Third Quarter 2023 Earnings Conference Call
ITW
2
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 global
supply chain challenges, expected impact of inflation including raw material inflation and rising interest rates, the impact of
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, 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, the impact of recent or potential acquisitions and/or
divestitures, the potential impact of automotive industry labor actions, and the Company's 2023 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 2022 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 2023,
which is available at www.itw.com, together with this presentation. The estimated guidance of free cash flow to net income
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.
Never stronger. Never better positioned for the future.View entire presentation