Mirion Technologies Inc (MIR) 2022 Q4 法說會逐字稿

Greetings and welcome to the Mirion Technologies Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 Mirion Technologies 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Alex Gaddy. Thank you for joining. You may begin.

現在我很高興向您介紹主持人 Alex Gaddy。感謝您的加入。你可以開始了。

Good morning, everyone, and thank you for joining Mirion's Fourth Quarter and Full Year 2022 Earnings Call. A reminder that comments made during this presentation will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q that we file from time to time with the SEC under the caption Risk Factors and in Mirion's other filings with the SEC.

大家早上好，感謝您參加 Mirion 的第四季度和 2022 年全年收益電話會議。提醒注意，在本演示文稿中發表的評論將包括前瞻性陳述，實際結果可能與前瞻性陳述中預測的結果存在重大差異。我們在 10-K 表格年度報告和 10-Q 表格季度報告中討論了可能導致實際結果不同的因素，我們不時在風險因素標題下向美國證券交易委員會提交，在 Mirion 向美國證券交易委員會提交的其他文件中也有討論。秒。

Quarterly references within today's discussion are related to the fourth quarter and full year ended December 31, 2022. The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of this presentation accompanying the call today. All earnings materials can be found on Mirion's IR website at ir.mirian.com.

今天討論中的季度參考與截至 2022 年 12 月 31 日的第四季度和全年有關。在本次電話會議中發表的評論還將包括某些未根據公認會計原則編制的財務指標。這些非 GAAP 財務措施與最直接可比的 GAAP 財務措施的調節可以在今天的電話會議隨附的本演示文稿的附錄中找到。所有收益資料均可在 Mirion 的 IR 網站 ir.mirian.com 上找到。

Joining me on the call today are Larry Kingsley, Chairman of the Board; Tom Logan, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer. Now I will turn it over to our Chairman of the Board, Larry Kingsley. Larry?

今天和我一起參加電話會議的有董事會主席拉里·金斯利 (Larry Kingsley)；湯姆·洛根，首席執行官；首席財務官 Brian Schopfer。現在我將把它交給我們的董事會主席 Larry Kingsley。拉里？

Thank you, Alex, and good morning, everyone. I'd like to get today's call started by thanking you all for your continued support of Mirion throughout our first full year as a public company.

謝謝你，亞歷克斯，大家早上好。在今天的電話會議開始之際，我想感謝大家在我們作為上市公司的第一個完整年度中對 Mirion 的持續支持。

'22 was a dynamic year for Mirion from navigating a challenging supply chain environment to responding to record inflation and the Russia-Ukraine conflict. There was no shortage of hurdles to overcome. I'm incredibly proud though of the Mirion team's resolve in the face of adversity and believe the (inaudible) results we reported this morning are a direct testament.

從應對充滿挑戰的供應鏈環境到應對創紀錄的通貨膨脹和俄羅斯-烏克蘭衝突，'22 年對於 Mirion 來說是充滿活力的一年。不乏需要克服的障礙。我為 Mirion 團隊在逆境中的決心感到無比自豪，並相信我們今天早上報告的（聽不清）結果是一個直接的證明。

Our medical business accelerated upon recent growth trends, while industrial took a meaningful step forward during the quarter. Overall, the team was able to deliver on expectations laid out on our last call and has built positive momentum heading into 2023. Mirion has positioned itself well to deliver growth this year, and I believe the guidance published this morning showcases the cycle-resistant nature of our strategic positioning in the market.

我們的醫療業務隨著近期的增長趨勢而加速發展，而工業業務在本季度向前邁出了有意義的一步。總的來說，該團隊能夠實現我們在上次電話會議上提出的期望，並在進入 2023 年之前建立了積極的勢頭。Mirion 已經做好了今年實現增長的準備，我相信今天早上發布的指南展示了抗週期性我們在市場上的戰略定位。

Mirion's diverse portfolio of products, services and experienced management team have a long track record of proven results. The team has the right road map in place to capitalize on what we expect will continue to be a robust demand environment. We are entering '23 with strong momentum across our end markets and a growing backlog.

Mirion 多樣化的產品、服務組合和經驗豐富的管理團隊在長期業績記錄中享有盛譽。該團隊制定了正確的路線圖，以利用我們預期將繼續保持強勁需求的環境。我們正以整個終端市場的強勁勢頭和不斷增加的積壓進入 23 世紀。

I'm also very encouraged by the execution-focused mentality we built through the course of '22, and the team has clear focus on the key strategic initiatives required for growth, profitability and cash flow generation.

我也對我們在 22 年期間建立的以執行為中心的心態感到非常鼓舞，團隊明確關注增長、盈利和現金流產生所需的關鍵戰略舉措。

The future for Mirion is bright. Customer engagement and demand are strong, and our teams remain committed to executing. I'm now going to turn the call over to Tom Logan, Mirion's CEO. Tom?

Mirion 的未來是光明的。客戶參與度和需求強勁，我們的團隊仍然致力於執行。我現在要把電話轉給 Mirion 的首席執行官湯姆洛根。湯姆？

(technical difficulty)

（技術難度）

Tom, I think you're muted.

湯姆，我想你是啞巴了。

Diving into our results, there are a few key areas I'd like to highlight today. First, we finished the year with 8% year-over-year order growth for the full year, which in turn resulted in backlog growth of 10%. This excludes the impact of the Hanhikivi project cancellation, as previously discussed. Second, we delivered total company organic adjusted revenue growth of over 19% for the quarter and nearly 6% for the full year. While these numbers could have been higher without the negative impacts from the Russia-Ukraine conflict and foreign exchange pressures, I'm incredibly proud of the effort and commitment displayed by our team.

深入研究我們的結果，今天我想強調幾個關鍵領域。首先，我們全年訂單同比增長 8%，這反過來導致積壓訂單增長 10%。如前所述，這不包括取消 Hanhikivi 項目的影響。其次，我們實現了本季度公司有機調整後總收入增長超過 19%，全年增長近 6%。如果沒有俄烏衝突和外匯壓力的負面影響，這些數字可能會更高，但我為我們團隊所表現出的努力和承諾感到無比自豪。

Third, net leverage reduced to 4.4x EBITDA as of December 31, driven by better free cash flow performance in line with our expectations. Note that my goal is to reduce leverage below 4x by the end of 2023. Finally, we initiated 2023 financial guidance this morning. Looking ahead to the full year, we're expecting organic growth of 4% to 7% with adjusted EBITDA of $172 million to $182 million.

第三，截至 12 月 31 日，淨槓桿率降至 4.4 倍 EBITDA，這得益於符合我們預期的更好的自由現金流表現。請注意，我的目標是到 2023 年底將槓桿率降至 4 倍以下。最後，我們今天早上啟動了 2023 年財務指導。展望全年，我們預計有機增長 4% 至 7%，調整後的 EBITDA 為 1.72 億美元至 1.82 億美元。

Now let's get into more detail on our order performance and market outlook for 2023. Beginning with Slide 4, our end market demand dynamics remain strong heading into 2023, showcased by 8% year-over-year order growth in 2022. On a constant currency basis, order growth was 13% for the full year. We continue to see broad-based demand across business segments and are encouraged by our robust backlog coverage. We expect conversion rates to increase materially in 2023, covering approximately 55% of our next 12-month revenue.

現在讓我們更詳細地了解 2023 年的訂單表現和市場前景。從幻燈片 4 開始，我們的終端市場需求動態在進入 2023 年之前依然強勁，2022 年訂單同比增長 8%。按此計算，全年訂單增長率為 13%。我們繼續看到跨業務部門的廣泛需求，並受到我們強大的積壓覆蓋範圍的鼓舞。我們預計轉化率將在 2023 年大幅提高，占我們未來 12 個月收入的約 55%。

On the medical side of the business, we experienced incredible growth dynamics last year and expect to see these positive trends continue, albeit at a more moderated rate. Year-over-year medical order growth was 14% or 15% on a constant currency basis.

在業務的醫療方面，我們去年經歷了令人難以置信的增長動力，並希望看到這些積極趨勢繼續下去，儘管速度會有所放緩。按固定匯率計算，醫療訂單同比增長 14% 或 15%。

A few things to note here. First, we launched our one Mirion Medical strategic initiative, which has begun delivering positive results to the business. I expect to see additional momentum to take shape both internally and externally as 2023 progresses. In dosimetry, we are excited about the official launch of our next generation of Instadose technology. As a reminder, we expect Instadose to provide growth to the business through licensing opportunities, organic share gains and conversion of existing customers to the platform.

這裡有幾點需要注意。首先，我們啟動了一項 Mirion Medical 戰略計劃，該計劃已開始為業務帶來積極成果。隨著 2023 年的進展，我預計會在內部和外部形成更多的勢頭。在劑量測定方面，我們對下一代 Instadose 技術的正式發布感到興奮。提醒一下，我們預計 Instadose 將通過許可機會、有機份額收益和現有客戶向平台的轉化為業務提供增長。

Next, in radiation therapy quality assurance, we remain encouraged by both international and domestic demand dynamics. We're expecting high single-digit top line growth from RTQA in '23, supported by the investments in our European sales center and national account marketing strategy to drive positive growth for the business.

接下來，在放射治療質量保證方面，我們仍然受到國際和國內需求動態的鼓舞。我們預計 RTQA 在 23 年將實現高個位數的收入增長，這得益於我們對歐洲銷售中心的投資和國民賬戶營銷戰略，以推動業務的正增長。

Finally, 2022 was a great year for our nuclear medicine business, showcasing how strong the combined Biodex and Capintec assets are for Mirion. We are anticipating a more normalized growth rate in 2023, with organic revenue growth expected in the mid-single digits.

最後，2022 年對我們的核醫學業務來說是偉大的一年，展示了 Biodex 和 Capintec 資產的結合對 Mirion 的強大影響。我們預計 2023 年的增長率將更加正常化，有機收入增長預計將達到中個位數。

Now moving on to industrial. The segment generated approximately 5% order growth on an as-reported basis in 2022 or roughly 14% on a constant currency basis, supported by strong customer engagement across our end markets. In nuclear power, we are seeing encouraging activities in all areas of the nuclear power life cycle particularly from new builds in the installed base.

現在轉向工業。在我們終端市場強大的客戶參與度的支持下，該細分市場在 2022 年的報告基礎上產生了約 5% 的訂單增長，或按固定匯率計算約增長 14%。在核電方面，我們在核電生命週期的所有領域都看到了令人鼓舞的活動，尤其是已安裝基地的新建項目。

Government sponsors across the globe continue to view nuclear power as an attractive energy source, particularly in Europe and Asia. The macro environment remains favorable, and we are encouraged by the long-term trends in the space. Relatedly, the small modular reactor movement has been building steam across the world. We are seeing SMR-related orders hit our books and are strategically engaged with prospective customers as they ramp up development work. This is a great long-term opportunity for Mirion, which could [dwarf] utility-scale reactors, and we look forward to playing an integral role in enabling the safe development and operation of these potentially game-changing power solutions.

全球的政府資助者繼續將核能視為一種有吸引力的能源，尤其是在歐洲和亞洲。宏觀環境依然有利，我們對該領域的長期趨勢感到鼓舞。與此相關的是，小型模塊化反應堆運動一直在世界範圍內興起。我們看到與 SMR 相關的訂單出現在我們的賬簿上，並在他們加快開發工作時與潛在客戶進行戰略接觸。這對 Mirion 來說是一個巨大的長期機會，它可以使公用事業規模的反應堆相形見絀，我們期待在實現這些可能改變遊戲規則的電力解決方案的安全開發和運行方面發揮不可或缺的作用。

Moving on to our defense and diversified industrial businesses, we lapped a number of large orders in Q4 2021, which made '22 comparisons tough. We continue to see elevated engagement from our NATO customers in the defense space and expect this trend to continue for the foreseeable future. Note, however, that order cycle times are lengthier than historical norms.

繼續我們的國防和多元化工業業務，我們在 2021 年第四季度獲得了一些大訂單，這使得 22 年的比較變得艱難。我們繼續看到我們的北約客戶在國防領域的參與度有所提高，並預計這種趨勢在可預見的未來會持續下去。但是請注意，訂單週期時間比歷史標準要長。

Finally, in Labs & Research, we booked a large order providing germanium detectors, dosimeters and handheld devices to a new oncology isotope production facility in Germany. This is an exciting order for us in the Industrial segment as it was made possible by the strengthening Mirion Medical brand.

最後，在實驗室與研究部門，我們預訂了一個大訂單，為德國的一個新的腫瘤同位素生產設施提供鍺探測器、劑量計和手持設備。這對我們工業部門來說是一個令人興奮的訂單，因為加強 Mirion Medical 品牌使它成為可能。

As we continue to mature in our two-segment structure, we expect similar cross-selling momentum to pick up. Looking at the business as a whole, the outlook for 2023 is strong. We expect elevated customer engagement across our end markets and are maintaining robust growth projections for the future.

隨著我們的兩部分結構不斷成熟，我們預計類似的交叉銷售勢頭將會回升。縱觀整個業務，2023 年的前景看好。我們預計我們的終端市場的客戶參與度會提高，並保持對未來強勁的增長預測。

Let's turn now to Slide 5 to discuss our fourth quarter and full year results in more detail. At the total company level, we delivered 19.1% organic revenue growth in the fourth quarter and 5.7% organic revenue growth for the full year. We enjoyed continued exceptional performance from our medical business in the fourth quarter and full year, delivering organic growth of 24% and 15%, respectively. Strength in medical was broad-based across all 3 of our end markets with nuclear medicine leading the way.

現在讓我們轉到幻燈片 5，更詳細地討論我們的第四季度和全年業績。在整個公司層面，我們在第四季度實現了 19.1% 的有機收入增長，全年實現了 5.7% 的有機收入增長。我們的醫療業務在第四季度和全年持續表現出色，分別實現了 24% 和 15% 的有機增長。在我們的所有 3 個終端市場中，醫療實力都具有廣泛的基礎，其中核醫學處於領先地位。

In the Industrial segment, the fourth quarter was a step in the right direction as we delivered nearly 17% organic growth. Fourth quarter growth was supported by improvements in our operating environment as well as strong execution by our team. We saw some signs of supply chain pressure easing, and we experienced generally more favorable order timing dynamics compared to prior quarters.

在工業領域，第四季度是朝著正確方向邁出的一步，我們實現了近 17% 的有機增長。第四季度的增長得益於我們運營環境的改善以及我們團隊的強大執行力。我們看到了供應鏈壓力緩解的一些跡象，與前幾個季度相比，我們的訂單時間動態總體上更為有利。

Before I pass the call over to Brian, I wanted to touch briefly on our business development initiatives and M&A strategy. We remain committed to our disciplined capital allocation policy with highly selective screening criteria for M&A that supports our deleveraging commitments. The pipeline remains robust, and our criteria for investment continues to focus on building category leadership within our chosen end markets with defensible products, services and software offerings. But to be clear, I intend to reduce leverage below 4x by year-end. With that, let me pass the call over to our Chief Financial Officer, Brian Schopfer. Brian?

在我將電話轉給布賴恩之前，我想簡要談談我們的業務發展計劃和併購戰略。我們仍然致力於嚴格的資本配置政策，並採用高度選擇性的併購篩選標準來支持我們的去槓桿化承諾。管道仍然強勁，我們的投資標準繼續側重於在我們選擇的終端市場中建立品類領導地位，提供可靠的產品、服務和軟件產品。但需要明確的是，我打算在年底前將槓桿率降至 4 倍以下。有了這個，讓我把電話轉給我們的首席財務官 Brian Schopfer。布萊恩？

Thanks, Tom, and good morning, everyone. To kick off my commentary, I'll ask you to please turn to Slide 6 to take a deeper dive into our fourth quarter and full year results.

謝謝，湯姆，大家早上好。在開始我的評論之前，我將請您轉到幻燈片 6 以更深入地了解我們的第四季度和全年業績。

Looking at the fourth quarter, total company adjusted revenue was up 20.5%, and adjusted EBITDA was up 25.9%. Total revenue in the quarter was $217.9 million, and organic growth was 19.1%. Adjusted EBITDA totaled $56.4 million in the quarter, with margin expanding 110 basis points to 25.9%.

從第四季度來看，公司調整後的總收入增長了 20.5%，調整後的 EBITDA 增長了 25.9%。本季度總收入為 2.179 億美元，有機增長率為 19.1%。本季度調整後的 EBITDA 總計 5640 萬美元，利潤率擴大 110 個基點至 25.9%。

During the fourth quarter, we realized approximately 5% growth from price offset by inflation and onetime costs associated with accounts receivable reserves as well as a onetime supply chain reserve relating to circuit boards.

在第四季度，我們實現了約 5% 的增長，原因是價格被通貨膨脹和與應收賬款準備金相關的一次性成本以及與電路板相關的一次性供應鏈準備金所抵消。

Looking at the full year, total company adjusted revenue was $77.8 million, featuring 5.1% reported growth with organic growth of 5.7%. Adjusted EBITDA was down slightly compared to 2021, finishing at $164.7 million, with adjusted EBITDA margin contracting 130 basis points compared to 2021 to 22.9%.

從全年來看，公司調整後的總收入為 7780 萬美元，報告增長率為 5.1%，有機增長率為 5.7%。調整後的 EBITDA 與 2021 年相比略有下降，收於 1.647 億美元，調整後的 EBITDA 利潤率與 2021 年相比收縮 130 個基點至 22.9%。

As a reminder, year-over-year adjusted EBITDA margin performance was negatively impacted by approximately $12 million of public company costs in 2022 or approximately 170 basis points. This was our last time comping against a period without public company costs. Fourth quarter adjusted free cash flow was $19.5 million, much more representative of the go-forward expectation for the company.

提醒一下，2022 年上市公司成本約 1200 萬美元或約 170 個基點對同比調整後 EBITDA 利潤率表現產生負面影響。這是我們最後一次在沒有上市公司成本的時期進行比較。第四季度調整後的自由現金流為 1950 萬美元，更能代表公司的未來預期。

Higher interest rates and net working capital requirements continue to be a challenge, but I am encouraged by the progress exiting the year. As a result, we saw leverage reduced to 4.4x as of December 31, slightly ahead of what we guided on our third quarter call. Looking forward, our operating teams are very focused on achieving Tom's leverage target of 4x or lower by the end of '23.

更高的利率和淨營運資金要求仍然是一個挑戰，但我對今年取得的進展感到鼓舞。因此，截至 12 月 31 日，我們看到槓桿率降至 4.4 倍，略高於我們在第三季度電話會議上的指導水平。展望未來，我們的運營團隊非常專注於在 23 年底之前實現 Tom 的 4 倍或更低的槓桿率目標。

I'd also like to note that foreign currency exchange dynamics continue to be an important area of focus for Mirion. While we've recently seen positive trends in the EUR to USD exchange rate, FX headwinds impacted adjusted revenue performance by 5% in the fourth quarter and 4.5% for 2022.

我還想指出，外幣兌換動態仍然是 Mirion 關注的一個重要領域。雖然我們最近看到歐元兌美元匯率呈積極趨勢，但外匯不利因素對第四季度調整後收入表現的影響為 5%，2022 年為 4.5%。

As we disclosed in our third quarter call, we have been actively hedging our interest rate exposure through fixed price cross currency hedges on our third-party debt. We've executed 2 hedges, bringing our total fixed debt to approximately 30%, which we expect to offset approximately $4 million of cash interest on an annualized basis.

正如我們在第三季度電話會議中披露的那樣，我們一直在通過第三方債務的固定價格交叉貨幣對沖來積極對沖我們的利率風險。我們已經執行了 2 次對沖，使我們的固定債務總額達到約 30%，我們預計這將抵消每年約 400 萬美元的現金利息。

Before getting into the segment details, I'd like to take a minute on Slide 7 to reflect on the key variables impacting our top line in 2022. There was no shortage of headwinds in 2022. We had to overcome challenges stemming from the Russia-Ukraine conflict, foreign exchange pressure and record inflation. Our top line was affected by approximately $50 million of headwinds from lost Russian-related revenue and negative foreign exchange impacts, totaling approximately 8% of reported revenue growth. We were able to replace $12 million of the lost Russian-related volume, supplemented with $6 million of incremental pricing actions while successfully acquiring and integrating the Collins acquisition.

在進入細分市場細節之前，我想在幻燈片 7 上花點時間思考一下影響我們 2022 年收入的關鍵變量。2022 年不乏逆風。我們必須克服來自俄羅斯的挑戰-烏克蘭衝突、外匯壓力和創紀錄的通貨膨脹。我們的收入受到約 5000 萬美元的不利影響，這些不利因素來自與俄羅斯相關的收入損失和不利的外匯影響，總計約佔報告收入增長的 8%。我們能夠彌補 1200 萬美元的俄羅斯相關銷量損失，並輔以 600 萬美元的增量定價行動，同時成功收購和整合柯林斯的收購。

Let's now take a deeper dive into segment performance. Please turn to Slide 8 for our Medical segment. Starting with fourth quarter performance, adjusted revenue grew 25.4% with organic growth of 23.6%, driven by double-digit organic growth from all 3 end markets. Nuclear Medicine led the way again this quarter as integration efforts continued to deliver good results, and the team converted more of our backlog into revenue.

現在讓我們更深入地了解細分市場的表現。請轉到我們的醫療部門的幻燈片 8。從第四季度業績開始，調整後收入增長 25.4%，有機增長 23.6%，這主要得益於所有 3 個終端市場均實現兩位數的有機增長。核醫學本季度再次領先，整合工作繼續取得良好成果，團隊將更多積壓訂單轉化為收入。

Medical adjusted EBITDA margin was 33.4% in the quarter, a 90 basis point expansion compared to the same period last year. For the full year, Medical adjusted revenue grew 19.2% with organic growth of 15.2%. Adjusted EBITDA was up 23.3% to $86.8 million. Margin improved by 110 basis points, supported by strong price realization and the integration of Capitec and Biodex.

本季度醫療調整後 EBITDA 利潤率為 33.4%，與去年同期相比增長 90 個基點。全年，醫療調整後收入增長 19.2%，有機增長 15.2%。調整後的 EBITDA 增長 23.3% 至 8,680 萬美元。在強勁的價格實現以及 Capitec 和 Biodex 的整合的支持下，利潤率提高了 110 個基點。

These growth numbers are outstanding and I'd like to commend our medical team on their great work throughout the year. As we look forward, Medical's first half of 2023 will see a more normalized growth trend in line with our long-term algorithm with tougher comps in the back half of the year.

這些增長數字非常出色，我要讚揚我們的醫療團隊全年所做的出色工作。展望未來，Medical 的 2023 年上半年將出現更加正常化的增長趨勢，這與我們的長期算法一致，下半年的業績將更加艱難。

Let's now turn over to Slide 9 for the Industrial segment. Adjusted revenue grew by 17.9% for the quarter, with organic growth of 16.8%. We set strong but achievable expectations for Industrial in the fourth quarter, and I am proud of the effort our teams put in to deliver. Performance was principally driven by strong execution. Adjusted EBITDA for the Industrial segment was up almost 22% in the quarter, and margin expanded 100 basis points to 30.2%. While I'm pleased to report margin expansion, performance was limited by the incurrence of one-off transitory costs related to increased accounts receivable provisions and onetime supply chain expenses, as I noted earlier.

現在讓我們轉到工業部門的幻燈片 9。本季度調整後收入增長 17.9%，有機增長 16.8%。我們在第四季度對工業設定了強烈但可以實現的期望，我為我們的團隊為實現這一目標所做的努力感到自豪。業績主要由強大的執行力推動。本季度工業部門調整後的 EBITDA 增長近 22%，利潤率擴大 100 個基點至 30.2%。雖然我很高興地報告利潤率增長，但正如我之前指出的那樣，業績受到與應收賬款準備金增加和一次性供應鏈費用增加相關的一次性暫時性成本的限制。

Looking at Industrial full year performance, adjusted revenue was down 2% with organic growth of 0.9%. Revenue performance was principally hindered by foreign exchange headwinds and lost Russian-related revenue, a revenue impact of roughly 11% for the year on the Industrial segment. Adjusted EBITDA was down 5% and margin compressed by 90 basis points from 2021. Margin performance was impacted by volume absorption, product mix and inflation. Additionally, dilution from the Collins acquisition negatively impacted Industrial adjusted EBITDA margin by nearly 40 basis points on its own.

從工業全年業績來看，調整後收入下降 2%，有機增長 0.9%。收入表現主要受到外匯逆風和俄羅斯相關收入損失的阻礙，該年度收入對工業部門的影響約為 11%。自 2021 年起，調整後的 EBITDA 下降了 5%，利潤率壓縮了 90 個基點。利潤率表現受到銷量吸收、產品組合和通貨膨脹的影響。此外，柯林斯收購的攤薄本身對工業調整後的 EBITDA 利潤率產生了近 40 個基點的負面影響。

Finally, I'd like to walk through the guidance we have issued today. Turning over to Slide 10. We are projecting organic growth of 4% to 7%, supported by mid-single-digit organic growth from both Medical and Industrial. I'd like to note that Medical is comping a very strong year, and as a result, we are moderating our growth expectations versus what we saw in 2022.

最後，我想介紹一下我們今天發布的指南。轉到幻燈片 10。我們預計有機增長為 4% 至 7%，這得益於醫療和工業的中個位數有機增長。我想指出的是，醫療行業今年表現非常強勁，因此，與 2022 年相比，我們正在降低增長預期。

Given recent trends in the USD to EUR exchange rate, we are anticipating FX to positively impact top line growth by about 0.5%. The net inorganic revenue impact from Collins and Biodex is expected to be 1.5%. To provide a quick update on the physical medicine divestiture from our Biodex business originally announced in November, we expect the deal to close during the first quarter of 2023.

鑑於美元兌歐元匯率的近期趨勢，我們預計外匯將對收入增長產生約 0.5% 的積極影響。 Collins 和 Biodex 對無機收入的淨影響預計為 1.5%。為了提供最初於 11 月宣布的從我們的 Biodex 業務中剝離物理藥物的快速更新，我們預計該交易將在 2023 年第一季度完成。

As a reminder, we purchased Biodex and Capitec for a combined $41 million, representing approximately $60 million of revenue and less than $2 million of adjusted EBITDA at deal closure. Today, the combined business post-synergy multiple is below 2x and is accretive to Mirion's consolidated adjusted EBITDA margin. The physical medicine component of Biodex is not core to our category leadership in the segment.

提醒一下，我們以總計 4100 萬美元的價格收購了 Biodex 和 Capitec，在交易結束時代表了大約 6000 萬美元的收入和不到 200 萬美元的調整後 EBITDA。如今，合併後的業務協同效應倍數低於 2 倍，並且增加了 Mirion 的綜合調整後 EBITDA 利潤率。 Biodex 的物理醫學部分並不是我們在該領域的品類領導地位的核心。

For 2023, we are expecting adjusted EBITDA between $172 million and $182 million, with margins likely remaining unchanged to 2022 at the midpoint of guidance. Pricing cost inflation are estimated to be neutral for the year.

對於 2023 年，我們預計調整後的 EBITDA 將在 1.72 億美元至 1.82 億美元之間，利潤率可能保持不變，直至 2022 年處於指導的中點。今年的定價成本通脹估計是中性的。

Thinking through the sequence of the year, we expect more modest performance in the first half as we work through product and customer mix headwinds, mainly stemming from our sensing business within the Industrial segment. We anticipate these mix pressures to ease as we get into the second half of the year with adjusted EBITDA margin improving sequentially.

考慮到今年的順序，我們預計上半年的表現會更加溫和，因為我們正在努力應對產品和客戶組合的逆風，這主要源於我們在工業領域的傳感業務。我們預計，隨著我們進入下半年，調整後的 EBITDA 利潤率環比提高，這些混合壓力將會緩解。

I'd also like to note the dynamics coming from our inorganic contributions. We expect the Biodex divestiture to be accretive to margins with the Collins acquisition more than offsetting these benefits. As a result, we project net inorganic impact to our adjusted EBITDA margin of approximately negative 50 basis points in 2023. Saying this differently, we would expect 50 basis points of better margin rates than what the midpoint suggests had we not done both of these deals.

我還想指出來自我們無機貢獻的動態。我們預計 Biodex 的資產剝離將通過收購 Collins 來增加利潤，而不是抵消這些好處。因此，我們預計 2023 年調整後 EBITDA 利潤率的淨無機影響約為負 50 個基點。換句話說，如果我們沒有完成這兩項交易，我們預計利潤率將比中點建議的提高 50 個基點.

We are anticipating adjusted EPS of $0.28 to $0.34 and adjusted free cash flow of $50 million to $70 million, with an expectation of positive contribution from net working capital for the year. To help with modeling considerations, we are utilizing our share count as of December 31, 2022, to calculate EPS.

我們預計調整後的每股收益為 0.28 美元至 0.34 美元，調整後的自由現金流為 5000 萬美元至 7000 萬美元，預計今年淨營運資本將做出積極貢獻。為了幫助進行建模考慮，我們利用截至 2022 年 12 月 31 日的股票數量來計算每股收益。

We expect our effective tax rate to be between 25% to 27% and and are assuming a USD to EUR exchange rate of 1.07. Note that there is an additional guidance slide in the appendix of our presentation laying these out as well as a bridge around our revenue assumptions. With that, I'll pass the call back to Tom to close things out.

我們預計我們的有效稅率在 25% 至 27% 之間，並假設美元兌歐元匯率為 1.07。請注意，我們演示文稿的附錄中還有一張額外的指導幻燈片，其中列出了這些內容以及圍繞我們的收入假設的橋樑。有了這個，我會把電話轉回給湯姆，讓事情結束。

Brian, thanks. Before we open things up for questions, I'd like to recap 2022 and to highlight a few key areas of focus for us as we prepare for 2023.

布賴恩，謝謝。在我們提出問題之前，我想回顧一下 2022 年，並強調我們在為 2023 年做準備時需要重點關注的幾個關鍵領域。

First, we finished 2022 with positive momentum built off our strong fourth quarter results. Our team's commitment to execution enabled us to deliver on the expectations we set back in November. Second, we are entering 2023 with robust backlog and NTM revenue coverage of approximately 55%. Third, we've taken a balanced approach to setting guidance and believe we have adequately considered the risks and opportunities we see for the year. Fourth, we remain committed to deleveraging our balance sheet through disciplined capital allocation. Any acquisitions will be highly selective and supportive of my goal to reduce leverage below 4x by the end of the year.

首先，我們以強勁的第四季度業績為基礎，以積極勢頭結束了 2022 年。我們團隊對執行的承諾使我們能夠實現我們在 11 月設定的期望。其次，我們將進入 2023 年，積壓和 NTM 收入覆蓋率約為 55%。第三，我們採取了一種平衡的方法來製定指引，並相信我們已經充分考慮了我們今年看到的風險和機遇。第四，我們仍然致力於通過有紀律的資本配置來去槓桿化我們的資產負債表。任何收購都將具有高度選擇性，並支持我在年底前將槓桿率降至 4 倍以下的目標。

Next, operational execution remains front and center. I spent most of 2022 running both the Medical Group and our RTQA businesses in addition to my day job. This culminated in a wholesale rebranding of Mirion Medical, a sweeping reorganization and a significant improvement in our operational performance. With the onboarding of Michael Rossi, I now have the bandwidth to focus a greater degree of attention on our Industrial group.

接下來，運營執行仍然是重中之重。除了我的日常工作外，我在 2022 年的大部分時間裡都在經營醫療集團和我們的 RTQA 業務。這最終導致了 Mirion Medical 的整體品牌重塑、全面重組和我們運營績效的顯著改善。隨著 Michael Rossi 的入職，我現在可以更加專注於我們的工業集團。

Finally, we have the best team in the industry, and I am relentlessly focused on employee engagement and organizational health. I'm confident that we are well positioned to have a great 2023 and look forward to updating you on our progress in May. Thanks again for your time and continued support. And I'll now pass things back to Alex to open up Q&A.

最後，我們擁有業內最好的團隊，我一直不懈地關注員工敬業度和組織健康。我相信我們已準備好迎接美好的 2023 年，並期待在 5 月向您通報我們的最新進展。再次感謝您的寶貴時間和一如既往的支持。現在我將把事情傳回給 Alex 以打開問答環節。

Thank you, Tom. That concludes our formal comments for today. I'll turn it back over to the operator for a question-and-answer session.

謝謝你，湯姆。我們今天的正式評論到此結束。我會把它轉回給接線員進行問答環節。

(Operator Instructions) Our first question comes from Andy Kaplowitz with Citigroup. Please go ahead.

（操作員說明）我們的第一個問題來自花旗集團的 Andy Kaplowitz。請繼續。

Your medical-related growth continued to accelerate over the last few quarters of '22. I know you talked about strength in all of your major medical businesses, and I know you're forecasting mid-single-digit growth in '23. You talked about demand normalization and tough comps. You have 2 of the 3 medical businesses project to be up high single digits. I think dosimetry is up mid-single digits. So are you just being conservative on the overall segment, especially given the new insides rollout or are you seeing any slowing in any of your medical businesses, and that's why you've got lower growth model?

在 22 世紀的最後幾個季度，您與醫療相關的增長繼續加速。我知道你談到了所有主要醫療業務的實力，我知道你預測 23 年將實現中個位數增長。你談到了需求正常化和艱難的競爭。您有 3 個醫療業務項目中的 2 個達到高個位數。我認為劑量測定是中個位數。那麼，您是否只是對整個細分市場持保守態度，特別是考慮到新的內部推出，或者您是否看到任何醫療業務放緩，這就是為什麼您的增長模式較低？

Yes, two things, Andy. Firstly, on the dosimetry business, historically, that is a slow growing market. With the advent of Instadose we believe that over the last number of years, we've been able to grow at a nominally higher rate than the market overall. But the growth rate there is inherently more conservative than what we'll find in either RTQA or in Nuclear Medicine.

是的，有兩件事，安迪。首先，從歷史上看，劑量測定業務是一個增長緩慢的市場。隨著 Instadose 的出現，我們相信在過去的幾年裡，我們已經能夠以名義上高於整體市場的速度增長。但是那裡的增長率本質上比我們在 RTQA 或核醫學中發現的要保守。

The other important thing to note is that we just were lapping a barn burner of the year this year in both of the RTQA and Nuclear Medicine segments. And while market dynamics continue to be very favorable and our outlook is positive, I think we're just being measured in terms of how we're forecasting growth.

另一件需要注意的重要事情是，我們今年剛剛在 RTQA 和核醫學領域都獲得了年度最佳穀倉燃燒器。雖然市場動態繼續非常有利，我們的前景是積極的，但我認為我們只是根據我們預測增長的方式來衡量。

That's very helpful, Tom. And then I think we understand that you lapped significant order growth in Q4 in Nuclear and Defense, but you mentioned the clear pipeline of incremental new-build nuclear orders. So do you think your nuclear business in terms of orders reaccelerate from here? And then we know you're expecting more defense-related orders, you mentioned the elongated order cycle for these types of orders. Do you see them getting over the finish line in '23?

這很有幫助，湯姆。然後我認為我們了解到您在第四季度核和國防訂單顯著增長，但您提到了新增核訂單的明確渠道。那麼你認為你的核業務在訂單方面會從這裡重新加速嗎？然後我們知道您期待更多與國防相關的訂單，您提到了這些類型訂單的延長訂單週期。你看到他們在 23 年沖過終點線了嗎？

Yes. Firstly, on the nuclear power market, if you look at our order intake for the year, clearly, we are seeing an acceleration of demand overall. And that's broadly reflective of the trends that we've talked about on numerous occasions, principally noting the very high degree of government and popular support for nuclear power is an important solution to a variety of energy problems. And secondly, the elevated price of electrical pricing, which is principally driven by gas pricing overall. Our view is that that strength continues.

是的。首先，在核電市場，如果你看一下我們今年的訂單量，很明顯，我們看到整體需求在加速增長。這大致反映了我們在許多場合談到的趨勢，主要是注意到政府和民眾對核電的高度支持是解決各種能源問題的重要方法。其次，電價上漲，這主要是由整體天然氣價格推動的。我們的觀點是，這種力量仍在繼續。

We do generally believe there is a lag effect between secular market changes within the nuclear industry and the downstream impact on our business. And so we are hopeful that as the industry overall continues to gain momentum and gain health that we will see that continue.

我們確實普遍認為，核工業內部的長期市場變化與下游對我們業務的影響之間存在滯後效應。因此，我們希望隨著整個行業繼續獲得動力和健康，我們將看到這種情況繼續下去。

It's important to note that our installed base is about 3/4 of our nuclear power-related revenue, which, as you've seen in the presentation, constituted about 35% of our total revenue last year. So looking at the installed base as far and away, the most important lens through which to evaluate the overall nuclear market and, as noted, those trends are favorable.

重要的是要注意，我們的安裝基數約占我們核電相關收入的 3/4，正如您在演示文稿中看到的那樣，占我們去年總收入的 35% 左右。因此，遠觀已安裝的基礎，這是評估整個核市場的最重要的鏡頭，並且如前所述，這些趨勢是有利的。

But on the new build side, we continue to see significant activity in terms of the pipeline of projects that we're engaged with and we expect to see a broad-based acceleration in utility scale developments continuing over the next decade or more.

但在新建築方面，我們繼續看到我們參與的項目管道方面的重大活動，我們預計在未來十年或更長時間內，公用事業規模的發展將持續廣泛加速。

On the defense side, we continue to note that the degree of engagement that we have with the 19 NATO militaries, NATO Armed Forces that we support, continues to be high as it does with other supernational agencies and government departments. We have noted that in general, with government-contracted business that post-COVID order cycle times have lengthened. We continue to remain bullish about our prospects to see significant order intake here. But to be clear, we've been very measured, very conservative about how we have projected that for the year.

在國防方面，我們繼續注意到，我們與 19 支北約軍隊、我們支持的北約武裝部隊的接觸程度與與其他超國家機構和政府部門的接觸程度一樣高。我們注意到，一般來說，與政府簽訂合同的業務在 COVID 後的訂單週期時間已經延長。我們繼續看好我們在這裡看到大量訂單的前景。但需要明確的是，我們對今年的預測非常慎重、非常保守。

The other thing, Andy, just to give you some context on nuclear power. If you take out some of our larger orders, so let's say, above, call it, $5 million, on an as-reported basis, you're kind of mid-teens on the order growth. So if you adjust that for FX, we're kind of more in the 20% range. So I think the point is the underlying [business], there's some noise with some of the bigger orders throughout the year, but the underlying business clearly continues to be healthy.

另一件事，安迪，只是為了給你一些關於核能的背景。如果你拿出我們的一些較大的訂單，那麼假設，上面，稱它為 500 萬美元，在報告的基礎上，你在訂單增長方面處於十幾歲左右。因此，如果您針對 FX 進行調整，我們會在 20% 的範圍內進行調整。所以我認為關鍵是基礎[業務]，全年一些較大的訂單有一些噪音，但基礎業務顯然繼續保持健康。

That's helpful guys. And then lastly, could you go over the margin headwinds in '23 for Industrial and Medical. Obviously, you're forecasting lower-than-average incrementals for '23. How much impact do you expect the mix issues in Industrial to have on your business? And I think even if we exclude the inorganic headwinds, you aren't forecasting that sort of normalized 50-plus percent incrementals for Medical. So what else is holding you back there? Maybe your assumptions around price versus cost and supply chain would be helpful.

那是有幫助的人。最後，你能否克服 23 年工業和醫療領域的利潤逆風。顯然，您預測 23 年的增量低於平均水平。您預計工業領域的混合問題會對您的業務產生多大影響？而且我認為，即使我們排除無機逆風，你也不會預測醫療的那種標準化 50% 以上的增量。那麼還有什麼阻礙你回到那裡？也許您對價格與成本和供應鏈的假設會有所幫助。

Maybe I'll take that. So first off, I mean, we're basically assuming in the guide for price cost, so price versus inflation, to be neutral. So I think we're going to work super hard to to make sure that we do get some benefit there. But right now, where we're sitting, we're saying price cost neutral.

也許我會接受那個。所以首先，我的意思是，我們基本上在價格成本指南中假設價格與通貨膨脹率是中性的。所以我認為我們將非常努力地工作以確保我們確實在那裡獲得一些好處。但現在，我們坐的地方，我們說價格成本中性。

The other thing we're seeing in the first half is that we have a bit of one of our businesses that will improve throughout the year. And it's more about volume and just the product mix, and it's really timing related. We have very good visibility into this business. It's just a little bit weaker in the first half than what we would have liked, and it's just about how the factors are going to be loaded through the year. So I think we have good confidence.

我們在上半年看到的另一件事是，我們的一些業務將在全年有所改善。而且更多的是關於數量和產品組合，而且它確實與時間相關。我們對這項業務有很好的了解。上半年的情況比我們希望的要弱一點，這只是關於全年這些因素將如何加載。所以我認為我們很有信心。

And the other thing I would say, Andy, is we're almost 10% higher in backlog coverage this year versus where we sat at this time last year. I think that gives us just a lot of confidence in the visibility we have thinking about '23.

安迪，我要說的另一件事是，與去年同期相比，我們今年的積壓覆蓋率幾乎高出 10%。我認為這讓我們對 23 年的知名度充滿信心。

Yes. And by that one, when Brian says it's 10% higher, it means 10 points. So it's essentially taking us up from mid-40s coverage in the mid-50s. So it is a significant increase.

是的。就那個而言，當 Brian 說高出 10% 時，這意味著 10 分。所以它本質上是把我們從 40 年代中期的覆蓋範圍提升到 50 年代中期。所以這是一個顯著的增長。

Our next question comes from Joe Ritchie with Goldman Sachs. Please go ahead.

我們的下一個問題來自高盛的 Joe Ritchie。請繼續。

So maybe just tackling the visibility question for the guidance, the organic growth guide for the year. So typically, there's backlog coverage of 55%, how does that compare to normal? And then as you think about the swing factors for 2023, Tom, what do you think is the key swing factors to see whether organic growth could maybe exceed the guidance that you've given for this year?

因此，也許只是解決指南的可見性問題，即今年的有機增長指南。通常，積壓覆蓋率為 55%，與正常情況相比如何？然後，當您考慮 2023 年的搖擺因素時，湯姆，您認為決定有機增長是否可能超過您今年給出的指導的關鍵搖擺因素是什麼？

Yes, so a couple of things, Joe. Firstly, as noted, I think our backlog coverage coming into 2022 was about 10 points lower than we're sitting now. So on a percentage increase standpoint, that is a substantial increase overall in the NTM coverage. And the good news, too, is that if you look at the average order size, it's smaller and so the quality of the coverage generally is better.

是的，有幾件事，喬。首先，如前所述，我認為我們到 2022 年的積壓覆蓋率比我們現在坐的低 10 個百分點左右。因此，從百分比增加的角度來看，這是 NTM 覆蓋範圍的整體大幅增加。好消息是，如果您查看平均訂單大小，它會更小，因此覆蓋質量通常更好。

If you look at the guidance sensitivity, I think we have a page in the deck, I think it's Page 11 that just kind of highlights some of the key issues and opportunities that we see out there. Some upside potential drivers would include continuing growth and momentum, essentially the flywheel effect within the nuclear power market; continued improvements in supply chain volatility and labor market tightness; the potential optionality associated with larger civil defense and military orders that are not currently reflected in the guide.

如果你看一下指導敏感性，我認為我們在甲板上有一頁，我認為第 11 頁只是強調了我們在那裡看到的一些關鍵問題和機會。一些潛在的上行驅動因素包括持續增長和勢頭，主要是核電市場的飛輪效應；供應鏈波動和勞動力市場緊張的持續改善；與指南中目前未反映的更大的民防和軍事命令相關的潛在選擇性。

I think we've been very clear that our top focus is on operational execution this year, and we think we see some potential blue sky as it relates to cost reduction efforts and improvements in our overall pricing heuristics. And then finally, as Brian noted, the overall currency environment is a little bit more favorable for [us this year].

我認為我們已經非常清楚，今年我們的首要重點是運營執行，我們認為我們看到了一些潛在的藍天，因為它與降低成本的努力和我們整體定價啟發式的改進有關。最後，正如 Brian 指出的那樣，整體貨幣環境對 [我們今年] 有點有利。

On the downside, the world continues to be a little bit of a volatile place. And so one of the key risks, obviously, is devolution and geopolitical dynamics. Secondly, the extent to which inflation worsens, we saw CPI print this morning. It was a little bit worse than consensus, but on the other hand, reflecting a continued decline overall in inflation trends. If we do see any kind of unanticipated tightness in supply chain changes to the macro picture or further degradation in currency or interest rate.

不利的一面是，世界仍然有點動盪。因此，顯然，主要風險之一是權力下放和地緣政治動態。其次，通脹惡化的程度，我們今天早上看到了 CPI 數據。這比普遍認為的要差一點，但另一方面反映了整體通脹趨勢的持續下降。如果我們確實看到供應鏈出現任何意外的緊張情況，就會改變宏觀格局，或者貨幣或利率進一步下降。

Obviously, all of those things could be game changers. But as noted and I think emphasized, we've tried to be very balanced and measured in our forecast approach this year in order to accommodate these and do so with confidence.

顯然，所有這些都可能改變遊戲規則。但正如所指出的那樣，我想強調的是，我們今年的預測方法試圖非常平衡和衡量，以便適應這些並充滿信心地這樣做。

That's super helpful, Tom. And I guess just thinking about the cadence for the year as well, maybe just a question for Brian. I know that you guys have tried to be thoughtful about the guide. I just want to make sure that we get the seasonality as well. It seems like you've got some really nice visibility into the first half of the year. Is the expectation then that in the first half of the year, you can see EBITDA growth, at least at the midpoint, maybe towards the higher end of the growth range for the year? Any commentary around that would be helpful.

湯姆，這非常有幫助。我想也只是在考慮今年的節奏，也許這只是 Brian 的一個問題。我知道你們已經嘗試對指南進行深思熟慮。我只是想確保我們也有季節性。您似乎對今年上半年有了一些非常好的了解。那麼，是否期望在今年上半年，您可以看到 EBITDA 增長，至少是在中點，也許是朝著今年增長范圍的高端？對此的任何評論都會有所幫助。

Yes. I think, Joe, what I said during some of my prepared remarks is we have a bit of a headwind on the margin industrial side in the first half because of some of the mix issues that I noted. And then we have good visibility and expect those, well, they will clear up going into the third and fourth quarter. So I think the first quarter, obviously, is the easier comp on the Medical side. So I expect that to come to fruition.

是的。我想，喬，我在準備好的發言中所說的是，由於我注意到的一些混合問題，上半年我們在利潤率工業方面遇到了一些不利因素。然後我們有很好的能見度，並期望那些，好吧，他們會在第三和第四季度清除。所以我認為第一季度顯然是醫療方面比較容易的部分。所以我希望它能實現。

I think the Industrial guys had a great fourth quarter. So I expect kind of that to be pretty decent in the first half and pick up into the back half. I think the margin cadence will be a little lighter than we would hope in the first half but much better in the second half. And I think the visibility to both some of the cost-out programs, some of the pricing continuing to flow through the P&L, our ability to get after the supply chain, et cetera, give us confidence there. And like I said, our backlog coverage continues to be very, very good. But yes, a bit of a mix headwind kind of in the first half that we just need to overcome.

我認為工業公司的第四季度表現出色。因此，我希望這種情況在上半場表現相當不錯，並在下半場有所回升。我認為上半年的保證金節奏會比我們希望的要輕一些，但下半年會好得多。而且我認為一些成本支出計劃的可見性，一些定價繼續通過損益表流動，我們追趕供應鏈的能力等等，讓我們在那裡充滿信心。就像我說的，我們的積壓覆蓋範圍仍然非常非常好。但是，是的，我們只需要克服上半場的一些混合逆風。

Got it. And Brian, just to be clear on pricing, are you guys expecting to be price-cost positive this year?

知道了。布賴恩，為了清楚定價，你們是否期望今年的價格成本為正？

Neutral. Neutral is what's in the guide. So that's upside if we can do better, and we continue to be very aggressive in the market on pricing. But as we saw this year, it takes a bit of time to kind of flow into the P&L. I will just note one more time, Joe, for you, we did end the fourth quarter at 5%, which is what we had expected going back a couple of quarters. So the team is executing well on the pricing. It just takes some time to flow through the P&L.

中性的。中性是指南中的內容。因此，如果我們能做得更好，那將是有利的，而且我們在定價方面繼續在市場上非常積極。但正如我們今年看到的那樣，需要一些時間才能流入損益表。喬，我還要再說一次，對你來說，我們確實以 5% 結束了第四季度，這是我們幾個季度前的預期。所以團隊在定價方面執行得很好。流過損益表只需要一些時間。

Yes. That makes sense. Tom, you mentioned an improving operating environment in Industrial. Can you just elaborate on what you're seeing and how it's impacting your business? It sounds like supply chain has gotten at least modestly better. I just want to get some thoughts there.

是的。這就說得通了。湯姆，你提到了工業領域的運營環境正在改善。您能否詳細說明您所看到的以及它如何影響您的業務？聽起來供應鏈至少有所改善。我只是想在那裡得到一些想法。

Yes. So a few things, Joe. Firstly, to your point, yes, supply chain dynamics, in our view, are never going to be what they were pre-pandemic, but they certainly seem to be improving and the number of kind of episodic issues that we have seems to be on the decline of overall.

是的。所以有幾件事，喬。首先，就您的觀點而言，是的，在我們看來，供應鏈動態永遠不會像大流行前那樣，但它們似乎確實在改善，而且我們似乎遇到了很多偶發性問題整體的下降。

But more broadly, if we look at the drivers of performance there, again, a lot of it is driven by the kind of order intake experience that we had last year and the health of the market segments that we're selling into. Our business model hasn't changed and if you look at the fall through at the margin level to the bottom line, that is inarguably the most important dynamic in terms of overall operating performance for the business.

但更廣泛地說，如果我們再次審視業績的驅動因素，其中很大一部分是由我們去年的訂單接收經驗和我們銷售的細分市場的健康狀況驅動的。我們的商業模式沒有改變，如果你從利潤率水平看到底線，這無疑是企業整體經營業績最重要的動態。

So to the degree that we can be price cost neutral or better to the degree that we can be disciplined about factory overhead costs and OpEx, then volumetric increases are going to be reflected in strong performance overall. So it really is a function of more than anything else just executing well.

因此，如果我們可以對價格成本保持中立，或者更好地控制工廠間接費用和運營支出，那麼銷量的增長將反映在整體強勁的業績上。所以它真的是一個比任何其他事情都執行得好更重要的功能。

I kind of referred to the fact that it's important to remember, last year was our public debut, and so it was very consuming to become a public company, to deal with all of the related issues, again in our debut year. But on top of that, given the fact that we were really creating coherence within our medical group, it consumed an enormous amount of my time to focus on Medical and specifically on our radiation therapy business overall.

我有點提到一個事實，重要的是要記住，去年是我們的首次公開亮相，所以在我們首次亮相的那一年再次成為一家上市公司，處理所有相關問題是非常耗時的。但最重要的是，鑑於我們確實在我們的醫療團隊內部建立了一致性，我花費了大量時間專注於醫療，特別是我們整體的放射治療業務。

With the hiring of Michael Rossi as President of the Medical Group, it gives me a more normalized bandwidth to be able to support, assist and focus on execution across the entire enterprise. And I expect that that will have some beneficial impact on our operating performance for the year.

隨著 Michael Rossi 被聘為醫療集團總裁，它給了我一個更規範的帶寬，能夠支持、協助和專注於整個企業的執行。我預計這將對我們今年的經營業績產生一些有益的影響。

Our next question comes from Chris Moore with CJS Securities. Please go ahead.

我們的下一個問題來自 CJS 證券公司的 Chris Moore。請繼續。

So maybe just back to price there for a second. So price cost basically neutral if you're looking at 4% to 7% organic growth. So from a price volume standpoint, most of that growth is in price. Is that fair?

所以也許只是回到那裡定價一秒鐘。因此，如果您希望實現 4% 至 7% 的有機增長，那麼價格成本基本上是中性的。因此，從價格量的角度來看，增長的大部分是價格。這公平嗎？

Yes. I mean just because of [how it] ramps in, it's actually pretty balanced when you do the math out on price volume. So I think that's how we're thinking about it.

是的。我的意思是，僅僅因為 [它] 的增加，當你對價格量進行數學計算時，它實際上是相當平衡的。所以我認為這就是我們考慮的方式。

Chris, there's a slide, I think it's 16 that actually shows you the range and how we split it between volume and price. You can see it's pretty balanced, a little more volume on the high end of the range, balance at the low end.

克里斯，有一張幻燈片，我認為它是 16，它實際上向您展示了範圍以及我們如何在數量和價格之間分配它。您可以看到它非常平衡，在範圍的高端音量稍大，在低端平衡。

Perfect, thank you. Call that SMR as a potential big opportunity. Just curious, from a sales cycle and development cycle perspective, is that meaningfully different than what you see on the traditional utility?

完美，謝謝。將該 SMR 稱為潛在的大機會。只是好奇，從銷售週期和開發週期的角度來看，這與您在傳統公用事業上看到的有什麼不同嗎？

It is in the sense that there are a lot of new players, and there's a substantial amount of government funding that's coming into the space. And just to put it into context why we are specifically excited about the SMR market. Understand that, firstly, if you look at total installed nuclear capacity globally today, there are roughly 450 operating utility scale nuclear power plants with about 380 or 390 gigawatts of total capacity. If you look at North America alone and look at the decommissioning profile for coal plants, there you have about 450 gigawatts of scheduled decommissionings over the next 15 years or so. That is the core target market for the SMR space.

從某種意義上說，有很多新參與者，並且有大量政府資金進入該領域。只是為了說明為什麼我們對 SMR 市場特別興奮。要知道，首先，如果你看看當今全球的總裝機容量，大約有 450 個在運營的公用事業規模核電站，總容量約為 380 或 390 吉瓦。如果僅看北美並查看燃煤電廠的退役概況，您會發現在未來 15 年左右的時間裡，那裡有大約 450 吉瓦的計劃退役。這是 SMR 空間的核心目標市場。

And candidly, I think as we've noted on prior calls, this is a market that's moving faster than previously it had. There seems to be an acceleration of efforts, more tangible efforts. And as noted in the prepared remarks, we have booked backlog on several of these projects. But the key right now, again, is the strategic engagement with the major sponsors here to work hard and try and get our industry-leading solutions spec-ed into these power plants.

坦率地說，我認為正如我們在之前的電話會議上所指出的那樣，這是一個比以前發展更快的市場。似乎有一種加速的努力，更切實的努力。正如準備好的評論中所述，我們已經預訂了其中幾個項目的積壓。但現在的關鍵再次是與這裡的主要贊助商進行戰略合作，努力工作並嘗試將我們行業領先的解決方案用於這些發電廠。

There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a nice day.

目前沒有其他問題。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有愉快的一天。