Avery Dennison : Q4 2021 Supplemental Non-GAAP Reconciliation

Avery Dennison

Supplemental Non-GAAP Reconciliation*

Adjusted net income per common share, assuming dilution, change, ex. currency refers to the increase or decrease in adjusted net income per common share, assuming dilution, on a constant currency basis. The estimated impact of foreign currency translation is calculated with prior period results translated at current period average exchange rates to exclude the effect of currency fluctuations.

(In millions, except % and per share amounts)
				Weighted average		Adjusted
				number of		net income
			Adjusted	common shares	per common share,
			net income	outstanding,		assuming dilution
FY			Non-GAAP	assuming dilution		Non-GAAP
FY 2021 At reported currency rates		$747.0	83.8		$8.91
FY 2020	At reported currency rates		$597.0	84.1		$7.10
	% Change					25%
FY 2021	At reported currency rates		$747.0	83.8		$8.91
FY 2020	At constant currency rates	~	$622.3 ***	84.1	~	$7.40
	% Change ex. currency				~	20%

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• Supplements disclosure contained in press release furnished to the SEC as Exhibit 99.1 of Form 8-K on February 2, 2022 (the "Press Release"). Disclosure regarding our use of non-GAAP financial measures is located on page A- 4 of the Press Release.
• Reconciliation from GAAP to Non-GAAP net income per common share, assuming dilution, is located on page A-5 of the Press Release.
• Adjusted net income calculated using adjusted operating income, tax-effected at the adjusted tax rate of 24.1%.