MGP Overview and Strategic Focus Areas
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES
NET INCOME TO ADJUSTED EBITDA¹ AND ADJUSTED EBITDA¹ LESS CAPITAL EXPENDITURES2
MGP
($ in thousands)
2019
2020
2021
2022
Net Income
Interest
Taxes
$38,793
$40,345
$90,817
$108,872
1,305
2,267
4,037
5,451
7,144
12,256
30,279
31,300
Depreciation and Amortization
11,572
12,961
19,092
21,455
Equity Method Investment Loss (Income)
I
1,611
2,220
Insurance Recoveries
(16,325)
Inventory Step-Up - Branded Spirits
I
2,529
I
Business Acquisition Costs
CEO Transition Costs
I
919
8,927
1
1,932
Adjusted EBITDA 1
$58,814
$70,680
$140,967
$169,298
Capital Expenditures²
16,730
19,701
47,389
Adjusted EBITDA¹ less Capital Expenditures²
$42,084
$50,979
$93,578
45,323
$123,975
Adjusted EBITDA¹ less Capital Expenditures² as a
percentage of Adjusted EBITDA¹
71.6%
72.1%
66.4%
73.2%
38
38
Source: Company filings; unaudited
1 Non-GAAP figure
2 Cash Flow Capital ExpendituresView entire presentation