Sotheby's Investor Presentation Deck
APPENDIX
GAAP refers to generally accepted accounting principles in the United States of America. Included in this
presentation are financial measures presented in accordance with GAAP and also on a non-GAAP basis. The non-
GAAP financial measures shown in this presentation are:
(1) Adjusted Expenses
(2) Adjusted Operating Income
(3) Adjusted Income Tax Expense
(4) Adjusted Net Interest and Other Non-Operating Expense
(5) Adjusted Net Income
(6) Adjusted Diluted EPS
(7) EBITDA
(8) Adjusted EBITDA
(9) Adjusted Leverage Ratio - Consolidated, excluding SFS
(10) Adjusted Return on Equity
We caution users of our financial statements that amounts presented in accordance with our definitions of these
non-GAAP financial measures as provided below may not be comparable to similar measures disclosed by other
companies because not all companies and analysts calculate such measures in the same manner. Explanation of
these non-GAAP financial measures is provided in our previously filed 10-K and in our most recent earnings release
furnished on Form 8-K on February 28, 2019.
Investor Briefing: April 2019
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