Kirby : 2Q 2021 Earnings Presentation

2Q 2021

Earnings Conference Call

July 29, 2021

Disclosures

Forward Looking Statements

Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic and the related response of governments on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2020.

Non-GAAP Financial Measures

This conference call may refer to certain non-GAAP or adjusted financial measures. Kirby uses certain non-GAAP financial measures to review performance including: Adjusted EBITDA; 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. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company's liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. 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. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release, and are also available on our website at www.kirbycorp.comin the Investor Relations section under Financials.

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2Q 2021 Overview

Financial Summary

$ millions except earnings (loss) per share		2Q 2021		2Q 2020	Variance	%		1Q 2021	Variance	%
Revenues	$	559.6		$ 541.2	$ 18.4	3%		$ 496.9	$ 62.7	13%
Operating income		24.0		34.3	(10.3)	-30%		3.2	20.8	650%
Net earnings (loss) attributable to Kirby		10.2		25.0	(14.8)	-59%		(3.4)	13.6	400%
Earnings (loss) per share		0.17		0.42	(0.25)	-60%		(0.06)	0.23	383%

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Marine Transportation - 2Q Overview

Overall Segment Results

• Revenues increased 11% sequentially
• Operating margin improved to 5.6%

Inland

• Revenues increased 13% compared to 1Q 2021
• Barge utilization improved into the low to mid-80% range
• Quarter started slow in April, but activity increased in May
• Colonial Pipeline outage temporarily increased inland barge utilization to near 90%
• Ton miles increased 17% sequentially
• Spot market pricing improved approximately 10% sequentially
• Operating margins improved into the high single digits

Coastal

• Continued low demand for refined products and black oil transportation
• Barge utilization in the low to mid-70% range
• Spot and term pricing remained stable

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Distribution & Services - 2Q Overview

Overall Segment Results

• Revenues increased 16% sequentially
• Operating margin improved to 2.7%

Oil and Gas (vs. 1Q 2021)

• Increased U.S. rig counts and frac activity
• Incremental orders and increased deliveries of new pressure pumping and frac based power generation equipment
• Improved sales of new transmissions, parts, and service

Commercial and Industrial (vs. 1Q 2021)

• Increased demand for parts and service in on-highway
• Increased product sales in Thermo-King
• Power generation activity lower due to timing of large commercial back-up power installations
• Marine repair major overhauls down modestly

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