课程: Forecasting Using Financial Statements

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Earnings before interest and taxes

Earnings before interest and taxes

课程: Forecasting Using Financial Statements

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Earnings before interest and taxes

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- [Instructor] I want to tackle our equation one step at a time to determine our free cash flow. Free cash flows are normally calculated so they can be compared to some other alternative use of funds. In order to put the alternatives on a comparable basis, they need to be financed on a comparable basis, and the easiest way to do this is to assume that they're financed entirely by equity. To do this, we should strip away the impact of interest by calculating an amount called EBIAT: earnings before interest after taxes. But, to calculate EBIAT, we first need to calculate earnings before interest and taxes, or EBIT. Here's the equation again. We're going to solve for the first part of it. As you can see, I've nicely put together a balance sheet and income statement into one spreadsheet. This is the exercise file labeled 04_02_Begin. So what I'm going to do is I'm going to create two more labels on A38 and A39 labeled EBIT and EBIAT. And I'm going to bold both of them so that they're easy…

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