Investor Presentaiton
Reconciliation: Adjusted Operating Results
Impairment of
long-lived
assets -
Controlling
Nine Months Ended September 30, 2020
Impairment of
long-lived
assets -
Noncontrolling
(1) (2)
(3)
GAAP
Interest
Interest
Early
Restructuring
activities
redemption of
(2)
debt (2)
Income tax
effect of
CARES Act
Adjusted
Operating profit (loss)
$
(161.4)
Interest expense, net
$
163.6
288.1
Provision (benefit) for income taxes
$ (226.1)
$
67.4
$
Income (loss) from continuing operations
$
(99.4)
220.7
Net income (loss) attributable to Trinity
Industries, Inc.
$
(20.1)
220.7
$
Diluted weighted average shares
outstanding (4)
117.2
Diluted income (loss) from continuing
operations per common share attributable
to Trinity Industries, Inc.
$
(0.17)
(in millions, except per share amounts)
81.3
81.3
$
10.5 $
(5.0)
218.5
158.6
2.5
$
1.2 $
174.6
19.6
8.0
$
8.0
S
3.8
(174.6)
39.8
ՄՌ
$
3.8
$
(174.6)
$
37.8
118.4
0.32
(1) Excludes $81.3 million of non-cash impairment of long-lived asset charges associated with the noncontrolling interest.
(2) The effective tax rate for impairment of long-lived assets, restructuring activities, and the early redemption of debt is before consideration of the CARES Act.
(3) Represents the portion of the non-cash impairment of long-lived asset charge attributable to the noncontrolling interest, for which Trinity does not provide income taxes
(4) GAAP diluted weighted average shares outstanding excludes 1.2 million shares for the nine months ended September 30, 2020 since the Company was in a net loss position. When adjusting for the items above, these
shares become dilutive.
We have supplemented the presentation of our reported GAAP operating profit (loss), interest expense, net, provision (benefit) for income taxes, income (loss) from continuing operations, net income (loss) attributable to
Trinity Industries, Inc., diluted weighted average shares outstanding and diluted income (loss) from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the
GAAP measures to exclude the impact of restructuring activities, impairment of long-lived assets, early redemption of debt, the income tax effects of the CARES Act and certain other non-recurring transactions or events (as
applicable). These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management
believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain non-recurring items. Non-GAAP measures should not be considered in
isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.
TRINITY INDUSTRIES
DELIVERING GOODS for THE GOOD of ALL
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