EX-99.2 3 tup092422ex992supplemental.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 24,
2022		September 25,
2021
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$302.8 $— $302.8 $376.9 $— $376.9 
Cost of products sold106.2 (1.4)a)104.8 129.0 (0.2)a)128.8 
Gross profit196.6 1.4 198.0 247.9 0.2 248.1 
Gross margin percentage64.9 %65.4 %65.9 %65.8 %
Selling, general and administrative expense175.6 (3.8)a), b)171.8 190.7 (4.3)a), b)186.4 
Selling, general and administrative expense as percentage of net sales58.0 %56.7 %50.6 %49.5 %
Re-engineering charges4.5 (4.5)c)— 1.8 (1.8)c)— 
Loss (gain) on disposal of assets0.7 (0.7)c)— (1.7)1.7 c)— 
Impairment expense— — — — — — 
Operating income15.8 10.4 26.2 57.1 4.6 61.7 
Operating income as percentage of net sales5.2 %8.7 %15.1 %16.4 %
Loss (gain) on debt extinguishment— — — — — c)— 
Interest expense8.3 — 8.3 8.2 — 8.2 
Interest income(1.3)— (1.3)(0.3)— (0.3)
Other expense, net1.6 (1.2)0.4 1.2 — 1.2 
Income from continuing operations before income taxes7.2 11.6 18.8 48.0 4.6 52.6 
Provision (benefit) for income taxes11.0 1.0 d)12.0 (12.4)1.7 (10.7)
(Loss) income from continuing operations$(3.8)$10.6 $6.8 $60.4 $2.9 $63.3 
Net income as percentage of net sales(1.3)%2.2 %16.0 %16.8 %
Basic (loss) earnings from continuing operations - per share$(0.09)$0.24 $0.15 $1.22 $0.06 $1.28 
Diluted (loss) earnings from continuing operations - per share$(0.09)$0.23 $0.14 $1.14 $0.05 $1.19 
Basic weighted-average shares44.5 49.4 
Diluted weighted-average shares44.5 52.8 
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

39 weeks ended39 weeks ended
September 24,
2022		September 25,
2021
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$991.3 $— $991.3 $1,207.4 $— $1,207.4 
Cost of products sold352.0 (3.9)a)348.1 380.0 (2.6)a)377.4 
Gross profit639.3 3.9 643.2 827.4 2.6 830.0 
Gross margin percentage64.5 %64.9 %68.5 %68.7 %
Selling, general and administrative expense565.9 (7.3)a), b)558.6 620.5 (7.0)a), b)613.5 
Selling, general and administrative expense as percentage of net sales57.1 %56.4 %51.4 %50.8 %
Re-engineering charges13.0 (13.0)c)— 9.7 (9.7)c)— 
Loss (gain) on disposal of assets2.3 (2.3)c)— (8.9)8.9 c)— 
Impairment expense— — — — — — 
Operating income58.1 26.5 84.6 206.1 10.4 216.5 
Operating income as percentage of net sales5.9 %8.5 %17.1 %17.9 %
Loss on debt extinguishment— — — 8.1 (8.1)c)— 
Interest expense18.9 — 18.9 29.7 — 29.7 
Interest income(3.2)— (3.2)(0.9)— (0.9)
Other Expense, net6.6 (6.0)0.6 0.8 — 0.8 
Income from continuing operations before income taxes35.8 32.5 68.3 168.4 18.5 186.9 
Provision for income taxes32.6 3.0 d)35.6 32.2 1.9 34.1 
Income from continuing operations$3.2 $29.5 $32.7 $136.2 $16.6 $152.8 
Net income from continuing operations as percentage of net sales0.3 %3.3 %11.3 %12.7 %
Basic earnings (loss) from continuing operations - per share$0.07 $0.64 $0.71 $2.75 $0.34 $3.09 
Diluted earnings (loss) from continuing operations - per share$0.07 $0.60 $0.67 $2.56 $0.31 $2.87 
Basic weighted-average shares46.0 49.5 
Diluted weighted-average shares49.0 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.