AIR PRODUCTS AND CHEMICALS, INC.
SEGMENT REORGANIZATION EFFECTIVE 1 OCTOBER 2021
UNAUDITED HISTORICAL FINANCIAL INFORMATION
TABLE OF CONTENTS
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
New Reporting Segments (Effective 1 October 2021)
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Sales ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $933.0 | | $1,056.1 | | $1,063.3 | | $1,115.2 | | $4,167.6 | | | |
| Industrial Gases – Asia | 717.5 | | 697.5 | | 751.8 | | 754.0 | | 2,920.8 | | | |
| Industrial Gases – Europe | 543.5 | | 558.4 | | 599.4 | | 644.3 | | 2,345.6 | | | |
| Industrial Gases – Middle East | 19.5 | | 26.2 | | 23.9 | | 29.7 | | 99.3 | | | |
| Corporate and other | 161.7 | | 163.8 | | 166.3 | | 297.9 | | 789.7 | | | |
| Total | $2,375.2 | | $2,502.0 | | $2,604.7 | | $2,841.1 | | $10,323.0 | | | |
| | | | | | | | | | | | | | | | | | | |
Operating Income (Loss) ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Industrial Gases – Asia | 214.8 | | 198.5 | | 219.1 | | 205.9 | | 838.3 | | | |
| Industrial Gases – Europe | 137.5 | | 132.9 | | 134.0 | | 125.0 | | 529.4 | | | |
| Industrial Gases – Middle East | 4.0 | | 6.7 | | 6.1 | | 11.2 | | 28.0 | | | |
| Corporate and other | (43.0) | | (66.6) | | (68.1) | | (15.7) | | (193.4) | | | |
Total(A) | $539.1 | | $534.9 | | $577.1 | | $616.7 | | $2,267.8 | | | |
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| (A) | Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below. | |
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| Operating Margin | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | 24.2 | % | 24.9 | % | 26.9 | % | 26.0 | % | 25.6 | % | | |
| Industrial Gases – Asia | 29.9 | % | 28.5 | % | 29.1 | % | 27.3 | % | 28.7 | % | | |
| Industrial Gases – Europe | 25.3 | % | 23.8 | % | 22.4 | % | 19.4 | % | 22.6 | % | | |
| Industrial Gases – Middle East | 20.5 | % | 25.6 | % | 25.5 | % | 37.7 | % | 28.2 | % | | |
| Corporate and other | N/M | N/M | N/M | N/M | N/M | | |
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N/M Not meaningful
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Equity Affiliates’ Income ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $22.3 | | $32.3 | | $24.6 | | $33.3 | | $112.5 | | | |
| Industrial Gases – Asia | 8.8 | | 7.1 | | 8.3 | | 11.7 | | 35.9 | | | |
| Industrial Gases – Europe | 14.9 | | 12.6 | | 11.6 | | 23.7 | | 62.8 | | | |
| Industrial Gases – Middle East | 21.2 | | 16.1 | | 17.1 | | 22.0 | | 76.4 | | | |
| Corporate and other | 2.1 | | 1.7 | | 1.6 | | 1.1 | | 6.5 | | | |
| Total | $69.3 | | $69.8 | | $63.2 | | $91.8 | | $294.1 | | | |
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Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
New Reporting Segments (Effective 1 October 2021)
Continued
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Depreciation and Amortization ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $151.8 | | $153.3 | | $154.2 | | $152.6 | | $611.9 | | | |
| Industrial Gases – Asia | 107.9 | | 109.7 | | 113.8 | | 113.0 | | 444.4 | | | |
| Industrial Gases – Europe | 49.3 | | 51.0 | | 52.5 | | 51.7 | | 204.5 | | | |
| Industrial Gases – Middle East | 6.1 | | 6.6 | | 6.2 | | 6.4 | | 25.3 | | | |
| Corporate and other | 8.6 | | 8.7 | | 9.0 | | 8.9 | | 35.2 | | | |
| Total | $323.7 | | $329.3 | | $335.7 | | $332.6 | | $1,321.3 | | | |
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Adjusted EBITDA(A) ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $399.9 | | $449.0 | | $464.8 | | $476.2 | | $1,789.9 | | | |
| Industrial Gases – Asia | 331.5 | | 315.3 | | 341.2 | | 330.6 | | 1,318.6 | | | |
| Industrial Gases – Europe | 201.7 | | 196.5 | | 198.1 | | 200.4 | | 796.7 | | | |
| Industrial Gases – Middle East | 31.3 | | 29.4 | | 29.4 | | 39.6 | | 129.7 | | | |
| Corporate and other | (32.3) | | (56.2) | | (57.5) | | (5.7) | | (151.7) | | | |
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| (A) | Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below. | |
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Adjusted EBITDA Margin(A) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | 42.9 | % | 42.5 | % | 43.7 | % | 42.7 | % | 42.9 | % | | |
| Industrial Gases – Asia | 46.2 | % | 45.2 | % | 45.4 | % | 43.8 | % | 45.1 | % | | |
| Industrial Gases – Europe | 37.1 | % | 35.2 | % | 33.0 | % | 31.1 | % | 34.0 | % | | |
| Industrial Gases – Middle East | N/M | N/M | N/M | N/M | N/M | | |
| Corporate and other | N/M | N/M | N/M | N/M | N/M | | |
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| (A) | Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below. | N/M Not meaningful |
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
As Previously Reported
| | | | | | | | | | | | | | | | | | | |
Sales ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $933.0 | | $1,056.1 | | $1,063.3 | | $1,115.2 | | $4,167.6 | | | |
| Industrial Gases ��� Asia | 717.5 | | 697.5 | | 751.8 | | 754.0 | | 2,920.8 | | | |
| Industrial Gases – EMEA | 563.0 | | 584.6 | | 623.3 | | 674.0 | | 2,444.9 | | | |
| Industrial Gases – Global | 104.5 | | 97.9 | | 99.1 | | 209.5 | | 511.0 | | | |
| Corporate and other | 57.2 | | 65.9 | | 67.2 | | 88.4 | | 278.7 | | | |
| Total | $2,375.2 | | $2,502.0 | | $2,604.7 | | $2,841.1 | | $10,323.0 | | | |
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Operating Income (Loss) ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Industrial Gases – Asia | 214.8 | | 198.5 | | 219.1 | | 205.9 | | 838.3 | | | |
| Industrial Gases – EMEA | 141.5 | | 139.6 | | 140.1 | | 136.2 | | 557.4 | | | |
| Industrial Gases – Global | (4.6) | | (26.1) | | (33.6) | | 3.7 | | (60.6) | | | |
| Corporate and other | (38.4) | | (40.5) | | (34.5) | | (19.4) | | (132.8) | | | |
Total(A) | $539.1 | | $534.9 | | $577.1 | | $616.7 | | $2,267.8 | | | |
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| | | | | | | |
| | | | | | | | |
| (A) | Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below. | |
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| Operating Margin | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | 24.2 | % | 24.9 | % | 26.9 | % | 26.0 | % | 25.6 | % | | |
| Industrial Gases – Asia | 29.9 | % | 28.5 | % | 29.1 | % | 27.3 | % | 28.7 | % | | |
| Industrial Gases – EMEA | 25.1 | % | 23.9 | % | 22.5 | % | 20.2 | % | 22.8 | % | | |
| Industrial Gases – Global | N/M | N/M | N/M | N/M | N/M | | |
| Corporate and other | N/M | N/M | N/M | N/M | N/M | | |
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N/M Not meaningful
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Equity Affiliates’ Income ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $22.3 | | $32.3 | | $24.6 | | $33.3 | | $112.5 | | | |
| Industrial Gases – Asia | 19.9 | | 15.5 | | 23.5 | | 22.5 | | 81.4 | | | |
| Industrial Gases – EMEA | 25.0 | | 20.3 | | 13.5 | | 34.9 | | 93.7 | | | |
| Industrial Gases – Global | 2.1 | | 1.7 | | 1.6 | | 1.1 | | 6.5 | | | |
| Corporate and other | — | | — | | — | | — | | — | | | |
| Total | $69.3 | | $69.8 | | $63.2 | | $91.8 | | $294.1 | | | |
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Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
As Previously Reported
Continued
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Depreciation and Amortization ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $151.8 | | $153.3 | | $154.2 | | $152.6 | | $611.9 | | | |
| Industrial Gases – Asia | 107.9 | | 109.7 | | 113.8 | | 113.0 | | 444.4 | | | |
| Industrial Gases – EMEA | 55.4 | | 57.6 | | 58.7 | | 58.1 | | 229.8 | | | |
| Industrial Gases – Global | 2.6 | | 2.6 | | 2.9 | | 2.8 | | 10.9 | | | |
| Corporate and other | 6.0 | | 6.1 | | 6.1 | | 6.1 | | 24.3 | | | |
| Total | $323.7 | | $329.3 | | $335.7 | | $332.6 | | $1,321.3 | | | |
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Adjusted EBITDA(A) ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $399.9 | | $449.0 | | $464.8 | | $476.2 | | $1,789.9 | | | |
| Industrial Gases – Asia | 342.6 | | 323.7 | | 356.4 | | 341.4 | | 1,364.1 | | | |
| Industrial Gases – EMEA | 221.9 | | 217.5 | | 212.3 | | 229.2 | | 880.9 | | | |
| Industrial Gases – Global | 0.1 | | (21.8) | | (29.1) | | 7.6 | | (43.2) | | | |
| Corporate and other | (32.4) | | (34.4) | | (28.4) | | (13.3) | | (108.5) | | | |
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| (A) | Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below. | |
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Adjusted EBITDA Margin(A) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | 42.9 | % | 42.5 | % | 43.7 | % | 42.7 | % | 42.9 | % | | |
| Industrial Gases – Asia | 47.7 | % | 46.4 | % | 47.4 | % | 45.3 | % | 46.7 | % | | |
| Industrial Gases – EMEA | 39.4 | % | 37.2 | % | 34.1 | % | 34.0 | % | 36.0 | % | | |
| Industrial Gases – Global | N/M | N/M | N/M | N/M | N/M | | |
| Corporate and other | N/M | N/M | N/M | N/M | N/M | | |
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| (A) | Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below. | N/M Not meaningful |
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
Changes Due To Segment Reorganization
| | | | | | | | | | | | | | | | | | | |
Sales ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $— | | $— | | $— | | $— | | $— | | | |
| Industrial Gases – Asia | — | | — | | — | | — | | — | | | |
| Industrial Gases – Europe (formerly “EMEA”) | (19.5) | | (26.2) | | (23.9) | | (29.7) | | (99.3) | | | |
| Industrial Gases – Middle East | 19.5 | | 26.2 | | 23.9 | | 29.7 | | 99.3 | | | |
| Industrial Gases – Global | (104.5) | | (97.9) | | (99.1) | | (209.5) | | (511.0) | | | |
| Corporate and other | 104.5 | | 97.9 | | 99.1 | | 209.5 | | 511.0 | | | |
| Total | $— | | $— | | $— | | $— | | $— | | | |
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Operating Income/Loss ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $— | | $— | | $— | | $— | | $— | | | |
| Industrial Gases – Asia | — | | — | | — | | — | | — | | | |
| Industrial Gases – Europe (formerly “EMEA”) | (4.0) | | (6.7) | | (6.1) | | (11.2) | | (28.0) | | | |
| Industrial Gases – Middle East | 4.0 | | 6.7 | | 6.1 | | 11.2 | | 28.0 | | | |
| Industrial Gases – Global | 4.6 | | 26.1 | | 33.6 | | (3.7) | | 60.6 | | | |
| Corporate and other | (4.6) | | (26.1) | | (33.6) | | 3.7 | | (60.6) | | | |
Total(A) | $— | | $— | | $— | | $— | | $— | | | |
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| | | | | | | | |
| (A) | Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below. | |
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Equity Affiliates’ Income ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $— | | $— | | $— | | $— | | $— | | | |
| Industrial Gases – Asia | (11.1) | | (8.4) | | (15.2) | | (10.8) | | (45.5) | | | |
| Industrial Gases – Europe (formerly “EMEA”) | (10.1) | | (7.7) | | (1.9) | | (11.2) | | (30.9) | | | |
| Industrial Gases – Middle East | 21.2 | | 16.1 | | 17.1 | | 22.0 | | 76.4 | | | |
| Industrial Gases – Global | (2.1) | | (1.7) | | (1.6) | | (1.1) | | (6.5) | | | |
| Corporate and other | 2.1 | | 1.7 | | 1.6 | | 1.1 | | 6.5 | | | |
| Total | $— | | $— | | $— | | $— | | $— | | | |
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Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
Changes Due To Segment Reorganization
Continued
| | | | | | | | | | | | | | | | | | | |
Depreciation and Amortization ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $— | | $— | | $— | | $— | | $— | | | |
| Industrial Gases – Asia | — | | — | | — | | — | | — | | | |
| Industrial Gases – Europe (formerly “EMEA”) | (6.1) | | (6.6) | | (6.2) | | (6.4) | | (25.3) | | | |
| Industrial Gases – Middle East | 6.1 | | 6.6 | | 6.2 | | 6.4 | | 25.3 | | | |
| Industrial Gases – Global | (2.6) | | (2.6) | | (2.9) | | (2.8) | | (10.9) | | | |
| Corporate and other | 2.6 | | 2.6 | | 2.9 | | 2.8 | | 10.9 | | | |
| Total | $— | | $— | | $— | | $— | | $— | | | |
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Adjusted EBITDA(A) ($ millions) | Fiscal Year 2021 | | |
| Q1 | Q2 | Q3 | Q4 | Total | | |
| Industrial Gases – Americas | $— | | $— | | $— | | $— | | $— | | | |
| Industrial Gases – Asia | (11.1) | | (8.4) | | (15.2) | | (10.8) | | (45.5) | | | |
| Industrial Gases – Europe (formerly “EMEA”) | (20.2) | | (21.0) | | (14.2) | | (28.8) | | (84.2) | | | |
| Industrial Gases – Middle East | 31.3 | | 29.4 | | 29.4 | | 39.6 | | 129.7 | | | |
| Industrial Gases – Global | (0.1) | | 21.8 | | 29.1 | | (7.6) | | 43.2 | | | |
| Corporate and other | 0.1 | | (21.8) | | (29.1) | | 7.6 | | (43.2) | | | |
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| (A) | Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below. | |
RECONCILIATION OF SEGMENT RESULTS TO CONSOLIDATED RESULTS
The table below reconciles total operating income disclosed in the tables above to consolidated operating income as reflected on our consolidated income statements:
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| Fiscal Year 2021 | | |
| $ millions | Q1 | Q2 | Q3 | Q4 | Total | | |
| Total | $539.1 | | $534.9 | | $577.1 | | $616.7 | | $2,267.8 | | | |
| Facility closure | — | | (23.2) | | — | | — | | (23.2) | | | |
| Gain on exchange with joint venture partner | — | | 36.8 | | — | | — | | 36.8 | | | |
| | | | | | | |
| Consolidated Operating Income | $539.1 | | $548.5 | | $577.1 | | $616.7 | | $2,281.4 | | | |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "non-GAAP" basis. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. We define adjusted EBITDA by segment as segment operating income plus equity affiliates’ income, before depreciation and amortization expense. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by segment sales for each period. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance.
Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable measure calculated in accordance with GAAP. We believe these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate the performance of our business because such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.
In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we previously excluded certain expenses associated with cost reduction actions, impairment charges, and gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
Reconciliations of Non-GAAP Financial Measures
New Reporting Segments (Effective 1 October 2021)
The tables below present sales and a reconciliation of operating income and operating margin by segment to adjusted EBITDA and adjusted EBITDA margin by segment. Amounts are provided in millions of dollars, unless otherwise indicated.
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| Fiscal Year 2021 | | |
| Industrial Gases – Americas | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $933.0 | | $1,056.1 | | $1,063.3 | | $1,115.2 | | $4,167.6 | | | |
| | | | | | | |
| Operating income | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Operating margin | 24.2 | % | 24.9 | % | 26.9 | % | 26.0 | % | 25.6 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Add: Depreciation and amortization | 151.8 | | 153.3 | | 154.2 | | 152.6 | | 611.9 | | | |
| Add: Equity affiliates' income | 22.3 | | 32.3 | | 24.6 | | 33.3 | | 112.5 | | | |
| Adjusted EBITDA | $399.9 | | $449.0 | | $464.8 | | $476.2 | | $1,789.9 | | | |
| Adjusted EBITDA margin | 42.9 | % | 42.5 | % | 43.7 | % | 42.7 | % | 42.9 | % | | |
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| Fiscal Year 2021 | | |
| Industrial Gases – Asia | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $717.5 | | $697.5 | | $751.8 | | $754.0 | | $2,920.8 | | | |
| | | | | | | |
| Operating income | $214.8 | | $198.5 | | $219.1 | | $205.9 | | $838.3 | | | |
| Operating margin | 29.9 | % | 28.5 | % | 29.1 | % | 27.3 | % | 28.7 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $214.8 | | $198.5 | | $219.1 | | $205.9 | | $838.3 | | | |
| Add: Depreciation and amortization | 107.9 | | 109.7 | | 113.8 | | 113.0 | | 444.4 | | | |
| Add: Equity affiliates' income | 8.8 | | 7.1 | | 8.3 | | 11.7 | | 35.9 | | | |
| Adjusted EBITDA | $331.5 | | $315.3 | | $341.2 | | $330.6 | | $1,318.6 | | | |
| Adjusted EBITDA margin | 46.2 | % | 45.2 | % | 45.4 | % | 43.8 | % | 45.1 | % | | |
Reconciliations of Non-GAAP Financial Measures
New Reporting Segments (Effective 1 October 2021)
Continued
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – Europe | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $543.5 | | $558.4 | | $599.4 | | $644.3 | | $2,345.6 | | | |
| | | | | | | |
| Operating income | $137.5 | | $132.9 | | $134.0 | | $125.0 | | $529.4 | | | |
| Operating margin | 25.3 | % | 23.8 | % | 22.4 | % | 19.4 | % | 22.6 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $137.5 | | $132.9 | | $134.0 | | $125.0 | | $529.4 | | | |
| Add: Depreciation and amortization | 49.3 | | 51.0 | | 52.5 | | 51.7 | | 204.5 | | | |
| Add: Equity affiliates' income | 14.9 | | 12.6 | | 11.6 | | 23.7 | | 62.8 | | | |
| Adjusted EBITDA | $201.7 | | $196.5 | | $198.1 | | $200.4 | | $796.7 | | | |
| Adjusted EBITDA margin | 37.1 | % | 35.2 | % | 33.0 | % | 31.1 | % | 34.0 | % | | |
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – Middle East | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $19.5 | | $26.2 | | $23.9 | | $29.7 | | $99.3 | | | |
| | | | | | | |
| Operating income | $4.0 | | $6.7 | | $6.1 | | $11.2 | | $28.0 | | | |
| | | | | | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $4.0 | | $6.7 | | $6.1 | | $11.2 | | $28.0 | | | |
| Add: Depreciation and amortization | 6.1 | | 6.6 | | 6.2 | | 6.4 | | 25.3 | | | |
| Add: Equity affiliates' income | 21.2 | | 16.1 | | 17.1 | | 22.0 | | 76.4 | | | |
| Adjusted EBITDA | $31.3 | | $29.4 | | $29.4 | | $39.6 | | $129.7 | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Corporate and other | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $161.7 | | $163.8 | | $166.3 | | $297.9 | | $789.7 | | | |
| | | | | | | |
| Operating loss | ($43.0) | | ($66.6) | | ($68.1) | | ($15.7) | | ($193.4) | | | |
| | | | | | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating loss | ($43.0) | | ($66.6) | | ($68.1) | | ($15.7) | | ($193.4) | | | |
| Add: Depreciation and amortization | 8.6 | | 8.7 | | 9.0 | | 8.9 | | 35.2 | | | |
| Add: Equity affiliates' income | 2.1 | | 1.7 | | 1.6 | | 1.1 | | 6.5 | | | |
| Adjusted EBITDA | ($32.3) | | ($56.2) | | ($57.5) | | ($5.7) | | ($151.7) | | | |
| | | | | | | |
Reconciliations of Non-GAAP Financial Measures
As Previously Reported
The tables below present sales and a reconciliation of operating income and operating margin by segment to adjusted EBITDA and adjusted EBITDA margin by segment. Amounts are provided in millions of dollars, unless otherwise indicated.
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – Americas | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $933.0 | | $1,056.1 | | $1,063.3 | | $1,115.2 | | $4,167.6 | | | |
| | | | | | | |
| Operating income | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Operating margin | 24.2 | % | 24.9 | % | 26.9 | % | 26.0 | % | 25.6 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $225.8 | | $263.4 | | $286.0 | | $290.3 | | $1,065.5 | | | |
| Add: Depreciation and amortization | 151.8 | | 153.3 | | 154.2 | | 152.6 | | 611.9 | | | |
| Add: Equity affiliates' income | 22.3 | | 32.3 | | 24.6 | | 33.3 | | 112.5 | | | |
| Adjusted EBITDA | $399.9 | | $449.0 | | $464.8 | | $476.2 | | $1,789.9 | | | |
| Adjusted EBITDA margin | 42.9 | % | 42.5 | % | 43.7 | % | 42.7 | % | 42.9 | % | | |
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – Asia | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $717.5 | | $697.5 | | $751.8 | | $754.0 | | $2,920.8 | | | |
| | | | | | | |
| Operating income | $214.8 | | $198.5 | | $219.1 | | $205.9 | | $838.3 | | | |
| Operating margin | 29.9 | % | 28.5 | % | 29.1 | % | 27.3 | % | 28.7 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $214.8 | | $198.5 | | $219.1 | | $205.9 | | $838.3 | | | |
| Add: Depreciation and amortization | 107.9 | | 109.7 | | 113.8 | | 113.0 | | 444.4 | | | |
| Add: Equity affiliates' income | 19.9 | | 15.5 | | 23.5 | | 22.5 | | 81.4 | | | |
| Adjusted EBITDA | $342.6 | | $323.7 | | $356.4 | | $341.4 | | $1,364.1 | | | |
| Adjusted EBITDA margin | 47.7 | % | 46.4 | % | 47.4 | % | 45.3 | % | 46.7 | % | | |
Reconciliations of Non-GAAP Financial Measures
As Previously Reported
Continued
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – EMEA | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $563.0 | | $584.6 | | $623.3 | | $674.0 | | $2,444.9 | | | |
| | | | | | | |
| Operating income | $141.5 | | $139.6 | | $140.1 | | $136.2 | | $557.4 | | | |
| Operating margin | 25.1 | % | 23.9 | % | 22.5 | % | 20.2 | % | 22.8 | % | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income | $141.5 | | $139.6 | | $140.1 | | $136.2 | | $557.4 | | | |
| Add: Depreciation and amortization | 55.4 | | 57.6 | | 58.7 | | 58.1 | | 229.8 | | | |
| Add: Equity affiliates' income | 25.0 | | 20.3 | | 13.5 | | 34.9 | | 93.7 | | | |
| Adjusted EBITDA | $221.9 | | $217.5 | | $212.3 | | $229.2 | | $880.9 | | | |
| Adjusted EBITDA margin | 39.4 | % | 37.2 | % | 34.1 | % | 34.0 | % | 36.0 | % | | |
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Industrial Gases – Global Gases | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $104.5 | | $97.9 | | $99.1 | | $209.5 | | $511.0 | | | |
| | | | | | | |
| Operating income (loss) | ($4.6) | | ($26.1) | | ($33.6) | | $3.7 | | ($60.6) | | | |
| | | | | | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating income (loss) | ($4.6) | | ($26.1) | | ($33.6) | | $3.7 | | ($60.6) | | | |
| Add: Depreciation and amortization | 2.6 | | 2.6 | | 2.9 | | 2.8 | | 10.9 | | | |
| Add: Equity affiliates' income | 2.1 | | 1.7 | | 1.6 | | 1.1 | | 6.5 | | | |
| Adjusted EBITDA | $0.1 | | ($21.8) | | ($29.1) | | $7.6 | | ($43.2) | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Fiscal Year 2021 | | |
| Corporate and other | Q1 | Q2 | Q3 | Q4 | Total | | |
| Sales | $57.2 | | $65.9 | | $67.2 | | $88.4 | | $278.7 | | | |
| | | | | | | |
| Operating loss | ($38.4) | | ($40.5) | | ($34.5) | | ($19.4) | | ($132.8) | | | |
| | | | | | | |
| | | | | | | |
| Reconciliation of GAAP to Non-GAAP: | | | | | | | |
| Operating loss | ($38.4) | | ($40.5) | | ($34.5) | | ($19.4) | | ($132.8) | | | |
| Add: Depreciation and amortization | 6.0 | | 6.1 | | 6.1 | | 6.1 | | 24.3 | | | |
| Add: Equity affiliates' income | — | | — | | — | | — | | — | | | |
| Adjusted EBITDA | ($32.4) | | ($34.4) | | ($28.4) | | ($13.3) | | ($108.5) | | | |
| | | | | | | |
