Applied Industrial Technologies Reports FY2024 Results

TL;DR

APPLIED INDUSTRIAL TECH (AIT) FILED 10-K FOR FY24 ENDING 6/30. FULL FINANCIAL DETAILS INSIDE.

AI Summary

Applied Industrial Technologies Inc. reported its fiscal year results ending June 30, 2024. The company, formerly known as Bearings Inc. and Jim Brown Stores Inc., operates in the wholesale machinery and equipment sector. Key financial details and operational performance for the fiscal year 2024 are presented in this 10-K filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Applied Industrial Technologies' financial health and operational performance for the fiscal year ending June 30, 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate elevated risk.

Key Numbers

• FY2024 — Fiscal Year End (Reporting period for the 10-K filing.)
• 06-30 — Fiscal Year End Date (Specific end date of the reported fiscal year.)
• 20240816 — Filing Date (Date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• APPLIED INDUSTRIAL TECHNOLOGIES INC (company) — Filer
• BEARINGS INC /OH/ (company) — Former Company Name
• BROWN JIM STORES INC (company) — Former Company Name
• 20240630 (date) — Fiscal Year End
• 20240816 (date) — Filing Date

FAQ

Key Financial Figures

• $80 billion — and addressable market of approximately $80 billion and growing, we believe our cross-selli

Filing Documents

• ait-20240630.htm (10-K) — 1895KB
• ait-2024630x10kex1017.htm (EX-10.17) — 14KB
• ait-2024630x10kex1018rsuex.htm (EX-10.18) — 27KB
• ait-2024630x10kex1019psuex.htm (EX-10.19) — 35KB
• ait-2024630x10kex1020sarex.htm (EX-10.20) — 26KB
• ait-2024630x10kexx21.htm (EX-21) — 64KB
• ait-2024630x10kexx23.htm (EX-23) — 3KB
• ait-2024630x10kexx24xpoa.htm (EX-24) — 32KB
• ait-2024630x10kexx31.htm (EX-31) — 27KB
• ait-2024630x10kexx32.htm (EX-32) — 8KB
• ait-2024630x10kexx95.htm (EX-95) — 25KB
• ait-2024630x10kexx97.htm (EX-97) — 26KB
• image_01a.jpg (GRAPHIC) — 12KB
• image_02a.jpg (GRAPHIC) — 24KB
• image_03a.jpg (GRAPHIC) — 66KB
• image_0a.jpg (GRAPHIC) — 15KB
• 0000109563-24-000078.txt ( ) — 11224KB
• ait-20240630.xsd (EX-101.SCH) — 49KB
• ait-20240630_cal.xml (EX-101.CAL) — 94KB
• ait-20240630_def.xml (EX-101.DEF) — 367KB
• ait-20240630_lab.xml (EX-101.LAB) — 871KB
• ait-20240630_pre.xml (EX-101.PRE) — 621KB
• ait-20240630_htm.xml (XML) — 1809KB

Selected Financial Data 16

Selected Financial Data 16 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk 27

Quantitative and Qualitative Disclosures about Market Risk 27 Item 8.

Financial Statements and Supplementary Data 28

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58 Item 9A.

Controls and Procedures 58

Controls and Procedures 58 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation 60

Executive Compensation 60 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61 Item 13. Certain Relationships and Related Transactions, and Director Independence 61 Item 14. Principal Accountant Fees and Services 61 PART IV Item 15. Exhibits and Financial Statement Schedules 62 Item 16. Form 10-K Summary 65 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS 66

SIGNATURES

SIGNATURES 67 Table of Contents CAUTIONARY STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT This report, including the documents incorporated by reference, contains statements that are forward-looking, based on management's current expectations about the future. Forward-looking statements are often identified by qualifiers such as "guidance," "expect," "believe," "plan," "intend," "will," "should," "could," "would," "anticipate," "estimate," "forecast," "may," "optimistic" and derivative or similar words or expressions. Similarly, descriptions of our objectives, strategies, plans, or goals are also forward-looking statements. These statements may discuss, among other things, expected growth, future sales, future cash flows, future capital expenditures, future performance, and the anticipation and expectations of Applied Industrial Technologies, Inc. ("Applied") and its management as to future occurrences and trends. Applied intends that the forward-looking statements be subject to the safe harbors established in the Private Securities Litigation Reform Act of 1995 and by the Securities and Exchange Commission in its rules, regulations, and releases. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based on current expectations regarding important risk factors, many of which are outside Applied's control. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of those statements should not be regarded as a representation by Applied or another person that the results expressed in the statements will be achieved. In addition, Applied assumes no obligation publicly to update or revise forward-looking statements, whether because of new information or events, or otherwise, except as may be required by law. Applied believes its primary risk factors include, but are not limited to, those identified in the following sections o

BUSINESS

ITEM 1. BUSINESS. In this annual report on Form 10-K, "Applied" refers to Applied Industrial Technologies, Inc., an Ohio corporation. References to "we," "us," "our," and "the Company" refer to Applied and its subsidiaries. We are a leading distributor and solutions provider of industrial motion, power, control, and automation technologies. Through our comprehensive network of approximately 6,500 employee associates and approximately 590 facilities including service center, fluid power, flow control, and automation operations, as well as repair shops and distribution centers, we offer a selection of more than 9.1 million stock keeping units with a focus on industrial bearings, power transmission products, fluid power components and systems, specialty flow control, and advanced factory automation solutions. We market our products with a set of service solutions including inventory management, engineering, design, assembly, repair, and systems integration, as well as customized mechanical, fabricated rubber, and shop services. Our customers use our products and services for both MRO (maintenance, repair, and operating) and OEM (original equipment manufacturing) applications across a variety of end markets primarily in North America, as well as Australia, New Zealand, Singapore, and Costa Rica. Headquartered in Cleveland, Ohio, Applied and its predecessor companies have engaged in business since 1923. Our internet address is www.applied.com. The following documents are available via hyperlink from the investor relations area of our website: Applied's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, together with Section 16 insider beneficial stock ownership reports - these documents are posted as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission Applied's Code of Business Ethics Applied's Board of Directors (our "

View Full Filing

View this 10-K filing on SEC EDGAR