Target : Calculation of Consolidated EBIT and EBITDA
May 19, 2021 at 06:42 am EDT
Share
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
Attachments
Original document
Permalink
Disclaimer
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.
Target Corporation specializes in retail distribution. Net sales break down by family of products as follows:
- household and beauty products (26.5%) ;
- furnishings and decorative items (19.7%) ;
- food and beverage (19.6%);
- electronic products, sporting goods and toys (18%) ;
- apparel and accessories (16%) ;
- other (0.2%).
As of January 30, 2021, products are marketed through a network of 1,897 stores located in the United States (of which 1,526 owned), and through the Internet.
All sales are in the United States.