Market Newsdesk

Shenzhen, P.R. China, March 24, 2025 (GLOBE NEWSWIRE) — Baiya International Group Inc. (“BIYA” or the “Company”) (Nasdaq: BIYA) today announced the closing of its initial public offering of an aggregate of 2,500,000 ordinary shares, par value $0.0001 per share (“Ordinary Shares”), at an offering price of $4.00 per share to the public, for a total of $10,000,000 in gross proceeds to the Company, before deducting underwriting discounts and estimated offering expenses (the “Offering”). The Ordinary Shares began trading on the Nasdaq Capital Market under the ticker symbol “BIYA” on March 21, 2025.

In addition, the Company has granted the underwriters a 45-day option, exercisable following the closing of the Offering, to purchase up to an additional 375,000 Ordinary Shares at the price of $4.00 per share (the “Overallotment”). Assuming this Overallotment is fully exercised, BIYA may raise a total of approximately $11,500,000 in gross proceeds from the Offering.

The net proceeds from the Offering are expected to be used for development of the Company’s cloud-based internet platform, Gongwuyuan Platform, which provides one-stop crowdsourcing recruitment and SaaS-enabled HR solutions; to pursue suitable opportunities for business growth and expansion within the industry; to support our marketing; to fund increased compensation for employees and training enhancements; and to provide funding for working capital and other general corporate purposes.

The Offering was conducted on a firm commitment basis. Cathay Securities, Inc. acted as representative of the underwriters for the Offering, and Revere Securities LLC acted as co-underwriter (collectively, the “Underwriters”). Ogier, Jingtian & Gongcheng and Lewis Brisbois Bisgaard & Smith LLP acted as the Cayman Islands legal counsel, PRC legal counsel, and U.S. legal counsel, respectively, to the Company. VCL Law LLP acted as U.S. legal counsel to the representative of the underwriters for the Offering.

The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-275232) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 6, 2025. The Offering was made only by means of a prospectus, copies of which may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Baiya International Group Inc. (“Baiya”)

Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements can be identified by terms such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For further information, please contact:

Baiya International Group Inc

.


Investor Relations Department
Phone: +86 0769-88785888
Email: [email protected]

Investor Relations Inquiries:

Ascent Investor Relations LLC

Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

SAXONBURG, PA, March 24, 2025 (GLOBE NEWSWIRE) — Coherent Corp. (NYSE: COHR), a global leader in photonics, announces its latest advancement in fiber network diagnostics: a high-performance embedded Optical Time Domain Reflectometer (eOTDR) in a QSFP package. With an industry-leading 30 dB dynamic range, it enables precise, repeatable OTDR traces for spans up to 150 km—all in a compact, pluggable form factor.   

With rising bandwidth demands, real-time fiber-plant health monitoring is critical for data center interconnects and telecom networks. The eOTDR provides precise fiber span measurements, including absolute loss, reflection values, and industry-standard SOR span traces. Combined with optical channel monitors, it delivers unmatched visibility into channel and system performance, enabling real-time optimization and predictive maintenance using AI and machine learning.  

As part of the modular embedded OTDR family from Coherent, this QSFP eOTDR features a CMIS-based interface with an optimized memory map, ensuring seamless integration into routers with minimal effort. This plug-and-play solution enhances network diagnostics while minimizing infrastructure disruptions.  

As optical networks shift toward pluggable modules, the QSFP eOTDR enables in-service fiber health monitoring without additional infrastructure investment. Its pluggable format supports a scalable, “pay-as-you-grow” deployment model, allowing operators to expand efficiently while maintaining quality.  

“Integrating an OTDR’s complex electrical processing and high-performance optics into a compact pluggable module was a major challenge,” said Dr. Sanjai Parthasarthi, Chief Marketing Officer at Coherent. “This innovation delivers unparalleled flexibility and performance in fiber diagnostics.”  

Coherent continues to lead in embedded OTDR technology, with this QSFP addressing the needs of ultra-high-capacity fiber networks where real-time visibility and proactive maintenance are crucial. Alongside eOTDR, Coherent offers complementary fiber monitoring tools, including optical channel monitors, to provide a complete view of fiber health, maximize uptime, and optimize network performance. 

Visit Coherent booth #1519 at OFC 2025 in San Francisco, April 1-3 to learn more about the eOTDR and other fiber monitoring solutions. 

About Coherent 

Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.  

Media Contact

: 
[email protected] 

HUNTSVILLE, March 24, 2025 (GLOBE NEWSWIRE) — Serina Therapeutics, Inc. (“Serina”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform^™ drug optimization technology, today reported its financial results for the full year ended December 31, 2024 and provided recent business highlights.

“We are encouraged by the progress we’ve made this year. Our partnership with Enable Injections’ wearable technology, combined with our POZ optimization technology, is poised to deliver a differentiated product profile and potential best-in-class therapy for advanced Parkinson’s patient care. We are on track towards our goal of dosing the first patient in a Phase 1b clinical trial in the fourth quarter,” said Steve Ledger, CEO of Serina Therapeutics. “We also continue to advance our POZ Platform^™ in addressing complex neurological needs and remain committed to pushing the boundaries of the platform’s potential in RNA and ADC therapeutics innovation to improve patient outcomes and quality of life.”

Recent Highlights

• $10 Million Financing: In November 2024, Serina secured a $10 million equity financing from strategic shareholder JuvVentures (UK) Limited. The funding, received in two tranches of $5 million each in November 2024 and January 2025, is being used to advance SER-252 (POZ-apomorphine) into a Phase 1 clinical trial in advanced Parkinson’s disease patients.
• Sale of UniverXome Subsidiary: In December 2024, Serina finalized the sale of its UniverXome subsidiary, eliminating $11.2 million in subsidiary-level debt. This transaction strengthens Serina’s financial position, providing a debt-free balance sheet to support the clinical development of SER-252 and expansion of its POZ Platform^™ applications.
• Board Appointments: In January 2025, Serina appointed Karen J. Wilson to its Board of Directors. Ms. Wilson, an accomplished financial executive in life sciences with expertise in corporate finance, accounting, and strategic planning, enhances Serina’s financial and strategic capabilities. In February 2025, Dr. Jay Venkatesan joined the Board, bringing extensive leadership experience in biotechnology, including corporate strategy, business development, and capital markets. These additions strengthen Serina’s Board as the company advances its innovative therapeutic pipeline and prepares for key growth milestones.
• Partnership and Presentations with Enable Injections: Building on its collaboration with Enable Injections, Serina presented a case study at the 14th Annual Injectables Summit in Boston, MA, detailing the combination of Serina’s lead candidate, SER-252 (POZ-apomorphine), with Enable’s enFuse^™ wearable drug delivery platform. This innovative partnership aims to enhance patient comfort and convenience, providing continuous dopaminergic stimulation (CDS) for Advanced Parkinson’s Disease patients through easy-to-administer subcutaneous injections.

Annual 2024 Operating Results

Revenues: Revenues were $56 thousand for the year ended December 31, 2024, compared to $3.2 million for the same period in 2023. Revenues for 2024 were comprised entirely of grant revenues from the National Institutes of Health. In 2023, revenues of $3.2 million was earned, largely from a one-time upfront payment of $3.0 million from a non-exclusive license agreement with Pfizer, Inc. to use POZ polymer technology in lipid nanoparticle drug delivery formulations.

Operating expenses: Operating expenses for the years ended December 31, 2024 and 2023 were $17.1 million and $6.3 million, respectively.

Research and Development (R&D) Expenses: R&D expenses were $7.5 million for the year ended December 31, 2024, compared to $2.4 million for the same period in 2023. The increase of $5.1 million was primarily driven by (1) $1.8 million increase in compensation and related expenses, including $0.7 million in payroll and related expenses plus $0.6 million in stock-based compensation, as a result of higher headcount, (2) $1.9 million increase to outside services to develop our lead product candidate, SER 252 for research programs, (3) $0.4 million increase in consultants for research and development services, (4) amortization of $0.7 million for a prepaid technology access fee, and (5) $0.3 million for severance and related costs.

General and Administrative Expenses: G&A expenses were $9.6 million for the year ended December 31, 2024, compared to $3.9 million for the same period in 2023. The increase of $5.7 million was primarily driven by (1) $2.5 million increase in compensation and related expenses, including $0.5 million in payroll and related expenses and $2.0 million in stock-based compensation from new stock options granted to directors and new hires (2) $1.0 million increase in consulting expenses to assist with the implementation of new platforms and software, (3) $0.6 million increase in directors and officers insurance, (4) $0.9 million increase in legal fees for the maintenance of certain patent and other intellectual property and biological material assets, (5) $0.5 million increase in outside professional services, and (6) $0.3 million increase for severance and related costs. These increases were offset by a $0.1 million decrease in depreciation.

Other Income (Expense), Net: Other income, net was $5.8 million for the year ended December 31, 2024, compared to $8.4 million for the same period in 2023. The decrease of $2.6 million was primarily attributable to the aggregate change in the fair value of the Legacy Serina Convertible Notes and the AgeX-Serina Note which amounted to a $14.6 million non-cash loss combined with a $0.1 million net decrease in miscellaneous expenses that were individually insignificant partially offset by a $12.1 million gain from the change in fair value of liability classified warrants.

Net Loss: The net loss attributable to Serina for the year ended December 31, 2024 was $11.1 million, or $(1.51) per basic and diluted share, compared to net income of $5.3 million, or $2.36 per basic share and $0.73 per diluted share for 2023.

Liquidity Information

Cash and cash equivalents totaled $3.7 million as of December 31, 2024.

The Company projects its cash and cash equivalents as of December 31, 2024 along with the $5.0 million of cash proceeds received from Juvenescence in January 2025 to last through the second quarter of 2025.

About Serina Therapeutics

Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ Platform^™ provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

About the POZ Platform

^™

Serina’s proprietary POZ technology is based on a synthetic, water soluble, low viscosity polymer called poly(2-oxazoline). Serina’s POZ technology is engineered to provide greater control in drug loading and more precision in the rate of release of attached drugs delivered via subcutaneous injection. The therapeutic agents in Serina’s product candidates are typically well-understood and marketed drugs that are effective but are limited by pharmacokinetic profiles that can include toxicity, side effects and short half-life. Serina believes that by using POZ technology, drugs with narrow therapeutic windows can be designed to maintain more desirable and stable levels in the blood.

Serina’s POZ platform delivery technology has potential for use across a broad range of payloads and indications. Serina intends to advance additional applications of the POZ platform via out-licensing, co-development, or other partnership arrangements, including the non-exclusive license agreement with Pfizer, Inc. to use Serina’s POZ polymer technology for use in lipid nanoparticle drug (LNP) delivery formulations.

About SER-252 (POZ-apomorphine)

SER 252 is an investigational apomorphine therapy developed with Serina’s POZ platform and designed to provide continuous dopaminergic stimulation (CDS). CDS has been shown to reduce the severity of levodopa-related motor complications (dyskinesia) in Parkinson’s disease. Preclinical studies support the potential of SER 252 to provide CDS without skin reactions. Serina plans to advance SER 252 to clinical testing in 2025.

For more information, please visit https://serinatherapeutics.com.

Cautionary Statement Regarding Forward-Looking Statement

This release contains forward-looking statements within the meaning of federal securities laws. These statements are based on management’s current expectations, plans, beliefs or forecasts for the future, and are subject to uncertainty and changes in circumstances. Any express or implied statements in this press release that are not statements of historical fact, including statements about the potential of Serina’s POZ polymer technology, Serina’s estimates regarding future revenue, expenses, capital requirements and need for additional financing, the sufficiency of Serina’s existing cash and cash equivalents to support operations through the second quarter of 2025, and Serina’s planned clinical programs, including planned clinical trials, are forward-looking statements that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; Serina’s ability to continue as a going concern; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any applications may be filed for any drug or vaccine candidates in any jurisdictions; whether and when regulatory authorities may approve any potential applications that may be filed for any drug or vaccine candidates in any jurisdictions, which will depend on a myriad of factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether any such drug or vaccine candidates will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of any drug or vaccine candidates; and competitive developments. These risks as well as other risks are more fully discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the company’s other periodic reports and documents filed from time to time with the SEC. The information contained in this release is as of the date hereof, and Serina assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

For inquiries, please contact:

Stefan Riley


[email protected]


(256) 327-9630

SERINA THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands)



(Unaudited)

		December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	3,672			$	7,619
Prepaid expenses and other current assets			2,004				—
Total current assets			5,676				7,619
Property and equipment, net			501				573
Right of use assets – operating leases			461				666
Right of use assets – finance leases			86				110
TOTAL ASSETS		$	6,724			$	8,968
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable		$	744			$	580
Accrued expenses			1,429				583
Other current liabilities			193				250
Total current liabilities			2,366				1,413
Warrant liability			3,582				—
Convertible promissory notes, at fair value			—				2,983
Operating lease liabilities, net of current portion			268				461
Finance lease liabilities, net of current portion			—				1
TOTAL LIABILITIES			6,216				4,858
Commitments and contingencies (Note 12)
Redeemable convertible preferred stock:
Redeemable convertible preferred stock			—				36,404
Stockholders’ equity (deficit):
Common stock			1				—
Additional paid-in capital			44,958				883
Accumulated deficit			(44,318	)			(33,177	)
Total Serina Therapeutics, Inc. stockholders’ equity (deficit)			641				(32,294	)
Noncontrolling interest			(133	)			—
Total stockholders’ equity (deficit)			508				(32,294	)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY(DEFICIT)		$	6,724			$	8,968

SERINA THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(in thousands, except per share data)



(Unaudited)

		Year Ended December 31,
		2024				2023
REVENUES
License revenues		$	—			$	3,000
Grant revenues			56				153
Total revenues			56				3,153
OPERATING EXPENSES
Research and development			7,480				2,388
General and administrative			9,624				3,894
Total operating expenses			17,104				6,282
Loss from operations			(17,048	)			(3,129	)
OTHER INCOME (EXPENSE), NET
Interest expense			(526	)			(558	)
Fair value inception adjustment on convertible promissory note			—				2,240
Change in fair value of convertible promissory notes			(7,017	)			5,356
Change in fair value of warrants			13,156				1,077
Other income, net			228				283
Total other income, net			5,841				8,398
NET (LOSS) INCOME			(11,207	)			5,269
Net loss attributable to noncontrolling interest			66				—
NET (LOSS) INCOME ATTRIBUTABLE TO SERINA THERAPEUTICS, INC.		$	(11,141	)		$	5,269
NET (LOSS) INCOME PER COMMON SHARE:
BASIC		$	(1.51	)		$	2.36
DILUTED		$	(1.51	)		$	0.73
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC			7,359				2,235
DILUTED			7,359				7,351

SERINA THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)



(Unaudited)

		Year Ended December 31,
		2024				2023
OPERATING ACTIVITIES:
Net (loss) income		$	(11,207	)		$	5,269
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization			194				90
Non-cash lease expense			227				174
Non-cash interest expense on convertible promissory note			164				558
Amortization of debt issuance costs			345				—
Stock-based compensation			2,595				25
Fair value inception adjustment on convertible promissory note			—				(2,240	)
Change in fair value of convertible promissory notes			7,017				(5,356	)
Change in fair value of warrants			(13,156	)			(1,077	)
Changes in operating assets and liabilities:
Grant receivable			65				—
Prepaid expenses and other current assets			(1,906	)			16
Accounts payable			(1,661	)			393
Accrued expenses			400				(140	)
Operating lease liabilities			(214	)			(188	)
Net cash used in operating activities			(17,137	)			(2,476	)
INVESTING ACTIVITIES:
Purchase of property and equipment			(22	)			(504	)
Net cash used in investing activities			(22	)			(504	)
FINANCING ACTIVITIES:
Proceeds from the issuance of common stock and warrants to Juvenescence			5,000				—
Drawdown on loan facilities from Juvenescence			3,043				—
Cash and restricted cash acquired in connection with the Merger			337				—
Proceeds from the exercise of stock options			12				15
Proceeds from the exercise of Post-Merger Warrants by Juvenescence			4,988				—
Proceeds from the issuance of convertible promissory notes			—				10,100
Principal repayment on loan facilities to Juvenescence			(133	)			—
Principal repayments on finance lease liabilities			(35	)			(48	)
Net cash provided by financing activities			13,212				10,067
NET CHANGE IN CASH AND CASH EQUIVALENTS			(3,947	)			7,087
CASH AND CASH EQUIVALENTS:
At beginning of the year			7,619				532
At end of the year		$	3,672			$	7,619

Second Quarter of Fiscal 2025 Continuing Operations Highlights

^*

• Net sales were $146 million, a 5.1% increase compared to the prior year, with a 5.0% increase in organic sales.¹
• Operating profit margin was 21.2% and adjusted operating profit margin was 21.4%
• Net earnings were $20.9 million, or $0.38 per diluted share. Adjusted net earnings were $21.2 million, or $0.39 per diluted share.
• GAAP EPS and adjusted EPS increased 15% and 8% year-over-year, respectively.
• Adjusted EBITDA was $33.8 million and adjusted EBITDA margin was 23.2%.
• Returned $10 million to shareholders through share repurchases.

^*


This press release contains financial measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the comparable GAAP measures are presented in the tables accompanying this release.

MILWAUKEE, March 24, 2025 (GLOBE NEWSWIRE) — Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company” or “Enerpac”) today announced results for its fiscal second quarter ended February 28, 2025.

“We were pleased with Enerpac’s solid performance in the second quarter – highlighted by strong organic revenue growth of 5% – which continued to outperform the soft industrial sector,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO.

Consolidated Results from Continuing Operations
(US$ in millions, except per share)
	Three Months Ended				Six Months Ended
	February 28, 2025		February 29, 2024		February 28, 2025		February 29, 2024
Net Sales	$145.5		$138.4		$290.7		$280.4
Net Earnings	20.9		17.9		42.6		36.2
Diluted EPS	0.38		0.33		0.78		0.66
Adjusted Diluted EPS	0.39		0.36		0.79		0.76
Adjusted EBITDA	33.8		34.3		68.1		69.2

Second Quarter Fiscal 2025 Consolidated Results Comparisons

“Profitability remained at high levels in the second quarter of fiscal 2025, although gross margins were impacted by a mix shift,” said Darren Kozik, Executive Vice President and Chief Financial Officer. “At the same time, our top-line growth reflected Enerpac’s strong brand and ability to execute in a challenging environment.”

Consolidated net sales for the second quarter of fiscal 2025 were $145.5 million compared to $138.4 million in the prior-year period, an increase of 5.1%. On an organic basis, sales increased 5.0% year-over-year, driven by IT&S organic growth of 4.2% and 33.1% growth at Cortland Biomedical. The strengthening of the U.S. dollar negatively impacted sales by $2.9 million in the period.

Net sales for the Industrial Tools & Services segment (IT&S) increased 4.4%, driven by organic growth and the acquisition of DTA, partially offset by the negative impact of foreign exchange rates. IT&S Product sales increased 4.4% on an organic basis and Service revenue increased 3.4% year-over-year.

Gross profit margin declined 110 basis points year-over-year to 50.5% as a result of a shift in product sales towards Heavy Lifting Technologies (HLT) as well as the mix of service projects in the quarter. Selling, general and administrative expenses (SG&A) of $41.4 million increased 0.7% year-over-year, or 4.6% on an adjusted basis.

Second quarter fiscal 2025 net earnings and diluted EPS were $20.9 million and $0.38 respectively, compared to $17.9 million and $0.33, respectively, in the year-ago period.

Second quarter adjusted EBITDA was $33.8 million compared to $34.3 million in the year-ago period. Adjusted EBITDA margin declined 160 basis points year-over-year to 23.2% due to gross margin pressures discussed above and the inclusion of DTA, partially offset by a return to normalized profitability at Cortland Biomedical.

Balance Sheet and Leverage
(US$ in millions)	February 28, 2025			November 30, 2025			February 29, 2024
Cash Balance	$119.5			$130.7			$153.7
Debt Balance	$192.1			$193.3			$244.9
Net Debt to Adjusted EBITDA2	0.5x			0.5x			0.7x

Net debt on February 28, 2025, was $72.6 million, resulting in a net debt to adjusted EBITDA ratio of 0.5x. The company repurchased approximately 220,000 shares of its common stock in the second quarter of fiscal 2025 for a total of $10.2 million under its share repurchase program announced in March 2022.

Outlook

“In light of the macro uncertainty and the prospect of lower economic growth resulting from tariffs or other geopolitical events, we maintain a cautious tone,” concluded Sternlieb. “Nonetheless, given our growth through the first half of fiscal 2025, we are reiterating full-year guidance, including sales and adjusted EBITDA growth of 5 percent at the midpoint.”

The Company is projecting a net sales range of $610 million to $625 million in fiscal 2025. The forecast anticipates organic sales growth of approximately 0% to 2%, with expected adjusted EBITDA in the range of $150 million to $160 million, and free cash flow between $85 million to $95 million. This forecast is based on the Company’s key foreign exchange rate assumptions and assumes that there is no broad-based global recession.

Conference Call Information

An investor conference call is scheduled for 7:30 am CT on March 25, 2025. Webcast information and conference call materials, including an earnings presentation, are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).

¹

Organic sales represent net sales excluding the impact of foreign exchange rates, acquisitions, and divestitures. A reconciliation of organic sales to comparable net sales is presented in the tables accompanying this release.

²

Calculated in accordance with the terms of the Company’s September 2022 Senior Credit Facility.

Safe Harbor Statement

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. In addition to statements with respect to guidance, the terms “outlook,” “guidance,” “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. In addition to the assumptions and other factors referred to specifically in connection with such statements, risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements include, without limitation, general economic uncertainty, market conditions in the industrial, oil & gas, energy, power generation, infrastructure, commercial construction, truck and automotive industries, supply chain risks, including disruptions in deliveries from suppliers due to political tensions; impacts from the imposition, or threat of imposition, of tariffs, the impact of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, as well as armed conflicts in the Middle East, including the impact on shipping in the Red Sea, the ability of the Company to achieve its plans or objectives related to its growth strategy, market acceptance of existing and new products, market acceptance of price increases, successful integration of acquisitions, the impact of dispositions and restructurings, the ability of the Company to continue to achieve its plans or objectives related to the PEP program, operating margin risk due to competitive pricing and operating efficiencies, risks related to reliance on independent agents and distributors for the distribution and service of products, material, labor, or overhead cost increases, tax law changes, foreign currency risk, interest rate risk, commodity risk, tariffs, litigation matters, cybersecurity risk, impairment of goodwill or other intangible assets, the Company’s ability to access capital markets and other risks and uncertainties that may be referred to or noted in the Company’s reports filed with the Securities and Exchange Commission from time to time, including those described in the Company’s Form 10-K for the fiscal year ended August 31, 2024. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Non-GAAP Financial Information

This press release contains financial measures that are not measures presented in conformity with GAAP. These non-GAAP measures include organic sales, EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted operating profit from continuing operations, segment adjusted operating profit and adjusted EBITDA, adjusted corporate expense, adjusted SG&A expense, free cash flow and net debt. This press release includes reconciliations of non-GAAP measures to the most comparable GAAP measure, included in the tables attached to this press release or in footnotes to the tables included in this press release. Management believes the non-GAAP measures presented in this press release are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

About Enerpac Tool Group

Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries. The Company makes complex, often hazardous jobs possible safely and efficiently. Enerpac Tool Group’s businesses are global leaders in high pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group common stock trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company’s website at www.enerpactoolgroup.com.

(tables follow)

Enerpac Tool Group Corp.
Condensed Consolidated Balance Sheets
(In thousands)
	(Unaudited)
	February 28,				August 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents	$	119,509			$	167,094
Accounts receivable, net		111,993				104,335
Inventories, net		80,431				72,887
Other current assets		37,466				27,942
Total current assets		349,399				372,258
Property, plant and equipment, net		49,026				40,285
Goodwill		277,241				269,597
Other intangible assets, net		46,682				36,058
Other long-term assets		54,279				59,130
Total assets	$	776,627			$	777,328
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt	$	5,000			$	5,000
Trade accounts payable		43,903				43,368
Accrued compensation and benefits		19,080				25,856
Income taxes payable		3,207				5,321
Other current liabilities		42,842				49,848
Total current liabilities		114,032				129,393
Long-term debt, net		187,086				189,503
Deferred income taxes		8,632				3,696
Pension and postretirement benefit liabilities		8,449				10,073
Other long-term liabilities		52,450				52,684
Total liabilities		370,649				385,349
Shareholders’ equity
Capital stock		10,852				10,847
Additional paid-in capital		236,019				235,660
Retained earnings		290,008				261,870
Accumulated other comprehensive loss		(130,901	)			(116,398	)
Stock held in trust		(3,575	)			(3,777	)
Deferred compensation liability		3,575				3,777
Total shareholders’ equity		405,978				391,979
Total liabilities and shareholders’ equity	$	776,627			$	777,328

Enerpac Tool Group Corp.
Condensed Consolidated Statements of Earnings
(In thousands)
	Three Months Ended							Six Months Ended
	February 28,			February 29,				February 28,			February 29,
	2025				2024			2025				2024
Net sales	$	145,528		$	138,437			$	290,724		$	280,406
Cost of products sold		72,097			66,962				142,641			134,681
Gross profit		73,431			71,475				148,083			145,725
Selling, general and administrative expenses		41,423			40,723				83,741			82,938
Amortization of intangible assets		1,188			833				2,390			1,657
Restructuring charges		–			398				–			2,799
Impairment & divestiture charges		–			–				–			147
Operating profit		30,820			29,521				61,952			58,184
Financing costs, net		2,371			3,711				5,140			7,408
Other expense, net		750			543				1,237			1,535
Earnings before income tax expense		27,699			25,267				55,575			49,241
Income tax expense		6,798			7,396				12,951			13,064
Net earnings from continuing operations		20,901			17,871				42,624			36,177
Loss from discontinued operations, net of income taxes		–			(54	)			–			(622	)
Net earnings	$	20,901		$	17,817			$	42,624		$	35,555
Earnings per share from continuing operations
Basic	$	0.38		$	0.33			$	0.78		$	0.67
Diluted		0.38			0.33				0.78			0.66
Loss per share from discontinued operations
Basic	$	–		$	(0.00	)		$	–		$	(0.01	)
Diluted		–			(0.00	)			–			(0.01	)
Earnings per share
Basic	$	0.38		$	0.33			$	0.78		$	0.65
Diluted		0.38			0.33				0.78			0.65
Weighted average common shares outstanding
Basic		54,397			54,213				54,319			54,370
Diluted		54,808			54,685				54,810			54,846

Enerpac Tool Group Corp.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Six Months Ended
	February 28,				February 29,
		2025				2024
Operating Activities
Cash provided by operating activities – continuing operations		16,108				12,065
Cash used in operating activities – discontinued operations		–				(5,413	)
Cash provided by operating activities	$	16,108			$	6,652
Investing Activities
Capital expenditures		(11,517	)			(3,152	)
Cash paid for business acquisitions, net of cash acquired		(27,196	)			–
Working capital adjustment from the sale of business assets		–				(1,133	)
Purchase of business assets		–				(1,402	)
Cash used in investing activities – continuing operations	$	(38,713	)		$	(5,687	)
Cash used in investing activities	$	(38,713	)		$	(5,687	)
Financing Activities
Borrowings on revolving credit facility		14,421				48,000
Principal repayments on revolving credit facility		(14,421	)			(16,000	)
Principal repayments on term loan		(2,500	)			(1,250	)
Purchase of treasury shares		(14,555	)			(30,108	)
Stock options, taxes paid related to the net share settlement of equity awards & other		(5,847	)			(205	)
Payment of cash dividend		(2,167	)			(2,178	)
Cash used in financing activities – continuing operations	$	(25,069	)		$	(1,741	)
Cash used in financing activities	$	(25,069	)		$	(1,741	)
Effect of exchange rate changes on cash		89				54
Net decrease from cash and cash equivalents	$	(47,585	)		$	(722	)
Cash and cash equivalents – beginning of period		167,094				154,415
Cash and cash equivalents – end of period	$	119,509			$	153,693

Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures for Continuing Operations
(In thousands)
	Fiscal 2024																Fiscal 2025
	Q1			Q2			Q3			Q4			TOTAL				Q1			Q2			Q3		Q4		TOTAL
Net Sales
Industrial Tools & Services Segment	$	137,035		$	134,822		$	145,936		$	153,360		$	571,153			$	140,134		$	140,716		$	–	$	–	$	280,850
Other		4,935			3,615			4,453			5,354			18,357				5,062			4,812			–		–		9,874
Enerpac Tool Group	$	141,970		$	138,437		$	150,389		$	158,714		$	589,510			$	145,196		$	145,528		$	–	$	–	$	290,724
% Net Sales Growth (Decline) Year over Year
Industrial Tools & Services Segment		7.6	%		3.0	%		1.3	%		0.3	%		2.9	%			2.3	%		4.4	%		–		–		3.3	%
Other		-59.2	%		-67.3	%		-63.3	%		-31.0	%		-57.3	%			2.6	%		33.1	%		–		–		15.5	%
Enerpac Tool Group		1.9	%		-2.5	%		-3.8	%		-1.2	%		-1.5	%			2.3	%		5.1	%		–		–		3.7	%
Adjusted Selling, general and administrative expenses
Selling, general and administrative expenses	$	42,216		$	40,723		$	42,101		$	43,524		$	168,565			$	42,318		$	41,423		$	–	$	–	$	83,741
M&A charges		–			–			–			(121	)		(121	)			(152	)		(258	)		–		–		(409	)
ASCEND transformation program charges		(1,093	)		(1,370	)		(1,457	)		(2,109	)		(6,029	)			–			–			–		–		–
Adjusted Selling, general and administrative expenses	$	41,123		$	39,353		$	40,644		$	41,294		$	162,415			$	42,166		$	41,165		$	–	$	–	$	83,332
Adjusted Selling, general and administrative expenses %
Enerpac Tool Group		29.0	%		28.4	%		27.0	%		26.0	%		27.6	%			29.0	%		28.3	%		–		–		28.7	%
Adjusted Operating profit
Operating profit	$	28,662		$	29,521		$	33,363		$	30,040		$	121,587			$	31,132		$	30,820		$	–	$	–	$	61,952
Impairment & divestiture charges		147			–			–			–			147				–			–			–		–		–
Restructuring charges (1)		2,401			398			1,595			3,450			7,843				–			–			–		–		–
M&A charges		–			–			–			121			121				152			261			–		–		413
ASCEND transformation program charges		1,229			1,607			2,042			2,168			7,047				–			–			–		–		–
Adjusted Operating profit	$	32,439		$	31,526		$	37,000		$	35,779		$	136,745			$	31,284		$	31,081		$	–	$	–	$	62,365
Adjusted Operating profit by Segment
Industrial Tools & Services Segment	$	38,470		$	38,909		$	43,648		$	42,989		$	164,016			$	38,074		$	38,748		$	–	$	–	$	76,822
Other		2,118			(79	)		1,284			1,120			4,443				1,319			1,301			–		–		2,620
Corporate / General		(8,149	)		(7,304	)		(7,932	)		(8,330	)		(31,714	)			(8,109	)		(8,968	)		–		–		(17,077	)
Adjusted operating profit	$	32,439		$	31,526		$	37,000		$	35,779		$	136,745			$	31,284		$	31,081		$	–	$	–	$	62,365
Adjusted Operating profit %
Industrial Tools & Services Segment		28.1	%		28.9	%		29.9	%		28.0	%		28.7	%			27.2	%		27.5	%		–		–		27.4	%
Other		42.9	%		-2.2	%		28.8	%		20.9	%		24.2	%			26.1	%		27.0	%		–		–		26.5	%
Adjusted Operating Profit %		22.8	%		22.8	%		24.6	%		22.5	%		23.2	%			21.5	%		21.4	%		–		–		21.5	%
EBITDA from Continuing Operations (2)
Net earnings from continuing operations	$	18,305		$	17,871		$	22,621		$	23,409		$	82,207			$	21,723		$	20,901		$	–	$	–	$	42,624
Financing costs, net		3,697			3,711			3,385			2,731			13,524				2,770			2,371			–		–		5,140
Income tax expense		5,669			7,396			6,813			3,435			23,312				6,152			6,798			–		–		12,951
Depreciation & amortization		3,426			3,328			3,216			3,304			13,275				3,514			3,471			–		–		6,985
EBITDA	$	31,097		$	32,306		$	36,035		$	32,879		$	132,318			$	34,159		$	33,541		$	–	$	–	$	67,700
Adjusted EBITDA
EBITDA	$	31,097		$	32,306		$	36,035		$	32,879		$	132,318			$	34,159		$	33,541		$	–	$	–	$	67,700
Impairment & divestiture charges		147			–			–			–			147				–			–			–		–		–
Restructuring charges (1)		2,401			398			1,595			3,450			7,843				–			–			–		–		–
M&A charges		–			–			–			121			121				152			261			–		–		413
ASCEND transformation program charges		1,229			1,607			2,042			2,168			7,047				–			–			–		–		–
Adjusted EBITDA	$	34,874		$	34,311		$	39,672		$	38,618		$	147,476			$	34,311		$	33,802		$	–	$	–	$	68,113
Adjusted EBITDA by Segment
Industrial Tools & Services Segment	$	40,880		$	41,443		$	45,706		$	45,629		$	173,659			$	40,807		$	41,313		$	–	$	–	$	82,120
Other		2,324			141			1,497			1,367			5,330				1,546			1,525			–		–		3,071
Corporate / General		(8,330	)		(7,273	)		(7,531	)		(8,378	)		(31,513	)			(8,042	)		(9,036	)		–		–		(17,078	)
Adjusted EBITDA	$	34,874		$	34,311		$	39,672		$	38,618		$	147,476			$	34,311		$	33,802		$	–	$	–	$	68,113
Adjusted EBITDA %
Industrial Tools & Services Segment		29.8	%		30.7	%		31.3	%		29.8	%		30.4	%			29.1	%		29.4	%		–		–		29.2	%
Other		47.1	%		3.9	%		33.6	%		25.5	%		29.0	%			30.5	%		31.7	%		–		–		31.1	%
Adjusted EBITDA %		24.6	%		24.8	%		26.4	%		24.3	%		25.0	%			23.6	%		23.2	%		–		–		23.4	%
Notes:
(1) Approximately $0.4 million of the Q4 fiscal 2024 restructuring charges were recorded in cost of products sold.
(2) EBITDA represents net earnings from continuing operations before financing costs, net, income tax expense, and depreciation & amortization. Neither EBITDA nor adjusted EBITDA are calculated based upon generally accepted accounting principles (“GAAP”). The amounts included in the EBITDA and adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Earnings. EBITDA and adjusted EBITDA should not be considered as alternatives to net earnings, operating profit or operating cash flows. The Company has presented EBITDA and adjusted EBITDA because it regularly reviews these performance measures. In addition, EBITDA and adjusted EBITDA are used by many of our investors and lenders, and are presented as a convenience to them. The EBITDA and adjusted EBITDA measures presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(In thousands)
	Fiscal 2024									Fiscal 2025
	Q1		Q2			TOTAL				Q1			Q2			TOTAL
Net Sales
Industrial Tools & Services Segment	$	137,035	$	134,822		$	271,857			$	140,134		$	140,716		$	280,850
Other		4,935		3,615			8,550				5,062			4,812			9,874
Enerpac Tool Group	$	141,970	$	138,437		$	280,407			$	145,196		$	145,528		$	290,724
Adjustment: Fx Impact on Net Sales
Industrial Tools & Services Segment	$	1,229	$	(2,863	)	$	(1,634	)		$	–		$	–		$	–
Other		–		–			–				–			–			–
Enerpac Tool Group	$	1,229	$	(2,863	)	$	(1,634	)		$	–		$	–		$	–
Adjustment: Impact from Divestitures or Acquisitions on Net Sales
Industrial Tools & Services Segment		–		–			–				(3,184	)		(3,185	)		(6,370	)
Other		–		–			–				–			–			–
Enerpac Tool Group	$	–	$	–		$	–			$	(3,184	)	$	(3,185	)	$	(6,370	)
Organic Sales by Segment (3)
Industrial Tools & Services Segment	$	138,264	$	131,959		$	270,223			$	136,950		$	137,531		$	274,480
Other		4,935		3,615			8,550				5,062			4,812			9,874
Enerpac Tool Group	$	143,199	$	135,574		$	278,773			$	142,012		$	142,343		$	284,354
Organic Sales Growth (Decline) %
Industrial Tools & Services Segment											-1.0	%		4.2	%		1.6	%
Other											2.6	%		33.1	%		15.5	%
Enerpac Tool Group											-0.8	%		5.0	%		2.0	%
Net Sales by Product Line
Product	$	109,856	$	111,557		$	221,412			$	111,149		$	118,692		$	229,841
Service		32,114		26,880			58,994				34,047			26,836			60,883
Enerpac Tool Group	$	141,970	$	138,437		$	280,406			$	145,196		$	145,528		$	290,724
Adjustment: Fx Impact on Net Sales
Product	$	1,115	$	(1,943	)	$	(827	)		$	–		$	–		$	–
Service		113		(920	)		(807	)			–			–			–
Enerpac Tool Group	$	1,229	$	(2,863	)	$	(1,634	)		$	–		$	–		$	–
Adjustment: Impact from Divestitures or Acquisitions on Net Sales
Product		–		–			–				(3,184	)		(3,185	)		(6,370	)
Service		–		–			–				–			–			–
Enerpac Tool Group	$	–	$	–		$	–			$	(3,184	)	$	(3,185	)	$	(6,370	)
Organic Sales by Product Line (3)
Product	$	110,971	$	109,614		$	220,585			$	107,965		$	115,507		$	223,471
Service		32,227		25,960			58,187				34,047			26,836			60,883
Enerpac Tool Group	$	143,199	$	135,574		$	278,772			$	142,012		$	142,343		$	284,354
Organic Sales Growth (Decline) %
Product											-2.7	%		5.4	%		1.3	%
Service											5.6	%		3.4	%		4.6	%
Enerpac Tool Group											-0.8	%		5.0	%		2.0	%
(3) Organic Sales is defined as sales excluding the impact to foreign currency changes and the impact from recent acquisitions and divestitures to net sales.

Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(In thousands, except for per share amounts)
	Fiscal 2024																Fiscal 2025
	Q1			Q2			Q3			Q4			TOTAL				Q1			Q2		Q3		Q4		TOTAL
Adjusted Earnings (4)
Net Earnings	$	17,738		$	17,817		$	25,778		$	24,416		$	85,749			$	21,723		$	20,901	$	–	$	–	$	42,624
(Loss) earnings from Discontinued Operations, net of income tax		(567	)		(54	)		3,157			1,007			3,542				–			–		–		–		–
Net Earnings from Continuing Operations	$	18,305		$	17,871		$	22,621		$	23,409		$	82,207			$	21,723		$	20,901	$	–	$	–	$	42,624
Impairment & divestiture charges		147			–			–			–			147				–			–		–		–		–
Restructuring charges (1)		2,401			398			1,595			3,450			7,843				–			–		–		–		–
M&A charges		–			–			–			121			121				152			261		–		–		413
ASCEND transformation program charges		1,229			1,607			2,042			2,168			7,047				–			–		–		–		–
Net tax effect of reconciling items above		(411	)		(185	)		(666	)		(1,683	)		(2,945	)			(4	)		1		–		–		(3	)
Other income tax expense		–			137			–			–			137				–			–		–		–		–
Adjusted Net Earnings from Continuing Operations	$	21,671		$	19,828		$	25,592		$	27,465		$	94,557			$	21,871		$	21,163	$	–	$	–	$	43,034
Adjusted Diluted Earnings per share (4)
Net Earnings	$	0.32		$	0.33		$	0.47		$	0.44		$	1.56			$	0.40		$	0.38	$	–	$	–	$	0.78
(Loss) earnings from Discontinued Operations, net of income tax		(0.01	)		(0.00	)		0.06			0.02			0.06				–			–		–		–		–
Net Earnings from Continuing Operations	$	0.33		$	0.33		$	0.41		$	0.43		$	1.50			$	0.40		$	0.38	$	–	$	–	$	0.78
Impairment & divestiture charges, net of tax effect		0.00			–			–			–			0.00				–			–		–		–		–
Restructuring charges (1), net of tax effect		0.04			0.00			0.02			0.04			0.11				–			–		–		–		–
M&A charges, net of tax effect		–			–			–			0.00			0.00				0.00			0.00		–		–		0.01
ASCEND transformation program charges, net of tax effect		0.02			0.03			0.03			0.03			0.11				–			–		–		–		–
Other income tax expense		–			0.00			–			–			0.00				–			–		–		–		–
Adjusted Diluted Earnings per share from Continuing Operations	$	0.39		$	0.36		$	0.47		$	0.50		$	1.72			$	0.40		$	0.39	$	–	$	–	$	0.79
Notes continued:
(4) Adjusted earnings from continuing operations and adjusted diluted earnings per share represent net earnings and diluted earnings per share per the Condensed Consolidated Statements of Earnings net of charges or credits for items to be highlighted for comparability purposes. These measures are not calculated based upon GAAP and should not be considered as an alternative to net earnings or diluted earnings per share or as an indicator of the Company’s operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Enerpac Tool Group companies.
For all reconciliations of GAAP measures to Non-GAAP measures, the summation of the individual components may not equal the total due to rounding. With respect to the earnings per share reconciliations the impact of share dilution on the calculation of the net earnings or loss per share and discontinued operations per share may result in the summation of these components not equaling the total earnings per share from continuing operations.

Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP To Non-GAAP Guidance
(In millions)
	Fiscal 2025
	Low			High
Reconciliation of Continuing Operations GAAP Operating Profit
To Adjusted EBITDA (5)
GAAP Operating profit	$	135		$	147
Other expense, net		(1	)		(1	)
Depreciation & amortization		16			14
Adjusted EBITDA	$	150		$	160
Reconciliation of GAAP Cash Flow From Operations to Free Cash Flow
Cash provided by operating activities	$	61		$	76
Capital expenditures		24			19
Free Cash Flow	$	85		$	95
Notes continued:
(5) Management does not provide guidance on certain GAAP financial measures as we are unable to predict and estimate with certainty items such as potential impairments, refinancing costs, business divestiture gains/losses, discrete tax adjustments, or other items impacting GAAP financial metrics. As a result, we have included only those items about which we are aware and are reasonably likely to occur during the guidance period covered.