Diversey Holdings Ltd (DSEY) 2021 Q3 法說會逐字稿

Greetings, and welcome to Diversey Holdings Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Grant Graver, Investor Relations. Thank you, sir. You may begin your presentation.

您好，歡迎參加泰華施控股 2021 年第三季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想把這次會議交給東道主投資者關係部門的格蘭特·格雷弗先生。謝謝你，先生。您可以開始您的演示了。

Thank you. Hello, everyone, and welcome to Diversey's Third Quarter Conference Call. With me today are Phil Wieland, our CEO; and Todd Herndon, our CFO. Our earnings release and the slides we'll reference on this call are available on Diversey's website at ir.diversey.com.

謝謝。大家好，歡迎參加泰華施第三季度電話會議。今天和我在一起的有我們的首席執行官菲爾·維蘭德 (Phil Wieland)；和我們的首席財務官托德·赫恩登 (Todd Herndon)。我們的收益發布以及我們將在本次電話會議中參考的幻燈片可在泰華施網站 ir.diversey.com 上獲取。

Please take a moment to read the cautionary statements in these materials, which state that this teleconference and the associated supplemental materials may include estimates of future performance. These are forward-looking statements, and actual results could differ materially from those projected. Factors that could cause actual results to differ are described under the Risk Factors section in our filings with the SEC.

請花一點時間閱讀這些材料中的警告聲明，其中指出本次電話會議和相關補充材料可能包括對未來業績的估計。這些均為前瞻性陳述，實際結果可能與預測存在重大差異。我們向 SEC 提交的文件中的“風險因素”部分描述了可能導致實際結果不同的因素。

On this call, we will reference certain non-GAAP measures. Please see the accompanying slides and our filings with the SEC for definitions and reconciliations to the most closely comparable GAAP measures.

在這次電話會議上，我們將參考某些非公認會計原則措施。請參閱隨附的幻燈片以及我們向 SEC 提交的文件，了解與最接近的 GAAP 衡量標準的定義和調節。

And now I'm happy to pass it over to our CEO, Phil Wieland.

現在我很高興將其交給我們的首席執行官 Phil Wieland。

Thank you, Grant, and good morning to everybody. I'm happy to report another quarter of strong progress against our strategic plan. Let me update you on the 5 key headlines for the quarter.

謝謝你，格蘭特，大家早上好。我很高興地報告我們的戰略計劃又取得了一個季度的強勁進展。讓我向您介紹本季度 5 個主要頭條新聞的最新情況。

Firstly, the top line. We're showing good momentum in both our Institutional and F&B segments. In F&B, our very high win rates during 2020 and 2021, plus the introduction of water treatment are paying dividends. In Institutional, the recovery of our base business continues to be encouraging with strong Q3 growth over prior year. This is fueled by share gain from new business wins, investments in commercial excellence and our global accounts infrastructure, strong innovation, pricing and of course, reopening in some markets.

首先，頂線。我們的機構和餐飲領域都表現出良好的勢頭。在餐飲領域，我們在 2020 年和 2021 年的極高勝率，再加上水處理的引入，正在帶來紅利。在機構方面，我們的基礎業務的複蘇繼續令人鼓舞，第三季度比去年同期增長強勁。這是由於新業務的勝利、對商業卓越的投資和我們的全球賬戶基礎設施、強大的創新、定價，當然還有在一些市場的重新開放而帶來的份額增長所推動的。

Page 6 of the presentation highlights our progress returning to pre-pandemic levels as we see a strong recovery in North America, an improving position in Europe and a slower recovery in the rest of the world. Whilst the remaining COVID impacts around the world frustrate our customers, we remain confident in a full recovery, and this will be one of our levers for growth as we head into 2022.

演示文稿的第 6 頁強調了我們恢復到大流行前水平的進展，因為我們看到北美強勁復甦，歐洲狀況改善，而世界其他地區復蘇緩慢。儘管新冠疫情在全球範圍內留下的影響令我們的客戶感到沮喪，但我們對全面復甦仍然充滿信心，這將是我們邁入 2022 年的增長槓桿之一。

We continue to see infection prevention well ahead of 2019, with many countries more than double 2019 on a year-to-date basis and others with a slightly lower increase versus 2019. This segment of the market has seen normalization from the strong growth we experienced in 2020, but is still significantly above pre-pandemic levels. Although difficult to judge exact trends given the complexity of the overall environment, we are encouraged by increased hygiene standards and market receptivity to our differentiated infection prevention portfolio as we deepen penetration in North America and expand into new geographies.

我們繼續預計感染預防工作將在 2019 年到來之前到來，許多國家/地區比 2019 年迄今為止增長一倍以上，而其他國家/地區的增幅與 2019 年相比略有下降。該市場領域已從我們經歷的強勁增長中實現正常化2020 年，但仍顯著高於大流行前的水平。儘管鑑於整體環境的複雜性，很難判斷確切的趨勢，但隨著我們在北美的滲透率加深並擴展到新的地區，衛生標準的提高和市場對我們差異化感染預防產品組合的接受度的提高令我們感到鼓舞。

In summary, we believe we will drive growth in our business in Q4, an acceleration into 2022, and we are increasingly well positioned for long-term growth.

總之，我們相信我們將在第四季度推動業務增長，並加速進入 2022 年，並且我們為長期增長做好了越來越有利的準備。

The second key element of the quarter is around pricing. Pricing remains critical for us as a result of the cost inflation that we've seen build through the year. We continue to step up pricing in the third quarter and have good pricing momentum for the fourth quarter and into 2022. We've realized roughly 3% top line growth from pricing actions year-to-date and expect to reach mid-single-digit percent in the fourth quarter. We expect this increased level of pricing to continue into 2022.

本季度的第二個關鍵因素是定價。由於今年成本不斷上漲，定價對我們來說仍然至關重要。我們在第三季度繼續提高定價，並在第四季度和 2022 年保持良好的定價勢頭。年初至今，我們通過定價行動實現了約 3% 的營收增長，預計將達到中個位數第四季度的百分比。我們預計這種定價水平的提高將持續到 2022 年。

The third element, margin. Diversey continues to execute well in a challenging environment, and we are pleased to have increased EBITDA margins from 14.7% in Q1 to 15.6% in Q2 to 16.0% in Q3, as we signaled we would when we last reported. Our margin improvement has been solid and consistent for several quarters now and provides confidence around our longer-term target of 20%.

第三個要素，邊距。泰華施在充滿挑戰的環境中繼續表現良好，我們很高興將 EBITDA 利潤率從第一季度的 14.7% 提高到第二季度的 15.6%，再到第三季度的 16.0%，正如我們上次報告時所暗示的那樣。我們的利潤率在幾個季度中一直保持穩定和穩定的改善，並為我們 20% 的長期目標提供了信心。

Number four, customer value proposition. We continue to be encouraged by our winning customer value proposition with a stronger-than-ever pipeline of opportunities, very high customer retention and record Net Promoter Scores. Based on our progress to date, we remain very confident in our ability to take share and drive long-term operating leverage in the large and fragmented markets we serve.

第四，客戶價值主張。我們繼續受到我們贏得客戶價值主張的鼓舞，擁有比以往任何時候都更強大的機會渠道、非常高的客戶保留率和創紀錄的淨推薦值。根據我們迄今為止取得的進展，我們對在我們所服務的龐大而分散的市場中佔據份額並推動長期運營槓桿的能力仍然非常有信心。

And finally, number five, M&A. We continue to execute against our strategy with M&A. In Q3, we closed the Tasman acquisition in Australia that we announced last quarter, and we've recently closed the deal that we're excited about in Canada. The acquisition pipeline has never been stronger.

最後，第五，併購。我們繼續執行我們的併購戰略。在第三季度，我們完成了上季度宣布的在澳大利亞的 Tasman 收購，最近我們在加拿大完成了令我們興奮的交易。收購渠道從未如此強大。

Now I'd like to highlight progress on ESG. We recently filed our annual sustainability report, which we've done annually for more than 15 years. However, this year, we are resetting our strategy and goals. Our enhanced sustainability strategy is called Protect, Care, Sustain, and it follows the ESG framework commonly used today. It's set out on Page 8. Protecting the environment, caring for society and sustaining good governance will be the focus of our new approach. We are committed to our ambitious goals in this area, and we'll measure and report on our progress annually.

現在我想強調一下 ESG 方面的進展。我們最近提交了年度可持續發展報告，過去 15 年以來我們每年都會提交該報告。然而，今年我們正在重新調整我們的戰略和目標。我們增強的可持續發展戰略稱為“保護”、“關懷”、“維持”，它遵循當今常用的 ESG 框架。第 8 頁對此進行了闡述。保護環境、關愛社會和維持良好治理將是我們新方法的重點。我們致力於實現這一領域的宏偉目標，並且我們將每年衡量並報告我們的進展情況。

Throughout our history, our commitment to sustainability hasn't changed. It's deeply embedded in the culture of the company. It defines who we are and what we stand for. I'd also like to state how proud I am of our global teams for the way they're responding to the current global challenges. Our supply chain teams are managing freight issues, our procurement teams are managing a difficult and fast-changing raw material landscape, and our R&D teams are working tirelessly to reformulate products. All of this is aimed at limiting the impact on our customers, which is being very well handled by our customer-facing teams. This is a time of truly exceptional circumstances. Diversey's deep-rooted behavior of being customer-driven is putting us in a great position to deliver a fantastic 2022.

縱觀我們的歷史，我們對可持續發展的承諾從未改變。它深深植根於公司文化中。它定義了我們是誰以及我們代表什麼。我還想表達我對我們的全球團隊應對當前全球挑戰的方式感到多麼自豪。我們的供應鏈團隊正在管理貨運問題，我們的採購團隊正在管理困難且快速變化的原材料環境，我們的研發團隊正在不懈地努力重新制定產品配方。所有這些都是為了限制對我們客戶的影響，我們面向客戶的團隊正在很好地處理這一問題。這是一個真正特殊的時期。泰華施以客戶為導向的根深蒂固的行為使我們處於有利地位，能夠實現美好的 2022 年。

Finally, you'll remember that our medium-term growth algorithm is to grow organic top line faster than the market rate of 3%, to add 2% to the top line to M&A, to expand margins to 20% and to generate significant cash to delever and fuel investments in growth. We're confident that we will enter next year with great momentum due to our market share gains, effective management of inflation through price and cost actions, ongoing market reopenings, higher post-pandemic cleaning and infection prevention standards and a very robust pipeline of M&A opportunities.

最後，您會記得我們的中期增長算法是使有機營收增長速度快於 3% 的市場增長率，在併購營收中增加 2%，將利潤率擴大到 20%，並產生大量現金去槓桿化並推動增長投資。我們相信，由於我們的市場份額增長、通過價格和成本行動有效管理通脹、持續的市場重新開放、更高的疫情后清潔和感染預防標準以及非常強勁的併購渠道，我們將以強勁的勢頭進入明年機會。

And with that, let me pass over to our CFO, Todd Herndon, to discuss Q3 financial results in more detail.

接下來，讓我請我們的首席財務官托德·赫恩登 (Todd Herndon) 更詳細地討論第三季度的財務業績。

Thanks, Phil. Let me start on Page 11 with a summary of our consolidated results. Q3 net sales were down 2.4% versus prior year as reported, but increased quarter-over-quarter as expected, with sales increasing by $14.7 million or 2.3% versus Q2. As Phil mentioned, the recovery of our base Institutional business is progressing well, and we continue to win new customers with significant recovery still ahead of us, as reopenings progress around the world.

謝謝，菲爾。讓我從第 11 頁開始總結我們的綜合業績。據報導，第三季度淨銷售額比上年同期下降 2.4%，但季度環比增長符合預期，銷售額比第二季度增加 1,470 萬美元，即 2.3%。正如菲爾所提到的，我們的基礎機構業務的複蘇進展順利，隨著世界各地重新開業的進展，我們將繼續贏得新客戶，並且我們仍將迎來顯著的複蘇。

Our F&B business continues to win new customers and grow revenue while improving margins. Consolidated adjusted EBITDA for Q3 is in line with 2020 and is 2.1% above 2019. Overall, we are very happy with the progress we're making on margins despite inflationary and supply chain pressures.

我們的餐飲業務繼續贏得新客戶並增加收入，同時提高利潤。第三季度合併調整後 EBITDA 與 2020 年持平，比 2019 年增長 2.1%。總體而言，儘管面臨通脹和供應鏈壓力，我們對利潤率取得的進展感到非常滿意。

On Page 12, let's review our segments, starting with Institutional. Institutional revenue declined 6.7% versus Q3 2020, as the strong recovery in the base business was more than offset by the tough comp to the increased level of infection prevention that we experienced in Q3 of last year. We have seen strong recovery in the more developed geographies with much more to come as developing geographies and sectors, such as facility services and hospitality continue to recover. We also believe our infection prevention business is stabilizing after the onetime effects of COVID and is well positioned to grow with our investments in new products and regions. In Q3, Institutional revenue has recovered to within 3.4% of pre-COVID 2019 levels.

在第 12 頁，讓我們回顧一下我們的細分，從機構開始。與 2020 年第三季度相比，機構收入下降了 6.7%，因為基礎業務的強勁復甦被去年第三季度感染預防水平提高的艱難補償所抵消。我們看到較發達地區的強勁復甦，隨著設施服務和酒店業等發展中地區和行業的持續復甦，經濟復甦還將更加強勁。我們還相信，在新冠疫情的一次性影響之後，我們的感染預防業務正在趨於穩定，並且隨著我們對新產品和新地區的投資，我們的感染預防業務有望實現增長。第三季度，機構收入已恢復至 2019 年新冠疫情前水平的 3.4% 以內。

Even with lower revenue and challenging raw material and supply chain environment, we were able to increase our adjusted EBITDA margin over both 2019 and 2020 through operational efficiency programs and pricing. We are also now at the inflection point where the combination of stronger customer retention, new business wins, continued reopenings and increased hygiene intensity will drive further quarter-over-quarter growth in Q4 and into 2022, absent further supply chain disruption.

即使收入較低且原材料和供應鏈環境充滿挑戰，我們仍能夠通過運營效率計劃和定價提高 2019 年和 2020 年調整後的 EBITDA 利潤率。我們現在還處於一個拐點，在沒有進一步供應鏈中斷的情況下，更強大的客戶保留、新業務的贏得、持續的重新開放和衛生強度的提高將推動第四季度和 2022 年的季度環比進一步增長。

Before moving to F&B, I'd like to quickly highlight one of our environmentally friendly products, Oxivir Tb, which was rated by Newsweek and the Leapfrog Group as a Best Infection Prevention Product in 2021.

在轉向餐飲之前，我想快速介紹一下我們的一款環保產品 Oxivir Tb，該產品被《新聞周刊》和 Leapfrog Group 評為 2021 年最佳感染預防產品。

Oxivir Tb is a hospital-grade disinfectant. It contains our patented accelerated hydrogen peroxide technology. It's rated as the lowest level of hazard and requires no safety warning or PP&E. It's great to be recognized, but more important is the feedback from our customers that our infection prevention solutions lower infection rates without compromising employee safety. It's also better for the environment than other disinfectants, breaking down to just oxygen and water.

Oxivir Tb 是一種醫院級消毒劑。它包含我們的專利加速過氧化氫技術。它被評為最低危險級別，不需要安全警告或 PP&E。很高興得到認可，但更重要的是我們的客戶的反饋，我們的感染預防解決方案在不影響員工安全的情況下降低了感染率。它比其他消毒劑更環保，分解為氧氣和水。

On Page 13, let's review our Food & Beverage segment, where revenue grew by 12% compared to Q3 2020. More impressive was the 29.9% growth in our adjusted EBITDA over that period, given our continued scale and focus on cost improvement. As a result, our F&B segment ended the quarter with a strong margin of 19.3%, which was up 270 basis points compared to 2020. When comparing to 2019, revenue expanded by 9%, and our adjusted EBITDA grew by 25.6%, exhibiting the continued momentum we're experiencing closing new business wins around the world along with increasing traction in water treatment.

在第 13 頁，讓我們回顧一下我們的食品和飲料部門，該部門的收入與 2020 年第三季度相比增長了 12%。考慮到我們持續的規模和對成本改善的關注，我們的調整後 EBITDA 在此期間增長了 29.9%。因此，我們的餐飲部門在本季度末實現了 19.3% 的強勁利潤率，與 2020 年相比增長了 270 個基點。與 2019 年相比，收入增長了 9%，調整後的 EBITDA 增長了 25.6%，顯示出持續的勢頭，我們在世界各地贏得了新的業務，同時水處理領域的吸引力不斷增強。

One of the innovations I'd like to highlight for F&B is Deosan HH+, which is a sustainable footbath solution to help prevent lameness in ruminant farm animals. It's estimated that 25% of cattle suffer from lameness. [Traditional] treatments use copper sulfate to repair the S bridges and hooves, which is an environmentally damaging heavy metal. HH+ uses copper nitrate, which is water soluble and therefore, has a much lower environmental impact. This presents a great upsell opportunity across our global agricultural business.

我想強調的餐飲創新之一是 Deosan HH+，它是一種可持續的足浴解決方案，有助於防止農場反芻動物跛行。據估計，25%的牛患有跛行。 [傳統]治療使用硫酸銅來修復 S 橋和蹄，這是一種對環境有害的重金屬。 HH+ 使用水溶性硝酸銅，因此對環境的影響要小得多。這為我們的全球農業業務提供了巨大的追加銷售機會。

On Page 14, you'll see our financial bridge from Q3 2020 to Q3 2021. I've already discussed the Institutional and F&B movements. You'll also see we had small favorable FX and a benefit from M&A.

在第 14 頁，您將看到我們從 2020 年第三季度到 2021 年第三季度的財務橋樑。我已經討論了機構和餐飲運動。您還會看到我們有小幅有利的外彙和併購帶來的好處。

One other item to note in the quarter, during Q3, we had a change in the way we account for income taxes. It had the effect of increasing our rate in the quarter, but does not change our full year outlook on adjusted ETR and has no impact on cash flow.

本季度需要注意的另一件事是，在第三季度，我們的所得稅核算方式發生了變化。它提高了我們本季度的利率，但不會改變我們對調整後 ETR 的全年展望，並且對現金流沒有影響。

With that, let me turn to the balance sheet, cash flow and liquidity on Page 15. Beginning with free cash flow, Q3 2021 had an outflow of $41 million compared to free cash flow of $6 million in Q3 2020. Within the $41 million Q3 2021 outflow is $8 million for the purchase of Tasman Chemicals and $12 million of higher cash interest payments, which were accelerated around the refinancing. Our recent refinancing lowered our interest rates and extended the loan maturities out to 2028 and 2029. Assuming interest rates on the floating rate debt remain constant, we anticipate annual interest expense savings of more than $11 million, which could increase to $14 million when we trigger a step-down of the interest rate upon achieving a net leverage ratio of 4.5x. The overall cost of our debt is relatively low at less than 4%.

接下來，讓我談談第 15 頁的資產負債表、現金流和流動性。從自由現金流開始，2021 年第三季度的流出為 4100 萬美元，而 2020 年第三季度的自由現金流為 600 萬美元。在第三季度的 4100 萬美元中2021 年的資金流出為 800 萬美元，用於購買塔斯曼化學品公司，以及 1200 萬美元的現金利息支付，這些現金利息支付因再融資而加速。我們最近的再融資降低了利率，並將貸款期限延長至 2028 年和 2029 年。假設浮動利率債務的利率保持不變，我們預計每年節省的利息費用將超過 1100 萬美元，當我們觸發時，這可能會增加到 1400 萬美元當淨槓桿率達到 4.5 倍時，利率會下調。我們的整體債務成本相對較低，不到4%。

We have a strong liquidity profile with over $500 million available as of quarter end, which we view as a strong asset given the fragmented market we operate in and the very robust M&A pipeline Phil noted earlier. Our leverage remains stable at 4.85x net debt-to-adjusted EBITDA compared to 4.74x last quarter. The 0.1x increase was driven by roughly $33 million of refinancing fees. We believe we'll delever by year-end as our LTM EBITDA improves, inclusive of the significant investment in our new facility in Kentucky we announced in Q2 and a provision for some M&A in the quarter. In Q4, we expect to generate more than $70 million of free cash flow, net of strategic investments in M&A and our supply chain strategic investment.

我們擁有強大的流動性，截至季度末可用資金超過 5 億美元，考慮到我們所處的分散市場以及菲爾之前提到的非常強勁的併購渠道，我們認為這是一項強大的資產。我們的槓桿率穩定在淨債務與調整後 EBITDA 的 4.85 倍，而上季度為 4.74 倍。 0.1 倍的增長是由約 3300 萬美元的再融資費用推動的。我們相信，隨著 LTM EBITDA 的改善，包括我們在第二季度宣布的對肯塔基州新工廠的重大投資以及本季度的一些併購準備金，我們將在年底前實現去槓桿化。扣除併購戰略投資和供應鏈戰略投資後，我們預計第四季度將產生超過 7000 萬美元的自由現金流。

So let me conclude with some comments on our general outlook. Our business is expected to be a positive comp year-on-year in Q4, absent further supply chain disruption, and continues to improve as markets reopen, and we continue to implement new business that we've won over the last year. For infection prevention, we're seeing demand lower than what we experienced in 2020 during the pandemic, but still much higher than pre-pandemic levels, which is likely to continue in the future due to elevated hygiene standards.

最後，讓我對我們的總體前景發表一些評論。在沒有進一步供應鏈中斷的情況下，我們的業務預計將在第四季度實現同比增長，並且隨著市場重新開放而繼續改善，並且我們將繼續實施去年贏得的新業務。在感染預防方面，我們發現需求低於 2020 年大流行期間的需求，但仍遠高於大流行前的水平，由於衛生標準的提高，這種情況在未來可能會持續下去。

In the fourth quarter, we expect to continue quarter-over-quarter progressive growth in sales, adjusted EBITDA and adjusted EBITDA margin, as mentioned last quarter, and accelerating momentum into 2022.

正如上季度所述，我們預計第四季度的銷售額、調整後 EBITDA 和調整後 EBITDA 利潤率將繼續環比增長，並在 2022 年加速增長勢頭。

And with that, I'll pass it back to Phil for a closing summary.

至此，我會將其傳回給 Phil 進行總結總結。

Thanks, Todd. As a leading provider of hygiene, infection prevention and cleaning solutions amidst the pandemic, we are well positioned to capture significant growth due to elevated cleaning standards as markets continue to reopen. We're building great momentum for 2022 and beyond with an improving top line, aggressive pricing to combat inflation and a strong funnel of acquisitions.

謝謝，托德。作為疫情期間衛生、感染預防和清潔解決方案的領先供應商，隨著市場繼續重新開放，清潔標準不斷提高，我們有能力實現顯著增長。我們正在為 2022 年及以後打造強勁的發展勢頭，包括不斷改善的營收、積極的定價以對抗通脹以及強大的收購渠道。

And now I look forward to your questions. Operator, would you please begin the question-and-answer session?

現在我期待著您的提問。接線員，請開始問答環節好嗎？

(Operator Instructions) Our first question comes from the line of Vincent Andrews with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的文森特·安德魯斯（Vincent Andrews）。

Just wondering, as we look into the fourth quarter, if you could just give us a little bit more of a sense of what type of top line growth to expect? And maybe just a little bit more thought on the price cost trade-off in the fourth quarter and how that will trend.

只是想知道，當我們展望第四季度時，您是否能讓我們更多地了解預期的收入增長類型？也許只是更多地思考第四季度的價格成本權衡及其趨勢。

Yes. Vincent, thanks for the question, Phil here. So let me start with the price cost part of the question. So look, we've seen sort of 5-ish percent cost inflation in the period to date, about 3% on price. We think our price is going to step up more like sort of mid-single digits in Q4, as we talked about quite a lot of extra actions going in there. But it's also likely that our costs are going to step up as well. So we do think that we're going to see some more accretion in our margins, but it's not going to necessarily accelerate very significantly as we're sort of managing that further cost inflation against the price we're putting through.

是的。文森特，謝謝你的提問，菲爾。讓我從問題的價格成本部分開始。所以看，迄今為止，我們已經看到了 5% 左右的成本通脹，即價格上漲約 3%。我們認為我們的價格將在第四季度上漲到中等個位數，因為我們談到了相當多的額外行動。但我們的成本也可能會增加。因此，我們確實認為我們的利潤率將會增加，但不一定會顯著加速，因為我們正在根據我們所承受的價格來管理進一步的成本通脹。

On the top line, look, I think we will see some growth, as Todd just mentioned, in the fourth quarter. We've been delivering somewhere like $15 million to $20 million improvement each quarter. It may not be as much as that in the fourth quarter. As you know, we've got a reopening happening. It's not obvious that there's going to be a huge amount of reopening more in Q4 versus Q3 as some of those countries with a lower rates of vaccination are not necessarily improving in that period. So in summary, I'd say, both margin and top line continuing to get better, but not necessarily huge steps forward. I hope that helps.

在最重要的方面，我認為正如托德剛才提到的，我們將在第四季度看到一些增長。我們每個季度都會實現大約 1500 萬至 2000 萬美元的改進。可能不會像第四季度那麼多。如您所知，我們正在重新開放。與第三季度相比，第四季度是否會大幅重新開放並不明顯，因為一些疫苗接種率較低的國家在此期間不一定會有所改善。總而言之，我想說的是，利潤率和營收都在繼續改善，但不一定會取得巨大進步。我希望這有幫助。

No, that's very helpful. And then maybe just on infection prevention. Do you think we're now sort of at the run rate or this is sort of where it's going to sort of bounce around that, plus or minus, but it is going to indeed normalize at a higher level than you originally anticipated? And this is a good -- once we lap this rate, we'll stop talking about it?

不，這非常有幫助。然後也許只是預防感染。您認為我們現在處於運行速度還是會圍繞該運行速度反彈，無論是正值還是負值，但它確實會在比您最初預期更高的水平上正常化？這是一件好事——一旦我們達到這個速度，我們就不再談論它了？

Well, I'm not sure I want to stop talking about it because we feel pretty good about our product. But to get -- at least to get to the core of your question, honestly, it's just so hard to say because as we look at different countries, as we look from month to month, there's just some real diversity and spread of performance. So look, it's certainly true that we've seen a reasonable amount of normalization in infection prevention so far. Whether there's a bit more to come, I think there certainly could be. But offices really globally not yet reopened. And until we see that, again, it's going to be hard to get a full picture. So look, not a very complete answer, but probably the best we can do at this stage as things are still unfolding.

好吧，我不確定我是否想停止談論它，因為我們對我們的產品感覺非常好。但老實說，至少要觸及你問題的核心，這很難說，因為當我們觀察不同的國家時，當我們逐月觀察時，就會發現表現存在一些真正的多樣性和分佈。所以看，到目前為止，我們確實已經看到感染預防方面已經實現了相當程度的正常化。無論是否還會有更多的事情發生，我認為肯定會有。但實際上全球各地的辦事處尚未重新開放。在我們再次看到這一點之前，我們很難全面了解情況。所以看，這不是一個非常完整的答案，但可能是我們現階段能做的最好的事情，因為事情仍在發展。

Our next question comes from the line of George Tong with Goldman Sachs.

我們的下一個問題來自高盛的喬治·唐（George Tong）。

Wanted to dive deeper into whether or not you're seeing impact from supply chain disruptions. Are you seeing any delays or difficulty in obtaining supplies or seeing pricing impact or cost impact from some of the supply chain disruptions that we're seeing across the economy?

希望更深入地了解您是否看到了供應鏈中斷的影響。您是否發現在獲取供應方面存在任何延遲或困難，或者看到我們在整個經濟中看到的一些供應鏈中斷對價格或成本的影響？

Look, George, the short answer to that question is, yes. Look, it's really tough out there. And I think anyone that says otherwise is probably living in a different world. We do see labor challenges. We do see raw material challenges. Transportation is difficult. It's just a daily, weekly, monthly ongoing challenge. We're assuming this is going to continue as well into 2022. So whilst we are focusing on all elements of our strategic plan we talked about before, this is something that we are extremely focused on managing. I think if I was looking for a positive, I'd say, we're well equipped to deal with this versus some of our smaller competitors. But I don't want to understate. This is a challenge. I think we're doing well, but yes, it's not going away anytime soon.

聽著，喬治，這個問題的簡短答案是，是的。你看，外面真的很艱難。我認為任何持不同觀點的人可能都生活在不同的世界中。我們確實看到了勞動力方面的挑戰。我們確實看到了原材料方面的挑戰。交通運輸困難。這只是每天、每週、每月持續的挑戰。我們假設這種情況將持續到 2022 年。因此，雖然我們專注於之前討論過的戰略計劃的所有要素，但這是我們非常注重管理的事情。我想，如果我要尋找積極的一面，我會說，與一些規模較小的競爭對手相比，我們有能力應對這一問題。但我不想輕描淡寫。這是一個挑戰。我認為我們做得很好，但是，是的，這種情況不會很快消失。

Okay. Maybe just to follow up on that point a little bit. What are some strategies that you have to mitigate the risks of supply chain disruptions? And what kind of impact could further supply chain disruptions or a new elongation of the time frame of those disruptions have on either top line or margin performance?

好的。也許只是為了跟進這一點。您必須採取哪些策略來減輕供應鏈中斷的風險？進一步的供應鏈中斷或這些中斷的時間框架的新延長會對營收或利潤表現產生什麼樣的影響？

Yes. So look, we're doing a lot, as you'd imagine. So for example, we're -- our R&D team are working on a whole range of reformulations outside of the registered products to make sure that we've got the more readily available materials going into our products. We're also reducing the SKU range where we can, where it doesn't have a significant impact on customers, really just focusing on making sure that the materials that are available we can use as flexibly as possible to make sure that we're getting and satisfying all the customers as fast as possible. So we're really focusing across every part of the supply chain, but we're basically being pretty [creative] with some of the solutions here as well.

是的。所以看，我們做了很多事情，正如你想像的那樣。例如，我們的研發團隊正在研究註冊產品之外的一系列重新配方，以確保我們有更容易獲得的材料進入我們的產品。我們還在盡可能地減少 SKU 範圍，這不會對客戶產生重大影響，實際上只是專注於確保我們可以盡可能靈活地使用可用的材料，以確保我們盡快獲得併滿足所有客戶。因此，我們確實關注供應鏈的每個部分，但我們基本上也對這裡的一些解決方案非常[有創意]。

Our next question comes from the line of Andy Wittmann with Baird.

我們的下一個問題來自安迪·魏特曼和貝爾德的對話。

I thought I would talk about -- or ask about the Food & Beverage segment, in particular, and the margins there, I think, kind of stuck out to me as being fairly positive. So I was wondering, Phil or Todd, if you could talk about what are the reasons for the margin expansion? Obviously, you had decent top line growth here, so I have to think some of it was leverage, but is there a mix? Are you seeing other factors that are driving that? And can you talk about the sustainability of the margin profile that you realized in the quarter. Basically asking, was there anything kind of unique to the quarter that wouldn't be expected to recur?

我想我應該談談——或者特別是詢問食品和飲料部門，我認為那裡的利潤率對我來說相當積極。所以我想知道，菲爾或託德，你們能否談談利潤率擴張的原因是什麼？顯然，你在這裡有不錯的收入增長，所以我不得不認為其中一些是槓桿，但有混合嗎？您是否看到了導致這種情況的其他因素？您能否談談您在本季度實現的利潤率狀況的可持續性。基本上是問，本季度是否有任何預計不會再次出現的獨特情況？

Yes. Let me take that. Let me start by saying our F&B [leader would take issue that's] fairly positive. I think you've seen us somewhat more excited about that with his -- with the momentum he's driving.

是的。讓我來吧。首先我要說的是，我們的餐飲[領導者會接受]相當積極的問題。我想你已經看到我們對他的動力更加興奮了。

But look, why are we doing well in F&B? At the heart of it, we have been winning business, some of which is last year that we've rolled out, this year more than that we've won this year. So that's adding to the top line, but also we're winning at nice margins. So that in itself is helpful. And the additional volume is obviously giving us some leverage through, as I think you were suggesting.

但是你看，為什麼我們在餐飲領域做得很好？其核心是，我們一直在贏得業務，其中一些是我們去年推出的，今年比我們今年贏得的還要多。因此，這增加了營收，但我們也以不錯的利潤取勝。所以這本身就是有幫助的。正如我認為你所建議的那樣，額外的交易量顯然給我們帶來了一些影響力。

As for whether it's sustainable, I certainly expect us to continue to deliver some really nice top line growth, albeit, we're certainly not immune from these inflationary challenges. And I think it's fair to say that the cost pressure in F&B is even greater than it is in Institutional. So it's going to be a battle to continue to drive the margin accretion that we've seen, and that's likely probably to slow a little bit, but it will peak going forward.

至於是否可持續，我當然希望我們能夠繼續實現一些非常好的收入增長，儘管我們當然不能免受這些通脹挑戰的影響。我認為可以公平地說，餐飲行業的成本壓力甚至比機構行業更大。因此，繼續推動我們所看到的利潤增長將是一場戰鬥，這可能會稍微放緩，但未來將達到頂峰。

That's helpful. And for -- just for my follow-up question. I guess I wanted to talk about the overall kind of outlook for growth in terms of like a net new basis. You mentioned high retention. I don't know if there's any more detail you can give on your retention rates overall. Certainly, I think last year, there wasn't a lot of switching, but things are getting more normal. So I'm wondering if retention has changed from those very high levels that we realized during the depths of the pandemic. And then if you could talk maybe about some kind of sales force productivity. You mentioned kind of subjectively a couple of times that new sales have been good. Maybe there's other commentary you can give us, but give us a little bit more detail on that so we could just kind of assess that as well.

這很有幫助。就我的後續問題而言。我想我想談談淨新基礎方面的總體增長前景。您提到了高保留率。我不知道您是否可以提供有關總體保留率的更多詳細信息。當然，我認為去年並沒有太多的轉變，但事情正在變得更加正常。所以我想知道保留率是否與我們在大流行最嚴重時期意識到的非常高的水平發生了變化。然後你可以談談某種銷售人員的生產力嗎？您多次主觀地提到新銷售情況良好。也許您還可以給我們提供其他評論，但請給我們提供更多詳細信息，以便我們也可以對其進行評估。

Yes, sure. So look, on retention, I'd say no change. We've been at -- we talked about 98%, 99%. That's really continued. We really haven't seen any material losses. I can't think of one off top of my head, which was resulted from a bit of pricing that we pushed through where our competitor was prepared to take a price cut, which we wouldn't. But outside of small examples like that, the retention remains really strong.

是的，當然。因此，就保留率而言，我認為沒有變化。我們一直在談論 98%、99%。這還真是繼續了。我們確實沒有看到任何物質損失。我想不出有什麼是這樣的，這是由於我們在競爭對手準備降價的情況下推行了一些定價，而我們卻不會。但除了這樣的小例子之外，保留率仍然非常高。

In terms of new business, I'd say despite the fact we've won a lot, our pipeline has also got much stronger. So look, it's very hard to give predictions there. But all I can say is we feel we've got momentum, and we feel it's going to keep going. We've got new leadership in our global accounts business. We've focused a lot on commercial excellence. I mean it's early days, but it seems to be moving in the right direction.

在新業務方面，我想說，儘管我們贏得了很多，但我們的渠道也變得更加強大。所以看，很難在那裡做出預測。但我只能說，我們覺得我們有動力，而且我們覺得它會繼續下去。我們的全球客戶業務有了新的領導層。我們非常注重商業卓越。我的意思是現在還處於早期階段，但它似乎正在朝著正確的方向發展。

Our next question comes from the line of Edlain Rodriguez with Jefferies.

我們的下一個問題來自艾德蘭·羅德里格斯 (Edlain Rodriguez) 和杰弗里斯 (Jefferies) 的對話。

Phil, you've talked about the cost pressure in F&B being greater than Institutional. Is that where you're trying to push most of the price in? And is it a little more challenging to get pricing there than on Institutional?

Phil，您談到餐飲業的成本壓力比機構業更大。這是你試圖推高大部分價格的地方嗎？在那裡定價是否比機構定價更具挑戰性？

Well, look, our job here is to maintain percentage margin. So to the extent that the cost inflation is higher, so our price needs to -- price increases need to be higher because over time, that's the only way we can maintain percentage margins. So yes, to the extent that the costs are higher in F&B, so our prices need to be higher, too. And that's what we're getting on with.

好吧，看，我們的工作是維持利潤率。因此，在成本通脹較高的情況下，我們的價格需要更高，因為隨著時間的推移，這是我們保持利潤率的唯一方法。所以，是的，餐飲成本較高，所以我們的價格也需要更高。這就是我們正在處理的事情。

And just to follow-up on that. I mean clearly, I mean, I think for this year, your price is still going to lag the cost inflation. As we get into next year, like how long do you think it's going to take you to kind of recover all the costs?

只是為了跟進。我的意思很明確，我的意思是，我認為今年，你們的價格仍然會落後於成本通脹。當我們進入明年時，您認為需要多長時間才能收回所有成本？

Yes. Look, it's a really tough one because what we don't know is how much more cost is coming. So when we were sitting in the summer, we were thinking with the inflation that we could see then, we were going to have it fully passed through probably in the first quarter of next year. But what unfolded, of course, is another wave of cost inflation. So that obviously is going to take another wave of pricing to recover, but it's really hard to predict what's then going to happen with further cost pressure. We are now planning -- we're assuming we're going to have further cost inflation right through 2022, and therefore, we've got further price -- if that happens, then of course, it's going to be beyond that before we fully get the margin recovery, although we feel good that we'll get the -- certainly get the dollars in the year as it comes through.

是的。聽著，這確實是一項艱難的任務，因為我們不知道還會增加多少成本。因此，當我們在夏天的時候，我們正在考慮當時可以看到的通貨膨脹，我們可能會在明年第一季度完全通過它。但當然，隨之而來的是另一波成本通脹。因此，顯然需要另一波定價才能恢復，但很難預測隨著進一步的成本壓力會發生什麼。我們現在正在計劃 - 我們假設到 2022 年我們將進一步出現成本通脹，因此，我們的價格會進一步上漲 - 如果發生這種情況，那麼當然，在我們之前，價格將會超出這個範圍完全實現利潤率恢復，儘管我們感覺很好，我們肯定會在今年獲得收入。

Our next question comes from the line of Jeff Zekauskas with JPMorgan.

我們的下一個問題來自摩根大通的傑夫·澤考斯卡斯 (Jeff Zekauskas)。

I think infection protection revenues were $815 million or so in 2020. What are they going to be this year?

我認為 2020 年感染防護收入約為 8.15 億美元。今年會是多少？

Jeff, it's impossible to give you an accurate answer on that question. I mean if I step back and say, how are things unfolding versus what we expected, I would say that infection prevention has probably normalized a little bit faster than we would have expected. But exactly what happens beyond, it's hard to say. Overall, new business, water treatment, pricing, M&A is good. Infection prevention, a little bit lower than we expected at this stage. We plan for it to come down further in '22. How that pans out is really, really tough to say. But we'll update you when we can as the facts lay out.

傑夫，這個問題不可能給你準確的答案。我的意思是，如果我退一步說，事情的發展與我們的預期相比如何，我會說感染預防的正常化可能比我們預期的要快一些。但具體發生了什麼，很難說。總體而言，新業務、水處理、定價、併購都不錯。感染預防，比我們現階段的預期要低一些。我們計劃在 22 年進一步下降。結果如何真的很難說。但我們會根據事實情況及時向您通報最新情況。

Order of magnitude, like what's the revenue decrease? And when do you expect the quarterly revenue in infection protection to begin to go up?

數量級，比如收入減少了多少？您預計感染防護領域的季度收入何時開始上升？

So I think the -- we'll probably see further reductions in infection prevention into Q4 this year. And I think we'll see a little bit more normalization certainly into the first part of next year. And then I think we'll start to see it grow, and I think will flatten out. And then the investments that we've made outside of North America, I think we'll start to see those accelerating, and infection prevention globally starting to grow a little bit more.

所以我認為，今年第四季度我們可能會看到感染預防措施進一步減少。我認為明年上半年我們肯定會看到更多的正常化。然後我認為我們將開始看到它的增長，並且我認為將會趨於平緩。然後我們在北美以外地區進行的投資，我認為我們將開始看到這些投資的加速，全球感染預防工作開始有所增長。

The other thing that's hard to predict is what's happening with hand sanitizer. Because what we're seeing is as markets reopen, such -- certainly, the hand sanitizer picks up in line with that. And as those markets in the developing world reopen, let's see what happens there, too.

另一件難以預測的事情是洗手液的情況。因為我們看到的是，隨著市場重新開放，洗手液的銷量肯定會隨之增加。隨著發展中國家的市場重新開放，讓我們看看那裡會發生什麼。

Our next question comes from the line of John Roberts with UBS.

我們的下一個問題來自瑞銀集團的約翰·羅伯茨。

Would you expect any primary shares to be part of any follow-on offerings?

您是否期望任何主要股票成為任何後續發行的一部分？

John, I can't answer that question at this stage. I think all options are open, but it's tough for me to add to that clearly at this stage.

約翰，現階段我無法回答這個問題。我認為所有的選擇都是開放的，但在現階段我很難明確地補充這一點。

Okay. On Slide 6, is that the combined Institutional and F&B, excluding infection prevention? Or is that just Institutional, excluding infection prevention?

好的。在幻燈片 6 上，這是機構和餐飲的合併，不包括感染預防嗎？或者這只是製度性的，不包括感染預防？

Yes. Good point. That's Institutional, John. So on F&B, the COVID impact was more modest. We did have some, but that was in the single to low double-digit million. So not that material. This page really represents Institutional.

是的。好點子。這是製度性的，約翰。因此，對於餐飲業來說，新冠疫情的影響較為溫和。我們確實有一些，但那是個位數到低兩位數的百萬。所以不是那個材料。此頁面真正代表機構。

Our next question comes from the line of Gary Bisbee with Bank of America.

我們的下一個問題來自加里·比斯比與美國銀行的對話。

I guess the first question, just on margins. Obviously, you're doing a nice job delivering expansion there despite the cost headwinds and certainly understand the pricing dynamic and how that can help. But can you give some color on what strategies are really the key drivers of that? I know you called out a number of them in the pre-IPO process. And have you stepped on the gas faster on some of those strategies, such that, maybe you're pulling some of that future opportunity forward into this year? I guess, I'm just wondering if given all these things, how you're thinking about the medium-term margin story from here relative to how you told it in the IPO process.

我猜第一個問題只是邊緣問題。顯然，儘管存在成本阻力，但您在那裡的擴張工作做得很好，並且當然了解定價動態及其有何幫助。但您能否說明哪些策略才是真正的關鍵驅動因素？我知道您在首次公開募股前的過程中召集了其中的一些人。您是否更快地實施了其中一些策略，以便您可以將一些未來的機會提前到今年？我想，我只是想知道，考慮到所有這些因素，相對於您在 IPO 過程中講述的情況，您如何看待這裡的中期利潤率故事。

Sure. Todd, do you want to pick that one up?

當然。托德，你想把那個拿起來嗎？

Sure. I can do that. I think that our outlook for our margin opportunity is not any different than it was at the time of the IPO. The things that we control are clearly still in our control. There were 3 or 4 different areas that we said we would focus on. We've focused on those areas and are driving them, whether it'd be our operational effectiveness program or our earnings improvement program as we call it internally. We're making significant progress this year on G&A, in particular, as we look at how we deliver continued functional cost savings.

當然。我能做到。我認為我們對利潤機會的展望與首次公開募股時沒有任何不同。我們控制的事情顯然仍然在我們的控制之中。我們表示要重點關注 3 或 4 個不同的領域。我們一直專注於這些領域並正在推動它們，無論是我們的運營效率計劃還是我們內部所說的盈利改善計劃。今年，我們在一般行政費用方面取得了重大進展，特別是當我們研究如何實現持續的功能成本節約時。

The current supply challenges with respect to acquisition of raw materials has actually helped us accelerate some of the work we're doing on portfolio, which we mentioned was an important component going forward of generating further procurement synergies, because we're now looking at ways to harmonize the portfolio potentially faster, so that we can aggregate that demand and look at the composition of the cost of our products that we go to market with.

當前原材料採購方面的供應挑戰實際上幫助我們加快了我們在產品組合方面所做的一些工作，我們提到這是產生進一步採購協同效應的重要組成部分，因為我們現在正在尋找方法更快地協調產品組合，以便我們可以匯總需求並查看我們進入市場的產品的成本構成。

We announced in Q2 the establishment of a lease in Kentucky related to a footprint opportunity in North America, which we see as a significant opportunity to improve margin more in the 2023 period. And so all of that work that we're working on in a continuous improvement, one of our key 5 behaviors that Phil launched last year, is on plan with what we had viewed in the IPO as an opportunity for us to reach our mid- to long-term target. So we believe that we're doing a good job controlling what we control and executing well within the company on that. And with the challenging environment this year, we're pretty pleased with where we are on the cost base.

我們在第二季度宣佈在肯塔基州建立與北美足跡機會相關的租賃，我們認為這是在 2023 年期間進一步提高利潤率的重大機會。因此，我們正在持續改進的所有工作（菲爾去年推出的 5 個關鍵行為之一）都在按計劃進行，我們在 IPO 中將其視為實現中期目標的機會。到長期目標。因此，我們相信我們在控制我們所控制的內容方面做得很好，並且在公司內部執行得很好。鑑於今年充滿挑戰的環境，我們對成本基礎非常滿意。

The other thing I would say just as we think forward to 2022, we would hope that with our outlook to some growth next year that we've become a more efficient company during the COVID time and can leverage our fixed cost over growth that we fully anticipate coming in 2022.

我要說的另一件事是，正如我們展望 2022 年一樣，我們希望，鑑於明年的增長前景，我們在新冠疫情期間成為一家效率更高的公司，並且能夠利用我們的固定成本來充分利用我們的增長預計將於 2022 年推出。

Okay. That's helpful. And then if I could go back to infection prevention, just with one more question. Can you give us an update on how the global rollout, the AHP product is going? And is reopening helpful to that, in that it's easier to get in and sell? Or is it a challenge to the extent that you start to be past the worst of it, there's less like incentive for people to aggressively upgrade and change what they're doing or add more use of these products?

好的。這很有幫助。然後我是否可以回到感染預防，再問一個問題。您能否向我們介紹一下 AHP 產品的全球推廣進展情況？重新開業是否有幫助，因為更容易進入和出售？或者，這是否是一個挑戰，以至於您開始度過最糟糕的時期，人們不再有動力積極升級和改變他們正在做的事情或增加這些產品的更多使用？

Sure. So look, in terms of the global rollout, so we are now manufacturing right around the world and selling right around the world. In terms of reopening, look, it's mixed because clearly, businesses that are closed are not buying anything. So there's no opportunity.

當然。因此，就全球推廣而言，我們現在在世界各地生產並在世界各地銷售。就重新開業而言，情況好壞參半，因為顯然，關閉的企業沒有購買任何東西。所以沒有機會了。

It's certainly true outside of health care that when businesses are open, but there's a heavy focus on COVID, that's the height of the opportunity. And that comes down a little bit with the normalization we talked about earlier. And we're seeing that trend both in North America where the product was first launched and in the other places around the world.

在醫療保健之外，這當然是正確的，當企業開放時，但人們對新冠疫情的關注度很高，那就是機會的高峰。這隨著我們之前討論的正常化而有所下降。我們在該產品首次推出的北美和世界其他地方都看到了這種趨勢。

Okay. If I could just sneak one more quick one in. The tax commentary, does that imply that the Q4 tax rate would likely be lower? I think you said the full year unchanged, but it was much higher this quarter? Or could you just level set what might be a reasonable expectation in Q4?

好的。如果我能再快點再偷偷進來一份稅收評論，這是否意味著第四季度的稅率可能會更低？我想你說全年沒有變化，但這個季度要高得多？或者您可以在第四季度設定合理的預期嗎？

Yes, let me take -- this is Todd. In the -- I guess what I would start with is saying, our 9-month adjusted ETR lands at about 31%. As of Q2, on a year-to-date basis, we were at 20% on our ETR. So a higher ETR was expected in the back half of the year. While we originally expected the higher ETR to blend in over Q3 and 4, our tax accounting change we described in our 10-Qs require we take the full impact of the differential rates into Q3. Our full year view hasn't changed. We continue to expect to land at 30% to 31% for the full year adjusted ETR. So it's really a quarterly phasing comment.

是的，讓我想想——這是托德。我想我首先要說的是，我們的 9 個月調整後 ETR 約為 31%。截至第二季度，從年初至今來看，我們的 ETR 為 20%。因此預計下半年 ETR 將會更高。雖然我們最初預計第三季度和第四季度將出現更高的 ETR，但我們在 10-Q 中描述的稅務會計變更要求我們將差別稅率的全部影響納入第三季度。我們對全年的看法沒有改變。我們繼續預計全年調整後的 ETR 將下降 30% 至 31%。所以這實際上是一個季度階段性評論。

Our next question comes from the line of Arun Viswanathan with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Arun Viswanathan。

I guess 2 questions. So first off, on the raw side, what can you do to mitigate the impact there? Are there surcharge mechanisms that you'd want to implement? I guess I'm just asking mainly about chlorine and caustic, just given some tightness there that looks like it will persist into '22, just given the capacity rationalization and logistical issues. So yes, maybe we can just address that first.

我猜有2個問題。因此，首先，在原始方面，您可以採取哪些措施來減輕影響？您想要實施附加費機制嗎？我想我只是主要問關於氯和苛性鹼的問題，只是考慮到那裡的一些緊張情況，考慮到產能合理化和後勤問題，看起來它會持續到 22 年。所以，是的，也許我們可以先解決這個問題。

Yes. Look, you're absolutely right. So we've been taking a lot of price as we talked about. There are certain materials, example being the one you mentioned where some element of surcharge also exists because it's -- sometimes it's faster for us to get a surcharge into the market, and the movement in these roles is fast. It's also true to say, though, on some of those products, particularly in the F&B business, our contracts with customers are directly related to the index. And therefore, there's a natural movement and reflection of what's going on in the underlying index anyway.

是的。你看，你說得完全正確。因此，正如我們所說，我們已經接受了很多價格。有某些材料，例如您提到的材料，其中也存在某些附加費要素，因為有時我們可以更快地將附加費進入市場，並且這些角色的變動很快。不過，也確實如此，在其中一些產品上，特別是在餐飲業務中，我們與客戶的合同與指數直接相關。因此，無論如何，基礎指數都會有自然的變動和反映。

Okay. Great. And then just maybe if you could review kind of how we should think about leverage and how that evolves over the next year?

好的。偉大的。然後也許您可以回顧一下我們應該如何考慮槓桿率以及明年槓桿率如何演變？

Todd, do you want to take that one?

托德，你想拿那個嗎？

Yes, I can take that one. In our -- our thought process is following our -- we aspire, of course, to reduce our net debt leverage, and that hasn't changed. With respect to how we think about it with M&A, tuck-in acquisitions will require cash but won't materially increase our leverage profile on a pro forma basis as post-synergies, they get to roughly that net debt level that we have today and create a lot of equity value.

是的，我可以接受那個。當然，在我們的思維過程中，我們渴望降低我們的淨債務槓桿，這一點並沒有改變。就我們對併購的看法而言，收購將需要現金，但在預計的基礎上不會實質性地增加我們的槓桿狀況，因為協同效應後，它們大致達到了我們今天的淨債務水平，創造大量股權價值。

We do understand the importance of delevering over time. The uptick in leverage in Q3, again, was driven by the refinancing, which clearly has a benefit going forward of roughly $14 million in cash interest savings going, once we hit the 4.5x net debt level. And we were able to extend those towers out to 2028 and 2029. We do expect to delever in Q4 in addition to funding our investment in the Kentucky facility and M&A, which we referenced. We would also expect to further delever in 2022 as we generate strong free cash flow and grow EBITDA. We're going to continue to focus on delevering in the mid- to long term towards 3x as we communicated early -- earlier this year. So that's how we think about leverage going forward.

我們確實了解隨著時間的推移去槓桿化的重要性。第三季度槓桿率的上升同樣是由再融資推動的，一旦我們達到 4.5 倍的淨債務水平，再融資顯然會帶來約 1,400 萬美元現金利息節省的好處。我們能夠將這些塔樓延長至 2028 年和 2029 年。除了為我們提到的肯塔基州工廠的投資和併購提供資金外，我們確實預計在第四季度進行去槓桿化。隨著我們產生強勁的自由現金流和 EBITDA 增長，我們還預計在 2022 年進一步去槓桿化。正如我們今年早些時候所傳達的那樣，我們將繼續關注中長期的去槓桿化，目標是 3 倍。這就是我們對未來槓桿的看法。

Our next question comes from the line of Christopher Parkinson with Mizuho.

我們的下一個問題來自克里斯托弗·帕金森和瑞穗的對話。

This is Kieran on for Chris. I was just wondering, overall for the business, if you could discuss the opportunities that you're seeing on a regional basis? And if you're seeing more opportunities for new business wins as well as to gain market share, I guess, in some of the reopening economies as opposed to the more mature economies? Or if that's just broad-based and you're winning in most geographies?

這是克里斯的基蘭。我只是想知道，就整個業務而言，您是否可以討論您在區域基礎上看到的機會？我想，如果您在一些重新開放的經濟體而不是更成熟的經濟體中看到了更多贏得新業務並獲得市場份額的機會？或者如果這只是基礎廣泛並且您在大多數地區都取得了勝利？

Yes, sure. Look, the -- I think we're seeing good momentum and good progress around most of the world, certainly across North America, across Europe, India. I think the tougher areas right now have been Southeast Asia and ANZ, just because they've remained in a tough lockdown situation, and that's sustained for a long time. But we're pretty confident, Australia has just started reopening with very early signs of Southeast Asia coming out of their lockdown. So hopefully, we'll be able to get stuck back into some more growth over there. But really, that's been the story of the last couple of quarters, let's say.

是的，當然。看，我認為我們在世界大部分地區看到了良好的勢頭和良好的進展，當然是在北美、歐洲和印度。我認為目前最困難的地區是東南亞和澳新銀行，因為它們一直處於嚴格的封鎖狀態，而且這種情況持續了很長時間。但我們非常有信心，澳大利亞剛剛開始重新開放，東南亞也有早期解除封鎖的跡象。因此，希望我們能夠在那裡恢復更多增長。但實際上，這就是過去幾個季度的情況。

And then maybe just a quick one on sustainability. It seems like there's a big demand pull for more sustainable solutions from customers. I mean can you discuss a little bit what your sustained -- kind of new product pipeline looks like in terms of sustainable solutions? And how we should think about mix from those new products as well as your ability to gain share to those products going forward?

然後也許只是簡單介紹一下可持續性。客戶似乎對更可持續的解決方案有很大的需求。我的意思是，您能否討論一下您的持續新產品管道在可持續解決方案方面的情況？我們應該如何考慮這些新產品的組合以及您未來獲得這些產品份額的能力？

Yes. Look, this is big. I mean, we put on Page 7 in the pack how we're starting to think about ESG and the new plan that we've put in place. This is really big. I think just in the last 6 or 12 months, the amount of customers coming to us asking for help, how can we be at the heart of their ESG strategy and seeing us as a really key partner to helping them make progress is actually really heartening and really encouraging. So we're really redoubling our efforts on ways to save water, energy, packaging, in particular. And look, it's going to be -- it's going to take some time. Some of these developments take some time and rollout takes some time. But I think this is going to be an even bigger driver of growth going forward than probably we thought 12 months ago.

是的。你看，這可大了。我的意思是，我們在資料包的第 7 頁上介紹了我們如何開始考慮 ESG 以及我們制定的新計劃。這真的很大。我認為就在過去 6 或 12 個月內，大量客戶向我們尋求幫助，我們如何才能成為他們 ESG 戰略的核心，並將我們視為幫助他們取得進步的真正關鍵合作夥伴，這實際上非常令人振奮確實令人鼓舞。因此，我們確實正在加倍努力，尋找節約水、能源、尤其是包裝的方法。看，這將需要一些時間。其中一些開發需要一些時間，推出也需要一些時間。但我認為這將成為未來增長的更大推動力，比我們 12 個月前想像的還要大。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn this call back over to Mr. Phil Wieland for closing remarks.

女士們、先生們，今天的問答環節到此結束。我想將這次電話轉回給 Phil Wieland 先生做總結髮言。

Yes. Look, thank you for that. In summary, I'd just say, look, we're really pleased as we close out the third quarter in where we are on new business and share gains, on our pricing, on our cost and efficiency drive, on M&A and the base coming back. We have, as we talked about, seen some normalization in infection prevention. We think that as this rolls out, we're going to see some growth in Q4, both in revenue and margin. And then we're going to see an acceleration of our top line in '22. As that reopening that we showed in the pack really starts to come through, particularly in Europe and rest of world, and that allied with the ongoing price share and M&A, makes us feel really good about the top line as we head into '22. So look, thank you for listening. Thanks for attending. I hope we've answered your questions. Have a good day.

是的。瞧，謝謝你。總而言之，我只想說，看，當我們結束第三季度時，我們真的很高興我們在新業務和份額收益、我們的定價、我們的成本和效率驅動、併購和基礎方面回來了。正如我們所談到的，我們已經看到感染預防方面的一些正常化。我們認為，隨著該計劃的推出，我們將在第四季度看到收入和利潤率的一些增長。然後我們將在 22 年看到我們的營收加速增長。隨著我們在包中展示的重新開放真正開始實現，特別是在歐洲和世界其他地區，再加上持續的價格份額和併購，讓我們在進入 22 世紀時對營收感到非常滿意。所以看，謝謝你的聆聽。感謝您的參加。我希望我們已經回答了您的問題。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。享受你一天剩下的時間。