Kirby : Reconciliation of GAAP net earnings attributable to Kirby to non-GAAP EBITDA Q3 2022

10/18/2022 EST

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 24th, 2022

KIRBY CORPORATION

Reconciliation of GAAP Net Earnings Attributable to Kirby to Non-GAAP Adjusted EBITDA

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
($ in millions)
Net earnings (loss) attributable to Kirby	$ (247.0)	$ (272.5)	$142.4	$ 78.5	$313.2	$141.4	$226.7	$282.0	$253.1	$209.4
Interest expense	42.5	48.7	56.0	46.9	21.5	17.7	18.8	21.5	27.9	24.4
Provision (benefit) for taxes on income	(43.8)	(189.8)	46.8	35.0	(240.8)	85.0	133.7	169.8	152.3	127.9
Impairment of long-lived assets	121.7	165.3	-	82.7	105.7	-	-	-	-	-
Impairment of goodwill	219.0	388.0	-	2.7	-	-	-	-	-	-
Depreciation and amortization	213.7		219.9		219.6		225.0		202.8		200.9	192.2	169.3	164.4	145.2
Adjusted EBITDA, Non-GAAP	$ 306.1	$ 359.6	$464.8	$470.8	$402.4	$445.0	$571.4	$642.6	$597.7	$506.9

Prepared on: October 24th, 2022

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Kirby Corporation published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2022 11:39:04 UTC.

KIRBY CORPORATION

Kirby : Reconciliation of GAAP net earnings attributable to Kirby to non-GAAP EBITDA Q3 2022

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