|MEDTRONIC PLC filed this Form DEFR14A on 10/11/2017|
This proxy statement provides certain revenue growth rates, operating margin improvement and diluted EPS figures on a comparable, constant currency basis and as adjusted for the favorable extra week in fiscal year 2016. Constant currency growth measures the change in revenue between current and prior year periods using average exchange rates in effect during the applicable prior year period. These figures are “non-GAAP” financial measures under applicable SEC rules and regulations.
Management believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying performance of Medtronic’s sales. Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP, and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies.
Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety.
Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included below.
MEDTRONIC PLC RECONCILIATION OF OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
MEDTRONIC PLC NET INCOME AND DILUTED EPS GAAP TO NON-GAAP RECONCILIATIONS (Unaudited)
MEDTRONIC PLC 2017 Proxy Statement A-1