Q3 2022 Segment Performance and Outlook
FORWARD-LOOKING STATEMENTS
SAFE HARBOR STATEMENT
This presentation and related conference call contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding the duration and potential
effects of the COVID-19 pandemic and global supply chain challenges, related government actions and the Company's strategy in
response thereto on the Company's business, expected impact of inflation including raw material inflation and rising interest rates,
enterprise initiatives, future financial and operating performance, free cash flow and free cash flow conversion rate, organic and total
revenue, operating and incremental margin, price/cost impact, statements regarding diluted income per share, restructuring expenses
and related benefits, expected dividend payments, expected repatriation of overseas cash, after-tax return on invested capital,
effective tax rates, exchange rates, expected access to liquidity sources, expected capital allocation, expected timing and amount of
share repurchases, end market economic and regulatory conditions, potential acquisitions and divestitures and related impact on
financial results, including statements with respect to the impact of the 2021 acquisition of the MTS Test & Simulation business and the
2022 divestiture of a division within the Polymers & Fluids segment, and the Company's 2022 guidance. These statements are subject to
certain risks, uncertainties, assumptions, and other factors, which could cause actual results to differ materially from those
anticipated. Important risks that could cause actual results to differ materially from the Company's expectations include those that are
detailed in ITW's Form 10-K for 2021 and subsequent reports filed with the SEC.
NON-GAAP MEASURES
The Company uses certain non-GAAP measures in discussing the Company's performance. The reconciliation of those measures to the
most directly comparable GAAP measures is detailed in ITW's press release for the third quarter of 2022, which is available at
www.itw.com, together with this presentation. The estimated guidance of free cash flow conversion rate and after-tax return on
average invested capital are based on assumptions that are difficult to predict, and estimated guidance for the most directly
comparable GAAP measures and a reconciliation of these forward-looking estimates to their most directly comparable GAAP estimates
have been omitted due to the unreasonable efforts required in connection with such a reconciliation and the lack of availability of
reliable forward-looking cash flow and operating information.
ITW
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