Charles River - JP Morgan Conference Presentation
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED)(¹)
(in thousands, except per share data)
Net income attributable to common shareholders
Add back:
Non-GAAP adjustments to operating income (Refer to previous schedule)
Write-off of deferred financing costs and fees related to debt financing
Venture capital and strategic equity investment losses (gains), net
Gain due to sale of RMS Japan operations
Loss due to U.S. Pension termination
Other (2)
Tax effect of non-GAAP adjustments:
Non-cash tax provision related to international financing structure (3)
Enacted tax law changes
Tax effect of the remaining non-GAAP adjustments
$
Three Months Ended
December 25, 2021
December 26, 2020
137,578
$
143,191
S
Twelve Months Ended
December 25, 2021
December 26, 2020
390,982 $
364,304
16,293
35,749
152,201
152,284
26,089
13,142
(22,656)
(68,635)
30,419
(100,861)
(22,656)
10,283
10,283
(2,942)
1,028
1,454
(16,936)
87
Net income attributable to common shareholders, excluding non-GAAP adjustments
$
128,449
$
122,129
Weighted average shares outstanding - Basic
50,471
49,754
Effect of dilutive securities:
Stock options, restricted stock units and performance share units
Weighted average shares outstanding - Diluted
1,084
51,555
1.274
51,028
Earnings per share attributable to common shareholders:
Basic
Diluted
Basic, excluding non-GAAP adjustments
Diluted, excluding non-GAAP adjustments
4,809
4,444
10,036
(58,404)
(18,953)
S
530,534 $
411,501
50,293
49,550
1,132
51.425
1,061
50,611
$
2.73
$
2.88
$
7.77 $
7.35
$
2.67
$
2.81
S
7.60 $
7.20
$
$
2.55
2.49
$
$
2.45
2.39
$
10.55 $
$
10.32 $
8.30
8.13
(1) Charles River management believes that supplementary non-GAAP financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future
prospects, without the effect of often-one-time charges and other items which are outside our normal operations, consistent with the manner in which management measures and forecasts the Company's
performance. The supplementary non-GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with U.S. GAAP. The Company
intends to continue to assess the potential value of reporting non-GAAP results consistent with applicable rules, regulations and guidance.
(2) Includes adjustments related to the gain on an immaterial divestiture and the finalization of the annuity purchase related to the termination of the Company's U.S. pension plan.
(3) This adjustment relates to the recognition of deferred tax assets expected to be utilized as a result of changes to the Company's international financing structure.
Charles River - JP Morgan Conference Presentation
31View entire presentation