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-
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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
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| 33.6
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AS ADJUSTED EBITDA (Segment Earnings) | $ 338.7 | $ 229.4 | $ 936.0 | $ 813.8 | ||||||||||||
Net Sales | 7,355.9 | 6,696.1 | ||||||||||||||
As Adjusted EBITDA | 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:
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For the quarter ended December 31, 2013 | ||||||||||||||||||||||
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Outdoor
| Consumer
| Branded
| Process
| Elimination
| Consolidated
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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%) | |||||||||||||||
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Organic net sales growth | 1.7% | 6.7% | 1.8% | 14.1% | 18.9% | 4.0% | ||||||||||||||||
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For the year ended December 31, 2013 | ||||||||||||||||||||||
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Outdoor
| Consumer
| Branded
| Process
| Elimination
| Consolidated
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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%) | ||||||||||||||
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Organic net sales growth | 2.9% | 6.2% | 4.4% | 7.1% | 15.8% | 4.4% | ||||||||||||||||
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For the quarters ended December 31, | ||||||||||||||||||||||
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2013 | 2012 | Inc/(Dec) | ||||||||||||||||||||
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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% | |||||||||||||||||||
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Adjusted gross margin | 31.7% | 28.1% | 3.6% | |||||||||||||||||||
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For the years ended December 31, | ||||||||||||
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2013 | 2012 | Inc/ (Dec) | ||||||||||
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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% | |||||||||
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Adjusted gross margin | 29.8% | 29.0% | 0.8% | |||||||||
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For the quarters ended December 31, | ||||||||||||
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2013 | 2012 | Inc/ (Dec) | ||||||||||
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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% | |||||||||
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Adjusted SG&A Margin (%) | 18.3% | 17.4% | 0.9% | |||||||||
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For the years ended December 31, | ||||||||||||
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2013 | 2012 | Inc/ (Dec) | ||||||||||
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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% | |||||||||
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Adjusted SG&A Margin (%) | 19.0% | 18.7% | 0.3% | |||||||||
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For the quarters ended December 31, | ||||||||||||
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2013 | 2012 | |||||||||||
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INTEREST EXPENSE, NET | ||||||||||||
Interest expense, net as reported | $ | 52.1 M | $ | 49.5 M | ||||||||
Original issue discount amortization | (4.9)M | (3.0)M | ||||||||||
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Adjusted interest expense, net | $ | 47.2 M | $ | 46.5 M | ||||||||
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| For the year ended December 31, 2013 | | ||||||||||
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Consumer Solutions | ||||||||||||
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Segment Earnings | ||||||||||||
Segment earnings | $ | 307.2 | ||||||||||
Net sales | $ | 2,040.0 | ||||||||||
Segment Earnings Margin | 15.1% | |||||||||||
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For the years ended December 31 | ||||||||||||
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Branded Consumables | ||||||||||||
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2013 | 2012 | Inc/ (Dec) | ||||||||||
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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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