- Diluted EPS of $1.01, including $0.18
per diluted share of merger costs
- Adjusted diluted EPS* of $1.19,
compared to prior year diluted EPS of $1.23
- Year-to-date free cash flow* of $243
million, up 12% over prior year
- As previously announced, on November
17, 2015, Airgas entered into an agreement and plan of merger under
which, subject to the satisfaction of certain conditions, Air
Liquide will acquire Airgas, Inc. in an all-cash transaction valued
at $143 per share, with a total enterprise value of approximately
$13.4 billion including debt assumed. See additional information
below.
Airgas, Inc. (NYSE: ARG), one of the nation’s leading suppliers
of industrial, medical, and specialty gases, and related products,
today reported earnings per diluted share of $1.01, including $0.18
per diluted share of merger costs for its third quarter ended
December 31, 2015. Adjusted diluted EPS* of $1.19, is down 3%
compared to prior year diluted EPS of $1.23 and is reflective of
the challenging economic conditions.
Third quarter sales of $1.3 billion decreased 3% compared to the
prior year. Organic sales were down 4% compared to the prior year,
with gas and rent down 1% and hardgoods down 10%. In the
Distribution segment, organic sales were down 5% compared to the
prior year, with gas and rent down 1% and hardgoods down 10%. In
the All Other Operations segment, organic sales were down 1%.
Acquisitions contributed sales growth of 1% in the quarter on both
a consolidated basis and in the Distribution segment and 10% in the
All Other Operations segment.
Third Quarter FY2016 FY2015 % Change Earnings
per diluted share (GAAP) $ 1.01 $ 1.23 -18 % Merger costs
0.18 — Adjusted earnings per diluted share (non-GAAP) $ 1.19
$ 1.23 -3 %
“Our results continue to reflect the challenging industrial
economy with sales to customers in our energy and chemical, and
manufacturing and metal fabrication end markets down year over year
in the high single digits. However, our diversified customer base,
continued strength in non-residential construction, and tight
expense management helped to mitigate the impact of the sales
declines in those end markets,” said Airgas President and Chief
Executive Officer Michael L. Molinini. “The quarterly results
demonstrated the resilience of our gas business during difficult
economic times. In addition, cash flow remains strong, with
year-to-date free cash flow* up 12% over the prior period.”
Selling, distribution, and administrative expenses increased 2%
over the prior year, with operating costs associated with acquired
businesses accounting for the majority of the increase.
Operating margin for the quarter was 9.7% including the impact
of $21 million in merger costs. Adjusted operating margin*,
excluding merger costs, was 11.3%, down 90 basis points compared to
the prior year. The decrease primarily reflects challenging
economic conditions in the Distribution segment which reported a 4%
decline in sales, a 3% decline in gross profits, flat selling,
distribution, and administrative expenses, as well as a 5% increase
in depreciation and amortization expense.
Year-to-date free cash flow* was $243 million, up 12% over the
prior year, and adjusted cash from operations* was $545 million, up
1% over the prior year.
During the six months ended September 30, 2015, the company
repurchased 3.8 million shares on the open market for $375 million,
reflecting an average price of $99.54 per share.
Return on capital* was 11.2% for the 12 months ended
December 31, 2015, down 90 basis points compared to the prior
year.
From the beginning of its fiscal year, the Company has acquired
17 businesses with aggregate annual sales of approximately $84
million.
“I am proud of the entire Airgas team and the strong history we
have of creating shareholder value," said Airgas Executive Chairman
Peter McCausland. “The announced transaction with Air Liquide is
very compelling for our shareholders. Air Liquide’s long-term
vision and strong heritage in the U.S. make it the right fit for
our valued customers, and the combination creates significant
opportunities for the talented employees of both companies. Airgas
customers and employees will benefit from Air Liquide’s unrivaled
global footprint and strength in technology, innovation and
operational efficiency, while Airgas is ready to bring the
entrepreneurial culture and packaged gas excellence that have
driven our success to date. We are excited about the prospects of
integrating these two businesses to create the largest industrial
gas company in the world. We have been working closely with the Air
Liquide team to plan for the successful integration of the two
companies and look forward to finalizing the merger when the
necessary approvals have been obtained.”
Important Additional Information and
Where to Find It
In connection with the proposed acquisition of Airgas, Inc.
(“Airgas”) by L’Air Liquide, S.A., Airgas has filed with the U.S.
Securities and Exchange Commission (the “SEC”) and mailed or
otherwise provided to its stockholders a definitive proxy statement
regarding the proposed transaction. BEFORE MAKING ANY VOTING
DECISION, AIRGAS STOCKHOLDERS ARE URGED TO CAREFULLY READ THE
DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY AND ANY OTHER DOCUMENTS
FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR
INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE
PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders
may obtain a free copy of the proxy statement and other documents
that Airgas files with the SEC (when available) from the SEC’s
website at www.sec.gov and Airgas’ website at
http://investor.shareholder.com/arg/. In addition, the proxy
statement and other documents filed by Airgas with the SEC (when
available) may be obtained from Airgas free of charge by directing
a request to Joseph Marczely, Manager, Investor Relations, Airgas,
Inc., 259 N. Radnor-Chester Road, Radnor, PA 19087-5283, Phone:
610-263-8277.
Airgas and its directors, executive officers and employees may
be deemed, under SEC rules, to be participants in the solicitation
of proxies from Airgas stockholders with respect to the proposed
acquisition of Airgas. Security holders may obtain information
regarding the names, affiliations and interests of such individuals
in Airgas’ Annual Report on Form 10-K for the fiscal year ended
March 31, 2015 and proxy statement for its 2015 annual meeting of
stockholders. Additional information regarding the interests of
such individuals in the proposed acquisition of Airgas is in the
proxy statement relating to such acquisition. These documents may
be obtained free of charge from the SEC’s website at www.sec.gov
and Airgas’ website at http://investor.shareholder.com/arg/.
In anticipation of the merger with Air Liquide, Airgas will
not conduct a quarterly earnings conference call, nor issue
financial guidance for the upcoming quarter. Airgas has also
suspended its share repurchase program.
* See attached reconciliations and computations of non-GAAP
adjusted earnings per diluted share, adjusted operating margin,
adjusted cash from operations, free cash flow, and return on
capital financial measures.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is one of
the nation’s leading suppliers of industrial, medical and specialty
gases, and hardgoods, such as welding equipment and related
products. Airgas is a leading U.S. producer of atmospheric gases
with 16 air separation plants, a leading producer of carbon
dioxide, dry ice, and nitrous oxide, one of the largest U.S.
suppliers of safety products, and a leading U.S. supplier of
refrigerants, ammonia products, and process chemicals.
Approximately 17,000 associates work in more than 1,100 locations,
including branches, retail stores, gas fill plants, specialty gas
labs, production facilities and distribution centers. Airgas also
markets its products and services through e-Business, catalog and
telesales channels. Its national scale and strong local presence
offer a competitive edge to its diversified customer base. For more
information, please visit www.airgas.com.
ARG-G
This press release contains statements that are forward looking,
as that term is defined by the Private Securities Litigation Reform
Act of 1995 or by the SEC in its rules, regulations and releases.
These statements include, but are not limited to: our expectations
regarding the completion of the merger with Air Liquide and
statements regarding the future operations of Airgas' business.
Forward-looking statements also include any statement that is not
based on historical fact, including statements containing the words
“believes,” “may,” “plans,” “will,” “could,” “should,” “estimates,”
“continues,” “anticipates,” “intends,” “expects,” and similar
expressions. We intend that such forward-looking statements be
subject to the safe harbors created thereby. All forward-looking
statements are based on current expectations regarding important
risk factors and should not be regarded as a representation by us
or any other person that the results expressed therein will be
achieved. Airgas assumes no obligation to revise or update any
forward-looking statements for any reason, except as required by
law. Important factors that could cause actual results to differ
materially from those contained in any forward-looking statement
include: the occurrence of any event, change or other circumstance
that could give rise to the termination of the merger agreement
with Air Liquide, including a termination of the merger agreement
under circumstances that could require Airgas to pay a termination
fee; the failure to obtain the required vote of the Company’s
stockholders to adopt the merger agreement, the failure to obtain
required regulatory clearances, or the failure to satisfy any of
the other closing conditions to the merger, and any delay in
connection with the foregoing; risks related to disruption of
management’s attention from the Company’s ongoing business
operations due to the pendency of the merger; the effect of the
announcement of the merger on the ability of the Company to retain
and hire key personnel, maintain relationships with its customers
and suppliers, and maintain its operating results and business
generally; the outcome of any legal proceedings that have been or
may be instituted against the Company and others relating to the
merger agreement; the possible adverse effect on Airgas’ business
and the price of Airgas common stock if the merger is not completed
in a timely manner or at all; the parties’ ability to complete the
transactions contemplated by the merger agreement in a timely
manner or at all; limitations placed on Airgas’ ability to operate
its business under the merger agreement; the impact from the
decline in oil prices on our customers; adverse changes in customer
buying patterns or weakening in the operating and financial
performance of our customers, any of which could negatively impact
our sales and our ability to collect our accounts receivable;
postponement of projects due to economic conditions and uncertainty
in the energy sector; the impact of the strong dollar on our
manufacturer customers that export; customer acceptance of price
increases; increases in energy costs and other operating expenses
at a faster rate than our ability to increase prices; changes in
customer demand resulting in our inability to meet minimum product
purchase requirements under long-term supply agreements and the
inability to negotiate alternative supply arrangements; supply cost
pressures; shortages and/or disruptions in the supply chain of
certain gases, including helium; EPA rulings and the impact in the
marketplace of U.S. compliance with the Montreal Protocol as
related to the production and import of Refrigerant-22 (also known
as HCFC-22 or R-22); our ability to successfully build, complete in
a timely manner and operate our new facilities; higher than
expected expenses associated with the expansion of our telesales
business, e-Business platform, the adjustment of our regional
management structures, our strategic pricing initiatives and other
strategic growth initiatives; increased industry competition; our
ability to successfully identify, consummate, and integrate
acquisitions; our ability to achieve anticipated acquisition
synergies; operating costs associated with acquired businesses; our
continued ability to access credit markets on satisfactory terms;
significant fluctuations in interest rates; the impact of changes
in credit market conditions on our customers; our ability to
effectively leverage our new SAP system to improve the operating
and financial performance of our business; changes in tax and
fiscal policies and laws; increased expenditures relating to
compliance with environmental and other regulatory initiatives; the
impact of new environmental, healthcare, tax, accounting and other
regulations; the overall U.S. industrial economy; catastrophic
events and/or severe weather conditions; political and economic
uncertainties associated with current world events; and other
factors described in the Company’s reports, including its March 31,
2015 Form 10-K, June 30, 2015 and September 30, 2015 Forms 10-Q and
other forms filed by the Company with the SEC.
Consolidated statements of earnings, condensed consolidated
balance sheets, consolidated statements of cash flows, and
reconciliations and computations of non-GAAP financial measures
follow below.
AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share
data)
(Unaudited)
Three Months EndedDecember 31,
Nine Months EndedDecember 31,
2015 2014 2015 2014 Net sales $ 1,295,414 $
1,331,820 $ 4,019,693 $ 4,003,162 Costs
and expenses: Cost of products sold (excluding depreciation)
553,582 588,933 1,751,921 1,772,873 Selling, distribution and
administrative expenses 506,143 496,409 1,535,298 1,491,497 Merger
costs (a) 21,393 — 21,393 — Depreciation 79,940 75,556 237,266
221,351 Amortization 8,769 8,036
25,505 23,693 Total costs and expenses
1,169,827 1,168,934 3,571,383
3,509,414 Operating income 125,587 162,886
448,310 493,748 Interest expense, net (15,142 ) (13,673 )
(44,440 ) (48,374 ) Other income, net 4,316
(238 ) 5,853 1,712 Earnings before
income taxes 114,761 148,975 409,723 447,086 Income taxes
(40,897 ) (55,776 ) (149,590 ) (166,723
) Net earnings $ 73,864 $ 93,199 $ 260,133 $
280,363 Net earnings per common share: Basic earnings per
share $ 1.02 $ 1.25 $ 3.53 $ 3.76
Diluted earnings per share $ 1.01 $ 1.23 $ 3.49
$ 3.70 Weighted average shares outstanding: Basic
72,127 74,767 73,732
74,534 Diluted 73,112 75,954
74,603 75,721
See accompanying notes.
AIRGAS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
December 31,2015 March 31,2015 ASSETS Cash $ 46,877 $ 50,724
Trade receivables, net 671,507 708,227 Inventories, net 485,230
474,070 Deferred income tax asset, net 65,180 58,072 Prepaid
expenses and other current assets 165,653 124,591
TOTAL CURRENT ASSETS 1,434,447 1,415,684 Plant and
equipment, net 3,078,892 2,951,766 Goodwill 1,362,610 1,313,644
Other intangible assets, net 256,251 244,519 Other non-current
assets 48,674 47,997 TOTAL ASSETS $ 6,180,874 $
5,973,610 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts
payable, trade $ 159,887 $ 206,187 Accrued expenses and other
current liabilities 369,787 346,879 Short-term debt 498,551 325,871
Current portion of long-term debt (b) 250,125 250,110
TOTAL CURRENT LIABILITIES 1,278,350 1,129,047 Long-term
debt, excluding current portion (b, c) 1,953,450 1,748,662 Deferred
income tax liability, net 880,761 854,574 Other non-current
liabilities 92,843 89,741 Stockholders’ equity 1,975,470
2,151,586 Total liabilities and stockholders’ equity $
6,180,874 $ 5,973,610
See accompanying notes.
AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Nine Months EndedDecember 31,
2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net earnings
$ 260,133 $ 280,363 Adjustments to reconcile net earnings to net
cash provided by operating activities: Depreciation 237,266 221,351
Amortization 25,505 23,693 Deferred income taxes 18,910 14,332 Gain
on sales of plant and equipment (2,965 ) (1,654 ) Stock-based
compensation expense 24,303 25,618 Changes in assets and
liabilities, excluding effects of business acquisitions: Trade
receivables, net 42,641 14,337 Inventories, net (6,832 ) (20,974 )
Prepaid expenses and other current assets (40,277 ) (58,230 )
Accounts payable, trade (48,701 ) 5,195 Accrued expenses and other
current liabilities 8,628 17,972 Other, net (6,087 )
(7,319 ) Net cash provided by operating activities 512,524
514,684 CASH FLOWS FROM INVESTING
ACTIVITIES Capital expenditures (366,751 ) (338,905 ) Proceeds from
sales of plant and equipment 19,675 16,992 Business acquisitions
and holdback settlements (100,329 ) (45,165 ) Other, net
1,780 316 Net cash used in investing
activities (445,625 ) (366,762 ) CASH FLOWS
FROM FINANCING ACTIVITIES Net increase in short-term debt 171,637
27,966 Proceeds from borrowings of long-term debt (c) 471,870
312,941 Repayment of long-term debt (264,138 ) (406,345 ) Financing
costs (3,311 ) (5,236 ) Purchase of treasury stock (d) (374,706 ) —
Proceeds from the exercise of stock options 30,593 41,565 Stock
issued for the Employee Stock Purchase Plan 14,293 13,304 Excess
tax benefit realized from the exercise of stock options 7,085
10,487 Dividends paid to stockholders (131,841 ) (123,080 )
Change in cash overdraft and other
7,772 (15,497 ) Net cash used in financing
activities (70,746 ) (143,895 ) Change in cash
$ (3,847 ) $ 4,027 Cash – Beginning of period 50,724
69,561 Cash – End of period $ 46,877 $ 73,588
See accompanying notes.
Notes: a) On November 17,
2015, Airgas entered into an agreement and plan of merger under
which, subject to the satisfaction of certain conditions, Air
Liquide will acquire Airgas, Inc. In connection with the agreement
and plan of merger, the Company incurred $21.4 million of legal and
professional fees and other costs, during the three months ended
December 31, 2015. b) In June 2015, the Company’s $250
million 2.95% senior notes maturing June 2016 were reclassified to
the “Current portion of long-term debt” line item of the Company’s
Condensed Consolidated Balance Sheet. In September 2015, the
Company redeemed all $250 million of its outstanding 3.25% senior
notes maturing October 2015. c) On August 11, 2015, the
Company issued $400 million of 3.050% senior notes maturing on
August 1, 2020. d) On May 28, 2015, the Company announced a
$500 million share repurchase program. During the six months ended
September 30, 2015, the Company repurchased 3.8 million shares on
the open market at an average price of $99.54. At December 31,
2015, $125 million was available for additional share repurchases
under the program. e) Business segment information for the
Company’s Distribution and All Other Operations business segments
is presented in the following tables. Amounts in the “Eliminations
and Other” column reported for net sales and cost of products sold
(excluding depreciation) represent the elimination of intercompany
sales and associated gross profit on sales from the Company’s All
Other Operations business segment to the Distribution business
segment. Although corporate operating expenses are generally
allocated to each business segment based on sales dollars, the
Company reported expenses related to the Air Liquide merger under
selling, distribution and administrative expenses in the
“Eliminations and Other” column.
(Unaudited)Three Months EndedDecember 31, 2015 (Unaudited)Three
Months EndedDecember 31, 2014 (In thousands) Dist. All
OtherOps.
Elim. &Other
Total Dist. All OtherOps.
Elim. &Other
Total Gas and rent $ 707,707 $ 151,380 $ (11,040 ) $ 848,047
$ 711,030 $ 139,226 $ (7,698 ) $ 842,558 Hardgoods 446,431
937 (1 ) 447,367 488,315 950
(3 ) 489,262 Net sales 1,154,138 152,317 (11,041 )
1,295,414 1,199,345 140,176 (7,701 ) 1,331,820 Cost of products
sold (excluding depreciation) 495,806 68,817 (11,041 ) 553,582
521,782 74,852 (7,701 ) 588,933 Selling, distribution and
administrative expenses 449,989 56,154 — 506,143 449,616 46,793 —
496,409 Merger costs — — 21,393 21,393 — — — — Depreciation 72,398
7,542 — 79,940 69,134 6,422 — 75,556 Amortization 7,441
1,328 — 8,769 6,914 1,122
— 8,036 Total costs and expenses
1,025,634 133,841 10,352 1,169,827
1,047,446 129,189 (7,701 ) 1,168,934
Operating income $ 128,504 $ 18,476 $ (21,393 ) $ 125,587 $ 151,899
$ 10,987 $ — $ 162,886 (Unaudited)Nine Months
EndedDecember 31, 2015 (Unaudited)Nine Months EndedDecember 31,
2014 (In thousands) Dist. All OtherOps.
Elim. &Other
Total Dist. All OtherOps.
Elim. &Other
Total Gas and rent $ 2,160,201 $ 482,494 $ (30,425 ) $ 2,612,270 $
2,126,338 $ 423,139 $ (22,813 ) $ 2,526,664 Hardgoods
1,404,113 3,320 (10 ) 1,407,423
1,473,629 2,875 (6 ) 1,476,498 Net sales
3,564,314 485,814 (30,435 ) 4,019,693 3,599,967 426,014 (22,819 )
4,003,162
Cost of products sold (excluding
depreciation)
1,547,624 234,732 (30,435 ) 1,751,921 1,574,582 221,110 (22,819 )
1,772,873 Selling, distribution and administrative expenses
1,373,957 161,341 — 1,535,298 1,351,722 139,775 — 1,491,497 Merger
costs — — 21,393 21,393 — — — — Depreciation 215,343 21,923 —
237,266 202,545 18,806 — 221,351 Amortization 22,033
3,472 — 25,505 20,519 3,174
— 23,693 Total costs and expenses
3,158,957 421,468 (9,042 ) 3,571,383
3,149,368 382,865 (22,819 ) 3,509,414
Operating income $ 405,357 $ 64,346 $ (21,393 ) $ 448,310 $ 450,599
$ 43,149 $ — $ 493,748
Reconciliations
of Non-GAAP Financial Measures (Unaudited)
Adjusted Earnings
per Diluted Share
Reconciliation of adjusted earnings per diluted share:
Three Months EndedDecember 31, 2015 2014
Earnings per diluted share $ 1.01 $ 1.23 Merger costs 0.18
— Adjusted earnings per diluted share $ 1.19 $ 1.23
The Company believes its adjusted earnings per diluted share
financial measure provides investors meaningful insight into its
earnings performance without the impact of merger costs. Non-GAAP
financial measures should be read in conjunction with GAAP
financial measures, as non-GAAP financial measures are merely a
supplement to, and not a replacement for, GAAP financial measures.
It should also be noted that the Company’s adjusted earnings per
diluted share financial measure may be different from the adjusted
earnings per diluted share financial measures provided by other
companies.
Adjusted Operating
Income and Adjusted Operating Margin
Reconciliation of adjusted operating income and adjusted
operating margin: Three Months EndedDecember 31, (In
thousands) 2015 2014 Net sales $ 1,295,414 $
1,331,820 Operating income $ 125,587 $ 162,886
Operating margin 9.7 % 12.2 % Adjustments to operating
income: Merger costs 21,393 — Adjusted
operating income $ 146,980 $ 162,886 Adjusted
operating margin 11.3 % 12.2 % The Company
believes its adjusted operating income and adjusted operating
margin financial measures help investors assess its operating
performance without the impact of merger costs. Non-GAAP financial
measures should be read in conjunction with GAAP financial
measures, as non-GAAP financial measures are merely a supplement
to, and not a replacement for, GAAP financial measures. It should
also be noted that the Company’s adjusted operating income and
adjusted operating margin financial measures may be different from
the adjusted operating income and adjusted operating margin
financial measures provided by other companies.
Return on
Capital
Reconciliation and computation of return on capital:
December 31, (In thousands) 2015 2014 Operating
income - trailing four quarters $ 595,840 $ 643,980 Adjustments to
operating income: Merger costs 21,393 —
Adjusted operating income - trailing four quarters $ 617,233
$ 643,980 Average of total assets $ 6,072,636 $
5,863,082 Average of current liabilities (exclusive of debt)
(547,392 ) (544,940 ) Average capital employed $ 5,525,244
$ 5,318,142 Return on capital 11.2 %
12.1 % The Company believes its return on capital
financial measure helps investors assess how effectively it uses
the capital invested in its operations. Non-GAAP financial measures
should be read in conjunction with GAAP financial measures, as
non-GAAP financial measures are merely a supplement to, and not a
replacement for, GAAP financial measures. It should be noted as
well that the Company’s return on capital financial measure may be
different from the return on capital financial measures provided by
other companies.
Adjusted Cash from
Operations, Adjusted Capital Expenditures, and Free Cash
Flow
Reconciliations and computations of adjusted cash from
operations, adjusted capital expenditures, and free cash flow:
Nine Months EndedDecember 31, (In thousands) 2015
2014 Net cash provided by operating activities $ 512,524 $
514,684 Adjustments to net cash provided by operating
activities: Stock issued for the Employee Stock Purchase Plan
14,293 13,304 Excess tax benefit realized from the exercise of
stock options 7,085 10,487 Cash expenditures related to merger
11,293 — Adjusted cash from operations
545,195 538,475 Capital
expenditures (366,751 ) (338,905 ) Adjustments to capital
expenditures: Proceeds from sales of plant and equipment 19,675
16,992 Operating lease buyouts 44,959 1,349
Adjusted capital expenditures (302,117 )
(320,564 ) Free cash flow $ 243,078 $ 217,911
Net cash used in investing activities $ (445,625 ) $
(366,762 ) Net cash used in financing activities $ (70,746 ) $
(143,895 ) The Company believes its adjusted cash from
operations, adjusted capital expenditures, and free cash flow
financial measures provide investors meaningful insight into its
ability to generate cash from operations, excluding the impact of
cash expenditures related to the Air Liquide merger, which is
available for servicing debt obligations and for the execution of
its business strategies, including acquisitions, the prepayment of
debt, the payment of dividends, or to support other investing and
financing activities. The Company’s free cash flow financial
measure has limitations and does not represent the residual cash
flow available for discretionary expenditures. Certain
non-discretionary expenditures such as payments on maturing debt
obligations are excluded from the Company’s computation of its free
cash flow financial measure. Non-GAAP financial measures should be
read in conjunction with GAAP financial measures, as non-GAAP
financial measures are merely a supplement to, and not a
replacement for, GAAP financial measures. It should also be noted
that the Company’s adjusted cash from operations, adjusted capital
expenditures, and free cash flow financial measures may be
different from the adjusted cash from operations, adjusted capital
expenditures, and free cash flow financial measures provided by
other companies.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160128005226/en/
Airgas, Inc.Investor Contact:Joseph
Marczely, 610-263-8277joseph.marczely@airgas.comorMedia Contact:Sarah Boxler,
610-263-8260sarah.boxler@airgas.com
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