EX-99.2 3 d674663dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

JARDEN CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP

For the quarters and years ended December 31, 2013 and 2012

In millions

 

        For the quarters ended       For the years ended    
    December 31,2013   December 31,2012       December 31,2013      December 31,2012   Inc/(Dec) %
       

Reconciliation of Non-
GAAP measure:

 

                  

Net income

       $                   37.0      $                    48.7         $               203.9        $         243.9    
       
  Income tax provision   53.4     31.9         147.7        147.6    
  Interest expense, net   52.1     49.5         195.4        185.3    
  Loss on early extinguishment of debt   -     -         25.9        -    
  Depreciation and amortization   50.1     42.9         165.9        152.8    
       

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

   192.6     173.0         738.8        729.6    
       

Other adjustments:

                  
  Fair market value adjustment to inventory   78.9     -         89.8        6.0    
  Venezuela devaluation and other charges   -     -         29.0        -    
  Reorganization costs, net   17.6     17.8         22.0        27.1    
  Acquisition and integration related costs   10.8     5.0         17.6        17.5    
 

Stock compensation adjustment                               

 

  

38.8  

 

  

33.6  

 

      

 

 38.8  

 

   

 

  

33.6  

 

  

AS ADJUSTED EBITDA (Segment Earnings)

       $                 338.7     $                  229.4         $              936.0        $         813.8    
       

Net Sales

               7,355.9        6,696.1    

 

As Adjusted EBITDA
(Segment Earnings) margin

                 12.7%      12.2%   0.5%

Organic net sales growth is a non-GAAP measure of net sales growth excluding the impacts of foreign exchange, significant acquisitions and exited business 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 quarter and year ended December 31, 2013:

 

  

 

 

     For the quarter ended December 31, 2013
  

 

 

    

 

Outdoor
Solutions

 

     

    Consumer    
Solutions

 

    

Branded
    Consumables    

 

    

Process
    Solutions    

 

    

    Elimination    

 

    

    Consolidated    

 

  

 

 

Reconciliation of Non-GAAP measure:

              

Net sales growth

      -  %         2.4%        82.0%        14.2%        18.9%      21.8% 

Foreign exchange impacts

      1.7%         4.3%        (0.2% )      (0.1% )      -  %      2.1% 

(Acquisitions)/exited business, net

      -  %         -  %        (80.0% )      -  %        -  %      (19.9%)
  

 

 

Organic net sales growth

      1.7%         6.7%        1.8%        14.1%        18.9%      4.0% 
  

 

 

             
  

 

 

     For the year ended December 31, 2013
  

 

 

    

 

Outdoor
Solutions

 

     

    Consumer    
Solutions

 

    

Branded
Consumables

 

    

Process
Solutions

 

    

Elimination

 

    

Consolidated

 

  

 

 

Reconciliation of Non-GAAP measure:

              

Net sales growth

      1.2%         5.1%        29.3%        7.0%        15.9%      9.9% 

Foreign exchange impacts

      1.7%         3.3%        0.1%        0.1%        (0.1% )    1.7% 

(Acquisitions)/exited business, net

      -  %         (2.2% )      (25.0% )      -  %        -  %      (7.2%)
  

 

 

Organic net sales growth

      2.9%         6.2%        4.4%        7.1%        15.8%      4.4% 
  

 

 

             
  

 

 

        
     For the quarters ended December 31,                  
  

 

 

        
     2013      2012     Inc/(Dec)                  
  

 

 

        

GROSS MARGIN (%)

              

Gross margin as reported

      27.3%         27.9%        (0.6%)         

Fair market value adjustment to inventory

      3.5%         -  %        3.5%          

Accelerated depreciation

      0.1%         0.2%        (0.1%)         

International manufacturing rationalization and other

      0.8%         -  %        0.8%          
  

 

 

        

Adjusted gross margin

      31.7%         28.1%        3.6%          
  

 

 

        

 

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            For the years ended December 31,          
 

 

 

  
    2013     2012    

Inc/

(Dec)

  
 

 

 

  

GROSS MARGIN (%)

      

Gross margin as reported

     28.3%        28.7%        (0.4%)   

Fair market value adjustment to inventory

     1.2%        0.1%        1.1%    

Accelerated depreciation

     0.1%        0.2%        (0.1%)   

International manufacturing rationalization and other

     0.2%        -   %        0.2%    
 

 

 

  

Adjusted gross margin

     29.8%        29.0%        0.8%    
 

 

 

  
 

 

 

  
    For the quarters ended December 31,  
 

 

 

  
    2013     2012    

Inc/

(Dec)

  
 

 

 

  

Adjusted SG&A Margin (%)

      

SG & A margin as reported

     20.0%         19.8%         0.2%   

Amortization of acquired intangibles

     (0.3%)        (0.3%)        -     

Stock compensation adjustment

     (1.7%)        (1.8%)        0.1%   

Acquisition and integration costs, net

     0.3%         (0.3%)        0.6%   
 

 

 

  

Adjusted SG&A Margin (%)

     18.3%         17.4%         0.9%   
 

 

 

  
 

 

 

  
    For the years ended December 31,  
 

 

 

  
    2013     2012    

Inc/

(Dec)

  
 

 

 

  

Adjusted SG&A Margin (%)

      

SG & A margin as reported

     20.2%         19.7%         0.5%    

Amortization of acquired intangibles

     (0.3%)        (0.3%)        -     

Stock compensation adjustment

     (0.5%)        (0.5%)        -     

Venezuela devaluation and other charges

     (0.4%)        -   %         (0.4%)   

Acquisition and integration costs, net

     -   %         (0.2%)        0.2%    
 

 

 

  

Adjusted SG&A Margin (%)

     19.0%         18.7%         0.3%    
 

 

 

  
 

 

 

    
    For the quarters ended December 31,        
 

 

 

    
    2013     2012        
 

 

 

    

INTEREST EXPENSE, NET

      

Interest expense, net as reported

   $ 52.1 M      $ 49.5 M     

Original issue discount amortization

     (4.9)M        (3.0)M     
 

 

 

    

Adjusted interest expense, net

   $ 47.2 M      $ 46.5 M     
 

 

 

    
     

 

                                                                                                                       
   
 		 For the year ended
December 31, 2013		   
  		    
 

 

 

      
    Consumer Solutions       
 

 

 

      

Segment Earnings

      

Segment earnings

   $ 307.2       

Net sales

   $ 2,040.0       

Segment Earnings Margin

     15.1%       
 

 

 

  
    For the years ended December 31  
 

 

 

  
    Branded Consumables  
 

 

 

  
    2013     2012    

Inc/

(Dec)

  
 

 

 

  

Segment Earnings

      

Segment earnings

   $ 411.1      $ 259.2        58.6%   

Net sales

   $ 2,266.6      $ 1,753.1        29.3%   

Segment Earnings Margin

     18.1%        14.8%     

 

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