| Geographical Segment | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **United States** (USD million) | **$695.4**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$697.6**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$735.1**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$734.2**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **$784.5**  **[0001628280-24-034400_iri-20240630.htm:37]**  | **$805.0**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |
| **Other Americas** (USD million) | **$98.2**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$95.1**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$99.9**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$120.8**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **$127.4**  **[0001628280-24-034400_iri-20240630.htm:37]**  | **$139.5**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |
| **Total Americas** (USD million) | **$793.6**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$792.7**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$835.0**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$855.0**  **[0001628280-24-020267_iri-20240331.htm:30]**  | N/A | **$944.5**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |
| **EMEIA** (USD million) | **$539.4**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$542.4**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$564.3**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$559.1**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **$581.1**  **[0001628280-24-034400_iri-20240630.htm:37]**  | **$599.6**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |
| **Asia Pacific** (USD million) | **$296.3**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$351.4**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$339.6**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$256.0**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **$312.3**  **[0001628280-24-034400_iri-20240630.htm:37]**  | **$316.9**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |
| **Total Revenue** (USD million) | **$1,629.3**  **[0001628280-23-016124_iri-20230331.htm:30]**  | **$1,686.5**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **$1,738.9**  **[0001628280-23-036698_iri-20230930.htm:34]**  | N/A | **$1,670.1**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **$1,805.3**  **[0001628280-24-034400_iri-20240630.htm:37]**  | **$1,861.0**  **[0001628280-24-044749_iri-20240930.htm:38]**  | N/A |

471aa199646f288e53a475a24d27c406a6b495301f8fa8d769481e27c5cce9a1

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

9aa1aaf08deccea4ce5252f0443645d9b4dfbf78227154f408151a60f249ed8a

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Industrial Technologies and Services | **1,315**  **[0001628280-23-004122_ir2022q4ex991.htm:1]**  | **1,317.2**  **[0001628280-23-016124_iri-20230331.htm:45]**  | **1,378.4**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **1,428.4**  **[0001628280-23-036698_iri-20230930.htm:53]**  | **1,509**  **[0001628280-24-005078_ir2023q4ex991.htm:1]**  | **1,373.4**  **[0001628280-24-020267_iri-20240331.htm:30]**  | **1,467**  **[0001628280-24-033773_ir2024q2ex991.htm:1]**  | **1,467.2**  **[0001628280-24-044749_iri-20240930.htm:38]**  |
| Precision and Science Technologies   | **308**  **[0001628280-23-004122_ir2022q4ex991.htm:1]**    | **312.1**  **[0001628280-23-016124_iri-20230331.htm:30]**    | **308.1**  **[0001628280-23-027540_iri-20230630.htm:31]**    | **310.5**  **[0001628280-23-036698_iri-20230930.htm:55]**    | **313**  **[0001628280-24-005078_ir2023q4ex991.htm:1]**    | **296.7**  **[0001628280-24-020267_iri-20240331.htm:30]**    | **339**  **[0001628280-24-033773_ir2024q2ex991.htm:1]**    | **393.8**  **[0001628280-24-044749_iri-20240930.htm:38]**    |
| Total Revenue                        | **1,624**  **[0001628280-23-004122_ir2022q4ex991.htm:0]**  | **1,629.3**  **[0001628280-23-016124_iri-20230331.htm:40]** | **1,686.5**  **[0001628280-23-027540_iri-20230630.htm:31]**  | **1,738.9**  **[0001628280-23-036698_iri-20230930.htm:38]** | **1,821**  **[0001628280-24-005078_ir2023q4ex991.htm:1]**  | **1,670.1**  **[0001628280-24-020267_iri-20240331.htm:30]** | **1,805**  **[0001628280-24-033773_ir2024q2ex991.htm:0]**  | **1,861.0**  **[0001628280-24-044749_iri-20240930.htm:38]**  |

460c17ad4f8cb4b33499648804469614163286f3897e582f8d522b9ea03b1aca

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

74dfb6faac6ab40407144dd212397af7ea909cd2e8de02ee6e272d52a15870df

8e828a78c3f4d3bb5a3aedca849526e1d60468185e64ebdc5fd6c31bc59aa8d6

Ingersoll Rand Inc. is a global leader in providing mission-critical flow creation products and industrial solutions, focusing on air, fluid, energy, and medical technologies. The company operates through two main segments: Industrial Technologies and Services, and Precision and Science Technologies, offering a wide range of compressors, pumps, vacuums, and blowers under more than 80 market-leading brands such as Ingersoll Rand and Gardner Denver **[0001628280-24-006642_iri-20231231.htm:3]** **[0001628280-24-020267_iri-20240331.htm:37]**. Revenue is generated from the sale of original equipment and associated aftermarket parts, consumables, and services, with the aftermarket segment representing a significant portion of their business **[0001628280-24-006642_iri-20231231.htm:3]** **[0001628280-24-006642_iri-20231231.htm:39]**. Ingersoll Rand's products are essential in various industries, including life sciences, food and beverage production, and clean energy, with a strong emphasis on innovation and sustainability **[IR_3373933_4]** **[IR_3374429_1]**.

1. **Industrial Technologies and Services** - Provides a comprehensive range of compressors, pumps, vacuums, and blowers, focusing on air, fluid, and energy technologies. This segment includes the sale of original equipment and aftermarket parts, consumables, and services, ensuring critical operational uptime for customers **[0001628280-24-006642_iri-20231231.htm:3]** **[0001628280-24-020267_iri-20240331.htm:37]** **[0001628280-24-006642_iri-20231231.htm:39]**.
   
2. **Precision and Science Technologies** - Offers advanced solutions for critical applications in industries such as life sciences, food and beverage production, and clean energy. Emphasizes innovation and sustainability with products like energy-efficient compressors **[IR_3373933_4]** **[IR_3374429_1]**.

95cdfb36a12f912c323f6e3a8dbf3da75341ed1cd4cab2bc13ec4622b865c0b6

1cab265761f290f508d74ff69b9fe5321056824f17d1a5b7dc94e490eeccf740

1. "With the delays in mega-projects due to EPC capacity constraints and site readiness issues pushing some projects into 2025, how confident are you in meeting your revenue guidance for the next year, and what strategies are you implementing to mitigate these delays?  **[IR_3396003_26]** **[IR_3396003_11]** "
2. "Given that you decided to walk away from a potential $1 billion acquisition, can you elaborate on the reasons behind this decision and how it aligns with your disciplined approach to M&A and exceeding your inorganic revenue targets?  **[IR_3396003_5]** "
3. "Organic orders declined by 1% in Q2, and with an increasingly challenging macroeconomic environment, what specific initiatives are you pursuing to drive order growth and ensure your backlog converts to revenue in the back half of the year?  **[IR_3396003_3]** "
4. "Your gross interest expense is expected to increase from approximately $215 million in 2024 to about $260 million in 2025; how will this rising expense affect your capital allocation priorities, particularly regarding bolt-on acquisitions and maintaining investment-grade status?  **[IR_3396003_15]** **[IR_3396003_5]** "
5. "You've mentioned an elongation in the velocity of projects through the funnel; what steps are you taking to accelerate project execution, and do you foresee any impact on your win rates or overall financial performance because of this elongation?  **[IR_3396003_11]** "

809806d3a917320c7980c1ef2bd3ac3b16edce3814c8423750e3c6bd55456059

Industrials

Energy

Medical

Industrial Technologies and Services

Precision and Science Technologies

Specialty Vehicle Technologies

High Pressure Solutions

- Original Equipment

- Aftermarket

Revenue Recognized at Point in Time

Revenue Recognized Over Time

Total Revenue

e61fd0c52a47d17f823849649405357dfb7289a828842a102ed865181cca070c

Q1 2023

Q2 2023

Q3 2023

Q1 2024

Q2 2024

Q3 2024

7d0fe1e57cddbf1aade830ed2e4b6bf89c4198bc4695e5caa3f60fae6bb81eef

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Atlas Copco: Principal competitor in sales of compression, vacuum, and blower products  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Flowserve: Principal competitor in sales of compression, vacuum, and blower products  **[0001628280-24-006642_iri-20231231.htm:9]** .
- IDEX Corporation: Principal competitor in sales of compression, vacuum, and blower products; also a primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Kaeser Compressors: Principal competitor in sales of compression, vacuum, and blower products  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Dover: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Graco: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- KNF Neuberger: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Netzsch: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- NOV: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- SPX Flow: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Thermo Fisher Scientific: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .
- Watson-Marlow: Primary competitor in the Precision and Science Technologies segment  **[0001628280-24-006642_iri-20231231.htm:9]** .

8407dd885bc0c7b0cb0cb00c1f87dab4803294fdecee9ee3dfc00b022971a6b1

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: Expected to grow between **6% to 8%**; organic growth **0% to 2%**.
  2. **FX Impact**: **1% headwind** for the full year.
  3. **M&A Contribution**: Approximately **$440 million** to revenue.
  4. **Corporate Costs**: **$170 million**, evenly per quarter.
  5. **Adjusted EBITDA**: **$2.01 billion to $2.06 billion**.
  6. **Adjusted EPS**: **$3.27 to $3.37**.
  7. **Gross Interest Expense**: Approximately **$250 million**; net interest **$170 million**.
  8. **Adjusted Tax Rate**: **22% to 23%**.
  9. **CapEx, Free Cash Flow, and Share Count**: No changes from previous guidance.
  10. **Net Leverage**: Approximately **1.5 turns**  **[IR_3396003_8]** **[IR_3396003_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: **4% to 6%**; organic growth **2% to 4%**.
  2. **Adjusted EBITDA**: **$1.94 billion to $2 billion**.
  3. **Adjusted EPS**: **$3.20 to $3.30**.
  4. **FX Impact**: Relatively flat for the full year.
  5. **M&A Contribution**: Approximately **$170 million**.
  6. **Corporate Costs**: **$170 million**, evenly per quarter.
  7. **Interest Expense**: Approximately **$130 million**.
  8. **CapEx**: In line with initial guidance.
  9. **Adjusted Tax Rate**: No changes from previous guidance  **[IR_3384614_7]** **[IR_3384614_8]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Total Company Revenue Growth**: **5% to 7%**; organic growth **2% to 4%**.
  2. **Adjusted EBITDA**: **$1.915 billion to $1.975 billion**.
  3. **Adjusted EPS**: **$3.14 to $3.24**.
  4. **Adjusted Tax Rate**: Approximately **23%**.
  5. **Gross Interest Expenses**: About **$155 million**.
  6. **CapEx**: Around **2% of revenue**.
  7. **M&A Revenue Contribution**: Approximately **$160 million**.
  8. **Corporate Costs**: **$160 million**, evenly per quarter.
  9. **Incremental Margin Target**: **35% to 40%** for ITS business.
  10. **Free Cash Flow Margin**: Context set by **$1.3 billion** free cash flow in 2023  **[IR_3373933_4]** **[IR_3373933_3]** **[IR_3373933_18]** **[IR_3373933_5]** **[IR_3373933_27]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information from the Q3 2024 earnings call for Ingersoll Rand, so specific guidance metrics are unavailable.

ec4a1cc14a37408236fae40e425ee331e1830f444498c450c3ec79560b52ef43

| Name                     | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------|--------------------------------------------------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Vicente Reynal           | Chairman, President, and Chief Executive Officer                         | January 2016       | Vicente Reynal has served as the CEO, President, and a member of the Board of Directors of Ingersoll Rand since January 2016. He was appointed Chairman in November 2021. He is responsible for leading the company and driving its growth and profitability as a global supplier of innovative flow control products  **[0001140361-24-022494_ny20018738x1_def14a.htm:8]** **[0001140361-23-021647_ny20006863x1_def14a.htm:11]** .                                      |
| Vikram Kini              | Senior Vice President and Chief Financial Officer                        | June 15, 2020      | Vikram Kini has been the Senior Vice President and CFO of Ingersoll Rand since June 15, 2020. He joined Gardner Denver in 2011 and has held various finance leadership roles. Before Gardner Denver, he worked at General Electric Company and SABIC  **[0001140361-24-022494_ny20018738x1_def14a.htm:31]** **[0001140361-23-021647_ny20006863x1_def14a.htm:35]** .                                                                                                   |
| Andrew Schiesl           | Senior Vice President, General Counsel, Chief Compliance Officer, Secretary | Completion of merger | Andrew Schiesl has served as the Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary of Ingersoll Rand since the completion of the merger. He leads legal, compliance, and corporate governance, as well as EHS and sustainability efforts  **[0001140361-24-022494_ny20018738x1_def14a.htm:31]** **[0001140361-23-021647_ny20006863x1_def14a.htm:35]** .                                                                                  |
| Michael Weatherred       | Senior Vice President, IR Execution Excellence (IRX) and Business Excellence | Completion of merger | Michael A. Weatherred has served as the Senior Vice President of Ingersoll Rand, leading IRX and Business Excellence since the completion of the merger with Gardner Denver. He joined Gardner Denver in May 2018  **[0001140361-23-021647_ny20006863x1_def14a.htm:36]** **[0001140361-24-022494_ny20018738x1_def14a.htm:31]** .                                                                                                                                     |
| Santiago Arias Duval     | Leader of the Precision and Science Technologies (P&ST) business segment | September 2023     | Santiago Arias Duval has been with Ingersoll Rand since 2017, initially joining Gardner Denver. He has held various leadership roles and since September 2023, he has led the P&ST business segment  **[0001140361-24-022494_ny20018738x1_def14a.htm:29]** **[IR_3378948_4]** .                                                                                                                                                   |
| Matt Emmerich            | Chief Information Officer                                                | July 2023          | Matt Emmerich has served as the CIO at Ingersoll Rand since July 2023. He leads the strategy and execution of the company’s global technology footprint, including technology operations, infrastructure, applications, and information security  **[0001140361-24-022494_ny20018738x1_def14a.htm:29]** .                                                                                                          |
| Elizabeth M. Hepding     | Senior Vice President of Strategy and Corporate Development               | July 2021          | Elizabeth M. Hepding has served as the Senior Vice President of Strategy and Corporate Development at Ingersoll Rand since July 2021. She has over 20 years of experience in mergers and acquisitions and strategy  **[0001140361-24-022494_ny20018738x1_def14a.htm:30]** **[0001140361-23-021647_ny20006863x1_def14a.htm:34]** .                                                                                                                                    |
| Kathleen M. Keene        | Senior Vice President and Chief Human Resources Officer                   | June 2021          | Kathleen M. Keene has served as the Senior Vice President and Chief Human Resources Officer at Ingersoll Rand since June 2021. She oversees the company's communications function and has held various HR leadership roles since joining Ingersoll Rand in 2016  **[0001140361-24-022494_ny20018738x1_def14a.htm:30]** **[0001140361-23-021647_ny20006863x1_def14a.htm:34]** .                                                                                         |

c7884877272617cad53857ae107f2736cd939cf12c1f807301f774124c0f48e9

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | **August 24, 2021**  **[0001628280-24-044749_iri-20240930.htm:69]**  |
| End Date/Duration        | **No expiration date**  **[0001628280-24-044749_iri-20240930.htm:69]**  |
| Total Additional Amount  | **$1.0 billion**  **[0001628280-24-044749_iri-20240930.htm:69]**  |
| Remaining Authorization  | **$1,055,533,139**  **[0001628280-24-044749_iri-20240930.htm:69]**  |
| Details                  | Part of capital allocation strategy; share repurchases are significant, with M&A as the top priority  **[IR_3384614_6]**  |

c82f9a56fb68ee87e3184a61873ced92846b231cdf81333bc6418f3816f41976

Americas

- United States

- Other Americas

EMEIA

Asia Pacific

3a1c3dd71a77863fec5d7232a8b4bd8bc13cfa1c6d4b3ab4ae08e3084620306e

**Annual guidance for FY 2024:**
- **Revenue growth**: 5% to 7%  **[IR_3405444_5]**  (lowered from 6% to 8%  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Organic revenue growth**: -2% to 0%  **[IR_3405444_5]**  (lowered from 0% to 2%  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Adjusted EBITDA**: $2.01B to $2.04B  **[IR_3405444_5]**  (lowered from $2.01B to $2.06B  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Adjusted EPS**: $3.28 to $3.34  **[IR_3405444_5]**  (lowered from $3.27 to $3.37  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **FX impact**: 0%  **[IR_3405444_5]**  (raised from 1% headwind  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **M&A contribution**: $455M  **[IR_3405444_5]**  (raised from $440M  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Corporate costs**: $170M  **[IR_3405444_5]**  (no change from $170M  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Gross interest expense**: $250M  **[IR_3405444_5]**  (no change from $250M  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Net interest expense**: $170M  **[IR_3405444_5]**  (no change from $170M  **[IR_3396003_8]** **[IR_3396003_4]** )  
- **Adjusted tax rate**: 22% to 23%  **[IR_3405444_5]**  (no change from 22% to 23%  **[IR_3396003_8]** **[IR_3396003_4]** )  

ee0107409f1ed55bc8d880f504eca7e19d62d99c17bb5bcb39ee1c823add0fb8

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2013       | Present  | Current auditor   |  **[0001628280-24-006642_iri-20231231.htm:132]**  |

47e272d4996eb1feb44c04ca30dee5eec18204e891e6e3b0b84b076dde9825e4

90a912aff1ab9b4f8d188835c06a00bd2395ea9467add4a1a065ec7be1e9243b

- Total Revenue: $1,861 million (+7% YoY)  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Precision and Science Technologies: $393.8 million **(+27% YoY)**  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Original Equipment: $1,176.8 million (+6% YoY)  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Aftermarket: $684.2 million (+9% YoY)  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Americas: $732.9 million (-12% YoY)  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- EMEIA: $454.8 million **(-19% YoY)**  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Asia Pacific: $279.5 million **(-18% YoY)**  **[0001628280-24-044749_iri-20240930.htm:38]** **[0001628280-23-036698_iri-20230930.htm:34]**   
- Operating Income (EBIT): $356.3 million (+12% YoY)  **[0001628280-24-044749_iri-20240930.htm:6]** **[0001628280-23-036698_iri-20230930.htm:5]**   
- Net Income: $223.4 million (+7% YoY)  **[0001628280-24-044749_iri-20240930.htm:6]** **[0001628280-23-036698_iri-20230930.htm:5]**   
- EPS (Basic): $0.55 (+6% YoY)  **[0001628280-24-044749_iri-20240930.htm:6]** **[0001628280-23-036698_iri-20230930.htm:5]**   

e83adf3d9f019dc26d4b59137d643fbbb7bc198130635e40531ed0d3d06b0283

Percentage of consolidated revenues derived from aftermarket parts and services (percentage)

Percentage of PST Segment Revenues derived from aftermarket parts and service (percentage)

Percentage of ITS Segment Revenues derived from aftermarket parts and service (percentage)

Revenue change from acquisitions (USD millions)

Revenue change from higher pricing (USD millions)

Revenue change from foreign currency (USD millions)

Revenue change from organic volumes (USD millions)

Segment Orders, PST (USD millions)

Segment Orders, ITS (USD millions)

68cdfaf44285b1638e52eeb7d78a4ac848a1ab2a662df2142ec427ab42826698

| Year | Amount Due (in millions) | Debt Type         | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|-----------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | $2.9                         | Short-term borrowings and current maturities of long-term debt  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**  | N/A                   | 0.1% = (2.9 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                             |
| 2027     | $699.9                       | Senior Notes          | 5.197 **[0001628280-24-044749_iri-20240930.htm:19]**         | 14.6% = (699.9 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2028     | $498.5                       | Senior Notes          | 5.400 **[0001628280-24-044749_iri-20240930.htm:19]**         | 10.4% = (498.5 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2029     | $750.0                       | Senior Notes          | 5.176 **[0001628280-24-044749_iri-20240930.htm:19]**         | 15.7% = (750.0 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2031     | $500.0                       | Senior Notes          | 5.314 **[0001628280-24-044749_iri-20240930.htm:19]**         | 10.4% = (500.0 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2033     | $993.2                       | Senior Notes          | 5.700 **[0001628280-24-044749_iri-20240930.htm:19]**         | 20.8% = (993.2 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2034     | $749.5                       | Senior Notes          | 5.450 **[0001628280-24-044749_iri-20240930.htm:19]**         | 15.7% = (749.5 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |
| 2054     | $597.6                       | Senior Notes          | 5.700 **[0001628280-24-044749_iri-20240930.htm:19]**         | 12.5% = (597.6 / 4785.4) * 100  **[0001628280-24-044749_iri-20240930.htm:19]** **[0001628280-24-044749_iri-20240930.htm:61]**                                          |

a30005643a3c45e7494fea2a2ba0597ccaa21a150b4db67d0f0db960df910ff5

23594eaf02c360a62c971238bf7b3a9e9c9fc7530d2af95cf82afef485d9d27d

- **Upcoming energy efficiency and refrigeration standards** are expected to **positively impact** Ingersoll Rand's air treatment business, providing **growth opportunities** in both Europe and the U.S.  **[IR_3373933_19]**
- The **Industrial Technologies and Services (ITS) segment achieved a 30% adjusted EBITDA margin** in Q4, up from 28.8% in Q3, driven by higher volumes, productivity measures, and strong execution. The **aftermarket business** is performing well and is **margin accretive**, setting up nicely for future growth.  **[IR_3373933_25]**
- **M&A remains a top priority**, with Ingersoll Rand having **10 transactions under letter of intent (LOI)**, indicating a robust pipeline for growth through acquisitions. The company also has a couple of deals where the **purchase price exceeds $1 billion**, suggesting potential for significant scale expansion.  **[IR_3373933_14]**

c00fa0e76ee8c3c1e26b9a8d1c750a778cd11b43a870c356ff673c198c41b953

1. **Margin Expansion**  
   **Q:** Is ITS Q1 margin the right base?  
   **A:** Management is pleased with the solid gross margin expansion in ITS, driven by innovative value activities and restructuring benefits. Full-year margins are expected to expand more than **100 basis points**, ahead of previous targets, but they foresee moderation in margin expansion levels as the year progresses.  **[IR_3384614_10]** **[IR_3384614_13]** 

2. **Orders Outlook**  
   **Q:** How are orders trending, especially in China?  
   **A:** Orders are expected to improve sequentially in Q2 but face challenging year-over-year comparisons due to strong prior-year results in China and large projects. April orders were in line with expectations, with China being a headwind, but EMEA and the Americas performing better. Management is encouraged by increased funnel activity and MQL trends across regions.  **[IR_3384614_9]** **[IR_3384614_11]** **[IR_3384614_19]** **[IR_3384614_22]** 

3. **ILC Dover Acquisition**  
   **Q:** What strategic opportunities does ILC Dover provide?  
   **A:** The acquisition of ILC Dover provides a strong life sciences platform and access to new customer bases. Products are transferable, allowing penetration into biopharma markets with existing technologies like peristaltic pumps. ILC Dover's expertise in containment and clean room facilities opens opportunities for revenue synergies, expanding the addressable market by approximately **$10 billion**. Management is excited about bolt-on potential in both life sciences and space sectors.  **[IR_3384614_15]** **[IR_3384614_21]** **[IR_3384614_23]** **[IR_3384614_24]** 

4. **Large Project Orders**  
   **Q:** What's the outlook for large project orders?  
   **A:** Large project orders are primarily affected by timing issues rather than market difficulties. While renewable natural gas and electric vehicle investments saw rapid growth early last year, current funnel activity remains strong. Management anticipates more projects coming through in EMEA due to reshoring and initiatives like the European Chips Act, as well as investments in the Middle East and India.  **[IR_3384614_9]** **[IR_3384614_18]** **[IR_3384614_20]** 

5. **Life Sciences Improvement**  
   **Q:** Are there signs of recovery in life sciences?  
   **A:** Management is seeing sequential order improvement in life sciences and is increasingly confident about growth prospects. Conversations with customers reveal interest in new applications and technologies, and recent biotech funding adds to the positive outlook.  **[IR_3384614_17]** 

6. **M&A Pipeline**  
   **Q:** What's the status of the M&A pipeline and future deals?  
   **A:** The M&A pipeline is strong, bolstered by ILC Dover's existing funnel for bolt-ons and tuck-ins, particularly in life sciences. Management continues to track larger acquisitions over **$1 billion** in purchase price and remains focused on strategic growth through both organic and inorganic means.  **[IR_3384614_15]** **[IR_3384614_16]** 

7. **Sequential Revenue Growth**  
   **Q:** Are revenues expected to grow sequentially in Q2?  
   **A:** Yes, management expects Q2 revenues to increase sequentially from Q1, with low single-digit organic revenue growth and continued EBITDA margin expansion. Factors include **$15 million** in orders pushed from Q1 to Q2 and consistent M&A contributions.  **[IR_3384614_11]** **[IR_3384614_12]** **[IR_3384614_16]** 

8. **MQL Trends**  
   **Q:** Can you expand on MQL trends and demand indicators?  
   **A:** MQL activity showed strong growth, with April MQLs up **14% year-over-year** and **9% sequentially** from March. The average duration from MQL to order is **6 to 8 weeks**, indicating potential improvement in demand in the near term.  **[IR_3384614_22]** **[IR_3384614_25]** 

9. **Geographical Trends**  
   **Q:** How is China performing compared to other regions?  
   **A:** Despite tough year-over-year comparisons due to rapid expansion in prior periods, the core business in China remains solid with good momentum. Management is encouraged by growth initiatives in Southeast Asia, India, and investment activities in EMEA driven by reshoring and sector-specific acts like the European Chips Act.  **[IR_3384614_19]** **[IR_3384614_20]** 

10. **ILC Dover Revenue Synergies**  
    **Q:** What is the potential market size for ILC Dover synergies?  
    **A:** While specific revenue synergy figures haven't been disclosed, the acquisition expands the addressable market by approximately **$10 billion**. Opportunities arise from transferring existing pump technologies into biopharma and accessing new customer bases through ILC Dover's commercial footprint and clean room facilities.  **[IR_3384614_23]** **[IR_3384614_24]** 

a1a71188d2205c8e28855f32574d7a80d1033d6521a13b2a2eb4b1dd320009e0

- **Year-over-year decline in orders, particularly in China due to challenging comps, indicating potential weakness in demand**.  **[IR_3384614_11]**
- **Life Sciences business softness continues, though management sees sequential improvement, signaling ongoing challenges in this segment**.  **[IR_3384614_17]**
- **Margins expected to moderate after a strong Q1, potentially impacting profitability in the latter half of the year**.  **[IR_3384614_10]**

4fe4258e987bd03ed73b1741168067c796e5df403fbf607962e614a2b7ed5f09

- **Ingersoll Rand has a strong M&A pipeline**, including potential acquisitions over **$1 billion**, which are properly sourced and expected to drive growth.  **[IR_3364029_17]**
- The company is achieving growth in key geographies like **China and Europe** through self-help initiatives and focusing on **high-growth sustainable end markets**, despite macroeconomic challenges.  **[IR_3364029_13]**
- **Increased visibility and confidence in long-cycle orders**, including large projects, bodes well for revenue in **Q4 2023 and into 2024**.  **[IR_3364029_11]**

36f8198365ff456b928794fc916497f2237ea76c62533bec9629bcb6d683d5bd

1. **2025 Outlook**  
   **Q:** Will growth return to normal in 2025?  
   **A:** Management expects a gradual recovery in 2025 but does not foresee a great recovery. They are encouraged by year-over-year and sequential backlog growth, which bodes well for 2025. Detailed guidance will be provided in the next earnings call.  **[IR_3405444_8]** 

2. **Margin Outlook**  
   **Q:** What is the margin outlook for Q4 and 2025?  
   **A:** They delivered exceptional margin performance in Q3, with EBITDA margins around **30%**. In Q4, they expect margins to remain at this level, with corporate costs normalizing. For 2025, they anticipate normal margin expansion in line with historical trends while continuing investments in growth initiatives.  **[IR_3405444_10]** 

3. **Project Delays**  
   **Q:** What is causing project delays and their impact?  
   **A:** Project delays are global, primarily due to site readiness issues like permits, labor availability, and EPC capacity constraints. While the sales cycle is elongated, there are no cancellations, and backlog is growing, which is encouraging for future prospects.  **[IR_3405444_7]** **[IR_3405444_11]** **[IR_3405444_12]** **[IR_3405444_19]** 

4. **China Market**  
   **Q:** How is demand in China affecting the business?  
   **A:** The China market has been challenging, with significant declines in orders. However, customers are willing to invest, and management is optimistic about engagement levels. They believe China's stimulus on energy efficiency could benefit them in 2025.  **[IR_3405444_9]** **[IR_3405444_20]** 

5. **M&A Activity**  
   **Q:** Will M&A activity remain robust in 2025?  
   **A:** Yes, management sees a lot of good activity and expects 2025 to be encouraging for acquisitions. They have several bolt-on acquisitions in the pipeline, continuing their active M&A strategy.  **[IR_3405444_14]** 

6. **PST Growth**  
   **Q:** Is PST expected to return to growth?  
   **A:** Positive order momentum in PST has been observed for a few quarters. Management expects PST to return to positive organic growth in Q4 and is encouraged by the outlook for 2025. The integration of ILC Dover is going well, contributing to growth.  **[IR_3405444_15]** **[IR_3405444_16]** **[IR_3405444_17]** 

7. **Biopharma Business**  
   **Q:** How is the biopharma business performing?  
   **A:** The biopharma business is growing strongly, up **20%**, focusing on high-potency APIs for gene therapies, cancer treatments, and GLP-1 weight reduction medicines. They provide essential powder handling and containment processes for these developments.  **[IR_3405444_20]** 

8. **Service Revenue**  
   **Q:** How is service revenue performing?  
   **A:** Service revenue is positive with good momentum and organic growth. Their focus on recurring revenue and service-oriented solutions is well-received by customers across the U.S., Europe, China, and India.  **[IR_3405444_13]** 

9. **Orders and Backlog**  
   **Q:** What are expectations for orders and book-to-bill?  
   **A:** Management expects the full-year book-to-bill ratio to be approximately **1**. Although the second half typically sees a ratio below 1, they are experiencing positive order momentum in PST and anticipate organic orders to be strong in Q4.  **[IR_3405444_19]** **[IR_3405444_16]** **[IR_3405444_21]** 

10. **Free Cash Flow**  
    **Q:** What is the outlook for free cash flow?  
    **A:** Free cash flow remains strong, with ongoing opportunities to improve working capital, especially from M&A activities. They continue to target **100%** free cash flow conversion, focusing on accounts payable, inventory optimization, and efficient cash management.  **[IR_3405444_26]** 

9a7fdd39f44c2261f0e44bb3016f76ccededd1f4a0c067da2abc2a5e55304dc4

- **No incremental share buybacks included in the 2024 guidance**: The company confirmed that it has not formally included any incremental share buybacks in its 2024 guidance, suggesting a potentially less aggressive capital return strategy **[IR_3373933_29]**.
- **Limited impact from regulatory changes**: Management indicated that there are no significant new regulatory changes expected in the next 12 to 24 months that could impact the business, implying a lack of regulatory catalysts **[IR_3373933_19]**.
- **Uncertainty in capital allocation plans**: The absence of explicit guidance on share repurchases or significant capital deployment may indicate uncertainties in the company's capital allocation strategy **[IR_3373933_29]**.

58e232600a1b7d669ac88041a7776cee208757a2e6495638673d77b11088e84a

1. **China Outlook**  
   **Q:** What's your base case view on China?  
   **A:** Q4 China orders were down **mid-single digits**, following **low double-digit growth** in Q4 2022.  **[IR_3373933_16]**  On a two-year stack, they saw **high single-digit** momentum.  **[IR_3373933_16]**  The environment in China is improving, with teams energized to leverage technology into growth areas.  **[IR_3373933_16]** 

2. **Margin Expansion Amid Weak Volumes**  
   **Q:** Can you expand margins if volumes weaken?  
   **A:** Despite lower growth, we're generating strong margins driven by **I2V**, pricing actions, and aftermarket growth.  **[IR_3373933_18]**  We've taken proactive restructuring to protect the P&L and ensure solid margin improvement.  **[IR_3373933_18]** 

3. **Q1 Orders and Asia Headwinds**  
   **Q:** Are orders expected to be down in Q1 due to Asia?  
   **A:** We don't guide on orders but expect Q1 orders to be **up sequentially** from Q4.  **[IR_3373933_9]**  Typically, we book above **1.0 book-to-bill** in the first half due to larger projects.  **[IR_3373933_9]** 

4. **M&A Market Opening Up**  
   **Q:** Is the M&A market opening up, especially for large deals?  
   **A:** Yes, M&A activity is increasing.  **[IR_3373933_14]**  We have **10 LOIs**, similar to past bolt-ons, and still have deals over **$1 billion** in the funnel.  **[IR_3373933_14]**  We remain disciplined, having walked away from a **$1 billion** deal.  **[IR_3373933_14]** 

5. **Life Sciences Recovery**  
   **Q:** Do you expect Life Sciences to return to growth in 2024?  
   **A:** Life Sciences is **25%-30%** of PST.  **[IR_3373933_10]**  We expect it to return to normal growth in the **second half** of 2024.  **[IR_3373933_10]** 

6. **Lessons from Acquisitions**  
   **Q:** Any lessons from acquisitions that missed expectations?  
   **A:** Some underperformers lacked early IRX integration.  **[IR_3373933_21]**  We've enhanced our playbook to ensure integration from day one.  **[IR_3373933_21]**  We monitor M&As closely to address issues promptly.  **[IR_3373933_21]** 

7. **Backlog Normalization**  
   **Q:** Will backlog levels normalize over time?  
   **A:** Backlog remains high.  **[IR_3373933_20]**  With a **book-to-bill of ~1.0**, we expect backlogs to stay above historical levels.  **[IR_3373933_20]**  There's a structural shift with more longer-cycle projects.  **[IR_3373933_20]** 

8. **Manufacturing Efficiency Post-COVID**  
   **Q:** Is manufacturing efficiency back to pre-COVID levels?  
   **A:** Not yet.  **[IR_3373933_23]**  Ongoing supply chain disruptions cause factory inefficiencies.  **[IR_3373933_23]**  We're continuously improving operations but haven't returned to pre-COVID stability.  **[IR_3373933_23]** 

9. **Market Assumptions**  
   **Q:** What are your assumptions on the broader environment?  
   **A:** Americas show better momentum; Europe is stable; Middle East and India are strong, especially India.  **[IR_3373933_6]**  Asia Pacific faces headwinds due to tough comps, particularly China.  **[IR_3373933_6]** 

10. **Demand Generation Upside**  
    **Q:** Is there upside from demand generation in guidance?  
    **A:** Yes, potential upside exists.  **[IR_3373933_24]**  Demand generation is part of our healthy backlog and growth plans.  **[IR_3373933_24]**  Upside opportunities may increase as the year progresses.  **[IR_3373933_24]** 

11. **Price-Cost Expectations**  
    **Q:** What's the price-cost outlook, especially in ITS?  
    **A:** Expect **~2% price** for the full year.  **[IR_3373933_11]**  We anticipate being dollar and margin positive each quarter in 2024.  **[IR_3373933_11]** 

12. **M&A Revenue Contribution**  
    **Q:** Clarify the incremental **400-500 bps** M&A contribution  
    **A:** The **$160 million** in guidance is from completed deals.  **[IR_3373933_27]**  The **400-500 bps** refers to expected acquisitions in the year and their annualized revenue.  **[IR_3373933_27]** 

13. **Working Capital in 2024**  
    **Q:** How are you managing working capital for 2024?  
    **A:** We see opportunities to improve.  **[IR_3373933_29]**  Inventory levels are still elevated.  **[IR_3373933_29]**  Focused on collections and integrating bolt-on M&As into shared services to enhance working capital.  **[IR_3373933_29]** 

14. **Earnings Phasing and Margins**  
    **Q:** Is the earnings phasing similar to last year?  
    **A:** Yes, phasing is consistent with 2023.  **[IR_3373933_8]**  Incremental margins of **35%-40%** are expected, driven by I2V, price, aftermarket growth, M&A improvements, restructuring, and reduced corporate costs.  **[IR_3373933_8]** 

15. **EV Truck Order Potential**  
    **Q:** Can the EV truck order return?  
    **A:** Prospects are improving.  **[IR_3373933_28]**  The customer faced bankruptcy issues but assets have been acquired, and we're in discussions.  **[IR_3373933_28]** 

16. **Air Treatment Benefits**  
    **Q:** Update on air treatment acquisitions benefits  
    **A:** Exciting additions like SPX Flow, Oxywise, and Friulair enhance our portfolio.  **[IR_3373933_26]**  Air treatment has a **70% attachment rate** to compressors and is **50%** of aftermarket, driving growth.  **[IR_3373933_26]** 

17. **Growth Drivers**  
    **Q:** Are short-cycle products supporting growth?  
    **A:** Seeing better momentum in shorter to medium cycle products as PMIs improve.  **[IR_3373933_15]**  Industrial short-cycle is up **mid-single digits** year-over-year and sequentially.  **[IR_3373933_15]** 

18. **European Compressor Orders Strength**  
    **Q:** What's driving strong European compressor orders?  
    **A:** **High energy prices** are the most important factor, followed by Scope 1 emission targets.  **[IR_3373933_17]** 

19. **Regulatory Impact**  
    **Q:** Any regulatory changes impacting your business?  
    **A:** No significant new changes.  **[IR_3373933_19]**  Aware of energy efficiency and refrigeration standards, viewed positively.  **[IR_3373933_19]** 

20. **Life Sciences Demand Generation**  
    **Q:** Has demand generation helped in Life Sciences?  
    **A:** Yes, it's helping us reach fragmented customers efficiently.  **[IR_3373933_13]**  We provide solutions in energy efficiency, water efficiency, and digitalization.  **[IR_3373933_13]**  We expect a return to normal growth.  **[IR_3373933_13]** 

21. **ITS Margin Improvement**  
    **Q:** What's behind ITS margin improvement in Q4?  
    **A:** Margins increased to **30%** from **28.8%** in Q3.  **[IR_3373933_25]**  Driven by higher volumes, productivity measures like I2V, positive price-cost, and strong aftermarket momentum.  **[IR_3373933_25]** 

22. **PST Life Sciences Percentage**  
    **Q:** What percent of PST is Life Sciences?  
    **A:** Life Sciences is **25%-30%** of PST.  **[IR_3373933_10]** 

ef796e823da640da226237e3c1c681c3b56183de1dad76b6d202f28288b7bb64

- **Ingersoll Rand is observing sequential order improvements in its life sciences business**, indicating potential recovery and growth in this segment.  **[IR_3384614_17]**
- **The company expects Q2 organic orders to be up sequentially compared to Q1, with continued margin expansion**, reflecting confidence in operational performance and financial outlook.  **[IR_3384614_11]**
- **Strong demand and a healthy pipeline of large projects in Europe, Middle East, and India**, driven by reshoring and infrastructure investments, are expected to drive future growth.  **[IR_3384614_20]**

61d6ed59e6821ff96c5e4d3dc6c3fbe141e2c7605d17a274e80f831e3a187671

- **Softness in Key Markets like China**: The overall China market has continued to be "choppy and soft," which could impact future growth in that region.  **[IR_3364029_13]**
- **Weakness in the Life Science Business**: The Precision and Science Technology (PST) segment experienced a decline in orders and revenue, primarily driven by softness in the oxygen concentration and biopharma end markets.  **[IR_3364029_5]** **[IR_3364029_16]**
- **Potential Risks from Large Acquisitions**: The company is considering large acquisitions around $1 billion, which may lead to higher leverage or integration challenges.  **[IR_3364029_17]**

60ccbefa32f6ae921749636cb817a1d067b3bffbc2d444dee681d58adcf0fed3

- **Disciplined M&A strategy enhances shareholder value**, as Ingersoll Rand walked away from a large acquisition due to valuation concerns, demonstrating effective capital allocation.  **[IR_3396003_29]**
- **Acquisition of CAPS expands footprint in Australia**, providing access to a large install base and strong customer relationships, and opening new market opportunities.  **[IR_3396003_23]**
- **Life Sciences business shows strong growth and profitability**, with margins comparable to the Precision Tech segment, enhanced by the ILC Dover acquisition, boosting overall profitability.  **[IR_3396003_30]**

c707c736f473734b9e04a451345cfe767a554ed60fe7c16ac5d120d2adbbd3fa

Ingersoll Rand Inc (IR)

Financials