Kirby : Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-time Items Q3 2023

KIRBY CORPORATION

Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items

(unaudited, $ in millions except per share amounts)

Q3 2023

Q3 YTD 2023

Full Year 2022

Earnings

Net

Diluted

Earnings

Net

Diluted

Earnings

Net

Diluted

Operating

Operating

Earnings

Operating

Earnings

Before

Earnings

Earnings

Before

Earnings

Before

Earnings

Income

Tax

Attr. Kirby

per Share

Income

Tax

Attr.

per Share

Income

Tax

Attr.

per Share

Kirby

Kirby

GAAP earnings (loss)

$ 93.5

$ 81.7

$

63.0

$ 1.05

$ 242.3

$ 212.7

$ 161.0

$ 2.68

$ 192.9

$ 165.0

$ 122.3

$ 2.03

One-time items:

Operating

Earnings

Net

Diluted

Income

(Loss)

Earnings

Earnings

Before

(Loss) Attr. (Loss) per

(Loss)

Tax

Kirby

Share

$ (258.1)

$ (290.6)

$ (247.0)

$ (4.11)

- Impairments and other charges

-

-

-

-

- Louisiana tax law change

-

-

-

-

- IRS refund interest income

-

-

-

-

- Severance expense, strategic review,

-

-

-

-

shareholder engagement and other charges

Earnings, excluding one-time items(1)

$

93.5

$ 81.7

$

63.0

$

1.05

Full Year 2020

Operating

Earnings

Net

Diluted

Income

(Loss)

Earnings

Earnings

Before

(Loss)

(Loss) per

(Loss)

Tax

Attr. Kirby

Share

-

-

-

-

-

-

-

-

-

(2.7)

(2.2)

(0.04)

3.0

3.0

2.4

0.04

$ 245.3

$ 213.0

$ 161.2

$

2.68

-

-

-

-

-

-

-

-

-

-

-

-

5.7

5.7

4.3

0.07

$ 198.6

$ 170.7

$ 126.6

$

2.10

340.7

340.7

275.0

4.58

-

-

5.7

0.09

-

-

-

-

-

-

-

-

$

82.6

$

50.1

$

33.7

$

0.56

GAAP earnings (loss)

$

(420.8)

$

(461.4)

$

(272.5)

$

(4.55)

$

242.0

$

189.8

$

142.3

$

2.37

$

155.3

$

114.2

$

78.5

$

1.31

One-time items:

- Income tax benefit on 2018 and 2019 net

-

-

(50.8)

(0.85)

-

-

-

-

-

-

-

-

operating loss carrybacks

- Impairments and other charges

561.3

561.3

433.3

7.24

35.5

35.5

28.0

0.47

87.8

87.8

69.3

1.16

- Severance and early retirement expense

-

-

-

-

4.8

4.8

3.7

0.06

-

-

-

-

- Executive Chairman retirement

-

-

-

-

-

-

-

-

18.1

18.1

18.1

0.30

- Higman transaction fees & expenses

-

-

-

-

-

-

-

-

3.3

3.3

2.5

0.04

- Amendment to employee stock plan

-

-

-

-

-

-

-

-

3.9

3.9

3.0

0.05

- US tax reform and deferred tax liability

-

-

-

-

-

-

-

-

-

-

-

-

remeasurement

Earnings, excluding one-time items(1)

$

140.5

$

99.9

$

110.0

$

1.84

$

282.3

$

230.1

$

174.0

$

2.90

$

268.4

$

227.3

$

171.4

$

2.86

$

93.6

$

73.0

$

313.2

$

5.62

-

-

-

-

105.7

105.7

67.0

1.20

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(269.4)

(4.83)

$

199.3

$

178.7

$

110.8

$

1.99