Gabelli Funds 8th Annual Waste &

Environmental Services Symposium

March 31, 2022
Forward Looking Statement and Non-GAAP Information
This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of
management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,”
“forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from these forward-looking statements. Potential risks and uncertainties, among others, that could cause actual results to differ
materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and include, but
are not limited to: the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; dependence on fixed
price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on CECO’s
infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation; liabilities arising
from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any
litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects;
the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges; the substantial amount of debt incurred in
connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government
regulations; economic and political conditions generally; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully integrate
acquired businesses and realize the synergies from strategic transactions; unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism
or outbreak of war or hostilities or public health crises, such as uncertainties regarding the extent and duration of impacts of matters associated with the novel coronavirus
(COVID-19), as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or
more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.
Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Furthermore,
forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and
Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

While CECO reports its results in accordance with generally accepted accounting principles in the U.S. (GAAP), comments made during this conference call and these
materials may include the following "non-GAAP" financial measures; non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, adjusted EBITDA, adjusted
free cash flow, adjusted net free cash flow, non-GAAP gross profit margin; non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA
margin and selected measures expressed on a constant currency basis. These measures are included to provide additional useful information regarding CECO’s financial
results and are not a substitute for their comparable GAAP measures. Explanations of these non-GAAP measures and reconciliations of these non-GAAP measures to their
directly comparable GAAP measures are included in the accompanying "Supplementary Non-GAAP Financial Measures." Descriptions of many of these non-GAAP measures
are also included in CECO’s SEC reports.

2
CECO Environmental: Investment Thesis
A differentiated position to generate long term shareholder returns
$324 Revenue
❑ Market leader with distinct competitive advantages including: $25 Adj. EBITDA
• World renowned Brands (#1 / #2 in each CECO market) -a)

• Application engineering expertise with reputation for reliability

❑ Growing aftermarket business (~20% of Sales) with $6B installed base
$214 Backlog
❑ Highly diversified customers, end markets, and international footprint +30% YoY
❑ Favorable market tailwinds to drive organic growth -a)

❑ Strong strategic M&A pipeline: accretive, short-cycle, environmentally focused $5.00 - $9.16
❑ Asset light business model delivers robust cash flow; healthy balance sheet (52-wk range)
❑ Inaugural ESG report in 1H’22… well positioned to drive ESG value $212 Market Cap -b)

-a) based on 2021 Financials in millions

-b) based on March 21, 2022
3
CECO Environmental: What We Do …

We Protect People
• Advanced solutions ensuring our customer’s employees are safe from industrial exposures
• Enabling employees to focus on their jobs, growth and productivity – not contaminants

We Protect The Environment

• More demand for environmental solutions to meet-or-exceed regulation
• Global customer base continues to drive more environmental regulations and ESG focus
• Committed to minimizing environmental footprint in our internal practices

We Protect Industrial Equipment

• Protects our customer’s investment in their operating environmental and capital equipment
• Minimize usage, where possible, by enabling reuse of by-products
• Maximal protection in critical applications with flow control and other industrial operations

4
CECO Environmental: The Markets We Serve and Solutions
Industrial Air Industrial Water Energy Transition
Solution Examples: Regenerative Thermal Oxidizers Examples: Ind’l Pumps & Filtration, Produced / Oily Water Examples: Gas & Liquid Separation, Turbine De-Nox
Scrubbers, Dust Collectors, Other Filtration and More … Systems, Storm Water Expansion Joints and More … Systems, Emissions Management Solutions and More …

• Produced Wood • Semiconductor • Desalination • Infrastructure H2O • Renewable Nat. Gas • H2 / Gas Turbines
• Auto / EV • Clean Power • Automotive • Storm Water • Carbon Capture • CO2 Transport
• Beverage Can • Gen. Ind’l & More … • Aquatic Markets • Gen. Ind’l & More … • Nat. Gas Pipelines • LNG Liquification

Short Cycle Opportunities Short Cycle Opportunities Short Cycle Opportunities

Filters & Replacement Replacement

Service Service Service
Media Parts & Spares Vanes & Media

Monitoring Engineering
Studies

5
CECO Environmental: How We Are Organized
($MM)
Platform Solutions Segments
Industrial Air Filtration Fluid Handling
• Particulate Filtration 28%
• Pumps Industrial & Process
• Scrubbers • Liquid Filtration Solutions
• Chemical Abatement 55%
• Thermal Abatement 17% Duct Fabrication & Install $137 | 42%
• Duct work
• Ventilation Installation

Thermal Acoustics Fluid Bed Cyclones

• Exhaust Systems • Catalyst Recovery
• Silencers 20% Engineered Systems
15%
Gas Separation + Water $187 | 58%
34%
• Gas Separation
Emissions Management
20% • Process Water Treatment
• DeNOx – SCR/SNCR 11%
• Analytical Services
Dampers & Expansion Joints
• Air & Water / Infrastructure
Revenue Mix
TY’21

-a) excludes GRC acquisition

6
CECO Environmental: Snapshot of Diverse Customers

No single customer >10% of revenue

77
CECO Environmental: Global Footprint

Global HQ:
Dallas, TX

Sales and
Engineering

Manufacturing and
Assembly

~850 Employees worldwide

(-a)
~60% are Engineers/Solution experts

Asset Light: ~75% of production via Partners

(-a) employee count less manufacturing
8
Q4 / TY 2021 Financials

9
Q4: Another Period with Strong Orders’ Growth … A Return to Sales Growth
($MM)

Q4’21 YoY % Seq % Comments

• Orders: ~ $91 +17% (2)% Growth each Qtr. of ‘21 … Q1’22 = Strong

• Sales: ~ $94 +13% +17% Sales > as Fab. Partners return to work

$214 Backlog remains near all-time highs … Pipeline > $2B

• Gross Margin: 30.5% (110)bp +210bp (+) Remedied several execution issues
Q4 2021
(+) Favorable project mix offset PY price
Financial • Adj. EBITDA: $9.1 $(0.8) +$5.6 challenged backlog + Inflation
Results
(–) Supply availability remains challenged
• Adj. EPS: $0.10 $(0.06) +$0.09 with Resin, Mechanical Parts, and Steel
long lead items.

• FCF: $2.2 +$7.9 $(3.8) FCF remains choppy quarter to quarter

Overall, Great Sequential Improvement …

10
Q4 Execution Spot On with Previous Outlook (From Q3 Earnings)
What We Said in CECO’s Q3 Earnings1

✓ Continued ~ $90M Orders

✓ Revenue ~ $90M as outlined

✓ Return to ~30% GM (or >)

✓ SG&A cost management

Outlook
Slide
from Q3 ✓ EBITDA ~ 10%
Earnings
✓ M&A activity announced (GRC)

1 https://investors.cecoenviro.com/2021-11-08-CECO-Environmental-Reports-Third-Quarter-and-Year-to-Date-2021-Results
11
Strong demand momentum to propel CECO growth in 2022 ($MM)

Exited 2021 with Rebuilt Backlog … … Out-sized Growth expected in ‘22

50.0%

$70.0

$384 $400.0
45.0%

$359 $361
$60.0 40.0%

Orders $316
$350.0

GM% 34% 33% 33% 33%

$298
$342
35.0%

31%
$328
$50.0

Sales $324 $300.0

$311
$280
30.0%

$250.0

$217 $214
$40.0

$33 $33
25.0%

$182 $183 $200.0 $30 $31

$30.0 20.0%

Backlog $151 EBITDA $25

$150.0

15.0%

$20.0

10% 9% 10% 10%

$100.0
8% 10.0%

$10.0

$50.0
5.0%

$- $- 0.0%

YE'17 YE'18 YE'19 YE'20 YE'21 ’22 2017 2018 2019 2020 2021 ’22
Outlook Outlook

Strong Backlog + continued Orders momentum = Profitable Growth

(a) All metrics exclude Divestitures

(b) Differences between Orders, Revenue and Backlog
driven by FX or Cancellations 12
Full Year, Balance Growth: 7 of 8 CECO platforms grew 2021 orders
Segments Platforms YoY % Outlook & Commentary ($MM)

-a)

Industrial Air +54% • Demand for air pollution controls strong

Industrial & Process
Solutions • Woodworking & Construction markets ↑
Duct Fab & Install +21%
$137 | 42%
Fluid Handling +23% • US MRO spend growing, distributors de-stocking

Emissions Management +77% • Continued rebound in Power Markets expected

Separation / Filtration + • Impacted by O&G CAPEX… ’22 pipeline looking positive

Water
(38)%
Engineered Systems
Thermal Acoustics +48% • Markets remain robust in 2022
$187 | 58%
Fluid Bed Cyclones +66% • Refinery rebound driven by Emerging Markets

-a)
Dampers & Expansion • Replacement dampers & industrial CAPEX ↑
Joints
+98%
Revenue Mix
(2021)

-a) All on Reported Full Year Basis. Excluding M&A, Industrial Air +30% and Dampers +58% organically
13
Business model drives high free cash flow with optionality for deployment
($MM)

Historical capital deployment Comments

Q4’15
$140 PMFG acquisition

$194 • ~$50 of Capacity and $35 Cash on Hand

$175 Q3’20
$12 EIS acquisition • Amended and Extended Credit Facility in Q4’21
Gross
$125
Debt $115 2H’21
$5 stock buyback • Net Leverage at ~1.2X
$76
$67 $75 $67 $66 • Robust M&A pipeline… >$200 million target sales
• Acquired GRC for ~$24 million in March

In position to allocate capital to steadily transform portfolio

14
Looking Forward

15
Looking Forward … Committed to Growth in 2022
Revisiting Q3’21 Earnings Information Remain Bullish Exiting Q4 / 2021
“What We Said”
• Orders averaging ~$90 / quarter ✓ Orders > $90
• Revenue slow to turn ~$75 quarter ✓ Revenue starting to turn
• Backlog strong at ~$220
✓ Backlog strong
Translation = Growth
A Simple Model / Outlook ✓ Pipeline > $2B
✓ M&A pipeline kicking in
Orders turn to Sales … ~$90 x annualized =
$350M to $370M Revenue (Annual) Upside Potential:
+ Higher Volume / Maintain Orders
Profitability Expectations + Increase Pricing to drive GM > 33%
Return to 30% to 33% Historic Range + Cost structure superior to ‘19 levels
++ M&A delivers more Sales / EBITDA
Maintain Avg. SG&A at $18.5 to $19.5M
– Inflation and project Mix
EBITDA Margins > 10%

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Transformation: An Environmentally-focused, Diversified Industrial Leader

2X or Larger
(Sales)

~ 30% Energy, But Less Cyclical

(Long-Cycle Projects)

$325M
(Sales)
Industrial Air &
40%+ Environmental Solutions
(Mid-Cycle)
Energy Centric • Focused investments in less cyclical platform(s)
(Long-Cycle Projects) ~ 55% • Utilize well-timed optionality for non-core

• Add more Environmental Services

Industrial Air Core Industrial
~ 25% • Build upon “core” in secular growth markets
(Mid-Cycle) 30%+ (Short-Cycle)
• Strategic M&A targets … small / medium sized
Core Industrial ~ 20% • Focus on repeatable / recurring revenue
(Short-Cycle) • Must fit our strategic targets and accretive
“2021+Earlier” CECO 2025+

Long-cycle Projects = 9-to-18-month revenue turn

Mid-cycle Projects = 3-to-9-month revenue turn
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Kick-starting our Transformational Journey early in 2022

•GRC Acquisition Announced (January 2022) … a solid 1st step in transforming portfolio
o More than doubles platform addressable market by $300 million into Water & Wastewater adjacencies
o Improves CECO’s short cycle mix from ~22% to ~27%
o Above average EBITDA margins and cash flows deliver attractive value for shareholders

•Great M&A Funnel with Actionable Opportunities … to transform portfolio

o Double CECO sales in 3-5 years driven by Organic growth, new adjacent markets, and M&A
o M&A focused on shorter cycle sales mix, Higher EBITDA margins, and secular growth markets
o Amended and extended credit agreement in Q4. More capacity & flexibility to execute!

•Capital allocation geared towards programmatic M&A (2-3 deals per year)
o Re-organization into Platforms drives accountability, adjacency growth, and bolt-on M&A execution
o Infrastructure built during CECO’s “last chapter” creates foundation & balance sheet for inorganic growth
o Rich M&A funnel totals +$300 million revenue in proprietary opportunities

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In Summary …

• 2021 Was CECO’s “Covid Year” Because of Low Starting Backlog (Impacted Rev + EBITDA)

• Pipeline Remains > $2B … Early Q1'22 Orders Remained Very Strong

• Focused to Deliver Solid Growth in 2022 … Executing to Overcome Inflationary Environment

• Publishing CECO’s Inaugural ESG Report Very Soon … Will Ramp-up ESG-related Releases too

• CECO Transformation Underway: Programmatic / Focused / Accretive M&A

Questions?
19
Supplemental Materials
Other Information
And
Non-GAAP Reconciliation

20
 CECO a “clean air story” with a history of acquisitions spanning 40+ years
1979 1983 1993 1997 2007 2008

Claremont Claremont Engineering CECO Filters acquires Air Purolator CECO Filters merges with Busch Acquires Effox adding Acquires Fisher Klosterman & Buell
Engineering Company renames to Corp and creates a subsidiary and is renamed CECO capabilities in and A.V.C. Specialist & Flextor adding
Company (“CECO”) CECO Filters named Compliance Systems Environmental. Starts trading on Expansion Joints and Cyclones, Scrubbers and Dust
is founded International NASDAQ as CECE Collectors to the portfolio
Dampers

Industrial Air Pollution Solutions Consolidation of Air Pollution market

CEO: Phil DeZwirek 1972 - 2007 CEO: Jeff Lang 2007 - 2016

2013 2014 2015 2017 2018 2020 2021

Acquires Adwest Acquires HEE, SATTi and Acquires Peerless with Power Generation Divests Keystone Filters, Acquires EIS (RTO’s Re-organize company
(Regenerative Thermal Zhongli adding to the gas and liquid Market (new Gas Strobic (part of the Met serving UK, Europe and into 8 Solution
Oxidizers) portfolio Chemical separation and Turbine GW capacity) Pro acquisition) and BevCan markets) Platforms
filtration solutions, SCR drops 50%. CECO Zhongli. Balance Sheet
Scrubbers, Regenerative and SNCR, and
Acquires Aarding (Gas eliminates Dividend de-levered Joint Venture between $5MM Share Buyback
Thermal Oxidizers, Acoustical solutions
Turbine Exhaust Systems) Mader Co and Effox-
Dampers and Diverters Build M&A Funnel
Flextor for cost
Acquires Met Pro (Specialty Acquires Emtrol a synergies & market
pumps and industrial dust designer of Cyclons for diversification
and filtration solutions) refineries

Aggressive M&A into Energy markets and Cost-Cutting Simplification and organic Growth Transform CECO
CEO: Jeff Lang 2007 - 2016 CEO: Dennis Sadlowski 2017 - 2020 CEO: Todd Gleason 2020 - Present

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Biographies
Todd Gleason, CEO
• Over 25 years of experience in variety of senior leadership roles including general management, finance and strategy/growth
• Significant roles in leading industrial companies: Honeywell, Trane and Pentair
• Impactful experience leading private equity / venture company through transformations
• Aligned with shareholders to deliver growth and value creation

Matt Eckl, CFO

• 20 years experience in Finance, IT, and Process roles including FP&A, Audit, Ops Finance, M&A, and Project Management
• Several roles of elevating responsibility at General Electric and Gardner Denver
• 5 Years at CECO Environmental as CFO. Responsibilities and focus have transitioned from Foundational Finance & Business
Process to Operational/COO and now to M&A

Ramesh Nuggihalli, COO

• 30+ years industry experience, working in 25+ countries across Power Generation, O&G, process and Water markets
• President and Managing Director of Xylem Asia, based in Singapore, serving the Water sector.
• Managing Director of Pentair Middle East, based in Dubai UAE, serving the Energy sector
• Executive leadership roles at multi-national corporations: Tyco, Ametek, General Electric, Babcock & Wilcox and SNC-Lavalin

22
Ensuring a “Sustainable Future” for CECO is important for all Stakeholders

ESG Actions Taken: Progress To-Date:

❑ Social (Score 8 → 2)
✓ ESG Steering Co. setup in 2021 … Cross Functional ✓Policies issued (Human Rights, Code of Business Conduct, etc.

✓ Engaged 3rd party to kick-off our ESG journey in Q2’21 ❑ Environmental (Score 10 → 9)
✓Environmental Policy issued
▪ Gathering data on metrics (GHG, water use, waste /recycling)
✓ Launched CECOenviro.com/ESG in Q3’21
❑ Governance (Score 5 → 5)
❑ Publishing Inaugural ESG Report in Early 2022 ✓New NASDAQ/SEC board diversity disclosure… CECO in compliance!
▪ Outline ESG process, scope, and materiality
▪ Commitment to People: Safety and DE&I
▪ Commitment to the Environment: GHG & Energy CECOenviro.com/ESG
▪ Commitment to Sound Business: Governance ISS Scores:

Significant Progress in Improving CECO’s ESG Score…

while focusing on “Sustainable Future” for CECO

CONFIDENTIAL CECO ENVIRONMENTAL 23

Revenue excluding Acquisitions & Divestitures

(dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual

2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021
Revenue as report in accordance with GAAP $ 341.9 $ 80.5 $ 75.2 $ 77.4 $ 82.9 $ 316.0 $ 71.9 $ 78.7 $ 80.0 $ 93.6 $ 324.2
Less revenue attributable to divestitures $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Less revenue attributable to acquisitions and joint ventures $ - $ - $ (0.5) $ (5.9) $ (2.3) $ (8.7) $ (2.7) $ (5.5) $ (5.7) $ (6.0) $ (19.9)
Organic Revenue $ 341.9 $ 80.5 $ 74.7 $ 71.5 $ 80.6 $ 307.3 $ 69.2 $ 73.2 $ 74.3 $ 87.6 $ 304.3

NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year.

24
Non-GAAP Gross Profit and Margin

(dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual

2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021
Gross Profit as report in accordance with GAAP $ 114.1 $ 28.3 $ 25.8 $ 24.8 $ 26.2 $ 105.1 $ 24.4 $ 25.3 $ 22.7 $ 28.5 $ 100.9
Gross Profit margin in accordance with GAAP 33.4% 35.2% 34.3% 32.0% 31.6% 33.3% 33.9% 32.1% 28.4% 30.4% 31.1%
Legacy design repairs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventory valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
PP&E valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Non-GAAP Gross profit $ 114.1 $ 28.3 $ 25.8 $ 24.8 $ 26.2 $ 105.1 $ 24.4 $ 25.3 $ 22.7 $ 28.5 $ 100.9
Non-GAAP Gross profit margin 33.4% 35.2% 34.3% 32.0% 31.6% 33.3% 33.9% 32.1% 28.4% 30.4% 31.1%

NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year.

25
Non-GAAP Operating Income and Margin

(dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual

2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021
Operating Income as report in accordance with GAAP $ 18.0 $ 4.2 $ 4.4 $ 1.0 $ 3.7 $ 13.3 $ 3.1 $ 2.1 $ (0.6) $ 5.3 $ 9.9
Operating margin in accordance with GAAP 5.3% 5.2% 5.9% 1.3% 4.5% 4.2% 4.3% 2.7% -0.8% 5.7% 3.1%
Legacy design repairs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventory valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
PP&E valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Gain on insurance settlement $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Acquisition and integration expenses $ 0.5 $ - $ 0.7 $ 0.4 $ 0.3 $ 1.4 $ 0.1 $ - $ 0.2 $ 0.5 $ 0.8
Amortization $ 8.6 $ 1.7 $ 1.8 $ 2.0 $ 2.0 $ 7.5 $ 1.7 $ 1.7 $ 1.7 $ 1.6 $ 6.7
Earn-out and retention expenses $ - $ - $ - $ 0.1 $ 1.3 $ 1.4 $ 0.1 $ 0.6 $ 0.1 $ 0.3 $ 1.1
Intangible asset impairment $ - $ - $ - $ - $ 0.9 $ 0.9 $ - $ - $ - $ - $ -
(Gain) Loss on divestitures, net of selling costs $ 0.1 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Restructuring expense (income) $ 1.0 $ 0.4 $ 0.5 $ 0.9 $ 0.6 $ 2.4 $ - $ 0.3 $ 0.4 $ - $ 0.6
Executive transition expenses $ - $ - $ - $ 1.5 $ - $ 1.5 $ - $ - $ - $ - $ -
Facility exit expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Legal reserves $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Non-GAAP operating Income $ 28.2 $ 6.3 $ 7.4 $ 5.9 $ 8.8 $ 28.4 $ 5.0 $ 4.7 $ 1.8 $ 7.7 $ 19.1
Non-GAAP Operating margin 8.2% 7.8% 9.8% 7.6% 10.6% 9.0% 7.0% 6.0% 2.3% 8.2% 5.9%

NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year.
26
Non-GAAP Net Income, Adjusted EBITDA and Margin
(dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual
2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021
Net Income (loss) as report in accordance with GAAP $ 17.7 $ 3.4 $ 3.3 $ (0.2) $ 1.8 $ 8.3 $ 1.2 $ 0.3 $ (1.2) $ 1.2 $ 1.4
Legacy design repairs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inventory valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
PP&E valuation adjustment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Gain on insurance settlement $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Acquisition and integration expenses $ 0.5 $ - $ 0.7 $ 0.4 $ 0.3 $ 1.4 $ 0.1 $ - $ 0.2 $ 0.5 $ 0.8
Amortization $ 8.6 $ 1.7 $ 1.8 $ 2.0 $ 2.0 $ 7.5 $ 1.7 $ 1.7 $ 1.7 $ 1.6 $ 6.7
Earn-out and retention expenses $ - $ - $ - $ 0.1 $ 1.3 $ 1.4 $ 0.1 $ 0.6 $ 0.1 $ 0.3 $ 1.1
Intangible asset impairment $ - $ - $ - $ - $ 0.9 $ 0.9 $ - $ - $ - $ - $ -
(Gain) Loss on divestitures, net of selling costs $ 0.1 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Restructuring expense (income) $ 1.0 $ 0.4 $ 0.5 $ 0.9 $ 0.6 $ 2.4 $ - $ 0.3 $ 0.4 $ - $ 0.6
Executive transition expenses $ - $ - $ - $ 1.5 $ - $ 1.5 $ - $ - $ - $ - $ -
Facility exit expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Legal reserves $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred financing fee adjustment $ 0.4 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Foreign currency remeasurement $ (0.5) $ 0.5 $ (0.6) $ 0.4 $ - $ 0.3 $ 0.6 $ 1.1 $ (0.1) $ 0.5 $ 2.0
Tax benefit of expenses $ (2.5) $ (0.7) $ (0.6) $ (1.3) $ (1.3) $ (3.9) $ (0.6) $ (0.9) $ (0.6) $ (0.7) $ (2.8)
Zhongli Tax benefit $ (4.4) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Non-GAAP net income $ 20.9 $ 5.3 $ 5.1 $ 3.8 $ 5.6 $ 19.8 $ 3.1 $ 3.1 $ 0.5 $ 3.4 $ 9.8
Depreciation $ 2.2 $ 0.5 $ 0.6 $ 0.6 $ 0.6 $ 2.3 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 3.2
Non-cash stock compensation $ 2.8 $ 0.6 $ 0.2 $ 0.7 $ 0.5 $ 2.0 $ 0.7 $ 0.9 $ 0.9 $ 0.9 $ 3.3
Other (income)/expense $ (0.3) $ (1.5) $ 0.2 $ (0.1) $ (1.0) $ (2.4) $ (0.1) $ (0.2) $ (0.1) $ 0.6 $ 0.2
Interest expense $ 5.0 $ 1.0 $ 0.9 $ 0.8 $ 0.8 $ 3.5 $ 0.7 $ 0.7 $ 0.7 $ 0.8 $ 3.0
Income tax expense $ 2.4 $ 1.5 $ 1.2 $ 1.5 $ 3.4 $ 7.6 $ 1.2 $ 1.1 $ 0.7 $ 2.6 $ 5.5

Adjusted EBITDA $ 33.0 $ 7.4 $ 8.2 $ 7.3 $ 9.9 $ 32.8 $ 6.4 $ 6.4 $ 3.5 $ 9.1 $ 25.0
Non-GAAP Operating margin 9.7% 9.2% 10.9% 9.4% 11.9% 10.4% 8.9% 8.1% 4.4% 9.7% 7.7%

Basic Shares Outstanding 34,987,878 35,155,377 35,275,729 35,358,913 35,366,837 35,289,616 35,396,705 35,491,725 35,472,298 35,399,724 35,345,785
Diluted Shares Outstanding 35,484,273 35,394,865 35,410,182 35,358,913 35,655,014 35,520,670 35,774,208 35,819,269 35,472,298 35,537,136 35,594,779

Earnings (loss) per share:

Basic $ 0.51 $ 0.10 $ 0.09 $ (0.01) $ 0.05 $ 0.24 $ 0.03 $ 0.01 $ (0.03) $ 0.03 $ 0.04
Diluted $ 0.50 $ 0.10 $ 0.09 $ (0.01) $ 0.05 $ 0.23 $ 0.03 $ 0.01 $ (0.03) $ 0.03 $ 0.04

Non-GAAP earnings per share:

Basic $ 0.60 $ 0.15 $ 0.14 $ 0.11 $ 0.16 $ 0.56 $ 0.09 $ 0.09 $ 0.01 $ 0.10 $ 0.28
Diluted $ 0.59 $ 0.15 $ 0.14 $ 0.11 $ 0.16 $ 0.56 $ 0.09 $ 0.09 $ 0.01 $ 0.10 $ 0.28

NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year.
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Adjusted Free Cash Flow

(dollars in millions) Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual

2019 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021
Net Cash provided by operating activities $ 10.2 $ 7.0 $ (4.9) $ 7.0 $ (4.7) $ 4.4 $ 9.9 $ (5.8) $ 6.1 $ 3.1 $ 13.3
Add: earn-outs classified as operating $ - $ - $ - $ - $ - $ - $ - $ - $ 0.6 $ - $ 0.6
Capital Expenditures $ (5.6) $ (1.0) $ (1.0) $ (0.9) $ (1.0) $ (3.9) $ (0.5) $ (0.5) $ (0.7) $ (0.9) $ (2.6)

Adjusted Free Cash Flow $ 4.6 $ 6.0 $ (5.9) $ 6.1 $ (5.7) $ 0.5 $ 9.4 $ (6.3) $ 6.0 $ 2.2 $ 11.3

TTM Adjusted FCF $ 4.6 $ 24.8 $ 17.2 $ 15.1 $ 0.5 $ 0.5 $ 3.9 $ 3.5 $ 3.4 $ 11.3 $ 11.3
TTM EBITDA $ 33.0 $ 31.9 $ 34.1 $ 33.0 $ 32.8 $ 32.8 $ 31.8 $ 30.0 $ 26.2 $ 25.0 $ 25.0
TTM FCF / EBITDA conversion 13.9% 77.7% 50.4% 45.8% 1.5% 1.5% 12.3% 11.7% 13.0% 45.2% 45.2%

NOTE: Amounts are computed independently each quarter. Accordingly, the sum of each quarter’s amounts may not equal the total amounts for the respective year.

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