Page 123 - 2023 Sustainability Report

Appendix

Appendix

Non-GAAP Measures

Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to
provide them with an alternative method for assessing our financial condition and operating results, and are often
requested by investors. These measures are not in accordance with, or a substitute for, generally accepted accounting
principles (GAAP) and may be different from or inconsistent with non-GAAP financial measures used by other companies.
Adjusted EBITDA is an indicator used by the Company and investors to evaluate the Company’s operating performance
period to period.
EBITDA is a widely accepted financial indicator of a company’s ability to service and/or incur indebtedness. EBITDA is not
defined by GAAP and, as such, should not be construed as an alternative to earnings from operations, net earnings or
operating cash flow.
The following presents a reconciliation of net earnings from continuing operations attributable to Martin Marietta to
consolidated Adjusted EBITDA for continuing operations for the years ended December 31, 2023, 2022 and 2021.
Consolidated Adjusted EBITDA for year ended December 31:
(dollars in millions) 2023 2022 2021
Net Earnings from continuing operations Attributable to Martin Marietta $1,199.8 $ 856.3 $ 702.0
Add back:
Interest expense, net of interest income 118.6 155.4 142.4
Income tax expense for controlling interests 292.3 234.8 153.1
Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated
equity affiliates 504.8 496.6 442.5
Acquisition-related expenses 12.2 9.1 57.9
Impact of selling acquired inventory after markup to fair value as part of acquisition
accounting – 30.6
Nonrecurring gain on divestiture 0.00 (151.9)
Consolidated Adjusted EBITDA from continuing operations $2,127.7 $1,600.3 $1,528.5

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