FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 000-08408 WOODWARD, INC. (Exact name of registrant as specified in its charter) Delaware 36-1984010 (State or other jurisdiction ...

WWD Woodward, Inc. (NASDAQ:WWD) Q1 2023 Earnings Conference Call January 30, 2023 4:30 PM ET Company Participants Dan Provaznik - Director of Investor Relations Chip Blankenship - Chairman and Chief Executive Officer Mark Hartman - Chief Financial Officer Conference Call Participants Robert Spingarn - Melius Research Pete Skibitski - Alembic Global Christopher Glynn - Oppenheimer Matt Akers - Wells Fargo David Strauss - Barclays Sheila Kahyaoglu - Jefferies Gautam Khanna - Cowen Louis Raffetto - Wolfe Resea ...

MS WOODWARD FISCAL YEAR 2023 FIRST QUARTER RESULTS January 30, 2023 Q1 FISCAL YEAR 2023 AGENDA ________ ________ ________ INTRODUCTION Dan Provaznik STRATEGIES & MARKET REVIEW Chip Blankenship FINANCIAL RESULTS & OUTLOOK Mark Hartman 2 | © WOODWARD, INC. PROPRIETARY © WOODWARD, INC. | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 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 _____ Commission file number 000-08408 WOODWARD, INC. (Exact name of registrant as specified in its charter) Delaware 36-1984010 (State or other jurisdiction of inc ...

W WOODWARD FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS November 17, 2022 Q4 FISCAL YEAR 2022 AGENDA ________ ________ ________ INTRODUCTION Dan Provaznik IMPRESSIONS & MARKET REVIEW Chip Blankenship FINANCIAL RESULTS & OUTLOOK Mark Hartman 2 | © WOODWARD, INC. PROPRIETARY © WOODWARD, INC. | --- ...

Financial Data and Key Metrics Changes - Net sales for Q4 2022 were $640 million, an increase of 12% year-over-year, with $29 million in price gains contributing approximately 5% to this growth [25] - Sales were negatively impacted by approximately $85 million due to ongoing global supply chain and labor disruptions, and approximately $24 million from unfavorable foreign currency exchange rates [25] - For fiscal year 2022, net cash provided by operating activities was $194 million compared to $465 million in the previous year, with free cash flow decreasing to $141 million from $427 million [36] Business Line Data and Key Metrics Changes - Aerospace segment sales for Q4 2022 were $408 million, an increase of 8%, driven by a 34% increase in commercial aftermarket sales and a 24% increase in OEM sales [26] - Industrial segment sales for Q4 2022 were $232 million, a 20% increase, driven by higher marine sales and strong industrial turbomachinery sales [29] - Aerospace segment earnings for Q4 2022 were $63 million, or 15.5% of segment sales, down from $66 million or 17.4% of segment sales in the prior year [27] Market Data and Key Metrics Changes - Demand from aerospace and industrial customers remains strong, with commercial airline fleet utilization rates rising and U.S. and European domestic passenger traffic returning to near 2019 levels [19] - In the defense market, a slight increase in U.S. procurement is anticipated, while geopolitical tensions may lead to increased international defense spending [19] - Industrial markets are seeing robust demand in power generation, driven by strong growth in Asia and ongoing demand for backup power at data centers [20] Company Strategy and Development Direction - The company is focused on operational excellence, talent development, and innovation to drive performance and create shareholder value [9] - Specific actions have been taken to mitigate supply chain risks, including redeploying talent, reinforcing the global sourcing team, and in-sourcing selected machine components [10][11] - The company is committed to developing innovative technologies that reduce fuel consumption and emissions, with rising interest in alternative fuels across industries [15][16] Management's Comments on Operating Environment and Future Outlook - Management expects improvements in fiscal 2023, with supply chain and labor disruptions anticipated to subside, particularly in the second half of the year [38] - The strong demand environment is expected to continue, with total net sales for fiscal 2023 projected to be between $2.60 billion and $2.75 billion [39] - Aerospace sales growth is expected to be between 14% and 19%, while industrial sales growth is expected to be flat to up 5% [40] Other Important Information - The effective tax rate for fiscal 2022 was 14.1%, with an expected increase in interest expense of approximately $10 million due to rising interest rates [35][46] - The company plans to invest $10 million in new capital to create rapid response machining centers at four sites to alleviate supply chain constraints [12] Q&A Session Summary Question: Guidance for Aerospace growth and price expectations - Management anticipates continued growth in commercial OEM and aftermarket sales, with price increases consistent across both Aerospace and Industrial segments [52][53] Question: Supply chain improvements and operational normalization - Management is taking specific actions to address supply chain issues, but remains cautious about claiming sustained improvements [63][64] Question: FX headwinds and impact on industrial guidance - FX is expected to have a mid-single-digit headwind, primarily due to translation effects, impacting the industrial side of the business [75] Question: Variable incentive compensation costs - The increase in variable incentive compensation is a return to normal levels after being absent during the pandemic [78] Question: Cash flow and working capital assumptions - Management anticipates working capital to be neutral in 2023, with higher tax cash payments due to changes in R&D expense deductions [92][94]

For the quarterly period ended June 30, 2022 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 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 000-08408 WOODWARD, INC. (Exact name of registrant as specified in its charter) Delaware 36-1984010 (State or other jurisdiction of ...

W WOODWARD FISCAL YEAR 2022 THIRD QUARTER RESULTS August 1, 2022 Q3 FY22 AGENDA ________ ________ ________ HIGHLIGHTS Dan Provaznik FIRST IMPRESSIONS & MARKET REVIEW Chip Blankenship FINANCIAL RESULTS & OUTLOOK Mark Hartman 2 | © WOODWARD, INC. PROPRIETARY © WOODWARD, INC. | --- | --- ...

Woodward, Inc. (NASDAQ:WWD) Q3 2022 Earnings Conference Call August 1, 2022 4:30 PM ET Company Participants Dan Provaznik - Director, Investor Relations Chip Blankenship - Chairman and CEO Mark Hartman - Chief Financial Officer Conference Call Participants Robert Spingarn - Melius Research Pete Skibitski - Alembic Global Matt Akers - Wells Fargo David Strauss - Barclays Chris Howe - Barrington Research Gautam Khanna - Cowen Sheila Kahyaoglu - Jefferies Michael Ciarmoli - Truist Securities Noah Poponak - Gol ...

PART I [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Woodward, Inc.'s unaudited condensed consolidated financial statements for March 31, 2022, show **$1.13 billion** in net sales and **$78.2 million** in net earnings for the six months [Condensed Consolidated Statements of Earnings](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Net sales for the three months ended March 31, 2022, increased slightly to **$586.8 million**, while net earnings decreased to **$47.9 million** Condensed Consolidated Statements of Earnings (Unaudited) | Metric | Three-Months Ended March 31, 2022 (in millions) | Three-Months Ended March 31, 2021 (in millions) | Six-Months Ended March 31, 2022 (in millions) | Six-Months Ended March 31, 2021 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $586.8 | $581.3 | $1,128.4 | $1,118.9 | | **Earnings before income taxes** | $54.1 | $78.5 | $91.8 | $126.1 | | **Net earnings** | $47.9 | $68.3 | $78.2 | $109.9 | | **Diluted earnings per share** | $0.74 | $1.04 | $1.21 | $1.68 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets decreased to **$3.89 billion** from **$4.09 billion**, primarily due to reduced cash and cash equivalents Key Balance Sheet Items (Unaudited) | Metric | March 31, 2022 (in millions) | September 30, 2021 (in millions) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $208.4 | $448.5 | | **Total current assets** | $1,331.4 | $1,464.7 | | **Total assets** | $3,890.5 | $4,091.0 | | **Total current liabilities** | $369.0 | $366.3 | | **Long-term debt** | $728.2 | $734.1 | | **Total liabilities** | $1,838.7 | $1,876.2 | | **Total stockholders' equity** | $2,051.9 | $2,214.8 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities for the six months ended March 31, 2022, significantly decreased to **$50.1 million** from **$219.0 million** in the prior year Cash Flow Summary (Unaudited) | Metric | Six-Months Ended March 31, 2022 (in millions) | Six-Months Ended March 31, 2021 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $50.1 | $219.0 | | **Net cash (used in) provided by investing activities** | ($12.8) | $0.6 | | **Net cash used in financing activities** | ($276.8) | ($87.8) | | **Net change in cash and cash equivalents** | ($240.1) | $134.3 | - Payments for repurchases of common stock were **$273.5 million** in the first six months of fiscal 2022, compared to zero in the same period of 2021[17](index=17&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial instruments, debt, and segment performance, including **$709.2 million** in Aerospace revenue and **$419.2 million** in Industrial revenue for the six months ended March 31, 2022 - The company's remaining performance obligations related to firm orders were **$1.45 billion** as of March 31, 2022, up from **$1.28 billion** as of September 30, 2021, with the majority relating to the Aerospace segment[35](index=35&type=chunk) - In January 2022, the Board authorized a new **$800 million** stock repurchase program, terminating the previous **$500 million** program; during the first half of fiscal 2022, the company repurchased **2,047 shares** for **$245.4 million** under the new authorization[109](index=109&type=chunk) Net Sales by Segment (Six-Months Ended March 31) | Segment | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | **Aerospace** | $709.2 | $686.4 | | **Industrial** | $419.2 | $432.6 | | **Total** | $1,128.4 | $1,118.9 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting ongoing COVID-19 impacts, supply chain constraints, and labor shortages, which negatively affected Q2 2022 sales by approximately **$100 million**, while maintaining strong liquidity - The company's financial performance in the first half of fiscal 2022 was adversely affected by industry-wide COVID-19 related disruptions, including supply chain constraints, labor shortages, and customer-initiated shipment delays[133](index=133&type=chunk) - On April 16, 2022, CEO Thomas A. Gendron announced his retirement effective May 9, 2022, with Charles Blankenship, Jr. appointed as the new CEO, President, and Chairman of the Board[136](index=136&type=chunk)[137](index=137&type=chunk) - Sales to Russia were less than **1%** of total sales in the first six months of fiscal 2022 and 2021, but the company acknowledges potential indirect impacts from the Russia-Ukraine conflict such as supply chain disruptions and inflationary pressures[135](index=135&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) For Q2 2022, consolidated net sales increased **1.0%** to **$586.8 million**, but net earnings fell **29.9%** to **$47.9 million**, with gross margin compressing to **22.7%** due to higher lower-margin sales and increased manufacturing costs - Aerospace segment net sales were negatively impacted by approximately **$60 million** in Q2 2022 due to ongoing industry-wide COVID-19 related disruptions[145](index=145&type=chunk)[162](index=162&type=chunk) - Industrial segment net sales were negatively impacted by approximately **$40 million** in Q2 2022 due to supply chain constraints and labor shortages[146](index=146&type=chunk)[167](index=167&type=chunk) - Gross margin decreased to **22.7%** in Q2 2022 from **25.3%** in Q2 2021, attributed to a higher mix of commercial OEM sales, increased manufacturing costs from COVID disruptions, and inefficiencies from hiring and training[148](index=148&type=chunk) [Segment Results](index=34&type=section&id=Segment%20Results) In Q2 2022, Aerospace segment sales grew **2.2%** to **$372.8 million** but earnings fell **13.3%** to **$59.8 million**, while Industrial segment sales decreased **1.2%** to **$214.1 million** with earnings dropping **38.2%** to **$17.2 million**, both impacted by inflation and manufacturing costs Aerospace Segment Performance (Q2) | Metric | 2022 (in millions) | 2021 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $372.8 | $364.7 | +2.2% | | **Segment Earnings** | $59.8 | $69.0 | -13.3% | | **Earnings as % of Sales** | 16.0% | 18.9% | -290 bps | Industrial Segment Performance (Q2) | Metric | 2022 (in millions) | 2021 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $214.1 | $216.6 | -1.2% | | **Segment Earnings** | $17.2 | $27.9 | -38.2% | | **Earnings as % of Sales** | 8.1% | 12.9% | -480 bps | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$208.4 million** in cash and **$989.6 million** available under its revolving credit facility as of March 31, 2022, despite a significant decrease in net cash from operations to **$50.1 million** for the first half of fiscal 2022 - As of March 31, 2022, the company had total outstanding debt of **$728.7 million** and additional borrowing availability of **$989.6 million** under its revolving credit facility[173](index=173&type=chunk) - In January 2022, the Board authorized a new **$800 million** stock repurchase program; in the first half of fiscal 2022, the company repurchased **2,047 shares** for **$245.4 million** under this new program[179](index=179&type=chunk) Free Cash Flow Reconciliation (Six-Months Ended March 31) | Metric | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $50.1 | $219.0 | | **Payments for property, plant and equipment** | ($24.2) | ($13.3) | | **Free cash flow (Non-U.S. GAAP)** | $26.0 | $205.7 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposures to market risks, including interest rate, foreign currency, and commodity price risk, have not materially changed from those disclosed in its most recent Form 10-K - The company's market risks, including interest rate, foreign currency, and raw material costs, have not materially changed since the filing of its most recent Form 10-K[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2022, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[202](index=202&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, internal controls[203](index=203&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) Woodward is involved in various legal proceedings arising in the normal course of business, which management believes will not have a material effect on the company's liquidity, financial condition, or results of operations - The company is involved in routine claims and litigation, but management does not expect the outcomes to have a material impact on its financial condition or results of operations[205](index=205&type=chunk)[206](index=206&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its most recent Form 10-K - There have been no material changes to the risk factors disclosed in the company's most recent Form 10-K[207](index=207&type=chunk) [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) This section details the company's stock repurchase activities, including the authorization of a new **$800 million** program in January 2022 and the repurchase of approximately **2.4 million** shares for about **$119** per share during the quarter ended March 31, 2022 - In January 2022, the Board terminated the 2019 stock repurchase authorization and approved a new program for up to **$800 million**, ending in January 2024[209](index=209&type=chunk) Issuer Purchases of Equity Securities (Q2 2022) | Period | Total Shares Purchased | Weighted Average Price Paid Per Share ($) | | :--- | :--- | :--- | | Jan 2022 | 363 | $110.27 | | Feb 2022 | 1,140,840 | $116.52 | | Mar 2022 | 907,313 | $123.94 | [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section provides an index of the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and interactive data files