Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its
first quarter 2022 results. "We delivered strong top-line
results in our first quarter, driven by higher pricing and strong
volume growth. Our chocolate and biscuit businesses continue to
power our virtuous cycle of attractive revenue growth, strong
profitability and robust cash flow," said Dirk Van de Put, Chairman
and Chief Executive Officer. "Demand remains strong across both
developed and emerging markets, with all our regions posting
growth. We expect elevated levels of input cost inflation to
continue through the remainder of the year, and we will continue to
take necessary actions to offset this dynamic - including a broader
revenue growth management agenda, ongoing cost discipline, and
further simplification within our business. We remain confident in
our strategy and ability to create long-term value, while
recognizing the need to stay agile to navigate the dynamic economic
and geopolitical environment. We are also excited about our
recently announced agreement to acquire Ricolino that will
step-change our presence in the priority market of Mexico -- adding
to our portfolio some of the country's most beloved chocolate and
candy brands, while broadening our distribution footprint with more
than 2,100 direct store delivery routes reaching 440,000
traditional trade outlets."
Net Revenue
$ in
millions |
ReportedNet Revenues |
|
Organic Net Revenue Growth |
|
Q1 2022 |
|
% Chgvs PY |
|
Q1 2022 |
|
Vol/Mix |
|
Pricing |
Quarter
1 |
|
|
|
|
|
|
|
|
|
Latin America |
$ |
826 |
|
23.5 |
% |
|
25.7 |
% |
|
8.7 pp |
|
17.0 pp |
Asia, Middle East & Africa |
|
1,867 |
|
7.0 |
|
|
8.9 |
|
|
6.4 pp |
|
2.5 |
Europe |
|
2,935 |
|
3.1 |
|
|
4.9 |
|
|
3.4 pp |
|
1.5 |
North America |
|
2,136 |
|
8.0 |
|
|
7.7 |
|
|
0.2 pp |
|
7.5 |
Mondelēz International |
$ |
7,764 |
|
7.3 |
% |
|
8.6 |
% |
|
3.8 pp |
|
4.8 pp |
|
|
|
|
|
|
|
|
|
|
Emerging Markets |
$ |
2,964 |
|
15.6 |
% |
|
16.5 |
% |
|
9.6 pp |
|
6.9 pp |
Developed Markets |
$ |
4,800 |
|
2.7 |
% |
|
4.2 |
% |
|
0.5 pp |
|
3.7 pp |
Operating Income and Diluted EPS
$ in millions, except
per share data |
Reported |
|
Adjusted |
|
Q1 2022 |
|
vs PY(Rpt Fx) |
|
Q1 2022 |
|
vs PY(Rpt Fx) |
|
vs PY(Cst Fx) |
Quarter
1 |
|
|
|
|
|
|
|
|
|
Gross Profit |
$ |
2,983 |
|
|
0.6 |
% |
|
$ |
3,010 |
|
|
5.0 |
% |
|
9.9 |
% |
Gross Profit Margin |
|
38.4 |
% |
|
(2.6) pp |
|
|
38.8 |
% |
|
(0.8) pp |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
$ |
1,094 |
|
|
(14.7) % |
|
$ |
1,378 |
|
|
6.7 |
% |
|
13.5 |
% |
Operating Income Margin |
|
14.1 |
% |
|
(3.6) pp |
|
|
17.7 |
% |
|
(0.2) pp |
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings 2 |
$ |
855 |
|
|
(11.0) % |
|
$ |
1,168 |
|
|
4.0 |
% |
|
11.6 |
% |
Diluted EPS |
$ |
0.61 |
|
|
(10.3) % |
|
$ |
0.84 |
|
|
6.3 |
% |
|
13.9 |
% |
First Quarter Commentary
- Net revenues
increased 7.3 percent driven by Organic Net Revenue growth of 8.6
percent, and incremental sales from the company's acquisitions of
Chipita, Grenade and Gourmet Food, partially offset by unfavorable
currency. Pricing and volume drove Organic Net Revenue growth.
- Gross profit
increased $17 million, while gross profit margin decreased 260
basis points to 38.4 percent primarily driven by lower
mark-to-market gains from derivatives, the decrease in Adjusted
Gross Profit1 margin and incremental costs incurred due to the war
in Ukraine. Adjusted Gross Profit increased $283 million at
constant currency, while Adjusted Gross Profit margin decreased 80
basis points to 38.8 percent due to higher raw material and
transportation costs and unfavorable mix, partially offset by
pricing, productivity and volume leverage.
- Operating income
decreased $189 million and operating income margin was 14.1
percent, down 360 basis points primarily due to incremental costs
incurred due to the war in Ukraine, lower mark-to-market gains from
derivatives, intangible asset impairment charges incurred in 2022,
higher acquisition integration costs and lower Adjusted Operating
Income1 margin, partially offset by lower restructuring costs.
Adjusted Operating Income increased $175 million at constant
currency while Adjusted Operating Income margin decreased 20 basis
points to 17.7 percent, with input cost inflation and unfavorable
mix mostly offset by pricing and SG&A leverage.
- Diluted EPS was
$0.61, down 10.3 percent, primarily due to incremental costs
incurred due to the war in Ukraine, lower mark-to-market gains from
derivatives, intangible asset impairment charges incurred in 2022
and higher acquisition-related costs, partially offset by an
increase in Adjusted EPS and lower restructuring costs.
- Adjusted EPS was
$0.84, up 13.9 percent on a constant-currency basis driven by
operating gains, lower interest expense and fewer shares
outstanding, partially offset by higher taxes primarily due to
lower net benefits from non-recurring discrete tax items and lower
benefit plan non-service income.
- Capital Return:
The company returned $1.2 billion to shareholders in cash dividends
and share repurchases.
2022 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.
The company is updating its fiscal 2022 outlook
to reflect expectations for continued top-line growth, higher cost
of goods sold inflation, the timing effect of additional pricing
actions and the impact of the war in Ukraine.
For 2022, the company now expects 4+ percent
Organic Net Revenue growth, which reflects the strength of its
first quarter and higher pricing related to increased input costs.
The company also now expects mid-to-high single digit Adjusted EPS
growth on a constant currency basis due to the current estimates of
the loss of earnings from the war in Ukraine and material commodity
cost increases due primarily to increases in energy costs. The
company's Free Cash Flow outlook remains at $3+ billion. The
company estimates currency translation would decrease 2022 net
revenue growth by approximately 3 percent3 with a negative $0.17
impact to Adjusted EPS3.
Outlook is provided in the context of greater
than usual volatility as a result of COVID-19 and geopolitical
uncertainty.
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.
About Mondelēz
InternationalMondelēz International, Inc. (Nasdaq: MDLZ)
empowers people to snack right in over 150 countries around the
world. With 2021 net revenues of approximately $29 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 20, 2022.
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, Türkiye, 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 war in
Ukraine; volatility resulting from the COVID-19 pandemic and
geopolitical uncertainty; 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 strategy and ability
to create long-term value; the economic and geopolitical
environment; demand; input cost inflation and actions the company
might take to offset it; strategic transactions, including the
company's planned acquisition of Ricolino; and the company’s
outlook, including 2022 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, including the spread of new
variants of COVID-19 such as Omicron. 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, the impact of ongoing or new developments in
the war in Ukraine, related current and future sanctions imposed by
governments and other authorities, and related impacts on the
company’s business, growth, reputation, prospects, financial
condition, operating results (including components of its financial
results), cash flows and liquidity; uncertainty about the
effectiveness of efforts by health officials and governments to
control the spread of COVID-19 and inoculate and treat populations
impacted by COVID-19; uncertainty about the reimposition or
lessening of restrictions imposed by governments intended to
mitigate the spread of COVID-19 and the magnitude, duration,
geographic reach and impact on the global economy of COVID-19; the
ongoing, and uncertain future, impact of the COVID-19 pandemic on
the company’s business, growth, reputation, prospects, financial
condition, operating results (including components of its 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 and availability of commodities; 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 malware incidents,
cyberattacks or other security breaches, and the company’s
compliance with privacy and data security laws; global or regional
health pandemics or epidemics, including COVID-19; competition and
the company’s response to channel shifts and pricing and other
competitive pressures; promotion and 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 and shifts in labor
availability; consolidation of retail customers and competition
with retailer and other economy brands; changes in the company’s
relationships with customers, suppliers or distributors; compliance
with legal, regulatory, tax and benefit laws and related 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 or disclosure controls and procedures; volatility of and
access to capital or other markets, the effectiveness of the
company’s cash management programs and its 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. There may be other factors not presently known
to the company or which the company currently considers to be
immaterial that could cause its actual results to differ materially
from those projected in any forward-looking statements the company
makes. The company disclaims and does not undertake any obligation
to update or revise any forward-looking statement in this report
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 MonthsEnded March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenues |
|
$ |
7,764 |
|
|
$ |
7,238 |
|
Cost of sales |
|
|
4,781 |
|
|
|
4,272 |
|
Gross profit |
|
|
2,983 |
|
|
|
2,966 |
|
Gross profit margin |
|
|
38.4 |
% |
|
|
41.0 |
% |
|
|
|
|
|
Selling, general and administrative expenses |
|
|
1,693 |
|
|
|
1,564 |
|
Asset impairment and exit costs |
|
|
164 |
|
|
|
90 |
|
Gain on acquisition |
|
|
- |
|
|
|
(9 |
) |
Amortization of intangible assets |
|
|
32 |
|
|
|
38 |
|
Operating income |
|
|
1,094 |
|
|
|
1,283 |
|
Operating income margin |
|
|
14.1 |
% |
|
|
17.7 |
% |
|
|
|
|
|
Benefit plan non-service income |
|
|
(33 |
) |
|
|
(44 |
) |
Interest and other expense, net |
|
|
168 |
|
|
|
218 |
|
Earnings before income taxes |
|
|
959 |
|
|
|
1,109 |
|
|
|
|
|
|
Income tax provision |
|
|
(210 |
) |
|
|
(212 |
) |
Effective tax rate |
|
|
21.9 |
% |
|
|
19.1 |
% |
Loss on equity method investment transactions |
|
|
(5 |
) |
|
|
(7 |
) |
Equity method investment net earnings |
|
|
117 |
|
|
|
78 |
|
Net earnings |
|
|
861 |
|
|
|
968 |
|
|
|
|
|
|
Noncontrolling interest earnings |
|
|
(6 |
) |
|
|
(7 |
) |
Net earnings attributable to Mondelēz International |
|
$ |
855 |
|
|
$ |
961 |
|
|
|
|
|
|
Per share data: |
|
|
|
|
Basic earnings per share attributable to Mondelēz
International |
|
$ |
0.62 |
|
|
$ |
0.68 |
|
|
|
|
|
|
Diluted earnings per share attributable to Mondelēz
International |
|
$ |
0.61 |
|
|
$ |
0.68 |
|
|
|
|
|
|
Average shares outstanding: |
|
|
|
|
Basic |
|
|
1,389 |
|
|
|
1,412 |
|
Diluted |
|
|
1,398 |
|
|
|
1,422 |
|
|
|
|
|
|
|
Schedule 2 |
Mondelēz International, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in millions of U.S. dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,946 |
|
|
$ |
3,546 |
|
|
|
Trade receivables |
|
|
2,943 |
|
|
|
2,337 |
|
|
|
Other receivables |
|
|
749 |
|
|
|
851 |
|
|
|
Inventories, net |
|
|
2,838 |
|
|
|
2,708 |
|
|
|
Other current assets |
|
|
1,143 |
|
|
|
900 |
|
|
|
Total current assets |
|
|
9,619 |
|
|
|
10,342 |
|
|
|
Property, plant and equipment, net |
|
|
9,015 |
|
|
|
8,658 |
|
|
|
Operating lease right of use assets |
|
|
653 |
|
|
|
613 |
|
|
|
Goodwill |
|
|
22,618 |
|
|
|
21,978 |
|
|
|
Intangible assets, net |
|
|
18,829 |
|
|
|
18,291 |
|
|
|
Prepaid pension assets |
|
|
1,046 |
|
|
|
1,009 |
|
|
|
Deferred income taxes |
|
|
561 |
|
|
|
541 |
|
|
|
Equity method investments |
|
|
5,255 |
|
|
|
5,289 |
|
|
|
Other assets |
|
|
398 |
|
|
|
371 |
|
|
|
TOTAL ASSETS |
|
$ |
67,994 |
|
|
$ |
67,092 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Short-term borrowings |
|
$ |
606 |
|
|
$ |
216 |
|
|
|
Current portion of long-term debt |
|
|
754 |
|
|
|
1,746 |
|
|
|
Accounts payable |
|
|
7,241 |
|
|
|
6,730 |
|
|
|
Accrued marketing |
|
|
2,272 |
|
|
|
2,097 |
|
|
|
Accrued employment costs |
|
|
721 |
|
|
|
822 |
|
|
|
Other current liabilities |
|
|
2,509 |
|
|
|
2,397 |
|
|
|
Total current liabilities |
|
|
14,103 |
|
|
|
14,008 |
|
|
|
Long-term debt |
|
|
18,344 |
|
|
|
17,550 |
|
|
|
Long-term operating lease liabilities |
|
|
508 |
|
|
|
459 |
|
|
|
Deferred income taxes |
|
|
3,521 |
|
|
|
3,444 |
|
|
|
Accrued pension costs |
|
|
645 |
|
|
|
681 |
|
|
|
Accrued postretirement health care costs |
|
|
304 |
|
|
|
301 |
|
|
|
Other liabilities |
|
|
2,353 |
|
|
|
2,326 |
|
|
|
TOTAL LIABILITIES |
|
|
39,778 |
|
|
|
38,769 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Common Stock |
|
|
- |
|
|
|
- |
|
|
|
Additional paid-in capital |
|
|
32,053 |
|
|
|
32,097 |
|
|
|
Retained earnings |
|
|
31,163 |
|
|
|
30,806 |
|
|
|
Accumulated other comprehensive losses |
|
|
(10,425 |
) |
|
|
(10,624 |
) |
|
|
Treasury stock |
|
|
(24,630 |
) |
|
|
(24,010 |
) |
|
|
Total Mondelēz International Shareholders' Equity |
|
|
28,161 |
|
|
|
28,269 |
|
|
|
Noncontrolling interest |
|
|
55 |
|
|
|
54 |
|
|
|
TOTAL EQUITY |
|
|
28,216 |
|
|
|
28,323 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
67,994 |
|
|
$ |
67,092 |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
Incr/(Decr) |
|
|
|
|
|
|
|
Short-term borrowings |
|
$ |
606 |
|
|
$ |
216 |
|
|
$ |
390 |
|
Current portion of long-term debt |
|
|
754 |
|
|
|
1,746 |
|
|
|
(992 |
) |
Long-term debt |
|
|
18,344 |
|
|
|
17,550 |
|
|
|
794 |
|
Total Debt |
|
|
19,704 |
|
|
|
19,512 |
|
|
|
192 |
|
Cash and cash equivalents |
|
|
1,946 |
|
|
|
3,546 |
|
|
|
(1,600 |
) |
Net Debt(1) |
|
$ |
17,758 |
|
|
$ |
15,966 |
|
|
$ |
1,792 |
|
|
|
|
|
|
|
|
(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 MonthsEnded March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES |
|
|
|
|
Net earnings |
|
$ |
861 |
|
|
$ |
968 |
|
Adjustments to reconcile net earnings to operating cash flows: |
|
|
|
|
Depreciation and amortization |
|
|
275 |
|
|
|
284 |
|
Stock-based compensation expense |
|
|
24 |
|
|
|
25 |
|
Deferred income tax (benefit)/provision |
|
|
(70 |
) |
|
|
34 |
|
Asset impairments and accelerated depreciation |
|
|
155 |
|
|
|
43 |
|
Loss on early extinguishment of debt |
|
|
38 |
|
|
|
110 |
|
Gain on acquisition |
|
|
- |
|
|
|
(9 |
) |
Loss on equity method investment transactions |
|
|
5 |
|
|
|
7 |
|
Equity method investment net earnings |
|
|
(117 |
) |
|
|
(78 |
) |
Distributions from equity method investments |
|
|
107 |
|
|
|
74 |
|
Other non-cash items, net |
|
|
(13 |
) |
|
|
(23 |
) |
Change in assets and liabilities, net of acquisitions and
divestitures: |
|
|
|
|
Receivables, net |
|
|
(517 |
) |
|
|
(494 |
) |
Inventories, net |
|
|
(81 |
) |
|
|
(37 |
) |
Accounts payable |
|
|
397 |
|
|
|
283 |
|
Other current assets |
|
|
(104 |
) |
|
|
(140 |
) |
Other current liabilities |
|
|
230 |
|
|
|
(55 |
) |
Change in pension and postretirement assets and liabilities,
net |
|
|
(59 |
) |
|
|
(77 |
) |
Net cash provided by/(used in) operating activities |
|
|
1,131 |
|
|
|
915 |
|
|
|
|
|
|
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
|
|
(167 |
) |
|
|
(216 |
) |
Acquisitions, net of cash received |
|
|
(1,418 |
) |
|
|
(490 |
) |
Proceeds from divestitures including equity method investments |
|
|
66 |
|
|
|
- |
|
Proceeds from sale of property, plant and equipment and other |
|
|
78 |
|
|
|
16 |
|
Net cash provided by/(used in) investing activities |
|
|
(1,441 |
) |
|
|
(690 |
) |
|
|
|
|
|
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES |
|
|
|
|
Issuances of commercial paper, maturities greater than 90 days |
|
|
- |
|
|
|
- |
|
Repayments of commercial paper, maturities greater than 90
days |
|
|
- |
|
|
|
- |
|
Net issuances/(repayments) of other short-term borrowings |
|
|
217 |
|
|
|
647 |
|
Long-term debt proceeds |
|
|
1,991 |
|
|
|
2,373 |
|
Long-term debt repayments |
|
|
(2,306 |
) |
|
|
(3,353 |
) |
Repurchase of Common Stock |
|
|
(751 |
) |
|
|
(1,046 |
) |
Dividends paid |
|
|
(491 |
) |
|
|
(453 |
) |
Other |
|
|
60 |
|
|
|
51 |
|
Net cash provided by/(used in) financing activities |
|
|
(1,280 |
) |
|
|
(1,781 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
|
(10 |
) |
|
|
(35 |
) |
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash |
|
|
|
|
(Decrease) / increase |
|
|
(1,600 |
) |
|
|
(1,591 |
) |
Balance at beginning of period |
|
|
3,553 |
|
|
|
3,650 |
|
Balance at end of period |
|
$ |
1,953 |
|
|
$ |
2,059 |
|
|
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. In the first quarter of 2022, the company
added to the non-GAAP definitions the exclusion of incremental
costs due to the war in Ukraine.
- “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; mark-to-market impacts from
commodity, forecasted currency and equity method investment
transaction derivative contracts; and incremental costs due to the
war in Ukraine. 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,
divestiture-related costs, acquisition-related costs, and
acquisition integration costs and contingent consideration
adjustments; remeasurement of net monetary position; impacts from
resolution of tax matters; impact from pension participation
changes; and costs associated with the JDE Peet's transaction. 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 interest
rate swaps no longer designated as accounting cash flow hedges due
to changed financing and hedging plans; net earnings from
divestitures; and initial impacts from enacted tax law changes; and
gains or losses on equity method investment transactions.
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 ended March 31, 2022 and
March 31, 2021. 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 2021 partial sales of its equity method
investment in KDP as if the sales occurred at the beginning of all
periods presented. See the section on gains/losses on equity method
investment transactions below for more information.
Acquisitions, Acquisition-related costs
and Acquisition integration costsOn January 3, 2022, the
company acquired 100% of the equity of Chipita S.A. (“Chipita”), a
leading croissants and baked snacks company in the Central and
Eastern European markets. The acquisition of Chipita offers a
strategic complement to the company's existing portfolio and
advances its strategy to become the global leader in broader
snacking. The acquisition added incremental net revenues of $152
million and operating income of $4 million in the three months
ended March 31, 2022. The company incurred acquisition-related
costs of $21 million in the three months ended March 31, 2022. The
company also incurred acquisition integration costs of $35 million
in the three months ended March 31, 2022.
On April 1, 2021, the company acquired Gourmet
Food Holdings Pty Ltd, a leading Australian food company in the
premium biscuit and cracker category. The acquisition added
incremental net revenues of $14 million and operating income of $1
million in the three months ended March 31, 2022. The company also
incurred acquisition-related costs of $1 million in 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 segment. The acquisition added incremental net revenues
of $21 million and operating income of $2 million in the three
months ended March 31, 2022. The company also incurred
acquisition-related costs of $2 million in 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 offerings 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 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 company incurred $1
million of acquisition-integrations costs in the three months ended
March 31, 2021.
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 $11 million in the three months ended
March 31, 2022 and $88 million in the three months ended March
31, 2021 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 $20 million in the three months
ended March 31, 2022 and $34 million in the three months ended
March 31, 2021.
Intangible asset impairment
chargesDuring the first quarter of 2022, the company
recorded a $78 million intangible asset impairment charge in AMEA
due to lower than expected growth and profitability of a local
biscuit brand sold in select markets in AMEA and Europe.
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 and equity method
investment transaction derivative contracts from its non-GAAP
earnings measures. The mark-to-market impacts of commodity and
forecasted currency transaction derivatives are excluded until such
time that the related exposures impact the company's operating
results. Since the company purchases commodity and forecasted
currency transaction contracts to mitigate price volatility
primarily for inventory requirements in future periods, the company
makes this adjustment to remove the volatility of these future
inventory purchases on current operating results to facilitate
comparisons of its underlying operating performance across periods.
The company excludes equity method investment derivative contract
settlements as they represent protection of value for future
divestitures. The company recorded net unrealized gains on
commodity, forecasted currency and equity method transaction
derivatives of $28 million in the three months ended March 31,
2022, and recorded net unrealized gains of $117 million in the
three months ended March 31, 2021.
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 Argentinean subsidiaries and
changed their functional currency from the Argentinean 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,
Argentinean 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, 2022 and $5
million in the three months March 31, 2021 related to the
revaluation of the Argentinean 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. In connection with the discounted long-term
liability, the company recorded accreted interest of $3 million in
the three months ended March 31, 2022 and $3 million in the three
months ended March 31, 2021 within interest and other expense, net.
As of March 31, 2022, the remaining discounted withdrawal liability
was $356 million, with $15 million recorded in other current
liabilities and $341 million recorded in long-term other
liabilities.
Incremental costs due to the war in
UkraineIn February 2022, Russia began a military invasion
of Ukraine and the company closed its operations and facilities in
Ukraine. In March 2022, the company's two Ukrainian manufacturing
facilities in Trostyanets and Vyshhorod were significantly damaged.
During the first quarter of 2022, the company evaluated and
impaired these and other assets. The company recorded
$143 million of total expenses ($145 million after-tax)
incurred as a direct result of the war, including $75 million
recorded in asset impairment and exit costs, $44 million in
cost of sales and $24 million in selling, general and
administrative expenses.
Loss on debt extinguishment and related
expensesOn March 18, 2022, the company completed an early
redemption of long-term U.S. dollar ($987 million) denominated
notes. The company recorded a $129 million loss on debt
extinguishment and related expenses within interest and other
expense, net, consisting of $38 million paid in excess of carrying
value of the debt and from recognizing unamortized discounts and
deferred financing costs in earnings and $91 million in unamortized
forward starting swap losses in earnings at the time of the debt
extinguishment.
On 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 a $137 million
loss on debt extinguishment and related expenses within interest
and other expense, net, consisting of $110 million paid in excess
of carrying value of the debt and from recognizing unamortized
discounts and deferred financing costs in earnings and $27 million
foreign currency derivative loss related to the redemption payment
at the time of the debt extinguishment.
Initial impacts from enacted tax law
changesThe company excludes initial impacts from enacted
tax law changes from its non-GAAP financial measures as they do not
reflect its ongoing tax obligations under the enacted tax law
changes. Initial impacts include items such as the remeasurement of
deferred tax balances and the transition tax from the 2017 U.S. tax
reform. Previously, the company only excluded the initial impacts
from more material tax reforms, specifically the impacts of the
2019 Swiss tax reform and 2017 U.S. tax reform. To facilitate
comparisons of its underlying operating results, the company has
recast all historical non-GAAP earnings measures to
exclude the initial impacts from enacted tax law changes.
Gains and losses on equity method
investment transactionsKeurig Dr Pepper transactionsOn
August 2, 2021, the company sold approximately $14.7 million shares
of KDP, which reduced its ownership interest by 1% to 5.3% of the
total outstanding shares. The company received $500 million of
proceeds and recorded a pre-tax gain of $248 million (or $189
million after-tax) during the third quarter of 2021.
On June 7, 2021, the company participated in a
secondary offering of KDP shares and sold approximately 28.0
million shares, which reduced its ownership interest by 2% to 6.4%
of the total outstanding shares. The company received $997 million
of proceeds and recorded a pre-tax gain of $520 million (or $392
million after-tax) during the second quarter of 2021.
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 the 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.
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 2022 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 2022 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 2022 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
2022 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, 2022 |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
|
$ |
826 |
|
|
$ |
1,867 |
|
|
$ |
2,935 |
|
|
$ |
2,136 |
|
|
$ |
7,764 |
|
Acquisitions |
|
|
- |
|
|
|
(15 |
) |
|
|
(184 |
) |
|
|
(7 |
) |
|
|
(206 |
) |
Currency |
|
|
15 |
|
|
|
49 |
|
|
|
235 |
|
|
|
- |
|
|
|
299 |
|
Organic (Non-GAAP) |
|
$ |
841 |
|
|
$ |
1,901 |
|
|
$ |
2,986 |
|
|
$ |
2,129 |
|
|
$ |
7,857 |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
|
$ |
669 |
|
|
$ |
1,745 |
|
|
$ |
2,847 |
|
|
$ |
1,977 |
|
|
$ |
7,238 |
|
Divestitures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Organic (Non-GAAP) |
|
$ |
669 |
|
|
$ |
1,745 |
|
|
$ |
2,847 |
|
|
$ |
1,977 |
|
|
$ |
7,238 |
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
|
|
23.5 |
% |
|
|
7.0 |
% |
|
|
3.1 |
% |
|
|
8.0 |
% |
|
|
7.3 |
% |
Divestitures |
|
- pp |
|
- pp |
|
- pp |
|
- pp |
|
- pp |
Acquisitions |
|
|
- |
|
|
|
(0.9 |
) |
|
|
(6.4 |
) |
|
|
(0.3 |
) |
|
|
(2.8 |
) |
Currency |
|
|
2.2 |
|
|
|
2.8 |
|
|
|
8.2 |
|
|
|
- |
|
|
|
4.1 |
|
Organic (Non-GAAP) |
|
|
25.7 |
% |
|
|
8.9 |
% |
|
|
4.9 |
% |
|
|
7.7 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Vol/Mix |
|
8.7 pp |
|
6.4 pp |
|
3.4 pp |
|
0.2 pp |
|
3.8 pp |
Pricing |
|
|
17.0 |
|
|
|
2.5 |
|
|
|
1.5 |
|
|
|
7.5 |
|
|
|
4.8 |
|
|
|
|
|
|
|
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, 2022 |
|
|
|
|
|
|
Reported (GAAP) |
|
$ |
2,964 |
|
|
$ |
4,800 |
|
|
$ |
7,764 |
|
Acquisitions |
|
|
(116 |
) |
|
|
(90 |
) |
|
|
(206 |
) |
Currency |
|
|
139 |
|
|
|
160 |
|
|
|
299 |
|
Organic (Non-GAAP) |
|
$ |
2,987 |
|
|
$ |
4,870 |
|
|
$ |
7,857 |
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2021 |
|
|
|
|
|
|
Reported (GAAP) |
|
$ |
2,563 |
|
|
$ |
4,675 |
|
|
$ |
7,238 |
|
Divestitures |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Organic (Non-GAAP) |
|
$ |
2,563 |
|
|
$ |
4,675 |
|
|
$ |
7,238 |
|
|
|
|
|
|
|
|
% Change |
|
|
|
|
|
|
Reported (GAAP) |
|
|
15.6 |
% |
|
|
2.7 |
% |
|
|
7.3 |
% |
Divestitures |
|
- pp |
|
- pp |
|
- pp |
Acquisitions |
|
|
(4.6 |
) |
|
|
(1.9 |
) |
|
|
(2.8 |
) |
Currency |
|
|
5.5 |
|
|
|
3.4 |
|
|
|
4.1 |
|
Organic (Non-GAAP) |
|
|
16.5 |
% |
|
|
4.2 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
|
Vol/Mix |
|
9.6 pp |
|
0.5 pp |
|
3.8 pp |
Pricing |
|
|
6.9 |
|
|
|
3.7 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
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, 2022 |
|
|
NetRevenues |
|
GrossProfit |
|
GrossProfitMargin |
|
OperatingIncome |
|
OperatingIncomeMargin |
Reported (GAAP) |
|
$ |
7,764 |
|
|
$ |
2,983 |
|
|
38.4 |
% |
|
$ |
1,094 |
|
|
14.1 |
% |
Simplify to Grow Program |
|
|
- |
|
|
|
10 |
|
|
|
|
|
31 |
|
|
|
Intangible asset impairment charges |
|
|
- |
|
|
|
- |
|
|
|
|
|
78 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
|
- |
|
|
|
(28 |
) |
|
|
|
|
(27 |
) |
|
|
Acquisition integration costs and contingent consideration
adjustments |
|
|
- |
|
|
|
- |
|
|
|
|
|
32 |
|
|
|
Acquisition-related costs |
|
|
- |
|
|
|
- |
|
|
|
|
|
21 |
|
|
|
Divestiture-related costs |
|
|
- |
|
|
|
1 |
|
|
|
|
|
1 |
|
|
|
Remeasurement of net monetary position |
|
|
- |
|
|
|
- |
|
|
|
|
|
5 |
|
|
|
Incremental costs due to war in Ukraine |
|
|
- |
|
|
|
44 |
|
|
|
|
|
143 |
|
|
|
Adjusted (Non-GAAP) |
|
$ |
7,764 |
|
|
$ |
3,010 |
|
|
38.8 |
% |
|
$ |
1,378 |
|
|
17.7 |
% |
Currency |
|
|
|
|
139 |
|
|
|
|
|
89 |
|
|
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
|
$ |
3,149 |
|
|
|
|
$ |
1,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and contingent consideration
adjustments |
|
|
- |
|
|
|
- |
|
|
|
|
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GrossProfit |
|
|
|
OperatingIncome |
|
|
$ Change - Reported (GAAP) |
|
|
|
$ |
17 |
|
|
|
|
$ |
(189 |
) |
|
|
$ Change - Adjusted (Non-GAAP) |
|
|
|
|
144 |
|
|
|
|
|
86 |
|
|
|
$ Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
283 |
|
|
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change - Reported (GAAP) |
|
|
|
|
0.6 |
% |
|
|
|
|
(14.7 |
)% |
|
|
% Change - Adjusted (Non-GAAP) |
|
|
|
|
5.0 |
% |
|
|
|
|
6.7 |
% |
|
|
% Change - Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
9.9 |
% |
|
|
|
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2022 |
|
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) |
$ |
1,094 |
|
|
$ |
(33 |
) |
|
$ |
168 |
|
|
$ |
959 |
|
|
$ |
210 |
|
|
21.9 |
% |
|
$ |
5 |
|
|
$ |
(117 |
) |
|
$ |
6 |
|
$ |
855 |
|
|
$ |
0.61 |
|
Simplify to Grow Program |
|
31 |
|
|
|
- |
|
|
|
- |
|
|
|
31 |
|
|
|
7 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
24 |
|
|
|
0.02 |
|
Intangible asset impairment charges |
|
78 |
|
|
|
- |
|
|
|
- |
|
|
|
78 |
|
|
|
19 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
59 |
|
|
|
0.04 |
|
Mark-to-market (gains)/losses from derivatives |
|
(27 |
) |
|
|
- |
|
|
|
1 |
|
|
|
(28 |
) |
|
|
5 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(33 |
) |
|
|
(0.02 |
) |
Acquisition integration costs and contingent consideration
adjustments |
|
32 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
35 |
|
|
|
50 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(15 |
) |
|
|
(0.01 |
) |
Acquisition-related costs |
|
21 |
|
|
|
- |
|
|
|
- |
|
|
|
21 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
20 |
|
|
|
0.02 |
|
Divestiture-related costs |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Remeasurement of net monetary position |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
5 |
|
|
|
- |
|
Impact from pension participation changes |
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
2 |
|
|
|
- |
|
Incremental costs due to war in Ukraine |
|
143 |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
|
|
(2 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
145 |
|
|
|
0.11 |
|
Loss on debt extinguishment and related expenses |
|
- |
|
|
|
- |
|
|
|
(129 |
) |
|
|
129 |
|
|
|
31 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
98 |
|
|
|
0.07 |
|
Loss on equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(5 |
) |
|
|
- |
|
|
|
- |
|
|
5 |
|
|
|
- |
|
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
2 |
|
|
|
- |
|
Adjusted (Non-GAAP) |
$ |
1,378 |
|
|
$ |
(33 |
) |
|
$ |
34 |
|
|
$ |
1,377 |
|
|
$ |
319 |
|
|
23.2 |
% |
|
$ |
- |
|
|
$ |
(116 |
) |
|
$ |
6 |
|
$ |
1,168 |
|
|
$ |
0.84 |
|
Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
0.06 |
|
Adjusted @ Constant FX (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,253 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and contingent consideration
adjustments |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
Acquisition-related costs |
|
7 |
|
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
6 |
|
|
|
0.01 |
|
Net earnings from divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
|
(11 |
) |
|
|
(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 |
|
Initial impacts from enacted tax law changes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
4 |
|
|
|
- |
|
Loss on equity method investment transactions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(7 |
) |
|
|
- |
|
|
|
- |
|
|
7 |
|
|
|
- |
|
Equity method investee items |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
|
|
- |
|
|
|
(57 |
) |
|
|
- |
|
|
55 |
|
|
|
0.04 |
|
Adjusted (Non-GAAP) |
$ |
1,292 |
|
|
$ |
(44 |
) |
|
$ |
77 |
|
|
$ |
1,259 |
|
|
$ |
250 |
|
|
19.9 |
% |
|
$ |
- |
|
|
$ |
(121 |
) |
|
$ |
7 |
|
$ |
1,123 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 MonthsEnded March 31, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
$ Change |
|
% Change |
Diluted EPS attributable to Mondelēz International
(GAAP) |
|
$ |
0.61 |
|
|
$ |
0.68 |
|
|
$ |
(0.07 |
) |
|
(10.3 |
)% |
Simplify to Grow Program |
|
|
0.02 |
|
|
|
0.07 |
|
|
|
(0.05 |
) |
|
|
Intangible asset impairment charges |
|
|
0.04 |
|
|
|
- |
|
|
|
0.04 |
|
|
|
Mark-to-market (gains)/losses from derivatives |
|
|
(0.02 |
) |
|
|
(0.07 |
) |
|
|
0.05 |
|
|
|
Acquisition integration costs and contingent consideration
adjustments |
|
|
(0.01 |
) |
|
|
- |
|
|
|
(0.01 |
) |
|
|
Acquisition-related costs |
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
Net earnings from divestitures |
|
|
- |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
Incremental costs due to war in Ukraine |
|
|
0.11 |
|
|
|
- |
|
|
|
0.11 |
|
|
|
Loss on debt extinguishment and related expenses |
|
|
0.07 |
|
|
|
0.07 |
|
|
|
- |
|
|
|
Equity method investee items |
|
|
- |
|
|
|
0.04 |
|
|
|
(0.04 |
) |
|
|
Adjusted EPS (Non-GAAP) |
|
$ |
0.84 |
|
|
$ |
0.79 |
|
|
$ |
0.05 |
|
|
6.3 |
% |
Impact of unfavorable currency |
|
|
0.06 |
|
|
|
- |
|
|
|
0.06 |
|
|
|
Adjusted EPS @ Constant FX (Non-GAAP) |
|
$ |
0.90 |
|
|
$ |
0.79 |
|
|
$ |
0.11 |
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
Adjusted EPS @ Constant FX - Key Drivers |
|
|
|
|
|
|
|
|
Increase in operations |
|
|
|
|
|
$ |
0.09 |
|
|
|
Change in benefit plan non-service income |
|
|
|
|
|
|
(0.01 |
) |
|
|
Change in interest and other expense, net |
|
|
|
|
|
|
0.03 |
|
|
|
Change in equity method investment net earnings |
|
|
|
|
|
|
- |
|
|
|
Change in income taxes |
|
|
|
|
|
|
(0.02 |
) |
|
|
Change in shares outstanding |
|
|
|
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2022 |
|
Latin America |
|
AMEA |
|
Europe |
|
North America |
|
Unrealized G/(L) on Hedging Activities |
|
General Corporate Expenses |
|
Amortization of Intangibles |
|
Other Items |
|
Mondelēz International |
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
826 |
|
|
$ |
1,867 |
|
|
$ |
2,935 |
|
|
$ |
2,136 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,764 |
|
Divestitures |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted (Non-GAAP) |
$ |
826 |
|
|
$ |
1,867 |
|
|
$ |
2,935 |
|
|
$ |
2,136 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported (GAAP) |
$ |
103 |
|
|
$ |
272 |
|
|
$ |
377 |
|
|
$ |
418 |
|
|
$ |
27 |
|
|
$ |
(50 |
) |
|
$ |
(32 |
) |
|
$ |
(21 |
) |
|
$ |
1,094 |
|
Simplify to Grow Program |
|
- |
|
|
|
3 |
|
|
|
7 |
|
|
|
15 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
- |
|
|
|
31 |
|
Intangible asset impairment charges |
|
- |
|
|
|
78 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
78 |
|
Mark-to-market (gains)/losses from derivatives |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
Acquisition integration costs and contingent consideration
adjustments |
|
- |
|
|
|
- |
|
|
|
32 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32 |
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21 |
|
|
|
21 |
|
Divestiture-related costs |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Remeasurement of net monetary position |
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Incremental costs due to war in Ukraine |
|
- |
|
|
|
- |
|
|
|
143 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
Adjusted (Non-GAAP) |
$ |
109 |
|
|
$ |
353 |
|
|
$ |
559 |
|
|
$ |
433 |
|
|
$ |
- |
|
|
$ |
(44 |
) |
|
$ |
(32 |
) |
|
$ |
- |
|
|
$ |
1,378 |
|
Currency |
|
6 |
|
|
|
10 |
|
|
|
77 |
|
|
|
1 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
89 |
|
Adjusted @ Constant FX (Non-GAAP) |
$ |
115 |
|
|
$ |
363 |
|
|
$ |
636 |
|
|
$ |
434 |
|
|
$ |
- |
|
|
$ |
(47 |
) |
|
$ |
(34 |
) |
|
$ |
- |
|
|
$ |
1,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change - Reported (GAAP) |
|
35.5 |
% |
|
|
(24.9 |
)% |
|
|
(32.3 |
)% |
|
|
54.8 |
% |
|
n/m |
|
|
21.9 |
% |
|
|
15.8 |
% |
|
n/m |
|
|
(14.7 |
)% |
% Change - Adjusted (Non-GAAP) |
|
25.3 |
% |
|
|
2.9 |
% |
|
|
(2.6 |
)% |
|
|
13.4 |
% |
|
n/m |
|
|
21.4 |
% |
|
|
15.8 |
% |
|
n/m |
|
|
6.7 |
% |
% Change - Adjusted @ Constant FX (Non-GAAP) |
|
32.2 |
% |
|
|
5.8 |
% |
|
|
10.8 |
% |
|
|
13.6 |
% |
|
n/m |
|
|
16.1 |
% |
|
|
10.5 |
% |
|
n/m |
|
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
12.5 |
% |
|
|
14.6 |
% |
|
|
12.8 |
% |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
14.1 |
% |
Reported pp change |
1.1 pp |
|
(6.1)pp |
|
(6.8)pp |
|
5.9 pp |
|
|
|
|
|
|
|
|
|
(3.6)pp |
Adjusted % |
|
13.2 |
% |
|
|
18.9 |
% |
|
|
19.0 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
17.7 |
% |
Adjusted pp change |
0.2 pp |
|
(0.8)pp |
|
(1.2)pp |
|
1.0 pp |
|
|
|
|
|
|
|
|
|
(0.2)pp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2021 |
|
Latin America |
|
AMEA |
|
Europe |
|
North America |
|
Unrealized G/(L) on Hedging Activities |
|
General Corporate Expenses |
|
Amortization of Intangibles |
|
Other Items |
|
Mondelēz International |
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 and contingent consideration
adjustments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported % |
|
11.4 |
% |
|
|
20.7 |
% |
|
|
19.6 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
17.7 |
% |
Adjusted % |
|
13.0 |
% |
|
|
19.7 |
% |
|
|
20.2 |
% |
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
17.9 |
% |
|
|
|
|
|
|
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 MonthsEnded March 31, |
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
$ Change |
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
(GAAP) |
|
$ |
1,131 |
|
|
$ |
915 |
|
|
$ |
216 |
|
Capital Expenditures |
|
|
(167 |
) |
|
|
(216 |
) |
|
|
49 |
|
Free Cash Flow (Non-GAAP) |
|
$ |
964 |
|
|
$ |
699 |
|
|
$ |
265 |
|
Contacts: |
|
Tracey Noe
(Media) |
|
Shep Dunlap
(Investors) |
|
|
1-847-943-5678 |
|
1-847-943-5454 |
|
|
news@mdlz.com |
|
ir@mdlz.com |
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