Baxter Hillrom Acquisition Presentation
Reconciliation of Non-GAAP Financial Measure
Baxter Net Income to Pro Forma¹ Adjusted EBITDA for the Year Ended
December 31, 2020
Baxter
(in millions)
Hillrom²
Pro Forma
Net income
$ 1,110
$ 242
$ 1,352
Income tax expense
Net interest expense
182
58
240
134
72
206
Depreciation and amortization
823
180
1,003
EBITDA
2,249
552
2,801
Business optimization items
117
61
178
Acquisition and integration expenses
40
6
46
European medical devices regulation
33
16
49
Investigation and related costs
23
23
Intangible asset impairment
17
17
Pension settlement
Loss on debt extinguishment
Product-related items
Litigation settlements
43
80
51
110
110
29
ст
5
34
(1)
(1)
Gain from remeasuring investment to fair
value upon acquisition of a controlling
investment in an investee
Adjusted EBITDA
(3)
(3)
$ 2,661 $
644
$ 3,305
1 Pro forma amounts as presented in this slide represent the combined results of Baxter and Hillrom and are not intended to represent pro forma financial information under Article 11
of Securities and Exchange Commission Regulation S-X.
2 The financial results of Hillrom, which has a September 30 fiscal year end, are presented in this slide on a trailing TTM basis for the period ended December 31, 2020.
For more information on the company's use of non-GAAP financial measures in this presentation, please see the company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on the date of this presentation.
Baxter
H Hillrom 23View entire presentation