Diversey Holdings Ltd (DSEY) 2022 Q3 法說會逐字稿

Greetings. Welcome to Diversey Holdings, Ltd. Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Grant Graver, Investor Relations. Thank you, you may begin.

問候。歡迎參加 Diversey Holdings, Ltd. 2022 年第三季財報電話會議。 （操作員指示）請注意，本次會議正在錄音。現在我將會議交給投資者關係部的格蘭特‧格雷弗 (Grant Graver)。謝謝，你可以開始了。

Thank you. Hello, everyone, and welcome to Diversey's Third Quarter 2022 Earnings Call. With me today are Phil Wieland, our Chief Executive Officer; and Todd Herndon, our Chief Financial Officer.

謝謝。大家好，歡迎參加 Diversey 2022 年第三季財報電話會議。今天和我一起的還有我們的執行長 Phil Wieland；以及我們的財務長 Todd Herndon。

As a reminder, during this call, we will make forward-looking statements. Some risk factors that may impact these statements and could cause future results to differ materially from our projected results are described in this morning's press release and in documents we file with the SEC. The company does not undertake any duty to update such forward-looking statements.

提醒一下，在本次電話會議中，我們將做出前瞻性陳述。今天早上的新聞稿和我們向美國證券交易委員會提交的文件中描述了一些可能影響這些聲明並可能導致未來結果與我們的預期結果有重大差異的風險因素。本公司不承擔更新此類前瞻性陳述的任何義務。

On today's call, the company will discuss certain non-GAAP measures and make reference to supplemental data, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures and reference supplemental data can be found on our website at ir.diversey.com and in our most recent annual report.

在今天的電話會議上，公司將討論某些非公認會計準則指標並參考補充數據，我們認為這些數據有助於評估我們的績效。不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代方案。這些非公認會計準則 (non-GAAP) 指標和參考補充資料的對帳表可在我們的網站 ir.diversey.com 和我們最新的年度報告中找到。

I'll now turn the call over to Phil.

我現在將電話轉給菲爾。

Good morning, all, and thanks for joining our call. Recognizing the unprecedented environment in which we're operating, we're going to take a more abbreviated approach to our opening remarks to allow ample time for questions.

大家早安，感謝您參加我們的電話會議。認識到我們目前所處的前所未有的環境，我們將採取更簡短的方式發表開場白，以便有充足的時間回答問題。

My comments will first focus on our core business and how the team has been executing. I'll then provide an overview of the macro environment and headwinds we are managing and how they are impacting diversity. And then finally, I'll turn the call over to Todd to provide additional details on the quarter and our outlook for the remainder of 2022.

我的評論首先集中在我們的核心業務以及團隊的執行情況。然後，我將概述我們正在管理的宏觀環境和不利因素以及它們如何影響多樣性。最後，我將把電話交給托德，讓他提供有關本季度的更多詳細資訊以及我們對 2022 年剩餘時間的展望。

So turning to the core business. Whilst our core business results continue to show strength with 13% constant currency organic top line growth, continued new customer wins and double-digit price increases, the reality is that currency is a significant drag on results. Revenues improved by approximately 4% as compared to the prior year and over 17% on a constant currency basis. We saw strong revenue growth across both our Institutional and Food & Beverage businesses, which increased by 12% and 33%, respectively, on a constant currency basis.

因此轉向核心業務。雖然我們的核心業務業績持續表現強勁，以固定匯率計算有機營業額成長 13%，持續贏得新客戶，價格也實現兩位數上漲，但現實情況是，貨幣對業績造成了重大拖累。與前一年相比，營收成長了約 4%，以固定匯率計算則成長了 17% 以上。我們的機構業務和食品飲料業務的收入均實現強勁增長，按固定匯率計算分別增長了 12% 和 33%。

While input costs have continued to rise, we've been implementing price increases across our various geographies and products. Through the first 9 months of 2022, we've realized more than 10% revenue growth from pricing, and it's accelerated to more than 12% in the third quarter. I expect this level of pricing to increase further as we continue to combat the various inflationary pressures.

在投入成本持續上升的同時，我們一直在對各個地區和產品實施漲價。截至 2022 年的前 9 個月，我們實現了定價收入成長超過 10%，第三季更是加速至 12% 以上。我預計，隨著我們繼續應對各種通膨壓力，這個價格水準將進一步上升。

In addition to our pricing actions, we've also added a number of new customers representing more than 3% in annualized net new wins. We continue to be encouraged by our ability to add new customers and retain existing customers. We believe this is a testament to the strength of our product offering and service, especially in this ever-evolving and inflation-sensitive environment.

除了定價措施外，我們還增加了一些新客戶，佔年化淨新客戶數量的 3% 以上。我們不斷受到鼓舞，因為我們有能力吸引新客戶並留住現有客戶。我們相信，這證明了我們的產品和服務的實力，特別是在這個不斷變化且對通貨膨脹敏感的環境中。

Finally, we continue to improve our adjusted EBITDA margins from quarter-to-quarter. 12.8% margin in the third quarter is 40 basis points above the second quarter and 370 basis points above the first quarter of this year reflecting the continued maturity of pricing actions and significant efforts to manage costs in a challenging operating environment. As we stated the last time we spoke, we expect our consolidated margins to improve quarter-on-quarter throughout this year as our pricing and cost initiatives are implemented.

最後，我們持續逐季提高調整後的 EBITDA 利潤率。第三季的利潤率為 12.8%，比第二季高出 40 個基點，比今年第一季高出 370 個基點，反映出定價行動的持續成熟和在充滿挑戰的營運環境中管理成本的巨大努力。正如我們上次所說的那樣，隨著定價和成本措施的實施，我們預計今年全年我們的綜合利潤率將逐季提高。

Before I move to the macro environment, I'd like to provide a quick update on our supply chain improvement projects. We've completed our warehouse transition in Europe, and have now largely completed our North American warehouse consolidation into our new Kentucky facility.

在轉向宏觀環境之前，我想先簡單介紹一下我們的供應鏈改進專案。我們已經完成了歐洲倉庫的轉型，目前已基本完成北美倉庫整合至新的肯塔基工廠。

Our efforts are now focused on consolidating our manufacturing into the same Kentucky facility, which we expect to be completed in the first quarter of 2023. As a reminder, by co-locating our main warehouse and manufacturing and adding more capacity to bring currently contracted volumes in-house and optimizing freight lanes, we expect this project to bring roughly 100 basis points improvement to total company margin after it's completed.

我們目前的重點是將我們的製造業務整合到同一家肯塔基工廠，預計該工廠將於 2023 年第一季完工。提醒一下，透過將我們的主要倉庫和製造業務集中到一起，並增加更多產能以將目前合約規定的產量轉移到內部，並優化貨運路線，我們預計該專案完成後將使公司總利潤率提高約 100 個基點。

One last item of note as it relates to our warehouse transitions and in-flight manufacturing consolidation. We made a strategic decision to build up additional inventory and utilize higher cost freight solutions to minimize supply disruption with our customers. While this puts some short-term pressure on our cash flows, we believe it's the right thing to do for our customers and such pressures are expected to be temporary.

最後值得注意的一點是與我們的倉庫轉型和飛行中製造整合有關。我們做出了一項策略決策，即增加庫存並利用更高成本的貨運解決方案，以最大限度地減少客戶的供應中斷。雖然這會對我們的現金流造成一些短期壓力，但我們相信這對我們的客戶來說是正確的做法，而且這種壓力預計只是暫時的。

So moving then to the macro environment. We continue to see certain headwinds persist with increased pressure in this global inflationary environment, specifically foreign currency exchange rates continue to be our most significant challenge. In the previous quarter, we updated our full year outlook to reflect an additional $30 million in headwinds associated with existing exchange rates.

那麼轉向宏觀環境。我們繼續看到某些不利因素持續存在，全球通膨環境的壓力不斷增加，特別是外匯匯率仍然是我們面臨的最大挑戰。在上一季度，我們更新了全年預期，以反映與現有匯率相關的額外 3,000 萬美元的不利因素。

Our assumption was predicated on a strong U.S. dollar persisting for the remainder of the year. While we transact in multiple currencies, as a point of reference, the euro exchange rate to the U.S. dollar was at a 2-decade low, and we assume no improvement for the remainder of the year when updating our previous guidance.

我們的假設是基於美元在今年剩餘時間內持續走強。雖然我們以多種貨幣進行交易，但作為參考，歐元兌美元的匯率處於 20 年來的最低水平，在更新我們先前的指導時，我們假設今年剩餘時間內不會出現任何改善。

Since our second quarter call, the U.S. dollar has further strengthened, and we now expect this headwind to impact our adjusted EBITDA outlook by an additional $10 million to $20 million, another macro headwind that we continue to watch as we implement our pricing actions related to input costs. Whilst most items have begun to show signs of stabilizing albeit at higher level as compared to the prior year, costs associated with caustic continue to accelerate and have risen by over 100% in the last 12 months.

自從我們第二季電話會議以來，美元進一步走強，我們現在預計這一不利因素將對我們的調整後 EBITDA 前景產生額外的 1000 萬至 2000 萬美元的影響，這是我們在實施與投入成本相關的定價行動時繼續關注的另一個宏觀不利因素。儘管與前一年相比大多數項目的價格仍處於較高水平，但已開始出現穩定跡象，而與苛性鹼相關的成本則繼續加速上漲，在過去 12 個月中上漲了 100％ 以上。

Accordingly, we believe such costs represent an additional $10 million to $20 million headwind to our full year 2022 outlook, but should begin to abate in 2023 when our full pricing actions are reflected. Until we see clear evidence that such macro pressures are beginning to subside, we believe it's prudent to lower our full year adjusted EBITDA outlook to an estimate of at least $330 million.

因此，我們認為此類成本將為我們 2022 年全年前景帶來額外的 1,000 萬至 2,000 萬美元的阻力，但當我們的全面定價行動得到體現時，這種阻力將在 2023 年開始減弱。在我們看到明確證據表明這些宏觀壓力開始消退之前，我們認為將全年調整後的 EBITDA 預期下調至至少 3.3 億美元是明智之舉。

Whilst we're pleased with our pricing and cost containment actions and the core fundamental growth aspects of our business, the current macro environment continues to present difficult but temporary challenges that we need to navigate. We expect the inflationary environment to eventually stabilize and the majority of our pricing actions to remain intact, supporting long-term growth and margin improvement. The underlying trend of the business remains positive, and we're confident that we will exit this unprecedented environment in a much stronger position than when it began.

雖然我們對我們的定價和成本控制措施以及業務的核心基本成長方面感到滿意，但當前的宏觀環境仍然給我們帶來困難但暫時的挑戰，我們需要應對。我們預計通膨環境最終將穩定下來，我們的大部分定價行動將保持不變，從而支持長期成長和利潤率的提高。業務的基本趨勢仍然是積極的，我們有信心，我們將以比開始時更強大的地位退出這一前所未有的環境。

With that, let me now pass the call over to Todd to give you some additional details for the quarter and thoughts on our outlook for the remainder of the year.

說完這些，現在讓我把電話轉給托德，讓他向你提供本季度的一些更多細節，以及對今年剩餘時間前景的看法。

Thanks, Phil, and thank you all for joining us. As Phil mentioned, I plan to provide some additional color on the quarter along with some select balance sheet details. I will then move to our outlook for the remainder of 2022 prior to opening the line for Q&A.

謝謝，菲爾，也謝謝大家加入我們。正如菲爾所提到的，我計劃提供一些有關本季度的額外資訊以及一些精選的資產負債表細節。然後，我將開始問答環節，展望 2022 年剩餘的時間。

First, starting with our quarterly results. Net sales for the quarter were $689 million, an increase of $24 million or 3.6% as compared to the third quarter of the prior year and 17% on a constant currency basis. Our Institutional business, which is roughly 70% of our revenue was $479 million, a 1.6% decrease over the prior year quarter. On a currency-adjusted basis, our Institutional business revenues increased by 12%, driven by a combination of new customer wins, pricing actions and expansion with existing customers as we continue to progress towards a return to pre-pandemic levels.

首先，從我們的季度業績開始。本季淨銷售額為 6.89 億美元，比去年同期增加 2,400 萬美元，增幅為 3.6%，以固定匯率計算則增加 17%。我們的機構業務約占我們營收的 70%，為 4.79 億美元，比去年同期下降 1.6%。經過貨幣調整後，我們的機構業務收入成長了 12%，這得益於新客戶的贏得、定價行動以及現有客戶的擴張，我們正繼續努力恢復到疫情前的水平。

Our F&B business, which is roughly 30% of our revenue, has also generated positive momentum supporting our long-term growth goals. We continue to experience high customer win rates for new business, and our water treatment products are further expanding our organic growth. Our revenue of $210 million in the quarter is an 18% increase over the comparable prior year quarter and a 33% increase on a currency-adjusted basis.

我們的餐飲業務約占我們收入的 30%，也產生了積極的勢頭，支持我們的長期成長目標。我們繼續保持較高的新業務客戶贏得率，我們的水處理產品正在進一步擴大我們的有機成長。本季我們的營收為 2.1 億美元，比去年同期成長 18%，按貨幣調整後成長 33%。

As it relates to adjusted EBITDA, consolidated adjusted EBITDA for the third quarter was $88 million, a 17.4% decrease as compared to the prior year quarter or a 2.5% decrease in constant currency. Our Institutional and Food & Beverage segments delivered adjusted EBITDA of $69 million and $27 million, respectively, representing declines of 18.4% and 21.6%. Both segments were substantially impacted by the strengthening of the U.S. dollar, as we previously discussed, and high input cost inflation, particularly in Europe due to the war in Ukraine. We continue to take aggressive pricing actions to address the price cost gap.

就調整後的 EBITDA 而言，第三季合併調整後 EBITDA 為 8,800 萬美元，與去年同期相比下降 17.4%，以固定匯率計算下降 2.5%。我們的機構和食品飲料部門的調整後 EBITDA 分別為 6,900 萬美元和 2,700 萬美元，分別下降 18.4% 和 21.6%。正如我們之前所討論的，這兩個部門都受到美元走強和高投入成本通膨的嚴重影響，尤其是由於烏克蘭戰爭導致的歐洲影響。我們繼續採取積極的定價行動來解決價格成本差距。

Now let me touch specifically on cost for a moment. The current reality is that inflation is difficult to predict and has progressed at an unprecedented pace. While cost volatility can put pressure on margins in the short term, over time it will eventually turn positive as inflation recedes and we continue to price for the value we provide to our customers. To offset and get ahead of costs as we progress towards 2023, we initially discussed in our first quarter earnings call that we expected our full year pricing for 2022 to be an increase of greater than 8%.

現在讓我具體談談成本問題。目前的現實是，通貨膨脹難以預測，並且以前所未有的速度發展。雖然成本波動會在短期內給利潤率帶來壓力，但隨著時間的推移，隨著通貨膨脹的消退以及我們繼續根據我們為客戶提供的價值進行定價，利潤率最終將轉為正值。為了在邁向 2023 年的過程中抵銷和降低成本，我們最初在第一季財報電話會議上討論過，我們預計 2022 年全年定價將成長 8% 以上。

Considering continued inflationary pressures, coupled with the success of our rate increases to date, we now expect full year pricing for 2022 to be greater than 10%. Combined with our steady productivity gains, we anticipate offsetting inflation first in dollars. And as inflationary pressures moderate, we expect to capture margin improvement.

考慮到持續的通膨壓力，再加上迄今為止升息的成功，我們現在預計 2022 年全年價格將超過 10%。結合我們穩步提高的生產力，我們預計首先可以用美元來抵消通貨膨脹。隨著通膨壓力的緩和，我們預期利潤率將會提高。

Moving to our balance sheet. Free cash flow was a net outflow of $50 million in the quarter, which brings year-to-date to $60 million, compared with a net outflow of $141 million in the first 9 months of last year. While free cash flow is lower than expected, it was heavily impacted by investments in our supply chain projects. We continue to expect positive free cash flow in the last quarter of the year consistent with historical cash flow and seasonality. Given the current environment, we will likely be selective in the short term when considering opportunities in our strong pipeline of accretive M&A.

前往我們的資產負債表。本季自由現金流淨流出 5,000 萬美元，年初至今的自由現金流達到 6,000 萬美元，而去年前 9 個月的淨流出為 1.41 億美元。雖然自由現金流低於預期，但它受到了我們供應鏈專案投資的嚴重影響。我們繼續預計今年最後一個季度的自由現金流將與歷史現金流和季節性保持一致。鑑於當前的環境，在考慮我們強大的增值併購管道中的機會時，我們可能會在短期內有所選擇。

At quarter end, we had cash and cash equivalents of $249 million and available liquidity of $692 million, which we view as a solid position in the current environment. On the debt front, we have approximately $2 billion in gross debt with roughly 50% fixed and 50% floating debt after interest rate swaps. We also previously established interest rate caps that have significantly mitigated our exposure on roughly 2/3 of the floating component of our debt.

截至本季末，我們的現金和現金等價物為 2.49 億美元，可用流動資金為 6.92 億美元，我們認為在當前環境下，我們的狀況十分穩固。在債務方面，經過利率互換後，我們的總債務約為 20 億美元，其中固定債務約佔 50%，浮動債務約佔 50%。我們之前也設立了利率上限，這大大降低了我們債務中約 2/3 浮動部分的風險敞口。

We have already hit our interest rate caps as of our previous earnings call. For the remaining $350 million of floating debt that is currently not hedged, every 1% increase in rates represents approximately $3.5 million in annualized incremental interest expense, which we believe is manageable considering our strong cash position.

截至上次收益電話會議，我們已達到利率上限。對於目前尚未對沖的剩餘 3.5 億美元浮動債務，利率每增加 1%，就意味著每年增加約 350 萬美元的利息支出，考慮到我們強大的現金狀況，我們認為這是可以控制的。

Our net debt leverage ended the quarter at 5x. We continue to target leverage of 3x, which we expect to achieve over the next several years as our pricing actions take hold in the current inflation in area and foreign currency exchange environment abate.

本季末我們的淨債務槓桿為 5 倍。我們繼續將槓桿率定為 3 倍，隨著我們的定價行動在當前地區通膨和外匯環境減弱的情況下發揮作用，我們預計未來幾年將實現這一目標。

Moving to our outlook for the remainder of the year. We continue to be encouraged with the resiliency of the core business and our ability to capture market share, while implementing aggressive pricing actions reflective of the inflation environment we are tackling. While our execution in the first 9 months of the year has been consistent with our expectations, the macro background continues to be broad ranging and unpredictable. As Phil mentioned, we believe it's appropriate to update our outlook to reflect the fast-changing exchange rate environment.

轉向我們對今年剩餘時間的展望。我們繼續對核心業務的彈性和佔領市場份額的能力感到鼓舞，同時實施反映我們正在應對的通膨環境的積極定價行動。雖然我們今年前 9 個月的執行情況與預期一致，但宏觀背景仍然廣泛且難以預測。正如菲爾所提到的，我們認為更新我們的展望以反映快速變化的匯率環境是適當的。

Our current outlook now assumes a full year headwind of more than $270 million to revenue and over $50 million to EBITDA associated with the continued strengthening of the U.S. dollar.

我們目前的預測是，由於美元持續走強，全年收入將受到超過 2.7 億美元的不利影響，EBITDA 將受到超過 5,000 萬美元的不利影響。

While we have a number of exchange rate hedges in place, we are obviously not in the business of predicting foreign currency swings and when they may revert. We assume such volatility will continue to persist and potentially worsen for the remainder of the year. We have also included an additional $10 million to $20 million headwind for input costs, with the majority of the increase related to caustic. We plan to reflect such cost increases in future pricing actions.

雖然我們已經採取了一些匯率對沖措施，但我們顯然不會預測外匯波動以及何時可能恢復。我們預計，這種波動將持續下去，並可能在今年剩餘時間內惡化。我們還額外增加了 1,000 萬至 2,000 萬美元的投入成本逆差，其中大部分成長與腐蝕劑有關。我們計劃在未來的定價行動中反映此類成本上漲。

Based on these items, we're updating our full year revenue guide to mid-single-digit percentage growth, which would be mid-teens growth in constant currency, and we're lowering the adjusted EBITDA outlook for the full year to at least $330 million. As Phil mentioned, the underlying trend of the business is positive, and we remain confident that our business will exit this unprecedented environment in a stronger position than when it began.

基於這些因素，我們將全年收入指南更新為中等個位數百分比增長，按固定匯率計算，即中等十幾個百分點的增長，並且我們將全年調整後的 EBITDA 預期下調至至少 3.3 億美元。正如菲爾所提到的，業務的基本趨勢是積極的，我們仍然相信，我們的業務將以比開始時更強大的地位退出這一前所未有的環境。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Our first question is from Manav Patnaik with Barclays.

我們的第一個問題來自巴克萊銀行的 Manav Patnaik。

This is actually Ronan Kennedy on for Manav. May I ask guys if you're able to disaggregate for each of the divisions, the volume with commentary on wins and penetration, price and FX for the third quarter results?

這其實是 Ronan Kennedy 代替 Manav 上場。請問各位，你們能否將第三季業績按每個部門進行細分，並附上對勝利和滲透、價格和外匯的評論？

Yes, I can do that for you. It's Phil here. So look, in total, constant currency was 17% and pricing 12%. Obviously the balance of 5% was volume. If I break that down for Institutional, which was 12% on a constant currency basis, the pricing was around 9%, meaning the volume was 3%.

是的，我可以幫你做到。我是菲爾。因此，整體而言，固定貨幣佔 17%，定價佔 12%。顯然，5% 的餘額是數量。如果我將其按機構比例細分，按固定匯率計算為 12%，則定價約為 9%，這意味著交易量為 3%。

And on Food & Beverage, the constant currency growth was 33% with about 20% of pricing and 13% for volume. Obviously, all those volume numbers I quoted do include some M&A, maybe most significant on the Food & Beverage. That 13% volumes about 8%, due to M&A and 5% due to sort of underlying business volume growth.

在食品和飲料方面，以固定匯率計算的成長率為 33%，其中定價成長率約為 20%，銷量成長率為 13%。顯然，我引用的所有這些數量確實包括一些併購，也許最重要的是食品和飲料領域。這 13% 的交易量中約 8% 是由於併購，5% 是由於基礎業務量的成長。

Maybe a bit more color there. Of that 5%, about 1/3 of that was water treatment. But you might remember, we introduced the proposition at the start of last year. And the other 2/3 was just a result of underlying growth in the business. Have you got all that?

那裡也許顏色更豐富一些。在這 5% 中，約有 1/3 用於水處理。但你可能還記得，我們​​在去年年初就提出了這個提議。其餘 2/3 只是業務潛在成長的結果。你都明白了嗎？

Yes. I appreciate it. And then, obviously, you've spoken to the resiliency of the core business in the face of significant challenges, COVID and inflationary supply chain constraints exacerbated by geopolitical events, of course, there's FX. Can you just remind us about overall recession resiliency in the downturn playbook?

是的。我很感激。然後，顯然，您已經談到了面對重大挑戰、COVID 和因地緣政治事件而加劇的通膨供應鏈限制時核心業務的彈性，當然還有外匯。您能否提醒我們一下經濟衰退劇本中的整體衰退彈性？

And then also, if you have your views on outlook and when, from a timing standpoint, you could recover the dollar cost of inflation and start to expand certain margin expansion?

另外，如果您對前景有什麼看法，從時間角度來看，您何時可以收回通貨膨脹的美元成本並開始擴大某些利潤率擴張？

Yes. Sure. I mean, look, let me start by saying if we look at history, this business has been pretty resilient in recessionary times. And I think there's good logic for that, if you think about the part of the business that's in food and beverage manufacturing, in health care, in schools, these things are not really impacted by any recessionary demand from end consumers.

是的。當然。我的意思是，首先我想說，如果我們回顧歷史，就會發現這個產業在經濟衰退時期表現得相當有韌性。我認為這是有道理的，如果你考慮一下食品和飲料製造、醫療保健、學校等業務，你會發現這些領域實際上並沒有受到最終消費者衰退需求的影響。

Of course, we do have a little bit of exposure there on food and beverage -- on foodservice and hospitality. So when you roll all of that together, if you look at previous recessions, we've kind of seen a flat top line. If I then -- I'm trying to answer the question, what are we seeing at the moment and maybe try to give you a bit of geographical insight into that.

當然，我們在食品和飲料——餐飲服務和酒店業方面確實有一些經驗。因此，當你把所有這些因素綜合起來，如果你回顧一下以前的經濟衰退，我們會發現收入基本上持平。如果我那麼——我試圖回答這個問題，我們現在看到了什麼，並可能嘗試給你一些地理方面的見解。

If I start with emerging markets, I think the business is really not seeing much impact at all.

如果我從新興市場開始，我認為業務實際上不會受到太大影響。

We're seeing most of the emerging markets continue to grow. Obviously, China would be the exception where they're still really in the grip of COVID. If I look at North America, I'd say it's a shade softer than when we last spoke, albeit not too much. And I think there, it's tough to disaggregate the labor impact from any kind of true recessionary impact. And what I mean by that is example, in our health care business, we're selling really strongly in infection prevention, but much less in our building care, the reason being that the customer doesn't always have the labor that they would want to carry out all of the processes that they would want to.

我們看到大多數新興市場持續成長。顯然，中國是個例外，因為他們仍然處於 COVID 的控制之下。如果我看一下北美，我會說它比我們上次談話時稍微柔和了一些，儘管不是太多。我認為，很難將勞動力影響與任何真正的經濟衰退影響區分開來。我的意思是，例如，在我們的醫療保健業務中，我們在感染預防方面的銷售非常強勁，但在建築護理方面的銷售則少得多，原因是客戶並不總是擁有他們想要的勞動力來完成他們想要的所有流程。

And then I guess coming over to Europe. Again, I'd say it's a touch softer. But a similar point, most of the -- any change that we've seen has actually been in the U.K. where obviously despite some strange political goings on and the economy, again, I think Brexit is having a real impact on our hospitality foodservice customers are complaining again about the lack of labor. If I look into Southern Europe, in particular, actually, volume is holding up quite strongly. So I think it's fair to say that we're very cautious. We're planning for tougher times ahead. But at the moment, it feels like the labor issue is a bigger one than underlying recessionary impact on demand.

然後我想就會來到歐洲。再次，我想說它有點柔軟。但類似的觀點是，我們看到的大部分變化實際上都發生在英國，儘管英國出現了一些奇怪的政治和經濟事件，但我認為英國脫歐對我們的酒店餐飲服務產生了真正的影響，顧客再次抱怨勞動力短缺。如果我特別關注南歐，實際上，交易量保持得相當強勁。所以我認為可以公平地說我們非常謹慎。我們正在為未來更艱難的時期做準備。但目前看來，勞動力問題似乎比經濟衰退對需求的潛在影響更大。

And sorry, may I just ask on the timing, for the expectation of timing for recovery of dollar cost of inflation and then margin expansion?

抱歉，我可以問一下時間嗎，對於通貨膨脹的美元成本恢復和利潤率擴大的預期時間？

Well, so look, with that, so we are recovering on a dollar basis. And obviously, we are seeing our margins overall improved sequentially. In order to get fully back, fully recover the inflation in percentage is going to take longer. And really, the key determinant there is when we see the top.

好吧，那麼看，這樣一來，我們就能在美元基礎上實現復甦。顯然，我們的利潤率總體上環比提高。為了完全恢復，通貨膨脹率將需要更長的時間。事實上，關鍵的決定因素是我們何時能夠看到頂部。

So you'll know that things like ethylene, I think we we've kind of seen the top and we're seeing some signs of a reduction. But on other products like caustic, it just continues to increase. I mean, since we last spoke to you, we had a big surge in caustic. We've had a further increase that's come out over this week. So it's hard to give you a clear view of when we can cover percentage margin.

所以你會知道，像乙烯這樣的物質，我認為我們已經看到了頂部，並且看到了一些減少的跡象。但對於其他產品，如腐蝕劑，它卻持續增加。我的意思是，自從我們上次和你談話以來，我們的腐蝕性急劇增加。本週，這一數字又進一步增加。因此，我們很難清楚地了解何時可以覆蓋百分比保證金。

But what I can tell you is as we see those increases, so we're taking pricing. We took a big caustic-related price increase on 1 of October, and we're going to take another one on the 15 of November. So we're just going to keep pricing for this inflation. But until it stops, we're not going to get to full margin coverage.

但我可以告訴你的是，當我們看到這些成長時，我們會採取定價措施。我們在 10 月 1 日大幅提高了苛性鈉的價格，並將在 11 月 15 日再次提高價格。因此，我們將根據通貨膨脹來維持定價。但除非這種情況停止，否則我們無法實現完全保證金覆蓋。

Our next question is from Steven Haynes with Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂文·海恩斯。

I wanted to ask on the kind of the 4Q guidance and what's implied in terms of volume growth. And as we're kind of thinking about the EBITDA run rate that the 4Q guide implies, like do you kind of view this as a bit of a bottom? Or would you kind of expect continued improvement off of that level? .

我想問一下第四季的指引是什麼樣的，以及在銷售成長方面這意味著什麼。當我們思考第四季度指南暗示的 EBITDA 運行率時，您是否認為這是一個底部？或者您期望在此基礎上繼續改進？ 。

Yes. So look, I think the adjustments that we've made today, as we said, are predominantly to do with ForEx and inflation. Only to a very small extent, any view of that softness that I mentioned on volume, it's incredibly tough to predict what's going to happen to ForEx next year. Of course, we're going to have a year-on-year impact if the ForEx rates don't change.

是的。所以，我認為我們今天所做的調整，正如我們所說，主要與外匯和通貨膨脹有關。只是在很小的程度上，對於我提到的交易量疲軟的任何看法，都很難預測明年 ForEx 會發生什麼。當然，如果外匯匯率不變，我們將受到年比影響。

As I said, on the inflation, I think if you look back -- since the war broke out and we gave a guide on what we thought would happen with inflation and pricing, we said we thought we'd cover most of it. In fact, inflation has ended up being a lot higher than that, but all of that extra recovered with price. The challenge here is that when the inflation comes so late in the year, it becomes very difficult to cover it in the year.

正如我所說的，關於通貨膨脹，我想如果你回顧一下——自從戰爭爆發以來，我們就通貨膨脹和定價將會發生什麼給出了指南，我們說我們認為我們已經涵蓋了大部分內容。事實上，通貨膨脹率最終遠高於這個數字，但所有額外支出都隨著價格上漲而恢復。這裡的挑戰是，當通貨膨脹在一年中很晚的時候出現時，在一年內彌補通貨膨脹就變得非常困難。

But as I just said, in answer to Ronan's question here, we are taking the pricing actions this year, and therefore, we'll cover those inflationary impacts going into Q1 next year. So overall, as we look at volume, I think it's the other part of your question, we're reflecting a touch the softness that I mentioned, but we're not including the Q4 any significant change. We are reflecting those some more price.

但正如我剛才回答羅南的問題時所說，我們今年正在採取定價行動，因此，我們將在明年第一季涵蓋這些通膨影響。因此，總體而言，當我們查看交易量時，我認為這是您問題的另一部分，我們反映了我提到的一點疲軟，但我們沒有包括第四季度的任何重大變化。我們正在反映這些更多的價格。

Got it. And then maybe just as a follow-up on the Kentucky transition. How much of a headwind were you kind of seeing in the third quarter? And in terms of EBITDA, is there any expectation for further headwind in 4Q?

知道了。然後也許只是作為肯塔基州過渡的後續行動。您在第三季遇到了多大的阻力？就 EBITDA 而言，是否預期第四季將面臨進一步的阻力？

Sure. So look, I think when we last spoke to you, we said we might have $20 million to $30 million of top line that would move potentially out of the third quarter into the fourth quarter just because there could be some backlog in delivering to customers. In the event, we actually were able to move a bit quicker than that. And the number of top line was about $10 million. So we'd expect $10 million move from Q3 into Q4. So at EBITDA, it's obviously not a significant number. As we sit here today, we have almost completely caught up that $10 million. So I wouldn't anticipate any impacts coming out of Q4 into Q1 next year.

當然。所以，我想，當我們上次與您交談時，我們說過，我們可能有 2000 萬至 3000 萬美元的營收可能會從第三季度轉移到第四季度，因為在向客戶交付貨物方面可能會有一些積壓。事實上，我們能夠比這更快地行動。最高收入約 1000 萬美元。因此，我們預計從第三季到第四季將有 1000 萬美元的流動。因此，就 EBITDA 而言，這顯然不是一個重要的數字。當我們今天坐在這裡時，我們已經幾乎完全追回了那 1000 萬美元。因此我預計第四季不會對明年第一季產生任何影響。

Our next question is from Christopher Parkinson with Mizuho.

我們的下一個問題來自瑞穗的克里斯多福·帕金森。

This is Kieran on for Chris. I'm just wondering in terms of pricing, can you break out, out of that kind of 10%, 12% that you're seeing this year, what percent is coming from the surcharges as opposed to kind of the core pricing initiatives? And then how we should think about that resiliency once those raw materials start coming down in terms of your ability to keep some of that core pricing?

這是 Kieran 為 Chris 表演的。我只是想知道，就定價而言，您能否說明一下，在今年看到的 10% 或 12% 中，有多少百分比來自附加費，而不是核心定價舉措？那麼，一旦這些原料開始下降，我們應該如何看待這種彈性，以及您是否有能力維持部分核心定價？

Yes, sure. So look, I think we said before, about 20% of the overall pricing is related to the surcharges. And I don't think anything's changed. I think what we're now looking to do, as we do the Q4 -- sorry, Q1 price increase in Institutional, is to replace the surcharge with structural price. So we'll be making an overall increase and doing that conversion to the Institutional business.

是的，當然。所以，我想我們之前說過，整體定價中大約 20% 與附加費有關。我不認為任何事情都有改變。我認為我們現在要做的，就像我們在第四季度所做的那樣——抱歉，第一季機構價格上漲，是用結構性價格取代附加費。因此，我們將實現整體成長並將其轉化為機構業務。

But for the Food & Beverage business, which remains obviously significantly exposed to caustic, which continues to go up, we will be continuing with the processes that we've had through this year and retaining a balance of structural price and surcharge.

但對於食品和飲料業務來說，該業務顯然仍然受到腐蝕劑價格持續上漲的影響，我們將繼續今年的流程，並保持結構性價格和附加費的平衡。

Great. And then maybe just a quick follow-up on cash flows. How should we think about kind of that normalizing now that you're through some of the initiatives with Kentucky and maybe working capital normalizing a little bit in 2023?

偉大的。然後也許只是對現金流進行快速跟進。既然您已經完成了與肯塔基州的一些計劃，並且可能在 2023 年實現營運資金的正常化，那麼我們應該如何看待這種正常化？

And the uses of cash now, given the economic backdrop, I mean it does still seem like you have this M&A pipeline, which is probably robust. Things might be attractive at these price levels. Do you still kind of focus a little bit more on some of those bolt-ons? Or is there more of a focus now on maybe reducing that in the near term based on the kind of backdrop that we're looking at?

現在考慮到經濟背景，現金的用途似乎是仍然擁有這種併購管道，而且可能非常強勁。在這個價格水平上，商品可能很有吸引力。您是否仍然會更加關注其中的一些附加功能？或者，根據我們所處的背景，我們現在是否更加關注在短期內減少這種現象？

Yes, thanks. This is Todd. Let me take that one. First, I think our cash flow was a little bit less than we wanted in the third quarter, mainly driven by these footprint projects. We spent more than we expected or anticipated. Some of that will bleed into Q4 as we finish the warehouse, but also start up the manufacturing.

是的，謝謝。這是托德。讓我來拿那個。首先，我認為我們第三季的現金流比我們預期的要少一點，主要是受這些足跡項目的影響。我們花費的錢超出了我們預期或預期的金額。隨著我們完成倉庫建設並啟動生產，其中一部分資金將流向第四季。

And just for some color on that, we had incremental inventory of about $20 million when you look at the Q -- in Q3. That was kind of by design so that we could service our customers in the transition as best we could, understanding it's not an easy thing to convert and move warehouses, hire a bunch of new people who don't understand your picking process. And so we wanted to make sure that we had as much inventory as we could to help soften the landing on that transition. So that was about $20 million in the quarter.

為了更清楚地說明這一點，我們第三季的庫存增量約為 2000 萬美元。這是一種設計，以便我們能夠在過渡期間盡力為客戶提供服務，我們明白轉換和遷移倉庫並不是一件容易的事，需要雇用一群不了解揀貨流程的新員工。因此，我們希望確保我們擁有盡可能多的庫存，以幫助緩解這一轉變。所以本季的金額約為 2000 萬美元。

We also had a longer period in terms of crossover of running multiple warehouses at the same time, which drove some higher duplicate costs in those transitions, both in Europe and in North America. And so that was the preponderance of the cash flow challenge in Q3. And like I said, we would expect some of that to spill over in Q4. But the good news on that is it's onetime in nature and linked specifically to the transition projects, which will come to, as Phil mentioned, almost full completion here in the next several weeks.

我們在同時運作多個倉庫的交叉方面也經歷了更長的時間，這導致在歐洲和北美的轉型中重複成本增加。這就是第三季現金流挑戰的主要部分。正如我所說的，我們預計部分影響將在第四季顯現。但好消息是，它本質上是一次性的，並且與過渡項目具體相關，正如菲爾所提到的，過渡項目將在未來幾週內幾乎全面完成。

So that's that. As we look out and think about the inflection going forward with some expected earnings improvements next year, and the takeout of those significant onetimes this year, year-on-year, you'd expect to see a pretty decent free cash flow next year.

就是這樣。當我們展望並思考明年預期獲利改善以及今年同比重大一次性支出的變化時，您預計明年將出現相當可觀的自由現金流。

Our next question is from Joshua Spector with UBS.

下一個問題來自瑞銀的 Joshua Spector。

This is Lucas Beaumont on for Josh. So I just wanted to go back to pricing, if we could. So it looks like you guys had probably like a mid-teens kind of 2-year stack in the quarter and that you might kind of get to a high teens 2-year stack in the fourth quarter as your exit rate. So just based on the annualization of that heading into next year, does that mean we should see sort of at least mid-single-digit pricing? Or are you thinking it's going to be higher than that even with what you've got coming in the fourth quarter?

這是喬希的盧卡斯·博蒙特 (Lucas Beaumont)。所以如果可以的話，我只想回到定價問題上。因此看起來你們在本季的 2 年期堆疊可能處於十幾歲的中段，而你們的退出率可能會在第四季度達到十幾歲的二十二點五十分的二十二點五十分的中段。那麼，僅基於明年的年化數據，是否意味著我們應該看到至少中等個位數的定價？或者您認為即使考慮到第四季的業績，這個數字還會更高？

Yes, Lucas, firstly, spot on with those 2-year stack numbers. We're kind of mid-teens in the third quarter, it'll be high teens in the fourth quarter. So yes, look, I think there is going to be quite some significant rollover pricing.

是的，盧卡斯，首先，這兩年的堆疊數字是正確的。第三季我們的得分將達到十幾歲左右，第四季我們的得分將達到十幾歲以上。所以是的，我認為會有相當顯著的展期定價。

And as I just mentioned, we're also expecting to take some further price at the start of the year in Q1. So I think the overall pricing number, probably be a little bit ahead of mid-single digits, which I think was what you said. So yes, I think we'll have some quite nice pricing and gain for next year, which I think we're going to need because obviously, there's also some rollover on the inflation. And therefore, it's going to be really important that we have both the rollover price and the new price.

正如我剛才提到的，我們也預計今年第一季初價格會進一步上漲。所以我認為整體定價數字可能會略高於中等個位數，我想這就是你所說的。所以是的，我認為明年我們會有一些相當不錯的定價和收益，我認為這是我們需要的，因為顯然通貨膨脹也會有一定的延續。因此，同時擁有展期價格和新價格非常重要。

Great. And just on the raw material side, so I think we've sort of previously talked about the expectations there was kind of like a 45% 2-year stack in the second half. So I was just wondering if you could tell us kind of I guess, what the third quarter was? And then are you expecting that to kind of accelerate further into the fourth quarter, I guess, in line with what your competitors are kind of seeing at the moment? I think where they are kind of -- they probably ended up above 50% on a junior stack.

偉大的。就原材料方面而言，我認為我們之前已經討論過預期，下半年的兩年期堆疊成長率大約是 45%。所以我只是想知道您是否可以告訴我們第三季的情況如何？那麼，您是否預期第四季的成長速度會進一步加快，與您的競爭對手目前的情況一致？我認為他們現在的處境是——他們可能最終在初級職位上佔了 50% 以上。

And I think sort of at this stage, you guys are going to be couple of a few, probably specialty chemicals that are still seeing like market increases sort of sequentially as we go from sort of 3Q to 4Q. So if you could just kind of help us understand your outlook there.

我認為在現階段，你們可能會成為少數特種化學品市場在從第三季到第四季仍將持續成長的產業之一。所以如果您能幫助我們了解您的觀點的話。

Yes, sure. So you're absolutely right. Last time we said Q3 would be around 45% on the 2-year stack. That Q3 number was actually 50%. And again, I think you're right, we could see that nudge up a little bit in Q4. It really just depends on what else happens to caustic as we close out the year.

是的，當然。所以你完全正確。上次我們說過，第三季的銷售額將佔兩年期銷售額的 45% 左右。第三季的數字實際上是 50%。再次，我認為你是對的，我們可以看到第四季度這一數字略有上升。這其實只是取決於今年年底苛性鹼還會發生什麼情況。

Our next question is from Edlain Rodriguez with Credit Suisse.

下一個問題來自瑞士信貸的 Edlain Rodriguez。

Phil, a quick question. Going back to the surcharge question. I mean one, like how successful have they been? Like have you been able to fully implement them?

菲爾，一個簡單的問題。回到附加費問題。我的意思是，他們有多成功？例如，您是否能夠完全實現它們？

And two, can you talk about the receptive of your customers? Like how sensitive are they in converting those surcharges into structural pricing? Like what is the rationale for them to accept that?

第二，您能談談客戶的接受程度嗎？例如，他們在將這些附加費轉換為結構性定價時有多敏感？他們接受這一點的理由是什麼？

Yes. So look, I think the surcharges have been very successful. It's worth maybe just reminding you that they weren't in every geography. So for example, in a lot of the emerging markets where surcharge is -- sorry, where there's often been high inflation, and customers are used to that, we've continued purely with structural price.

是的。所以，我認為附加費非常成功。也許值得提醒你的是，它們並不遍布每個地區。舉例來說，在許多新興市場中，附加費是經常出現的高通膨，客戶也已經習慣了這種情況，我們仍然純粹地維持結構性價格。

The main place that we've used surcharges additionally this year is in Europe, where obviously, it's traditionally been very modest inflation. And now we've seen very significant inflation. So I think the surcharges worked while we were able to put it in quickly, more quickly probably than we could have done with structural price. And therefore, I think it served us well.

我們今年額外使用附加費的主要地區是歐洲，顯然那裡的傳統通貨膨脹率一直很溫和。現在我們已經看到了非常嚴重的通貨膨脹。因此，我認為附加費是有效的，因為我們能夠快速實施附加費，可能比結構性價格實施得更快。因此，我認為它對我們很有幫助。

But I think now feels like the time to move to structural price. And I think the conversation they're having is -- I think we're operating in a new world, in a new environment where costs are elevated. I don't think there's any expectation in the short term that we're going to go back to 2019 cost levels. And therefore, I think it's better that we move back to a structural relationship with customers and, therefore, take the surcharges out. So that's the process that we're going through at the moment.

但我認為現在是時候轉向結構性價格了。我認為他們正在進行的對話是——我認為我們正處於一個新世界、一個成本不斷上升的新環境中。我認為短期內我們不會期望成本回到 2019 年的水準。因此，我認為我們最好恢復與客戶的結構性關係，從而取消附加費。這就是我們目前正在經歷的過程。

Okay. And if you get into a downturn next year, will it become more challenging to raise prices?

好的。如果明年經濟陷入低迷，漲價是否會變得更具挑戰性？

Look, I think -- as I said earlier, I think we're not anticipating really significant downward volume movements, and we're extremely committed to maintaining the profit pool for ourselves and for the industry over the medium term. And therefore, we'll be very clear that we need to pass price through.

聽著，我認為——正如我之前所說，我們預計銷量不會出現大幅下降，而且我們非常致力於在中期內維持我們自己和行業的利潤池。因此，我們非常清楚我們需要傳遞價格。

The other thing I think that's worth saying is, if you think about what we do, we provide cost and efficiency savings for our customers. So to that extent, a new higher cost base is an opportunity for us to deliver more value to customers.

我認為值得一提的另一件事是，如果你想想我們所做的事情，我們為客戶提供了成本和效率的節省。因此從這個程度上來說，新的更高的成本基礎是我們向客戶提供更多價值的機會。

And we're certainly seeing the solutions that we can offer to save on water and energy and labor, customers are even more receptive, I would say, now than they were before.

我們確實看到了我們可以提供的節省水、能源和勞動力的解決方案，我想說，現在客戶比以前更容易接受。

And I think in that context and given that our cost of proportion of a customer's cost base, I don't see any reason why we can't continue to take price increases as we continue to deliver real value for customers that they can see, we can measure and prove.

我認為，在這種背景下，考慮到我們的成本佔客戶成本基礎的比例，我認為我們沒有理由不能繼續提高價格，因為我們會繼續為客戶提供他們可以看到、可以衡量和證明的真正價值。

(Operator Instructions) Our next question is from Ashish Sabadra with RBC Capital Markets.

（操作員指示）我們的下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

This is John filling in for Ashish. Could you just quickly touch on customer reception to the price increases and maybe retention just by segment, if possible?

這是取代 Ashish 的 John。如果可能的話，您能否簡單談談客戶對價格上漲的接受程度，以及按細分市場的保留率？

Sure. Look, I think on customer receptivity, it's been -- it felt like a long process and attritional process, both for us and our customers. But I have to say, I think the team have done a really fantastic job of really explaining to customers what's happening to input costs and demonstrating to customers the value that we give.

當然。看，我認為就客戶接受度而言，對於我們和我們的客戶來說，這似乎是一個漫長而消耗的過程。但我必須說，我認為團隊做得非常出色，他們向客戶解釋了投入成本的變化情況，並向客戶展示了我們提供的價值。

And therefore, I think that process has gone actually really well, particularly given we've done wave after wave. Food & Beverage, I think we've probably had 6 waves of pricing this year. And on retention, we haven't really seen much change. So I think we last reported a 99% retention rate for the large customers. That hasn't changed. So we haven't seen a real drive to churn as a result of the pricing.

因此，我認為這個過程實際上進展得非常順利，特別是考慮到我們已經一波又一波地完成了。食品和飲料，我認為今年我們可能經歷了 6 波定價浪潮。在保留方面，我們並沒有看到太大的變化。所以我認為我們上次報告的大客戶的保留率為 99%。這一點沒有改變。因此，我們尚未看到定價導致的真正客戶流失。

It's clearly something we're enormously vigilant when we're talking to the customers very, very regularly through this difficult period. But as we sit here today, retention or churn is no different to how it was before.

顯然，在這段困難時期，當我們與客戶進行非常頻繁的交談時，我們非常警惕這一點。但今天我們坐在這裡，留存率或流失率與以前沒有什麼不同。

Great. And maybe just quickly, could you just touch on, again, M&A given the globally fragmented market and multiples coming down, just given the strong liquidity profile. Is there any areas you're more focused on today? Or is there just kind of the same playbook as always?

偉大的。也許只是快速地，您能否再次談談在全球市場分散、市盈率下降以及流動性狀況強勁的情況下的併購問題。您今天更關注哪些領域？或者只是像往常一樣採用同樣的劇本？

Yes. In terms of our approach to M&A, I don't think that's changed what we target. Just as a reminder, we've been targeting companies $10 million to $50 million in size. We'd expect to spend 6x to 10x for those companies.

是的。就我們的併購方式而言，我認為這並沒有改變我們的目標。提醒一下，我們一直瞄準規模在 1,000 萬至 5,000 萬美元之間的公司。我們預計為這些公司花費 6 倍到 10 倍的資金。

We do have a funnel that we're actively and currently working. The good news is that in those -- in that funnel on the ones we're talking with were in a proprietary discussion on almost every one of them, so that allows us to actually control some of the timing. Clearly, we're cognizant to the opportunity, but also to our current net debt leverage.

我們確實有一個正在積極運作的管道。好消息是，在我們正在討論的那些管道中，幾乎每一個都進行了專有討論，因此這使我們能夠實際控制一些時間。顯然，我們意識到了這個機會，但也意識到了我們目前的淨債務槓桿。

And -- you're not likely to see us close a deal in the fourth quarter here. But that does not mean we don't have an active funnel, and we'll act appropriately if something is strategic to us and makes sense and has a high return. So that's how we're thinking about it. It hasn't changed. The opportunity hasn't changed. Our excitement hasn't changed about it. We're just being prudent in the current market situation to make sure we have the right balance between free cash flow, and cash flow and M&A.

而且——你不太可能看到我們在第四季達成交易。但這並不意味著我們沒有活躍的管道，如果某件事對我們來說具有戰略意義、有意義並且能帶來高回報，我們就會採取適當的行動。這就是我們的想法。它沒有改變。機會沒有改變。我們對此的興奮之情絲毫沒有改變。我們只是在當前的市場狀況下保持謹慎，以確保自由現金流和現金流與併購之間取得適當的平衡。

We have reached the end of our question-and-answer session. I would like to turn the call back over to management for closing comments.

我們的問答環節已經結束。我想將電話轉回給管理階層，請他們發表最後評論。

Yes. Look, thank you for that. In closing, I would just like to say I'm really proud of the team here and what they've done this year so far in pricing, in managing costs and customer retention and in winning new business, particularly in our strategic drivers around global accounts on water treatment and U.S. foodservice.

是的。瞧，謝謝你。最後，我只想說，我真的為這裡的團隊以及他們今年迄今為止在定價、管理成本和客戶保留以及贏得新業務方面所做的工作感到自豪，特別是在我們圍繞水處理和美國食品服務等全球客戶的戰略驅動方面。

Of course, we're having to grapple with inflation and currency. But I think we all believe at some point, those issues are going to abate.

當然，我們必須應對通貨膨脹和貨幣問題。但我想我們都相信，到了某個時候，這些問題都會減輕。

So we're going to remain steadfastly focused on our strategy. And I think you see in the underlying business numbers that we're doing a good job of delivering against that.

因此，我們將堅定不移地專注於我們的戰略。我認為您可以從基礎業務數據中看到，我們在這方面做得很好。

So thank you all. Hope you have a good day, and thank you for listening.

謝謝大家。希望您度過愉快的一天，感謝您的聆聽。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。