Reconciliation of GAAP net earnings attributable to Kirby to non-GAAP EBITDA Q3 2021
October 28, 2021 at 07:23 am EDT
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KIRBY CORPORATION
Reconciliation of GAAP to Non-GAAP Financial Measure
Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that the non-GAAP financial measure Adjusted EBITDA is useful in managing Kirby's businesses and evaluating Kirby's performance.
Adjusted EBITDA, which Kirby defines as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill is used because of its wide acceptance as a measure of operating profitability before non-operating expenses (interest and taxes) and noncash charges (depreciation and amortization, impairment of long-lived assets, and impairment of goodwill). Adjusted EBITDA is one of the performance measures used in Kirby's incentive bonus plan. Adjusted EBITDA is also used by rating agencies in determining Kirby's credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies.
This non-GAAP financial measure is not a substitute for GAAP financial results and should only be considered in conjunction with Kirby's financial information that is presented in accordance with GAAP.
Quantitative reconciliations of GAAP net earnings attributable to Kirby to Non-GAAP Adjusted EBITDA are provided in the following tables.
Prepared on: October 28, 2021
1
KIRBY CORPORATION
Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
($ in millions)
Net earnings (loss) attributable to Kirby
$(272.5)
$ 142.4
$ 78.5
$ 313.2
$ 141.4
$ 226.7
$ 282.0
$ 253.1
$ 209.4
$ 183.0
Interest expense
48.7
56.0
46.9
21.5
17.7
18.8
21.5
27.9
24.4
17.9
Provision (benefit) for taxes on income
(189.8)
46.8
35.0
(240.8)
85.0
133.7
169.8
152.3
127.9
109.3
Impairment of long-lived assets
165.3
-
82.7
105.7
-
-
-
-
-
-
Impairment of goodwill
388.0
-
2.7
-
-
-
-
-
-
-
Depreciation and amortization
219.9
219.6
225.0
202.8
200.9
192.2
169.3
164.4
145.2
126.0
Adjusted EBITDA, Non-GAAP
$ 359.6
$464.8
$470.8
$402.4
$445.0
$571.4
$642.6
$597.7
$506.9
$436.2
Prepared on: October 28, 2021
2
KIRBY CORPORATION
Reconciliation of GAAP Net Earnings (Loss) Attributable to Kirby to Non-GAAP Adjusted EBITDA
Net earnings (loss) attributable to Kirby Interest expense
Provision (benefit) for taxes on income Impairment of long-lived assets Impairment of goodwill Depreciation and amortization
Adjusted EBITDA, Non-GAAP
Three Months Ended
Three Months Ended
Three Months Ended
Year to Date
March 31,
June 30,
September 30,
September 30,
($ in millions)
2021
2020
2021
2020
2021
2020
2021
2020
$
(3.4)
$
(347.2)
$
10.2
$
25.0
$
(264.7)
$
27.4
$ (257.9)
$
(294.8)
11.0
12.8
10.7
12.7
10.5
11.8
32.2
37.3
(0.9)
(172.8)
5.5
(1.4)
(60.5)
(8.4)
(55.9)
(182.6)
-
165.3
-
-
121.7
-
121.7
165.3
-
388.0
-
-
219.0
-
219.0
388.0
54.9
55.7
55.1
54.5
53.5
54.9
163.5
165.1
$
61.6
$
101.8
$
81.5
$
90.8
$
79.5
$
85.7
$ 222.6
$
278.3
Prepared on: October 28, 2021
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Kirby Corporation published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 11:22:07 UTC.
Kirby Corporation is a domestic tank barge operator. The Company transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (KMT), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. It also participates in the transportation of dry-bulk commodities in the United States coastwise trade. Through its distribution and services segment (KDS), it sells after-market service and genuine replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. It also rents a variety of power generation and industrial equipment, manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment for oilfield service customers.
KIRBY CORPORATION 
