Sotheby's Investor Presentation Deck
APPENDIX
Adjusted EBITDA - Reference: Page 29
Net income (loss) attributable to Sotheby's
Add: Income tax expense (benefit) related to continuing operations
Add: Income tax expense related to discontinued operations
Add: Income tax benefit related to cumulative effect of accounting change
Add: Income tax expense (benefit) related to equity in earnings of investees
Subtract: Interest income
Add: Interest expense
Add: Depreciation and amortization expense
EBITDA
Add: Costs related to previous employee retention programs
Add: Net restructuring charges
Add: Antitrust related matters
Add: License fee revenue - SIR¹
Add: License fee agreement expenses - SIR¹
Add: Loss (income) from discontinued operations, pre-tax - SIR¹
Add: Impairment loss - NMP²
Add: Life insurance recovery - NMP²
Add: Gain on sale of land and buildings
Add: Extinguishment of debt (net)
Add: Credit facility termination costs
Add: Cumulative effect of change in accounting principle, pre-tax
Add: EBITDA related to former sothebys.com business
Add: Special charges (net)
Add: CEO separation and transition costs
Add: Leadership transition severance costs
Add: Voluntary separation incentive program charges (net)
Add: Contractual severance agreement charges (net)
Add: Acquisition earn-out compensation expense
Adjusted EBITDA
1 Sotheby's International Realty 2 Noortman Master Paintings
Investor Briefing: April 2019
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
millions of dollars
$74 $44 $118
$26 $131 $76
($1)
$14
($1)
$1
$1
$1 $1 $1
$2 $2 $3 $1 $4 $2 $5 $8 $14 $6 $6 $3 $3 $3
$30 $33 $35 $43 $45 $42 $47 $46 $40 $29 $33 $33 $33 $33 $22
$22 $19 $20 $19 $18 $18 $17 $22 $25 $22 $23 $22 $24 $25 $22
$151 $225 $248 $245 $221 $287 $289 $78 $105 $324 $218 $140 $191
$27
($31)
$9
$23
$5
$2
$3 $41
$20
201
$130 $108 $171 $161 -$7
$56 $51 $60 $65 $22
| |
$8 $1
40
$15
III
|||
1
III
$12
||||
I
CA!!
$26 $213 $107
$21 $73 $60
|||||||I
($18)
$11
$13 $15
I
$6 ($1) ($5)
$4
$13
($1) $37
$7
$35
$192 $278 $290 $246 $236 $293 $295 $89 $99
($20)
($5)
$62 $87 -$21 -$55
$29 $35 ($11) ($20)
$15 $4 $3
|||
131
$2
$2
($46)
$2
52 $
($39) ($9) ($8)
I
TTTTTIIII|||
$2
$4
|||||
$314 $218 $145 $110 $37 $31
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