Attached files
| file | filename |
|---|---|
| 8-K - 8-K - STARBUCKS CORP | sbux-111213x8xk.htm |
| EX-99.1 - EXHIBIT 99.1 - STARBUCKS CORP | sbux-111213xex991.htm |
Exhibit 99.2
Non-GAAP Disclosure
In addition to the GAAP results being furnished in Item 2.02 to the Current Report on Form 8-K ("Form 8-K") to which this Exhibit 99.2 is attached, the company provides non-GAAP operating income, non-GAAP operating margin, non-GAAP net earnings and non-GAAP earnings per share ("non-GAAP EPS") for Q4 fiscal 2013 and full year fiscal 2013. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP operating income, non-GAAP operating margin, non-GAAP net earnings and non-GAAP earnings per share are operating loss, operating margin, net earnings/(loss) attributable to Starbucks and diluted net earnings/(loss) per share, respectively.
The Q4 fiscal 2013 and full year fiscal 2013 non-GAAP financial measures being furnished exclude the non-routine charge resulting from the Award the arbitrator has ordered the company to pay to Kraft, as discussed in the Form 8-K. The company’s management believes that providing these non-GAAP financial measures better enables investors to understand and evaluate the company’s historical and prospective operating performance. More specifically, for historical non-GAAP financial measures, management excludes the non-routine charge in Q4 fiscal 2013 and full year fiscal 2013 because it believes that the impact of the non-routine charge does not reflect expected future expenses and does not contribute to a meaningful evaluation of the company’s future operating performance or comparisons to the company’s past operating performance.
These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of the company’s results as reported under GAAP. Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes.
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(unaudited)
Quarter Ended | Year Ended | ||||||
Sep 29, 2013 | Sep 29, 2013 | ||||||
Consolidated | |||||||
Operating loss, as reported (GAAP) | $ | (2,115.2 | ) | $ | (325.4 | ) | |
Litigation charge | 2,784.1 | 2,784.1 | |||||
Non-GAAP operating income | $ | 668.9 | $ | 2,458.7 | |||
Operating margin, as reported (GAAP) | (55.7 | )% | (2.2 | )% | |||
Litigation charge | 73.3 | % | 18.7 | % | |||
Non-GAAP operating margin | 17.6 | % | 16.5 | % | |||
Net earnings/(loss) attributable to Starbucks, as reported (GAAP) | $ | (1,232.0 | ) | $ | 8.3 | ||
Litigation charge, net of related tax impact | 1,713.1 | 1,713.1 | |||||
Non-GAAP net earnings | $ | 481.1 | $ | 1,721.4 | |||
Diluted net earnings/(loss) per share, as reported (GAAP) | $ | (1.64 | ) | $ | 0.01 | ||
Litigation charge, net of related tax impact | 2.27 | 2.25 | |||||
Non-GAAP earnings per share | $ | 0.63 | $ | 2.26 | |||