R R Donnelley & Sons : Q4 2021 NON-GAAP Presentation

NON-GAAP FINANCIAL INFORMATION

Fourth Quarter 2021

Non-GAAP Financial Information

This document contains non-GAAP financial measures, including non-GAAP SG&A, non-GAAP adjusted income from operations, non-GAAP adjusted EBITDA, non-GAAP adjusted operating margin, non-GAAP interest expense, non-GAAP effective tax rate, non- GAAP adjusted diluted EPS, net organic sales growth rate and gross and net leverage ratios. The Company believes that these non- GAAP measures, when presented in conjunction with comparable GAAP measures, provide useful information about its operating results and enhance the overall ability to assess the Company's financial performance. Internally, the company uses this non-GAAP information as an indicator of business performance, and evaluates management's effectiveness with specific reference to thes e indicators. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following slides provide reconciliations of non-GAAP financial measures to our reported GAAP financial measures.

NON-GAAP

Note on Continuing Operations

Beginning in the third quarter of 2020, we have reflected our Logistics business as discontinued operations for all periods presented. Our references to net sales, SG&A, income from operations, net income or loss, and per share amounts in this presentation are on a continuing operations basis without Logistics. All prior periods presented have been restated to conform to this presentation .

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COMPILATION OF RECONCILIATIONS FROM PRIOR EARNING RELEASES

1.	Organic Sales Reconciliation	pg. 5
2.	GAAP to Non-GAAP Income from Operations and Non-GAAP	pg. 13
	Adjusted EBITDA and Margin Reconciliation By Segment
3.	Reconciliation of GAAP to Non-GAAP Measures	pg. 16
4.	Debt Leverage Ratios	pg. 26

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ORGANIC SALES RECONCILIATION

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Source: Earnings Release Dated February 18, 2022

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