Standex International Corporation (NYSE:SXI) Q4 2023 Earnings Conference Call August 4, 2023 8:30 AM ET Company Participants Christopher Howe - Director, IR David Dunbar - Chairman, President & CEO Ademir Sarcevic - VP, CFO & Treasurer Conference Call Participants Christopher Moore - CJS Securities Michael Legg - The Benchmark Company Gary Prestopino - Barrington Research Associates Operator Good day and welcome to the Standex International Fiscal Fourth Quarter 2023 Financial Results Teleconference. [Opera ...

Standex International Corporation (NYSE:SXI) Q3 2023 Results Conference Call May 5, 2023 8:30 AM ET Company Participants Chris Howe - Director of IR David Dunbar - Chairman, President and CEO Ademir Sarcevic - VP, CFO and Treasurer Conference Call Participants Chris Moore - CJS Securities Michael Legg - Benchmark Gary Prestopino - Barrington Research Operator Good day, and welcome to the Standex International Fiscal Third Quarter Results Call. [Operator Instructions] Please note, this event is being recorde ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-07233 STANDEX INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 31-0596149 (State of incorporation) (IRS Employer Identification No.) 23 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q2 FY2023 show increased assets and net income, with a decrease in operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$956.7 million** by December 31, 2022, with higher cash and equity, and a slight decrease in liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | June 30, 2022 | | :--- | :--- | :--- | | **Total current assets** | $400,925 | $378,998 | | **Total assets** | **$956,685** | **$934,439** | | **Total current liabilities** | $132,415 | $150,768 | | **Long-term debt** | $187,500 | $174,830 | | **Total liabilities** | $427,268 | $435,096 | | **Total stockholders' equity** | **$529,417** | **$499,343** | - The company reported **$13.96 million** in assets held for sale ($10.23 million current, $3.73 million non-current) as of December 31, 2022, which were not present at June 30, 2022[8](index=8&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 FY2023 net sales modestly increased to **$187.8 million**, with net income significantly rising to **$20.0 million** year-over-year Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $187,789 | $185,709 | $368,389 | $361,319 | | Gross profit | $72,320 | $68,772 | $140,573 | $135,009 | | Income from operations | $27,806 | $21,773 | $54,096 | $44,601 | | Net income | $20,043 | $14,984 | $38,313 | $30,802 | | Diluted EPS | $1.69 | $1.24 | $3.21 | $2.54 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations for the six months ended December 31, 2022, decreased to **$27.0 million**, with cash used in investing and financing activities Cash Flow Summary for Six Months Ended Dec 31 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $27,040 | $36,335 | | Net cash used in investing activities | ($10,930) | ($8,075) | | Net cash used in financing activities | ($7,589) | ($15,585) | | **Net change in cash and cash equivalents** | **$8,650** | **$10,788** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the Sensor Solutions acquisition, segment revenue, assets held for sale, and restructuring initiatives - During Q3 of fiscal 2022, the company acquired Sensor Solutions for **$9.9 million** in cash, reported within the Electronics segment, resulting in **$5.8 million** of goodwill[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The Procon operating segment met criteria for assets and liabilities held for sale as of December 31, 2022, with sale completion expected within 12 months[52](index=52&type=chunk) - Restructuring expenses of **$0.5 million** and **$1.1 million** were incurred in the three and six months ended December 31, 2022, primarily for headcount reductions and facility rationalization[80](index=80&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 FY2023 net sales growth, improved gross margin and operating income, mixed segment performance, and strong liquidity [Results from Continuing Operations](index=28&type=section&id=Results%20from%20Continuing%20Operations) Q2 FY2023 net sales rose **1.1%** to **$187.8 million** with organic growth, leading to improved gross margin and **27.7%** higher operating income Net Sales Change Components (in thousands) | Component | Q2 2023 vs Q2 2022 | Six Months 2023 vs 2022 | | :--- | :--- | :--- | | Prior Year Net Sales | $185,709 | $361,319 | | Organic sales change | $10,123 | $22,933 | | Effect of acquisitions | $803 | $1,919 | | Effect of exchange rates | ($8,846) | ($17,782) | | **Current Period Net Sales** | **$187,789** | **$368,389** | - Gross margin for Q2 fiscal 2023 increased to **38.5%** from **37.0%** in the prior year quarter, attributed to organic sales growth, productivity, and targeted pricing initiatives[103](index=103&type=chunk) - Income from operations for Q2 fiscal 2023 increased by **$6.0 million**, or **27.7%**, year-over-year, driven by organic sales, pricing actions, and cost reductions[111](index=111&type=chunk) [Segment Analysis](index=31&type=section&id=Segment%20Analysis) Q2 FY2023 segment performance was mixed, with strong growth in Engineering Technologies and Specialty Solutions, while Scientific sales declined Q2 2023 Segment Performance (in thousands) | Segment | Net Sales | % Change YoY | Income from Operations | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Electronics | $72,556 | (5.3%) | $16,972 | (1.1%) | | Engraving | $37,689 | 2.8% | $6,373 | 22.5% | | Scientific | $19,292 | (21.7%) | $4,165 | (24.1%) | | Engineering Technologies | $24,193 | 33.7% | $3,741 | 61.7% | | Specialty Solutions | $34,059 | 14.6% | $5,716 | 52.9% | - Total backlog realizable under one year increased **1.7%** to **$268.6 million** at December 31, 2022, from **$264.2 million** a year prior[118](index=118&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$113.5 million** cash, a **1.0x** leverage ratio, and renewed its **$500 million** credit facility Capitalization (in thousands) | | Dec 31, 2022 | June 30, 2022 | | :--- | :--- | :--- | | Long-term debt | $187,500 | $174,830 | | Less cash and cash equivalents | ($113,494) | ($104,844) | | **Net debt** | **$74,006** | **$69,986** | | Stockholders' equity | $529,417 | $499,343 | | **Total capitalization** | **$603,423** | **$569,329** | - The company's leverage ratio was **1.0x** and interest coverage ratio was **19.0x** as of December 31, 2022, well within covenant requirements[154](index=154&type=chunk)[155](index=155&type=chunk) - Subsequent to quarter-end, in February 2023, the company renewed its five-year Amended and Restated Credit Agreement with a **$500 million** borrowing limit[157](index=157&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from foreign currency, interest rates, and commodity prices through hedging, including interest rate swaps on **$175.0 million** of variable-rate debt - The company mitigates interest rate risk on its variable rate borrowings using interest rate swap agreements, covering **$175.0 million** of debt at a weighted average fixed rate of **1.18%** as of December 31, 2022[174](index=174&type=chunk) - Foreign exchange risk is managed through natural hedges and forward currency contracts, with an aggregate fair value liability of **$0.6 million** for open contracts at quarter-end[172](index=172&type=chunk) - The company is exposed to fluctuating prices for commodities like steel, aluminum, rhodium, and copper, attempting to offset impacts through price increases[176](index=176&type=chunk)[177](index=177&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) As of December 31, 2022, the CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of December 31, 2022[178](index=178&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[179](index=179&type=chunk) PART II. OTHER INFORMATION [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 FY2023, the company repurchased **49,955** shares at an average price of **$102.55**, with **$77.1 million** remaining for future buybacks Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid | Amount Remaining in Program | | :--- | :--- | :--- | :--- | | October 2022 | 1,283 | $93.44 | $82,258 | | November 2022 | 48,672 | $102.79 | $77,135 | | December 2022 | 0 | - | $77,135 | | **Total** | **49,955** | **$102.55** | **$77,135** | [Other Disclosures](index=42&type=section&id=Other%20Disclosures) Subsequent to quarter-end, on February 2, 2023, the company renewed its five-year **$500 million** credit facility with a **$250 million** accordion feature - On February 2, 2023, the company entered into a new Third Amended and Restated Credit Agreement, replacing its existing facility[183](index=183&type=chunk) - The new credit facility has a borrowing limit of **$500 million**, an accordion feature to increase it by up to **$250 million**, and expires on February 2, 2028[184](index=184&type=chunk)[187](index=187&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including the Third Amended and Restated Credit Agreement and officer certifications - Lists the Third Amended and Restated Credit Agreement dated February 2, 2023, as an exhibit[193](index=193&type=chunk) - Includes CEO and CFO certifications as required by Sections 302 and 906 of the Sarbanes-Oxley Act[193](index=193&type=chunk)

Standex International Corporation (NYSE:SXI) Q2 2023 Earnings Conference Call February 3, 2023 8:30 AM ET Company Participants Chris Howe - Director of Investor Relations David Dunbar - Chairman, President and Chief Executive Officer Ademir Sarcevic - Chief Financial Officer and Treasurer Conference Call Participants Chris Moore - CJS Securities Michael Legg - Benchmark Ross Sparenblek - William Blair Operator Good morning, and welcome to the Standex International Fiscal Second Quarter 2023 Financial Result ...

Financial Performance - Standex's Q2 FY23 net sales increased by 1.1% year-over-year to $187.8 million, driven by organic growth in Engineering Technologies, Specialty Solutions, and Engraving[45] - The company achieved a record adjusted operating margin for the seventh consecutive quarter, with a 15.2% margin in Q2 FY23, a 20 bps increase over the previous record[14, 54] - Adjusted EPS grew by 20.0% year-over-year[54] - Strong free cash flow generation of approximately $24 million, representing about 120% of GAAP net income[30] Segment Performance - Engineering Technologies experienced a significant revenue increase of 33.7% year-over-year, reaching $24.193 million[23] - Specialty Solutions revenue increased by 14.6% year-over-year to $34.059 million[25] - Engraving segment revenue increased by 2.8% year-over-year to $37.689 million[32] - Electronics segment revenue decreased by 5.3% year-over-year to $72.556 million[31] - Scientific segment revenue decreased by 21.7% year-over-year to $19.292 million due to lower demand associated with COVID-19 vaccine storage[34] Strategic Initiatives and Outlook - The company expects sales to exceed $1 billion within 5 years[53] - Fast growth market sales increased approximately 35% year-over-year to $19 million in Q2 FY23 and are expected to increase approximately 40% from approximately $57 million in FY22 to more than $80 million in FY23[8] - Standex expects to repatriate between $25 million to $30 million in FY23[8]

Standex International Corporation (NYSE:SXI) Q1 2023 Earnings Conference Call November 4, 2022 8:30 AM ET Company Participants Chris Howe - Director of Investor Relations David Dunbar - President and Chief Executive Officer Ademir Sarcevic - Vice President, Chief Financial Officer and Treasurer Conference Call Participants Peter Lucas - CJS Securities Nicholas Heymann - William Blair Operator Good morning, and welcome to the Standex International Fiscal First Quarter 2023 Financial Call. [Operator Instructi ...

Standex First Quarter Fiscal 2023 Earnings Call Presentation November 4, 2022 n 17:00 17 Jan 23:00 18 Jan 05:00 18 Jan 11:00 18 Jan 7:00 18 Jon 23:00 H SAFE HARBOR STATEMENT Statements contained in this presentation that are not based on historical facts are "forward-looking statements" within the meaning of the Private Secu- rities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "should," "could," "may," "will," "expect," "believ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (State of incorporation) (IRS Employer Identification No.) 23 Keewaydin Drive, Salem, New Hampshire 03079 (Address of principal executive of ices) (Zip Code) (603) 893-9701 (Registrant's telephone number, including area code) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

Focused on Growth September 2022 William Blair Industrials Conference 0 Safe Harbor Statement Statements contained in this presentation that are not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intends," "continue," or similar terms or variation ...