第99.1展示文本
查特工業報告2024年第三季度財務業績
亞特蘭大，2024年11月1日 - Chart Industries, Inc.（紐交所：GTLS）今天公佈了截至2024年9月30日的第三季度的業績。所展示的結果來自持續經營業務。在提及任何比較期間時，所有指標均爲Chart和Howden合併業務的持續經營業務的假設數據（假設數據不包括以下在2023年出售的業務：Roots、American Fan、Cofimco和Cryo Diffusion）。Howden收購交易於2023年3月17日完成。
2024年第三季度重點亮點，與2023年第三季度相比，按照公司規定的總收入計算:
•11.7億美元的訂單，增長了5.4%
•銷售額達到10.6億美元，增長了22.4%
•報告的毛利率爲34.1%，比點子增長350個（「bps」）
•報告顯示營業收入爲17850萬美元（銷售額的16.8%）或經調整後爲23590萬美元，主要與豪登整合和人員結構調整相關的飛凡項目有關，結果調整後的營業利潤率爲22.2%，增加了450個基本點
•報告的息稅折舊及攤銷前利潤（EBITDA）爲24840萬美元（銷售額的23.4%），增長了53.9%
•調整後的EBITDA爲26070萬美元（銷售額的24.5%），在調整上述項目後增長了39.3%
•每股收益爲$1.34；調整攤薄後每股收益爲$2.18，若考慮到外匯期貨負$930萬的影響（稅後淨負EPS影響$0.15），以及因地理分佈導致的高於原先預期的稅率 ($0.15負EPS影響)
•報告的經營活動淨現金流爲20070萬美元，減去資本支出的2610萬美元，導致自由現金流（「FCF」）爲17460萬美元；重申我們預期的2024全年自由現金流約爲40000萬美元。
「2024年第三季度，我們實現了自由現金流17460萬美元，用於減少淨債務，並有助於將淨槓桿率降至3.04，截至2024年9月30日，」Chart的首席執行官兼總裁吉爾·埃文科(Jill Evanko)表示。“在大多數終端市場需求持續增長，我們業務板塊強勁的運營業績，售後業務持續兩位數增長和提前實現成本協同效應的好處，使我們創下了34.1%的歷史最高報告毛利潤率和22.2%的記錄調整後營業利潤率。.”
2024年第三季度摘要。
2024年第三季度銷售額達10.6億美元，比2023年第三季度增長22.4%（考慮匯率期貨阻力增長22.6%），每個部門的銷售額與2023年第三季度相比均有所增長。
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訂單額達11.7億美元，較2023年第三季度增長5.4%。2024年第三季度熱交換系統（「HTS」）和維修、服務和租賃（「RSL」）的需求強勁。 HTS需求主要來自液化天然氣和其他能源相關的訂單，包括釺焊鋁和空冷換熱器。 液化天然氣通過多個Chart應用推動整個價值鏈的需求，包括卡塔爾上游燃氣工藝壓縮機的大宗訂單，多個船舶訂單用於EGR鼓風機，並持續增長的液化天然氣車輛罐需求。 RSL的需求受到新的長期服務和框架協議支撐。 2024年第三季度RSL的訂單額與銷售額比爲1.05.
迄今爲止，我們從霍登收購中獲得的成本協同效應已超過25000萬美元，這超過了我們最初第三年（2026年）的目標。這些比預期提前的成本協同效應是導致我們報告的毛利率爲34.1%，降至報告的運營收入爲17850萬美元，或16.8%的原因。在調整了上述一次性項目後，調整後的營業利潤率爲22.2%，較第三季度2023年提高了450個點子，並比2024年第二季度高出50個點子。所有四個板塊在2024年第三季度的毛利率、營業利潤率以及調整後的營業利潤率均較2023年第三季度有所增加。
重組和霍登整合以及本季度在我們的少數投資中所獲得的抵銷收益的一次性費用調整後，EBITDA爲24840萬美元，調整後爲26070萬美元。第三季度2024年的調整後EBITDA達到2.607億美元，其中包括930萬美元的匯率期貨負面逆風；排除外匯影響，調整後的EBITDA將達到27000萬美元。與2023年第三季度相比，調整後的EBITDA利潤率增長了290個點子至24.5%。
液化天然氣、氫、idc概念和碳捕捉（「CCUS」）對我們設備和科技的需求正在增長。
我們的IPSMR®工藝技術用於模塊化LNG液化以及相關的專有設備持續受到關注，已經獲得數十項技術驗證，獲得批准用於當前和潛在未來項目中，包括以下內容：
•埃克森美孚-代表莫桑比克Rovuma創業公司（MRV），作爲莫桑比克北部Rovuma盆地4號區域特許權的運營商-5g-最近宣佈選擇我們的IPSMR®液化技術和專有設備用於Afungi半島的Rovuma LNG項目。 Rovuma LNG項目將從近海Rovuma盆地4號區塊的油藏生產、液化並銷售天然氣，幷包括施工12個每個1.5 MTA的模塊，總液化天然氣產能爲18 MTPA，以及相關的陸上設施。 預計選擇Chart IPSMR®用於這12個液化模塊將有助於增加項目的
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競爭力、可靠性提高和排放更低的溫室氣體。 儘管已經預訂了早期工程工作，但該項目的內容尚未進入積壓任務列表。
•Tellurian 已於2024年10月8日被Woodside 能源收購。Woodside Louisiana LNG（原Driftwood 項目）將採用我們的IPSMR®工藝技術和相關設備。項目內容尚未被插隊；我們在2024年10月收到了一個小型的工程發佈。
•Viability Gap Plc.、N Gas Tanzania Ltd.和Tanzania Petroleum Development Corporation已選擇與查特工業合作，利用我們的IPSMR®工藝和相關設備用於他們在坦桑尼亞的小型液化天然氣項目，該項目預計在FEED（前端工程設計）階段結束後開始進行。該項目目前尚未進入積壓訂單。
此外，在2024年第三季度和2024年10月，我們已執行了以下與氫相關的協議，這些協議目前尚未反映在我們的積壓訂單中：
•我們已與Renergy Group Partners LLC（「Renergy」）合作，Renergy是一家可再生能源和製造行業解決方案提供商，合作開發了位於埃及的Renergy綠氫工廠，預計每年產生45萬噸氫氣。作爲這項合作的一部分，Chart將爲Renergy提供氫氣液化、儲存和壓縮設備。預計於2026年第一季度做出最終投資決定（FID），預計到2030年，這項每年生產16萬噸液態綠色氫的項目的第一階段將投入運營。
•我們與一家歐洲的氫生產項目開發商簽署了一份諒解備忘錄（「MOU」），用於建造每天30噸的氫液化裝置和相關的ISO集裝箱。總預期Chart項目內容預計約爲8500萬美元。該項目預計將於2025年做出投資決策（FID）。
•我們簽署了一項合作協議，與埃及最大的國有施工公司PETROJEt合作，推動埃及各地的氫項目。
•我們與布列塔尼地域板塊、佈雷斯特港口、布列塔尼發展創新和EO概念板塊簽署了諒解備忘錄，作爲他們歐洲項目的一部分，將他們的船隊轉爲使用液態氫（LH2），並打造一個可供應可再生燃料的港口能源中心。Chart公司將爲佈雷斯特港口每天10噸氫液化和加註的發展帶來其專業知識。
我們正在看到我們CCUS服務的範圍和規模不斷增加，包括向「Catch4Climate」 (CI4C) 項目提供我們的液氧大型儲罐，這是由四家歐洲水泥生產商領導的氧燃技術碳捕獲項目。
2024年10月，我們接到了另一個idc概念空氣冷卻器訂單，並與我們的合作伙伴本地擁有的Salish Elements（位於加拿大不列顛哥倫比亞省溫哥華）贏得了一個氫液化項目，爲其BC氫能公路項目的第一階段。
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2024年第三季度分部業績（與2023年第三季度相比，除非另有說明，均爲調整後的持續運營）。
Cryo Tank Solutions（「CTS」）： 2024年第三季度CTS訂單額爲$12620萬，較2023年同期下降了17.5%，主要原因是2023年第三季度有一個價值$1920萬的鐵路車廂訂單。2024年第三季度，在中國市場需求放緩，主要反映在CTS上。2024年第三季度銷售額爲$16250萬，較2023年同期增長了4.6%。報告的毛利潤率爲25.0%，較2023年第三季度增加了280個點子。
熱傳遞系統： 2024年第三季度HTS訂單爲42470萬美元，同比增長151.0%，受到多個液化天然氣和傳統能源設備獎項驅動。2024年第三季度HTS銷售額爲25620萬美元，創紀錄增長12.5%，與2023年第三季度相比，毛利潤率爲29.8%，比2023年第三季度提高340個點子，受項目組合驅動。
特種產品2024年第三季度特種產品訂單爲23780萬美元，較2023年第三季度下降了48.9%，因爲2023年第三季度包含更大規模的氫液化訂單，而2024年第三季度沒有。我們在十月份收到了一個氫液化項目獎項，並預計2024年第四季度至少會獲得一個額外的氫液化項目獎項。此外，我們預計2024年第四季度將獲得一個大型礦業項目獎項。2024年第三季度特種產品銷售額爲28330萬美元，創下該業務板塊的歷史新高，較2023年第三季度增長了25.9%，主要受增加的生產量和進行中的氫項目推動。彙報的毛利潤率爲26.3%，較2023年第三季度提高了60個點子，但與2024年第二季度相比從29.1%下降。下降的原因是2024年第三季度的特定支出，涉及我們新開設的西奧多設施（「Teddy2」）上的供應商機械啓動挑戰和特定空間相關項目的低效率。
維修、服務和租賃： 2024年第三季度RSL訂單金額爲37790萬美元，較2023年第三季度增長16.5%。2024年第三季度銷售額爲36050萬美元，增長36.1%。維修、服務和備件以及設備的大宗售後市場銷售推動了RSL訂單和銷售的增長。報告的RSL毛利潤率爲47.4%，得益於持續協同效應的執行以及積極的產品組合。
第三季度17460萬美元的自由現金流導致淨槓桿率爲3.04；重申我們的淨槓桿率目標爲2.0至2.5。
2024年第三季度經營活動淨現金流爲20070萬元，扣除資本支出的2610萬元，產生了17460萬元的自由現金流。截至2024年9月30日，我們的淨槓桿比率爲3.04。
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我們預計我們2017年發行的七年期可轉換債券將於2024年11月在到期時支付現金本金（約25870萬美元）和交付股份用於預期的溢價結算。 這已包含在我們的指引中的股份統計中。
目前正在進行額外的現金產生和償還債務的活動，並預計將在即將到來的幾個月內完成。這些活動包括但不限於資產出售、小型產品線剝離以及外匯資金歸回。
2024年展望。
我們目前的2024財年銷售前景約爲42億至43億美元，較2023財年全年動態增長幅度爲18.0%至20.5%。我們預計2024財年調整後的EBITDA約爲10.15億至10.45億美元，約爲24.2%至24.3%的EBITDA利潤率。我們預計2024財年調整後的攤薄後每股收益約爲9.00美元，基於約22%的稅率和全年約4650萬股的攤薄後股數。預計自由現金流約爲40000萬美元。我們對2024展望的變化主要是由於更大訂單的時間安排及其相關的營業收入確認（時間和混合）、匯率期貨影響、稅率變化和份額計數變化。
2025展望。
我們預計2025年銷售額將在46.5億美元至48.5億美元的區間內，相應調整後的EBITDA在11.75億美元至12.25億美元之間。我們預計2024年全年調整後的攤薄每股收益將在12.00美元至13.00美元之間，包括約22%的稅率。此外，我們預計2025年結束時淨債務約爲30億美元，基於2025年全年自由現金流預計約爲5.5億至60000萬美元。我們期待在2024年11月12日上午9點至11點東部時間舉行的資本市場日上分享關於2025年展望的額外信息和細節。
前瞻性聲明
本新聞稿中的某些陳述屬於《1995年私人證券訴訟改革法案》所規定的前瞻性陳述。前瞻性陳述包括涉及公司業務計劃的陳述，包括有關已完成收購、剝離和投資、成本和商業協同效應以及效率節省、目標、未來訂單、收入、利潤率、業務板塊銷售組合、收益或績效、流動性和現金流、償還或清償到期債務、庫存水平、資本支出、供應鏈挑戰、通貨膨脹壓力包括物料成本和定價上漲、業務趨勢、清潔能源市場機遇包括可尋址市場以及政府倡議，包括行政命令等非歷史性信息。前瞻性陳述可能通過諸如" 的術語來識別
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"可能"，"將會"，"應該"，"可能"，"預計"，"預期"，"相信"，"投資"，"預測"，"展望"，"指導"，"繼續"，"目標"或類似術語的否定形式或可比較的術語。
本新聞稿中包含的前瞻性聲明，或公司其他聲明，均基於管理層對未來影響公司的事件的期望和信念，受到與公司業務運營和商業環境相關的不確定性因素的影響，所有這些因素難以預測，很多超出了公司的控制範圍，可能導致公司的實際結果與前瞻性聲明中表達或暗示的事項有實質性差異。可能導致公司實際結果與前瞻性聲明中描述的情況有實質性不符的因素包括：公司成功整合豪登收購和其他最近的收購，並實現這些收購預期的營業收入、收益、增值以及其他收益；新型清潔能源產品的增長和市場接受程度低於預期；無法實現預期的價格上漲或持續的供應鏈挑戰，包括原材料和供應的波動性；與新冠肺炎疫情和持續不確定性有關的風險，以及地區衝突和動盪，包括中東最近的混亂和俄羅斯與烏克蘭之間的衝突，還包括歐洲和其他地方可能出現的能源短缺；以及在公司最近提交給美國證券交易委員會的10-k表格中討論的其他因素中的第1A（風險因素），應該仔細審查。 公司不承擔更新或修改任何前瞻性聲明的義務。
爲了補充HCSG的整體財務信息，我們認爲某些非GAAP財務指標在評估營運表現並將這種表現與其他公司進行比較時是有用的。
本新聞稿包含非美國通用會計準則財務信息，包括調整後的營業利潤、調整後的攤薄每股收益、歸屬於Chart Industries，Inc.的淨收入調整、自由現金流以及EBITDA和調整後的EBITDA。該公告還包含各種假設成立的財務數據（包括假設成立的訂單、銷售額、毛利、調整後的EBITDA、營業利潤和調整後的營業利潤），以反映2023年出售的以下業務：Roots，American Fan，Cofimco和Cryo Diffusion。有關公司使用非美國通用會計準則財務信息的更多信息，以及非美國通用會計準則財務指標與根據美國普遍公認會計准則（「GAAP」）計算和呈現的最直接可比財務指標的調解，請參閱本新聞稿末尾的調解頁面。
公司認爲這些非通用會計準則的指標對投資者具有吸引力，有助於比較公司的財務業績，並且公司在評估內部績效時使用這些信息。就公司2024年和2025年全年盈利展望而言，由於某些事項尚未發生或超出公司控制範圍和/或無法合理預測，公司無法提供調整後的EBITDA、自由現金流或調整後的每股收益對賬。
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電話會議
根據先前公佈的消息，公司已安排於2024年11月1日星期五上午8:30召開電話會議，討論2024年第三季度財務業績。希望參加現場問答環節的參與者必須按以下信息撥號接入：
參與者信息：
北美免費電話：(+1) 800 549 8228
北美和其他地區收費: (+1) 289 819 1520
會議ID：35817
公司的投資者關係網站將提供Q3 2024年網絡直播和回放，以及演示文稿，通過以下鏈接進行註冊：Q3 2024網絡直播註冊。電話會議回放可在通話結束後大約兩小時通過1-888-660-6264，密碼爲35817，直至2024年12月1日。
Chart Industries，Inc。簡介
Chart Industries, Inc.是一家領先的獨立全球領導者，在天然氣和液態分子處理的設計、工程和製造方面處於領先地位，爲Clean™的聯繫提供了技術和設備-清潔能源、清潔水、清潔食品和清潔工業，無論分子如何。該公司的獨特產品解決方案組合涵蓋了固定和旋轉設備，在液態燃氣供應鏈的每個階段中使用，包括工程、安裝、預防性維護和數字監控的服務和維修。Chart是液化天然氣、氫氣、沼氣和二氧化碳捕集等其他應用領域的領先技術、設備和服務提供商。Chart致力於在環保、社會和公司治理(ESG)問題上卓越，無論是對公司還是對客戶來說。在美國、亞洲、澳洲、印度、歐洲和南美等地設有64個全球製造基地和超過50個服務中心，公司向團隊成員、供應商、客戶和社區保持責任和透明度。欲了解更多信息，請訪問www.chartindustries.com
更多信息，請點擊這裏：
http://ir.chartindustries.com/
查特工業投資者關係聯繫人：
約翰·沃爾什
高級副總裁，投資者和政府關係
1-770-721-8899
john.walsh@chartindustries.com
7
CHARt INDUSTRIES, INC.及其子公司
簡要的綜合收入表（未經審計）
（以百萬美元和股數爲單位，除每股金額外）
| 三個月之內結束 | 九個月結束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 銷售 | $ | 1,062.5 | $ | 897.9 | $ | 3,053.5 | $ | 2,337.5 | |||||||||||||||
| 銷售成本 | 699.9 | 621.7 | 2,037.0 | 1,631.4 | |||||||||||||||||||
| 毛利潤 | 362.6 | 276.2 | 1,016.5 | 706.1 | |||||||||||||||||||
| 銷售，總務及管理費用 | 135.7 | 122.8 | 413.4 | 356.4 | |||||||||||||||||||
| 攤銷費用 | 48.4 | 49.0 | 143.9 | 115.0 | |||||||||||||||||||
| 營業費用 | 184.1 | 171.8 | 557.3 | 471.4 | |||||||||||||||||||
| 營業收入 | 178.5 | 104.4 | 459.2 | 234.7 | |||||||||||||||||||
| 收購相關財務費用 | — | — | — | 26.1 | |||||||||||||||||||
| 利息費用，淨額 | 80.6 | 90.5 | 248.7 | 202.7 | |||||||||||||||||||
| 其他（收入）支出，淨額 | (2.6) | 3.4 | 4.2 | 6.4 | |||||||||||||||||||
| 持續經營活動稅前淨利潤（虧損）和不合並聯營企業（虧損）淨收益 | 100.5 | 10.5 | 206.3 | (0.5) | |||||||||||||||||||
| 所得稅費用（收益） | 26.6 | 0.1 | 50.9 | (4.2) | |||||||||||||||||||
| 持續經營活動稅前淨利潤和不合並聯營企業淨收益 | 73.9 | 10.4 | 155.4 | 3.7 | |||||||||||||||||||
| 不合並聯營企業淨收益（損失）權益 | (0.8) | 1.3 | (2.4) | 2.4 | |||||||||||||||||||
| 持續經營活動的淨利潤 | 73.1 | 11.7 | 153.0 | 6.1 | |||||||||||||||||||
| 已中止的經營虧損，稅後 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 淨收入 | 72.7 | 5.7 | 150.2 | 3.5 | |||||||||||||||||||
| 扣除：歸屬於少數股東的持續經營活動淨利潤（稅後） | 3.7 | 2.3 | 11.3 | 6.0 | |||||||||||||||||||
| 歸屬於Chart Industries, Inc.的淨利潤（虧損） | $ | 69.0 | $ | 3.4 | $ | 138.9 | $ | (2.5) | |||||||||||||||
| 歸屬於Chart普通股股東的金額 | |||||||||||||||||||||||
| 持續經營業務收入 | $ | 69.4 | $ | 9.4 | $ | 141.7 | $ | 0.1 | |||||||||||||||
| 減：強制轉換優先股份的股息要求 | 6.8 | 6.8 | 20.4 | 20.5 | |||||||||||||||||||
| 歸屬於Chart的持續經營的盈利（虧損） | 62.6 | 2.6 | 121.3 | (20.4) | |||||||||||||||||||
| 已中止的經營虧損，稅後 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 歸屬於Chart普通股股東的淨利潤（虧損） | $ | 62.2 | $ | (3.4) | $ | 118.5 | $ | (23.0) | |||||||||||||||
| 歸屬於Chart Industries, Inc.的每股基本盈利 | |||||||||||||||||||||||
| 持續經營利潤（損失） | $ | 1.49 | $ | 0.06 | $ | 2.89 | $ | (0.49) | |||||||||||||||
| 來自終止經營的損失 | (0.01) | (0.14) | (0.07) | (0.06) | |||||||||||||||||||
| 淨利潤（損失）歸屬於Chart Industries, Inc。 | $ | 1.48 | $ | (0.08) | $ | 2.82 | $ | (0.55) | |||||||||||||||
| 每股稀釋收益歸屬於Chart Industries, Inc。 | |||||||||||||||||||||||
| 持續經營利潤（損失） | $ | 1.34 | $ | 0.05 | $ | 2.59 | $ | (0.49) | |||||||||||||||
| （已停止的）經營活動利潤（虧損） | (0.01) | (0.12) | (0.06) | (0.06) | |||||||||||||||||||
| 淨利潤（損失）歸屬於Chart Industries, Inc。 | $ | 1.33 | $ | (0.07) | $ | 2.53 | $ | (0.55) | |||||||||||||||
8
| 三個月之內結束 | 九個月結束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 普通股股份加權平均數： | |||||||||||||||||||||||
| 基本 | 42.05 | 41.98 | 42.04 | 41.96 | |||||||||||||||||||
攤薄 (1) (2) | 46.67 | 47.61 | 46.89 | 41.96 | |||||||||||||||||||
_______________
(1)包括2024年到期的可轉換票據和相關認股權的4.43和5.39股，在截至2024年和2023年9月30日的三個月的攤薄每股收益計算中。 協助抵消此稀釋的相關對沖不能根據美國通用會計準則（「GAAP」）考慮在內。 如果對沖能夠被考慮，它將在截至2024年和2023年9月30日的三個月中分別減少額外股數2.43和2.86股。
(2)在截至2024年9月30日的九個月中，包含與到期日爲2024年的可轉換票據和相關認股權相關的另外4.66股在我們的攤薄每股收益計算中。相關的對沖措施無法根據美國通用會計準則考慮在內。如果對沖措施可以被考慮，它將在截至2024年9月30日的九個月中減少額外股數2.54股。
9
CHARt INDUSTRIES, INC.及其子公司
未經審計的簡明合併現金流量表
（數字單位爲百萬美元）
| 三個月之內結束 | 九個月結束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 經營活動 | |||||||||||||||||||||||
| 淨收入 | $ | 72.7 | $ | 5.7 | $ | 150.2 | $ | 3.5 | |||||||||||||||
| 減：終止經營部門損失，扣除所得稅 | (0.4) | (6.0) | (2.8) | (2.6) | |||||||||||||||||||
| 持續經營活動的淨利潤 | 73.1 | 11.7 | 153.0 | 6.1 | |||||||||||||||||||
| 調整淨利潤以便於(使用於)經營活動的現金流量: | |||||||||||||||||||||||
| 橋型貸款設施費用 | — | — | — | 26.1 | |||||||||||||||||||
| 折舊和攤銷 | 68.1 | 67.0 | 200.0 | 163.2 | |||||||||||||||||||
| 員工股權報酬支出 | 4.2 | 2.6 | 14.3 | 9.2 | |||||||||||||||||||
| 融資成本攤銷 | 4.8 | 4.8 | 14.2 | 12.0 | |||||||||||||||||||
| 未實現外幣交易損失（收益） | 8.6 | 1.3 | (5.1) | 0.4 | |||||||||||||||||||
| 股權證券投資未實現（收益）損失 | (12.8) | 5.2 | (10.8) | 11.8 | |||||||||||||||||||
| 非合併聯營企業的（利潤）虧損 | 0.8 | (1.2) | 2.4 | (2.4) | |||||||||||||||||||
| 業務出售損失 | — | — | 7.8 | — | |||||||||||||||||||
| 其他非現金經營活動 | 2.0 | (6.3) | 3.0 | (4.9) | |||||||||||||||||||
| 資產和負債變動，包括收購淨額: | |||||||||||||||||||||||
| 應收賬款 | (45.2) | (1.7) | (45.0) | (61.9) | |||||||||||||||||||
| 存貨 | 19.4 | 7.6 | 24.4 | 2.6 | |||||||||||||||||||
| 合同未開票收入 | (9.5) | (50.6) | (195.7) | (133.4) | |||||||||||||||||||
| 預付費用和其他流動資產 | 26.6 | 21.6 | (16.4) | 34.0 | |||||||||||||||||||
| 應付賬款及其他流動負債 | 67.2 | (42.9) | 109.6 | 86.2 | |||||||||||||||||||
| 客戶預付款及超額賬單 | (19.3) | (15.5) | (13.3) | 19.1 | |||||||||||||||||||
| 長期資產和負債 | 12.7 | (32.9) | (15.2) | (62.0) | |||||||||||||||||||
| 持續經營活動產生的淨現金流量 | 200.7 | (29.3) | 227.2 | 106.1 | |||||||||||||||||||
| 終止經營活動產生的淨現金流量 | (0.1) | 6.7 | (5.6) | (69.2) | |||||||||||||||||||
| 經營活動產生的淨現金流量 | 200.6 | (22.6) | 221.6 | 36.9 | |||||||||||||||||||
10
| 三個月之內結束 | 九個月結束 | ||||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 2024年9月30日 | 2023年9月30日 | ||||||||||||||||||||
| 投資活動 | |||||||||||||||||||||||
| 收購企業，扣除現金淨額 | — | 17.5 | — | (4,322.3) | |||||||||||||||||||
| 出售業務收到的款項 | — | 291.9 | (6.1) | 291.9 | |||||||||||||||||||
| 資本支出 | (26.1) | (63.1) | (100.3) | (115.4) | |||||||||||||||||||
| 投資 | — | (6.2) | (13.1) | (8.8) | |||||||||||||||||||
| 其他投資活動 | 0.1 | 3.3 | 0.4 | 2.3 | |||||||||||||||||||
| 持續經營業務的投資活動產生的淨現金（流出） | (26.0) | 243.4 | (119.1) | (4,152.3) | |||||||||||||||||||
| 停止經營業務的投資活動使用的淨現金 | — | (0.5) | (2.5) | (2.6) | |||||||||||||||||||
| 投資活動產生的淨現金流量 | (26.0) | 242.9 | (121.6) | (4,154.9) | |||||||||||||||||||
| 籌資活動 | |||||||||||||||||||||||
| 信貸業務借款 | 801.9 | 611.5 | 2,286.7 | 1,334.3 | |||||||||||||||||||
| 信貸設施的償還 | (910.2) | (849.5) | (2,246.5) | (1,234.3) | |||||||||||||||||||
| 長期貸款借款 | — | — | — | 1,747.2 | |||||||||||||||||||
| 償還有息貸款 | — | (4.4) | — | (8.2) | |||||||||||||||||||
| 支付債務發行成本 | (4.8) | (0.1) | (10.1) | (133.5) | |||||||||||||||||||
| 支付或準備支付的參考負債 | — | (2.7) | — | (4.4) | |||||||||||||||||||
| 發行普通股收到的款項，淨額 | — | — | — | 11.7 | |||||||||||||||||||
| 行使股票期權所得 | — | 0.7 | 0.4 | 0.9 | |||||||||||||||||||
| 普通股票回購來自股份報酬計劃 | (0.2) | (0.3) | (3.3) | (3.0) | |||||||||||||||||||
| 分紅派息給非控股權益 | — | (3.8) | — | (12.2) | |||||||||||||||||||
| 強制性可轉換優先股股息派發 | (6.8) | (6.8) | (20.4) | (20.5) | |||||||||||||||||||
| 淨現金（用於）提供的融資活動 | (120.1) | (255.4) | 6.8 | 1,678.0 | |||||||||||||||||||
| 匯率變動對現金及現金等價物的影響 | 7.4 | (2.3) | 4.6 | (0.4) | |||||||||||||||||||
| 現金、現金等價物、受限現金和受限現金等價物淨（減少）增加，包括歸類爲待售流動資產內的現金 | 61.9 | (37.4) | 111.4 | (2,440.4) | |||||||||||||||||||
| 減：歸類爲待售流動資產內的現金淨增加 | — | (5.0) | — | (5.0) | |||||||||||||||||||
| 現金、現金等價物、受限制的現金和受限制的現金等價物的淨增加(減少)數 | 61.9 | (42.4) | 111.4 | (2,445.4) | |||||||||||||||||||
期初現金，現金等價物，受限現金和受限現金等價物 (1) | 250.6 | 202.3 | 201.1 | 2,605.3 | |||||||||||||||||||
期末現金，現金等價物，受限現金和受限現金等價物 (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