Third Quarter Fiscal 2023
CASH FLOW AND METRICS
Cash Flow and Metrics
Free Cash Flow
Net Debt (as of December 31)
Leverage Ratio (as of December 31)
Capital Expenditures
Q3 FY23 YTD
$32.7 million
$307.6 million
1.6x
$35.2 million
Modine Maintains Strong Balance Sheet & Liquidity
▪ Free cash flow in the quarter was relatively flat (negative $0.4M), primarily due to higher levels of
working capital
* See appendix for the full GAAP income statement and Non-GAAP reconciliations
MODINE
Engineering a Cleaner, Healthier World
▪ Continued with the anti-dilutive share repurchase plan; with 100,000 shares purchased this
quarter and 300,000 on a year-to-date basis
▪ Net debt decreased $25M YTD; increased $7M during the quarter including a negative FX impact
▪ Cash balance of $82M
Leverage ratio improved to 1.6x; anticipating a further reduction by fiscal year-end
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