Matson Investor Presentation Deck
15
Appendix -Non-GAAP Measures
Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company also considers other non-GAAP measures to
evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to
understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any
particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest Expense, Interest Income, Income Taxes, Depreciation and
Amortization ("EBITDA"), Return on Invested Capital ("ROIC") and Return on Equity ("ROE").
($ in millions, except ROIC and ROE)
(6)
Total debt
Less: total cash and cash equivalents
Net debt.
Net income
Add: loss from discontinued operations
Add: income tax expense
Add: interestexpense
Subtract: interest income
Add: depreciation and amortization
EBITDA
Net income (A)
Add: loss from discontinued operations
Subtract: interest income (tax-effected)
Add: interest expense (tax-effected)
Total return (B)
Average total debt
+ (6)
Average shareholders' equity (C)
Total invested capital (D)
ROIC = (B)/(D)
ROE = (A)/(C)
(4)
(4)
LTM as of
09/30/22
Investor Presentation | February 2023
$531.8 $ 629.0
(242.8) (282.4)
289.0 346.6
$ 1,380.4
346.4
19.0
(1.3)
163.0
1,907.5
$ 1,380.4
(1.0)
15.2
1,394.6
2021
57.8%
75.8%
$927.4
243.9
22.6
156.4
1,350.3
17.9
945.3
2020
$ 760.1
(14.4)
745.7
47.1%
70.6%
$ 193.1
65.9
27.4
$927.4 $ 193.1
137.3
423.7
20.4
213.5
2019
12.3%
21.9%
$958.4 $856.4
(21.2) (19.6)
937.2 836.8
25.1
22.5
(1)
$ 82.7 $ 109.0
134.0
264.3
For the years ended December 31,
2018 2017
2016
16.7
99.4
(2)
5.9%
10.6%
38.7
18.7
130.9
297.3
14.2
123.2
$857.1 $ 738.9 $ 429.9
(19.8) (13.9) (25.5)
837.3 725.0 404.4
(3)
$ 82.7¹) $109.02) $231.0(3)
7.8%
15.2%
$231.0
(105.8)
24.2
146.6
296.0
14.9
245.9
$81.4
17.8%
39.4%
49.1
24.1
135.4
290.0
$81.4
2015
15.1
96.5
$ 589.5 $694.6 $859.3 $907.4 $856.8 $798.0 $584.4 $401.8
1,821.7 1,314.3 883.5 780.5 716.3 586.1 472.8 407.1
2,411.2 2,008.9 1,742.8 1,687.9 1,573.1 1,384.1 1,057.2 808.9
$ 103.0
74.8
18.5
105.8
302.1
$103.0
10.7
113.7
2014
$ 373.6
(293.4)
80.2
$70.8
51.9
17.3
90.1
230.1
$70.8
10.0
80.8
$329.9
351.0
680.9
9.1%
14.1%
11.9%
17.2% 25.3% 20.2%
2013
$286.1 $319.1
(114.5) (19.9)
171.6 299.2
$53.7
32.2
14.4
91.0
191.3
$53.7
9.0
62.7
$302.6
309.1
611.7
2012
10.3%
17.4%
$45.9
6.1
33.0
11.7
95.4
192.1
$45.9
6.1
7.2
59.2
$319.1 (5)
(5)
279.9
599.0 (5)
9.9%
16.4%
(1) Includes a non-cash tax benefit of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Cuts and Jobs Act (the "Tax Act").
(2) Includes a non-cash tax expense of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Act.
(3) Includes the benefit of a one-time, non-cash adjustment of $154.0 million related to the enactment of the Tax Act.
(4) The effective tax rates each year in the period 2012-2021 and LTM 3Q22 were 38.8%, 37.5%, 42.3%, 42.1%, 37.6%, (84.5%), 26.2%, 23.3%, 25.4%, 20.8% and 20.1%, respectively. The
effective tax rates for 2017, 2018 and 2019 excluding adjustments related to the Tax Act, would have been 38.5%, 24.2% and 26.0%, respectively.
(5) The 2012 calculation is based on total invested capital as of December 31, 2012 due to the timing of the separation from Alexander & Baldwin.
(6) Total debt is presented before any reduction for deferred loan fees as required by U.S. GAAP.
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