reconciliation of non-GAAP EBIT and EBITDA
quarterly, fiscal 2017 to present
Background
We have presented earnings from continuing operations before interest expense and income taxes (EBIT) and earnings from continuing operations before interest expense, income taxes, depreciation, and amortization (EBITDA) as non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measure is net earnings from continuing operations. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.
2021 | 2020 | 2019 | ||||||||||||||||||||
(millions) (unaudited) | 1Q | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |||||||||||||
Net earnings from continuing operations | $ | 2,097 | $ | 1,380 | $ | 1,014 | $ | 1,690 | $ | 284 | $ | 833 | $ | 706 | $ | 938 | $ | 792 | ||||
+ Provision for income taxes | 512 | 350 | 284 | 499 | 45 | 218 | 195 | 279 | 229 | |||||||||||||
+ Net interest | expense | 108 | 106 | 632 | 122 | 117 | 118 | 113 | 120 | 126 | ||||||||||||
Earnings from continuing operations before | ||||||||||||||||||||||
interest expense and income taxes (EBIT) | 2,717 | 1,836 | 1,930 | 2,311 | 446 | 1,169 | 1,014 | 1,337 | 1,147 | |||||||||||||
+ Depreciation | and amortization (b) | 667 | 637 | 603 | 604 | 641 | 699 | 637 | 624 | 644 | ||||||||||||
EBITDA | $ | 3,384 | $ | 2,473 | $ | 2,533 | $ | 2,915 | $ | 1,087 | $ | 1,868 | $ | 1,651 | $ | 1,961 | $ | 1,791 | ||||
2018 | 2017 | |||||||||||||||||||||
(millions) (unaudited) | 4Q | 3Q | 2Q | 1Q | 4Q (a) | 3Q | 2Q | 1Q | ||||||||||||||
Net earnings from continuing operations | $ | 798 | $ | 616 | $ | 799 | $ | 717 | $ | 1,088 | $ | 476 | $ | 670 | $ | 675 | ||||||
+ Provision for income taxes | 216 | 97 | 223 | 210 | (76) | 135 | 307 | 355 | ||||||||||||||
+ Net interest | expense | 110 | 115 | 115 | 121 | 131 | 251 | 131 | 140 | |||||||||||||
Earnings from continuing operations before | ||||||||||||||||||||||
interest expense and income taxes (EBIT) | 1,124 | 828 | 1,137 | 1,048 | 1,143 | 862 | 1,108 | 1,170 | ||||||||||||||
+ Depreciation | and amortization (b) | 647 | 592 | 603 | 631 | 668 | 642 | 585 | 581 | |||||||||||||
EBITDA | $ | 1,771 | $ | 1,420 | $ | 1,740 | $ | 1,679 | $ | 1,811 | $ | 1,504 | $ | 1,693 | $ | 1,751 |
- The fourth quarter 2017 consisted of 14 weeks compared with 13 weeks in the comparable periods presented.
- Represents total depreciation, including amounts classified within Cost of Sales.
Last Updated: 5/19/2021
reconciliation of non-GAAP EBIT and EBITDA
annual, fiscal 2017 to present
(millions) (unaudited) | 2020 | 2019 | 2018 | 2017 (a) | ||||
Net earnings from continuing operations | $ | 4,368 | $ | 3,269 | $ | 2,930 | $ | 2,908 |
+ Provision for income taxes | 1,178 | 921 | 746 | 722 | ||||
+ Net interest expense | 977 | 477 | 461 | 653 | ||||
Earnings from continuing operations before interest | ||||||||
expense and income taxes (EBIT) | 6,523 | 4,667 | 4,137 | 4,283 | ||||
+ Depreciation and amortization (b) | 2,485 | 2,604 | 2,474 | 2,476 | ||||
EBITDA | $ | 9,008 | $ | 7,271 | $ | 6,611 | $ | 6,759 |
- 2017 consisted of 53 weeks compared with 52 weeks in the comparable periods presented.
- Represents total depreciation, including amounts classified within Cost of Sales.
Last Updated: 5/19/2021
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Target Corporation published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 10:41:01 UTC.