Reports quarterly GAAP and adjusted earnings from continuing operations of $0.44 and $0.43 per diluted share, respectively

Lease fleet utilization of 96.6% and Future Lease Rate Differential ("FLRD") of positive 28.4% at quarter-end

Generates year-to-date operating cash flow of $384 million and net gains on lease portfolio sales of $36 million

Delivered 4,360 railcars in the quarter; backlog of $2.4 billion at quarter-end

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the third quarter ended September 30, 2024.

Financial and Operational Highlights

Quarterly total company revenues of $799 million
Quarterly income from continuing operations per common diluted share ("EPS") of $0.44 and adjusted EPS of $0.43; $0.17 improvement in adjusted EPS year over year
Lease fleet utilization of 96.6% and FLRD of positive 28.4% at quarter-end
Railcar deliveries of 4,360 and new railcar orders of 1,810
Year-to-date cash flow from continuing operations of $384 million and net gains on lease portfolio sales of $36 million
Last twelve months ("LTM") Return on Equity ("ROE") of 16.0% and Adjusted ROE of 18.3%

2024 Guidance

Industry deliveries of approximately 40,000 railcars
Net fleet investment of $200 million to $300 million
Operating and administrative capital expenditures of $50 million to $60 million
EPS of $1.70 to $1.80
- Excludes items outside of our core business operations

Management Commentary

"Trinity's third quarter results once again exhibit strong performance for our business. Year to date, we have generated $384 million in net cash from operating activities, and our LTM Adjusted ROE improved to an impressive 18.3%," said Trinity's Chief Executive Officer and President, Jean Savage. "We are especially pleased to see the benefits of aligning our leasing and maintenance businesses into the same segment as we are realizing lower costs and better performance."

"In our Railcar Leasing and Services segment, revenues increased by 11% year over year, and our quarterly FLRD of 28.4% continues to show that we expect to consistently re-price renewing railcars significantly higher than expiring rates. Additionally, we booked gains on lease portfolio sales of $11 million in the quarter and saw a 20% improvement in segment operating profit as compared to a year ago." Ms. Savage continued, "In the Rail Products Group, segment operating margin improved to 8.1% in the quarter due to enhanced labor and operational efficiencies."

Ms. Savage concluded, "This year's consistent performance and our team's dedication are evident in our financial results. We are raising our full year EPS guidance to a range of $1.70 to $1.80 and anticipate ending the year with continued solid execution and strong financial results."

Consolidated Financial Summary

	Three Months Ended September 30,
		2024			2023		Year over Year – Comparison
	($ in millions, except per share amounts)
Revenues	$	798.8		$	821.3		Lower external deliveries in the Rail Products Group, partially offset by favorable pricing and a higher volume of external repairs, as well as improved lease rates and net additions to the lease fleet in the Leasing Group
Operating profit	$	122.4		$	100.2		Improved lease rates and higher gains on lease portfolio sales in the Leasing Group, and improved efficiencies in the Rail Products Group, partially offset by lower external deliveries in the Rail Products Group
Interest expense, net	$	67.4		$	68.8
Net income from continuing operations attributable to Trinity Industries, Inc.	$	36.7		$	24.5
EBITDA ⁽¹⁾	$	200.9		$	177.5
Effective tax expense rate		27.7	%		18.6	%	State tax law changes enacted in Q3 2023
Diluted EPS – GAAP	$	0.44		$	0.29
Diluted EPS – Adjusted ⁽¹⁾	$	0.43		$	0.26

	Nine Months Ended September 30,
		2024			2023		Year over Year – Comparison
	(in millions)
Net cash provided by operating activities – continuing operations	$	383.5		$	215.8		Higher external deliveries and working capital improvements
Cash flow from operations with net gains on lease portfolio sales ⁽¹⁾	$	419.7		$	262.2		Higher external deliveries and working capital improvements
Net fleet investment	$	86.5		$	237.5		Timing of fleet additions
Returns of capital to stockholders	$	77.2		$	64.7

⁽¹⁾Non-GAAP financial measure. See the Reconciliations of Non-GAAP Measures section within this Press Release for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors.

Additional Business Items

Total committed liquidity of $924 million as of September 30, 2024.

Business Group Summary

	Three Months Ended September 30,
		2024			2023		Year over Year – Comparison
	($ in millions)
Railcar Leasing and Services Group
Revenues	$	289.5		$	261.7		Favorable pricing and a higher volume of external repairs, as well as improved lease rates and net additions to the lease fleet
Operating profit	$	115.2		$	95.8		Improved lease rates and net additions to the lease fleet, higher gains on lease portfolio sales, as well as favorable pricing and a higher volume of external repairs
Operating profit margin		39.8	%		36.6	%
Gains on lease portfolio sales	$	11.4		$	3.1
Fleet utilization ⁽¹⁾		96.6	%		98.1	%
FLRD ⁽²⁾	+28.4 %			+26.6 %			Continued strength in current lease rates
Owned lease fleet (in units) ⁽¹⁾		109,555			109,055
Investor-owned lease fleet (in units)		34,285			33,025
Rail Products Group
Revenues	$	603.2		$	624.1		Lower volume of sustainable railcar conversions, partially offset by the mix of railcars sold
Operating profit	$	48.9		$	29.4		Improved labor and operational efficiencies and the mix of railcars sold
Operating profit margin		8.1	%		4.7	%
New railcars:
Deliveries (in units)		4,360			4,325
Orders (in units)		1,810			3,200
Order value	$	201.4		$	401.5
Backlog value	$	2,364.5		$	3,598.4
Sustainable railcar conversions:
Deliveries (in units)		170			620
Backlog (in units)		75			1,540
Backlog value	$	6.5		$	124.4
Eliminations
Eliminations – revenues	$	(93.9	)	$	(64.5	)
Eliminations – operating profit	$	(8.6	)	$	0.2
Corporate and other
Selling, engineering, and administrative expenses	$	33.1		$	25.2		Higher employee-related costs, including higher incentive-based compensation

	September 30, 2024			December 31, 2023
Loan-to-value ratio
Wholly-owned subsidiaries		68.2	%		64.4	%

⁽¹⁾Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements. ⁽²⁾ FLRD calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates.

Conference Call

Trinity will hold a conference call at 8:00 a.m. Eastern on October 31, 2024 to discuss its third quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "5489199". Please call at least 10 minutes in advance to ensure a proper connection. An audio replay may be accessed through the Company's website or by dialing 1-877-344-7529 with passcode "9824947" until 11:59 p.m. Eastern on November 7, 2024.

Additionally, the Company will provide a quarterly investor presentation that will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Third Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to stockholders; and the amount and timing of certain other items outside the normal course of our core business operations.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. Beginning January 1, 2024, Trinity reports its financial results in two reportable business segments: (1) Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) Rail Products Group. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words "anticipates," "assumes," "believes," "estimates," "expects," "intends," "forecasts," "may," "will," "should," "guidance," "projected," "outlook," and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity's operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and "Forward-Looking Statements" in Trinity's Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity's Quarterly Reports on Form 10-Q, and Trinity's Current Reports on Form 8-K.

- TABLES TO FOLLOW -

Trinity Industries, Inc. Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Revenues	$	798.8		$	821.3		$	2,449.8		$	2,185.4
Operating costs:
Cost of revenues		629.3			679.5			1,936.6			1,819.2
Selling, engineering, and administrative expenses		60.5			49.1			174.1			153.3
Gains on dispositions of property:
Lease portfolio sales		11.4			3.1			36.2			46.4
Other		2.0			4.4			4.2			6.8
Restructuring activities, net		—			—			—			(2.2	)
		676.4			721.1			2,070.3			1,917.1
Operating profit		122.4			100.2			379.5			268.3
Interest expense, net		67.4			68.8			206.6			197.8
Other, net		(1.4	)		(0.9	)		(1.4	)		2.0
Income from continuing operations before income taxes		56.4			32.3			174.3			68.5
Provision (benefit) for income taxes:
Current		18.3			22.2			45.2			26.2
Deferred		(2.7	)		(16.2	)		(1.5	)		(24.3	)
		15.6			6.0			43.7			1.9
Income from continuing operations		40.8			26.3			130.6			66.6
Loss from discontinued operations, net of income taxes		(5.3	)		(2.7	)		(11.3	)		(8.1	)
Net income		35.5			23.6			119.3			58.5
Net income attributable to noncontrolling interest		4.1			1.8			9.8			15.3
Net income attributable to Trinity Industries, Inc.	$	31.4		$	21.8		$	109.5		$	43.2

Basic earnings per common share:
Income from continuing operations	$	0.45		$	0.30		$	1.48		$	0.63
Loss from discontinued operations		(0.07	)		(0.03	)		(0.14	)		(0.10	)
Basic net income attributable to Trinity Industries, Inc.	$	0.38		$	0.27		$	1.34		$	0.53
Diluted earnings per common share:
Income from continuing operations	$	0.44		$	0.29		$	1.44		$	0.62
Loss from discontinued operations		(0.07	)		(0.03	)		(0.13	)		(0.10	)
Diluted net income attributable to Trinity Industries, Inc.	$	0.37		$	0.26		$	1.31		$	0.52
Weighted average number of shares outstanding:
Basic		82.2			81.6			81.9			81.2
Diluted		84.1			83.5			83.9			83.5

Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Trinity Industries, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited)

	September 30, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	222.4		$	105.7
Receivables, net of allowance		413.8			363.5
Income tax receivable		5.0			5.2
Inventories		549.1			684.3
Restricted cash		110.0			129.4
Property, plant, and equipment, net:
Railcars in our lease fleet:
Wholly-owned subsidiaries		5,878.1			5,931.8
Partially-owned subsidiaries		1,432.0			1,473.2
Deferred profit on railcar products sold		(727.4	)		(750.2	)
Operating and administrative assets		345.9			350.0
		6,928.6			7,004.8
Goodwill		221.5			221.5
Other assets		392.5			392.1
Total assets	$	8,842.9		$	8,906.5

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	270.2		$	305.3
Accrued liabilities		325.8			302.3
Debt:
Recourse		597.7			794.6
Non-recourse:
Wholly-owned subsidiaries		4,007.4			3,819.2
Partially-owned subsidiaries		1,094.6			1,140.4
		5,699.7			5,754.2
Deferred income taxes		1,096.8			1,103.5
Other liabilities		151.9			165.7
Stockholders' equity:
Trinity Industries, Inc.		1,057.4			1,037.1
Noncontrolling interest		241.1			238.4
		1,298.5			1,275.5
Total liabilities and stockholders' equity	$	8,842.9		$	8,906.5

Trinity Industries, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited)

	Nine Months Ended September 30,
		2024			2023
Operating activities:
Net cash provided by operating activities – continuing operations	$	383.5		$	215.8
Net cash used in operating activities – discontinued operations		(11.3	)		(8.1	)
Net cash provided by operating activities		372.2			207.7

Investing activities:
Proceeds from lease portfolio sales		253.7			245.8
Capital expenditures – lease fleet		(340.2	)		(483.3	)
Capital expenditures – operating and administrative		(32.3	)		(29.4	)
Acquisitions, net of cash acquired		—			(66.2	)
Other investing activities		13.6			16.8
Net cash used in investing activities		(105.2	)		(316.3	)

Financing activities:
Net proceeds from (repayments of) debt		(68.6	)		165.3
Shares repurchased		(6.9	)		—
Dividends paid to common shareholders		(70.1	)		(64.7	)
Other financing activities		(24.1	)		(19.6	)
Net cash provided by (used in) financing activities		(169.7	)		81.0
Net increase (decrease) in cash, cash equivalents, and restricted cash		97.3			(27.6	)
Cash, cash equivalents, and restricted cash at beginning of period		235.1			294.3
Cash, cash equivalents, and restricted cash at end of period	$	332.4		$	266.7

Trinity Industries, Inc. Reconciliations of Non-GAAP Measures (in millions, except per share amounts) (unaudited) Adjusted Operating Results

We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain selling, engineering, and administrative expenses; gains on dispositions of other property; restructuring activities, net; interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the tables below. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the tables below. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Three Months Ended September 30, 2024
	GAAP		Interest expense, net ⁽¹⁾			Adjusted
Operating profit	$	122.4	$	—		$	122.4

Income from continuing operations before income taxes	$	56.4	$	(0.4	)	$	56.0

Provision (benefit) for income taxes	$	15.6	$	(0.1	)	$	15.5

Income from continuing operations	$	40.8	$	(0.3	)	$	40.5

Net income from continuing operations attributable to Trinity Industries, Inc.	$	36.7	$	(0.3	)	$	36.4

Diluted weighted average shares outstanding		84.1					84.1

Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	0.44				$	0.43

	Nine Months Ended September 30, 2024
	GAAP		Interest expense, net ⁽¹⁾			Adjusted
Operating profit	$	379.5	$	—		$	379.5

Income from continuing operations before income taxes	$	174.3	$	(1.2	)	$	173.1

Provision (benefit) for income taxes	$	43.7	$	(0.3	)	$	43.4

Income from continuing operations	$	130.6	$	(0.9	)	$	129.7

Net income from continuing operations attributable to Trinity Industries, Inc.	$	120.8	$	(0.9	)	$	119.9

Diluted weighted average shares outstanding		83.9					83.9

Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	1.44				$	1.43

	Three Months Ended September 30, 2023
	GAAP		Gains on dispositions of property – other⁽²⁾			Interest expense, net⁽¹⁾			Adjusted
Operating profit	$	100.2	$	(3.7	)	$	—		$	96.5

Income from continuing operations before income taxes	$	32.3	$	(3.7	)	$	(0.4	)	$	28.2

Provision (benefit) for income taxes	$	6.0	$	(0.8	)	$	(0.1	)	$	5.1

Income from continuing operations	$	26.3	$	(2.9	)	$	(0.3	)	$	23.1

Net income from continuing operations attributable to Trinity Industries, Inc.	$	24.5	$	(2.9	)	$	(0.3	)	$	21.3

Diluted weighted average shares outstanding		83.5								83.5

Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	0.29							$	0.26

	Nine Months Ended September 30, 2023
	GAAP		Selling, engineering, and administrative expenses⁽³⁾		Gains on dispositions of property – other⁽²⁾			Restructuring activities, net			Interest expense, net⁽¹⁾			Adjusted
Operating profit	$	268.3	$	2.0	$	(4.9	)	$	(2.2	)	$	—		$	263.2

Income from continuing operations before income taxes	$	68.5	$	2.0	$	(4.9	)	$	(2.2	)	$	(1.1	)	$	62.3

Provision (benefit) for income taxes	$	1.9	$	0.5	$	(1.2	)	$	(0.6	)	$	(0.3	)	$	0.3

Income from continuing operations	$	66.6	$	1.5	$	(3.7	)	$	(1.6	)	$	(0.8	)	$	62.0

Net income from continuing operations attributable to Trinity Industries, Inc.	$	51.3	$	1.5	$	(3.7	)	$	(1.6	)	$	(0.8	)	$	46.7

Diluted weighted average shares outstanding		83.5													83.5

Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	0.62												$	0.56

⁽¹⁾ Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. ⁽²⁾ Represents insurance recoveries in excess of net book value for assets damaged by a tornado at the Company's rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. ⁽³⁾ Represents the change in estimated fair value of additional contingent consideration associated with an acquisition.

Adjusted Return on Equity

Adjusted Return on Equity ("Adjusted ROE") is defined as a ratio for which (i) the numerator is calculated as income or loss from continuing operations, adjusted to exclude the effects of net income or loss attributable to noncontrolling interest, and certain other adjustments (net of income taxes), described in the footnotes to the table below, which include certain selling, engineering, and administrative expenses; gains on dispositions of other property; and interest expense, net; and (ii) the denominator is calculated as average Trinity stockholders' equity (which excludes noncontrolling interest). In the following table, the numerator and denominator of our Adjusted ROE calculation are reconciled to income from continuing operations and total stockholders' equity, respectively, which are the most directly comparable GAAP financial measures. Management believes that Adjusted ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company's investments over time. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	LTM September 30, 2024			September 30, 2023
	($ in millions)
Numerator:
Income from continuing operations	$	204.0
Net income attributable to noncontrolling interest		(15.1	)
Net income from continuing operations attributable to Trinity Industries, Inc.		188.9
Adjustments (net of income taxes):
Selling, engineering, and administrative expenses ⁽¹⁾		1.5
Gains on dispositions of property – other ⁽²⁾		(1.0	)
Interest expense, net ⁽³⁾		(1.2	)
Adjusted Net Income	$	188.2

Denominator:
Total stockholders' equity	$	1,298.5		$	1,253.4
Noncontrolling interest		(241.1	)		(252.6	)
Trinity stockholders' equity	$	1,057.4		$	1,000.8

Average total stockholders' equity	$	1,276.0
Return on Equity ⁽⁴⁾		16.0	%

Average Trinity stockholders' equity	$	1,029.1
Adjusted Return on Equity ⁽⁵⁾		18.3	%

⁽¹⁾ Represents the change in estimated fair value of additional contingent consideration associated with an acquisition. ⁽²⁾ Represents insurance recoveries in excess of net book value for assets damaged by a tornado at the Company's rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. ⁽³⁾ Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. ⁽⁴⁾ Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity. ⁽⁵⁾ Adjusted Return on Equity is calculated as adjusted net income divided by average Trinity stockholders' equity, each as defined and reconciled above.

Cash Flow from Operations with Net Gains on Lease Portfolio Sales

Cash flow from operations with net gains on lease portfolio sales is a non-GAAP financial measure. We believe this measure is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing the breadth of the cash flow generation capabilities across our operating platform, as well as our ability to fund our operations and repay our debt. This measure is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus net gains on lease portfolio sales and is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the following table. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Nine Months Ended September 30,
	2024		2023
Net cash provided by operating activities – continuing operations	$	383.5	$	215.8
Net gains on lease portfolio sales		36.2		46.4
Cash flow from operations with net gains on lease portfolio sales	$	419.7	$	262.2

EBITDA and Adjusted EBITDA

"EBITDA" is defined as income from continuing operations plus interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA plus certain selling, engineering, and administrative expenses; gains on dispositions of other property; restructuring activities, net; and interest income. EBITDA and Adjusted EBITDA are non-GAAP financial measures; however, the amounts included in these calculations are derived from amounts included in our GAAP financial statements. EBITDA and Adjusted EBITDA are reconciled to net income, the most directly comparable GAAP financial measure, in the following table. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company's operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as indicators of our operating performance, or as alternatives to operating cash flows as measures of liquidity. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net income	$	35.5		$	23.6		$	119.3		$	58.5
Less: Loss from discontinued operations, net of income taxes		(5.3	)		(2.7	)		(11.3	)		(8.1	)
Income from continuing operations		40.8			26.3			130.6			66.6
Interest expense		71.5			72.1			218.5			206.5
Provision (benefit) for income taxes		15.6			6.0			43.7			1.9
Depreciation and amortization expense		73.0			73.1			220.2			219.9
EBITDA		200.9			177.5			613.0			494.9
Selling, engineering, and administrative expenses		—			—			—			2.0
Gains on dispositions of property – other		—			(3.7	)		—			(4.9	)
Restructuring activities, net		—			—			—			(2.2	)
Interest income		(0.4	)		(0.4	)		(1.2	)		(1.1	)
Adjusted EBITDA	$	200.5		$	173.4		$	611.8		$	488.7

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