Modine Manufacturing Company · NYSE:MOD
Modine Manufacturing — Investor Day (September 2024)
87 slides from Modine Manufacturing's investor day presentation, Sep 11, 2024
Slide 1: Investor Day
INVESTOR DAY September 11, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” “projects,” and other similar “forward-looking” stat
Slide 3: Agenda and Presenters
Agenda and Presenters 9:30 AM Welcome and Opening Remarks Kathy Powers Future Ready, Purpose Driven Neil Brinker Evolving Our Performance Technologies Portfolio Adrian I. Peace Accelerating Growth in Climate Solutions Eric McGinnis 10:45 AM Break 11:00 AM Panel Discussion General Managers Unlocking
Slide 4: Future Ready, Purpose Driven
Future Ready, Purpose Driven Neil Brinker President and CEO 4
Slide 5: Our Vision, Purpose, Mission, Values
OUR OUR OUR OUR VISION PURPOSE MISSION VALUES Always evolving Engineering A Cleaner, Reduce Water & Energy Integrity our portfolio of Healthier World™ Consumption Committed products in pursuit of highly Lower Harmful People Centric engineered, Emissions mission-critical Technology Driven Enable Clea
Slide 6: Our Purpose: Engineering a Cleaner, Healthier World
Our Purpose: Engineering a Cleaner, Healthier World™ ENABLING OUR CUSTOMERS Sustainability Spotlight: UN Global Compact EVantage™ Battery thermal management 44% data center energy savings Electric Solutions AmpDawg™ Unit Heater and MEL Series o Signatory to largest global systems deliver maximum by
Slide 7: Strategic Pillars Driving Value Creation
80 20 Strategic Pillars Driving Value Creation Capitalizing on our deep expertise in thermal management to deliver differentiated solutions and sustained market leadership Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth Entering a multi-year gro
Slide 8: Deep Expertise in Thermal Management
80 20 Deep Expertise in Thermal Management HIGHLY ENGINEERED, MISSION-CRITICAL thermal solutions to meet the needs of our customers Over a century of leadership in thermal management Strong relationships with leading companies across many diversified industries Patent-protected, fit-for-purpose inno
Slide 9: Building on More Than 100 Years of Thermal Industry Expertise
80 20 Building on More Than 100 Years of Thermal Industry Expertise VEHICULAR FOCUS DIVERSIFICATION FOCUS 80/20 DISCIPLINE AND TECHNOLOGY FOCUS 1916 1928 2005 2016 2023 2023 2024 2024 Modine founded, Heating Division Acquisition of Acquisition of Acquisition of Divestiture of Acquisition of Acquisit
Slide 10: Our Evolving 80/20 Journey Through Segmentation
80 20 Our Evolving 80/20 Journey Through Segmentation • 80/20 is the foundation of our transformation • The business portfolio will continually evolve while applying 80/20 principles through time Simplification Segmentation • As our revenue mix shifts, segmentation is critical to alignment 80/20 Val
Slide 11: Segments and Product Groups Aligned to Accelerate Growth
80 20 Segments and Product Groups Aligned to Accelerate Growth Performance Technologies Climate Solutions Cooling systems for heavy-duty Heat transfer coils for a wide off-highway equipment including variety of applications and Heavy-Duty Coils, Coolers agricultural, construction and markets, commer
Slide 12: Modine At-a-Glance
80 20 Modine At-a-Glance $2.4B FY2024 Sales $314M FY2024 Adjusted EBITDA 38 Manufacturing Facilities in 14 Countries1 Americas: 16 Europe: 15 Asia: 7 ~11,400 Employees 3% On-Highway Coils, Coolers Applications & Coatings Climate 25% 29% Solutions Performance Technologies Data Centers & Heavy-Duty Co
Slide 13: Secular Mega-Trends Driving Long-Term Growth
80 20 Secular Mega-Trends Driving Long-Term Growth High-Performance Computing Rapid expansion of AI fueling explosive data center growth, with commensurate need for cooling solutions Global Emission Standard Regulations Provide thermal components and systems to shift to low-carbon energy solutions d
Slide 14: Elevating the Tenets of 80/20
80 20 Elevating the Tenets of 80/20 Decentralized Customer Centric Entrepreneurial Capital Segmented Innovation Spirit Allocation Businesses Ongoing product Fostering an Shifting business mix Segmented portfolio innovation to provide a entrepreneurial spirit to higher-growth, enables greater agility
Slide 15: Ongoing Evolution of the Portfolio to Compound Value
80 20 Ongoing Evolution of the Portfolio to Compound Value Our Portfolio Management Approach Historical – ‘22 • Initial investments to diversify end markets, reduce automotive exposure On-Highway - Airedale acquired in 2005 (Automotive) Heating & School IAQ - Luvata acquired in 2016 • On-Highway • (
Slide 16: Ongoing Evolution of the Portfolio to Compound Value
80 20 Ongoing Evolution of the Portfolio to Compound Value Our Portfolio Management Approach Today – ‘24 E-Mobility • Data Centers & On-Highway - (Automotive) Commercial IAQ - • Investing in our highest growth end markets On-Highway • Rationalizing exposure to legacy automotive business (Commercial
Slide 17: Ongoing Evolution of the Portfolio to Compound Value
80 20 Ongoing Evolution of the Portfolio to Compound Value Our Portfolio Management Approach Tomorrow – ‘27 • - On-Highway - (Commercial Data Centers & Vehicle) Commercial IAQ • • • PORTFOLIO Heavy-Duty • High-growth portfolio driven by hyper-growth products and end markets Equipment Heating & • Cor
Slide 18: Leveraging Core Competency of Thermal Management Across High-Growth End Markets
Leveraging Core Competency of Thermal Management 80 20 Across High-Growth End Markets Strategic framework drives success in all market environments… …and delivers multi-year 80 growth powered by strong 20 secular Mega-Trends Energy Transition High-Performance Computing Deep Thermal Mission-Criti
Slide 19: Exceeded 2022 Investor Day Targets as We Unlocked Value
Exceeded 2022 Investor Day Targets as We Unlocked Value What We Promised What We Delivered Initial Transformation Targets Financial Targets Exceeded Established June 2022 Investor Day FYE March 2024 FY22-24 Revenue CAGR : 6-8% 8.4% FY22 – FY24 Revenue CAGR FY24 Adjusted EBITDA Margin: 10-12% 13.1% F
Slide 20: New FY27 Financial Targets
New FY27 Financial Targets 10% – 13% 16% – 18% Revenue Adjusted EBITDA CAGR Margin Accelerate targeted growth through strategic resource and capital allocation Complete exit of non-strategic businesses Pursue new market opportunities Continue mix shift with product line management powered by 80/20 2
Slide 21: Rev Fire Group Video
Rev Fire Group Video — MODINE 21
Slide 22: Performance Technologies
Performance Technologies Adrian I. Peace President, Performance Technologies 22
Slide 23: Strategic Pillars Driving Value Creation
Strategic Pillars Driving Value Creation Capitalizing on our deep expertise in thermal management to deliver systems solutions and activate significant market opportunities while climbing the technology staircase Leveraging our portfolio of highly engineered, mission-critical thermal solutions to dr
Slide 24: Our Evolving 80/20 Journey Through Segmentation
Our Evolving 80/20 Journey Through Segmentation • The business portfolio will continue to evolve by applying 80/20 principles • There is a natural progression to segmentation • Aligning the organization to better serve key customers Simplification Segmentation • Allocating resources to the best oppo
Slide 25: Performance Technologies Segment Overview
Performance Technologies Segment Overview Engineer solutions to maximize fuel economy, minimize harmful emissions, and increase reliability for the energy systems that power our world Performance Technologies Performance Technologies Product Groups FY24 Sales $1,321M 5% Heavy-Duty Equipment On-Highw
Slide 26: Heavy-Duty Equipment Overview
Heavy-Duty Equipment Overview FY24 3-year • Provider of specialized solutions to meet the unique demands of heavy-duty agricultural, backup and prime power Revenue Revenue CAGR generation, construction, and mining equipment • Leveraging 80/20 strategies will continue to enable: $546M 7% – 11% - Comp
Slide 27: Innovating Heavy-Duty Equipment
Innovating Heavy-Duty Equipment Key Market Drivers Key Strategic Objectives Emissions, durability, alternate fuels, and Leverage product innovations in targeted cost continue to drive a need for markets to differentiate, expand margins, innovative technology and gain share Global population and inco
Slide 28: GenSet Proliferation and Expansion
GenSet Proliferation and Expansion Diverse Genset Market Enabling Uninterrupted Energy Supply For Mission-Critical Applications Mining Oil & Gas Telecom Commercial 8% – 12% Industrial Global GenSet Market Growth • GenSets are sold into a diverse range of applications, including the high-growth data
Slide 29: On-Highway Applications Overview
On-Highway Applications Overview FY24 Revenue 3-year Revenue • Provider of heat exchangers that provide optimal thermal management for engines and powertrains focused on CAGR lowering carbon emissions and improving efficiency • Strategic relationships with global manufacturers that leverage thermal
Slide 30: Improving On-Highway Applications Profitability
Improving On-Highway Applications Profitability Key Market Drivers Key Strategic Objectives Greater attention on emissions driving Develop technologies and provide demand for advanced engine technology innovative solutions that maximize energy efficiency for strategic customers Stringent performance
Slide 31: E-Mobility Overview
E-Mobility Overview FY24 Revenue 3-year Revenue • Provide advanced thermal systems that maximize cooling capacity at minimum power draw to extend range and CAGR safety of commercial and specialty EV vehicles • Target EV vehicle OEMs in North America and Europe with plug-and-play systems for high-use
Slide 32: Accelerating E-Mobility Growth
Accelerating E-Mobility Growth Key Market Drivers Key Strategic Objectives Electrification mega-trend driving Leverage early mover advantage to drive demand for thermal solutions in differentiation and own IP of components multiple EV applications and systems to protect our position Regulations are
Slide 33: E-Mobility Market Potential
E-Mobility Market Potential OFF HIGHWAY OFF HIGHWAY Agriculture & SHORT HAUL Military Construction Specialty SHORT HAUL People & Freight FUTURE MARKETS LONG HAUL Flight, Marine, Rail, Storage/Charging, E-Work SHORT HAUL Freight Ports E-Mobility Technology Can be Adopted by Many Diverse End-Market Ap
Slide 34: Strong Performance Relative to Targets
Strong Performance Relative to Targets Revenue Adjusted EBITDA Margin $1,321M 11.5% 1 5.5% $1,125M 600 8% BPS CAGR 5% – 7% 10% – 12% 2022 Investor Day Targets 2022 Investor Day Targets Phase 1 FY24 Revenue CAGR Phase 1 FY24 Adjusted EBITDA Margin 1 12.1% Adjusted EBITDA margin before move of Coating
Slide 35: Performance Technologies FY27 Revenue Drivers
Performance Technologies FY27 Revenue Drivers Revenue FY24 - FY27 Revenue CAGR Heavy-Duty On-Highway Equipment Applications Heavy-Duty Equipment 7% – 11% E-Mobility $1.3B - $1.4B On-Highway Applications (10%) – (15%) $1,321M E-Mobility 35% – 45% Key Drivers • Electrification wave for E-Mobility cont
Slide 36: Performance Technologies FY27 Adjusted EBITDA Drivers
Performance Technologies FY27 Adjusted EBITDA Drivers Adjusted EBITDA Margin Key Drivers 15% – 18% • Commercial Excellence – Innovation, 80/20 informed go-to-market strategies and industry-appropriate Operational terms enable sustainable growth Excellence 11.5% Mix/Pricing • Product mix shifting wit
Slide 37: Compelling Long-Term Growth Opportunity
Compelling Long-Term Growth Opportunity 80 20 Capitalizing on our deep Leveraging our portfolio Entering a multi-year Elevating our 80/20 Evolving our portfolio to expertise in thermal of highly engineered, growth cycle powered by discipline to reduce compound shareholder management to deliver missi
Slide 38: Corescale Video
Corescale Video — MODINE 38
Slide 39: Accelerating Growth in Climate Solutions
Accelerating Growth in Climate Solutions Eric McGinnis President, Climate Solutions 39
Slide 40: Strategic Pillars Driving Value Creation
Strategic Pillars Driving Value Creation Capitalizing on our deep expertise in thermal management to deliver differentiated solutions, build market leadership and provide unmatched customer service Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth
Slide 41: Our Evolving 80/20 Journey Through Segmentation
Our Evolving 80/20 Journey Through Segmentation • The business portfolio will continually evolve while applying 80/20 principles • There is a natural progression to segmentation Simplification Segmentation • Aligning the organization to better serve customers • Allocating resources to the best oppor
Slide 42: Climate Solutions Segment Overview
Climate Solutions Segment Overview Climate Solutions provides energy-efficient, safe, climate-controlled solutions, and components for a wide range of critical applications Climate Solutions Climate Solution’s Product Groups FY24 Sales $1,108M 27% Coils, Coolers & Data Centers & Heating & School IAQ
Slide 43: Coils, Coolers & Coatings Overview
Coils, Coolers & Coatings Overview FY24 Revenue 3-year Revenue • World’s largest independent manufacturer of heat transfer coils, used in a variety of applications and markets, CAGR estimate ~30% market share • Provider of commercial refrigeration coolers leveraging low-GWP natural refrigerants $606
Slide 44: Repositioning the Portfolio to Increase Profitability and Growth
Repositioning the Portfolio to Increase Profitability and Growth Key Market Drivers Key Strategic Objectives • F-Gas regulation requiring shift to low Leverage global manufacturing footprint, GWP natural refrigerants (CO2 & R454B) production capability, broad product portfolio, in mature economies a
Slide 45: Heating & School IAQ Overview
Heating & School IAQ Overview FY24 Revenue 3-year Revenue • North America’s leading unit heater manufacturer, used in greenhouse, garage and various other end-use CAGR applications with strong brand recognition, established sales channels, and expansive product offering • Provider of specialty retro
Slide 46: Accelerating Heating & School IAQ Growth
Accelerating Heating & School IAQ Growth Key Market Drivers Key Strategic Objectives • Comfort and indoor air quality Defend market leading position and strong brand requirements in schools driving demand recognition in heating by expanding product portfolio for energy efficient solutions with new e
Slide 47: Data Centers & Commercial IAQ Overview
Data Centers & Commercial IAQ Overview FY24 Revenue 3-year Revenue • Provider of full system solutions for data center cooling with a suite of products designed to deliver flexible solutions and CAGR superior service to global colocation operators and hyperscale customers • Modine’s current product
Slide 48: Leveraging Technology in Data Centers & Commercial IAQ
Leveraging Technology in Data Centers & Commercial IAQ Key Market Drivers Key Strategic Objectives Provide the most efficient data center cooling • Desire to meet sustainability goals and reduce data center operating costs products optimized with controls to reduce total fuels demand for energy and
Slide 49: Data Center Cooling Market Growth
Data Center Cooling Market Growth Data Center Cooling Market by Solution Type1 Emerging Data Center Growth Technologies 16,000 Liquid Cooling • Direct to Chip Liquid Cooled • 1 Phase Immersion 14,000 Air Cooled • 2 Phase Immersion Sum of Revenues ($ millions) 12,000 10,000 Air Cooling Core Data Cent
Slide 50: A Complete Data Center Solution Provider Today
A Complete Data Center Solution Provider Today Fan Walls Chillers Our Right to Win in Global Data Centers CRAC / CRAH Air Handling Units • We create, deliver, monitor, and maintain data center cooling systems for key, strategic accounts globally including colocation and hyperscale customers • We can
Slide 51: A Complete Data Center Solution Provider Today and Tomorrow
A Complete Data Center Solution Provider Today and Tomorrow Fan Walls Chillers Our Right to Win in Global Data Centers CRAC / CRAH Air Handling Units • As new IT applications like AI result in higher Dry Cooler heat-loads at the chip level, we are expanding our solutions to serve a new era of liquid
Slide 52: Winning The Data Center of Today And Tomorrow
Winning The Data Center of Today And Tomorrow Air Cooled Direct-to-chip & Immersion Cooling Winning Solution for Today’s Emerging Technologies for the Deploying Capital for the Future of Data Data Center Thermal Management Needs Data Center of Tomorrow Center Thermal Management Solutions • Leading p
Slide 53: Outstanding Financial Performance Ahead of Targets
Outstanding Financial Performance Ahead of Targets Revenue Adjusted EBITDA Margin $1,108M 18.8%1 $955M 11.6% 8% 720 CAGR BPS 6% – 8% 13% – 15% 2022 Investor Day Targets 2022 Investor Day Targets Phase 1 FY24 Revenue CAGR Phase 1 FY24 Adjusted EBITDA Margin 118.3% Adjusted EBITDA margin before move o
Slide 54: Climate Solutions FY27 Revenue Drivers
Climate Solutions FY27 Revenue Drivers Revenue FY24 - FY27 Revenue CAGR Data Centers & Commercial IAQ 45% – 55% Coils, Coolers & Heating & School IAQ 5% – 10% Heating & Coatings $1.8B - $2.0B Data Centers School IAQ & Commercial IAQ Coils, Coolers & Coatings 0% – 5% Key Drivers • Data Center revenue
Slide 55: Climate Solutions FY27 Adjusted EBITDA Drivers
Climate Solutions FY27 Adjusted EBITDA Drivers Adjusted EBITDA Margin Key Drivers 20% - 23% Operational • Commercial Excellence - Volume primarily driven by Data Mix/Pricing Excellence Center and Commercial IAQ revenue growth • Product mix shifting with margin benefitting from 80/20 activities in Co
Slide 56: Compelling Long-Term Growth Opportunity
Compelling Long-Term Growth Opportunity 80 20 Capitalizing on our deep Leading provider of Well-positioned to Delivering top line Proactively enhancing expertise in thermal highly specialized, accelerate growth growth and margin returns by allocating management to deliver mission-critical driven by
Slide 57: Welcome to Investor Day 2024
Welcome to Investor Day 2024 OUR PROGRAM WILL RESUME SHORTLY Engineering
Slide 58: Athenor Video
Athenor Video — MODINE 58
Slide 59: Panel Discussion
—m . (MODINE Panel Discussion 1 lee . Ned > | — i i _ “a, == =r . = a f
Slide 60: Airedale Video
Airedale Video — MODINE 60
Slide 61: Financial Review
Financial Review Mick Lucareli EVP & Chief Financial Officer 61
Slide 62: Key Messages
Key Messages Capitalizing on deep expertise in thermal management to drive end-market diversification and business resiliency through any economic cycle Leveraging strong balance sheet and free cash flow to enable strategic flexibility and optionality Building on proven track record of revenue growt
Slide 63: A Proven Ability to Meet or Exceed Financial Targets
A Proven Ability to Meet or Exceed Financial Targets Previous Financial Nearly Doubled Actual FY24 Targets for FY22 – FY24 Adjusted EBITDA Financial Results (Announced at 2022 Investor Day) $314M Revenue 6 - 8% 8.4% CAGR CAGR Adjusted $159M EBITDA 10 - 12% 13.1% Margin FCF % of Sales 3 - 5% 5.3% FY2
Slide 64: 80/20 Includes Multiple, Repetitive Phases
80/20 Includes Multiple, Repetitive Phases • 80/20 is the foundation of our transformation, including the strong financial improvements • It is an evergreen process, which will increase Simplification Segmentation shareholder value over an extended time horizon • Implementing 80/20 is a multi-phased
Slide 65: 80/20 is Repetitive and Timeless
80/20 is Repetitive and Timeless • Business portfolio will continually Simplification Segmentation evolve over time, while High Margin & High Growth 80/20 transforming Modine’s financial Strategy Simplification Segmentation Efficiency Value Creation Alignment profile 80/20 Efficiency Value Strategy
Slide 66: Establishing New Financial Targets; FY25 – FY27
Establishing New Financial Targets; FY25 – FY27 Revenue Growth Margin Improvement • Increasing the revenue growth from our previous goal of 8 to 10% • Significant margin improvement; ~300 to 500 basis points over the 10% - 13% 16% - 18% next three years FY24 – FY27 CAGR Adjusted EBITDA Margin Evolvi
Slide 67: Revenue Drivers | A Portfolio Shift to Higher-Growth Businesses
Revenue Drivers | A Portfolio Shift to Higher-Growth Businesses Revenue Key Assumptions Performance Climate Technologies $3.2B - $3.5B Solutions 0% - 3% CAGR • Revenue growth will be primarily driven through Climate Solutions; including a 45-55% CAGR in the Data Center & Commercial IAQ product group
Slide 68: Margin Drivers | 80/20 Driving Improvements Across The Organization
Margin Drivers | 80/20 Driving Improvements Across The Organization Adjusted EBITDA Margin Key Assumptions Performance Technologies 16% - 18% • The 80/20 evolution and maturity across Modine is a critical element of the anticipated +350 - 650bps margin improvements Climate Solutions • Anticipating t
Slide 69: Margin Drivers | Commercial and Operational Improvements
Margin Drivers | Commercial and Operational Improvements Adjusted EBITDA Margin 16% - 18% Key Assumptions • Margin improvement heavily driven by commercial Operational Excellence excellence, which includes volume growth, improving mix, and favorable pricing • 80/20 maturity beginning to deliver addi
Slide 70: Increasing Free Cash Flow Conversion
Increasing Free Cash Flow Conversion Free Cash Flow as % of Sales Free Cash Flow Drivers ~6% - 8% • Targeted capital allocation is accelerating revenue growth Operating • Revenue growth and positive mix shift driving a higher cash flow margin cash flow margin 5.3% 9-11% Capex spending • Restructurin
Slide 71: Balance Sheet and Capital Allocation Priorities
Balance Sheet and Capital Allocation Priorities Balance Sheet Position ($MM, 6/30/2024) Capital Allocation Priorities Balance Sheet Liquidity Cash & Cash Equivalents $73 1 Investment in Organic Growth • Allocate capital to growth businesses Total Debt $436 • Target capital spending at ~3% of sales N
Slide 72: Structured Approach to Acquisitions and Divestitures
Structured Approach to Acquisitions and Divestitures STRATEGIC PRIORITIES & FOCUS AREAS Expand product Secure next- Targeted acquisition Exploring new adjacent Divest non-strategic portfolio by adding to generation markets – Data markets, with mission- businesses to current systems technology to mee
Slide 73: Acquisition & Divestiture Targets
Acquisition & Divestiture Targets¹ Acquired Revenue: $200M-$400M Fiscal 2027 financial targets do not include incremental acquisitions Margin & Earnings: Year one accretive Maximum Leverage Flexible debt covenants support post-acquisition Business Exits/Divestitures: ̴ $300M leverage of 3.00-3.25x,
Slide 74: Well-Positioned for Success
Well-Positioned for Success Delivering end-market diversification for business resiliency through any economic cycle Providing strategic flexibility through strong free cash flow and Fiscal 2027 Financial Targets balance sheet Furthering focus on organic investment to achieve revenue and EBITDA grow
Slide 75: Closing Remarks
Closing Remarks Neil Brinker President and CEO 75
Slide 76: Our Vision, Purpose, Mission, Values
OUR OUR OUR OUR VISION PURPOSE MISSION VALUES Always evolving Engineering A Cleaner, Reduce Water & Energy Integrity our portfolio of Healthier World™ Consumption Committed products in pursuit of highly Lower Harmful People Centric engineered, Emissions mission-critical Technology Driven Enable Clea
Slide 77: Compelling Long-Term Investment Opportunity
Compelling Long-Term Investment Opportunity 80 20 Capitalizing on our Leveraging our portfolio Entering a multi-year Elevating our 80/20 Evolving our portfolio deep expertise in of highly engineered, growth cycle powered discipline by to compound thermal management mission-critical by multiple secul
Slide 78: Question & Answer
Question & Answer
Slide 79: Appendix
Appendix
Slide 80: GAAP Income Statements
GAAP Income Statements Modine Manufacturing Company Modine Manufacturing Company Consolidated statements of operations Consolidated statements of operations (In millions) (In millions) Twelve months Twelve months ended March 31, ended March 31, 2022 2024 Net sales $ 2,050.1 Net sales $ 2,407.8 Cost
Slide 81: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Adjusted financial results (unaudited) (In millions) Twelve months ended Twelve months ended March 31, March 31, 2022 2024 Net earnings $ 86.3 $ 163.4 Interest expense 15.6 24.1 Prov ision for income taxes 15.2 51.2 Depreciation and amortization
Slide 82: Non-GAAP Reconciliations
Non-GAAP Reconciliations (a) Restructuring expenses include employee severance-related expenses and equipment transfer costs. The fiscal 2022 and fiscal 2024 restructuring expenses primarily related to severance expenses in Europe within the Performance Technologies segment. (b) The net impairment r
Slide 83: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Segment adjusted financial results Recast for segment realignment (unaudited) (In millions) Twelve months ended March 31, 2022 Twelve months ended March 31, 2024 Climate Performance Corporate and Climate Performance Corporate and Solutions Techno
Slide 84: Non-GAAP Reconciliations
Non-GAAP Reconciliations Modine Manufacturing Company Free cash flow (unaudited) Net debt (unaudited) (In millions) (In millions) Twelve months ended June 30, 2024 March 31, Debt due within one year $ 30.2 2024 Long-term debt 405.7 Net cash provided by operating activities $ 214.6 Total debt 435.9 E
Slide 85: Performance Technologies Re-segmentation Effective FY26
Performance Technologies Re-segmentation Effective FY26 AIR-COOLED PRODUCTS LIQUID-COOLED PRODUCTS ADVANCED SOLUTIONS PRODUCT GROUPS $702M FY24 Sales $492M FY24 Sales $127M FY24 Sales CURRENT • AC- Auto • LC- Auto • EV Systems • AC- Commercial Vehicle • LC- Commercial Vehicle • EV Auto • AC- Off-Hig
Slide 86: Climate Solutions Re-segmentation Effective FY26
Climate Solutions Re-segmentation Effective FY26 HEAT TRANSFER PRODUCTS HVAC&R DATA CENTERS PRODUCT GROUPS $473M FY24 Sales $341M FY24 Sales $294M FY24 Sales CURRENT • OE and Aftermarket Coils • Heating Products • Data Center Cooling Products • Anti-Corrosive Coatings • Refrigeration Coolers • Edge
Slide 87: Forward-Looking Non-GAAP Financial Measure
Forward-Looking Non-GAAP Financial Measure The Company’s presentation includes a fiscal 2027 adjusted EBITDA margin target. Adjusted EBTIDA margin is a non-GAAP financial measure and includes the Company’s estimates for interest expense, a provision for income taxes, and depreciation and amortizatio
Modine Manufacturing Company — Investor Day (September 2024) on 6ix