Moving Infrastructure Forward - Investor Presentation
Adjusted EBITDA reconciliation: Trinity's Historic Barge Segment
$ Millions
82
Fiscal Years ended December 31,
2018(P) (1)
2017
2016
2015
2014
Barge (FY14 - FY18(P))
Operating Profit
$5.1
$6.4
$45.3
$117.0
$114.4
Add: Depreciation & amortization expense
Adjusted EBITDA
$7.3
$7.3
$8.4
$10.5
$9.3
$12.4
$13.7
$53.7
$127.5
$123.7
Fiscal Years ended December 31,
Barge (FY10 - FY13)
2013
2012
2011
2010
Operating Profit
$96.0
$124.7
$106.4
$69.0
Add: Depreciation & amortization expense
Adjusted EBITDA
$8.1
$104.1
$7.6
$132.3
$6.4
$112.8
$5.5
$74.5
(1) Based on Trinity Industries guidance provided on 7/26/2018; revenues of $170M and operating profit margin of 3%; depreciation assumed equal to FY 2017 level
"Adjusted EBITDA" is defined as segment operating profit plus depreciation and amortization expense. Since income taxes and interest expense are not allocated to the segment level, they are not added back in
the calculation of adjusted EBITDA. For a reconciliation of EBITDA to net income, see the accompanying EBITDA reconciliation. Adjusted EBITDA is not a calculation based on generally accepted accounting
principles. The amounts included in the adjusted EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, adjusted EBITDA should not be
considered as an alternative to net income or operating income as an indicator of our operating performance, or as an alternative to operating cash flows as a measure of liquidity. We believe adjusted EBITDA
assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the adjusted
EBITDA measure presented in this presentation may not always be comparable to similarly titled measures by other companies due to differences in the components of the calculation.
/ Moving Infrastructure Forward - Investor Presentation, October 2018
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