Macy's 2011 Annual Report Download - page 92

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Supplemental Operating Results
(Dollars in millions, except per share data)
Diluted earnings per share, excluding certain items
2011 2010 Increase
Most comparable GAAP measure:
Diluted earnings per share $2.92 $1.98
Non-GAAP measure:
Diluted earnings per share $2.92 $1.98
Deduct the impact of the gain on the sale of store leases (.08 –
Add back the impact of impairments and store closing costs .04 .04
Add back the impact of expenses associated with the
early retirement of debt – .09
Diluted earnings per share, excluding the impact of gain on the
sale of store leases, impairments and store closing costs,
and expenses associated with the early retirement of debt $2.88 $2.11 36%
Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) as a percent to sales
2011 2010
Most comparable GAAP measure:
Net sales $26,405 $25,003
Net income $1,256 $847
4.8% 3.4%
Non-GAAP measure:
Net sales $26,405 $25,003
Net income $1,256 $847
Add back interest expense – net 443 574
Add back federal, state and local income tax expense 712 473
Deduct the impact of the gain on the sale of store leases (54 –
Add back impairments, store closing costs and division
consolidation costs 29 25
Add back depreciation and amortization 1,085 1,150
Adjusted EBITDA $3,471 $3,069
13.1% 12.3%
Cash flow before financing activities
2011 2010
Most comparable GAAP measure:
Net cash provided by operating activities $2,093 $1,506
Non-GAAP measure:
Net cash provided by operating activities $2,093 $1,506
Net cash used by investing activities (617 (465
Net cash flow before financing activities $1,476 $1,041
The foregoing financial information, including non-GAAP measures that exclude certain items,
should be read in conjunction with the audited financial statements, including the related notes
and other information contained in the accompanying Form 10-K filing.
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