Jefferies 2014 Global Industrials Conference New York August 12, Andrew R. Cichocki President Airgas USA, LLC
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1 Jefferies 2014 Global Industrials Conference New York August 12, 2014 Andrew R. Cichocki President Airgas USA, LLC
2 Investor Relations Contact Information Barry Strzelec Director, Investor Relations & Corporate Communications (610) (866) Joseph Marczely Manager, Investor Relations (610) (click on Investor Relations at the bottom of the page, or go directly to 1
3 Forward-Looking Statements This presentation contains statements that are forward-looking. Forward-looking statements include the statements identified as forward-looking in the Company s press release announcing its most recent quarterly earnings, as well as 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. 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 factors identified in the Company s press release announcing its most recent quarterly earnings, as well as other factors described in the Company s reports, including its March 31, 2014 Form 10-K and other forms filed by the Company with the Securities and Exchange Commission. 2
4 Airgas is the Clear Leader in the U.S. Packaged Gases & Hardgoods Industry 25%+ market share Nearly half the market comprised of hundreds of regional/local independents ~1,100 locations, including: ~900 branches ~300 cylinder fill plants 16 ASUs (atmospheric gas production) 12 acetylene plants 8 liquid CO 2 production plants 66 regional, 10 national spec gas labs 6 national hardgoods distribution centers 16,000+ associates 1,500+ sales people (25% are specialists) 5,000+ drivers 10,000,000+ cylinders Branch / Retail Store / Other Air Separation Unit ( ASU ) Hardgoods Distribution Center 14,500+ bulk tanks 5,000+ vehicles 3
5 Our Full Range of Gas Supply Modes and National Scale are a Competitive Advantage Enables our customers to optimize their production processes and reduce total costs Packaged Gases Bulk Gases Cylinders Dewars MicroBulk Bulk, Tube Trailers Onsite, Pipeline 4
6 Welding Hardgoods, Safety Products and Other Services Complement Our Gas Offerings U.S. customers demand more than just gases from their industrial gas supplier Our full-service offering is a significant competitive advantage Welding Hardgoods Red-D-Arc Welderentals Safety and PPE Airgas On-Site Safety Services Welding machines Filler metals Gas apparatus Abrasives / other Welder rentals (50,000 unit fleet) Generator rentals Dry ice blasting Head-to-toe protection Respiratory protection Fall protection Gas monitoring Breathing air Equipment rental and repair On-site safety coordination 5
7 We have an Unparalleled Distribution Platform, the Broadest Product Offering in the Industry, and Significant Gas Production Capabilities Leader in the U.S. packaged gas market Leading position in U.S. packaged industrial, medical, and specialty gas market Significant position in U.S. bulk market Leading platform for U.S. refrigerants, ammonia, and process chemicals markets Significant producer of gases in the U.S. Fifth largest U.S. producer of atmospheric gases Leading U.S. supplier of liquid CO2 and dry ice Largest U.S. producer of nitrous oxide Leading supplier of hardgoods in the U.S. Welding, safety and related MRO supplies Red-D-Arc rental welders National platform supports multiple sales channels: Branch-based field sales Telesales Retail stores Catalog Strategic Accounts ebusiness Distributors 6
8 We also have the Expertise and Service Offerings to Create Real Value for Customers 16,000+ Airgas associates make up the strongest team in the industry Engineers and Chemists Welding Process Specialists Safety Specialists Specialty Gas and Bulk Specialists Construction Specialists With the expertise and service offerings to create real value for customers Safety and compliance solutions Process and product optimization Supply chain solutions Specific industry knowledge through segmentation 7
9 Our Strategic Accounts Program is a Significant Competitive Advantage Airgas has developed a unique Strategic Accounts program to provide superior service to larger customers with multiple locations Integrated supply chain management solutions tailored to customers needs Measurable supply chain savings, and reduced total cost of ownership Enabled by Airgas unique value proposition Unmatched geographic coverage National Account Managers: single point contact for the complete Airgas offering Product and market specialists Combination of products, applications technology, and service Aligned by market segment to allow product, service, and process improvement offerings to be tailored to each segment s unique needs Pipeline of opportunities remains robust Continuing trend of center led purchasing of indirect spend for large enterprises Customers tend to renew their interest in supply chain savings during slow growth periods ~25% of Airgas sales 8
10 Our Customer Base is Diverse More than one million customers Customers range from individuals and small businesses with basic needs to large multilocation companies with complex needs Largest customer represents ~½% of Airgas revenues Broad exposure to U.S. economy manufacturing/ industrial and service Basic Materials & Services 12% Energy & Chemical Production & Distribution 12% Food, Beverage & Retail 13% Gov t & Other 6% Life Sciences & Healthcare 14% Manufacturing & Metal Fabrication 29% Non-Residential Construction 14% Note: Percentages provided are approximations relative to Airgas net total sales. 9
11 Expanding Our Telesales Channel (Airgas Total Access ) Airgas Total Access was developed on the successful business platform of Safety Telesales, with expansion into: Gases Welding hardgoods Immediate areas of opportunity: Increased penetration of core manufacturing and construction regional small accounts New/competitor-serviced manufacturing and construction small accounts Small sites of Airgas Strategic Accounts not currently penetrated by the field sales force 10
12 Enhancing Our ebusiness Platform Overlaying a more robust digital platform across 3 major operating systems and 20 independent databases was not practical for Airgas until now Our investment in SAP has created the foundation on which to build a consistent ebusiness platform across all customer touch points Focus on improving the online buying experience, as well as building market relevant content to the most important segments 11
13 Enhancing Our ebusiness Platform (cont d) ebusiness is becoming a key transaction enabler for all Airgas customer types, for example: Fortune 150 Company Global healthcare products manufacturer connects to our website via 3 rd party software to research products and place purchase orders directly into our system Top 50 Research University Leader in medical and life science research has over 100 active users and averages over 300 visits and 200 orders a month on Airgas.com for specialty and research gases Small Welding Service Business Louisiana-based welding service has one user that connects on Airgas.com every few weeks to find products and place orders (~$5K in annual spend) 12
14 Airgas Future Approach to Customer Engagement Airgas Unique Advantages Market-segmented offerings Strategic Accounts team Field product & market specialists Supply chain management Nationwide telesales team Robust ebusiness platform Strategic Accounts Attributes Multi-location High-Volume / High-Touch Products Advanced Technical Support Sales Relationship: Face-to-Face Market-Focused Field Accounts Core Field Accounts Attributes Standard Products, Route Delivery, Store Pick-up, DC direct Basic technical support Sales Relationship: Face-to-face Total Access Accounts Attributes Standard Products, Route Delivery, Store Pick-up, DC direct Basic technical support Sales Relationship: Phone Segmented Sales & Marketing Program with National/Strategic/Regional Field Sales Person Assigned Field Product and Market Specialist Support Field Account Managers Assigned Telesales Rep Assigned Airgas Branches Branch Accounts Attributes Standard Products, Store Pick-up, DC direct Sales Relationship: ebusiness, Phone 13
15 Strong Financial Profile Proven track record of strong sales, cash flow and earnings growth Through FY14 7-Year CAGR 10-Year CAGR Sales 7% 11% Adj. Cash from Operations* 13% 14% Adj. EPS* 13% 16% Strong balance sheet / credit ratios Significant capacity to fund growth strategies No significant contingent liabilities (tort, environmental, etc.) No defined benefit pension plans Relative stability through economic cycles Diverse customer / industry / geographic exposure Relative stability of gas and rent revenue stream Distribution model / incentive comp flexible cost structure * See attached reconciliations of non-gaap financial measures Note: CAGR = Compound Annual Growth Rate 14
16 Resilient Business Model Strong leverage to economic recovery Strategic initiatives enhancing earnings power $5.25 $5,250 $5.00 $5,000 $4.75 $4,750 LTM Adjusted EPS* $4.50 $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $3.20 $3.71 Adj. EPS* +16% vs. pre-recession peak on approx. same revenue base $4,500 $4,250 $4,000 $3,750 $3,500 $3,250 $3,000 $2,750 $2,500 $2,250 $2,000 $1,750 $1,500 LTM Revenue ($ in millions) $1.25 Mar '06 Sep '06 Mar '07 Sep '07 Mar '08 Sep '08 Dec '08 Mar '09 Sep '09 Mar '10 Sep '10 Mar '11 Sep '11 Mar '12 Sep '12 Mar '13 Sep '13 Mar '14 $1,250 LTM Adj. EPS* Peak LTM Adj. EPS* Pre-"Great Recession" LTM Revenue Peak LTM Revenue Pre-"Great Recession" * See attached reconciliations of non-gaap financial measures 15
17 Strong Cash Flow Drives Shareholder Value Creation $800 $700 Adj. Cash from Operations* (FY14 =$776M) ($ in millions) $600 $500 $400 $300 15% CAGR in Adj. Cash from Operations* Free Cash Flow $441M $200 Growth Capex Total Adj. Capex* $100 $0 $66M Maintenance Capex (~3% of Sales) FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Strong cash flow from operations: Funds growth/maintenance capex Funds acquisitions Accelerates debt pay-down Returns cash to stockholders through dividends and share repurchases * See attached reconciliations of non-gaap financial measures Note: CAGR = Compound Annual Growth Rate 16
18 Positioned for Growth: Airgas Future is Very Bright U.S. economy in the early stages of recovery Manufacturing renaissance will enhance our growth prospects Leveraging SAP to enhance earnings power Streamlining supply chains and driving other operational efficiencies Developing and optimizing the sales channels for all customers Continuing target-rich environment for core acquisitions Product and service adjacency acquisitions to further enhance our integrated offering Strong cash flow continues to be a hallmark of our business model With strong execution of our strategic growth initiatives and support from an improving U.S. industrial economy, Airgas future will be very bright 17
19 Thank You
20 Appendix
21 Strategic Products Overview Strategic Products represent ~40% of total sales and have strong growth profiles due to: Favorable customer segments Application development Increasing environmental regulation Strong cross-sell Strategic Products Safety Products Bulk Gas Medical Sales Specialty Gas CO 2 /Dry Ice Long-Term Growth Accelerators Strong cross-sell, customer base under-penetrated Application growth, engineering solutions, sales force presence in the field Population demographics for respiratory therapy, full range of supply modes, strong cross-sell Application growth, environmental regulations, enhanced capabilities Food product applications, beverage market 20
22 Segment / Product Overview More than 1 million customers Largest customer ~0.5% of sales* Strategic Products ~40% of sales* Products (% of Total Sales*) Gas/Rent (63 % ) Customer Segments (% of Total Sales*) (29 % ) (14 % ) (14 % ) (13 % ) (12 % ) (12 % ) (6 % ) Industrial (29 % ) Ammonia/Refrigerants (7 % ) Bulk (9 % ) Medical (8 % ) Specialty Gas (5 % ) Strategic Products Manufacturing & Metal Fab. Non-Res. Construction Life Sciences & Healthcare Food, Bev. & Retail Energy & Chemical Basic Materials & Services CO 2 / Dry Ice (5 % ) Hardgoods Safety Products (13 % ) (37 % ) Filler Metals (8 % ) Equipment (4 % ) Other** (12 % ) Gov t & Other * Percentages provided are approximations relative to Airgas net total sales. ** Includes MRO supplies, abrasives, construction-related tools. Denotes higher concentration of corresponding product sales within customer segment. 21
23 Non-Residential Construction: Segment Overview Key sub-segments: General construction Hydrocarbon, power, infrastructure Specialty construction Mechanical, pipeline, steel erection, demolition, tank fabrication 22
24 Non-Residential Construction: Red-D-Arc Welderentals North America s leading provider of rental welders, hard-automation, generators and services 45 locations in the U.S., Canada and Mexico 50,000+ units for short-term rent to long-term lease Benefiting from the long-term trend of contractors renting vs. buying 23
25 Energy & Chemicals: Segment Overview Key sub-segments: Exploration, production & transmission Petroleum refining Chemical production Electrical power generation & transmission 24
26 Energy & Chemicals: Integrated Offering to the Oil & Gas Vertical Upstream Gases and welding for drilling equipment Safety PPE (Personal Protection Equipment) Airgas On-Site Safety Services: Gas monitoring, respiratory, fall protection Portable power generation (Red-D-Arc) Mid-Stream Specialty gases for quality/process measurement Nitrogen pipeline purging Welding and safety PPE Downstream (Refining, Chemicals, & Power) Industrial cylinder and bulk gases (N 2, O 2, Ar, CO 2, H 2, He) On-site tonnage combined with merchant bulk Precision hydrocarbon blends and EPA Protocols Airgas On-Site Safety Services and Red-D-Arc for turnarounds MRO welding and safety PPE 25
27 Energy & Chemicals: Airgas On-Site Safety Services Equipment Rental and Related Services Breathing Air Gas Monitoring Fall Protection On-site Safety Supervision and Personnel 20 locations in the U.S. focused on the Oil and Gas vertical Upstream Oil Production Refinery and Chemical Plant Turnarounds Further penetrate all major oil production and refining markets 26
28 Energy & Chemicals: Example of Airgas Supply Platform for Oil Refining Process Units Specialty gas, safety products, N 2, H 2, HCl, H 2 S, and other industrial gases 2 Laboratory 3 Specialty gases & equipment 9 3 Water Cooling and Treatment Refrigerants, specialty gases and CO 2 4 Flares and Stacks EPA Protocols, ammonia 5 Cogeneration Facility EPA Protocols, SF 6, H 2, CO 2, N 2 6 Hazardous Waste Remediation Portable cal. gases, CO 2, safety products 7 Fabrication Shop/Central Stores Cutting and welding gases, Safety PPE 8 Incoming Raw Material/Final Product Specialty gases, process chemicals 8 9 Turnaround and Maintenance Airgas On-Site Safety Services, Red-D- Arc, refrigerants & ammonia services, safety PPE 27
29 Manufacturing & Metal Fabrication: Segment Overview Key sub-segments: Heavy fabrication Oil, gas & mining equipment Agriculture equipment Construction equipment Industrial process equipment Transportation Heavy truck & trailer Rail Commercial shipbuilding Commercial aircraft 28
30 Basic Materials & Services: Segment Overview Key subsegments: Metal production Building materials Paper & packaging Environmental services Transportation services 29
31 Life Sciences & Healthcare: Segment Overview Key sub-segments: Hospitals & surgery centers Homecare (suppliers) Research universities, laboratories Pharmaceuticals Medical devices 30
32 Food, Beverage & Retail: Segment Overview Key subsegments: Meat processing Packaged foods Beverage production Food storage & distribution Retail & hospitality outlets 31
33 Non-GAAP Reconciliations: Adjusted Earnings Per Diluted Share (FY03 FY14) FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Diluted Earnings per diluted share from continuing operations $ 0.96 $ 1.08 $ 1.19 $ 1.62 $ 1.92 $ 2.66 $ 3.13 $ 2.34 $ 2.94 $ 4.00 $ 4.35 $ 4.68 Adjustments: Restructuring and other special charges, including asset impairments, net of recoveries 0.03 (0.01) Insurance gain - (0.02) Hurricane and fire losses BOC acquisition integration costs Employee separation costs Costs (benefits) related to unsolicited takeover attempt (0.06) - - Losses on debt extinguishment Multi-employer pension plan withdrawal charges Income tax benefits (0.02) (0.01) - (0.03) - (0.06) - (0.04) National Welders exchange transaction Gain on the sale of businesses (0.07) - One-time interest penalty Adjusted earnings per diluted share $ 0.99 $ 1.07 $ 1.24 $ 1.64 $ 2.00 $ 2.68 $ 3.13 $ 2.68 $ 3.35 $ 4.11 $ 4.35 $ 4.72 The Company believes its earnings per diluted share, excluding certain gains and charges, financial measure provides investors meaningful insight into its earnings performance without the impact of certain special items. 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 earnings per diluted share, excluding certain gains and charges, financial measure may be different from earnings per diluted share financial measures provided by other companies. 32
34 Non-GAAP Reconciliations: Adjusted Earnings Per Diluted Share (Trailing Twelve Month Periods) Twelve Months Ended Mar. 31, Sep. 30, Mar. 31, Sep. 30, Mar. 31, Sep. 30, Dec. 31, Mar. 31, Sep. 30, Mar. 31, Sep. 30, Mar. 31, Sep. 30, Mar. 31, Sep. 30, Mar. 31, Sep. 30, Mar. 31, Earnings per diluted share $ 1.62 $ 1.75 $ 1.92 $ 2.16 $ 2.66 $ 3.12 $ 3.20 $ 3.13 $ 2.75 $ 2.34 $ 2.58 $ 2.94 $ 3.34 $ 4.00 $ 4.23 $ 4.35 $ 4.58 $ 4.68 Adjustments to earnings per diluted share: Hurricane and fire losses Restructuring and other special charges, including asset impairments Costs related to unsolicited takeover attempt (0.06) (0.01) Losses on the extinguishment of debt Multi-employer pension plan w ithdraw al charges Acquisition integration expense National Welders conversion charge Income tax benefits - (0.02) (0.02) - (0.01) (0.01) (0.03) (0.03) - - (0.06) (0.06) - (0.02) (0.04) One-time interest penalty Gain on sales of businesses (0.07) (0.07) - - Adjusted earnings per diluted share $ 1.64 $ 1.73 $ 2.00 $ 2.29 $ 2.68 $ 3.11 $ 3.20 $ 3.13 $ 2.78 $ 2.68 $ 3.01 $ 3.35 $ 3.71 $ 4.11 $ 4.26 $ 4.35 $ 4.56 $ 4.72 The Company believes its earnings per diluted share, excluding certain gains and charges, financial measure provides investors meaningful insight into its earnings performance without the impact of certain special items. 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 earnings per diluted share, excluding certain gains and charges, financial measure may be different from earnings per diluted share financial measures provided by other companies. 33
35 Non-GAAP Reconciliations: Adjusted Cash from Operations, Adjusted Capital Expenditures, and Free Cash Flow ($ in millions) Net cash (used) provided by operating activities $ 196 $ 244 $ 187 $ 204 $ 212 $ 346 $ 326 $ 550 $ 583 $ 600 $ 275 $ 506 $ 550 $ 745 Adjustments to cash (used) provided by operating activities: Cash used by the securitization of trade receivables (73) (61) (25) (4) (27) (54) (20) (96) Stock issued for employee stock purchase plan Excess tax benefit realized from the exercise of stock Cash expenditures related to unsolicited takeover attempt Cash expenditures related to MEPP w ithdraw als Adjusted cash from operations Capital expenditures (66) (58) (68) (94) (168) (209) (238) (267) (352) (253) (256) (357) (325) (355) Adjustments to capital expenditures: Year Ended March 31, Proceeds from sales of plant and equipment Operating lease buyouts Adjusted capital expenditures (63) (55) (64) (84) (139) (186) (220) (257) (332) (237) (230) (331) (306) (335) Free Cash Flow $ 66 $ 135 $ 107 $ 123 $ 57 $ 116 $ 107 $ 225 $ 328 $ 412 $ 387 $ 262 $ 298 $ 441 The Company believes that its adjusted cash from operations, adjusted capital expenditures and free cash flow financial measures provide investors meaningful insight into the Company's ability to generate cash from operations, exluding the impact of cash used related to Air Products' unsolicited takeover attempt and MEPP withdrawals, which is available for servicing debt obligations and for the execution of its business strategies, including acquisitions, the repayment of debt, the payment of dividends, or to support other investing and financing activities. 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 our adjusted cash from oeprations, adjusted capital expenditures and free cash flow financial measures may be different from free cash flow financial measures provided by other companies. 34
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