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$2.66
$2.19
$1.52 $1.79
*FY14, FY13 and FY11 operating results are non-GAAP measures. Operating results growth rates are based on non-GAAP operating results. A reconciliation of GAAP to non-GAAP measures can be found at the end of this presentation.
Operating cash flow growth is based on non-GAAP operating cash flows: FY14 GAAP operating cash flows of $608 million have been adjusted to exclude the $2.8 billion cash payment in FY14 related to the Kraft arbitration matter.
Strong financial discipline
*FY15 growth guidance excludes future costs related to leadership conferences and donations made to the Starbucks Foundation, as well as incremental revenues,
future transaction and integration costs, and support costs related to the acquisition of Starbucks Japan.
ROIC defined as NOPAT/Invested Capital. NOPAT adjusted for implied lease interest expense; average invested capital includes present value of minimum lease
obligations and excludes cash, cash equivalents and short-term investments.
Accelerating margin expansion
410 BASIS
POINTS
18.6%
16.5%
14.5% 15.0%
*FY14, FY13 and FY11 operating results are non-GAAP measures. Operating results growth rates are based on non-GAAP operating results. A reconciliation of GAAP to non-GAAP measures can be found at the end of this presentation.
Leveraging cost of goods sold
COGS AS % REVENUE
$ MILLIONS
$
+ 1B
$100
$150-200
$75-125
$250-300
$250-300
Supply ChainCHAIN
SUPPLY operations Next Gen Sourcing
SOURCING WasteWASTE
Opportunity SKU Optimization
PRODUCT MIX All Other
OTHER
Today G&A growth closely tracks revenue growth
$100M
<½ OF
REVENUE
GROWTH
*FY11, FY12 and FY13 G&A expenses ($749.3M, $801.2M, and $937.9M, respectively) have been adjusted for non-routine general and administrative items amounting to ($25M), ($5M), and ($35M), respectively, which are actual costs related to leadership
conferences and donations made to the Starbucks Foundation. FY15 growth guidance excludes future costs related to leadership conferences and donations made to the Starbucks Foundation, as well as incremental revenues, future transaction and
integration costs, and support costs related to the acquisition of Starbucks Japan.
Increased working capital efficiencies
FY12 FY14
28%
CAGR
$2,908 $3,372
$1,612 $1,750
*FY14 operating cash flows is a non-GAAP measure. Operating cash flows growth rate is based on non-GAAP operating cash flows: FY14 GAAP operating cash flows of $608 million have been adjusted to exclude the
$2.8 billion cash payment in FY14 related to the Kraft arbitration matter.
Best in class return on invested capital*
26.9%
24.2%
22.4%
21.5%
* ROIC defined as NOPAT/Invested Capital. NOPAT adjusted for implied lease interest expense; average invested capital includes present value of minimum lease obligations and excludes cash, cash equivalents and short-term investments
Best in class capital deployment
HIGH
S&P 500
EX-FINANCIALS 1
35% 192% 333%
MEDIAN TOTAL SHAREHOLDER (n=27) (n=25) (n=12)
RETURN RELATIVE TO S&P 500 2
2003A – 2013A
CHANGE IN ROIC 3
191%
(n= 20)
(105%) to 19%
(n=78)
95%
(n= 29)
LOW
CHANGE IN INVESTED CAPITAL 4 HIGH
$ BILLIONS
$1.1 $1.2
$0.8
UP 100 %
$0.9 DIVIDENDS
Dividend
$0.5 $0.6 SHARE paid in FY15
$0.4 REPURCHASES
+23 %
$0.8
$0.5 $0.6 $0.5
ARABICA “C” PRICE/LB VERSUS SBUX P&L PRICE/LB YOY COFFEE PRICE IMPACT TO SBUX P&L
"C" Price
$2.82 TIME PERIOD
ARABICA “C” SBUX P&L YOY IMPACT
SBUX Price Apr. 2011 PRICE/LB* PRICE/LB* TO OI
$1.06
Nov. 2014
FY15 (PLAN) N/A ROUGHLY FLAT TO FY14
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
HALF OF %
MID-SINGLE % REVENUE %
>25
DIGITS 10 + GROWTH 15-20 INCREASING
(in FY15) 50-100 BPS/YR
* Based on Non-GAAP EPS. A reconciliation of GAAP to Non-GAAP measures can be found at the end of this presentation.
** FY15 growth guidance excludes future costs related to leadership conferences and donations made to the Starbucks Foundation, as well as incremental revenues, future transaction and integration
costs, and support costs related to the acquisition of Starbucks Japan.
*** ROIC defined as NOPAT/Average Invested Capital. NOPAT adjusted for implied lease interest expense; average invested capital includes present value of minimum lease obligations and excludes
cash, cash equivalents and short- and long-term investments
Uniquely positioned to deliver
significant shareholder value
FY11 FY12 FY13 FY14 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14
GAAP operating income $ 1,728.5 GAAP operating margin 14.8% GAAP earnings per share $ 1.24
Non-GAAP operating income $ 1,698.3 Non-GAAP operating margin 14.5% Non-GAAP earnings per share $ 1.23
GAAP operating income $ 1,997.4 GAAP operating margin 15.0% GAAP earnings per share $ 1.62
Non-GAAP operating income $ 2,458.7 Non-GAAP operating margin 16.5% GAAP earnings per share $ 1.79
GAAP operating income $ 3,081.1 GAAP operating margin 18.7% GAAP earnings per share $ 0.01
(1) Includes
a portion of the transaction costs incurred in Q4 FY14 related to the acquisition of Starbucks (1) Includes
a portion of the transaction costs incurred in Q4 FY14 related to the acquisition of Starbucks Non-GAAP earnings per share $ 2.19
Japan and costs related to the sale of our Australia retail operations in Q4 FY14. The remaining Japan and costs related to the sale of our Australia retail operations in Q4 FY14. The remaining
majority of the impact from these transactions is included in net interest income and other. majority of the impact from these transactions is included in net interest income and other.
GAAP earnings per share $ 2.71
(2) Thenet benefit from transactions in Q4 2014 relates primarily to a $0.05 gain on the sale of our Malaysia
equity method investment, partially offset by a loss on the sale of our Australia retail operations and
transaction costs incurred in Q4 FY14 related to the acquisition of Starbucks Japan.