CECO Environmental : VIRTUAL 33RD ANNUAL ROTH CONFERENCE Presentation

33rd Annual Roth Conference

March 17, 2021

Forward Looking Statement and Non-GAAP Information

Any statements contained in this presentation other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "forecast," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements.

Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or

achievements expressed or implied by such statements. These risks and uncertainties 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 acquisitions 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 acquisitions; 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. These and other risks and uncertainties are discussed in more detail in CECO's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. 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. All forward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety by the cautionary statements and risk factors contained in this presentation and CECO's respective filings with the Securities and Exchange Commission. 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, CECO undertakes 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: A leader in Air Quality and Fluid Handling solutions

Macro Drivers…

CECO differentiated position to grow …

Our Customers seek to …

Extend their equipment life

Extract process efficiencies … and Protect the environment

• ❑ Market leader with distinct competitive advantages including:

  • • Application engineering expertise

  • • World renowned Brands

  • • Reputation for flawless execution & reliability

  Our Customers serve growing populations that demand …

  More and "Greener" energy a Higher Standard of Living … and Clean Air and Water

• ❑ Innovative technology & solution provider

• ❑ Growing aftermarket business with $6B Installed Base

  Our Markets will grow from …

  Environmental Regulations

  Infrastructure Build-out … and Corporate Sustainability

• ❑ Highly Diversified End Markets and Global Footprint

• ❑ Asset light business model delivers robust cash flow

NASDAQ: CECE

Founded in 1966https://www.cecoenviro.com

Executive Summary: Solid results navigating 2020, preparing for significant growth in '22+

• • Orders: ~ $280 … Down (27)% Y/Y … Q4 of $77 was +16% Sequentially

• • Sales: ~ $316 … Down (8)% Y/Y … executed to customer needs

• • Gross Margin: ~ 33% … Flat Y/Y … on par with historical averages

• • Adj. EBITDA: $32.8 with 10.4% margins … Up 70bps Y/Y … 12% EBITDA in Q4'20

• • Adj. EPS : $0.56 … Down (5)% Y/Y … on lower volume

• • End Markets: Improvement in previously down markets … Growth in majority

• • Cost Structure: Aggressive actions taken throughout '20 and early '21 to offset backlog declines … efficient structure in place for EBITDA margin expansion

• • Strategy/Portfolio: Real progress with "New CECO" strategy … Q2/Q3 Launch

• • ESG: Committed to advancing leadership in Environmental Solutions … will produce inaugural Sustainability Report in the next year

4

CECO in position for next "chapter" of high performance

Legacy CECO

1966-2011

Acquisitions

2012-2016

Integration

2017-2020

2020+

CECO breadth of solutions creates value for customers and protects the environment

Solution / Product Examples

Engineered Systems & Solutions

Engineered Wood

Dust Collection

Particulate Matter eliminated

Beverage Can

RTO & Scrubber

VOC's destroyed

Diverse End Markets

Gas Separation

Water Reuse

Pumps

Filter Media

Engineering StudiesParts & ServiceReplacements & Retrofits

• • Highly customized & process engineered solution

• • Outsourced global production partners… asset light

• (a) RTO: Regenerative Thermal Oxidizer

• (b) VOC: Volatile Organic Compound

• • Environmental protection

• • Energy efficiency & product recovery

• • High cost of failure … mission critical

• • Growing focus

• • Customer loyalty

6

Globally diverse, broad reaching organization … serving customers where they are

Global HQ: Dallas, TX

Sales and Engineering

Manufacturing and Assembly

~700 Employees worldwide

(-a)

~60% are Engineers/Solution experts

(-a) employee count less manufacturing

Asset Light: ~75% of production via Partners

7

Q4 Orders by Market … YoY growth in Energy; Industrials with sequential momentum

Refinery

Q4 Orders: TY Orders:

$9 | +157% YoY | +177% Sequential $30 | (46)%

Power Gen: Solid Fuel

Momentum Building

Power Gen: Natural GasMidstream O&G

Q4 Orders: TY Orders:Q4 Orders: TY Orders:

$67 | (32)% 26%

Remains Soft 14%

$16 | +11% YoY | (19)% Sequential

Active Pipeline

$18 | +20% YoY | +70% Sequential 20%

$55 | (33)% 5%

Bottomed

Q4 Orders: TY Orders:

$3 | (31)% YoY | (15)% Sequential $13 | (24)%

Solutions

2020 Revenue Mix

Industrial Air Solutions

($MM)

Solid Pipeline

Q4 Orders: TY Orders:

$22 | +8% YoY | +11% Sequential $80 | (13)%

Industrial Fluid Handling

Optimistic

Q4 Orders: TY Orders:

$9 | 0% YoY | +5% Sequential $35 | (8)%

* Gross Bookings, excludes Cancellations

8

Energy drove revenues higher on strength of backlog execution

($MM)

Revenue

• • Energy orders +16% over trailing four quarters' average … Strong project execution drives +13% sequential growth in revenue

• • $9 Refinery orders +177% sequentially with December orders highest since May'20 as mandatory replacement capex begins to materialize

• • Industrials continues sequential order growth and +4% organically… EV and Food & Bev markets acted as a tailwind for the quarter

• • Short cycle revenue totaled $16.9 million in Q4'20 and $71.4 million in 2020, up sequentially in Q4 but down YoY on COVID

(a) Gross Bookings, excludes Cancellations

Book-to-Bill continues sequential increase … Economic environment improving

$250.0

$200.0

$150.0

• • 5th consecutive quarter of sequential declines

• • Backlog down (3)% sequentially and (15)% Year over Year

$100.0

($MM)

TTM Book to Bill Ratio at 0.89x

$50.0•

• • CECO's 12-month Orders Pipeline eclipsing $1.9B… early indicator of Growth

$-

Q4'19

Q1'20

Q2'20

Q3'20

Q4'20

Backlog

Revenue

Gross Orders

Book/Bill

0.76

0.94

0.80

0.86

0.93

** Starting Backlog - Revenue + Gross Orders - Cancellations +/- FX = Ending Backlog. FX typically +/- ~$1-3 per quarter.

Gross profit challenged on mix… Other profitability measures show sequential improvement

Non-GAAP Gross Profit

Non-GAAP Operating Income

Adjusted EBITDA

($MM)

$35.0

$30.0

$25.0

$20.0

$15.0

$10.0

60%

$30.0

Q4'19

Q1'20

Q2'20

Q3'20

Q4'20

• • Q4 GM at 31.6%... (0.4)pts sequentially and (2) pts Y/Y on project mix

• • Non-GAAP OI +46% sequentially on volume and SG&A cuts. (10)% Y/Y on volume, offset by $4 SG&A cuts

• • Adjusted EBITDA +34% sequentially on volume and SG&A cuts. (3)% Y/Y on volume, offset by $4 SG&A cuts

20.0%

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

Balance sheet in solid position… FCF lower on fewer "upfront" payments

Disciplined reduction in debt load

FCF negatively impacted by lower backlog

($MM)

9/3/2015 YE'15

FCF $:

YE'16

YE'17

YE'18

YE'19

YE'20

FCF/NI %:

2017

2018

2019

141%

212%

22%

Peerless Acquisition

• • Gross Leverage ratio @ 1.9x following EIS acquisition and 1.0x Net Leverage…

• • Healthy Balance Sheet… ~$60 of capacity remains under credit facility

• • Target Free Cash Flow % of Net Income greater than 100%

(-a) non-GAAP net income

2020

5%

With cost actions taken early in '20, CECO is scalable and positioned for growth

Orders

Revenues & Gross Margins

($MM)

EBITDA

$383.6

2017

2018

2019

2020

• • As Orders & Revenues declined on customer COVID fears… CECO cut costs and improved profitability

(a)All metrics exclude Divestitures

Driving For More in 2021 and Beyond… building on strengths & momentum

• • 300+ engineers and application specialists (approximately 40% of total headcount)

CECO Strength

• • Asset-light businesses and improved cost structure will yield superior margin conversion

• • Healthy balance sheet … ready to bolster growth, diversify markets, add predictable sales

• • Deliver on Outlook: Orders Much Higher, Revenue "Flattish", EBITDA =/-, FCF Solidly Up

2021• Enterprise Strategy: Technology-based Platforms oriented for Growth & Capital-Allocation Focus• Portfolio Transformation: Invest in key platforms, short-cycle revenue, & M&A

• • Environmentally focused diversified Industrial: Elevate awareness of leadership position

In better position today than previous downturn… ready to capitalize on market recovery

Slide from Q3'20 Earnings Release

Slide Take-Aways …

• • In '17… CECO experienced Power-Gen bubble burst and backlog declined significantly.

• • In '20-21… CECO in better financial & operational position to deliver > margins/cash flows post COVID

• • Sustainable/Structural cost actions provide new baseline for strong EBITDA margin conversion as growth rebounds

• • Unlike 2017, CECO Balance Sheet in solid position to provide ammunition for additive transactions

• • Will continue to advance adjacent market expansion … both organically and inorganically

• • 1H'20 market declines driven by COVID impact … market recovery underway and gaining strength

CECO: Committed to deliver increased and sustainable value

Long-term Growth & Profitability

~ 5% Topline Growth Target: Expand "Core" Platforms + Modest M&A

% $

13%+ EBITDA Margin Target: Streamlined G&A + Ops Excellence

100%+ Free Cash Flow Conversion of Net Income: Historically Achieved

"Up Our Game"

Significant Opportunity To

Increased focus on new markets, short-cycle revenue, partnerships …

ESG: 1 "Get in the Game" … 2 Leadership Examples, Metrics & Targets

Conclusion

• • Thank you Team CECO … Commitment to our customers and health & safety!

• • Navigating challenging markets with strong project execution and cost management

• • Energy markets improving and 1H 2021 expected to continue orders momentum

• • Revamping CECO strategy to aggressively evaluate and prioritize opportunities

• • Continue to focus on new markets, technologies and expanding awareness of CECO Environmental leadership and ESG story

Questions?

Supplemental Materials

Non-GAAP Reconciliation

Revenue excluding Acquisitions & Divestitures

(dollars in millions) Annual 2017 Annual 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Annual 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Annual 2020

Revenue as reported in accordance with GAAP Less revenue attributable to divestitures $ 345.1 $ 337.3 $ 86.0 $ 81.2 $ 85.3 $ 89.4 $ 341.9 $ 80.5 $ 75.2 $ 77.4 $ 82.9 $ 316.0 $ (34.6) $ (9.3) $ Less revenue attributable to acquisitions and joint ventures Organic revenue $ - $ 310.5 $ - $ 328.0 $ $ - - 86.0 $ $ $ - - 81.2 $ $ $ - - 85.3 $ $ $ - - 89.4 $ - $ - $ 341.9 $ $ $ - - 80.5 $ - $ - $ - $ - $ (0.5) $ (5.9) $ (2.6) $ (9.0) $ 74.7 $ 71.5 $ 80.3 $ 307.0

Non-GAAP Gross Profit and Margin

(dollars in millions)
Gross profit as reported in accordance with GAAP	$	113.2	$	111.5	$
Gross profit margin in accordance with GAAP	32.8%	33.1%
Legacy design repairs	$	2.0	$	-	$
Inventory valuation adjustment	$	-	$	-	$
Plant, property and equipment valuation adjustment	$	0.6	$	-	$
Non-GAAP gross profit	$	115.8	$	111.5	$
Non- GAAP Gross profit margin	33.6%	33.1%

Annual	Annual	Q1	Q2	Q3	Q4
2017	2018	2019	2019	2019	2019
28.4	$	26.8	$	28.8	$	30.0	$	114.0	$
33.0%	33.0%	33.8%	33.6%	33.3%
-	$	-	$	-	$	-	$	-	$
-	$	-	$	-	$	-	$	-	$
-	$	-	$	-	$	-	$	-	$
28.4	$	26.8	$	28.8	$	30.0	$	114.0	$
33.0%	33.0%	33.8%	33.6%	33.3%

Annual	Q1	Q2	Q3	Q4
2019	2020	2020	2020	2020
28.3	$	25.8	$	24.8	$	26.2	$	105.1
35.2%	34.3%	32.0%	31.6%	33.3%
-	$	-	$	-	$	-	$	-
-	$	-	$	-	$	-	$	-
-	$	-	$	-	$	-	$	-
28.3	$	25.8	$	24.8	$	26.2	$	105.1
35.2%	34.3%	32.0%	31.6%	33.3%

Annual 2020

Non-GAAP Operating Income and Margin

Annual Annual

2017

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Annual 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Annual 2020

(dollars in millions)

Operating income as reported in accordance with GAAP

Operating margin in accordance with GAAP

Legacy design repairs

Inventory valuation adjustment

Plant, property and equipment valuation adjustment

Gain on insurance settlement

Acquisition and integration expenses

Amortization

Earn-out and retention expenses

Intangible asset impairment

(Gain) Loss on divestitures, net of selling costs

Restructuring expense (income)

Executive transition expenses

Facility exit expenses

Legal reserves

Non-GAAP operating income

Non-GAAP Operating margin

$	-
$	-
$	-
$	-
$	-
$	9.7
$	-
$	7.2	$	-
$	-	$	4.4
$	1.9	$	-
$	1.3	$	-
$	0.2	$	-
$	-	$	-
$	28.3
8.2%

2018 $ 10.0

$	4.9	$	2.0	$	4.1	$	7.0	$	18.0	$	4.2	$	4.4	$	1.0	$	3.7	$	13.3
5.7%	2.5%	4.8%	7.8%	5.3%	5.2%	5.9%	1.3%	4.5%	4.2%
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$	-	$	-	$	-	$	0.5	$	0.5	$	-	$	0.7	$	0.4	$	0.3	$	1.4
$	2.2	$	2.2	$	2.2	$	2.0	$	8.6	$	1.7	$	1.8	$	2.0	$	2.0	$	7.5
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	0.1	$	1.3	$	1.4
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	0.9	$	0.9
$	0.1	$	-	$	-	$	-	$	0.1	$	-	$	-	$	-	$	-	$	-
$	-	$	0.2	$	0.7	$	0.1	$	1.0	$	0.4	$	0.5	$	0.9	$	0.6	$	2.2
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	1.5	$	-	$	1.5
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
$ 24.1	$	7.2	$	4.4	$	7.0	$	9.6	$	28.2	$	6.3	$	7.4	$	5.9	$	8.8	$	28.2
7.1%	8.4%	5.4%	8.2%	8.2%	7.8%	9.8%	7.6%	8.9%

$	8.0
2.3%
$	2.0
$	-
$	0.6
$	-
$	-
$	11.5

3.0%

$ (4.4)

10.7%

10.6%

Non-GAAP Net Income, Adjusted EBITDA and Margin

(dollars in millions)

Annual 2017

Annual 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Annual 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Annual 2020

Net income (loss) as reported in accordance with GAAP Legacy design repairs

• $ (3.0) $

  (7.1) $

  1.9

  • $ 5.5

    • $ 1.9

      • $ 8.4

        • $ 17.7

          • $ 3.4

            • $ 3.3

              • $ (0.2) $

              1.8

              • $ 8.3

• $ 2.0 $

  Inventory valuation adjustment

• $ -

  Plant, property and equipment valuation adjustment Gain on insurance settlement

• $ 0.6

  Acquisition and integration expenses Amortization

  Earn-out and retention expenses Intangible asset impairment

  $ $ $ $ $

  - - 11.5 (4.4) 7.2

  $ $ $ $

  - - - - -$ $ $ $ $

  - - - - -$ $ $ $ $

  - - - - -$ $ $ $ $

  - - - - -

  • $ 9.7

    • $ 2.2

      • $ 2.2

        • $ 2.2

          $ $

          - -$ $

          - -

          (Gain) Loss on divestitures, net of selling costs Restructuring expense (income)

• $ -

  • $ 4.4

    • $ 0.1

      $ $ $

      - - -$ $ $

      - - -$ $ $ $ $ $ $ $ $

      - - - - 0.5 2.0

      - - -

      Executive transition expenses Facility exit expenses

      Legal reserves

      Deferred financing fee adjustment Foreign currency remeasurement Tax benefit of expenses

      $ $ $ $ $ $ $

      1.9

      1.3

      0.2

      - -

      (2.1)

      (5.7)

      $ $ $ $ $ $ $

      - - - - - 0.8 2.4

      $ $ $ $ $

      - - - - -

      • $ 0.2

        • $ 0.7

        • $ 0.1

        $ $ $

        - - -$ $ $

      • $ 0.4 $

        - - - -$ $ $ $

        - - - -$ $ $ $ $ $ $ $ $ $ $ $ $

        - - - - 0.5 8.6

        $ $ $ $ $

        - - - - -

        • $ 1.7

          - - 0.1 1.0

          $ $ $

          - - -$ $ $ $ $ $ $ $ $

          - - - - 0.7 1.8

          - - -

        • $ 0.4

        • $ 0.5

        - - -$ $ $

        • $ 0.4 $

          - - - -$ $ $ $

          - - - -$ $ $ $ $ $ $ $ $ $ $ $ $ $

          - - - - 0.4 2.0 0.1

          - - 0.9 1.5

          $ $ $ $ $ $ $ $

          - - - - 0.3 2.0 1.3 0.9

          $ $ $ $

          - - - -

          • $ 1.4

          • $ 7.5

          • $ 1.4

          • $ 0.9

            • $ -

          • $ -

            • $ 0.6

          • $ 2.4

    • $ 0.6 $

    • $ (0.7) $

      Zhongli Tax benefit Non-GAAP net income

• $ -

• $ -

• $ -$

• (0.3) $ (0.6) $ (4.4) $

0.2 $ (0.8) $

• (1.0) $ (0.4) $

-$

-$

(0.5) $ (2.5) $ (4.4) $

0.5 $ (0.7) $

(0.6) $ (0.6) $

-$

-$

- - - 0.4 (1.3) -

$ $ $ $ $

- - - - -

• $ 1.5

  $ $ $

  - - -

• $ 0.3

• $ (1.3) $

• $ -$

(3.9) -

Depreciation

Non-cash stock compensation Other (income)/expense Gain on insurance settlement Interest expense

$ $ $ $

9.5 3.9 2.3 2.0

• $ 10.3 $

  4.1

  • $ 3.0 $

• $ 3.5 $

  0.6

  • $ 0.6 $

• $ 3.1 $

  0.8

  • $ 1.0 $

    4.2 $ 0.5 $ 1.0 $

• $ (0.4) $

  • $ -

• $ -

Income tax expense (benefit)

Adjusted EBITDA

$ $ $

Adjusted EBITDA margin

6.7 10.1 34.5 10.0%

$ $ $

7.1 6.6

$ $ $

- -

• $ (0.5) $

  • (0.1) $

    9.6 0.5 - 0.3

    • $ 20.9 $

      5.3 $

    • $ 2.2 $

      • 0.5 $

    • $ 2.8 $

      • 0.6 $

    • $ (0.3) $

      • (1.5) $

        5.1 0.6 0.2 0.2

        • $ 3.8 $

          5.6 $ 19.8

        • $ 0.6 $

          0.6 $ 2.3

        • $ 0.7 $

          0.5 $ 2.0

        • $ (0.1) $

          (1.0) $ (2.4)

• $ -

• $ -

• $ -

  • $ -

  • $ -

  • $ -

  • $ -

  • $ -

  • $ -

    1.5

    1.5

    $ $

    1.1 0.8

    $ $

    1.3 1.5

• $ 1.1 $

• $ (1.4) $

5.0 2.4

$ $

1.0 1.5

$ $

0.9 1.2

$ $

0.8 1.5

$ $

0.8 3.4

• $ 3.5

• $ 7.6

30.2 $ 8.9%

8.5 $ 9.9%

6.0 $ 7.4%

8.4 9.8%

$

10.1 11.3%

$

33.0 $ 9.7%

7.4 $ 9.2%

8.2 $ 10.9%

7.3 $ 9.4%

9.9 11.9%

$

32.8 10.4%

Basic Shares Outstanding Diluted Shares Outstanding

Earnings (loss) per share: Basic

Diluted

Non-GAAP earnings per share: Basic

Diluted

34,445,256	34,714,395	34,835,550	34,923,587	35,070,449	35,117,916	34,987,878	35,155,377	35,275,729	35,358,913	35,366,837	35,289,616
34,697,744	34,988,461	35,360,042	35,582,727	35,624,590	35,352,957	35,484,273	35,394,865	35,410,182	35,358,913	35,655,014	35,520,670

$	(0.09)	$	(0.20)	$	0.05	$	0.16	$	0.06	$	0.24	$	0.51	$	0.10	$	0.09	$	(0.01)	$	0.05	$	0.24
$	(0.09)	$	(0.20)	$	0.05	$	0.15	$	0.05	$	0.24	$	0.50	$	0.10	$	0.09	$	(0.01)	$	0.05	$	0.23
$	0.28	$	0.30	$	0.12	$	0.09	$	0.12	$	0.27	$	0.60	$	0.15	$	0.14	$	0.11	$	0.16	$	0.56
$	0.27	$	0.29	$	0.12	$	0.08	$	0.12	$	0.27	$	0.59	$	0.15	$	0.14	$	0.11	$	0.16	$	0.56

Adjusted Free Cash Flow

Annual

1Q	2Q	3Q	4Q	Annual	1Q	Q2	Q3	Q4	Annual	1Q	Q2	Q3	Q4	Annual
(dollars in millions)	2017	2018	2018	2018	2018	2018	2019	2019	2019	2019	2019	2020	2020	2020	2020	2020
Net cash provided by operating activities	6.6	3.2	6.7	(6.2)	18.3	22.0	(13.8)	2.5	10.7	10.8	10.2	7.0	(4.9)	7.0	(4.7)	4.4
Add: earn-outs classified as operating	7.8	0.2	1.9	0.8	(0.0)	2.9	-	-	-	-	-	-	-	-	-	-
Capital expenditures	(1.0)	(0.5)	(0.1)	(1.3)	(1.2)	(3.1)	(0.4)	(0.8)	(2.5)	(1.9)	(5.6)	(1.0)	(1.0)	(0.9)	(1.0)	(3.9)
Adjusted free cash flow	13.4	2.9	8.5	(6.7)	17.1	21.8	(14.2)	1.7	8.2	8.9	4.6	6.0	(5.9)	6.1	(5.7)	0.5
TTM Adjusted free cash flow	13.4	9.8	15.9	12.2	21.8	21.8	4.7	(2.1)	12.8	4.6	4.6	24.8	17.2	15.1	0.5	0.5
TTM EBITDA	34.5	28.3	24.2	25.7	30.2	30.2	33.2	32.3	32.3	33.0	33.0	31.9	34.1	33.0	32.8	32.8
TTM FCF / EBITDA Conversion	38.8%	34.6%	65.7%	47.6%	72.3%	72.3%	14.2%	-6.5%	39.6%	13.9%	13.9%	77.7%	50.4%	45.8%	1.5%	1.5%