Chart(US:GTLS)2024-05-03 16:14Q1 2024 Financial Performance - Orders, backlog, sales, reported and adjusted gross margin, reported and adjusted operating margin, reported and adjusted EBITDA and associated EBITDA margin were all the highest in any first quarter in the company's history[14] - Pro forma organic orders and sales growth were 4.9% and 18.3% year-over-year, respectively[14] - Reported gross margin was 31.8%, a 260 basis point increase compared to Q1 2023[14] - Adjusted operating income was $171.3 million, or 18.0%, contributing to adjusted EBITDA of $212.2 million, or 22.3%[14] - Record backlog of $4.3 billion, up 10% compared to Q1 2023[14] Liquidity and Leverage - Q1 2024 net leverage ratio was 3.43X, reflecting cash seasonality, the company is on track to target a net leverage ratio of 2.0 to 2.5X[2] - The company reiterates its financial policy and target net leverage ratio of 2.0X to 2.5X[2] - Adjusted Free Cash Flow was negative $135.7 million in Q1 2024[38] Segment Performance - Cryo Tank Solutions orders were $159.3 million, sales were $159.7 million, and gross profit margin was 20.5%[25] - Heat Transfer Systems orders were $237.3 million, sales were $253.6 million, and gross profit margin was 27.6%[25] - Specialty Products orders were $391.3 million, sales were $236.5 million, and gross profit margin was 24.9%[25]