71,379  $240,081  
Rightsizing and other costs3,846  4,691  8,537  414  903  1,317  943  3,868  6,128  
Loss on assets held for sale 1
—  —  —  46,946  —  46,946  —  —  46,946  
Adjusted EBIT - Segment69,925  72,393  142,318  62,351  77,181  139,532  78,376  75,247  293,155  
Adjusted EBIT %21.9 %23.4 %22.6 %18.9 %22.8 %20.9 %23.0 %22.9 %21.9 %
Adjusted D&A 2
16,230  16,816  33,046  17,548  16,199  33,747  16,018  17,004  66,769  
Adjusted EBITDA - segment$86,155  $89,209  $175,364  $79,899  $93,380  $173,279  $94,394  $92,251  $359,924  
Adjusted EBITDA %27.0 %28.9 %27.9 %24.2 %27.6 %25.9 %27.7 %28.1 %26.9 %
Refrigeration & Food Equipment:
Segment earnings (EBIT)$23,529  $11,459  $34,988  $24,807  $44,375  $69,182  $35,211  $14,439  $118,832  
Rightsizing and other costs704  6,016  6,720  2,293  666  2,959  840  2,243  6,042  
(Gain) loss on disposition 3
(6,551) 781  (5,770) —  —  —  —  —  —  
Adjusted EBIT - Segment17,682  18,256  35,938  27,100  45,041  72,141  36,051  16,682  124,874  
Adjusted EBIT %5.7 %6.2 %5.9 %8.1 %11.7 %10.0 %9.7 %5.4 %8.9 %
Adjusted D&A 2
11,548  11,421  22,969  13,011  12,777  25,788  13,047  12,525  51,360  
Adjusted EBITDA - segment$29,230  $29,677  $58,907  $40,111  $57,818  $97,929  $49,098  $29,207  $176,234  
Adjusted EBITDA %9.4 %10.1 %9.7 %12.0 %15.0 %13.6 %13.3 %9.5 %12.6 %
Total Segments:
Segment earnings (EBIT) 4
$263,682  $212,123  $475,805  $200,102  $305,060  $505,162  $316,735  $290,221  $1,112,118  
Rightsizing and other costs6,668  15,217  21,885  3,928  5,730  9,658  3,485  13,412  26,555  
Loss on assets held for sale 1
—  —  —  46,946  —  46,946  —  —  46,946  
(Gain) loss on disposition 3
(6,551) 781  (5,770) —  —  —  —  —  —  
Adjusted EBIT - Segment 5
263,799  228,121  491,920  250,976  310,790  561,766  320,220  303,633  1,185,619  
Adjusted EBIT % 4
15.9 %15.2 %15.6 %14.5 %17.2 %15.9 %17.5 %17.1 %16.6 %
Adjusted D&A 2
65,008  64,966  129,974  66,133  65,093  131,226  65,190  67,024  263,440  
Adjusted EBITDA - segment 5
$328,807  $293,087  $621,894  $317,109  $375,883  $692,992  $385,410  $370,657  $1,449,059  
Adjusted EBITDA % 5
19.9 %19.5 %19.7 %18.4 %20.7 %19.6 %21.1 %20.9 %20.3 %
1 Q1 and FY 2019 include a $46,946 loss on assets held for sale for Finder.
2 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs.
3 Q1, Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770 net gain on the sale of a business for AMS Chino, respectively.
4 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings.
5 Refer to Non-GAAP Disclosures section for definition.

IS - 5



DOVER CORPORATION
REVENUE GROWTH FACTORS (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors
2020
Q2Q2 YTD
Organic
Engineered Products(20.1)%(11.1)%
Fueling Solutions(14.8)%(8.9)%
Imaging & Identification(14.0)%(9.2)%
Pumps & Process Solutions(8.8)%(5.0)%
Refrigeration & Food Equipment(20.2)%(12.8)%
Total Organic(16.0)%(9.5)%
Acquisitions0.7 %0.8 %
Dispositions(0.7)%(0.7)%
Currency translation(1.2)%(1.4)%
Total*(17.2)%(10.8)%
* Totals may be impacted by rounding.

2020
Q2
Organic
United States(10.3)%
Other Americas(33.5)%
Europe(19.5)%
Asia (14.3)%
Other(33.1)%
Total Organic(16.0)%
Acquisitions0.7 %
Dispositions(0.7)%
Currency translation(1.2)%
Total*(17.2)%
* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation
Range
2020 Guidance for Earnings per Share (GAAP)$4.16  $4.41  
Acquisition-related amortization, net0.71
Rightsizing and other costs, net0.16
Gain on disposition, net(0.03)
2020 Guidance for Adjusted Earnings per Share (Non-GAAP)$5.00  $5.25  



IS - 6



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

Quarterly Cash Flow
20202019
Q1Q2Q2 YTDQ1Q2Q2 YTDQ3Q4FY 2019
Net Cash Flows Provided By (Used In):
Operating activities$75,863  $271,809  $347,672