Enovis Corp (ENOV) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Colfax Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

早安，女士們，先生們。感謝您的耐心等待，歡迎參加科爾法克斯 2021 年第四季財報電話會議。 （操作員說明）

I would now like to turn the conference over to your speaker host today, Mike Macek. Please go ahead.

現在我想將會議交給今天的演講主持人 Mike Macek。請繼續。

Thanks, Olivia. Good morning, everyone, and thank you for joining us.

謝謝，奧莉維亞。大家早安，感謝您加入我們。

I'm Mike Macek, Vice President of Finance. Joining me on the call today are Matt Trerotola, President and CEO; Chris Hix, Executive Vice President and CFO; and Shyam Kambeyanda, Executive Vice President and CEO of our ESAB business.

我是麥克‧馬塞克 (Mike Macek)，財務副總裁。今天和我一起參加電話會議的是總裁兼執行長 Matt Trerotola； Chris Hix，執行副總裁兼財務長；以及 ESAB 業務執行副總裁兼執行長 Shyam Kambeyanda。

Our earnings release was issued this morning and is available in the Investors section of our website, colfaxcorp.com. We'll be using a slide presentation to walk you through today's call, which can also be found on our website. Both the audio and the slide presentation of this call will be archived on the website later today and will be available until the next quarterly earnings call.

我們的收益報告於今天上午發布，可在我們網站 colfaxcorp.com 的投資者部分查看。我們將使用幻燈片簡報來引導您完成今天的電話會議，您也可以在我們的網站上找到該簡報。本次電話會議的音訊和幻燈片簡報將於今天晚些時候在網站上存檔，並將在下一個季度財報電話會議之前提供。

During this call, we'll be making some forward-looking statements about our beliefs and estimates regarding future events and results. These forward-looking statements are subject to risks and uncertainties, including those set forth in our safe harbor language in today's earnings release and in our filings with the SEC. Actual results might differ materially from any forward-looking statements that we make today. The forward-looking statements speak only as of today, and we do not assume any obligation or intend to update them, except as required by law.

在這次電話會議中，我們將就我們對未來事件和結果的信念和估計做出一些前瞻性聲明。這些前瞻性陳述受到風險和不確定性的影響，包括我們在今天的收益報告和向美國證券交易委員會提交的文件中以安全港語言闡述的風險和不確定性。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。前瞻性陳述僅代表今天的情況，我們不承擔任何義務或打算更新它們，除非法律要求。

With respect to the non-GAAP financial measures made during the call today, the accompanying reconciliation information related to those measures can be found in our earnings press release and today's slide presentation.

關於今天電話會議期間提出的非公認會計準則財務措施，與這些措施相關的隨附調節資訊可以在我們的收益新聞稿和今天的幻燈片演示中找到。

I'd also like to highlight, on Slide 3, our virtual investor event scheduled for March 14. In advance of Colfax' upcoming separation into 2 independent public companies, the leadership teams of ESAB and Enovis will separately review their respective strategies for growth and value creation. We will also outline longer-term financial objectives and further details for 2022 forecasted performance. The ESAB presentation and Q&A will start at 9 a.m. Eastern, and the Enovis team will present at 11:00 a.m. Eastern. For more information, please visit the Investor Relations section of our website. If you're not able to join us live, replays will be available on the company's website following the event.

我還想在幻燈片 3 上強調我們定於 3 月 14 日舉行的虛擬投資者活動。在 Colfax 即將分拆為兩家獨立上市公司之前，ESAB 和 Enovis 的領導團隊將分別審查各自的成長策略和創造價值。我們還將概述長期財務目標以及 2022 年預測業績的更多細節。 ESAB 演示和問答將於東部時間上午 9 點開始，Enovis 團隊將於東部時間上午 11 點進行演示。欲了解更多信息，請訪問我們網站的投資者關係部分。如果您無法參加我們的現場直播，活動結束後將在公司網站上提供重播。

With that, let me turn it over to Matt, who will start on Slide 4.

接下來，讓我將其交給 Matt，他將從幻燈片 4 開始。

Thanks, Mike. Welcome, everyone, and thanks for joining our call today.

謝謝，麥克。歡迎大家，感謝您今天加入我們的電話會議。

I'm pleased to report another quarter of strong financial results and progress as we close out 2021 and prepare to separate into 2 independent public companies.

在 2021 年即將結束並準備分拆為兩家獨立上市公司之際，我很高興地報告又一個季度的強勁財務業績和進展。

During the year, we made significant progress both operationally and strategically while successfully executing through the macro challenges of COVID, inflation and supply chain bottlenecks. I want to take a moment to recognize our talented teams around the world for their continued focus on our success and for their dedication to our customers and our patients.

這一年，我們在營運和策略上取得了重大進展，成功應對了新冠肺炎、通膨和供應鏈瓶頸等宏觀挑戰。我想花一點時間來表彰我們世界各地的才華橫溢的團隊，他們持續專注於我們的成功，並為我們的客戶和患者做出奉獻。

Our operating improvements and revenue growth throughout the year translated into strong profit growth. We delivered EPS of $2.14, up 53% from 2020 and above 2019 levels. EBITDA grew 32% and is nearly $50 million higher than 2019 levels. We invested in innovation and commercial capabilities that will enable us to continue to outgrow our markets.

我們全年的營運改善和收入成長轉化為強勁的利潤成長。我們的每股盈餘為 2.14 美元，比 2020 年成長 53%，高於 2019 年的水準。 EBITDA 成長 32%，比 2019 年水準高出近 5,000 萬美元。我們投資於創新和商業能力，這將使我們能夠繼續超越我們的市場。

Both of our businesses are driving operating efficiencies and leveraging the scale advantages that come with our fast growth. ESAB increased its segment level EBITDA margins 150 basis points to a record 17.9%, its third record year in a row. Shyam and the team are deep into their CBS journey and have set their sights on 20% or higher margins in the coming years.

我們的兩項業務都在提高營運效率，並利用快速成長帶來的規模優勢。 ESAB 將其部門層級 EBITDA 利潤率提高了 150 個基點，達到創紀錄的 17.9%，連續第三年創下歷史新高。 Shyam 和團隊正在深入探索 CBS 的發展歷程，並將未來幾年的利潤率設定為 20% 或更高。

The MedTech CBS engine is gaining strong momentum across the business. Early wins in operations were followed by improvements in innovation and customer-facing activities. We invested to accelerate future growth while expanding margins in this business by 80 basis points in 2021.

MedTech CBS 引擎在整個業務中獲得強勁動力。營運方面的早期勝利之後是創新和麵向客戶的活動的改進。我們進行投資是為了加速未來成長，同時在 2021 年將該業務的利潤率提高 80 個基點。

We complemented these operating improvements with some great strategic acquisitions to further accelerate growth. These included creating a platform in the high-growth foot and ankle segment and acquiring a great European business, Mathys, to expand the markets for our differentiated surgical implants products. The integration of these businesses is on track, and we're confident it will help us to drive faster growth for many years to come.

我們透過一些重大的策略性收購來補充這些營運改進，以進一步加速成長。其中包括在高成長的足部和腳踝領域創建一個平台，並收購一家偉大的歐洲企業 Mathys，以擴大我們差異化的外科植入物產品的市場。這些業務的整合已步入正軌，我們相信這將幫助我們在未來許多年推動更快的成長。

In early March of last year, we announced our intent to separate into 2 independent publicly-traded companies and unlock additional value for our investors. ESAB and Enovis are each ready for the separation, have strong growth path ahead of them and are positioned for compounding value creation. I'll talk more about our progress on this topic in a moment.

去年 3 月初，我們宣布打算分拆為兩家獨立的上市公司，並為我們的投資者釋放額外價值。 ESAB 和 Enovis 都已做好分離的準備，前方有強勁的成長道路，並已做好複合價值創造的準備。稍後我將詳細討論我們在這個主題上的進展。

Moving on to Slide 5. Our businesses outperformed their markets once again in 2021 and extended a multiyear streak. In MedTech, our fast-growing reconstructive portfolio has a history of significantly higher growth than the overall market. Except for 2021 -- except for 2020, this part of our business has grown double digits. Even from 2019 to '21, when the market declined, we strongly grew our business with innovative products and strong positions in the faster-growing ASC market segment. As we've shared before, this consistent double-digit growth in normal times and this pandemic outperformance is across shoulder, knee and hip.

轉到投影片 5。我們的業務在 2021 年再次跑贏市場，並延續了多年的連續成長動能。在醫療科技領域，我們快速成長的重建投資組合的成長速度明顯高於整體市場。除了2021年——除了2020年，我們這部分業務成長了兩位數。即使從 2019 年到 21 年市場下滑，我們仍憑藉著創新產品和在快速成長的 ASC 細分市場中的強勢地位，強勁成長了我們的業務。正如我們之前分享的那樣，肩部、膝蓋和臀部在正常情況下持續實現兩位數增長，而在疫情期間表現出色。

Our MedTech P&R business has returned to pre-COVID sales levels. We've steadily increased our vitality and customer service levels in this business to secure a market position in line with our industry leadership position and outperform our peers.

我們的 MedTech P&R 業務已恢復到新冠疫情前的銷售水平。我們穩步提高了該業務的活力和客戶服務水平，以確保符合我們行業領導地位的市場地位，並超越同行。

ESAB has consistently outperformed the market for several years now. The business has leading shares in faster-growing developing markets around the world and is well positioned in attractive segments like medical gas control and alternative energy. We have a well-known reputation for innovation, and our regional teams nimbly meet local customer needs.

多年來，伊薩的表現一直優於市場。該業務在全球成長較快的發展中市場中佔據領先地位，並在醫用氣體控制和替代能源等有吸引力的領域中處於有利地位。我們在創新方面享有盛譽，我們的區域團隊能夠靈活地滿足當地客戶的需求。

To summarize, we're winning in our markets and confident in our ability to continue.

總而言之，我們正在贏得市場，並對我們繼續發展的能力充滿信心。

Looking at the fourth quarter highlights on Slide 6, we finished the year strong results. Despite the COVID Omicron surge in the second half of the quarter, we grew organically by 16% with strong performance in both businesses. We also grew EBITDA and EPS at mid-teens levels as we successfully managed supply chain and inflation pressures.

看看幻燈片 6 上第四季的亮點，我們完成了今年的強勁業績。儘管本季下半年新冠疫情 Omicron 激增，但我們的有機成長了 16%，兩項業務均表現強勁。由於我們成功管理了供應鏈和通膨壓力，我們的 EBITDA 和 EPS 也實現了十幾歲左右的成長。

Slide 7 provides an update on the separation. Most of the steps required to create 2 great companies have been completed. Our Form 10 will be publicly filed later today. We have full teams in both businesses that are excited to forge their independent paths for value creation. The required legal and other supporting actions are largely done, and we expect to complete the separation around the end of the first quarter.

投影片 7 提供了分離的最新情況。創建兩家偉大公司所需的大部分步驟已經完成。我們的表格 10 將於今天稍後公開提交。我們在這兩個業務領域都擁有完整的團隊，他們很高興能夠開闢自己獨立的價值創造之路。所需的法律和其他支援行動已基本完成，我們預計在第一季末左右完成分拆。

We have capital structures that are designed to provide flexibility to achieve each business' long-term strategic goals. The banks that have supported us for many years came through again with committed, attractive financing.

我們的資本結構旨在提供靈活性，以實現每個企業的長期策略目標。多年來為我們提供支持的銀行再次提供了承諾且有吸引力的融資。

At the time of the separation, Enovis will retain a 10% ownership position in ESAB. Later, we intend to exchange this retained stake for Enovis' outstanding debt. The company is expected to be debt-free at that point with significant financial capacity for acquisitive growth. ESAB is expected to launch with about 2.75 turns of net leverage and use its strong and consistent cash flow for deleveraging and bolt-on acquisitions.

分拆時，Enovis 將保留 ESAB 10% 的所有權。之後，我們打算用這筆保留的股權交換 Enovis 的未償債務。預計該公司屆時將無債務，並具有實現收購成長的強大財務能力。 ESAB 預計將以約 2.75 倍的淨槓桿率啟動，並利用其強勁且穩定的現金流進行去槓桿化和補強收購。

We have 2 very strong Boards ready to go, each one a mix of current directors and valuable new perspectives. These diverse Boards will have significant industry expertise and other skills relevant to each company. We are pleased that Mitch Rales, Colfax' co-Founder and current Chairman, will serve as Chairman of each of the Boards. We will share more details about our Board members in public filings and our investor calls on March 14. We're nearing the finish line and wrapping up our key activities to complete the separation around the end of the quarter.

我們有兩個非常強大的董事會準備就緒，每個董事會都由現任董事和有價值的新觀點組成。這些多元化的董事會將擁有重要的行業專業知識和與每家公司相關的其他技能。我們很高興 Colfax 聯合創辦人兼現任董事長 Mitch Rales 將擔任各董事會主席。我們將在 3 月 14 日的公開文件和投資者電話會議中分享有關董事會成員的更多詳細資訊。我們即將完成關鍵活動，以便在本季度末左右完成分離。

Slide 8 gives an update on our MedTech business for the fourth quarter. Sales for the quarter increased 29%, including acquisitions, or 10% organically. It was another quarter of strong market outperformance in both Recon and P&R.

投影片 8 介紹了我們第四季醫療科技業務的最新情況。本季銷售額成長 29%（包括收購在內），有機成長 10%。 Recon 和 P&R 又一個季度表現強勁。

We continue to see strong execution in our Recon business. Organic Q4 growth was 10%, even with some COVID-driven pressure from reductions to elective surgeries towards the end of the quarter. We had strong growth across the product portfolio with exceptionally strong mid-teens growth in knee implants. Our recent acquisitions in Recon, which include Mathys and the 3 foot and ankle businesses, all are performing well, and integration activities remain on track.

我們繼續看到偵察業務的強勁執行力。儘管在本季末因疫情導致減少手術和擇期手術帶來了一些壓力，但第四季的有機成長率仍為 10%。我們的產品組合實現了強勁成長，其中膝關節植入物的成長尤為強勁。我們最近在 Recon 的收購，包括 Mathys 和 3 腳和腳踝業務，都表現良好，整合活動仍在按計劃進行。

Our P&R business also grew 10% organically in the quarter, or about 1% over 2019, with balanced growth in both the U.S. and international markets.

我們的 P&R 業務在本季也實現了 10% 的有機成長，比 2019 年成長了 1% 左右，美國和國際市場實現了均衡成長。

As we started 2022, elective procedure volumes continued to be depressed in January, but we're now seeing some initial signs of improving demand conditions. We expect market dynamics to improve over the course of 2022 and feel each of these businesses are well positioned for strong growth.

2022 年開始，1 月擇期手術量持續低迷，但我們現在看到了需求狀況改善的一些初步跡象。我們預計 2022 年市場動態將有所改善，並認為這些業務均已做好強勁成長的準備。

ESAB, again, had fantastic performance in the quarter. Let me now turn it over to Shyam, who will take you through some of these details on Slide 9. Shyam?

伊薩在本季再次表現出色。現在讓我把它交給 Shyam，他將帶您了解幻燈片 9 上的一些細節。Shyam？

Good morning, everyone.

大家，早安。

First, let me thank Matt and Chris. They've been great partners to ESAB, and as a result, we're ready for our next chapter as an independent company.

首先，讓我感謝馬特和克里斯。他們一直是 ESAB 的重要合作夥伴，因此，我們已準備好作為獨立公司開啟新篇章。

Second, let me also recognize the extra effort of our manufacturing and supply chain teams who work extraordinarily hard to ensure another successful quarter despite Omicron and some supply constraints. We have built a strong team and more recently successfully added additional talent that we needed to become an independent company. Our leadership team prides itself on accountability, and we are energized and ready for what lies ahead.

其次，我還要感謝我們的製造和供應鏈團隊付出的額外努力，儘管 Omicron 和一些供應限制，他們仍然非常努力地確保另一個季度的成功。我們已經建立了一支強大的團隊，最近還成功地增加了我們成為獨立公司所需的額外人才。我們的領導團隊以責任感為榮，我們充滿活力，為未來做好準備。

Moving on to the fourth quarter. Our Americas region grew 31% year-over-year and 10% in volume, reflecting continued market strength in orders and share gain from new products. Our EMEA and APAC business grew 16% year-over-year and 6% in volume as the business continued to show sequential strength. We believe Europe continues to have upside potential once the auto sector begins to rebound. This marks another quarter of outperformance on the top line from both of our businesses.

繼續看第四季。我們的美洲地區年增 31%，銷售量成長 10%，反映出市場訂單持續強勁以及新產品帶來的份額成長。我們的歐洲、中東和非洲和亞太地區業務年增 16%，銷量成長 6%，業務持續展現連續優勢。我們相信，一旦汽車產業開始反彈，歐洲將繼續具有上行潛力。這標誌著我們兩家公司的營收又一個季度表現出色。

Our fourth quarter reflected healthy demand in most of our end markets, and new product introductions continued the top line momentum. In fact, we delivered 100 new products in 2021, and I'm excited about the new products we have planned for 2022. Our pipeline for innovation remains strong, and we're on track to deliver more than 100 new products this year.

我們的第四季反映了大多數終端市場的健康需求，新產品的推出延續了營收成長動能。事實上，我們在 2021 年交付了 100 種新產品，我對我們計劃在 2022 年推出的新產品感到興奮。我們的創新管道仍然強勁，今年我們預計將交付 100 多種新產品。

Let me briefly touch on price. We continue to drive our CBS processes. As I've mentioned before in the past, we have 3 defined processes on price: inflation-related; strategic and value pricing; and product line rationalization. We're working all 3 of these processes to manage inflation. And for 2022, we expect to be price cost neutral.

讓我簡單談談價格。我們繼續推動我們的 CBS 流程。正如我過去提到的，我們對價格有 3 個定義的流程：與通貨膨脹相關；與通貨膨脹相關；與價格相關。策略和價值定價；以及產品線的合理化。我們正在透過所有這三個流程來管理通貨膨脹。到 2022 年，我們預計價格成本將保持中性。

To wrap up, we had a great 2021, which represented another record year, as Matt mentioned, for ESAB. We entered 2022 with great momentum to start our next phase as an independent public company. We're fueled up and ready to go, and I believe our best is yet to come.

總而言之，我們度過了美好的 2021 年，正如馬特所提到的那樣，這對伊薩來說又是創紀錄的一年。進入 2022 年，我們以強勁的勢頭開始作為獨立​​上市公司的下一個階段。我們已加滿油，準備出發，我相信我們最好的時刻尚未到來。

With that, I'd like to hand it over to Chris.

說到這裡，我想把它交給克里斯。

Thank you, Shyam.

謝謝你，夏姆。

I'll start on Slide 10 with our Q4 2021 financial highlights. We entered the quarter with softening COVID-driven revenue pressures and good momentum across all of our businesses. With the arrival of the Omicron variant midway through the quarter, elective surgeries again became limited in certain sections of the U.S. and Europe, impacting MedTech revenues. Despite this, our total company achieved 18% organic sales growth. Our recent acquisitions are performing as expected and contributed 7 points of total growth.

我將從投影片 10 開始介紹 2021 年第四季的財務亮點。進入本季時，新冠疫情驅動的收入壓力有所緩解，所有業務均呈現良好勢頭。隨著 Omicron 變異體在本季中期上市，美國和歐洲某些地區的選擇性手術再次受到限制，影響了醫療技術收入。儘管如此，我們公司整體銷售額仍實現了 18% 的有機成長。我們最近的收購表現符合預期，為總成長貢獻了 7 個百分點。

Gross margins were about 41% in the fourth quarter. Raw material, freight and logistics inflation remained high. Our ESAB business has been dynamically passing these costs to customers in line with industry practice. This protects the amount of profit dollars but dilutes the reported margins, as we have seen in past inflation cycles. Isolating for this effect, our underlying margin picture is healthy and shows year-over-year improvement that we expect to emerge when inflation subsides, just as in prior cycles.

第四季毛利率約為41%。原料、貨運和物流通脹仍居高不下。我們的 ESAB 業務一直根據行業慣例動態地將這些成本轉嫁給客戶。正如我們在過去的通貨膨脹週期中所看到的那樣，這保護了利潤金額，但稀釋了報告的利潤率。排除這種影響，我們的基本利潤率狀況是健康的，並且顯示出我們預計當通膨消退時會出現同比改善，就像之前的周期一樣。

Total company EBITA margins included dilutive effects from recent acquisitions that are expected to improve as their fast growth creates operating leverage and accretive margins. Our core margins grew 20 basis points with a line of sight for attractive expansion in 2022 and beyond. Overall, we achieved adjusted EPS of $0.59 in the quarter, in line with our expectations.

公司總 EBITA 利潤率包括近期收購帶來的稀釋效應，預計隨著收購的快速成長創造營運槓桿和利潤成長，稀釋效應將會改善。我們的核心利潤率成長了 20 個基點，預計在 2022 年及以後實現有吸引力的擴張。總體而言，本季調整後每股收益為 0.59 美元，符合我們的預期。

I'm proud of our team's work over the past 2 years to really lock down our cash flow standard work and improved performance. We had another strong quarter of free cash flow at the end of the year, and we met our raised guidance of $275 million or more for the year, excluding separation costs.

我為我們團隊過去兩年的工作感到自豪，他們真正鎖定了我們的現金流標準工作並提高了績效。年底，我們的自由現金流又實現強勁成長，並且達到了全年 2.75 億美元或更多的上調指引（不包括離職成本）。

On Slide 11, our MedTech business grew 29% in the quarter, including organic sales per day growth of 10%. The COVID Omicron sales pressure that started mid-quarter continued into early 2022, and we are seeing encouraging signs as the pandemic surge passes and elective surgeries pick back up.

在投影片 11 中，我們的醫療科技業務在本季成長了 29%，其中每日有機銷售額成長 10%。從季度中期開始的新冠疫情 Omicron 銷售壓力一直持續到 2022 年初，隨著疫情激增過去和擇期手術回升，我們看到了令人鼓舞的跡象。

Our recent acquisitions in the foot and ankle and European reconstructive markets are contributing as expected and added another 19 points of growth in the quarter. These businesses remain on track for rapid growth and for sourcing and commercial synergies for years to come.

我們最近在足部和腳踝以及歐洲重建市場的收購正如預期的那樣做出了貢獻，並在本季度又增加了 19 個百分點。這些業務在未來幾年仍將保持快速成長以及採購和商業協同效應。

Core EBITA margins, excluding our recent acquisitions, improved over the prior year by 50 basis points. COVID-driven supply chain inefficiencies and net inflation continued in the quarter, reaching a cumulative level of over $20 million since 2019.

核心 EBITA 利潤率（不包括我們最近的收購）比前一年提高了 50 個基點。新冠疫情導致的供應鏈效率低下和淨通膨在本季持續存在，自 2019 年以來累計達到超過 2,000 萬美元。

In the fourth quarter, we benefited from price increases to customers to offset some of these pressures, and we plan for more price increases in the first half of 2022. Our margins are also expected to benefit as our recent acquisitions continue to grow and quickly scale. EBITDA levels have grown sequentially each quarter, and we are well positioned for significant growth in the new year.

在第四季度，我們受惠於向客戶提價，以抵銷部分壓力，我們計劃在 2022 年上半年進一步漲價。隨著我們最近的收購持續成長並迅速擴大規模，我們的利潤率預計也會受益。 EBITDA 水準每季都在連續成長，我們已準備好在新的一年實現顯著成長。

Turning to Slide 12. Our ESAB business posted strong results this quarter. The business achieved 20% growth that included volume growth over both 2020 and 2019 levels. We continue to effectively apply dynamic customer pricing to stay current with raw material and other inflationary pressures, which we expect to continue into 2022.

轉向幻燈片 12。我們的 ESAB 業務本季取得了強勁的業績。該業務實現了 20% 的成長，其中銷量較 2020 年和 2019 年水平均有所增長。我們繼續有效地應用動態客戶定價，以應對原材料和其他通膨壓力，我們預計這種情況將持續到 2022 年。

Strong operating execution led to a 60 basis point improvement in EBITA margins, overcoming approximately 50 bps of margin pressure from continued inflationary pricing. This improvement reflects both growth and savings from ongoing projects to streamline G&A costs and reduce our operating footprint.

強勁的營運執行力使 EBITA 利潤率提高了 60 個基點，克服了持續通膨定價帶來的約 50 個基點的利潤壓力。這項改進反映了正在進行的專案的成長和節省，以簡化一般管理費用並減少我們的營運足跡。

Our strong 2022 segment level sales and EBITDA growth outlooks are on Slide 13. We're projecting ESAB to organically grow as much as 10% this year with contributions from all regions. We are expecting at least 5 points of year-over-year price benefits for actions taken in 2021 that roll into 2022. If we experience additional inflation, we would expect to respond with further price increases.

我們對 2022 年細分市場的強勁銷售和 EBITDA 成長前景如幻燈片 13 所示。我們預計，在所有地區的貢獻下，ESAB 今年的有機成長將高達 10%。我們預計 2021 年採取的行動將帶來至少 5 個百分點的同比價格收益，並持續到 2022 年。如果出現額外的通膨，我們預計會以進一步提價來應對。

We are forecasting operating leverage, continued productivity improvements and cost programs to create healthy segment level EBITDA of $455 million to $475 million. We are forecasting Enovis to grow its top line at low double-digit to mid-teen rates, including organic growth of mid- to high single digits. We expect much of the lingering COVID pressure on revenue to subside in the first half of the year. We are projecting a healthy step-up in EBITDA in 2022 to $280 million to $300 million. Our guidance assumes that inflation does not stabilize until the second half of the year.

我們預測營運槓桿、持續的生產力提高和成本計劃將創造 4.55 億至 4.75 億美元的健康細分市場水準 EBITDA。我們預測 Enovis 的營收將以低兩位數到中雙位數的速度成長，包括中高個位數的有機成長。我們預計，新冠疫情對收入造成的揮之不去的壓力將在今年上半年消退。我們預計 2022 年 EBITDA 將健康成長至 2.8 億至 3 億美元。我們的指導假設通膨要到今年下半年才能穩定。

We're continuing to invest in innovation and commercial capabilities to secure our path to sustainable high single-digit growth. We're also driving productivity and streamlining initiatives to support even faster EBITDA growth in the future.

我們將繼續投資於創新和商業能力，以確保我們實現可持續的高個位數成長。我們也正在提高生產力並簡化計劃，以支援未來更快的 EBITDA 成長。

At our investor event on March 14, we will supplement these segment level views with additional information about our plans for profitable growth in 2022, including corporate costs.

在 3 月 14 日的投資者活動中，我們將補充這些細分市場層面的觀點，提供有關我們 2022 年盈利增長計劃的更多信息，包括企業成本。

I'll conclude our prepared remarks on Slide 14. 2021 was a pivotal year for us. We prepared the company for separation, getting ready to finish the portfolio transformation that we started in 2017. We have 2 terrific businesses that are each on paths to continue to outperform their markets and create substantial value. Strong operating performance in 2021 demonstrates the capabilities of our effective teams and offers an indicator of the long-term success that we are expecting. We entered 2022 with momentum and excitement for our future.

我將在投影片 14 上結束我們準備好的發言。2021 年對我們來說是關鍵的一年。我們為公司的分離做好了準備，準備完成我們於 2017 年開始的投資組合轉型。我們有兩家出色的企業，每家都走在繼續超越市場並創造巨大價值的道路上。 2021 年強勁的營運表現證明了我們高效團隊的能力，並為我們預期的長期成功提供了指標。我們帶著對未來的動力和興奮進入 2022 年。

With that, Olivia, let's open up the call for questions.

奧利維亞，現在讓我們開始提問。

(Operator Instructions) And our first question coming from the line of Scott Davis of Melius Research.

（操作員說明）我們的第一個問題來自 Melius Research 的 Scott Davis。

I look forward to the details we'll get in March. But just until we get there, I'll just ask about the quarter then. The -- it wasn't really clear in the slide, but did you guys have lost sales in the quarter because of supply chain issues or any bottlenecks and problems? And was it meaningful or material or so?

我期待著我們在三月得到的詳細資訊。但在我們到達那裡之前，我只會詢問該季度的情況。幻燈片中並不太清楚，但是你們是否因為供應鏈問題或任何瓶頸和問題而在本季度損失了銷售額？它是有意義的還是實質的？

All right. Scott, we had some technical difficulties here. We've reassembled. Can you start your question again, please?

好的。斯科特，我們在這裡遇到了一些技術困難。我們又重聚了你能重新開始你的問題嗎？

Sure. I just wanted to know if there were -- I mean, you alluded to supply chain issues, which obviously everybody's had this quarter, but did you actually have lost sales in the quarter or some sort of backlog metric or something you'll be delivering out in future quarters?

當然。我只是想知道是否存在- 我的意思是，您提到了供應鏈問題，顯然本季度每個人都遇到過這個問題，但是您實際上是否在本季度失去了銷售額或某種積壓指標或您將交付的東西未來幾季會推出嗎？

Yes, Scott. I'd say there's 2 things on the supply chain difficulties is that in each of the businesses throughout the last year and even some in 2020, there are -- there's pressures that create extra backlog and that -- if we go back a few quarters, there was -- it was tougher to serve customers, and we're having to invest whatever it took to make sure we could serve customers. I would say, in the last part of the year, we still have some extra backlog and still have some pressure from a supply standpoint, but the customer service levels are getting to a better place in both businesses in the back half of the year. And we think throughout all of it, we were able to serve our customers as well or better than our competitors.

是的，斯科特。我想說，供應鏈上有兩件事存在困難，那就是去年甚至 2020 年的每項業務都存在——存在造成額外積壓的壓力——如果我們回顧幾個季度，服務客戶變得更加困難，我們必須不惜一切代價確保我們能夠為客戶提供服務。我想說，在今年下半年，我們仍然有一些額外的積壓，從供應的角度來看仍然有一些壓力，但下半年兩家公司的客戶服務水準都在改善。我們認為，在整個過程中，我們能夠為客戶提供與競爭對手一樣好甚至更好的服務。

The other thing in the supply chain is more of the inflationary pressure, which in the ESAB case, the team has done a great job continually passing through. And on the MedTech side, we've been passing it through as fast as we can but have had some price cost squeeze, as Chris talked about.

供應鏈中的另一件事更多的是通貨膨脹壓力，在 ESAB 案例中，團隊做得很好，不斷克服了這種壓力。在醫療技術方面，我們一直在盡可能快地通過它，但正如克里斯所說，價格成本受到了一些擠壓。

Right. That makes sense. Is there such a thing, Matt -- I mean, can you talk through kind of on-time deliveries? Are they -- do they get really wonky when you have times like this? Are you still delivering, as you said, in both businesses at kind of more traditional rates? And that's it. I'll stop there.

正確的。這就說得通了。有這樣的事情嗎，馬特——我的意思是，你能談談按時交貨的情況嗎？當你遇到這樣的時刻時，他們真的會變得很奇怪嗎？正如您所說，您還在以更傳統的價格在這兩項業務中提供服務嗎？就是這樣。我就到此為止。

It's still extremely relevant. So first of all, in our surgical business, we've continued to serve every surgery. And so the surgical business, it's critical for us that we make sure that we don't miss surgeries. We pride ourselves in that. We've done a great job of supporting our surgeons there.

它仍然非常相關。首先，在我們的外科業務中，我們繼續為每一次手術提供服務。因此，對於外科手術業務來說，確保不錯過手術對我們來說至關重要。我們為此感到自豪。我們在支持那裡的外科醫生方面做得很好。

And then if you go to the rest of our MedTech business, the more traditional on-time delivery metrics are normal. And that's a business which we improved back in 2019 from much lower levels of on-time delivery up into the 90s and where we're serving customers very well there in late '19, consistent with the revenue momentum we got there. And then certainly, through COVID, those on-time delivery levels were pulled down into the 80s for a period of time, and in most parts of the business are now back into the 90s. And so we're back closer to normal delivery levels but with a little bit of elevated backlog and some extra inventory that we put into the system in order to do that.

然後，如果你看看我們的醫療科技業務的其餘部分，更傳統的按時交付指標是正常的。我們在 2019 年對這項業務進行了改進，從準時交貨水平低得多的水平一直到 90 年代，我們在 19 世紀末為客戶提供了很好的服務，這與我們當時的收入勢頭一致。當然，由於新冠疫情，準時交貨水平在一段時間內被拉低至 80 年代，而現在大部分業務又回到了 90 年代。因此，我們已經接近正常的交付水平，但積壓量有所增加，並且為此我們在系統中投入了一些額外的庫存。

And Shyam, I don't know if you want to talk a little bit about the delivery situation on the FabTech side?

還有Shyam，不知道您是否想談談FabTech這邊的交付？

Yes. Scott, we continue to improve as well month-on-month on our OTS metric. I think one of the things that we've always done is measure ourselves to customer request date. And what I would say to you is that the teams are constantly focused on it, working on it. We keep very close track with our distributors as to how we're performing in the marketplace. And so far, all of the return information has been good and strong and positive towards ESAB, and I expect that to continue to get better to where we get back into the high 90s in the second half of this year.

是的。 Scott，我們的 OTS 指標也逐月持續改善。我認為我們一直在做的事情之一就是根據客戶要求的日期來衡量自己。我要對你們說的是，團隊一直在關注它，致力於它。我們與經銷商密切追蹤我們在市場上的表現。到目前為止，所有的回報訊息都對伊薩來說是良好、強勁和積極的，我預計這種情況會繼續好轉，到今年下半年我們會回到 90 多歲的水平。

Our next question coming from the line of Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的克里斯·史奈德。

I wanted to start off on the 2022 margin guidance, which pegs each of the segments up about 20 to 30 bps at the midpoint, at least on my math. So relatively muted compared to high single digit, almost 10% organic growth. Certainly understand there's an elevated cost environment, but the company grew margins pretty nicely in 2021 in a tough cost environment. So I guess my question is, is the expectation that we'll see more incremental price cost pressure in '22? Any further color on what's embedded in that margin guidance would be helpful.

我想從 2022 年的利潤率指導開始，至少根據我的數學計算，每個細分市場的中點都將上漲約 20 至 30 個基點。與接近 10% 的高個位數有機成長相比，相對溫和。當然，我們知道成本環境較高，但在嚴峻的成本環境下，該公司 2021 年的利潤率成長相當不錯。所以我想我的問題是，我們是否預期 22 年會看到更多增量價格成本壓力？任何關於利潤指引中嵌入內容的進一步說明都會有所幫助。

Yes. First, I'll say on the MedTech side, if you pro forma our 2021 results to include the Mathys business on a full year basis, that takes down our starting point a little bit. And so the margin guidance that we've given is a good healthy step forward in the face of expecting to have this inflationary pressure stay with us at least for the first half of the year.

是的。首先，我要說的是，在醫療科技方面，如果你在預計 2021 年業績時將 Mathys 業務納入全年的基礎上，這會稍微降低我們的起點。因此，面對通膨壓力預計至少在今年上半年持續存在的情況，我們給出的保證金指引是向前邁出的良好健康一步。

Shyam, do you want to talk a little bit about the FabTech margin guidance?

Shyam，您想談談 FabTech 的利潤指引嗎？

Yes. And I think you sort of hit it. I think the view that we have is think that for 2022, sort of the 20s of incremental rate is probably the right spot to look at us, partially because of the price cost piece that's coming at us and continued inflationary pressure. But that being said, I think from an operating perspective, we expect to move the ball forward and continue our journey towards stronger margin expansion.

是的。我認為你有點擊中了它。我認為我們的觀點是，對於 2022 年，20 多歲的增量可能是我們關注的正確點，部分原因是我們即將面臨的價格成本問題和持續的通膨壓力。但話雖這麼說，我認為從營運角度來看，我們預計將繼續前進，繼續實現更強勁的利潤擴張。

Yes. And I would just jump in and mention, Chris, that in March 14, when we've unpacked this even more for you, you'll see Matt's point that he made on the MedTech margins reading through, and you'll see the underlying core margin expansion is quite healthy.

是的。克里斯，我想順便提一下，在 3 月 14 日，當我們為您提供更多資訊時，您會看到馬特在 MedTech 利潤率上提出的觀點，通讀後您會看到潛在的內容核心利潤率擴張相當健康。

I appreciate that. And then I guess following up, I want to talk about ESAB leverage and capital allocation. How does the company feel about that 2.75x leverage ratio going forward? Is getting that down a priority use of capital? Or should we expect capital allocation will be focused on growth or M&A, internal investment?

我很感激。然後我想接下來我想談談 ESAB 槓桿和資本配置。公司對未來 2.75 倍的槓桿率有何看法？降低成本是優先使用資本嗎？或者我們應該預期資本配置將集中在成長或併購、內部投資？

Yes. So let me first start by saying ESAB has been a great generator of cash, and that continues into 2022. And so we're very confident about the ability to do both, which is take the leverage down and be looking at bolt-on acquisitions that come that way. And we've mentioned that, if you remember at the Investor Day we did a year ago, and you'll get more details of it when we talk on March 14. And so what I'd say to you is that we're confident on our way forward to be able to do both well as we get into 2022.

是的。首先我要說的是，ESAB 一直是一個巨大的現金產生者，這種情況將持續到 2022 年。因此，我們對實現這兩點的能力非常有信心，即降低槓桿率並考慮補強收購就是這樣來的。我們已經提到過，如果您還記得一年前我們舉辦的投資者日活動，那麼當我們 3 月 14 日談話時，您會得到更多細節。所以我要對您說的是，我們我們對邁入2022 年時能夠做好這兩件事充滿信心。

And our next question coming from the line of Joe Giordano with Cowen.

我們的下一個問題來自喬·佐丹奴和考恩。

Shyam, you mentioned 100 new products in '21. Can you kind of like benchmark that for us? Like what's been the normal number for the last couple of years? And like how much may be like on a rough percentage of revenue does 100 new products mean to ESAB?

Shyam，您提到 21 年有 100 種新產品。您能為我們制定一個基準嗎？過去幾年的正常數字是多少？就像 100 種新產品對 ESAB 意味著多少收入的粗略百分比？

Yes. And so first, let me say that when we got started on this journey with Matt and I, we were sort of generating close to about 20 new products a year, and we've kind of moved that number from 20 to, I think, closer to 60, then to 80, and now at 100, and we expect to be above that number for 2022.

是的。首先，我要說的是，當我們開始與馬特和我一起踏上這段旅程時，我們每年生產近 20 種新產品，我認為我們已經將這個數字從 20 增加到了，接近60，然後是80，現在是100，我們預計到2022 年將超過這個數字。

And when you look at sales from new products, we measure it. If you look at it on a 5-year basis, it's in the high 20s, closer to 26%, 27% of revenue coming from new products. And we're really excited about the new funnel that we have and the new products that we've put forth. And what you've seen as some of our equipment products especially has been generating a tremendous amount of buzz, again, adding to the brand image that we have out there as the machine of choice, not just in North America, but globally. And so really thrilled about the progress our engineering teams have made.

當您查看新產品的銷售額時，我們會對其進行衡量。如果以 5 年為基礎來看，它處於 20 多歲的水平，接近 26%、27% 的收入來自新產品。我們對我們擁有的新管道和我們推出的新產品感到非常興奮。您所看到的我們的一些設備產品尤其引起了巨大的轟動，再次增強了我們作為首選機器的品牌形象，不僅在北美，而且在全球。我們的工程團隊所取得的進展讓我們感到非常興奮。

And just one more for you, and then I have one quick one on MedTech, too. I think, if I remember, you guys have like a decent Russia business. What's the -- what are you guys doing there? Are you -- is there anything you have to do kind of to protect that business now?

再給你一篇，然後我也有一篇關於醫療科技的快速文章。我想，如果我沒記錯的話，你們在俄羅斯的生意很不錯。你們在那裡做什麼？您現在需要採取什麼措施來保護該業務嗎？

Yes. I appreciate the question, Joe. I think the best way to think about it is that we have actually a phenomenal emerging markets franchise. And the reason for our success, as you know, has been that we have local production, local sales teams that sort of drive a significant amount of share gain and ground activity. And so what I'd say to you, when I look at the emerging markets, India is actually a phenomenal market. Same applies to the Middle East and South America. And in Russia, we have a business that's just around 6% to 7% of our total sales, and about 60% of that business, we supply locally. And about 2/3 of that business, we supply locally; and about 1/3 of the business, we sort of send in from other regions.

是的。我很欣賞這個問題，喬。我認為最好的思考方式是我們實際上擁有非凡的新興市場特許經營權。如您所知，我們成功的原因是我們擁有本地生產、本地銷售團隊，這些團隊推動了大量的份額成長和地面活動。所以我要對你們說的是，當我檢視新興市場時，印度其實是一個現象級的市場。這同樣適用於中東和南美洲。在俄羅斯，我們的業務僅佔總銷售額的 6% 至 7% 左右，其中約 60% 是我們在當地供應的。大約 2/3 的業務是我們在本地供應的；大約1/3的業務，我們是從其他地區發送過來的。

So what I'd say to you is that as we look at the situation today, we're well positioned to manage it, and then we'll continue to monitor it and give you any updates as needed.

所以我要對你們說的是，當我們審視今天的情況時，我們已經做好了應對的準備，然後我們將繼續監控它並根據需要向你們提供任何更新。

All right. And then, Matt, maybe just ask you on MedTech. What's the latest on the rollout of your portfolio in Europe through the Mathys channel?

好的。然後，馬特，也許只是問你有關醫療科技的問題。您透過 Mathys 管道在歐洲推出的產品組合的最新情況是什麼？

Yes. As we move into the second and third quarter, we'll start to have the -- all the instrument sets coming over there. In fact, Brady is over there this week, meeting with a lot of surgeons around Europe and really started to give them some hands-on experience with our products. So we expect the synergy to start to materialize in the back half of the year and build some real momentum by Q4 and rolling into next year.

是的。當我們進入第二和第三季時，我們將開始擁有所有的樂器組。事實上，布雷迪本週在那裡會見了歐洲各地的許多外科醫生，並真正開始為他們提供一些使用我們產品的實務經驗。因此，我們預計協同效應將在今年下半年開始顯現，並在第四季形成一些真正的勢頭，並持續到明年。

And our next question coming from the line of Jeff Hammond with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jeff Hammond。

Just on -- I don't know if some of this is going to come out in the Form 10, but just maybe a little color on how you're thinking now about the corporate costs for each business. And just the rationale for the 90% spin and 10% later, I just want some color there.

就這樣——我不知道其中的一些內容是否會出現在 Form 10 中，但也許只是對您現在如何看待每項業務的企業成本提供一點說明。只是 90% 旋轉和 10% 之後旋轉的理由，我只是想要一些顏色。

Sure. Jeff, we'll dive into the corporate costs in a little bit more detail as we -- in the March 14 call. But I can tell you that the progression that we would expect between the total costs as you go into the 2 companies is very much in the -- aligned with what we had talked about all along. So we'll provide the more detail, but we don't expect any deviation from the message track that we've had on that all along.

當然。 Jeff，我們將在 3 月 14 日的電話會議中更詳細地探討公司成本。但我可以告訴你，當你進入兩家公司時，我們預計總成本之間的進展與我們一直以來談論的內容非常一致。因此，我們將提供更多細節，但我們預計不會與我們一直以來的消息軌跡有任何偏差。

On the retained stake, we've talked all along about setting up the 2 businesses with capital structures that are aligned with their respective strategies. In the case of ESAB, with the tremendous strong and consistent cash flow, of having a modest amount of leverage and then a clear path for both deleveraging and investing in bolt-on acquisitions made a lot of sense for MedTech, which is in an earlier stage of creating scale, having a capital structure that supported more investment in acquisitions is very much aligned with that -- with the strategy of the business. And so the retained stake essentially enables us to accomplish the capital structure that we're looking for, for the MedTech business with maximum financial capacity available.

關於保留的股權，我們一直在討論建立兩家企業的資本結構，使其符合各自的策略。就 ESAB 而言，憑藉強勁且持續的現金流、適度的槓桿率以及去槓桿化和投資補強收購的明確路徑，對於 MedTech 來說非常有意義，該公司處於早期階段。在創造規模的階段，擁有支持更多收購投資的資本結構與業務策略非常一致。因此，保留的股權本質上使我們能夠實現我們正在尋找的資本結構，為醫療科技業務提供最大的可用財務能力。

Okay. That's helpful. And then just back on MedTech margins. Chris, maybe you can walk us through what you think the underlying incrementals are for that business and versus kind of the puts and takes on the margin growth into '22.

好的。這很有幫助。然後回到醫療技術利潤率。克里斯，也許你可以向我們介紹一下你認為該業務的基本增量是什麼，以及與 22 年利潤增長的看跌期權和承付期權相比。

Sure, Jeff. So generally, in the business, we know that we've got really attractive gross margins in there that are 50% plus. And then it puts us in a great position for incrementals that can be sort of in that rough range. And then as you know, just like the story we've told at ESAB as we've been growing and investing in that business, that's sort of the starting point, and then we typically are going to take some of that and invest it in innovation and the commercial ground game. So we expect generally that the incrementals are going to be less than that sort of mid-50-ish kind of range just because of the investment that we need to drive and create that sustainable outperformance versus the peers.

當然，傑夫。所以總的來說，在這個行業，我們知道我們的毛利率非常有吸引力，達到 50% 以上。然後它使我們處於一個很好的位置，可以在這個大致範圍內進行增量。然後如您所知，就像我們在 ESAB 講述的故事一樣，我們一直在發展和投資該業務，這就是一個起點，然後我們通常會採取其中的一些並將其投資於創新和商業地面遊戲。因此，我們普遍預期增量將低於 50 左右的範圍，這只是因為我們需要投資來推動和創造相對於同行的可持續卓越表現。

I highlighted in my comments that we have had these incremental costs and freight logistics inflation, et cetera, that all kicked off with COVID that are now in the sort of $20 million or more range, and that's additional pressure that we've been living with. We don't expect that to stabilize until the second half of 2022. But as it does stabilize and then as it begins to correct itself, we know that, that's a longer-term contributor to even more margin growth.

我在評論中強調，我們面臨這些增量成本和貨運物流通貨膨脹等問題，所有這些都是由新冠疫情引發的，目前已達到 2000 萬美元或更多，這是我們一直面臨的額外壓力。我們預計這種情況要到 2022 年下半年才會穩定下來。但當它確實穩定下來並開始自我糾正時，我們知道，這是對利潤率成長的長期貢獻。

So as you look for 2022, and we'll have a chance to talk more about this in the March 14 call, but we think there's a number of levers for attractive margin expansion in the MedTech business. And again, as we unpack it and move the fast-growing acquisitions off to the side, once you see that core performance, you'll get a strong -- even stronger sense for that.

因此，當您展望 2022 年時，我們將有機會在 3 月 14 日的電話會議中更多地討論這個問題，但我們認為醫療科技業務有很多有吸引力的利潤擴張槓桿。再說一次，當我們解開它並將快速成長的收購移到一邊時，一旦你看到核心績效，你就會對此有一種強烈的——甚至更強烈的感覺。

And our next question coming from the line of Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的安德魯‧奧賓 (Andrew Obin)。

This is David Ridley-Lane on for Andrew. Chris, can you just clarify that last comment you made on the supply chain impact at MedTech? Was that $20 million for the full year, or just for the fourth quarter?

我是安德魯的大衛雷德利-萊恩。克里斯，您能否澄清一下您對 MedTech 供應鏈影響的最後評論？ 2000 萬美元是全年的還是僅第四季的？

No, that's -- I should have clarified that. As I said in my original comments, that's a cumulative impact that we've incurred since the end of 2019. So as you read through for all of 2020, at all of 2021, and you stack all of those impacts together cumulatively over the 2 years, it's about $20 million or more.

不，那是——我應該澄清這一點。正如我在最初的評論中所說，這是我們自2019 年底以來產生的累積影響。因此，當您通讀2020 年全年和2021 年全年時，您會將所有這些影響在2020 年全年累積起來。年，大約為 2000 萬美元或更多。

Got it. And then just a quick one. What's embedded in the 2022 MedTech guidance in terms of your assumptions on patient volumes? And just to the extent there is kind of shippable backlog release.

知道了。然後是快速的。就您對病患數量的假設而言，2022 年 MedTech 指南中包含哪些內容？並且只是在某種程度上存在可交付的積壓釋放。

Yes, it's Matt here. Yes, we expect -- our 2022 guidance is based on an expectation that the year has started slow. Obviously, 2021 ended with some pressure on it from Omicron, and 2022 has started with some pressure on it from Omicron, and we expect that pressure to start to relieve as we move from Q1 into Q2 and get back into a more normalized environment in the back half of the year. And so that would result in a 2022 that is closer to a normal year, if you think about some of the pressure there was on '21. That gets us to closer to a normal kind of year-over-year picture from '21 to '22. And our guidance shows that with the potential for some catch-up at the higher end and the potential for a little more pressure at the lower end.

是的，這是馬特。是的，我們預計——我們的 2022 年指引是基於今年開局緩慢的預期。顯然，2021 年結束時，Omicron 給它帶來了一些壓力，2022 年伊始，Omicron 給它帶來了一些壓力，我們預計，隨著我們從第一季度進入第二季度，並回到更加正常化的環境，這種壓力將開始緩解。時間回到了半年。因此，如果您考慮到「21」所面臨的一些壓力，那麼 2022 年將更接近正常年份。這讓我們更接近 21 世紀到 22 世紀的正常年比情況。我們的指導表明，高端市場可能會出現一些追趕，而低端市場可能會面臨更大的壓力。

And our next question coming from the line of Nathan Jones with Stifel.

我們的下一個問題來自 Nathan Jones 和 Stifel。

I wanted to start off on cash flow. I think, Shyam, you mentioned ESAB historically has had strong cash flow. Is there any kind of metrics you can put around that in terms of conversion of EBITDA or conversion of net income into free cash flow historically? And then I didn't -- I don't think there is any guidance for combined free cash flow out of the businesses for 2022. Obviously, some big swings in some of the working capital accounts in '21. So just if you can give us any color on how you see those progressing in '22.

我想從現金流入手。我想，Shyam，您提到 ESAB 歷來擁有強勁的現金流。在歷史上 EBITDA 轉換或淨收入轉換為自由現金流方面，是否有任何類型的指標可以用來衡量？然後我沒有——我認為沒有任何關於 2022 年企業綜合自由現金流的指導。顯然，21 年的一些營運資金帳戶出現了一些大幅波動。所以，請您告訴我們您對 22 年這些進展的看法。

Yes. So let me start on that one. So one of the things that we do look at is free cash flow conversion, and we've been in the high 90s and low 90s as we've gone through the year, and we expect to be in that range. As you saw in the Investor Day as well, we sort of published a target to be well above that 90s as we become a public company. And so that continues.

是的。那麼就讓我從這一點開始吧。因此，我們確實關注的事情之一是自由現金流轉換，在這一年中，我們一直處於 90 年代的高點和 90 年代的低點，我們預計會在這個範圍內。正如您在投資者日看到的那樣，當我們成為一家上市公司時，我們發布的目標遠高於 90 年代。就這樣繼續下去。

Going forward, the cash flow generation is steady and consistent, as you know, and we've sort of ended the year strong, and we started the year the same way.

展望未來，正如你所知，現金流的產生是穩定和一致的，我們在今年結束時表現強勁，今年開始時也是如此。

So with that, I'll hand it over to Chris to finish up.

因此，我將把它交給克里斯來完成。

Yes, Nathan, we'll provide more guidance on the free cash flow as we get into -- as we get to March 14 and we're able to spend more time on the projections for the business and 2022 performance there. But as Shyam said, ESAB's on a terrific path for free cash flow conversion, as we outlined a year ago, and has been demonstrating a strong and consistent cash flow. And MedTech is on a slightly different trajectory as you know just because of the significant investment in growth in the business, but that to support the high single-digit growth expectations.

是的，Nathan，我們將在 3 月 14 日之前就自由現金流提供更多指導，我們能夠花更多時間預測業務和 2022 年業績。但正如 Shyam 所說，正如我們一年前概述的那樣，ESAB 正走在自由現金流轉換的絕佳道路上，並且一直表現出強勁而穩定的現金流。如您所知，醫療科技的發展軌跡略有不同，這只是因為對業務成長的大量投資，但這是為了支持高個位數的成長預期。

Fair enough. I do have one follow-up on the Recon side of the MedTech business, double-digit organic growth in the fourth quarter of '21. I think that's been historically a slower growth business. Is this still lapping easy comps from the end of 2020? Is there some market share growth going on? Just any commentary you can give us on the good growth you saw in the Recon business.

很公平。我確實對醫療技術業務的 Recon 方面進行了後續跟踪，即 21 年第四季度實現了兩位數的有機增長。我認為，從歷史上看，這是一個成長較慢的業務。從 2020 年底開始，這仍然是輕鬆的比賽嗎？市場佔有率是否正在成長？您可以向我們提供有關您在偵察業務中看到的良好增長的任何評論。

Yes. So just to clarify, so the Recon business has historically always been a double-digit growth business, many -- multiple times market growth, 3 to 5x knee and hip market growth and usually about 1.5 to 2x shoulder market growth, sometimes 2 to 3. So our Recon business has consistently been a double-digit grower. And that fourth quarter performance in Recon, we think the market was probably flat to down in the fourth quarter, best we can understand. And so the temper growth in Recon is just a continuation of substantial above-market growth that we've had for many years and that we're expecting to have here in 2022 and beyond.

是的。澄清一下，Recon 業務在歷史上一直是兩位數增長的業務，很多倍的市場增長，膝蓋和臀部市場的3 到5 倍增長，通常是肩部市場的1.5 到2 倍增長，有時是2 到3 倍。 . 因此，我們的 Recon 業務一直保持兩位數增長。至於《偵察》第四季的表現，我們認為第四季市場可能持平甚至下跌，這是我們所能理解的。因此，《Recon》的回升成長只是我們多年來高於市場的大幅成長的延續，我們預計在 2022 年及以後也會出現這種情況。

Now the P&R business perhaps is the question. That's a business that historically -- there was a period of time when it did grow below market for a couple of years. And in '19, we improved that market. And as we exited '19 and even entered 2020, that business was growing at above market growth levels, kind of in the mid-single digits range. And throughout COVID, as we've been tracking market factors, we feel like we've been continuing to be at or above that market growth level. And certainly, that 10% growth in that business in the fourth quarter is above market growth levels. It's against a softer comp. So as we roll into Q1, now we expect that business to be a little bit above pre-COVID levels and being able to start to grow in that at or above market range.

現在，P&R 業務或許就是問題所在。從歷史上看，這是一項業務——有一段時間，它的成長確實低於市場水平好幾年。 19 年，我們改善了這個市場。當我們退出 19 年甚至進入 2020 年時，該業務的成長速度高於市場成長水平，大約在中個位數範圍內。在整個新冠疫情期間，我們一直在追蹤市場因素，我們感覺我們一直保持或高於市場成長水平。當然，第四季該業務 10% 的成長高於市場成長水準。這是針對較軟的比賽。因此，當我們進入第一季時，我們預計業務將略高於新冠疫情前的水平，並能夠開始在市場範圍內或之上成長。

Yes, that was my mistake. I meant P&R.

是的，那是我的錯。我的意思是 P&R。

Yes, that's okay. That's what I thought. But we're really happy with each part of the business in MedTech and the trajectory they're on. We think our guidance reflects that. We've taken some ground on the margins front, and we expect to take ground here again in 2020, some healthy margin improvement on an underlying basis at the segment level and also a chance to shed some corporate costs and then scale. And we continue to believe that we can drive strong margin performance over time in our MedTech business, consistent with what we shared at Investor Day.

是的，沒關係。我也這麼想。但我們對醫療科技業務的各個部分及其發展軌跡感到非常滿意。我們認為我們的指導反映了這一點。我們在利潤率方面已經取得了一些進展，我們預計在 2020 年將再次取得進展，在細分市場層面的基礎上實現一些健康的利潤率改善，並且還有機會削減一些企業成本並擴大規模。我們仍然相信，隨著時間的推移，我們可以在醫療科技業務中推動強勁的利潤率表現，這與我們在投資者日分享的內容一致。

And our next question coming from the line of Chris Dankert with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Chris Dankert。

A couple of quick questions for Shyam here, I guess. You touched on emerging markets more broadly. But I guess, any comments specifically kind of on China here as we go forward? Obviously, kind of a lot of moving pieces there. But just any thoughts on how we think about China in 2022.

我想這裡有幾個問題要問 Shyam。您更廣泛地談到了新興市場。但我想，在我們前進的過程中，有什麼特別針對中國的評論嗎？顯然，那裡有很多動人的部分。但只是關於我們如何看待 2022 年中國的任何想法。

Yes. Here's what I'd say. China, as some of you may know, I lived in China for 6 years, and one of the things I've learned over time is that they usually figure it out and come out of whatever they're going through with a tremendous amount of strength. So what I'd say to you is we had great momentum in 2021. They've obviously had the Olympic Games that's ending -- that has ended. And sort of as we move into the rest of the year, we continue to see some activity in China, where they're going to, again, stimulate the market and drive what benefits us to a better spot. So I'm cautiously optimistic that the momentum continues in China as we move forward. I'm really excited about the team that we had there, and they did a tremendous job both in 2020 and 2021 to drive share gain. And we continue to drive really strong lean efforts in that facility in Zhangjiagang that we have. So cautiously optimistic about 2022. And if history is any inclination, then China should be just fine.

是的。這就是我要說的。中國，你們中的一些人可能知道，我在中國生活了 6 年，隨著時間的推移我學到的一件事是，他們通常會弄清楚並從他們正在經歷的任何事情中走出來力量。所以我要對你們說的是，我們在 2021 年勢頭強勁。顯然，奧運會即將結束——已經結束了。當我們進入今年剩餘時間時，我們繼續看到中國的一些活動，它們將再次刺激市場並將有利於我們的事物推向更好的位置。因此，我對中國繼續前進的勢頭持謹慎樂觀的態度。我對我們的團隊感到非常興奮，他們在 2020 年和 2021 年為推動份額成長做出了巨大的工作。我們繼續在張家港的工廠中大力推動精實工作。因此，我們對 2022 年持謹慎樂觀的態度。如果歷史有任何傾向的話，那麼中國應該會沒事。

Got it. Got it. And then I guess, following up, I think you mentioned price cost neutral is kind of the goal or the expectation for the year. Is there any split by half? Or do you think you can kind of maintain general neutrality kind of all the way through '22 here?

知道了。知道了。然後我想，接下來，我認為你提到的價格成本中立是今年的目標或預期。有沒有分成兩半的？或者你認為你可以在 22 年前保持整體中立嗎？

Maybe I didn't understand the question, but do you sort of...

也許我沒聽懂這個問題，但你是不是…

Sorry, my apologies. I was just thinking about price cost, do we expect to kind of be price cost neutral coming out of the gate here in the first quarter and the second quarter? Or is that something that kind of takes some time for pricing to kind of work through the P&L and turn positive in the back half of '22?

對不起，我很抱歉。我只是在考慮價格成本，我們是否期望第一季和第二季的價格成本保持中性？或者說，定價需要一些時間才能透過損益表發揮作用，並在 22 年後半段轉為正值？

I think the best way to think about it is that we will be price cost neutral as we start the year, and then we'll see how the second half shapes up, whether there's stabilization in the market or we have continued inflation. So it's sort of to be determined based on what comes at us.

我認為最好的思考方式是，我們在年初時將保持價格成本中性，然後我們將看看下半年的情況如何，無論市場穩定還是通膨持續。所以這要根據我們遇到的情況來決定。

The one thing that we're very confident about is that whatever comes at us, the business has really shown resilience and how to deal with it, and we've got great processes in place to monitor and check. And I think something that we've mentioned in the past, inflation is a funny thing for us, and it does different things in different geographic regions. And so we've got to be really nuanced in how we approach it. But I think the way you're thinking about it is that being neutral for the first half of the year, the second half is to be determined depending on what happens in terms of inflation.

我們非常有信心的一件事是，無論發生什麼，業務都真正表現出了彈性以及如何處理它，並且我們已經制定了很好的流程來監控和檢查。我認為我們過去提到過，通貨膨脹對我們來說是一件有趣的事情，它在不同的地理區域中會產生不同的作用。因此，我們必須非常細緻地對待它。但我認為你的想法是，上半年保持中性，下半年將根據通膨情況來確定。

And I'm showing no further questions at this time. I would now like to turn the call back over to Mike Macek for any closing remarks.

目前我不會再提出任何問題。我現在想將電話轉回給麥克馬塞克 (Mike Macek)，請他發表結束語。

Thanks, everyone, for joining our call today. And please join us on March 14 for our updated investor meetings for both ESAB and Enovis. And that concludes our call today.

感謝大家今天加入我們的電話會議。請於 3 月 14 日參加我們更新的 ESAB 和 Enovis 投資者會議。我們今天的電話會議到此結束。

Thank you.

謝謝。

Thanks, guys.

多謝你們。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。