Fiscal 2022 Q3 Financial Results | --- | --- | --- | |-------------------------|-------|-------| | | | | | Lee D. Rudow | | | | President and CEO | | | | Mark A. Doheny | | | | Chief Financial Officer | | | | | | | Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and assumptions. Forward-looking st ...

Table of Contents (Exact name of registrant as specified in its charter) 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: December 25, 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: 000-03905 TRANSCAT, INC. (State ...

Transcat, Inc. (NASDAQ:TRNS) Q3 2022 Earnings Conference Call February 2, 2022 11:00 AM ET Company Participants Lee Rudow – President and Chief Executive Officer Mark Doheny – Chief Financial Officer Conference Call Participants Gregory Palm – Craig-Hallum Capital Group Scott Buck – H.C. Wainwright Mitra Ramgopal – Sidoti Operator Greetings, and welcome to the Transcat Incorporated Third Quarter Fiscal Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A b ...

December 8, 2021 Sidoti Virtual Conference | --- | --- | --- | |-------------------|-------------------------|--------------| | | | | | | | | | Lee D. Rudow | | | | President and CEO | | | | Mark A. Doheny | | | | | Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | Nasdaq: TRNS | Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of histor ...

Transcat, Inc. (NASDAQ:TRNS) Q2 2022 Earnings Conference Call November 3, 2021 11:00 AM ET Company Participants Lee Rudow - CEO Mark Doheny - CFO Conference Call Participants Gregory Palm - Craig-Hallum Capital Group Jeffrey Van Sinderen - B. Riley Scott Buck - H.C. Wainwright Gerard Sweeney - ROTH Capital Mitra Ramgopal - Sidoti Dick Ryan - Colliers Operator Greetings. Welcome to the Transcat, Inc. Second Quarter Fiscal Year 2022 Financial Results. [Operator Instructions] Please note, this conference is be ...

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 25, 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: 000-03905 TRANSCAT, INC. (Exact name of registrant as specified in its charter) (State ...

September 13, 2021 HC Wainwright Conference | --- | --- | --- | |-------|----------------------------------------|--------------| | | | | | | | | | | Lee D. Rudow | | | | President and CEO | | | | Mark A. Doheny Chief Financial Officer | | | | | | | | | | | | | | | | | Nasdaq: TRNS | Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus a ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the first quarter ended June 26, 2021, compared to the same period in 2020 [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Transcat reported significant Q1 FY2022 growth, with total revenue up 22.8% and net income surging over 360% Consolidated Statements of Income (Q1 FY2022 vs Q1 FY2021) | Metric | Q1 Ended June 26, 2021 (In Thousands) | Q1 Ended June 27, 2020 (In Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$47,790** | **$38,904** | **+22.8%** | | Service Revenue | $27,557 | $22,967 | +20.0% | | Distribution Sales | $20,233 | $15,937 | +27.0% | | **Gross Profit** | **$13,520** | **$9,409** | **+43.7%** | | **Operating Income** | **$3,689** | **$964** | **+282.7%** | | **Net Income** | **$3,688** | **$798** | **+362.2%** | | **Diluted EPS** | **$0.49** | **$0.11** | **+345.5%** | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 26, 2021, Transcat's balance sheet showed a slight decrease in total assets, a reduction in liabilities, and an increase in shareholders' equity Key Balance Sheet Items (As of June 26, 2021) | Account | June 26, 2021 (In Thousands) | March 27, 2021 (In Thousands) | | :--- | :--- | :--- | | **Total Assets** | **$131,139** | **$132,116** | | Total Current Assets | $48,739 | $48,928 | | Goodwill | $43,904 | $43,272 | | **Total Liabilities** | **$54,432** | **$57,038** | | Long-Term Debt | $20,107 | $17,494 | | **Total Shareholders' Equity** | **$76,707** | **$75,078** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased in Q1 FY2022 due to working capital changes, while investing activities used cash for property and an acquisition Cash Flow Summary (Q1 FY2022 vs Q1 FY2021) | Activity | Q1 Ended June 26, 2021 (In Thousands) | Q1 Ended June 27, 2020 (In Thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $2,055 | $4,042 | | Net Cash Used in Investing Activities | ($2,134) | ($1,261) | | Net Cash Used in Financing Activities | ($43) | ($2,721) | | **Net Decrease in Cash** | **($306)** | **($133)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's business, accounting policies, debt amendments, stock compensation, segment performance, and recent acquisitions - On July 7, 2021, the company entered into a new credit agreement that increased the revolving credit commitment from **$40.0 million to $80.0 million** and extended the term to June 2026[32](index=32&type=chunk)[33](index=33&type=chunk) - The Service segment's operating income **more than doubled** to **$3.0 million** from **$1.1 million** year-over-year, while the Distribution segment's operating income turned positive at **$0.7 million** from a **loss of $0.2 million**[52](index=52&type=chunk) - Effective April 29, 2021, Transcat acquired Upstate Metrology for a total purchase price of approximately **$0.9 million**, with the goodwill allocated to the Service segment[54](index=54&type=chunk)[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 FY2022 performance to economic rebound, with significant revenue growth, gross margin expansion, and increased borrowing capacity - Consolidated revenue for Q1 FY2022 increased **22.8%** to **$47.8 million** compared to the prior year, driven by economic rebound and lower customer demand in the prior year due to the COVID-19 pandemic[66](index=66&type=chunk) - Gross margin increased by **410 basis points** to **28.3%** due to operating leverage in the Service segment and a favorable product mix in the Distribution segment[67](index=67&type=chunk) - Adjusted EBITDA for Q1 FY2022 was **$6.1 million**, a **75.2% increase** from **$3.5 million** in the prior-year quarter[88](index=88&type=chunk) [Results of Operations](index=17&type=section&id=Results%20of%20Operations) Q1 FY2022 saw strong revenue growth in both segments, significant gross margin expansion, and improved operating margin due to expense management Segment Revenue Growth (Q1 FY2022 vs Q1 FY2021) | Segment | Q1 FY2022 Revenue (in thousands) | Q1 FY2021 Revenue (in thousands) | YoY Growth | | :--- | :--- | :--- | :--- | | Service | $27,557 | $22,967 | 20.0% | | Distribution | $20,233 | $15,937 | 27.0% | | **Total** | **$47,790** | **$38,904** | **22.8%** | Segment Gross Margin (Q1 FY2022 vs Q1 FY2021) | Segment | Q1 FY2022 Gross Margin | Q1 FY2021 Gross Margin | Basis Point Change | | :--- | :--- | :--- | :--- | | Service | 31.8% | 26.4% | +540 bps | | Distribution | 23.6% | 21.0% | +260 bps | | **Total** | **28.3%** | **24.2%** | **+410 bps** | [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company enhanced financial flexibility with a new credit agreement, increasing borrowing capacity, despite a decrease in net cash from operations - Entered into a Second Amended and Restated Credit Facility Agreement on July 7, 2021, increasing the revolving credit commitment from **$40.0 million to $80.0 million** and extending the term to June 2026[91](index=91&type=chunk)[92](index=92&type=chunk) - As of June 26, 2021, the company had **$12.1 million** outstanding on its revolving credit facility and **$10.0 million** outstanding on its term loan[96](index=96&type=chunk)[97](index=97&type=chunk) - Net cash provided by operations **decreased from $4.0 million to $2.1 million** in Q1 FY2022, primarily due to changes in net working capital, including a **$3.1 million decrease** in accrued compensation and other liabilities[102](index=102&type=chunk) [Outlook](index=24&type=section&id=Outlook) Management anticipates continued strong organic growth for Q2 FY2022, with revised tax rate expectations and projected capital expenditures - For Q2 FY2022, Service organic growth is expected to be **similar to Q1**, while Distribution sales are expected to see **high teens growth**[108](index=108&type=chunk)[109](index=109&type=chunk) - The estimated effective tax rate for fiscal year 2022 has been revised down to a range of **16% to 18%**[110](index=110&type=chunk) - Total capital expenditures for fiscal year 2022 are anticipated to be between **$7.5 million and $8.5 million**[111](index=111&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate fluctuations and foreign currency exposure, mitigated by hedging strategies - A **1% change** in interest rates would result in an approximate **$0.1 million change** in annual interest expense[112](index=112&type=chunk) - Approximately **10% of total revenues** are denominated in Canadian dollars The company utilizes short-term foreign exchange forward contracts to reduce currency risk[114](index=114&type=chunk)[115](index=115&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were deemed effective, with no material changes in internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of June 26, 2021[116](index=116&type=chunk)[117](index=117&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[118](index=118&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 FY2022, the company repurchased 62,191 shares of common stock, primarily to cover employee tax-withholding obligations Issuer Purchases of Equity Securities (Q1 FY2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | 03/28/21 - 04/24/21 | 279 | $49.08 | | 04/25/21 - 05/22/21 | 61,912 | $54.35 | | 05/23/21 - 06/26/21 | - | - | | **Total** | **62,191** | **$54.33** | - The repurchased shares were withheld **to cover employee tax-withholding obligations** upon the vesting of restricted stock units and stock option exercises under the company's 2003 Incentive Plan[120](index=120&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q report, including certifications and XBRL data files - Lists exhibits filed with the report, including the **Second Amended and Restated Credit Facility Agreement**, **CEO/CFO certifications (Sections 302 and 906)**, and **XBRL data files**[122](index=122&type=chunk)

Transcat, Inc. (NASDAQ:TRNS) Q1 2022 Earnings Conference Call July 30, 2021 11:00 AM ET Company Participants Lee Rudow - CEO Mark Doheny - CFO Conference Call Participants Greg Palm - Craig-Hallum Capital Group Scott Buck - H.C. Wainwright Jeff Van Sinderen - B. Riley & Company Gerry Sweeney - ROTH Capital Dick Ryan - Colliers Mitra Ramgopal - Sidoti & Company Operator Greetings, and welcome to the Transcat, Inc. First Quarter Fiscal Year 2022 Financial Results Call. [Operator Instructions] As a reminder, t ...

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: March 27, 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: 000-03905 TRANSCAT, INC. (Exact name of registrant as specified in its charter) Ohio 16-0874418 (St ...