Bausch+Lomb Results Presentation Deck
Non-GAAP Information; Comparable Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles
(GAAP), the Company uses certain non-GAAP financial measures and ratios, including (i) EBITDA, (ii) Adjusted
EBITDA, (iii) Adjusted EBITDA Margin, (iv) EBITA, (v) Adjusted EBITA, (vi) Adjusted EBITA Margin, (vii) Adjusted Gross
Profit, (viii) Adjusted Gross Margin, (ix) Adjusted SG&A, (x) Adjusted Net Income, (xi) Adjusted Tax Rate, (xii) Organic
Revenue Growth/Change and Organic Growth/Change, (xiii) Constant Currency, (xiv) Adjusted Earnings Per Share
("EPS") and (xv) Adjusted Cash Flow from Operations. Management uses some of these non-GAAP measures as key
metrics in the evaluation of Company performance and the consolidated financial results and, in part, in the
determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures are useful
to investors in their assessment of our operating performance and the valuation of the Company. In addition, these
non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to
assure that all investors have access to similar data, the Company has determined that it is appropriate to make this
data available to all investors.
However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized
meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios
that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP
financial measures and ratios may not be comparable to such similarly titled non-GAAP measures and ratios of other
companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to
consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios
have limitations as analytical tools and should not be considered in isolation. They should be considered as a
supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
The reconciliations of these historic non-GAAP financial measures and ratios to the most directly comparable financial
measures and ratios calculated and presented in accordance with GAAP are shown in the appendix hereto. However,
for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to
projected GAAP net income (loss), projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin or
projected Organic Revenue Growth to projected GAAP Revenue Growth due to the inherent difficulty in forecasting and
quantifying certain amounts that are necessary for such reconciliations. These amounts may be material and, therefore,
could result in the GAAP measure or ratio being materially different from the projected non-GAAP measure or ratio.
For further information on non-GAAP financial measures and ratios, please see the Appendix.
BAUSCH + LOMB
The comparable information about other companies was obtained from public sources and has not been verified by the
Company. Comparable means information that compares a company to other companies. The information is a
performance summary of the relevant attributes of certain companies that are considered to be an appropriate basis for
comparison with the Company based on a variety of factors, including size, operating metrics, revenue growth and
business model. The comparable companies face different risks from those applicable to the Company. Readers are
cautioned that past performance is not indicative of future performance and the performance of the Company may be
materially different from the comparable companies. Investors are cautioned to not put undue reliance on the
comparables.
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