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View These Patents As Valuable Assets but We Do Not View Any Single Patent As Critical to Our Success KEURIG DR PEPPER DR KEURIG 2020 ANNUAL REPORT ANNUAL 2020 A MODERN BEVERAGE COMPANY 2020 ANNUAL REPORT FINANCIAL HIGHLIGHTS All Information is presented on an Adjusted basis* 2018–2020 All amounts are in millions except Earnings Per Share 2019–2020 2018 Two-Year Twelve months ended December 31 2020 2019 Change Pro Forma Avg. Change Net Sales $11,618 $11,120 4.5% $11,024 2.7% Constant Currency Net Sales Growth 5.0% 4.1% 1 Cost of Sales 5,092 4,792 6.3% 4,864 2.3% Selling, General and Administrative Expenses 3,374 3,483 -3.1% 3,556 -2.6% Other Operating (Income) Expense, Net (39) (45) NM (16) NM Income from Operations 3,191 2,890 10.4% 2,620 10.4% Constant Currency Income from Operations Growth 10.8% 10.7% % Net Sales 27.5% 26.0% 150 bps 23.8% 185 bps Interest Expense 542 553 -2.0% 635 -7.6% Other Income, Net 17 19 -10.5% 3 NM Income before Taxes 2,632 2,318 13.5% 1,982 15.2% Provision for Income Taxes 644 591 9.0% 524 10.9% Effective Tax Rate 24.5% 25.5% -100 bps 26.4% -100 bps Net Income 1,988 1,727 15.1% 1,458 16.8% Diluted Earnings Per Share $1.40 $1.22 14.8% $1.04 16.0% Diluted Shares 1,422 1,419 0.2% 1,401 0.7% * Please refer to the Form 10-K, included with this report, for reconciliations from GAAP to Adjusted results 1 Reflects underlying net sales growth 2018–2019 KDP Management Leverage Ratio* 2020 Net Sales by Segment in billions 12/31/20 3.6X 12/31/19 4.5X 2.4X 12/31/18 5.4X $0.5 7/9/18 6.0X $1.3 *See Management Leverage Ratio reconciliation and calculation on page 12 $4.4 Operating Cash Flow in billions 2020 $2.5 2019 $2.5 $5.4 2018 $1.6 Total Shareholder Return 150% 131% 2020 Net Sales 120% Constant Currency Growth 90% 84% Coffee Systems +4.8% 60% 54% Packaged Beverages +8.5% 30% 0% Beverage Concentrates -6.2% 2016 2017 2018 2019 2020 Latin America Beverages +3.8% KDP1 S&P 500 S&P 500 Food & Beverage Index 1Represents DPS through 7/9/2018 and KDP 7/10/2018 to 12/31/2020 Bob Gamgort Chairman and Chief Executive Officer DEAR SHAREHOLDERS As I write this letter, cautious optimism is in the air. faster and with more precision than most. It was a Vaccine rates are approaching 50% of the adult challenging and extraordinarily difficult strategy to U.S. population and growing across North America. execute amid a global pandemic, but the end results Higher levels of consumer mobility are evident in speak for themselves. retail, restaurants and entertainment, and there is an increasing belief that the worst of the pandemic I’d like to thank the 27,000 employees of Keurig Dr is behind us. If the last year has taught us anything, Pepper for their resilience, flexibility and trust as they however, it is that our role is not to predict the stepped up and rallied behind our ONE KDP mission future but, rather, to be nimble, responsive and in a manner that no one could have imagined prior prepared for whatever the future may bring. to 2020. They have raised the bar for what their personal best looks like not only for themselves, but This mindset enabled Keurig Dr Pepper to also for their teams. This will serve us well as we meaningfully outperform in 2020. While some continue to operate in a volatile market. companies were devastated by the impact of the crisis, others were boosted by it. We, on the In 2020 we delivered high-quality financial results other hand, succeeded by effectively navigating that met or exceeded our three-year merger targets the rapidly changing consumer landscape to drive for revenue and EPS growth, building on strong the parts of our business that were performing well and overcome the dramatic declines we were experiencing in areas structurally challenged by MERGER TARGETS the pandemic. Leveraging our broad portfolio, Adjusted Pro Forma Basis unmatched reach of our diverse distribution network CAGR 2018–2021 and proprietary data and insights, we moved Net Sales +2–3% Operating Income +11–12% Leveraging our broad portfolio, unmatched EPS +15–17% reach of our diverse distribution network and proprietary data and insights, we moved Merger Synergies $600m over 3 yrs faster and with more precision than most. Leverage Ratio <3.0x in 2–3 years from post-merger KEURIG DR PEPPER 2020 ANNUAL REPORT | 1 During the year, we transferred our stock exchange listing to Nasdaq, the home of some of the world’s fastest growing and most innovative companies. results in 2018 and 2019. We generated significant manufacturing capacity, all of which will enable free cash flow, enabling us to continue to pay down sustainable and efficient growth across our debt and meaningfully reduce our leverage ratio. portfolio for years to come. These results were fueled by strong market share growth across our cold portfolio and the addition of Despite the challenges of 2020, we also accelerated three million new households into the Keurig® system. and broadened the scope of our corporate responsibility efforts. We achieved key sustainability 2020 Liquid Refreshment Beverage goals in 2020, including our longstanding Market Share Growth commitment to make all K-Cup® pods recyclable. We also converted all Core® Hydration premium water bottles to 100% recycled PET plastic and +1.1 +0.8 +0.6 +0.4 pts pts pts pts are well on our way to doing the same for 16 ounce Snapple® bottles. We stepped up our commitment CSD Premium RTD SS Fruit to eliminate packaging waste and are the proud Unflav. Water Tea Drink co-founders of two industry coalitions investing to IRi MULO+C Retail $; 52 weeks ending 12/27/2020 advance a circular economy. We also progressed our corporate responsibility agenda into new areas, U.S. Households Using Keurig® System including diversity and inclusion and health and in millions wellbeing. The detailed goals, metrics and progress for each of these areas and more will be available in 2020 33 57% our annual Corporate Responsibility Report. 2015 21 On the corporate governance front, we transitioned Third-party survey data and Company estimates in 2020 from a controlled company to a widely held one. As a result, we have enhanced our Board Importantly, this progress was made while structure, increasing its independence and diversity continuing to invest in enhancing our leading and establishing the role of Lead Independent e-commerce capabilities, strengthening our Director. I’d like to thank the Board for its data and technology platforms and expanding unwavering support and outstanding guidance as 2 | KEURIG DR PEPPER 2020 ANNUAL REPORT KEURIG DR PEPPER 2020 ANNUAL REPORT | 3 KEEP employees safe & healthy DELIVER for our customers & consumers PROVIDE for our communities KEEP employees DELIVER for our PROVIDE for our safe & healthy customers & consumers communities We have implemented Our teams have gone above We donated more than extraordinary safety and beyond to keep our four million cups of coffee procedures and introduced operations running smoothly, and thousands of brewers to new benefits to keep our ensuring our products are support healthcare workers team and their families available for those who want in over 500 hospitals during safe and healthy. and need them. the pandemic. we successfully managed through example for others. We the most challenging year of our acknowledge that we have lifetime. In addition, reflecting a long way to go to achieve KDP’s evolution to a modern Our success in 2020 is an that ambitious goal, but we beverage company, we transferred outstanding example of the are energized by the journey our stock exchange listing to power of focus, and we are and confident in our ability to Nasdaq, the home of some of the committed to maintaining make progress every day. world’s fastest growing and most this discipline to drive our innovative companies. In closing, our success in 2020 continued success. is an outstanding example of Finally, I would be remiss in the power of focus, and we are discussing the past year without committed to maintaining this highlighting that 2020 brought a discipline to drive our continued number of difficult and important success. Thank you for placing conversations to the forefront of our society. your confidence and trust in Keurig Dr Pepper, as we Corporations like ours are being increasingly called continue to build our Modern Beverage Company. upon to publicly weigh in on issues that go beyond the traditional role of shareholder and stakeholder value creation. There are no easy answers here, and Sincerely, we are being purposely thoughtful about engaging only on societal topics that are directly related to our business and where we are uniquely qualified to make a difference, while also maintaining our focus on delivering the core mission of our enterprise. Bob Gamgort In this regard, we do aspire to drive positive Chairman and Chief Executive Officer change primarily from the “inside out,” by making KDP a microcosm for a world in which we want April 2021 to live and work and, in so doing, serving as an 2 | KEURIG DR PEPPER 2020 ANNUAL REPORT KEURIG DR PEPPER 2020 ANNUAL REPORT | 3 EVOLVING OUR PARTNERING WITH THE WORLD’S BEST ICONIC COFFEE COMPANIES With long-term agreements for the McCafé®* brand in the U.S. and Canada, we now have nearly every major branded player in the BRANDS Keurig® system.
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