Contrary to the allegations in the complaint, Tesla's lawsuit is simply a new tactic in their ongoing efforts to bully Matthews and improperly take Matthews' valuable intellectual property. Furthermore, Tesla's complaint attempts to restrict us from offering our innovative solutions to others, preventing the market from significantly benefiting from the savings associated with our dry battery electrode ("DBE") solutions, and thus interfering with Matthews' ability to realize the value of our intellectual pr ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company's consolidated financial statements for the period ended March 31, 2024, show stable total assets at approximately $1.89 billion, with sales slightly decreasing to $921.2 million from $928.8 million year-over-year for the six months ended March 31, 2024, and net income falling to $6.7 million from $12.8 million, while net cash provided by operating activities decreased to $29.8 million from $44.7 million in the prior-year period [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) | (In thousands) | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | **Total current assets** | $654,049 | $648,257 | | **Total assets** | **$1,890,477** | **$1,887,381** | | **Total current liabilities** | $358,752 | $394,600 | | **Long-term debt** | $837,357 | $786,484 | | **Total liabilities** | $1,381,130 | $1,362,100 | | **Total shareholders' equity** | **$509,347** | **$525,281** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) | (In thousands, except per share) | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $471,223 | $479,580 | $921,209 | $928,820 | | **Gross profit** | $148,182 | $149,623 | $280,535 | $288,553 | | **Operating profit** | $21,328 | $23,051 | $30,755 | $40,279 | | **Net income attributable to Matthews** | $9,027 | $9,127 | $6,724 | $12,830 | | **Diluted EPS** | $0.29 | $0.29 | $0.22 | $0.41 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | (In thousands) | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $29,841 | $44,711 | | **Net cash used in investing activities** | ($29,763) | ($31,203) | | **Net cash provided by (used in) financing activities** | $3,018 | ($44,899) | | **Net change in cash and cash equivalents** | $3,396 | ($29,498) | | **Cash and cash equivalents at end of period** | $45,497 | $41,916 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company operates under three segments: Memorialization (memorials, caskets, cremation equipment), Industrial Technologies (energy storage, product identification, warehouse automation), and SGK Brand Solutions (brand management, pre-media services)[20](index=20&type=chunk) - The company applies highly inflationary accounting to its Turkish subsidiaries, with exchange losses of **$0.71 million** and **$1.25 million** for the six months ended March 31, 2024 and 2023, respectively, included in other income (deductions)[23](index=23&type=chunk) - In January 2024, the company amended and restated its domestic credit facility, which now includes a **$750 million** senior secured revolving credit facility maturing in January 2029[36](index=36&type=chunk) - The annual goodwill impairment review was performed in Q2 2024, and no impairment charges were necessary. However, the estimated fair value of the SGK Brand Solutions reporting unit exceeded its carrying value by a relatively narrow margin of approximately **7%**[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For the six months ended March 31, 2024, consolidated sales decreased slightly to $921.2 million from $928.8 million year-over-year, driven by lower sales in the Industrial Technologies and SGK Brand Solutions segments, partially offset by an increase in Memorialization, while Adjusted EBITDA declined to $102.3 million from $107.7 million, primarily due to lower sales, higher costs, and margin pressure in the Industrial Technologies segment, with the company maintaining liquidity through operating cash flow and an amended credit facility, and capital spending focused on new production capabilities and efficiencies [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Consolidated Sales by Segment (Six Months Ended Mar 31) | Segment | 2024 (in millions) | 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Memorialization | $430.2 | $429.4 | +0.2% | | Industrial Technologies | $227.5 | $234.7 | -3.1% | | SGK Brand Solutions | $263.5 | $264.8 | -0.5% | | **Total Sales** | **$921.2** | **$928.8** | **-0.8%** | Adjusted EBITDA by Segment (Six Months Ended Mar 31) | Segment | 2024 (in millions) | 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Memorialization | $83.3 | $87.2 | -4.5% | | Industrial Technologies | $19.7 | $27.8 | -29.1% | | SGK Brand Solutions | $28.3 | $23.3 | +21.5% | | **Total Adjusted EBITDA** | **$102.3** | **$107.7** | **-5.0%** | - The decrease in Industrial Technologies sales was driven by reduced demand for warehouse automation and automotive engineering solutions. The decline in Memorialization adjusted EBITDA was due to higher material/labor costs and lower margins on cremation products, reflecting a return to normalized death rates post-pandemic[96](index=96&type=chunk)[100](index=100&type=chunk) - The increase in SGK Brand Solutions adjusted EBITDA was primarily due to benefits from cost-reduction initiatives and improved margins on cylinder (packaging) products[100](index=100&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) - Net cash from operating activities decreased to **$29.8 million** for the first six months of fiscal 2024 from **$44.7 million** in the prior year, mainly due to changes in working capital, including incentive compensation payments[110](index=110&type=chunk) - In January 2024, the company amended its domestic credit facility, resulting in a **$750.0 million** senior secured revolving credit facility maturing in January 2029. As of March 31, 2024, total borrowings on this facility were approximately **$507.3 million**[114](index=114&type=chunk)[115](index=115&type=chunk) - The company utilizes a receivables purchase agreement (RPA) to sell up to **$125.0 million** of trade receivables. As of March 31, 2024, **$109.9 million** in receivables were sold and derecognized from the balance sheet. The RPA was extended to March 2026[117](index=117&type=chunk)[118](index=118&type=chunk) - Capital spending for fiscal 2024 is estimated to be approximately **$60 million**, an increase from the prior three-year average of **$48.7 million**, to support new production capabilities and efficiencies in the Memorialization and Industrial Technologies segments[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk during the three and six months ended March 31, 2024, and refers to its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, for detailed information - There have been no material changes in the Company's market risk during the six months ended March 31, 2024[142](index=142&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2024, the Company's disclosure controls and procedures were effective[144](index=144&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[145](index=145&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and claims that arise in the ordinary course of business, but management does not anticipate that these proceedings will have a material adverse effect on the company's financial condition, results of operations, or cash flows - Management does not expect that the results of any current legal proceedings will have a material adverse effect on the Company's financial condition, results of operations or cash flows[147](index=147&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 - No material changes in risk factors have occurred since the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has an active stock repurchase program, having repurchased 1,029 shares at a weighted average price of $35.15 per share during the second quarter of fiscal 2024, with 728,031 shares remaining available for repurchase under the current authorization as of March 31, 2024 - As of March 31, 2024, **728,031 shares** remain available for repurchase under the company's stock repurchase program[149](index=149&type=chunk) Stock Repurchase Activity (Q2 FY2024) | Period | Total Shares Purchased | Weighted Average Price Paid per Share | | :--- | :--- | :--- | | January 2024 | 1,029 | $35.15 | | February 2024 | — | — | | March 2024 | — | — |

© 2024 Matthews International Corporation. All Rights Reserved. 17 Matthews International www.matw.com | Nasdaq: MATW Joseph C. Bartolacci Steven F. Nicola Chief Financial Officer Any forward-looking statements contained in this presentation are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Compan ...

NEWS RELEASE Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200 May 2, 2024 Contact: Steven F. Nicola William D. Wilson Chief Financial Officer and Secretary Senior Director, Corporate Development MATTHEWS INTERNATIONAL REPORTS RESULTS FOR FISCAL 2024 SECOND QUARTER Fiscal 2024 Second Quarter Financial Highlights: PITTSBURGH, PA, May 2, 2024 - Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its ...

 Fiscal 2024 Second Quarter Financial Highlights: Outstanding debt reduced by $19.6 million; net debt lower by $27.2 millionGAAP earnings per share of $0.29, consistent with a year agoNon-GAAP EPS increased to $0.69, compared to $0.65 a year agoSGK reports current quarter sales and adjusted EBITDA higher than a year agoEnergy storage sales also higher than last year; reflects orders from multiple customers PITTSBURGH, May 02, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) tod ...

PITTSBURGH, April 26, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) ("Matthews" or the "Company") today announced that Francis Wlodarczyk has been appointed to the Company's Board of Directors. Mr. Wlodarczyk brings 35 years of experience in industrial automation, working with global and regional manufacturers in many industries, including automotive, material handling, packaging and consumer products. Most recently, Mr. Wlodarczyk served as Senior Vice President, Intelligen ...

PITTSBURGH, April 24, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) announced that its Board of Directors declared, at its regularly scheduled meeting today, a dividend of $0.24 per share on the Company's common stock. The dividend is payable May 20, 2024 to stockholders of record May 6, 2024. About Matthews International Corporation Matthews International Corporation is a global provider of industrial technologies, memorialization products and brand solutions. The Industria ...

Financial Data and Key Metrics Changes - Consolidated sales increased modestly to $450 million in the first quarter of fiscal 2024 from $449 million in the same period last year, primarily driven by higher sales in the industrial technologies and memorialization segments [8][38] - Consolidated adjusted EBITDA decreased to $45.5 million from $49.3 million year-over-year, reflecting lower adjusted EBITDA in the industrial technologies and memorialization segments, partially offset by an increase in the SGK Brand Solutions segment [39][68] - The net loss attributable to the company for the quarter was $2.3 million or $0.07 per share, compared to income of $3.7 million or $0.12 per share in the prior period [79] Business Line Data and Key Metrics Changes - Memorialization sales were $208.1 million, up from $206.5 million a year ago, mainly due to higher granite sales and the acquisition of Eagle Granite, despite a decline in casket sales [13][41][75] - SGK Brand Solutions segment reported sales of $130.5 million, down from $133.6 million, primarily due to lower retail base sales and continued weakness in the European brand market [42] - Industrial Technology segment sales increased to $111.4 million from $109.1 million, driven by growth in energy storage solutions [80] Market Data and Key Metrics Changes - The company noted a favorable impact of currency changes, contributing $5.1 million to current quarter sales and $354,000 to adjusted EBITDA compared to the previous year [14][41] - The energy solutions segment is expected to see higher revenue in fiscal 2024 than the previous year, driven by strong interest in hydrogen fuel cell production [34][37] Company Strategy and Development Direction - The company aims to continue consolidating sales growth and EBITDA for the full year, despite current delays in energy solutions, with a backlog of over $100 million at the end of the first quarter [37][74] - The strategy to extend marketing execution services to eCommerce digital marketing is expected to generate over $40 million in sales this year [76] - The company has renewed its revolving credit facility, providing access to capital during uncertain economic conditions [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth despite challenges in energy sales, emphasizing ongoing discussions with major global OEMs and battery manufacturers [50][69] - The memorialization business is expected to continue performing well, with recent weeks showing higher-than-normal sales volumes [75] - Management anticipates stronger cash flow trends in the latter half of the fiscal year as orders from the previous year convert to cash [77] Other Important Information - The company declared a dividend of $0.24 per share, payable on February 19, 2024 [20] - Outstanding debt increased to $862 million at the end of the quarter, with a leverage ratio of 3.71 compared to 3.31 at the end of the previous quarter [44] Q&A Session Summary Question: What are the expectations for energy storage and overall revenue growth? - Management indicated that discussions with customers are ongoing, and while timing of order intake is uncertain, they remain confident in achieving positive growth year-over-year [50] Question: How is the memorialization segment performing, especially regarding casket sales? - Management noted that while casket sales have normalized, granite memorial sales have increased, and they expect overall performance to remain strong [51][60] Question: What is the status of profit initiatives at OLBRICH? - Management stated that they expect profit contributions from OLBRICH to improve as cost actions are implemented [28][62]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company reported flat sales of $450.0 million, a net loss of $2.3 million, and improved operating cash flow for Q1 FY2024 Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$1,903,125** | **$1,887,381** | | Total Current Assets | $658,063 | $648,257 | | Goodwill | $708,961 | $698,109 | | **Total Liabilities** | **$1,394,316** | **$1,362,100** | | Long-term Debt | $857,423 | $786,484 | | **Total Shareholders' Equity** | **$508,809** | **$525,281** | Consolidated Statement of Income Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Sales** | **$449,986** | **$449,240** | | Gross Profit | $132,353 | $138,930 | | Operating Profit | $9,427 | $17,228 | | **Net (Loss) Income** | **($2,303)** | **$3,647** | | **Diluted (Loss) Earnings Per Share** | **($0.07)** | **$0.12** | Consolidated Statement of Cash Flows Highlights (Unaudited) | (In thousands) | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | **($27,266)** | **($36,224)** | | Net cash used in investing activities | ($14,186) | ($14,153) | | Net cash provided by financing activities | $36,114 | $22,322 | | **Net change in cash and cash equivalents** | **($4,180)** | **($26,298)** | [Note 3. Revenue Recognition](index=10&type=section&id=Note%203.%20Revenue%20Recognition) Revenue was disaggregated by segment and geography, with North America as the largest market and Memorialization as the largest segment Disaggregated Sales by Segment and Region (Three Months Ended Dec 31) | (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | **Memorialization** | **$208,071** | **$206,502** | | - North America | $197,165 | $195,199 | | - Europe | $7,971 | $8,363 | | **Industrial Technologies** | **$111,374** | **$109,143** | | - Europe | $76,776 | $71,301 | | - North America | $33,139 | $36,140 | | **SGK Brand Solutions** | **$130,541** | **$133,595** | | - North America | $62,720 | $67,580 | | - Europe | $50,132 | $48,517 | | **Total Sales** | **$449,986** | **$449,240** | - Revenue from products or services provided to customers over time increased to approximately **19% of total revenue** for the three months ended December 31, 2023, up from 13% in the same period of 2022[31](index=31&type=chunk) [Note 7. Debt and Financing Arrangements](index=11&type=section&id=Note%207.%20Debt%20and%20Financing%20Arrangements) Total debt increased to $862.4 million due to higher revolving credit borrowings, with liquidity managed via multiple financing facilities Long-Term Debt Composition | (In thousands) | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | | Revolving credit facilities | $521,071 | $463,168 | | 2025 Senior Notes | $298,635 | $298,500 | | Other borrowings | $28,117 | $19,241 | | Finance lease obligations | $14,548 | $9,271 | | **Total debt** | **$862,371** | **$790,180** | - The company maintains a **$750 million senior secured revolving credit facility** maturing in March 2025, with outstanding borrowings of $454.4 million in USD and €55.0 million ($60.7 million) as of December 31, 2023[35](index=35&type=chunk)[36](index=36&type=chunk) - The company utilizes a receivables purchase agreement (RPA) to sell up to $125.0 million of trade receivables, with **$101.9 million in receivables sold** and derecognized as of December 31, 2023[38](index=38&type=chunk)[39](index=39&type=chunk) [Note 14. Segment Information](index=20&type=section&id=Note%2014.%20Segment%20Information) Segment results show flat consolidated sales and a decline in total Adjusted EBITDA to $45.5 million, with varied performance across segments Segment Sales and Adjusted EBITDA (Three Months Ended Dec 31) | (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | **Sales** | | | | Memorialization | $208,071 | $206,502 | | Industrial Technologies | $111,374 | $109,143 | | SGK Brand Solutions | $130,541 | $133,595 | | **Consolidated Sales** | **$449,986** | **$449,240** | | **Adjusted EBITDA** | | | | Memorialization | $36,700 | $39,137 | | Industrial Technologies | $9,622 | $12,202 | | SGK Brand Solutions | $12,893 | $12,232 | | Corporate and Non-Operating | ($13,733) | ($14,280) | | **Total Adjusted EBITDA** | **$45,482** | **$49,291** | - The company's primary measure of segment profitability is **adjusted EBITDA**, which excludes certain items to better evaluate operating results[69](index=69&type=chunk) [Note 16. Goodwill and Other Intangible Assets](index=22&type=section&id=Note%2016.%20Goodwill%20and%20Other%20Intangible%20Assets) Consolidated goodwill increased to $709.0 million, with the SGK Brand Solutions unit showing a narrow 4% cushion against impairment Goodwill by Segment | (In thousands) | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | | Memorialization | $370,028 | $366,015 | | Industrial Technologies | $116,004 | $115,073 | | SGK Brand Solutions | $222,929 | $217,021 | | **Consolidated Goodwill** | **$708,961** | **$698,109** | - The SGK Brand Solutions reporting unit's estimated fair value exceeded its carrying value by **only 4%** as of September 1, 2023, indicating a risk of future goodwill write-downs[80](index=80&type=chunk) [Note 17. Subsequent Event](index=23&type=section&id=Note%2017.%20Subsequent%20Event) The company amended its domestic credit facility post-quarter end, extending its maturity to January 2029 for enhanced financial flexibility - On January 31, 2024, the company amended its domestic credit facility, **extending the maturity to January 2029** and updating the interest rate structure[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses flat sales, a decline in Adjusted EBITDA to $45.5 million due to cost pressures, and a solid liquidity position [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q1 FY2024 sales were flat at $450.0 million, while gross margin and Adjusted EBITDA declined due to unfavorable mix and higher costs - Memorialization sales rose due to higher granite product sales and the Eagle Granite acquisition, but were offset by **lower casket and cremation equipment sales**[92](index=92&type=chunk) - Industrial Technologies sales increased, driven by **energy storage solutions for the EV market**, but were partially offset by reduced warehouse automation sales[92](index=92&type=chunk) - SGK Brand Solutions sales decreased, primarily reflecting **lower retail-based sales**[92](index=92&type=chunk)[93](index=93&type=chunk) - Gross profit declined due to **unfavorable sales mix** (lower casket sales, higher granite sales), lower margins on engineered products, and increased material and labor costs[94](index=94&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by improved operating cash flow and credit facilities, with $65 million in planned capex and $17.2 million in share repurchases Cash Flow Summary (Three Months Ended Dec 31) | (In millions) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($27.3) | ($36.2) | | Net cash used in investing activities | ($14.2) | ($14.2) | | Net cash provided by financing activities | $36.1 | $22.3 | - Fiscal 2024 capital spending is projected to be approximately **$65 million**, an increase to support new production capabilities[107](index=107&type=chunk) - The company repurchased **465,953 shares for $17.2 million** in Q1 FY2024, with 729,060 shares remaining available for repurchase[123](index=123&type=chunk)[146](index=146&type=chunk) [Forward-Looking Information](index=33&type=section&id=Forward-Looking%20Information) Future performance depends on EV trends, death rates, and economic conditions, with ongoing efforts to mitigate cost and supply chain pressures - The Industrial Technologies segment received **over $200 million in new orders** for its energy storage solutions business during Q1 FY2023, expected to impact fiscal 2024 sales[132](index=132&type=chunk) - Key factors influencing future sales include **North American death rates and cremation trends** for the Memorialization segment, and global economic conditions for the SGK Brand Solutions segment[132](index=132&type=chunk) - The company expects ongoing pressure from **labor cost increases, supply chain issues, and inflation**, which it aims to offset with price increases and cost-reduction initiatives[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk profile during the first quarter of fiscal 2024 - There were **no material changes** in the Company's market risk during the first quarter of fiscal 2024[138](index=138&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that as of December 31, 2023, the Company's disclosure controls and procedures were **effective at a reasonable assurance level**[140](index=140&type=chunk) - **No material changes** to internal controls over financial reporting were identified during the quarter ended December 31, 2023[141](index=141&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company's financial condition or results - Management does not expect any ongoing legal proceedings to have a **material adverse effect** on the company's financial condition or results[143](index=143&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since the last annual report - There have been **no material changes in risk factors** from those disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2023[144](index=144&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 465,953 shares for $17.2 million in Q1 FY2024, with 729,060 shares remaining under the buyback plan Monthly Stock Repurchase Activity (Q1 FY2024) | Period | Total Shares Purchased | Weighted Average Price Paid | Shares Remaining in Plan | | :--- | :--- | :--- | :--- | | October 2023 | 84,962 | $36.73 | 1,110,051 | | November 2023 | 287,039 | $37.56 | 823,012 | | December 2023 | 93,952 | $34.94 | 729,060 | | **Total** | **465,953** | **$36.88** | **729,060** |

Key Drivers • Growth in consolidated sales and adjusted EBITDA • Customer interest in the energy storage solutions business remains strong • Large longer-term projects impact quarterly predictability The Company has presented constant currency sales and constant currency adjusted EBITDA and believes these measures provide relevant and useful information, which is used by the Company's management in assessing the performance of its business on a consistent basis by removing the impact of changes due to forei ...