Engineering a Cleaner, Healthier World - Financial Overview
Non-GAAP Reconciliations
Modine Manufacturing Company
Adjusted EBITDA
Twelve months ended March 31,
(In millions)
MODINE
Engineering a Cleaner, Healthier World
2023
2022
2021
2020
Net earnings (loss)
$ 153.6
$
86.3
$ (209.5)
$ (2.0)
Interest expense
20.7
15.6
19.4
22.7
Provision (benefit) from income taxes
(28.3)
15.2
90.2
12.4
Depreciation and amortization expense
54.5
54.8
68.6
77.1
Other expense - net
4.4
2.1
2.2
4.8
(a)
Restructuring expenses
5.0
24.1
13.4
12.2
Impairment charges (reversals) - net (b)
(55.7)
166.8
8.6
Loss (gain) on sale of assets
(c)
6.6
(0.8)
Strategic reorganization costs
(d)
3.4
6.7
Automotive separation and exit strategy costs
(e)
2.6
6.6
39.2
Environmental charges (f)
2.2
3.8
0.4
0.2
Adjusted EBITDA
$ 212.1
$ 158.8
$ 164.8
$ 174.4
Net Sales
Adjusted EBITDA margin
* See next slide for footnotes regarding these adjustments
$ 2,297.9 $2,050.1
$1,808.4
$1,975.5
9.2%
7.7%
9.1%
8.8%
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