Q2 2023 Earnings Presentation
Reconciliation of non-GAAP financial measures, cont'd
The measure "non-GAAP net income" and "non-GAAP diluted earnings per share" are reconciled with GAAP net income
and GAAP diluted earnings per share in the table below:
(Unaudited; $ in thousands, except for per share amounts)
Three Months Ended
December 31,
2022
December 31,
2021
Six Months Ended
December 31,
2022
December 31,
2021
GAAP net income
Amortization of acquired intangibles-cost of sales, net
of tax (A)
Amortization of acquired intangibles-operating
expenses, net of tax (A)
Acquisition related expenses, net of tax (A)
$
224,914 $
5,494
201,751 $
8,564
435,392 $ 405,364
10,329
16,999
7,192
5,901
13,222
11,780
6,782
7,527
Reserve for disputed tax position (A)
4,111
Non-GAAP net income (A)
$
244,382 $
GAAP diluted shares outstanding
147,405
GAAP diluted earnings per share
Non-GAAP diluted earnings per share (A)
6969
$
1.53 $
$
1.66 $
216,216 $
147,040
1.37 $
1.47 $
466,470 $
438,254
147,367
147,044
2.95 $
2.76
3.17 $
2.98
Note regarding non-GAAP reconciliations
(A) ResMed adjusts for the impact of the amortization of acquired intangibles, acquisition-related expenses, and the reserve for disputed tax positions from their evaluation of ongoing operations and believes that investors benefit from
adjusting these items to facilitate a more meaningful evaluation of current operating performance.
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in
planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed's performance from
core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-
GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.
17 2023 ResMed | Q2 2023 Earnings Presentation - Jan. 26, 2023
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