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2025 Wells Fargo Industrials & Materials Conference June 12, 2025 Gregory Rustowicz Executive Vice President Finance & Chief Financial Officer Kristine Moser Vice President, Investor Relations & Treasurer
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Safe Harbor Statement 2 This presentation and the accompanying oral discussion contains “forward-looking statements” within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," “believe,” “continue,” “could,” “estimate,” “expect,” “illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. Such forward-looking statements include, among others, statements regarding: (1) our strategy, outlook and growth prospects; (2) our operational and financial targets and capital allocation policy; (3) general economic trends, global policy, including tariff policy, trends in our industry and markets and their expected impacts on the Company; (4) the amount of debt to be paid down by the Company following the closing of the Kito Crosby acquisition and the amount of cost and revenue synergies expected to be achieved after the completion of the Kito Crosby acquisition; (5) the expected benefits of the Kito Crosby acquisition; (6) the expected future financial results of the combined companies and (7) the expected timing for the closing of the Kito Crosby acquisition. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, (1) risks relating to the competitive environment in which we operate; (2) the risk that the cost synergies and any revenue synergies from the Kito Crosby transaction may not be fully realized or may take longer than anticipated to be realized; (3) the risk that the integration of Kito Crosby's business and operations into the Company will be materially delayed or will be more costly or difficult than expected, or that the Company is otherwise unable to successfully integrate Kito Crosby's business into its own, including as a result of unexpected factors or events; (4) risks regarding the ability of the Company and Kito Crosby to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the Company after the closing of the transaction or adversely affect the expected benefits of the transaction; (5) the failure of the closing conditions in the purchase agreement for the acquisition of Kito Crosby to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement; (6) the possibility that the Kito Crosby acquisition transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (7) risks related to the general competitive, economic, political and market conditions and other factors that may affect future results of the Company and Kito Crosby; and (8) the other risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority. Non-GAAP Financial Measures and Forward-looking Non-GAAP Financial Measures This presentation will discuss some non-GAAP (“adjusted”) financial measures which we believe are useful in evaluating Columbus McKinnon and Kito Crosby’s performance. You should not consider the pres entation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. The non- GAAP financial measures are noted and reconciliations of comparable historical GAAP measures with historical non-GAAP financial measures can be found in tables either included in the Supplemental Information portion of this presentation or our filings with the Securities and Exchange Commission.
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CMCO is a Global Leader in Intelligent Motion Solutions for Material Handling 3 1 Per Management Estimate; 2 Financial data represents fiscal year ended March 31, 2025; 3 Adjusted EBITDA Margin and Free Cash Flow Conversion are non-GAAP financial measures. See supplemental information for additional information on non-GAAP financial measures. Forward-looking guidance for Adjusted EBITDA Margin and Free Cash Flow Conversion are made in a manner consistent with the relevant definitions and assumptions noted herein, but reconciliations are not available on a forward-looking basis without unreasonable effort; 4 Free Cash Flow is defined as net cash provided by (used for) operating activities less capital expenditures divided by net income; 5 Other represents Life Sciences/Pharma (3%), Elevator (2%), Metals Processing (2%), Entertainment (2%), E-Commerce (2%), and Forestry (1%) as of fiscal year 2025. PRODUCT MIX • Leading global lifting and automation company providing professional-grade solutions for solving customers’ critical material handling requirements • Enhanced strategic positioning through expansion into secular growth categories and positioned to capitalize on megatrends in lifting, hoisting, precision conveyance, automation and linear motion • Delivering growth and margin expansion and executing our transformation through our growth framework, “CMBS” business system and 80/20 Process GEOGRAPHIC MIX VERTICALS MIX Lifting Solutions 62% Specialty Conveying 16% Automation 13% Linear Motion 9% North America 60% EMEA 30% APAC 6% LatAm 4% General Industrial 22% Material Handling 16% Transportation 15% Energy & Utilities, 8% Food, Beverage & Consumer, 8% Construction, 6% Aerospace & Gov't 5% Oil & Gas, 5% Chemical & Paper Processing 4% Other5 11% REVENUE REVENUE REVENUE Total Addressable Market 1 Year History 150 World-Wide Employees ~3,500 Total Addressable Market1 $20B Net Sales2 ~$1.0B 5 Year Sales Growth CAGR2 ~4% Adj. EBITDA Margin2,3 ~16% Free Cash Flow Conversion2,3,4 >100% Seasoned Leader With Extensive History Of Safely, Efficiently And Ergonomically Positioning Materials
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4 ~$8.0B TAM1 • Leading global position in lifting • Lifting capacity from 1/8 ton to ~140 tons • Manual chain, electric chain and wire rope hoists • Reliable, high-quality products • End-to-end digital solutions ~$5.2B TAM1 • Develops and manufactures complex intralogistics solutions connecting robots and workspaces with asynchronous conveying technology • Specialty conveying provides growth platform in fragmented market • Tailwinds from megatrends like automation, onshoring, ecommerce, electrification and life sciences ~$4.5B TAM1 • Design and develop drives and controls for lifting, linear motion and conveying systems • Used in intelligent material handling solutions from ceiling to floor across entire product portfolio • Solutions designed to increase uptime, enhance productivity and improve customer safety ~$2.3B TAM1 • Linear actuators with lifting capacity up to 50 tons, screw jacks, rotary unions and super cylinders • Demonstrated leadership and differentiated offering • Serving a breadth of end uses and applications from rail to warehousing to defense LINEAR MOTION (9%) LIFTING (62%) Four Categories of Solutions to Address Customers’ Unique Motion Control Needs Intelligent Motion Solutions AUTOMATION (13%)PRECISION CONVEYANCE (16%) 1 Per Management Estimates $20B1 Total Addressable Market With Tailwinds From Megatrends In Attractive Verticals
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Solidifying CMCO’s Leading Positioning in Lifting Solutions • Growth in resilient hardware and consumables categories • Increasing breadth and depth of product offering • Invest to become a "one-stop-shop" for our customers Positioning the CMCO for the Next Phase of its Value Creation Journey • Geographic expansion: CMCO to expand across APAC and Kito Crosby to expand across LATAM and EMEA • Cash flow generation enables reinvestment in the flywheel of growth over time 5 Unlocking CMCO’s Potential Business System and Core Growth Framework to Transform CMCO GROWTH FRAMEWORKCMBS Kito Crosby Improves Scale and Delivers on Our Growth Framework; Combined Capabilities Further Enhances CMBS
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Transforming Columbus McKinnon Into A Top-Tier, Higher Growth, Higher Margin Enterprise Strong Track Record Creating Value Through M&A Path and Executing on Previously Communicated Synergies 6 January 2017 Acquisition of STAHL CraneSystems from Konecranes for ~$218M strengthens leading global position in lifting solutions Programmatic M&A Programmatic M&A M&A Pipeline Target Screen Acquisition Committee Feedback Outreach Due Diligence Decision Acquisition of Magnetek, Inc. for ~$182M added automation capabilities Divestiture of Stahlhammer Bommern GmbH to Turbo Investment BV April 2021 Acquisition of Dorner for $485M advances Intelligent Motion strategy and creates platform for scalable growth Divestiture of Crane Equipment and Service, Inc. Divestiture of Tire Shredder Business Tire Shredder December 2021 Acquisition of Garvey for $74M expands conveying solutions platform May 2023 Acquisition of montratec® for $110M expands precision conveyance and automation September 2015 January 2017 April 2021 December 2021 May 2023 December 2018 February 2019 February 2019 2016 2017 2018 2019 2020 20212015 2022 2023 2025 2024 Announced the acquisition of Kito Crosby for $2.7B 2025 Legend: DivestitureAcquisition
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Kito Crosby At-a-Glance 4,000 Channel Partners 4,000 Channel Partners 600K+ End-Users Trained 600K+ End-Users Trained 250+ Years Of Brand Heritage 250+ Years Of Brand Heritage 50+ Countries Served 50+ Countries Served $1.1B 2024 Revenue $1.1B 2024 Revenue 7% 2021-2024 Revenue CAGR 7% 2021-2024 Revenue CAGR KITO CROSBY BY THE NUMBERS KEY INDUSTRY BRANDSKEY PRODUCTS Chains & Fittings Shackles Wire Rope Fittings Wire Rope & ECH Hoists Crane Blocks & Sheaves Load Monitoring Dynamometers PRODUCT MIX1 Lifting & Securement Consumables 54% Installed Lifting Solutions 32% Technology & Specialty Solutions 14% REVENUE DIVERSIFIED GLOBAL PRESENCE1 North America 56% EMEA 21% APAC 19% LatAm 4% REVENUE DIVERSIFIED END USES IN KEY VERTICALS1 Manufacturing 32% Infrastructure 16% Metals & Mining 12% Energy, 10% Non-Res Construction, 7% Power & Renewables, 7% Food 6% Other, 10%2 REVENUE 1 Based on Kito Crosby Management Estimates; 2 Reflects Consumer, Entertainment, Government, Forestry and Other/Miscellaneous verticals. 7
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8 Compelling Strategic and Financial Rationale Pathway and Progress to Close Committed financing has been successfully syndicated, including a new $500M revolving credit facility 13 of 14 regulatory and financial filings approved and U.S. HSR filing submitted Integration planning progress continued with cross-functional synergy planning meeting, site visits and leadership meetings • Constructive HSR conversations ongoing with the DOJ • Advancing preparation for required SEC reporting post deal closing • Integration planning continues with focus on synergy achievement and business integration • Permanent financing expected to be secured prior to deal close Enhances scale and strengthens competitiveness – broader product portfolio, enhanced operational capabilities and geographic reach that lead to improvements in customer experience Growth supported by tailwinds from industry megatrends – automation, reshoring and infrastructure investment tailwinds to drive long-term growth and competitive differentiation Highly attractive financial profile – expected to more than double the size of the company with 23% Adjusted EBITDA Margin1 Value creation with significant synergies – substantial cost savings + potential upside from revenue synergies Strong cash flow enables de-leveraging and capacity to reinvest in intelligent motion strategy over time + Kito Crosby Acquisition Update 1 Adjusted EBITDA Margin is a non-GAAP financial measure. See supplemental information for additional information on non-GAAP financial measures. Forward-looking guidance for Adjusted EBITDA Margin is made in a manner consistent with the relevant definitions and assumptions noted herein, but a reconciliation is not available on a forward-looking basis without unreasonable effort. Continued Progress Towards Closing in Late 2025
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Value Creation with Significant Synergies 9 Additional Upside Expected from Revenue Synergies$70M Net Annual Cost Synergies • Increase breadth and depth of product offerings to existing customers • Geographic expansion opportunities: • Kito Crosby’s strong APAC footprint for CMCO products • CMCO’s LATAM & EMEA footprint for Kito Crosby products • Attract new customers with enhanced scale and combined capabilities • Capture share of wallet by streamlining the customer experience • Harmonize supply chain for best pricing • Leverage combined spend to benefit from further volume discounts • 80/20 and LEAN processes and tools • Improve manufacturing facility efficiency; optimize for longer standard runs • Optimize distribution/warehousing for improved customer experience and better freight cost • Eliminate overlapping technology and third-party spend (i.e. auditors, insurance brokers, etc.) • G&A and sales redundancies without impacting customer experience Procurement Facilities SG&A ~$80M Expected Annual Gross Synergies ~$80M Expected Annual Gross Synergies ~$10M Expected Annual Dis-Synergies ~$10M Expected Annual Dis-Synergies ~$70M Expected Annual Net Run Rate Synergies ~$70M Expected Annual Net Run Rate Synergies OVERVIEW Summary Of Key Synergy Areas And Corresponding Strategic Initiatives
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Combined Financial Profile Expected to Drive Premium Long-Term Public Valuation 10 Public U.S. Industrial Companies Market Cap: $2B – $8B 2025E Revenue: $1B – $3B 2025E EBITDA Margin: 20%+ BROADER MARKET PUBLIC VALUE SCALE PROFITABILITY ~50 Companies ~100 Companies ~260 Companies ~2,020 Companies Companies with Similar Profiles Command Higher Valuations Over Time Average EV / 2025E EBITDA Multiple: ~12x Source: FactSet as of 03/07/2025 based on consensus estimates.
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11 Historical Track Record of De-Leveraging Post-Acquisition 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation; 2 Net Leverage Ratio is calculated in accordance with the terms and conditions in the Company’s credit agreement and is defined asNet Debt over trailing-twelve month Adjusted EBITDA as defined in the Company’s credit agreement and in accordance with the Company’s previous filings with the Securities and Exchange Commission 2.8x 3.7x 2.2x Q1 FY22 Q4 FY23 2.9x 2.4x 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 Q1 FY24 Q4 FY24 DORNER AND GARVEY ACQUISITIONS1,2 MONTRATEC ACQUISITION1,2 Dorner acquisition (closed April 2021) Montratec acquisition (closed May 2023) Pro Forma at Close Primary allocation strategy for significant Free Cash Flow1 generation History of acquisitions followed by de-levering Debt structure built to facilitate debt paydown CAPITAL ALLOCATION PRIORITIES Debt Reduction Investment to drive sales growth and margin improvementGrowth Continue track record of consistent dividend Significant FCF supports investment in intelligent motion strategy over the long-term Dividend M&A 1 2 3 4 Demonstrated History Of Net Leverage Ratio1 Reduction Following Acquisitions
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Supplement
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13 Impact of Tariffs EBITDA Impact1 ($M)Import Flow $12To 10Indirect Sourcing1 4To 4To 4To 3To 1To 1To 1Other Countries To 0To Other $40MImport EBITDA Impact Tariff impacts ($40M EBITDA): Tariff impact on imports to the U.S. Announced reciprocal tariffs Tariff impact from third party sourcing Pass through tariffs on product from local distributors and parts providers Mitigation actions: Surcharge additions Price increases Supply chain realignment Production relocation on specific lines Productivity improvements EBITDA impacts: Expect tariffs to negatively impact H1 FY26 due to a limited ability to add surcharges and adjust price on older orders Anticipate profit neutrality on tariffs by H2 FY26 Expect to Offset ~$40M EBITDA Impact Through Mitigation Actions by H2 FY26; $10M EBITDA Headwind to H1 FY26 1 Indirect Sourcing represents products sourced from variety of countries through a domestic supplier, rather than directly through Columbus McKinnon.
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Non-GAAP Measures 14 The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this presentation to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this presentation that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this presentation. The non-GAAP financial measures in this presentation may differ from similarly titled measures used by other companies. Adjusted Net Income and Adjusted EPS Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow Net Debt and Net Leverage Ratio Forward-Looking: The Company has not reconciled the Adjusted EPS guidance to the most comparable GAAP financial measure because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide guidance for the comparable GAAP financial measure. Forward-looking guidance regarding Adjusted EPS for fiscal 2026 is made in a manner consistent with the relevant definitions and assumptions noted herein. Forward looking guidance regarding Adjusted EBITDA Margin for the proforma combination of Columbus McKinnon and the Kito Crosby acquisition is made in a manner consistent with the relevant definitions and assumptions noted herein.
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Adjusted Net Income is defined as net income (loss) as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Diluted Shares Outstanding is defined as average diluted shares outstanding adjusted for the effect of dilutive share-based awards. Adjusted EPS is defined as Adjusted Net Income per Adjusted Diluted Shares Outstanding. Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of current periods' net income (loss), average diluted shares outstanding and GAAP EPS to the historical periods' net income (loss), average diluted shares outstanding and GAAP EPS, as well as facilitates a more meaningful comparison of the Company’s net income (loss) and GAAP EPS to that of other companies. The Company believes that presenting Adjusted Net Income, Adjusted Diluted Shares Outstanding and Adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically. Non-GAAP Measures: Adjusted Net Income and Adjusted EPS 15 YearQuarter($ in thousands, except per share data) FY25FY24Q4 FY25Q4 FY24 $ (5,138)$ 46,625$ (2,684)$ 11,809 Net income Add back (deduct): 29,946 29,396 7,398 7,525 Amortization of intangibles 11,014 3,211 11,014 3 Acquisition deal and integration costs 2,5171,867399 —Business realignment costs 3732,05951 175 Headquarter relocation costs 171 ———Hurricane Helene cost impact 23,6344,984—385 Non-cash pension settlement expense 17,5467444,989 545 Factory and warehouse consolidation 13,7484,4893,1613,734 Monterrey, MX new factory start-up costs —1,190—1,190Cost of debt repricing and refinancing —1,192 —1,192Tax indemnification payment owed 1,067—(433)—Mexico customs duty assessment 1,299———Customer bad debt1 (24,319)(12,763)(6,580)(4,767)Normalize tax rate to 25%2 $ 71,858 $ 82,994 $ 17,315 $ 21,791 Adjusted Net Income 28,73829,02628,615 29,129 GAAP average shares outstanding Add back: 250 —174 —Effect of diluted share-based awards 28,98829,02628,78929,129 Adjusted Diluted Shares Outstanding $ (0.18) $ 1.61 $ (0.09) $ 0.41 GAAP EPS $ 2.48 $ 2.86 $ 0.60 $ 0.75 Adjusted EPS 1Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025. 2Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
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Non-GAAP Measures: Adjusted EBITDA and Adjusted EBITDA Margin 16 Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements. YearQuarter($ in thousands) FY25FY24Q4 FY25Q4 FY24 $ (5,138) $ 46,625 $ (2,684) $ 11,809 Net income Add back (deduct): (367)14,902(809)2,497 Income tax expense (benefit) 32,426 37,9578,1419,169 Interest and debt expense (1,302)(1,759)(429)(547)Investment (income) loss 3,1791,826449752 Foreign currency exchange (gain) loss 25,7757,597263 1,757 Other (income) expense, net 48,18745,94511,95711,893 Depreciation and amortization expense 11,014 3,211 11,014 3 Acquisition deal and integration costs 2,5171,867399 —Business realignment costs 17,5467444,989545 Factory and warehouse consolidation 373 2,059 51 175 Headquarter relocation costs 171———Hurricane Helene cost impact —1,190 —1,190 Cost of debt repricing and refinancing 1,067—(433)—Mexico customs duty assessment 1,299———Customer bad debt1 13,7484,4893,1613,734 Monterrey, MX new factory start-up costs $ 150,495$ 166,653$ 36,069$ 42,977 Adjusted EBITDA $ 963,027$ 1,013,540 $ 246,889 $ 265,504 Net sales (0.5)%4.6%(1.1)%4.4%Net income margin 15.6%16.4% 14.6%16.2%Adjusted EBITDA Margin 1Customer bad debt represents a reserve of $1,299,000 against an accounts receivable balance for a customer who declared bankruptcy in January of 2025.
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Non-GAAP Measures: Free Cash Flow (FCF) and Free Cash Flow Conversion 17 Free Cash Flow is defined as GAAP net cash provided by (used for) operating activities less capital expenditures included in the investing activities section of the consolidated statement of cash flows. Free Cash Flow Conversion is defined as Free Cash Flow divided by net income. Free Cash Flow and Free Cash Flow Conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as defined or used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Free Cash Flow and Free Cash Flow Conversion, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ Free Cash Flow and Free Cash Flow Conversion to Free Cash Flow and Free Cash Flow Conversion for historical periods. YearQuarter($ in thousands) 20252024Q4 FY25Q4 FY24 $ 45,612$ 67,198 $ 35,613$ 38,607 Net cash provided by (used for) operating activities (21,411)(24,813)(6,145)(8,479)Capital expenditures $ 24,201 $ 42,385 $ 29,468$ 30,128Free Cash Flow (FCF) $ (5,138) $ 46,625Net income (471)%91%Free Cash Flow Conversion
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Non-GAAP Measures: Historical Net Debt and Net Leverage Ratio 18 1 EBITDA is normalized to include a full year of the acquired entity and assuming that deal related synergies are achieved for montratec in fiscal year 2024 and Dorner and Garvey in fiscal year 2023; 2 During the quarter ending December 31, 2023, certain employees in one of the Company’s U.S pension plans accepted an offer to settle their pension obligation with a lump sum payment. These lump sum settlements are one of the steps the Company is taking to terminate the plan by transferring the liabilities to a third-party. As a result, the Company recorded a non-cash settlement charge in the amount $4,599,000; 3 The Company’s credit agreement definition of Adjusted EBITDA excludes certain acquisition deal and integration costs that are incurred beyond one year after the close of an acquisition, as well as excludes any cash restructuring costs in excess of $10 million per fiscal year Trailing Twelve Month($ in thousands) Q4 FY24Q1 FY24Q4 FY23Q1 FY22 $ 46,625 $ 49,313 $ 48,429 $ 4,812Net income Add back (deduct): 1,331 7,994 -25,356Annualize EBITDA for acquisitions1 73 401 -5,387Annualize synergies for acquisitions1 14,902 20,547 26,046 (585) Income tax expense (benefit) 37,957 30,364 27,942 14,705Interest and debt expense -2 175 -Non-Cash loss related to asset retirement -(232)(232)(2,638)Gain on sale of Facility 4,984 --105Non-cash pension settlement2 2,349 1,774 1,7212,452Amortization of deferred financing costs 12,039 11,655 10,425 8,213Stock compensation expense -1,230 1,230 -Garvey contingent consideration 45,945 42,368 41,947 31,540Depreciation and amortization expense 3,211 3,117 616 13,193Acquisition deal and integration costs --2,981Acquisition amortization of backlog -(529)-(1,002)Excluded integration costs and realignment costs3 1,867 3,857 5,140 1,272Business realignment costs -(3,482)-(649)Excluded business realignment costs3 4,489 ---Monterrey, MX new factory start-up costs 744 117 -1,522Factory and warehouse consolidation 2,059 2,224 996 -Headquarter relocation costs ---88Insurance settlement ---16,211BUE Settlement ---(1,488)Other 1,190 --14,803Cost of debt repricing and refinancing $ 179,765 $ 170,720$ 164,435 $ 136,278Credit Agreement TTM Adjusted EBITDA 530,236 579,769 471,592 459,296Total debt 15,368 15,364 14,921 16,935Standby letters of credit (114,126)(106,994)(133,176)(88,654)Cash and cash equivalents $ 431,478 $ 488,139 $ 353,337 $ 387,577Net Debt 2.4x2.9x2.1x2.8xNet Leverage Ratio Net Debt is defined in the credit agreement as total debt plus standby letters of credit, net of cash and cash equivalents. Net Leverage Ratio is defined as Net Debt divided by the Credit Agreement Trailing Twelve Month (“TTM”) Adjusted EBITDA. Credit Agreement TTM Adjusted EBITDA is defined in the Company’s credit agreement as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Credit Agreement Adjusted EBITDA Margin is defined as Credit Agreement TTM Adjusted EBITDA divided by net sales. Net Debt, Net Leverage Ratio, Credit Agreement TTM Adjusted EBITDA and Credit Agreement Adjusted EBITDA Margin are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. Nevertheless, the Company believes that providing non- GAAP financial measures, such as Net Debt, Net Leverage Ratio, Credit Agreement TTM Adjusted EBITDA and Credit Agreement Adjusted EBITDA Margin are important for investors and other readers of the Company’s financial statements.