Bausch+Lomb Results Presentation Deck
Reconciliation of Reported Operating Income to Adjusted EBITA (non-GAAP)1
($M) (QTD and YTD)
2022 GAAP
Amortization of intangible assets
Asset impairments
Restructuring, integration and transformation costs
Acquisition-related costs and adjustments (excluding
amortization of intangible assets)
IT infrastructure investment
Separation costs and separation-related costs
Litigation and other matters
Other
2022 Non-GAAP¹
2021 GAAP
Amortization of intangible assets
Asset impairments
Restructuring and integration costs
Acquired in-process research and development costs²
IT infrastructure investment
Separation costs and separation-related costs
Legal and other professional fees
2021 Non-GAAP¹
BAUSCH + LOMB
2.
$
Gross
Profit
510
59
1
$ 570
Gross
Profit²
$ 505
72
8
$ 585
Gross
Margin
54.1% $
6.3%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
60.5% $
Gross
Margin²
53.2% $
7.6%
0.8%
0.0%
0.0%
0.0%
0.0%
0.0%
61.6% $
QTD 2022
SG&A
381 $
(10)
(11)
360 $
QTD 2021
SG&A
348 $
(1)
(1)
2
348 $
R&D
Expense
Operating
income
77 $
77 $
R&D
Expense
63 $
46
59
1
11
63 $
15
Operating
income
132
94
72
00
8
1
1
(2)
174
Gross
Profit
$ 1,484
188
1
$
1,673
Gross
Profit
1,464
225
11
$ 1,700
Gross
Margin SG&A
53.5% $ 1,092 $
6.8%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
60.4% $
YTD 2022
0.0%
0.0%
0.0%
61.5% $
(10)
(1)
(21)
1,060 $
YTD 2021
(6)
(2)
Operating
R&D
Expense income
229 $
1,016 $
229 $
Gross
R&D Operating
Margin SG&A Expense income
53.0% $ 1,024 $ 201 $
8.1%
0.4%
0.0%
0.0%
156
188
1
14
201 $
(5)
1
28
383
237
225
11
1
1
6
2
483
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 EBITA, 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 EBITA. 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, the amount of
acquired IPR&D for the third quarter of 2022 was less than $1 million and there was no acquired IPR&D in either the first or second quarter of 2022. For 2021, there was no acquired IPR&D in the third quarter of 2021 and there was $1 million in aggregate acquired IPR&D
for the nine months ended September 30, 2021.
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