Woodward Inc

This Annual Report on Form 10-K, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that are deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of management. Words such as “anticipate,” “believe,” “estimate,” “seek,” “goal,” “expect,” “forecast,” “intend,” “continue,” “outlook,” “plan,” “project,” “target,” “strive,” “can,” “could,” “may,” “should,” “will,” “would,” variations of such words, and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characteristics of future events or circumstances are forward-looking statements. Forward-looking statements may include, among others, statements relating to:

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future sales, earnings, cash flow, uses of cash, and other measures of financial performance, including our assumptions underlying our expectations;

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trends in our business and the markets in which we operate, including expectations for those markets, our customers and their business and products;

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our ability to manage risks from operating internationally;

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expectations regarding demand for our products, in particular our expectations with respect to natural gas trucks in China;

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our expected expenses in future periods and trends in such expenses over time;

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our expectations regarding margins and the impact of specific products, product mix, and our strategic actions on margins;

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descriptions of our plans and expectations for future operations, including our strategic initiatives and impact of such initiatives;

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plans and expectations relating to the performance of our joint venture with General Electric Company ("GE"), now GE Aerospace, as successor;

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the expected levels of activity in particular industries or markets and the effects of changes in those levels;

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the scope, nature, or impact of acquisition activity and integration of such acquisition into our business;

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the research, development, production, and support of new products and existing services;

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our plans, objectives, expectations, and intentions with respect to business opportunities that may be available to us;

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our liquidity, including our ability to meet capital spending requirements and operations;

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future dividends and repurchases of common stock;

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future levels of indebtedness and capital spending;

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the stability of financial institutions, including those lending to us;

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pension and other postretirement plan assumptions and future contributions; and

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our tax rate and other effects of the changes in U.S. federal tax law.

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availability of raw materials and components used in our products;

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expectations relating to environmental and emissions regulations;

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effects of data privacy, data protection, and cybersecurity regulations;

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our ability to develop competitive technologies;

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our consolidated customer base and ability to enhance customer experience;

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our ability to manage risks related to U.S. Government contracting, including defense activity and spending patterns;

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our ability to attract, retain, and develop qualified personnel and maintain favorable labor relations;

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our ability to structure our operations in the light of evolving market conditions;

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our ability to mitigate the ongoing impacts of inflation;

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expectations regarding production and delivery levels;

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the impact of our ability to protect our intellectual property on our business, financial condition, results of operations, and cash flows; and

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impact of any potential physical or cybersecurity attacks on our operations, business, including our financial condition, operating results, and reputation.

All these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include the factors described in Item 1A, Risk Factors. We undertake no obligation to revise or update any forward-looking statements for any reason, except as required by applicable law.

Unless we have indicated otherwise or the context otherwise requires, references in this Form 10-K to “Woodward,” “the Company,” “we,” “us,” and “our” refer to Woodward, Inc. and its consolidated subsidiaries. Except where we have otherwise indicated or the context otherwise requires, amounts presented in this Form 10-K are in thousands, except per share amounts.