KIRBY CORPORATION

KEX
Real-time Estimate Quote. Real-time Estimate  - 05/27 11:40:25 am
67.805USD +0.99%

Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-time Items Q3 2021

10/28/2021 | 07:23am
GAAP loss One-timeitems:
- Impairments and other charges
Earnings, excluding one-timeitems(1)

KIRBY CORPORATION

Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items

(unaudited, $ in millions except per share amounts)

Third Quarter 2021

Net

Diluted

Operating

Earnings

Earnings

Earnings

Income

(Loss)

(Loss) Attr.

(Loss) per

(Loss)

Before Tax

Kirby

Share

Year-to-Date 2021 (Sept. 30)

Net

Diluted

Operating

Earnings

Earnings

Earnings

Income

(Loss)

(Loss)

(Loss) per

(Loss)

Before Tax

Attr. Kirby

Share

$ (316.9)

$ (325.6)

$

(264.7)

$

(4.41)

340.7

340.7

275.0

4.58

$ 23.8

$ 15.1

$

10.3

$

0.17

$ (289.7)

$ (313.8)

$ (257.9)

$

(4.30)

340.7

340.7

275.0

4.58

$ 51.0

$ 26.9

$ 17.1

$

0.28

Full Year 2020

Full Year 2019

Full Year 2018

Full Year 2017

Net

Diluted

Net

Net

Net

Operating

Earnings

Earnings

Earnings

Earnings

Diluted

Earnings

Diluted

Earnings

Diluted

Income

(Loss)

(Loss) Attr.

(Loss) per

Operating

Earnings

Attr.

Earnings

Operating

Earnings

Attr.

Earnings

Operating

Earnings

Attr.

Earnings

(Loss)

Before Tax

Kirby

Share

Income

Before Tax

Kirby

per Share

Income

Before Tax

Kirby

per Share

Income

Before Tax

Kirby

per Share

GAAP earnings (loss)

$

(420.8)

$

(461.4)

$

(272.5)

$

(4.55)

$

242.0

$

189.8

$

142.3

$

2.37

$

155.3

$

114.2

$

78.5

$

1.31

$

93.6

$

73.0

$

313.2

$

5.62

One-time items:

- Income tax benefit on 2018 and 2019 net

operating loss carrybacks

-

-

(50.8)

(0.85)

-

-

-

-

-

-

-

-

-

-

-

-

- Impairments and other charges

561.3

561.3

433.3

7.24

35.5

35.5

28.0

0.47

87.8

87.8

69.3

1.16

105.7

105.7

67.0

1.20

- Severance and early retirement expense

-

-

-

-

4.8

4.8

3.7

0.06

-

-

-

-

-

-

-

-

- Executive Chairman retirement

-

-

-

-

-

-

-

-

18.1

18.1

18.1

0.30

-

-

-

-

- Higman transaction fees & expenses

-

-

-

-

-

-

-

-

3.3

3.3

2.5

0.04

-

-

-

-

- Amendment to employee stock plan

-

-

-

-

-

-

-

-

3.9

3.9

3.0

0.05

-

-

-

-

- US tax reform and deferred tax liability

remeasurement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(269.4)

(4.83)

Earnings, excluding one-time items(1)

$

140.5

$

99.9

$

110.0

$

1.84

$

282.3

$

230.1

$

174.0

$

2.90

$

268.4

$

227.3

$

171.4

$

2.86

$

199.3

$

178.7

$

110.8

$

1.99

Note: There were no identified one-time items in the 2021 first and second quarters.

  1. Kirby uses certain non-GAAP financial measures to review performance excluding certain one-time items including: operating income, excluding one-time items; earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby's GAAP financial information.

Prepared on: October 28, 2021

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 11:22:01 UTC.

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