Gardner Denver Reports Strong Third Quarter 2018 Results

Gardner Denver Holdings, Inc. (NYSE: GDI) announced today third quarter
revenues of $689 million, up 6% compared to the prior year and a 7%
increase excluding the impact of foreign currency (“FX”).

Net income attributable to Gardner Denver in the quarter was $72
million, or $0.35 per share based on share count of 209 million,
compared to prior year net income attributable to Gardner Denver of $28
million, or $0.13 per share based on share count of 208 million.
Adjusted net income increased 21% to $103 million, or $0.49 per share,
compared to $85 million, or $0.41 per share, in the prior year. Adjusted
EBITDA was $182 million, up 11% compared to the prior year.
Adjusted EBITDA as a percentage of revenues expanded 100 basis points to
26.4% as compared to 25.4% in the prior year, driven primarily by
organic growth and operational efficiencies in the Industrials and
Medical segments.

In the third quarter, Gardner Denver generated $104 million of cash flow
from operating activities and invested $11 million in capital
expenditures, resulting in free cash flow of $93 million, as compared to
the prior year of $54 million. Third quarter net debt to Adjusted EBITDA
leverage improved to 2.2x from 2.4x in the second quarter of 2018.

Business Trends

“The third quarter was another strong quarter of balanced commercial and
operational execution across each of our segments resulting in continued
profitability growth and margin expansion across total Gardner Denver,”
said Vicente Reynal, Chief Executive Officer. “Despite some of the known
headwinds entering the quarter related to tariffs and FX, our business
continued to see solid orders and revenue performance. In addition, many
of our operational and cost initiatives are unlocking incremental value
as evidenced by the 11% Adjusted EBITDA growth and Adjusted EBITDA
margin expansion of 100 basis points over the prior year.”

“In the Industrials segment, we continue to see strong end market
activity with positive trends across all major geographies leading to
double digit revenue growth. Organic growth continues to trend in the
high single digit range which we believe is very much in line with the
GDP-plus growth target we have in the business and reflective of the
efforts we have made around innovation, emerging markets growth and
demand generation,” continued Reynal. “In the Energy segment, despite
some of the known Permian takeaway capacity concerns, our upstream
business continues to execute well with 9% orders growth led most
notably by strength in consumables and other aftermarket parts and
services. In the downstream side of the business, end market activity
remains healthy as we continue to build backlog for 2019. Within the
quarter, we did see the expected decline in Energy segment revenues due
to the timing of large volume of downstream projects shipped in the
third quarter of the prior year. In the Medical segment, continued
momentum on design wins and new product introductions drove double digit
orders growth for the fifth consecutive quarter and 100 basis points of
Adjusted EBITDA margin expansion.”

“I continue to be very pleased with the progress we are making on cash
generation and executing on our balanced capital allocation strategy of
debt pay down, M&A and opportunistic share repurchases,” added Reynal.
“Due in large part to the 70% growth in free cash flow and improving
internal cash management processes, we were able to pay down $152
million of debt as well as repurchase $5.6 million of shares. We view
this as an incremental tool to return value to shareholders, and we will
continue to assess incremental debt pay down and opportunistic share
repurchases on a quarter to quarter basis based on market conditions as
well as total business capital allocation priorities. From an M&A
perspective, the funnel continues to remain active and we expect to
close at least one to two more transactions between now and the end of
the year.”

Third quarter 2018 performance:

Industrials

• Orders of $313 million, up 7% compared to the prior year, and up 8%
  excluding the impact of FX
• Revenues of $320 million, up 11% compared to the prior year, and up
  13% excluding the impact of FX
• Segment Adjusted EBITDA of $72 million, up 14% from $63 million in the
  prior year
• Segment Adjusted EBITDA margin of 22.5%, up 60 basis points from 21.9%
  in the prior year, driven by the impacts of organic volume growth,
  pricing and targeted cost actions offsetting the decretive impacts of
  the Runtech acquisition and tariffs.

Energy

• Orders of $261 million, up 4% compared to the prior year, and up 5%
  excluding the impact of FX
  • Upstream Energy orders of $167 million, up 9% compared to the
    prior year excluding the impact of FX
• Revenues of $299 million, down 1% compared to the prior year, and flat
  excluding the impact of FX
  • Upstream Energy revenues of $186 million, up 6% compared to the
    prior year excluding the impact of FX
• Segment Adjusted EBITDA of $95 million, down 4% from $99 million in
  the prior year
• Segment Adjusted EBITDA margin of 31.8%, down 90 basis points from
  32.7% in the prior year, driven by the expected decrease in revenues
  in the downstream business due to timing of large project shipments

Medical

• Orders of $74 million, up 20% compared to the prior year, and up 21%
  excluding the impact of FX
• Revenues of $71 million, up 18% compared to the prior year, and up 19%
  excluding the impact of FX
• Segment Adjusted EBITDA of $21 million, up 22% from $17 million in the
  prior year
• Segment Adjusted EBITDA margin of 29.1%, up 100 basis points from the
  prior year, driven primarily by strong organic volume growth due to
  ongoing design wins and new product innovation

2018 Guidance and Outlook

“We are reaffirming our full year 2018 Adjusted EBITDA guidance range of
$690 million to $705 million,” stated Reynal. “Reaffirming our guidance
range despite the known headwinds of FX and tariffs as well as some
temporary flattening of demand in the upstream energy business due to
the current Permian dynamic speaks to the expectation of ongoing
commercial and operational execution across our three segments as well
as prudent cost control. In addition, given strong cash generation and
continued working capital discipline, we expect improvement in our
leverage ratio and are targeting a net debt to Adjusted EBITDA ratio of
approximately 2.0x by year end.”

Conference Call

Gardner Denver will broadcast a conference call to discuss results for
the third quarter of 2018 on Friday, October 26, 2018 at 8:00 a.m.
Eastern time (7:00 a.m. Central time) through a live webcast. This
webcast will be available in listen-only mode and can be accessed, for
up to ninety days following the call, through the Investors section on
the Gardner Denver website at http://investors.gardnerdenver.com.

Forward Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934. These statements include, but are not limited to, statements
related to our expectations regarding the performance of our business,
our financial results, our liquidity and capital resources and other
non-historical statements, including the statements in the "Business
Trends and Outlook” and “2018 Guidance" sections of this press release.
You can identify these forward-looking statements by the use of words
such as "outlook," “guidance,” "believes," "expects," "potential,"
"continues," "may," "will," "should," "could," "seeks," "projects,"
"predicts," "intends," "plans," "estimates," "anticipates" or the
negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including macroeconomic factors beyond the Company’s
control, risks of doing business outside the United States, the
Company’s dependence on the level of activity in the energy industry,
potential governmental regulations restricting the use of hydraulic
fracturing, raw material costs and availability, the risk of a loss or
reduction of business with key customers or consolidation or the
vertical integration of the Company’s customer base, loss of or
disruption in the Company’s distribution network, the risk that ongoing
and expected restructuring plans may not be as effective as the Company
anticipates, and the Company’s substantial indebtedness. Additional
factors that could cause Gardner Denver’s results to differ materially
from those described in the forward-looking statements can be found
under the section entitled "Risk Factors" in our most recent annual
report on form 10-K filed with the Securities and Exchange Commission
(“SEC”), as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC's website
at www.sec.gov.
Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements
that are included in this release and in our filings with the SEC. We
undertake no obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future developments
or otherwise, except as required by law.

About Gardner Denver

Gardner Denver (NYSE: GDI) is a leading global provider of
mission-critical flow control and compression equipment and associated
aftermarket parts, consumables and services, which it sells across
multiple attractive end-markets within the industrial, energy and
medical industries. Its broad and complete range of compressor, pump,
vacuum and blower products and services, along with its application
expertise and over 155 years of engineering heritage, allows Gardner
Denver to provide differentiated product and service offerings for its
customers' specific uses. Gardner Denver supports its customers through
its global geographic footprint of 39 key manufacturing facilities, more
than 30 complementary service and repair centers across six continents,
and approximately 6,700 employees world-wide.

Gardner Denver uses its website www.gardnerdenver.com
as a channel of distribution of Company information. Financial and other
important information regarding the Company is routinely accessible
through and posted on its website. Accordingly, investors should monitor
Gardner Denver’s website, in addition to following the Company’s press
releases, SEC filings and public conference calls and webcasts. In
addition, you may automatically receive e-mail alerts and other
information about Gardner Denver when you enroll your e-mail address by
visiting the “Email Alerts” section of Gardner Denver’s website at http://investors.gardnerdenver.com.

Non-U.S. GAAP Measures of Financial Performance

In addition to consolidated GAAP financial measures, Gardner Denver
reviews various non-GAAP financial measures, including “Adjusted
EBITDA,” “Adjusted Net Income,” “Adjusted Diluted EPS” and “Free Cash
Flow.”

Gardner Denver believes Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted EPS are helpful supplemental measures to assist
management and investors in evaluating the Company’s operating results
as they exclude certain items that are unusual in nature or whose
fluctuation from period to period do not necessarily correspond to
changes in the operations of Gardner Denver’s business. Adjusted EBITDA
represents net income (loss) before interest, taxes, depreciation,
amortization and certain non-cash, non-recurring and other adjustment
items. Adjusted Net Income is defined as net income (loss) including
interest, depreciation and amortization of non-acquisition related
intangible assets and excluding other items used to calculate Adjusted
EBITDA and further adjusted for the tax effect of these exclusions.
Gardner Denver believes that the adjustments applied in presenting
Adjusted EBITDA and Adjusted Net Income are appropriate to provide
additional information to investors about certain material non-cash
items and about non-recurring items that the Company does not expect to
continue at the same level in the future. Adjusted Diluted EPS is
defined as Adjusted Net Income divided by Adjusted Diluted Average
Shares Outstanding.

Gardner Denver uses Free Cash Flow to review the liquidity of its
operations. Gardner Denver measures Free Cash Flow as cash flows from
operating activities less capital expenditures. Gardner Denver believes
Free Cash Flow is a useful supplemental financial measure for management
and investors in assessing the Company’s ability to pursue business
opportunities and investments and to service its debt. Free Cash Flow is
not a measure of our liquidity under GAAP and should not be considered
as an alternative to cash flows from operating activities.

Management and Gardner Denver’s board of directors regularly use these
measures as tools in evaluating the Company’s operating and financial
performance and in establishing discretionary annual compensation. Such
measures are provided in addition to, and should not be considered to be
a substitute for, or superior to, the comparable measures under GAAP. In
addition, Gardner Denver believes that Adjusted EBITDA, Adjusted Net
Income, Adjusted Diluted EPS and Free Cash Flow are frequently used by
investors and other interested parties in the evaluation of issuers,
many of which also present Adjusted EBITDA, Adjusted Net Income,
Adjusted Diluted EPS and Free Cash Flow when reporting their results in
an effort to facilitate an understanding of their operating and
financial results and liquidity.

Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash
Flow should not be considered as alternatives to net income (loss),
diluted earnings per share or any other performance measure derived in
accordance with GAAP, or as alternatives to cash flow from operating
activities as a measure of our liquidity. Adjusted EBITDA, Adjusted Net
Income, Adjusted Diluted EPS and Free Cash Flow have limitations as
analytical tools, and you should not consider such measures either in
isolation or as substitutes for analyzing Gardner Denver’s results as
reported under GAAP.

Reconciliations of Adjusted EBITDA, Adjusted Net Income, Adjusted
Diluted EPS and Free Cash Flow to their most comparable U.S. GAAP
financial metrics for historical periods are presented in the tables
below.

Reconciliations of non-GAAP measures related to full year 2018 guidance
have not been provided due to the unreasonable efforts it would take to
provide such reconciliations.

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts)
(Unaudited)
			For the Three									For the Nine
			Month Period Ended									Month Period Ended
			September 30,									September 30,
			2018				2017					2018				2017
Revenues			$	689.3			$	649.6				$	1,977.1			$	1,710.4
Cost of sales				426.9				395.7					1,233.6				1,066.0
Gross Profit				262.4				253.9					743.5				644.4
Selling and administrative expenses				107.7				111.0					330.4				338.9
Amortization of intangible assets				31.0				29.5					93.4				87.6
Other operating expense, net				6.0				17.4					10.8				186.7
Operating Income				117.7				96.0					308.9				31.2
Interest expense				24.4				30.1					76.5				115.4
Loss on extinguishment of debt				0.9				34.1					1.0				84.5
Other income, net				(2.4	)			(0.6	)				(6.7	)			(2.4	)
Income (Loss) Before Income Taxes				94.8				32.4					238.1				(166.3	)
Provision (benefit) for income taxes				22.6				4.4					63.2				(41.2	)
Net Income (Loss)				72.2				28.0					174.9				(125.1	)
Less: Net income attributable to noncontrolling interests				-				-					-				0.1
Net Income (Loss) Attributable to Gardner Denver Holdings, Inc.			$	72.2			$	28.0				$	174.9			$	(125.2	)
Basic income (loss) per share			$	0.36			$	0.14				$	0.87			$	(0.71	)
Diluted income (loss) per share			$	0.35			$	0.13				$	0.83			$	(0.71	)

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share and per share amounts)
(Unaudited)
				September 30,					December 31,
				2018					2017
Assets
Current assets:
Cash and cash equivalents				$	269.0				$	393.3
Accounts receivable, net of allowance for doubtful accounts
of $19.1 and $18.7, respectively					525.0					536.3
Inventories					550.1					494.5
Other current assets					63.4					39.5
Total current assets					1,407.5					1,463.6
Property, plant and equipment, net of accumulated depreciation
of $238.7 and $203.8, respectively					346.9					363.2
Goodwill					1,268.4					1,227.6
Other intangible assets, net					1,356.8					1,431.2
Deferred tax assets					1.1					1.0
Other assets					135.7					134.6
Total assets				$	4,516.4				$	4,621.2
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt				$	7.9				$	20.9
Accounts payable					320.0					269.7
Accrued liabilities					258.9					271.2
Total current liabilities					586.8					561.8
Long-term debt, less current maturities					1,747.4					2,019.3
Pensions and other postretirement benefits					90.5					99.8
Deferred income taxes					279.3					237.5
Other liabilities					189.0					226.0
Total liabilities					2,893.0					3,144.4
Stockholders' equity:
Common stock, $0.01 par value; 1,000,000,000 shares authorized;
200,876,956 and 198,377,237 shares issued at September 30, 2018
and December 31, 2017, respectively					2.0					2.0
Capital in excess of par value					2,280.8					2,275.4
Accumulated deficit					(403.2	)				(577.8	)
Accumulated other comprehensive loss					(226.4	)				(199.8	)
Treasury stock at cost; 1,937,480 and 2,159,266 shares at September 30, 2018
and December 31, 2017, respectively					(29.8	)				(23.0	)
Total stockholders' equity					1,623.4					1,476.8
Total liabilities and stockholders' equity				$	4,516.4				$	4,621.2

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(Unaudited)
			For the					For the
			Nine Month					Nine Month
			Period Ended					Period Ended
			September 30,					September 30,
			2018					2017
Cash Flows From Operating Activities:
Net income (loss)			$	174.9				$	(125.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible assets				93.4					87.6
Depreciation in cost of sales				33.9					33.2
Depreciation in selling and administrative expenses				7.3					6.1
Stock-based compensation expense				6.1					166.0
Foreign currency transaction (gains) losses, net				(0.6	)				6.3
Net (gain) loss on asset dispositions				(1.1	)				2.0
Loss on extinguishment of debt				1.0					84.5
Deferred income taxes				27.5					(68.1	)
Changes in assets and liabilities:
Receivables				10.5					(65.9	)
Inventories				(44.7	)				(36.4	)
Accounts payable				57.2					39.8
Accrued liabilities				(34.1	)				(19.8	)
Other assets and liabilities, net				(33.0	)				(26.3	)
Net cash provided by operating activities				298.3					83.9
Cash Flows From Investing Activities:
Capital expenditures				(32.1	)				(36.4	)
Net cash paid in business combinations				(113.6	)				(18.8	)
Proceeds from the termination of derivatives				-					6.2
Disposals of property, plant and equipment				3.1					5.9
Net cash used in investing activities				(142.6	)				(43.1	)
Cash Flows From Financing Activities:
Principal payments on long-term debt				(262.4	)				(2,872.2	)
Premium paid on extinguishment of senior notes				-					(29.7	)
Proceeds from long-term debt				-					2,010.7
Proceeds from the issuance of common stock, net of share issuance costs				-					893.3
Purchase of treasury stock				(16.7	)				(2.6	)
Proceeds from stock option exercises				6.3					-
Purchase of shares from noncontrolling interests				-					(5.2	)
Payments of debt issuance costs				-					(2.9	)
Other				-					0.4
Net cash used in financing activities				(272.8	)				(8.2	)
Effect of exchange rate changes on cash and cash equivalents				(7.2	)				14.6
Net (decrease) increase in cash and cash equivalents				(124.3	)				47.2
Cash and cash equivalents, beginning of period				393.3					255.8
Cash and cash equivalents, end of period			$	269.0				$	303.0

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) AND EARNINGS (LOSS) PER SHARE TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(Dollars in millions, except per share amounts)
(Unaudited)
			For the Three								For the Nine
			Month Period Ended								Month Period Ended
			September 30,								September 30,
			2018				2017				2018				2017
Net Income (Loss)			$	72.2			$	28.0			$	174.9			$	(125.1	)
Basic Earnings (Loss) Per Share (As Reported)1			$	0.36			$	0.14			$	0.87			$	(0.71	)
Diluted Earnings (Loss) Per Share (As Reported)1			$	0.35			$	0.13			$	0.83			$	(0.71	)
Plus:
Provision (benefit) for income taxes				22.6				4.4				63.2				(41.2	)
Amortization of acquisition related intangible assets				27.2				27.3				82.8				80.4
Sponsor fees and expenses				-				-				-				17.3
Restructuring and related business transformation costs				12.3				6.3				25.2				20.5
Acquisition related expenses and non-cash charges				2.8				1.2				13.1				3.1
Environmental remediation loss reserve				-				-				-				0.9
Expenses related to public stock offerings				0.3				0.5				2.2				3.6
Establish public company financial reporting compliance				1.3				3.8				3.2				7.2
Stock-based compensation				1.1				9.8				2.9				166.0
Foreign currency transaction (gains) losses, net				(0.8	)			1.7				(0.6	)			6.3
Loss on extinguishment of debt				0.9				34.1				1.0				84.5
Shareholder litigation settlement recoveries				-				-				(4.5	)			-
Other adjustments				0.7				1.4				0.4				3.5
Minus:
Income tax provision, as adjusted				37.9				33.3				87.7				77.8
Adjusted Net Income			$	102.7			$	85.2			$	276.1			$	149.2
Adjusted Basic Earnings Per Share			$	0.51			$	0.42			$	1.37			$	0.85
Adjusted Diluted Earnings Per Share2			$	0.49			$	0.41			$	1.32			$	0.82
Average shares outstanding:
Basic, as reported				201.9				201.3				201.8				175.7
Diluted, as reported3				209.1				208.1				209.6				175.7
Adjusted diluted2				209.1				208.1				209.6				180.9

¹ Basic and diluted earnings per share (as reported) are
calculated by dividing net income (loss) attributable to Gardner Denver
Holdings, Inc. by the basic and diluted average shares outstanding for
the respective periods.
² Adjusted diluted share count
and adjusted diluted earnings per share include incremental dilutive
shares, using the treasury stock method, which are added to average
shares outstanding.
³ Due to net losses in certain
periods shown, basic and diluted average shares outstanding are the same
in those periods.

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED
NET INCOME AND CASH FLOWS - OPERATING ACTIVITIES TO FREE CASH FLOW
(Dollars in millions)
(Unaudited)
			For the Three								For the Nine
			Month Period Ended								Month Period Ended
			September 30,								September 30,
			2018				2017				2018				2017
Net Income (Loss)			$	72.2			$	28.0			$	174.9			$	(125.1	)
Plus:
Interest expense				24.4				30.1				76.5				115.4
Provision (benefit) for income taxes				22.6				4.4				63.2				(41.2	)
Depreciation expense				13.4				13.9				41.2				39.3
Amortization expense				31.0				29.5				93.4				87.6
Sponsor fees and expenses				-				-				-				17.3
Restructuring and related business transformation costs				12.3				6.3				25.2				20.5
Acquisition related expenses and non-cash charges				2.8				1.2				13.1				3.1
Environmental remediation loss reserve				-				-				-				0.9
Expenses related to public stock offerings				0.3				0.5				2.2				3.6
Establish public company financial reporting compliance				1.3				3.8				3.2				7.2
Stock-based compensation				1.1				9.8				2.9				166.0
Foreign currency transaction (gains) losses, net				(0.8	)			1.7				(0.6	)			6.3
Loss on extinguishment of debt				0.9				34.1				1.0				84.5
Shareholder litigation settlement recoveries				-				-				(4.5	)			-
Other adjustments				0.7				1.4				0.4				3.5
Adjusted EBITDA			$	182.2			$	164.7			$	492.1			$	388.9
Minus:
Interest expense			$	24.4			$	30.1			$	76.5			$	115.4
Income tax provision, as adjusted				37.9				33.3				87.7				77.8
Depreciation expense				13.4				13.9				41.2				39.3
Amortization of non-acquisition related intangible assets				3.8				2.2				10.6				7.2
Adjusted Net Income			$	102.7			$	85.2			$	276.1			$	149.2
Free Cash Flow
Cash flows - operating activities			$	103.8			$	63.9			$	298.3			$	83.9
Minus:
Capital expenditures				11.3				9.6				32.1				36.4
Free Cash Flow			$	92.5			$	54.3			$	266.2			$	47.5

GARDNER DENVER HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO INCOME (LOSS) BEFORE INCOME TAXES
(Dollars in millions)
(Unaudited)
			For the Three								For the Nine
			Month Period Ended								Month Period Ended
			September 30,								September 30,
			2018				2017				2018				2017
Revenue
Industrials			$	320.0			$	288.2			$	965.7			$	819.0
Energy				298.8				301.6				814.1				719.4
Medical				70.5				59.8				197.3				172.0
Total Revenue			$	689.3			$	649.6			$	1,977.1			$	1,710.4
Segment Adjusted EBITDA
Industrials			$	72.1			$	63.1			$	210.0			$	173.7
Energy				94.9				98.6				242.5				199.2
Medical				20.5				16.8				54.4				46.9
Total Segment Adjusted EBITDA			$	187.5			$	178.5			$	506.9			$	419.8
Less items to reconcile Segment Adjusted EBITDA to
Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments			$	5.3			$	13.8			$	14.8			$	30.9
Interest expense				24.4				30.1				76.5				115.4
Depreciation and amortization expense				44.4				43.5				134.6				126.9
Sponsor fees and expenses				-				-				-				17.3
Restructuring and related business transformation costs				12.3				6.3				25.2				20.5
Acquisition related expenses and non-cash charges				2.8				1.2				13.1				3.1
Environmental remediation loss reserve				-				-				-				0.9
Expenses related to public stock offerings				0.3				0.5				2.2				3.6
Establish public company financial reporting compliance				1.3				3.8				3.2				7.2
Stock-based compensation				1.1				9.8				2.9				166.0
Foreign currency transaction (gains) losses, net				(0.8	)			1.7				(0.6	)			6.3
Loss on extinguishment of debt				0.9				34.1				1.0				84.5
Shareholder litigation settlement recoveries				-				-				(4.5	)			-
Other adjustments				0.7				1.3				0.4				3.5
Income (Loss) Before Income Taxes			$	94.8			$	32.4			$	238.1			$	(166.3	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005985/en/

Source: Business Wire
(October 25, 2018 - 4:15 PM EDT)

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