Investor Presentaiton
Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA
Three Months Ended December 31,
Year Ended December 31,
$ in millions (unaudited)
2022
Reported net (loss) income attributable to Delek
$
(118.7)
2021
As Adjusted (1)
(13.4) $
2022
2021
As Adjusted (1)
257.1
$
(128.3)
Interest expense, net
62.6
36.7
195.3
136.7
Income tax expense (benefit)
(43.6)
(3.0)
63.9
(42.0)
Depreciation and amortization
77.8
69.0
287.0
264.6
EBITDA attributable to Delek
Adjusting items
Net inventory LCM valuation (benefit) loss
(21.9)
89.3
803.3
231.0
(17.2)
8.2
1.9
8.5
Other inventory impact
193.6
(61.6)
331.1
(218.1)
Business Interruption insurance recoveries
(5.2)
(9.9)
(31.1)
(9.9)
El Dorado refinery fire losses, net of related insurance
4.0
7.8
Unrealized hedging (gain) loss where the hedged item is not yet
recognized in the financial statements
50.1
(5.5)
24.1
6.7
Non-cash change in fair value of S&O Obligation associated
with hedging activities
|
(6.9)
Non-operating litigation accrual related to pre-Delek/Alon
Merger shareholder action
6.5
Contract termination recoveries in excess of amounts that have
or will impact EBITDA
(20.9)
Transaction related expenses
10.6
Restructuring costs
12.5
12.5
Net income attributable to non-controlling interest
9.0
8.3
33.4
33.0
Total Adjusting items
242.8
(56.5)
382.5
(193.3)
Adjusted EBITDA
220.9
$
32.8 $
1,185.8
37.7
(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories.
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