Reconciliation & Adjustments Datasets
Net Income to NOPAT Reconciliation
GAAP Net Income
+ Total Net Non-Operating Expense Hidden in Operating Earnings
+ Reported Net Non-Operating Expense
+ Change in Total Reserves
+ Goodwill Amortization
- ESO Expense (Employee Stock Options)
+ Interest for PV of Operating Leases
+ Non-Operating Tax Adjustments
+ Net After-Tax Non-Operating Expense/Income
= NOPAT (Net Operating Profit After Tax)
Detailed Net Income to NOPAT Reconciliation
Detailed information on the adjustments featured in the HBS & MIT Sloan Paper that we use to convert Reported Net Income to NOPAT.
GAAP Net Income
+ 11 Categories of Non-Operating Expense Hidden in Operating Earnings
+ 14 Categories ofReported Net Non-Operating Expense
+ Change in Total Reserves
+ Goodwill Amortization
- ESO Expense (Employee Stock Options)
+ Interest for PV of Operating Leases
+ Non-Operating Tax Adjustments
+ 5 Categories of Net After-Tax Non-Operating Expense/Income
= NOPAT (Net Operating Profit After Tax)
Detailed Net Income to NOPAT Reconciliation with Line Item Sums & Counts
Get very specific, line item level detail on the adjustments we make to Net Income to arrive at NOPAT.
GAAP Net Income
+ 11 Categories of Non-Operating Expense Hidden in Operating Earnings, separated by increases & decreases with counts of both
+ 14 Categories ofReported Net Non-Operating Expense, separated by increases & decreases with counts of both
+ Change in Total Reserves
+ Goodwill Amortization
- ESO Expense (Employee Stock Options)
+ Interest for PV of Operating Leases
+ Non-Operating Tax Adjustments
+ 5 Categories of Net After-Tax Non-Operating Expense/Income, separated by increases & decreases with counts of both
= NOPAT (Net Operating Profit After Tax)
Revenue to Adjusted EBITDA Reconciliation
Total Operating Revenue
+ Total Operating Income
- Total Operating Expense
- Total Net Non-Operating Expense Hidden in Operating Earnings
- ESO Expense (Employee Stock Options)
+ Goodwill Amortization
+ Depreciation and Amortization (Cash Flow)
= Adjusted EBITDA/EBTDA
Total Assets to Adjusted Book Value (Invested Capital) Reconciliation
Total Assets (unadjusted)
- Excess Cash
- NIBCL (Non-Interest-Bearing Current Liabilities)
+ Total Reserves
- Total Reported Operating Lease Assets
+ Off-Balance-Sheet Operating Leases
- Unconsolidated Subsidiary Assets (non-operating)
- Total Discontinued Operations Assets
+ Accumulated Goodwill Amortization
+ Accumulated Asset Write-Downs After-Tax
+ Accumulated Unrecorded Goodwill
- Total Reported Deferred Tax Assets
- Hidden Deferred Tax Assets Less Current Deferred Tax Liabilities
- Total Reported Deferred Compensation Assets
- Hidden Deferred Compensation Assets Less Current Deferred Compensation Liabilities
- Over Funded Pensions
- Accumulated OCI (Other Comprehensive Income), Including Quarterly Estimates
= Adjusted Book Value (Invested Capital)
Accounting Book Value to Adjusted Book Value (Invested Capital) Reconciliation
Total Shareholders' Equity (Accounting Book Value)
+ Short-Term Debt and Long-Term Debt
- Total Reported Operating Lease Assets Less Operating Lease Liabilities
+ Off-Balance-Sheet Operating Leases
+ Total Non-Current Other Liabilities Less Reported Deferred Tax Liabilities
+ Total Reserves
+ Accumulated Goodwill Amortization
+ Accumulated Asset Write-Downs After-Tax
+ Accumulated Unrecorded Goodwill
- Unconsolidated Subsidiary Assets (non-operating)
- Net Assets from Discontinued Operations
- Total Reported Deferred Tax Assets Less Deferred Tax Liabilities
- Hidden Deferred Tax Assets Less Deferred Tax Liabilities
- Total Reported Deferred Compensation Assets Less Deferred Compensation Liabilities
- Hidden Deferred Compensation Assets Less Deferred Compensation Liabilities
- Excess Cash
- Over Funded Pensions
- Accumulated OCI (Other Comprehensive Income), Including Quarterly Estimates
= Adjusted Book Value (Invested Capital)
Market Value to Enterprise Value Reconciliation
Market Value of Basic Equity
- Excess Cash
- Net Assets from Discontinued Operations
- Fair Value of Unconsolidated Subsidiary Assets (non-operating)
- Net Deferred Tax Liability
- Net Deferred Compensation Assets
+ Fair Value of Total Debt
+ Fair Value of Preferred Capital
+ Fair Value of Minority Interests
+ Value of Outstanding ESO After-Tax
- Pensions Net Funded Status
= Enterprise Value