Pershing Square Activist Presentation Deck slide image

Pershing Square Activist Presentation Deck

Valeant's Definition of Cash Net Income GAAP Net Income + Inventory Step-Up Reversal (COGS) + Acquired In-Process R&D Impairment + Restructuring & Integration Acquisition Costs + Amortization of Intangible Assets + Asset Impairments + Change in Fair Value of Contingent Consideration + Debt Extinguishment Loss (Gain) + Non-Cash Interest Expenses + Non-Cash Taxes + Other (Acq.-Related Litigation Settlements, Gain/Loss on Sale) Cash Net Income Valeant does not add back stock-based compensation, depreciation, or ordinary-course legal expense Source: Valeant Q4 2013 Earnings Press Release 61
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