Page 172 - Martin Marietta - 2025 Proxy Statement

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
The following tablepresentsa reconciliationof net earningsfrom continuing operations attributable to Martin Marietta to
consolidated Adjusted EBITDA:
years ended December 31
(in millions) 2024 2023
Netearnings fromcontinuingoperationsattributable to Martin Marietta $ 1,995 $ 1,199
Addback(deduct):
Interest expense, netofinterest income 128 119
Income tax expense forcontrolling interests 600 293
Depreciation,depletion andamortizationexpense andearnings/loss from
nonconsolidated equity affiliates 564 505
Acquisition,divestiture and integration expenses 40 12
Impact of selling acquired inventory after markupto fair value as part of
acquisition accounting 20 —
Nonrecurring gain on divestiture (1,331) —
Noncashassetand portfolio rationalizationcharge 50 —
Consolidated Adjusted EBITDA $ 2,066 $ 2,128

Mix-Adjusted Average Selling Price
Mix-adjusted averagesellingprice (mix-adjusted ASP) is anon-GAAP measurethatexcludesthe impact of period-over-period
product, geographic andother mix onthe Company'saverage sellingprice.Mix-adjustedASP is calculated by comparing
current-periodshipments to like-for-likeshipments in thecomparable prior period.Managementusesthis metrictoevaluate
the realizationof pricing changesand believesthis information is useful to investorsbecause it provides same-on-same pricing
trends.
The following reconciles reportedaverage sellingprice perton to organic mix-adjustedASP andcorresponding variances:
years ended December 31 2024 2023
Aggregates:
Reported averagesellingprice $ 21.80 $ 19.84
Adjustment for impactof acquisitions 0.22 —
Organicaverage sellingprice $ 22.02 $ 19.84
Adjustment for impactof product, geographicand other mix (0.07)
Organic mix-adjustedASP $ 21.95

Reported averagesellingprice variance 9.9%
Organicaverage sellingprice variance 11.0%
Organic mix-adjustedASP variance 10.7%

Page64 ♦ 2024 Annual Report