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  "documentTitle": "Bausch Health Companies | Investor Conference Presentation Deck | 26 slides",
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  "presentationDate": "2022-01-01 00:00:00",
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      "text": "Cash flow conversion is unlevered free cash flow conversion. We calculate the cash flow conversion of Bausch Pharma by first determining the free cash flow (non-GAAP) of Bausch Pharma, which is calculated by subtracting the free cash flow (non-GAAP) of each of Bausch + Lomb and Solta from the free cash flow (non-GAAP) of Bausch Health Companies Inc. Free cash flow is Cash flows from operating activities (its most directly comparable U.S. GAAP financial measure) less purchases of PP&E. The unlevered free cash flow (non-GAAP) is determined by adding back cash interest payments to the free cash flow (non-GAAP) of Bausch Pharma, net of tax. Cash flow conversion (non-GAAP) or unlevered free cash flow conversion (non-GAAP) is then calculated by dividing unlevered free cash flow of Bausch Pharma by Adjusted EBITDA of Bausch Pharma.",
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      "text": "Bausch Pharma Revenue, non-GAAP metrics, are determined by subtracting Bausch + Lomb segment revenues for the applicable period from total Bausch Health revenues for the applicable period. For the purposes of this presentation, where indicated, Bausch Pharma Revenue has been further adjusted by subtracting Global Solta revenue for applicable period.",
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