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)
Three Months Ended
Six Months Ended
December 31,
2020
December 31,
2019
December 31,
2020
December 31,
2019
GAAP net income
$
179,514 $
Amortization of acquired intangibles - cost of sales, net
8,566
160,554
9,210
$ 357,886
17,742
$
280,702
19,478
of tax (A)
Amortization of acquired intangibles - operating
5,900
6,538
12,214
10,392
expenses, net of tax (A)
Restructuring cost of sales, net of tax (A)
4,663
4,663
Restructuring operating expenses, net of tax (A)
Deferred revenue fair value adjustment, net of tax (A)
Litigation settlement expenses, net of tax (A)
7,730
7,730
503
1,610
(528)
(528)
Non-GAAP net income (A)
(Gain) loss on equity investments (A)
Diluted shares outstanding
GAAP diluted earnings per share
Non-GAAP diluted earnings per share (A)
(8,476)
SA
$
206,373
SA
$
176,277
$
391,759
$
311,654
146,421
145,575
146,350
145,479
SS
$
1.23
$
1.41
S9S9
$
1.10
$
1.21
SS
$
2.45
$
2.68
SS
$
1.93
$
2.14
(A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, deferred revenue fair value adjustment, 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.
40 2021 ResMed | Corporate & Investor Presentation - updated 28JAN21
ResMedView entire presentation