第99.1展示文本
查特工业报告2024年第三季度财务业绩
亚特兰大，2024年11月1日 - Chart Industries, Inc.（纽交所：GTLS）今天公布了截至2024年9月30日的第三季度的业绩。所展示的结果来自持续经营业务。在提及任何比较期间时，所有指标均为Chart和Howden合并业务的持续经营业务的假设数据（假设数据不包括以下在2023年出售的业务：Roots、American Fan、Cofimco和Cryo Diffusion）。Howden收购交易于2023年3月17日完成。
2024年第三季度重点亮点，与2023年第三季度相比，按照公司规定的总收入计算:
•11.7亿美元的订单，增长了5.4%
•销售额达到10.6亿美元，增长了22.4%
•报告的毛利率为34.1%，比基点增长350个（“bps”）
•报告显示营业收入为17850万美元（销售额的16.8%）或经调整后为23590万美元，主要与豪登整合和人员结构调整相关的飞凡项目有关，结果调整后的营业利润率为22.2%，增加了450个基本点
•报告的息税折旧及摊销前利润（EBITDA）为24840万美元（销售额的23.4%），增长了53.9%
•调整后的EBITDA为26070万美元（销售额的24.5%），在调整上述项目后增长了39.3%
•每股收益为$1.34；调整摊薄后每股收益为$2.18，若考虑到外汇期货负$930万的影响（税后净负EPS影响$0.15），以及因地理分布导致的高于原先预期的税率 ($0.15负EPS影响)
•报告的经营活动净现金流为20070万美元，减去资本支出的2610万美元，导致自由现金流（“FCF”）为17460万美元；重申我们预期的2024全年自由现金流约为40000万美元。
“2024年第三季度，我们实现了自由现金流17460万美元，用于减少净债务，并有助于将净杠杆率降至3.04，截至2024年9月30日，”Chart的首席执行官兼总裁吉尔·埃文科(Jill Evanko)表示。“在大多数终端市场需求持续增长，我们业务板块强劲的运营业绩，售后业务持续两位数增长和提前实现成本协同效应的好处，使我们创下了34.1%的历史最高报告毛利润率和22.2%的记录调整后营业利润率。.”
2024年第三季度摘要。
2024年第三季度销售额达10.6亿美元，比2023年第三季度增长22.4%（考虑汇率期货阻力增长22.6%），每个部门的销售额与2023年第三季度相比均有所增长。
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订单额达11.7亿美元，较2023年第三季度增长5.4%。2024年第三季度热交换系统（“HTS”）和维修、服务和租赁（“RSL”）的需求强劲。 HTS需求主要来自液化天然气和其他能源相关的订单，包括钎焊铝和空冷换热器。 液化天然气通过多个Chart应用推动整个价值链的需求，包括卡塔尔上游燃气工艺压缩机的大宗订单，多个船舶订单用于EGR鼓风机，并持续增长的液化天然气车辆罐需求。 RSL的需求受到新的长期服务和框架协议支撑。 2024年第三季度RSL的订单额与销售额比为1.05.
迄今为止，我们从霍登收购中获得的成本协同效应已超过25000万美元，这超过了我们最初第三年（2026年）的目标。这些比预期提前的成本协同效应是导致我们报告的毛利率为34.1%，降至报告的运营收入为17850万美元，或16.8%的原因。在调整了上述一次性项目后，调整后的营业利润率为22.2%，较第三季度2023年提高了450个基点，并比2024年第二季度高出50个基点。所有四个板块在2024年第三季度的毛利率、营业利润率以及调整后的营业利润率均较2023年第三季度有所增加。
重组和霍登整合以及本季度在我们的少数投资中所获得的抵销收益的一次性费用调整后，EBITDA为24840万美元，调整后为26070万美元。第三季度2024年的调整后EBITDA达到2.607亿美元，其中包括930万美元的汇率期货负面逆风；排除外汇影响，调整后的EBITDA将达到27000万美元。与2023年第三季度相比，调整后的EBITDA利润率增长了290个基点至24.5%。
液化天然气、氢、idc概念和碳捕捉（“CCUS”）对我们设备和科技的需求正在增长。
我们的IPSMR®工艺技术用于模块化LNG液化以及相关的专有设备持续受到关注，已经获得数十项技术验证，获得批准用于当前和潜在未来项目中，包括以下内容：
•埃克森美孚-代表莫桑比克Rovuma创业公司（MRV），作为莫桑比克北部Rovuma盆地4号区域特许权的运营商-5g-最近宣布选择我们的IPSMR®液化技术和专有设备用于Afungi半岛的Rovuma LNG项目。 Rovuma LNG项目将从近海Rovuma盆地4号区块的油藏生产、液化并销售天然气，并包括施工12个每个1.5 MTA的模块，总液化天然气产能为18 MTPA，以及相关的陆上设施。 预计选择Chart IPSMR®用于这12个液化模块将有助于增加项目的
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竞争力、可靠性提高和排放更低的温室气体。 尽管已经预订了早期工程工作，但该项目的内容尚未进入积压任务列表。
•Tellurian 已于2024年10月8日被Woodside 能源收购。Woodside Louisiana LNG（原Driftwood 项目）将采用我们的IPSMR®工艺技术和相关设备。项目内容尚未被插队；我们在2024年10月收到了一个小型的工程发布。
•Viability Gap Plc.、N Gas Tanzania Ltd.和Tanzania Petroleum Development Corporation已选择与查特工业合作，利用我们的IPSMR®工艺和相关设备用于他们在坦桑尼亚的小型液化天然气项目，该项目预计在FEED（前端工程设计）阶段结束后开始进行。该项目目前尚未进入积压订单。
此外，在2024年第三季度和2024年10月，我们已执行了以下与氢相关的协议，这些协议目前尚未反映在我们的积压订单中：
•我们已与Renergy Group Partners LLC（“Renergy”）合作，Renergy是一家可再生能源和制造行业解决方案提供商，合作开发了位于埃及的Renergy绿氢工厂，预计每年产生45万吨氢气。作为这项合作的一部分，Chart将为Renergy提供氢气液化、储存和压缩设备。预计于2026年第一季度做出最终投资决定（FID），预计到2030年，这项每年生产16万吨液态绿色氢的项目的第一阶段将投入运营。
•我们与一家欧洲的氢生产项目开发商签署了一份谅解备忘录（“MOU”），用于建造每天30吨的氢液化装置和相关的ISO集装箱。总预期Chart项目内容预计约为8500万美元。该项目预计将于2025年做出投资决策（FID）。
•我们签署了一项合作协议，与埃及最大的国有施工公司PETROJEt合作，推动埃及各地的氢项目。
•我们与布列塔尼地域板块、布雷斯特港口、布列塔尼发展创新和EO概念板块签署了谅解备忘录，作为他们欧洲项目的一部分，将他们的船队转为使用液态氢（LH2），并打造一个可供应可再生燃料的港口能源中心。Chart公司将为布雷斯特港口每天10吨氢液化和加注的发展带来其专业知识。
我们正在看到我们CCUS服务的范围和规模不断增加，包括向“Catch4Climate” (CI4C) 项目提供我们的液氧大型储罐，这是由四家欧洲水泥生产商领导的氧燃技术碳捕获项目。
2024年10月，我们接到了另一个idc概念空气冷却器订单，并与我们的合作伙伴本地拥有的Salish Elements（位于加拿大不列颠哥伦比亚省温哥华）赢得了一个氢液化项目，为其BC氢能公路项目的第一阶段。
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2024年第三季度分部业绩（与2023年第三季度相比，除非另有说明，均为调整后的持续运营）。
Cryo Tank Solutions（“CTS”）： 2024年第三季度CTS订单额为$12620万，较2023年同期下降了17.5%，主要原因是2023年第三季度有一个价值$1920万的铁路车厢订单。2024年第三季度，在中国市场需求放缓，主要反映在CTS上。2024年第三季度销售额为$16250万，较2023年同期增长了4.6%。报告的毛利润率为25.0%，较2023年第三季度增加了280个基点。
热传递系统： 2024年第三季度HTS订单为42470万美元，同比增长151.0%，受到多个液化天然气和传统能源设备奖项驱动。2024年第三季度HTS销售额为25620万美元，创纪录增长12.5%，与2023年第三季度相比，毛利润率为29.8%，比2023年第三季度提高340个基点，受项目组合驱动。
特种产品2024年第三季度特种产品订单为23780万美元，较2023年第三季度下降了48.9%，因为2023年第三季度包含更大规模的氢液化订单，而2024年第三季度没有。我们在十月份收到了一个氢液化项目奖项，并预计2024年第四季度至少会获得一个额外的氢液化项目奖项。此外，我们预计2024年第四季度将获得一个大型矿业项目奖项。2024年第三季度特种产品销售额为28330万美元，创下该业务板块的历史新高，较2023年第三季度增长了25.9%，主要受增加的生产量和进行中的氢项目推动。汇报的毛利润率为26.3%，较2023年第三季度提高了60个基点，但与2024年第二季度相比从29.1%下降。下降的原因是2024年第三季度的特定支出，涉及我们新开设的西奥多设施（“Teddy2”）上的供应商机械启动挑战和特定空间相关项目的低效率。
维修、服务和租赁： 2024年第三季度RSL订单金额为37790万美元，较2023年第三季度增长16.5%。2024年第三季度销售额为36050万美元，增长36.1%。维修、服务和备件以及设备的大宗售后市场销售推动了RSL订单和销售的增长。报告的RSL毛利润率为47.4%，得益于持续协同效应的执行以及积极的产品组合。
第三季度17460万美元的自由现金流导致净杠杆率为3.04；重申我们的净杠杆率目标为2.0至2.5。
2024年第三季度经营活动净现金流为20070万元，扣除资本支出的2610万元，产生了17460万元的自由现金流。截至2024年9月30日，我们的净杠杆比率为3.04。
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我们预计我们2017年发行的七年期可转换债券将于2024年11月在到期时支付现金本金（约25870万美元）和交付股份用于预期的溢价结算。 这已包含在我们的指引中的股份统计中。
目前正在进行额外的现金产生和偿还债务的活动，并预计将在即将到来的几个月内完成。这些活动包括但不限于资产出售、小型产品线剥离以及外汇资金归回。
2024年展望。
我们目前的2024财年销售前景约为42亿至43亿美元，较2023财年全年动态增长幅度为18.0%至20.5%。我们预计2024财年调整后的EBITDA约为10.15亿至10.45亿美元，约为24.2%至24.3%的EBITDA利润率。我们预计2024财年调整后的摊薄后每股收益约为9.00美元，基于约22%的税率和全年约4650万股的摊薄后股数。预计自由现金流约为40000万美元。我们对2024展望的变化主要是由于更大订单的时间安排及其相关的营业收入确认（时间和混合）、汇率期货影响、税率变化和份额计数变化。
2025展望。
我们预计2025年销售额将在46.5亿美元至48.5亿美元的区间内，相应调整后的EBITDA在11.75亿美元至12.25亿美元之间。我们预计2024年全年调整后的摊薄每股收益将在12.00美元至13.00美元之间，包括约22%的税率。此外，我们预计2025年结束时净债务约为30亿美元，基于2025年全年自由现金流预计约为5.5亿至60000万美元。我们期待在2024年11月12日上午9点至11点东部时间举行的资本市场日上分享关于2025年展望的额外信息和细节。
前瞻性声明
本新闻稿中的某些陈述属于《1995年私人证券诉讼改革法案》所规定的前瞻性陈述。前瞻性陈述包括涉及公司业务计划的陈述，包括有关已完成收购、剥离和投资、成本和商业协同效应以及效率节省、目标、未来订单、收入、利润率、业务板块销售组合、收益或绩效、流动性和现金流、偿还或清偿到期债务、库存水平、资本支出、供应链挑战、通货膨胀压力包括物料成本和定价上涨、业务趋势、清洁能源市场机遇包括可寻址市场以及政府倡议，包括行政命令等非历史性信息。前瞻性陈述可能通过诸如" 的术语来识别
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"可能"，"将会"，"应该"，"可能"，"预计"，"预期"，"相信"，"投资"，"预测"，"展望"，"指导"，"继续"，"目标"或类似术语的否定形式或可比较的术语。
本新闻稿中包含的前瞻性声明，或公司其他声明，均基于管理层对未来影响公司的事件的期望和信念，受到与公司业务运营和商业环境相关的不确定性因素的影响，所有这些因素难以预测，很多超出了公司的控制范围，可能导致公司的实际结果与前瞻性声明中表达或暗示的事项有实质性差异。可能导致公司实际结果与前瞻性声明中描述的情况有实质性不符的因素包括：公司成功整合豪登收购和其他最近的收购，并实现这些收购预期的营业收入、收益、增值以及其他收益；新型清洁能源产品的增长和市场接受程度低于预期；无法实现预期的价格上涨或持续的供应链挑战，包括原材料和供应的波动性；与新冠肺炎疫情和持续不确定性有关的风险，以及地区冲突和动荡，包括中东最近的混乱和俄罗斯与乌克兰之间的冲突，还包括欧洲和其他地方可能出现的能源短缺；以及在公司最近提交给美国证券交易委员会的10-k表格中讨论的其他因素中的第1A（风险因素），应该仔细审查。 公司不承担更新或修改任何前瞻性声明的义务。
为了补充HCSG的整体财务信息，我们认为某些非GAAP财务指标在评估营运表现并将这种表现与其他公司进行比较时是有用的。
本新闻稿包含非美国通用会计准则财务信息，包括调整后的营业利润、调整后的摊薄每股收益、归属于Chart Industries，Inc.的净收入调整、自由现金流以及EBITDA和调整后的EBITDA。该公告还包含各种假设成立的财务数据（包括假设成立的订单、销售额、毛利、调整后的EBITDA、营业利润和调整后的营业利润），以反映2023年出售的以下业务：Roots，American Fan，Cofimco和Cryo Diffusion。有关公司使用非美国通用会计准则财务信息的更多信息，以及非美国通用会计准则财务指标与根据美国普遍公认会计准则（“GAAP”）计算和呈现的最直接可比财务指标的调解，请参阅本新闻稿末尾的调解页面。
公司认为这些非通用会计准则的指标对投资者具有吸引力，有助于比较公司的财务业绩，并且公司在评估内部绩效时使用这些信息。就公司2024年和2025年全年盈利展望而言，由于某些事项尚未发生或超出公司控制范围和/或无法合理预测，公司无法提供调整后的EBITDA、自由现金流或调整后的每股收益对账。
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电话会议
根据先前公布的消息，公司已安排于2024年11月1日星期五上午8:30召开电话会议，讨论2024年第三季度财务业绩。希望参加现场问答环节的参与者必须按以下信息拨号接入：
参与者信息：
北美免费电话：(+1) 800 549 8228
北美和其他地区收费: (+1) 289 819 1520
会议ID：35817
公司的投资者关系网站将提供Q3 2024年网络直播和回放，以及演示文稿，通过以下链接进行注册：Q3 2024网络直播注册。电话会议回放可在通话结束后大约两小时通过1-888-660-6264，密码为35817，直至2024年12月1日。
Chart Industries，Inc。简介
Chart Industries, Inc.是一家领先的独立全球领导者，在天然气和液态分子处理的设计、工程和制造方面处于领先地位，为Clean™的联系提供了技术和设备-清洁能源、清洁水、清洁食品和清洁工业，无论分子如何。该公司的独特产品解决方案组合涵盖了固定和旋转设备，在液态燃气供应链的每个阶段中使用，包括工程、安装、预防性维护和数字监控的服务和维修。Chart是液化天然气、氢气、沼气和二氧化碳捕集等其他应用领域的领先技术、设备和服务提供商。Chart致力于在环保、社会和公司治理(ESG)问题上卓越，无论是对公司还是对客户来说。在美国、亚洲、澳洲、印度、欧洲和南美等地设有64个全球制造基地和超过50个服务中心，公司向团队成员、供应商、客户和社区保持责任和透明度。欲了解更多信息，请访问www.chartindustries.com
更多信息，请点击这里：
http://ir.chartindustries.com/
查特工业投资者关系联系人：
约翰·沃尔什
高级副总裁，投资者和政府关系
1-770-721-8899
john.walsh@chartindustries.com
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CHARt INDUSTRIES, INC.及其子公司
简要的综合收入表（未经审计）
（以百万美元和股数为单位，除每股金额外）
| 三个月之内结束 | 九个月结束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 销售 | $ | 1,062.5 | $ | 897.9 | $ | 3,053.5 | $ | 2,337.5 | |||||||||||||||
| 销售成本 | 699.9 | 621.7 | 2,037.0 | 1,631.4 | |||||||||||||||||||
| 毛利润 | 362.6 | 276.2 | 1,016.5 | 706.1 | |||||||||||||||||||
| 销售，总务及管理费用 | 135.7 | 122.8 | 413.4 | 356.4 | |||||||||||||||||||
| 摊销费用 | 48.4 | 49.0 | 143.9 | 115.0 | |||||||||||||||||||
| 营业费用 | 184.1 | 171.8 | 557.3 | 471.4 | |||||||||||||||||||
| 营业收入 | 178.5 | 104.4 | 459.2 | 234.7 | |||||||||||||||||||
| 收购相关财务费用 | — | — | — | 26.1 | |||||||||||||||||||
| 利息费用，净额 | 80.6 | 90.5 | 248.7 | 202.7 | |||||||||||||||||||
| 其他（收入）支出，净额 | (2.6) | 3.4 | 4.2 | 6.4 | |||||||||||||||||||
| 持续经营活动税前净利润（亏损）和不合并联营企业（亏损）净收益 | 100.5 | 10.5 | 206.3 | (0.5) | |||||||||||||||||||
| 所得税费用（收益） | 26.6 | 0.1 | 50.9 | (4.2) | |||||||||||||||||||
| 持续经营活动税前净利润和不合并联营企业净收益 | 73.9 | 10.4 | 155.4 | 3.7 | |||||||||||||||||||
| 不合并联营企业净收益（损失）权益 | (0.8) | 1.3 | (2.4) | 2.4 | |||||||||||||||||||
| 持续经营活动的净利润 | 73.1 | 11.7 | 153.0 | 6.1 | |||||||||||||||||||
| 已中止的经营亏损，税后 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 净收入 | 72.7 | 5.7 | 150.2 | 3.5 | |||||||||||||||||||
| 扣除：归属于少数股东的持续经营活动净利润（税后） | 3.7 | 2.3 | 11.3 | 6.0 | |||||||||||||||||||
| 归属于Chart Industries, Inc.的净利润（亏损） | $ | 69.0 | $ | 3.4 | $ | 138.9 | $ | (2.5) | |||||||||||||||
| 归属于Chart普通股股东的金额 | |||||||||||||||||||||||
| 持续经营业务收入 | $ | 69.4 | $ | 9.4 | $ | 141.7 | $ | 0.1 | |||||||||||||||
| 减：强制转换优先股份的股息要求 | 6.8 | 6.8 | 20.4 | 20.5 | |||||||||||||||||||
| 归属于Chart的持续经营的盈利（亏损） | 62.6 | 2.6 | 121.3 | (20.4) | |||||||||||||||||||
| 已中止的经营亏损，税后 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 归属于Chart普通股股东的净利润（亏损） | $ | 62.2 | $ | (3.4) | $ | 118.5 | $ | (23.0) | |||||||||||||||
| 归属于Chart Industries, Inc.的每股基本盈利 | |||||||||||||||||||||||
| 持续经营利润（损失） | $ | 1.49 | $ | 0.06 | $ | 2.89 | $ | (0.49) | |||||||||||||||
| 来自终止经营的损失 | (0.01) | (0.14) | (0.07) | (0.06) | |||||||||||||||||||
| 净利润（损失）归属于Chart Industries, Inc。 | $ | 1.48 | $ | (0.08) | $ | 2.82 | $ | (0.55) | |||||||||||||||
| 每股稀释收益归属于Chart Industries, Inc。 | |||||||||||||||||||||||
| 持续经营利润（损失） | $ | 1.34 | $ | 0.05 | $ | 2.59 | $ | (0.49) | |||||||||||||||
| （已停止的）经营活动利润（亏损） | (0.01) | (0.12) | (0.06) | (0.06) | |||||||||||||||||||
| 净利润（损失）归属于Chart Industries, Inc。 | $ | 1.33 | $ | (0.07) | $ | 2.53 | $ | (0.55) | |||||||||||||||
8
| 三个月之内结束 | 九个月结束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 普通股股份加权平均数： | |||||||||||||||||||||||
| 基本 | 42.05 | 41.98 | 42.04 | 41.96 | |||||||||||||||||||
摊薄 (1) (2) | 46.67 | 47.61 | 46.89 | 41.96 | |||||||||||||||||||
_______________
(1)包括2024年到期的可转换票据和相关认股权的4.43和5.39股，在截至2024年和2023年9月30日的三个月的摊薄每股收益计算中。 协助抵消此稀释的相关对冲不能根据美国通用会计准则（“GAAP”）考虑在内。 如果对冲能够被考虑，它将在截至2024年和2023年9月30日的三个月中分别减少额外股数2.43和2.86股。
(2)在截至2024年9月30日的九个月中，包含与到期日为2024年的可转换票据和相关认股权相关的另外4.66股在我们的摊薄每股收益计算中。相关的对冲措施无法根据美国通用会计准则考虑在内。如果对冲措施可以被考虑，它将在截至2024年9月30日的九个月中减少额外股数2.54股。
9
CHARt INDUSTRIES, INC.及其子公司
未经审计的简明合并现金流量表
（数字单位为百万美元）
| 三个月之内结束 | 九个月结束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 经营活动 | |||||||||||||||||||||||
| 净收入 | $ | 72.7 | $ | 5.7 | $ | 150.2 | $ | 3.5 | |||||||||||||||
| 减：终止经营部门损失，扣除所得税 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 持续经营活动的净利润 | 73.1 | 11.7 | 153.0 | 6.1 | |||||||||||||||||||
| 调整净利润以便于(使用于)经营活动的现金流量: | |||||||||||||||||||||||
| 桥型贷款设施费用 | — | — | — | 26.1 | |||||||||||||||||||
| 折旧和摊销 | 68.1 | 67.0 | 200.0 | 163.2 | |||||||||||||||||||
| 员工股权报酬支出 | 4.2 | 2.6 | 14.3 | 9.2 | |||||||||||||||||||
| 融资成本摊销 | 4.8 | 4.8 | 14.2 | 12.0 | |||||||||||||||||||
| 未实现外币交易损失（收益） | 8.6 | 1.3 | (5.1) | 0.4 | |||||||||||||||||||
| 股权证券投资未实现（收益）损失 | (12.8) | 5.2 | (10.8) | 11.8 | |||||||||||||||||||
| 非合并联营企业的（利润）亏损 | 0.8 | (1.2) | 2.4 | (2.4) | |||||||||||||||||||
| 业务出售损失 | — | — | 7.8 | — | |||||||||||||||||||
| 其他非现金经营活动 | 2.0 | (6.3) | 3.0 | (4.9) | |||||||||||||||||||
| 资产和负债变动，包括收购净额: | |||||||||||||||||||||||
| 应收账款 | (45.2) | (1.7) | (45.0) | (61.9) | |||||||||||||||||||
| 存货 | 19.4 | 7.6 | 24.4 | 2.6 | |||||||||||||||||||
| 合同未开票收入 | (9.5) | (50.6) | (195.7) | (133.4) | |||||||||||||||||||
| 预付费用和其他流动资产 | 26.6 | 21.6 | (16.4) | 34.0 | |||||||||||||||||||
| 应付账款及其他流动负债 | 67.2 | (42.9) | 109.6 | 86.2 | |||||||||||||||||||
| 客户预付款及超额账单 | (19.3) | (15.5) | (13.3) | 19.1 | |||||||||||||||||||
| 长期资产和负债 | 12.7 | (32.9) | (15.2) | (62.0) | |||||||||||||||||||
| 持续经营活动产生的净现金流量 | 200.7 | (29.3) | 227.2 | 106.1 | |||||||||||||||||||
| 终止经营活动产生的净现金流量 | (0.1) | 6.7 | (5.6) | (69.2) | |||||||||||||||||||
| 经营活动产生的净现金流量 | 200.6 | (22.6) | 221.6 | 36.9 | |||||||||||||||||||
10
| 三个月之内结束 | 九个月结束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 投资活动 | |||||||||||||||||||||||
| 收购企业，扣除现金净额 | — | 17.5 | — | (4,322.3) | |||||||||||||||||||
| 出售业务收到的款项 | — | 291.9 | (6.1) | 291.9 | |||||||||||||||||||
| 资本支出 | (26.1) | (63.1) | (100.3) | (115.4) | |||||||||||||||||||
| 投资 | — | (6.2) | (13.1) | (8.8) | |||||||||||||||||||
| 其他投资活动 | 0.1 | 3.3 | 0.4 | 2.3 | |||||||||||||||||||
| 持续经营业务的投资活动产生的净现金（流出） | (26.0) | 243.4 | (119.1) | (4,152.3) | |||||||||||||||||||
| 停止经营业务的投资活动使用的净现金 | — | (0.5) | (2.5) | (2.6) | |||||||||||||||||||
| 投资活动产生的净现金流量 | (26.0) | 242.9 | (121.6) | (4,154.9) | |||||||||||||||||||
| 筹资活动 | |||||||||||||||||||||||
| 信贷业务借款 | 801.9 | 611.5 | 2,286.7 | 1,334.3 | |||||||||||||||||||
| 信贷设施的偿还 | (910.2) | (849.5) | (2,246.5) | (1,234.3) | |||||||||||||||||||
| 长期贷款借款 | — | — | — | 1,747.2 | |||||||||||||||||||
| 偿还有息贷款 | — | (4.4) | — | (8.2) | |||||||||||||||||||
| 支付债务发行成本 | (4.8) | (0.1) | (10.1) | (133.5) | |||||||||||||||||||
| 支付或准备支付的参考负债 | — | (2.7) | — | (4.4) | |||||||||||||||||||
| 发行普通股收到的款项，净额 | — | — | — | 11.7 | |||||||||||||||||||
| 行使股票期权所得 | — | 0.7 | 0.4 | 0.9 | |||||||||||||||||||
| 普通股票回购来自股份报酬计划 | (0.2) | (0.3) | (3.3) | (3.0) | |||||||||||||||||||
| 分红派息给非控股权益 | — | (3.8) | — | (12.2) | |||||||||||||||||||
| 强制性可转换优先股股息派发 | (6.8) | (6.8) | (20.4) | (20.5) | |||||||||||||||||||
| 净现金（用于）提供的融资活动 | (120.1) | (255.4) | 6.8 | 1,678.0 | |||||||||||||||||||
| 汇率变动对现金及现金等价物的影响 | 7.4 | (2.3) | 4.6 | (0.4) | |||||||||||||||||||
| 现金、现金等价物、受限现金和受限现金等价物净（减少）增加，包括归类为待售流动资产内的现金 | 61.9 | (37.4) | 111.4 | (2,440.4) | |||||||||||||||||||
| 减：归类为待售流动资产内的现金净增加 | — | (5.0) | — | (5.0) | |||||||||||||||||||
| 现金、现金等价物、受限制的现金和受限制的现金等价物的净增加(减少)数 | 61.9 | (42.4) | 111.4 | (2,445.4) | |||||||||||||||||||
期初现金，现金等价物，受限现金和受限现金等价物 (1) | 250.6 | 202.3 | 201.1 | 2,605.3 | |||||||||||||||||||
期末现金，现金等价物，受限现金和受限现金等价物 (1) | $ | 312.5 | $ | 159.9 | $ | 312.5 | $ | 159.9 | |||||||||||||||
_______________
(1)Includes restricted cash and restricted cash equivalents of $2.3, $12.8, $3.2 and $1,941.7 as of September 30, 2024, September 30, 2023, June 30, 2024 and December 31, 2022, respectively.
11
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in millions)
| September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 310.2 | $ | 188.3 | |||||||
Accounts receivable, less allowances of $5.2 and $5.9, respectively | 805.6 | 758.9 | |||||||||
| Inventories, net | 539.4 | 576.3 | |||||||||
| Unbilled contract revenue | 680.2 | 481.7 | |||||||||
| Prepaid expenses | 98.8 | 74.9 | |||||||||
| Other current assets | 114.1 | 134.3 | |||||||||
| Total Current Assets | 2,548.3 | 2,214.4 | |||||||||
| Property, plant, and equipment, net | 888.8 | 837.6 | |||||||||
| Goodwill | 2,987.7 | 2,906.8 | |||||||||
| Identifiable intangible assets, net | 2,660.4 | 2,791.9 | |||||||||
| Equity method investments | 103.9 | 109.9 | |||||||||
| Investments in equity securities | 116.2 | 91.2 | |||||||||
| Other assets | 193.1 | 150.6 | |||||||||
| TOTAL ASSETS | $ | 9,498.4 | $ | 9,102.4 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable | $ | 1,010.1 | $ | 811.0 | |||||||
| Customer advances and billings in excess of contract revenue | 366.0 | 376.6 | |||||||||
| Accrued salaries, wages, and benefits | 66.0 | 81.5 | |||||||||
| Accrued interest | 74.4 | 92.5 | |||||||||
| Accrued income taxes | 54.4 | 60.0 | |||||||||
| Current portion of warranty reserve | 17.5 | 29.4 | |||||||||
| Current portion of long-term debt | 260.7 | 258.5 | |||||||||
| Operating lease liabilities, current | 20.4 | 18.5 | |||||||||
| Other current liabilities | 132.9 | 138.2 | |||||||||
| Total Current Liabilities | 2,002.4 | 1,866.2 | |||||||||
| Long-term debt | 3,623.9 | 3,576.4 | |||||||||
| Deferred tax liabilities | 571.8 | 568.2 | |||||||||
| Accrued pension liabilities | 7.1 | 6.7 | |||||||||
| Operating lease liabilities, non-current | 61.7 | 50.7 | |||||||||
| Other long-term liabilities | 96.1 | 95.2 | |||||||||
| Total Liabilities | 6,363.0 | 6,163.4 | |||||||||
12
| September 30, 2024 | December 31, 2023 | ||||||||||
| Equity | |||||||||||
| Preferred stock, par value $0.01 per share, $1,000 aggregate liquidation preference — 10,000,000 shares authorized, 402,500 shares issued and outstanding at both September 30, 2024 and December 31, 2023 | — | — | |||||||||
| Common stock, par value $0.01 per share — 150,000,000 shares authorized, 42,809,385 and 42,754,241 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 0.4 | 0.4 | |||||||||
| Additional paid-in capital | 1,883.6 | 1,872.5 | |||||||||
| Treasury stock; 760,782 shares at both September 30, 2024 and December 31, 2023 | (19.3) | (19.3) | |||||||||
| Retained earnings | 1,040.6 | 922.1 | |||||||||
| Accumulated other comprehensive income | 65.9 | 10.8 | |||||||||
| Total Chart Industries, Inc. Shareholders’ Equity | 2,971.2 | 2,786.5 | |||||||||
| Noncontrolling interests | 164.2 | 152.5 | |||||||||
| Total Equity | 3,135.4 | 2,939.0 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 9,498.4 | $ | 9,102.4 | |||||||
13
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in millions)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| Sales | |||||||||||||||||||||||
| Cryo Tank Solutions | $ | 162.5 | $ | 159.0 | $ | 487.7 | $ | 435.2 | |||||||||||||||
| Heat Transfer Systems | 256.2 | 232.5 | 746.5 | 636.0 | |||||||||||||||||||
| Specialty Products | 283.3 | 240.0 | 797.4 | 602.9 | |||||||||||||||||||
| Repair, Service & Leasing | 360.5 | 271.3 | 1,022.0 | 688.5 | |||||||||||||||||||
| Intersegment eliminations | — | (4.9) | (0.1) | (25.1) | |||||||||||||||||||
| Consolidated | $ | 1,062.5 | $ | 897.9 | $ | 3,053.5 | $ | 2,337.5 | |||||||||||||||
| Gross Profit | |||||||||||||||||||||||
| Cryo Tank Solutions | $ | 40.7 | $ | 35.2 | $ | 106.9 | $ | 85.5 | |||||||||||||||
| Heat Transfer Systems | 76.4 | 61.5 | 207.3 | 170.1 | |||||||||||||||||||
| Specialty Products | 74.6 | 62.0 | 214.3 | 158.9 | |||||||||||||||||||
| Repair, Service & Leasing | 170.9 | 117.5 | 488.0 | 291.6 | |||||||||||||||||||
| Consolidated | $ | 362.6 | $ | 276.2 | $ | 1,016.5 | $ | 706.1 | |||||||||||||||
| Gross Profit Margin | |||||||||||||||||||||||
| Cryo Tank Solutions | 25.0 | % | 22.1 | % | 21.9 | % | 19.6 | % | |||||||||||||||
| Heat Transfer Systems | 29.8 | % | 26.5 | % | 27.8 | % | 26.7 | % | |||||||||||||||
| Specialty Products | 26.3 | % | 25.8 | % | 26.9 | % | 26.4 | % | |||||||||||||||
| Repair, Service & Leasing | 47.4 | % | 43.3 | % | 47.7 | % | 42.4 | % | |||||||||||||||
| Consolidated | 34.1 | % | 30.8 | % | 33.3 | % | 30.2 | % | |||||||||||||||
Operating Income (Loss) | |||||||||||||||||||||||
| Cryo Tank Solutions | $ | 23.5 | $ | 17.1 | $ | 53.5 | $ | 31.9 | |||||||||||||||
| Heat Transfer Systems | 61.3 | 43.4 | 157.6 | 120.5 | |||||||||||||||||||
| Specialty Products | 41.9 | 33.7 | 122.0 | 84.6 | |||||||||||||||||||
| Repair, Service & Leasing | 102.0 | 42.3 | 265.1 | 121.0 | |||||||||||||||||||
| Corporate | (50.2) | (32.1) | (139.0) | (123.3) | |||||||||||||||||||
| Consolidated | $ | 178.5 | $ | 104.4 | $ | 459.2 | $ | 234.7 | |||||||||||||||
| Operating Margin | |||||||||||||||||||||||
| Cryo Tank Solutions | 14.5 | % | 10.8 | % | 11.0 | % | 7.3 | % | |||||||||||||||
| Heat Transfer Systems | 23.9 | % | 18.7 | % | 21.1 | % | 18.9 | % | |||||||||||||||
| Specialty Products | 14.8 | % | 14.0 | % | 15.3 | % | 14.0 | % | |||||||||||||||
| Repair, Service & Leasing | 28.3 | % | 15.6 | % | 25.9 | % | 17.6 | % | |||||||||||||||
| Consolidated | 16.8 | % | 11.6 | % | 15.0 | % | 10.0 | % | |||||||||||||||
14
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in millions)
| Three Months Ended | |||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Orders | |||||||||||
| Cryo Tank Solutions | $ | 126.2 | $ | 155.6 | |||||||
| Heat Transfer Systems | 424.7 | 176.1 | |||||||||
| Specialty Products | 237.8 | 469.1 | |||||||||
| Repair, Service & Leasing | 377.9 | 331.2 | |||||||||
| Intersegment eliminations | 0.9 | (4.7) | |||||||||
| Consolidated | $ | 1,167.5 | $ | 1,127.3 | |||||||
| As of | |||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Backlog | |||||||||||
| Cryo Tank Solutions | $ | 316.5 | $ | 449.4 | |||||||
| Heat Transfer Systems | 1,878.0 | 1,657.5 | |||||||||
| Specialty Products | 1,755.3 | 1,460.7 | |||||||||
| Repair, Service & Leasing | 593.4 | 609.7 | |||||||||
| Intersegment eliminations | (7.9) | (36.6) | |||||||||
| Consolidated | $ | 4,535.3 | $ | 4,140.7 | |||||||
15
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF EARNINGS (LOSS) AND EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CHART INDUSTRIES, INC. – CONTINUING OPERATIONS TO ADJUSTED EARNINGS (LOSS) AND ADJUSTED EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CHART INDUSTRIES, INC. - CONTINUING OPERATIONS
(UNAUDITED)
(Dollars in millions, except per share amounts)
| Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 | YTD September 2024 | |||||||||||||||||||||||||
| Amounts attributable to Chart common stockholders | |||||||||||||||||||||||||||||
| Net income attributable to Chart Industries, Inc. | $ | 3.4 | $ | 11.3 | $ | 58.6 | $ | 69.0 | $ | 138.9 | |||||||||||||||||||
| Less: Loss from discontinued operations, net of tax | (6.0) | (2.2) | (0.2) | (0.4) | (2.8) | ||||||||||||||||||||||||
| Income from continuing operations | 9.4 | 13.5 | 58.8 | 69.4 | 141.7 | ||||||||||||||||||||||||
| Less: Mandatory convertible preferred stock dividend requirement | 6.8 | 6.8 | 6.8 | 6.8 | 20.4 | ||||||||||||||||||||||||
| Income from continuing operations attributable to Chart (U.S. GAAP) | 2.6 | 6.7 | 52.0 | 62.6 | 121.3 | ||||||||||||||||||||||||
Unrealized loss (gain) on investments in equity securities and loss from strategic equity method investments (1) | 5.1 | 4.3 | 2.4 | (11.0) | (4.3) | ||||||||||||||||||||||||
Deal related and integration costs (3) | 5.9 | 14.3 | 7.4 | 8.2 | 29.9 | ||||||||||||||||||||||||
| Howden amortization | 47.6 | 46.6 | 46.9 | 46.3 | 139.8 | ||||||||||||||||||||||||
| Restructuring & related costs | 4.7 | 5.1 | 4.3 | 1.7 | 11.1 | ||||||||||||||||||||||||
Other one-time items (2) | — | — | 2.0 | 3.9 | 5.9 | ||||||||||||||||||||||||
| Tax effects | (11.8) | (14.4) | (11.8) | (9.8) | (36.0) | ||||||||||||||||||||||||
| Adjusted earnings attributable to Chart Industries, Inc. (non-GAAP) | $ | 54.1 | $ | 62.6 | $ | 103.2 | $ | 101.9 | $ | 267.7 | |||||||||||||||||||
| Q3 2023 Diluted EPS | Q1 2024 Diluted EPS | Q2 2024 Diluted EPS | Q3 2024 Diluted EPS | YTD September 2024 Diluted EPS | |||||||||||||||||||||||||
| Reported income from continuing operations attributable to Chart (U.S. GAAP) | $ | 0.05 | $ | 0.14 | $ | 1.10 | $ | 1.34 | $ | 2.59 | |||||||||||||||||||
Unrealized loss (gain) on investments in equity securities and loss from strategic equity method investments (1) | 0.11 | 0.09 | 0.05 | (0.24) | (0.09) | ||||||||||||||||||||||||
Deal related and integration costs (3) | 0.12 | 0.31 | 0.15 | 0.18 | 0.64 | ||||||||||||||||||||||||
| Howden amortization | 1.00 | 1.00 | 1.00 | 0.99 | 2.98 | ||||||||||||||||||||||||
| Restructuring & related costs | 0.10 | 0.11 | 0.09 | 0.04 | 0.24 | ||||||||||||||||||||||||
Other one-time items (2) | — | 0.04 | 0.08 | 0.12 | |||||||||||||||||||||||||
| Tax effects | (0.25) | (0.31) | (0.25) | (0.21) | (0.77) | ||||||||||||||||||||||||
| Adjusted earnings attributable to Chart Industries, Inc. (non-GAAP) | $ | 1.13 | $ | 1.34 | $ | 2.18 | $ | 2.18 | $ | 5.71 | |||||||||||||||||||
| Share count | 47.61 | 46.73 | 47.25 | 46.67 | 46.89 | ||||||||||||||||||||||||
16
_______________
(1)Includes the mark-to-market of our inorganic investments in Avina, McPhy, Stabilis and certain of our minority investments as well as losses from strategic equity method investments.
(2)Other includes administrative costs related to certain equity investments, asset impairments and associated insurance recoveries, non-repeating legal costs and a one-time adjustment related to a 2022 settlement adjusted for in the second quarter of 2024.
(3)Deal related and integration costs primarily includes costs associated with integrating Howden and impacts from the 2023 divestitures
_______________
Adjusted earnings per common share attributable to Chart Industries, Inc. is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to earnings per share in accordance with U.S. GAAP. Management believes that adjusted earnings per common share attributable to Chart Industries, Inc. facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies. Prior to the second quarter of 2024, the impacts of the mandatory convertible preferred stock dividend were excluded from adjusted earnings per common share attributable to Chart Industries, Inc. (non-GAAP). The impacts are now included in adjusted earnings per common share attributable to Chart Industries, Inc. (non-GAAP) and historical periods have been restated to reflect the change in treatment.
17
$RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS TO FREE CASH FLOW FROM CONTINUING OPERATIONS AND RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS TO FREE CASH FLOW FROM DISCONTINUED OPERATIONS (UNAUDITED)
(Dollars in millions)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| Net cash provided by (used in) operating activities from continuing operations | $ | 200.7 | $ | (29.3) | $ | 227.2 | $ | 106.1 | |||||||||||||||
| Capital expenditures | (26.1) | (63.1) | (100.3) | (115.4) | |||||||||||||||||||
| Free cash flow from continuing operations (non-GAAP) | $ | 174.6 | $ | (92.4) | $ | 126.9 | $ | (9.3) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| Net cash (used in) provided by operating activities from discontinued operations | $ | (0.1) | $ | 6.7 | $ | (5.6) | $ | (69.2) | |||||||||||||||
| Capital expenditures | — | — | — | (2.6) | |||||||||||||||||||
| Free cash flow from discontinued operations (non-GAAP) | $ | (0.1) | $ | 6.7 | $ | (5.6) | $ | (71.8) | |||||||||||||||
_______________
Free cash flow is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net cash provided by (used in) operating activities in accordance with U.S. GAAP. Management believes that free cash flow facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of this non-GAAP measure may not be comparable to the calculations of similarly titled measures reported by other companies.
18
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) (UNAUDITED)
(Dollars in millions)
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Corporate | Consolidated | |||||||||||||||||||||||||||||||||||
| Sales | $ | 162.5 | $ | 256.2 | $ | 283.3 | $ | 360.5 | $ | — | $ | — | $ | 1,062.5 | |||||||||||||||||||||||||||
| Operating income (loss) as reported (U.S. GAAP) | $ | 23.5 | $ | 61.3 | $ | 41.9 | $ | 102.0 | $ | — | $ | (50.2) | 178.5 | ||||||||||||||||||||||||||||
| Operating margin | 14.5 | % | 23.9 | % | 14.8 | % | 28.3 | % | 16.8 | % | |||||||||||||||||||||||||||||||
| Restructuring & related costs | $ | 0.3 | $ | 0.2 | $ | 0.3 | $ | 0.7 | $ | — | $ | 0.2 | $ | 1.7 | |||||||||||||||||||||||||||
Deal related & integration costs (2) | — | — | — | 0.3 | — | 7.9 | 8.2 | ||||||||||||||||||||||||||||||||||
| Step-up amortization | 2.1 | 1.1 | 4.8 | 38.4 | — | (0.1) | 46.3 | ||||||||||||||||||||||||||||||||||
Other (1) | 0.4 | 0.1 | 0.2 | (0.1) | — | 0.6 | 1.2 | ||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) (non-GAAP) | $ | 26.3 | $ | 62.7 | $ | 47.2 | $ | 141.3 | $ | — | $ | (41.6) | $ | 235.9 | |||||||||||||||||||||||||||
| Adjusted operating margin (non-GAAP) | 16.2 | % | 24.5 | % | 16.7 | % | 39.2 | % | 22.2 | % | |||||||||||||||||||||||||||||||
(1)Other includes administrative costs related to certain equity investments, asset impairments and associated insurance recoveries and non-repeating legal costs.
(2)Deal related and integration costs primarily includes costs associated with integrating Howden and impacts from the 2023 divestitures
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Corporate | Consolidated | |||||||||||||||||||||||||||||||||||
| Sales | $ | 159.0 | $ | 232.5 | $ | 240.0 | $ | 271.3 | $ | (4.9) | $ | — | $ | 897.9 | |||||||||||||||||||||||||||
| Operating income (loss) as reported (U.S. GAAP) | $ | 17.1 | $ | 43.4 | $ | 33.7 | $ | 42.3 | $ | — | $ | (32.1) | $ | 104.4 | |||||||||||||||||||||||||||
| Operating margin | 10.8 | % | 18.7 | % | 14.0 | % | 15.6 | % | 11.6 | % | |||||||||||||||||||||||||||||||
| Restructuring & related costs | $ | 0.1 | $ | 0.5 | $ | 0.4 | $ | 0.9 | $ | — | $ | 2.3 | $ | 4.2 | |||||||||||||||||||||||||||
Deal related & integration costs (1) | 0.4 | 0.5 | 0.5 | — | — | 3.8 | 5.2 | ||||||||||||||||||||||||||||||||||
| Step-up amortization | 2.5 | 1.3 | 5.0 | 38.8 | — | — | 47.6 | ||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) (non-GAAP) | $ | 20.1 | $ | 45.7 | $ | 39.6 | $ | 82.0 | $ | — | $ | (26.0) | $ | 161.4 | |||||||||||||||||||||||||||
| Adjusted operating margin (non-GAAP) | 12.6 | % | 19.7 | % | 16.5 | % | 30.2 | % | 18.0 | % | |||||||||||||||||||||||||||||||
(1) Deal related and integration costs primarily includes costs associated with integrating Howden and impacts from the 2023 divestitures
____________
Adjusted operating income (loss) is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to operating income (loss) in accordance with U.S. GAAP. Management believes that adjusted operating income (loss) facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies.
19
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF OPERATING SEGMENT ORDERS TO PRO FORMA ORDERS, SALES TO PRO FORMA SALES AND GROSS PROFIT TO PRO FORMA GROSS PROFIT (UNAUDITED)
(Dollars in millions)
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Corporate | Consolidated | |||||||||||||||||||||||||||||||||||
| Orders | $ | 155.6 | $ | 176.1 | $ | 469.1 | $ | 331.2 | $ | (4.7) | $ | — | $ | 1,127.3 | |||||||||||||||||||||||||||
| Less: Orders from businesses divested in the fourth quarter 2023 | 2.7 | 6.9 | 3.6 | 6.8 | — | — | 20.0 | ||||||||||||||||||||||||||||||||||
| Pro forma orders (non-GAAP) | $ | 152.9 | $ | 169.2 | $ | 465.5 | $ | 324.4 | $ | (4.7) | $ | — | $ | 1,107.3 | |||||||||||||||||||||||||||
| Sales | $ | 159.0 | $ | 232.5 | $ | 240.0 | $ | 271.3 | $ | (4.9) | $ | — | $ | 897.9 | |||||||||||||||||||||||||||
| Less: Sales from businesses divested in the fourth quarter 2023 | 3.7 | 4.7 | 15.0 | 6.5 | 0.1 | — | 30.0 | ||||||||||||||||||||||||||||||||||
| Pro forma sales (non-GAAP) | $ | 155.3 | $ | 227.8 | $ | 225.0 | $ | 264.8 | $ | (5.0) | $ | — | $ | 867.9 | |||||||||||||||||||||||||||
| Gross Profit | $ | 35.2 | $ | 61.5 | $ | 62.0 | $ | 117.5 | $ | — | $ | — | $ | 276.2 | |||||||||||||||||||||||||||
| Gross Profit Margin | 22.1 | % | 26.5 | % | 25.8 | % | 43.3 | % | — | % | 30.8 | % | |||||||||||||||||||||||||||||
| Less: Gross profit from businesses divested in the fourth quarter 2023 | 0.7 | 1.3 | 4.1 | 4.1 | 0.1 | — | 10.3 | ||||||||||||||||||||||||||||||||||
| Pro forma gross profit (non-GAAP) | $ | 34.5 | $ | 60.2 | $ | 57.9 | $ | 113.4 | $ | (0.1) | $ | — | $ | 265.9 | |||||||||||||||||||||||||||
| Pro forma gross profit margin (non-GAAP) | 22.2 | % | 26.4 | % | 25.7 | % | 42.8 | % | 2.0 | % | 30.6 | % | |||||||||||||||||||||||||||||
_______________
Businesses divested in the fourth quarter of 2023 include American Fan, Cofimco and Cryo Diffusion. Pro forma orders, pro forma sales, pro forma gross profit and pro forma gross profit margin are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to orders, sales, gross profit and gross profit margin in accordance with U.S. GAAP. Management believes that pro forma orders, pro forma sales, pro forma gross profit and pro forma gross profit margin facilitate useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies.
20
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS TO EBITDA AND ADJUSTED EBITDA (UNAUDITED)
(Dollars in millions)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
| Net income from continuing operations | $ | 73.1 | $ | 11.7 | $ | 153.0 | $ | 6.1 | |||||||||||||||
| Income tax expense (benefit) | 26.6 | 0.1 | 50.9 | (4.2) | |||||||||||||||||||
| Interest expense, net | 80.6 | 90.5 | 248.7 | 202.7 | |||||||||||||||||||
| Acquisition related finance fees | — | — | — | 26.1 | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | 0.7 | — | |||||||||||||||||||
| Depreciation and amortization | 68.1 | 67.0 | 200.0 | 163.2 | |||||||||||||||||||
| EBITDA (non-GAAP) | 248.4 | 169.3 | 653.3 | 393.9 | |||||||||||||||||||
| Non-recurring costs: | |||||||||||||||||||||||
Deal related & integration costs (3) | 8.2 | 5.9 | 29.9 | 39.4 | |||||||||||||||||||
| Restructuring & related costs | 1.7 | 4.2 | 11.1 | 11.2 | |||||||||||||||||||
| Amortization of step-up value of inventory | 6.4 | 7.3 | 21.0 | 18.2 | |||||||||||||||||||
Other one-time items (2) | 2.8 | 0.6 | 4.9 | 4.5 | |||||||||||||||||||
| Employee share-based compensation expense | 4.2 | 2.6 | 14.3 | 9.2 | |||||||||||||||||||
Unrealized (gain) loss on investments in equity securities and loss from strategic equity method investments (1) | (11.0) | 5.1 | (4.3) | 11.7 | |||||||||||||||||||
| Howden FX Hedge | — | — | — | 2.8 | |||||||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 260.7 | $ | 195.0 | $ | 730.2 | $ | 490.9 | |||||||||||||||
_______________
(1)Includes the mark-to-market of our inorganic investments in Avina, McPhy, Stabilis and certain of our minority investments as well as losses from strategic equity method investments.
(2)Other includes administrative costs related to certain equity investments, asset impairments and associated insurance recoveries, non-repeating legal costs and a one-time adjustment related to a 2022 settlement adjusted for in the second quarter of 2024.
(3)Deal related and integration costs primarily includes costs associated with integrating Howden and impacts from the 2023 divestitures.
_______________
The reconciliation from net income from continuing operations to EBITDA (non-GAAP) includes acquisition related finance fees and loss on extinguishment of debt. EBITDA and adjusted EBITDA are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to net income from continuing operations in accordance with U.S. GAAP. Management believes that EBITDA and adjusted EBITDA facilitate useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies.
21
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF ORDERS TO PRO FORMA ORDERS, SALES TO PRO FORMA SALES, GROSS PROFIT TO PRO FORMA GROSS PROFIT, ADJUSTED EBITDA TO PRO FORMA ADJUSTED EBITDA, AND OPERATING INCOME TO PRO FORMA ADJUSTED OPERATING INCOME (UNAUDITED)
(Dollars in millions)
| Three Months Ended September 30, 2023 | |||||
| Orders | $ | 1,127.3 | |||
| Less: Orders from businesses divested in the fourth quarter 2023 | 20.0 | ||||
| Pro forma orders (non-GAAP) | $ | 1,107.3 | |||
| Sales | $ | 897.9 | |||
| Less: Sales from businesses divested in the fourth quarter 2023 | 30.0 | ||||
| Pro forma sales (non-GAAP) | $ | 867.9 | |||
| Gross profit | $ | 276.2 | |||
| Less: Gross profit from businesses divested in the fourth quarter 2023 | 10.3 | ||||
| Pro forma gross profit (non-GAAP) | $ | 265.9 | |||
| Pro forma gross profit margin (non-GAAP) | 30.6 | % | |||
| EBITDA (non-GAAP) | $ | 169.3 | |||
| Less: Adjusted EBITDA from businesses divested in the fourth quarter 2023 | 7.9 | ||||
| Pro forma EBITDA (non-GAAP) | $ | 161.4 | |||
| Non-recurring costs: | |||||
Deal related & integration costs (2) | 5.9 | ||||
| Restructuring & related costs | 4.2 | ||||
| Amortization of step-up value of inventory | 7.3 | ||||
| Other one-time items | 0.6 | ||||
| Employee share-based compensation expense | 2.6 | ||||
Unrealized (gain) loss on investments in equity securities and loss from strategic equity method investments (1) | 5.1 | ||||
| Pro forma adjusted EBITDA (non-GAAP) | $ | 187.1 | |||
| Pro forma adjusted EBITDA margin (non-GAAP) | 21.6 | % | |||
| Operating income | $ | 104.4 | |||
| Less: Operating income from businesses divested in the fourth quarter 2023 | 7.4 | ||||
| Pro forma operating income (non-GAAP) | $ | 97.0 | |||
| Pro forma operating income margin (non-GAAP) | 11.2 | % | |||
| Restructuring related, deal-related, integration and other one time costs | $ | 57.0 | |||
| Pro forma adjusted operating income (non-GAAP) | $ | 154.0 | |||
| Pro forma adjusted operating income margin (non-GAAP) | 17.7 | % | |||
(1)Includes the mark-to-market of our inorganic investments in Avina, McPhy, Stabilis and certain of our minority investments as well as losses from strategic equity method investments.
(2)Deal related and integration costs primarily includes costs associated with integrating Howden and impacts from the 2023 divestitures.
______________
Businesses divested in the fourth quarter of 2023 include American Fan, Cofimco and Cryo Diffusion. Pro forma orders, pro forma sales, pro forma gross profit, adjusted EBITDA, pro forma adjusted EBITDA, pro forma operating income and pro
22
forma adjusted operating income are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to sales and net income from continuing operations in accordance with U.S. GAAP. Management believes that pro forma orders, pro forma sales, pro forma gross profit, adjusted EBITDA, pro forma adjusted EBITDA, pro forma operating income and pro forma adjusted operating income facilitate useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies.
23