Applied Industrial Technologies Inc 10-Q for FY2025 Q1

Applied Industrial Technologies Inc (AIT)

10-Q 2024-10-25 For: 2024-09-30

Added on April 10, 2026

About this 10-Q

Applied Industrial Technologies Inc filed this 10-Q on October 25, 2024, covering the quarter ended September 30, 2024 (FY2025 Q1).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.1B; up 0.3% from $1.1B a year earlier
Net income: $92.06M; down 1.9% from net income of $93.83M a year earlier
Diluted EPS: $2.36; down 1.3% from $2.39 a year earlier

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Ohio			34-0117420
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

One Applied Plaza	Cleveland	Ohio	44115
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, without par value	AIT	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


	Three Months Ended
	September 30,
	2024		2023
Net sales	$	1,098,944	$	1,095,188
Cost of sales	773,862		770,106
Gross profit	325,082		325,082
Selling, distribution and administrative expense, including depreciation	211,910		204,402

Operating income	113,172		120,680
Interest (income) expense, net	(627)		1,320
Other (income) expense, net	(2,281)		431
Income before income taxes	116,080		118,929
Income tax expense	24,017		25,103
Net income	$	92,063	$	93,826
Net income per share - basic	$	2.40	$	2.42
Net income per share - diluted	$	2.36	$	2.39
Weighted average common shares outstanding for basic computation	38,398		38,700
Dilutive effect of potential common shares	546		610
Weighted average common shares outstanding for diluted computation	38,944		39,310


	Three Months Ended
	September 30,
	2024		2023
Net income per the condensed statements of consolidated income	$	92,063	$	93,826

Other comprehensive loss, before tax:
Foreign currency translation adjustments	(2,266)		(6,270)
Post-employment benefits:
Reclassification of net actuarial gains and prior service cost into other (income) expense, net and included in net periodic pension costs	(5)		(30)


Unrealized (loss) gain on cash flow hedge	(4,159)		3,634
Reclassification of interest from cash flow hedge into interest (income) expense, net	(4,691)		(4,638)
Total other comprehensive loss, before tax	(11,121)		(7,304)
Income tax benefit related to items of other comprehensive loss	(2,179)		(230)
Other comprehensive loss, net of tax	(8,942)		(7,074)
Comprehensive income, net of tax	$	83,121	$	86,752


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	September 30, 2024		June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$	538,520	$	460,617
Accounts receivable, net	691,512		724,878
Inventories	497,568		488,258
Other current assets	81,950		96,148
Total current assets	1,809,550		1,769,901
Property, less accumulated depreciation of $247,597 and $244,640	119,061		118,527
Operating lease assets, net	145,043		133,289
Identifiable intangibles, net	242,744		245,870
Goodwill	624,217		619,395
Other assets	62,596		64,928
TOTAL ASSETS	$	3,003,211	$	2,951,910

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	265,136	$	266,949
Current portion of long-term debt	25,003		25,055
Compensation and related benefits	69,505		93,204
Other current liabilities	118,656		115,892
Total current liabilities	478,300		501,100
Long-term debt	572,288		572,279
Other liabilities	200,546		189,750
TOTAL LIABILITIES	1,251,134		1,263,129
Shareholders’ equity
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding	—		—
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued	10,000		10,000
Additional paid-in capital	191,325		193,778
Retained earnings	2,213,868		2,121,838
Treasury shares—at cost (15,767 and 15,804 shares, respectively)	(576,608)		(559,269)
Accumulated other comprehensive loss	(86,508)		(77,566)
TOTAL SHAREHOLDERS’ EQUITY	1,752,077		1,688,781
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,003,211	$	2,951,910


For the Period Ended September 30, 2024	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balance at June 30, 2024	38,409	$	10,000	$	193,778	$	2,121,838	$	(559,269)	$	(77,566)	$	1,688,781
Net income						92,063						92,063
Other comprehensive loss										(8,942)		(8,942)

Cash dividends — $0.37 per share						(9)						(9)
Purchases of common stock for treasury	(52)							(10,479)				(10,479)
Treasury shares issued for:
Exercise of stock appreciation rights	19			(1,106)				(1,339)				(2,445)
Performance share awards	34			(2,213)				(3,294)				(5,507)
Restricted stock units	37			(2,123)				(2,136)				(4,259)
Compensation expense — stock appreciation rights				1,326								1,326
Other share-based compensation expense				1,675								1,675
Other	(1)			(12)		(24)		(91)				(127)
Balance at September 30, 2024	38,446	$	10,000	$	191,325	$	2,213,868	$	(576,608)	$	(86,508)	$	1,752,077


For the Period Ended September 30, 2023	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balance at June 30, 2023	38,657	$	10,000	$	188,646	$	1,792,632	$	(477,545)	$	(55,296)	$	1,458,437
Net income						93,826						93,826
Other comprehensive loss										(7,074)		(7,074)
Cash dividends — $0.35 per share						(23)						(23)

Treasury shares issued for:
Exercise of stock appreciation rights	32			(1,681)				(1,912)				(3,593)
Performance share awards	54			(3,072)				(3,487)				(6,559)
Restricted stock units	13			(726)				(910)				(1,636)
Compensation expense — stock appreciation rights				844								844
Other share-based compensation expense				1,976								1,976
Other	(1)			(1)		(3)		(78)				(82)
Balance at September 30, 2023	38,755	$	10,000	$	185,986	$	1,886,432	$	(483,932)	$	(62,370)	$	1,536,116


	Three Months Ended September 30,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	625,682	$	331,551	$	957,233	$	617,262	$	342,096	$	959,358
Canada	71,476		—		71,476		75,300		—		75,300
Other countries	52,581		17,654		70,235		53,971		6,559		60,530
Total	$	749,739	$	349,205	$	1,098,944	$	746,533	$	348,655	$	1,095,188


	September 30, 2024		June 30, 2024		$ Change		% Change
Contract assets	$	12,543	$	12,648	$	(105)	(0.8)	%


September 30, 2024	Amount		Accumulated Amortization		Net Book Value
Finite-Lived Identifiable Intangibles:
Customer relationships	$	397,076	$	211,513	$	185,563
Trade names	88,836		36,399		52,437

Other	6,582		1,838		4,744
Total Identifiable Intangibles	$	492,494	$	249,750	$	242,744


	Acquisition Cost Allocation		Weighted-Average life
Customer relationships	$	2,738	20.0

Other	1,725		15.0
Total Identifiable Intangibles	$	4,463	18.1


	September 30, 2024		June 30, 2024
Revolving credit facility	$	384,000	$	384,000
Trade receivable securitization facility	188,300		188,300
Series E notes	25,000		25,000
Other	42		105
Total debt	$	597,342	$	597,405
Less: unamortized debt issuance costs	51		71
	$	597,291	$	597,334


	Three Months Ended
	September 30,
	2024		2023
Cash Flows from Operating Activities
Net income	$	92,063	$	93,826
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property	5,924		5,717
Amortization of intangibles	7,600		7,393
Provision for losses on accounts receivable	1,056		867
Amortization of stock appreciation rights and options	1,326		844

Other share-based compensation expense	1,675		1,976
Changes in operating assets and liabilities, net of acquisitions	16,587		(45,245)
Other, net	1,516		831
Net Cash provided by Operating Activities	127,747		66,209
Cash Flows from Investing Activities
Net cash paid for acquisitions, net of cash acquired	(10,498)		(21,440)

Capital expenditures	(5,549)		(4,340)
Proceeds from property sales	831		123

Net Cash used in Investing Activities	(15,216)		(25,657)
Cash Flows from Financing Activities


Long-term debt repayments	(63)		(62)

Purchases of treasury shares	(9,980)		—
Interest rate swap settlement receipts	3,738		3,558
Dividends paid	(14,218)		(13,551)
Acquisition holdback payments	(1,210)		(562)

Taxes paid for shares withheld for equity awards	(12,314)		(11,866)
Net Cash used in Financing Activities	(34,047)		(22,483)
Effect of Exchange Rate Changes on Cash	(581)		(1,690)
Increase in Cash and Cash Equivalents	77,903		16,379
Cash and Cash Equivalents at Beginning of Period	460,617		344,036
Cash and Cash Equivalents at End of Period	$	538,520	$	360,415


	Three Months Ended September 30,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	35.2	%	39.0	%	36.4	%	34.7	%	37.4	%	35.5	%
Industrial Machinery	8.1	%	22.6	%	12.5	%	8.9	%	25.2	%	14.1	%
Food	15.3	%	3.1	%	11.5	%	13.7	%	3.0	%	10.3	%
Metals	11.2	%	8.2	%	10.3	%	10.7	%	8.1	%	9.9	%
Forest Products	11.8	%	3.2	%	9.2	%	12.5	%	3.8	%	9.7	%
Chem/Petrochem	2.9	%	16.2	%	6.9	%	2.7	%	16.1	%	7.0	%
Cement & Aggregate	7.3	%	1.3	%	5.5	%	7.1	%	1.2	%	5.2	%
Transportation	3.8	%	4.7	%	4.1	%	3.7	%	3.6	%	3.7	%
Oil & Gas	4.4	%	1.7	%	3.6	%	6.0	%	1.6	%	4.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Three Months Ended September 30,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.9	%	11.0	%	29.7	%	37.6	%	10.1	%	28.9	%
General MRO & Other	22.2	%	18.1	%	20.8	%	21.3	%	16.3	%	19.8	%
Fluid Power	13.9	%	33.8	%	20.0	%	14.1	%	38.7	%	21.9	%
Bearings, Linear & Seals	26.0	%	0.5	%	18.2	%	27.0	%	0.5	%	18.5	%
Specialty Flow Control	—	%	36.6	%	11.3	%	—	%	34.4	%	10.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


Three Months Ended	Service Center Based Distribution		Engineered Solutions		Total
September 30, 2024
Net sales	$	749,739	$	349,205	$	1,098,944
Operating income for reportable segments	94,627		48,145		142,772
Assets used in the segment	1,894,467		1,108,744		3,003,211
Depreciation and amortization of property	4,419		1,505		5,924
Capital expenditures	4,435		1,114		5,549

September 30, 2023
Net sales	$	746,533	$	348,655	$	1,095,188
Operating income for reportable segments	96,881		49,595		146,476
Assets used in the segment	1,749,309		1,001,202		2,750,511
Depreciation and amortization of property	4,436		1,281		5,717
Capital expenditures	3,634		706		4,340


	Three Months Ended September 30, 2024
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total accumulated other comprehensive loss
Balance at June 30, 2024	$	(95,566)	$	(391)	$	18,391	$	(77,566)
Other comprehensive loss	(2,256)		—		(3,141)		(5,397)
Amounts reclassified from accumulated other comprehensive loss	—		(3)		(3,542)		(3,545)

Net current-period other comprehensive loss	(2,256)		(3)		(6,683)		(8,942)
Balance at September 30, 2024	$	(97,822)	$	(394)	$	11,708	$	(86,508)


	Three Months Ended September 30, 2023
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total accumulated other comprehensive loss
Balance at June 30, 2023	$	(83,099)	$	(197)	$	28,000	$	(55,296)
Other comprehensive (loss) income	(6,292)		—		2,744		(3,548)
Amounts reclassified from accumulated other comprehensive loss	—		(24)		(3,502)		(3,526)
Net current-period other comprehensive loss	(6,292)		(24)		(758)		(7,074)
Balance at September 30, 2023	$	(89,391)	$	(221)	$	27,242	$	(62,370)


	Index Reading
Month	MCU	PMI	IP
September 2024	77.5	47.2	99.1
August 2024	77.8	47.2	99.5
July 2024	77.6	46.8	99.0
June 2024	78.2	48.5	99.5


	Three Months Ended September 30,				Change in $'s Versus Prior Period - % Increase
	As a Percent of Net Sales
	2024		2023
Net sales	100.0	%	100.0	%	0.3	%
Gross profit	29.6	%	29.7	%	—	%
Selling, distribution & administrative expense	19.3	%	18.7	%	3.7	%
Operating income	10.3	%	11.0	%	(6.2)	%
Net income	8.4	%	8.6	%	(1.9)	%


Sales by Reportable Segment	Three Months Ended September 30,				Sales Increase		Amount of change due to
	Three Months Ended September 30,								Foreign Currency		Organic Change
	2024		2023				Acquisitions		Foreign Currency		Organic Change
Service Center Based Distribution	$	749.7	$	746.5	$	3.2	$	5.5	$	(3.5)	$	1.2
Engineered Solutions	349.2		348.6		0.6		16.5		—		(15.9)
Total	$	1,098.9	$	1,095.1	$	3.8	$	22.0	$	(3.5)	$	(14.7)


	Three Months Ended September 30,				Sales (Decrease) Increase		Amount of change due to
	Three Months Ended September 30,								Foreign Currency		Organic Change
Sales by Geographic Area	2024		2023				Acquisitions		Foreign Currency		Organic Change
United States	$	957.2	$	959.3	$	(2.1)	$	10.1	$	—	$	(12.2)
Canada	71.5		75.3		(3.8)		—		(1.3)		(2.5)
Other countries	70.2		60.5		9.7		11.9		(2.2)		—
Total	$	1,098.9	$	1,095.1	$	3.8	$	22.0	$	(3.5)	$	(14.7)


	Three Months Ended September 30,				SD&A Increase		Amount of change due to
	Three Months Ended September 30,								Foreign Currency		Organic Change
	2024		2023				Acquisitions		Foreign Currency		Organic Change
SD&A	$	211.9	$	204.4	$	7.5	$	6.6	$	(0.7)	$	1.6


	Three Months Ended September 30,
Net Cash Provided by (Used in):	2024		2023
Operating Activities	$	127,747	$	66,209
Investing Activities	(15,216)		(25,657)
Financing Activities	(34,047)		(22,483)
Exchange Rate Effect	(581)		(1,690)
Increase in Cash and Cash Equivalents	$	77,903	$	16,379


	September 30,			June 30,
	2024			2024
Accounts receivable, gross	$	704,683		$	737,941
Less: allowance for doubtful accounts	13,171			13,063
Accounts receivable, net	$	691,512		$	724,878
Allowance for doubtful accounts, % of gross receivables	1.9		%	1.8		%

	Three Months Ended September 30,
	2024			2023
Provision for losses on accounts receivable	$	1,056		$	867
Provision as a % of net sales	0.10		%	0.08		%


Period	(a) Total Number of Shares	(b) Average Price Paid per Share ($)	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) (2)
July 1, 2024 to July 31, 2024	52,000	$191.92	52,000	1,050,000
August 1, 2024 to August 31, 2024	0	$0.00	0	1,050,000
September 1, 2024 to September 30, 2024	0	$0.00	0	1,050,000
Total	52,000	$191.92	52,000	1,050,000


Exhibit No.						Description
3.1						Amended and Restated Articles of Incorporation of Applied Industrial Technologies, Inc., as amended on October 25, 2005 (filed as Exhibit 3(a) to the Company’s Form 10-Q for the quarter ended December 31, 2005, SEC File No. 1-2299, and incorporated here by reference).

3.2						Code of Regulations of Applied Industrial Technologies, Inc., as amended on October 19, 1999 (filed as Exhibit 3(b) to the Company’s Form 10-Q for the quarter ended September 30, 1999, SEC File No. 1-2299, and incorporated here by reference).

4.1						Certificate of Merger of Bearings, Inc. (Ohio) (now named Applied Industrial Technologies, Inc.) and Bearings, Inc. (Delaware) filed with the Ohio Secretary of State on October 18, 1988, including an Agreement and Plan of Reorganization dated September 6, 1988 (filed as Exhibit 4(a) to the Company’s Registration Statement on Form S-4 filed May 23, 1997, Registration No. 333-27801, and incorporated here by reference).


4.2						Amended and Restated Note Purchase and Private Shelf Agreement dated as of October 30, 2019, between Applied and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), and certain of its affiliates (filed as Exhibit 10.1 to the Company's Form 8-K filed November 5, 2019, SEC File No. 1-2299, and incorporated here by reference).

4.3						Amendment No. 1 to Amended and Restated Note Purchase and Private Shelf Agreement dated as of March 26, 2021 between Applied Industrial Technologies, Inc. and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), and certain of its affiliates (filed as Exhibit 4.3 to Applied's Form 10-Q for the quarter ended March 31, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.4						Amendment No. 2 to Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 9, 2021, between Applied and PGIM, Inc., (filed as Exhibit 10.2 to the Company's Form 8-K filed December 14, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.5						Amendment No. 3 to Amended and Restated Note Purchase and Private Shelf Agreement, dated October 28, 2022, between Applied and PGIM, Inc., (filed as Exhibit 10.1 to the Company's Form 8-K filed November 1, 2022, SEC File No. 1-2299, and incorporated here by reference).

4.6						Credit Agreement dated as of December 9, 2021, among Applied Industrial Technologies, Inc., KeyBank National Association as Agent, and various financial institutions, (filed as Exhibit 10.1 to the Company's Form 8-K filed December 14, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.7						First Amendment Agreement, dated as of May 12, 2023, among Applied Industrial Technologies, Inc., KeyBank National Association as Agent, and the Lenders set forth therein (filed as Exhibit 4.7 to Applied’s Form 10-K for the fiscal year ended June 30, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.8						Receivables Financing Agreement dated as of August 31, 2018 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to the Company's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference).

4.9						Amendment No. 1 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of March 26, 2021 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.2 to Applied's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.10						Amendment No. 2 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of May 12, 2023, by and among AIT Receivables, LLC, Applied Industrial Technologies, Inc., PNC Bank, National Association, Regions Bank, and PNC Capital Markets LLC (filed as Exhibit 4.10 to Applied’s Form 10-K for the fiscal year ended June 30, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.11						Purchase and Sale Agreement dated as of August 31, 2018 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to Applied's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference).

4.12						Amendment No. 1 to Purchase and Sale Agreement dated as of November 19, 2018 among Applied Industrial Technologies, Inc. and various of its affiliates, as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 4.10 to Applied's Form 10-Q for the quarter ended March 31, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.13						Amendment No. 2 to Purchase and Sale Agreement dated as of March 26, 2021, among various entities listed on Schedule 1 thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc, as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to Applied's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference).

4.14						Amendment No. 3 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of August 6, 2023 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent, and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference).

4.15						Amendment No. 3 to Purchase and Sale Agreement dated as of August 4, 2023 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference).

*10.1						Restricted Stock Units Terms and Conditions (August 2024 revision) (filed as Exhibit 10.18 to Applied's Form 10-K filed August 16, 2024, SEC File No. 1-2299, and incorporated here by reference).


*10.2						Performance Shares Terms and Conditions (August 2024 revision) (filed as Exhibit 10.19 to Applied's Form 10-K filed August 16, 2024, SEC File No. 1-2299, and incorporated here by reference).

*10.3						Stock Appreciation Rights Award Terms and Conditions (August 2024 revision) (filed as Exhibit 10.20 to Applied's Form 10-K filed August 16, 2024, SEC File No. 1-2299, and incorporated here by reference).

31						Rule 13a-14(a)/15d-14(a) certifications

32						Section 1350 certifications

101						The following financial information from Applied Industrial Technologies Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Statements of Consolidated Income, (ii) the Condensed Statements of Consolidated Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Statements of Consolidated Cash Flows, (v) the Condensed Statements of Shareholders' Equity, and (vi) the Notes to Condensed Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		APPLIED INDUSTRIAL TECHNOLOGIES, INC.
		(Company)

Date:	October 25, 2024	By: /s/ Neil A. Schrimsher
		Neil A. Schrimsher
		President & Chief Executive Officer


Date:	October 25, 2024	By: /s/ David K. Wells
		David K. Wells
		Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer


Date: October 25, 2024			By: /s/ Neil A. Schrimsher
			Neil A. Schrimsher
			President & Chief Executive Officer



/s/ Neil A. Schrimsher						/s/ David K. Wells
Neil A. Schrimsher						David K. Wells
President & Chief Executive Officer						Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer

Date: October 25, 2024