EX-99.2 3 tup062422ex992supplemental.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
June 25,
2022		June 26,
2021
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$340.4 $— $340.4 $416.6 $— $416.6 
Cost of products sold119.7 (1.5)a)118.2 130.7 (2.6)a)128.1 
Gross profit220.7 1.5 222.2 285.9 2.6 288.5 
Gross margin percentage64.8 %65.3 %68.7 %69.3 %
Selling, general and administrative expense186.9 (2.6)a), b)184.3 208.8 (1.6)a), b)207.2 
Selling, general and administrative expense as percentage of net sales54.9 %54.1 %50.1 %49.7 %
Re-engineering charges7.0 (7.0)c)— 4.7 (4.7)c)— 
(Gain) loss on disposal of assets2.0 (2.0)c)— 0.4 (0.4)c)— 
Impairment expense— — — — — — 
Operating income (loss)24.8 13.1 37.9 72.0 9.3 81.3 
Operating income as percentage of net sales7.3 %11.1 %17.3 %19.5 %
(Gain) loss on debt extinguishment— — — 6.0 (6.0)c)— 
Interest expense6.0 — 6.0 9.7 — 9.7 
Interest income(1.2)— (1.2)(0.3)— (0.3)
Other (income) expense, net0.7 (3.7)(3.0)0.9 (0.3)0.6 
Income (loss) from continuing operations before income taxes19.3 16.8 36.1 55.7 15.6 71.3 
Provision (benefit) for income taxes14.8 1.7 d)16.5 23.8 — 23.8 
Income (loss) from continuing operations$4.5 $15.1 $19.6 $31.9 $15.6 $47.5 
Net income as percentage of net sales1.3 %5.8 %7.7 %11.4 %
Basic earnings (loss) from continuing operations - per share$0.10 $0.33 $0.43 $0.64 $0.31 $0.95 
Diluted earnings (loss) from continuing operations - per share$0.09 $0.32 $0.41 $0.60 $0.30 $0.90 
Basic weighted-average shares45.5 49.8 
Diluted weighted-average shares48.3 53.1 
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.
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

26 weeks ended26 weeks ended
June 25,
2022		June 26,
2021
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$688.5 $— $688.5 $830.5 $— $830.5 
Cost of products sold245.8 (2.5)a)243.3 251.0 (2.7)a)248.3 
Gross profit442.7 2.5 445.2 579.5 2.7 582.2 
Gross margin percentage64.3 %64.7 %69.8 %70.1 %
Selling, general and administrative expense390.3 (3.5)a), b)386.8 430.0 (2.1)a), b)427.9 
Selling, general and administrative expense as percentage of net sales56.7 %56.2 %51.8 %51.5 %
Re-engineering charges8.5 (8.5)c)— 7.8 (7.8)c)— 
(Gain) loss on disposal of assets1.6 (1.6)c)— (7.3)7.3 c)— 
Impairment expense— — — — — — 
Operating income (loss)42.3 16.1 58.4 149.0 5.3 154.3 
Operating income as percentage of net sales6.1 %8.5 %17.9 %18.6 %
(Gain) Loss on debt extinguishment— — — 8.1 (8.1)c)— 
Interest expense10.6 — 10.6 21.5 — 21.5 
Interest income(1.9)— (1.9)(0.6)— (0.6)
Other (income) expense, net5.0 (4.8)0.2 (0.4)(0.7)(1.1)
Income (loss) from continuing operations before income taxes28.6 20.9 49.5 120.4 14.1 134.5 
Provision (benefit) for income taxes21.6 2.0 d)23.6 44.5 — 44.5 
Income from continuing operations$7.0 $18.9 $25.9 $75.9 $14.1 $90.0 
Net income from continuing operations as percentage of net sales1.0 %3.8 %9.1 %10.8 %
Basic earnings (loss) from continuing operations - per share$0.15 $0.40 $0.55 $1.53 $0.28 $1.81 
Diluted earnings (loss) from continuing operations - per share$0.14 $0.38 $0.52 $1.43 $0.27 $1.70 
Basic weighted-average shares46.7 49.8 
Diluted weighted-average shares49.8 53.1 

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.
c)The adjustment amount equals the GAAP amounts.
d)The adjustment represents the net tax impact of adjusted amounts.