...Despite credit metric volatility in 2022, we believe Ivanti's positive free operating cash flow (FOCF) generation, above average recurring revenue, and liquidity help somewhat offset it. Headwinds to business performance are related to sales attrition from its cost-savings plan and resignations. Thus, revenue from its unified end-point management (UEM) product has fallen almost 30%. Although slightly offset by growth in other segments, we expect revenue to decline between 4% and 7% in 2022. Ivanti has also invested in research and development and information technology (IT) infrastructure, dropping EBITDA margins below 30% in first half. Due to lower revenue and EBITDA margins, we expect leverage in the high-9x area in 2022. However, we believe Ivanti has fixed its sales issues and should stabilize demand. With the research and development and IT investments, we believe Ivanti's UEM products can better compete and increase revenue between 2% and 4% in 2023. We also expect Ivanti to curtail...
