LTM EBITDA 前12个月期间息税折摊前收益

税息折旧及摊销前利润/收益，简称EBITDA，是Earnings Before Interest, Taxes, Depreciation and Amortization的缩写，即未计利息、税项、折旧及摊销前的利润或收益。EBITDA被私人资本公司广泛使用，用以计算公司经营业绩。

EBITDA的使用必须要有一个前提假设。假设当收购一个企业时，被收购企业肯定是把投资活动控制到最低的。所以我们分析的时候只看经营性活动。而经营性活动看的时候，EBITDA是很有意义的，意义在于：当营运资金净需求不变的情况下，经营性现金净流入也就等于EBITDA。而企业也就可以利用这个钱（约等于EBITDA）来进行偿付利息了。

EBITDA是一种利润衡量指标。目前国内的会计准则和上市公司财报披露指引虽然没有强制规定上市公司必须披露EBITDA值，但根据公司财务报表中的数据和信息，投资者和分析员可以很容易计算出公司的EBITDA值。

营业利润、所得税和利息支出这三项会在损益表和财务附注中出现，折旧和摊销两项通常在财务报表附注或者现金流量表中可以找到。计算EBITDA的捷径是先找到营业利润这项，不过，和境外公司披露的营业利润（通常也称做EBIT－息税前利润）不同，国内公司的营业利润是减掉财务费用后的，所以要先把财务费用加回营业利润后，再把折旧和摊销两项费用加回去，就可以得出EBITDA了。

Last Twelve Months (LTM) EBITDA is a valuation metric that shows earnings before interest, taxes, depreciation, and amortization adjustments for the past 12-moths period.

This ratio presents a company’s revenues prior to any interest, tax, depreciation and amortization based on the company’s financial data of 12 months ago. The metric corresponds to a calendar year; hence, if an analyst calculates the LTMEBITDA of a company on April, he will trace the financial data of the company between May of the previous year and April of the current year.

This ratio is useful because it shows what the company has earned before interest and tax payments are covered for, thereby providing an indication of its operational strength and performance, within the past 12 months. 以下为相关例句，可供参考：

例句1

LTM EBITDA $104m. Enterprise Value $ 780m.

前12个月期间息税折摊前收益为1.04亿美元。企业价值为7.8亿美元。

例句2

2017E revenue $932m and EBITDA $104m.

2017年年收入为9.32亿美元，息税折摊前收益为1.04亿美元。

例句3

For the YTD (Year-to-date) period between Q1 2016 and Q2 2015, LTM net profit is $12.07 million. After adding the income tax provision, the interest expenses, and the depreciation & amortization expenses, Michael finds that the 12-month EBITDA is $20.76 million. Then, he inputs the non-cash charges and the $3.50 million, which represent the settlement with the acquiring company, to find that the adjusted EBITDA, or else the last 12-months EBITDA is $18.14 million.

自2015年第二季度至2016年第一季度的年初至今期间，前12个月期间的净利润为1207万美元。加上所得税准备金，利息费用以及折旧和摊销费用后，Michael发现12个月的息税折摊前收益为2076万美元。之后，他投入非现金费用和350万美元（代表与收购公司的和解），发现调整后的息税折摊前收益或最近12个月的息税折摊前收益为1814万美元。