Investor Presentaiton
Reconciliation of Adjusted EBITDA and Adjusted Net Income
($'s in millions)
(unaudited)
Three Months Ended
September 30,
Full Year
2023 Guidance
2023
2022
Low
High
$
35.5
$
32.0
$ 154.8
$ 160.0
Net income
Add:
Interest expense, net
5.0
8.6
23.0
24.0
Provision for income taxes
7.5
8.6
31.7
37.5
Depreciation, depletion, and amortization expense (1)
40.5
39.6
157.0
160.0
EBITDA
88.5
88.8
366.5
381.5
Add (less):
Gain on storage tanks divestiture
Impact of acquisition and divestiture-related expenses (2)
Benefit from reduction in holdback obligation
Other, net (income) expense
Adjusted EBITDA(3)
Adjusted EBITDA Margin
(6.4)
(6.4)
0.5
2.2
1.4
1.4
(5.0)
(5.0)
0.4
(0.2)
(1.5)
(1.5)
$
89.4
$
90.8
$ 355.0
$ 370.0
15.1 %
15.0 %
15.8 %
16.1 %
Three Months Ended
September 30,
2023
2022
Net income
$
35.5
$
32.0
Impact of acquisition and divestiture-related expenses, net of tax (2)
Adjusted Net Income
0.4
1.7
$
35.9
$
33.7
(1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments.
(2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.
(3) See Reconciliation of Historical Adjusted EBITDA for the Storage Tanks Business table for the contribution of the storage tanks business to Adjusted EBITDA for the three months ended September 30, 2022.
31 MOVING INFRASTRUCTURE FORWARD I 2023
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