ENVISTA HOLDINGS CORP Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with other information, including our
Condensed Consolidated Financial Statements and related notes included in Part
I, Item 1, Financial Information, of this Quarterly Report on Form 10-Q, our
consolidated and combined financial statements appearing in our Annual Report on
Form 10-K for the year ended December 31, 2021 (the "2021 10-K"), and Part II,
Item 1A, Risk Factors, of this Quarterly Report on Form 10-Q. Unless the context
otherwise requires, all references herein to the "Company," "we," "us" or "our,"
or similar terms, refer to Envista Holdings Corporation and its consolidated
subsidiaries.

Certain statements included or incorporated by reference in this Quarterly
Report are "forward-looking statements" within the meaning of the U.S. federal
securities laws. All statements other than historical factual information are
forward-looking statements, including without limitation statements regarding:
the potential impacts of the COVID-19 pandemic on our business, financial
condition, and results of operations; projections of revenue, expenses, profit,
profit margins, tax rates, tax provisions, cash flows, pension and benefit
obligations and funding requirements, our liquidity position or other projected
financial measures; management's plans and strategies for future operations,
including statements relating to anticipated operating performance, cost
reductions, restructuring activities, new product and service developments,
competitive strengths or market position, acquisitions and the integration
thereof, divestitures, spin-offs, split-offs or other distributions, strategic
opportunities, securities offerings, stock repurchases, dividends and executive
compensation; growth, declines and other trends in markets we sell into; future
regulatory approvals and the timing thereof; outstanding claims, legal
proceedings, tax audits and assessments and other contingent liabilities; future
foreign currency exchange rates and fluctuations in those rates; the anticipated
timing of any of the foregoing; assumptions underlying any of the foregoing; and
any other statements that address events or developments that Envista intends or
believes will or may occur in the future. Terminology such as "believe,"
"anticipate," "should," "could," "intend," "will," "plan," "expect," "estimate,"
"project," "target," "may," "possible," "potential," "forecast" and "positioned"
and similar references to future periods are intended to identify
forward-looking statements, although not all forward-looking statements are
accompanied by such words. Forward-looking statements are based on assumptions
and assessments made by our management in light of their experience and
perceptions of historical trends, current conditions, expected future
developments and other factors they believe to be appropriate. These
forward-looking statements are subject to a number of risks and uncertainties,
including but not limited to, the following: the impact of the COVID-19
pandemic, including new variants of the virus, the pace of recovery in the
markets in which we operate, global supply chain disruptions and potential
staffing shortages, the conditions in the U.S. and global economy, the markets
served by us and the financial markets, the impact of our debt obligations on
our operations and liquidity, developments and uncertainties in trade policies
and regulations, contractions or growth rates and cyclicality of markets we
serve, fluctuations in inventory of our distributors and customers, loss of a
key distributor, our relationships with and the performance of our channel
partners, competition, our ability to develop and successfully market new
products and services, the potential for improper conduct by our employees,
agents or business partners, our compliance with applicable laws and regulations
(including regulations relating to medical devices and the health care
industry), the results of our clinical trials and perceptions thereof, penalties
associated with any off-label marketing of our products, modifications to our
products that require new marketing clearances or authorizations, our ability to
effectively address cost reductions and other changes in the health care
industry, our ability to successfully identify and consummate appropriate
acquisitions and strategic investments, our ability to integrate the businesses
we acquire and achieve the anticipated benefits of such acquisitions, contingent
liabilities relating to acquisitions, investments and divestitures, security
breaches or other disruptions of our information technology systems or
violations of data privacy laws, our ability to adequately protect our
intellectual property, the impact of our restructuring activities on our ability
to grow, risks relating to currency exchange rates, changes in tax laws
applicable to multinational companies, litigation and other contingent
liabilities including intellectual property and environmental, health and safety
matters, risks relating to product, service or software defects, risks relating
to product manufacturing, commodity costs and surcharges, our ability to adjust
purchases and manufacturing capacity to reflect market conditions, reliance on
sole or limited sources of supply, the impact of regulation on demand for our
products and services, labor matters, international economic, political, legal,
compliance and business factors and disruptions relating to war, terrorism,
climate change, widespread protests and civil unrest, man-made and natural
disasters, public health issues and other events, and other risks and
uncertainties set forth under "Item 1A. Risk Factors" in the 2021 10-K and this
Quarterly Report on Form 10-Q.

Forward-looking statements are not guarantees of future performance and actual
results may differ materially from the results, developments and business
decisions contemplated by our forward-looking statements. Accordingly, you
should not place undue reliance on any such forward-looking statements.
Forward-looking statements contained herein speak only as of the date of this
Quarterly Report. Except to the extent required by applicable law, we do not
assume any obligation to update or revise any forward-looking statement, whether
as a result of new information, future events and developments or otherwise.

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BASIS OF PRESENTATION

The accompanying Condensed Consolidated Financial Statements present our historical financial position, results of operations, changes in stockholders’ equity and cash flows in accordance with GAAP.

Sale of the KaVo Treatment Unit and Instrument Business


On December 31, 2021, we completed the Divestiture to Planmeca, pursuant to the
Purchase Agreement among us, Planmeca, and Planmeca Oy, as guarantor. In
accordance with the terms of the Purchase Agreement, we received cash
consideration of $317.3 million upon closing, which remains subject to certain
adjustments. We received the earnout payment of $30.0 million in the first
quarter of 2022. We also recognized a gain of $4.6 million on the Divestiture
during the three months ended April 1, 2022 due primarily to the recognition of
certain purchase price adjustments.

The Divestiture was part of our strategy to structurally improve our long-term
margins and represents a strategic shift with a major effect on our operations
and financial results as described in ASC 205-20. The sale met the criteria to
be accounted for as a discontinued operation. Accordingly, we have applied
discontinued operations treatment for the Divestiture as required by ASC 205-20.
In accordance with ASC 205-20, we reclassified the Divestiture to assets and
liabilities held for sale on our Condensed Consolidated Balance Sheets as of
April 1, 2022 and December 31, 2021 and reclassified the financial results of
the Divestiture in our Condensed Consolidated Statements of Income for all
periods presented. Our Condensed Consolidated Statements of Cash Flows for the
three months ended April 1, 2022 and April 2, 2021 include the financial results
of the KaVo Treatment Unit and Instrument Business. We also revised our
discussion and presentation of operating and financial results to be reflective
of our continuing operations as required by ASC 205-20. All segment information
and descriptions exclude the KaVo Treatment Unit and Instrument Business.

With the sale of the KaVo Treatment Unit and Instrument business, we continue to
make significant progress toward our long-term goal of re-calibrating our
product portfolio to higher growth and higher margin segments. The Divestiture
shifts our revenue mix from approximately 50% each for the Specialty Products &
Technology and Equipment & Consumables segments to approximately 60% for the
Specialty Products & Technology segment and approximately 40% for the Equipment
& Consumables segment. The Specialty Products & Technology segment is a higher
growth and higher margin business than the Equipment & Consumables segment. The
Divestiture is a strategic shift that will allow us to focus more on higher
value and higher margin consumables, imaging, and digital workflow solutions.

OVERVIEW

General

We provide products that are used to diagnose, treat and prevent disease and
ailments of the teeth, gums and supporting bone, as well as to improve the
aesthetics of the human smile. With leading brand names, innovative technology
and significant market positions, we are a leading worldwide provider of a broad
range of dental implants, orthodontic appliances, general dental consumables,
equipment and services, and are dedicated to driving technological innovations
that help dental professionals improve clinical outcomes and enhance
productivity. Our research and development, manufacturing, sales, distribution,
service and administrative facilities are located in more than 30 countries
across North America, Asia, Europe, the Middle East and Latin America.

We operate in two business segments: Specialty Products & Technologies and
Equipment & Consumables. Our Specialty Products & Technologies segment develops,
manufactures and markets dental implant systems, dental prosthetics and
associated treatment software and technologies, as well as orthodontic bracket
systems, aligners and lab products. Our Equipment & Consumables segment
develops, manufactures and markets dental equipment and supplies used in dental
offices, including digital imaging systems, software and other
visualization/magnification systems; endodontic systems and related consumables;
and restorative materials and instruments, rotary burs, impression materials,
bonding agents and cements and infection prevention products.

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For the three months ended April 1, 2022, sales derived from customers outside
of the United States were 51.2%, compared to the three months ended April 2,
2021 of 50.5%. As a global provider of dental consumables, equipment and
services, our operations are affected by worldwide, regional and
industry-specific economic and political factors. Given the broad range of
dental products, software and services provided and geographies served, we do
not use any indices other than general economic trends to predict our overall
outlook. Our individual businesses monitor key competitors and customers,
including to the extent possible their sales, to gauge relative performance and
the outlook for the future.

As a result of our geographic and product line diversity, we face a variety of
opportunities and challenges, including rapid technological development in most
of our served markets, the expansion and evolution of opportunities in emerging
markets, trends and costs associated with a global labor force, consolidation of
our competitors and increasing regulation. We operate in a highly competitive
business environment in most markets, and our long-term growth and profitability
will depend in particular on our ability to expand our business in emerging
geographies and market segments, identify, consummate and integrate appropriate
acquisitions, develop innovative and differentiated new products and services,
expand and improve the effectiveness of our sales force, continue to reduce
costs and improve operating efficiency and quality and effectively address the
demands of an increasingly regulated global environment. We are making
significant investments to address the rapid pace of technological change in our
served markets and to globalize our manufacturing, research and development and
customer-facing resources (particularly in emerging markets and our dental
implant business) in order to be responsive to our customers throughout the
world and improve the efficiency of our operations.

Key Trends and Conditions Affecting Our Results of Operations

There have been no material changes to the key trends and conditions affecting our results of operations that were disclosed in our 2021 10-K.

COVID-19


The extent of the impact of the COVID-19 pandemic on our business is highly
uncertain and difficult to predict because of the dynamic and evolving nature of
the crisis. During the first quarter of 2022, we continued to see positive signs
of recovery in certain markets in which we operate, however, certain markets
continue to be more adversely impacted than others. Late in the first quarter of
2022, the Chinese authorities instituted COVID-19-related lockdowns, shut-downs
and restrictions in certain parts of China, specifically the Shanghai area,
which impacted our operations in China. The extent to which these restrictions
continue and the possible geographical expansion of these restrictions will
depend upon the Chinese authorities' response to the affected regions of China.

The severity of the impact of the COVID-19 pandemic on our business will depend
on a number of factors, including, but not limited to, the scope and duration of
the pandemic, the rise of new variants, the extent and severity of the impact on
our customers, the measures that have been and may be taken to contain the virus
(including its various mutations) and mitigate its impact, U.S. and foreign
government actions to respond to the reduction in global economic activity, our
ability to continue to manufacture and source our products and to find suitable
alternative products at reasonable prices, our ability to continue to ship and
deliver our products in a cost-effective and timely manner, uncertain demand,
staffing shortages, the impact of the pandemic and associated economic downturn
on our ability to access capital if and when needed and how quickly and to what
extent normal economic and operating conditions can continue, all of which are
uncertain and cannot be predicted. Even after the COVID-19 pandemic has
subsided, we may continue to experience materially adverse impacts on our
financial condition and results of operations.

For additional information on the risks of COVID-19 to our business, please refer to the “Item 1A. Risk Factors-Risks Related to COVID-19” section of our 2021 Annual Report on Form 10-K.

Russia-Ukrainian Conflict


Russia's invasion of Ukraine and the global response to this invasion, including
sanctions imposed by the U.S. and other countries, could have an adverse impact
on our business, including our ability to market and sell products in Russia,
impacting our ability to enforce our intellectual property rights in Russia,
creating disruptions in the global supply chain, and potentially having an
adverse impact on the global economy, financial markets, energy markets,
currency rates and otherwise. Russia's invasion of Ukraine did not have a
material impact on our financial position or results of operations as of and for
the three months ended April 1, 2022.

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Foreign Currency Exchange Rates


On a period-over-period basis, currency exchange rates negatively impacted
reported sales by 2.3% for the three months ended April 1, 2022, compared to the
comparable period of 2021, primarily due to the strength of the U.S. dollar
against most major currencies. Any future strengthening of the U.S. dollar
against major currencies would negatively impact our sales and results of
operations for the remainder of the year, and any weakening of the U.S. dollar
against major currencies would positively impact our sales and results of
operations for the remainder of the year.

Envista Business Systems


Throughout this discussion, references to sales volume refer to the impact of
both price and unit sales and references to productivity improvements generally
refer to improved cost-efficiencies resulting from the ongoing application of
Envista Business Systems ("EBS"). We believe our deep-rooted commitment to EBS
helps drive our market leadership and differentiates us in the dental products
industry. EBS encompasses not only lean tools and processes, but also methods
for driving growth, innovation and leadership. Within the EBS framework, we
pursue a number of ongoing strategic initiatives relating to customer insight
generation, product development and commercialization, efficient sourcing, and
improvement in manufacturing and back-office support, all with a focus on
continually improving quality, delivery, cost, growth and innovation.

Non-GAAP Measures

References to the non-GAAP measure of core sales (also referred to as core revenues or sales/revenues from existing businesses) refer to sales calculated according to GAAP, but excluding:

•sales from acquired businesses for one year from the acquisition date;

•sales from discontinued products; and

•the impact of currency translation.


Sales from discontinued products includes major brands or major products that we
have made the decision to discontinue as part of a portfolio restructuring.
Discontinued brands or products consist of those which we (1) are no longer
manufacturing, (2) are no longer investing in the research or development of,
and (3) expect to discontinue all significant sales of within one year from the
decision date. The portion of sales attributable to discontinued brands or
products is calculated as the net decline of the applicable discontinued brand
or product from period-to-period.

The portion of sales attributable to currency translation is calculated as the difference between:

•the period-to-period change in sales; and

•the period-to-period change in sales after applying current period foreign exchange rates to the prior year period.


Core sales growth should be considered in addition to, and not as a replacement
for or superior to, sales, and may not be comparable to similarly titled
measures reported by other companies. We believe that reporting the non-GAAP
financial measure of core sales growth provides useful information to investors
by helping identify underlying growth trends in our on-going business and
facilitating comparisons of our sales performance with our performance in prior
and future periods and to our peers. We also use core sales growth to measure
our operating and financial performance. We exclude sales from discontinued
products because discontinued products do not have a continuing contribution to
operations and management believes that excluding such items provides investors
with a means of evaluating our on-going operations and facilitates comparisons
to our peers. We exclude the effect of currency translation from core sales
because currency translation is not under our control, is subject to volatility
and can obscure underlying business trends.


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RESULTS OF OPERATIONS


All comparisons, variances, increases or decreases discussed below are for the
three months ended April 1, 2022 compared to the three months ended April 2,
2021.

                                                                 Three Months Ended
($ in millions)                                April 1, 2022                April 2, 2021                        % Change
Sales                                         $       631.4    100.0%      $      612.6    100.0%                      3.1  %
Cost of sales                                         257.3    40.8%              254.2    41.5%                       1.2  %
Gross profit                                          374.1    59.2%              358.4    58.5%                       4.4  %
Operating costs:
Selling, general and administrative ("SG&A")
expenses                                              258.2    40.9%              237.5    38.8%                       8.7  %
Research and development ("R&D") expenses              24.4    3.9%                25.8    4.2%                       (5.4) %
Operating profit                                       91.5    14.5%               95.1    15.5%                      (3.8) %
Nonoperating income (expense):
Other income                                            0.3    -%                   0.3    -%                            -  %
Interest expense, net                                  (5.9)   (0.9)%             (18.0)   (2.9)%                    (67.2) %
Income before income taxes                             85.9    13.6%               77.4    12.6%                      11.0  %
Income tax expense                                     15.5    2.5%                15.6    2.5%                       (0.6) %
Income from continuing operations                      70.4    11.1%               61.8    10.1%                      13.9  %
Income from discontinued operations, net of
tax                                                     4.5    0.7%                 9.9    1.6%                      (54.5) %
Net income                                    $        74.9    11.9%       $       71.7    11.7%                       4.5  %

Effective tax rate from continuing operations          18.0  %                     20.2  %


GAAP Reconciliation

Sales and Core Sales Growth

                                                                            % Change Three Month
                                                                            Period Ended April 1,
                                                                             2022 vs. Comparable
                                                                                 2021 Period
Total sales growth (GAAP)                                                                  3.1  %
Plus the impact of:

Currency exchange rates                                                                    2.3  %
Core sales growth (non-GAAP)                                                               5.4  %


Sales and core sales growth for the three months ended April 1, 2022 increased
3.1% and 5.4%, respectively, compared to the comparable period in 2021. Price
positively impacted sales growth by 1.5% on period-over-period basis, while
sales increased by 3.9% due to higher volume. Sales in developed markets
increased primarily due to an increase in North America and Western Europe.
Sales in emerging markets increased primarily due to continued recovery from the
COVID-19 pandemic, partially offset by a decrease in China due to localized
COVID-19 pandemic related lockdowns.


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COST OF SALES AND GROSS PROFIT

                                               Three Months Ended
                 ($ in millions)        April 1, 2022       April 2, 2021
                 Sales                 $       631.4       $      612.6
                 Cost of sales                 257.3              254.2
                 Gross profit          $       374.1       $      358.4
                 Gross profit margin            59.2  %            58.5  %


The increase in cost of sales during the three months ended April 1, 2022, as
compared to the comparable period in 2021, was primarily due to higher sales and
unfavorable impact from foreign exchange rates and inflation, partially offset
by favorable incremental period-over-period savings associated with productivity
improvements.

The increase in gross profit margin during the three months ended April 1, 2022,
as compared to the comparable period in 2021, was primarily due to higher sales
volume, price, product mix and favorable incremental period-over-period savings
associated with productivity improvement actions taken in prior periods,
partially offset by the impact of foreign exchange rates and the impact of
inflation.

OPERATING EXPENSES

                                                            Three Months Ended
    ($ in millions)                                  April 1, 2022       April 2, 2021
    Sales                                           $       631.4       $      612.6
    Selling, general and administrative expenses    $       258.2       $      237.5
    Research and development expenses               $        24.4       $       25.8
    SG&A as a % of sales                                     40.9  %            38.8  %
    R&D as a % of sales                                       3.9  %             4.2  %

The increase in SG&A expenses as a percentage of sales for the three months ended April 1, 2022 As compared to the comparable period of 2021, it was primarily due to higher sales and marketing and compensation related spending, partially offset by higher sales volume.


The decrease in R&D expenses as a percentage of sales for the three months ended
April 1, 2022, as compared to the comparable period of 2021, was primarily due
to an increase in sales.

OPERATING PROFIT

Operating profit margin was 14.5% for the three months ended April 1, 2022, as
compared to an operating profit margin of 15.5% for the comparable period of
2021. The decrease in operating profit margin was primarily due to higher sales
and marketing, compensation spend, unfavorable impact of foreign exchange rates
and inflation; partially offset by higher sales volume and favorable incremental
period-over-period savings associated with productivity improvements.

OTHER INCOME

Net periodic benefit costs included in other income for both the three months ended April 1, 2022 and April 2, 2021 were $0.3 million.

INTEREST COSTS AND FINANCING


Interest costs were $5.9 million and $18.0 million for the three months ended
April 1, 2022 and April 2, 2021, respectively. The decrease in interest expense
for the three months ended April 1, 2022 as compared to the comparable period of
2021 was due to lower interest rates on the outstanding debt as a result of
entering into the amendment to the Credit Agreement and making a $472.0 million
partial repayment of the Euro term loan in February 2021. In addition, we are no
longer incurring accretion expense on the convertible debt discount during the
current year period as a result of adopting ASU 2020-06. Refer to Note 12 for a
further discussion of the convertible debt instrument.
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INCOME TAXES

                                                            Three Months Ended
                                                     April 1, 2022        April 2, 2021
  Effective tax rate from continuing operations               18.0  %            20.2  %



Our effective tax rate from continuing operations of 18.0% for the three months
ended April 1, 2022 was lower than the 20.2% from the comparable period in 2021
primarily due to the Company's geographical mix of earnings and an increase in
net discrete tax benefits.

COMPREHENSIVE INCOME

For the three months ended April 1, 2022, comprehensive income was $16.6 million
as compared to $19.6 million for the comparable period of 2021. The increase for
the three months ended April 1, 2022 was primarily due to net income generated
in the current period, partially offset by higher foreign currency translation
losses.

RESULTS OF OPERATIONS – BUSINESS SEGMENTS

Specialty Products & Technologies


Our Specialty Products & Technologies segment develops, manufactures and markets
dental implant systems, dental prosthetics and associated treatment software and
technologies, as well as orthodontic bracket systems, aligners and lab products.

Specialty Products & Technologies Selected Financial Data

                                                     Three Months Ended
          ($ in millions)                     April 1, 2022       April 2, 2021
          Sales                              $       397.1       $      366.5
          Operating profit                   $        70.3       $       78.4
          Operating profit as a % of sales            17.7  %            21.4  %

Sales and Core Sales Growth

                                                                            % Change Three Month
                                                                            Period Ended April 1,
                                                                             2022 vs. Comparable
                                                                                 2021 Period
Total sales growth (GAAP)                                                                  8.3  %
Plus the impact of:

Currency exchange rates                                                                    2.9  %
Core sales growth (non-GAAP)                                                              11.2  %


Sales

Sales and core sales growth for the three months ended April 1, 2022 increased
8.3% and 11.2%, respectively, compared to the comparable period in 2021. Price
positively impacted sales growth by 1.3% on a period-over-period basis, while
sales increased by 9.9% due to higher volume and product mix as demand improved
for implant systems and orthodontic products. Sales in developed markets
increased primarily due to an increase in North America and Western Europe.
Sales in emerging markets increased primarily due to continued recovery from the
COVID-19 pandemic, partially offset by a decrease in China due to localized
COVID-19 pandemic related lockdowns.

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Operating Profit


Operating profit margin was 17.7% for the three months ended April 1, 2022, as
compared to an operating profit margin of 21.4% for the comparable period of
2021. The decrease in operating profit margin was primarily due to higher sales
and marketing, higher related compensation, unfavorable product mix and
inflation, partially offset by higher sales volume and favorable
period-over-period savings associated with productivity improvements.

EQUIPMENT & CONSUMABLES


Our Equipment & Consumables segment develops, manufactures and markets dental
equipment and supplies used in dental offices, including digital imaging
systems, software and other visualization/magnification systems; endodontic
systems and related consumables; restorative materials and instruments, rotary
burs, impression materials, bonding agents and cements and infection prevention
products.

Equipment & Consumables Selected Financial Data

                                                     Three Months Ended
          ($ in millions)                     April 1, 2022       April 2, 2021
          Sales                              $       234.3       $      246.1
          Operating profit                   $        45.5       $       45.0
          Operating profit as a % of sales            19.4  %            18.3  %

Sales and Core Sales Growth

                                                                            % Change Three Month
                                                                            Period Ended April 1,
                                                                             2022 vs. Comparable
                                                                                 2021 Period
Total sales growth (GAAP)                                                                 (4.8) %
Plus the impact of:

Currency exchange rates                                                                    1.5  %
Core sales growth (non-GAAP)                                                              (3.3) %


Sales

Sales and core sales growth for the three months ended April 1, 2022 decreased
4.8% and 3.3%, respectively, compared to the comparable period in 2021. Price
positively impacted sales growth by 1.8% on a period-over-period basis, while
Sales decreased by 5.1% due to lower volume primarily due to lower demand in
infection prevention products, partially offset by higher sales of imaging
products and restorative solutions. Sales in developed markets decreased
primarily due to a decrease in North America partially offset by an increase in
Western Europe. Sales in emerging markets decreased primarily due to a decrease
in China due to localized COVID-19 pandemic related lockdowns.

Operating Profit


Operating profit margin was 19.4% for the three months ended April 1, 2022, as
compared to an operating profit margin of 18.3% for the comparable period of
2021. The increase in operating profit margin was primarily due to favorable
product mix, higher prices and favorable period-over-period savings associated
with restructuring and productivity improvements, partially offset by lower
sales volume, higher compensation spend and inflation.


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LIQUIDITY AND CAPITAL RESOURCES


We assess our liquidity in terms of our ability to generate cash to fund our
operating and investing activities. We continue to generate substantial cash
from operating activities and believe that our operating cash flow and other
sources of liquidity are sufficient to allow us to manage our capital structure
on a short-term and long-term basis and continue investing in existing
businesses and consummating strategic acquisitions. For the three months ended
April 2, 2021, balances represent activity for the entire Divestiture, while
balances for the three month ended April 1, 2022, represent activity for the
remaining Relevant Jurisdictions.

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