☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q (Mark One) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) De ...

Federal Signal Q1 2022 Earnings Call May 2, 2022 Jennifer Sherman, President & Chief Executive Officer Ian Hudson, SVP, Chief Financial Officer Safe Harbor This presentation contains unaudited financial information and various forward-looking statements as of the date hereof and we undertake no obligation to update these forwardlooking statements regardless of new developments or otherwise. Statements in this presentation that are not historical are forward-looking statements. Such statements are subject to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6003 _____________________________________________ FEDERAL SIGNAL CORPORATI ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-6003 FEDERAL SIGNAL CORPORATION (Exact name of registrant as specified in its cha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6003 _____________________________________________ FEDERAL SIGNAL CORPO ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 60523 (Zip code) For the transition period from to Commission file number: 1-6003 _____________________________________________ FEDERAL ...

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 2021 were $279 million, down from $286 million in Q1 2020, representing a decrease of approximately 2.4% [8] - Consolidated operating income decreased to $27.8 million from $32.3 million year-over-year [8] - Consolidated adjusted EBITDA for the quarter was $41.2 million, down from $43.9 million, translating to a margin of 14.8% compared to 15.3% last year [9] - Net income for the quarter was $22.2 million, compared to $23.4 million in the prior year, resulting in GAAP EPS of $0.36 versus $0.38 [9][13] - Order intake reached a record $384 million, an increase of $80 million or 26% compared to Q1 2020 [9] Business Line Data and Key Metrics Changes - ESG net sales were $228 million, down from $233 million, with operating income at $27.1 million compared to $29.4 million last year [10] - EFC reported orders of $324 million, an increase of $87 million or 37% year-over-year [10] - SSG's net sales were $51 million, down from $53 million, with operating income slightly decreasing to $7.2 million [11] Market Data and Key Metrics Changes - Demand for sewer cleaners increased by 30% year-over-year, with orders almost doubling from the previous quarter [20] - The dump bodies and trailer businesses reported strong organic order growth of 28% across end markets [22] - The backlog at the end of the quarter reached a record $410 million, up $9 million from Q1 2020 and $106 million or 35% from the end of 2020 [9] Company Strategy and Development Direction - The company remains optimistic about safe digging prospects and infrastructure spending, with a focus on organic growth initiatives and strategic acquisitions [27][33] - The acquisition of OSW is expected to provide long-term value creation through operational improvements and synergies [32] - The company is actively pursuing M&A opportunities, with a robust pipeline of potential targets [33][55] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing COVID-related disruptions but highlighted improving conditions and strong order intake driven by economic stimulus [19][20] - The company maintains an adjusted EPS outlook for the year of $1.73 to $1.85, despite short-term production challenges due to chassis supply issues [38] - Management expressed confidence in the ability to ramp up production once current supply chain constraints ease [38] Other Important Information - The company generated $26 million in cash from operations, an improvement of $21 million over Q1 last year [15] - The effective tax rate for the quarter was 18.4%, down from 23.5% in the prior year [13] - The company paid dividends of $5.5 million during the quarter, reflecting an increased dividend of $0.09 per share [15] Q&A Session Summary Question: Impact of chassis production on guidance - Management indicated that the chassis supply situation is short-term, with proactive measures taken to secure additional chassis [44][46] Question: Order pull-forward due to supply chain issues - Management confirmed that there was no significant order pull-forward observed, with strong orders continuing into April [51][52] Question: M&A pipeline and opportunities - The M&A pipeline is active, with a range of potential deals from small acquisitions to transformational opportunities [54][55] Question: Margin profile of dump trailer business - Management noted that the margin profile varies, with opportunities for improvement through operational efficiencies and synergies from acquisitions [78][80]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6003 _____________________________________________ FEDERAL SIGNAL CORPORATI ...

Financial Performance - Full Year 2020 - Net sales decreased to $1.13 billion from $1.22 billion[9] - Operating income decreased to $131.4 million from $147.1 million[9] - Adjusted EBITDA decreased to $182.2 million from $191.3 million[9] - Adjusted EBITDA margin improved to 16.1% from 15.7%[9] - GAAP EPS decreased to $1.56 from $1.76[9] - Adjusted EPS decreased to $1.67 from $1.79[9] Financial Performance - Q4 2020 - Net sales decreased to $295 million from $314 million[11] - Operating income decreased to $33.8 million from $36.4 million[11] - Adjusted EBITDA decreased to $47.0 million from $48.5 million[11] - Adjusted EBITDA margin improved to 15.9% from 15.4%[11] - GAAP EPS decreased to $0.42 from $0.48[11] - Adjusted EPS decreased to $0.44 from $0.48[11] - Orders increased by $10 million, or 4%, compared to Q3 2020, reaching $276 million[11] - Backlog increased to approximately $330 million by the end of January 2021[11] Segment Performance - Q4 2020 - ESG sales decreased by 6% to $237.6 million from $252.2 million[13] - ESG adjusted EBITDA increased by 1% to $44.2 million from $43.8 million[13] - SSG sales decreased by 8% to $57.2 million from $62.2 million[13] - SSG adjusted EBITDA decreased by 11% to $11.2 million from $12.6 million[13] Financial Position - Cash and cash equivalents of $81.7 million[19] - Debt was reduced by approximately $32 million in Q4, with a total outstanding debt of $210 million[19] - Net debt of approximately $128 million[19] 2021 Outlook - Adjusted EPS is projected to range from $1.73 to $1.85, representing a 4% to 11% increase over 2020[21]

PART I [Business](index=4&type=section&id=Item%201.%20Business) Federal Signal Corporation operates two segments: Environmental Solutions and Safety and Security Systems, manufacturing specialized vehicles and warning systems, with a 2020 backlog of $304 million - The company's business is divided into two reportable segments: the Environmental Solutions Group and the Safety and Security Systems Group[18](index=18&type=chunk) Order Backlog (as of Dec 31) | Year | Backlog (in millions) | | :--- | :--- | | 2020 | $304 | | 2019 | $387 | - As of December 31, 2020, the company employed approximately **3,500 people** across five countries, with about 54% of the total workforce being U.S. hourly workers[33](index=33&type=chunk) - The company highlights its commitment to diversity, noting that two of its seven directors are female, and its CEO is female, placing it in the top 5% of Russell 3000 Index companies; 50% of its executive officers are female[35](index=35&type=chunk)[36](index=36&type=chunk) [Risk Factors](index=9&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from U.S. economic dependence, the COVID-19 pandemic, international operations, and product liability claims - In 2020, approximately **77% of net sales** were generated in the U.S., making the company's financial results highly subject to U.S. economic conditions and municipal government spending[57](index=57&type=chunk) - The COVID-19 pandemic presents significant and unpredictable risks, including potential disruptions to operations, supply chains, customer demand, and the financial health of dealers and municipal customers[58](index=58&type=chunk)[59](index=59&type=chunk) - International operations, which accounted for approximately **23% of net sales** in 2020, expose the company to risks from foreign laws, political instability, tariffs, and currency fluctuations[61](index=61&type=chunk) - The company faces exposure to product liability claims, including lawsuits from firefighters claiming hearing impairment from sirens; while insured, a significant adverse judgment could materially impact financial results[84](index=84&type=chunk) - As of December 31, 2020, goodwill and intangible assets represented **33%** and **13%** of total consolidated assets, respectively, with impairment posing a negative financial impact[86](index=86&type=chunk) [Unresolved Staff Comments](index=14&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[87](index=87&type=chunk) [Properties](index=15&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company operates 15 manufacturing plants globally, totaling 2.8 million square feet, with 48% owned and 52% leased - The company utilizes **15 principal manufacturing plants**: 11 in the U.S., two in Europe, one in Canada, and one in South Africa[88](index=88&type=chunk) Facility Space Breakdown (as of Dec 31, 2020) | Category | Square Feet (millions) | Ownership Status | | :--- | :--- | :--- | | Manufacturing | ~1.9 | 48% Owned | | Sales, Service, Warehousing, Office | ~0.9 | 52% Leased | | **Total** | **~2.8** | | [Legal Proceedings](index=15&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding the company's legal proceedings is incorporated by reference from Note 13 to the consolidated financial statements - Details on legal proceedings are provided in Note 13 of the consolidated financial statements[90](index=90&type=chunk) [Mine Safety Disclosures](index=15&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[91](index=91&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=15&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE under "FSS", with two active stock repurchase programs totaling $90.5 million available, and its five-year cumulative return outperformed key indices - The company's common stock is traded on the NYSE under the symbol "**FSS**"[93](index=93&type=chunk) - The Board of Directors authorized two stock repurchase programs: one for up to **$75.0 million** in November 2014 and an additional one for up to **$75.0 million** in March 2020; as of Q4 2020, **$90.5 million** was available for future repurchases[97](index=97&type=chunk)[98](index=98&type=chunk) Five-Year Cumulative Total Return Comparison (Base $100) | Index | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Federal Signal Corp.** | **$100.00** | **$100.52** | **$131.48** | **$131.98** | **$216.33** | **$224.93** | | Russell 2000 | $100.00 | $121.31 | $139.08 | $123.76 | $155.35 | $186.36 | | S&P Midcap 400 | $100.00 | $120.74 | $140.35 | $124.80 | $157.49 | $179.00 | | S&P Industrials | $100.00 | $118.86 | $143.86 | $124.74 | $161.38 | $179.23 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 2020 financial performance, highlighting COVID-19 impacts, cost-saving measures, strong adjusted EBITDA margin, increased operating cash flow, and robust liquidity [COVID-19 Update and 2020 Performance](index=17&type=section&id=COVID-19%20Update%20and%202020%20Performance) The company managed COVID-19 impacts with safety measures and cost-saving actions, achieving strong 2020 financial performance and maintaining robust liquidity - In response to the pandemic, the company implemented cost-saving actions including temporary salary reductions for leadership, furloughs for approximately **400 employees**, and permanent reductions impacting about **200 employees**[110](index=110&type=chunk)[112](index=112&type=chunk) Key Financial Highlights for FY 2020 | Metric | Value (in millions) | | :--- | :--- | | Operating Income | $131.4 | | Income from Continuing Operations | $96.1 | | Adjusted EBITDA* | $182.2 | | Adjusted EBITDA Margin* | 16.1% | | Cash Flow from Operations | $136.3 (+32% YoY) | - The company ended 2020 with a strong liquidity position, holding **$82 million** in cash and having **$280 million** of availability under its revolving credit facility[110](index=110&type=chunk)[113](index=113&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Consolidated net sales decreased 7% to **$1,130.8 million** in 2020, with operating income down 11% to **$131.4 million**, reflecting declines in both segments despite an improved adjusted EBITDA margin Consolidated Results of Operations (FY 2020 vs. FY 2019) | Metric | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,130.8M | $1,221.3M | -7% | | Gross Profit | $293.6M | $322.8M | -9% | | Operating Income | $131.4M | $147.1M | -11% | | Income from Cont. Ops. | $96.1M | $108.4M | -11% | | Diluted EPS - Cont. Ops. | $1.56 | $1.76 | -$0.20 | | Adjusted EBITDA | $182.2M | $191.3M | -5% | | Adjusted EBITDA Margin | 16.1% | 15.7% | +0.4% | - The Environmental Solutions Group's net sales decreased by **$77.1 million** (**8%**) and operating income decreased by **$15.1 million** (**11%**) in 2020 compared to 2019[119](index=119&type=chunk)[131](index=131&type=chunk)[137](index=137&type=chunk) - The Safety and Security Systems Group's net sales decreased by **$13.4 million** (**6%**) and operating income decreased by **$3.1 million** (**8%**) in 2020 compared to 2019[120](index=120&type=chunk)[138](index=138&type=chunk)[143](index=143&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=24&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened in 2020, with cash increasing to **$81.7 million** and operating cash flow rising 32% to **$136.3 million**, supported by a **$500 million** revolving credit facility Cash and Cash Equivalents (Year-End) | Year | Amount (in millions) | | :--- | :--- | | 2020 | $81.7 | | 2019 | $31.6 | | 2018 | $37.4 | - Net cash provided by continuing operating activities increased by **$32.9 million** (**32%**) to **$136.3 million** in 2020, primarily due to favorable working capital changes and deferral of **$7.3 million** in payroll taxes under the CARES Act[149](index=149&type=chunk) - The company has a **$500 million** revolving credit facility (2019 Credit Agreement) maturing in 2024; as of December 31, 2020, **$209.4 million** was drawn, with **$280.3 million** of net availability[154](index=154&type=chunk)[160](index=160&type=chunk) - Anticipated capital expenditures for 2021 are projected to be in the range of **$20 million** to **$25 million**[163](index=163&type=chunk) [Critical Accounting Policies and Estimates](index=28&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management's critical accounting policies involve significant estimates for goodwill and indefinite-lived intangible asset impairment tests, revenue recognition, and income tax valuation allowances, with no impairments found in 2020 - The annual goodwill impairment test was performed as of October 31, 2020; a quantitative test on one reporting unit indicated its fair value exceeded its carrying value by approximately **50%**, and qualitative tests on other units concluded impairment was not likely[173](index=173&type=chunk)[182](index=182&type=chunk) - Indefinite-lived intangible assets, primarily trade names, were tested for impairment in 2020; a quantitative test on one asset showed its fair value exceeded carrying value by approximately **70%**, and qualitative tests on others showed no likely impairment[184](index=184&type=chunk)[187](index=187&type=chunk) - Revenue is generally recognized at a point in time when control of products or services transfers to the customer, which for most product sales occurs at the time of shipment[190](index=190&type=chunk) - The company maintains a valuation allowance against deferred tax assets when it is more likely than not that they will not be realized; as of December 31, 2020, the total valuation allowance was **$8.8 million**[195](index=195&type=chunk)[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from interest rate and foreign exchange rate changes, with a 1% variable rate change impacting interest expense by **$1.3 million** - A hypothetical **1%** increase or decrease in variable interest rates on the company's total debt would change annual interest expense by approximately **$1.3 million**[201](index=201&type=chunk) - A hypothetical **10%** appreciation of the U.S. dollar against other currencies is estimated to reduce full-year net sales by approximately **2%** and operating income by approximately **1%**[202](index=202&type=chunk) [Financial Statements and Supplementary Data](index=33&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2020, 2019, and 2018, along with Deloitte & Touche LLP's report, covering balance sheets, income statements, cash flows, and detailed notes Consolidated Balance Sheet Data (as of Dec 31) | (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1,208.8** | **$1,165.5** | | Total Current Assets | $405.5 | $360.7 | | Goodwill | $394.2 | $388.8 | | **Total Liabilities** | **$506.7** | **$523.9** | | Total Current Liabilities | $148.4 | $160.2 | | Long-term Borrowings | $209.8 | $220.3 | | **Total Stockholders' Equity** | **$702.1** | **$641.6** | Consolidated Cash Flow Summary | (in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $136.2 | $103.1 | $92.8 | | Net Cash for Investing Activities | $(34.4) | $(84.4) | $(11.0) | | Net Cash for Financing Activities | $(53.4) | $(24.6) | $(81.2) | | **Increase (Decrease) in Cash** | **$50.1** | **$(5.8)** | **$(0.1)** | - The independent auditor, Deloitte & Touche LLP, identified the valuation of goodwill for one reporting unit as a critical audit matter due to the significant and sensitive assumptions used in the quantitative assessment[214](index=214&type=chunk)[217](index=217&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=79&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[471](index=471&type=chunk) [Controls and Procedures](index=79&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2020, the CEO and CFO concluded disclosure controls and internal control over financial reporting were effective, with no material changes in the most recent quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[473](index=473&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2020, based on the COSO framework (2013)[474](index=474&type=chunk) [Other Information](index=79&type=section&id=Item%209B.%20Other%20Information) The company issued a press release and presentation slides on February 25, 2021, announcing Q4 and full-year 2020 financial results, filed as exhibits to this Form 10-K - On February 25, 2021, the company issued a press release and presentation slides for its Q4 and full-year 2020 financial results, which are filed as exhibits 99.1 and 99.2[477](index=477&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=80&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding the company's directors, executive officers, and corporate governance practices is incorporated by reference from the 2021 proxy statement - Information for this section is incorporated by reference from the company's 2021 definitive proxy statement[480](index=480&type=chunk)[481](index=481&type=chunk) [Executive Compensation](index=80&type=section&id=Item%2011.%20Executive%20Compensation) Detailed information regarding executive compensation is incorporated by reference from the company's 2021 definitive proxy statement - Information for this section is incorporated by reference from the company's 2021 definitive proxy statement[483](index=483&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=80&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership and equity compensation plans is incorporated by reference from the company's 2021 definitive proxy statement - Information for this section is incorporated by reference from the company's 2021 definitive proxy statement[484](index=484&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=80&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the company's 2021 definitive proxy statement - Information for this section is incorporated by reference from the company's 2021 definitive proxy statement[485](index=485&type=chunk) [Principal Accountant Fees and Services](index=80&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to and services provided by the principal accountant is incorporated by reference from the company's 2021 definitive proxy statement - Information for this section is incorporated by reference from the company's 2021 definitive proxy statement[485](index=485&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=81&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K, including consolidated financial statements and an index of all exhibits - This section incorporates the consolidated financial statements from Item 8 and includes Schedule II — Valuation and Qualifying Accounts[487](index=487&type=chunk) - An index of all filed exhibits is provided, including governance documents, material contracts, and Sarbanes-Oxley certifications[488](index=488&type=chunk)[497](index=497&type=chunk) [Form 10-K Summary](index=81&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[489](index=489&type=chunk)