Attached files
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| EX-99.1 - EX-99.1 - JARDEN CORP | d759980dex991.htm |
| 8-K - FORM 8-K - JARDEN CORP | d759980d8k.htm |
Exhibit 99.2
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JARDEN CORPORATION Reconciliation of Non-GAAP Financial Measures | |
| For the three and six months ended June 30, 2014 and 2013 | ||
| in millions |
Segment earnings:
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
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| Net income |
$ | 52.1 | $ | 76.4 | $ | 55.8 | $ | 72.0 | ||||||||
| Income tax provision |
30.7 | 47.8 | 36.2 | 42.4 | ||||||||||||
| Interest expense, net |
52.9 | 46.2 | 106.9 | 95.8 | ||||||||||||
| Loss on early extinguishment of debt |
54.4 | 8.8 | 54.4 | 25.9 | ||||||||||||
| Depreciation and amortization |
47.1 | 38.5 | 92.7 | 76.2 | ||||||||||||
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| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
237.2 | 217.7 | 346.0 | 312.3 | ||||||||||||
| Other adjustments: |
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| Fair market value adjustment to inventory |
1.3 | — | 1.3 | 5.0 | ||||||||||||
| Restructuring costs, net |
2.3 | 1.4 | 2.6 | 1.4 | ||||||||||||
| Venezuela foreign exchange-related charges (a) |
9.6 | — | 13.6 | 29.0 | ||||||||||||
| Acquisition-related and other costs |
8.1 | — | 21.3 | — | ||||||||||||
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| As adjusted EBITDA (Segment Earnings) |
$ | 258.5 | $ | 219.1 | $ | 384.8 | $ | 347.7 | ||||||||
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| (a) | Foreign exchange losses on Venezuela cash conversion in 2014 and Venezuela devaluation-related charges in 2013. |
Organic net sales:
Organic net sales growth is a non-GAAP measure of net sales growth excluding the impacts of foreign exchange, certain acquisitions and exited businesses from year-over-year comparisons. The Company believes this measure provides investors with a more complete understanding of the underlying sales trends by providing net sales on a consistent basis. Organic net sales growth is also one of the measures used by management to analyze operating performance. The following table provides a reconciliation of organic net sales growth to the comparable GAAP measure of net sales growth for the three months ended June 30, 2014:
| For the three months ended June 30, 2014 | ||||||||||||||||||||||||
| Branded Consumables |
Consumer Solutions |
Outdoor Solutions |
Process Solutions |
Eliminations | Consolidated | |||||||||||||||||||
| Net sales growth |
40.2 | % | 0.7 | % | 1.9 | % | 4.3 | % | 6.4 | % | 12.3 | % | ||||||||||||
| Foreign exchange impacts |
0.2 | % | 1.0 | % | — | (0.7 | )% | — | 0.3 | % | ||||||||||||||
| (Acquisitions)/exited businesses, net |
(34.3 | )% | — | — | — | — | (9.5 | )% | ||||||||||||||||
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| Organic net sales growth |
6.1 | % | 1.7 | % | 1.9 | % | 3.6 | % | 6.4 | % | 3.1 | % | ||||||||||||
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Adjusted gross margins:
| For the three months ended | ||||||||||||
| June 30, 2014 |
June 30, 2013 |
Increase/ (Decrease) |
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| Gross margins, as reported |
30.5 | % | 29.2 | % | 1.3 | % | ||||||
| Fair market value adjustment to inventory |
0.1 | % | — | 0.1 | % | |||||||
| International manufacturing rationalization and other |
0.2 | % | — | 0.2 | % | |||||||
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| Adjusted gross margins |
30.8 | % | 29.2 | % | 1.6 | % | ||||||
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Adjusted selling, general and administrative expenses (SG&A) as a % of net sales:
| For the three months ended | ||||||||||||
| June 30, 2014 |
June 30, 2013 |
Increase/ (Decrease) |
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| SG&A as a % of net sales, as reported |
20.7 | % | 18.9 | % | 1.8 | % | ||||||
| Acquisition-related and other costs |
(0.1 | )% | — | (0.1 | )% | |||||||
| Venezuela foreign exchange-related charges |
(0.5 | )% | — | (0.5 | )% | |||||||
| Amortization of acquired intangible assets |
(0.3 | )% | (0.3 | )% | — | |||||||
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| Adjusted SG&A as a % of net sales |
19.8 | % | 18.6 | % | 1.2 | % | ||||||
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