July 24, 2014

Reconciliation of GAAP and Non-GAAP Financial Measures Relating to Q2 2014 Earnings Release Conference Call Held on July 24, 2014

The company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP measures, that reflect the way management evaluates the business, may provide investors with additional information regarding the company's results, trends and ongoing performance on a comparable basis. Specifically, investors should consider the following with respect to our quarterly results:

Net sales and Segment Operating Profit, as adjusted to currency neutral: Net sales and Segment Operating Profit are on a currency neutral basis.

Free Cash Flow: Free cash flow is defined as net cash provided by operating activities adjusted for capital spending and certain items excluded for comparison to prior year periods. For the six months ended June 30, 2014 and 2013, there were no certain items excluded for comparison to prior year periods.

Core Earnings: Core Earnings is defined as net income adjusted for the unrealized mark-to-market impact of commodity derivatives and certain items that are excluded for comparison to prior year periods. For the three and six months ended June 30, 2014, there were no certain items excluded for comparison to prior year periods. The certain items excluded for the three and six months ended June 30, 2013, are separation-related charges, primarily a separation-related foreign deferred tax charge and the associated impact under the Tax Indemnity Agreement with Mondelēz.

The tables on the following pages provide these reconciliations.


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