JARDEN CORP - FORM 8-K - EX-99.2 - February 12, 2015

Attached files

file filename
8-K - FORM 8-K - JARDEN CORPd867083d8k.htm
EX-99.1 - EX-99.1 - JARDEN CORPd867083dex991.htm

Exhibit 99.2

 

LOGO

 

 

   

JARDEN CORPORATION

Reconciliation of Non-GAAP Financial Measures

For the quarters and years ended December 31, 2014 and 2013

in millions

  
  
  
  

Segment earnings:

 

     For the quarters ended      For the years ended  
     December 31,
2014		      December 31,
2013		      December 31,
2014		      December 31,
2013		  

Net income

    $ 78.1       $ 37.0       $ 242.5       $ 203.9   

Income tax provision

      25.3         53.4         130.3         147.7   

Interest expense, net

      50.7         52.1         210.3         195.4   

Loss on early extinguishment of debt

      2.3         —           56.7         25.9   

Depreciation and amortization

      50.3         50.1         191.1         165.9   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before interest, taxes, depreciation and amortization (EBITDA)

      206.7         192.6         830.9         738.8   

Other adjustments:

            

Fair market value adjustment to inventory

      9.8         78.9         23.4         89.8   

Restructuring costs, net

      4.6         17.6         7.7         22.0   

Acquisition-related and other costs, net (a)

      6.6         10.8         42.0         17.6   

Foreign exchange-related charges (b)

      157.7         —           174.6         29.0   

Stock compensation adjustment

      —           38.8         —           38.8   

Impairment of intangible assets

      25.4         —           25.4         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Segment earnings (As Adjusted EBITDA)

    $ 410.8       $ 338.7       $ 1,104.0       $ 936.0   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) Includes a gain of $38.7 million related to the sale of an Asian manufacturing operation.
(b) Foreign exchange-related losses on Venezuela balance sheet remeasurement charge and cash conversion costs in 2014. Venezuela devaluation-related charges in 2013

Segment earnings margins:

 

     For the quarters ended     For the years ended  
     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		  

Net sales

    $ 2,438.0      $ 2,215.6        $ 8,287.1      $ 7,355.9     

Segment earnings

      410.8        338.7        72.1        1,104.0        936.0        168.0   

Segment earnings margin

      16.8 %      15.3 %      1.5 %      13.3 %      12.7 %      0.6 % 

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 tables provide reconciliation of organic net sales growth to the comparable GAAP measure of net sales growth for the quarter and year ended December 31, 2014:

 

     For the quarter ended December 31, 2014  
     Branded
Consumables		     Consumer
Solutions		     Outdoor
Solutions		     Process
Solutions		     Eliminations     Consolidated  

Net sales growth

      11.6 %      16.2 %      0.5 %      12.6 %      9.0 %      10.0 % 

Foreign exchange impacts

      2.6 %      2.6 %      4.1 %      0.1 %      —          3.0 % 

(Acquisitions)/exited businesses and other, net

      (0.8 )%      (3.9 )%      —          —          —          (1.6 )% 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth

      13.4 %      14.9 %      4.6 %      12.7 %      9.0 %      11.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Excluding impact of Cadence

      —          (5.0 )%      —          —          —          (1.6 )% 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth, excluding impact of Cadence

      13.4 %      9.9 %      4.6 %      12.7 %      9.0 %      9.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the year ended December 31, 2014  
     Branded
Consumables		     Consumer
Solutions		     Outdoor
Solutions		     Process
Solutions		     Eliminations     Consolidated  

Net sales growth

      32.1 %      8.4 %      0.5 %      5.9 %      7.8 %      12.7 % 

Foreign exchange impacts

      1.3 %      1.8 %      1.4 %      (0.3 )%      —          1.4 % 

(Acquisitions)/exited businesses and other, net

      (24.5 )%      (2.3 )%      —          —          —          (8.3 )% 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth

      8.9 %      7.9 %      1.9 %      5.6 %      7.8 %      5.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Excluding impact of Cadence

      —          (3.3 )%      —          —          —          (0.9 )% 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Organic net sales growth, excluding impact of Cadence

      8.9 %      4.6 %      1.9 %      5.6 %      7.8 %      4.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted gross margins:

 

     For the quarters ended     For the years ended  
     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		  

Gross margins as reported

      34.6 %      28.6 %      6.0 %      31.8 %      28.7 %      3.1 % 

Fair market value adjustment to inventory

      0.4 %      3.5 %      (3.1 )%      0.3 %      1.2 %      (0.9 )% 

Acquisition-related and other costs, net

      (0.5 )%      0.8 %      (1.3 )%      0.1 %      0.3 %      (0.2 )% 

Accelerated depreciation

      —          0.1 %      (0.1 )%      —          0.1 %      (0.1 )% 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted gross margins

      34.5 %      33.0 %      1.5 %      32.2 %      30.3 %      1.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted selling, general administrative costs as a percent of sales:

 

     For the quarters ended     For the years ended  
     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		     December 31,
2014		     December 31,
2013		     Increase/
(Decrease)		  

Reported selling, general and administrative cost as a percent of sales

      26.9 %      21.4 %      5.5 %      23.7 %      20.7 %      3.0 % 

Acquisition-related and other costs, net

      (0.8 )%      0.3 %      (1.1 )%      (0.4 )%      —          (0.4 )% 

Foreign-exchange related charges

      (6.4 )%      —          (6.4 )%      (2.1 )%      (0.4 )%      (1.7 )% 

Stock compensation adjustment

      —          (1.7 )%      1.7 %      —          (0.5 )%      0.5 % 

Amortization of acquired intangibles

      (0.3 )%      (0.3 )%      —          (0.4 )%      (0.4 )%      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted selling, general and administrative cost as a percent of sales

      19.4 %      19.7 %      (0.3 )%      20.8 %      19.4 %      1.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Stock widget

Investing forum

JARDEN CORP Reports

Also read