Macy's 2013 Annual Report Download - page 23
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Table of Contents
Adjusted EBITDA as a Percent to Net Sales
The following is a tabular reconciliation of the non-GAAP financial measure earnings before interest, taxes, depreciation and amortization
("EBITDA"), as adjusted to exclude premium on early retirement of debt, impairments, store closing and other costs, gain on sales of leases and division
consolidation costs ("Adjusted EBITDA"), as a percent to net sales to GAAP net income as a percent to net sales, which the Company believes to be the most
directly comparable GAAP financial measure.
Net sales
$27,931
$27,686
$26,405
$25,003
$ 23,489
Net income
$1,486
$ 1,335
$1,256
$847
$ 329
Net income as a percent to net sales
5.3%
4.8%
4.8%
3.4%
1.4%
Net income
$1,486
$ 1,335
$1,256
$847
$ 329
Add back interest expense - net
388
422
443
508
556
Add back premium on early retirement of debt
—
137
—
66
—
Add back federal, state and local income tax expense
804
767
712
473
178
Add back (deduct) impairments, store closing and
other costs, gain on sale of leases and division
consolidation costs
88
5
(25)
25
391
Add back depreciation and amortization
1,020
1,049
1,085
1,150
1,210
Adjusted EBITDA
$3,786
$3,715
$3,471
$3,069
$2,664
Adjusted EBITDA as a percent to net sales
13.6%
13.4%
13.1%
12.3%
11.3%
18