Sotheby's Investor Briefing
(US$ in millions)
Adjusted EBITDA Reference: Page 9
GAAP Net Income (loss)
Adjustments:
Income tax expense (benefit) related to continuing operations
Income tax expense related to discontinued operations
Income tax benefit related to cumulative effect of accounting change
Income tax expense (benefit) related to equity in earnings of investees
Interest income
Interest expense
Depreciation and amortization expense
EBITDA
Adjustments:
Costs related to previous employee retention programs
Net restructuring charges
Antitrust related matters
License fee revenue - SIR¹
License tee agreement expenses - SIR¹
Loss (income) from discontinued operations, pre-tax - SIR
Impairment loss - NMP
Life insurance recovery - NMP
Gain on sale of land and buildings
Extinguishment of debt (net)
Credit facility termination costs
Cumulative effect of change in accounting principle, pre-tax
EBITDA related to former sothebys.com business
Adjusted EBITDA
"Sotheby's International Realty
Noortman Master Paintings
APPENDIX
2012 2011 2010 2009 2008
$108 $171 $161 ($7)
$51
(1)
45
18
$221
$0
15
$236
$60 $65
42
18
$287
$0
5
$293
1
(2)
47
17
$289
$295
(5)
$0
12
$89
$21
22
$78 $105
Sotheby's
1
方面
$0
4
(18)
4
(5)
$99
Year Ended December 31,
2007 2006 2005 2004
$213 $107
$87
$73
1
15
(20)
$60
1
(6)
22
$218 $140
**
(6)
15
50
15
(3)
33
24
$191
$0
(46)
2
(39)
$218 $145 $110
2003
($11)
4
(3)
25
$27
59
5
3
(9)
$37
2002
($55)
($20)
3
(3)
22
22
($31)
$23
2
4
2001 2000
($42) ($190)
(5)
$20
17
23
($28) ($215)
3
(6)
13
$19
($66)
6
D
19
22
$3
13
203
(12)
45
25
1999
$33
$16
3
6
16
$70
8
(9)
41
$102View entire presentation