0001171843-23-002725.txt : 20230501 0001171843-23-002725.hdr.sgml : 20230501 20230501160515 ACCESSION NUMBER: 0001171843-23-002725 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230501 DATE AS OF CHANGE: 20230501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Woodward, Inc. CENTRAL INDEX KEY: 0000108312 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 361984010 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39265 FILM NUMBER: 23873519 BUSINESS ADDRESS: STREET 1: 1081 WOODWARD WAY CITY: FORT COLLINS STATE: CO ZIP: 80524 BUSINESS PHONE: 970-482-5811 MAIL ADDRESS: STREET 1: 1081 WOODWARD WAY CITY: FORT COLLINS STATE: CO ZIP: 80524 FORMER COMPANY: FORMER CONFORMED NAME: WOODWARD GOVERNOR CO DATE OF NAME CHANGE: 19920703 8-K 1 f8k_050123.htm FORM 8-K Form 8-K
0000108312 False 0000108312 2023-05-01 2023-05-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

UNITED STATES

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 1, 2023

_______________________________

Woodward, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware000-840836-1984010
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

1081 Woodward Way

Fort Collins, Colorado 80524

(Address of Principal Executive Offices) (Zip Code)

(970) 482-5811

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001455WWDNasdaq Global Select Market

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).

Emerging growth company ☐

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 1, 2023, Woodward, Inc. (the "Registrant") reported its results of operations for its second quarter of fiscal year 2023. A copy of the news release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
99.1 Press Release of Woodward, Inc. dated May 1, 2023
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)

 
 

SIGNATURE

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 hereunto duly authorized.

 Woodward, Inc.
   
  
Dated: May 1, 2023By: /s/ A. Christopher Fawzy        
  A. Christopher Fawzy
  Corporate Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer
  

 

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Woodward Reports Second Quarter Fiscal Year 2023 Results

FORT COLLINS, Colo., May 01, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter of fiscal year 2023. (All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated.)

Second Quarter Overview

  • Net sales were $718 million, compared to $587 million, an increase of 22 percent.
  • Net earnings were $36 million, or $0.58 per share, compared to net earnings of $48 million, or $0.74 per share.
  • Adjusted net earnings1 were $62 million, or $1.01 per share, compared to adjusted net earnings of $47 million, or $0.72 per share.
  • Net cash provided by operating activities was $40 million for the first half of fiscal 2023, compared to $50 million. Free cash flow1 for the first half of fiscal 2023 was negative $4 million, compared to free cash flow of $26 million. Adjusted free cash flow1 was negative $1 million for the first half of fiscal 2023, compared to adjusted free cash flow of $27 million.

“We delivered strong sales growth in the second quarter driven by robust demand for our products and services across aerospace and industrial markets. We also increased output enabled in part by strategic investments made to mitigate supply chain risk, reduce complexity, and increase efficiency,” said Chip Blankenship, Chairman and Chief Executive Officer. “We are pleased with our progress and remain focused on delivering further operational improvements to drive value for our shareholders. Given our second quarter results and a lower expected tax rate, we are raising some aspects of our previous guidance.”

Second Quarter Company Results

Net sales for the second quarter of fiscal 2023 were $718 million, compared to $587 million, an increase of 22 percent. The ongoing industry-wide challenges, including supply chain and labor disruptions, continued to impact sales. The negative impact of foreign currency exchange rates was approximately $14 million in the quarter.

Net earnings were $36 million, or $0.58 per share, for the second quarter of 2023, compared to $48 million, or $0.74 per share. Adjusted net earnings for the second quarter of 2023 were $62 million, or $1.01 per share, compared to $47 million or $0.72 per share.

EBIT1 was $53 million for the second quarter of 2023, compared to $62 million. Adjusted EBIT1 was $87 million for the second quarter of 2023, compared to $60 million.

The effective tax rate was 11.8 percent for the second quarter of 2023, compared to 11.4 percent. The adjusted effective tax rate1 for the second quarter of 2023 was 17.8 percent, compared to 11.0 percent.

Segment Results

Aerospace

Aerospace segment net sales for the second quarter of fiscal 2023 were $437 million, compared to $373 million, an increase of 17 percent.

Ongoing passenger traffic recovery and increasing aircraft utilization continue to drive notable growth in commercial OEM and aftermarket sales. Defense sales were down due to continued weakness in guided weapons, partially offset by increased defense aftermarket sales.

Aerospace segment earnings for the second quarter of 2023 were $73 million, compared to $60 million. Segment earnings as a percent of segment net sales were 16.8 percent for the second quarter of 2023, compared to 16.0 percent. The increase in Aerospace segment earnings was primarily a result of higher commercial OEM and aftermarket volume as well as price realization, partially offset by inflation, higher manufacturing costs and annual incentive compensation.

Industrial

Industrial segment net sales for the second quarter of fiscal 2023 were $281 million, compared to $214 million, an increase of 31 percent. Industrial sales for the second quarter of 2023 increased primarily due to higher volumes across all markets. Foreign currency exchange rates negatively impacted sales by approximately $11 million in the quarter.

Industrial segment earnings for the second quarter of 2023 were $38 million, compared to $17 million. Industrial segment earnings as a percent of segment net sales were 13.4 percent for the second quarter of 2023, compared to 8.1 percent. Industrial segment earnings increased due to higher volume as well as favorable product mix, partially offset by inflation, higher manufacturing costs and annual incentive compensation.

Nonsegment

Nonsegment expenses were $58 million for the second quarter of fiscal 2023, compared to $15 million. Adjusted nonsegment expenses1 were $23 million for the second quarter of 2023, compared to $17 million. Adjusted nonsegment expenses for the second quarter exclude costs primarily related to specific charges for excess and obsolete inventory, product rationalization, and restructuring to optimize the cost structure. Adjusted nonsegment expenses for the second quarter of 2022 exclude costs related to business development activities and a charge associated with a non-recurring matter unrelated to the ongoing operations of the business.

Year-to-Date Results

Net sales for the first half of 2023 were $1.34 billion, compared to $1.13 billion. Net earnings for the first half of 2023 were $65 million, or $1.07 per share, compared to $78 million, or $1.21 per share. Adjusted net earnings for the first half of 2023 were $91 million, or $1.50 per share, compared to $83 million, or $1.28 per share.

The effective tax rate was 9.5 percent for the first half of 2023, compared to 14.8 percent. The adjusted effective tax rate for the first half of 2023 was 14.5 percent, compared to 15.5 percent.

Aerospace segment net sales for the first half of 2023 were $833 million, compared to $709 million. Aerospace segment earnings for the first half of 2023 were $129 million, or 15.5 percent of segment net sales, compared to $111 million, or 15.6 percent of segment net sales.

Industrial segment net sales for the first half of 2023 were $504 million, compared to $419 million. Industrial segment earnings for the first half of 2023 were $49 million, or 9.7 percent of segment net sales, compared to $41 million, or 9.8 percent of segment net sales.

Nonsegment expenses were $83 million for the first half of 2023, compared to $45 million. Adjusted nonsegment expenses were $48 million, compared to $38 million.

Cash Flow and Financial Position

Net cash provided by operating activities was $40 million for the first half of fiscal 2023, compared to $50 million. Payments for property, plant, and equipment for the first half of 2023 were $44 million, compared to $24 million.

Free cash flow was negative $4 million for the first half of fiscal 2023, compared to $26 million. Adjusted free cash flow was negative $1 million for the first half of fiscal 2023, compared to $27 million. The decrease in free cash flow was primarily due to increased capital expenditures.

During the first half of fiscal 2023, $51 million was returned to stockholders in the form of $25 million of dividends and $26 million of repurchased shares under a board authorized share repurchase program.

Total debt was $859 million at March 31, 2023, compared to $729 million at March 31, 2022. Debt-to-EBITDA1 leverage at March 31, 2023, was 2.2 times EBITDA, compared to 1.8 times EBITDA at March 31, 2022.

Fiscal Year 2023 Outlook

We continue to expect year-over-year improvements in the second half of fiscal 2023. Due to our better-than-expected results experienced in the second quarter as well as an anticipated lower income tax rate for the full year, we are raising certain aspects of our full year guidance.

Woodward, Inc. and Subsidiaries
FY23 Guidance
(unaudited - in millions, except per share amount, basis points and percentages)
    
 Prior Revised
 FY23 guidance issued on, FY23 guidance issued on,
 January 30th, 2023 May 1st, 2023
Total Company   
Sales$2,600 - $2,750 $2,700 - $2,800
Adjusted Effective Tax Rate~19% ~16%
Adjusted Free Cash Flow$200 - $250 No change
Capital Expenditures~$80 No change
Adjusted EPS$3.15 - 3.60 $3.50 - $3.75
    
Segment Data   
Aerospace   
Sales Growth14% - 19% No change
Segment Earnings (% of Sales)Up 150bps - 200bps No change
Industrial   
Sales GrowthFlat - 5% 14% - 19%
Segment Earnings (% of Sales)Flat No change

Conference Call

Woodward will hold an investor conference call at 4:30 p.m. ET, May 1, 2023, to provide an overview of the financial performance for the second quarter of fiscal year 2023, business highlights, and outlook for the remainder of fiscal year 2023. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com2.

You may also listen to the call by dialing 1-888-440-4531 (domestic) or 1-646-960-0808 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4278216. An audio replay will be available by telephone from 7:30 p.m. ET on May 1, 2023, until 11:59 p.m. ET on May 15, 2023. The telephone number to access the replay is 1-800-770-2030 (domestic) or 1-647-362-9199 (international), reference access code 4278216.

A webcast presentation will be available on the website by selecting “Investors/Events & Presentations”. The audio replay and presentation will remain accessible on the website for 14 days.

About Woodward, Inc.

Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Together with our customers, we are enabling the path to a cleaner, decarbonized world. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world’s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Cautionary Statement

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, our expectations of anticipated year-over-year growth in the second half of fiscal year 2023 and other anticipated trends in our business; our focus on operational enhancements and ability to drive value for our shareholders; and statements regarding our business and financial outlook for fiscal year 2023, including our guidance for sales, adjusted earnings, adjusted earnings per share, segment sales growth, segment earnings as a percent of sales, adjusted effective tax rate, adjusted free cash flow, and capital expenditures as well as our assumptions regarding our outlook. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to: (1) global economic uncertainty and instability in the financial markets that affect Woodward, its customers, and its supply chain; (2) risks related to continued constraints and disruptions in the global supply chain and labor markets; (3) Woodward’s long sales cycle; (4) risks related to Woodward’s concentration of revenue among a relatively small number of customers; (5) Woodward’s ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward’s ability to successfully manage competitive factors including expenses and fluctuations in sales; (7) changes and consolidations in the aerospace market; (8) uncertainties related to the COVID-19 pandemic; (9) Woodward’s financial obligations including debt obligations and tax expenses and exposures; (10) risks related to Woodward’s U.S. government contracting activities including potential changes in government spending patterns; (11) Woodward’s ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (12) changes in the estimates of fair value of reporting units or of long-lived assets; (13) environmental risks; (14) Woodward’s continued access to a stable workforce and favorable labor relations with its employees; (15) Woodward’s ability to manage various regulatory and legal matters; (16) risks from operating internationally; (17) cybersecurity and other technological risks; and other risk factors described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2022, any subsequently filed Quarterly Report on Form 10-Q, as well as its Quarterly Report on Form 10-Q for the second quarter ended March 31, 2023, which we expect to file shortly, and other risks described in Woodward’s filings with the Securities and Exchange Commission.

Woodward, Inc. and Subsidiaries 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS 
(Unaudited - in thousands except per share amounts) 
            
 Three-Months Ended  Six-Months Ended 
 March 31,  March 31, 
 2023  2022  2023  2022 
            
Net sales$718,214  $586,839  $1,336,833  $1,128,425 
Costs and expenses:           
Cost of goods sold 559,149   453,425   1,051,812   872,576 
Selling, general, and administrative expenses 75,578   44,124   138,765   106,430 
Research and development costs 37,777   32,384   66,411   57,776 
Restructuring charges 5,172   -   5,172   - 
Interest expense 12,845   8,197   23,987   16,503 
Interest income (508)  (500)  (874)  (1,141)
Other (income) expense, net (12,040)  (4,887)  (20,430)  (15,561)
Total costs and expenses 677,973   532,743   1,264,843   1,036,583 
Earnings before income taxes 40,241   54,096   71,990   91,842 
Income taxes 4,730   6,190   6,873   13,631 
Net earnings$35,511  $47,906  $65,117  $78,211 
            
Earnings per share amounts:           
Basic earnings per share$0.59  $0.77  $1.09  $1.24 
Diluted earnings per share$0.58  $0.74  $1.07  $1.21 
Weighted average common shares outstanding:           
Basic 59,807   62,550   59,736   62,825 
Diluted 61,227   64,618   61,083   64,863 
            
Cash dividends per share paid to Woodward common stockholders$0.2200  $0.1900  $0.4100  $0.3525 


Woodward, Inc. and Subsidiaries 
CONDENSED CONSOLIDATED BALANCE SHEETS 
(Unaudited - in thousands) 
     
 March 31, September 30, 
 2023 2022 
Assets    
Current assets:    
Cash and cash equivalents$129,427 $107,844 
Accounts receivable 663,419  609,964 
Inventories 567,784  514,287 
Income taxes receivable 33,287  5,179 
Other current assets 76,770  74,695 
Total current assets 1,470,687  1,311,969 
Property, plant, and equipment, net 919,672  910,472 
Goodwill 799,147  772,559 
Intangible assets, net 483,884  460,580 
Deferred income tax assets 25,052  23,447 
Other assets 313,091  327,419 
Total assets$4,011,533 $3,806,446 
     
Liabilities and stockholders’ equity    
Current liabilities:    
Short-term debt$130,500 $66,800 
Current portion of long-term debt 75,978  856 
Accounts payable 220,386  230,519 
Income taxes payable 33,692  34,655 
Accrued liabilities 206,388  206,283 
Total current liabilities 666,944  539,113 
Long-term debt, less current portion 652,119  709,760 
Deferred income tax liabilities 138,863  127,195 
Other liabilities 541,553  529,256 
Total liabilities 1,999,479  1,905,324 
Stockholders’ equity 2,012,054  1,901,122 
Total liabilities and stockholders’ equity$4,011,533 $3,806,446 


Woodward, Inc. and Subsidiaries 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Unaudited - in thousands) 
     
 Six-Months Ended 
 March 31, 
 2023 2022 
Net cash provided by operating activities$40,150 $50,108 
     
Cash flows from investing activities:    
Payments for purchase of property, plant, and equipment (44,046) (24,150)
Proceeds from sale of assets 199  5 
Payments for business acquisition, net of cash acquired 878  - 
Payments for purchase of short-term investments -  (8)
Proceeds from sales of short-term investments 7,733  11,305 
Net cash used in investing activities (35,236) (12,848)
     
Cash flows from financing activities:    
Cash dividends paid (24,537) (22,134)
Proceeds from sales of treasury stock 14,067  19,399 
Payments for repurchases of common stock (26,369) (273,535)
Borrowings on revolving lines of credit and short-term borrowings 1,031,800  11,500 
Payments on revolving lines of credit and short-term borrowings (968,100) (11,500)
Payments of debt financing costs (2,236) - 
Payments of long-term debt and finance lease obligations (288) (564)
Net cash provided by (used in) financing activities 24,337  (276,834)
Effect of exchange rate changes on cash and cash equivalents (7,668) (533)
Net change in cash and cash equivalents 21,583  (240,107)
Cash and cash equivalents at beginning of year 107,844  448,462 
Cash and cash equivalents at end of period$129,427 $208,355 


Woodward, Inc. and Subsidiaries 
SEGMENT NET SALES AND EARNINGS 
(Unaudited - in thousands) 
                
 Three-Months Ended
March 31,
  Six-Months Ended
March 31,
 
 2023
  2022
  2023
  2022
 
Net sales:               
Aerospace$437,017  $372,757  $832,702  $709,192 
Industrial 281,197   214,082   504,131   419,233 
Total consolidated net sales$718,214  $586,839  $1,336,833  $1,128,425 
Segment earnings*:               
Aerospace$73,314  $59,809  $128,748  $110,892 
As a percent of segment net sales 16.8%  16.0%  15.5%  15.6%
Industrial 37,571   17,234   48,973   40,927 
As a percent of segment net sales 13.4%  8.1%  9.7%  9.8%
Total segment earnings 110,885   77,043   177,721   151,819 
Nonsegment expenses (58,307)  (15,250)  (82,618)  (44,615)
EBIT 52,578   61,793   95,103   107,204 
Interest expense, net (12,337)  (7,697)  (23,113)  (15,362)
Consolidated earnings before income taxes$40,241  $54,096  $71,990  $91,842 
                
*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.               
                
Payments for property, plant and equipment$19,656  $11,027  $44,046  $24,150 
Depreciation expense$20,535  $21,023  $40,661  $42,056 


Woodward, Inc. and Subsidiaries
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS1
(Unaudited - in thousands, except per share amounts)
                    
  Three-Months Ended  Three-Months Ended 
  March 31, 2023  March 31, 2022 
  Before
Income Tax		  Net of
Income Tax		  Per Share,
Net of
Income Tax		  Before
Income Tax		  Net of
Income Tax		  Per Share,
Net of
Income Tax		 
Earnings (U.S. GAAP) $40,241  $35,511  $0.58  $54,096  $47,906  $0.74 
Non-U.S. GAAP adjustments:                  
Specific charge for excess and obsolete inventory  11,995   9,016   0.15   -   -   - 
Product rationalization  10,504   7,896   0.13   -   -   - 
Restructuring charge  5,172   3,874   0.06   -   -   - 
Non-recurring charge related to customer collections  4,997   3,761   0.06   -   -   - 
Certain non-restructuring separation costs  2,208   1,661   0.03   -   -   - 
Non-recurring matter unrelated to the ongoing operations of the business  -   -   -   (1,728)  (1,296)  (0.02)
Business development activities  -   -   -   -   -   - 
Total non-U.S. GAAP adjustments  34,876   26,208   0.43   (1,728)  (1,296)  (0.02)
Adjusted earnings (Non-U.S. GAAP) $75,117  $61,719  $1.01  $52,368  $46,610  $0.72 
                   


Woodward, Inc. and Subsidiaries 
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS1 
(Unaudited - in thousands, except per share amounts) 
                         
  Six-Months Ended  Six-Months Ended 
  March 31, 2023  March 31, 2022 
  Before
Income Tax		  Net of
Income Tax		  Per Share,
Net of
Income Tax		  Before
Income Tax		  Net of
Income Tax		  Per Share,
Net of
Income Tax		 
Earnings (U.S. GAAP) $71,990  $65,117  $1.07  $91,842  $78,211  $1.21 
Non-U.S. GAAP adjustments:                  
Specific charge for excess and obsolete inventory  11,995   9,016   0.15   -   -   - 
Product rationalization  10,504   7,896   0.13   -   -   - 
Restructuring charge  5,172   3,874   0.06   -   -   - 
Non-recurring charge related to customer collections  4,997   3,761   0.06   -   -   - 
Certain non-restructuring separation costs  2,208   1,661   0.03   -   -   - 
Non-recurring matter unrelated to the ongoing operations of the business  -   -   -   3,272   2,454   0.04 
Business development activities  -   -   -   2,982   2,236   0.03 
Total non-U.S. GAAP adjustments  34,876   26,208   0.43   6,254   4,690   0.07 
Adjusted earnings (Non-U.S. GAAP) $106,866  $91,325  $1.50  $98,096  $82,901  $1.28 
                   


Woodward, Inc. and Subsidiaries 
RECONCILIATION OF NET EARNINGS TO EBIT1 AND ADJUSTED EBIT1 
(Unaudited - in thousands) 
       
  Three-Months Ended
March 31,		  Six-Months Ended
March 31,		 
  2023  2022  2023  2022 
Net earnings (U.S. GAAP) $35,511  $47,906  $65,117  $78,211 
Income taxes  4,730   6,190   6,873   13,631 
Interest expense  12,845   8,197   23,987   16,503 
Interest income  (508)  (500)  (874)  (1,141)
EBIT (Non-U.S. GAAP)  52,578   61,793   95,103   107,204 
Non-U.S. GAAP adjustments*  34,876   (1,728)  34,876   6,254 
Adjusted EBIT (Non-U.S. GAAP) $87,454  $60,065  $129,979  $113,458 
             
*See Reconciliation of Earnings to Adjusted Earnings1 table above for the list of Non-U.S. GAAP adjustments made in the applicable periods. 


Woodward, Inc. and Subsidiaries 
RECONCILIATION OF NET EARNINGS TO EBITDA1 AND ADJUSTED EBITDA1 
(Unaudited - in thousands) 
       
  Three-Months Ended
March 31,		  Six-Months Ended
March 31,		 
  2023  2022  2023  2022 
Net earnings (U.S. GAAP) $35,511  $47,906  $65,117  $78,211 
Income taxes  4,730   6,190   6,873   13,631 
Interest expense  12,845   8,197   23,987   16,503 
Interest income  (508)  (500)  (874)  (1,141)
Amortization of intangible assets  9,418   9,587   18,596   19,275 
Depreciation expense  20,535   21,023   40,661   42,056 
EBITDA (Non-U.S. GAAP)  82,531   92,403   154,360   168,535 
Non-U.S. GAAP adjustments*  34,876   (1,728)  34,876   6,254 
Adjusted EBITDA (Non-U.S. GAAP) $117,407  $90,675  $189,236  $174,789 
             
*See Reconciliation of Earnings to Adjusted Earnings1 table above for the list of Non-U.S. GAAP adjustments made in the applicable periods. 


Woodward, Inc. and Subsidiaries 
RECONCILIATION OF NONSEGMENT EXPENSES TO ADJUSTED NONSEGMENT EXPENSES1 
(Unaudited - in thousands) 
             
  Three-Months Ended
March 31,		  Six-Months Ended
March 31,		 
  2023  2022  2023  2022 
Nonsegment expenses (U.S. GAAP) $58,307  $15,250  $82,618  $44,615 
Specific charge for excess and obsolete inventory  (11,995)  -   (11,995)  - 
Product rationalization  (10,504)  -   (10,504)  - 
Restructuring charge  (5,172)  -   (5,172)  - 
Non-recurring charge related to customer collections  (4,997)  -   (4,997)  - 
Certain non-restructuring separation costs  (2,208)  -   (2,208)  - 
Non-recurring matter unrelated to the ongoing operations of the business  -   1,728   -   (3,272)
Business development activities  -   -   -   (2,982)
Adjusted nonsegment expenses (Non-U.S. GAAP) $23,431  $16,978  $47,742  $38,361 


Woodward, Inc. and Subsidiaries 
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW1 AND ADJUSTED FREE CASH FLOW1 
(Unaudited - in thousands) 
      
   
 Six-Months Ended March 31, 
 2023  2022 
      
Net cash provided by operating activities (U.S. GAAP)$40,150  $50,108 
Payments for property, plant, and equipment (44,046)  (24,150)
Free cash flow (Non-U.S. GAAP) (3,896)  25,958 
Cash paid for business development activities -   770 
Cash paid for restructuring charges 2,836   505 
Adjusted free cash flow (Non-U.S. GAAP)$(1,060) $27,233 
        

1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable, (i) a specific charge for excess and obsolete inventory, (ii) product rationalization, (iii) a restructuring charge, (iv) a non-recurring charge related to customer collections, (v) certain non-restructuring separation costs, (vi) a charge and partial reversal in connection with a non-recurring matter unrelated to the ongoing operations of the business, and (vii) costs related to business development activities. The product rationalization adjustment pertains to a non-recurring write-off of inventory and assets related to the elimination of certain product lines. The specific charge for excess and obsolete inventory pertains to a non-recurring process change that resulted in the identification and write down of certain excess inventory unrelated to product rationalization. The non-recurring charge related to customer collections pertains to a discrete process issue that was identified and corrected. The Company believes that these excluded items are short‐term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing. Adjusted free cash flow is free cash flow (defined below) plus the cash payments for costs related to business development activities and restructuring activities. Management believes these adjustments to free cash flow better portray Woodward’s operating performance. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, costs, charges and payments related to (i) business development activities, and (ii) restructuring activities.

EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward’s operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment, as well as adjusted free cash flow (as described above), in reviewing the financial performance of Woodward’s various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, adjusted nonsegment expenses, free cash flow, and adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

2Website, Facebook, Twitter: Woodward has used, and intends to continue to use, its Investor Relations website, its Facebook page and its Twitter handle as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contact:Dan Provaznik
 Director, Investor Relations
 970-498-3849
 Dan.Provaznik@woodward.com 

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