Company: DK
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001694426-25-000013
Chunk: 29

Company: Delek US Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 29
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 non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and they may obscure our underlying results and trends.

Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures.

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Management's Discussion and Analysis

Non-GAAP Reconciliations

The following table provides a reconciliation of segment EBITDA to the most directly comparable U.S. GAAP measure, net (loss) income attributable to Delek:

Reconciliation of segment EBITDA to net (loss) income attributable to Delek (in millions)

 Year Ended December 31,202420232022Refining segment EBITDA$(158.0)$560.7 $736.6 Logistics segment EBITDA342.7 363.0 304.8 Corporate, Other and Eliminations EBITDA(242.7)(276.5)(282.2)EBITDA attributable to Delek$(58.0)$647.2 $759.2 Interest expense, net313.0 318.0 195.8 Income tax (benefit) expense(107.9)(3.0)56.4 Depreciation and amortization374.5 339.5 275.0 Income from discontinued operations, net of tax(77.2)(27.1)(25.1)Net (loss) income attributable to Delek$(560.4)$19.8 $257.1 

The following table provides a reconciliation of refining margin to the most directly comparable U.S. GAAP measure, gross margin:

Reconciliation of refining margin to gross margin (in millions)

Refining Segment Year Ended December 31,202420232022Total revenues$11,783.0 $16,406.9 $19,763.0 Cost of sales12,009.5 16,095.7 19,240.4 Gross margin$(226.5)$311.2 522.6 Add back (items included in cost of sales): Operating expenses (excluding depreciation and amortization)596.6