Summary Observations Regarding CVR's Campaign
Reconciliation of GAAP to Non-GAAP (Cont'd)
Retail Segment
Reconciliation of Amounts Reported Under U.S. GAAP
(In millions)
Period from July 1,
Year Ended December 31,
2017 to December
2018
2019
2020
31, 2017
Reconciliation of Contribution Margin to Adjusted Retail Segment Earnings:
Contribution Margin
$58.9
$58.5
$67.6
$26.8
Less:
General and administrative expenses
23.2
23.8
20.5
7.4
Add:
Gain on sale of assets
Adjusted Retail Segment Earnings
Retail Segment - Pre-Acquisition (1)
Reconciliation of Amounts Reported Under U.S. GAAP
(In millions)
Net Revenue
Less:
Operating costs and expenses (excluding depreciation and amortization):
Cost of materials
Selling general and administrative expenses
Total operating costs and expenses
Add:
Gain on sale of assets
Adjusted Retail Segment Earnings
1.2
3.0
0.1
0.1
$36.9
$37.7
$47.2
$19.5
Period from January
1, 2017 to June 30,
2017
$398.6
2016
$731.7
325.9
588.8
54.6
114.3
380.5
703.1
1.1
0.4
$19.2
$29.0
Delek
US
(1)
For the annual period ended December 31, 2016, the Pre-acquisition Alon Adjusted Retail Segment Earnings was derived from the Annual Report on Form 10-K filed by Alon and incorporated by reference into Delek's
2016 Annual Report on Form 10-K, and for the six months ended June 30, 2017, the Pre-acquisition Alon Adjusted Retail Segment Earnings was derived from Exhibit 99.3 Alon Supplemental information, filed as an
exhibit to Delek's Form 8-K filed on August 3, 2017 related to the significant acquisition of Alon. In those respective filings, Alon did not present Contribution Margin as a GAAP measure for its retail segment (as defined
by Alon, which is not believed to be materially different from Delek's definition and, therefore, hereafter also referred to as "Retail Segment"). As a result, we have calculated Adjusted Retail Segment Earnings for the 44
pre-acquisition periods using the income statement items that were disclosed for the Retail Segment by Alon. Note that the pre-acquisition period presentation of Adjusted Retail Segment Earnings is based on
accounting policies as elected and applied by Alon, which may differ from accounting policies used post-acquisition by Delek and reflected in Delek's post-acquisition Adjusted Retail Segment EarningsView entire presentation