Nagy Corporation reported the following income statement in 20X1, along with a comparable income statement for 20X0, its first year of operations: Income Statement, 20X1 and 20X0 ($ in millions) Sales Cost of goods sold Depreciation expense Interest expense Fixed asset impairment Other operating expenses Loss before income tax benefit Income tax benefit Net income 20X1 $ 350 20X0 $ 280 (188) (170) (40) (38) (25) (22) (30) (99) (92) (32) (42) 7 9 $ (25) $ (33) In its Form 10-K, Nagy also provided a non-GAAP metric, earnings before depreciation and one-time charges, which was a pre-tax earnings measure that excluded depreciation expense and the one-time fixed-asset impairment charge in 20X1. Nagy reported that its earnings before depreciation and one-time charges was $38 million in 20X1 versus a $4 million loss in 20X1.