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1、1 1 2025 Cardinal Health.All Rights Reserved.2025 Cardinal Health.All Rights Reserved.May 1,2025Q3 FY25 EarningsCardinal Health,Inc.2 2 2025 Cardinal Health.All Rights Reserved.Q3 FY25 EarningsCautions Concerning Forward-Looking StatementsThis presentation contains forward-looking statements address

2、ing expectations,prospects,estimates and other matters that are dependent upon future events or developments.These statements may be identified by words such as expect,anticipate,intend,plan,believe,“will,should,could,would,project,continue,”likely,and similar expressions,and include statements refl

3、ecting future results or guidance,statements of outlook and various accruals and estimates.These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected,anticipated or implied.These risks and uncertainties include the risk that we may

4、fail to achieve our strategic objectives,including the continued execution of the GMPD Improvement Plan initiatives,whether as a result of tariffs on products we source or manufacture,an uncertain global economic environment,Cardinal Health Brand sales or ongoing inflationary pressures;competitive p

5、ressures in Cardinal Healths various lines of business,including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts,whether due to price increases or otherwise;our ability to manage uncertainties associated with the pricing of br

6、anded pharmaceuticals,including as a result of legislative or executive actions;risks associated with litigation matters,including a Department of Justice investigation focused on potential violations of the Anti-Kickback Statute and False Claims Act;the risk that events outside of our control,such

7、as weather or geopolitical events,may impact demand for our products or may cause supply shortages that impact our cost and ability to fulfill customer demand;the performance of our generics program,including the amount or rate of generic deflation and our ability to offset generic deflation and mai

8、ntain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs;risks associated with recently completed and pending acquisitions,including risks arising as a result from our entry into new lines of businesses.Cardinal Health is subject

9、to additional risks and uncertainties described in Cardinal Healths Form 10-K,Form 10-Q and Form 8K reports and exhibits to those reports.This presentation reflects managements views as of May 1,2025.Except to the extent required by applicable law,Cardinal Health undertakes no obligation to update o

10、r revise any forward-looking statement.Forward-looking statements are aspirational and not guarantees or promises that goals,targets or projections will be met,and no assurance can be given that any commitment,expectation,initiative or plan in this report can or will be achieved or completed.Cardina

11、l Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at 3 3 2025 Cardinal Health.All Rights Reserved.2025 Cardinal Health.All Rights Reserved.Q3 Results4 4 2025 Cardinal Health.All Rights Reserved.GAAP Basis($M)Q3

12、 FY25Non-GAAP Basis($M)Q3 FY25Revenue%change$54,8780%N/AGross Margin%change$2,12310%$2,12210%SG&A%change$1,3154%$1,3154%Operating Earnings%change$73098%$80721%Interest and Other1%change$65N.M.N/ANet Earnings2%change$50694%$56811%Diluted EPS2%change$2.1096%$2.3513%1The sum of“other(income)/expense,ne

13、t”and“interest expense,net”2Attributable to Cardinal Health,Inc.Please see appendix for GAAP to Non-GAAP reconciliations.Q3 FY25 EarningsQ3 FY25 financial summary5 5 2025 Cardinal Health.All Rights Reserved.Q3 FY25($M)Q3 FY24($M)YoY changeRevenue$50,433$50,622(0)%Segment profit$662$58214%Segment pro

14、fit margin1.31%1.15%16 bpsQ3 FY25 EarningsThe sum of the components and certain computations may reflect rounding adjustments.Previously communicated customer contract expiration-Brand and specialty products+Brand and specialty pharmaceutical sales growth from existing and new customersBioPharma Sol

15、utions,including Specialty NetworksCustomer contract expiration+-Drivers:Revenue Segment profit+MSO platforms,including GI Alliance+Generics programPharmaceutical and Specialty Solutions Q3 FY25 results6 6 2025 Cardinal Health.All Rights Reserved.+Q3 FY25 EarningsDrivers:Revenue Volume growth from e

16、xisting customersSegment profitQ3 FY25($M)Q3 FY24($M)YoY changeRevenue$3,160$3,1132%Segment profit$39$2277%Segment profit margin1.23%0.71%52 bpsThe sum of the components and certain computations may reflect rounding adjustments.Cost optimization initiativesGlobal Medical Products and Distribution Q3

17、 FY25 results7 7 2025 Cardinal Health.All Rights Reserved.Q3 FY25 EarningsDrivers:Growth across the three operating segmentsSegment profitQ3 FY25($M)Q3 FY24($M)YoY changeRevenue$1,304$1,15413%Segment profit$134$11022%Segment profit margin10.28%9.53%75 bpsThe sum of the components and certain computa

18、tions may reflect rounding adjustments.Revenue+Growth across the three operating segments+Other:NPHS,at-Home Solutions and OptiFreightQ3 FY25 results8 8 2025 Cardinal Health.All Rights Reserved.2025 Cardinal Health.All Rights Reserved.Outlook9 9 2025 Cardinal Health.All Rights Reserved.FY25 outlookF

19、Y24actualNon-GAAP EPS$8.05-$8.15Previously$7.85-$8.00$7.53Interest and Other$200M-$215MPreviously$200M-$230M$42MNon-GAAP ETR23.0%-23.5%Previously 23%-24%21.7%Diluted weighted average shares outstanding 242MPreviously 243M247MShare repurchases$750M$750MCapital expenditures$500M to$550M$511MNon-GAAP a

20、djusted free cash flow$1.5BPreviously$1.0B to$1.5B$3.9BBold indicates a change to the FY25 outlook provided in the Q2 FY25 earnings release on January 30,2025.Guidance includes completed Advanced Diabetes Supply Group acquisition.The company does not provide forward-looking expectations on a GAAP ba

21、sis as certain financial information,the probable significance of which cannot be determined,is not available and cannot be reasonably estimated.See“use of non-GAAP measures”in the financial appendix at the end of this presentation for additional explanation.Q3 FY25 EarningsFY25 financial expectatio

22、ns1010 2025 Cardinal Health.All Rights Reserved.Q3 FY25 EarningsRevenue and segment profitBold indicates a change to the FY25 outlook provided in the Q2 FY25 earnings release on January 30,2025.Guidance includes completed Advanced Diabetes Supply Group acquisition.Other includes the following three

23、operating segments:Nuclear and Precision Health Solutions(NPHS),at-Home Solutions,and OptiFreight Logistics,which are not significant enough individually to require reportable segment disclosure.Pharmaceutical and Specialty SolutionsGlobal Medical Products and DistributionOther Revenue decline of1%t

24、o 3%Segment profit growth of11.5%to 12.5%Previously growth of 10%to 12%Revenue growth of2%to 4%Segment profit of$130M to$140MPreviously growth of$130M to$150MRevenue growth of17%to 19%Previously growth of 10%to 12%Segment profit growth of16%to 18%Previously growth of 10%FY25 segment guidance1111 202

25、5 Cardinal Health.All Rights Reserved.Build upon the Build upon the growth and and resiliency of of Pharmaceutical and Pharmaceutical and Specialty Solutions by Specialty Solutions by expanding in SpecialtyExecute Execute GMPD Improvement Plan initiativesinitiativesAccelerate growth Accelerate growt

26、h in in key areasQ3 FY25 EarningsRelentless focus on simplification and shareholder value creationStrategic priorities1212 2025 Cardinal Health.All Rights Reserved.Supporting community-based physicians with a comprehensive modelQ3 FY25 Earnings1313 2025 Cardinal Health.All Rights Reserved.2025 Cardi

27、nal Health.All Rights Reserved.13Maintain investment grade balance sheetInvesting back into the business to drive organic growthBaseline return of capital to shareholders Continue to grow the dividend Baseline share repurchasesActive,disciplined and targeted M&AAdditional opportunistic share repurch

28、ases Table stakesOpportunistic leversFY24 FY24 FY26FY26FY25 ProgressCredit ratings maintained by all 3 rating agencies post acquisition announcements$315M in YTD capex Disciplined Capital Allocation Framework$875M in baseline capital returned to shareholders$500M FY25 baseline share repurchases$375M

29、 in dividend paymentsCompleted annual opioid settlement payment$250M of opportunistic share repurchases Completed three acquisitions1:Integrated Oncology Network GI Alliance Announced expansion into urology Advanced Diabetes Supply Group1ION closed December 2,2024;GIA closed January 30,2025;ADSG clo

30、sed April 1,2025Q3 FY25 Earnings1414 2025 Cardinal Health.All Rights Reserved.Compelling investment thesisMoving healthcare forwardPharmaceutical and Specialty SolutionsResilient and growing business,supported by key trends and strong core foundation Investing to further accelerate Specialty growth

31、Expecting 4%to 6%segment profit long-term growth CAGRCash flow and capital deploymentContinued robust adjusted free cash flow generationResponsible capital deployment includes disciplined and strategic M&A and significant return of capital to shareholdersValue creationRelentlessly focused on maximiz

32、ing shareholder valueContinue to take actions to drive additional value creationDefensive growth:Resilient business models and double-digit non-GAAP EPS growth opportunityQ3 FY25 EarningsMedical Products and Distribution Executing our plan to improve performance in Global Medical Products and Distri

33、butionSeeing momentum and expecting significant year-over-year improvementat-Home,NPHS&OptiFreightFavorable long-term industry trendsMargin-accretive opportunitiesInvesting to build upon their strong growth trajectories1515 2025 Cardinal Health.All Rights Reserved.15 2025 Cardinal Health.All Rights

34、Reserved.Appendix1616 2025 Cardinal Health.All Rights Reserved.Net EarningsGrossOperatingEarningsAttributableNetDilutedMarginSG&A2EarningsBeforeProvision forto Non-Earnings3EffectiveEPS3GrossGrowthGrowthOperatingGrowthIncomeIncomecontrollingNetGrowthTaxDilutedGrowthMarginRateSG&A2RateEarningsRateTax

35、esTaxesInterestsEarnings 3RateRateEPS3Rate(in millions,except per common share amounts)GAAP$2,123 10%$1,315 4%$730 98%$665$157$(2)$506 94%23.6%$2.10 96%Restructuring and employee severance -28 28 7 -21 0.09Amortization and other acquisition-related costs -152 152 34 (2)116 0.48Acquisition-related ca

36、sh&share-based compensation costs -20 20 1 (4)15 0.06Impairments and(gain)/loss on disposal of assets,net -(17)(17)(4)-(13)(0.06)Litigation(recoveries)/charges,net -(105)(105)(27)-(78)(0.32)Non-GAAP$2,122 10%$1,315 4%$807 21%$741$166$(7)$568 11%22.4%$2.35 13%GAAP$1,935 7%$1,269 8%$369(39)%$342$80$(1

37、)$261(28)%23.3%$1.07(24)%Shareholder cooperation agreement costs -(1)1 1 -1 -Restructuring and employee severance -53 53 14 -39 0.16Amortization and other acquisition-related costs -80 80 21 -59 0.24Impairments and(gain)/loss on disposal of assets,net -84 84 (21)-105 0.44Litigation(recoveries)/charg

38、es,net -80 80 34 -46 0.18Non-GAAP$1,935 7%$1,269 8%$667 5%$640$128$(1)$511 8%19.9%$2.09 14%GAAP/Non-GAAP Reconciliation1Cardinal Health,Inc.and SubsidiariesWe generally apply varying tax rates depending on the items nature and tax jurisdiction where it is incurred.3 Attributable to Cardinal Health,I

39、nc.1 For more information on these measures,refer to the Use of Non-GAAP Measures and Definitions schedules.2 Distribution,selling,general and administrative expenses.Third Quarter 2025Third Quarter 2024The sum of the components and certain computations may reflect rounding adjustments.4 For the thr

40、ee months ended March 31,2024,impairments and(gain)/loss on disposal of assets,net includes a pre-tax goodwill impairment charge of$90 million related to the GMPD segment.For fiscal 2024,the estimated net tax benefit related to the impairment was included in the annual effective tax rate.As a result

41、,the amount of tax expense recognized increased approximately by an incremental$30 million during the three months ended March 31,2024.1717 2025 Cardinal Health.All Rights Reserved.GrossOperatingEarningsNetDilutedMarginSG&A2EarningsBeforeProvision forEarnings3EffectiveEPS3GrossGrowthGrowthOperatingG

42、rowthIncomeIncomeNetGrowthTaxDilutedGrowthMarginRateSG&A2RateEarningsRateTaxesTaxesEarnings3RateRateEPS3Rate(in millions,except per common share amounts)GAAP$7,414 8%$5,000 4%$1,243 65%$1,201$348$852 N.M.28.9%$3.45 N.M.Shareholder cooperation agreement costs -(1)1 1 -1 -Restructuring and employee se

43、verance -175 175 41 134 0.54Amortization and other acquisition-related costs -284 284 74 210 0.85Impairments and(gain)/loss on disposal of assets,net 4 -634 634 47 587 2.38Litigation(recoveries)/charges,net -78 78 5 73 0.30Non-GAAP$7,414 8%$5,000 4%$2,414 16%$2,372$515$1,856 21%21.7%$7.53 29%Cardina

44、l Health,Inc.and SubsidiariesGAAP/Non-GAAP Reconciliation14 For fiscal 2024,impairments and(gain)/loss on disposals of assets,net includes pre-tax goodwill impairment charges of$675 million related to the GMPD segment.The net tax benefit related to these charges was$58 million and were included in t

45、he annual effective tax rate.The sum of the components and certain computations may reflect rounding adjustments.We generally apply varying tax rates depending on the items nature and tax jurisdiction where it is incurred.Fiscal Year 20241 For more information on these measures,refer to the Use of N

46、on-GAAP Measures and Definitions schedules.2 Distribution,selling,general and administrative expenses.3 Attributable to Cardinal Health,Inc.1818 2025 Cardinal Health.All Rights Reserved.(in millions)2025202420252024GAAP-Cash Flow CategoriesNet cash provided by/(used in)operating activities$2,917$(27

47、)$870$1,680 Net cash used in investing activities (2,898)(1,847)(3,962)(2,015)Net cash provided by/(used in)financing activities (507)1,031 1,284 12Effect of exchange rates changes on cash and equivalents 4 (8)1 (7)Net decrease in cash and equivalents(484)$(851)$(1,807)$(330)$Non-GAAP Adjusted Free

48、Cash FlowNet cash provided by/(used in)operating activities$2,917$(27)$870$1,680 Additions to property and equipment (126)(112)(315)(318)Payments related to matters included in litigation(recoveries)/charges,net 1 246 622 761Non-GAAP Adjusted Free Cash Flow2,792$107$1,177$2,123$For more information

49、on these measures,refer to the Use of Non-GAAP Measures and Definitions schedules.Third QuarterYear-to-DateCardinal Health,Inc.and SubsidiariesGAAP/Non-GAAP Reconciliation-GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow1919 2025 Cardinal Health.All Rights Reserved.2020 2025 Cardinal Health.All Ri

50、ghts Reserved.Forward Looking non-GAAP MeasuresIn this document,the Company presents certain forward-looking non-GAAP metrics.The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on fu

51、ture events that are less capable of being controlled or reliably predicted by management and are not part of the Companys routine operating activities.Additionally,management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP

52、basis.The occurrence,timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Companys fiscal 2025 GAAP results.Over the past five fiscal years,the excluded items have impacted the Companys EPS from$3.49 to$18.06,which includes a$17.54 charge rela

53、ted to the opioid litigation we recognized in fiscal 2020.Cardinal Health,Inc.and Subsidiaries2121 2025 Cardinal Health.All Rights Reserved.Non-GAAP adjusted free cash flow:net cash provided by/(used in)operating activities less payments related to additions to property and equipment,excluding settl

54、ement payments and receipts related to matters included in litigation(recoveries)/charges,net,as defined above,or other significant and unusual or non-recurring cash payments or receipts.Segment Profit margin:segment profit divided by segment revenue.Non-GAAP gross margin:gross margin,excluding LIFO

55、 charges/(credits).Non-GAAP distribution,selling,general and administrative expenses or Non-GAAP SG&A:distribution,selling,general and administrative expenses,excluding state opioid assessment related to prior fiscal years and shareholder cooperation agreement costs.Non-GAAP operating earnings:opera

56、ting earnings excluding(1)LIFO charges/(credits),(2)state opioid assessmentrelated to prior fiscal years,(3)shareholder cooperation agreement costs,(4)restructuring and employee severance,(5)amortization and other acquisition-related costs,(6)acquisition-related cash and share-based compensation cos

57、ts,(7)impairments and(gain)/loss on disposal of assets,net and(8)litigation(recoveries)/charges,net.Non-GAAP earnings before income taxes:earnings before income taxes excluding(1)LIFO charges/(credits),(2)state opioid assessmentrelated to prior fiscal years,(3)shareholder cooperation agreement costs

58、,(4)restructuring andemployee severance,(5)amortization and other acquisition-related costs,(6)acquisition-related cash and share-based compensation costs,(7)impairments and(gain)/loss on disposal ofassets,net,(8)litigation(recoveries)/charges,netand(9)loss on early extinguishment of debt.Non-GAAP n

59、et earnings attributable to non-controlling interests:net earnings attributable to non-controlling interests excluding(1)LIFO charges/(credits),(2)state opioid assessment related to prior fiscal years,(3)shareholdercooperation agreement costs,(4)restructuring and employee severance,(5)amortization a

60、nd other acquisition-related costs,(6)acquisition-related cash and share-based compensation costs,(7)impairments and(gain)/loss on disposal ofassets,net,(8)litigation(recoveries)/charges,net and(9)loss on early extinguishment of debt,each net of tax.Segment Profit:segment revenue minus(segment cost

61、of products sold and segment distribution,selling,general and administrative expenses).Cardinal Health,Inc.and SubsidiariesDefinitionsGrowth rate calculation:growth rates in this report are determined by dividing the difference between current-period results and prior-period results by prior-period

62、results.Interest and Other,net:other(income)/expense,net plus interest expense,net.Non-GAAP net earnings attributable to Cardinal Health,Inc.:net earnings attributable to Cardinal Health,Inc.excluding(1)LIFO charges/(credits),(2)state opioid assessment related to prior fiscal years,(3)shareholder co

63、operationagreementcosts,(4)restructuring and employee severance,(5)amortization and other acquisition-related costs,(6)acquisition-related cash and share-based compensation costs,(7)impairments and(gain)/loss on disposal ofassets,net,(8)litigation(recoveries)/charges,net and(9)loss on early extingui

64、shment of debt,each net of tax.Non-GAAP diluted earnings per share attributable to Cardinal Health,Inc.:non-GAAP net earnings attributable to Cardinal Health,Inc.divided by diluted weighted-average shares outstanding.Non-GAAP effective tax rate:provision for income taxes adjusted for the tax impacts

65、 of(1)LIFO charges/(credits),(2)state opioid assessmentrelated to prior fiscal years,(3)shareholder cooperation agreement costs,(4)restructuring andemployee severance,(5)amortization and other acquisition-related costs,(6)acquisition-related cash and share-based compensation costs,(7)impairments and

66、(gain)/loss on disposal ofassets,net,(8)litigation(recoveries)/charges,netand(9)loss on early extinguishment of debt divided by(earnings before income taxes adjusted for the items above).2222 2025 Cardinal Health.All Rights Reserved.6 Acquisition-related cash and share-based compensation costs are i

67、ncurred in connection with contingent cash payments or the issuance of share-based payment awards,which include service requirements,as a part of certain physician practice acquisitions.These costs are excluded because they are unrelated to the underlying operating results of our business and to fac

68、ilitate comparison of our current financial results to our historical financial results and to our peer group companies financial results.In addition,the magnitude of these expenses is significantly impacted by the timing and size of the acquisitions of physician practices.2 State opioid assessments

69、 related to prior fiscal years is the portion of state assessments for prescription opioid medications that were sold or distributed in periods prior to the period in which the expense is incurred.This portion is excluded from non-GAAP financial measures because it is retrospectively applied to sale

70、s in prior fiscal years and inclusion would obscure analysis of the current fiscal year results of our underlying,ongoing business.Additionally,while states laws may require us to make payments on an ongoing basis,the portion of the assessment related to sales in prior periods are contemplated to be

71、 one-time,nonrecurring items.Income from state opioid assessments related to prior fiscal years represents reversals of accruals due to changes in estimates or when the underlying assessments were invalidated by a Court or reimbursed by manufacturers.Cardinal Health,Inc.and SubsidiariesDefinitions c

72、ontinued7 Impairments and gain or loss on disposal of assets,net are excluded because they do not occur in or reflect the ordinary course of our ongoing business operations and are inherently unpredictable in timing and amount,and in the case of impairments,are non-cash amounts,so their exclusion fa

73、cilitates comparison of historical,current and forecasted financial results.8 Litigation recoveries or charges,net are excluded because they often relate to events that may have occurred in prior or multiple periods,do not occur in or reflect the ordinary course of our business and are inherently un

74、predictable in timing and amount.9 Loss on early extinguishment of debt is excluded because it does not typically occur in the normal course of business and may obscure analysis of trends and financial performance.Additionally,the amount and frequency of this type of charge is not consistent and is

75、significantly impacted by the timing and size of debt extinguishment transactions.1 LIFO charges and credits are excluded because the factors that drive last-in first-out(LIFO)inventory charges or credits,such as pharmaceutical manufacturer price appreciation or deflation and year-end inventory leve

76、ls(which can be meaningfully influenced by customer buying behavior immediately preceding our fiscal year-end),are largely out of our control and cannot be accurately predicted.The exclusion of LIFO charges and credits from non-GAAP metrics facilitates comparison of our current financial results to

77、our historical financial results and to our peer group companies financial results.We did not recognize any LIFO charges or credits during the periods presented.3 Shareholder cooperation agreement costs includes costs such as legal,consulting and other expenses incurred in relation to the agreement(

78、the Cooperation Agreement)entered into among Elliott Associates,L.P.,Elliott International,L.P.(together,Elliott)and Cardinal Health.These include costs incurred to negotiate and finalize the Cooperation Agreement and costs incurred by the Business Review Committee of the Board of Directors,formed u

79、nder this Cooperation Agreement,tasked with undertaking a comprehensive review of our strategy,portfolio,capital allocation framework,and operations.We have excluded these costs from our non-GAAP metrics because they do not occur in or reflect the ordinary course of our ongoing business operations a

80、nd may obscure analysis of trends and financial performance.The Cooperation Agreement expired in the second quarter of fiscal 2025.4 Restructuring and employee severance costs are excluded because they are not part of the ongoing operations of our underlying business and include,but are not limited

81、to,costs related to divestitures,closing and consolidating facilities,changing the way we manufacture or distribute our products,moving manufacturing of a product to another location,changes in production or business process outsourcing or insourcing,employee severance and realigning operations.5 Am

82、ortization and other acquisition-related costs,which include transaction costs,integration costs,and changes in the fair value of contingent consideration obligations,are excluded because they are not part of the ongoing operations of our underlying business and to facilitate comparison of our curre

83、nt financial results to our historical financial results and to our peer group companies financial results.Additionally,costs for amortization of acquisition-related intangible assets and amortization as a result of basis differences in equity method investments are non-cash amounts,which are variab

84、le in amount and frequency and are significantly impacted by the timing and size of acquisitions,so their exclusion facilitates comparison of historical,current and forecasted financial results.We also exclude other acquisition-related costs,which are directly related to an acquisition but do not me

85、et the criteria to be recognized on the acquired entitys initial balance sheet as part of the purchase price allocation.These costs are also significantly impacted by the timing,complexity and size of acquisitions.Non-GAAP adjusted free cash flow:We provide this non-GAAP financial measure as a suppl

86、emental metric to assist readers in assessing the effects of items and events on our cash flow on a year-over-year basis and in comparing our performance to that of our peer group companies.In calculating this non-GAAP metric,certain items are excluded from net cash provided by operating activities

87、because they relate to significant and unusual or non-recurring events and are inherently unpredictable in timing and amount.We believe adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital nee

88、ds,debt repayments,dividend payments,share repurchases,strategic acquisitions,or other strategic uses of cash.A reconciliation of our GAAP financial results to Non-GAAP adjusted free cash flow is provided in Schedule 6 of the financial statement tables included with this release.The tax effect for each of the items listed above is determined using the tax rate and other tax attributes applicable to the item and the jurisdiction(s)in which the item is recorded.The gross,tax and net impact of each item are presented with our GAAP to non-GAAP reconciliations.