<SEC-DOCUMENT>0001140361-20-028107.txt : 20210113
<SEC-HEADER>0001140361-20-028107.hdr.sgml : 20210113
<ACCEPTANCE-DATETIME>20201211085222
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-20-028107
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIRBY CORP
		CENTRAL INDEX KEY:			0000056047
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				741884980
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		55 WAUGH DRIVE SUITE 1000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77007
		BUSINESS PHONE:		7134351000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1745
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77251

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIRBY EXPLORATION CO INC
		DATE OF NAME CHANGE:	19900510
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <!-- Licensed to: Broadridge Financial Solutions, Inc
         Document created using EDGARfilings PROfile 7.3.0.0
         Copyright 1995 - 2020 Broadridge -->
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    <div>
      <div style="text-align: center;"><img width="200" height="124" src="image0.jpg"></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><u>Via Edgar and CMRRR</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">December 11, 2020</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Mr. Steve Lo</div>
      <div style="text-align: justify;">Mr. Craig Arakawa</div>
      <div style="text-align: justify;">United States Securities and Exchange Commission</div>
      <div style="text-align: justify;">Division of Corporation Finance</div>
      <div style="text-align: justify;">Office of Energy &amp; Transportation</div>
      <div style="text-align: justify;">100 F Street N.E.</div>
      <div style="text-align: justify;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7d436536c79f44cfad256c078275b8e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">Re:</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Kirby Corporation</div>
              <div>
                <div>Form 10-K for the Year Ended December 31, 2019</div>
                <div>Filed February 24, 2020</div>
                <div>Form 8-K Filed October 29, 2020</div>
                <div>File No. 001-07615</div>
              </div>
            </td>
          </tr>

      </table>
      <br>
      <div style="text-align: justify;">Dear Mr. Lo and Mr. Arakawa:</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><a name="z_Hlk58319042"></a>We have received your comment letter dated December 2, 2020 related to Kirby Corporation&#8217;s Form 10-K for the Year Ended December 31, 2019 and Form 8-K filed October 29, 2020.&#160; Set forth
        below in italics is the comment made by the staff in your letter followed by our response.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic;"><u>Form 8-K Filed October 29, 2020</u></div>
      <div style="text-align: justify; font-style: italic;"><u>Exhibit 99.1</u></div>
      <div style="text-align: justify; font-style: italic;"><u>GAAP to Non-GAAP Financial Measures, page 4</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z48016cf4ade74d28852f449c39dc7f86" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-style: italic;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-style: italic;"><u>We note you define the non-GAAP measure, EBITDA as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and
                  impairment of goodwill. As you adjust net income (loss) for impairment charges to compute this measure, please change the title to something other than EBITDA. Refer to Question 103.01 of the Compliance and Disclosure Interpretations for
                  further guidance.</u></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div><u>Response:</u></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">The Company acknowledges the staff&#8217;s comment and will use the title &#8220;Adjusted EBITDA&#8221; in its future filings, where applicable and relevant, in accordance with the guidance in Question 103.01 of
          the Compliance and Disclosure Interpretations.</div>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center; color: #000000;">55 Waugh Drive Suite 1000 P.O. Box 1745 Houston, Texas 77251 713/435-1000 Fax 713/435-1010</div>
        <div style="text-align: center; color: #000000;"> <br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>Mr. Steve Lo and Mr. Craig Arakawa</div>
      <div>Securities and Exchange Commission</div>
      <div>December 11, 2020</div>
      <div>Page <font id="DSPFPageNumber">2</font></div>
      <div><br>
      </div>
      <div><a name="z_Hlk531093848"></a></div>
      <div style="text-align: justify; text-indent: 36pt;">For example, the disclosure on page 4 of Exhibit 99.1 in our Form 8-K filed on October 29, 2020 would appear as follows (changes underlined):</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-weight: bold;">GAAP to Non-GAAP Financial Measures</div>
      <div style="text-align: justify; margin-left: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">The financial and other information to be discussed in the conference call is available in this press release and in a Form 8-K filed with the Securities and Exchange Commission. This press release
        and the Form 8-K includes a non-GAAP financial measure, <u>Adjusted</u> EBITDA, which Kirby defines as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived
        assets, and impairment of goodwill. A reconciliation of <u>Adjusted</u> EBITDA with GAAP net earnings (loss) attributable to Kirby is included in this press release. This press release also includes non-GAAP financial measures which exclude
        certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these
        measures with GAAP is included in this press release. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those
        results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby&#8217;s normal operating results. This press release also includes a non-GAAP
        financial measure, free cash flow, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in this press release. Kirby uses free cash flow to assess and
        forecast cash flow and to provide additional disclosures on the Company&#8217;s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of
        residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. This press release also includes marine transportation performance measures, consisting of ton
        miles, revenue per ton mile, towboats operated and delay days. Comparable marine transportation performance measures for the 2019 year and quarters are available in the Investor Relations section of Kirby&#8217;s website, https://kirbycorp.com, under
        Financials.</div>
      <div><br>
      </div>
      <div style="text-align: center;">* * * * *</div>
      <div>
        <div style="text-align: center; color: #000000;"> <br>
          <div>
            <div style="text-align: justify;">Please call me at 713-435-1000 if you have any questions.</div>
            <div><br>
            </div>
            <div style="text-align: justify;">Sincerely,</div>
            <div><br>
            </div>
            <div style="text-align: justify;"><u>/s/ William G. Harvey</u></div>
            <div style="text-align: justify;">William G. Harvey</div>
            <div style="text-align: justify;">Executive Vice President and Chief Financial Officer</div>
            <div><br>
            </div>
            <div style="text-align: justify;">cc:&#160; David W. Grzebinski &#8211; President and Chief Executive Officer</div>
          </div>
        </div>
        <br>
      </div>
      <div style="text-align: center;">55 Waugh Drive Suite 1000 P.O. Box 1745 Houston, Texas 77251 713/435-1000 Fax 713/435-1010</div>
      <div style="text-align: center;"> <br>
      </div>
      <br>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
