Strategies for Sustainable Growth and Resilience
Non-GAAP EBITDA Reconciliation
Historical
2022
2022
2021
2020
2019
$72,916
$116,220
$129,755
$147,325
$120,371
(in thousands, except for margin values)
Twelve Months Ended Dec 31,
Net income
Pro Forma
2018
$92,647
Adjustments:
Income taxes
26,503
42,601
43,459
47,431
37,389
28,357
Depreciation, depletion and
117,798
117,798
100,974
89,626
77,450
61,158
amortization
Interest
61,061
30,121
19,218
20,577
23,792
17,290
Consolidated EBITDA
$278,278
$306,740
Revenues
Net income margin
$2,534,729
$2,534,729
$293,406
$2,228,930
$304,959
$2,178,002
$259,002
$199,453
$2,190,717
$1,925,854
2.9%
4.6%
5.8%
6.8%
5.5%
4.8%
EBITDA margin
11.0%
12.1%
13.2%
14.0%
11.8%
10.4%
Consolidated EBITDA
278,278
306,740
293,406
304,959
259,002
199,453
Stock-based Compensation Expense
4,098
2,644
3,637
3,357
1,857
1,266
Unrealized (gains) losses on Benefit
4,029
4,029
(2,294)
(4,026)
(3,639)
1,249
Plan Investments
Dis-synergy costs
(16,991)
(16,991)
(16,991)
(16,991)
(16,991)
One-time spin related costs¹
10,018
--
Adjusted EBITDA
$296,423
$296,423
$277,759
$287,300
$240,229
$184,976
Net income margin
2.9%
4.6%
5.8%
6.8%
5.5%
4.8%
Adjusted EBITDA margin
11.7%
11.7%
12.5%
13.2%
11.0%
9.6%
Note: Totals may not sum due to rounding. 1 One-time spin related costs are borne by Knife River and are not inclusive of the total MDU Resources spin related costs.
KNIFE RIVER
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