Bausch+Lomb Results Presentation Deck
Reconciliation of Reported Net Income (Loss) to EBITDA (non-GAAP)¹ and
Adjusted EBITDA (non-GAAP)¹ ($M)
BAUSCH + LOMB
Net (loss) income attributable to Bausch + Lomb Corporation $
Interest expense, net
(Benefit from) provision for income taxes
Depreciation and amortization
EBITDA
Adjustments:
Asset impairments
1.
2.
Restructuring, integration and transformation costs
Acquisition-related costs and adjustments (excluding
amortization of intangible assets)
Share-based compensation
Separation costs and separation-related costs
Other adjustments:
Litigation and other matters
2
Acquired in-process research and development costs ²
Other
Adjusted EBITDA (non-GAAP)¹
Three Months Ended
December 31,
$
2022
(1)
44
(2)
93
134
21
1
17
7
1
181
$
$
2021
51
32
100
183
1
4
17
1
(1)
4
7
216
$
$
Twelve Months Ended
December 31,
2022
6
140
58
379
583
1
36
(4)
62
35
1
6
720
$
$
2021
182
125
415
722
12
11
62
3
(1)
5
7
821
This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios.
Prior to 2022, in calculating Adjusted EBITDA, the Company had excluded expenses associated with acquired IPR&D. Beginning in 2022, the Company no longer excludes acquired IPR&D in its calculation of Adjusted EBITDA. The Company is making this change to
align with evolving practice in this regard. The Company is making this change for 2022 periods and onwards and has not made this change for periods prior to 2022. The Company believes these costs are not material for the periods presented. In particular, there was
no acquired IPR&D in the fourth quarter of 2022 and there was less then $1 million in aggregate acquired IPR&D for the twelve months ended December 31, 2022. For 2021, there was $4 million in the fourth quarter of 2021 and there was $5 million in aggregate
acquired IPR&D for the twelve months ended December 31, 2021.
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