Earnings Before Interest, Depreciation, and Amortization (EBIDA)

By Will Kenton

Updated April 30, 2023

Reviewed by Charlene Rhinehart

利息、折旧及摊销前利润（EBIDA）

作者：Will Kenton

更新时间：2023年4月30日

审阅人：Charlene Rhinehart

 

What Is Earnings Before Interest, Depreciation and Amortization (EBIDA)?

什么是利息、折旧及摊销前利润（EBIDA）？

 

Earnings before interest, depreciation and amortization (EBIDA) is a measure of the earnings of a company that adds the interest expense, depreciation, and amortization back to the net income number. However, it does include tax expenses. This measure is not as well known or used as often as its counterpart—earnings before interest, taxes, depreciation and amortization (EBITDA).

利息、折旧及摊销前利润（EBIDA）是对公司利润的一种计算方式，通过在净收益数值中加回利息费用、折旧和摊销计算利润。但是，它确实包括税费。这一计算方式并没有它的对应指标——息税折旧摊销前利润那样广为人知或广为使用。

 

KEY TAKEAWAYS

文章要点

 

Earnings before interest, depreciation and amortization (EBIDA) is an earnings metric that adds interest and depreciation/amortization back to net income. 

利息、折旧及摊销前利润（EBIDA）是一项利润指标，通过在净收益数值中加回利息费用、折旧和摊销计算利润。

EBIDA is said to be more conservative compared to its EBITDA counterpart, as the former is generally always lower. 

据说EBIDA比其对应指标——EBITDA更保守，因为前者通常总是较低。

The EBIDA measure removes the assumption that the money paid in taxes could be used to pay down debt. 

EBIDA这一计算方式去掉了用于缴纳税款的资金可以用于偿还债务这一假设。

However, EBIDA is not often used by analysts, who instead opt for either EBITDA or EBIT.  

然而，分析师一般不常使用EBIDA，相反，他们会选择EBITDA或EBIT。

The components needed to calculate EBIDA can be found on a company's income statement.

计算EBIDA所需的组成部分可以在公司的损益表中找到。

 

Understanding Earnings Before Interest, Depreciation and Amortization (EBIDA)

了解利息、折旧及摊销前利润（EBIDA）

 

There are various ways to calculate EBIDA, such as adding interest, depreciation, and amortization to net income. Another way to calculate EBIDA is to add depreciation and amortization to earnings before interest and taxes (EBIT) and then subtract taxes.  

计算EBIDA的方法有很多种，比如将利息、折旧和摊销费用加到净收益中。计算EBIDA的另一种方法是将折旧和摊销费用加到息税前利润（EBIT）中，然后减去税费。

 

The metric is generally used to analyze companies in the same industry. It does not include the direct effects of financing, where taxes a company pays are a direct result of its use of debt.  

这一指标通常用于分析同行业的公司。它不包括融资的直接影响，在融资中，公司缴纳的税款是其使用债务的直接结果。

 

EBIDA can often be found as a metric for companies that do not pay taxes. This can include many nonprofits, such as non-for-profit hospitals or charity and religious organizations. In this case, it can be used interchangeably with EBITDA. 

EBIDA经常被认为是衡量不纳税公司的一个指标。这可以包括许多非营利组织，如非营利医院或慈善和宗教组织。在这种情况下，它可以与EBITDA互换使用。

 

All components needed to calculate EBIDA can be found on a company's income statement.

计算EBIDA所需的所有组成部分都可以在公司的损益表中找到。

 

Formula and Calculation for EBIDA

EBIDA的计算公式

 

EBIDA is calculated by deducting certain costs from EBIT or operating profit. The formula for EBIDA is:

EBIDA的计算方式为：从EBIT或营业利润中扣除部分费用。EBIDA的公式为：

 

EBITDA = EBIT + Depreciation + Amortization - Taxes

EBITDA=EBIT+折旧+摊销-税费

 

As an example, consider a company with the following financial information:

以具有以下财务信息的公司为例：

 

Total Revenue/总收入: $1,000,000

Cost of Goods Sold/销货成本: $200,000

Selling and Administrative Expenses/销售和管理费用: $150,000

Depreciation Expense/折旧费用: $50,000

Amortization Expense/摊销费用: $25,000

Interest Expense/利息费用: $100,000

Taxes/税: $35,000

 

EBIDA is calculated by first finding EBIT which is calculated as the difference between total net revenue and operating costs. In this example, we'll want to subtract the cost of goods sold, S&A expenses, depreciation expense, and amortization expenses from total revenue. In this example, EBIT (or operating profit) is $575,000.

EBIDA的计算方法是，首先找到EBIT，EBIT是总净收入和营业成本之间的差额。在本例中，我们希望从总收入中减销货成本商品销售成本、销售和管理费用、折旧费用和摊销费用。在本例中，EBIT（或营业利润）是575,000美元。

 

However, EBIDA does not want to consider the non-cashflow items such as depreciation or amortization. Both are typically accounting entries that record an expense that does not tie to the cash outlay on the financial statements. Therefore, both depreciation and amortization need to be added back in.

但是，EBIDA并不想考虑折旧或摊销等非现金流科目。这两项都是典型的、计算与财务报表上的现金支出无关的费用的会计科目。因此，需要加回折旧和摊销费用。

 

Last, EBIDA also considers interest. Because interest is not an operating expense, it is not naturally included in operating profit. Therefore, companies will want to include this expense in as it is often avoidable and on a fixed schedule. In this example, the final EBIDA is calculated as:

最后，EBIDA中有将利息考虑在内。由于利息并非营业费用，自然它就不会被包含在营业利润中。因此，公司会希望将这笔费用包含在内，因为通常利息是可以避免的，且利息存在固定的时间表。在本例中，最终EBIDA计算如下：

 

EBIDA = $575,000 (EBIT) + $50,000 + 25,000 - $100,000 = $550,000

 

Special Considerations 

特殊考量

 

Earnings before interest, depreciation, and amortization (EBIDA) is considered to be a more conservative valuation measure than EBITDA because it includes the tax expense in the earnings measure. The EBIDA measure removes the assumption that the money paid in taxes could be used to pay down debt, an assumption made in EBITDA. 

利息、折旧及摊销前利润（EBIDA）被视为比EBITDA更为保守的估值指标，因为它在计算利润时有将税费计算在内。EBIDA这一指标去掉了用于缴纳税款的资金可以用于偿还债务这一假设（这是EBITDA中的一个假设）。

 

This debt payment assumption is made because interest payments are tax deductible, which, in turn, may lower the company's tax expense, giving it more money to service its debt. EBIDA, however, does not make the assumption that the tax expense can be lowered through the interest expense and, therefore, does not add it back to net income.

作出这一偿债假设的原因是利息支付是可以享受税费减免的，这反过来可以降低公司的税费支出，从而使公司有更多的钱可用于还债。但是，EBIDA并未假设税费可通过利息费用降低，因此，没有将其加回净收益中。

 

EBIDA is not regulated or required as part of GAAP reporting. Therefore, you probably won't see it explicitly calculated or reported as part of a company's financial statements.

EBIDA不受GAAP报告的监管或要求。因此，你可能不会看到它作为公司财务报表的一部分被明确计算或报告。

 

Criticism of EBIDA

对EBIDA的批评

 

EBIDA as an earnings measure is very rarely calculated by companies and analysts. It serves little purpose, then, if EBIDA is not a standard measure to track, compare, analyze and forecast. Instead, EBITDA is widely accepted as one of the major earnings metrics. As well, EBIDA can be deceptive as it’ll still always be higher than net income, and in most cases, higher than EBIT as well. 

公司和分析师很少将EBIDA作为利润指标计算。那么，如果EBIDA不是一个跟踪、比较、分析和预测的标准指标，它就没有什么意义。相反，EBITDA被广泛认为是主要的盈利指标之一。此外，EBIDA可能具有欺骗性，因为它仍然总是高于净收益，在大多数情况下，也高于EBIT。

 

And like other popular metrics (such as EBITDA and EBIT), EBIDA isn’t regulated by Generally Accepted Accounting Principles (GAAP), thus, what’s included is at the company’s discretion. Along with the criticism of EBIT and EBITDA, the EBIDA figure does not include other key information, such as working capital changes and capital expenditures (CapEx). 

同其他受欢迎的指标（如EBITDA和EBIT）一样，EBIDA不受公认会计原则（GAAP）的监管，因此，其中包括什么科目由公司决定。除了对EBIT和EBITDA的批评之外，EBIDA的数值还不包括其他关键信息，如营运资本变化和资本支出（CapEx）。

 

What Is the Difference Between EBIDA and EBITDA?

EBIDA和EBITDA有什么区别？

EBIDA and EBITDA are both profitability measurements that compare a company's earnings after certain expenses have been considered. The only difference between the two is the treatment of taxes. EBIDA does not consider taxes, while EBITDA does deduct the amount of taxes owed. Therefore, EBIDA is often a higher calculation due to it consider one less corporate expense.

EBIDA和EBITDA都是衡量在将部分费用考量在内之后的公司利润的指标。两者唯一的不同在于对税费的处理。EBIDA不考虑税费，而EBITDA会扣除应缴税款。因此，EBIDA计算出来的利润更高，因为它少考虑了一项公司费用。

 

What Is EBIDA Used for?

EBIDA是用来做什么的？

EBIDA is used to gauge how profitable a company is when not considered some non-cashflow expenses. For instance, both depreciation and amortization are expensed over time not in line with when an initial investment and cash outlay may have occurred. Therefore, EBIDA gives an organization a better understanding of what its profitability is from a cash-generating standpoint.

EBIDA用于衡量一家公司在不考虑一些非现金流支出的情况下的盈利能力。例如，折旧和摊销都是随着时间的推移而支销的，与初始投资和现金支出可能发生的时间不一致。因此，EBIDA让一个组织从现金产生的角度更好地了解其盈利能力。

 

What Is a Good EBIDA?

什么是好的EBIDA？

As a baseline, a company's EBIDA must be positive if it hopes to achieve positive cashflow. Even then, EBIDA adds back in depreciation and amortization, so it is possible for a company to have a positive EBIDA and yet still lose money each period. A company should strive to have an EBIDA high enough to sustain company growth as well as tracking what competitive company EBIDA's are to make sure their own is comparable.

作为一项基准，如果公司希望实现正现金流，它的EBIDA必须是正的。即便如此，EBIDA也加回了折旧和摊销，因此公司有可能拥有正的EBIDA，但每个时期仍然亏损。公司应该努力使EBIDA足够高，以维持公司的增长，并跟踪竞争对手EBIDA，以确保他们自己的EBIDA具有可比性。

 

The Bottom Line

最终盈利或亏损

EBIDA is a measure of company earnings that considers operating profit, depreciation, amortization, and interest. Companies use EBIDA to better understand their profitability as well as getting a gauge on how their earnings are after stripping away some financial accounting calculations that are not tied to cashflow. EBIDA is very similar to EBITDA, though the latter also incorporates taxes.

作为一项衡量公司利润的指标，EBIDA有将营业利润、折旧、摊销和利息考虑在内。公司使用EBIDA来更好地了解他们的盈利能力，在剥离一些与现金流无关的财务会计科目计算后衡量他们的利润到底有多少。EBIDA与EBITDA非常相似，但后者也将税费包含在内。

 

来源：译问