CHART INDUSTRIES INC (Form: 8-K, Received: 04/23/2020 06:54:22)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 20, 2020

CHART INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-11442

34-1712937

(State of other jurisdiction

of incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

3055 Torrington Drive

Ball Ground, Georgia

30107

(Address of principal executive offices)

(ZIP Code)

Registrant’s telephone number, including area code: (770) 721-8800

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading

Symbol(s)

Name of Each Exchange

on Which Registered

Common stock, par value $0.01

GTLS

The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01

Entry into a Material Definitive Agreement.

On April 20, 2020, Chart Industries, Inc., a Delaware corporation (“Chart”), entered into a First Amendment (the “Amendment”) to its existing Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) by and among Chart, Chart Industries Luxembourg S.à.r.l. (“Chart Lux”), Chart Asia Investment Company Limited (“Chart Asia”, together with Chart Lux and Chart, the “Borrowers”), the other foreign borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. A copy of the Amendment is attached hereto as Exhibit 10.1.

The Amendment, among other things, (i) adjusts the pricing grid in order to accommodate potentially higher leverage ratios, (ii) adjusts factoring related definitions and other related provisions to provide Chart with greater flexibility to enter into such arrangements in the future, (iii) incorporates a “cash hoarding” prevention covenant and (iv) incorporates various amendments to reflect interest rate floor and other changes to the Loan Syndications and Trading Association and Loan Market Association market standards for credit agreements. The terms and conditions under the Credit Agreement are otherwise substantially the same as those prior to the Amendment.

The description of the Amendment set forth above is qualified in its entirety by reference to the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.02

Results of Operations and Financial Condition.

On April 23, 2020, Chart Industries, Inc. (the “Company”) issued a news release announcing the Company’s financial results for the first quarter ended March 31, 2020, as well as supplemental information for the first quarter ended March 31, 2020. A copy of the news release is furnished with this Current Report on Form 8-K as Exhibit 99.1, and a copy of the supplemental information is furnished with this Current Report on Form 8-K as Exhibit 99.2. All information in the news release and the supplemental information is furnished and shall not be deemed “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liability of that Section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporated it by reference.

The news release and supplemental information furnished with this Current Report on Form 8-K include measures of which exclude certain items required to be presented under generally accepted accounting principles (“GAAP”). These measures are not recognized under GAAP and are referred to as “non-GAAP financial measures” in Regulation G under the Exchange Act. The Company believes these measures are of interest to investors and facilitate useful period-to-period comparisons of the Company’s financial results, and this information

is used by the Company in evaluating internal performance. The non-GAAP measures are reconciled to the most directly comparable GAAP measure in tables at the end of the news release and in the supplemental information.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

	10.1	Amendment No. 1, dated as of April 20, 2020, to the Fourth Amended and Restated Credit Agreement by and among Chart Industries, Inc., Chart Industries Luxembourg S.à.r.l., Chart Asia Investment Company Limited, the other foreign borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A.

	99.1	Chart Industries, Inc. News Release, dated April 23, 2020, announcing the Company’s 2020 first quarter results.

	99.2	Chart Industries, Inc. Supplemental Information for 2020 first quarter results.

	104	Cover Page Interactive Data File (embedded within the Inline CBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	Chart Industries, Inc.

Date: April 23, 2020

	By:	/s/ Jillian C. Evanko
	Name:	Jillian C. Evanko
	Title:	President and Chief Executive Officer

Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 1

Dated as of April 20, 2020

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of June 14, 2019

THIS AMENDMENT NO. 1 (this “Amendment”) is made as of April 20, 2020 by and among Chart Industries, Inc., a Delaware corporation (the “Company”), Chart Industries Luxembourg S.à r.l., a private limited liability company (société à responsabilité limitée), incorporated under the laws of Luxembourg, having its registered office at 2, rue des Dahlias, L-1411 Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 148.907 (“Chart Luxembourg”), Chart Asia Investment Company Limited, a private limited company incorporated under the laws of Hong Kong with company number 1174361 and having its registered office address at 36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong (“Chart Hong Kong” and, together with the Company and Chart Luxembourg, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Fourth Amended and Restated Credit Agreement dated as of June 14, 2019 by and among the Borrowers, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Company has requested that the requisite Lenders and the Administrative Agent agree to a certain amendments to the Credit Agreement;

WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows:

(a) Section 1.01 of the Credit Agreement is hereby amended to add the following definitions thereto in the appropriate alphabetical order and, where applicable, replace the corresponding previously existing definitions:

““Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.”

““Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ¹⁄₂ of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 2.00%, such rate shall be deemed to be 2.00% for purposes of this Agreement.”

““Amendment No. 1 Effective Date” means April 20, 2020.”

““Applicable Margin” shall mean, for any day with respect to any Eurocurrency Loan that is a Revolving Facility Loan or Term Loan and any ABR Loan that is a Revolving Facility Loan or Term Loan, and with respect to the Commitment Fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency Spread”, “ABR Spread”, “Commitment Fee Rate” or “Ticking Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date:


	Leverage Ratio	Eurocurrency Spread	ABR Spread	Commitment Fee Rate / Ticking Fee Rate

Category 1:	< 1.50 to 1.00	1.25%	0.25%	0.20%

Category 2:	³ 1.50 to 1.00 but < 2.00 to 1.00	1.50%	0.50%	0.20%

Category 3:	³ 2.00 to 1.00 but < 2.50 to 1.00	1.75%	0.75%	0.25%

Category 4:	³ 2.50 to 1.00 but < 3.00 to 1.00	2.00%	1.00%	0.30%

Category 5:	³ 3.00 to 1.00 but < 3.50 to 1.00	2.25%	1.25%	0.35%

Category 6:	³ 3.50 to 1.00	2.50%	1.50%	0.40%

For purposes of the foregoing, (1) the Leverage Ratio shall be determined as of the last day of each fiscal quarter of the Company’s fiscal year based upon the consolidated financial information of the Company and its Subsidiaries delivered pursuant to

Section 5.04(a) or (b) and (2) each change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective on the first Business Day after the date of delivery to the Administrative Agent of such consolidated financial information indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that until the Administrative Agent’s receipt of the consolidated financial information of the Company and its Subsidiaries delivered pursuant to Section 5.04(b) for the first fiscal quarter the Company ending after the Amendment No. 1 Effective Date, the Leverage Ratio shall be deemed to be in Category 6; provided further that the Leverage Ratio shall be deemed to be in Category 6 at the option of the Administrative Agent or the Required Lenders, at any time during which the Company fails to deliver the consolidated financial information when required to be delivered pursuant to Section 5.04(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial information is delivered.”

““Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.”

““Bail-In Legislation” shall mean, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).”

““Consolidated Debt” at any date shall mean (without duplication) all Indebtedness (in each case, excluding intercompany Indebtedness) consisting of Capital Lease Obligations, Indebtedness for borrowed money (other than letters of credit to the extent undrawn) and Indebtedness in respect of the deferred purchase price of property or services of the Company and its Subsidiaries determined on a consolidated basis on such date plus any Receivables Net Investment. For the avoidance of doubt, obligations under any Permitted Supplier Finance Facility shall not be included in Consolidated Debt.”

““Interpolated Rate” shall mean, at any time, for any Interest Period, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time; provided that (i) if any Interpolated Rate with respect to a Eurocurrency Borrowing denominated in Dollars shall be less than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement and (ii) if any Interpolated Rate with respect to a Eurocurrency Borrowing denominated in a Foreign Currency shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.”

““LIBO Screen Rate” shall mean, for any day and time, with respect to any Eurocurrency Borrowing denominated in any Agreed Currency and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such Agreed Currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that (i) if the LIBO Screen Rate as so determined in respect of a Eurocurrency Borrowing denominated in Dollars would be less than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement and (ii) if the LIBO Screen Rate as so determined in respect of a Eurocurrency Borrowing denominated in a Foreign Currency would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.”

““Permitted Deferred Purchase Price” shall mean, with respect to a Permitted Supplier Finance Facility, a portion of the purchase price payable for the related accounts receivable not in excess of 10% of the total purchase price, which is payable to the related Loan Parties after the date of sale (or paid to the related Loan Parties and returned to the purchaser as a discount to the purchase price after the date of sale) and may be subject to reduction on account of collection shortfalls or the timing of receipt, if any, on the related accounts receivable or offset against amounts owing by the related Loan Parties on account of their Permitted Undertakings.”

““Permitted Supplier Finance Facility” shall mean an arrangement entered into by one or more Loan Parties with one or more third-party financial institutions that is either (a) established by a customer of such Loan Parties for the purpose of facilitating the processing of accounts receivable of such Loan Parties from such customer or (b) established by such Loan Parties for the purpose of accelerating the receipt of cash by selling accounts receivable of such Loan Parties from one or more customers, which in either case provides for the direct and irrevocable (other than repurchase obligations constituting Permitted Undertakings) purchase of such accounts receivable by such third- party financial institutions from one or more of the Loan Parties for a fair market value purchase price consisting solely of cash (and customary rights to service the related accounts receivable retained by the Loan Parties as part of the arrangement) payable to the Loan Parties on the date of purchase and not subject to rescission, adjustment or offset (except to the extent of any Permitted Deferred Purchase Price) and reflecting such discount rates as may be customary for the credit risk of the relevant customer for the applicable duration of such accounts receivable; provided that (i) no third-party financial institution shall have any recourse to any Loan Party (other than in respect of Permitted Undertakings) or the assets of any Loan Party (other than repurchase obligations constituting Permitted Undertakings and their right to receive any Permitted Deferred Purchase Price), (ii) no Loan Party shall Guarantee any liabilities or obligations with respect to such arrangement (other than a Guarantee of a Loan Party of the Permitted Undertakings of another Loan Party), (iii) no Loan Party shall provide any guarantee, surety or other credit support for any of the obligations owed by any customer to such third-party financial institution under any such financing arrangement (other than through a Permitted Deferred Purchase Price) and (iv) such arrangement otherwise is structured in a manner consistent with the delivery of a “true sale” / “absolute transfer” opinion with respect to all such purchases.”

““Permitted Undertakings” shall mean, with respect to a Permitted Supplier Finance Facility, obligations of a Loan Party to (a) repurchase accounts receivable as a result of, or indemnify the relevant third-party financial institution for losses arising from, breaches of representations, warranties and covenants made by such Loan Party pursuant to such Permitted Supplier Finance Facility, which representations, warranties and covenants relate solely to non-credit related characteristics of the relevant accounts receivable or non-credit related servicing obligations of a Loan Party with respect thereto, and not in any way to any customer’s solvency or financial ability to pay (other than representations as to credit-related characteristics of the accounts or the customer that are made solely as of the date of sale), and which the Company has determined in good faith to be customary for a seller or servicer of accounts receivable in a non-recourse, bankruptcy-remote direct purchase of accounts receivable and (b) pay reasonable and customary indemnities, fees and expenses (that do not in any way relate to any customer’s solvency or financial ability to pay) in connection with such Permitted Supplier Finance Facility.”

““Resolution Authority” shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.”

““UK Financial Institution” shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.”

““UK Resolution Authority” shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.”

““Write-Down and Conversion Powers” shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.”

(b) The definition of “EBITDA” appearing in Section 1.01 of the Credit is hereby amended to replace the reference to “this clause (xiv));” therein and replace such reference with a reference to “this clause (xiv)),”.

(c) The definition of “Permitted Receivables Financing” appearing in Section 1.01 of the Credit is hereby amended to replace the reference to “shall mean one or more transactions pursuant to which Receivables Assets” therein and replace such reference with a reference to “shall mean one or more transactions (other than a Permitted Supplier Finance Facility) pursuant to which Receivables Assets”.

(d) Section 2.14(a) of the Credit Agreement is hereby restated in its entirety as follows:

“(a) If at the time that the Administrative Agent shall seek to determine the LIBO Screen Rate on the Quotation Day for any Interest Period for a Eurocurrency Borrowing, the LIBO Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason, and the Administrative Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency Borrowing; provided that (i) if the Reference Bank Rate with respect to a Eurocurrency Borrowing denominated in Dollars shall be less than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement and (ii) if the Reference Bank Rate with respect to a Eurocurrency Borrowing denominated in a Foreign Currency shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, however, that if less than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Borrowing at the Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the rate determined by the Administrative Agent in its reasonable discretion after consultation with the Company and consented to in writing by the Required Lenders (the “Alternative Rate”); provided, however, that (i) until such time as the Alternative Rate shall be determined and so consented to by the Required Lenders, Borrowings shall not be available in such Foreign Currency and (ii) (x) if any Alternative Rate with respect to a Eurocurrency Borrowing denominated in Dollars shall be less than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement and (y) if any Alternative Rate with respect to a Eurocurrency Borrowing denominated in a Foreign Currency shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. It is hereby understood and agreed that, notwithstanding anything to the foregoing set forth in this Section 2.14(a), if at any time the conditions set forth in Section 2.14(c)(i) or (ii) are in effect, the provisions of this Section 2.14(a) shall no longer be applicable for any purpose of determining any alternative rate of interest under this Agreement and Section 2.14(c) shall instead be applicable for all purposes of determining any alternative rate of interest under this Agreement.”

(e) Section 2.14(c) of the Credit Agreement is hereby restated in its entirety as follows:

“(c) Notwithstanding the foregoing, if at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 2.14(b)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 2.14(b)(i) have not arisen but any of (w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which

the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes (including, without limitation, the modification or replacement of clause (c) set forth in the definition of “Alternate Base Rate”) to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, (i) if such alternate rate of interest as so determined with respect to a Eurocurrency Borrowing denominated in Dollars would be less than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement and (ii) if such alternate rate of interest as so determined with respect to a Eurocurrency Borrowing denominated in a Foreign Currency would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.08, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this Section 2.14(c) (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(c), only to the extent the LIBO Screen Rate for the applicable currency and such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as the case may be, shall be ineffective, (y) if any Borrowing Request requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (z) if any Borrowing Request requests a Eurocurrency Borrowing in a Foreign Currency, then such request shall be ineffective.”

(f) Section 3.22 of the Credit Agreement is hereby restated in its entirety as follows:

“SECTION 3.22. Affected Financial Institutions. No Loan Party is an Affected Financial Institution.”

(g) Section 4.02 of the Credit Agreement is hereby amended to insert a new clause (e) therein immediately following clause (d) thereof as follows:

“(e) If, after giving pro forma effect to such Borrowing and the receipt by the applicable Borrower of the proceeds thereof, the pro forma Leverage Ratio (calculated as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.04(a) or Section 5.04(b)), is greater than 3.00 to 1.00, the cash and cash equivalents maintained by the Company and its Subsidiaries as of the date of such Borrowing shall not exceed $200,000,000.”

(h) Section 4.02 of the Credit Agreement is hereby further amended to replace the reference to “paragraphs (b) and (c) of this Section 4.02” set forth in the last sentence thereof with a reference to “paragraphs (b), (c) and (e) of this Section 4.02”.

(i) Section 6.05(f) of the Credit Agreement is hereby restated in its entirety as follows:

“(f) the purchase and sale or other transfer (including by capital contribution) of (i) Receivables Assets pursuant to Permitted Receivables Financings and (ii) in connection with a Permitted Supplier Finance Facility; provided that the aggregate gross proceeds (including non-cash proceeds) of any or all assets sold, transferred, leased or otherwise disposed of in reliance upon this clause (ii) shall not exceed, in any fiscal year of the Company, U.S.$100.0 million;”

(j) Section 6.12(a) of the Credit Agreement is hereby restated in its entirety as follows:

“(a) On and after the Effective Date and so long as both the AXC Trigger Date and the funding of the Term Loans occur prior to the occurrence of the AXC Expiration Date: (I) 5.50 to 1.00 for the fiscal quarters ending on June 30, 2019 and September 30, 2019, (II) 5.00 to 1.00 for the fiscal quarter ending on December 31, 2019, (III) 4.50 to 1.00 for the fiscal quarter ending March 31, 2020, (IV) 4.25 to 1.00 for the fiscal quarters ending June 30, 2020, September 30, 2020 and December 31, 2020, (V) 4.00 to 1.00 for the fiscal quarters ending March 31, 2021 and June 30, 2021, (VI) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021 and (VII) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and each fiscal quarter thereafter. Notwithstanding the foregoing, only after the maximum Leverage Ratio permitted under this Section 6.12(a) has been 3.50 to 1.00 for two consecutive fiscal quarters, to the extent any Asset Disposition or any Asset Acquisition (or any similar transaction or transactions that require a waiver or a consent of the Required Lenders pursuant to Section 6.04 or Section 6.05) or incurrence or repayment of Indebtedness (excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes) has occurred during the relevant Test Period, EBITDA shall be determined for the respective Test Period on a Pro Forma Basis for such occurrences; provided further that (x) the Company may, by written notice to the Administrative Agent for distribution to the Lenders, elect to increase the maximum Leverage Ratio to 4.00 to 1.00 for a period of four consecutive fiscal quarters in connection with a Permitted Business Acquisition or a Plant Expansion occurring during the first of such four fiscal quarters if the aggregate consideration paid or to be paid in respect of such Permitted Business Acquisition or Plant Expansion exceeds $100,000,000 (each such period, an “Adjusted Covenant Period”) and (y) notwithstanding the foregoing clause (x), (i) the Company may not elect an Adjusted Covenant Period for at least two (2) full fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the preceding clause (x) for a new period of four consecutive fiscal quarters and (ii) the Company may only elect one (1) Adjusted Covenant Period in respect of a Plant Expansion during the term of this Agreement.”

(k) Section 9.24 of the Credit Agreement is hereby restated in its entirety as follows:

“SECTION 9.24. Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each

party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.”

2. Conditions of Effectiveness. The effectiveness of this Amendment (the “Amendment Effective Date”) is subject to the following conditions precedent:

(a) The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders and the Administrative Agent.

(b) The Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary Loan Parties.

(c) The Administrative Agent shall have received for the account of each Lender that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to the applicable amount previously disclosed to the Lenders.

(d) The Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’ reasonable and documented fees and expenses (including, to the extent invoiced, reasonable and documented fees and expenses of counsel for the Administrative Agent) in connection with this Amendment and the Loan Documents.

3. Representations and Warranties of the Borrowers. Each Borrower hereby represents and warrants as follows:

(a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Borrower and are enforceable in accordance with their terms, subject to (i) the effects of bankruptcy, insolvency, examinership, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing.

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Event of Default or Default has occurred and is continuing and (ii) the representations and warranties of such Borrower set forth in Article III of the Credit Agreement, as amended hereby, are true and correct in all material respects (provided that any representation and warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects), except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date).

4. Reference to and Effect on the Credit Agreement.

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

(b) Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

(d) This Amendment is a Loan Document under (and as defined in) the Credit Agreement.

5. Governing Law; Jurisdiction. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.

6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.


CHART INDUSTRIES, INC.,
as the Company

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		CEO and President

CHART INDUSTRIES LUXEMBOURG S.Á R.L., as a Foreign Borrower

By:		/s/ Nicolas Schreurs
Name:		Nicolas Schreurs
Title:		Class A Director (Gérant de catégorie A)

By:		/s/ Jillian C. Harris
Name:		Jillian C. Harris
Title:		Class B Director (Gérant de catégorie B)

CHART ASIA INVESTMENT COMPANY LIMITED, as a Foreign Borrower

By:		/s/ Jilian C. Evanko
Name:		Jilian C. Evanko
Title:		Director

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative Agent

By:		/s/ Andrew Rossman
Name:		Andrew Rossman
Title:		Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


BANK OF AMERICA, N.A., as a Lender

By:		/s/ Ryan Maples
Name:		Ryan Maples
Title:		Sr. Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


FIFTH THIRD BANK, NATIONAL ASSOCIATION
as a Lender

By:		/s/ David Izard
Name:		David Izard
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By:		/s/ Brandon K. Fiddler
Name:		Brandon K. Fiddler
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

By:		/s/ Tiffany Calloway
Name:		Tiffany Calloway
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


BMO HARRIS BANK, N.A.,
as a Lender

By:		/s/ Josh Hovermale
Name:		Josh Hovermale
Title:		Director

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


CITIZENS BANK, N.A.,
as a Lender

By:		/s/ Karmyn Paul
Name:		Karmyn Paul
Title:		Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

By:		/s/ Chris Burns
Name:		Chris Burns
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


MUFG UNION BANK, N.A., as a Lender

By:		/s/ Spencer Hughes
Name:		Spencer Hughes
Title:		Managing Director

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


CIBC BANK USA, as a Lender

By:		/s/ Samir D. Desai
Name:		Samir D. Desai
Title:		Managing Director

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


BBVA USA, an Alabama banking corporation, as a Lender

By:		/s/ Heather Allen
Name:		Heather Allen
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


CAPITAL ONE, N.A., as a Lender

By:		/s/ Paul Isaac
Name:		Paul Isaac
Title:		Duly Authorized Signatory

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


MORGAN STANLEY BANK, N.A., as a Lender

By:		/s/ Jake Dowden
Name:		Jake Dowden
Title:		Authorized Signatory

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


CREDIT SUISSE AG, Cayman Islands Branch, as a Lender

By:		/s/ Nupur Kumar
Name:		Nupur Kumar
Title:		Authorized Signatory

By:		/s/ Brady Bingham
Name:		Brady Bingham
Title:		Authorized Signatory

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


FIRST HORIZON BANK (f/k/a Capital Bank), as a Lender

By:		/s/ Terence J Dolch
Name:		Terence J Dolch
Title:		Senior Vice President

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


SYNOVUS BANK, as a Lender

By:		/s/ Chandra Cockrell
Name:		Chandra Cockrell
Title:		Relationship Manager

Signature Page to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.

EXHIBIT A

Consent and Reaffirmation

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Fourth Amended and Restated Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of November 3, 2017, by and among Chart Industries, Inc., a Delaware corporation (the “Company”), Chart Industries Luxembourg S.à r.l., a private limited liability company (société à responsabilité limitée), incorporated under the laws of Luxembourg (“Chart Luxembourg”), Chart Asia Investment Company Limited, a private limited company incorporated under the laws of Hong Kong (“Chart Hong Kong” and, together with the Company and Chart Luxembourg, the “Borrowers”), the Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which Amendment No. 1 is dated as of April 20, 2020 and is by and among the Borrowers, the financial institutions listed on the signature pages thereof and the Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Collateral Agreement and any other Loan Document executed by it and acknowledges and agrees that the Collateral Agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.

Dated April 20, 2020

[Signature Page Follows]

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed and delivered as of the day and year above written.


CHART INC., as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		Chairman and President

CHART ENERGY & CHEMICALS, INC. CHART COOLER SERVICE COMPANY, INC. RCHPH HOLDINGS, INC. PREFONTAINE PROPERTIES, INC. SKAFF CRYOGENICS, INC., each as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		Chairman and CEO

CHART INTERNATIONAL HOLDINGS, INC., as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		Chairman, CEO and President

Signature Page to Consent and Reaffirmation to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


CHART ASIA INC. HUDSON PRODUCTS HOLDINGS INC. COFIMCO USA, INC. HUDSON PRODUCTS MIDDLE EAST LLC HUDSON PARENT CORPORATION HUDSON PRODUCTS CORPORATION, each as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		Chairman

CHART INTERNATIONAL, INC., as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		CEO

THERMAX, INC., as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		Chairman and Chief Operating Officer

CRYO-LEASE, LLC E&C FINFAN, INC., each as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		President and CEO

Signature Page to Consent and Reaffirmation to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.


SKAFF, LLC, as a Guarantor and Subsidiary Loan Party (in each capacity)

By:		/s/ Jillian C. Evanko
Name:		Jillian C. Evanko
Title:		President and Chief Operating Officer

Signature Page to Consent and Reaffirmation to Amendment No. 1 to

Fourth Amended and Restated Credit Agreement dated as of June 14, 2019

Chart Industries, Inc.

Exhibit 99.1

Chart Industries Reports 2020 First Quarter Results

Atlanta, Georgia – April 23, 2020 - Chart Industries, Inc. (NASDAQ: GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and energy industries, today reported results for the first quarter ended March 31, 2020. Further details can be found in the supplemental presentation included with this release. Highlights include:

•

Orders for medical oxygen critical care products increased by 34% over the first quarter 2019; Increased associated production by over 50% to meet continued demand for liquid oxygen for COVID-19 patients

•

Gross margin as a percent of sales of 28.5% (29.7% normalized for restructuring charges) is an increase of 530 basis points over the first quarter 2019 and 350 basis points over the fourth quarter 2019 reflecting benefits from completed cost reduction actions

•

Executed on $49 million of annualized cost savings year-to-date 2020; this is in addition to the $38 million completed in 2019

•

Booked $29.5 million order for a PDH separation plant in February 2020

•

Reported earnings per diluted share of $0.24 includes restructuring and other one-time items resulting in adjusted earnings per diluted share of $0.57, a 46% increase over the first quarter 2019 adjusted earnings per diluted share

•

Completed bank covenant amendment for net leverage ratio (4.25X through December 31, 2020 and 4.00X through June 30, 2021)

•

We are withdrawing prior 2020 full year guidance due to uncertainty of the duration and impacts from the COVID-19 pandemic but reiterate our long-term strategy and ongoing cost alignment

All Chart manufacturing locations globally have been deemed essential business by each local and federal government and therefore continue to operate under this status. As the safety of our team members is our top priority, we have instituted additional precautions while we continue to produce our products not just for critical care medical applications but also for energy infrastructure. During March 2020, we increased production on specific medical oxygen related products by over 65% in the United States and 50% in the Czech Republic. Order activity for our medical oxygen products used in hospital applications increased 34% in the first quarter 2020

when compared to the first quarter of 2019 and increased 29% when compared to the fourth quarter of 2019. The regional breakdown compared to the first quarter of 2019 is:

•

In China, an increase of 69%;

•

In Europe, an increase of 21%;

•

In India, an increase of 122%; and

•

In the United States, an increase of 39%.

Additionally, orders for our cryobiological product line, which is used for storage and transport of vaccinations, cell therapy and biological inventory increased by 14% to $20.8 million in the first quarter of 2020 when compared to the first quarter of 2019. April 2020 month to date demand for critical care products has increased. Month to date through April 20, 2020, we received more medical oxygen kit orders in the United States than in the entire first quarter, and total medical oxygen specific demand is already at 35% of the first quarter levels. We expect this COVID-19 related demand to return to “pre-COVID-19” levels later in 2020.

“Typically, my quote would be about the financials and decisive, agile responsiveness during this unprecedented time. The related facts in this release contain that information, and instead I would like to thank our team members who, as essential personnel, have worked tirelessly and safely to increase production on critical care products that are being used globally to save lives,” stated Jill Evanko, Chart Industries’ CEO.

Backlog of $733 million is flat compared to first quarter 2019, which included $135 million of Venture Global Calcasieu Pass big LNG orders. As of the end of the first quarter of 2020, there was $93 million of Calcasieu Pass backlog remaining. Excluding Calcasieu Pass, backlog increased 6.8% year over year. First quarter 2020 backlog of $151 million for Distribution & Storage Western Hemisphere (“D&S West”) is the highest in the history of the business, up 18.7% over the first quarter of 2019 and 2.6% over the fourth quarter 2019. We have not had any material cancellations in our backlog year-to-date in any segment. Venture Global’s Calcasieu Pass project remains on the original schedule, and in the first quarter we recognized $22.9 million of associated revenue which contributed to our $321.1 million first quarter sales.

First quarter 2020 orders of $304.3 million were 34% less than the first quarter of 2019. As a reminder, the first quarter of 2019 included the Venture Global Calcasieu Pass order ($135 million), Golar’s floating LNG Gimi project ($20 million), and Niche LNG’s small-scale LNG work ($7 million). In the first quarter 2020, we received a $29.5 million order for equipment for a PDH

separation plant in E&C Cryo. Distribution & Storage Eastern Hemisphere (“D&S East”) booked 14 LNG fueling stations, which is the same level as the first quarter 2019 and on par with the average per quarter throughout 2019 (a record year). Additionally, in April we received verbal commitment from Shell for the supply of seven LNG fueling stations. Our teams are currently working toward a multiyear long-term contract whereby Shell will place the order for up to four stations in the second quarter of 2020 and three more in 2021. The multiyear agreement will allow for expansion of these quantities with privileged support to Shell’s business plans and strategy for LNG in Europe. Also in April, we booked three other LNG fueling stations month-to-date.

Backlog in China is $68 million as of the end of the first quarter 2020, and subsequently, we received the largest industrial gas order in our history in China in early April. Trailer demand has been softening, which in part was expected coming after two record trailer order years in 2018 and 2019, but previously had been expected later in 2020. While Big LNG projects are pushed to the right, we continue to see small-scale LNG projects progress on their original timelines, in particular for power generation applications. In the first quarter, we received the letter of intent for the process technology and associated equipment on Eagle’s Jacksonville LNG project.

Specialty market orders in the first quarter of 2020 were up 9% over the fourth quarter of 2019 and up nearly 11% over the first quarter of 2019. Specifically, hydrogen, cannabis and food & beverage continue to see demand, with fast food, convenience stores, and alcohol, wine, beer and cannabis considered essential during the shelter-in-place orders. We received an order for a study on using liquid hydrogen to fuel large marine vessels, which is the first of its kind. In addition to 35 customers each placing over $1 million in orders in the first quarter 2020, we also had 15 “first of a kind” (“FOAK”) orders for a variety of applications. These ranged from the first LNG regasification station in Malaysia to the first doser used for fuel additives to our first retrofit of an existing LNG baseload facility on the U.S. Gulf Coast.

We received orders with 120 new customers in the first quarter of 2020. Eighty-four of these new customers were outside of North America which demonstrates the continued long-term fundamental global clean energy transition. So far in the month of April, we had 29 new customers that placed orders, we received a $4.7 million industrial plant order in Energy & Chemicals Cryogenics (“E&C Cryo”), a $3.1 million order for retrofitting a refinery with air cooled heat exchangers, and a $1.5 million space-related order.

Given the uncertainty around the length of the COVID-19 impacts, we have seen customers look at further utilizing their existing inventory and in turn, our aftermarket, service and repair business has picked up with D&S West parts, repair and service revenue up nearly 11% as compared to the first quarter 2019. We expect this retrofit and repair trend to continue throughout 2020.

In recent weeks, there has been a softening in demand in air cooled heat exchangers for midstream and upstream compression projects which comprised approximately $100 million of our total 2019 Chart revenue. While E&C FinFans orders in the first quarter were the highest out of the past three quarters, including $23 million in the month of March, we anticipate that these levels will decline. This is specific to air coolers, and we expect fans products to continue to grow year-over-year. Additionally, our original expectation for natural gas processing plant related equipment orders in 2020 was 5 to 7 plants, with none in the first half. Given the current softening in the oil and gas market, we no longer expect these types of orders in 2020, which could impact 2020 revenue by approximately $5 million in our E&C Cryo segment.

Given the uncertainty surrounding the duration and impacts of the global pandemic, we took actions in the first quarter and again yesterday to ensure our cost structure supports further potential changes in demand. To date in 2020, we have reduced headcount by ~13% (over 600 headcount reduction). The year-to-date actions had associated severance charges of $8.0 million ($5.2 million in the first quarter 2020) and are expected to result in $48.8 million of annualized cost savings ($36.2M to be realized in 2020). The following is the breakdown of that savings by segment:

•

D&S East = $3.3 million

•

D&S West = $4.3 million

•

E&C Cryo = $12.1 million

•

E&C FinFans = $23.6 million

•

Corporate = $5.6 million

The first quarter gross margin as a percent of sales and SG&A reflected the cost savings that were taken in 2019, as well as actions from cost reductions taken early in the first quarter of 2020. Gross margin as a percent of sales increased to 28.5% from 23.2% in the first quarter of 2019 (also a sequential increase over the fourth quarter of 2019 25.0%). We expect gross margin expansion throughout the remainder of 2020 in D&S West, D&S East and E&C Cryo. Our expectation is that E&C FinFans gross margin as a percent of sales stays similar to the first quarter 2020.


	Q1 2020 Vs. Q1 2019 Gross Margin % of Sales
	Q1 ‘20 Actual			Q1 ‘19 Actual			Q1 ‘20 Normalized			Q1 ‘19 Normalized
E&C Cryo		25.9	%		0.3	%		26.8	%		8.8	%
E&C FinFans		24.2	%		27.2	%		26.6	%		28.7	%
D&S West		34.7	%		33.9	%		35.2	%		34.1	%
D&S East		24.4	%		13.0	%		25.4	%		20.2	%

Chart		28.5	%		23.2	%		29.7	%		26.4	%


	Q1 2020 Vs. Q4 2019 Gross Margin % of Sales
	Q1 ‘20 Actual			Q4 ‘19 Actual			Q1 ‘20 Normalized			Q4 ‘19 Normalized
E&C Cryo		25.9	%		25.8	%		26.8	%		26.1	%
E&C FinFans		24.2	%		25.8	%		26.6	%		28.1	%
D&S West		34.7	%		33.1	%		35.2	%		33.1	%
D&S East		24.4	%		11.1	%		25.4	%		18.8	%

Chart		28.5	%		25.0	%		29.7	%		27.4	%


	Q1 2020 VS. Q1 2019 SG&A ($M)
	Q1 ‘20 Actual			Q1 ‘19 Actual			Q1 ‘20 Normalized			Q1 ‘19 Normalized
E&C Cryo	$	6.5		$	9.0		$	6.2		$	8.1
E&C FinFans		7.3			6.8			6.2			6.7
D&S West		11.0			13.3			10.3			13.0
D&S East		9.4			9.9			8.3			9.5
Corp		19.7			16.3			18.3			13.3

Chart	$	53.9		$	55.3		$	49.3		$	50.6


	Q1 2020 VS. Q4 2019 SG&A ($M)
	Q1 ‘20 Actual			Q4 ‘19 Actual			Q1 ‘20 Normalized			Q4 ‘19 Normalized
E&C Cryo	$	6.5		$	6.1		$	6.2		$	5.7
E&C FinFans		7.3			9.0			6.2			7.9
D&S West		11.0			10.7			10.3			10.5
D&S East		9.4			8.2			8.3			7.9
Corp		19.7			19.1			18.3			16.1

Chart	$	53.9		$	53.1		$	49.3		$	48.1

First quarter 2020 reported diluted earnings per share was $0.24, an increase of $0.21 compared to the first quarter of 2019. When adjusted for one-time costs, primarily restructuring for severance related to our cost structure changes, adjusted earnings per diluted share was $0.57, a 46% increase over the adjusted first quarter of 2019.

Our adjusted EPS does not reflect the impact of the days we were unable to produce in the first quarter as we either waited for the approval of our essential status or there was a mandatory government shutdown as in China. We lost a total of 40 production days in the first quarter across our locations, with 26 of those days in our Chinese facilities in late January and early February. We do not estimate lost revenue from these 40 days but rather revenue that pushed out of the first quarter of 2020 into the remainder of the year. The total revenue pushed out of the first quarter because of COVID-19 impacts was $7.5 million, with $3 million of that in China.

Debt paydown is our priority for utilization of the cash we generate. As of March 20, 2020, we suspended our share repurchase program. On April 20, 2020, we completed a bank amendment to add “just in case” cushion to our covenant calculation for net leverage ratio. Previously, the net leverage ratio covenant stepped down to 3.5 times as of September 30, 2020. Our new covenant

holds at 4.25 times through the fourth quarter of 2020 and does not step down to 3.5 times until the end of 2021. Very little of our existing debt matures until 2024, inclusive of our convertible notes, revolver and term loan. Our current net leverage ratio is 3.1, and our cash on hand is $89 million as of March 31, 2020. In the first quarter, we generated $15 million of free cash flow from operations (after $10 million of capital expenditures) which included a $13.4 million increase in inventory from COVID-19 for safety stock of key raw materials and components.

OUTLOOK 2020

Chart’s business is structurally very different during this anticipated downturn than the last downturn in the 2014 to 2016 timeframe. The composition of the portfolio of products we offer, the acquisition and divestiture activities that have resulted in a much more diverse and geographically broad company and our cost reduction efforts to date set us up for continued earnings and cash flow through an anticipated downturn. Additionally, in the 2014 to 2016 timeframe, we had virtually no aftermarket, service and repair revenue, while these now account for over 13% of total Chart revenue. In the prior cycle, we were heavily reliant on one Big LNG project. We now think of Big LNG as “icing on the cake” and have line of sight to growth in many of our base businesses across the cycle. Finally, we have a much more diversified, global footprint which accesses applications and projects that previously were not economical. A year and a half ago we sold into 21 countries. We now work on projects and sell into over 70 countries.

Yet even with these changes, there remains a high amount of uncertainty surrounding the potential business impacts from COVID-19. While we have not yet seen a meaningful impact on total bookings, although a shift from E&C FinFans to D&S West and D&S East is expected, we are withdrawing our prior 2020 full year guidance until we have more clarity on the duration and severity of the situation. While we think it is prudent holding off on issuing new guidance until the situation stabilizes, we can provide the following data points for 2020:

•

Venture Global’s Calcasieu Pass project remains on schedule, with $100 million of expected revenue in our E&C Cryo segment in 2020.

•

We are seeing a short-term increase in demand in our medical related products. Products that we manufacture that can be used in these applications were 21% of total Chart revenue for the full year 2019.

•

We continue to expect strong free cash flow generation in the year, and we have suspended our share buyback program.

•

We continue to prioritize debt paydown.

•

Year-to-date, we have taken cost reductions totaling $48.8 million of annualized savings. This is in addition to the $38 million of savings from cost reductions taken in 2019.

•

Our expected effective tax rate remains unchanged at 20% for the full year 2020.

•

Our capital expenditures are flexible, and we will continue to assess the spend as the year progresses. At this time, we anticipate capex spend will be in the $25 million to $30 million range.

•

We expect the full year basic weighted average shares outstanding to be 35.45 million, based on our March 2020 share buyback of approximately 750,000 shares.

FORWARD-LOOKING STATEMENTS

Certain statements made in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company’s business plans, including statements regarding completed acquisitions, cost synergies and efficiency savings, objectives, future orders, revenues, margins, earnings or performance, liquidity and cash flow, capital expenditures, business trends, governmental initiatives, including executive orders and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of such terms or comparable terminology.

Forward-looking statements contained in this presentation or in other statements made by the Company are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include: the Company’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; risks relating to the recent outbreak of the coronavirus (COVID-19) and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement.

This presentation contains non-GAAP financial information, including adjusted earnings per diluted share, income from continuing operations attributable to Chart Industries, Inc. adjusted, and free cash flow. For additional information regarding the Company’s use of non-GAAP financial information, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), please see the reconciliation pages at the end of this news release and the slides titled “Q1 2020 Adjusted Diluted EPS” and “Q1 2020 Free Cash Flow” included in the supplemental slides accompanying this release.

Chart is a leading diversified global manufacturer of highly engineered equipment servicing multiple market applications in Energy and Industrial Gas. The majority of Chart’s products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, a large portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia, Europe and the Americas. For more information, visit: http://www.chartindustries.com.

USE OF NON-GAAP FINANCIAL INFORMATION

The Company believes these non-GAAP measures are of interest to investors and facilitate useful period-to-period comparisons of the Company’s financial results, and this information is used by the Company in evaluating internal performance.

CONFERENCE CALL

As previously announced, the Company will discuss its first quarter 2020 results on a conference call on Thursday, April 23, 2020 at 9:30 a.m. ET. Participants may join the conference call by dialing (877) 312-9395 in the U.S. or (970) 315-0456 from outside the U.S., entering conference ID 4483448. Please log-in or dial-in at least five minutes prior to the start time.

A taped replay of the conference call will be archived on the Company’s website, www.chartindustries.com. You may also listen to a recorded replay of the conference call by dialing (855) 859-2056 in the U.S. or (404) 537-3406 outside the U.S. and entering Conference ID 4483448. The replay will be available beginning 1:00 p.m. ET, Thursday, April 23, 2020 until 1:00 p.m. ET, Thursday, April 30, 2020.

For more information, click here:

http://ir.chartindustries.com/

Contact:

Jillian Evanko

Chief Executive Officer

630-418-9403

jillian.evanko@chartindustries.com

CHART INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars and shares in millions, except per share amounts)


	Three Months Ended
	March 31, 2020		March 31, 2019			December 31, 2019
Sales ⁽¹⁾	$	321.1	$	289.3		$	342.4
Cost of sales		229.7		222.2			256.7

Gross profit		91.4		67.1			85.7
Selling, general, and administrative expenses		53.9		55.3			53.1
Amortization expense		14.0		7.2			11.5

Operating expenses		67.9		62.5			64.6

Operating income ^{(1) (2) (3) (4)}		23.5		4.6			21.1
Interest expense, net		7.2		5.3			6.8
Unrealized loss on investment in equity securities		4.8		—			2.6
Financing costs amortization		1.0		0.4			1.1
Foreign currency loss (gain)		0.3		(0.1	)		1.4

Income (loss) before income taxes		10.2		(1.0	)		9.2
Income tax expense (benefit)		1.7		(2.0	)		(3.3	)

Net income		8.5		1.0			12.5
Less: Income attributable to noncontrolling interests, net of taxes		—		0.1			0.1

Net income attributable to Chart Industries, Inc.	$	8.5	$	0.9		$	12.4

Net income attributable to Chart Industries, Inc. per common share:
Basic	$	0.24	$	0.03		$	0.35
Diluted		0.24		0.03			0.34
Weighted-average number of common shares outstanding:
Basic		35.77		31.57			35.77
Diluted ⁽⁵⁾		36.01		33.81			36.12

⁽¹⁾	Sales and operating income (loss) for AXC, included in E&C FinFans segment, are as follows:

•

Sales were $34.9 for the three months ended March 31, 2020 and $43.2 for the three months ended December 31, 2019.

•

Operating loss was $6.0 for the three months ended March 31, 2020 compared to operating income of $2.0 for the three months ended December 31, 2019.

⁽²⁾	Includes depreciation expense of $9.9, $8.8 and $11.2 for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively.

⁽³⁾	Includes restructuring costs of $5.2, $7.4, and $2.3 for the three months ended March 31, 2020, March 31, 2019 and December 31, 2019, respectively.

⁽⁴⁾	Includes transaction-related costs of $0.9 and $0.6 for the three months ended March 31, 2019 and December 31, 2019, respectively.

⁽⁵⁾

Includes an additional 1.69 shares related to the convertible notes due 2024 and associated warrants in our diluted earnings per share calculation for the three months ended March 31, 2019. The associated hedge, which helps offset this dilution, cannot be taken into account under U.S. generally accepted accounting principles (“GAAP”). If the hedge could have been considered, it would have reduced the additional shares by 1.20 shares for the three months ended March 31, 2019.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in millions)


	Three Months Ended
	March 31, 2020			March 31, 2019			December 31, 2019
Net Cash Provided By (Used In) Operating Activities	$	25.5		$	(33.2	)	$	78.6

Investing Activities
Acquisition of businesses, net of cash acquired		—			(2.8	)		—
Capital expenditures		(10.3	)		(5.9	)		(9.5	)
Investments		—			—			—
Government grants		0.1			(0.2	)		0.2

Net Cash Used In Investing Activities		(10.2	)		(8.9	)		(9.3	)
Financing Activities
Borrowings on revolving credit facilities		64.5			18.8			33.2
Repayments on revolving credit facilities		(84.7	)		(27.0	)		(66.9	)
Repayments on term loan		(2.8	)		—			(2.8	)
Proceeds from exercise of stock options		2.0			8.3			—
Dividend distribution to noncontrolling interest		—			—			(0.4	)
Common stock repurchases ⁽¹⁾		(19.3	)		—			—
Common stock repurchases from share-based compensation plans		(1.7	)		(2.7	)		0.8
Other financing activities		—			—			0.5

Net Cash Provided By Financing Activities		(42.0	)		(2.6	)		(35.6	)
Effect of exchange rate changes on cash		(3.0	)		(1.5	)		4.6

Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		(29.7	)		(46.2	)		38.3
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period ⁽²⁾		120.0			119.1			81.7

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD ⁽²⁾	$	90.3		$	72.9		$	120.0

⁽¹⁾	Includes $19.3 in shares repurchased through our share repurchase program.

⁽²⁾	Includes restricted cash and restricted cash equivalents of $1.0 in other assets for each of the periods presented.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in millions)


	March 31, 2020		December 31, 2019
ASSETS
Cash and cash equivalents	$	89.3	$	119.0
Accounts receivable, net		195.1		202.6
Inventories, net		235.4		219.4
Other current assets		131.3		132.6
Property, plant, and equipment, net		399.3		404.6
Goodwill		841.2		844.9
Identifiable intangible assets, net		512.4		529.1
Investments		8.1		13.4
Other assets		10.9		15.8

TOTAL ASSETS	$	2,423.0	$	2,481.4

LIABILITIES AND EQUITY
Current liabilities	$	358.1	$	378.3
Long-term debt		741.5		761.0
Other long-term liabilities		108.5		109.7
Equity		1,214.9		1,232.4

TOTAL LIABILITIES AND EQUITY	$	2,423.0	$	2,481.4

CHART INDUSTRIES, INC. AND SUBSIDIARIES

OPERATING SEGMENTS (UNAUDITED)

(Dollars in millions)


	Three Months Ended
	March 31, 2020			March 31, 2019			December 31, 2019
Sales
D&S East	$	70.0		$	68.7		$	76.6
D&S West		111.6			118.0			116.9
E&C Cryogenics		62.2			35.1			58.9
E&C FinFans		80.7			70.5			89.7
Intersegment eliminations		(3.4	)		(3.0	)		0.3

Consolidated ⁽¹⁾	$	321.1		$	289.3		$	342.4

Gross Profit
D&S East	$	17.1		$	8.9		$	8.5
D&S West		38.7			40.0			38.7
E&C Cryogenics		16.1			0.1			15.2
E&C FinFans		19.5			19.2			23.1
Intersegment eliminations		—			(1.1	)		0.2

Consolidated	$	91.4		$	67.1		$	85.7

Gross Profit Margin
D&S East		24.4	%		13.0	%		11.1	%
D&S West		34.7	%		33.9	%		33.1	%
E&C Cryogenics		25.9	%		0.3	%		25.8	%
E&C FinFans		24.2	%		27.2	%		25.8	%
Consolidated		28.5	%		23.2	%		25.0	%
Operating Income (Loss)
D&S East	$	6.9		$	(2.3	)	$	(0.2	)
D&S West		26.5			25.6			26.8
E&C Cryogenics		8.7			(10.7	)		8.7
E&C FinFans		1.1			9.4			4.6
Corporate		(19.7	)		(16.3	)		(19.0	)
Intersegment eliminations		—			(1.1	)		0.2

Consolidated^{(1) (2) (3)}	$	23.5		$	4.6		$	21.1

Operating Margin (Loss)
D&S East		9.9	%		(3.3	)%		(0.3	)%
D&S West		23.7	%		21.7	%		22.9	%
E&C Cryogenics		14.0	%		(30.5	)%		14.8	%
E&C FinFans		1.4	%		13.3	%		5.1	%
Consolidated		7.3	%		1.6	%		6.2	%

⁽¹⁾	Sales and operating income (loss) for AXC, included in E&C FinFans segment, are as follows:

•

Sales were $34.9 for the three months ended March 31, 2020 and $43.2 for the three months ended December 31, 2019.

•

Operating loss was $6.0 for the three months ended March 31, 2020 compared to operating income of $2.0 for the three months ended December 31, 2019.

⁽²⁾	Restructuring costs for the three months ended:

•

March 31, 2020 were $5.2 ($1.0 - D&S East, $0.8 - D&S West, $0.4 - E&C Cryogenics, $2.4 E&C FinFans, and $0.6 - Corporate).

•

March 31, 2019 were $7.4 ($2.4 - D&S East, $0.3 - D&S West, $3.4 - E&C Cryogenics, $1.1 - E&C FinFans, and $0.2 - Corporate).

•

December 31, 2019 were $2.3 ($0.4 - D&S East, $0.1 - D&S West, $0.1- E&C Cryogenics, $1.7 - E&C FinFans).

⁽³⁾	Includes transaction-related costs of $0.9 and $0.6 for the three months ended March 31, 2019 and December 31, 2019, respectively recorded within Corporate.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

ORDERS AND BACKLOG (UNAUDITED)

(Dollars in millions)


	Three Months Ended
	March 31, 2020			March 31, 2019		December 31, 2019
Orders
D&S East	$	70.4		$	83.2	$	91.9
D&S West		117.9			114.1		138.4
E&C Cryogenics ⁽¹⁾		51.2			194.6		54.4
E&C FinFans ⁽³⁾		69.1			69.3		58.8
Intersegment eliminations		(4.3	)		—		—

Consolidated	$	304.3		$	461.2	$	343.5


	As of
	March 31, 2020			March 31, 2019		December 31, 2019
Backlog
D&S East	$	221.0		$	196.2	$	224.0
D&S West		150.9			127.1		147.1
E&C Cryogenics ^{(1) (2)}		273.2			298.2		285.3
E&C FinFans ⁽³⁾		94.7			112.3		105.9
Intersegment eliminations		(7.3	)		—		—

Consolidated	$	732.5		$	733.8	$	762.3

⁽¹⁾

E&C Cryogenics orders and backlog for the three months ended March 31, 2019 include a $135 million order for the cold box and brazed aluminum heat exchanger equipment content on Venture Global’s Calcasieu Pass liquefied natural gas (LNG) export terminal project (“Calcasieu Pass”). As of the end of the first quarter of 2020, there was $93 million dollars of Calcasieu Pass backlog remaining.

⁽²⁾	Included in the E&C Cryogenics backlog for all periods presented is approximately $40 million related to the previously announced Magnolia LNG order.

⁽³⁾	E&C FinFans orders include $39.7 in orders related to AXC for the three months ended March 31, 2020. E&C FinFans backlog as of March 31, 2020 includes $36.5 related to AXC.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE

(UNAUDITED)

(Dollars in millions, except per share amounts)


	Three Months Ended
	March 31, 2020			March 31, 2019			December 31, 2019
Earnings per diluted share as reported (U.S. GAAP)	$	0.24		$	0.03		$	0.34
Restructuring, transaction-related and other costs ⁽¹⁾		0.16			0.26			0.23
Integration and step up costs ⁽²⁾		0.03			0.11			0.14
COVID-19 related costs ⁽³⁾		0.03			—			—
Stabilis investment mark-to-market adjustment		0.15			—			0.07
Commercial and legal settlements		0.02			—			—
Accelerated tax impacts related to China facility closure ⁽⁴⁾		—			—			0.01
Dilution impact of convertible notes ⁽⁵⁾		—			0.01			—
Other ⁽⁶⁾		—			0.03			—
Tax effects		(0.06	)		(0.05	)		(0.07	)

Adjusted earnings per diluted share (non-GAAP)	$	0.57		$	0.39		$	0.72

⁽¹⁾

During the first quarter of 2020, we recorded $5.2 in restructuring costs, primarily related to headcount reductions, in order to manage through a downturn in our E&C FinFans segment and smaller reductions in our other segments and corporate in order to reduce redundant work. During the first quarter of 2019, we recorded $7.4 restructuring costs primarily related to the consolidation of certain of our facilities within our E&C Cryogenics and E&C FinFans segments, streamlining commercial activities within our Lifecycle business, geographic realignment of manufacturing capacity in D&S East, as well as departmental restructuring, including headcount reductions. We also incurred $1.5 in transaction-related and other one-time costs during the first quarter of 2019.

⁽²⁾

Includes $1.7 in expense recognized in cost of sales related to inventory step-up for the first quarter of 2019 and $2.2 in costs related to VRV integration activities in the first quarter of 2019. We also incurred $0.8 related to AXC integration activities during the three months ended December 31, 2019 and $1.0 related to VRV integration activities during the three months ended December 31, 2019.

⁽³⁾	COVID-19 related costs include freight, sourcing and safety costs directly related to manufacture and fulfillment of critical care products.

⁽⁴⁾	Includes $1.7 related to the accelerated tax impacts of closing a China facility.

⁽⁵⁾

Includes an additional 1.69 shares related to the convertible notes due 2024 and associated warrants in our diluted earnings per share calculation for the three months ended March 31, 2019. The associated hedge, which helps offset this dilution, cannot be taken into account under U.S. GAAP. If the hedge could have been considered, it would have reduced the additional shares by 1.20 for the three months ended March 31, 2019.

⁽⁶⁾	Includes an expense of $0.2 recorded to the cost of sales related to the estimated costs of the aluminum cryobiological tank recall for the first quarter of 2019. Includes a $0.8 expense related to the effect of the Tax Cuts and Jobs Act for the first quarter of 2019.

Adjusted earnings per diluted share is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to earnings per share in accordance with U.S. GAAP. Management believes that adjusted earnings per share facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of this non-GAAP measure may not be comparable to the calculations of similarly titled measures reported by other companies.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CHART

INDUSTRIES, INC. TO INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CHART

INDUSTRIES, INC., ADJUSTED (UNAUDITED)

(Dollars in millions)


	Three Months Ended
	March 31, 2020		March 31, 2019
Income from continuing operations attributable to Chart Industries, Inc., as reported (U.S. GAAP)	$	8.5	$	0.9
Interest accretion of convertible notes discount		1.9		1.8
Employee share-based compensation expense		2.9		2.4
Financing costs amortization		1.0		0.4
Unrealized foreign currency transaction gain		—		(0.3	)
Unrealized loss on investment in equity securities		4.8		—
Other non-cash operating activities		3.2		2.5

Income from continuing operations attributable to Chart Industries, Inc., adjusted (non-GAAP)	$	22.3	$	7.7

Income from continuing operations attributable to Chart Industries, Inc., adjusted is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net income in accordance with U.S. GAAP. Management believes that Income from continuing operations attributable to Chart Industries, Inc., adjusted, facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of this non-GAAP measure may not be comparable to the calculations of similarly titled measures reported by other companies.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING

OPERATIONS TO FREE CASH FLOW (UNAUDITED)

(Dollars in millions)


	Three Months Ended
	March 31, 2020			March 31, 2019
Net cash provided by (used in) operating activities from continuing operations	$	25.5		$	(33.2	)
Capital expenditures from continuing operations		(10.3	)		(5.9	)

Free cash flow (non-GAAP)	$	15.2		$	(39.1	)

Free cash flow is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities in accordance with U.S. GAAP. Management believes that free cash flow facilitates useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculation of this non-GAAP measure may not be comparable to the calculations of similarly titled measures reported by other companies.

CHART INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT AND SELLING, GENERAL AND

ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

(UNAUDITED) (CONTINUED)

(Dollars in millions)


	Three Months Ended March 31, 2020
	D&S East			D&S West			E&C Cryogenics			E&C FinFans			Intersegment Eliminations			Corporate			Consolidated
Sales	$	70.0		$	111.6		$	62.2		$	80.7		$	(3.4	)	$	—		$	321.1
Gross profit as reported (U.S. GAAP)		17.1			38.7			16.1			19.5			—			—			91.4
Restructuring, transaction-related and other costs		0.2			0.6			0.6			2.0			—			—			3.4
Integration and step up costs		0.5			—			—			—			—			—			0.5

Adjusted gross profit (non-GAAP)	$	17.8		$	39.3		$	16.7		$	21.5		$	—		$	—		$	95.3
Adjusted gross profit margin (non-GAAP)		25.4	%		35.2	%		26.8	%		26.6	%		—	%		—	%		29.7	%
Selling, general and administrative expenses as reported (U.S. GAAP)	$	9.4		$	11.0		$	6.5		$	7.3		$	—		$	19.7		$	53.9
Restructuring, transaction-related and other costs		(1.1	)		(0.7	)		(0.3	)		(1.0	)		—			(0.8	)		(3.9	)
Integration and step up costs		—			—			—			(0.1	)		—			(0.6	)		(0.7	)

Adjusted selling, general and administrative expenses (non-GAAP)	$	8.3		$	10.3		$	6.2		$	6.2		$	—		$	18.3		$	49.3

CHART INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT AND SELLING, GENERAL AND

ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

(UNAUDITED) (CONTINUED)

(Dollars in millions)


	Three Months Ended March 31, 2019
	D&S East			D&S West			E&C Cryogenics			E&C FinFans			Intersegment Eliminations			Corporate			Consolidated
Sales	$	68.7		$	118.0		$	35.1		$	70.5		$	(3.0	)	$	—		$	289.3
Gross profit as reported (U.S. GAAP)		8.9			40.0			0.1			19.2			(1.1	)		—			67.1
Restructuring, transaction-related and other costs		2.4			0.2			2.5			1.0			—			—			6.1
Integration and step up costs		2.6			—			0.5			—			—			—			3.1

Adjusted gross profit (non-GAAP)	$	13.9		$	40.2		$	3.1		$	20.2		$	(1.1	)	$	—		$	76.3
Adjusted gross profit margin (non-GAAP)		20.2	%		34.1	%		8.8	%		28.7	%		36.7	%		—	%		26.4	%
Selling, general and administrative expenses as reported (U.S. GAAP)	$	9.9		$	13.3		$	9.0		$	6.8		$	—		$	16.3		$	55.3
Restructuring, transaction-related and other costs		(0.4	)		(0.3	)		(0.9	)		(0.1	)		—			(2.2	)		(3.9	)
Integration and step up costs		—			—			—			—			—			(0.8	)		(0.8	)

Adjusted selling, general and administrative expenses (non-GAAP)	$	9.5		$	13.0		$	8.1		$	6.7		$	—		$	13.3		$	50.6

CHART INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT AND SELLING, GENERAL AND

ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

(UNAUDITED) (CONTINUED)

(Dollars in millions)


	Three Months Ended December 31, 2019
	D&S East			D&S West			E&C Cryogenics			E&C FinFans			Intersegment Eliminations			Corporate			Consolidated
Sales	$	76.6		$	116.9		$	58.9		$	89.7		$	0.3		$	—		$	342.4
Gross profit as reported (U.S. GAAP)		8.5			38.7			15.2			23.1			0.2			—			85.7
Restructuring, transaction-related and other costs		2.2			—			0.2			2.0			—			—			4.4
Integration and step up costs		3.7			—			—			0.1			—			—			3.8

Adjusted gross profit (non-GAAP)	$	14.4		$	38.7		$	15.4		$	25.2		$	0.2		$	—		$	93.9
Adjusted gross profit margin (non-GAAP)		18.8	%		33.1	%		26.1	%		28.1	%		66.7	%		—	%		27.4	%
Selling, general and administrative expenses as reported (U.S. GAAP)	$	8.2		$	10.7		$	6.1		$	9.0		$	—		$	19.1		$	53.1
Restructuring, transaction-related and other costs		(0.1	)		(0.2	)		(0.4	)		(0.7	)		—			(2.4	)		(3.8	)
Integration and step up costs		(0.2	)		—			—			(0.4	)		—			(0.6	)		(1.2	)

Adjusted selling, general and administrative expenses (non-GAAP)	$	7.9		$	10.5		$	5.7		$	7.9		$	—		$	16.1		$	48.1

Adjusted gross profit, adjusted gross profit margin and adjusted selling, general and administrative expenses are not measures of financial performance under U.S. GAAP and should not be considered as an alternative to gross profit, gross profit margin and selling, general and administrative expenses in accordance with U.S. GAAP. Management believes that adjusted gross profit, adjusted gross profit margin and adjusted selling, general and administrative expenses facilitate useful period-to-period comparisons of our financial results and this information is used by us in evaluating internal performance. Our calculations of these non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies.

Chart Industries Q1 2020 Earnings call Exhibit 99.2

Forward-Looking Statements Certain statements made in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company’s business plans, including statements regarding completed acquisitions, cost synergies and efficiency savings, objectives, future orders, revenues, margins, earnings or performance, liquidity and cash flow, capital expenditures, business trends, governmental initiatives, including executive orders and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology. Forward-looking statements contained in this presentation or in other statements made by the Company are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include: the Company’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; risks relating to the recent outbreak of the coronavirus (COVID-19) and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement. This presentation contains non-GAAP financial information, including adjusted earnings per diluted share, and free cash flow. For additional information regarding the Company's use of non-GAAP financial information, as well as reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), please see the pages at the end of this news release and the reconciliation slides titled "Q1 2020 diluted adjusted EPS" and “Free Cash Flow” included in the appendix at the end of this presentation. Chart is a leading diversified global manufacturer of highly engineered equipment servicing multiple market applications in Energy and Industrial Gas. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, a large portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia, Europe and the Americas. For more information, visit: http://www.chartindustries.com. © 2020 Chart Industries, Inc. Confidential and Proprietary

Our Focused Strategy A B D C Broadest Product Offering for Industrial Gas & Energy Application and Customer Expansion Cryo-pump opportunity Repair & Service Specialty Markets Innovative Solutions Upfront Engineering Partnerships for new turnkey solutions Retrofit for efficiencies existing brownfield sites Margin Expansion Strategic location manufacturing International manufacturing for traditional US products 80/20 Strategic sourcing Thinking Disruptive Alternative business models Smart products (IOT) Community & Employees Environmental, Social & Governance Building capabilities to support other strategic pillars Branding © 2020 Chart Industries, Inc. Confidential and Proprietary 1. Market Trends 2. Profitable Growth E

COVID-19 Related Actions © 2020 Chart Industries, Inc. Confidential and Proprietary Safety of Team Members Operations & Supply Chain Designated “Essential” production for energy and medical products by all governments in all manufacturing locations Produce medically critical product in 7 global locations (U.S., Europe, India, China) Increased production for all critical care products (+50%) Able to utilize dual PED/ASME certification on critical care products to serve global COVID-19 needs Backup suppliers for all product lines; “safety stock” of four weeks for all critical inputs Cost Reductions Executed on $48.8M of annual cost savings (headcount) year-to-date 2020 Included $12.4M of cost savings this week Non-essential travel on hold, resulting in ~$800k of monthly savings Balance Sheet Share repurchases of ~750,000 shares during open window; share repurchase program suspended (March 20, 2020) Reduced forecasted capital expenditures for 2020 from $35M - $40M to $25M - $30M Completed amendment to debt covenant Following all government guidelines Ensuring availability of critical safety materials Remote working where applicable Social distancing, including timing of shifts 2 “deep cleaning” services near each location to ensure 24-hour containment

Amended Bank Covenants © 2020 Chart Industries, Inc. Confidential and Proprietary (1) Adjusted EBITDA is defined by Credit Agreement Debt Covenant: Net Debt / LTM Adjusted EBITDA Debt Maturities Schedule Pricing Grid Largely Unchanged Tiers Unchanged New Pricing Tier No Meaningful Maturities Until 2024 Note: Excludes $2.8M of term loan which was repaid in Q1 2020. Basis points USD LIBOR Floor: Increased from 0.0% to 1.0% Cash Hoarding: Required debt paydown if cash balance is greater than $200M and leverage is greater than 3.0x 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Prior 4.50x 4.00x 3.50x 3.50x 3.50x 3.50x 3.50x 3.50x New 4.50x 4.25x 4.25x 4.25x 4.00x 4.00x 3.75x 3.50x

All facilities are considered essential by governments © 2020 Chart Industries, Inc. Confidential and Proprietary United States: Emergency Declaration by DOT identifies the “transportation of medical supplies and equipment related to the testing, diagnosis and treatment of COVID-19” as essential US Dept. of Homeland Security, in its guidance to state and local officials, defines manufacturers, warehouse operators or distributors of medical gases and manufacturers of energy infrastructure as essential Europe: Chart given certification permission to ship product from US to Europe All facilities deemed essential by governments given medical / critical care and energy related manufacturing Asia: India government exemption for essential products yet local commuting difficulty for employees China production at 100% Manufacturing Location # of days shut in Q1 2020 Reason Chengdu, China 10 Govt shutdown Changzhou, China 16 Govt shutdown Fremont, California (USA) 1 Exception Wait Canton, GA (USA) 1 Deep clean Sircity, India 5 Exception Wait E&C VRV/IMB (Italy) 7 Govt shutdown Total Lost Product Days in Q1 2020 40

Chart Critical Care Products Liquid Nitrogen Dosing Systems Liquid Nitrogen Dosing Systems are critical to food preservation, bottling and canning water / other beverages Cryobiological Shippers and Freezers Used for transport of hazardous biological samples and storage of vaccinations, tissue, cells, blood and plasma Bulk and Microbulk Tanks for Oxygen Used as the primary source of oxygen in hospitals, to remotely fill portable oxygen systems, set up field hospitals’ oxygen, storage, mandatory 24-hr backup supply of liquid oxygen to hospitals © 2020 Chart Industries, Inc. Confidential and Proprietary

Critical Care Demand Chart DuraCyls to Select Gases in 2 days (normal 10-14 days) for the CDC and Emory University Chart 5500 Liter and 3000 Liter tanks for emergency backup oxygen supply at Stony Brook Hospital (NY); delivered to General Welding in 3 days Chart Permacyl 3000 Liter installed at Nola Hospital (Italy); sold to Nippon Gases Month-to-date April (As of April 20, 2020): Received more medical oxygen kit orders in the United States than in the entire first quarter Total medical oxygen specific demand is already at 34% of the first quarter levels Increasing demand in Mexico, Latin and South America in the past week End customers range from universities to hospitals to pop-up medical facilities including: Emory University University of Kansas CDC Stony Brook Hospital Northwell Hospital Hackensack Hospital Q1 2020 vs. Q1 2019 Medical Oxygen Equipment Orders A total Chart increase of 34%; by region: In China, an increase of 69%; In Europe, an increase of 21%; In India, an increase of 122%; and In the United States, an increase of 39%.

Giving Back Donated thousands of N95 masks to our local hospitals Donated vapor shippers for COVID-19 research Provided disposable suits to healthcare workers in Italy Fannin, GA EMS St. John’s Hospital Tulsa, OK (USA) Decin Emergency Response (Czech Republic) Troy Beaumont Hospital Detroit, MI (USA) Cherokee County GA Fire Dept and EMS (Canton, GA USA) Lafayette General Hospital Lafayette, LA USA Northside Hospital Canton, GA, USA Northside Hospital Canton, GA, USA © 2020 Chart Industries, Inc. Confidential and Proprietary Jasper Medical Center

Macro Trends Driving Our Business Reducing annual CO2 emissions from 36.8 to 16.5 billion tons Global power demand to increase 40% by 2035 and 85% by 2050 Water scarcity impacts 40% of the world’s population Energy Transition Population Growth Sustainability Global LNG / Clean Energy Infrastructure Buildout Liquefaction Marine Transportation Fueling Power Storage Specialty Markets Food & Beverage Hydrogen Lasers Space Water Treatment Cannabis © 2020 Chart Industries, Inc. Confidential and Proprietary

© 2020 Chart Industries, Inc. Confidential and Proprietary Q1 2020 Backlog E&C Cryo E&C FinFans D&S West D&S East Total Chart Includes $93M of VG Calcasieu Pass Included $135M of VG Calcasieu Pass Includes $93M of VG Calcasieu Pass Included $135M of VG Calcasieu Pass Includes $93M of VG Calcasieu Pass Included $117M of VG Calcasieu Pass Includes $93M of VG Calcasieu Pass Included $117M of VG Calcasieu Pass $599 $640 +7% Chart ex Calcasieu: Chart Total: $645 $640 -1% Chart ex Calcasieu: Chart Total: $168 $180 +7% $163 $180 +10%

Recent Demand Trends Strengthening Weakening Consistent D&S West D&S East Critical Care (Medical) China Order Activity (received the largest single industrial gas order in Chart China history) Regas terminals Critical Care (Medical) Cryobio (Medical) Hydrogen Cannabis Food & beverage Repair & service Regas terminals Dosing Water Treatment Space Food & beverage HLNG vehicle tanks Systems Trailers LNG Fueling Stations India, APAC, Middle East © 2020 Chart Industries, Inc. Confidential and Proprietary

Recent Demand Trends Strengthening Weakening Consistent E&C Cryo E&C FinFans Lifecycle (service & repair) BAHX bidding activity from Sumitomo customers New Big LNG projects Nat gas processing Small-scale LNG (utility) Petrochemical Industrial gas Fans First of a kind designs for air coolers Air cooled heat exchanger retrofits Air cooled heat exchanger new builds Aftermarket © 2020 Chart Industries, Inc. Confidential and Proprietary

Q1 2020 “First of A Kind” Orders For Chart (15!) Liquid hydrogen passenger vessel study LCNG station order for new city gas network developer that owns 7 networks First LNG regas station in Malaysia First Flow Meter Sold into the Middle East First Canned Water Pilot with Major Beverage Customer First Biomethane LNG project in Italy First 54 to 4 Axel Trailer to Scandinavia First High Spec EH Vertical Air Cooler First Retrofit of Existing LNG Baseload Facility; First NRU Utilized in Gulf Coast First Doser Sold to Fuel Additive Company to Change Way of Packaging First Tanks Outfitted with Telemetry Systems for Speedway New Air Cooler Design for Key Engine Maker First Mobile Vaporizer In a 20’ Container Frame for Estonia First ChillZilla LN2 With 500’ Remote Fill For the USDA First Large Chicken Farm Change From Propane to Gas © 2020 Chart Industries, Inc. Confidential and Proprietary

Last Year, Chart Industries’ Products Helped: © 2020 Chart Industries, Inc. Confidential and Proprietary Treat over 1 billion gallons of water a day in the US Reduce 120 million gallons of diesel used in power generation in the Caribbean and Europe Produce over 45 million tons of LNG to replace coal fired power generation outside the US Reduce over 40 million tons of coal used in US power generation Eliminate nearly 250 million pounds of PET (plastic) used in water bottles in the US Reduce over 350 million liters of diesel used by over-the-road trucks Notes: Natural gas emits between 45% and 55% lower greenhouse gas emissions than coal when used to generate electricity, and around 20% lower CO2 than oil according to IEA data. It also has a reduced impact on local air quality compared to diesel, which is currently used for power generation in many locations around the world. Compared to burning diesel, natural gas reduces NOx emissions by up to 85% and produces almost no SOx and particulate matter. Although not considered in the figures above, for every megawatt of electricity produced using natural gas instead of coal, the amount of water withdrawn from local rivers and groundwater is reduced by 10,500 gallons.

© 2020 Chart Industries, Inc. Confidential and Proprietary Q1 2020 Adjusted Diluted EPS Other one-time items were related to: Stabilis investment mark-to-market and Liberty LNG investment adjustment of $0.15 in Q1 2020, Commercial and legal settlements $0.02 in Q1 2020, aluminum cryobiological tank recall reserve expense $0.01 and Tax Reform / transition tax related adjustments $0.02 in Q1 2019. Tax effect reflects adjustment at normalized periodic rates. Adjusted Diluted EPS (a non-GAAP measure) is as reported on a historical basis.

© 2020 Chart Industries, Inc. Confidential and Proprietary Q1 2020 Free Cash Flow “Income from continuing operations attributable to Chart Industries Inc. adjusted” is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net income in accordance with U.S. GAAP. Reconciliation to Net Income (U.S. GAAP) is provided in accompanying press release financial tables. “Free Cash Flow” is not a measure of financial performance under U.S. GAAP and should not be considered as an alternative to net cash provided by (used in) operating activities in accordance with U.S. GAAP. The Company believes this figure is of interest to investors and facilitates useful period-to-period comparisons of the Company’s operating results.

Chart’s Transformation Business Operations Higher customer concentration / lower geographic diversity 2014 revenue buoyed by single large LNG project Significant backlog with PetroChina that went away in 2016 ($150M) Few long-term contracts in place Limited actions taken for cost rationalization Limited to no aftermarket, service and repair Nascent specialty markets business Lower customer concentration / higher end-market and geographic diversity Critical care products experiencing tailwinds in current environment Multiple long-term agreements in place Centralized business services and agile, quick cost rationalization Aftermarket parts, service and repair revenue continues to increase Big LNG is a “nice to have” whereas before it was a “necessity” Business Changes (2017-Present) 2014-2016 Energy Downturn THEN 2019 – Present TODAY © 2020 Chart Industries, Inc. Confidential and Proprietary 2018: Acquires VRV Italy, India, France 2018: Acquires Skaff Cryogenics and Cryo-Lease, LLC (together “Skaff”) Aftermarket 2018: Completes major capacity expansion in La Crosse, WI 2018 2017: Acquires VCT Vogel GmbH (“VCT”) Aftermarket 2017 2018: Divestiture of its oxygen-related products (CAIRE Medical) 2019 Note: Figures as-reported during stated period 2017: Acquires Hudson Products with the addition of its Tuf-Lite and Confimco fans business Strategic actions that led to higher customer, geographic, and end-market diversity today 2019: Acquisition of Air-X-Changers business from Harsco (collectively “AXC”)

2020 Data Points Venture Global Calcasieu Pass Revenue Expectation of $100M Products That Can Be Used in Medical Applications Were 21% of 2019 Chart Revenue Q1 2020 Free Cash Flow of $15M (ex share buyback) Expected Full Year Capital Expenditures of $25M-30M 35.45 million basic weighted average shares outstanding (FY 2020) 2020 Anticipated Effective Tax Rate of 20% $48.8M of Annualized Cost Reductions Taken in Q1 2020 (in addition to $38M executed in 2019) Expect gross margin as a percent of sales to expand throughout 2020 in D&S West, East and E&C Cryo © 2020 Chart Industries, Inc. Confidential and Proprietary