Page 186 - Martin Marietta - 2024 Proxy Statement

ADDITIONAL NON‐GAAP RECONCILIATIONS
The net leverage ratio at December 31, 2023 for the trailing‐twelve months consolidated Adjusted EBITDA is a non‐GAAP measure.
Management uses this ratio to assess its capacityfor additional borrowings. The calculation below is not intended to be a
substitute for the Company’s leverage covenant under the Credit Agreement.

Twelve‐Month Period
January 1, 2023 to
(dollars in millions) December 31, 2023
Net earnings from continuing operations attributable to Martin Marietta $ 1,199.8
Add back:
Interest expense, net of interest income 118.6
Income tax expense for controlling interests 292.3
Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated
equity affiliates 504.8
Acquisition, divestiture and integration expenses 12.2
Consolidated Adjusted EBITDA $ 2,127.7

Consolidated debt at December 31, 2023 $ 4,345.2
Less: Unrestricted cash at December 31, 2023 (1,271.8)
Consolidated net debt at December 31, 2023 $ 3,073.4
Leverage ratio at December 31, 2023, for the trailing‐twelve months consolidated Adjusted EBITDA 1.44 times

The Adjusted EBITDA margin at December 31, 2023 and 2022 is a non‐GAAP measure. Management uses this measure to evaluate
the Company’s operating performance period to period.

years ended December 31
(in millions) 2023 2022
Consolidated Adjusted EBITDA 1 $ 2,127.7 $ 1,600.3
Total revenues 6,777.2 6,160.7
Adjusted EBITDA margin 31.4% 26.0%

1 The reconciliation of net earnings from continuing operations attributable to Martin Marietta to consolidated Adjusted EBITDA is shown in
the Financial Overview section of Management's Discussion and Analysis of Financial Condition and Results of Operations.

age 84 ♦ 2023 Annual Report