Applied Industrial Technologies Inc 10-Q for FY2024 Q3

Applied Industrial Technologies Inc (AIT)

10-Q 2024-04-26 For: 2024-03-31

Added on April 10, 2026

About this 10-Q

Applied Industrial Technologies Inc filed this 10-Q on April 26, 2024, covering the quarter ended March 31, 2024 (FY2024 Q3).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.15B; up 1.3% from $1.13B a year earlier
Net income: $97.22M; unchanged from net income of $97.19M a year earlier
Diluted EPS: $2.48; up 0.4% from $2.47 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				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Net sales	$	1,146,390	$	1,132,035	$	3,318,731	$	3,254,720
Cost of sales	808,144		798,917		2,338,313		2,306,314
Gross profit	338,246		333,118		980,418		948,406
Selling, distribution and administrative expense, including depreciation	217,040		206,207		623,938		602,070

Operating income	121,206		126,911		356,480		346,336
Interest expense, net	265		4,773		3,502		17,438
Other (income) expense, net	(1,724)		(142)		(4,217)		1,624
Income before income taxes	122,665		122,280		357,195		327,274
Income tax expense	25,448		25,093		74,924		72,750
Net income	$	97,217	$	97,187	$	282,271	$	254,524
Net income per share - basic	$	2.51	$	2.52	$	7.29	$	6.60
Net income per share - diluted	$	2.48	$	2.47	$	7.18	$	6.49
Weighted average common shares outstanding for basic computation	38,675		38,617		38,707		38,574
Dilutive effect of potential common shares	577		651		584		629
Weighted average common shares outstanding for diluted computation	39,252		39,268		39,291		39,203


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Net income per the condensed statements of consolidated income	$	97,217	$	97,187	$	282,271	$	254,524

Other comprehensive income, before tax:
Foreign currency translation adjustments	(5,112)		5,763		(1,685)		255
Post-employment benefits:
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs	(30)		9		(90)		27
Termination of pension plan	—		—		—		1,031

Unrealized gain (loss) on cash flow hedge	5,105		(2,309)		4,203		10,549
Reclassification of interest from cash flow hedge into interest expense, net	(4,671)		(3,036)		(14,024)		(2,955)
Total other comprehensive (loss) income, before tax	(4,708)		427		(11,596)		8,907
Income tax expense (benefit) related to items of other comprehensive income	135		(1,315)		(2,403)		2,256
Other comprehensive (loss) income, net of tax	(4,843)		1,742		(9,193)		6,651
Comprehensive income, net of tax	$	92,374	$	98,929	$	273,078	$	261,175


☒			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


	March 31, 2024		June 30, 2023
ASSETS
Current assets
Cash and cash equivalents	$	456,533	$	344,036
Accounts receivable, net	710,195		708,395
Inventories	503,910		501,184
Other current assets	97,044		93,192
Total current assets	1,767,682		1,646,807
Property, less accumulated depreciation of $242,620 and $229,041	115,325		115,041
Operating lease assets, net	95,569		100,677
Identifiable intangibles, net	220,840		235,549
Goodwill	588,713		578,418
Other assets	66,814		66,840
TOTAL ASSETS	$	2,854,943	$	2,743,332

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	271,185	$	301,685
Current portion of long-term debt	25,107		25,170
Compensation and related benefits	75,443		98,740
Other current liabilities	96,671		114,749
Total current liabilities	468,406		540,344
Long-term debt	571,862		596,926
Other liabilities	145,651		147,625
TOTAL LIABILITIES	1,185,919		1,284,895
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	191,133		188,646
Retained earnings	2,046,956		1,792,632
Treasury shares—at cost (15,573 and 15,556 shares, respectively)	(514,576)		(477,545)
Accumulated other comprehensive loss	(64,489)		(55,296)
TOTAL SHAREHOLDERS’ EQUITY	1,669,024		1,458,437
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,854,943	$	2,743,332


For the Period Ended March 31, 2024	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Income (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 and options	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 and options				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
Net income						91,228						91,228
Other comprehensive income										2,724		2,724

Cash dividends — $0.35 per share						(13,607)						(13,607)
Purchases of common stock for treasury	(63)							(10,677)				(10,677)
Treasury shares issued for:
Exercise of stock appreciation rights and options	11			(391)				(335)				(726)

Restricted stock units	1			(86)				(108)				(194)
Compensation expense — stock appreciation rights and options				866								866
Other share-based compensation expense				2,261								2,261
Other	1					37						37
Balance at December 31, 2023	38,705	$	10,000	$	188,636	$	1,964,090	$	(495,052)	$	(59,646)	$	1,608,028
Net income						97,217						97,217
Other comprehensive loss										(4,843)		(4,843)

Cash dividends — $0.37 per share						(14,360)						(14,360)
Purchases of common stock for treasury	(100)							(18,198)				(18,198)
Treasury shares issued for:
Exercise of stock appreciation rights and options	27			(1,365)				(1,495)				(2,860)

Restricted stock units	1			(47)				(53)				(100)
Compensation expense — stock appreciation rights and options				860								860
Other share-based compensation expense				3,271								3,271
Other	7			(222)		9		222				9
Balance at March 31, 2024	38,640	$	10,000	$	191,133	$	2,046,956	$	(514,576)	$	(64,489)	$	1,669,024


For the Period Ended March 31, 2023	Shares of Common Stock Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Shares- at Cost		Accumulated Other Comprehensive Income (Loss)		Total Shareholders' Equity
Balance at June 30, 2022	38,499	$	10,000	$	183,822	$	1,499,676	$	(471,848)	$	(72,295)	$	1,149,355
Net income						76,880						76,880
Other comprehensive loss										(1,635)		(1,635)

Cash dividends — $0.34 per share
Purchases of common stock for treasury	(8)							(716)				(716)
Treasury shares issued for:
Exercise of stock appreciation rights and options	21			(860)				(366)				(1,226)
Performance share awards	23			(1,290)				(758)				(2,048)
Restricted stock units	33			(1,668)				(902)				(2,570)
Compensation expense — stock appreciation rights and options				1,424								1,424
Other share-based compensation expense				1,939								1,939
Other	3			(19)		(5)		61				37
Balance at September 30, 2022	38,571	$	10,000	$	183,348	$	1,576,551	$	(474,529)	$	(73,930)	$	1,221,440
Net income						80,457						80,457
Other comprehensive income										6,544		6,544

Cash dividends — $0.34 per share						(13,175)						(13,175)

Treasury shares issued for:
Exercise of stock appreciation rights and options	28			(1,061)				(878)				(1,939)


Compensation expense — stock appreciation rights and options				447								447
Other share-based compensation expense				2,062								2,062
Other				(1)		41						40
Balance at December 31, 2022	38,599	$	10,000	$	184,795	$	1,643,874	$	(475,407)	$	(67,386)	$	1,295,876
Net income						97,187						97,187
Other comprehensive income										1,742		1,742
Cash dividends — $0.35 per share						(13,562)						(13,562)
Treasury shares issued for:
Exercise of stock appreciation rights and options	40			(2,173)				(2,401)				(4,574)
Restricted stock units	1			(44)				(30)				(74)
Compensation expense — stock appreciation rights and options				451								451
Other share-based compensation expense				3,418								3,418
Other	14			(260)		35		421				196
Balance at March 31, 2023	38,654	$	10,000	$	186,187	$	1,727,534	$	(477,417)	$	(65,644)	$	1,380,660


	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	666,170	$	350,997	$	1,017,167	$	628,816	$	363,945	$	992,761
Canada	73,388		—		73,388		80,133		—		80,133
Other countries	49,798		6,037		55,835		52,650		6,491		59,141
Total	$	789,356	$	357,034	$	1,146,390	$	761,599	$	370,436	$	1,132,035


	Nine Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	1,885,915	$	1,035,262	$	2,921,177	$	1,795,148	$	1,048,299	$	2,843,447
Canada	225,858		—		225,858		234,605		—		234,605
Other countries	153,389		18,307		171,696		155,226		21,442		176,668
Total	$	2,265,162	$	1,053,569	$	3,318,731	$	2,184,979	$	1,069,741	$	3,254,720


	March 31, 2024		June 30, 2023		$ Change		% Change
Contract assets	$	15,125	$	17,911	$	(2,786)	(15.6)	%


March 31, 2024	Amount		Accumulated Amortization		Net Book Value
Finite-Lived Identifiable Intangibles:
Customer relationships	$	366,617	$	199,849	$	166,768
Trade names	85,587		33,406		52,181

Other	3,446		1,555		1,891
Total Identifiable Intangibles	$	455,650	$	234,810	$	220,840


	Acquisition Cost Allocation		Weighted-Average life
Customer relationships	$	7,541	20.0
Trade names	530		3.0
Other	100		5.0
Total Identifiable Intangibles	$	8,171	18.7


	Nine Months Ended
	March 31,
	2024		2023
Cash Flows from Operating Activities
Net income	$	282,271	$	254,524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property	17,567		16,598
Amortization of intangibles	21,601		23,189
Provision for losses on accounts receivable	1,001		4,676
Amortization of stock appreciation rights and options	2,570		2,322
Other share-based compensation expense	7,508		7,419
Changes in operating assets and liabilities, net of acquisitions	(77,403)		(142,092)
Other, net	(2,956)		(2,609)
Net Cash provided by Operating Activities	252,159		164,027
Cash Flows from Investing Activities
Acquisition of businesses, net of cash acquired	(21,440)		(35,667)
Capital expenditures	(17,354)		(20,809)
Proceeds from property sales	514		226

Net Cash used in Investing Activities	(38,280)		(56,250)
Cash Flows from Financing Activities
Net repayments under revolving credit facility	—		(27,000)

Long-term debt repayments	(25,188)		(40,185)
Interest rate swap settlement receipts	10,839		5,501

Purchases of treasury shares	(28,875)		(716)
Dividends paid	(41,524)		(39,829)
Acquisition holdback payments	(681)		(1,510)
Exercise of stock appreciation rights and options	127		127
Taxes paid for shares withheld for equity awards	(15,874)		(7,914)
Net Cash used in Financing Activities	(101,176)		(111,526)
Effect of Exchange Rate Changes on Cash	(206)		1,402
Increase (Decrease) in Cash and Cash Equivalents	112,497		(2,347)
Cash and Cash Equivalents at Beginning of Period	344,036		184,474
Cash and Cash Equivalents at End of Period	$	456,533	$	182,127


	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	35.6	%	40.7	%	37.2	%	33.9	%	39.9	%	35.8	%
Food	17.3	%	2.5	%	12.7	%	13.1	%	2.7	%	9.7	%
Industrial Machinery	6.8	%	24.3	%	12.2	%	9.7	%	25.9	%	15.0	%
Metals	11.4	%	7.4	%	10.2	%	10.6	%	7.8	%	9.7	%
Forest Products	11.7	%	3.1	%	9.0	%	12.5	%	3.6	%	9.6	%
Chem/Petrochem	2.6	%	15.4	%	6.6	%	2.9	%	14.3	%	6.6	%
Cement & Aggregate	6.7	%	1.1	%	5.0	%	7.9	%	1.2	%	5.7	%
Oil & Gas	4.4	%	1.9	%	3.6	%	5.8	%	1.4	%	4.4	%
Transportation	3.5	%	3.6	%	3.5	%	3.6	%	3.2	%	3.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Nine Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	34.9	%	39.5	%	36.3	%	33.8	%	40.6	%	36.1	%
Food	15.0	%	2.6	%	11.1	%	13.0	%	2.6	%	9.6	%
Industrial Machinery	8.2	%	24.8	%	13.5	%	10.0	%	26.8	%	15.5	%
Metals	11.0	%	7.7	%	10.0	%	10.7	%	7.7	%	9.7	%
Forest Products	12.0	%	3.2	%	9.2	%	12.0	%	2.9	%	9.0	%
Chem/Petrochem	2.7	%	15.7	%	6.8	%	3.0	%	13.7	%	6.5	%
Cement & Aggregate	7.3	%	1.2	%	5.4	%	7.9	%	1.3	%	5.7	%
Oil & Gas	5.3	%	1.7	%	4.1	%	5.9	%	1.3	%	4.4	%
Transportation	3.6	%	3.6	%	3.6	%	3.7	%	3.1	%	3.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.3	%	11.6	%	29.3	%	37.2	%	10.9	%	28.6	%
Fluid Power	14.2	%	36.0	%	21.0	%	13.2	%	34.3	%	20.1	%
General Maintenance; Hose Products & Other	22.0	%	17.1	%	20.4	%	20.6	%	19.1	%	20.1	%
Bearings, Linear & Seals	26.5	%	0.4	%	18.4	%	29.0	%	0.4	%	19.6	%
Specialty Flow Control	—	%	34.9	%	10.9	%	—	%	35.3	%	11.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


	March 31, 2024		June 30, 2023
Revolving credit facility	$	383,592	383,592
Trade receivable securitization facility	188,300		188,300
Series D notes	—		25,000
Series E notes	25,000		25,000
Other	169		356
Total debt	$	597,061	$	622,248
Less: unamortized debt issuance costs	92		152
	$	596,969	$	622,096


	Three Months Ended March 31, 2024
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive (loss) income
Balance at December 31, 2023	$	(79,667)	$	(244)	$	20,265	$	(59,646)
Other comprehensive (loss) income	(5,147)		—		3,856		(1,291)
Amounts reclassified from accumulated other comprehensive (loss) income	—		(24)		(3,528)		(3,552)

Net current-period other comprehensive (loss) income	(5,147)		(24)		328		(4,843)
Balance at March 31, 2024	$	(84,814)	$	(268)	$	20,593	$	(64,489)


	Three Months Ended March 31, 2023
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive (loss) income
Balance at December 31, 2022	$	(96,374)	$	(513)	$	29,501	$	(67,386)
Other comprehensive income (loss)	5,766		—		(1,741)		4,025
Amounts reclassified from accumulated other comprehensive (loss) income	—		6		(2,289)		(2,283)
Net current-period other comprehensive income (loss)	5,766		6		(4,030)		1,742
Balance at March 31, 2023	$	(90,608)	$	(507)	$	25,471	$	(65,644)


	Nine Months Ended March 31, 2024
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive (loss) income
Balance at June 30, 2023	$	(83,099)	$	(197)	$	28,000	$	(55,296)
Other comprehensive (loss) income	(1,715)		—		3,189		1,474
Amounts reclassified from accumulated other comprehensive (loss) income	—		(71)		(10,596)		(10,667)

Net current-period other comprehensive loss	(1,715)		(71)		(7,407)		(9,193)
Balance at March 31, 2024	$	(84,814)	$	(268)	$	20,593	$	(64,489)


	Nine Months Ended March 31, 2023
	Foreign currency translation adjustment		Post-employment benefits		Cash flow hedge		Total Accumulated other comprehensive (loss) income
Balance at June 30, 2022	$	(90,738)	$	(1,303)	$	19,746	$	(72,295)
Other comprehensive income	130		777		7,953		8,860
Amounts reclassified from accumulated other comprehensive (loss) income	—		19		(2,228)		(2,209)

Net current-period other comprehensive income	130		796		5,725		6,651
Balance at March 31, 2023	$	(90,608)	$	(507)	$	25,471	$	(65,644)


	Index Reading
Month	MCU	PMI	IP
March 2024	78.4	50.3	99.9
February 2024	78.2	47.8	99.4
January 2024	77.9	49.1	98.2
December 2023	78.7	47.1	99.4
June 2023	78.9	46.4	99.1


	Three Months Ended March 31,				Change in $'s Versus Prior Period - % Increase (Decrease)
	As a Percent of Net Sales
	2024		2023
Net sales	100.0	%	100.0	%	1.3	%
Gross profit	29.5	%	29.4	%	1.5	%
Selling, distribution & administrative expense	18.9	%	18.2	%	5.3	%
Operating income	10.6	%	11.2	%	(4.5)	%
Net income	8.5	%	8.6	%	—	%


Sales by Reportable Segment	Three Months Ended March 31,				Sales Increase (Decrease)		Amount of change due to
	Three Months Ended March 31,								Foreign Currency		Organic Change
	2024		2023				Acquisitions		Foreign Currency		Organic Change
Service Center Based Distribution	$	789.4	$	761.6	$	27.8	$	11.7	$	2.5	$	13.6
Engineered Solutions	357.0		370.4		(13.4)		1.4		—		(14.8)
Total	$	1,146.4	$	1,132.0	$	14.4	$	13.1	$	2.5	$	(1.2)


	Three Months Ended March 31,				SD&A Increase		Amount of change due to
	Three Months Ended March 31,								Foreign Currency		Organic Change
	2024		2023				Acquisitions		Foreign Currency		Organic Change
SD&A	$	217.0	$	206.2	$	10.8	$	3.5	$	0.4	$	6.9


	Nine Months Ended March 31,				Change in $'s Versus Prior Period - % Increase
	As a Percent of Net Sales
	2024		2023
Net sales	100.0	%	100.0	%	2.0	%
Gross profit	29.5	%	29.1	%	3.4	%
Selling, distribution & administrative expense	18.8	%	18.5	%	3.6	%
Operating income	10.7	%	10.6	%	2.9	%
Net income	8.5	%	7.8	%	10.9	%


	Nine Months Ended March 31,
Net Cash Provided by (Used in):	2024		2023
Operating Activities	$	252,159	$	164,027
Investing Activities	(38,280)		(56,250)
Financing Activities	(101,176)		(111,526)
Exchange Rate Effect	(206)		1,402
Increase (Decrease) in Cash and Cash Equivalents	$	112,497	$	(2,347)


							March 31,			June 30,
							2024			2023
Accounts receivable, gross							$	724,870		$	730,729
Allowance for doubtful accounts							14,675			22,334
Accounts receivable, net							$	710,195		$	708,395
Allowance for doubtful accounts, % of gross receivables							2.0		%	3.1		%

	Three Months Ended March 31,						Nine Months Ended March 31,
	2024			2023			2024			2023
Provision for losses on accounts receivable	$	(25)		$	(4,897)		$	1,001		$	4,676
Provision as a % of net sales	—		%	(0.43)		%	0.03		%	0.14		%


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)
January 1, 2024 to January 31, 2024	37,053	$168.18	37,053	1,400,000
February 1, 2024 to February 29, 2024	0	$0.00	0	1,400,000
March 1, 2024 to March 31, 2024	63,000	$189.96	63,000	1,337,000
Total	100,053	$181.89	100,053	1,337,000


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 Industrial Technologies, Inc.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 the Company’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 as of 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, as 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 the Company'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 the Company'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 the Company’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 the Company'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).


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 March 31, 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:	April 26, 2024	By: /s/ Neil A. Schrimsher
		Neil A. Schrimsher
		President & Chief Executive Officer


Date:	April 26, 2024	By: /s/ David K. Wells
		David K. Wells
		Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer


Date: April 26, 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: April 26, 2024