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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 29, 2024
COLUMBUS MCKINNON CORPORATION
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
| | | | | | | | |
| 001-34362 | | 16-0547600 |
| (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | | | | | | | |
13320 Ballantyne Corporate Place, Suite D | Charlotte | NC | 28277 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number including area code: (716) 689-5400
_________________________________________________
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | CMCO | Nasdaq Global Select Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | | | | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | | | | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| | |
| If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
| | | | | |
| Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On May 29, 2024, the registrant issued a press release announcing its financial results for the fourth quarter, which ended March 31, 2024. The press release is annexed as Exhibit 99.1 to this Current Report on Form 8-K.
| | | | | |
| Item 7.01 | REGULATION FD DISCLOSURE. |
The slides used during the earnings call are annexed as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in this Form 8-K and the Exhibits annexed hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such filing.
| | | | | |
| Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
| | | | | | | | |
EXHIBIT
NUMBER | | DESCRIPTION |
| | | |
| | Press Release dated May 29, 2024 |
| | Earnings call slides dated May 29, 2024 |
| 104 | | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| COLUMBUS McKINNON CORPORATION |
| | |
| By: | /s/ Gregory P. Rustowicz |
| Name: | Gregory P. Rustowicz |
| Title: | Executive Vice President - Finance and Chief Financial Officer |
| | (Principal Financial Officer) |
Dated: May 29, 2024
EXHIBIT 99.1 News Release
13320 Ballantyne Corporate Place, Suite D
Immediate Release Charlotte, NC 28277
Columbus McKinnon Reports Record Net Sales, Gross Margin
and Operating Income in Fiscal 2024
CHARLOTTE, NC, May 29, 2024 - Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its full year and fourth quarter fiscal 2024, which ended March 31, 2024. Results include the addition of montratec®, which was acquired on May 31, 2023 ("the acquisition").
Fiscal Year 2024 Highlights (compared with prior year period)
•Record net sales of $1.0 billion, up 8% driven by growth across all geographies including the acquisition of montratec
•Gross margin up 50 basis points to 37.0%; Adjusted Gross Margin1 up 80 basis points to 37.3%
•Net income of $46.6 million with a net margin of 4.6%; Adjusted EBITDA1 of $166.7 million, up 13% with Adjusted EBITDA Margin1 of 16.4%, up 60 basis points
•Generated net cash provided by operating activities of $67.2 million and Free Cash Flow1 of $42.4 million with Free Cash Flow Conversion1 of 91%
•Net Leverage Ratio1,2 decreased to 2.4x; Expect Net Leverage Ratio1,2 of ~2.0x target by end of year Fiscal 2025
Fourth Quarter 2024 Highlights (compared with prior year period)
•Delivered $265.5 million of net sales demonstrating continued momentum, up 5% driven by growth across all geographies with strength in precision conveyance, up 23%
•Orders increased 5% led by precision conveyance, up 25%
•Net income of $11.8 million with a net margin of 4.4%; Adjusted EBITDA1 of $43.0 million, up 8% with Adjusted EBITDA Margin1 of 16.2%, up 50 basis points
“Our team delivered another record year of sales, gross margin, operating income, and Adjusted EBITDA Margin1 reflecting the solid progress we are making with our transformation. These results provide another proof point on the path to achieving our long-term financial objectives. Our team continues to execute on commercial and operational initiatives to improve productivity, reduce lead times, and enhance customer experience, which position us to scale our business and deliver top-tier financial results,” said David J. Wilson, President and Chief Executive Officer. “While we are taking a prudent view of our outlook for fiscal 2025, we remain cautiously optimistic given the solid momentum exiting fiscal 2024 and our encouraging pipeline of opportunities. We are focused on execution as we thoughtfully navigate this uncertain environment.”
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
Fourth Quarter Fiscal 2024 Sales
| | | | | | | | | | | | | | | | | | | | | | | |
| ($ in millions) | Q4 FY 24 | | Q4 FY 23 | | Change | | % Change |
| Net sales | $ | 265.5 | | | $ | 253.8 | | | $ | 11.7 | | | 4.6 | % |
| U.S. sales | $ | 155.0 | | | $ | 149.4 | | | $ | 5.6 | | | 3.7 | % |
| % of total | 58 | % | | 59 | % | | | | |
| Non-U.S. sales | $ | 110.5 | | | $ | 104.4 | | | $ | 6.1 | | | 5.8 | % |
| % of total | 42 | % | | 41 | % | | | | |
For the quarter, sales increased $11.7 million, or 4.6%. The acquisition contributed $4.9 million, or 1.9%. In the U.S., sales were up $5.6 million, or 3.7%, driven by favorable sales volume of $3.1 million, price improvement of $2.1 million and $0.4 million of contribution from the acquisition. Sales outside the U.S. increased $6.1 million, or 5.8%, driven by $4.5 million of sales related to the acquisition and $3.6 million of price improvement offset by
$3.3 million of lower sales volume. Favorable foreign currency translation was $1.3 million.
Fourth Quarter Fiscal 2024 Operating Results
| | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | Q4 FY 24 | | Q4 FY 23 | | Change | | % Change |
| Gross profit | $ | 94.3 | | | $ | 91.2 | | | $ | 3.1 | | | 3.4 | % |
| Gross margin | 35.5 | % | | 35.9 | % | | (40) bps | | |
Adjusted Gross Profit1 | $ | 97.1 | | | $ | 91.2 | | | $ | 5.9 | | | 6.5 | % |
Adjusted Gross Margin1 | 36.6 | % | | 35.9 | % | | 70 bps | | |
| Income from operations | $ | 25.4 | | | $ | 27.5 | | | $ | (2.0) | | | (7.4) | % |
| Operating margin | 9.6 | % | | 10.8 | % | | (120) bps | | |
Adjusted Operating Income1 | $ | 31.1 | | | $ | 29.2 | | | $ | 1.9 | | | 6.6 | % |
Adjusted Operating Margin1 | 11.7 | % | | 11.5 | % | | 20 bps | | |
| Net income | $ | 11.8 | | | $ | 13.9 | | | $ | (2.1) | | | (15.0) | % |
| Net income margin | 4.4 | % | | 5.5 | % | | (110) bps | | |
| Diluted EPS | $ | 0.41 | | | $ | 0.48 | | | $ | (0.07) | | | (14.6) | % |
Adjusted EPS1 | $ | 0.75 | | | $ | 0.80 | | | $ | (0.05) | | | (6.3) | % |
Adjusted EBITDA1 | $ | 43.0 | | | $ | 39.7 | | | $ | 3.2 | | | 8.2 | % |
Adjusted EBITDA margin1 | 16.2 | % | | 15.7 | % | | 50 bps | | |
Adjusted EPS1 excludes amortization of intangible assets related to acquisitions. The Company believes this better represents its inherent earnings power and cash generation capability.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
Full Year and First Quarter Fiscal 2025 Guidance
The Company is issuing the following guidance for the first quarter of fiscal 2025, ending June 30, 2024:
| | | | | |
| Metric | Q1 FY25 |
| Net sales | Low-single digit growth year-over-year |
Adjusted EPS3 | Flat to slightly down year-over-year |
First quarter 2025 guidance assumes approximately $9 million of interest expense, $8 million of amortization, an effective tax rate of 25% and 29.2 million diluted average shares outstanding.
The Company is issuing the following guidance for fiscal 2025, ending March 31, 2025:
| | | | | |
| Metric | FY25 |
| Net sales | Low-single digit growth year-over-year |
Adjusted EPS3 | Mid to high-single digit growth year-over-year |
| Capital Expenditures | $20 million to $30 million |
Net Leverage Ratio3 | ~2.0x |
Fiscal 2025 guidance assumes approximately $33 million of interest expense, $30 million of amortization, an effective tax rate of 25% and 29.4 million diluted average shares outstanding.
Teleconference/Webcast
Columbus McKinnon will host a conference call today at 10:00 AM Eastern Time to discuss the Company’s financial results and strategy. The conference call will be accessible through live webcast and via phone by dialing 201-493-6780. The webcast, earnings release and earnings presentation will be available at the Company's investor relations website at investors.cmco.com. A replay of the webcast will also be archived on the Company's investor relations website and available via phone by dialing 412-317-6671 and enter conference ID number 13746170 through June 5, 2024.
______________________
1 Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Operating Margin, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion and Net Leverage Ratio are non-GAAP financial measures. See accompanying discussion and reconciliation tables provided in this release for reconciliations of these non-GAAP financial measures to the closest corresponding GAAP financial measures.
2 On a financial covenant basis per the Company’s Amended and Restated Credit Agreement
3 The Company has not reconciled the Adjusted EPS and Net Leverage Ratio guidance to the most comparable GAAP outlook 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 measures. Forward-looking guidance regarding Adjusted EPS and Net Leverage Ratio are made in a manner consistent with the relevant definitions and assumptions noted herein.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.cmco.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. All statements other than statements of historical facts contained in this release, including, but are not limited to, statements relating to: (i) our strategy, outlook and growth prospects and our full year and first quarter fiscal 2025 guidance; (ii) our operational and financial targets and capital distribution policy; (iii) general economic trend and trends in the industry and markets; (iv) the risk and costs associated with the integration of, and our ability to integrate acquisitions successfully to achieve synergies; (v) the effectiveness of our new facility in Monterrey, Mexico to provide cost savings and margin improvement (vi) the amount of debt to be paid down by the Company during fiscal 2025; and (vii) the competitive environment in which we operate are forward looking statements. 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, the 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, 2023 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.
Contacts:
| | | | | | | | |
| Gregory P. Rustowicz | | Kristine Moser |
| EVP Finance and CFO | | VP IR and Treasurer |
Columbus McKinnon Corporation | | Columbus McKinnon Corporation |
| 716-689-5442 | | 704-322-2488 |
| greg.rustowicz@cmco.com | | kristy.moser@cmco.com |
Financial tables follow.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - Unaudited
(In thousands, except per share and percentage data)
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | | March 31, 2024 | | March 31, 2023 | | Change |
| Net sales | | $ | 265,504 | | | $ | 253,843 | | | 4.6 | % |
| Cost of products sold | | 171,189 | | | 162,625 | | | 5.3 | % |
| Gross profit | | 94,315 | | | 91,218 | | | 3.4 | % |
| Gross profit margin | | 35.5 | % | | 35.9 | % | | |
| Selling expenses | | 26,941 | | | 25,331 | | | 6.4 | % |
| % of net sales | | 10.1 | % | | 10.0 | % | | |
| General and administrative expenses | | 27,353 | | | 26,353 | | | 3.8 | % |
| % of net sales | | 10.3 | % | | 10.4 | % | | |
| Research and development expenses | | 7,059 | | | 5,506 | | | 28.2 | % |
| % of net sales | | 2.7 | % | | 2.2 | % | | |
| Amortization of intangibles | | 7,525 | | | 6,559 | | | 14.7 | % |
| Income from operations | | 25,437 | | | 27,469 | | | (7.4) | % |
| Operating margin | | 9.6 | % | | 10.8 | % | | |
| Interest and debt expense | | 9,169 | | | 7,668 | | | 19.6 | % |
| | | | | | |
| Investment (income) loss, net | | (547) | | | (483) | | | 13.3 | % |
| Foreign currency exchange loss (gain), net | | 752 | | | (1,037) | | | NM |
| Other (income) expense, net | | 1,757 | | | (73) | | | NM |
| Income before income tax expense | | 14,306 | | | 21,394 | | | (33.1) | % |
| Income tax expense | | 2,497 | | | 7,499 | | | (66.7) | % |
| Net income | | $ | 11,809 | | | $ | 13,895 | | | (15.0) | % |
| | | | | | |
| Average basic shares outstanding | | 28,780 | | | 28,609 | | | 0.6 | % |
| Basic income per share | | $ | 0.41 | | | $ | 0.49 | | | (16.3) | % |
| | | | | | |
| Average diluted shares outstanding | | 29,129 | | | 28,869 | | | 0.9 | % |
| Diluted income per share | | $ | 0.41 | | | $ | 0.48 | | | (14.6) | % |
| | | | | | |
| Dividends declared per common share | | $ | 0.14 | | | $ | 0.14 | | | |
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - Unaudited
(In thousands, except per share and percentage data)
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended | | |
| | | March 31, 2024 | | March 31, 2023 | | Change |
| Net sales | | $ | 1,013,540 | | | $ | 936,240 | | | 8.3 | % |
| Cost of products sold | | 638,702 | | | 594,141 | | | 7.5 | % |
| Gross profit | | 374,838 | | | 342,099 | | | 9.6 | % |
| Gross profit margin | | 37.0 | % | | 36.5 | % | | |
| Selling expenses | | 105,341 | | | 102,528 | | | 2.7 | % |
| % of net sales | | 10.4 | % | | 11.0 | % | | |
| General and administrative expenses | | 106,760 | | | 94,794 | | | 12.6 | % |
| % of net sales | | 10.5 | % | | 10.1 | % | | |
| Research and development expenses | | 26,193 | | | 20,935 | | | 25.1 | % |
| % of net sales | | 2.6 | % | | 2.2 | % | | |
| Amortization of intangibles | | 29,396 | | | 26,001 | | | 13.1 | % |
| Income from operations | | 107,148 | | | 97,841 | | | 9.5 | % |
| Operating margin | | 10.6 | % | | 10.5 | % | | |
| Interest and debt expense | | 37,957 | | | 27,942 | | | 35.8 | % |
| | | | | | |
| Investment (income) loss, net | | (1,759) | | | (315) | | | 458.4 | % |
| Foreign currency exchange loss (gain), net | | 1,826 | | | (2,189) | | | NM |
| Other (income) expense, net | | 7,597 | | | (2,072) | | | NM |
| Income before income tax expense | | 61,527 | | | 74,475 | | | (17.4) | % |
| Income tax expense | | 14,902 | | | 26,046 | | | (42.8) | % |
| Net income | | $ | 46,625 | | | $ | 48,429 | | | (3.7) | % |
| | | | | | |
| Average basic shares outstanding | | 28,728 | | | 28,600 | | | 0.4 | % |
| Basic income per share | | $ | 1.62 | | | $ | 1.69 | | | (4.1) | % |
| | | | | | |
| Average diluted shares outstanding | | 29,026 | | | 28,818 | | | 0.7 | % |
| Diluted income per share | | $ | 1.61 | | | $ | 1.68 | | | (4.2) | % |
| | | | | | |
| Dividends declared per common share | | $ | 0.28 | | | $ | 0.28 | | | |
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Balance Sheets - Unaudited
(In thousands)
| | | | | | | | | | | | | | |
| | | March 31, 2024 | | March 31, 2023 |
| ASSETS | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 114,126 | | | $ | 133,176 | |
| Trade accounts receivable | | 171,186 | | | 151,451 | |
| Inventories | | 186,091 | | | 179,359 | |
| Prepaid expenses and other | | 42,752 | | | 32,254 | |
| Total current assets | | 514,155 | | | 496,240 | |
| | | | |
| Net property, plant, and equipment | | 106,395 | | | 94,360 | |
| Goodwill | | 710,334 | | | 644,629 | |
| Other intangibles, net | | 385,634 | | | 362,537 | |
| Marketable securities | | 11,447 | | | 10,368 | |
| Deferred taxes on income | | 1,797 | | | 2,035 | |
| Other assets | | 96,183 | | | 88,286 | |
| Total assets | | $ | 1,825,945 | | | $ | 1,698,455 | |
| | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
| Current liabilities: | | | | |
| Trade accounts payable | | $ | 83,118 | | | $ | 76,736 | |
| Accrued liabilities | | 127,973 | | | 124,317 | |
| Current portion of long-term debt and finance lease obligations | | 50,670 | | | 40,604 | |
| Total current liabilities | | 261,761 | | | 241,657 | |
| | | | |
| Term loan, AR securitization facility and finance lease obligations | | 479,566 | | | 430,988 | |
| Other non-current liabilities | | 202,555 | | | 192,013 | |
| Total liabilities | | 943,882 | | | 864,658 | |
| | | | |
| Shareholders’ equity: | | | | |
| Common stock | | 288 | | | 286 | |
| Treasury Stock | | (1,001) | | | (1,001) | |
| Additional paid-in capital | | 527,125 | | | 515,797 | |
| Retained earnings | | 395,328 | | | 356,758 | |
| Accumulated other comprehensive loss | | (39,677) | | | (38,043) | |
| Total shareholders’ equity | | 882,063 | | | 833,797 | |
| Total liabilities and shareholders’ equity | | $ | 1,825,945 | | | $ | 1,698,455 | |
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows - Unaudited
(In thousands) | | | | | | | | | | | | | | |
| | | Year Ended |
| | | March 31, 2024 | | March 31, 2023 |
| Operating activities: | | | | |
| Net income | | $ | 46,625 | | | $ | 48,429 | |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | | | | |
| Depreciation and amortization | | 45,945 | | | 41,947 | |
| Deferred income taxes and related valuation allowance | | (15,285) | | | (300) | |
| Net loss (gain) on sale of real estate, investments and other | | (1,431) | | | (54) | |
| Stock-based compensation | | 12,039 | | | 10,425 | |
| Amortization of deferred financing costs | | 2,349 | | | 1,721 | |
| Loss (gain) on hedging instruments | | (1,366) | | | (438) | |
| | | | |
| Cost of debt repricing | | 958 | | | — | |
| Loss on retirement of fixed asset | | — | | | 175 | |
| Non-cash pension settlement | | 4,984 | | | — | |
| Gain on sale of building | | — | | | (232) | |
| Non-cash lease expense | | 9,735 | | | 7,867 | |
| Changes in operating assets and liabilities, net of effects of business acquisitions: | | | | |
| Trade accounts receivable | | (14,428) | | | (4,858) | |
| Inventories | | (1,314) | | | (9,087) | |
| Prepaid expenses and other | | (8,555) | | | 6,667 | |
| Other assets | | 537 | | | (123) | |
| Trade accounts payable | | 4,748 | | | (13,964) | |
| Accrued liabilities | | (9,583) | | | 9,150 | |
| Non-current liabilities | | (8,760) | | | (13,689) | |
| Net cash provided by (used for) operating activities | | 67,198 | | | 83,636 | |
| | | | |
| Investing activities: | | | | |
| Proceeds from sales of marketable securities | | 3,526 | | | 3,651 | |
| Purchases of marketable securities | | (4,076) | | | (4,021) | |
| Capital expenditures | | (24,813) | | | (12,632) | |
| Proceeds from sale of building, net of transaction costs | | — | | | 373 | |
| | | | |
| Purchases of businesses, net of cash acquired | | (108,145) | | | (1,616) | |
| Dividend received from equity method investment | | 144 | | | 313 | |
| | | | |
| Net cash provided by (used for) investing activities | | (133,364) | | | (13,932) | |
| | | | |
| Financing activities: | | | | |
| Proceeds from issuance of common stock | | 1,600 | | | 713 | |
| Purchases of treasury stock | | — | | | (1,001) | |
| | | | |
| Fees paid for debt repricing | | (958) | | | — | |
| Repayment of debt | | (60,604) | | | (40,550) | |
| Proceeds from issuance of long-term debt | | 120,000 | | | — | |
| | | | |
| | | | |
| Cash inflows from hedging activities | | 24,057 | | | 24,495 | |
| Cash outflows from hedging activities | | (22,687) | | | (24,221) | |
| Fees paid for borrowing on long-term debt | | (2,859) | | | — | |
| Payment of dividends | | (8,044) | | | (8,008) | |
| Other | | (2,304) | | | (1,415) | |
| Net cash provided by (used for) financing activities | | 48,201 | | | (49,987) | |
| | | | |
| Effect of exchange rate changes on cash | | (1,085) | | | (1,931) | |
| | | | |
| Net change in cash and cash equivalents | | (19,050) | | | 17,786 | |
| Cash, cash equivalents, and restricted cash at beginning of year | | 133,426 | | | 115,640 | |
| Cash, cash equivalents, and restricted cash at end of year | | $ | 114,376 | | | $ | 133,426 | |
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Q4 FY 2024 Sales Bridge
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarter | | Year |
| ($ in millions) | | $ Change | | % Change | | $ Change | | % Change |
Fiscal 2023 Sales | | $ | 253.8 | | | | | $ | 936.2 | | | |
| Acquisition | | 4.9 | | | 1.9 | % | | 32.6 | | | 3.5 | % |
| Volume | | (0.2) | | | (0.1) | % | | (0.4) | | | — | % |
| Pricing | | 5.7 | | | 2.3 | % | | 33.8 | | | 3.6 | % |
| Foreign currency translation | | 1.3 | | | 0.5 | % | | 11.3 | | | 1.2 | % |
| Total change | | $ | 11.7 | | | 4.6 | % | | $ | 77.3 | | | 8.3 | % |
Fiscal 2024 Sales | | $ | 265.5 | | |
| | $ | 1,013.5 | | | |
COLUMBUS McKINNON CORPORATION
Q4 FY 2024 Gross Profit Bridge
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| ($ in millions) | Quarter | | Year |
Fiscal 2023 Gross Profit | $ | 91.2 | | | $ | 342.1 | |
| Acquisition | 0.8 | | | 13.8 | |
| Price, net of manufacturing cost changes (incl. inflation) | 1.0 | | | 16.9 | |
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| Foreign currency translation | 0.4 | | | 3.8 | |
| Current year business realignment costs | — | | | (0.4) | |
| Monterrey, MX new factory start-up costs | (2.6) | | | (3.0) | |
| Factory and warehouse consolidation costs | (0.2) | | | (0.2) | |
| Sales volume & mix | 3.7 | | | 0.9 | |
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| Product liability | — | | | 0.9 | |
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| Total change | 3.1 | | | 32.7 | |
Fiscal 2024 Gross Profit | $ | 94.3 | | | $ | 374.8 | |
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| U.S. Shipping Days by Quarter |
| | | Q1 | | Q2 | | Q3 | | Q4 | | Total |
| FY 25 | | 64 | | 63 | | 60 | | 62 | | 249 |
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| FY 24 | | 63 | | 62 | | 61 | | 62 | | 248 |
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| FY 23 | | 63 | | 64 | | 60 | | 63 | | 250 |
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Additional Data1
(Unaudited)
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| | Period Ended |
| | | March 31, 2024 | | December 31, 2023 | | March 31, 2023 |
| ($ in millions) | | | | | | | | | |
| Backlog | | $ | 280.8 | | | | $ | 298.4 | | | | $ | 308.7 | | |
| Long-term backlog | | | | | | | | | |
| Expected to ship beyond 3 months | | $ | 144.6 | | | | $ | 151.3 | | | | $ | 142.0 | | |
| Long-term backlog as % of total backlog | | 51.5 | | % | | 50.7 | | % | | 46.0 | | % |
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| Debt to total capitalization percentage | | 37.5 | | % | | 38.5 | | % | | 36.1 | | % |
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| Debt, net of cash, to net total capitalization | | 32.0 | | % | | 33.7 | | % | | 28.9 | | % |
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Working capital as a % of sales 2 | | 19.1 | | % | | 20.6 | | % | | 17.3 | | % |
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| | Three Months Ended |
| | | March 31, 2024 | | December 31, 2023 | | March 31, 2023 |
| ($ in millions) | | | | | | | | | |
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| Trade accounts receivable | | | | | | | | | |
| Days sales outstanding | | 58.7 | | days | | 62.1 | | days | | 54.3 | | days |
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| Inventory turns per year | | | | | | | | | |
| (based on cost of products sold) | | 3.7 | | turns | | 3.1 | | turns | | 3.6 | | turns |
| Days' inventory | | 98.6 | | days | | 117.7 | | days | | 101.4 | | days |
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| Trade accounts payable | | | | | | | | | |
| Days payables outstanding | | 50.9 | | days | | 50.1 | | days | | 53.3 | | days |
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| Net cash provided by (used for) operating activities | | $ | 38.6 | | | | $ | 29.1 | | | | $ | 66.7 | | |
| Capital expenditures | | $ | 8.5 | | | | $ | 6.0 | | | | $ | 3.1 | | |
Free Cash Flow 3 | | $ | 30.1 | | | | $ | 23.1 | | | | $ | 63.6 | | |
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1 Additional Data: This data is provided to help investors understand financial and operational metrics that management uses to measure the Company’s financial performance and identify trends affecting the business. These measures may not be comparable with or defined in the same manner as other companies. Components may not add due to rounding
2 March 31, 2024 and December 31, 2023 exclude the impact of the acquisition of montratec.
3 Free Cash Flow is a non-GAAP financial measures. See accompanying discussion and reconciliation tables provided in this release for reconciliations of these non-GAAP financial measures to the closest corresponding GAAP financial measures.
.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release 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 earnings release 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 earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
COLUMBUS McKINNON CORPORATION
Reconciliation of Gross Profit to Adjusted Gross Profit
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Year Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
| GAAP gross profit | $ | 94,315 | | | $ | 91,218 | | | $ | 374,838 | | | $ | 342,099 | |
| Add back (deduct): | | | | | | | |
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| Business realignment costs | — | | | — | | | 346 | | | — | |
| Monterrey, MX new factory start-up costs | 2,552 | | | — | | | 2,987 | | | — | |
| Factory and warehouse consolidation costs | 262 | | | — | | | 262 | | | — | |
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| Non-GAAP adjusted gross profit | $ | 97,129 | | | $ | 91,218 | | | $ | 378,433 | | | $ | 342,099 | |
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| Net Sales | $ | 265,504 | | | $ | 253,843 | | | $ | 1,013,540 | | | $ | 936,240 | |
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| Gross margin | 35.5 | % | | 35.9 | % | | 37.0 | % | | 36.5 | % |
| Adjusted Gross Margin | 36.6 | % | | 35.9 | % | | 37.3 | % | | 36.5 | % |
Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by net sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Profit Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Profit Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's gross profit and gross profit margin to the historical periods' gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross profit margin to that of other companies.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Reconciliation of Income from Operations to Adjusted Operating Income
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Year Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Income from operations | $ | 25,437 | | | $ | 27,469 | | | $ | 107,148 | | | $ | 97,841 | |
| Add back (deduct): | | | | | | | |
| Acquisition deal and integration costs | 3 | | | 173 | | | 3,211 | | | 616 | |
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| Business realignment costs | — | | | 848 | | | 1,867 | | | 5,140 | |
| Factory and warehouse consolidation costs | 545 | | | — | | | 744 | | | — | |
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| Garvey contingent consideration | — | | | — | | | — | | | 1,230 | |
| Headquarter relocation costs | 175 | | | 681 | | | 2,059 | | | 996 | |
| Monterrey, MX new factory start-up costs | 3,734 | | | — | | | 4,489 | | | — | |
| Cost of debt repricing | 1,190 | | | — | | | 1,190 | | | — | |
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| Adjusted Operating Income | $ | 31,084 | | | $ | 29,171 | | | $ | 120,708 | | | $ | 105,823 | |
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| Net Sales | $ | 265,504 | | | $ | 253,843 | | | $ | 1,013,540 | | | $ | 936,240 | |
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| Operating margin | 9.6 | % | | 10.8 | % | | 10.6 | % | | 10.5 | % |
| Adjusted Operating Margin | 11.7 | % | | 11.5 | % | | 11.9 | % | | 11.3 | % |
Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by net sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income and Diluted Earnings per Share to
Adjusted Net Income and Adjusted Earnings per Diluted Share
($ in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Year Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income | $ | 11,809 | | | $ | 13,895 | | | $ | 46,625 | | | $ | 48,429 | |
| Add back (deduct): | | | | | | | |
| Amortization of intangibles | 7,525 | | | 6,559 | | | 29,396 | | | 26,001 | |
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| Acquisition deal and integration costs | 3 | | | 173 | | | 3,211 | | | 616 | |
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| Business realignment costs | — | | | 848 | | | 1,867 | | | 5,140 | |
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| Factory and warehouse consolidation costs | 545 | | | — | | | 744 | | | — | |
| Garvey contingent consideration | — | | | — | | | — | | | 1,230 | |
| Headquarter relocation costs | 175 | | | 681 | | | 2,059 | | | 996 | |
| Monterrey, MX new factory start-up costs | 3,734 | | | — | | | 4,489 | | | — | |
| Cost of debt repricing | 1,190 | | | — | | | 1,190 | | | — | |
| Non-cash pension settlement expense | 385 | | | — | | | 4,984 | | | — | |
Tax indemnification payment owed1 | 1,192 | | | — | | | 1,192 | | | — | |
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Normalize tax rate2 | (4,767) | | | 975 | | | (12,763) | | | 2,185 | |
| Adjusted Net Income | $ | 21,791 | | | $ | 23,131 | | | $ | 82,994 | | | $ | 84,597 | |
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| Average diluted shares outstanding | 29,129 | | | 28,869 | | | 29,026 | | | 28,818 | |
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| Diluted income per share | $ | 0.41 | | | $ | 0.48 | | | $ | 1.61 | | | $ | 1.68 | |
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| Adjusted EPS per diluted share | $ | 0.75 | | | $ | 0.80 | | | $ | 2.86 | | | $ | 2.94 | |
1 Represents tax indemnification payment owed to the former owner of STAHL for a tax refund received by CMCO in the quarter ended March 31, 2024 for periods prior to the acquisition of STAHL by CMCO.
2 Applies a normalized tax rate of 25% in fiscal 2024 and 22% in fiscal 2023 to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
Adjusted Net Income and Adjusted Diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income and Adjusted Diluted 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 and Adjusted Diluted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that presenting Adjusted Diluted 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.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Income to Adjusted EBITDA
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Year Ended March 31, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income | $ | 11,809 | | | $ | 13,895 | | | $ | 46,625 | | | $ | 48,429 | |
| Add back (deduct): | | | | | | | |
| Income tax expense | 2,497 | | | 7,499 | | | 14,902 | | | 26,046 | |
| Interest and debt expense | 9,169 | | | 7,668 | | | 37,957 | | | 27,942 | |
| Investment (income) loss, net | (547) | | | (483) | | | (1,759) | | | (315) | |
| Foreign currency exchange loss (gain), net | 752 | | | (1,037) | | | 1,826 | | | (2,189) | |
| Other (income) expense, net | 1,757 | | | (73) | | | 7,597 | | | (2,072) | |
Depreciation and amortization expense | 11,893 | | | 10,567 | | | 45,945 | | | 41,947 | |
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| Acquisition deal and integration costs | 3 | | | 173 | | | 3,211 | | | 616 | |
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| Business realignment costs | — | | | 848 | | | 1,867 | | | 5,140 | |
| | | | | | | |
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| Factory and warehouse consolidation costs | 545 | | | — | | | 744 | | | — | |
| Garvey contingent consideration | — | | | — | | | — | | | 1,230 | |
| Headquarter relocation costs | 175 | | | 681 | | | 2,059 | | | 996 | |
| Monterrey, MX new factory start-up costs | 3,734 | | | — | | | 4,489 | | | — | |
| Cost of debt repricing | 1,190 | | | — | | | 1,190 | | | — | |
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| Adjusted EBITDA | $ | 42,977 | | | $ | 39,738 | | | $ | 166,653 | | | $ | 147,770 | |
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| Net Sales | $ | 265,504 | | | $ | 253,843 | | | $ | 1,013,540 | | | $ | 936,240 | |
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| Net income margin | 4.4 | % | | 5.5 | % | | 4.6 | % | | 5.2 | % |
| Adjusted EBITDA Margin | 16.2 | % | | 15.7 | % | | 16.4 | % | | 15.8 | % |
Adjusted EBITDA is defined as net income 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.
Columbus McKinnon Reports Record Sales, Gross Margin and Operating Profit in Fiscal 2024
May 29, 2024
COLUMBUS McKINNON CORPORATION
Reconciliation of Net Leverage Ratio
($ in thousands)
| | | | | | | | | | | | | | |
| | Year Ended March 31, |
| | 2024 | | 2023 |
| Net income | | $ | 46,625 | | | $ | 48,429 | |
| Add back (deduct): | | | | |
Annualize EBITDA for the montratec acquisition1 | | 1,331 | | | |
Annualize synergies for the montratec acquisition1 | | 73 | | | |
| Income tax expense | | 14,902 | | | 26,046 | |
| Interest and debt expense | | 37,957 | | | 27,942 | |
Non-Cash Pension Settlement2 | | 4,984 | | | — | |
| Amortization of deferred financing costs | | 2,349 | | | 1,721 | |
| Stock Compensation Expense | | 12,039 | | | 10,425 | |
Depreciation and amortization expense | | 45,945 | | | 41,947 | |
| | | | |
| Acquisition deal and integration costs | | 3,211 | | | 616 | |
| | | | |
| Business realignment costs | | 1,867 | | | 5,140 | |
| | | | |
| Factory and warehouse consolidation costs | | 744 | | | — | |
| Garvey contingent consideration | | — | | | 1,230 | |
| Headquarter relocation costs | | 2,059 | | | 996 | |
| Monterrey, MX new factory start-up costs | | 4,489 | | | — | |
| Cost of debt repricing | | 1,190 | | | — | |
| Non-Cash loss related to asset retirement | | — | | | 175 | |
| Gain on Sale of Facility | | — | | | (232) | |
| | | | |
| Credit Agreement Trailing Twelve Month Adjusted EBITDA | | $ | 179,765 | | | $ | 164,435 | |
| | | | |
| Current portion of long-term debt and finance lease obligations | | $ | 50,670 | | | $ | 40,604 | |
| Term loan, AR securitization facility and finance lease obligations | | 479,566 | | | 430,988 | |
| Total debt | | $ | 530,236 | | | $ | 471,592 | |
| Standby Letters of Credit | | 15,368 | | | 14,921 | |
| Cash and cash equivalents | | (114,126) | | | (133,176) | |
| Net Debt | | $ | 431,478 | | | $ | 353,337 | |
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| Net Leverage Ratio | | 2.40x | | 2.15x |
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.
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 Adjusted EBITDA. Credit Agreement Trailing Twelve Month Adjusted EBITDA is defined as net income adjusted for interest expense, income taxes, depreciation, amortization, and other adjustments. Net Debt, Net Leverage Ratio and Credit Agreement Trailing Twelve Month Adjusted EBITDA 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 and Credit Agreement Trailing Twelve Month Adjusted EBITDA are important for investors and other readers of the Company’s financial statements.
Q4 and Fiscal Year 2024 Financial Results Conference Call Vice President, Investor Relations & Treasurer Kristine Moser Executive Vice President Finance & Chief Financial Officer Gregory P. Rustowicz May 29, 2024 President & Chief Executive Officer David J. Wilson
© 2024 COLUMBUS MCKINNON CORPORATION These slides, and the accompanying oral discussion (together, this “presentation”), contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. All statements other than statements of historical facts contained in this document, including, but are not limited to, statements relating to: (i) our strategy, outlook and growth prospects, our full year and first quarter fiscal 2025 guidance and our fiscal 2027 targets and goals; (ii) our operational and financial targets and capital distribution policy; (iii) general economic trend and trends in the industry and markets; (iv) the amount of debt to be paid down by the Company during fiscal 2025 and the first quarter of fiscal 2025; and (v) the competitive environment in which we operate, are forward looking statements. 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, the 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, 2023 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 Measures This presentation will discuss some non-GAAP (“adjusted”) financial measures which we believe are useful in evaluating our performance. You should not consider the presentation 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 GAAP measures with non-GAAP financial measures can be found in tables included in the Supplemental Information portion of this presentation. Safe Harbor Statement 2
© 2024 COLUMBUS MCKINNON CORPORATION 3 FY24 Year End Review • Record sales exceeded $1.0B, up 8% Y/Y driven by growth across all geographies including the addition of montratec® • Gross margin expanded 50 bps Y/Y and 80 bps on an adjusted basis1, the third consecutive year of Adjusted Gross Margin1 expansion totaling 320 bps • Operating income grew 10% and 14% on an adjusted basis1. Adjusted Operating Margin1 increased 60 bps Y/Y driven by operating leverage on growth and progress with our transformation • Net income of $46.6M and Adjusted EBITDA1 of $166.7M, up 13%. Expanded Adjusted EBITDA Margin1 by 60 bps to 16.4% • Strong cash generation with cash from operations of $67.2M and Free Cash Flow1 conversion of 91% • Net Leverage Ratio1,2 decreased to 2.4x; Expect Net Leverage Ratio1,2 of ~2.0x by EOY FY25 Record Sales, Gross Profit and Operating Income Demonstrate our Progress with our Transformation 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. 2 On a financial covenant basis per the Company’s Amended and Restated Credit Agreement
© 2024 COLUMBUS MCKINNON CORPORATION 4 Orders and Backlog 1Long term backlog is expected to ship beyond three months $142.0 $177.3 $148.3 $151.3 $144.6 $166.7 $178.0 $169.4 $147.1 $136.2 $308.7 $355.3 $317.7 $298.4 $280.8 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Continued Orders Growth and Encouraging Pipeline • Orders up 5% Y/Y and 12% sequentially • Demand grew across the Americas and EMEA & APAC • Precision conveying up 25% Y/Y and 13% excluding montratec • Lifting up 6% Y/Y with strength in North America • Short-cycle remains healthy; Encouraging order funnel for project business Operational Improvements Enabled Backlog Conversion • Past due backlog reduced by 37% from Q3 FY24 • Lead times improved and remain an important focus • Expect backlog to further normalize from elevated levels Strong Order Growth and an Encouraging Funnel… Past Due Backlog Normalized Book:Bill $246.0 $254.1 $226.5 $231.2 $258.1 0.97x 1.08x 0.88x 0.91x 0.97x Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Orders Short Term Long Term1 Backlog ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 5 Unlocking CMCO’s Potential Framework to Deliver Differentiated Growth, Financial Performance and Shareholder Value GROWTH FRAMEWORKCMBS TRANSFORMATION
© 2024 COLUMBUS MCKINNON CORPORATION 6Execution of Strategy Delivers Record Performance on Key Metrics in FY24 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation 2 Adjusted Gross Margin and Adjusted EBITDA Margin are non-GAAP financial measures. See supplemental information for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP financial measures. Forward-looking estimates of Adjusted Gross Margin and Adjusted EBITDA Margin 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. Executing Plan and Delivering Results Organic growth • Commercial initiatives • New product development • Customer experience improvement M&A growth • Expand precision conveyance platform • Opportunistic with core portfolio • Reimagine portfolio $650 $907 $936 $1,014 ~$1,500 FY21 FY22 FY23 FY24 FY27E Operating initiatives • Operational excellence/VAVE • Operating leverage on growth • Pricing in excess of material inflation • Product line simplification • Factory simplification Margin accretive M&A 34.1% 36.1% 36.5% 37.3% ~40% FY21 FY22 FY23 FY24 FY27E GROWTH DRIVERS 11.9% 15.4% 15.8% 16.4% ~21% FY21 FY22 FY23 FY24 FY27E RSG&A leverage on organic and M&A related growth Gross margin expansion Adjusted EBITDA Margin1Adjusted Gross Margin1Net Sales ($ in millions, $M) 22
© 2024 COLUMBUS MCKINNON CORPORATION 7 Key Operational Initiatives in FY25 Focused on Delivering Profitable Growth and Margin Expansion Execute footprint simplification plan • Generate cost savings and operational improvement through Americas Manufacturing Center of Excellence in Monterrey, Mexico • Deliver synergies in EMEA through shared services Customer Experience Footprint Simplification Improve performance and customer intimacy • Continue Net Promotor Score improvement following double-digit increase in FY24 • Reduce lead-times and improve on-time delivery to market competitive levels or better • Enhance demand planning process and leverage technology Factory Performance Improve operational KPIs • Increase material productivity and VAVE savings • Improve direct labor efficiency • Reduce overhead rates driven by strategic priorities Profitable Growth Deliver on commercial initiatives and drive margin expansion • Grow share of wallet through improved customer experience • Execute commercial, geographic expansion and product innovation initiatives • Focus on margin expansion through 80/20 actions
© 2024 COLUMBUS MCKINNON CORPORATION 8 Net Sales Delivered Record Sales in Q4 FY24 and FY24 with 5% and 8% Growth Y/Y, Respectively FY24 sales, up 8% Y/Y or 7% excluding FX • Sales in U.S. increased 1% • Sales outside of the U.S. increased 20% or 17% excluding FX o montratec contributed 9% to growth o Sales up 8%, excluding acquisition Q4 FY24 sales, up 5% Y/Y or 4% excluding FX • Sales in U.S. increased 4% driven by volume and price • Sales outside of the U.S. increased 6% or 5% excluding FX o montratec contributed 4% of growth Delivered Q4 FY24 double-digit growth Y/Y in precision conveyance • Sales up 23%; up 9% excluding montratec acquisition ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 9 Gross Profit & Margin Full Year Adjusted Gross Margin1 of 37.3%... On Track Toward Long-Term Objective 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. Q4 FY24 Gross Margin of 35.5% and Adjusted Gross Margin1 of 36.6% • Gross profit increased 3% driven by sales volume & mix, partially offset by $2.8M of Monterrey, Mexico start-up and factory consolidation costs • Adjusted Gross Profit1 increased 7% adjusted for Monterrey Mexico start-up costs • Adjusted Gross Margin1 expanded 70 bps to 36.6%; Expanded 180 basis points on a two-year stack basis $342.1 $374.8 $13.8 $16.9 $0.9 $3.8 $0.5 ($3.2) FY23 Acquisition Pricing, Net of Mfg Cost Changes Sales Volume & Mix FX Impact Monterrey & Consolidation Costs Other FY24 FY24 Gross Profit $91.2 $94.3$0.8 $1.0 $3.7 $0.4 ($2.8) Q4 FY23 Acquisition Pricing, Net of Mfg Cost Changes Sales Volume & Mix FX Impact Monterrey & Consolidation Costs Q4 FY24 Q4 FY24 Gross Profit FY24 Gross Margin of 37.0% and Adjusted Gross Margin1 of 37.3% • Gross profit increased 10% driven by acquisition, pricing and FX, partially offset by $3.2M of Monterrey, Mexico start-up and factory consolidation costs • Adjusted Gross Profit1 increased 11% adjusted for Monterrey Mexico start-up costs and business realignment costs • Adjusted Gross Margin1 expanded 80 bps Y/Y to 37.3% ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 10 RSG&A $25.3 $25.0 $26.9 $26.6 $26.9 $26.4 $27.4 $25.7 $26.3 $27.4 $5.5 $5.9 $6.5 $6.7 $7.1 $57.2 $58.3 $59.1 $59.5 $61.4 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Quarterly RSG&A Q4 FY24 RSG&A increased $4.2M Y/Y • $2.9M from montratec acquisition • $1.3M of higher R&D, as we continue advancing our product innovation and product line simplification initiatives • G&A includes $1.2M of fees and expenses for the Term Loan B repricing and $1.0M of Monterrey Mexico start-up costs FY24 RSG&A increased $20.0M Y/Y • $10.5M from montratec acquisition • $4.4M of higher R&D with investments in product innovation and product line simplification initiatives • G&A includes $1.2M of fees and expenses for the Term Loan B repricing and $1.2M of Monterrey Mexico start-up costs • $1.8M impact of FX on RSG&A Note: Components may not add to totals due to rounding Y/Y Increase Reflects Acquisition and R&D Investments… Disciplined Cost Management 23.1%23.4%22.9%24.8%22.5%RSG&A as a % of Sales $76.9 $99.2 $102.5 $105.3 $76.0 $102.1 $94.8 $106.8$12.4 $15.4 $20.9 $26.2 165.3 216.7 218.3 238.3 FY21 FY22 FY23 FY24 Annual RSG&A 23.5%23.3%23.9%25.4%RSG&A as a % of Sales R&D Selling G&A R&D Selling G&A ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 11 Operating Income Q4 FY24 Operating income decreased 7% Y/Y • Operating income decreased $2.0M driven by $3.7M of Monterrey Mexico start-up costs and $1.2M of fees and expenses for the Term Loan B repricing Q4 FY24 Adjusted Operating Income1 increased 7% Y/Y • Adjusted Operating Income1 increased $1.9M • Adjusted Operating Margin1 of 11.7% expanded 20 bps FY24 Operating income increased 10% Y/Y • Operating income increased $9.3M, including $4.5M of Monterrey Mexico start-up costs and $1.2M of fees and expenses for the Term Loan B repricing FY24 Adjusted Operating Income1 increased 14% Y/Y • Adjusted Operating Income1 increased $14.9M • Adjusted Operating Margin1 of 11.9% expanded 60 bps FY24 Adjusted Operating Income1 Increased 14% Y/Y Driven By Gross Margin Expansion Quarterly Operating Income $27.5 $21.4 $33.4 $26.9 $25.4 $29.2 $25.8 $34.1 $29.7 $31.1 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. 9.6%10.6%12.9%9.1%10.8%Operating Margin 11.7%11.7%13.2%10.9%11.5%Adj. Operating Margin1 Adjusted GAAP Annual Operating Income $42.3 $73.8 $97.8 $107.1 $49.0 $98.1 $105.8 $120.7 FY21 FY22 FY23 FY24 10.6%10.5%8.1%6.5%Operating Margin 11.9%11.3%10.8%7.5%Adj. Operating Margin1 Adjusted GAAP ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 12 Earnings Per Share Delivered Adjusted EPS1 of $2.86 in FY24 Quarterly Diluted EPS $0.48 $0.32 $0.55 $0.34 $0.41 $0.80 $0.62 $0.76 $0.74 $0.75 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. Adjusted GAAP Annual Diluted EPS1 $0.38 $1.04 $1.68 $1.61 $1.57 $2.83 $2.94 $2.86 FY21 FY22 FY23 FY24 Adjusted GAAP Net income of $11.8M decreased $2.1M in Q4 FY24 • $2.0M decrease in operating income • $1.8M unfavorable change in FX • $1.5M higher interest expense • Partially offset by a lower tax rate Adjusted Net Income1 of $21.8M FY24 Net income of $46.6M decreased $1.8M • $9.3M increase in operating income and lower tax rate, more than offset by: o $10.0M higher interest expense o $5.0M pension settlement o $4.0M lower FX gain than prior year o $1.2M for tax indemnification expense Adjusted Net Income1 of $83.0M
© 2024 COLUMBUS MCKINNON CORPORATION 13 Adjusted EBITDA Adjusted EBITDA1 increased 8% in Q4 FY24 Y/Y • Grew Adjusted Operating Income1 $1.9M or 7%, driven by top-line growth and Adjusted Gross Margin expansion • Increased depreciation and amortization $1.3M Q4 FY24 Adjusted EBITDA Margin1 increased 50 bps Y/Y Adjusted EBITDA1 increased 13% in FY24 Y/Y • Increased Adjusted Operating Income1 by $14.9M or 14%, driven by top-line growth and Adjusted Gross Margin expansion • Increased depreciation and amortization $4.0M Adjusted EBITDA Margin1 increased 60 bps in FY24 Y/Y • Targeting ~21% Adjusted EBITDA Margin1 in FY27 • Expect 80/20 initiatives, factory simplification, and operating leverage on increased scale to drive continued margin expansion FY24 Adjusted EBITDA1 Increased 13% Y/Y Driven By Gross Margin Expansion and Leverage on Growth Quarterly Adjusted EBITDA1 $39.7 $36.6 $45.7 $41.3 $43.0 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. 16.2%16.3%17.7%15.6%15.7%Adj. EBITDA Margin1 Annual Adjusted EBITDA1 $77.2 $140.1 $147.8 $166.7 FY21 FY22 FY23 FY24 16.4%15.8%15.4%11.9%Adj. EBITDA Margin1 ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 14 $86.6 $35.8 $71.0 $42.4 951% 121% 147% 91% FY21 FY22 FY23 FY24 Free Cash Flow1 & FCF Conversion 1 Cash Flow Note: Components may not sum due to rounding Year EndedThree Months Ended 3/31/233/31/243/31/233/31/24 $ 83.6$ 67.2$ 66.7$ 38.6 Net cash provided by (used for) operating activities 12.624.83.18.5Capital Expenditures $ 71.0$ 42.4$ 63.6$ 30.1Free Cash Flow (FCF)1 Free Cash Flow Conversion1 of 91%, in-line with guidance Net Cash Provided by Operating Activities decreased $16.4M • $8.9M higher cash interest • $6.3M higher cash taxes • $1.0M fees and expenses relate to Term Loan B repricing CapEx increased by $12.2M • $10.4M CapEx investment for our Monterrey, Mexico facility Continue to Demonstrate Strong Free Cash Flow Conversion1 1 Non-GAAP financial measure; see definition and reconciliation at the end of this Presentation. ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 15 Capital Structure Net Leverage Ratio1 of 2.4x as of year end FY24 • Borrowed $120M to fund montratec acquisition, paid down $60M in FY24 • Expect additional $50M paydown in FY25, with $10M in Q1 FY25 Repriced Term Loan B debt resulting in $2.5M of interest expense savings • Repriced TLB in March 2024 reducing credit spread by 25 bps to 250 bps and eliminated 26 bps credit spread adjustment • 67% of total debt is hedged at a weighted average fixed cost of 6.6% Continued financial flexibility with $277M of liquidity Capital Priorities Remain Unchanged… Investing in Growth and Paying Down Debt CAPITALIZATION March 31, 2023 March 31, 2024 $ 462.6$ 477.6Term Loan B 0.045.0AR Securitization Facility 13.512.9Capital Lease (4.5) (5.3)Unamortized Deferred Financing Fees 471.6530.2Total debt $ 133.2$ 114.1Cash and cash equivalents 338.4416.1Debt, net of cash and cash equivalents 833.8882.1Shareholders’ equity $ 1,305.4$ 1,412.3Total capitalization 36.1%37.5%Debt/total capitalization 28.9%32.1%Net debt/net total capitalization Note: Components may not add to totals due to rounding ($ in millions, $M)
© 2024 COLUMBUS MCKINNON CORPORATION 16 FY2025 Guidance 1 Adjusted EPS and Net Leverage Ratio are non-GAAP financial measures. See supplemental information for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP financial measures. Forward-looking estimates of Adjusted EPS and Net Leverage Ratio are made in a manner consistent with the relevant definitions and assumptions noted herein, but reconciliations are not available on a forward-looking basis without unreasonable effort. Expect Growth and Margin Expansion in FY25; Remain Confident in Long-Term Objectives Net Sales ($M) Low-single digit growth Y/Y Adjusted EPS1 Mid to high-single digit growth Y/Y Capital Expenditures $20 to $30 million Net Leverage Ratio1 ~2.0x Low-single digit growth Y/Y Flat to slightly down Y/Y Q1 FY25FY25 Guidance Assumptions: • FY25: ~$33M of interest expense, ~$30M of amortization, an effective tax rate of ~25% and 29.4M diluted average shares • Q1 FY25: ~$9M of interest expense, ~$8M of amortization, an effective tax rate of ~25% and 29.2M diluted average shares
Q4 and Fiscal Year 2024 Financial Results Conference Call Vice President, Investor Relations & Treasurer Kristine Moser Executive Vice President Finance & Chief Financial Officer Gregory P. Rustowicz May 29, 2024 President & Chief Executive Officer David J. Wilson
Supplemental Information
© 2024 COLUMBUS MCKINNON CORPORATION 19 Conference Call Playback Info Replay Number: 412-317-6671 passcode: 13746170 Telephone replay available through June 5, 2024 Webcast / PowerPoint / Replay available at investors.cmco.com Transcript, when available, at investors.cmco.com
© 2024 COLUMBUS MCKINNON CORPORATION 20 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 Gross Profit and Adjusted Gross Margin • Adjusted Operating Income and Adjusted Operating Margin • Adjusted Net Income and Adjusted Diluted EPS • Adjusted EBITDA and Adjusted EBITDA Margin • ROIC • Free Cash Flow and Free Cash Flow Conversion • Net Debt and Net Leverage Ratio Forward-Looking: The Company has not reconciled the Adjusted Gross Margin, Adjusted EBITDA Margin, Adjusted EPS and Net Leverage Ratio guidance to the most comparable GAAP 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 measures. Forward-looking guidance regarding Adjusted EPS and Net Leverage Ratio for full year and first quarter fiscal 2025 are made in a manner consistent with the relevant definitions and assumptions noted herein. Forward-looking guidance regarding Adjusted Gross Margin and Adjusted EBITDA for fiscal 2027 are made in a manner consistent with the relevant definitions and assumptions noted herein. Non-GAAP Measures
© 2024 COLUMBUS MCKINNON CORPORATION 21 Fiscal YearQuarter($ in thousands) 2024202320222021Q4 FY24Q3 FY24Q2 FY24Q1 FY24Q4 FY23 $ 374,838 $ 342,099 $ 315,730 $ 220,225 $ 94,315 $ 93,897 $ 99,976 $ 86,649 $ 91,218 Gross profit Add back (deduct): ——2,850 ——————Product liability settlement ——2,100 ——————Acquisition amortization of backlog ——5,042 ——————Acquisition inventory step-up expense 346 —1,606 830 —150 —196 —Business realignment costs ——521 ——————Acquisition deal and integration costs 262 ——2,671 262————Factory and warehouse consolidation 2,987 ———2,552435———Monterrey, MX new factory start-up costs —————————Insurance settlement ———(2,189)—————Gain on sale of building $ 378,433 $ 342,099 $ 327,849 $ 221,537 $ 97,129 $ 94,482 $ 99,976 $ 86,845 $ 91,218 Adjusted Gross Profit $ 1,013,540 $ 936,240 $ 906,555 $ 649,642 $ 265,504$ 254,143 $ 258,400 $ 235,492 $ 253,843 Net sales Add back: ——2,100 ——————Acquisition amortization of backlog $ 1,013,540 $ 936,240 $ 908,655 $ 649,642 $ 265,504$ 254,143 $ 258,400 $ 235,492 $ 253,843 Adjusted Net Sales 37.0%36.5%34.8%33.9%35.5%36.9%38.7%36.8%35.9%Gross margin 37.3%36.5%36.1%34.1%36.6%37.2%38.7%36.9%35.9%Adjusted Gross Margin Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by net sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Profit Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Profit Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's gross profit and gross profit margin to the historical periods' gross profit and gross margin, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross profit margin to that of other companies. Non-GAAP Measures: Adjusted Gross Profit and Adjusted Gross Margin
© 2024 COLUMBUS MCKINNON CORPORATION 22 Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by net sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP financial measures, such as Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations and operating margin to the historical periods' income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies. Fiscal YearQuarter($ in thousands) 2024202320222021Q4 FY24Q3 FY24Q2 FY24Q1 FY24Q4 FY23 $ 107,148 $ 97,841 $ 73,781 $ 42,255 $ 25,437 $ 26,912 $ 33,351 $ 21,448 $ 27,469 Income from operations Add back (deduct): 3,211616 10,473 3,951 3 113 508 2,587 173 Acquisition deal and integration costs ——5,042 ——————Acquisition inventory step-up expense 1,867 5,140 3,9021,470 —1,452 40 375 848 Business realignment costs —1,230 ———————Garvey contingent consideration ——2,850——————Product liability settlement 2,059 996 ——175 510 146 1,228 681 Headquarter relocation costs ——2,100 ——————Acquisition amortization of backlog 744——3,778 545 —82 117 —Factory and warehouse consolidation 4,489 ———3,734 755 ———Monterrey, MX new factory start-up costs ———229 —————Insurance recovery legal costs ———(2,638)—————Gain on sale of building 1,190 ———1,190 ————Cost of debt repricing $ 120,708 $ 105,823 $ 98,148 $ 49,045 $ 31,084 $ 29,742 $ 34,127 $ 25,755 $ 29,171 Adjusted Operating Income $ 1,013,540 $ 936,240 $ 906,555 $ 649,642$ 265,504 $ 254,143 $ 258,400 $ 235,492 $ 253,843 Net sales Add back: ——2,100——————Acquisition amortization of backlog $ 1,013,540 $ 936,240 $ 908,655 $ 649,642$ 265,504 $ 254,143 $ 258,400 $ 235,492 $ 253,843 Adjusted Net Sales 10.6%10.5%8.1%6.5%9.6%10.6%12.9%9.1%10.8%Operating margin 11.9%11.3%10.8%7.5%11.7%11.7%13.2%10.9%11.5%Adjusted Operating margin Non-GAAP Measures: Adjusted Operating Income and Adjusted Operating Margin
© 2024 COLUMBUS MCKINNON CORPORATION 23 1 Applies a normalized tax rate of 25% in fiscal 2024 and 22% in fiscal 2022 and fiscal 2023 to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax. Adjusted Net Income and Adjusted Diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income and Adjusted Diluted 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 and Adjusted Diluted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that presenting Adjusted Diluted 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. Fiscal YearQuarter($ in thousands, except per share data) 2024202320222021Q4 FY24Q3 FY24Q2 FY24Q1 FY24Q4 FY23 $ 46,625$ 48,429 $ 29,660 $ 9,106 $ 11,809$ 9,728 $ 15,813 $ 9,275 $ 13,895 Net income Add back (deduct): 29,396 26,001 25,283 12,623 7,525 7,486 7,508 6,877 6,559 Amortization of intangibles 3,211616 10,4733,9513 113 508 2,587 173 Acquisition deal and integration costs 1,867 5,140 3,9021,470—1,452 40 375 848 Business realignment costs ——2,850——————Product liability settlement ——5,042——————Acquisition inventory step-up expense ——2,100——————Acquisition amortization of backlog —1,230 ———————Garvey contingent consideration 2,059 996 ——175510 146 1,228 681 Headquarter relocation costs 744 ——3,778545—82 117 —Factory and warehouse consolidation 4,489 ———3,734755 ———Monterrey, MX new factory start-up costs 1,19014,803—1,190————Cost of debt refinancing and repricing 4,984——19,046 385 4,599 ———Non-cash pension settlement expense 1,192———1,192————Tax indemnification payment owed ———229—————Insurance recovery legal costs ———(2,638)—————Gain on sale of building (12,763) 2,185 (13,852)(9,708) (4,767)(3,227)(2,199)(2,569)975 Normalize tax rate to 25%1 $ 82,994 $ 84,597 $ 80,261 $ 37,857 $ 21,971$ 21,416 $ 21,898 $ 17,890 $ 23,131 Adjusted Net Income 29,026 28,818 28,401 24,173 29,129 28,991 29,001 28,906 28,869 Average diluted shares outstanding $ 1.61 $ 1.68 $ 1.04 $ 0.38 $ 0.41 $ 0.34 $ 0.55 $ 0.32 $ 0.48 Diluted income per share $ 2.86 $ 2.94 $ 2.83 $ 1.57 $ 0.75 $ 0.74 $ 0.76 $ 0.62 $ 0.80 Adjusted Diluted EPS Non-GAAP Measures: Adjusted Net Income and Adjusted Diluted EPS
© 2024 COLUMBUS MCKINNON CORPORATION 24 Adjusted EBITDA is defined as net income 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. Fiscal YearQuarter($ in thousands) 2024202320222021Q4 FY24Q3 FY24Q2 FY24Q1 FY24Q4 FY23 $ 46,625$ 48,429 $ 29,660 $ 9,106 $ 11,809$ 9,728 $ 15,813 $ 9,275 $ 13,895 Net income Add back (deduct): 14,90226,046 8,786 9702,497 3,911 5,100 3,394 7,499 Income tax expense (benefit) 37,957 27,942 20,126 12,0819,169 9,952 10,211 8,625 7,668 Interest and debt expense (1,759)(315)(46)(1,693)(547)(758)88 (543)(483)Investment (income) loss 1,826(2,189)1,574 941752(1,155)1,746 483 (1,037)Foreign currency exchange (gain) loss 7,597(2,072)(1,122)20,8501,757 5,234 393 214 (73)Other (income) expense, net 45,945 41,947 41,924 28,15311,893 11,570 11,592 10,890 10,567 Depreciation and amortization expense ——14,803 ——————Cost of debt refinancing 3,211 616 10,473 3,951 3 113 508 2,587 173 Acquisition deal and integration costs ——5,042 ——————Acquisition inventory step-up expense ——2,850 ——————Product liability settlement 1,867 5,140 3,902 1,470 —1,452 40 375 848 Business realignment costs 744——3,778 545 —82 117 —Factory and warehouse consolidation 2,059 996 ——175510 146 1,228 681 Headquarter relocation costs —1,230 ———————Garvey contingent consideration ——2,100 ——————Acquisition amortization of backlog ———229—————Insurance settlement ———(2,638)—————Gain on sale of building 4,489 ———3,734 755 ———Monterrey, MX new factory start-up costs 1,190 ———1,190 ————Cost of debt repricing $ 166,653 $ 147,770 $ 140,072 $ 77,198 $ 42,977 $ 41,312 $ 45,719 $ 36,645 $ 39,738 Adjusted EBITDA $ 1,013,540 $ 936,240 $ 906,555 $ 649,642 $ 265,504 $ 254,143 $ 258,400 $ 235,492 $ 253,843 Sales Add back: ——2,100 ——————Acquisition amortization of backlog $ 1,013,540$ 936,240 $ 908,655 $ 649,642$ 265,504 $ 254,143 $ 258,400 $ 235,492 $ 253,843 Adjusted Net Sales 4.6%5.2%3.3%1.4%4.4%3.8%6.1%3.9%5.5%Net income margin 16.4%15.8%15.4%11.9%16.2%16.3%17.7%15.6%15.7%Adjusted EBITDA margin Non-GAAP Measures: Adjusted EBITDA and Adjusted EBITDA Margin
© 2024 COLUMBUS MCKINNON CORPORATION 25 ROIC is defined as Adjusted Operating Income, net of taxes at a 25% normalized rate (fiscal 2021, 2022 and 2023 restated with a 25% normalized tax rate versus the 22% tax rate previously reported), for the trailing twelve months divided by the average of total debt plus total shareholders’ equity less cash and cash equivalents (average capital) for the trailing five quarters. ROIC is not a measure determined in accordance with GAAP and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non- GAAP financial information, such as ROIC, is important for investors and other readers of the Company’s financial statements. Fiscal Year($ in thousands) 2024202320222021 $ 107,148 $ 97,841 $ 73,781 $ 42,255Income from operations Add back (deduct): 3,211 616 10,473 3,951 Acquisition deal and integration costs 1,867 5,140 3,902 1,470 Business realignment costs 744 ——3,778 Factory and warehouse consolidation 2,059 996 ——Headquarter relocation costs —1,230 ——Garvey contingent consideration 4,489 ———Monterrey, MX new factory start-up costs ——5,042 —Acquisition inventory step-up expense ——2,850 —Product liability settlement 1,190———Cost of debt repricing ———229Insurance settlement ———(2,638)Gain on sale of building ——2,100 —Acquisition amortization of backlog $ 120,708 $ 105,823 $ 98,148 $ 49,045 Adjusted Operating Income $ 90,531$ 79,367 $ 73,611 $ 36,784Adjusted Operating Income, net of normalized tax rate of 25% Trailing five quarter averages: 539,296 491,410 438,768 260,130 Total debt 859,119795,410 701,640 487,523 Total shareholders’ equity 111,260100,922 123,636 168,599 Cash and cash equivalents $ 1,287,086 $ 1,185,898 $ 1,016,772 $ 579,054 Net total capitalization 7.0%6.7%7.2%6.4%Return on Invested Capital (ROIC) Non-GAAP Measures: ROIC
© 2024 COLUMBUS MCKINNON CORPORATION Free Cash Flow is defined as net cash provided by (used for) operating activities less capital expenditures. 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. 26 Fiscal Year($ in thousands) 2024202320222021 $ 67,198 $ 83,636 $ 48,881 $ 98,890Net cash provided by operating activities (24,813)(12,632)(13,104)(12,300)Capital expenditures $ 42,385 $ 71,004 $ 35,777 $ 86,590Free Cash Flow (FCF) $ 46,625$ 48,429 $ 29,660 $ 9,106Net income 91%147%121%951%Free Cash Flow Conversion Non-GAAP Measures: Free Cash Flow (FCF) and FCF Conversion
© 2024 COLUMBUS MCKINNON CORPORATION 27 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 Adjusted (“TTM”) EBITDA. Credit Agreement TTM Adjusted EBITDA is defined 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. Non-GAAP Measures: Net Debt and Net Leverage Ratio 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. 3 The Company’s credit agreement definition of Adjusted EBITDA excludes certain acquisition deal and integration costs and business realignment costs that are incurred up to two years after the close of an acquisition Trailing Twelve Month($ in thousands) Q4 FY24Q3 FY24Q2 FY24Q1 FY24Q4 FY23Q3 FY23Q2 FY23Q1 FY23 $ 46,625 $ 48,711 $ 51,012 $ 49,313 $ 48,429 $ 46,360 $ 44,225 $ 45,314 Net income Add back (deduct): 1,3312,131 5,410 7,994 ——665 3,822 Annualize EBITDA for montratec1 73 184 293 401 —660 1,445 2,300 Annualize synergies for montratec1 14,902 19,904 20,694 20,547 26,046 24,701 21,066 20,196 Income tax expense (benefit) 37,957 36,456 33,807 30,364 27,942 25,626 22,698 20,517 Interest and debt expense ———2 175 175 175 173 Non-Cash loss related to asset retirement ———(232)(232)(232)(232)(375)Gain on Sale of Facility 4,984 4,599 ——————Non-Cash Pension Settlement2 2,3492,158 1,967 1,774 1,721 1,720 1,696 1,662 Amortization of deferred financing costs 12,039 11,859 12,060 11,655 10,425 9,800 9,371 9,735 Stock Compensation Expense ——1,230 1,230 1,230 1,230 Garvey contingent consideration 45,945 44,619 43,536 42,368 41,947 42,059 41,848 41,924 Depreciation and amortization expense 3,211 3,381 3,606 3,117 616 672 704 1,317 Acquisition deal and integration costs —(172)(510)(529)—(169)(222)Excluded deal and integration costs3 —————1,546 2,061 2,061 Acquisition inventory set-up expense —————1,650 2,100 2,100 Acquisition amortization of backlog 1,867 2,715 2,664 3,857 5,140 5,406 4,969 4,936 Business realignment costs —(848)(2,249)(3,482)————Excluded business realignment costs3 744 199 199 117 ————Factory and warehouse consolidation 2,059 2,565 2,370 2,224 996 315 ——Headquarter relocation costs 1,190———————Cost of debt refinancing 4,489 755 ——————Monterrey, MX new factory start-up costs $ 179,765$ 179,216 $ 176,089 $ 170,720 $ 164,435 $ 161,519 $ 152,569 $ 155,682 Credit Agreement TTM Adjusted EBITDA $ 1,013,540$ 1,001,878$ 978,105 $ 951,445 $ 936,240 $ 935,765 $ 921,483 $ 913,378 Net Sales TTM 4.6%4.7%5.2%5.2%5.2%5.0%4.8%5.0%Net Margin 17.7%17.9%18.0%17.9%17.6%17.3%16.6%17.0%Credit Agreement Adjusted EBITDA Margin 530,236 550,040 564,841 579,769 471,592 481,512 491,420 501,327 Total debt 15,368 15,740 15,525 15,364 14,921 15,275 14,682 15,660 Standby letters of credit (114,126)(102,945)(99,058)(106,994)(133,176)(81,520)(88,865)(85,660)Cash and cash equivalents $ 431,478 $ 462,835 $ 481,308 $ 488,139 $ 353,337 $ 415,267 $ 417,237 $ 431,327 Net Debt 2.40x2.58x2.73x 2.86x2.15x2.57x2.73x2.77xNet Leverage Ratio
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Columbus McKinnon (NASDAQ:CMCO)
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From May 2024 to Jun 2024
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