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
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