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AIT Applied Industrial Technologies, Inc.

Quarterly report

Six Months Ended
December 31,
2024			2023
Cash Flows from Operating Activities			Net income			$			185,353	$	185,054	Adjustments to reconcile net income to net cash provided by operating activities:	Depreciation and amortization of property			11,850			11,765	Amortization of intangibles	15,167			14,650	Provision for losses on accounts receivable	3,605			1,026	Amortization of stock appreciation rights	2,453			1,710	Other share-based compensation expense	3,101			4,237	Changes in operating assets and liabilities, net of acquisitions	1,451			(47,855)	Other, net	(96)			(2,620)	Net Cash provided by Operating Activities	222,884			167,967	Cash Flows from Investing Activities	Acquisition of businesses, net of cash acquired			(273,142)			(21,440)	Capital expenditures	(10,746)			(9,863)	Proceeds from property sales	922			471	Net Cash used in Investing Activities	(282,966)			(30,832)	Cash Flows from Financing Activities	Long-term debt repayments			(25,106)			(25,125)	Interest rate swap settlement receipts	6,797			7,194	Purchases of treasury shares	(30,084)			(10,677)	Dividends paid	(28,469)			(27,155)	Acquisition holdback payments	(1,210)			(681)	Exercise of stock appreciation rights and options	—			127	Taxes paid for shares withheld for equity awards	(13,037)			(12,914)	Net Cash used in Financing Activities	(91,109)			(69,231)	Effect of Exchange Rate Changes on Cash	(5,985)			915	(Decrease) Increase in Cash and Cash Equivalents	(157,176)			68,819	Cash and Cash Equivalents at Beginning of Period	460,617			344,036	Cash and Cash Equivalents at End of Period	$			303,441	$	412,855

29 Jan 25

4:09pm

AIT Applied Industrial Technologies, Inc.

Quarterly report

Six Months Ended December 31,
			2024															2023
Service Center Based Distribution			Engineered Solutions			Total			Service Center Based Distribution			Engineered Solutions			Total
Power Transmission			38.0		%	10.8			%	29.4			%	38.0			%	11.3			%	29.4			%
General MRO & Other			22.3		%	19.9			%	21.5			%	22.0			%	16.9			%	20.4			%
Fluid Power			14.1		%	32.9			%	20.0			%	14.0			%	37.3			%	21.5			%
Bearings, Linear & Seals			25.6		%	0.4			%	17.7			%	26.0			%	0.5			%	17.8			%
Specialty Flow Control			—		%	36.0			%	11.4			%	—			%	34.0			%	10.9			%
Total			100.0		%	100.0			%	100.0			%	100.0			%	100.0			%	100.0			%

29 Jan 25

4:09pm

AIT Applied Industrial Technologies, Inc.

Quarterly report

Changes related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows:

December 31, 2024	June 30, 2024			$ Change			% Change
Contract assets			$	12,336	$	12,648	$	(312)	(2.5)	%

29 Jan 25

4:09pm

AIT Applied Industrial Technologies, Inc.

Quarterly report

Changes in the accumulated other comprehensive loss are comprised of the following amounts, shown net of taxes:

Three Months Ended December 31, 2024

Foreign currency translation adjustment

Post-employment benefits

Cash flow hedge

Total Accumulated other comprehensive loss

Balance at September 30, 2024

Other comprehensive (loss) income

Amounts reclassified from accumulated other comprehensive loss

Net current-period other comprehensive loss

Balance at December 31, 2024

29 Jan 25

4:09pm

AIT Applied Industrial Technologies, Inc.

Quarterly report

(In thousands, except per share amounts)

	Three Months Ended			Six Months Ended
December 31,			December 31,
			2024			2023			2024			2023
Net sales			$			1,073,001	$	1,077,153	$	2,171,945	$	2,172,341	Cost of sales	744,951			760,063	1,518,813	1,530,169	Gross profit	328,050			317,090	653,132	642,172	Selling, distribution and administrative expense, including depreciation	207,180			202,496	419,090	406,898	Operating income	120,870			114,594	234,042	235,274	Interest (income) expense, net	(936)			1,917	(1,563)	3,237	Other income, net	(755)			(2,924)	(3,036)	(2,493)	Income before income taxes	122,561			115,601	238,641	234,530	Income tax expense	29,271			24,373	53,288	49,476	Net income	$			93,290	$	91,228	$	185,353	$	185,054	Net income per share - basic	$			2.43	$	2.35	$	4.83	$	4.78	Net income per share - diluted	$			2.39	$	2.32	$	4.76	$	4.71	Weighted average common shares outstanding for basic computation	38,427			38,744	38,413	38,722	Dilutive effect of potential common shares	536			558	543	585	Weighted average common shares outstanding for diluted computation	38,963			39,302	38,956	39,307

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