Exhibit 99.1

Contact:
Amy Agallar
 
(414) 347-3706

Sensient Technologies Corporation
Reports Results for the Quarter Ended September 30, 2022

Sensient Reaffirms its 2022 Guidance

MILWAUKEE— October 21, 2022 — Sensient Technologies Corporation (NYSE: SXT) reported consolidated revenue of $361.1 million in this year’s third quarter compared to $344.3 million in last year’s third quarter. Reported operating income in the third quarter of 2022 was $47.5 million compared to $47.0 million in the third quarter of 2021. Reported diluted earnings per share was 85 cents in the third quarter of 2022 compared to 80 cents in the third quarter of 2021. Foreign currency translation decreased revenue by approximately 4% and earnings per share by approximately 6% in the present quarter.

The 2021 third quarter reported results included divestiture & other related costs and operational improvement plan costs, which in total decreased 2021 third quarter diluted earnings per share by $0.04. The 2021 third quarter reported results also included the operations of the divested product lines, which were not material to diluted earnings per share in the third quarter of 2021. We did not make any adjustments to our 2022 third quarter reported results for divestiture & other related costs, operational improvement plan costs, or results of the divested product lines. The adjustments to our reported results are described in more detail under “Reconciliation of Non-GAAP Amounts” at the end of this release.

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Sensient Technologies Corporation
 Page 2
Earnings Release – Quarter Ended September 30, 2022
October 21, 2022

BUSINESS REVIEW

   
Reported
  
Revenue
  
Quarter
    
Year-to-Date
  
Flavors & Extracts
    
3.0
%
    
-0.5
%
Color
    
8.8
%
    
11.8
%
Asia Pacific
    
5.3
%
    
9.5
%
Total Revenue
    
4.9
%
    
4.7
%

   
Adjusted
Local Currency(1)
  
Revenue
  
Quarter
    
Year-to-Date
  
Flavors & Extracts
    
6.7
%
    
6.9
%
Color
    
14.6
%
    
16.0
%
Asia Pacific
    
14.5
%
    
17.2
%
Total Revenue
    
9.9
%
    
11.0
%
                 
(1) Adjusted local currency percentage changes are described in more detail in the "Reconciliation of Non-GAAP Amounts" at the end of this release.

The Flavors & Extracts Group reported third quarter revenue of $187.0 million compared to $181.7 million in last year’s third quarter, an increase of 3.0%. Adjusted local currency revenue increased 6.7% in the quarter. The Group benefited from pricing across all of its product lines. Segment operating income was $26.3 million in the current quarter compared to $25.2 million reported in the comparable period last year, an increase of 4.7%. Adjusted local currency operating income increased 5.6% in the quarter. The higher operating income was primarily due to the favorable pricing, partially offset by higher input costs.  Foreign currency translation decreased segment revenue by approximately 3% and segment operating income by approximately 1% in the quarter. Segment operating income as a percent of revenue in the third quarter of 2022 was 14.1%.

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 Page 3
Earnings Release – Quarter Ended September 30, 2022
October 21, 2022

The Color Group reported revenue of $151.5 million in the quarter compared to $139.2 million in last year’s third quarter, an increase of 8.8%. Adjusted local currency revenue increased 14.6% in the quarter. The Group had strong volume growth and higher pricing in both Food & Pharmaceutical Colors and Personal Care. Segment operating income was $28.2 million in the quarter compared to $27.3 million in last year’s comparable period, an increase of 3.5%. Adjusted local currency operating income increased 10.9% compared to the prior year’s third quarter. The higher operating income is primarily a result of the higher volumes and favorable pricing, partially offset by higher input costs. Foreign currency translation decreased segment revenue by approximately 6% and segment operating income by approximately 7% in the quarter. Segment operating income as a percent of revenue in the third quarter of 2022 was 18.6%.

The Asia Pacific Group reported revenue of $35.2 million in the quarter compared to $33.4 million in last year’s third quarter, an increase of 5.3%. Adjusted local currency revenue increased 14.5% in the quarter. The higher revenue was a result of strong volume growth and higher pricing. Segment operating income was $7.0 million in the quarter compared to $6.6 million in last year’s third quarter, an increase of 5.3%. Adjusted local currency operating income increased 16.3% in the quarter. The higher operating income was primarily a result of the favorable volume growth and higher pricing. Foreign currency translation decreased segment revenue and operating income by approximately 9% and 11%, respectively, in the quarter. Segment operating income as a percent of revenue in the third quarter of 2022 was 19.7%.

Corporate & Other reported operating costs of $14.0 million in the current quarter compared to $12.1 million in last year’s third quarter, an increase of 16.0%. Adjusted local currency operating expenses for Corporate & Other increased 23.5% in the quarter primarily due to higher performance-based compensation.

2022 OUTLOOK

Sensient is reconfirming its expectation for 2022 full year GAAP diluted earnings per share to grow at a high-teen growth rate compared to the Company’s 2021 reported GAAP diluted earnings per share of $2.81. Our full year 2022 guidance does not include any material divestiture & other related costs, operational improvement plan costs, or results of divested businesses.

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 Page 4
Earnings Release – Quarter Ended September 30, 2022
October 21, 2022

The Company continues to expect 2022 revenue to grow at a high single-digit rate in local currency compared to the Company’s 2021 adjusted revenue(2). The Company continues to expect its 2022 adjusted EBITDA(2) and diluted earnings per share to grow at a high single- to double-digit rate in local currency compared to the Company’s 2021 adjusted EBITDA(2) and the Company’s 2021 adjusted diluted earnings per share(2) of $3.13.

 The Company expects full year 2022 earnings per share reported on a U.S. dollar basis to be impacted by foreign currency headwinds of approximately twenty cents based on current exchange rates.

The Company’s guidance is based on current conditions and trends in the economy and the markets in which the Company operates and is subject to various risks and uncertainties as described below.  The Company will continue to monitor the impacts of the COVID-19 pandemic and the conflict between Russia and Ukraine on our business.

  (2)
See “Reconciliation of Non-GAAP Amounts” at the end of this release for more information.

USE OF NON-GAAP FINANCIAL MEASURES

The Company’s non-GAAP financial measures eliminate the impact of certain items, which, depending on the measure, include: currency movements, depreciation and amortization, non-cash share-based compensation, divestiture & other related costs, operational improvement plan costs and income, and the results of the divested operations. These measures are provided to enhance the overall understanding of the Company’s performance when viewed together with the GAAP results. Refer to “Reconciliation of Non-GAAP Amounts” at the end of this release.

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Sensient Technologies Corporation
 Page 5
Earnings Release – Quarter Ended September 30, 2022
October 21, 2022

CONFERENCE CALL

The Company will host a conference call to discuss its 2022 third quarter financial results at 8:30 a.m. CDT on Friday, October 21, 2022. To participate in the conference call, contact Chorus Call Inc. at (844) 492-3726 or (412) 317-1078, and ask to join the Sensient Technologies Corporation conference call. Alternatively, the call can be accessed by using the webcast link that is available on the Investor Information section of the Company’s web site at www.sensient.com.

A replay of the call will be available one hour after the end of the conference call through October 28, 2022, by calling (877) 344-7529 and referring to conference identification number 2992460. An audio replay and written transcript of the call will also be posted on the Investor Information section of the Company’s web site at www.sensient.com on or after October 25, 2022.

This release contains statements that may constitute “forward-looking statements” within the meaning of Federal securities laws including under “2022 Outlook” above. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following: the impact and uncertainty created by the COVID-19 pandemic, including, but not limited to, its effects on our employees, facilities, customers, and suppliers, the availability and cost of raw materials, energy, and other supplies, the availability and cost of labor, logistics, and transportation, governmental regulations and restrictions, and general economic conditions, including inflation; the uncertain impacts of the ongoing conflict between Russia and Ukraine on our supply chain, input costs, including energy and transportation, and on general economic conditions; the pace and nature of new product introductions by the Company and the Company’s customers; the Company’s ability to anticipate and respond to changing consumer preferences and changing technologies; the Company’s ability to successfully implement its growth strategies; the outcome of the Company’s various productivity-improvement and cost-reduction efforts, acquisition and divestiture activities, and operational improvement plan; changes in costs of raw materials, including energy; industry, regulatory, legal, and economic factors related to the Company’s domestic and international business; the effects of tariffs, trade barriers, and disputes; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; currency exchange rate fluctuations; and other factors included in “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as updated and supplemented by the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and in other documents that the Company files with the SEC. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations. This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. Except to the extent required by applicable laws, the Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

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 Page 6
Earnings Release – Quarter Ended September 30, 2022
October 21, 2022

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients.  Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world’s best-known brands.  Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

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Sensient Technologies Corporation
Page 7
(In thousands, except percentages and per share amounts)
(Unaudited)
  

Consolidated Statements of Earnings
  
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                     
   
2022
    
2021
    
% Change
    
2022
    
2021
    
% Change
  
                                     
Revenue
  
$
361,076
    
$
344,287
      
4.9
%
  
$
1,088,303
    
$
1,039,816
      
4.7
%
                                                 
Cost of products sold
    
239,318
      
229,216
      
4.4
%
    
710,696
      
697,538
      
1.9
%
Selling and administrative expenses
    
74,265
      
68,113
      
9.0
%
    
222,081
      
212,670
      
4.4
%
                                                 
Operating income
    
47,493
      
46,958
      
1.1
%
    
155,526
      
129,608
      
20.0
%
Interest expense
    
3,672
      
3,037
              
9,748
      
9,792
          
                                                 
Earnings before income taxes
    
43,821
      
43,921
              
145,778
      
119,816
          
Income taxes
    
7,773
      
10,009
              
34,012
      
28,300
          
                                                 
Net earnings
  
$
36,048
    
$
33,912
      
6.3
%
  
$
111,766
    
$
91,516
      
22.1
%
                                                 
Earnings per share of common stock:
                                                
Basic
  
$
0.86
    
$
0.81
            
$
2.67
    
$
2.17
          
 
                                                
Diluted
  
$
0.85
    
$
0.80
            
$
2.65
    
$
2.16
          
                                                 
Average common shares outstanding:
                                                
Basic
    
41,896
      
42,024
              
41,885
      
42,140
          
 
                                                
Diluted
    
42,242
      
42,206
              
42,199
      
42,287
          

Results by Segment
  
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                                 
Revenue
    
2022
      
2021
    
% Change
      
2022
      
2021
    
% Change
  
                                                 
Flavors & Extracts
  
$
187,046
    
$
181,667
      
3.0
%
  
$
559,110
    
$
561,979
      
(0.5
%)
Color
    
151,469
      
139,239
      
8.8
%
    
456,175
      
408,166
      
11.8
%
Asia Pacific
    
35,221
      
33,442
      
5.3
%
    
109,014
      
99,599
      
9.5
%
Intersegment elimination
    
(12,660
)
    
(10,061
)
            
(35,996
)
    
(29,928
)
        
                                                 
Consolidated
  
$
361,076
    
$
344,287
      
4.9
%
  
$
1,088,303
    
$
1,039,816
      
4.7
%
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
26,337
    
$
25,164
      
4.7
%
  
$
83,929
    
$
76,718
      
9.4
%
Color
    
28,200
      
27,253
      
3.5
%
    
90,035
      
79,462
      
13.3
%
Asia Pacific
    
6,952
      
6,601
      
5.3
%
    
22,877
      
19,146
      
19.5
%
Corporate & Other
    
(13,996
)
    
(12,060
)
            
(41,315
)
    
(45,718
)
        
                                                 
Consolidated
  
$
47,493
    
$
46,958
      
1.1
%
  
$
155,526
    
$
129,608
      
20.0
%

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Sensient Technologies Corporation
Page 8
(In thousands)
(Unaudited)
  

Consolidated Condensed Balance Sheets
  
September 30,
2022
    
December 31,
2021
  
             
Cash and cash equivalents
  
$
46,579
    
$
25,740
  
Trade accounts receivable
    
287,197
      
261,121
  
Inventories
    
501,382
      
411,635
  
Prepaid expenses and other current assets
    
45,582
      
42,657
  
Total Current Assets
    
880,740
      
741,153
  
                 
Goodwill & intangible assets (net)
    
404,840
      
435,009
  
Property, plant, and equipment (net)
    
440,439
      
446,478
  
Other assets
    
113,189
      
122,853
  
                 
Total Assets
  
$
1,839,208
    
$
1,745,493
  
                 
Trade accounts payable
  
$
132,904
    
$
125,519
  
Short-term borrowings
    
21,947
      
8,539
  
Other current liabilities
    
100,574
      
98,247
  
Total Current Liabilities
    
255,425
      
232,305
  
                 
Long-term debt
    
547,190
      
503,006
  
Accrued employee and retiree benefits
    
27,854
      
28,579
  
Other liabilities
    
54,225
      
43,178
  
Shareholders' Equity
    
954,514
      
938,425
  
                 
Total Liabilities and Shareholders' Equity
  
$
1,839,208
    
$
1,745,493
  

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Sensient Technologies Corporation
 Page 9
(In thousands, except per share amounts)
  
(Unaudited)
  

Consolidated Statements of Cash Flows
            
Nine Months Ended September 30,
            
   
2022
    
2021
  
Cash flows from operating activities:
            
Net earnings
  
$
111,766
    
$
91,516
  
Adjustments to arrive at net cash provided by operating activities:
          
Depreciation and amortization
    
39,262
      
38,828
  
Share-based compensation expense
    
12,476
      
6,431
  
Net loss on assets
    
283
      
203
  
Loss on divestitures and other charges
    
-
      
13,774
  
Deferred income taxes
    
20,465
      
3,793
  
Changes in operating assets and liabilities:
                
Trade accounts receivable
    
(39,520
)
    
(35,290
)
Inventories
    
(112,021
)
    
(15,898
)
Prepaid expenses and other assets
    
(39,598
)
    
(15,016
)
Trade accounts payable and other accrued expenses
    
24,110
      
24,007
  
Accrued salaries, wages, and withholdings
    
1,819
      
1,763
  
Income taxes
    
(4,342
)
    
(1,155
)
Other liabilities
    
198
      
3,192
  
                 
Net cash provided by operating activities
    
14,898
      
116,148
  
                 
Cash flows from investing activities:
                
Acquisition of property, plant, and equipment
    
(51,703
)
    
(37,608
)
Proceeds from sale of assets
    
94
      
201
  
Proceeds from divestiture of businesses
    
-
      
36,790
  
Acquisition of new businesses
    
(1,048
)
    
(13,875
)
Other investing activities
    
947
      
1,348
  
                 
Net cash used in investing activities
    
(51,710
)
    
(13,144
)
                 
Cash flows from financing activities:
                
Proceeds from additional borrowings
    
187,715
      
55,589
  
Debt payments
    
(87,657
)
    
(67,534
)
Purchase of treasury stock
    
-
      
(31,467
)
Dividends paid
    
(51,681
)
    
(49,468
)
Other financing activities
    
(2,056
)
    
(582
)
                 
Net cash provided by (used in) financing activities
    
46,321
      
(93,462
)
                 
Effect of exchange rate changes on cash and cash equivalents
    
11,330
      
(1,373
)
                 
Net increase in cash and cash equivalents
    
20,839
      
8,169
  
Cash and cash equivalents at beginning of period
    
25,740
      
24,770
  
Cash and cash equivalents at end of period
  
$
46,579
    
$
32,939
  
                 
Supplemental Information
                
Nine Months Ended September 30,
    
2022
      
2021
  
                 
Dividends paid per share
  
$
1.23
    
$
1.17
  

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Sensient Technologies Corporation
Page 10
(In thousands, except percentages and per share amounts)
 
(Unaudited)
 

Reconciliation of Non-GAAP Amounts

The Company's results for the three and nine months ended September 30, 2022 and 2021 include adjusted revenue, adjusted operating income, adjusted net earnings, and adjusted diluted earnings per share, which exclude divestiture & other related costs, operational improvement plan costs and income, and the results of the divested operations.
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2022
    
2021
    
% Change
    
2022
    
2021
    
% Change
  
Revenue (GAAP)
  
$
361,076
    
$
344,287
      
4.9
%
  
$
1,088,303
    
$
1,039,816
      
4.7
%
Revenue of the divested product lines
    
-
      
(1,622
)
            
-
      
(29,399
)
        
Adjusted revenue
  
$
361,076
    
$
342,665
      
5.4
%
  
$
1,088,303
    
$
1,010,417
      
7.7
%
                                                 
Operating income (GAAP)
  
$
47,493
    
$
46,958
      
1.1
%
  
$
155,526
    
$
129,608
      
20.0
%
Divestiture & other related costs  – Cost of products sold
    
-
      
-
              
-
      
28
          
Divestiture & other related costs – Selling and
administrative expenses
    
-
      
241
              
-
      
13,473
          
Operating loss (income) of the divested product lines
    
-
      
70
              
-
      
(2,398
)
        
Operational improvement plan - Selling and administrative
expenses (income)
    
-
      
483
              
-
      
(2,010
)
        
Adjusted operating income
  
$
47,493
    
$
47,752
      
(0.5
%)
  
$
155,526
    
$
138,701
      
12.1
%
                                                 
Net earnings (GAAP)
  
$
36,048
    
$
33,912
      
6.3
%
  
$
111,766
    
$
91,516
      
22.1
%
Divestiture & other related costs, before tax
    
-
      
241
              
-
      
13,501
          
Tax impact of divestiture & other related costs(1)
    
-
      
1,179
              
-
      
283
          
Net loss (earnings) of the divested product lines, before tax
    
-
      
70
              
-
      
(2,398
)
        
Tax impact of the divested product lines(1)
    
-
      
(18
)
            
-
      
590
          
Operational improvement plan costs (income), before tax
    
-
      
483
              
-
      
(2,010
)
        
Tax impact of operational improvement plan(1)
    
-
      
(115
)
            
-
      
44
          
Adjusted net earnings
  
$
36,048
    
$
35,752
      
0.8
%
  
$
111,766
    
$
101,526
      
10.1
%
                                                 
Diluted earnings per share (GAAP)
  
$
0.85
    
$
0.80
      
6.3
%
  
$
2.65
    
$
2.16
      
22.7
%
Divestiture & other related costs, net of tax
    
-
      
0.03
              
-
      
0.33
          
Results of operations of the divested product lines, net of tax
    
-
      
-
              
-
      
(0.04
)
        
Operational improvement plan costs (income), net of tax
    
-
      
0.01
              
-
      
(0.05
)
        
Adjusted diluted earnings per share
  
$
0.85
    
$
0.85
      
0.0
%
  
$
2.65
    
$
2.40
      
10.4
%

Note: Earnings per share calculations may not foot due to rounding differences.

(1) Tax impact adjustments were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

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Sensient Technologies Corporation
Page 11
(In thousands)
 
(Unaudited)
 

Reconciliation of Non-GAAP Amounts - Continued
 
Results by Segment
  
Three Months Ended September 30,
  
Revenue
  
2022
    
Adjustments(2)
    
Adjusted
2022
    
2021
    
Adjustments(2)
    
Adjusted
2021
  
                                     
Flavors & Extracts
  
$
187,046
    
$
-
    
$
187,046
    
$
181,667
    
$
(1,312
)
  
$
180,355
  
Color
    
151,469
      
-
      
151,469
      
139,239
      
(310
)
    
138,929
  
Asia Pacific
    
35,221
      
-
      
35,221
      
33,442
      
-
      
33,442
  
Intersegment elimination
    
(12,660
)
    
-
      
(12,660
)
    
(10,061
)
    
-
      
(10,061
)
                                                 
Consolidated
  
$
361,076
    
$
-
    
$
361,076
    
$
344,287
    
$
(1,622
)
  
$
342,665
  
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
26,337
    
$
-
    
$
26,337
    
$
25,164
    
$
66
    
$
25,230
  
Color
    
28,200
      
-
      
28,200
      
27,253
      
4
      
27,257
  
Asia Pacific
    
6,952
      
-
      
6,952
      
6,601
      
-
      
6,601
  
Corporate & Other
    
(13,996
)
    
-
      
(13,996
)
    
(12,060
)
    
724
      
(11,336
)
                                                 
Consolidated
  
$
47,493
    
$
-
    
$
47,493
    
$
46,958
    
$
794
    
$
47,752
  

Results by Segment
  
Nine Months Ended September 30,
  
Revenue
  
2022
    
Adjustments(2)
    
Adjusted
2022
    
2021
    
Adjustments(2)
    
Adjusted
2021
  
                                     
Flavors & Extracts
  
$
559,110
    
$
-
    
$
559,110
    
$
561,979
    
$
(27,616
)
  
$
534,363
  
Color
    
456,175
      
-
      
456,175
      
408,166
      
(1,638
)
    
406,528
  
Asia Pacific
    
109,014
      
-
      
109,014
      
99,599
      
(295
)
    
99,304
  
Intersegment elimination
    
(35,996
)
    
-
      
(35,996
)
    
(29,928
)
    
150
      
(29,778
)
                                                 
Consolidated
  
$
1,088,303
    
$
-
    
$
1,088,303
    
$
1,039,816
    
$
(29,399
)
  
$
1,010,417
  
                                                 
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
83,929
    
$
-
    
$
83,929
    
$
76,718
    
$
(2,859
)
  
$
73,859
  
Color
    
90,035
      
-
      
90,035
      
79,462
      
548
      
80,010
  
Asia Pacific
    
22,877
      
-
      
22,877
      
19,146
      
(87
)
    
19,059
  
Corporate & Other
    
(41,315
)
    
-
      
(41,315
)
    
(45,718
)
    
11,491
      
(34,227
)
                                                 
Consolidated
  
$
155,526
    
$
-
    
$
155,526
    
$
129,608
    
$
9,093
    
$
138,701
  

(2) For Revenue, adjustments consist of revenues of the divested product lines. For Operating Income, adjustments consist of the results of the divested product lines, divestiture & other related costs, and 2021 operational improvement plan costs and income.

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Sensient Technologies Corporation
Page 12
(In thousands, except percentages)
 
(Unaudited)
 

Reconciliation of Non-GAAP Amounts - Continued

The following tables summarize the percentage change in the 2022 results compared to the 2021 results for the corresponding periods.
 
   
Three Months Ended September 30,
  
Revenue
  
Total
    
Foreign Exchange Rates
    
Adjustments(3)
    
Adjusted Local Currency
  
Flavors & Extracts
    
3.0
%
    
(2.9
%)
    
(0.8
%)
    
6.7
%
Color
    
8.8
%
    
(5.5
%)
    
(0.3
%)
    
14.6
%
Asia Pacific
    
5.3
%
    
(9.2
%)
    
0.0
%
    
14.5
%
Total Revenue
    
4.9
%
    
(4.4
%)
    
(0.6
%)
    
9.9
%
                                 
Operating Income
                                
Flavors & Extracts
    
4.7
%
    
(1.1
%)
    
0.2
%
    
5.6
%
Color
    
3.5
%
    
(7.4
%)
    
0.0
%
    
10.9
%
Asia Pacific
    
5.3
%
    
(11.0
%)
    
0.0
%
    
16.3
%
Corporate & Other
    
16.0
%
    
(0.1
%)
    
(7.4
%)
    
23.5
%
Total Operating Income
    
1.1
%
    
(6.5
%)
    
1.8
%
    
5.8
%
Diluted Earnings Per Share
    
6.3
%
    
(6.3
%)
    
5.5
%
    
7.1
%
Adjusted EBITDA
    
2.2
%
    
(5.6
%)
    
N/A
      
7.8
%

   
Nine Months Ended September 30,
  
Revenue
  
Total
    
Foreign Exchange Rates
    
Adjustments(3)
    
Adjusted Local Currency
  
Flavors & Extracts
    
(0.5
%)
    
(2.4
%)
    
(5.0
%)
    
6.9
%
Color
    
11.8
%
    
(3.8
%)
    
(0.4
%)
    
16.0
%
Asia Pacific
    
9.5
%
    
(7.4
%)
    
(0.3
%)
    
17.2
%
Total Revenue
    
4.7
%
    
(3.3
%)
    
(3.0
%)
    
11.0
%
                                 
Operating Income
                                
Flavors & Extracts
    
9.4
%
    
(1.2
%)
    
(4.0
%)
    
14.6
%
Color
    
13.3
%
    
(4.9
%)
    
0.9
%
    
17.3
%
Asia Pacific
    
19.5
%
    
(9.6
%)
    
(0.5
%)
    
29.6
%
Corporate & Other
    
(9.6
%)
    
0.0
%
    
(30.4
%)
    
20.8
%
Total Operating Income
    
20.0
%
    
(5.1
%)
    
8.4
%
    
16.7
%
Diluted Earnings Per Share
    
22.7
%
    
(5.1
%)
    
12.8
%
    
15.0
%
Adjusted EBITDA
    
12.8
%
    
(4.0
%)
    
N/A
      
16.8
%

(3) For Revenue, adjustments consist of revenues of the divested product lines. For Operating Income, Diluted Earnings per Share, and Adjusted EBITDA, adjustments consist of the results of the divested product lines, divestiture & other related costs, and 2021 operational improvement plan costs and income.

The following table summarizes the reconciliation between Operating Income (GAAP) and Adjusted EBITDA for the three and nine months ended September 30, 2022 and 2021.

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                     
   
2022
    
2021
    
% Change
    
2022
    
2021
    
% Change
  
Operating income (GAAP)
  
$
47,493
    
$
46,958
      
1.1
%
  
$
155,526
    
$
129,608
      
20.0
%
Depreciation and amortization
    
13,082
      
13,011
              
39,262
      
38,828
          
Depreciation and amortization, divested product lines
    
-
      
(49
)
            
-
      
(146
)
        
Share-based compensation expense
    
3,785
      
2,243
              
12,476
      
6,431
          
Divestiture & other related costs, before tax
    
-
      
241
              
-
      
13,501
          
Results of operations of the divested product lines, before tax
    
-
      
70
              
-
      
(2,398
)
        
Operational improvement plan costs (income), before tax
    
-
      
483
              
-
      
(2,010
)
        
Adjusted EBITDA
  
$
64,360
    
$
62,957
      
2.2
%
  
$
207,264
    
$
183,814
      
12.8
%

We have included each of these non-GAAP measures in order to provide additional information regarding our underlying operating results and comparable period-over-period performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. These non-GAAP measures should not be considered in isolation. Rather, they should be considered together with GAAP measures and the rest of the information included in this release and our SEC filings. Management internally reviews each of these non-GAAP measures to evaluate performance on a comparative period-to-period basis and to gain additional insight into underlying operating and performance trends, and we believe the information can be beneficial to investors for the same purposes. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.