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Exhibit Number | Description | |||||||
Press Release of Haemonetics Corporation dated February 8, 2022 announcing financial results for the third quarter and nine months ended January 1, 2022. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
HAEMONETICS CORPORATION | ||||||||||||||
Date: February 8, 2022 | By: | /s/ Christopher A. Simon | ||||||||||||
Name: | Christopher A. Simon | |||||||||||||
Title: | President and Chief Executive Officer | |||||||||||||
Exhibit 99.1 | |||||||||||
Investor Contact | Media Contact | ||||||||||
Olga Guyette, Director-Investor Relations | Josh Gitelson, Director-Communications | ||||||||||
(781) 356-9763 | (781) 356-9776 | ||||||||||
olga.guyette@haemonetics.com | josh.gitelson@haemonetics.com |
3rd Quarter 2022 | YTD 2022 | |||||||||||||
n | Revenue, increase | $260 million, 8% | $728 million, 13% | |||||||||||
n | Organic1 revenue (decrease)/increase | (0.8%) | 3% | |||||||||||
n | Earnings per diluted share | $0.45 | $0.65 | |||||||||||
n | Adjusted earnings per diluted share | $0.84 | $1.93 | |||||||||||
n | Cash flow from operating activities | $62 million | $104 million | |||||||||||
n | Free cash flow before restructuring & restructuring related costs | $45 million | $76 million | |||||||||||
1 Excludes the impact of currency fluctuation, strategic exits of product lines, acquisitions and divestitures. |
($ millions) | 3rd Quarter 2022 Reported | |||||||
Plasma | $96.5 | (5.4%) | ||||||
Hospital | $82.3 | 56.3% | ||||||
Blood Center | $75.7 | (6.5%) | ||||||
Net business unit revenue | $254.5 | 8.0% | ||||||
Service | $5.3 | 9.8% | ||||||
Total net revenue | $259.8 | 8.1% |
3rd Quarter 2022 Organic | |||||
Plasma | (2.0%) | ||||
Hospital | 10.5% | ||||
Blood Center | (7.3%) | ||||
Net business unit revenue | (1.0%) | ||||
Service | 9.3% | ||||
Total net revenue | (0.8%) |
Previous Organic1 Guidance | Current Organic1 Guidance | ||||||||||
Total revenue | 7 - 10% | 5 - 7% | |||||||||
Plasma revenue | 10 - 20% | 8 - 10% | |||||||||
Hospital revenue | 15 - 20% | 16 - 18% | |||||||||
Blood Center revenue | (3 - 5%) | (3 - 5%) | |||||||||
1Excludes the impact of currency fluctuation, strategic exits of product lines, acquisitions and divestitures and the impact of the 53rd week in fiscal 2021. Reconciliations of reported to organic revenue are provided in the schedules accompanying this release and in the analytical tables referenced below. |
Previous Guidance | Current Guidance | ||||||||||
Adjusted operating margin | 18 - 19% | 18 - 19% | |||||||||
Adjusted earnings per diluted share | $2.40 - $2.65 | $2.45 - $2.55 | |||||||||
Free cash flow, before restructuring & restructuring related costs | $115M - $135M | $110M - $120M |
Haemonetics Corporation Financial Summary | ||||||||||||||||||||
Condensed Consolidated Statements of Income for the Third Quarter of FY22 and FY21 | ||||||||||||||||||||
(Data in thousands, except per share data) | ||||||||||||||||||||
1/1/2022 | 12/26/2020 | % Inc/(Dec) | ||||||||||||||||||
vs Prior Year | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Net revenues | $ | 259,769 | $ | 240,371 | 8.1% | |||||||||||||||
Gross profit | 138,565 | 120,257 | 15.2% | |||||||||||||||||
R&D | 10,037 | 7,501 | 33.8% | |||||||||||||||||
S,G&A | 80,726 | 65,641 | 23.0% | |||||||||||||||||
Amortization of intangible assets | 12,151 | 7,805 | 55.7% | |||||||||||||||||
Gain on divestitures and sale of assets | — | (1,115) | n/m | |||||||||||||||||
Operating expenses | 102,914 | 79,832 | 28.9% | |||||||||||||||||
Operating income | 35,651 | 40,425 | (11.8)% | |||||||||||||||||
Interest and other expense, net | (4,263) | (3,051) | 39.7% | |||||||||||||||||
Income before taxes | 31,388 | 37,374 | (16.0)% | |||||||||||||||||
Tax expense | 8,156 | 5,492 | 48.5% | |||||||||||||||||
Net income | $ | 23,232 | $ | 31,882 | (27.1)% | |||||||||||||||
Net income per common share assuming dilution | $ | 0.45 | $ | 0.62 | (27.4)% | |||||||||||||||
Weighted average number of shares: | ||||||||||||||||||||
Basic | 51,094 | 50,789 | ||||||||||||||||||
Diluted | 51,344 | 51,363 | ||||||||||||||||||
Profit Margins: | Inc/(Dec) vs prior year profit margin % | |||||||||||||||||||
Gross profit | 53.3 | % | 50.0 | % | 3.3% | |||||||||||||||
R&D | 3.9 | % | 3.1 | % | 0.8% | |||||||||||||||
S,G&A | 31.1 | % | 27.3 | % | 3.8% | |||||||||||||||
Operating income | 13.7 | % | 16.8 | % | (3.1)% | |||||||||||||||
Income before taxes | 12.1 | % | 15.5 | % | (3.4)% | |||||||||||||||
Net income | 8.9 | % | 13.3 | % | (4.4)% |
Haemonetics Corporation Financial Summary | ||||||||||||||||||||
Condensed Consolidated Statements of Income for the Year-to-Date FY22 and FY21 | ||||||||||||||||||||
(Data in thousands, except per share data) | ||||||||||||||||||||
1/1/2022 | 12/26/2020 | % Inc/(Dec) | ||||||||||||||||||
vs Prior Year | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Net revenues | $ | 728,194 | $ | 645,434 | 12.8% | |||||||||||||||
Gross profit | 369,191 | 316,031 | 16.8% | |||||||||||||||||
R&D | 33,591 | 22,014 | 52.6% | |||||||||||||||||
S,G&A | 247,722 | 191,504 | 29.4% | |||||||||||||||||
Amortization of intangible assets | 35,930 | 24,204 | 48.4% | |||||||||||||||||
Gain on divestitures and sale of assets | (9,603) | (32,613) | (70.6)% | |||||||||||||||||
Operating expenses | 307,640 | 205,109 | 50.0% | |||||||||||||||||
Operating income | 61,551 | 110,922 | (44.5)% | |||||||||||||||||
Interest and other expense, net | (13,249) | (10,612) | 24.8% | |||||||||||||||||
Income before taxes | 48,302 | 100,310 | (51.8)% | |||||||||||||||||
Tax expense | 14,668 | 9,800 | 49.7% | |||||||||||||||||
Net income | $ | 33,634 | $ | 90,510 | (62.8)% | |||||||||||||||
Net income per common share assuming dilution | $ | 0.65 | $ | 1.77 | (63.3)% | |||||||||||||||
Weighted average number of shares: | ||||||||||||||||||||
Basic | 51,024 | 50,634 | ||||||||||||||||||
Diluted | 51,356 | 51,234 | ||||||||||||||||||
Profit Margins: | Inc/(Dec) vs prior year profit margin % | |||||||||||||||||||
Gross profit | 50.7 | % | 49.0 | % | 1.7% | |||||||||||||||
R&D | 4.6 | % | 3.4 | % | 1.2% | |||||||||||||||
S,G&A | 34.0 | % | 29.7 | % | 4.3% | |||||||||||||||
Operating income | 8.5 | % | 17.2 | % | (8.7)% | |||||||||||||||
Income before taxes | 6.6 | % | 15.5 | % | (8.9)% | |||||||||||||||
Net income | 4.6 | % | 14.0 | % | (9.4)% |
Revenue Analysis for the Third Quarter of FY22 and FY21 | ||||||||||||||||||||||||||||||||||||||||||||
(Data in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
1/1/2022 | 12/26/2020 | Reported growth | Currency impact | Acquisition and Divestitures(1) | Other Strategic Exits(2) | Organic growth | ||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues by business unit | ||||||||||||||||||||||||||||||||||||||||||||
Plasma | $ | 96,460 | $ | 101,934 | (5.4) | % | (0.1) | % | — | % | (3.3) | % | (2.0) | % | ||||||||||||||||||||||||||||||
Blood Center | 75,692 | 80,920 | (6.5) | % | 0.8 | % | — | % | — | % | (7.3) | % | ||||||||||||||||||||||||||||||||
Hospital(3) | 82,273 | 52,651 | 56.3 | % | (0.6) | % | 46.4 | % | — | % | 10.5 | % | ||||||||||||||||||||||||||||||||
Net business unit revenues | $ | 254,425 | $ | 235,505 | 8.0 | % | 0.2 | % | 10.1 | % | (1.3) | % | (1.0) | % | ||||||||||||||||||||||||||||||
Service | 5,344 | 4,866 | 9.8 | % | 0.5 | % | — | % | — | % | 9.3 | % | ||||||||||||||||||||||||||||||||
Total net revenues | $ | 259,769 | $ | 240,371 | 8.1 | % | 0.2 | % | 10.1 | % | (1.4) | % | (0.8) | % | ||||||||||||||||||||||||||||||
(1) Reflects the impact in Hospital related to the acquisition of Vascular Closure from Cardiva Medical Inc. (2) Reflects adjustments to both fiscal 2022 and 2021 Plasma revenue due to certain strategic exits within the liquid solutions business. (3) Hospital revenue includes Hemostasis Management revenue of $33.5 million and $28.5 million for the three months ended January 1, 2022 and December 26, 2020, respectively. Hemostasis Management revenue increased 17.5% in the third quarter of fiscal 2022 as compared with the same period of fiscal 2021. Hemostasis Management revenue increased 18.4%, on an organic basis, in the third quarter of fiscal 2022 as compared with the same period of fiscal 2021. Hospital revenue also includes Vascular Closure revenue of $24.3 million for the three months ended January 1, 2022. Vascular Closure revenue is excluded on an organic growth basis. |
Revenue Analysis for the Year-to-Date FY22 and FY21 | ||||||||||||||||||||||||||||||||||||||||||||
(Data in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
1/1/2022 | 12/26/2020 | Reported growth | Currency impact | Acquisition and Divestitures(1) | Other Strategic Exits(2) | Organic growth | ||||||||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues by business unit | ||||||||||||||||||||||||||||||||||||||||||||
Plasma | $ | 250,244 | $ | 248,553 | 0.7 | % | 0.3 | % | — | % | (2.7) | % | 3.1 | % | ||||||||||||||||||||||||||||||
Blood Center | 225,379 | 233,622 | (3.5) | % | 2.0 | % | (1.5) | % | — | % | (4.0) | % | ||||||||||||||||||||||||||||||||
Hospital(3) | 237,074 | 148,468 | 59.7 | % | 1.5 | % | 42.9 | % | — | % | 15.3 | % | ||||||||||||||||||||||||||||||||
Net business unit revenues | $ | 712,697 | $ | 630,643 | 13.0 | % | 1.2 | % | 9.3 | % | (0.8) | % | 3.3 | % | ||||||||||||||||||||||||||||||
Service | 15,497 | 14,791 | 4.8 | % | 3.1 | % | — | % | — | % | 1.7 | % | ||||||||||||||||||||||||||||||||
Total net revenues | $ | 728,194 | $ | 645,434 | 12.8 | % | 1.2 | % | 9.3 | % | (1.0) | % | 3.3 | % | ||||||||||||||||||||||||||||||
(1) Reflects the impacts in Blood Center of (1.0%) and (0.5%) related to the divestitures of the Company’s U.S. blood donor management software solutions assets and of Inlog, respectively. Also reflects the impacts in Hospital of 44.5% related to the acquisition of Vascular Closure from Cardiva Medical Inc. and of (1.6%) related to the divestiture of InLog. (2) Reflects adjustments to both fiscal 2022 and 2021 Plasma revenue due to certain strategic exits within the liquid solutions business. (3) Hospital revenue includes Hemostasis Management revenue of $97.2 million and $78.5 million for the nine months ended January 1, 2022 and December 26, 2020, respectively. Hemostasis Management revenue increased 23.8% in the first nine months of fiscal 2022 as compared with the same period of fiscal 2021. Hemostasis Management revenue increased 23.2%, on an organic basis, in the first nine months of fiscal 2022 as compared with the same period of fiscal 2021. Hospital revenue also includes Vascular Closure revenue of $66.8 million for the nine months ended January 1, 2022. Vascular Closure revenue is excluded on an organic growth basis. |
Condensed Consolidated Balance Sheets | |||||||||||||||||
(Data in thousands) | |||||||||||||||||
As of | |||||||||||||||||
1/1/2022 | 4/3/2021 | ||||||||||||||||
(unaudited) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 236,877 | $ | 192,305 | |||||||||||||
Accounts receivable, net | 154,980 | 127,555 | |||||||||||||||
Inventories, net | 305,741 | 322,614 | |||||||||||||||
Other current assets | 31,857 | 51,072 | |||||||||||||||
Total current assets | 729,455 | 693,546 | |||||||||||||||
Property, plant & equipment, net | 238,841 | 217,559 | |||||||||||||||
Intangible assets, net | 323,951 | 365,483 | |||||||||||||||
Goodwill | 468,199 | 466,444 | |||||||||||||||
Other assets | 70,930 | 76,891 | |||||||||||||||
Total assets | $ | 1,831,376 | $ | 1,819,923 | |||||||||||||
Liabilities & Stockholders' Equity | |||||||||||||||||
Short-term debt & current maturities | $ | 144,064 | $ | 17,016 | |||||||||||||
Other current liabilities | 211,347 | 236,479 | |||||||||||||||
Total current liabilities | 355,411 | 253,495 | |||||||||||||||
Long-term debt | 633,118 | 690,592 | |||||||||||||||
Other long-term liabilities | 112,072 | 144,166 | |||||||||||||||
Stockholders' equity | 730,775 | 731,670 | |||||||||||||||
Total liabilities & stockholders' equity | $ | 1,831,376 | $ | 1,819,923 |
Condensed Consolidated Statements of Cash Flows | |||||||||||
(Data in thousands) | |||||||||||
Nine Months Ended | |||||||||||
1/1/2022 | 12/26/2020 | ||||||||||
(unaudited) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 33,634 | $ | 90,510 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 72,934 | 62,377 | |||||||||
Contingent consideration expense | 10,272 | — | |||||||||
Share-based compensation expense | 19,262 | 18,406 | |||||||||
Amortization of fair value inventory step-up | 5,295 | — | |||||||||
Impairment of assets | 5,144 | 1,028 | |||||||||
Amortization of deferred finance costs | 2,608 | 425 | |||||||||
Deferred tax benefit | 1,999 | (3,953) | |||||||||
Provision for losses on inventory | (280) | 3,779 | |||||||||
Gains on divestitures and sale of assets | (9,603) | (32,613) | |||||||||
Change in other non-cash operating activities | 1,103 | 89 | |||||||||
Change in accounts receivable, net | (28,736) | 18,588 | |||||||||
Change in inventories, net | 11,589 | (33,728) | |||||||||
Change in other working capital | (21,008) | (17,650) | |||||||||
Net cash provided by operating activities | 104,213 | 107,258 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (61,394) | (25,408) | |||||||||
Acquisition | (2,500) | (16,606) | |||||||||
Proceeds from divestitures | 10,642 | 44,587 | |||||||||
Proceeds from sale of property, plant and equipment | 1,419 | 1,085 | |||||||||
Net cash (used in) provided by investing activities | (51,833) | 3,658 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Borrowings, net of repayments | (13,125) | (73,125) | |||||||||
Proceeds from employee stock programs | 6,133 | 7,850 | |||||||||
Other | 8 | (32) | |||||||||
Net cash used in financing activities | (6,984) | (65,307) | |||||||||
Effect of exchange rates on cash and cash equivalents | (824) | 6,082 | |||||||||
Net Change in Cash and Cash Equivalents | 44,572 | 51,691 | |||||||||
Cash and Cash Equivalents at Beginning of the Period | 192,305 | 137,311 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 236,877 | $ | 189,002 | |||||||
Free Cash Flow Reconciliation: | |||||||||||
Cash provided by operating activities | $ | 104,213 | $ | 107,258 | |||||||
Capital expenditures, net of proceeds from sale of property, plant and equipment | (59,975) | (24,323) | |||||||||
Free cash flow after restructuring and restructuring related costs | 44,238 | 82,935 | |||||||||
Restructuring and restructuring related costs | 39,956 | 20,596 | |||||||||
Tax benefit on restructuring and restructuring related costs | (8,353) | (4,424) | |||||||||
Free cash flow before restructuring and restructuring related costs | $ | 75,841 | $ | 99,107 |
Reconciliation of Adjusted Measures for the Third Quarter of FY22 and FY21 | |||||||||||
(Data in thousands except per share data) | |||||||||||
Three Months Ended | |||||||||||
1/1/2022 | 12/26/2020 | ||||||||||
(unaudited) | |||||||||||
GAAP gross profit | $ | 138,565 | $ | 120,257 | |||||||
Restructuring and restructuring related costs | 3,226 | 2,355 | |||||||||
Impairment of assets and PCS2 related charges | 832 | 952 | |||||||||
Adjusted gross profit | $ | 142,623 | $ | 123,564 | |||||||
GAAP operating expenses | $ | 102,914 | $ | 79,832 | |||||||
Deal amortization | (12,151) | (7,805) | |||||||||
Integration and transaction costs | (1,860) | — | |||||||||
MDR and IVDR costs(1) | (2,453) | (1,207) | |||||||||
Restructuring and restructuring related costs | (2,456) | (788) | |||||||||
Litigation-related charges | (138) | — | |||||||||
Impairment of assets and PCS2 related charges | (65) | (194) | |||||||||
Gain on divestitures and sale of assets | — | 1,115 | |||||||||
Adjusted operating expenses | $ | 83,791 | $ | 70,953 | |||||||
GAAP operating income | $ | 35,651 | $ | 40,425 | |||||||
Deal amortization | 12,151 | 7,805 | |||||||||
Integration and transaction costs | 1,860 | — | |||||||||
Restructuring and restructuring related costs | 5,682 | 3,143 | |||||||||
Impairment of assets and PCS2 related charges | 897 | 1,146 | |||||||||
MDR and IVDR costs(1) | 2,453 | 1,207 | |||||||||
Litigation-related charges | 138 | — | |||||||||
Gain on divestitures and sale of assets | — | (1,115) | |||||||||
Adjusted operating income | $ | 58,832 | $ | 52,611 | |||||||
GAAP net income | $ | 23,232 | $ | 31,882 | |||||||
Deal amortization | 12,151 | 7,805 | |||||||||
Integration and transaction costs | 1,860 | — | |||||||||
Restructuring and restructuring related costs | 5,682 | 3,143 | |||||||||
Impairment of assets and PCS2 related charges | 897 | 1,146 | |||||||||
MDR and IVDR costs(1) | 2,453 | 1,207 | |||||||||
Litigation-related charges | 138 | — | |||||||||
Gain on divestitures and sale of assets | — | (1,115) | |||||||||
Tax impact associated with adjustments | (3,512) | (2,623) | |||||||||
Adjusted net income | $ | 42,901 | $ | 41,445 | |||||||
GAAP net income per common share | $ | 0.45 | $ | 0.62 | |||||||
Adjusted items after tax per common share assuming dilution | 0.39 | 0.19 | |||||||||
Adjusted net income per common share assuming dilution | $ | 0.84 | $ | 0.81 | |||||||
(1)Refers to European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”) related costs. |
Reconciliation of Adjusted Measures for Year-to-Date FY22 and FY21 | |||||||||||
(Data in thousands except per share data) | |||||||||||
Nine Months Ended | |||||||||||
1/1/2022 | 12/26/2020 | ||||||||||
(unaudited) | |||||||||||
GAAP gross profit | $ | 369,191 | $ | 316,031 | |||||||
Restructuring and restructuring related costs | 14,738 | 6,839 | |||||||||
Integration and transaction costs | 5,295 | 90 | |||||||||
Impairment of assets and PCS2 related charges | 4,547 | 2,184 | |||||||||
Adjusted gross profit | $ | 393,771 | $ | 325,144 | |||||||
GAAP operating expenses | $ | 307,640 | $ | 205,109 | |||||||
Deal amortization | (35,930) | (24,204) | |||||||||
Integration and transaction costs | (13,923) | (2,973) | |||||||||
MDR and IVDR costs(1) | (7,171) | (2,696) | |||||||||
Restructuring and restructuring related costs | (5,512) | (4,744) | |||||||||
Litigation-related charges | (1,221) | — | |||||||||
Impairment of assets and PCS2 related charges | (243) | (2,044) | |||||||||
Gain on divestitures and sale of assets | 9,603 | 32,613 | |||||||||
Adjusted operating expenses | $ | 253,243 | $ | 201,061 | |||||||
GAAP operating income | $ | 61,551 | $ | 110,922 | |||||||
Deal amortization | 35,930 | 24,204 | |||||||||
Integration and transaction costs | 19,218 | 3,063 | |||||||||
Restructuring and restructuring related costs | 20,250 | 11,583 | |||||||||
Impairment of assets and PCS2 related charges | 4,790 | 4,228 | |||||||||
MDR and IVDR costs(1) | 7,171 | 2,696 | |||||||||
Litigation-related charges | 1,221 | — | |||||||||
Gain on divestitures and sale of assets | (9,603) | (32,613) | |||||||||
Adjusted operating income | $ | 140,528 | $ | 124,083 | |||||||
GAAP net income | $ | 33,634 | $ | 90,510 | |||||||
Deal amortization | 35,930 | 24,204 | |||||||||
Integration and transaction costs | 19,218 | 3,063 | |||||||||
Restructuring and restructuring related costs | 20,250 | 11,583 | |||||||||
Impairment of assets and PCS2 related charges | 4,790 | 4,228 | |||||||||
MDR and IVDR costs(1) | 7,171 | 2,696 | |||||||||
Litigation-related charges | 1,221 | — | |||||||||
Gain on divestitures and sale of assets | (9,603) | (32,613) | |||||||||
Tax impact associated with adjustments | (13,578) | (6,864) | |||||||||
Adjusted net income | $ | 99,033 | $ | 96,807 | |||||||
GAAP net income per common share | $ | 0.65 | $ | 1.77 | |||||||
Adjusted items after tax per common share assuming dilution | 1.28 | 0.12 | |||||||||
Adjusted net income per common share assuming dilution | $ | 1.93 | $ | 1.89 | |||||||
(1)Refers to European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”) related costs. |
Projected Fiscal 2022 GAAP and Organic Revenue Growth Rates | |||||
FY 2022 | |||||
GAAP Revenue Growth | 12 - 14% | ||||
Currency impact | (1%) | ||||
Acquisitions and divestitures(1) | (9%) | ||||
Other strategic exits(2) | 1% | ||||
53rd week(3) | 2% | ||||
Organic Revenue Growth | 5 - 7% | ||||
(1) Reflects adjustment to fiscal 2021 revenue as a result of the divestiture of the Company’s U.S. blood donor management software solutions assets and Inlog Holdings France SAS, as well as an adjustment to fiscal 2022 revenue related to the acquisition of Cardiva Medical, Inc. (2) Reflects adjustments to Plasma revenue due to certain strategic exits within the liquid solutions business. (3) Reflects adjustment to fiscal 2021 revenue for the impact of the 53rd week. |