Exhibit 99.2
JARDEN CORPORATION
Reconciliation of GAAP to Non-GAAP
For the quarters ended March 31, 2014 and 2013
in millions | ||||||||
For the quarters ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Reconciliation of Non-GAAP measure: | ||||||||
Net income (loss) | $ | 3.7 | $ | (4.4 | ) | |||
Income tax provision (benefit) | 5.5 | (5.4 | ) | |||||
Interest expense, net | 54.0 | 49.6 | ||||||
Loss on early extinguishment of debt | — | 17.1 | ||||||
Depreciation and amortization | 45.6 | 37.7 | ||||||
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Earnings before interest, taxes, depreciation and amortization (EBITDA) | 108.8 | 94.6 | ||||||
Other adjustments: | ||||||||
Fair market value adjustment to inventory | — | 5.0 | ||||||
Venezuela foreign exchange-related charges | 4.0 | 29.0 | ||||||
Restructuring costs, net | 0.3 | — | ||||||
Acquisition-related and other costs | 13.2 | — | ||||||
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As Adjusted EBITDA (Segment Earnings) | $ | 126.3 | $ | 128.6 | ||||
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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 quarter ended March 31, 2014:
For the quarter ended March 31, 2014 | ||||||||||||||||||||||||
Branded Consumables | Consumer Solutions | Outdoor Solutions | Process Solutions | Eliminations | Consolidated | |||||||||||||||||||
Reconciliation of Non-GAAP measure: | ||||||||||||||||||||||||
Net sales growth | 40.1 | % | (5.3 | )% | (1.6 | )% | 4.8 | % | 8.5 | % | 9.6 | % | ||||||||||||
Foreign exchange impacts | 0.9 | % | 3.0 | % | 1.3 | % | (0.4 | )% | — | 1.5 | % | |||||||||||||
(Acquisitions)/exited businesses, net | (37.2 | )% | — | — | — | — | (10.5 | )% | ||||||||||||||||
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Organic net sales growth | 3.8 | % | (2.3 | )% | (0.3 | )% | 4.4 | % | 8.5 | % | 0.6 | % | ||||||||||||
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Gross margins | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 | 2013 | (Decrease) | ||||||||||
Gross margins, as reported | 29.7 | % | 28.1 | % | 1.6 | % | ||||||
Fair market value adjustment to inventory | — | 0.3 | % | (0.3 | )% | |||||||
International manufacturing rationalization and other | 0.7 | % | — | 0.7 | % | |||||||
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Adjusted gross margins | 30.4 | % | 28.4 | % | 2.0 | % | ||||||
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Selling, general and administrative expenses (SG&A) as a % of net sales | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 | 2013 | (Decrease) | ||||||||||
SG&A as a % of net sales, as reported | 26.0 | % | 24.5 | % | 1.5 | % | ||||||
Acquisition-related and other costs | (0.1 | )% | — | (0.1 | )% | |||||||
Venezuela foreign exchange-related charges | (0.2 | )% | (1.9 | )% | 1.7 | % | ||||||
Amortization of acquired intangible assets | (0.3 | )% | (0.3 | )% | — | |||||||
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Adjusted SG&A as a % of net sales | 25.4 | % | 22.3 | % | 3.1 | % | ||||||
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Interest expense, net | ||||||||||||
For the quarters ended March 31, | ||||||||||||
Increase/ | ||||||||||||
2014 | 2013 | (Decrease) | ||||||||||
Interest expense, net as reported | $ | 54.0 | $ | 49.6 | $ | 4.4 | ||||||
Original issue discount amortization | (5.7 | ) | (3.0 | ) | (2.7 | ) | ||||||
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Adjusted interest expense, net | $ | 48.3 | $ | 46.6 | $ | 1.7 | ||||||
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