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Investor Presentaiton

GAAP to Non-GAAP Reconciliation Evolus has presented Non-GAAP Operating Expense which is calculated as GAAP Operating Expense excluding: (i) settlement payment from Daewoong (ii) stock-based compensation expense, (iii) revaluation of contingent royalty obligations, (iv) depreciation and amortization and (v) litigation settlement. Management believes that non-GAAP Operating Expense is useful in helping to identify the company's core operating performance and enables management to consistently analyze the period-to- period financial performance of the core business operations. Management also believes that non-GAAP Operating Expense will enable investors to assess the company in the same way that management assesses the company's current and future operations. The company's definitions of Non-GAAP Operating Expense has limitations as an analytical tool and may differ from other companies reporting similarly named measures. Non-GAAP Operating Expense should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. (in millions) FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 GAAP Operating Expenses $133.9 $209.6 $4.2 $41.4 $45.8 GAAP (Loss) Income from Operations ($98.9) ($153.1) $8.0 ($15.3) ($19.1) GAAP Net (Loss) Income ($90.0) ($163.0) $6.4 ($15.6) ($19.4) Adjustments: Settlement Payment from Daewoong ($25.5) Stock-based compensation $9.5 $10.6 $1.6 $2.9 $2.5 Revaluation of contingent royalty obligation $4.2 ($2.0) $1.3 $1.4 $1.4 Depreciation and amortization $4.1 $7.0 $2.0 $1.7 $0.9 Litigation settlement $83.4 Non-GAAP Operating Expense $116.1 $110.6 $24.8 $35.4 $41.0 Non-GAAP Loss From Operations $81.1 $54.0 $12.6 $9.3 $14.3 Non-GAAP Net Loss $72.2 $64.0 $14.2 $9.6 $14.6 26
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