Appendix: GAAP to Non-GAAP reconciliation
The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non -GAAP measures (unaudited; in millions):
2025 January Estimate and 2028 Target
Seven years ended September 30, 2016
Low
High 2028
Access
2025
2028
Access segment operating income (GAAP) Amortization of purchased intangibles
$
1,942.9
9.2% 1.6% 0.0% 0.2% 11.1%
Operating income (GAAP)
12.5% 13.8%
15.8% 0.2% 16.0%
343.3
Amortization of purchased intangibles Adjusted operating income (Non-GAAP)
0.5%
0.2%
Restructuring-related costs Intangible asset impairments
5.1
13.0% 14.0%
40.2
Access segment adjusted operating income (non-GAAP)
$
2,331.5
Low
High 2028
Vocational
2025
2028
Four years ended September 30, 2020
Operating income (GAAP)
14.0% 15.2%
17.3% 0.7% 18.0%
Amortization of purchased intangibles Adjusted operating income (Non-GAAP)
1.0%
0.8%
Access segment operating income (GAAP) Amortization of purchased intangibles
$
1,347.9
10.1% 0.8% 0.6% 11.5%
15.0% 16.0%
111.5 87.9
Restructuring-related costs
Access segment adjusted operating income (non-GAAP)
$
1,547.3
Fifty-one months ended December 31, 2024
Access segment operating income (GAAP) Amortization of purchased intangibles
$
2,173.8
12.1% 0.1% 0.1% 0.0% 0.0% 12.3%
22.0
Restructuring-related costs Foreign entity liquidation
11.5 4.6 4.2
Amortization of inventory step-up
Access segment adjusted operating income (non-GAAP)
$
2,216.1
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