We serve our customers through the following two segments:

Our segments draw from the same reservoir of leading technologies, shared manufacturing infrastructure, common business processes, and corporate philosophies. The key factors used to identify these reportable operating segments are the organization and alignment of our internal operations, the nature of the products and services and customer type.

Recent Developments, Key Factors and Trends Affecting Our Business and Financial Statements

How We Assess the Performance of Our Business

Management uses adjusted EBITDA to supplement GAAP measures of performance as follows:

•to assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance;

•in our management incentive compensation, which is based in part on components of adjusted EBITDA;

•in certain calculations under our senior secured credit facilities, which use components of adjusted EBITDA;

•to evaluate the effectiveness of our business strategies;

•to make budgeting decisions; and

•to compare our performance against that of other peer companies using similar measures.

The following table summarizes key components of our results of operations for the periods indicated:

(1)Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see "Non-GAAP Reconciliations" in Item 2 of this Report.

Consolidated Results for the Three Months Ended June 30, 2022 and 2021

The following tables provide the change in revenue by offering and the change in revenue by driver during the three months ended June 30, 2022 and 2021:

(1)Organic revenue is a non-GAAP financial measure. For a reconciliation to total revenue, its most directly comparable financial measure presented in accordance with GAAP, see "Non-GAAP Reconciliations" in Item 2 of this Report.

The increase in organic revenue was driven by favorable price realization and higher volume for products and services across most product lines and all regions.

Revenue in future periods could be negatively impacted by commodity and material availability constraints caused by global supply chain disruptions, skilled labor shortages, and the timing of projects.

Cost of sales and gross margin-Total gross margin decreased slightly to 31.0% in the three months ended June 30, 2022, from 31.6% in the three months ended June 30, 2021.

The following table provides the change in cost of product sales and cost of services, respectively, along with related gross margins:

Fluctuations in foreign currency translation and inflation could impact operating expenses in future periods.

the current period. This decrease was partially offset by an increase in interest expense associated with higher outstanding debt.

Revenue in the Integrated Solutions and Services segment increased $57.7 million, or 24.1%, to $297.4 million in the three months ended June 30, 2022, from $239.7 million in the three months ended June 30, 2021.

The increase in organic revenue was driven by strong sales volume and price realization across all regions and most end markets.

Operating profit in the Applied Product Technologies segment increased $5.9 million, or 26.0%, to $28.6 million in the three months ended June 30, 2022, from $22.7 million in the three months ended June 30, 2021.

Consolidated Results for the Nine Months Ended June 30, 2022 and 2021

The following tables provide the change in revenue by offering and the change in revenue by driver during the nine months ended June 30, 2022 and 2021:

(1)Organic revenue is a non-GAAP financial measure. For a reconciliation to total revenue, its most directly comparable financial measure presented in accordance with GAAP, see "Non-GAAP Reconciliations" in Item 2 of this Report.

The increase in organic revenue was driven by higher sales volume across most product lines and regions, as well as favorable price realization.

Cost of sales and gross margin-Total gross margin decreased to 30.5% in the nine months ended June 30, 2022, from 30.7% in the nine months ended June 30, 2021.

The following table provides the change in cost of product sales and cost of services, respectively, along with related gross margins:

Fluctuations in foreign currency translation and inflation could impact operating expenses in future periods.

Revenue in the Integrated Solutions and Services segment increased $158.8 million, or 23.4%, to $837.3 million in the nine months ended June 30, 2022, from $678.5 million in the nine months ended June 30, 2021.

The increase in organic revenue was driven by higher sales volume across capital, aftermarket, and service, as well as favorable price realization.

Operating profit in the Integrated Solutions and Services segment increased $18.4 million, or 19.4%, to $113.3 million in the nine months ended June 30, 2022, from $94.9 million in the nine months ended June 30, 2021.

Revenue in the Applied Product Technologies segment increased $35.1 million, or 9.8%, to $395.0 million in the nine months ended June 30, 2022, from $359.9 million in the nine months ended June 30, 2021.

The increase in organic revenue was driven by sales mix, volume growth, and price across all regions and multiple product lines.

The following is a reconciliation of total revenue to organic revenue for the three months ended June 30, 2022:

(1)Includes the acquisition of the Mar Cor Business on January 3, 2022.

The following is a reconciliation of total revenue to organic revenue for the nine months ended June 30, 2022:

(a)Restructuring and related business transformation costs

(C)amounts related to various other initiatives implemented to restructure and reorganize our business with the appropriate management team and cost structure.

(iii)Expenses associated with our information technology and functional infrastructure transformation, including activities to optimize information technology systems and functional infrastructure processes.

(b)Purchase accounting adjustment costs

(e)Other losses (gains) and expenses

(i)impact of foreign exchange gains and losses;

(ii)charges incurred by the Company related to product rationalization in its electro-chlorination business;

(iii)amounts related to the sale of the Memcor product line;

(iv)expenses incurred by the Company as a result of the COVID-19 pandemic, including additional charges for personal protective equipment, increased costs for facility sanitization and one-time payments to certain employees;

(v)legal fees incurred in excess of amounts covered by the Company's insurance related to securities litigation and an SEC investigation; and

(vi)loss on divestiture of the Lange product line.

(a)Represents costs and expenses in connection with restructuring initiatives in the three and nine months ended June 30, 2022 and 2021, respectively. Such expenses are primarily composed of severance, relocation, and facility consolidation costs.

(b)Represents adjustments for the effect of the purchase accounting step-up in the value of inventory to fair value recognized in cost of goods sold as a result of the acquisition of the Mar Cor Business.

(d)Other losses (gains) and expenses as discussed above, distinct to our Integrated Solutions and Services ("ISS") and Applied Product Technologies ("APT") segments include the following:

(i)amounts related to the sale of the Memcor product line;

(ii)charges incurred by the Company related to product rationalization in its electro-chlorination business; and

(iii)loss on divestiture of the Lange product line.

Immaterial rounding differences may be present in the tables above.

As of June 30, 2022 and September 30, 2021, we were in compliance with the covenants contained in the 2021 Credit Agreement, including the 2021 Revolving Credit Facility.

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