First-Quarter 2022 Earnings
Use of Non-GAAP Financial Measures
To supplement Baxter's consolidated financial statements presented on a U.S. GAAP basis, the Company discloses certain non-GAAP financial
measures. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States.
A reconciliation of the non-GAAP financial measures included in this document to the corresponding U.S. GAAP measures follows in the section
titled Non-GAAP Reconciliations. In addition, an explanation of the ways in which Baxter management uses these supplemental non-GAAP
measures to evaluate its business and the substantive reasons why Baxter management believes that these non-GAAP measures provide useful
information to investors is included in the Company's most recent earnings release filed with the SEC on Form 8-K on April 28, 2022. This
information should be considered in addition to, and not as substitutes for, information prepared in accordance with U.S. GAAP.
Baxter strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions
investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms
are used to identify such measures.
Non-GAAP financial measures used in this presentation include constant currency and operational sales growth, adjusted gross margin, adjusted
operating margin, adjusted diluted EPS, free cash flow, adjusted selling, general, and administrative (SG&A) expense, and adjusted research and
development (R&D) expense. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com.
Baxter
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