Financial Reporting Non-GAAP Reconciliation to GAAP
The following tables provide a reconciliation of SWK’s GAAP net income to non-GAAP adjusted net income for the last twelve month period ended September 30, 2019 and for the fiscal years ended December 31, 2015 through 2018.
![](https://www.swkhold.com/wp-content/uploads/2019/11/adj2.jpg)
In the table above, management has deducted the following non-cash items: (i) fair-market value of warrants as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, and (iii) depreciation and amortization expenses, primarily associated with the Enteris acquisition.