Investor Presentaiton
EBITDA and Adjusted EBITDA
N
Management uses earnings before interest, taxes and depreciation and amortization ("EBITDA") and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a
particular period ("Adjusted EBITDA") as non-GAAP measures to evaluate the Company's operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net
income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although
Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily
comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our
operating results in the same manner as our management and Board of Directors. Management's determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review
of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Net income (loss) attributable to Newmont stockholders
Net (income) loss from discontinued operations (1)
Net income (loss) attributable to noncontrolling interests
Equity loss (income) of affiliates
Income and mining tax expense (benefit)
Depreciation and amortization
Interest expense, net
EBITDA
Adjustments:
Three Months Ended
December 31,
coo
Year Ended
December 31,
(1)
(2)
(3)
2022
2021
2022
2021
$
(1,477) $
(46) $
(429) $
1,166
(4)
19
(718)
60
(933)
(11)
(15)
(30)
(57)
(5)
(26)
(28)
(107)
(166)
112
300
455
1,098
(6)
571
639
2,185
2,323
53
66
227
274
$
(759) $
198
$
2,361
$
3,705
(8)
For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements.
Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill.
Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to the reclamation and
remediation plans and cost estimates at the Company's former operating properties and historic mining operations that
have entered the closure phase and have no substantive future economic value.
Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to the
annuitization of certain defined benefit plans and lump sum payments to participants in 2022 and related to lump sum
payments to participants in 2021.
Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses
related to the Company's investments in current and non-current marketable and other equity securities.
Gain on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents gains
recognized on the sale of the investment in MARA, the disposal of trucks at Boddington and the sale of a royalty at NGM,
partially offset by the loss recognized on the sale of the La Zanja equity method investment in 2022; and the gain on the
sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange transaction, and gain on the
sale of TMAC in 2021.
Settlement costs, included in Other expense, net, primarily represents a legal settlement and a voluntary contribution made
to support humanitarian efforts in Ukraine in 2022; and a voluntary contribution made to the Republic of Suriname in 2021.
Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated
with significant organizational and operating model changes implemented by the Company for all periods presented.
COVID-19 specific costs, included in Other expense, net, primarily includes amounts distributed from Newmont Global
Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic.
(10) Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification
of the Conga mill assets as held for sale during 2021. The assets were remeasured to fair value less costs to sell.
25
1,696
4
(9)
Impairment charges (2)
1,317
7
1,320
Reclamation and remediation charges (3)
$
700 $
1,587
$
713
$
Pension settlements (4)
7
4
137
Change in fair value of investments (5)
(45)
(45)
46
135
Gain on asset and investment sales (6)
(61)
(166)
(35)
(212)
2
22
11
1
1
4
11
2
2
3
5
571
11
1
Settlement costs (7)
Restructuring and severance (8)
COVID-19 specific costs (9)
Loss on debt extinguishment (11)
Loss on assets held for sale (10)
Impairment of investments (12)
Other (13)
Adjusted EBITDA (14)
FEN - N
11
(3)
(21)
$
1,161 $
1,599 $
4,550
$
5,963
S @ རྒྱ ཎྱ ཎྱ སྱེཤྱེ
(11) Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the debt tender offer and
subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes during 2021.
(12) Impairment of investments, included in Other income (loss), net, represents other-than-temporary impairment of other
investments.
(13) Primarily represents for the year ended, an $11 reimbursement of certain historical Goldcorp operational expenses related
to a legacy project that reached commercial production in the second quarter of 2022 and $7 of penalty income from an
energy vendor early terminating a contract in 2022, included Other income (loss), net.
(14) Adjusted EBITDA has not been adjusted for $-, $, $-, and $8 of cash care and maintenance costs, included in Other
expense, net, which primarily represent costs incurred associated with certain mine sites being temporarily placed into care
and maintenance in response to the COVID-19 pandemic for the three months and years ended December 31, 2022 and
2021, respectively.
TM
FEBRUARY 2023 INVESTOR PRESENTATION
NEWMONT CORPORATION
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