Matthews International Corp (MATW) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Matthews International Corporation Fourth Quarter and Fiscal Year 2022 financial results. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Bill Wilson, Senior Director of Finance and Corporate Development for Matthews International Corporation. Thank you. You may begin.

您好，歡迎來到 Matthews International Corporation 第四季度和 2022 財年財務業績。 （操作員說明）提醒一下，正在錄製此會議。我現在想將會議轉交給您的主持人，Matthews International Corporation 財務和企業發展高級總監 Bill Wilson 先生。謝謝你。你可以開始了。

Thank you, Melissa. Good morning, everyone, and welcome to the Matthews International Fourth Quarter and Fiscal Year-end 2022 Conference Call. This is Bill Wilson, Senior Director of Finance and Corporate Development. With me today are Joe Bartolacci, President and Chief Executive Officer; and Steve Nicola, our Chief Financial Officer. Before we start, I would like to remind you that our earnings release was posted on our website, www.matw.com, in the Investors section last night. The presentation for our call can also be accessed in the Investors section of the website.

謝謝你，梅麗莎。大家早上好，歡迎來到 Matthews International 第四季度和 2022 財年末電話會議。我是財務和企業發展高級總監 Bill Wilson。今天和我在一起的是總裁兼首席執行官 Joe Bartolacci；和我們的首席財務官 Steve Nicola。在我們開始之前，我想提醒您，我們的收益發布已於昨晚發佈在我們網站 www.matw.com 的投資者部分。也可以在網站的“投資者”部分訪問我們電話會議的演示文稿。

In addition, as a reminder, beginning in the first quarter of fiscal 2022, the company transferred surfaces and engineering products business from the SGK Brand Solutions segment to the Industrial Technologies segment. Prior period results reflect this new segmentation. Any forward-looking statements in connection with this discussion are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

此外，提醒一下，從 2022 財年第一季度開始，公司將表面和工程產品業務從 SGK Brand Solutions 部門轉移到工業技術部門。前期結果反映了這種新的細分。與本次討論相關的任何前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Factors that could cause the company's results to differ from those discussed today are set forth in the company's annual report on Form 10-K and other periodic filings with the SEC. In addition, we'll be discussing non-GAAP financial metrics and encourage you to read our disclosures and reconciliations tables carefully before you consider these metrics. In connection with any forward-looking statements and non-GAAP financial information, please read the disclaimer included in today's presentation materials located on our website.

可能導致公司結果與今天討論的結果不同的因素在公司的 10-K 表格年度報告和其他定期向美國證券交易委員會提交的文件中有所規定。此外，我們將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標之前仔細閱讀我們的披露和調節表。關於任何前瞻性陳述和非 GAAP 財務信息，請閱讀我們網站上今天的演示材料中包含的免責聲明。

And now I'll turn the call over to Joe.

現在我會把電話轉給喬。

Thank you, Bill. Good morning. Going to apologize in advance, I've got a bit of a head cold this morning. So if I have to break and clear my threat you understand. But going forward, we are pleased with our fiscal '22 results. Despite the continued headwinds that we faced, we exceeded the high end of our revised guidance that was adjusted at the beginning of the third quarter due to the economic impact on our European businesses stemming from the conflict in Ukraine.

謝謝你，比爾。早上好。提前道歉，我今天早上有點感冒。所以如果我必須打破並清除我的威脅，你明白。但展望未來，我們對 22 財年的業績感到滿意。儘管我們面臨持續的逆風，但由於烏克蘭衝突對我們歐洲業務的經濟影響，我們超過了第三季度初調整的修訂指導的上限。

Our overall results were strong despite headwinds headlined by foreign exchange issues that impacted our year-over-year adjusted EBITDA by over $7 million in addition to the zero contribution from several of our European businesses due to the regional economic conditions. Our EBITDA performance, adjusted for currency impacts was in line with our initial guidance provided last year despite these challenges.

儘管外匯問題導致我們的調整後 EBITDA 同比增長超過 700 萬美元，此外由於區域經濟狀況，我們的幾家歐洲企業的貢獻為零，但我們的總體業績仍然強勁。儘管存在這些挑戰，我們的 EBITDA 業績（根據貨幣影響進行調整）符合我們去年提供的初步指導。

Moreover, as noted in our earnings release, we continue to make significant progress in our energy business where we are anticipating significant orders from multiple customers in the coming months. We expect these orders will cover all aspects of our Energy Solutions business including green mobility solutions like dry electrode and hydrogen fuel cell as well as energy generation like photovoltaic.

此外，正如我們在收益發布中指出的那樣，我們在能源業務方面繼續取得重大進展，我們預計未來幾個月將有來自多個客戶的大量訂單。我們預計這些訂單將涵蓋我們能源解決方案業務的所有方面，包括乾電極和氫燃料電池等綠色移動解決方案以及光伏等能源生產。

Our products and services solve some of the most difficult challenges facing the energy storage industry today. And as a result, we are seeing a ramp-up in interest in our industry leading -- in our industry-leading capabilities, resulting in many of the most significant OEMs across the globe knocking on our doors. They recognize our extensive experience in roll-to-roll processing, the core of our specialized equipment derived from our history in printing, which gives us a competitive advantage in the renewable energy market.

我們的產品和服務解決了當今儲能行業面臨的一些最困難的挑戰。因此，我們看到人們對我們行業領先的興趣在增加——我們行業領先的能力，導致全球許多最重要的原始設備製造商來敲我們的門。他們認可我們在卷對卷加工方面的豐富經驗，這是我們專業設備的核心，源自我們的印刷歷史，這使我們在可再生能源市場上具有競爭優勢。

We believe the increase in orders validates the significance of our solutions in addition to the market's acknowledgment of the benefits to be derived from the recently passed Inflation Reduction Act, which is putting billions of dollars into green energy produced in the United States. We are executing on our plans and capitalizing on opportunities to grow the business. We are already seeing positive impact from our most recent acquisitions Olbrich and R+S Automotive.

我們相信，訂單的增加證實了我們解決方案的重要性，此外市場也承認最近通過的《減少通貨膨脹法案》帶來的好處，該法案正在向美國生產的綠色能源投入數十億美元。我們正在執行我們的計劃，並利用機會發展業務。我們已經看到最近收購 Olbrich 和 R+S Automotive 產生的積極影響。

Despite not being fully integrated, the engineering and manufacturing capacity gained from these businesses ease the challenge of the fulfillment of the anticipated new orders. In addition to having over 160 engineers with complementary skills, and significant manufacturing capacity, highlighted by a low-cost manufacturing facility in the Czech Republic. Olbrich brings its own intellectual property and products to our energy solutions portfolio increasing our breadth of offerings and allowing us to approach one-stop shopping when it comes to solutions like dry electrode production and hydrogen fuel cells.

儘管沒有完全整合，但從這些業務中獲得的工程和製造能力緩解了履行預期新訂單的挑戰。除了擁有超過 160 名具有互補技能的工程師和強大的製造能力外，捷克共和國的低成本製造工廠也凸顯了這一點。 Olbrich 為我們的能源解決方案組合帶來了自己的知識產權和產品，增加了我們的產品範圍，並使我們能夠在乾電極生產和氫燃料電池等解決方案方面實現一站式採購。

Moving on to the rest of the Industrial segment. Our warehouse solutions business has had a strong year, and the pace of orders from some of the largest retailers in North America presents a positive outlook for 2023. This business continues to be amongst the best of breed in today's market when it comes to warehouse execution software and control systems.

轉到工業部門的其餘部分。我們的倉庫解決方案業務在這一年表現強勁，來自北美一些最大零售商的訂單步伐為 2023 年帶來了積極的前景。在倉庫執行方面，該業務仍然是當今市場上最好的業務之一軟件和控制系統。

The addition of R+S Automotive, a provider of factory automation services in Europe brings added capacity and new markets for us to address. Similarly, our Product Identification business finished the year strong with revenues in this business up over 10% on a constant currency basis. In Product Identification, we continue to make good progress in the development of our new products, and we have -- and we keep finding competitive advantages for our anticipated launch of our new product in this business.

歐洲工廠自動化服務提供商 R+S Automotive 的加入為我們帶來了更多產能和新市場。同樣，我們的產品識別業務以固定匯率計算的收入增長超過 10%，以強勁的勢頭結束了這一年。在產品識別方面，我們在新產品的開發方面繼續取得良好進展，我們已經——而且我們一直在為我們在該業務中預期推出的新產品尋找競爭優勢。

For example, when compared to current technologies, our new product significantly reduces the amount of VOCs that escape into the atmosphere during the printing process. This will be yet another competitive advantage for this product as customers increasingly focus on reducing their carbon footprint while states and local governments initiate more stringent regulations on emissions.

例如，與現有技術相比，我們的新產品顯著減少了印刷過程中逸出到大氣中的 VOC 量。這將是該產品的另一個競爭優勢，因為客戶越來越關注減少他們的碳足跡，而各州和地方政府開始實施更嚴格的排放法規。

Our Industrial Technologies segment, which includes Energy Solutions, Warehouse Automation, Product Identification, Olbrich and R+S reported record sales of $335 million and adjusted EBITDA of $57 million. We expect this segment to maintain its growth trend into next year, and we believe $500 million of revenue could be reached in fiscal '23.

我們的工業技術部門，包括能源解決方案、倉庫自動化、產品識別、Olbrich 和 R+S，報告銷售額達到創紀錄的 3.35 億美元，調整後的 EBITDA 為 5700 萬美元。我們預計該細分市場將在明年保持增長趨勢，我們相信 23 財年的收入將達到 5 億美元。

To remind you, just 3 years ago, the businesses that make up this segment today had approximately $240 million in revenue. If you were to compare these businesses on a constant currency basis to 3 years ago, our growth would be significantly better. We have often spoken of these businesses as our growth engine. We are clearly demonstrating that now. Our Memorialization business also delivered very good results despite the normalization of death rates, particularly over the quarter and significantly higher costs.

提醒您，就在 3 年前，今天構成該細分市場的企業的收入約為 2.4 億美元。如果您將這些業務以固定貨幣為基礎與 3 年前進行比較，我們的增長會好得多。我們經常將這些業務稱為我們的增長引擎。我們現在正在清楚地證明這一點。儘管死亡率正常化，但我們的紀念業務也取得了非常好的結果，特別是在本季度和顯著增加的成本中。

This business has performed exceptionally well throughout the past several years and is poised to maintain that success in '23. Strong order rates in our Cemetery Products business will help partially offset the lower casket sales expected from the normalization of death rates. Moreover, this segment has reset its normalized revenues to a level that is materially higher than just a few years ago, and we only expect modestly lower EBITDA results next year.

該業務在過去幾年中表現異常出色，並準備在 23 年保持這種成功。我們公墓產品業務的強勁訂單率將有助於部分抵消因死亡率正常化而導致的棺材銷售下降。此外，該部門已將其正常化收入重置為比幾年前大幅提高的水平，我們預計明年的 EBITDA 結果只會小幅下降。

In SGK, the team delivered top line organic growth in the fourth quarter, but also experienced challenges in the European market. Due to those challenges, the goodwill charge was taken in the fourth quarter. Cost reduction actions were taken in the European market for this segment as it's currently unclear when the situation will normalize. We believe that taking these actions will improve results on a year-over-year basis beginning in '23.

在 SGK，該團隊在第四季度實現了收入有機增長，但在歐洲市場也遇到了挑戰。由於這些挑戰，商譽費用在第四季度計入。由於目前尚不清楚情況何時恢復正常，因此歐洲市場已針對該細分市場採取成本削減行動。我們相信，從 23 年開始，採取這些行動將逐年改善結果。

As we look forward to '23, we are expecting continued consolidated growth. As discussed above, order rates in our fastest-growing businesses remain high, which bodes well for the continued development of these businesses. Also, we expect to maintain prices in our Memorialization business throughout the year to compensate for the higher costs we are incurring, some of which we absorbed during the past year.

當我們期待 23 年時，我們期待持續的綜合增長。如上所述，我們增長最快的業務的訂單率仍然很高，這預示著這些業務的持續發展。此外，我們希望全年保持我們紀念業務的價格，以補償我們產生的更高成本，其中一些我們在過去一年中吸收了。

In SGK, the cost actions that we have taken in Europe should improve our overall results in this business. In addition, SGK is seeing opportunities to expand its market share as competitors struggle to meet client demands in this challenging market, particularly in Europe. The difficult economic environment in the markets in which we operate and currency translation resulting from those environments are expected to be a significant variable to our overall performance again next year. We expect currency to again negatively impact our overall performance next year.

在 SGK，我們在歐洲採取的成本行動應該會改善我們在這項業務中的整體業績。此外，隨著競爭對手在這個充滿挑戰的市場（尤其是歐洲）中努力滿足客戶需求，SGK 看到了擴大市場份額的機會。我們經營所在市場的艱難經濟環境以及這些環境導致的貨幣換算預計將再次成為我們明年整體業績的重要變數。我們預計明年貨幣將再次對我們的整體業績產生負面影響。

With these factors in mind, we expect our fiscal '23 EBITDA results to be between $215 million and $235 million, good growth despite the challenging environment. For purposes of understanding our projected performance, if our expected currency rates for fiscal '23 were consistent with the rates of fiscal '22, our EBITDA projections would be $10 million higher.

考慮到這些因素，我們預計 23 財年的 EBITDA 結果將在 2.15 億美元至 2.35 億美元之間，儘管環境充滿挑戰，但增長良好。為了了解我們的預期業績，如果我們對 23 財年的預期貨幣匯率與 22 財年的匯率一致，我們的 EBITDA 預測將高出 1000 萬美元。

The broad range of possible results is driven by the fact that we do not control the timing of deliveries for some of our energy orders. For better clarity, if we begin to approach revenues of $500 million in Industrial Technologies segment, as mentioned earlier, we have a possibility to exceed this performance. We expect to update our progress on these and more orders throughout the year.

可能的結果範圍很廣，這是因為我們無法控制某些能源訂單的交貨時間。為了更清楚起見，如果我們開始接近 5 億美元的工業技術部門收入，如前所述，我們有可能超過這一業績。我們希望在全年更新這些訂單和更多訂單的進展情況。

I'll now hand it over to Steve for our financial review.

我現在將其交給史蒂夫進行財務審查。

Thank you, Joe, and good morning. I'll begin with Slide 7. For the fiscal 2022 fourth quarter, we reported consolidated sales of $457.1 million compared to $438.8 million for the fourth fiscal quarter last year. As indicated in our earnings release yesterday, changes in currency rates had a significant unfavorable impact on reported sales compared to a year ago.

謝謝你，喬，早上好。我將從幻燈片 7 開始。在 2022 財年第四季度，我們報告的綜合銷售額為 4.571 億美元，而去年第四財季為 4.388 億美元。正如我們昨天發布的收益報告所示，與一年前相比，匯率變化對報告的銷售額產生了重大不利影響。

On a constant currency basis with last year, consolidated sales for the fiscal 2022 fourth quarter were $41.8 million or 9.5% higher than a year ago. The increase primarily reflected sales growth in our Industrial Technologies and Memorialization segments and the impact of the recent acquisitions of Olbrich GmbH and R+S Automotive GmbH.

按去年固定匯率計算，2022 財年第四季度的綜合銷售額為 4180 萬美元，同比增長 9.5%。這一增長主要反映了我們工業技術和紀念部門的銷售增長以及最近收購 Olbrich GmbH 和 R+S Automotive GmbH 的影響。

These acquisitions, which occurred in August 2022, added approximately $17 million to current quarter sales. For the year ended September 30, 2022, we reported consolidated sales of $1.76 billion compared to $1.67 billion last year, representing an increase of $91.4 million or 5.5%.

這些收購發生在 2022 年 8 月，使當前季度的銷售額增加了約 1700 萬美元。截至 2022 年 9 月 30 日止年度，我們報告的綜合銷售額為 17.6 億美元，而去年為 16.7 億美元，增加了 9140 萬美元或 5.5%。

On a constant currency basis, consolidated sales for fiscal 2022 were $147.7 million or 8.8% higher than a year ago. Changes in foreign currency rates had unfavorable impacts of $23.6 million and $56.3 million, respectively, on consolidated sales compared to the same quarter and year-to-date period last year.

按固定匯率計算，2022 財年的綜合銷售額為 1.477 億美元，同比增長 8.8%。與去年同期和年初至今相比，外幣匯率變動對合併銷售額的不利影響分別為 2360 萬美元和 5630 萬美元。

On a GAAP basis, the company reported a net loss of $81 million or $2.63 per share for the current quarter compared to a loss of $3.7 million or $0.12 per share for the same quarter last year. As a result, primarily of the impact of European market conditions on recent operating results, we recorded a noncash goodwill impairment charge of $82.5 million or $2.59 per share for the SGK Brand Solutions segment in the fiscal 2022 fourth quarter. Importantly, in response to these market conditions, we have initiated cost reduction actions for this segment, particularly in Europe to better align its cost structure with current sales run rates.

根據 GAAP，該公司報告本季度淨虧損 8100 萬美元或每股 2.63 美元，而去年同期為虧損 370 萬美元或每股 0.12 美元。因此，主要是由於歐洲市場狀況對近期經營業績的影響，我們在 2022 財年第四季度為 SGK Brand Solutions 部門記錄了 8250 萬美元或每股 2.59 美元的非現金商譽減值費用。重要的是，為應對這些市場狀況，我們已針對該細分市場啟動成本削減行動，特別是在歐洲，以更好地使其成本結構與當前的銷售運行率保持一致。

Charges in connection with these actions were also recorded in the fiscal 2022 fourth quarter, which unfavorably affected our results on a GAAP basis. We may have further charges in fiscal 2023 as we continue these efforts. For the year ended September 30, 2022, the company reported a net loss of $99.8 million or $3.18 per share compared to net income of $2.9 million or $0.09 per share last year.

與這些行動相關的費用也記錄在 2022 財年第四季度，這對我們按 GAAP 計算的業績產生了不利影響。隨著我們繼續這些努力，我們可能會在 2023 財年收取更多費用。截至 2022 年 9 月 30 日止年度，該公司報告淨虧損 9980 萬美元或每股 3.18 美元，而去年的淨收入為 290 萬美元或每股 0.09 美元。

On a non-GAAP adjusted basis, adjusted EBITDA, which represents net income before interest expense, income taxes, depreciation and amortization and other adjustments was $55.9 million for the fiscal 2022 fourth quarter compared to $52 million last year. The increase reflected the benefit of higher consolidated sales for the quarter offset partially by the impacts of higher material costs, increased labor and freight costs and other inflation-related cost increases.

在非 GAAP 調整的基礎上，2022 財年第四季度調整後的 EBITDA 為 5590 萬美元，而去年同期為 5200 萬美元，該調整後的 EBITDA 代表利息支出、所得稅、折舊和攤銷前的淨收入以及其他調整。這一增長反映了本季度綜合銷售額增加的好處，部分被材料成本增加、勞動力和貨運成本增加以及其他與通貨膨脹相關的成本增加的影響所抵消。

In addition, currency rate changes had an unfavorable impact of $3.5 million on consolidated adjusted EBITDA for the current quarter compared with a year ago. For the year ended September 30, 2022, consolidated adjusted EBITDA was $210.4 million. Currency rate changes had an unfavorable impact of $9.4 million on consolidated adjusted EBITDA for the current fiscal year compared with last year.

此外，與一年前相比，貨幣匯率變動對本季度綜合調整後 EBITDA 產生了 350 萬美元的不利影響。截至 2022 年 9 月 30 日止年度，合併調整後 EBITDA 為 2.104 億美元。與去年相比，匯率變動對本財年的綜合調整後 EBITDA 產生了 940 萬美元的不利影響。

Adjusted earnings per share for the current quarter increased to $0.82 compared to $0.80 a year ago. Higher adjusted EBITDA was partially offset by increased interest expense for the current quarter, primarily reflecting the higher interest rate environment. Interest expense for the current quarter was $8.3 million compared to $7 million a year ago. Adjusted earnings per share for the year ended September 30, 2022, was $2.88 compared to $3.28 a year ago, primarily reflecting the decline in adjusted EBITDA for the year.

本季度調整後每股收益從一年前的 0.80 美元增至 0.82 美元。較高的調整後 EBITDA 被本季度利息支出的增加部分抵消，主要反映了較高的利率環境。本季度的利息支出為 830 萬美元，而一年前為 700 萬美元。截至 2022 年 9 月 30 日止年度的調整後每股收益為 2.88 美元，而一年前為 3.28 美元，主要反映了當年調整後 EBITDA 的下降。

Please see the reconciliations of constant currency sales, adjusted EBITDA and non-GAAP adjusted earnings per share provided in our earnings release. The company's consolidated income taxes for the fiscal 2022 fourth quarter represented a benefit of $2.1 million compared to expense of $3.7 million a year ago. For the year ended September 30, 2022, the company's consolidated income taxes were a benefit of $4.4 million compared to expense of $6.4 million last year. The benefit for the current year primarily reflected the pretax loss on a GAAP basis.

請參閱我們的收益發布中提供的固定貨幣銷售額、調整後的 EBITDA 和非 GAAP 調整後每股收益的對賬。該公司 2022 財年第四季度的綜合所得稅收益為 210 萬美元，而一年前的支出為 370 萬美元。截至 2022 年 9 月 30 日止年度，公司的綜合所得稅收益為 440 萬美元，而去年的費用為 640 萬美元。本年度的收益主要反映了按公認會計原則計算的稅前虧損。

Please turn to Slide 8 to begin a review of our segment results. The Industrial Technologies segment reported sales of $104.6 million for the current quarter compared to $84 million a year ago, representing an increase of almost 25%.

請轉到幻燈片 8 開始查看我們的細分結果。工業技術部門報告本季度銷售額為 1.046 億美元，而去年同期為 8400 萬美元，增長近 25%。

Growth in our energy storage solutions business and the recent acquisitions of Olbrich and R+S were the significant contributors to the year-over-year increase. Product Identification sales for the current quarter were also higher than a year ago. Changes in currency rates had an unfavorable impact of $7.2 million on the segment sales compared to the same quarter last year.

我們儲能解決方案業務的增長以及最近對 Olbrich 和 R+S 的收購是同比增長的重要貢獻者。本季度的產品標識銷售額也高於一年前。與去年同期相比，匯率變化對該部門的銷售額產生了 720 萬美元的不利影響。

For the year ended September 30, 2022, sales for the Industrial Technologies segment were $335.5 million compared to $284.5 million a year ago, representing an increase of $51 million or 17.9%. The increase reflected growth in the segment's Energy Storage Solutions, Warehouse Automation and Product Identification businesses in addition to the fourth quarter acquisitions of Olbrich and R+S.

截至 2022 年 9 月 30 日止年度，工業技術部門的銷售額為 3.355 億美元，而去年同期為 2.845 億美元，增長 5100 萬美元或 17.9%。這一增長反映了該部門儲能解決方案、倉庫自動化和產品識別業務的增長，以及第四季度對 Olbrich 和 R+S 的收購。

Changes in currency rates had an unfavorable impact of $16.9 million on the segment sales compared to last year. Adjusted EBITDA for the Industrial Technologies segment more than doubled to $23.4 million for the fiscal 2022 fourth quarter compared with $11.4 million a year ago. Higher sales and improved margins contributed to current year -- current quarter adjusted EBITDA.

與去年相比，匯率變化對分部銷售額產生了 1690 萬美元的不利影響。與一年前的 1140 萬美元相比，2022 財年第四季度工業技術部門的調整後 EBITDA 增加了一倍多，達到 2340 萬美元。更高的銷售額和更高的利潤率對本年度——本季度調整後的 EBITDA 做出了貢獻。

On a year-to-date basis, adjusted EBITDA for the Industrial Technologies segment increased approximately 63% from $34.9 million last year to $56.8 million for the current quarter -- current fiscal year.

從年初至今，工業技術部門調整後的 EBITDA 從去年的 3490 萬美元增長了約 63% 至本季度（即本財年）的 5680 萬美元。

Please turn to Slide 9. Memorialization sales were $206.3 million for the current quarter compared to $195.9 million for the fourth quarter last year.

請轉到幻燈片 9。本季度紀念銷售額為 2.063 億美元，而去年第四季度為 1.959 億美元。

The growth was primarily the result of higher cemetery memorial and U.S. cremation-related product sales and increased pricing to mitigate the effects of inflation. Casket unit sales volumes for the current quarter were lower than a year ago, primarily reflecting the decline in COVID-related deaths. For the year ended September 30, 2022, Memorialization sales were $840.1 million compared to $769 million last year.

增長主要是由於公墓紀念館和美國火葬相關產品銷售增加以及定價上漲以減輕通貨膨脹的影響。本季度的棺材單位銷量低於一年前，主要反映了與 COVID 相關的死亡人數下降。截至 2022 年 9 月 30 日止年度，Memorialization 銷售額為 8.401 億美元，而去年為 7.69 億美元。

Memorialization segment adjusted EBITDA for the fiscal 2022 fourth quarter was relatively unchanged at $33.4 million compared to $33.6 million a year ago. The favorable effect of higher sales was offset by the significant unfavorable impact of higher material costs compared to a year ago as well as increased labor and freight costs, higher project-related costs and other inflation-related cost increases. For the year ended September 30, 2022, Memorialization adjusted EBITDA was $151.8 million compared to $165.7 million last year.

紀念部門 2022 財年第四季度調整後的 EBITDA 相對不變，為 3340 萬美元，而一年前為 3360 萬美元。與一年前相比，材料成本增加以及勞動力和貨運成本增加、項目相關成本增加和其他與通貨膨脹相關的成本增加的重大不利影響抵消了銷售額增加的有利影響。截至 2022 年 9 月 30 日止年度，經紀念調整後的 EBITDA 為 1.518 億美元，而去年為 1.657 億美元。

Please turn to Slide 10. Sales for the SGK Brand Solutions segment were $146.3 million for the current quarter compared to $158.9 million a year ago. However, on a constant currency basis, the segment sales improved $1.9 million for the current quarter. Currency rate changes had an unfavorable impact of $14.5 million on the segment sales for the current quarter compared to a year ago. For the year ended September 30, 2022, the segment reported sales of $586.8 million compared to $617.5 million last year, representing a decrease of $30.8 million.

請轉到幻燈片 10。本季度 SGK Brand Solutions 部門的銷售額為 1.463 億美元，而一年前為 1.589 億美元。然而，在固定匯率的基礎上，該部門本季度的銷售額增加了 190 萬美元。與一年前相比，匯率變化對本季度的分部銷售額產生了 1450 萬美元的不利影響。截至 2022 年 9 月 30 日止年度，該部門的銷售額為 5.868 億美元，而去年為 6.175 億美元，減少了 3080 萬美元。

On a constant currency basis, however, the segment sales improved $4.1 million for the year. The unfavorable impact of currency rate changes for the full year was $34.8 million. Fiscal 2022 fourth quarter adjusted EBITDA for the SGK Brand Solutions segment was $16.7 million compared to $24.2 million a year ago. For the year ended September 30, 2022, adjusted EBITDA for this segment was $60.1 million compared to $91.4 million last year.

然而，按固定匯率計算，該部門當年的銷售額增加了 410 萬美元。全年貨幣匯率變化的不利影響為 3480 萬美元。 SGK 品牌解決方案部門 2022 財年第四季度調整後的 EBITDA 為 1670 萬美元，而一年前為 2420 萬美元。截至 2022 年 9 月 30 日止年度，該部門調整後的 EBITDA 為 6010 萬美元，而去年為 9140 萬美元。

The declines primarily reflected the impact of lower sales and unfavorable sales mix, increased labor costs and other inflation-related cost increases. In addition, changes in currency rates had unfavorable impacts of $1.6 million and $5.1 million, respectively, on the segment's adjusted EBITDA compared to the same quarter and year-to-date period last year.

下降主要反映了銷售額下降和不利的銷售組合、勞動力成本增加以及其他與通貨膨脹相關的成本增加的影響。此外，與去年同期和年初至今相比，匯率變動分別對該部門調整後的 EBITDA 產生了 160 萬美元和 510 萬美元的不利影響。

Please turn to Slide 11. Cash flow provided by operations for the quarter ended September 30, 2022, was $42.5 million compared to $56 million a year ago. For the year ended September 30, 2022, cash flow provided by operations was $126.9 million compared to $162.8 million a year ago. Operating cash flow for fiscal 2022 included contributions of $36 million to the company's principal pension plan, during the first quarter in connection with the planned termination and settlement.

請轉到幻燈片 11。截至 2022 年 9 月 30 日的季度，運營提供的現金流為 4250 萬美元，而一年前為 5600 萬美元。截至 2022 年 9 月 30 日止年度，運營提供的現金流為 1.269 億美元，而一年前為 1.628 億美元。 2022 財年的運營現金流包括在第一季度與計劃終止和結算相關的公司主要養老金計劃的 3600 萬美元捐款。

In addition, higher inventories, partially reflecting the impact of higher commodity costs and charges related to strategic and cost reduction initiatives impacted operating cash flow for the current fiscal year. These decreases were partially offset by the sale of trade receivables under the company's new receivables purchase facility. The new facility qualified the structure to be treated as a sale of receivables instead of securitized debt.

此外，庫存增加部分反映了商品成本增加的影響以及與戰略和成本削減舉措相關的費用影響了本財年的經營現金流。這些減少部分被公司新的應收賬款購買機制下的貿易應收賬款的銷售所抵消。新貸款將結構限定為出售應收賬款而不是證券化債務。

Outstanding debt was $798.6 million at September 30, 2022, compared to $763.7 million at September 30, 2021. Outstanding debt for the current year reflected the impacts of the acquisitions of Olbrich and R+S, which approximated $45 million and the contributions in the fiscal 2022 first quarter toward the settlement of the company's pension plans, which approximated $36 million.

截至 2022 年 9 月 30 日，未償債務為 7.986 億美元，而 2021 年 9 月 30 日為 7.637 億美元。本年度的未償債務反映了收購 Olbrich 和 R+S 的影響（約為 4500 萬美元）以及財政貢獻2022 年第一季度用於結算公司的養老金計劃，約為 3600 萬美元。

Net debt, which represents outstanding debt less cash, declined modestly during the fiscal 2022 fourth quarter to $729.6 million at September 30, 2022, from $730.2 million at June 30, 2022. Our net leverage ratio at September 30, 2022, based on trailing 12 months adjusted EBITDA, was 3.5.

淨債務（代表未償債務減去現金）在 2022 財年第四季度從 2022 年 6 月 30 日的 7.302 億美元小幅下降至 2022 年 9 月 30 日的 7.296 億美元。我們截至 2022 年 9 月 30 日的淨槓桿率基於尾隨 12月調整後 EBITDA 為 3.5。

The leverage ratio covenant in our domestic credit facility is based on net debt. Approximately 30.3 million shares were outstanding at September 30, 2022. During the fiscal 2022 fourth quarter, the company repurchased 307,000 shares at a cost of $7.7 million. For the current fiscal year, the company repurchased approximately 1.4 million shares at a cost of $41.7 million. At September 30, 2022, the company had remaining authorization of approximately 1.3 million shares under the program.

我們國內信貸安排中的槓桿率契約基於淨債務。截至 2022 年 9 月 30 日，約有 3030 萬股流通在外。在 2022 財年第四季度，公司以 770 萬美元的成本回購了 307,000 股股票。在當前財政年度，公司以 4170 萬美元的成本回購了大約 140 萬股股票。截至2022年9月30日，公司剩餘授權約130萬股該計劃。

Finally, the Board this week increased the quarterly dividend to $0.23 per share on the company's common stock, representing the 29th consecutive annual dividend increases since becoming a publicly traded company. The dividend is payable December 12, 2022, to stockholders of record November 28, 2022. This concludes the financial review, and we will now open the call to questions. Melissa?

最後，董事會本週將公司普通股的季度股息提高至每股 0.23 美元，這是自成為上市公司以來連續第 29 次增加年度股息。股息將於 2022 年 12 月 12 日支付給 2022 年 11 月 28 日登記在案的股東。財務審查到此結束，我們現在開始提問。梅麗莎？

(Operator Instructions) Our first question comes from the line of Daniel Moore with CJS Securities.

（操作員說明）我們的第一個問題來自 CJS 證券公司的 Daniel Moore。

You gave obviously really good qualitative kind of market commentary in terms of outlook. If we look through the various segments, maybe drill down a little bit, if you could, on your organic growth or decline expectations for each of the segments as we kind of look at fiscal '23 that's embedded in the guidance? And any cadence of that growth would be helpful as well.

你在前景方面給出了非常好的定性市場評論。如果我們審視各個細分市場，如果可以的話，也許可以深入了解您的有機增長或降低對每個細分市場的預期，因為我們正在研究指南中嵌入的 23 財年？這種增長的任何節奏也會有所幫助。

So, okay. Dan, first off. There's a lot to be unbundled in that question, but let's see what I can do with that. So when I take a look at our Industrial Technologies segment, especially as it relates to our energy business, but also with some of the other aspects, Product Identification and so forth. When we look on a constant currency basis, the growth is significant. The reality is when we look at energy, most of that revenue is derived out of Germany.

所以，好吧。丹，首先。在這個問題上有很多問題需要解決，但讓我們看看我能用它做些什麼。因此，當我看一下我們的工業技術部門時，尤其是因為它與我們的能源業務有關，而且還涉及其他一些方面，如產品識別等。當我們以不變的貨幣為基礎時，增長是顯著的。現實情況是，當我們審視能源時，大部分收入都來自德國。

And the currency right now will be lower next year. We're very clear about that, at least at this point in the game and materially lower than it has been over the last 3 years. So organic growth in the Energy business and in the Industrial Technologies business would be good.

現在的貨幣明年會更低。我們對此非常清楚，至少在遊戲的這一點上，並且比過去 3 年的水平要低得多。因此，能源業務和工業技術業務的有機增長會很好。

When we look at our Memorialization segment, as we said in my comments -- as I said in my comments, normalization has occurred from a death rate standpoint. We've seen that in some of our third quarter and back and clearly in our fourth quarter. So we're expecting a modest reduction in our EBITDA business going -- for that business as we look into next year, with some of that reduction going to be currency impacted, but not a lot.

當我們看我們的紀念部分時，正如我們在評論中所說的那樣——正如我在評論中所說的那樣，從死亡率的角度來看已經發生了正常化。我們已經在第三季度和第四季度的一些時間裡看到了這一點。因此，我們預計我們的 EBITDA 業務將適度減少——對於我們明年展望的業務，其中一些減少將受到貨幣影響，但影響不大。

With SGK, we're expecting growth. There are -- we don't know what is going to happen in Europe. And you heard in my commentary, we got little or no contribution out of our European businesses. And if you think about our performance this year relative to what our expectations were without what has traditionally been a strong European market, we would be significantly better.

有了 SGK，我們期待增長。有——我們不知道歐洲會發生什麼。你在我的評論中聽到，我們從歐洲業務中得到的貢獻很少或沒有。如果你考慮一下我們今年的表現，相對於我們在沒有傳統上強勁的歐洲市場的情況下的預期，我們會好得多。

So we're expecting our cost structure initiatives over there to improve our overall performance at SGK given us organic growth, but we're going to have some issues that we're going to deal with, like the sales revenue are going to be lower. I mean, we're going to have more currency drop, but our EBITDA is going to be higher because of the actions we've taken. So it's a mixed bag based on geographies. But as I look at the business from an overall basis, we are performing well. It's just challenging markets in which we're operating in.

因此，鑑於我們的有機增長，我們希望我們的成本結構舉措能夠改善我們在 SGK 的整體績效，但我們將遇到一些我們要處理的問題，比如銷售收入將會降低.我的意思是，我們將有更多的貨幣貶值，但由於我們採取的行動，我們的 EBITDA 將會更高。所以這是一個基於地域的混合包。但當我從整體上看業務時，我們表現良好。這只是我們經營所在的具有挑戰性的市場。

That's really helpful. Drilling down on Industrial, just kind of housekeeping. What did Olbrich contribute into revenue in Q4? Is it still about $100 million, plus or minus contribution for fiscal '23? And just talk about the road map toward getting those margins up towards kind of segment averages over what time frame and the levers you plan to pull?

這真的很有幫助。深入研究工業，只是一種內務管理。 Olbrich 在第四季度對收入的貢獻是什麼？它仍然是大約 1 億美元，加上或減去對 23 財年的貢獻嗎？只是談談在什麼時間範圍內將這些利潤率提高到細分市場平均水平的路線圖以及您計划拉動的槓桿？

So I'll let Joe take the back half of that, Dan. But for the quarter, the Olbrich, R+S acquisitions added about $17 million to our top line.

所以我會讓喬承擔後半部分，丹。但在本季度，Olbrich、R+S 的收購為我們的收入增加了約 1700 萬美元。

So let me -- and let me just tell you, look, we are always abundantly transparent and one of the transparencies we gave to the market last quarter was we bought a business that does $100 million, plus or minus, depending on currency rates for $43 million. We said back then it was not going to contribute. We are buying capacity and we are buying product lines that are part of our overall solution.

所以讓我 - 讓我告訴你，看，我們總是非常透明，上個季度我們向市場提供的透明度之一是，我們收購了一家營業額為 1 億美元的企業，上下浮動取決於貨幣匯率4300 萬美元。我們當時說它不會貢獻。我們正在購買產能，我們正在購買作為我們整體解決方案一部分的產品線。

We are looking at a business that's going to go into next year where we are just being inundated with orders for traditional Olbrich business. But frankly, we may have to walk from some of those orders, because I have to fulfill energy orders first. We bought capacity. That capacity is extensive. It's an engineering capacity that is rotary process knowledge is not readily available around the world. These guys brought a lot of -- 160 engineers that can do that. So what I'm expecting out of Olbrich next year is going to be not a whole lot from their business significantly, but a significant part of our ability to deliver on the energy side of the business next year.

我們正在尋找一項將於明年開展的業務，我們正被傳統 Olbrich 業務的訂單淹沒。但坦率地說，我們可能不得不放棄其中一些訂單，因為我必須先完成能源訂單。我們購買了容量。這種能力是廣泛的。這是一種工程能力，即旋轉過程知識在世界範圍內並不容易獲得。這些人帶來了很多——160 名可以做到這一點的工程師。因此，我對 Olbrich 明年的期望將不是他們業務的很大一部分，而是我們明年在業務能源方面交付能力的重要組成部分。

We'll move into further integration of that business and capitalizing on what I think is a very, very good business over there, but it's going to take probably a year or maybe more to we're able to address that. And then it will be a nice contributor to the overall business on top of the energy business that we have.

我們將進一步整合該業務，並利用我認為在那裡非常非常好的業務，但我們可能需要一年或更長時間才能解決這個問題。然後它將成為我們擁有的能源業務之上的整體業務的一個很好的貢獻者。

Got it. And then last for me, and I'll jump out. But you obviously alluded to it, Joe, but any more color you can provide around the Inflation Reduction Act generally, but more specifically, the impact on inbound interest for your dry electrode processing capabilities. You mentioned multiple customers. You expect orders from multiple customers. Is that mainly Europe, North America, all over? And is that -- is the inquiries -- are they starting to translate into firm orders?

知道了。然後對我來說最後，我會跳出來。但是你顯然提到了它，喬，但是你可以提供更多關於通貨膨脹減少法案的顏色，但更具體地說，對你的干電極處理能力的入境興趣的影響。你提到了多個客戶。您期望來自多個客戶的訂單。主要是歐洲、北美嗎？那是——是詢問——它們是否開始轉化為確定的訂單？

So where we stand at this point in time is our team is basically taking inbound calls on a daily basis from new people. And it is not just dry electrode. We've been telling the market, and I'm not sure the market understands it. We are operating in overall renewable energy. The orders that we're looking at are significantly dry electrode at this point in time. But we're dealing with a hydrogen fuel cell, which is at its nascent stages of its development as a viable solution. We are the provider of that and we have intellectual property rights in that space as well.

因此，我們目前的立場是，我們的團隊基本上每天都在接聽新人的來電。它不僅僅是乾電極。我們一直在告訴市場，我不確定市場是否理解。我們在整體可再生能源領域開展業務。在這個時間點，我們正在查看的訂單明顯是乾電極。但我們正在處理氫燃料電池，它作為一種可行的解決方案正處於發展的初期階段。我們是這方面的提供者，我們也擁有該領域的知識產權。

We're also looking at photovoltaics. Photovoltaics has been a good market, but the evolution that can occur as a result of rotary processing, being able to basically print a solar panel is materially different than how it's produced today. So not to -- I mean we're going to get some orders. They're not going to be to the magnitude of dry electrode at this point in time, but I assure you that as we go forward in the years to come, they will be a significant part of where we're going.

我們也在關注光伏。光伏一直是一個很好的市場，但由於旋轉加工而可能發生的演變，能夠基本上打印太陽能電池板與今天的生產方式有很大不同。所以不要 - 我的意思是我們會得到一些訂單。目前它們不會達到干電極的規模，但我向你保證，隨著我們在未來幾年的發展，它們將成為我們前進方向的重要組成部分。

Secondly, your question is on the Inflation Reduction Act. The most misnamed bill passed in Washington in the last several years. There are literally hundreds of billions of dollars that are being thrown at energy production in the United States, and we're getting inquiries from around the world, literally around the world.

其次，你的問題是關於《通貨膨脹減少法案》的。過去幾年在華盛頓通過的最錯誤的法案。美國的能源生產確實投入了數千億美元，我們收到了來自世界各地的詢問，實際上是來自世界各地的詢問。

Some of the biggest players in the battery space, in the auto space and new entrants from new markets in other parts with a lot of government funding to be able to support this. We are more challenged with the ability to address all these than we are with trying to figure out what our revenues are going to be next year.

電池領域、汽車領域的一些最大參與者以及來自其他地區新市場的新進入者擁有大量政府資金能夠支持這一點。與試圖弄清楚我們明年的收入是多少相比，我們在解決所有這些問題方面面臨的挑戰更大。

We're -- right now, I will tell you that we have at least 7 active joint development agreements that we're talking about with folks. Now to put it in -- frankly, we've been very clear about this. So don't -- I don't want to translate this into magnanimous kind of projections into next year. We are -- the solution that we offer is materially different than what the current state of battery production is in the world.

我們——現在，我會告訴你，我們至少有 7 個有效的聯合開發協議，我們正在與人們討論這些協議。現在把它放進去——坦率地說，我們對此非常清楚。所以不要——我不想將其轉化為對明年的寬宏大量的預測。我們是——我們提供的解決方案與世界上目前的電池生產狀況有很大不同。

Many of those people are figuring that out, but many of them have never produced a battery yet. So the evolution of where they are relative to some of the largest players that are already moving down the line of dry electrode is materially behind, they'll catch up. So these joint development agreements are going to result in, I would call it, more modest orders at this point in time, but they will be the orders of '24 and '25 and beyond.

許多人正在弄清楚這一點，但他們中的許多人還從未生產過電池。因此，相對於一些已經沿著乾電極線移動的最大玩家而言，他們所處位置的演變明顯落後，他們會迎頭趕上。因此，這些聯合開發協議將在這個時間點產生，我稱之為更適度的訂單，但它們將是'24 和'25 及以後的訂單。

(Operator Instructions) Our next question comes from the line of Liam Burke with B. Riley Securities.

（操作員說明）我們的下一個問題來自 Liam Burke 與 B. Riley Securities 的合作。

Warehouse management. You've had fits and starts over the last several years on COVID trying to act getting access to facilities, et cetera. What does the business look like now? Has it normalized? And are you seeing nice progressive sales growth and backlog growth here?

倉庫管理。在過去的幾年裡，你在 COVID 上時斷時續，試圖採取行動獲得設施使用權等。現在的生意怎麼樣？正常化了嗎？您是否在這裡看到不錯的漸進式銷售增長和積壓增長？

So our order rates are -- I mean, let's put it this way, barring customer cancellations because of economic issues that we don't control. Our backlog and order rates continue to be strong to the point where we're pretty comfortable that they already have in the bag next year's target. So we're having good growth there, continue to have it.

所以我們的訂單率是——我的意思是，讓我們這樣說吧，除非客戶因為我們無法控制的經濟問題而取消訂單。我們的積壓訂單和訂單率繼續保持強勁，以至於我們很高興他們已經實現了明年的目標。所以我們在那裡有良好的增長，繼續保持下去。

And this is even before we start to kind of look beyond the borders that we have today. So yes, I mean, I've heard commentary that some folks in the market think we play with -- we're small players in the small market with small customers. I can't read you the names because of who we deal with, but I assure you we are best-of-breed in the marketplace when it comes to this, and our customer list reads like a hoo zoo.

這甚至在我們開始超越今天的邊界之前。所以是的，我的意思是，我聽過市場上的一些人認為我們在玩的評論——我們是小市場中的小玩家，擁有小客戶。由於我們與誰打交道，我無法讀出這些名字，但我向你保證，就此而言，我們是市場上同類產品中最好的，而且我們的客戶名單讀起來就像一個動物園。

Great. And I guess, Steve mentioned that the price increases on Memorialization, we push through to help offset the margin decline. You had a nice sequential improvement. Can we continue to see that into next year as margins? Can we expect the margins to continue to improve and get closer to what the historic levels were?

偉大的。我猜，史蒂夫提到紀念活動的價格上漲，我們推動以幫助抵消利潤率下降。你有一個很好的順序改進。我們能否繼續將其視為明年的利潤率？我們能否期望利潤率繼續提高並接近歷史水平？

So you're going to see margin percentage improvement as we've recovered some of what we did not recover in pricing last year. That's why my commentary with respect to -- we expect pricing to remain throughout the year as we pick up the cost that we've been absorbing. So that will improve margin. But one of the things that we have not done in the industry as a whole has not really done is passed on "cost plus margins." So we're going to get better on the margins. And what we're going to see significant improvement is going to be our cremation Environmental Solutions business, where we've had more challenges than we've had elsewhere.

所以你會看到利潤率有所提高，因為我們已經恢復了去年定價中沒有恢復的一些東西。這就是為什麼我的評論 - 我們預計定價將在全年保持不變，因為我們會承擔我們一直在吸收的成本。所以這將提高利潤率。但是我們在整個行業中沒有做的事情之一沒有真正做到，那就是“成本加利潤”。所以我們將在利潤率上變得更好。我們將看到顯著改善的是我們的火葬環境解決方案業務，我們在這方面遇到的挑戰比其他地方都多。

So I would expect that as our casketed revenues drop, our cemetery revenues should will climb, but more importantly, the profitability of our environmental solutions will get better, making our overall performance in that entire division relatively flat to modestly down.

所以我預計，隨著我們的棺材收入下降，我們的墓地收入應該會攀升，但更重要的是，我們環境解決方案的盈利能力會更好，從而使我們在整個部門的整體業績相對持平或略有下降。

Our next question comes from the line of Justin Bergner with Gabelli Funds.

我們的下一個問題來自 Gabelli Funds 的 Justin Bergner。

Joe and Steve. Frist question relates to the growth in Industrial Technologies that you're envisioning in the fiscal 2023 year. Is it mainly coming from energy storage and the other businesses are more flattish? Or is there a contribution in the growth from more than energy storage?

喬和史蒂夫。第一個問題與您設想的 2023 財年工業技術的增長有關。是儲能為主，其他業務比較平淡？還是儲能以外的因素對增長有貢獻？

No. So the more significant dollar addition on the top line, Justin -- first off, good morning. The more significant top line addition comes from the balance of the year that we're adding for Olbrich. That will add roughly $75 million of the top line that we're expecting next year depending on how much we actually deliver out of Olbrich based on the commentary I made earlier on -- we're going to use a lot of those resources to deliver elsewhere.

不，賈斯汀，所以最重要的美元增加 - 首先，早上好。更重要的頂線增加來自我們為 Olbrich 添加的年度餘額。根據我之前發表的評論，這將增加我們明年預計的大約 7500 萬美元的收入，具體取決於我們從 Olbrich 實際交付的金額——我們將使用大量這些資源來交付別處。

So that's most -- but all 3 of the segments to different magnitudes are growing at very, very good rates is our expectation next year. Obviously, given the magnitude of the orders we're seeing in our energy business, we hope that will grow more significantly next year. But I have -- I've kind of warned this before and I continue to do it again, we do not control delivery.

所以這是最多的 - 但所有 3 個不同幅度的細分市場都以非常非常好的速度增長，這是我們明年的預期。顯然，鑑於我們在能源業務中看到的訂單規模，我們希望明年能有更顯著的增長。但我有——我之前已經警告過這一點，我會繼續這樣做，我們不控制交付。

I mean it's not in our control to be able to say a $30 million piece of equipment you need to take tomorrow. So we have been here before where the timing of the recognition of revenues are not in our control. But it doesn't change the fact that the order rates that we're seeing support a higher level of revenues for next year. It's our best guess right now and when we put out the numbers that we're talking about, what we think will -- our customers will be ready to accept and we'll be ready to deliver.

我的意思是，我們無法控制您明天需要拿走價值 3000 萬美元的設備。所以我們以前來過這裡，我們無法控制收入確認的時間。但這並沒有改變我們看到的訂單率支持明年更高收入水平的事實。這是我們現在最好的猜測，當我們公佈我們正在談論的數字時，我們認為會發生什麼——我們的客戶將準備好接受，我們將準備好交付。

Okay. And then so the major variability in the $215 million to $235 million EBITDA range, if you had to single out the biggest variable is the ability to translate orders to revenue in energy storage?

好的。那麼在 2.15 億美元至 2.35 億美元的 EBITDA 範圍內的主要變化，如果你不得不挑出最大的變量是將訂單轉化為儲能收入的能力？

Yes, no question. That is -- it is 150% the timing of those deliveries. I mean the one thing I'll stress, if you think about this, even at the midpoint, Justin, we're talking about a $225 million EBITDA next year on a constant currency relative to prior year. That's a 10%. But if we deliver the high end of that, which is where I said, we start to approach that $500 million, we're going to deliver the equivalent of $245 million on a year-over-year basis. And that is over 20% growth in 1 year at a time where most of the market is wondering what the heck's going to happen post COVID in our Memorialization business.

是的，沒問題。也就是說 - 這是這些交付時間的 150%。我的意思是我要強調的一件事，如果你考慮這一點，即使在中點，賈斯汀，我們談論的是明年 2.25 億美元的 EBITDA 相對於上一年的固定貨幣。那是 10%。但是，如果我們實現了我所說的高端，我們將開始接近 5 億美元，我們將實現相當於 2.45 億美元的同比增長。在大多數市場都想知道我們的紀念業務在 COVID 之後到底會發生什麼的時候，一年內增長了 20% 以上。

Got it. And can the EBITDA margins in Industrial Technologies can -- I mean, are those expected to continue to trend up versus, I think, the close to 17% level you did this year in your view for 2020?

知道了。工業技術領域的 EBITDA 利潤率能否——我的意思是，與你認為 2020 年你今年接近 17% 的水平相比，這些利潤率是否有望繼續上升？

I mean, our expectations is yes. I mean, we think there's several factors on that. The timing of recognition of revenue will impact when we recognize and the amount of income, we're able to recognize. But recognize, we're also still spending a fair amount of R&D in all those businesses and continuing to develop.

我的意思是，我們的期望是肯定的。我的意思是，我們認為這有幾個因素。確認收入的時間將影響我們確認的時間和收入金額，我們能夠確認。但要認識到，我們還在所有這些業務中投入了大量研發資金並繼續發展。

The actual margins will be higher when we exclude and perhaps, we start to give you an R&D spend. You don't get to these points -- these businesses from a growth standpoint without spending on research and development that we've been spending for a while on these businesses to get here.

當我們排除時，實際利潤率會更高，也許我們會開始給你研發支出。你不會達到這些點——從增長的角度來看，這些業務沒有我們在這些業務上花費了一段時間的研發支出。

Okay. And then lastly, on Industrial Technologies. Can you maybe just give a better sense as to what's changed on the hydrogen fuel cell and photovoltaic topic...

好的。最後，關於工業技術。您能否更好地了解氫燃料電池和光伏主題的變化……

Photovoltaic. How about solar -- how about we just say solar panels?

光伏。太陽能怎麼樣——我們只說太陽能電池板怎麼樣？

Photovoltaic opportunity. Yes. Solar panels. I know that's something that you haven't spoken about as much until now. So just trying to get a sense as to what's driving the inflection there if there's any inflecting drivers on the hydrogen fuel cell as well?

光伏機會。是的。太陽能板。我知道這是你直到現在還沒有談過的事情。那麼，如果氫燃料電池上也有任何彎曲驅動因素，那麼只是想了解是什麼在驅動那裡的彎曲？

In hydrogen fuel cell, clearly, it's the same discussion that we said with regard to the Inflation Reduction Act. I mean, in a hydrogen fuel cell is what we believe and what I think for the industry's consent is going to be the solution for over-the-road trucking for your buses, for planes and ships when you're looking at alternative energies for those folks, it is basically the production of energy with a waste product being water.

在氫燃料電池中，很明顯，這與我們就《降低通貨膨脹法案》所說的相同。我的意思是，氫燃料電池是我們所相信的，而且我認為在業界同意的情況下，當您正在尋找替代能源時，將成為公共汽車、飛機和輪船公路卡車運輸的解決方案那些人，它基本上是能源的生產，廢物是水。

It is a viable, more costly solution today, but the real issue is whether or not we can produce what is called a bipolar plate and bipolar plate is a critical part of the overall hydrogen fuel cell. The company we bought in Olbrich comes with also a solution for the coding of those bipolar plates and the rotary processing of a bipolar plate, which we should show you some pictures of what they look like, is what's going to change the viability of hydrogen fuel cells as a solution for the industry.

今天這是一個可行的、成本更高的解決方案，但真正的問題是我們能否生產所謂的雙極板，而雙極板是整個氫燃料電池的關鍵部分。我們在 Olbrich 收購的公司還提供了對這些雙極板進行編碼和雙極板旋轉加工的解決方案，我們應該向您展示一些它們的外觀圖片，這將改變氫燃料的可行性細胞作為行業的解決方案。

You might have heard, I think Toyota is spending a lot of money. They announced over the next several years in building a factory for bipolar plate -- excuse me, for hydrogen fuel cell engines for lack of a better term. So I believe it's in Kentucky. We think that will come just like lithium has come, but we're -- it's behind the curve relative to the development side.

你可能聽說過，我認為豐田花了很多錢。他們宣佈在接下來的幾年內建立一個雙極板工廠——對不起，氫燃料電池發動機沒有更好的術語。所以我相信它在肯塔基州。我們認為這會像鋰一樣到來，但我們 - 相對於開發方面，它落後於曲線。

Our next question is a follow-up from the line of Daniel Moore with CJS Securities.

我們的下一個問題是丹尼爾摩爾與 CJS 證券的後續行動。

Again, just a little bit of housekeeping, but following up on that discussion on margins on the industrial side, I assume the margin expansion that you're referring to would be excluding the impact of Olbrich given that I believe that will flow into the industrial piece of the business. Is that correct?

再一次，只是一點點內務處理，但在討論工業方面的利潤率之後，我認為你所指的利潤率擴張將排除 Olbrich 的影響，因為我相信這將流入工業領域業務的一部分。那是對的嗎？

Yes, that is correct. That is correct. I mean like I said earlier, we're going to have to make some unfortunate decisions. The team has done a wonderful job as some of the trade shows they've been able to -- where a lot of the sales are done on Olbrich equipment occur that we just attended a very successful trade. So for the first time since COVID started, and we see great order rates coming out of that. Unfortunately, some of that's going to have to be either pushed out or turned down if we -- when we land these other orders on the energy side where we need all hands on deck.

對，那是正確的。那是對的。我的意思是就像我之前說的，我們將不得不做出一些不幸的決定。該團隊已經完成了一些出色的工作，因為他們已經能夠參加一些貿易展——其中很多銷售都是在 Olbrich 設備上完成的，而我們剛剛參加了一次非常成功的貿易。因此，這是自 COVID 開始以來的第一次，我們看到訂單率很高。不幸的是，如果我們 - 當我們將這些其他訂單放在我們需要所有人參與的能源方面時，其中一些將不得不被推遲或拒絕。

Yes. Just wanted to make sure that would avoid any modeling and our expectations to shoes on that.

是的。只是想確保避免任何造型和我們對鞋子的期望。

Yes, please. Please, don't hammer us with both.

是的，請。請不要用兩者來打擊我們。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Wilson for any final comments.

謝謝你。女士們，先生們，我們的問答環節到此結束。最後請 Wilson 先生髮言。

Thank you, Melissa, and thank you, everyone, for joining us today and your interest in Matthews. For any additional information about the company, I encourage you to visit our website or contact me directly. Thank you, and enjoy the rest of your day.

謝謝你，Melissa，也謝謝大家今天加入我們以及你對 Matthews 的興趣。有關公司的任何其他信息，我鼓勵您訪問我們的網站或直接與我聯繫。謝謝，祝您度過餘下的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。