KEURIG DR PEPPER : Management’s Discussion and Analysis of Financial Condition


The following discussion should be read in conjunction with our audited
consolidated financial statements and notes thereto in our Annual Report, as
filed on February 27, 2020.
This Quarterly Report on Form 10-Q contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act, including, in particular, statements about
anticipated benefits and expenses of the DPS Merger and other transactions,
including estimated synergies, deleveraging and associated cash management, and
cost savings, the impact of COVID-19, future events, future financial
performance, plans, strategies, expectations, prospects, competitive
environment, regulation, labor matters and availability of raw materials.
Forward-looking statements include all statements that are not historical facts
and can be identified by the use of forward-looking terminology such as
"outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate,"
"feel," "forecast," "intend," "may," "plan," "potential," "project," "should,"
"target," "will," "would," and similar words, phrases or expressions and
variations or negatives of these words in this Quarterly Report on Form 10-Q. We
have based these forward-looking statements on our current views with respect to
future events and financial performance. Our actual financial performance could
differ materially from those projected in the forward-looking statements due to
the inherent uncertainty of estimates, forecasts and projections, and our
financial performance may be better or worse than anticipated. Given these
uncertainties, you should not put undue reliance on any forward-looking
statements. All of the forward-looking statements are qualified in their
entirety by reference to the factors discussed under "Risk Factors" in Part I,
Item 1A of our Annual Report and in Part II, Item 1A of this Quarterly Report on
Form 10-Q, as well as our subsequent filings with the SEC. Forward-looking
statements represent our estimates and assumptions only as of the date that they
were made. We do not undertake any duty to update the forward-looking
statements, and the estimates and assumptions associated with them, after the
date of this Quarterly Report on Form 10-Q, except to the extent required by
applicable securities laws.
This Quarterly Report on Form 10-Q contains the names of some of our owned or
licensed trademarks, trade names and service marks, which we refer to as our
brands. All of the product names included in this Quarterly Report on Form 10-Q
are either our registered trademarks or those of our licensors.
OVERVIEW
KDP is a leading beverage company in North America, with a diverse portfolio of
flavored (non-cola) CSDs, NCBs, including water (enhanced and flavored),
ready-to-drink tea and coffee, juice, juice drinks, mixers and specialty coffee,
and is a...



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