FY21 Q3: Tremendous Results Support Continued Progress on Commitment to Financial Discipline

In Q3, we achieved another quarter of exceptional results. In addition to the strength of our brand portfolio and the health of our categories, we realized key progress on our commitment to financial discipline.

Here are a few thoughts on how these results support our financial strategy.

• Strengthening our Balance Sheet: Our net debt repayments in the quarter totaled $314 million. This supports our commitment to a balanced deployment model as we evaluate strategic uses of cash for future growth and shareholder value creation.
• Returning Capital to Shareholders: We returned $600 million to shareholders through cash dividends and repurchases of approximately 4% of our common shares outstanding.
• Providing Updated Expectations: The continued impacts of the pandemic and changes in consumer behavior create uncertainty in our outlook. However, it is important we provide clarity on our performance expectations, and we have increased our full-year guidance. While I have noted the external impacts, we are confident in delivering our targets based on the continued strength of our performance and how we have been able to successfully address the evolving environment.

Our FY21 Q3 results reflect the powerful combination of supporting the continued growth of our brand portfolio while delivering on our commitment to financial discipline. Maintaining this progress will be critical to our performance in Q4 and as we look ahead to FY22.