Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its
first quarter 2021 results.
"Our first quarter results demonstrate that we are emerging from
the COVID-19 pandemic stronger, as we continue to build upon our
track record of robust growth, profitability and cash generation,"
said Dirk Van de Put, Chairman and Chief Executive Officer. "We saw
continued improvement across emerging markets, healthy demand in
developed markets and another quarter of strong share performance.
We remain squarely focused on accelerating growth by further
strengthening our core brand and expanding our presence in
high-growth channels, categories and adjacencies. Our strategy is
working, and our business is better positioned than ever
before.”
Net Revenue
| $ in
millions |
ReportedNet Revenues |
|
Organic Net Revenue Growth |
| |
Q1 2021 |
|
% Chgvs PY |
|
Q1 2021 |
|
Vol/Mix |
|
Pricing |
| Quarter
1 |
|
|
|
|
|
|
|
|
|
|
Latin America |
$ |
669 |
|
|
(7.9 |
)% |
|
7.2 |
% |
|
(2.9) pp |
|
10.1 |
pp |
|
Asia, Middle East & Africa |
1,745 |
|
|
16.2 |
|
|
10.8 |
|
|
7.9 pp |
|
2.9 |
|
|
Europe |
2,847 |
|
|
10.2 |
|
|
3.3 |
|
|
2.4 pp |
|
0.9 |
|
|
North America |
1,977 |
|
|
4.3 |
|
|
(2.3 |
) |
|
(2.8) pp |
|
0.5 |
|
|
Mondelēz International |
$ |
7,238 |
|
|
7.9 |
% |
|
3.8 |
% |
|
1.5 pp |
|
2.3 |
pp |
| |
|
|
|
|
|
|
|
|
|
|
Emerging Markets |
$ |
2,563 |
|
|
6.0 |
% |
|
9.9 |
% |
|
4.7 pp |
|
5.2 |
pp |
|
Developed Markets |
$ |
4,675 |
|
|
9.0 |
% |
|
0.4 |
% |
|
(0.2) pp |
|
0.6 |
pp |
Operating Income and Diluted EPS
| $ in millions, except
per share data |
Reported |
|
Adjusted |
| |
Q1 2021 |
|
vs PY(Rpt Fx) |
|
Q1 2021 |
|
vs PY(Rpt Fx) |
|
vs PY(Cst Fx) |
| Quarter
1 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
$ |
2,966 |
|
|
21.0 |
% |
|
$ |
2,866 |
|
|
7.9 |
% |
|
5.0 |
% |
|
Gross Profit Margin |
41.0 |
% |
|
4.5 |
pp |
|
39.6 |
% |
|
— |
pp |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
1,283 |
|
|
49.9 |
% |
|
$ |
1,292 |
|
|
16.8 |
% |
|
12.8 |
% |
|
Operating Income Margin |
17.7 |
% |
|
4.9 |
pp |
|
17.9 |
% |
|
1.4 |
pp |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Net Earnings2 |
$ |
961 |
|
|
30.6 |
% |
|
$ |
1,090 |
|
|
15.0 |
% |
|
10.0 |
% |
|
Diluted EPS |
$ |
0.68 |
|
|
33.3 |
% |
|
$ |
0.77 |
|
|
16.7 |
% |
|
10.6 |
% |
First Quarter Commentary
- Net revenues increased 7.9 percent driven by
Organic Net Revenue growth of 3.8 percent, favorable currency, and
incremental sales from the company's acquisitions of Give & Go
and Hu. Volume and pricing drove Organic Net Revenue growth,
partially offset by unfavorable mix.
- Gross profit increased $515 million, while
gross profit margin increased 450 basis points to 41.0 percent,
primarily driven by favorable year-over-year change in
mark-to-market gains/losses from currency and commodity
derivatives. Adjusted Gross Profit1 increased $134 million at
constant currency, while Adjusted Gross Profit margin remained flat
at 39.6 percent due to higher raw material costs and unfavorable
product mix, offset by higher pricing and manufacturing
productivity.
- Operating income increased $427 million and
operating income margin was 17.7 percent, up 490 basis points
primarily due to favorable year-over-year change in mark-to-market
gains/losses from currency and commodity derivatives and higher
Adjusted Operating Income1, partially offset by higher
restructuring expenses. Adjusted Operating Income increased $142
million at constant currency, and Adjusted Operating Income margin
increased 140 basis points to 17.9 percent primarily driven by
lower overhead costs, partially offset by increased advertising and
consumer promotions spend.
- Diluted EPS was $0.68, up 33.3 percent,
primarily due to mark-to-market gains from derivatives versus
losses in the prior year, lapping the prior-year loss on interest
rate swaps and an increase in Adjusted EPS, partially offset by a
loss on debt extinguishment, higher Simplify to Grow program costs
and lapping the prior-year gain on equity method investment
transactions.
- Adjusted EPS was $0.77, up 10.6 percent on a
constant-currency basis driven by operating gains and share
repurchases, partially offset by lower equity method investment
earnings and higher taxes primarily due to changes in the company's
mix of earnings.
- Capital Return: The company returned $1.5
billion to shareholders in cash dividends and share
repurchases.
2021 OutlookMondelēz International provides its
outlook on a non-GAAP basis, as the company cannot predict some
elements that are included in reported GAAP results, including the
impact of foreign exchange. Refer to the Outlook section in the
discussion of non-GAAP financial measures below for more
details.
| |
Metric |
FY
2021 Outlook |
| |
Organic Net Revenue Growth |
3%+ |
| |
Adjusted EPS Growth (at cst FX) |
High single-digit |
| |
Free Cash Flow |
$3B+ |
The company estimates currency translation would increase 2021
net revenue growth by approximately 2 percent3 with a positive
$0.10 impact to Adjusted EPS3. Outlook is provided in the context
of greater than usual volatility as a result of COVID-19. The
company strategy and long-term algorithm remain unchanged.
Conference CallMondelēz International will host
a conference call for investors with accompanying slides to review
its results at 5 p.m. ET today. A listen-only webcast will be
provided at www.mondelezinternational.com. An archive of the
webcast will be available on the company’s web site. The company
will be live tweeting the event at www.twitter.com/MDLZ.
About Mondelēz InternationalMondelēz
International, Inc. (Nasdaq: MDLZ) empowers people to snack right
in over 150 countries around the world. With 2020 net revenues of
approximately $27 billion, MDLZ is leading the future of snacking
with iconic global and local brands such as Oreo, belVita and LU
biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour
Patch Kids candy and Trident gum. Mondelēz International is a proud
member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones
Sustainability Index. Visit www.mondelezinternational.com or
follow the company on Twitter at www.twitter.com/MDLZ.
End Notes
- Organic Net Revenue, Adjusted Gross
Profit (and Adjusted Gross Profit margin), Adjusted Operating
Income (and Adjusted Operating Income margin), Adjusted EPS, Free
Cash Flow and presentation of amounts in constant currency are
non-GAAP financial measures. Please see discussion of non-GAAP
financial measures at the end of this press release for more
information.
- Earnings attributable to Mondelēz
International.
- Currency estimate is based on
published rates from XE.com on April 21, 2021.
Additional DefinitionsEmerging markets consist
of the Latin America region in its entirety; the Asia, Middle East
and Africa region excluding Australia, New Zealand and Japan; and
the following countries from the Europe region: Russia, Ukraine,
Turkey, Kazakhstan, Georgia, Poland, Czech Republic, Slovak
Republic, Hungary, Bulgaria, Romania, the Baltics and the East
Adriatic countries.
Developed markets include the entire North America region, the
Europe region excluding the countries included in the emerging
markets definition, and Australia, New Zealand and Japan from the
Asia, Middle East and Africa region.
Forward-Looking StatementsThis press release
contains a number of forward-looking statements. Words, and
variations of words, such as “will,” “expect,” “may,” “would,”
“could,” “estimate,” “outlook” and similar expressions are intended
to identify the company’s forward-looking statements, including,
but not limited to, statements about: the impact of and volatility
resulting from the COVID-19 pandemic; the company’s strategy and
the prospects for the business; the company’s future performance,
including its future revenue growth, earnings per share and cash
flow; currency and the effect of currency translation on the
company’s results of operations; the company’s long-term
algorithm; and the company’s outlook, including 2021 Organic Net
Revenue growth, Adjusted EPS growth and Free Cash Flow. These
forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the company’s control, and
many of these risks and uncertainties are currently amplified by
and may continue to be amplified by the COVID-19 pandemic.
Important factors that could cause the company’s actual results to
differ materially from those indicated in the company’s
forward-looking statements include, but are not limited to,
uncertainty about the magnitude, duration, geographic reach, impact
on the global economy and related current and potential travel
restrictions of the COVID-19 pandemic; the current, and uncertain
future, impact of the COVID-19 pandemic on the company’s business,
growth, reputation, prospects, financial condition, operating
results (including components of the company’s financial results),
cash flows and liquidity; risks from operating globally including
in emerging markets; changes in currency exchange rates, controls
and restrictions; volatility of commodity and other input costs;
weakness in economic conditions; weakness in consumer spending;
pricing actions; tax matters including changes in tax laws and
rates, disagreements with taxing authorities and imposition of new
taxes; use of information technology and third party service
providers; unanticipated disruptions to the company’s business,
such as the malware incident, cyberattacks or other security
breaches; global or regional health pandemics or epidemics,
including COVID-19; competition; protection of the company’s
reputation and brand image; changes in consumer preferences and
demand and the company’s ability to innovate and differentiate its
products; the restructuring program and the company’s other
transformation initiatives not yielding the anticipated benefits;
changes in the assumptions on which the restructuring program is
based; management of the company’s workforce; consolidation of
retail customers and competition with retailer and other economy
brands; changes in the company’s relationships with customers,
suppliers or distributors; legal, regulatory, tax or benefit law
changes, claims or actions; the impact of climate change on the
company’s supply chain and operations; strategic transactions;
significant changes in valuation factors that may adversely affect
the company’s impairment testing of goodwill and intangible assets;
perceived or actual product quality issues or product recalls;
failure to maintain effective internal control over financial
reporting; volatility of and access to capital or other markets and
the company's liquidity; pension costs; the expected discontinuance
of London Interbank Offered Rates and transition to any other
interest rate benchmark; and the company’s ability to protect its
intellectual property and intangible assets. Please also see the
company’s risk factors, as they may be amended from time to time,
set forth in its filings with the SEC, including the company’s most
recently filed Annual Report on Form 10-K. Mondelēz International
disclaims and does not undertake any obligation to update or revise
any forward-looking statement in this press release, except as
required by applicable law or regulation.
Schedule 1
| Mondelēz
International, Inc. and Subsidiaries |
| Condensed
Consolidated Statements of Earnings |
| (in millions
of U.S. dollars and shares, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
For the Three Months EndedMarch
31, |
| |
2021 |
|
2020 |
|
Net revenues |
$ |
7,238 |
|
|
$ |
6,707 |
|
|
Cost of sales |
|
4,272 |
|
|
|
4,256 |
|
|
Gross profit |
|
2,966 |
|
|
|
2,451 |
|
|
Gross profit margin |
|
41.0 |
% |
|
|
36.5 |
% |
| |
|
|
|
|
Selling, general and administrative expenses |
|
1,564 |
|
|
|
1,537 |
|
|
Asset impairment and exit costs |
|
90 |
|
|
|
15 |
|
|
Gain on acquisition |
|
(9 |
) |
|
|
- |
|
|
Amortization of intangible assets |
|
38 |
|
|
|
43 |
|
|
Operating income |
|
1,283 |
|
|
|
856 |
|
|
Operating income margin |
|
17.7 |
% |
|
|
12.8 |
% |
| |
|
|
|
|
Benefit plan non-service income |
|
(44 |
) |
|
|
(33 |
) |
|
Interest and other expense, net |
|
218 |
|
|
|
190 |
|
|
Earnings before income taxes |
|
1,109 |
|
|
|
699 |
|
| |
|
|
|
|
Income tax provision |
|
(212 |
) |
|
|
(148 |
) |
|
Effective tax rate |
|
19.1 |
% |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
(Loss)/gain on equity method investment transactions |
|
(7 |
) |
|
|
71 |
|
|
Equity method investment net earnings |
|
78 |
|
|
|
121 |
|
|
Net earnings |
|
968 |
|
|
|
743 |
|
| |
|
|
|
|
Noncontrolling interest earnings |
|
(7 |
) |
|
|
(7 |
) |
|
Net earnings attributable to Mondelēz International |
$ |
961 |
|
|
$ |
736 |
|
| |
|
|
|
|
Per share data: |
|
|
|
|
Basic earnings per share attributable to Mondelēz
International |
$ |
0.68 |
|
|
$ |
0.51 |
|
| |
|
|
|
|
Diluted earnings per share attributable to Mondelēz
International |
$ |
0.68 |
|
|
$ |
0.51 |
|
| |
|
|
|
|
Average shares outstanding: |
|
|
|
|
Basic |
|
1,412 |
|
|
|
1,434 |
|
|
Diluted |
|
1,422 |
|
|
|
1,445 |
|
| |
|
|
|
Schedule 2
| Mondelēz
International, Inc. and Subsidiaries |
| Condensed
Consolidated Balance Sheets |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
| |
March 31, |
|
December 31, |
|
|
|
|
| |
2021 |
|
2020 |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
2,028 |
|
|
$ |
3,619 |
|
|
|
|
|
|
Trade receivables |
|
2,655 |
|
|
|
2,297 |
|
|
|
|
|
|
Other receivables |
|
660 |
|
|
|
657 |
|
|
|
|
|
|
Inventories, net |
|
2,635 |
|
|
|
2,647 |
|
|
|
|
|
|
Other current assets |
|
865 |
|
|
|
759 |
|
|
|
|
|
|
Total current assets |
|
8,843 |
|
|
|
9,979 |
|
|
|
|
|
|
Property, plant and equipment, net |
|
8,766 |
|
|
|
9,026 |
|
|
|
|
|
|
Operating lease right of use assets |
|
609 |
|
|
|
638 |
|
|
|
|
|
|
Goodwill |
|
21,945 |
|
|
|
21,895 |
|
|
|
|
|
|
Intangible assets, net |
|
18,527 |
|
|
|
18,482 |
|
|
|
|
|
|
Prepaid pension assets |
|
742 |
|
|
|
672 |
|
|
|
|
|
|
Deferred income taxes |
|
725 |
|
|
|
790 |
|
|
|
|
|
|
Equity method investments |
|
5,916 |
|
|
|
6,036 |
|
|
|
|
|
|
Other assets |
|
276 |
|
|
|
292 |
|
|
|
|
|
|
TOTAL ASSETS |
$ |
66,349 |
|
|
$ |
67,810 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
674 |
|
|
$ |
29 |
|
|
|
|
|
|
Current portion of long-term debt |
|
1,895 |
|
|
|
2,741 |
|
|
|
|
|
|
Accounts payable |
|
6,372 |
|
|
|
6,209 |
|
|
|
|
|
|
Accrued marketing |
|
2,136 |
|
|
|
2,130 |
|
|
|
|
|
|
Accrued employment costs |
|
670 |
|
|
|
834 |
|
|
|
|
|
|
Other current liabilities |
|
2,803 |
|
|
|
3,216 |
|
|
|
|
|
|
Total current liabilities |
|
14,550 |
|
|
|
15,159 |
|
|
|
|
|
|
Long-term debt |
|
16,961 |
|
|
|
17,276 |
|
|
|
|
|
|
Long-term operating lease liabilities |
|
447 |
|
|
|
470 |
|
|
|
|
|
|
Deferred income taxes |
|
3,353 |
|
|
|
3,346 |
|
|
|
|
|
|
Accrued pension costs |
|
1,161 |
|
|
|
1,257 |
|
|
|
|
|
|
Accrued postretirement health care costs |
|
345 |
|
|
|
346 |
|
|
|
|
|
|
Other liabilities |
|
2,383 |
|
|
|
2,302 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
39,200 |
|
|
|
40,156 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
|
|
Common Stock |
|
- |
|
|
|
- |
|
|
|
|
|
|
Additional paid-in capital |
|
32,009 |
|
|
|
32,070 |
|
|
|
|
|
|
Retained earnings |
|
28,903 |
|
|
|
28,402 |
|
|
|
|
|
|
Accumulated other comprehensive losses |
|
(10,746 |
) |
|
|
(10,690 |
) |
|
|
|
|
|
Treasury stock |
|
(23,091 |
) |
|
|
(22,204 |
) |
|
|
|
|
|
Total Mondelēz International Shareholders' Equity |
|
27,075 |
|
|
|
27,578 |
|
|
|
|
|
|
Noncontrolling interest |
|
74 |
|
|
|
76 |
|
|
|
|
|
|
TOTAL EQUITY |
|
27,149 |
|
|
|
27,654 |
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
66,349 |
|
|
$ |
67,810 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
March 31, |
|
December 31, |
|
|
|
|
| |
2021 |
|
2020 |
|
Incr/(Decr) |
| |
|
|
|
|
|
| Short-term
borrowings |
$ |
674 |
|
|
$ |
29 |
|
|
$ |
645 |
|
| Current
portion of long-term debt |
|
1,895 |
|
|
|
2,741 |
|
|
|
(846 |
) |
| Long-term
debt |
|
16,961 |
|
|
|
17,276 |
|
|
|
(315 |
) |
| Total
Debt |
|
19,530 |
|
|
|
20,046 |
|
|
|
(516 |
) |
| Cash and
cash equivalents |
|
2,028 |
|
|
|
3,619 |
|
|
|
(1,591 |
) |
| Net Debt
(1) |
$ |
17,502 |
|
|
$ |
16,427 |
|
|
$ |
1,075 |
|
| |
|
|
|
|
|
|
(1) Net debt is defined as total debt, which includes short-term
borrowings, current portion of long-term debt and long-term debt,
less cash and cash equivalents. |
Schedule 3
| Mondelēz
International, Inc. and Subsidiaries |
| Condensed
Consolidated Statements of Cash Flows |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
| |
For the Three Months Ended March 31, |
|
|
2021 |
|
2020 |
| CASH
PROVIDED BY/(USED IN) OPERATING ACTIVITIES |
|
|
|
|
Net earnings |
$ |
968 |
|
|
$ |
743 |
|
|
Adjustments to reconcile net earnings to operating cash flows: |
|
|
|
|
Depreciation and amortization |
|
284 |
|
|
|
256 |
|
|
Stock-based compensation expense |
|
25 |
|
|
|
28 |
|
|
Deferred income tax provision/(benefit) |
|
34 |
|
|
|
(26 |
) |
|
Asset impairments and accelerated depreciation |
|
43 |
|
|
|
- |
|
|
Loss on early extinguishment of debt |
|
110 |
|
|
|
- |
|
|
Gain on acquisition |
|
(9 |
) |
|
|
- |
|
|
Loss/(gain) on equity method investment transactions |
|
7 |
|
|
|
(71 |
) |
|
Equity method investment net earnings |
|
(78 |
) |
|
|
(121 |
) |
|
Distributions from equity method investments |
|
74 |
|
|
|
165 |
|
|
Other non-cash items, net |
|
(23 |
) |
|
|
126 |
|
|
Change in assets and liabilities, net of acquisitions: |
|
|
|
|
Receivables, net |
|
(494 |
) |
|
|
(610 |
) |
|
Inventories, net |
|
(37 |
) |
|
|
(48 |
) |
|
Accounts payable |
|
283 |
|
|
|
206 |
|
|
Other current assets |
|
(140 |
) |
|
|
(217 |
) |
|
Other current liabilities |
|
(55 |
) |
|
|
(71 |
) |
|
Change in pension and postretirement assets and liabilities,
net |
|
(77 |
) |
|
|
(76 |
) |
|
Net cash provided by/(used in) operating activities |
|
915 |
|
|
|
284 |
|
| |
|
|
|
| CASH
PROVIDED BY/(USED IN) INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
|
(216 |
) |
|
|
(214 |
) |
|
Acquisitions, net of cash received |
|
(490 |
) |
|
|
- |
|
|
Proceeds from divestitures including equity method investments |
|
- |
|
|
|
185 |
|
|
Other |
|
16 |
|
|
|
(26 |
) |
|
Net cash provided by/(used in) investing activities |
|
(690 |
) |
|
|
(55 |
) |
| |
|
|
|
| CASH
PROVIDED BY/(USED IN) FINANCING ACTIVITIES |
|
|
|
|
Issuances of commercial paper, maturities greater than 90 days |
|
- |
|
|
|
157 |
|
|
Repayments of commercial paper, maturities greater than 90
days |
|
- |
|
|
|
(497 |
) |
|
Net issuances of other short-term borrowings |
|
647 |
|
|
|
2,477 |
|
|
Long-term debt proceeds |
|
2,373 |
|
|
|
- |
|
|
Long-term debt repaid |
|
(3,353 |
) |
|
|
(670 |
) |
|
Repurchase of Common Stock |
|
(1,046 |
) |
|
|
(720 |
) |
|
Dividends paid |
|
(453 |
) |
|
|
(409 |
) |
|
Other |
|
51 |
|
|
|
117 |
|
|
Net cash provided by/(used in) financing activities |
|
(1,781 |
) |
|
|
455 |
|
| |
|
|
|
| Effect of
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(35 |
) |
|
|
(60 |
) |
| |
|
|
|
| Cash, Cash
Equivalents and Restricted Cash |
|
|
|
|
(Decrease) / increase |
|
(1,591 |
) |
|
|
624 |
|
|
Balance at beginning of period |
|
3,650 |
|
|
|
1,328 |
|
|
Balance at end of period |
$ |
2,059 |
|
|
$ |
1,952 |
|
| |
|
|
|
Mondelēz International, Inc. and
SubsidiariesReconciliation of GAAP and Non-GAAP
Financial Measures(Unaudited)
The company reports its financial results in accordance with
accounting principles generally accepted in the United States
(“GAAP”). However, management believes that also presenting certain
non-GAAP financial measures provides additional information to
facilitate the comparison of the company’s historical operating
results and trends in its underlying operating results, and
provides additional transparency on how the company evaluates its
business. Management uses these non-GAAP financial measures in
making financial, operating and planning decisions and in
evaluating the company’s performance. The company also believes
that presenting these measures allows investors to view its
performance using the same measures that the company uses in
evaluating its financial and business performance and trends.
The company considers quantitative and qualitative factors in
assessing whether to adjust for the impact of items that may be
significant or that could affect an understanding of its ongoing
financial and business performance and trends. The adjustments
generally fall within the following categories:
acquisition & divestiture activities, gains and losses on
intangible asset sales and non-cash impairments, major program
restructuring activities, constant currency and related
adjustments, major program financing and hedging activities and
other major items affecting comparability of operating results. See
below for a description of adjustments to the company’s U.S. GAAP
financial measures included herein.
Non-GAAP information should be considered as supplemental in
nature and is not meant to be considered in isolation or as a
substitute for the related financial information prepared in
accordance with U.S. GAAP. In addition, the company’s non-GAAP
financial measures may not be the same as or comparable to similar
non-GAAP measures presented by other companies.
DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL
MEASURESThe company’s non-GAAP financial measures and
corresponding metrics reflect how the company evaluates its
operating results currently and provide improved comparability of
operating results. As new events or circumstances arise, these
definitions could change. When these definitions change, the
company provides the updated definitions and presents the related
non-GAAP historical results on a comparable basis. When items no
longer impact the company’s current or future presentation of
non-GAAP operating results, the company removes these items from
its non-GAAP definitions.
- “Organic Net Revenue” is defined as net
revenues excluding the impacts of acquisitions, divestitures and
currency rate fluctuations. The company also evaluates Organic Net
Revenue growth from emerging markets and developed markets.
- “Adjusted Gross Profit” is defined as gross
profit excluding the impacts of the Simplify to Grow Program;
acquisition integration costs; the operating results of
divestitures; and mark-to-market impacts from commodity and
forecasted currency transaction derivative contracts. The company
also presents “Adjusted Gross Profit margin,” which is subject to
the same adjustments as Adjusted Gross Profit. The company also
evaluates growth in the company’s Adjusted Gross Profit on a
constant currency basis.
- “Adjusted Operating Income” and
“Adjusted Segment Operating Income” are defined as
operating income (or segment operating income) excluding the
impacts of the items listed in the Adjusted Gross Profit definition
as well as gains or losses (including non-cash impairment charges)
on goodwill and intangible assets; divestiture or acquisition gains
or losses and related divestiture, acquisition and integration
costs; costs associated with the JDE Peet's transaction;
remeasurement of net monetary position; impacts from resolution of
tax matters; CEO transition remuneration; Swiss tax reform impacts;
and impact from pension participation changes. The company also
presents “Adjusted Operating Income margin” and “Adjusted Segment
Operating Income margin,” which are subject to the same adjustments
as Adjusted Operating Income and Adjusted Segment Operating Income.
The company also evaluates growth in the company’s Adjusted
Operating Income and Adjusted Segment Operating Income on a
constant currency basis.
- “Adjusted EPS” is defined as diluted EPS
attributable to Mondelēz International from continuing operations
excluding the impacts of the items listed in the Adjusted Operating
Income definition, as well as losses on debt extinguishment and
related expenses; gains or losses on equity method investment
transactions; net earnings from divestitures; gains or losses on
interest rate swaps no longer designated as accounting cash flow
hedges due to changed financing and hedging plans; and U.S. and
Swiss tax reform impacts. Similarly, within Adjusted EPS, the
company’s equity method investment net earnings exclude its
proportionate share of its investees’ significant operating and
non-operating items. The tax impact of each of the items excluded
from the company’s GAAP results was computed based on the facts and
tax assumptions associated with each item, and such impacts have
also been excluded from Adjusted EPS. The company also evaluates
growth in the company’s Adjusted EPS on a constant currency
basis.
- “Free Cash Flow” is defined as net cash
provided by operating activities less capital expenditures. Free
Cash Flow is the company’s primary measure used to monitor its cash
flow performance.
See the attached schedules for supplemental financial data and
corresponding reconciliations of the non-GAAP financial measures
referred to above to the most comparable GAAP financial measures
for the three months and year ended December 31, 2020 and December
31, 2019. See Items Impacting Comparability of Operating Results
below for more information about the items referenced in these
definitions that specifically impacted the company’s results.
SEGMENT OPERATING INCOMEThe company uses
segment operating income to evaluate segment performance and
allocate resources. The company believes it is appropriate to
disclose this measure to help investors analyze segment performance
and trends. Segment operating income excludes unrealized gains and
losses on hedging activities (which are a component of cost of
sales), general corporate expenses (which are a component of
selling, general and administrative expenses), amortization of
intangibles, gains and losses on divestitures and
acquisition-related costs (which are a component of selling,
general and administrative expenses) in all periods presented. The
company excludes these items from segment operating income in order
to provide better transparency of its segment operating results.
Furthermore, the company centrally manages benefit plan non-service
income and interest and other expense, net. Accordingly, the
company does not present these items by segment because they are
excluded from the segment profitability measure that management
reviews.
ITEMS IMPACTING COMPARABILITY OF OPERATING
RESULTSThe following information is provided to give
qualitative and quantitative information related to items impacting
comparability of operating results. The company identifies these
based on how management views the company’s business; makes
financial, operating and planning decisions; and evaluates the
company’s ongoing performance. In addition, the company discloses
the impact of changes in currency exchange rates on the company’s
financial results in order to reflect results on a constant
currency basis.
Divestitures, Divestiture-related costs and
Gains/(losses) on divestituresDivestitures include
completed sales of businesses (including the partial or full sale
of an equity method investment - discussed separately below under
the gains and losses on equity method investment transactions
section) and exits of major product lines upon completion of a sale
or licensing agreement. As the company records its share of KDP and
JDE Peet’s ongoing earnings on a one-quarter lag basis, any KDP or
JDE Peet’s ownership reductions are reflected as divestitures
within the company's non-GAAP results the following quarter.
- The company's non-GAAP results include the impacts from
last-year's partial sales of its equity method investments in KDP
and JDE Peet’s as if the sales occurred at the beginning of all
periods presented. See the section on gains/losses on equity method
transactions below for more information.
Acquisitions, Acquisition-related costs and Acquisition
integration costsOn April 1, 2021, the company acquired
Gourmet Food Holdings Pty Ltd, a leading Australian food company in
the premium biscuit and cracker category. The company incurred
acquisition-related costs of $1 million during the three months
ended March 31, 2021.
On March 25, 2021, the company acquired a majority interest in
Lion/Gemstone Topco Ltd ("Grenade"), a performance nutrition leader
in the United Kingdom. The acquisition of Grenade expands the
company's position into the premium nutrition market. The company
incurred acquisition-related costs of $2 million during the three
months ended March 31, 2021.
On January 4, 2021, the company acquired the remaining 93% of
equity of Hu Master Holdings, a category leader in premium
chocolate in the United States, which provides a strategic
complement to the company's snacking portfolio in North America
through growth opportunities in chocolate and other categories in
the well-being segment. As a result of acquiring the remaining
equity interest, the company consolidated the operation and
recorded a pre-tax gain of $9 million ($7 million after-tax)
related to stepping up the company's previously-held $8 million
(7%) investment to fair value. The acquisition added incremental
net revenues of $8 million and an operating loss of $6 million
in the three months ended March 31, 2021. The company also incurred
acquisition-related costs of $4 million during the three months
ended March 31, 2021.
On April 1, 2020, the company acquired a majority interest in
Give & Go, a North American leader in fully-finished sweet
baked goods and owner of the famous two-bite® brand of brownies and
the Create-A-Treat® brand, known for cookie and gingerbread house
decorating kits. The acquisition of Give & Go provides access
to the in-store bakery channel and expands the company's position
in broader snacking. The acquisition added incremental net revenues
of $106 million and operating income of $6 million in the
three months ended March 31, 2021. The company incurred $1 million
of acquisition-integrations costs in the three months ended March
31, 2021.The company also incurred acquisition-related costs of $5
million in the three months ended March 31, 2020.
Simplify to Grow ProgramThe primary objective
of the Simplify to Grow Program is to reduce the company’s
operating cost structure in both its supply chain and overhead
costs. The program covers severance as well as asset disposals and
other manufacturing and procurement-related one-time costs.
Restructuring costsThe company recorded restructuring charges of
$88 million in the three months ended March 31, 2021 and
$15 million in the three months ended March 31, 2020 within
asset impairment and exit costs and benefit plan non-service
income. These charges were for severance and related costs,
non-cash asset write-downs (including accelerated depreciation and
asset impairments) and other adjustments, including any gains on
sale of restructuring program assets.
Implementation costsImplementation costs primarily relate to
reorganizing the company’s operations and facilities in connection
with its supply chain reinvention program and other identified
productivity and cost saving initiatives. The costs include
incremental expenses related to the closure of facilities, costs to
terminate certain contracts and the simplification of the company’s
information systems. The company recorded implementation costs of
$34 million in the three months ended March 31, 2021 and
$43 million in the three months ended March 31, 2020.
Mark-to-market impacts from commodity and currency
derivative contractsThe company excludes unrealized gains
and losses (mark-to-market impacts) from outstanding commodity and
forecasted currency transaction derivatives from its non-GAAP
earnings measures until such time that the related exposures impact
its operating results. The company recorded net unrealized gains on
commodity and forecasted currency transaction derivatives of $117
million in the three months ended March 31, 2021 and recorded net
unrealized losses of $184 million in the three months ended
March 31, 2020.
Remeasurement of net monetary positionDuring
the second quarter of 2018, primarily based on published estimates
which indicated that Argentina's three-year cumulative inflation
rate exceeded 100%, the company concluded that Argentina became a
highly inflationary economy for accounting purposes. As of July 1,
2018, the company began to apply highly inflationary accounting for
its Argentinian subsidiaries and changed their functional currency
from the Argentinian peso to the U.S. dollar. On July 1, 2018, both
monetary and non-monetary assets and liabilities denominated in
Argentinian pesos were remeasured into U.S. dollars. As of each
subsequent balance sheet date, Argentinian peso denominated
monetary assets and liabilities were remeasured into U.S. dollars
using the exchange rate as of the balance sheet date, with
remeasurement and other transaction gains and losses recorded in
net earnings. Within selling, general and administrative expenses,
the company recorded remeasurement losses of $5 million in the
three months ended March 31, 2021 and $2 million in the three
months ended March 31, 2020 related to the revaluation of the
Argentinian peso denominated net monetary position over these
periods.
Impact from pension participation changesThe
impact from pension participation changes represent the charges
incurred when employee groups are withdrawn from multiemployer
pension plans and other changes in employee group pension plan
participation. The company excludes these charges from its non-GAAP
results because those amounts do not reflect the company’s ongoing
pension obligations.
On July 11, 2019, the company received an undiscounted
withdrawal liability assessment related to the company's
complete withdrawal from the Bakery and Confectionery Union
and Industry International Pension Fund totaling $526 million and
requiring pro-rata monthly payments over 20 years. The company
began making monthly payments during the third quarter of 2019. The
company recorded $3 million of accreted interest in the three
months ended March 31, 2021 and $3 million in the three months
ended March 31, 2020 on the long-term liability within interest and
other expense, net. As of March 31, 2021, the remaining discounted
withdrawal liability was $372 million, with $14 million recorded in
other current liabilities and $358 million recorded in long-term
other liabilities.
Loss on debt extinguishment and related
expensesOn March 31, 2021, the company completed an early
redemption of Euro (€1,200 million) and U.S. dollar ($992 million)
denominated notes. The company recorded $137 million of
extinguishment loss and debt-related expenses within interest and
other expense, net related to $110 million paid in excess of
carrying value of the debt and recognizing unamortized discounts
and deferred financing in earnings and $27 million foreign currency
derivative loss related to the redemption payment at the time of
the debt extinguishment.
Loss related to interest rate swapsWithin
interest and other expense, net, the company recognized a loss
related to forward-starting interest rate swaps of $79 million
($103 million pre-tax) for the three months ended March 31, 2020
due to the changes in related forecasted debt.
Gains and losses on equity method investment
transactionsKeurig Dr Pepper Transactions:On March 4,
2020, the company participated in a secondary offering of KDP
shares and sold approximately 6.8 million shares, which reduced its
ownership interest by 0.5% of total outstanding shares. The company
received $185 million of proceeds and recorded a pre-tax gain of
$71 million (or $54 million after-tax) during the three months
ended March 31, 2020. On August 3, 2020, the company sold
approximately 14.1 million shares of KDP, which reduced its
ownership interest by 1.0% of the total outstanding shares. The
company received $414 million of proceeds and recorded a pre-tax
gain of $181 million (or $139 million after-tax) during the third
quarter of 2020. On September 9, 2020, the company sold
approximately 12.5 million shares of KDP, which reduced its
ownership interest by 0.9% of the total outstanding shares. The
company received $363 million of proceeds and recorded a pre-tax
gain of $154 million (or $119 million after-tax) during the third
quarter of 2020. On November 17, 2020, the company participated in
a secondary offering of KDP shares and sold approximately 40.0
million shares, which reduced the company's ownership interest by
2.8% of the total outstanding shares. The company received $1,132
million of proceeds and recorded a pre-tax gain of $459 million (or
$350 million after-tax) during the fourth quarter of 2020. The
company considers these ownership reductions partial divestitures
of its equity method investment in KDP. Therefore, the company has
removed the equity method investment net earnings related to this
divested portion from its non-GAAP financial results for Adjusted
EPS for all historical periods presented to facilitate comparison
of results. The company's U.S. GAAP results, which include its
equity method investment net earnings from KDP, did not change from
what was previously reported.
JDE Peet’s Transaction:In May 2020, JDE Peet’s B.V. (renamed JDE
Peet’s N.V. immediately prior to Settlement (as defined below),
“JDE Peet’s”) consummated the offering, listing and trading of its
ordinary shares on Euronext Amsterdam, a regulated market operated
by Euronext Amsterdam N.V. (the “admission”). In connection with
this transaction, JDE Peet’s and the selling shareholders,
including the company, agreed to sell at a price of €31.50 per
ordinary share a total of approximately 82.1 million ordinary
shares, including ordinary shares subject to an over-allotment
option. The ordinary shares were listed and first traded on
May 29, 2020, and payment for, and delivery of, the ordinary
shares sold in the offering (excluding ordinary shares subject to
the over-allotment option) took place on June 2, 2020
(“Settlement”).
Prior to Settlement, the company exchanged its 26.4% ownership
interest in JDE for a 26.5% equity interest in JDE Peet’s. The
company did not invest new capital in connection with the
transaction and the exchange was accounted for as a change in
interest transaction. Upon Settlement, the company sold
approximately 9.7 million of its ordinary shares in JDE Peet’s in
the offering for gross proceeds of €304 million ($343 million). The
company subsequently sold approximately 1.4 million additional
shares and received gross proceeds of €46 million ($51 million)
upon exercise of the over-allotment option. Following Settlement
and the exercise of the over-allotment option, the company held a
22.9% equity interest in JDE Peet’s. During the second quarter of
2020, the company recorded a preliminary gain of $121 million, net
of $33 million released from accumulated other comprehensive
losses, and incurred $48 million of transaction costs. The company
also incurred a $261 million tax expense that is payable in 2020
and 2021. During the third quarter of 2020, the company increased
its preliminary gain by $10 million to $131 million. During the
fourth quarter of 2020, the company recorded a $7 million loss
related to a minor dilution of its ownership percentage and reduced
its tax expense by $11 million to $250 million.
In connection with this transaction, during the second quarter
of 2020, the company changed its accounting principle to reflect
its share of JDE’s historical and JDE Peet’s ongoing earnings on a
one-quarter lag basis, although the company continues to record
dividends when cash is received. The company determined a lag was
preferable as it enables the company to continue to report its
quarterly and annual results on a timely basis, while recording its
share of JDE Peet’s ongoing results after JDE Peet’s has publicly
reported its results. This change in accounting principle was
applied retrospectively to all periods. In addition, the company
considers the 3.6% ownership reduction a partial divestiture of its
equity method investment in JDE Peet's. Therefore, the company has
removed the equity method investment net earnings related to this
divested portion from its non-GAAP financial results for Adjusted
EPS for all historical periods presented to facilitate comparison
of results. The company's U.S. GAAP results, which include its
equity method investment net earnings from JDE Peet's, did not
change from what was previously reported.
Equity method investee itemsWithin Adjusted
EPS, the company’s equity method investment net earnings exclude
its proportionate share of its equity method investees’ significant
operating and non-operating items, such as acquisition and
divestiture-related costs and restructuring program costs.
Constant currencyManagement evaluates the
operating performance of the company and its international
subsidiaries on a constant currency basis. The company determines
its constant currency operating results by dividing or multiplying,
as appropriate, the current period local currency operating results
by the currency exchange rates used to translate the company’s
financial statements in the comparable prior-year period to
determine what the current-period U.S. dollar operating results
would have been if the currency exchange rate had not changed from
the comparable prior-year period.
OUTLOOKThe company’s outlook for 2021 Organic
Net Revenue growth, Adjusted EPS growth on a constant currency
basis and Free Cash Flow are non-GAAP financial measures that
exclude or otherwise adjust for items impacting comparability of
financial results such as the impact of changes in currency
exchange rates, restructuring activities, acquisitions and
divestitures. The company is not able to reconcile its projected
Organic Net Revenue growth to its projected reported net revenue
growth for the full-year 2021 because the company is unable to
predict during this period the impact from potential acquisitions
or divestitures, as well as the impact of currency translation due
to the unpredictability of future changes in currency exchange
rates, which could be material as a significant portion of the
company’s operations are outside the U.S. The company is not able
to reconcile its projected Adjusted EPS growth on a constant
currency basis to its projected reported diluted EPS growth for the
full-year 2021 because the company is unable to predict during this
period the timing of its restructuring program costs,
mark-to-market impacts from commodity and forecasted currency
transaction derivative contracts and impacts from potential
acquisitions or divestitures as well as the impact of currency
translation due to the unpredictability of future changes in
currency exchange rates, which could be material as a significant
portion of the company’s operations are outside the U.S. The
company is not able to reconcile its projected Free Cash Flow to
its projected net cash from operating activities for the full-year
2021 because the company is unable to predict during this period
the timing and amount of capital expenditures impacting cash flow.
Therefore, because of the uncertainty and variability of the nature
and amount of future adjustments, which could be significant, the
company is unable to provide a reconciliation of these measures
without unreasonable effort.
Schedule 4a
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Net
Revenues |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
| |
LatinAmerica |
|
AMEA |
|
Europe |
|
NorthAmerica |
|
MondelēzInternational |
| For
the Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
669 |
|
|
$ |
1,745 |
|
|
$ |
2,847 |
|
|
$ |
1,977 |
|
|
$ |
7,238 |
|
|
Acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(114 |
) |
|
|
(114 |
) |
|
Currency |
|
109 |
|
|
|
(81 |
) |
|
|
(177 |
) |
|
|
(11 |
) |
|
|
(160 |
) |
|
Organic (Non-GAAP) |
$ |
778 |
|
|
$ |
1,664 |
|
|
$ |
2,670 |
|
|
$ |
1,852 |
|
|
$ |
6,964 |
|
| |
|
|
|
|
|
|
|
|
|
| For
the Three Months Ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
726 |
|
|
$ |
1,502 |
|
|
$ |
2,584 |
|
|
$ |
1,895 |
|
|
$ |
6,707 |
|
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Organic (Non-GAAP) |
$ |
726 |
|
|
$ |
1,502 |
|
|
$ |
2,584 |
|
|
$ |
1,895 |
|
|
$ |
6,707 |
|
| |
|
|
|
|
|
|
|
|
|
| %
Change |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
|
(7.9 |
)% |
|
|
16.2 |
% |
|
|
10.2 |
% |
|
|
4.3 |
% |
|
|
7.9 |
% |
|
Divestitures |
|
- |
pp |
|
|
- |
pp |
|
|
- |
pp |
|
|
- |
pp |
|
|
- |
pp |
|
Acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6.0 |
) |
|
|
(1.7 |
) |
|
Currency |
|
15.1 |
|
|
|
(5.4 |
) |
|
|
(6.9 |
) |
|
|
(0.6 |
) |
|
|
(2.4 |
) |
|
Organic (Non-GAAP) |
|
7.2 |
% |
|
|
10.8 |
% |
|
|
3.3 |
% |
|
|
(2.3 |
)% |
|
|
3.8 |
% |
| |
|
|
|
|
|
|
|
|
|
| Vol/Mix |
|
(2.9) |
pp |
|
|
7.9 |
pp |
|
|
2.4 |
pp |
|
|
(2.8) |
pp |
|
|
1.5 |
pp |
| Pricing |
|
10.1 |
|
|
|
2.9 |
|
|
|
0.9 |
|
|
|
0.5 |
|
|
|
2.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 4b
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Net Revenues
- Markets |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
|
|
| |
EmergingMarkets |
|
DevelopedMarkets |
|
MondelēzInternational |
| For
the Three Months Ended March 31, 2021 |
|
|
|
|
|
|
Reported (GAAP) |
$ |
2,563 |
|
|
$ |
4,675 |
|
|
$ |
7,238 |
|
|
Acquisitions |
|
- |
|
|
|
(114 |
) |
|
|
(114 |
) |
|
Currency |
|
94 |
|
|
|
(254 |
) |
|
|
(160 |
) |
|
Organic (Non-GAAP) |
$ |
2,657 |
|
|
$ |
4,307 |
|
|
$ |
6,964 |
|
| |
|
|
|
|
|
| For
the Three Months Ended March 31, 2020 |
|
|
|
|
|
|
Reported (GAAP) |
$ |
2,417 |
|
|
$ |
4,290 |
|
|
$ |
6,707 |
|
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Organic (Non-GAAP) |
$ |
2,417 |
|
|
$ |
4,290 |
|
|
$ |
6,707 |
|
| |
|
|
|
|
|
| %
Change |
|
|
|
|
|
|
Reported (GAAP) |
|
6.0 |
% |
|
|
9.0 |
% |
|
|
7.9 |
% |
|
Divestitures |
|
- |
pp |
|
|
- |
pp |
|
|
- |
pp |
|
Acquisitions |
|
- |
|
|
|
(2.7 |
) |
|
|
(1.7 |
) |
|
Currency |
|
3.9 |
|
|
|
(5.9 |
) |
|
|
(2.4 |
) |
|
Organic (Non-GAAP) |
|
9.9 |
% |
|
|
0.4 |
% |
|
|
3.8 |
% |
| |
|
|
|
|
|
| Vol/Mix |
|
4.7 |
pp |
|
|
(0.2) |
pp |
|
|
1.5 |
pp |
| Pricing |
|
5.2 |
|
|
|
0.6 |
|
|
|
2.3 |
|
Schedule 5
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Gross Profit
/ Operating Income |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2021 |
| |
NetRevenues |
|
GrossProfit |
|
GrossProfitMargin |
|
OperatingIncome |
|
OperatingIncomeMargin |
|
Reported (GAAP) |
$ |
7,238 |
|
$ |
2,966 |
|
|
41.0 |
% |
|
$ |
1,283 |
|
|
17.7 |
% |
| Simplify to
Grow Program |
|
- |
|
|
15 |
|
|
|
|
|
122 |
|
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
(116 |
) |
|
|
|
|
(118 |
) |
|
|
| Acquisition
integration costs |
|
- |
|
|
- |
|
|
|
|
|
1 |
|
|
|
|
Acquisition-related costs |
|
- |
|
|
- |
|
|
|
|
|
7 |
|
|
|
| Gain on
acquisition |
|
- |
|
|
- |
|
|
|
|
|
(9 |
) |
|
|
|
Remeasurement of net monetary position |
|
- |
|
|
- |
|
|
|
|
|
5 |
|
|
|
| Impact from
pension participation changes |
|
- |
|
|
1 |
|
|
|
|
|
1 |
|
|
|
|
Adjusted (Non-GAAP) |
$ |
7,238 |
|
$ |
2,866 |
|
|
39.6 |
% |
|
$ |
1,292 |
|
|
17.9 |
% |
|
Currency |
|
|
|
(76 |
) |
|
|
|
|
(44 |
) |
|
|
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
$ |
2,790 |
|
|
|
|
$ |
1,248 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2020 |
| |
NetRevenues |
|
GrossProfit |
|
GrossProfitMargin |
|
OperatingIncome |
|
OperatingIncomeMargin |
|
Reported (GAAP) |
$ |
6,707 |
|
$ |
2,451 |
|
|
36.5 |
% |
|
$ |
856 |
|
|
12.8 |
% |
| Simplify to
Grow Program |
|
- |
|
|
19 |
|
|
|
|
|
58 |
|
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
186 |
|
|
|
|
|
185 |
|
|
|
|
Acquisition-related costs |
|
- |
|
|
- |
|
|
|
|
|
5 |
|
|
|
|
Remeasurement of net monetary position |
|
- |
|
|
- |
|
|
|
|
|
2 |
|
|
|
|
Adjusted (Non-GAAP) |
$ |
6,707 |
|
$ |
2,656 |
|
|
39.6 |
% |
|
$ |
1,106 |
|
|
16.5 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
GrossProfit |
|
|
|
OperatingIncome |
|
|
| $
Change - Reported (GAAP) |
|
|
$ |
515 |
|
|
|
|
$ |
427 |
|
|
|
| $
Change - Adjusted (Non-GAAP) |
|
|
|
210 |
|
|
|
|
|
186 |
|
|
|
| $
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
134 |
|
|
|
|
|
142 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| %
Change - Reported (GAAP) |
|
|
|
21.0 |
% |
|
|
|
|
49.9 |
% |
|
|
| %
Change - Adjusted (Non-GAAP) |
|
|
|
7.9 |
% |
|
|
|
|
16.8 |
% |
|
|
| %
Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
5.0 |
% |
|
|
|
|
12.8 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 6
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Net Earnings
and Tax Rate |
| (in millions
of U.S. dollars and shares, except per share data) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2021 |
| |
Operating Income |
|
Benefit plan non-service expense / (income) |
|
Interest and other expense, net |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Loss on equity method investment transactions |
|
Equity method investment net losses /
(earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable to Mondelēz
International |
|
Diluted EPS attributable to Mondelēz
International |
|
Reported (GAAP) |
$ |
1,283 |
|
|
$ |
(44 |
) |
|
$ |
218 |
|
|
$ |
1,109 |
|
|
$ |
212 |
|
|
19.1 |
% |
|
$ |
7 |
|
|
$ |
(78 |
) |
|
$ |
7 |
|
$ |
961 |
|
|
$ |
0.68 |
|
| Simplify to
Grow Program |
|
122 |
|
|
|
- |
|
|
|
- |
|
|
|
122 |
|
|
|
31 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
91 |
|
|
|
0.07 |
|
|
Mark-to-market (gains)/losses from derivatives |
|
(118 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(117 |
) |
|
|
(22 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(95 |
) |
|
|
(0.07 |
) |
| Acquisition
integration costs |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
|
Acquisition-related costs |
|
7 |
|
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
6 |
|
|
|
0.01 |
|
| Gain on
acquisition |
|
(9 |
) |
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
|
|
(2 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(7 |
) |
|
|
- |
|
|
Remeasurement of net monetary position |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
5 |
|
|
|
- |
|
| Impact from
pension participation changes |
|
1 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
4 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
3 |
|
|
|
- |
|
| Loss on debt
extinguishment and related expenses |
|
- |
|
|
|
- |
|
|
|
(137 |
) |
|
|
137 |
|
|
|
34 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
103 |
|
|
|
0.07 |
|
| Loss on
equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(7 |
) |
|
|
- |
|
|
|
- |
|
|
7 |
|
|
|
- |
|
| Equity
method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
(16 |
) |
|
|
- |
|
|
15 |
|
|
|
0.01 |
|
|
Adjusted (Non-GAAP) |
$ |
1,292 |
|
|
$ |
(44 |
) |
|
$ |
77 |
|
|
$ |
1,259 |
|
|
$ |
256 |
|
|
20.3 |
% |
|
$ |
- |
|
|
$ |
(94 |
) |
|
$ |
7 |
|
$ |
1,090 |
|
|
$ |
0.77 |
|
|
Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47 |
) |
|
|
(0.04 |
) |
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,043 |
|
|
$ |
0.73 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,422 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2020 |
| |
Operating Income |
|
Benefit plan non-service expense / (income) |
|
Interest and other expense, net |
|
Earnings before income taxes |
|
Income taxes (1) |
|
Effective tax rate |
|
Gain on equity method investment transactions |
|
Equity method investment net losses /
(earnings) |
|
Non-controlling interest earnings |
|
Net Earnings attributable to Mondelēz
International |
|
Diluted EPS attributable to Mondelēz
International |
|
Reported (GAAP) |
$ |
856 |
|
|
$ |
(33 |
) |
|
$ |
190 |
|
|
$ |
699 |
|
|
$ |
148 |
|
|
21.2 |
% |
|
$ |
(71 |
) |
|
$ |
(121 |
) |
|
$ |
7 |
|
$ |
736 |
|
|
$ |
0.51 |
|
| Simplify to
Grow Program |
|
58 |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
|
|
13 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
45 |
|
|
|
0.03 |
|
|
Mark-to-market (gains)/losses from derivatives |
|
185 |
|
|
|
- |
|
|
|
1 |
|
|
|
184 |
|
|
|
32 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
152 |
|
|
|
0.11 |
|
|
Acquisition-related costs |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
4 |
|
|
|
- |
|
| Net earnings
from divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5 |
) |
|
|
|
|
- |
|
|
|
28 |
|
|
|
- |
|
|
(23 |
) |
|
|
(0.01 |
) |
|
Remeasurement of net monetary position |
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
2 |
|
|
|
- |
|
| Impact from
pension participation changes |
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
2 |
|
|
|
- |
|
| Loss related
to interest rate swaps |
|
- |
|
|
|
- |
|
|
|
(103 |
) |
|
|
103 |
|
|
|
24 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
79 |
|
|
|
0.06 |
|
| Gain on
equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17 |
) |
|
|
|
|
71 |
|
|
|
- |
|
|
|
- |
|
|
(54 |
) |
|
|
(0.04 |
) |
| Equity
method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
5 |
|
|
|
- |
|
|
Adjusted (Non-GAAP) |
$ |
1,106 |
|
|
$ |
(33 |
) |
|
$ |
85 |
|
|
$ |
1,054 |
|
|
$ |
198 |
|
|
18.8 |
% |
|
$ |
- |
|
|
$ |
(99 |
) |
|
$ |
7 |
|
$ |
948 |
|
|
$ |
0.66 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,445 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Taxes were computed for each of the items excluded from the
company’s GAAP results based on the facts and tax assumptions
associated with each item. |
Schedule 7
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Diluted
EPS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, |
|
|
|
|
| |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|
Diluted EPS attributable to Mondelēz International
(GAAP) |
$ |
0.68 |
|
|
$ |
0.51 |
|
|
$ |
0.17 |
|
|
33.3 |
% |
|
Simplify to Grow Program |
|
0.07 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
(0.07 |
) |
|
|
0.11 |
|
|
|
(0.18 |
) |
|
|
|
Acquisition-related costs |
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
|
Net earnings from divestitures |
|
- |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
|
Loss related to interest rate swaps |
|
- |
|
|
|
0.06 |
|
|
|
(0.06 |
) |
|
|
|
Loss on debt extinguishment and related expenses |
|
0.07 |
|
|
|
- |
|
|
|
0.07 |
|
|
|
|
Gain on equity method investment transactions |
|
- |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
|
Equity method investee items |
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
|
Adjusted EPS (Non-GAAP) |
$ |
0.77 |
|
|
$ |
0.66 |
|
|
$ |
0.11 |
|
|
16.7 |
% |
|
Impact of favorable currency |
|
(0.04 |
) |
|
|
- |
|
|
|
(0.04 |
) |
|
|
|
Adjusted EPS @ Constant FX (Non-GAAP) |
$ |
0.73 |
|
|
$ |
0.66 |
|
|
$ |
0.07 |
|
|
10.6 |
% |
| |
|
|
|
|
|
|
|
|
Adjusted EPS @ Constant FX - Key Drivers |
|
|
|
|
|
|
|
|
Increase in operations |
|
|
|
|
$ |
0.08 |
|
|
|
|
Change in benefit plan non-service income |
|
|
|
|
|
- |
|
|
|
|
Change in interest and other expense, net |
|
|
|
|
|
- |
|
|
|
|
Decrease in equity method investment net earnings |
|
|
|
|
|
(0.01 |
) |
|
|
|
Change in income taxes |
|
|
|
|
|
(0.01 |
) |
|
|
|
Change in shares outstanding |
|
|
|
|
|
0.01 |
|
|
|
| |
|
|
|
|
$ |
0.07 |
|
|
|
| |
|
|
|
|
|
|
|
Schedule 8
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Segment
Data |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2021 |
| |
LatinAmerica |
|
AMEA |
|
Europe |
|
NorthAmerica |
|
UnrealizedG/(L) onHedgingActivities |
|
GeneralCorporateExpenses |
|
AmortizationofIntangibles |
|
OtherItems |
|
MondelēzInternational |
| Net
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
669 |
|
|
$ |
1,745 |
|
|
$ |
2,847 |
|
|
$ |
1,977 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,238 |
|
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Adjusted (Non-GAAP) |
$ |
669 |
|
|
$ |
1,745 |
|
|
$ |
2,847 |
|
|
$ |
1,977 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,238 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
76 |
|
|
$ |
362 |
|
|
$ |
557 |
|
|
$ |
270 |
|
|
$ |
118 |
|
|
$ |
(64 |
) |
|
$ |
(38 |
) |
|
$ |
2 |
|
|
$ |
1,283 |
|
| Simplify to
Grow Program |
|
6 |
|
|
|
(19 |
) |
|
|
16 |
|
|
|
111 |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
- |
|
|
|
122 |
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(118 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(118 |
) |
| Acquisition
integration costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
7 |
|
| Gain on
acquisition |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
|
|
(9 |
) |
|
Remeasurement of net monetary position |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
| Impact from
pension participation changes |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
Adjusted (Non-GAAP) |
$ |
87 |
|
|
$ |
343 |
|
|
$ |
574 |
|
|
$ |
382 |
|
|
$ |
- |
|
|
$ |
(56 |
) |
|
$ |
(38 |
) |
|
$ |
- |
|
|
$ |
1,292 |
|
|
Currency |
|
13 |
|
|
|
(20 |
) |
|
|
(43 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
6 |
|
|
|
2 |
|
|
|
- |
|
|
|
(44 |
) |
|
Adjusted @ Constant FX (Non-GAAP) |
$ |
100 |
|
|
$ |
323 |
|
|
$ |
531 |
|
|
$ |
380 |
|
|
$ |
- |
|
|
$ |
(50 |
) |
|
$ |
(36 |
) |
|
$ |
- |
|
|
$ |
1,248 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| %
Change - Reported (GAAP) |
|
(2.6 |
)% |
|
|
54.7 |
% |
|
|
18.0 |
% |
|
|
(29.1 |
)% |
|
n/m |
|
|
15.8 |
% |
|
|
11.6 |
% |
|
n/m |
|
|
49.9 |
% |
| %
Change - Adjusted (Non-GAAP) |
|
(4.4 |
)% |
|
|
45.3 |
% |
|
|
17.4 |
% |
|
|
(3.0 |
)% |
|
n/m |
|
|
8.2 |
% |
|
|
11.6 |
% |
|
n/m |
|
|
16.8 |
% |
| %
Change - Adjusted @ Constant FX (Non-GAAP) |
|
9.9 |
% |
|
|
36.9 |
% |
|
|
8.6 |
% |
|
|
(3.6 |
)% |
|
n/m |
|
|
18.0 |
% |
|
|
16.3 |
% |
|
n/m |
|
|
12.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
11.4 |
% |
|
|
20.7 |
% |
|
|
19.6 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
17.7 |
% |
|
Reported pp change |
0.7 pp |
|
5.1 pp |
|
1.3 pp |
|
(6.4)pp |
|
|
|
|
|
|
|
|
|
4.9 pp |
|
Adjusted % |
|
13.0 |
% |
|
|
19.7 |
% |
|
|
20.2 |
% |
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
17.9 |
% |
|
Adjusted pp change |
0.5 pp |
|
4.0 pp |
|
1.3 pp |
|
(1.5)pp |
|
|
|
|
|
|
|
|
|
1.4 pp |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, 2020 |
| |
LatinAmerica |
|
AMEA |
|
Europe |
|
NorthAmerica |
|
UnrealizedG/(L) onHedgingActivities |
|
GeneralCorporateExpenses |
|
AmortizationofIntangibles |
|
OtherItems |
|
Mondelēz International |
| Net
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
726 |
|
|
$ |
1,502 |
|
|
$ |
2,584 |
|
|
$ |
1,895 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,707 |
|
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Adjusted (Non-GAAP) |
$ |
726 |
|
|
$ |
1,502 |
|
|
$ |
2,584 |
|
|
$ |
1,895 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,707 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
78 |
|
|
$ |
234 |
|
|
$ |
472 |
|
|
$ |
381 |
|
|
$ |
(185 |
) |
|
$ |
(76 |
) |
|
$ |
(43 |
) |
|
$ |
(5 |
) |
|
$ |
856 |
|
| Simplify to
Grow Program |
|
11 |
|
|
|
2 |
|
|
|
17 |
|
|
|
12 |
|
|
|
- |
|
|
|
16 |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
185 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
185 |
|
| Acquisition
integration costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
5 |
|
|
Remeasurement of net monetary position |
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
Adjusted (Non-GAAP) |
$ |
91 |
|
|
$ |
236 |
|
|
$ |
489 |
|
|
$ |
394 |
|
|
$ |
- |
|
|
$ |
(61 |
) |
|
$ |
(43 |
) |
|
$ |
- |
|
|
$ |
1,106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
10.7 |
% |
|
|
15.6 |
% |
|
|
18.3 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
12.8 |
% |
|
Adjusted % |
|
12.5 |
% |
|
|
15.7 |
% |
|
|
18.9 |
% |
|
|
20.8 |
% |
|
|
|
|
|
|
|
|
|
|
16.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 9
| Mondelēz
International, Inc. and Subsidiaries |
|
Reconciliation of GAAP to Non-GAAP Measures |
| Net Cash
Provided by Operating Activities to Free Cash Flow |
| (in millions
of U.S. dollars) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the
Three Months EndedMarch 31, |
|
|
| |
2021 |
|
2020 |
|
$ Change |
| |
|
|
|
|
|
|
Net Cash Provided by Operating Activities
(GAAP) |
$ |
915 |
|
|
$ |
284 |
|
|
$ |
631 |
|
| Capital
Expenditures |
|
(216 |
) |
|
|
(214 |
) |
|
|
(2 |
) |
| Free
Cash Flow (Non-GAAP) |
$ |
699 |
|
|
$ |
70 |
|
|
$ |
629 |
|
| |
|
|
|
|
|
|
|
|
|
|
Contacts: |
Jess Vogl (Media) |
Shep Dunlap (Investors) |
| |
1-847-943-5678 |
1-847-943-5454 |
| |
news@mdlz.com |
ir@mdlz.com |
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