Corporate & Investor Presentation
Reconciliation of non-GAAP financial measures, cont'd
The measure "non-GAAP net income" and "non-GAAP diluted earnings per share" are reconciled with GAAP net income
and GAAP diluted earnings per share in the table below:
(Unaudited; $ in thousands, except for per share amounts)
0000
Three Months Ended
Six Months Ended
December 31,
2021
December 31,
2020
December 31,
2021
December 31,
2020
GAAP net income
$
201,751
$
179,514
$
Amortization of acquired intangibles - cost of sales, net
8,564
8,566
405,364
16,999
$
357,886
17.742
'
of tax
Amortization of acquired intangibles - operating
5,901
5,900
11,780
12,214
expenses, net of tax
Reserve for disputed tax position
4,111
Restructuring cost of sales, net of tax
4,663
4,663
Restructuring - operating expenses, net of tax
7,730
7,730
(Gain) loss on equity investments
(8,476)
Non-GAAP net income
$
GAAP diluted shares outstanding
216,216
147,040
$
SA
206,373
$ 438,254
SA
$
391,759
146,421
147,044
146,350
GAAP diluted earnings per share
Non-GAAP diluted earnings per share.
SS
$
1.37
$
1.47
SS
$
1.23
$
1.41
SAS
$
2.76
$
2.98
SAS
$
2.45
$
2.68
Note regarding non-GAAP reconciliations
ResMed adjusts for the impact of the amortization of acquired intangibles, reserve for disputed tax positions, restructuring expenses and the (gain) loss on equity investments from their evaluation of ongoing operations, and believes that investors
benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance..
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning,
forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from core operations and
provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to
inherent limitations because they do not include all the expenses that must be included under GAAP.
37 2022 ResMed | Corporate & Investor Presentation - updated 27JAN22
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