Slides
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Paul Keel, CEO Q3 2026 Results November 4, 2026
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Forward looking statements/Non-GAAP financial measures Third Quarter 2026 Earnings 2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expectations of management. 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 risk factors described in our filings with the Securities and Exchange Commission, which include those in the most recent Form 10-K for FY 2025 and subsequent filings. 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 presentation. 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. NON-GAAP FINANCIAL MEASURES All "Adjusted" amounts including core sales growth and free cash flow are non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these non-GAAP measures are included in the Appendix to this presentation. We do not reconcile forward looking non- GAAP measures to the comparable GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions, discontinued products, and any other potential adjustments which would be reflected in any forecasted GAAP measure.
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3 Agenda Paul Keel Opening Thoughts Eric Hammes Q3 Financials Paul Keel Closing Thoughts Q&A Third Quarter 2026 Earnings
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Q3 2026 Summary No material change in global dental market in Q3 versus H1’26 2.7% Core Growth: positive across both reporting segments and all major geographies, ex China (VBP) Margin expansion: Adjusted gross margins +20 bps and adjusted EBITDA margins +80 bps Strong profit growth: Adjusted EBITDA +9%, adjusted EPS +25% Strong free cash flow conversion; ~400k shares repurchased; Net Debt to aEBITDA of ~.6X Third Quarter 2026 EarningsCore growth, adj. gross margin, adj. EBITDA, adj. EPS and free cash are non- GAAP measures. See appendix for reconciliation. Raising FY26 earnings guidance: Core Growth: 3.75 – 4.25%, aEBITDA growth: 12.5 – 14%, aEPS: $1.54 – 1.58 4
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Q3 Strategic and Operational Highlights 5 Core growth, adj. EBITDA and adj. EPS are non-GAAP measures. See appendix for reconciliation. • Core growth of 2.7% supported by continued new product momentum • Equipment & Consumables core growth 4.1%; Consumables up LSD, Diagnostics up MSD • Specialty Products and Technologies core growth 2.0%, Spark up HSD and Implants up MSD • Emerging Markets ex China +HSD, W. Europe + MSD, North America +LSD, China –DD GrowthOperationsPeople • Published 2025 Sustainability Report • Opened new European Design Center for Spark • Hosted more than 40 kaizen events across the organization • Envista Smile Project continues to make lasting positive impact in our communities • Ongoing broad-based contributions from EBS • Adj. Gross Margins +20 bps supported by productivity, procurement, and pricing initiatives • Adj. EBITDA Margin +80 bps supported by gross margin expansion and SG&A productivity • Continued tax planning contributed to adj. EPS growth Third Quarter 2026 Earnings
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Notable New Product Launches in Q3 2026 6 • Improved visibility of canal anatomy and case complexity • AI-assisted mapping of canal segmentation and measurements • Faster case assessment and planning • Better patient communication with intuitive, color-coded 3D visualizations • Significantly reduced size and weight vs. older HDL prism models • Crisp edge-to-edge resolution • Supports steeper declination angles improving neck posture and comfort • Available in three magnifications • Enhanced image quality with improved signal-to-noise and enhanced filtration • Up to a full week of battery life between charges • Drop-resistant design with upgraded protective shell • 10x less rear-directed radiation* AI-Assisted Endo Module for DTX Studio Clinic NOMAD Pro 3 Third Quarter 2026 Earnings Orascoptic Ultra HDL * Compared to the leading competitor. Testing performed with identical exposure times in consistent measurement locations.
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Q3 2026 | Financial Metrics 7 Q3 2026 Q3 2025 vPY Revenue $ 691M $670M +$21M Core Sales Growth(%) 2.7% 9.4% -670 bps Adjusted Gross Margin 56.3% 56.1% +20 bps Adjusted EBITDA $106M $97M +$9M Adjusted EBITDA% 15.3% 14.5% +80 bps Adjusted Diluted EPS $0.40 $0.32 +$0.08 Free Cash Flow $63M $68M -$5M Summary • 2.7% Core Growth o Growth in all major businesses and geographies, ex B&W and China (VBP) o MSD growth in Developed Markets; HSD growth in Emerging Markets (ex China) • Adj EBITDA growth 9%, Margin 15.3% (+80 bps) o Strong volume growth o Price and procurement efforts offset inflationary pressures o Factory and SG&A productivity funded continued investments in growth • $0.40 adjusted EPS, +25% year-on-year • 97% FCF conversion Core Sales Growth, Adj. Gross Margin, Adj. EBITDA, Adj. EBITDA Margin, Adj. EPS and Free Cash Flow are non- GAAP financials measures. See appendix for reconciliations. Third Quarter 2026 Earnings
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Q3 2026 | Reported Revenue 8 Revenue +3.2% Core Growth +2.7% Third Quarter 2026 EarningsCore Growth is a non-GAAP measure. See appendix for reconciliation. $13M $12M $3M Q3 2025 Volume Price Acquisition $0M FX -$7M China Q3 2026 $670M $691M
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Q3 2026 | Adjusted EBITDA 9 Adj. EBITDA is a non-GAAP measure. See appendix for reconciliation. Adj. EBITDA +9% +1.5% -0.0%+0.3% -0.9%14.5% 15.3%Margin Rate $12M $2M $1M Q3 2025 Price Net Productivity Volume $0M FX -$6M Investments Q3 2026 $97M $106M Third Quarter 2026 Earnings -0.1%
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Q3 2026 | Specialty Products & Technologies Core Growth and Adj. Operating Profit are non-GAAP financial measures. See appendix for reconciliation. 10Third Quarter 2026 Earnings • Spark sales grew HSD, especially strong in W. Europe and Emerging Markets • Brackets & Wires down HSD, driven by China VBP • Implants up MSD, with balanced growth globally Growth • Positive price capture in both businesses • Margin impact from China B&W VBP • Continued investment in Commercial and R&D Profit $66.7 $66.7 $443.7 $431.5 Revenue ($M) Adjusted Operating Profit ($M) Q3 2025 Q3 2026 Q3 2025 Q3 2026 15.0% Margin % 15.5% Core Growth % 2.0% 10.6%
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Q3 2026 | Equipment & Consumables 11Core Growth and Adj. Operating Profit are non-GAAP financial measures. See appendix for reconciliation. Third Quarter 2026 Earnings • Consumables up LSD, growth in all major geographies • Diagnostics up MSD, growth across the portfolio Growth • Positive price capture in both businesses • Factory and G&A productivity funded continued R&D and Sales & Marketing investments Profit Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted Operating Profit ($M) Revenue ($M) $55.5 22.4% $47.9 Margin % 20.1% $247.8 Core Growth % 4.1% 7.3% $247.8 $238.4
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Capital Expenditure, net Operating Cash Flow Free Cash Flow $14.4M $77.9M $63.5M Q3 2026 $10.8M $78.7M $67.9M Q3 2025 12Free Cash Flow and Free Cash Flow Conversion are non-GAAP measures. See appendix for reconciliation. • ~400k shares repurchased in Q3 • Net Debt / Adj. EBITDA of ~0.6X Q3 2026 Cash Flow Third Quarter 2026 Earnings
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Adj. EBITDA Growth Core Sales Growth Adj. EPS 13 These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate du e to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture- related gains or charges, discrete tax items and legal contingency provisions. Free Cash Conversion Updating FY 2026 Guidance Prior Updated 12.5% to 14% 3.75% to 4.25% $1.54 to $1.58 ~100% Third Quarter 2026 Earnings 11% to 14% 3.5% to 4.5% $1.50 to $1.55 ~100% moved to high end tightened raised no change
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Closing Thoughts 14 • Global dental market stable; no material change in Q3 versus H1 • Continued broad-based Envista growth across businesses and geographies • Strong operating leverage converting top line growth into even faster earnings growth • Reinvesting a portion of our gains to support continued future success • Again raising 2026 earnings guidance Third Quarter 2026 Earnings
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Q&A 15 1515
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Appendix Non-GAAP Reconciliations 16
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Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) 17Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Gross Profit $ 400.6 $ 370.2 $ 1,197.7 $ 1,076.1 Restructuring costs and asset impairments A 3.9 4.9 14.3 7.1 Fair value adjustment of acquisition-related inventory B 0.6 0.6 1.5 2.0 Tariff refunds C (15.6) — (28.2) — Adjusted Gross Profit $ 389.5 $ 375.7 $ 1,185.3 $ 1,085.2 Gross Margin (Gross Profit / Sales) 57.9 % 55.3 % 56.3 % 54.7 % Adjusted Gross Margin (Adjusted Gross Profit / Sales) 56.3 % 56.1 % 55.7 % 55.1 %
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Reconciliations | Adjusted Operating Profit ($ in Millions) 18Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Consolidated Operating Profit $515.2 $57.5 $658.0 $142.8 Amortization of acquisition-related and other intangible assets 15.0 19.1 51.2 56.9 Restructuring costs and asset impairments A 7.9 8.3 24.2 24.4 Fair value adjustment of acquisition-related inventory B 0.6 0.6 1.5 2.0 Tariff refunds C (15.6) — (28.2) — Litigation settlement D — — — 0.8 Acquisition-related expenses E — 0.1 0.3 0.4 Realized cumulative foreign currency translation gain F (428.1) — (428.1) — Adjusted Operating Profit $95.0 $85.6 $278.9 $227.3 Adjusted Operating Profit as a % of Sales 13.7% 12.8% 13.1% 11.5% Specialty Products & Technologies Operating Profit $54.3 $48.1 $160.9 $131.0 Amortization of acquisition-related and other intangible assets 14.3 15.1 45.2 44.5 Restructuring costs and asset impairments A 3.8 3.5 14.3 7.8 Tariff refunds C (5.7) — (17.9) — Adjusted Operating Profit $66.7 $66.7 $202.5 $183.3 Adjusted Operating Profit as a % of Sales 15.0% 15.5% 14.8% 14.4% Equipment & Consumables Operating Profit $62.3 $41.5 $155.0 $109.5 Amortization of acquisition-related and other intangible assets 0.7 4.0 6.0 12.4 Restructuring costs and asset impairments A 2.4 2.4 8.6 5.9 Tariff refunds C (9.9) — (10.3) — Litigation settlement D — — — 0.8 Adjusted Operating Profit $55.5 $47.9 $159.3 $128.6 Adjusted Operating Profit as a % of Sales 22.4% 20.1% 21.1% 18.6%
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Reconciliations | Adjusted Net Income ($ in Millions) 19Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net Income (Loss) $ 508.3 $ (30.3) $ 600.7 $ 14.1 Amortization of acquisition-related and other intangible assets 15.0 19.1 51.2 56.9 Restructuring costs and asset impairments A 7.9 8.3 24.2 24.4 Fair value adjustment of acquisition-related inventory B 0.6 0.6 1.5 2.0 Tariff refunds C (15.6) — (28.2) — Litigation settlement D — — — 0.8 Acquisition-related expenses E — 0.1 0.3 0.4 Realized cumulative foreign currency translation gain F (428.1) — (428.1) — Loss on equity investments G 7.6 — 9.6 — Tax effect of adjustments reflected above H (31.0) (5.3) (41.6) (20.3) Discrete tax adjustments and other tax-related adjustments I 0.5 61.2 2.1 60.6 Adjusted Net Income $ 65.2 $ 53.7 $ 191.7 $ 138.9
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Reconciliations | Adjusted Diluted Earnings Per Share and Adjusted Diluted Shares Outstanding 20Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Diluted Earnings (Loss) Per Share $ 3.11 $ (0.18) $ 3.65 $ 0.08 Amortization of acquisition-related and other intangible assets 0.09 0.11 0.31 0.33 Restructuring costs and asset impairments A 0.05 0.05 0.15 0.14 Fair value adjustment of acquisition-related inventory B — — 0.01 0.01 Tariff refunds C (0.10) — (0.17) — Litigation settlement D — — — 0.01 Acquisition-related expenses E — — — — Realized cumulative foreign currency translation gain F (2.62) — (2.60) — Loss on equity investments G 0.05 — 0.06 — Tax effect of adjustments reflected above H (0.19) (0.03) (0.26) (0.12) Discrete tax adjustments and other tax-related adjustments I 0.01 0.37 0.01 0.37 Adjusted Diluted Earnings Per Share $ 0.40 $ 0.32 $ 1.16 $ 0.82 Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Average common stock shares outstanding – basic (in millions) 160.8 166.1 162.2 169.2 Assumed exercise of dilutive options, vesting of dilutive restricted stock and performance stock units (in millions) J 2.6 1.4 2.5 1.1 Average common stock and common equivalent shares outstanding – diluted (in millions) 163.4 167.5 164.7 170.3
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Reconciliations | Adjusted EBITDA ($ in Millions) 21Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net Income (Loss) $ 508.3 $ (30.3) $ 600.7 $ 14.1 Interest expense, net 7.8 9.0 23.9 26.3 Income tax (benefit) expense (8.1) 80.2 26.1 105.5 Depreciation 10.4 10.1 31.2 30.0 Amortization of acquisition-related and other intangible assets 15.0 19.1 51.2 56.9 Restructuring costs and asset impairments A 7.9 8.3 24.2 24.4 Fair value adjustment of acquisition-related inventory B 0.6 0.6 1.5 2.0 Tariff refunds C (15.6) — (28.2) — Litigation settlement D — — — 0.8 Acquisition-related expenses E — 0.1 0.3 0.4 Realized cumulative foreign currency translation gain F (428.1) — (428.1) — Loss on equity investments G 7.6 — 9.6 — Adjusted EBITDA $ 105.8 $ 97.1 $ 312.4 $ 260.4 Adjusted EBITDA as a % of Sales 15.3 % 14.5 % 14.7 % 13.2 %
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Reconciliations | Core Sales Growth1 1 We use the term “core sales” to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the first anniversary of the acquisition (“acquisitions”), (2) sales from discontinued products and (3) the impact of currency translation. Sales from discontinued products includes major brands or products that Env ista has made the decision to discontinue as part of a portfolio restructuring. Discontinued brands or products consist of those which Envista (1) is no longer manufacturing, (2) is no longer investing in the research or development of, and (3) expects to discontinue all significant sales within one year from the decision date to discontinue. 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 GAAP revenue attributable to currency exchange rates is calculated as the difference between (a) the period-to-period change in sales and (b) the period-to-period change in sales after applying current period foreign exchange rates to the prior year period. We use the term “core sales growth” to refer to the measure of comparing current period core sales with the corresponding period of the prior year. 22 During the first quarter of 2026, we updated our methodology for how we calculate changes in the sales price from period to p eriod. Changes in sales prices are now calculated by comparing the current quarter sales prices to the full year sales price average from the prior year as it better reflects pricing trends over time. Third Quarter 2026 Earnings Consolidated % Change Three Month Period Ended October 2, 2026 vs. Comparable 2025 Period % Change Nine Month Period Ended October 2, 2026 vs. Comparable 2025 Period Total sales growth 3.2 % 8.1 % Plus the impact of: Acquisitions (0.5) % (0.5) % Currency exchange rates — % (2.0) % Core Sales Growth 2.7 % 5.6 % Specialty Products & Technologies Total sales growth 2.8 % 7.5 % Plus the impact of: Acquisitions (0.8) % (0.8) % Currency exchange rates — % (2.3) % Core Sales Growth 2.0 % 4.4 % Equipment & Consumables Total sales growth 3.9 % 9.1 % Plus the impact of: Currency exchange rates 0.2 % (1.2) % Core Sales Growth 4.1 % 7.9 %
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Reconciliations | Free Cash Flow ($ in Millions) 23Third Quarter 2026 Earnings Three Months Ended Nine Months Ended October 2, 2026 September 26, 2025 October 2, 2026 September 26, 2025 Net operating cash provided by operating activities $ 77.9 $ 78.7 $ 193.8 $ 167.7 Less: payments for additions to property, plant and equipment (capital expenditures) (16.1) (10.8) (43.5) (29.0) Plus: proceeds from sales of property, plant and equipment 1.7 — 2.6 0.5 Free Cash Flow (FCF) $ 63.5 $ 67.9 $ 152.9 $ 139.2 FCF to Adjusted Net Income Conversion Ratio 97.4 % 126.4 % 79.8 % 100.2 %
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NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) 24Third Quarter 2026 Earnings A We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. B Represents the fair value adjustment related to inventory acquired in connection with acquisitions. C Represents the U.S. Supreme Court's ruling to refund tariffs imposed under the International Emergency Economic Powers Act. D Represents the settlement of certain litigation matters. E Represents acquisition-related transaction expenses and integration costs with respect to business combinations. F Represents the release of cumulative translation adjustments related to the dissolution of certain legal entities. G Represents losses on equity investments. H This line item represents the aggregate tax effect of all pretax adjustments reflected in the preceding line items of the table using each adjustment's applicable tax rate, including the effect of interim tax accounting requirements of Accounting Standards Codification Topic 740 Income Taxes. I Discrete tax matters primarily relate to excess tax benefits from stock-based compensation, changes in estimates associated with prior period uncertain tax positions and audit settlements, tax benefits resulting from a change in law, and changes in determination of realization of certain deferred tax assets. J The Company was in a net loss position for the three months ended September 26, 2025, therefore no shares reserved for issuance upon exercise of stock options, or vesting of restricted stock and performance stock units were included in the computation of diluted loss per share as their inclusion would have been anti- dilutive. However, given that the adjustments noted in footnotes A-I resulted in adjusted net income for the three months ended September 26, 2025, the dilutive impact of stock options and restricted stock and performance stock units are being included to arrive at adjusted diluted shares outstanding.
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Statement Regarding Non-GAAP Measures 25Third Quarter 2026 Earnings Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Envista Holdings Corporation's (“Envista” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors to: • with respect to Core Sales, identify underlying growth trends in Envista’s business and compare Envista’s revenue performance with prior and future periods and to Envista’s peers; • with respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, understand the long-term profitability trends of Envista’s business and compare Envista’s profitability to prior and future periods and to Envista’s peers; • with respect to Adjusted EBITDA, understand operational factors associated with Envista’s financial performance because it excludes the following from consideration: interest, taxes, depreciation, amortization, and infrequent or unusual losses or gains such as goodwill impairment charges or nonrecurring items and restructuring charges. Management uses Adjusted EBITDA, as a supplemental measure for assessing operating performance in conjunction with related GAAP amounts. In addition, Adjusted EBITDA is used in connection with operating decisions, strategic planning, annual budgeting, evaluating Company performance and comparing operating results with historical periods and with industry peer companies; and • with respect to Free Cash Flow (the “FCF Measure”), understand Envista’s ability to generate cash without external financings, in order to invest and grow its business through acquisitions and other strategic opportunities. A limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire Free Cash Flow amount is not necessarily available for discretionary expenditures. Management uses these non-GAAP measures to evaluate the Company’s operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: • With respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA: ◦ We exclude amortization of acquisition-related and other intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non- acquisitive peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ With respect to the other items excluded from Adjusted Gross Profit, Adjusted Net Income, Adjusted Operating Profit, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Envista's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. • With respect to core sales, we exclude (1) the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to- period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult, (2) 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, and (3) the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends. • With respect to the FCF Measure, we adjust for payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to arrive at the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements.