EX-99.2 3 tup092521ex992supplemental.htm EX-99.2 Document
Exhibit 99.2
Supplemental non-GAAP information

GAAP to non-GAAP Earnings Per Share Reconciliation

13 weeks ended13 weeks ended
September 25,
2021
September 26,
2020
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$376.9 $— $376.9 $423.7 $— $423.7 
Cost of products sold129.0 (0.2)a)128.8 132.5 (1.8)a)130.7 
Gross profit247.9 0.2 248.1 291.2 1.8 293.0 
Gross margin percentage65.8 %65.8 %68.7 %69.2 %
Selling, general and administrative expense190.7 (4.3)a), b)186.4 205.7 (2.7)a), b)203.0 
Selling, general and administrative expense as percentage of net sales50.6 %49.5 %48.5 %47.9 %
Re-engineering charges1.8 (1.8)c)— 3.9 (3.9)c)— 
(Gain) loss on disposal of assets(1.7)1.7 c)— 32.3 (32.3)c)— 
Operating income (loss)57.1 4.6 61.7 49.3 40.7 90.0 
Operating income as percentage of net sales15.1 %16.4 %11.6 %21.2 %
(Gain) Loss on debt extinguishment— — — (9.9)9.9 c)— 
Interest expense8.2 — 8.2 8.2 — 8.2 
Interest income(0.3)— (0.3)(0.3)— (0.3)
Other (income) expense, net1.2 — 1.2 — — — 
Income (loss) from continuing operations before income taxes48.0 4.6 52.6 51.3 30.8 82.1 
Provision (benefit) for income taxes(12.4)1.7 d)(10.7)21.9 1.5 d)23.4 
Net income (loss)$60.4 $2.9 $63.3 $29.4 $29.3 $58.7 
Net income as percentage of net sales16.0 %16.8 %6.9 %13.9 %
Basic earnings (loss) from continuing operations - per share$1.22 $0.06 $1.28 $0.60 $0.60 $1.20 
Diluted earnings (loss) from continuing operations - per share$1.14 $0.05 $1.19 $0.56 $0.56 $1.12 
Basic weighted-average shares49.4 49.1 
Diluted weighted-average shares52.8 53.1 

a.This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.


Exhibit 99.2
b.This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing, and litigation fees. The 2020 adjustment also includes CEO transition costs.
c.The adjustment amount equals the GAAP amounts for continuing operations
d.The adjustment represents the net tax impact of adjusted amounts.



Exhibit 99.2
39 weeks ended39 weeks ended
September 25,
2021
September 26,
2020
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$1,207.4 $— $1,207.4 $1,109.5 $— $1,109.5 
Cost of products sold380.0 (2.6)a)377.4 362.1 (1.8)a)360.3 
Gross profit827.4 2.6 830.0 747.4 1.8 749.2 
Gross margin percentage68.5 %68.7 %67.4 %67.5 %
Selling, general and administrative expense620.5 (7.0)a), b)613.5 608.7 (18.1)a), b)590.6 
Selling, general and administrative expense as percentage of net sales51.4 %50.8 %54.9 %53.2 %
Re-engineering charges9.7 (9.7)c)— 29.6 (29.6)c)— 
(Gain) loss on disposal of assets(8.9)8.9 c)— 18.5 (18.5)c)— 
Operating income (loss)206.1 10.4 216.5 90.6 68.0 158.6 
Operating income as percentage of net sales17.1 %17.9 %8.2 %14.3 %
(Gain) Loss on debt extinguishment8.1 (8.1)c)— (49.9)49.9 c)— 
Interest expense29.7 — 29.7 30.5 — 30.5 
Interest income(0.9)— (0.9)(1.0)— (1.0)
Other (income) expense, net0.8 — 0.8 (10.7)— (10.7)
Income (loss) from continuing operations before income taxes168.4 18.5 186.9 121.7 18.1 139.8 
Provision (benefit) for income taxes32.2 1.9 d)34.1 38.7 0.9 d)39.6 
Net income (loss)$136.2 $16.6 $152.8 $83.0 $17.2 $100.2 
Net income as percentage of net sales11.3 %12.7 %7.5 %9.0 %
Basic earnings (loss) from continuing operations - per share$2.75 $0.34 $3.09 $1.69 $0.35 $2.04 
Diluted earnings (loss) from continuing operations - per share$2.56 $0.31 $2.87 $1.62 $0.34 $1.96 
Basic weighted-average shares49.5 49.0 
Diluted weighted-average shares53.1 51.5 

a.This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.
b.This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing and litigation fees. The 2020 adjustment also includes CEO transition costs.
c.The adjustment amount equals the GAAP amounts.
d.The adjustment represents the net tax impact of adjusted amounts.