KIRBY CORPORATION

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Reconciliation of GAAP net earnings attributable to Kirby to non-GAAP EBITDA Q3 2021

10/28/2021 | 07:23am

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

3

Disclaimer

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.

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