Third Quarter 2023 Earnings Presentation
Non-GAAP Reconciliations - Net Income to Adjusted EBITDA
POLARIS
Sales
Reconciliation of Net Income to Adjusted EBITDA
(In Millions, Unaudited)
Three months ended September 30,
2023
2022
Nine months ended September 30,
2023
2022
Full Year
2022
2,248.9
2,340.6
6,645.2
6,184.9
8,589.0
Net income from continuing operations
151.5
190.7
399.4
406.8
603.4
Provision for income taxes
30.2
50.9
100.2
107.9
158.0
Interest expense
32.5
20.1
92.2
46.8
71.7
Depreciation
62.0
51.7
173.6
155.6
214.0
Intangible amortization (4)
4.4
4.5
13.3
14.3
18.8
Distributions from other affiliates (1)
―
(0.7)
-
(0.7)
(0.7)
Acquisition-related costs (2)
0.7
0.7
Restructuring & realignment (3)
0.9
1.2
1.4
5.5
6.2
Class action litigation expenses (5)
0.4
1.4
5.4
2.5
4.5
Adjusted EBITDA
282.6
$
319.8
786.2
$
738.7
$
Adjusted EBITDA Margin
12.6 %
13.7 %
11.8 %
11.9 %
1,075.9
12.5 %
Adjustments:
(1) Represents distributions received related to an impaired investment held by the Company
(2) Represents adjustments for integration and acquisition-related expenses
(3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation costs
(4) Represents amortization expense for acquisition-related intangible assets
(5) Represents adjustments for certain class action litigation-related expenses
Q3'23 Earnings 10/24/23 18View entire presentation