Ecovyst Inc. · NYSE:ECVT
Ecovyst — Investor Day (November 2023)
75 slides from Ecovyst's investor day presentation, Nov 28, 2023
Slide 1: Investor Day
INVESTOR DAY November 28, 2023 <0
Slide 2: Legal Discussion
Legal Discussion Continuing Operations Financial results are presented on a continuing operations basis, which excludes the Performance Materials business and Performance Chemicals business unless otherwise indicated. Forward-Looking Statements Some of the information contained in this presentation,
Slide 3: Agenda
Agenda 9:00am–9:05am Introduction and FLS Gene Shiels, Director of Investor Relations 9:05am – 9:25am Strategy Update Kurt Bitting, Chief Executive Officer Colleen Donofrio, VP, Environment 9:25am – 9:35am Sustainability Framework & Sustainability 9:35am – 10:00am Ecoservices Overview George L. Vann
Slide 4: Kurt Bitting, CEO
Kurt Bitting, CEO More than 25 years of experience Originally joined the company in 2006, serving in Ecoservices, at the time a division of Rhodia, as Sulfur Products Manager, Business Director and Vice President Played a key role in Ecoservices’ divestiture from Solvay and eventual merger with PQ C
Slide 5: Strategy Update
Strategy Update Kurt Bitting Chief Executive Officer 5
Slide 6: Company Overview
Company Overview Ecovyst by the numbers 2022 Sales1 Segment Geography End Use $953M 2022 Sales1 6% 3% 26% 6% 36% 35% $277M 2022 Adjusted EBITDA2 74% 85% 14% 10 15% Manufacturing Facilities Industrial, Mining & automotive Ecoservices North America Europe Clean Fuels, Emission Control & Other Advanced
Slide 7: Historical Financial Performance 2018-2022
Historical Financial Performance 2018-2022 Sales1 9% CAGR 6% Adjusted EBITDA CAGR2 Chart Title Adjusted EBITDA2 $953 6% CAGR $743 ~30% $684 $703 Adjusted EBITDA Margins2 $625 ~70% Cash Conversion2,3 $277 $240 $228 $218 $193 ~24 Million Shares Repurchased 2018 2019 2020 2021 2022 since April 2022 Sal
Slide 8: Key Supplier of Essential Products And Services
Advanced Materials & Catalysts Formerly Catalyst Technologies Global Silica Catalysts for HDPE Leadership Hydrocracking Catalysts Key Supplier of Renewable Fuels Materials Essential Products And Services Ecoservices Regeneration for North American Refining, Supplying Leading Refineries #1 Supplier L
Slide 9: Competitive Advantages Drive Value Proposition
Core material science expertise highly aligned with decarbonization technologies Established solutions in sustainable segments with large growth potential Competitive Advantages Drive Longstanding, sticky relationships with high Value Proposition barriers to entry Favorable industry structures that
Slide 10: Decades of History, Adapting to Solve the Problems of the Future
Decades of History, Adapting to Solve the Problems of the Future Catalyst New Management Team Pioneered Regeneration Products Chem32 Focused on Executing Process Launched IPO Acquisition Growth Strategy 2023 & 1880s – 1890s 1950s–1980s 1988 2020-2021 2021 Beyond 1943 1980 2017 2021 2022 First Sulfur
Slide 11: Strategy for Creating Shareholder Value
Strategy for Creating Shareholder Value Strengthen Leading Positions in Core Segments Regeneration • Maximize production capabilities and reliability via digitization, Hydrocracking AI, and efficiency gains Treatment Services Emissions Controls • Deliver strong margins and cash generation through co
Slide 12: Enabling Customers to Solve Complex, Everyday Challenges
Enabling Customers to Solve Complex, Everyday Challenges CORE GROWTH INDUSTRIAL GROWTH EMERGING GROWTH Virgin Acid Zeolites Advanced Silicas Advanced Silicas Piping, Building Materials, Plastics Circularity CO2 Capture Immobilized Enzymes Apparel, Automotive Virgin Acid Mining (copper) Advanced Sili
Slide 13: Well-Positioned to Capitalize on Global Demand
Well-Positioned to Capitalize on Global Demand Fundamental Growth Drivers Expected to Remain Favorable Industry Trend Key Ecovyst Exposure Ecovyst Growth Projection Core Clean Fuels Regeneration, Hydrocracking GDP+ Industrial Green Infrastructure/EVs Virgin Acid GDP++ Global Firm and Packaging Advan
Slide 14: Balanced Growth from Emerging and Leadership Segments
Balanced Growth from Emerging and Leadership Segments 45% Emerging + Industrial 38% Emerging + Industrial Each Growth Tier Delivers ~1/3 of Sales Growth Attractive Organic Growth, Best-in-Class Compounding Shareholder Returns Margins, Strong Cash Generation 14
Slide 15: Ecoservices Applications
Ecoservices $603 Million $206 Million September 2023 September 2023 TTM TTM Sales1 Segment Adjusted EBITDA1 Applications Regeneration Services Virgin Sulfuric Acid Catalyst Activation Treatment Services Regeneration services for Oleum Hazardous and non- refinery alkylation Hydro-processing High stre
Slide 16: Ecoservices Growth Drivers
Ecoservices Growth Drivers Expected Growth Driven by a Changing and Charging World Rates 2022-2028 Favorable alkylate demand Gasoline Exports1: for high-octane fuels +800 KBPD Regeneration +1300 KBPD by 2040 Services High industry utilization Refinery Utilization1: 92% Electrification and growing Fa
Slide 17: Advanced Materials & Catalysts Applications
Advanced Materials & Catalysts $242 Million $75 Million September 2023 September 2023 TTM TTM Sales1,2 Segment Adjusted EBITDA2 Applications Advanced Silicas (100% Ownership) Zeolyst International (50% Ownership) HDPE and LLDPE production Hydrocracking Chemical Catalysts Renewable Fuels Functionaliz
Slide 18: Advanced Materials and Catalysts Growth Drivers
Advanced Materials and Catalysts Growth Drivers Global Sustainability Initiatives Boosting Growth Expected CAGR 2022-2028 Polyethylene Strengthening and Light Weighting of Materials Polyethylene1 Advanced +3% Bio-Catalysts and Green Chemistry Silicas CO2 Capture2 Carbon Capture +25% Renewable Diesel
Slide 19: Vision for Long-Term Sustainable Growth
Vision for Long-Term Sustainable Growth Sustainability- Share Gain Capital-Efficient Opportunistic Driven Innovation Opportunities Expansion Inorganic Growth Materials science Asymmetric win rate Capacity expansions Adjacent and sensible expertise enables with leading and debottlenecking bolt-on opp
Slide 20: Culture of Purpose is Driving Success
Flat operational hierarchy with strong focus on developing lasting customer relationships Culture of Purpose is Empowered employees are driven to Driving Success execute with speed and efficiency High number of customer touchpoints leading to meaningful partnerships and innovative solutions 20
Slide 21: Committed to Implementing the Ecovyst Strategy and Creating Value for Shareholders
Committed to Implementing the Ecovyst Strategy and Creating Value for Shareholders Kurt Bitting Mike Feehan George L. Vann Paul Whittleston Chief Executive Officer Chief Financial Officer President, Ecoservices President, Advanced 25 Years of Experience 25 Years of Experience 30+ Years of Experience
Slide 22: Attractive Investment Case Driven by Profitable Growth
Products and technology already capitalizing on global sustainability trends Industry leadership positions provide durable competitive advantages Attractive Investment Attractive and stable margins Case Driven by Profitable Growth Strong free cash flow generation Ability to reinvest earnings into bu
Slide 23: Sustainability
Sustainability Colleen Grace Donofrio VP, Environment & Sustainability 23
Slide 24: Focusing on Sustainability Internally & Externally Through our Operations and Products
Focusing on Sustainability Internally & Externally Through our Operations and Products Spent Sulfuric Acid Regeneration R&D Investment in Sustainability • Recycles 1.5M tons of spent acid each year 2015: 60% 2022: 83% • Provides steam to reduce carbon footprint Advanced Silicas & Supports – Alpha™ •
Slide 25: Internal Sustainability through Operations
Inaugural Ecovyst Environmental Initiative Award for the Most Impactful Climate Change Reduction Project 2021-2022 Baton Rouge furnace optimization project: Addition of temperature and oxygen controls to reduce Internal natural gas consumption Sustainability through Operations Automation driven opti
Slide 26: External Sustainability through Products: R&D Collaborations & Innovative Products
External Sustainability though Products: R&D Collaborations & Innovative Products Drive Sustainability Demand Stemming from Customers and the Environment Waste Oil & Fats Bio-Oils • Decarbonization requires transitioning to cleaner fuels Hydro-deoxygenation Zeolites Meet the Demand Hydrocracking • I
Slide 27: Award-Winning Sustainability Program
Award-Winning Sustainability Program *Insert Gold 2022 EcoVadis Logo* 2022 EcoVadis 2022 American Chemistry Council 2022-2023 Transportation Product Gold Sustainability Rating Certificates of Excellence Stewardship & Safe Handling & Achievement Daily commitment to safety beyond Achievements in envir
Slide 28: Sustainability Goals
Innovating for a Sustainable Future 2025 2030 Achieve ~10% reduction Implement a network-wide FUEL USAGE natural gas optimization plan in natural gas usage or obtain Reduction of equivalent offsets ~66,000 mt CO2 Sustainability Goals Emissions Achieve 75-80% of Equivalent of Achieve 65-70% of electr
Slide 29: Ecoservices Overview
Ecoservices Overview George L. Vann, Jr President, Ecoservices 29
Slide 30: Established Leadership Position in Essential and Growing End Uses
Established Leadership Position in Essential and Growing End Uses Q3 2023 TTM Sales #1 Supplier of Regen and Virgin Acid 10% 35% 55% Serving 6 of 10 Largest NA Refineries Regeneration Virgin Sulfuric Acid Other Competitive Advantages Long-term viability of High barriers- High switching Strategic Sta
Slide 31: Diverse, Industry-Leading Business Units
Diverse, Industry-Leading Business Units 01 VIRGIN SULFURIC ACID 02 REGENERATION SERVICES & SULFUR PRODUCTS • Regeneration services for Refinery • North American leading producer INDUSTRIAL Alkylation Units (virgin acid) CORE • Chemical spent regeneration • Oleum • Industry leader • Electrolyte grad
Slide 32: Network Agility Provides Competitive Advantage
Network Agility Provides Competitive Advantage Service provider model designed to drive higher margins BARGE TRUCK RAIL PIPELINE 26% 30% 24% 20% UNRIVALED SUPPLY Hammond, IN INFRASTRUCTURE Martinez, CA Managing end to end supply chain & customer inventories Production redundancy in key refining Domi
Slide 33: Strategic Initiatives for Organic Growth
Operational Excellence and Enhanced Reliability Expected to increase Operational Efficiency >10% by 2028 Strategic Initiatives Automation of Sites to Improve Operating Efficiency for Organic Growth Expected capacity increase >70kt by 2028, with improved on-stream time Expansion of Catalyst Activatio
Slide 34: Tightening Regulations Driving Global Alkylate Demand
Tightening Regulations Driving Global Alkylate Demand Regular Premium Spread Between Retail Premium and Regular Gasoline1 12-13% alkylate 40-45% alkylate Gasoline content p/g gasoline Gasoline content p/g gasoline $0.60 $0.40 10.5% 7.5%3 CAGR $0.20 2010-2020 $- Increase in smaller engines (4- Expand
Slide 35: Regeneration Services Mirrors Industrial Gas Business Model
Regeneration Services Mirrors Industrial Gas Business Model Strategic Sulfuric Acid How We Win Growth Drivers Initiatives Impact A catalyst used in the Reliability improves on-stream Pricing increases Operational production of Alkylate, a high-value, time delivering Excellence and gasoline-blending
Slide 36: Virgin Sulfuric Acid Serves Growing, Diverse Industries
Sulfuric Acid Product Electrolyte High Strength Oleum Industries Nylon Industrial Mining Intermediates Virgin Sulfuric End Use Acid Serves Growing, Diverse Industries • Pet Chem and Chemical • Electrification • Vehicle lightweighting • Lead Acid Batteries • Construction / Infrastructure • Constructi
Slide 37: Virgin Sulfuric Acid Business Grows with Industrial End Use
Virgin Sulfuric Acid Business Grows with Industrial End Use Strategic How We Win Growth Drivers Initiatives Impact Additional volume with Demand growth for copper, Operational increased on-stream time borates and lithium Excellence and Enhanced Reliability Automation Better operational efficiency GD
Slide 38: Catalyst Activation Serves Growing Renewable Segment
Catalyst Activation Serves Growing Renewable Segment International Global Renewable Fuels Hydroprocessing Sites1 Renewable Fuels Benefits 140 Leverage Our Refining Relationships 120 and Sulfur Knowhow 100 80 Sites require new Enables Refineries to Outsource 60 catalysts every Difficult Task of Sulfi
Slide 39: Catalyst Activation Expanding in High-Growth Segment
Catalyst Activation Expanding in High-Growth Segment Fuels Performance Strategic How We Win Growth Drivers Initiatives Impact Operational Expansion of reactor capacity Increasing demand for Excellence and to meet customer demand catalysts for renewable fuels Enhanced Reliability Automation Reliabili
Slide 40: Treatment Services is the Go-To Solution for Chemical Waste Management
Treatment Services is the Go-To Solution for Chemical Waste Management Strategic 1 Leader in the treatment of unique chemical waste Demand Drivers Initiatives Impact Consumer spending Benefits 2 Capability to dispose of hard-to-handle materials component Housing | Construction Packaging | Hygiene Op
Slide 41: Primed to Deliver Attractive Growth
Primed to Deliver Attractive Growth Margin expansion driven by price Sales Growth accelerate volume growth through and volume increases increased on-stream time and additional logistics capability Projected Adjusted EBITDA Growth Operating Leverage maintain strategic pricing and contract structure,
Slide 42: Key Takeaways
Strong Performance Across Business Segments Continued Growth Key Takeaways in Markets Served Strategic Initiatives Enable Our Growth Plan 42
Slide 43: Break
ecovyst S 10 MINUTE BREAK
Slide 44: Advanced Materials & Catalysts
Advanced Materials & Catalysts Paul Whittleston President, Advanced Materials & Catalysts 44
Slide 45: Leveraging The Unique Properties Of Zeolites & Silicas
Ecovyst Advanced Materials & Catalysts – Leveraging The Unique Properties Of Zeolites & Silicas 40+ Year Legacy 35+ Year 50-50 In Silica Chemistry Partnership Advanced Silicas Expertise in development Expertise in development and synthesis Expertise in catalysts for and synthesis of Zeolite refinery
Slide 46: Deep Materials Science & Complex Manufacturing Process Know-How
Deep Materials Science & Complex Manufacturing Process Know-How Advanced Silica Zeolyst Simple Materials, High Complexity Processes Porous Materials, High Complexity Processes Heat Aggregate Process Form Mixing Crystallization Process Crystalline Water glass Amorphous Silica Aggregated Formed Silica
Slide 47: New Name Reflects Our Competencies, Heritage And Future
New Name Reflects Our Competencies, Heritage And Future Our Core Competencies Our Legacy & Heart Our Competency Deep R&D expertise in Silica 35-year+ partnership for Zeolite- & Future and Zeolite materials based catalysts 40+ years Silica Analytical processing technologies catalysts & additives for
Slide 48: Launching New Product Branding Alongside New Name
Launching New Product Branding Alongside New Name Business Unit Advanced Materials & Catalysts Sub-Business Unit Advanced Silicas Zeolyst International® AlphaTM OpalTM Brand AlphaTM carries the concept of OpalTM carries the concepts of specialty leadership and being first products, purity and high v
Slide 49: Customized Solutions From Lab To Commercial With Speed & Quality
Customized Solutions From Lab To Commercial With Speed & Quality Customer Need Laboratory Scale (Grams) Ecovyst and customer team define Bench scale equipment used to problem & potential solution develop concept and prepare first 1 2 solutions Continuous Innovation Commercialization (Tons) Process P
Slide 50: Advanced Silicas Capabilities
Advanced Silicas Capabilities Anticipated Launch 2025 Carbon Functionalized Silicas for CO2 In-Depth Advanced Materials Capabilities Capture capture, storage, and use Enable Customers To Develop Solutions Anticipated Launch 2024 for Their Sustainable Future Clean Functionalized Silicas for metal rec
Slide 51: Customized Solutions Addressing Polyethylene Market Needs
Customized Solutions Addressing Polyethylene Market Needs, Targeting 2-3x Market Growth Rate Where We Play Polyethylene (PE) Potential Demand Source: Chemical Market Analytics by OPS April 2023 & Ecovyst Management Estimates 2030F 1 Supports & Catalysts 2 Antiblocking Additives 151MT of PE Films/ Bl
Slide 52: Advanced Silicas Enabling Enzyme Immobilization Technology
Advanced Silicas Are Enabling Enzyme Immobilization Technology To Rapidly Commercialize Where We Play Immobilized Enzymes Potential Source: Grand View Research Enzyme Market Functionalized 2 2030F & Ecovyst Management Estimates Silicas $1,100M Value 16% CAGR Silica Functionalize Immobilize Bio-Catal
Slide 53: Advanced Silicas Enabling Efficient Capture Of CO2
Advanced Silicas Are Enabling Efficient Capture Of CO2 Produced From Power Generation Where We Play Carbon Capture Potential Source: Bloomberg NEF & Ecovyst 1 Functionalized Silicas Management Estimates 2030F 279,000KT of CO2 Flue Gas/Air CO2 CO2 CO2 Downstream Adsorption Desorption Storage & Use Pr
Slide 54: Zeolyst International Advanced Materials Capabilities
Anticipated Zeolyst International Advanced Sustainable Launch 2025 Zeolites for alcohol to Aviation Fuels Materials Capabilities jet fuel applications Anticipated Launch 2024 In-Depth Advanced Materials Capabilities Advanced Zeolite catalysts for thermal Enable Customers To Develop Solutions Recycli
Slide 55: Zeolyst Key Enabler For Global Decarbonization Efforts
Zeolyst Advanced Material Science Is A Key Enabler For Global Decarbonization Efforts Where We Play Renewable Diesel & Sustainable Aviation Fuels 1 Dewaxing Materials Source: Bloomberg BNEF & Ecovyst Management Estimates 2030F Dewaxing Renewable Diesel 69,600KT of Hydrogenated Hydro- vegetable oils
Slide 56: Zeolyst Technologies Improving Cost-Effectiveness To Recycle Plastic Waste
Zeolyst Technologies Are Improving The Cost-Effectiveness To Recycle Plastic Waste Where We Play Advanced Recycling Potential Source: Bloomberg BNEF & Ecovyst Management Estimates 2030F Off- HCC Gasses 2 Zeolite 1 Catalysts Catalysts 5,300KT of Plastic 25% CAGR Mixed Plastic Pyrolysis Hydrocracking
Slide 57: Strong Team Developed And Positive Momentum Built
Strong Team Developed And Positive Momentum Built, With A Relentless Focus on Execution Key Takeaways Organic growth in Polyethylene & Custom Catalysts continues to be robust Innovation 149 Growth 10-12% Our entry into renewable fuels is successful. CAGR We will profitably grow as capacity is added
Slide 58: Financial Outlook
Financial Outlook Mike Feehan Chief Financial Officer 58
Slide 59: Premier Financial Profile
Premier Financial Profile Strong business fundamentals supported by global demand trends, High growth potential from leading supply positions, integrated favorable secular demand trends and % supply network, favorable long-term compounding organic growth contract structures, and innovative track ini
Slide 60: Strong Track Record of Performance vs. Peers
Strong Track Record of Performance vs. Peers Ecovyst Adjusted EBITDA1,2 ($M) Ecovyst Peer Comparison 31% $277 Average $218 Adjusted EBITDA Margin Adjusted EBITDA Margin Adjusted EBITDA CAGR (2018 – 2022 Average) (2018 – 2022) 2018 2022 31.3% Ecovyst Cash Conversion1,3 6.1% 71% 79% 65% Average 18.6%
Slide 61: Strong Cash Generation Driving Investment for Growth
Strong Cash Generation Driving Investment for Growth & Enhanced Shareholder Value Cash Conversion1,3 79% Cash Generation 71% 72% 71% Net Leverage Excluding Impact 65% Driven By of Share Repurchases4 • Growth in Adjusted EBITDA • Historically modest 3.8x 2018 2019 2020 2021 2022 capital spending 3.2x
Slide 62: 2028 Financial Goals
6-8% 75% Organic Adjusted Average Cash Conversion EBITDA Growth 2028 Financial Goals 2.0x-2.5x % >20% Net Debt Leverage Ratio ROANTA Average 62
Slide 63: Capital Allocation Strategy Focused on Maximizing Shareholder Value
Capital Allocation Priorities Capital Allocation Strategy Focused on Maximizing Shareholder Value Cash Flow from Operations Projected Free Cash Flow / Leverage Maintenance Capex $200 $150 2.0x – 2.5x $100 Expansion Growth Capex $50 Operational Improvement $- 2023F 2024F 2025F 2026F 2027F 2028F FCF N
Slide 64: Focusing Capital Investments to Drive Growth
Focusing Capital Investments to Drive Growth 2018-2022 Average 2023 - 2028 Projected • Increase focus on growth capital, while maintaining appropriate levels 25% for maintenance capital 30% – ~50% increase in average growth capital 70% – ~30% increase in average 75% maintenance capital • Emphasize h
Slide 65: Key Initiatives to Drive Organic Growth
Key Initiatives to Drive Organic Growth Preferred technology and increasing sustainable product offerings projected to drive growth through 2028 Advanced Materials & Catalysts Grow at above market rates in polyethylene through know-how and customer partnerships Expansion of catalyst activation for h
Slide 66: Opportunistic Bolt-on M&A Strategy
Opportunistic Strategic Criteria Financial Criteria Exposure to Return on Bolt-on M&A Strategy emerging trends and areas of growth in investment > cost of capital sustainable markets Advanced Materials & Catalysts New catalyst technology platforms for Adjacent or Sustainable growth building on or ad
Slide 67: Measuring Our Success
Measuring Our Success Projected Adjusted EBITDA Growth 2023-2028 >10% CAGR 6-8% CAGR Organic Growth Strategy Organic Growth + • Revenue: ~5-6% Bolt-on M&A Strategy • EBITDA: ~6-8% • Assumes acquisitions in • No M&A range of $50-$150m • Capital allocation of leverage • Expect limited impact on reduct
Slide 68: Creating Lasting Shareholder Value
Creating Lasting Shareholder Value Durable Strong Cash Broad-Based Business Favorable Generation Growth Across Model with Industry Trends Funding a All Segments, Differentiated Driving Demand Balanced Building a More Competitive for Products and Capital Evolved Advantages Services Allocation Busines
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Slide 70: Appendix
Appendix <0
Slide 71: Annual Segment Sales, Adjusted EBITDA and Margins
Annual Segment Sales, Adjusted EBITDA and Margins TTM Year Ended December 31, September 30, ($ in millions, except %) 2023 2022 2021 2020 2019 2018 Sales: Ecoservices 603.3 702.5 500.5 401.9 447.1 455.6 Advanced Silica 97.8 117.7 110.7 94.0 85.7 72.1 Total sales 701.1 820.2 611.2 495.9 532.8 527.7 Z
Slide 72: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA TTM Year Ended September 30, September 30, September 30, December December December December December ($ in millions, except %) 2023 2022 2021 31, 2022 31, 2021 31, 2020 31, 2019 31, 2018 Reconciliation of net income to Adjusted EBITDA Net income 62.7
Slide 73: Descriptions for reconciliation of Non-GAAP financial measures
Descriptions for reconciliation of Non-GAAP financial measures a. We use Adjusted EBITDA as a performance measure to evaluate our financial results. Because our Catalyst Technologies segment includes our 50% interest in the Zeolyst Joint Venture, we include an adjustment for our 50% proportionate sh
Slide 74: Cash Conversion & Net Debt Leverage Ratio
Cash Conversion & Net Debt Leverage Ratio Cash Conversion Year Ended December 31, ($ in millions, except %) 2022 2021 2020 2019 2018 Adjusted EBITDA 276.8 227.6 192.6 240.1 218.2 Less: Capex1 59.5 66.4 54.5 70.3 77.0 Cash Conversion 217.5 161.2 138.1 169.9 141.3 Cash Conversion %2 79% 71% 72% 71% 65
Slide 75: ROANTA
ROANTA ROANTA1 Year Ended December 31, ($ in millions, except %) 2022 2021 2020 2019 2018 Adjusted EBITDA 276.8 227.6 192.6 240.1 218.2 Less: Depreciation 74.7 74.6 73.4 69.5 66.7 EBITA 202.3 153.0 119.2 170.7 151.6 Tax Rate 25% 25% 25% 25% 25% Numerator 151.7 114.8 89.4 128.0 113.7 Property, Plant