DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES. Three-Month. Three-Month Period
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1 Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins Diluted Net Earnings Per Share frm Cntinuing Operatins (GAAP) 29, 30, 29, 30, $ 0.81 $ 0.57 $ 2.29 $ 2.01 Pretax amrtizatin f acquisitin-related intangible assets A Pretax gain n sale f investments B (0.32) Pretax charge fr early extinguishment f brrwings C Pretax gain n reslutin f acquisitin-related matters D - (0.02) - (0.02) Pretax restructuring, impairment and ther related charges recrded in the secnd quarter f E Tax effect f all adjustments reflected abve F (0.05) (0.14) (0.18) (0.12) Discrete and ther tax-related adjustments G - - (0.08) 0.14 Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins (Nn-GAAP) Three-Mnth Perid Ended Nine-Mnth Perid Ended $ 1.00 $ 0.87 $ 2.84 $ 2.56 Frecasted Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins Three-Mnth Perid Year Ending Ending December 31, December 31, Lw End High End Lw End High End Frecasted Diluted Net Earnings Per Share frm Cntinuing Operatins (GAAP) 1 $ 0.94 $ 0.98 $ 3.23 $ 3.27 Anticipated pretax amrtizatin f acquisitin-related intangible assets A Pretax restructuring, impairment and ther related charges recrded in the secnd quarter f E Anticipated tax effect f all adjustments reflected abve F (0.05) (0.05) (0.23) (0.23) Discrete and ther tax-related adjustments recrded during first nine mnths f G - - (0.08) (0.08) Frecasted Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins (Nn-GAAP) 1 $ 1.12 $ 1.16 $ 3.96 $ The frward-lking estimates set frth abve d nt reflect future gains and charges that are inherently difficult t predict and estimate due t their unknwn timing, effect and/r significance, such as certain future gains r lsses n the sale f investments, acquisitin r divestiture-related gains r charges and ther discrete tax items (including equity cmpensatinrelated excess tax benefits that exceed r fall belw anticipated levels). Revenue Perfrmance % Change Three- Mnth Perid Ended 29, vs. Cmparable Perid % Change Nine-Mnth Perid Ended 29, vs. Cmparable Perid Ttal Sales Grwth (GAAP) 9.5% 7.5% Less the impact f: Acquisitins (5.5%) (5.5%) Currency translatin (1.0%) 0.5% Cre Revenue Grwth frm Cntinuing Operatins (Nn-GAAP) 2 3.0% 2.5% 2 We use the term cre revenue t refer t GAAP revenue frm cntinuing peratins excluding (1) sales frm acquired businesses recrded prir t the first anniversary f the acquisitin less the amunt f sales attributable t divested businesses r prduct lines nt cnsidered discntinued peratins ( acquisitin sales ) and (2) the impact f currency translatin. The prtin f GAAP revenue frm cntinuing peratins attributable t currency translatin is calculated as the difference between (a) the perid-t-perid change in revenue (excluding acquisitin sales) and (b) the perid-t-perid change in revenue (excluding acquisitin sales) after applying current perid freign exchange rates t the prir year perid. We use the term cre revenue grwth t refer t the measure f cmparing current perid cre revenue with the crrespnding perid f the prir year.
2 (cntinued) A Amrtizatin f acquisitin-related intangible assets in the fllwing histrical and frecasted perids ($ in millins) (nly the pretax amunts set frth belw are reflected in the amrtizatin line item abve): Frecasted Three-Mnth Three-Mnth Perid Ended Nine-Mnth Perid Ended Perid Ending Year Ending 29, 30, 29, 30, December 31, December 31, Pretax $ $ $ $ $ $ After-tax B C D E F Gain n sale f investments in nine-mnth perid ended 30, ($223 millin pretax as presented in this line item, $140 millin after-tax). Charge fr early extinguishment f brrwings fr the nine-mnth perid ended 30, ($179 millin pretax as presented in this line item, $112 millin after-tax). Gain n reslutin f acquisitin-related matters fr the nine-mnth perid ended 30, ($18 millin pretax as presented in this line item, $14 millin after-tax). During the nine-mnth perid ended 29,, the Cmpany recrded $76 millin f pretax restructuring, impairment and ther related charges ($51 millin after-tax) primarily related t the Cmpany s strategic decisin t discntinue a mlecular diagnstic prduct line in its Diagnstics segment. As a result, the Cmpany incurred nncash charges fr the impairment f certain technlgy-related intangibles as well as related inventry and plant, prperty and equipment with n further use ttaling $49 millin. In additin, the Cmpany incurred cash restructuring csts primarily related t emplyee severance and related charges ttaling $27 millin. This is addressed in mre detail in the Statement Regarding Nn-GAAP Measures.ˮ This line item reflects the aggregate tax effect f all nntax adjustments reflected in the table abve. In additin, the ftntes abve indicate the after-tax amunt f each individual adjustment item. Danaher estimates the tax effect f the adjustment items identified in the recnciliatin schedule abve by applying Danaherʼs verall estimated effective tax rate t the pretax amunt, unless the nature f the item and/r the tax jurisdictin in which the item has been recrded requires applicatin f a specific tax rate r tax treatment, in which case the tax effect f such item is estimated by applying such specific tax rate r tax treatment. G Represents (1) discrete incme tax gains, primarily related t expiratin f statute f limitatins ($35 millin in the nine-mnth perid ended 29, ), (2) equity cmpensatin-related excess tax benefits ($16 millin in the nine-mnth perid ended 29, ) and (3) Frtive separatin-related tax csts related t repatriatin f earnings, legal entity realignments and ther discrete matters ($99 millin in the nine-mnth perid ended 30, ). On January 1,, Danaher adpted the updated accunting guidance required by ASU -09, Cmpensatin Stck Cmpensatin, which requires incme statement recgnitin f all excess tax benefits and deficiencies related t equity cmpensatin. We exclude frm Adjusted Diluted Net EPS any excess tax benefits that exceed the levels we believe are representative f histrical experience. In the first quarter f, we anticipated $10 millin f equity cmpensatin-related excess tax benefits and realized $26 millin f excess tax benefits, and therefre we have excluded $16 millin f these benefits in the calculatin f Adjusted Diluted Net Earnings per Share. In the secnd and third quarters f, realized equity cmpensatin-related excess tax benefits apprximated the anticipated benefit and n adjustments were required. Statement Regarding Nn-GAAP Measures
3 Statement Regarding Nn-GAAP Measures Each f the nn-gaap measures set frth abve shuld be cnsidered in additin t, and nt as a replacement fr r superir t, the cmparable GAAP measure, and may nt be cmparable t similarly titled measures reprted by ther cmpanies. Management believes that these measures prvide useful infrmatin t investrs by ffering additinal ways f viewing Danaher Crpratin s ( Danaher r the Cmpany ) results that, when recnciled t the crrespnding GAAP measure, help ur investrs t: with respect t Adjusted Diluted Net EPS, understand the lng-term prfitability trends f ur business and cmpare ur prfitability t prir and future perids and t ur peers; and with respect t cre revenue, identify underlying grwth trends in ur business and cmpare ur revenue perfrmance with prir and future perids and t ur peers. Management uses these nn-gaap measures t measure the Cmpany s perating and financial perfrmance, and uses a nn- GAAP measure similar t Adjusted Diluted Net EPS in the Cmpany s executive cmpensatin prgram. The items excluded frm the nn-gaap measures set frth abve have been excluded fr the fllwing reasns: With respect t Adjusted Diluted Net EPS: We exclude the amrtizatin f acquisitin-related intangible assets because the amunt and timing f such charges are significantly impacted by the timing, size, number and nature f the acquisitins we cnsummate. While we have a histry f significant acquisitin activity we d nt acquire businesses n a predictable cycle, and the amunt f an acquisitin s purchase price allcated t intangible assets and related amrtizatin term are unique t each acquisitin and can vary significantly frm acquisitin t acquisitin. Exclusin f this amrtizatin expense facilitates mre cnsistent cmparisns f perating results ver time between ur newly acquired and lng-held businesses, and with bth acquisitive and nn-acquisitive peer cmpanies. We believe hwever that it is imprtant fr investrs t understand that such intangible assets cntribute t revenue generatin and that intangible asset amrtizatin related t past acquisitins will recur in future perids until such intangible assets have been fully amrtized. We exclude csts incurred pursuant t discrete restructuring plans that are fundamentally different (in terms f the size, strategic nature and planning requirements, as well as the incnsistent frequency, f such plans) frm the nging prductivity imprvements that result frm applicatin f the Danaher Business System. Because these restructuring plans are incremental t the cre activities that arise in the rdinary curse f ur business and we believe are nt indicative f Danaher s nging perating csts in a given perid, we exclude these csts frm the calculatin f Adjusted Diluted Net EPS t facilitate a mre cnsistent cmparisn f perating results ver time. With respect t the ther items excluded frm Adjusted Diluted Net EPS, we exclude these items because they are f a nature and/r size that ccur with incnsistent frequency, ccur fr reasns that may be unrelated t Danaher s cmmercial perfrmance during the perid and/r we believe are nt indicative f Danaher s nging perating csts r gains in a given perid; we believe that such items may bscure underlying business trends and make cmparisns f lng -term perfrmance difficult. With respect t cre revenue, (1) we exclude the impact f currency translatin because it is nt under management's cntrl, is subject t vlatility and can bscure underlying business trends, and (2) we exclude the effect f acquisitins and divested prduct lines because the timing, size, number and nature f such transactins can vary significantly frm perid-t-perid and between us and ur peers, which we believe may bscure underlying business trends and make cmparisns f lng-term perfrmance difficult.
4 Recnciliatin f Operating Cash Flws frm Cntinuing Operatins (GAAP) t Free Cash Flw frm Cntinuing Operatins (Nn-GAAP) Three Mnth Perid Ended Three Mnth Perid Ended Three Mnth Perid Ended Nine Mnth Perid Ended March 31, April 1, June 30, July 1, 29, 30, 29, 30, Free Cash Flw frm Cntinuing Operatins ($ in millins): Operating Cash Flws frm Cntinuing Operatins (GAAP) $ $ $ 1,010.5 $ $ 1,072.4 $ $ 2,643.1 $ 2,438.5 Less: purchases f prperty, plant & equipment (capital expenditures) frm cntinuing peratins (GAAP) $ (158.6) $ (122.6) $ (147.9) $ (150.9) $ (139.3) $ (148.6) $ (445.8) $ (422.1) Plus: prceeds frm sales f prperty, plant & equipment (capital dispsals) frm cntinuing peratins (GAAP) Free Cash Flw frm Cntinuing Operatins (Nn-GAAP) $ $ $ $ $ $ $ 2,229.6 $ 2,023.6 Rati f Free Cash Flw t Net Earnings ($ in millins): Free Cash Flw frm Cntinuing Operatins frm Abve (Nn-GAAP) $ $ $ $ $ $ $ 2,229.6 $ 2,023.6 Net Earnings frm Cntinuing Operatins (GAAP) , ,406.4 Free Cash Flw frm Cntinuing Operatins t Net Earnings frm Cntinuing Operatins Cnversin Rati (Nn-GAAP) We define free cash flw as perating cash flws frm cntinuing peratins, less payments fr purchases f prperty, plant and equipment frm cntinuing peratins ( capital expenditures ) plus the prceeds frm the sale f plant, prperty and equipment frm cntinuing peratins ( capital dispsals ).
5 Year-Over-Year Cre Operating Margin Changes Segments Ttal Cmpany Life Sciences Diagnstics Dental Envirnmental and Applied Slutins Three-Mnth Perid Ended 30, Operating Third quarter impact frm perating prfit margins f businesses that have been wned fr less than ne year r were dispsed f during such perid and did nt qualify as discntinued peratins Third quarter gain n reslutin f acquisitin-related matters Year-ver year cre perating prfit margin changes fr third quarter (defined as all year-ver-year perating prfit margin changes ther than the changes identified in the lines abve) (nn-gaap) Three-Mnth Perid Ended 29, Operating 16.90% 15.40% 16.00% 15.00% 24.30% (0.55) 0.45 (1.65) (0.15) (0.85) (0.40) (0.15) (1.05) 16.90% 17.70% 16.80% 14.70% 22.40% Nine-Mnth Perid Ended 30, Operating First nine mnths impact frm perating prfit margins f businesses that have been wned fr less than ne year r were dispsed f during such perid and did nt qualify as discntinued peratins 16.40% 14.70% 16.80% 14.90% 23.40% (0.60) 0.30 (1.85) (0.10) (0.60) First nine mnths impact f restructuring, impairment and related charges related t the discntinuatin f a prduct line in the Diagnstics segment in the secnd quarter f (0.55) - (1.80) - - Third quarter gain n reslutin f acquisitin-related matters (0.15) Year-ver year cre perating prfit margin changes fr first nine mnths (defined as all year-ver-year perating prfit margin changes ther than the changes identified in the lines abve) (nn-gaap) (0.10) 0.20 Nine-Mnth Perid Ended 29, Operating 15.70% 16.60% 13.20% 14.70% 23.00% Segment EBITDA ($ in millins) Life Sciences Three-Mnth Perid Ended 29, Life Sciences Segment Operating Prfit (GAAP) $ Depreciatin 29.5 Amrtizatin 76.9 Segment EBITDA (Nn-GAAP) 1 $ Three-Mnth Perid Ended 29, Life Sciences Sales (GAAP) $ 1,392.6 Segment EBITDA Margin % (Nn-GAAP) 25.4% (1) Management defines "Segment EBITDA" as GAAP perating incme fr the segment excluding (1) depreciatin and (2) amrtizatin, and defines "Segment EBITDA Margin" as Segment EBITDA divided by sales fr the particular segment.
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