However, EBITDA does not account for interest expenses, which are a necessary part of a companys capital structure. They also are comparable because they show cash spending power. Both EBITDA and OCF add back depreciation and amortization. This article has guided the top differences between EBIT and Net Income. This is your weekly income. Income statements begin with the total amount of money coming into a company and are reflected in gross and net revenue at the top of the statement. Login details for this Free course will be emailed to you. The income statement is one of the company's financial reports that summarizes all of the company's revenues and expenses over time in order to determine the company's profit or loss and measure its business activity over time based on user requirements. Required fields are marked *. As you can see, the difference between EBITDA and net income isnt perfect, but it does provide an indication of cash flow. This makes EBITDA a useful measure for capital-intensive industries. How to avoid? In capital-intensive industries, EBITDA is more relevant than net income. Under IFRS the adjustment is pushed through same as interest income. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. Cash Flow vs. Asset-Based Business Lending: Whats the Difference? Interest expenses, which have a neutral impact on the cost of debt, affect the companys net income, and can be a significant factor in determining its EBITDA. One problem with EBITDA is that it doesnt take into account liquidity or working capital. EBITDA is a non-GAAP metric and its calculation varies from industry to industry. EBITDA looks to measure only the operations of a company. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Go through waves where they deploy capital and then waves where they sell their assets and are left with a ton of cash temporarily but not many operating assets. Earnings before interest and taxes (EBIT) is an indicator of a company's profitability and is calculated as revenue minus expenses, excluding taxes and interest. However, it has its limitations. Revenue measures sales activities and can reflect how successful a company is in the market. It was used to establish a company's operating profitability relative to companies with similar business models with no consideration given to their capital structure or in other words their use of debt or equity as their source of capital. It denotes the organization's profit from business operations while excluding all taxes and costs of capital.read more = Net Income + Interest + Taxes. The numbers that Wiki has in the sidebar of the Pfizer article don't match anything in the corporate financial statement that the article cites. Did Your House Get Damaged? I dont know what kind of monsters who works with Excel Overheard by a man screaming into his phone in Midtown Did anyone have an interesting or unusual side hustle, if UPDATE: just need to vent after our company Christmas party, Now go on out there and get that Deloittussy, Press J to jump to the feed. There are two ways that GAAP allows the presentation of operating cash flowdirect and indirect. EBITDA is the total amount of sales less all expenses, including depreciation and amortization. The net revenue formula is simple and straightforward: Net Revenue vs. Net Income. Since interest, taxes, depreciation, and amortization are outside of managements operational control, adding these items back to net income is a better way to measure how well the business is run. Many investors are increasingly turning to the more precise measure of operating performance, EBITDA, for assessing companies. Illum aut omnis unde sint tenetur est. It removes the major non-cash charges (depreciation and amortization), the financing aspect (interest), and taxes. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is often used as a synonym for cash flow, but in reality, they differ in important ways. CFA And Chartered Financial Analyst Are Registered Trademarks Owned By CFA Institute. Net Income is often used to determine a companys total earnings or profit. Depreciation is a systematic allocation method used to account for the costs of any physical or tangible asset throughout its useful life. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. This was less than the taxes Pfizer paid, so the Net/Operating numbers don't appear upside down on the face of it. Lets have a look at the head to head differences between EBITvs. Net Income, EBITEBITEarnings before interest and tax (EBIT) refers to the company's operating profit that is acquired after deducting all the expenses except the interest and tax expenses from the revenue. A stockholder is a person, company, or institution who owns one or more shares of a company. Earnings before interest, taxes, depreciation, and amortization (EBITDA) and revenue are financial performance measures of a business. Do you mean because of negative taxes, negative interests, negative depreciation and negative amortization? However, EBITDA does not come under GAAP standards. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Super helpful! Companies with high EBITDA may be hiding warning signs, including a high debt load and low profitability. EBITDA looks to measure only the operations of a company. 2022 Compensation - What Are You Guys Expecting? The corporate tax reduction in the US helped Spotify turn a positive net income? Furthermore, investors can use EBITDA to compare companies across different industries, since it shows higher profits than operating profit. Another example of an industry that uses capital-intensive equipment is the steel industry. Net interest income and net tax benefit could be higher than depreciation and amortization. In addition to being a better metric, EBITDA helps companies compare their earnings power by eliminating the effects of management manipulation. Earnings Before Income Tax (EBIT) is a method that is often used to find the profit generated by a company. The basic EBITDA formula is operating income plus depreciation and amortization. Cookies help us provide, protect and improve our products and services. Cash Flow vs. Revenue: What's the Difference? On the other hand, net income is an indicator that calculates the total earnings of the company after paying the expenses and taxes. Another important difference between EBITDA and net income is how debt-related expenses are treated. Create an account to follow your favorite communities and start taking part in conversations. Would this be in the form of a massive tax refund? While EBITDA may be easier to understand, it can be misleading if you focus solely on the negative aspects of the business. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Then enter your current payroll information and deductions. A common business metric, EBITDA refers to earnings before interest, taxes, depreciation, and amortization. New comments cannot be posted and votes cannot be cast. For example, a company can adjust depreciation to make its profits look higher than they really are. So far, it would look like this: $15/hr 8 hr/day 5 day/wk = $600/wk. EBITDARan acronym for earnings before interest, taxes, depreciation, amortization, and restructuring or rent costsis a non-GAAP measure of a company's financial performance. EBITDA measures profitability and potential. "Non-GAAP Financial Measures.". Understanding the Pros and Cons of EBITDA, How To Prepare Your Business' Financial Statements, Multiples of Earnings Business Valuation Method, How To Determine Operating Profit Margin Ratios, How To Prepare a Common-Size Income Statement Analysis, The 3 Types of Profit Margins and What They Tell You, Net income + interest + taxes + depreciation + amortization, Total income from all business operations. Enterprise value (EV) is a measure of a company's total value, often used as a comprehensive alternative to equity market capitalization that includes debt. There is a question similar to this on the 400Q guide. EBITDA is derived from net income, and the interest, taxes, depreciation, and amortization added back to get EBITDA can all be found in the expenses section of the There are several forms of financial ratios that indicate the company's results, financial risks, and operational efficiency, such as the liquidity ratio, asset turnover ratio, operating profitability ratios, business risk ratios, financial risk ratio, stability ratios, and so on.read more, we use them to get a glimpse of the financial health of a company. Any tips on soul searching? And in the latter phase, before they distribute the cash or reinvest it, they would have a ton of interest income but pretty much no EBITDA. However, depreciation and amortization may not have a significant impact on a companys operating results, but they may have a negative impact on its ability to generate cash flow. Q&A: CFA Charterholder, left finance to join the Army, now going into IB. EBITDA aims to establish the amount of cash a company can generate before accounting for any additional assets or expenses not directly related to the primary business operations. As You can learn more about the standards we follow in producing accurate, unbiased content in our. US Steel funds equipment maintenance through debt, and thus, its EBITDA is negative due to interest and depreciation costs. When comparing EBITDA and net income, investors should keep in mind that a companys EBITDA will be lower than its net income if the company is unable to pay dividends. As a result, EBITDA will be higher than net income. It doesnt take into consideration non-operating gains or losses suffered by businesses, the impact of financial leverage, and tax factors. 101 Investment Banking Interview Questions, Certified Corporate Development Professional - Director, https://www.wallstreetoasis.com/resources/skills/strategy/special-purpose-acquisition-company-spac, Venture Capital 4-Hour Bootcamp - Sat Dec 10th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat Jan 21st - Only 15 Seats, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Private Equity Interview 1-Day Bootcamp OPEN NOW - Only 15 Seats. However, it is important to note that EBITDA does not include certain aspects that contribute to a companys financial health, such as intellectual property and assets that lose value over time. By using our website, you agree to our use of cookies (, EBITvs. Net IncomeHead to Head Differences, EBIT is an indicator used for calculating a companys profit when considering mostly the. And, they are both useful in assessing the value of a company. And while finding financial ratiosFinancial RatiosFinancial ratios are indications of a company's financial performance. EBITDA is much the same, except it doesn't factor in interest or taxes (both of which are factored into operating cash flow given they are cash expenses). 5 Things To Know After Your Trademark Is Registered, Generate Extra Cash Flow And Get Your Finances Under Tighter Control, 5 Ways To Boost Collaboration Across Teams In Your Workplace, How to Create a Custom Email for Your Business, Essential Tips to Follow for Result-driven Business Expansion, You Should Invest in Bitcoin and Heres Why, Is It Better to Buy Crypto on a Wallet or Exchange? However, GAAP does not recognized EBITDA as a measure of financial performance. Theyre used to conclude investing, sales, and other key business factors. EBITDA is computed without considering other income. WebEBITDA is COGS less operating expenses, such as salaries, rent, utilities, advertising, except interest, depreciation and tax. However, both EBITDA and net income can mask a companys financial health. the corporate financial statement that the article cites. Then, youll be able to see whether youre underperforming the market average. It should be Operating Income = $12,762 and Net Income = $10,009. If a company does not have a high cash flow, it can still be profitable and have a healthy EBITDA, but a high debt-related expense. WSO depends on everyone being able to pitch in when they know something. Qui et consequuntur eligendi alias libero aut totam. Not saying some management teams might not adjust everything detrimental out, but if it's a material, clearly one-time item, it would be surprising not to see that removed. Consequently, EBITDA helps you understand if a company is being run well. It should be used with caution as the metric is often difficult to understand. Most M&A professionals use EBIT in pricing companies. Theoretically, capital expenditures in a growing company should at least equal or exceed depreciation over the long term, making EBIT a more accurate estimate of net cash flow than EBITDA. Yet EBITDA is still used in some industries. It is useful in determining a companys ability to repay future financing. Does the state pay the company taxes or how does that work? Depreciation and amortization are expenses that lower a companys book value over time. As a result, EBITDA will be higher than EBITDA. Advice and questions welcome. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. The Bottom Line. Reddit and its partners use cookies and similar technologies to provide you with a better experience. If a company has a $5,000,000 market capitalization and has bonds and cash equivalents worth $1,500,000, then its EBITDA will be $280,000. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2022 . Cash flow, broadly, is the inflow and outflows of cash within a company. Heres How To React, A Quick Guide To Protecting Your Valuables In An Emergency, Financial Aspects of Buying a Property as a Senior: Top Facts to Know, 6 Tips From Gambling Professionals How Not To Lose Money, 8 Tips To Follow When Looking For An Online Casino, 5 Reasons Why Its Probably Time to Switch to a New Bank Account, Top 8 Interesting Facts About Online Casinos, Internal Influences on Marketing Strategy, Discover Banks Escheat Unit Everything You Need to Know, General Warranty Deed and Special Warranty Deed, Do You Have Good Working Relationship? Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Its value indicates how much of an assets worth has been utilized. EBITDA is often used to evaluate a companys long-term profitability. Because EBITDA adds factors that are outside a companys control, you get a picture of the companys income based on factors it can control, like overhead costs, salaries, and research and development. Bots and AI generated answers on r/explainlikeimfive. ELI5: Why does milk pair so well with cake, cookies, etc? In fact, according to the 2011 annual report, Pfizer had $1.312 B in Net Income attributable to activities not included in Operating Income. In fact, some companies prefer using EBITDA as their key measure of profitability, despite its higher cost. EBITDA and revenue are two key metrics that individuals and companies use to assess a business, and there are distinct differences between the two. In some cases, this can be problematic. If you own your own small business, it can be a good idea to know both metrics, since each convey different Calculate EBITDA by adding interest, taxes, depreciation, and amortization to net income. ELI5: Why do pidgeons appear to peck the ground even when ELI5: Why is it considered unhealthy if someone is ELI5: if procreating with close relatives causes ELI5: What prevents people in a coma from waking up? ELI5: Why are fridges in cold climate countries not Press J to jump to the feed. This is because Operating Income does not include discontinued operations (product lines that were shut down) or extraordinary transactions (sales of assets, like if Pfizer sold off a subsidiary or a drug patent). Depends on tax assets and interest income. While EBIT and net income are often confused terms, they are both measures of a companys performance. Revenue is the sum of income from the sale of goods and services. See you on the other side! Moreover, a positive EBITDA doesnt automatically indicate high profitability. Yea, its a huge FMV adjustment for Spotify. John Wiley & Sons, 2001. If your job is five days per week, you would then multiply by five. Oh good point. EBITDA became popular in the 1980s with the rise of the leveraged buyout industry. Wonder if this was a FIG question since banks are valued in earnings and not EBITDA, Interest Income is reducted for EBITDA - so maybe a significant boost of income from interest, Some lawsuit that brought in a bunch of money and is deducted from EBITDA, Some sort of non-recurring gain/income that is deducted from EBITDA. Investors may also look at revenue multiples because revenue is not heavily influenced by accounting decisions. Spotify and TME did a stock swap a while back and when TME went public at end of 2018 it triggered a FMV adjustment for the shares Yes if they had interest income and no depreciation, tax, or amortization expense. With EBIT, it is very tough to make an important decision just by depending on it because even though it shows the companys profitability, it doesnt consider the big picture. Thats why revenue is often referred to as the top line. By contrast, the bottom line is net income: whats left for shareholders after all expenses and obligations are paid. The acronym EBITDA stands for earnings before interest, taxes, depreciation, and amortization. EBITDA is a useful metric for understanding a business's ability to generate cash flow for its owners and for judging a company's operating performance. EBITDA multiples consider enterprise value and EBITDA, while revenue multiples calculate both the relationship between market cap and sales and the relationship between enterprise value and sales. Calculation of Income generated mostly by operating before paying interests and taxes; Calculation of total earnings of the company after paying the interests and taxes; The government, investors in equity and debt; EBIT is an indicator used for calculating a companys profitability, and it can be measured by reducing the operating expenses from revenue. By contrast, operating income provides the real profit generated by the companys operations. However, if a company doesnt deduct these expenses, it may be vulnerable to unexpected shocks. Eli5; how we find patient zero when there is disease eli5 When countries swap prisoners how are they sure the ELI5: Why do we (Anglophones) use the native language Eli5: What is the difference between soldering and welding? You may find it useful to use a free Excel template from CFI to compare the two. It can also help investors determine how profitable a company is, especially in industries with high debt levels and high depreciation. But how do investors compare EBITDA vs net income? Price-to-sales is useful for cyclical companies that are very sensitive to the business cycle. It is synonymous with operating profit as it doesnt consider the tax and interest expenses. WebYea, its a huge FMV adjustment for Spotify. The difference between EBITDA and net income isnt entirely clear. All Rights Reserved. EBITDA doesn't factor in interest or taxes, both of which are included in operating cash flow (as they are cash outflows). Can you really afford to miss one or two technicals? Financial ratios are indications of a company's financial performance. You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: EBIT vs Net Income (wallstreetmojo.com). On the other hand, net income is used to find out the companys earnings per share. Frank J. Fabozzi. Heres What To Know. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Both EBITDA and OCF add back depreciation and amortization. Free Cash Flow vs. EBITDA: What's the Difference? Afterward, you can change the numbers and rebuild the formulas to match your own data. According to Wikipedia, net income is EBIT minus interest and taxes. EBITDA would also be higher than EBIT if the company acquired an intangible asset such as a patent and amortized the Read our, Whats the Difference Between EBITDA and Revenue, Understanding Top Line vs. Bottom Line on an Income Statement. Sorry, you need to login or sign up in order to vote. Operating cash flow is a figure defined under the generally accepted accounting principles (GAAP) where it is calculated by adding depreciation and amortization back to net income, as well as changes in accounts payable and receivable. You will Learn Basics of Accounting in Just 1 Hour, Guaranteed! However, depreciation and amortization can reduce a companys real income. And these ratios not only help the management make the course correction, EBIT, and net income and help investors and other stockholdersStockholdersA stockholder is a person, company, or institution who owns one or more shares of a company. The Financial Accounting Standards Board (FASB) is widely recognized as the authority that establishes the rules and standards of Generally Accepted Accounting Principles (GAAP). Earnings before interest and tax (EBIT) refers to the company's operating profit that is acquired after deducting all the expenses except the interest and tax expenses from the revenue. EBITDA is a common metric that investors prefer over net income because it is less prone to manipulation. The equity investors use net income as net income is mostly used to. Consequatur adipisci corporis ut sit quis eaque. Looking at Spotify financials now and its EBITDA(-354mm) is lower than Net income(305mm). US Steels loss in 2011 was not surprising given that its funded by debt. Companies with large debt and little debt are likely to have lower EBITDA than companies with lower debt levels. "Bond Credit Analysis: Framework and Case Studies," Page 139. Could you make an example of what that will look like in an example? Press question mark to learn the rest of the keyboard shortcuts. Add market capitalization and debt, then subtract cash to sales. To calculate the profit-making ability of the company. EBITDA measures profit and potential, while revenue measures sales activity. Companies that have a lot of debt and interest will have higher ratios than companies that dont. So, what are the major differences between EBIT and net income? or Want to Sign up with your social account? Expedita molestias dolorum assumenda inventore dolorem. Spotify and TME did a stock swap a while back and when TME went public at end of 2018 it triggered a FMV adjustment for the shares Spotify owned in TME. Operating Income, also known as EBIT or Recurring Profit, is an important yardstick of profit measurement and reflects the operating performance of the business. But it IS possible for Net Income to be more than Operating Income. A company that has a lower multiple than its industry may be considered undervalued, while a company that has a higher multiple may be considered overvalued. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Overall, both look to determine how well a business is generating money from its core operations. We also reference original research from other reputable publishers where appropriate. EBITDA shows how profitable core operations are, while EBIT does not include depreciation and amortization. EBIT is used as an indicator to determine a companys total profit-making capability. Free Linkedin Live with WSO CEO & Founder Patrick Curtis, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Made a joke with my associate today and it didnt go down well. Heres What to Know, Crypto casino is the best choice for gambling people, How Blockchain Technology Is Eating Into The Money Transfer Markets, Monaco real estate investment; a secure economic environment, Everything You Need To Know About Multi-Year Annuities, Where to Find the Best Trading Platforms in the UK, Four Aspects of Gaming That Can Be Investments. In other words, net income is the amount you make after factoring in all of The EV-to-sales multiple is a little more complex than price-to-sales. interest rates on 15-year mortgages typically are lower than the interest rates Depreciation is the process by which a company spreads out the cost of a fixed asset over a number of years. Analysts use a number of metrics to determine the profitability or liquidity of a company. Net income is the income remaining after expenses are deducted from the total revenue. Therefore, EBITDA is more relevant to investors than net income. Press question mark to learn the rest of the keyboard shortcuts. Animi mollitia architecto non ipsa velit voluptatem quam. The difference between EBITDA and net income is not a fair comparison, but the fact that debt-related expenses are included in EBITDA is helpful in judging the resilience of a company. Here we also discuss the EBIT vs. Net Income key differences with infographics and a comparison table. These include white papers, government data, original reporting, and interviews with industry experts. EY Cutting Mid-Year Discretionary Bonuses? Looks like bad data. Cash flow is a broad term that generally refers to the cash coming into and going out of a companyoften mean to represent operating cash flow (OCF). It is often useful for comparison between companies and industries and is useful for determining company valuation. To begin with, EBITDA excludes depreciation and amortization. Cash flow, specifically OCF, is meant to determine how a company's core operations are performing. Regardless, it is still widely used in valuations and debt servicing analyses. EBITDA is derived from net income, and the interest, taxes, depreciation, and amortization added back to get EBITDA can all be found in the expenses section of the income statement. They are the company's owners, but their liability is limited to the value of their shares. For example, it doesnt calculate using the whole of non-operating income and doesnt include taxes or interests. Depreciation and amortization are expenses that a company must take into account in determining its operating performance. When you look at a companys income statement, you can see a number called the EBIT, which is the same number as the net income but excluding the companys interest expense and taxes. Remove those two equations from the picture; you get a clear picture of the companys current performance. So, this is EBIT. Sit unde facilis aliquam repellendus ea voluptatem voluptatum consequatur. Operating Margin vs. EBITDA: What's the Difference? One of the key differences between EBIT vs. net income is the payment of interests and taxes. Securities and Exchange Commission. More specifically, cash flow often refers to operating cash flow (OCF). You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Gross income is the total income a business earns before expenses. Pfizer) have net income that is larger than EBIT? In addition to debt-related expenses, EBITDA also takes into account amortization, a process that lowers the book value of an entity over time. An alternate way to calculate EBITDA is to add up operating income, depreciation, and amortization. Save my name, email, and website in this browser for the next time I comment. EBITDA strips out discretionary factors that could have a major impact on the bottom line and is thus a more accurate reflection of a companys operational health. The cash flow statement presents the company's cash flows. Revenue is the first line of the income statement, and managers often refer to sales growth as top line growth. EBIT shows the income generated (mostly operating income) before paying taxes and interests. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a companys overall financial performance. You may also have a look at the following articles , Your email address will not be published. An equity investor is that person or entity who contributes a certain sum to public or private companies for a specific period to obtain financial gains in the form of capital appreciation, dividend payouts, stock value appraisal, etc. Those expenses will be added back into the equation unless they are eliminated. The key difference between EBIT vs. Net Income is that EBIT refers to the businesss earnings that are earned during the period without considering the interest expense and the tax expense of that period. However, EBITDA has a flaw: some companies use it to make their earnings seem higher than they actually are. Operating cash flow tracks the cash flow generated by a business' operations, ignoring cash flow from investing or financing activities. Net income, on the other hand, is calculated by subtracting revenue from the overall cost of doing the business. EBIT can be measured by reducing revenue operating expenses or adding interests and taxes to net income. So EBIT vs. net income serves useful purposes. AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) (the "Fund") today released its monthly portfolio update as of August 31, 2022. The main difference between them is that revenue measures sales and other income activities, while EBITDA measures how profitable the business is. Revenue is the first line of a companys income statement. ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero Then, divide that total by revenue. Both are noncash expenses that are included in a companys financial statements. Realest conversation on this sub in a hot minute. This information will help you decide which metric to use for your organizations analysis. This means that the companys EBITDA does not represent a true profit, but its important to understand that a companys net income is only a fraction of what the business can generate. Sequi nisi nostrum suscipit assumenda et. EV/EBITDA helps investors focus on how the business is run because it excludes items that are influenced by accounting decisions and government policy. Ok thank you! EBITDA is a useful metric for comparing businesses. As noted above, EBIT represents earnings (or net income/profit, which is the same thing) that have interest and taxes added back to them. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is another measure of a company's operations. Therefore, they are the most relevant measurements of profitability for capital-intensive industries. Have you guys ever made a regretful lateral move? This is the reason. However, EBITDA may be a better measure than net income, especially for early-stage companies with high debt-to-equity ratios. Also known as the enterprise value to EBITDA (EV/EBITDA) multiple, it measures market capitalization plus debt minus cash to EBITDA. A companys EBITDA also indicates its ability to generate free cash from operations. EBITDA excludes interest expense and depreciation, which can greatly distort a companys net income. Depreciation includes the depreciation of fixed assets, while amortization depreciates the cost of intangible assets. 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