reconciliation of non-GAAP EBIT and EBITDA
quarterly, fiscal 2019 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. There was no impact from discontinued operations for 2020 and beyond; therefore, for 2020 to 2023 and interim periods therein, net earnings from continuing operations equals net earnings. 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.
2023 | 2022 | 2021 | ||||||||||||||||||||
(millions) (unaudited) | Q4 (a) | Q3 | Q2 | Q1 | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | ||||||||||
Net earnings from continuing operations | $ 1,382 | $ | 971 | $ | 835 | $ | 950 | $ 876 | $ | 712 | $ | 183 | $ 1,009 | $ 1,544 | $ 1,488 | $ | 1,817 | $ 2,097 | ||||
+ Provision for income taxes | 404 | 264 | 237 | 254 | 167 | 197 | 34 | 240 | 473 | 423 | 553 | 512 | ||||||||||
+ Net interest | expense | 107 | 141 | 147 | 129 | 125 | 112 | 112 | 104 | 105 | 104 | 108 | ||||||||||
107 | ||||||||||||||||||||||
Earnings from continuing operations before | ||||||||||||||||||||||
interest expense and income taxes (EBIT) | 1,893 | 1,342 | 1,213 | 1,351 | 1,172 | 1,034 | 329 | 1,361 | 2,121 | 2,016 | 2,474 | 2,717 | ||||||||||
+ Depreciation | and amortization (b) | 729 | 722 | 683 | 667 | 697 | 674 | 650 | 679 | 690 | 652 | 633 | 667 |
EBITDA
$ 2,622 | $ 2,064 | $ 1,896 | $ 2,018 | $ 1,869 | $ 1,708 | $ 979 | $ 2,040 | $ 2,811 | $ 2,668 | $ 3,107 | $ 3,384 |
2020 | 2019 | ||||||||||||||
(millions) (unaudited) | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |||||||
Net earnings from continuing operations | $ 1,380 | $ 1,014 | $ | 1,690 | $ | 284 | $ | 833 | $ | 706 | $ | 938 | $ | 792 | |
- Provision for income taxes
- Net interest expense
350 | 284 | 499 | 45 | 218 | 195 | 279 | 229 |
106 | 632 | 122 | 117 | 118 | 113 | 120 | 126 |
Earnings from continuing operations before interest expense and income taxes (EBIT)
+ Depreciation and amortization (b)
1,836 | 1,930 | 2,311 | 446 | 1,169 | 1,014 | 1,337 | 1,147 |
637 | 603 | 604 | 641 | 699 | 637 | 624 | 644 |
EBITDA
$ 2,473 $ 2,533 $ 2,915 $ 1,087 $ 1,868 $ 1,651 $ 1,961 $ 1,791
- The fourth quarter 2023 consisted of 14 weeks compared with 13 weeks in the comparable periods presented.
- Represents total depreciation and amortization, including amounts classified within Cost of Sales.
Last Updated: 3/5/2024
reconciliation of non-GAAP EBIT and EBITDA
annual, fiscal 2019 to present
(millions) (unaudited) | 2023 (a) | 2022 | 2021 | 2020 | 2019 | ||||||
Net earnings from continuing operations | $ | 4,138 | $ | 2,780 | $ | 6,946 | $ | 4,368 | $ | 3,269 | |
+ Provision for income taxes | 1,159 | 638 | 1,961 | 1,178 | 921 | ||||||
+ Net interest expense | 502 | 478 | 421 | 977 | 477 | ||||||
EBIT | 5,799 | 3,896 | 9,328 | 6,523 | 4,667 | ||||||
+ Depreciation and amortization (b) | 2,801 | 2,700 | 2,642 | 2,485 | 2,604 | ||||||
EBITDA | $ | 8,600 | $ | 6,596 | $ | 11,970 | $ | 9,008 | $ | 7,271 |
- 2023 consisted of 53 weeks compared with 52 weeks in the comparable periods presented
- Represents total depreciation and amortization, including amounts classified within Cost of Sales.
Last Updated: 3/5/2024
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Target Corporation published this content on 05 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 11:48:05 UTC.