Nordson Corp (NDSN) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Nordson Corporation Fourth Quarter and Fiscal Year 2020 Conference Call.

女士們，先生們，感謝大家的支持，歡迎參加諾信公司 2020 年第四季和財年電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the call over to your speaker today, Lara Mahoney, please go ahead.

（操作員指示）請注意，今天的會議正在錄音。（操作員指示）現在我想將電話轉給今天的發言人 Lara Mahoney，請繼續。

Thank you. Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications.

謝謝。早安.我是投資者關係和企業傳播副總裁 Lara Mahoney。

I'm here with Sundaram Nagarajan, our President and CEO; and Joseph Kelly, Executive Vice President and CFO. We welcome you to our conference call today, Wednesday, December 16, 2020, to report Nordson's fiscal year 2020 fourth quarter and full year results.

我和我們的總裁兼執行長 Sundaram Nagarajan 以及執行副總裁兼財務長 Joseph Kelly 一起出席了會議。歡迎您參加我們今天（2020 年 12 月 16 日星期三）的電話會議，報告諾信 2020 財年第四季和全年業績。

You can find both our press release as well as our new webcast slide presentation that we will refer to during today's call on our website at nordson.com/investors.

您可以在我們的網站 nordson.com/investors 上找到我們的新聞稿以及我們將在今天的電話會議上參考的新網路廣播幻燈片簡報。

This conference call is being broadcast live on our investor website and will be available there for 14 days. There will be a telephone replay of the conference call available until December 30, 2020.

本次電話會議將在我們的投資者網站上進行現場直播，並將持續 14 天。這次電話會議的回放將持續到 2020 年 12 月 30 日。

During this conference call, references to non-GAAP financial metrics will be made. A complete reconciliation of these metrics to the most comparable GAAP metric has been provided in the press release issued yesterday.

在本次電話會議中，將會提及非公認會計準則財務指標。昨天發布的新聞稿已提供了這些指標與最具可比性的 GAAP 指標的完整對照組。

Before we begin, please refer to Slide 2 of our presentation, where we note that certain statements regarding our future performance that are made during this call may be forward-looking based upon Nordson's current expectations. These statements may involve a number of risks, uncertainties and other factors as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to differ.

在我們開始之前，請參閱我們簡報的第 2 張投影片，其中我們指出，根據 Nordson 目前的預期，本次電話會議中關於我們未來業績的某些陳述可能是前瞻性的。這些聲明可能涉及公司向美國證券交易委員會提交的文件中所述的許多風險、不確定性和其他因素，這些因素可能會導致實際結果有所不同。

Moving to today's agenda on Slide 3, Naga will discuss fourth quarter and full year highlights. He will then turn the call over to Joe to review sales and earnings performance for the total company and the 2 business segments.

轉到幻燈片 3 上的今天的議程，Naga 將討論第四季度和全年的亮點。然後，他會將電話轉給喬，讓他回顧整個公司和兩個業務部門的銷售和獲利表現。

Joe also will talk about the year-end balance sheet and cash flow. Naga will conclude with high-level commentary about our enterprise performance as well as our fiscal 2021 first quarter guidance.

喬也將討論年終資產負債表和現金流。最後，Naga 將對我們的企業業績以及 2021 財年第一季指引進行高層評論。

We will then be happy to take your questions.

我們將很樂意回答您的問題。

With that, I'll turn to Slide 4 and hand the call over to Naga.

說完這些，我將翻到投影片 4，並將電話交給 Naga。

Good morning, everyone. Thank you for joining Nordson's Fiscal 2020 Fourth Quarter and Full Year Conference Call.

大家早安。感謝您參加 Nordson 2020 財年第四季和全年電話會議。

In this unprecedented fiscal year, we did not just weather a challenging macro environment, we advanced our long-term strategy and achieved solid financial results. First, I want to thank our notes and employees for their flexibility, resilience and commitment as we navigated fiscal 2020.

在這個前所未有的財政年度，我們不僅度過了充滿挑戰的宏觀環境，還推進了我們的長期策略並取得了穩健的財務表現。首先，我要感謝我們的筆記和員工在我們度過 2020 財年時所展現的靈活性、韌性和承諾。

From the beginning of this pandemic, our leadership team has worked together to protect the health and safety of our employees and respond to the needs of our customers. Representatives from our global teams came together to share best practices and lessons learned as COVID-19 spans the globe.

從疫情爆發以來，我們的領導團隊就齊心協力，保護員工的健康和安全，並回應客戶的需求。隨著 COVID-19 席捲全球，我們全球團隊的代表齊聚一堂，分享最佳實踐和經驗教訓。

We implemented new protocols of social distancing and face coverage as well as regular cleaning and temperature checks, all of which continues to this day. By protecting our employees, we were able to offer uninterrupted service to our customers, many of whom were deemed to support critical infrastructure. Notes and products serve a very diverse set of end markets, including medical, electronics, consumer nondurables and general industrial.

我們實施了新的社交距離和臉部遮蓋措施以及定期清潔和體溫檢查，所有這些措施一直持續到今天。透過保護我們的員工，我們能夠為客戶提供不間斷的服務，其中許多客戶被認為支援關鍵基礎設施。票據和產品服務於非常多樣化的終端市場，包括醫療、電子、非耐用消費品和一般工業。

This diversity helped us drive the relative stability of our results. We've also stayed invested in our direct sales, application and service model and committed to the innovation in our physician technologies. For the full year, sales decreased only 3% compared to prior year, which is commendable in this environment.

這種多樣性幫助我們實現了結果的相對穩定性。我們也一直投資於我們的直銷、應用和服務模式，並致力於我們的醫生技術的創新。全年銷售額與上年相比僅下降了 3%，在這種環境下，這是值得稱讚的。

Simultaneously, we made meaningful progress on our long-term objectives. We've built and started to deploy the next-generation of Nordson Business System, which we are calling NBS next, our growth framework. Using critical insights generated by NBS next segmentation tools, our divisional leaders are prioritizing investments in our best growth opportunities and simplifying nonvalue added tasks in operations to deliver best-in-class product quality and delivery.

同時，我們在長期目標上也取得了有意義的進展。我們已經建置並開始部署下一代諾信業務系統，我們稱之為 NBS next，即我們的成長框架。利用 NBS 下一個細分工具產生的關鍵見解，我們的部門領導優先考慮對最佳成長機會的投資，並簡化營運中的非增值任務，以提供一流的產品品質和交付。

Use of this data-driven growth framework had us to take actions that could strategically position our portfolio for sustainable, long-term profitable growth. In September, we announced the technology acquisition of vivoMOS, which designs, develops and fabricates high end image sensors that would further differentiate our x-ray inspection product offering.

使用這個數據驅動的成長框架使我們能夠採取行動，策略性地定位我們的投資組合，實現可持續的長期獲利成長。9 月份，我們宣布收購 vivoMOS 的技術，該公司設計、開發和製造高階影像感測器，這將進一步使我們的 X 光檢測產品更具差異化。

Earlier this year, we acquired Fluortek, a (inaudible) plastic extrusion manufacturer in medical device industry. Fluortek brings highly differentiated PTFE medical tubing expertise, which is complementary to our current value-added component offering for minimally invasive therapies, such as heart well replacements.

今年早些時候，我們收購了醫療器材產業的（聽不清楚）塑膠擠壓製造商 Fluortek。Fluortek 擁有高度差異化的 PTFE 醫用管專業知識，這與我們目前為微創療法（例如心臟置換術）提供的增值組件相輔相成。

Scaling up our highly differentiated test and inspection and medical product lines will continue to be a priority of our capital deployment strategy. We also took actions to simplify our portfolio in less differentiated areas.

擴大我們高度差異化的測試和檢測以及醫療產品線將繼續成為我們資本配置策略的重點。我們也採取行動簡化差異化程度較低的領域的產品組合。

On December 3, we announced the divestiture of our CROs and barrels product line from our polymer processing Systems division to outer investments. While this business is a respected leader in the plastic industry, it does not meet Nordson's long-term profitable growth objectives. We believe we'll be better positioned with Altar.

12月3日，我們宣布將CRO和桶產品線從聚合物加工系統部門剝離給外部投資。儘管該業務是塑膠行業受人尊敬的領導者，但它並不符合諾信的長期獲利成長目標。我們相信，有了 Altar，我們將處於更有利的地位。

By divesting this business, we will focus our resources on growing more differentiated, profitable product lines that will deliver on our long-term growth objectives. We believe our remaining PPS division has the right degree of differentiation and related technical competitive advantages to deliver Nordson-like growth and returns.

透過剝離這項業務，我們將集中資源發展更具差異化、更有利可圖的產品線，以實現我們的長期成長目標。我們相信，我們剩下的 PPS 部門具有適當的差異化程度和相關的技術競爭優勢，可以實現類似諾信的成長和回報。

I'll speak more about the business in a few moments. But first, I'll turn the call over to Joe to provide more detailed perspective on our financial results for the quarter.

稍後我將進一步談論該業務。但首先，我將把電話轉給喬，讓他提供有關本季財務表現的更詳細的看法。

Thank you, Naga, and good morning to everyone. As Laura mentioned, we have provided slides to complement the narrative during today's earnings call.

謝謝你，Naga，大家早安。正如勞拉所提到的，我們提供了幻燈片來補充今天的收益電話會議上的敘述。

On Slide #5, UC Fourth quarter 2020 sales were $559 million, a decrease of 5% compared to the prior year's fourth quarter sales of $585 million. The decrease was primarily related to organic volume, offset by favorable currency and benefits from the Fluortek and vivaMOS acquisitions.

在投影片#5上，UC 2020 年第四季的銷售額為 5.59 億美元，與去年同期的 5.85 億美元相比下降了 5%。下降主要與有機銷售有關，但被有利的貨幣和 Fluortek 和 vivaMOS 收購帶來的收益所抵消。

Test and inspection product lines were solid again this quarter, and we continue to see growth in our product lines serving medical end markets. Sales declines in the quarter was largely driven by weakness in the industrial and automotive end markets.

本季測試並檢驗產品線再次表現穩健，我們持續看到服務於醫療終端市場的產品線出現成長。本季銷售下降主要是由於工業和汽車終端市場的疲軟。

Gross profit totaled $297 million or 53% of sales in the quarter compared to $319 million or 54% of sales in the prior year. The 100 basis point decrease in gross margins primarily relates to the $1.3 million in amortization of acquired inventory step-up from the fiscal 2020 acquisitions.

本季毛利總計 2.97 億美元，佔銷售額的 53%，而去年同期為 3.19 億美元，佔銷售額的 54%。毛利率下降 100 個基點主要與 2020 財年收購中增加的 130 萬美元收購庫存攤銷有關。

Looking sequentially, gross margins improved 100 basis points as the manufacturing inefficiencies related to our response to the COVID-19 pandemic and unfavorable product sales mix experienced in the third quarter of 2020 were primarily temporary in nature.

從環比來看，毛利率提高了 100 個基點，因為我們應對 COVID-19 疫情和 2020 年第三季度經歷的不利的產品銷售組合導致的製造效率低下主要是暫時的。

Operating profit was $37 million in the quarter. This included an $87 million noncash impairment charge related to classifying the screw and barrel product line within the IPS segment as assets held for sale. This classification aligns with the company's strategic decision to divest this product line to improve the ongoing earnings and overall profitable growth profile of the business. Excluding this item, plus cost reduction actions and the amortization of acquired inventory step-up, adjusted operating profit totaled $130 million or 23% of sales. EBITDA for the fourth quarter was $159 million or 29% of sales, which is 5% below the prior year EBITDA of $168 million.

本季營業利潤為 3,700 萬美元。其中包括 8,700 萬美元的非現金減損費用，與將 IPS 部門內的螺桿和機筒產品線歸類為持有待售資產有關。此分類符合公司剝離該產品線的策略決策，以提高業務的持續獲利和整體獲利成長狀況。除此項目外，加上成本削減措施和收購庫存增加的攤銷，調整後的營業利潤總計 1.3 億美元，佔銷售額的 23%。第四季的 EBITDA 為 1.59 億美元，佔銷售額的 29%，比去年同期的 EBITDA 1.68 億美元低 5%。

Looking at nonoperating expense. Net interest expense decreased $4 million or 37% from the prior year levels associated with lower effective borrowing rates. Other net expense increased $2 million, driven primarily by a $1 million increase in pension costs. Tax expense in the quarter totaled $8 million or an effective tax rate of 30% in the quarter. Excluding the tax impact on nonrecurring items and a $2 million discrete tax benefit associated primarily with stock option exercises, the fourth quarter and full year normalized tax rate is approximately 21%.

查看非營業支出。由於有效借款利率降低，淨利息支出較前一年減少 400 萬美元，即 37%。其他淨支出增加了 200 萬美元，主要原因是退休金成本增加了 100 萬美元。本季稅費總計 800 萬美元，本季有效稅率為 30%。不包括非經常性項目的稅收影響和主要與股票選擇權行使相關的 200 萬美元單獨稅收優惠，第四季度和全年的標準化稅率約為 21%。

Net income in the quarter totaled $18 million or $0.31 per share. Adjusted net income and earnings were $93 million or $1.59 per share. This represents an 11% decrease from the prior year adjusted earnings reflective primarily of a 5% year-over-year decrease in sales.

本季淨收入總計 1,800 萬美元，即每股 0.31 美元。調整後的淨收入和收益為 9,300 萬美元，即每股 1.59 美元。這比前一年調整後的收益下降了 11%，主要原因是銷售額比去年同期下降了 5%。

Turning to Slide #6. I'll now share a few comments on our full year results. Sales for the full year 2020 were $2.1 billion, a decrease of 3% compared to the prior year. This change in sales included a decrease in organic volumes of 4%, offset by growth related to acquisitions.

翻到幻燈片#6。現在我將就我們的全年業績分享一些評論。2020年全年銷售額為21億美元，較前一年下降3%。銷售額的變化包括有機銷售 4% 的下降，但被收購相關的成長所抵消。

The full year impact of currency translation differences was not significant. Excluding the noncash impairment charge, cost reduction initiatives, acquired inventory step-up amortization and the discrete tax benefits adjusted operating profit was $454 million and diluted earnings per share were $5.48, a 7% decrease from the prior year adjusted earnings of $5.87.

貨幣折算差異對全年的影響並不顯著。不包括非現金減損費用、成本削減計畫、購買庫存遞增攤銷和離散稅收優惠，調整後的營業利潤為 4.54 億美元，稀釋每股收益為 5.48 美元，較上年調整後的每股收益 5.87 美元下降 7%。

EBITDA for the full year was $567 million or 27% of sales. Which is in line with our prior year EBITDA margin percent of sales. Now let's turn to Slide 7 and 8 to review the fourth quarter 2020 segment performance.

全年 EBITDA 為 5.67 億美元，佔銷售額的 27%。這與我們去年的 EBITDA 銷售利潤率百分比一致。現在讓我們翻到投影片 7 和 8 來回顧 2020 年第四季的分部表現。

Industrial Precision Solutions sales of $308 million decreased 8% compared to the prior year fourth quarter. This decline was driven in part by weaker demand in industrial and automotive end markets, where we had record sales in the prior year fourth quarter. Currency was favorable 2%, primarily driven by the strengthening of the euro, offset by an organic volume decrease of 10%.

工業精密解決方案銷售額為 3.08 億美元，與去年同期第四季相比下降了 8%。這一下降部分是由於工業和汽車終端市場需求疲軟，去年第四季我們的銷售額創下了歷史新高。貨幣匯率上漲 2%，主要受歐元走強推動，但有機銷量下降 10% 抵消了這一影響。

Adjusted operating profit for the quarter was $92 million or 30% of sales, which excludes the $87 million noncash impairment charge and $4 million in structural cost reduction actions.

本季調整後的營業利潤為 9,200 萬美元，佔銷售額的 30%，其中不包括 8,700 萬美元的非現金減損費用和 400 萬美元的結構性成本削減措施。

Despite the decrease in sales volume, cost control measures and sales mix improvements, enabled the segment to deliver the same 30% operating margin as the prior year fourth quarter. Structural cost reductions taken in the fourth quarter were primarily related to early retirement incentives offered to employees in the Industrial Coatings Systems division.

儘管銷售量下降，但成本控制措施和銷售組合改善使該部門實現了與去年第四季相同的 30% 的營業利潤率。第四季的結構性成本削減主要與為工業塗料系統部門員工提供的提前退休獎勵有關。

These actions will generate $3 million to $4 million in annualized savings starting in fiscal 2021. Advanced Technology Solutions sales of $250 million increased approximately 1% compared to the prior year fourth quarter. This change included a decrease in organic sales volume of 3%, an increase of approximately 2% related to acquisitions and a 1% increase related to currency. Continued sales volume growth in test and inspection product lines serving electronics end markets and steady demand in medical product lines were offset by weakness in fluid dispense product lines serving industrial and automotive end markets.

從 2021 財政年度開始，這些措施將帶來每年 300 萬至 400 萬美元的年度節省。先進技術解決方案銷售額為 2.5 億美元，與去年同期第四季相比成長約 1%。這項變更包括有機銷售額下降 3%，與收購相關的銷售額成長約 2%，以及與貨幣相關的銷售額成長 1%。服務於電子終端市場的測試和檢驗產品線的銷售量持續增長以及醫療產品線的穩定需求被服務於工業和汽車終端市場的流體分配產品線的疲軟所抵消。

Reported operating profit for the segment was $51 million, excluding onetime charges associated with the amortization of acquired inventory step-up adjusted operating profit was $52 million or 21% of sales.

該部門報告的營業利潤為 5,100 萬美元，不包括與收購庫存攤銷相關的一次性費用，調整後的營業利潤為 5,200 萬美元，佔銷售額的 21%。

The year-over-year decrease of 100 basis points in operating margin in the fourth quarter and the full year was driven by unfavorable product sales mix within the segment.

第四季和全年營業利潤率年減 100 個基點，原因是該部門的產品銷售組合不佳。

Finally, turning to the balance sheet and cash flow on Page 9.

最後，翻到第 9 頁的資產負債表和現金流量表。

We ended the quarter with a strong balance sheet and plenty of available borrowing capacity. Cash totaled $208 million and net debt was $898 million. Ending the quarter with a 1.6x leverage ratio based on the trailing 12 months EBITDA.

本季結束時，我們的資產負債表強勁，且擁有充足的可用借貸能力。現金總額為 2.08 億美元，淨債務為 8.98 億美元。根據過去 12 個月的 EBITDA，本季末的槓桿率為 1.6 倍。

Free cash flow in the quarter was $178 million. This brings the full year 2020 free cash flow total to $452 million. A conversion rate on adjusted net income of 141% as working capital liquidation and lower cash taxes paid contributed favorably to free cash flow in 2020.

本季自由現金流為 1.78 億美元。這使得 2020 年全年自由現金流總額達到 4.52 億美元。由於營運資金清算和支付的現金稅減少，調整後淨收入的轉換率為 141%，這對 2020 年的自由現金流產生了積極影響。

For modeling purposes, in fiscal 2021, assume an estimated effective tax rate of 21% and and capital expenditures of $50 million to $55 million.

為了建模目的，假設 2021 財年的預期有效稅率為 21%，資本支出為 5,000 萬至 5,500 萬美元。

In summary, our top line has held up well, considering the unique challenges of fiscal 2020. The team has taken constructive actions to manage costs, while also aligning our resources and product portfolio with the best profitable growth opportunities.

總而言之，考慮到 2020 財年的獨特挑戰，我們的營收表現依然良好。該團隊採取了建設性行動來管理成本，同時將我們的資源和產品組合與最佳獲利成長機會相結合。

We continue to maintain a strong balance sheet with sufficient liquidity to allow us to stay focused on long-term strategic initiatives to drive profitable organic and inorganic growth.

我們繼續保持強勁的資產負債表和充足的流動性，使我們能夠專注於長期策略舉措，推動獲利的有機和無機成長。

I will now turn the call back to Naga.

現在我將把電話轉回給 Naga。

Thank you, Joe. Let's turn to Slide 10. We're well positioned going into fiscal 2021. The we have been operating safely and efficiently in the pandemic environment.

謝謝你，喬。讓我們翻到第 10 張投影片。我們已經為進入 2021 財年做好了充分準備。我們在疫情環境下一直安全且有效率地運作。

We also have found creative ways to connect with our customers, whether it is virtual training, and tech support or safely distance on-site product implementations.

我們也找到了與客戶建立聯繫的創意方式，無論是虛擬培訓、技術支援或安全距離的現場產品實施。

For example, our adhesives team recently participated in the annual PACK EXPO, which is the largest North American packaging trade show. They rose to the challenge of this virtual event, showcasing our recent innovation through virtual demonstrations and videos.

例如，我們的黏合劑團隊最近參加了年度 PACK EXPO，這是北美最大的包裝貿易展。他們迎接了這次虛擬活動的挑戰，透過虛擬演示和影片展示了我們最近的創新。

No matter the environment, Nordson employees remain focused on innovation and delivering on the needs of our customers. I'm also pleased with the engagement of the team in adopting our NBS Next growth framework. This is truly about making a strong Nordson even stronger.

無論環境如何，諾信員工始終專注於創新並滿足客戶的需求。我也很高興看到團隊積極採用我們的 NBS Next 成長框架。這確實會讓強大的諾信變得更強大。

Fundamental to this framework is to select and invest in the best profitable growth opportunities. This data-driven, customer and product segmentation approach, which we refer to as strategic discipline, identifies where we create the greatest value for our customers.

該框架的基礎是選擇並投資最佳的獲利成長機會。這種數據驅動、客戶和產品細分的方法，我們稱之為策略原則，它確定了我們為客戶創造最大價值的地方。

It is the new capability that our team is learning. Using a data-driven segmentation approach in a consistent and disciplined way, division leaders across Nordson have been working to define their strategic business priorities. This framework empowers our division leaders to take action on the data and focus on the areas where we win. Our decision to divest the screws and barrels product line was based on critical insights gained from this data-driven segmentation approach. Realigning our portfolio is another step forward in positioning Nordson for long-term profitable growth.

這是我們的團隊正在學習的新能力。諾信各部門領導一直以一致且規範的方式使用數據驅動的細分方法，努力確定其策略性業務重點。該框架使我們的部門領導能夠根據數據採取行動並專注於我們獲勝的領域。我們決定剝離螺桿和機筒產品線是基於從這種數據驅動的細分方法中獲得的關鍵見解。重新調整我們的產品組合是諾信實現長期獲利成長的又一步。

This divestiture will improve earnings on a go-forward basis. It also gives our PPS leaders more time and energy to focus their resources on their differentiated and profitable product lines. This action exemplify the power of NBS Next, identify our business's core, simplify the areas that distract you from focusing and growing with your core strengths.

此次資產剝離將提高未來的獲利。這也使我們的 PPS 領導者有更多的時間和精力將資源集中在差異化和盈利的產品線上。這項舉措體現了 NBS Next 的力量，確定我們業務的核心，簡化那些分散您注意力並讓您無法利用核心優勢進行成長的領域。

The consistent deployment of our data-driven growth framework will complement Nordson's great strength of innovation, customer passion and culture and values. We'll continue to strengthen our newer capability by unleashing an entrepreneurial mindset at the division level, while also building deep and diverse winning teams.

我們數據驅動的成長框架的持續部署將補充諾信強大的創新實力、客戶熱情以及文化和價值觀。我們將透過在部門層面激發創業精神來繼續加強我們的新能力，同時建立深度和多元化的獲勝團隊。

We're very excited to announce that we will be hosting a virtual Investor Day on March 30, 2021. At this event, we will share more details about our long-term strategy, our differentiated product portfolio and our growth objectives. We will be sharing more information about the details of this event in January, but please save the date on your calendars for the morning of March 30.

我們非常高興地宣布，我們將於 2021 年 3 月 30 日舉辦虛擬投資者日。在本次活動中，我們將分享更多有關我們的長期策略、差異化產品組合和成長目標的細節。我們將在一月份分享有關此活動的詳細信息，但請在日曆上記住 3 月 30 日上午的日期。

Now for the outlook on Slide 11. As I previously mentioned, we are well positioned entering 2021. During the challenging year of 2020, we remain invested in what makes Nordson strong. the direct sales model and our innovative physician technology portfolio.

現在來看看第 11 張幻燈片上的展望。正如我之前提到的，我們已經為進入 2021 年做好了準備。在充滿挑戰的 2020 年，我們將繼續投資於使諾信更加強大的事業。直銷模式和我們創新的醫師技術組合。

Additionally, we were successful in advancing several aspects of our long-term growth strategy.

此外，我們在長期成長策略的多個方面也取得了成功。

As we begin fiscal 2021, backlog has increased approximately 5% compared to the same period a year ago, and the trailing 12-week order entry is 5% above prior year levels. That said, it remains a dynamic environment, and our business conditions are changing frequently as the world responds to the challenges of resurging COVID-19 virus. Given these factors, we're not providing annual guidance at this point.

在我們開始 2021 財年之際，積壓訂單量與去年同期相比增加了約 5%，過去 12 週的訂單量比去年同期高出 5%。儘管如此，環境仍然是動態的，隨著世界應對新冠疫情捲土重來的挑戰，我們的業務狀況也在不斷變化。考慮到這些因素，我們目前不提供年度指導。

However, we have a good line of sight to the fiscal 2021 first quarter. Based on current order entry trends, backlog amounts and the correlation to sales timing we expect the first quarter of 2021 sales growth to be approximately 2% to 3% with adjusted earnings growth in the range of 15% to 20% as compared to fiscal 2020 first quarter.

不過，我們對 2021 財年第一季的前景充滿信心。根據目前的訂單輸入趨勢、積壓訂單量以及與銷售時機的相關性，我們預計 2021 年第一季的銷售額成長率約為 2% 至 3%，調整後的獲利成長率將在 15% 至 20% 之間，與 2020 財年第一季相比。

As always, I want to thank our customers, employees and shareholders for your continued support.

一如既往，我要感謝我們的客戶、員工和股東的持續支持。

And with that, we will pause and take your questions.

現在，我們將暫停一下並回答您的問題。

(Operator Instructions) Your first question comes from the line of Allison Poliniak with Wells Fargo.

（操作員指示）您的第一個問題來自富國銀行的 Allison Poliniak。

Within the 5% order rate for this past couple of weeks, is there a noted vertical that's driving that? Or is it fairly broad-based here?

在過去幾週 5% 的訂單率中，是否有一個明顯的垂直因素推動了這個趨勢？或者說它在這裡的基礎相當廣泛？

Yes. Allison, thank you for your question. Let's just maybe talk in terms of specific end markets, that's probably the better way to answer that question.

是的。艾莉森，謝謝你的提問。我們不妨從具體的終端市場的角度來討論，這可能是回答這個問題的更好方法。

So if you think about our consumer nondurable business, what you're really finding is this is a recession resilient end market for us, food and beverage packaging. Adhesives have been trending slightly up and so our expectations are -- this is a better growth than what we have seen in some time.

因此，如果您考慮我們的非耐用消費品業務，您實際上會發現這對我們來說是一個能夠抵禦經濟衰退的終端市場，即食品和飲料包裝。黏合劑的趨勢一直略有上升，因此我們的預期是——這比我們一段時間以來看到的增長要好。

In the medical business, order rates remain stable, it still remains a dynamic environment. Remember there are parts of our medical business that is certainly impacted by elective surgeries or selective surgeries. But we also have fluid component parts of our business that has been serving biopharma end markets. And so -- and disposable single-use plastics as well. So that part of it is doing really well.

在醫療業務中，訂單率保持穩定，仍然是一個充滿活力的環境。請記住，我們的醫療業務的某些部分肯定會受到選擇性手術或選擇性手術的影響。但我們的業務中也有一些流體組成部分一直服務於生物製藥終端市場。還有一次性塑膠製品。所以這部分做得非常好。

So overall, medical is stable, still continuing to grow. In electronics, I would tell you that test and inspection business is really doing extremely well. They are driven by advanced components in semiconductors, camera modules.

所以整體來說，醫療是穩定的，仍在持續成長。在電子領域，我想告訴你，測試和檢驗業務確實做得非常好。它們由半導體、相機模組中的先進組件驅動。

In the quarter, we experienced double-digit growth. I would -- my expectations would be slightly lesser than that, but certainly high single digits is sort of where this is trending.

本季度，我們實現了兩位數的成長。我的預期會比這略低一些，但高個位數肯定是趨勢所在。

Our industrial business, I would tell you, is challenged, but things are starting to look up. We expect some recovery in the first quarter.

我想告訴你，我們的工業業務面臨挑戰，但情況正在開始好轉。我們預計第一季會出現一些復甦。

Our OEM businesses are moderating and automotive is a small part of the company. So it's not 1 single vertical, but differing rates of growth and trends that are trending up based on the end market.

我們的 OEM 業務正在放緩，汽車業務只占公司的一小部分。因此，它不是單一的垂直行業，而是根據最終市場呈現不同的成長率和趨勢。

Got it. That's helpful. And then just touching on the divestiture. I know your comment about it not necessarily being core to Nordson longer term. Is there somewhat of an impact -- a mix impact that you guys are thinking about when looking at these businesses as well in terms of the long-term profitability of the company? Or is that sort of just an aside at this point?

知道了。這很有幫助。然後談資產剝離。我知道您的評論是，從長遠來看，它不一定是諾信的核心。從公司的長期獲利能力來看，當你們考慮這些業務時，是否會有某種影響——混合影響？還是這只是暫時的題外話？

Joe, you want to take this one?

喬，你想拿這個嗎？

Yes. So when you think about the divestiture, as Naga mentioned in his script, this divestiture, which we hope to conclude, I would say, at the end of Q1 or early Q2, it will improve the ongoing earnings of Nordson.

是的。因此，當您考慮資產剝離時，正如 Naga 在其腳本中提到的那樣，我們希望在第一季末或第二季度初完成這項資產剝離，這將提高 Nordson 的持續盈利。

And specifically, I guess, to your question, the IPS segment and will also improve, therefore, the profitability profile.

具體來說，對於您的問題，我想 IPS 部分也將改善，因此盈利狀況也將改善。

But I would tell you, no different than Naga mentioned in his script, the most important and I think impactful, is the prioritization and the allocation of resources to those more attractive growth opportunities.

但我想告訴你，與納加在他的劇本中提到的沒有什麼不同，最重要的，我認為最有影響力的是優先考慮和將資源分配給那些更具吸引力的成長機會。

And so that's what really came through the MBS Next portfolio analysis and driving that focus in terms of our growth framework going forward.

這就是 MBS Next 投資組合分析的真正成果，也是我們未來成長框架的重點。

Our next question comes from the line of Matt Summerville with D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Matt Summerville。

A couple of questions. Maybe just to follow-up on the last point. Just internal review process that led to this divestiture announcement. Have you fully concluded that at this point? And should we expect any additional portfolio shaping actions here in the more immediate term?

有幾個問題。也許只是為了跟進最後一點。只是內部審查過程導致了這項資產剝離公告。您現在是否已經完全下結論了？我們是否應該期待在近期內採取任何額外的投資組合塑造行動？

Yes. Matt, thank you for your question. On NBS Next, portfolio analysis is a core part of NBS Next, which is really what we call strategic discipline. It is based on product segmentation and customer segmentation, it is an ongoing process. So based on what we looked at today with our PPS business, our decision was this part of the business doesn't really fit the kind of long-term differentiation as well as the growth potential that we are looking to have in the business. So that's sort of what it is.

是的。馬特，謝謝你的提問。在 NBS Next 中，投資組合分析是 NBS Next 的核心部分，這實際上就是我們所說的策略紀律。它基於產品細分和客戶細分，是一個持續的過程。因此，根據我們今天對 PPS 業務的觀察，我們的決定是，這部分業務並不真正符合我們希望在該業務中實現的長期差異化和成長潛力。事實就是這樣。

But there are parts of our PPS business, in this analysis, we do figure out that it has some pretty strong differentiation characteristics, some technical advantages, which we believe, will allow us to continue to grow this business within Nordson like profitability.

但是，在我們的 PPS 業務中，透過分析，我們確實發現它具有一些相當強大的差異化特徵和一些技術優勢，我們相信這些優勢將使我們能夠在 Nordson 內部繼續提高該業務的盈利能力。

So for the rest of the businesses, this is an ongoing process. And there's not so much about what you're not going to do, it is as much as what you're going to do more of, right?

因此對於其他企業來說，這是一個持續的過程。重要的不是你不會做什麼，而是你會做更多什麼，對嗎？

So as you think about our businesses, each of our divisions are going through portfolio analysis and they figure out what are the best growth opportunities? Where do we create the greatest value? How do we win? And focus disproportionately our resources and investments in that part of the company. So it's an ongoing process, and hopefully, that gives you some color.

因此，當您考慮我們的業務時，我們的每個部門都在進行投資組合分析，並找出最佳的成長機會？我們在哪裡創造最大的價值？我們如何才能獲勝？並將我們的資源和投資不成比例地集中在公司的這一部分。所以這是一個持續的過程，希望能夠給你一些啟發。

Yes. And then as a follow-up, when you look at kind of your implied organic guidance for the first quarter, probably flat to maybe down slightly because you'll have some FX tailwind and then some acquisition tailwind. Can you maybe talk about -- square that up a little bit with respect to your trailing order entry being up mid-single digits?

是的。然後作為後續行動，當您查看第一季的隱含機指導時，可能會持平或略有下降，因為您將有一些外匯順風，然後是一些收購順風。您能否談談——相對於您的尾隨訂單條目上升到中等個位數，將其稍微平衡一下？

And you mentioned some things maybe around the correlation with timing, et cetera. Can you maybe expand on that a little bit Naga?

您可能提到了一些與時間相關性等有關的事情。納加，你能稍微詳細闡述嗎？

Yes. I guess let me expand at some (inaudible) maybe Naga, you can expand on the trends that you're seeing in the orders. But you are correct. I mean, if you look at our Q1 guidance as it relates to the revenue, we assume there FX rate similar to what we had experienced in Q4 and so therefore, when you look at the Q1 guidance, the FX and the acquisition will be favorable to about the same degree they were in our Q4 performance, which, to your point, implies organic growth relatively flat on a year-over-year basis.

是的。我想讓我擴展一下（聽不清楚）也許 Naga，你可以擴展你在訂單中看到的趨勢。但你是對的。我的意思是，如果你看一下我們第一季的營收指引，我們假設外匯匯率與我們在第四季度經歷的類似，因此，當你查看第一季的指引時，外匯和收購將與我們在第四季度的業績大致相同，這意味著有機成長與去年同期相比相對持平。

Now I'll point out that organic growth of relatively flat is a significant improvement from the 7% decrease that we saw organically in Q4. And the 4% organic decrease in the full year 2020.

現在我要指出的是，相對平穩的有機成長與我們在第四季度看到的 7% 的有機下降相比有了顯著改善。2020 年全年有機降幅為 4%。

Also, I would add, if you look at what the revenue forecast implies for Q1, 2021, not only is it up 2% to 3% over 2020, Q1, but it's also up over Q1, 2019. And so said differently from a run rate standpoint, we're starting out the year north of 2019 levels.

另外，我想補充一點，如果你看看 2021 年第一季的營收預測，它不僅比 2020 年第一季成長 2% 至 3%，而且比 2019 年第一季有所成長。因此，從運行率的角度來看，我們今年的開局就高於 2019 年的水平。

And then one other comment I would make is, in your observation, 5% on the order entry and the 5% on the backlog. That 5% is calculated on a constant dollar basis.

然後我要說的另一點是，根據您的觀察，訂單輸入佔 5%，積壓佔 5%。該 5% 是按不變美元計算的。

So that's really what's driving our optimism in our attitudes and our positive outlook as we enter Q1 2021.

因此，當我們進入 2021 年第一季時，這才是真正推動我們保持樂觀態度和積極前景的因素。

Now that being said, we can clearly see there is a difference between timing and lead times in terms of shipments and order entry and backlog. And so that all has to be taken into consideration when we give the Q1 guidance. But when we look at that backlog and that order entry trend, that's what provides us that optimism heading into 2021. Hopefully that...

話雖如此，我們可以清楚地看到，在發貨、訂單輸入和積壓方面，時間和交貨時間之間存在差異。因此，當我們給出第一季指引時，必須考慮到所有因素。但當我們觀察積壓訂單和訂單輸入趨勢時，我們會發現，這讓我們對 2021 年充滿樂觀。希望如此...

Matt, what I would add to that is really, that timing really depends on various different businesses, right? There are certain businesses like our medical business is pretty much not a backlog kind of business. It's more of a book and ship kind of business. But if you contrast that with an ICS business, that is more backlog oriented.

馬特，我想補充的是，時間確實取決於不同的業務，對嗎？有些業務，例如我們的醫療業務，基本上不屬於積壓業務。這更像是一種圖書和船舶業務。但如果將其與 ICS 業務進行對比，就會發現它更加重視積壓。

You get the order, then you have a large system that you have to put together and then our aftermarket parts revenues are pretty much booked and shipped. And in our adhesive business is somewhere in between. It is more standard products that you're customizing or configuring to sell.

您收到訂單後，您需要組裝一個大型系統，然後我們的售後零件收入基本上就被預訂和發貨了。而我們的黏合劑業務則處於兩者之間。您定製或配置以銷售的更多是標準產品。

So depending on a business, depending on where it is, there is a correlation of timing that we talk about.

因此，根據業務情況和所處位置，我們談論的時間相關性是存在的。

Our next question comes from the line of Jeff Hammond with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jeff Hammond。

Maybe just give us a 5G update. We're seeing new phones get rolled out with 5G. Just what are you seeing in terms of a CapEx cycle? And on the mobile side as well as 5G infrastructure?

也許只是給我們一個 5G 更新。我們看到新款手機都搭載了 5G 技術。就資本支出週期而言，您看到了什麼？那麼在行動端以及5G基礎設施方面呢？

Yes. Let me talk about that broadly, Jeff. What we are seeing in the business is 5G related, but more broadly, digital acceleration is really driving the electronic supply chain within our businesses. And most prominently, where we are seeing this kind of activity in digital acceleration is in the semiconductor side of the business.

是的。讓我廣泛地談論這個問題，傑夫。我們在業務中看到的與 5G 相關，但更廣泛地說，數位加速確實正在推動我們業務中的電子供應鏈。最突出的是，我們看到這種數位加速活動是在半導體業務方面。

So in the semicon business, we're seeing some incredible and really nice demand patterns that are emerging for our test and inspection business, and that is really what you're seeing the strength of.

因此，在半導體業務中，我們看到測試和檢驗業務出現了一些令人難以置信且非常好的需求模式，而這正是您所看到的優勢。

In terms of 5G, some of the semicon are related to 5G, but not entirely, right? This is really mostly because of a contract for economy that is beginning to emerge, virtual conferences, virtual investor discussions, how you order your Christmas gifts, how you order or you go to? All of this is really an example of how this contact-free economy and digital acceleration that is really driving the growth of semiconductor.

就5G而言，有些半導體與5G有關，但不是全部，對嗎？這實際上主要是因為開始出現的經濟契約、虛擬會議、虛擬投資者討論、您如何訂購聖誕禮物、如何訂購或如何去？所有這些都是真正推動非接觸式經濟和數位化加速推動半導體成長的例子。

So if you want to think about our electronic business, not so much with the mobile revelation, how we thought about our business than in the last decade where mobile revolution was really the biggest growth driver for us.

因此，如果你想考慮我們的電子商務，與其說是行動啟示，不如說是我們如何看待我們的業務，而不是過去十年，行動革命確實是我們最大的成長動力。

But going forward, you want to think about our electronic business more in terms of digital acceleration. So that will mean 2 to 3x CDP kind of growth over the long cycle.

但展望未來，您需要更多地從數位化加速的角度來考慮我們的電子商務。所以這意味著在長期內 CDP 的成長將達到 2 到 3 倍。

And on infrastructure, it is still slow. We're continuing to get orders. We're continuing to work on those things. But it is not at the same rate as one you would expect. So 5G in our mind is still an emerging opportunity.

在基礎設施方面，它仍然進展緩慢。我們仍在繼續接到訂單。我們正在繼續致力於這些事情。但其成長速度與你所期望的並不相同。所以在我們看來5G還是一個新興的機會。

Okay. And then medical, you characterized as stable. And I guess, I think its business is historically kind of a high single digit, low double digit grower? And maybe I'm just assuming stable means a little bit of growth. But I'm just trying to understand the how you think the growth rate shapes up for medical and kind of these puts and takes around elective surgeries may be coming back as we get vaccine distribution versus kind of comps from PPE equipment, et cetera?

好的。然後醫療狀況，您將其描述為穩定。我想，我認為它的業務從歷史上看是一種高個位數、低兩位數的成長？也許我只是認為穩定意味著一點點的成長。但我只是想了解，您認為醫療產業的成長率會如何變化，隨著疫苗的分發以及個人防護設備等的普及，選擇性手術的投入和產出可能會回升嗎？

Yes. So I think that's a great question, Jeff. In terms of our medical business, there are really 2 parts to the medical business that sort of allow us to have flat to low single digits.

是的。所以我認為這是一個很好的問題，傑夫。就我們的醫療業務而言，實際上有兩個部分使我們的成長率保持穩定至個位數。

But you've got to remember the context. The context really is our net device customers are down 10%, 15%. So that's the context. And so why are we doing it better than -- in that context, it's really because we have a fluid component business which is really serving the biopharma end markets as well as fluid components for COVID-type therapies, right?

但你必須記住上下文。事實上，我們的網路設備用戶下降了 10%、15%。這就是背景。那麼，為什麼我們做得更好呢？在這種情況下，這實際上是因為我們擁有流體組件業務，該業務實際上服務於生物製藥終端市場以及 COVID 型療法的流體組件，對嗎？

So what you're finding is our fluid component business is doing incredibly well, which is muting some of the declines we are seeing in our interventional component business, which is directly correlated to the selective surgeries and elective surgeries.

因此，您會發現我們的流體組件業務表現非常好，這減輕了我們在介入組件業務中看到的一些下滑，這與選擇性手術和擇期手術直接相關。

So big picture, if you think about our elective selective surgery kind of related component business, it is down a little bit, down a bit.

所以從總體上看，如果你考慮我們的選擇性手術類相關組件業務，它有一點點下降。

In the long term, all of the drivers, aging population, single-use component, outsourcing or med device component. All of those are intact as things normalize, we will return to mid- to high single-digit kind of growth for this business, and that's our expectation.

從長遠來看，所有驅動因素包括人口老化、一次性組件、外包或醫療設備組件。隨著一切恢復正常，所有這些都完好無損，我們的業務將恢復到中高個位數的成長，這是我們的預期。

And right now, in this transition, if you think about elective surgeries, in July, they were down about 75%. There were 75% of pre-COVID levels. elective surgeries were. And our expectation was they were going to improve, but they have not. So as as these elective surgeries improve what you're going to find is that we will benefit from it, and we will return to our mid-single digits, high-single digits kind of growth in the medical business.

而現在，在這個過渡時期，如果你考慮選擇性手術，7 月手術量下降了約 75%。達到了新冠疫情前水準的 75%。選擇性手術是。我們期望他們會有所進步，但事實並非如此。因此，隨著這些選擇性手術的改善，您會發現我們將從中受益，並且我們的醫療業務將恢復到中等個位數、高個位數的成長。

So let me stop there. If you have any follow-up is something we'll be happy to...

我就此打住。如果您有任何後續事宜，我們將很樂意...

No, that's great. Just maybe last one. I understand the uncertainty, just give us a sense of what you need to see or I don't know if it's just a couple of more quarters before you kind of flip to a more full year kind of outlook?

不，那太好了。也許只是最後一個。我理解這種不確定性，請告訴我們您需要看到什麼，或者我不知道是否還需要幾個季度才能轉向全年的展望？

Yes. Joe, you want to take that?

是的。喬，你想拿走那個嗎？

Yes. Our hope is that our visibility will improve or I should say, our confidence as it relates to the volatile time that we're in with the pandemic here in Q1 and Q2. And so our hope is that by the time we have our Investor Day that Naga referenced, we will resume annual guidance at that time.

是的。我們希望我們的知名度能夠提高，或者我應該說，我們的信心能夠提高，因為這與我們在第一季和第二季所處的疫情動盪時期有關。因此，我們希望，當我們迎來 Naga 提到的投資者日時，我們將恢復年度指導。

Your next question comes from the line of Andrew Buscaglia with Berenberg.

您的下一個問題來自 Berenberg 的 Andrew Buscaglia。

Yes. I wanted to ask on digging a little deeper in that electronics component within ATS. So there's a lot of -- last year, there was a lot of optimism brewing into 2020. And obviously, there's a lot of things get to navigate on dealing with trade and then the pandemic. So I guess, into this year, I guess, how do you how do you view things on a relative basis versus historical cycles for that segment? And as the year progresses, I guess, what are some of the signs we should be on a look out forward, see how that how that business shapes up?

是的。我想進一步了解 ATS 中的電子元件。因此，去年人們對 2020 年充滿樂觀情緒。顯然，在處理貿易和疫情方面還有很多事情需要處理。所以我想，到了今年，您如何從相對基礎和歷史週期的角度來看待這個領域？我想，隨著時間的推移，我們應該關注哪些跡象，看看業務如何發展？

Yes. Andrew, thank you. The electronics business, what has happened with our electronics business is something that we've been talking about for a while. If you think about historical, go back a decade ago, over the last decade, Nordson benefited by this incredible mobile revolution, where you went from 30 million phones to about 1.5 billion phones worldwide.

是的。安德魯，謝謝你。電子業務，我們的電子業務所發生的事情是我們一直在談論的事情。如果你回顧歷史，回顧十年前，在過去十年中，諾信受益於這場令人難以置信的行動革命，全球手機數量從 3,000 萬支增加到約 15 億支。

It was an incredible time of change, incredible amount of things changing in the mobile technology. Nordson play contributed incredible technology and value to our customers benefited from it, and that's what we saw. As you think about the next decade, and that's sort of what we have lined right now, that mobile revolution is a once in a lifetime kind of event. And what you're going to see is a much more normal kind of growth, still pretty strong growth, 2 to 3x GDP.

那是一個令人難以置信的變革時代，行動科技領域發生了令人難以置信的變化。諾信發揮貢獻了令人難以置信的技術和價值，我們的客戶從中受益匪淺，這就是我們所看到的。當你思考下一個十年時，這就是我們現在所討論的，行動革命是一生一次的事件。你將會看到一個更正常的成長，仍然相當強勁的成長，是GDP的2到3倍。

And so the way we plan and think about our business is, we think about 2 to 3x growth across the electronic supply science, not just mobile, but clearly, in our view, as we work with our customers and what we see in our businesses, what we find the greater drivers are digital exploration, which we've talked about, right? A contactless economy, virtual conferences, virtual way of doing business, virtual way of buying grocery, virtual of ordering Christmas gifts, many different ways you think about it, this virtual economy, this contactless economy is continuing to grow, which is leading to digital acceleration on infrastructure in capabilities certainly, all of this adds to supply improvement and order trends that are across the supply chain.

因此，我們規劃和思考業務的方式是，我們認為整個電子供應科學領域（不僅僅是移動領域）的增長速度要達到 2 到 3 倍，但顯然，在我們與客戶合作的過程中，根據我們在業務中看到的情況，我們發現更大的驅動力是數位探索，我們已經討論過了，對吧？非接觸式經濟、虛擬會議、虛擬做生意的方式、虛擬購買雜貨的方式、虛擬訂購聖誕禮物的方式，從許多不同的角度來看，這種虛擬經濟、這種非接觸式經濟正在持續增長，這無疑將導致基礎設施能力的數位化加速，所有這些都促進了整個供應鏈的供應改善和訂單趨勢。

And Nordson has done a really nice job over the last decade to diversify from just 1 particular product category to multiple, semiconductors, components, end products, PCBs. So we're diversified across the electronic supply chain. And so we'll benefit from that. And we diversified it to test and inspection. And so what you really see is this titular acceleration, all of this leading to complex devices, complex components, leading to 100% inspection, in-line inspection in some cases. All leading to our test and inspection business doing really well.

過去十年來，諾信在產品多元化方面做得非常出色，從單一特定產品類別擴展到多個產品類別，包括半導體、組件、最終產品和 PCB。因此，我們的電子供應鏈實現了多元化。因此我們將從中受益。並且我們將其多樣化以進行測試和檢查。所以你真正看到的是這種名義上的加速，所有這些都導致了複雜的設備、複雜的組件，導致 100% 的檢查，在某些情況下甚至是在線檢查。這一切都使得我們的測試和檢驗業務表現良好。

So our expectation is 2 to 3x. And it is a different kind of growth when compared to what you experienced in the last decade.

所以我們的預期是 2 到 3 倍。與過去十年所經歷的成長相比，這是一種不同的成長。

Yes. Okay. With this NBS Next, using data to kind of understand your business a little bit better. You obviously found a divestment in there. But what about -- is this influencing any change potentially on the acquisition side as to maybe another adjacent subsegment that you'd like to be in? Or is the focus going to remain on test and inspection in medical?

是的。好的。透過這個 NBS Next，您可以使用數據來更好地了解您的業務。你顯然在那裡發現了一筆撤資。但是——這是否會對收購方面產生任何潛在影響，例如對您想要進入的另一個相鄰子領域產生影響？或者重點仍將放在醫療檢測和檢查上？

So as you think about it, we didn't talk about this when we which when we clarified, our focus is going to be on test and inspection and medical. But really, that is what was behind. We -- at that time, did not publicly talk about NBS Next because we were still in the process of building it. But really, what drove our focus to focus on test and inspection and medical is really a concerted view inside the company on how the portfolio was and where was the greatest growth opportunities, what were the most differentiated parts of the company, which have the greatest growth potential is sort of what it led us to this focus around test and inspection and medical.

所以，正如您所想，我們在澄清時並沒有談論這一點，我們的重點將放在測試、檢查和醫療上。但事實上，這才是背後的原因。我們當時沒有公開談論 NBS Next，因為我們仍處於建置過程中。但實際上，促使我們將重點放在測試、檢驗和醫療上的原因實際上是公司內部對產品組合如何、哪裡有最大的成長機會、公司最具差異化的部分是什麼、哪些具有最大的成長潛力的一致看法，這促使我們將重點放在測試、檢驗和醫療上。

We have opportunities to scale up both these businesses and have a meaningful impact on growth of the company. Should we ever get in a place where we run out of ideas in scaling up these 2 businesses. We have an innovation team within the company that is always looking for new market spaces that have characteristics that are very similar to Nordson. Do we like the company? Do we like the market what is the growth potential? What is the level of differentiation.

我們有機會擴大這兩項業務，並對公司的成長產生有意義的影響。我們是否應該陷入在擴大這兩項業務方面江郎才盡的境地？我們公司內部有一個創新團隊，一直在尋找具有與諾信非常相似的特徵的新市場空間。我們喜歡這家公司嗎？我們喜歡這個市場嗎？它的成長潛力如何？分化程度如何。

So should we ever run out of ideas? We don't rule out the opportunity to expand into a newer space, should that need to happen.

那麼，我們是否也會有想法枯竭的時候呢？如果需要的話，我們不會排除擴展到新領域的機會。

Your next question comes from the line of Saree Boroditsky with Jefferies.

您的下一個問題來自 Jefferies 的 Saree Boroditsky。

As part of the NBS Next portfolio analysis, was there any businesses or product lines that you found were being underfunded that you want to focus on growing organically going forward?

作為 NBS Next 投資組合分析的一部分，您是否發現某些業務或產品線資金不足，而您希望在未來專注於實現有機成長？

I think that's a great question. That is one of the things that we are really laser-focused on is this decision also -- there are 2 ways to think about this. One, it's a consistent, disciplined way of looking at opportunities in the company. But more importantly, that analysis and that decision-making now happens at our division level at the company level, it is great to understand where you want to be, but it is even more powerful when you look at the businesses and you look at some segments within the business, where the greatest opportunities are and as our division leaders have set their strategic growth priorities, what we are finding is that our leaders are making those decisions. The company has done a really nice job of staying invested in customer passion and staying invested in innovation.

我認為這是一個很好的問題。這也是我們真正關注的事情之一，也是這個決定——有兩種方式來思考這個問題。首先，這是公司內部尋找機會的一致且規範的方式。但更重要的是，這種分析和決策現在發生在我們公司層面的部門層面，了解你想要達到的目標固然很好，但當你審視業務並審視業務中的某些部分時，它會更加有力，最大的機會就在哪裡，當我們的部門領導設定了他們的戰略增長重點時，我們發現我們的領導正在做出這些決定。該公司在持續投資於客戶熱情和創新方面做得非常出色。

So I wouldn't say there's a complete switch. But are we discovering opportunities? Yes. And I think I am more excited about the fact that now these decisions are made much closer to the customer, much closer to action and knowledge. And I think that's probably the shift that we are making.

所以我不會說這是一個徹底的轉變。但我們是否發現了機會？是的。我認為更讓我興奮的是，現在這些決策更貼近客戶，更貼近行動和知識。我認為這可能就是我們正在做出的轉變。

And then lastly, as we think about the backdrop for industrial spending next year, what are you hearing from customers as far as appetite for capital spending?

最後，當我們考慮明年工業支出的背景時，您從客戶那裡聽到了什麼有關資本支出的需求？

As we talked a little bit about our industrial business, it remains challenged, but we're starting to -- from the middle of the year to now, sequentially, the orders have continued to improve and continue to grow. And we see some of that in our industrial businesses. So as we think about it, it remains a dynamic environment. But our expectations are that it is trending up, and we expect some recovery in the first quarter.

正如我們談到我們的工業業務時所說，它仍然面臨挑戰，但我們開始——從年中到現在，訂單量持續改善並持續成長。我們在工業業務中也看到了一些這樣的情況。所以當我們思考它時，它仍然是一個動態的環境。但我們預計它呈上升趨勢，我們預計第一季會出現一些復甦。

Joe, I would just add to your comment on the NBS Next. If you look at our SG&A, we did take several actions during the back half, particularly of 2020 to lower our structural cost. That said, those accidents were very strategic, focused on business as identified in areas identified through the NBS Next framework.

喬，我只是想補充你對 NBS Next 的評論。如果你看一下我們的銷售、一般和行政費用 (SG&A)，你會發現我們在下半年，特別是 2020 年，確實採取了一些措施來降低我們的結構性成本。也就是說，這些事故非常具有策略性，重點在於 NBS Next 框架確定的領域中的業務。

At the same time, it also allowed us areas where we want to invest, as no get mentioned. So if you look at our product development costs on the full year and in the quarter, it was actually flat for the full year. Up in the quarter. So there are areas where we continue to invest, and there are areas where we are taking strategic, I would say, structural cost reduction actions.

同時，它也為我們提供了我們想要投資的領域，正如我們之前所提到的。因此，如果您查看我們全年和本季的產品開發成本，您會發現全年實際上是持平的。本季上漲。因此，有些領域我們會繼續投資，有些領域我們正在採取策略性、結構性的成本削減措施。

Our next question comes from the line of Mike Halloran with Baird.

我們的下一個問題來自貝爾德公司的 Mike Halloran。

So some thoughts on the margin profile as you work through fiscal '21. Maybe just help us in puts and takes, how you think about incremental margins and what some of the structural cost improvement initiatives? Can you provide as a tailwind, mix, any other puts and takes we need to think about. Obviously, the divestiture is coming up that will help with the mix. But beyond that, how should we think about some of the key buckets in the fiscal '21?

因此，當您在 21 財年工作時，請對利潤率狀況進行一些思考。也許只是幫助我們了解投入和產出，您如何看待增量利潤以及一些結構性成本改善措施？您能否提供順風、混合以及我們需要考慮的任何其他因素。顯然，即將進行的資產剝離將有助於實現混合。但除此之外，我們該如何看待21財年的一些關鍵問題？

Okay. Mike, I think in general, let me give you a broad -- broadly how we think about this, and then Joe can walk you through the presentation, all of that, right? So in general, the expectation for us is that as our revenues grow, our expectation on incremental should be north of 45%. That's sort of how we're thinking about it in the business.

好的。麥克，我認為總的來說，讓我給你一個大致的——大致上我們是如何看待這個問題的，然後喬可以向你介紹所有這些，對嗎？因此，總體而言，我們的預期是，隨著收入的成長，增量預期應該在 45% 以上。這就是我們在業務中思考的問題。

So that allows us, with a 54% gross margin (inaudible) an inability to invest back in the business to continue to grow. So with that, why don't I get Joe to talk to you about the details of the various put on rates.

因此，在毛利率為 54%（聽不清楚）的情況下，我們無力再投資於業務以繼續成長。那麼，我為什麼不讓喬跟你談談各種利率的細節呢？

Yes. So when you think about the incremental margins, I mean, our guidance here in Q1. I think our high incremental margin sequentially and, I should say, on a year-over-year basis, because that is where you're seeing the benefits of some of those structural cost reduction actions. In the Q1 numbers. But I would go back to Q4, and I'd just point out, I mean, quite pleased with the IPS, 30% OP as a percent of sales and that was nice sequential incremental margins there when you look at it compared to Q3.

是的。因此，當您考慮增量利潤時，我的意思是我們在第一季的指導。我認為我們的利潤增量是連續的，而且應該說是同比的，因為我們從中看到了一些結構性成本削減措施帶來的好處。在第一季的數據中。但我要回到第四季度，我只想指出，我的意思是，對 IPS 相當滿意，30% 的 OP 佔銷售額的百分比，與第三季度相比，這是不錯的連續增量利潤率。

And so it just -- it highlights that, that particular business, with some modest growth can really drop some nice incremental margins north of 50%. And so that 30% is back to the a 2019 level. But also even if you look at Q2, Q3 back in '19, when that business is north of $300 million, doing 29%, 30% margins is something it can do.

因此，它強調了，特定業務在適度增長的情況下，確實可以將一些可觀的增量利潤率降至 50% 以上。因此 30% 又回到了 2019 年的水準。但即使你回顧 2019 年第二季度和第三季度，當該業務價值超過 3 億美元時，實現 29% 到 30% 的利潤率也是可以做到的。

So it's nice to see that bounce back from the Q3, which was a little bit depressed. Some of those items we viewed as temporary, and it's nice to see that they were temporary in nature.

因此，很高興看到經濟從略顯低迷的第三季中反彈。我們認為其中一些項目是暫時的，很高興看到它們本質上是暫時的。

And then on the capital deployment side, on the externally, obviously, internal is the priority. But what's the acquisition side look like? How are you thinking about buybacks, anything like that and what the prioritization looks like internally as well as what the opportunity set, how realistic would it be to move the needle on the acquisition side?

那麼在資本配置方面，從外部來看，顯然內部是優先考慮的。但收購方是什麼樣的呢？您如何看待回購等類似事項？內部的優先順序如何？機會如何？在收購方面，推動這些事項是否現實？

Yes. So from a priority standpoint, as you mentioned, organic generally generates the best return at the lowest risk. And so we continue to organically invest in the business. That being said, it's relatively capital light. And doesn't demand a lot from our free cash -- of our cash flow from operations, which are quite strong.

是的。因此，從優先順序的角度來看，正如您所提到的，有機通常以最低的風險產生最佳的回報。因此，我們繼續對該業務進行有機投資。話雖如此，但其資本相對較少。而且對我們的自由現金需求不大──我們的經營活動現金流相當強勁。

And so we're a committed dividend payer, as you know, and dividend increaser. We would like to do share buybacks to offset dilution. But beyond that, we're really focused on the acquisition side. And it's been a challenging 2020 and the M&A market. That being said, quite pleased that we were able to make progress with the Fluortek with vivaMOS and you know them, they announced divestiture as well. I will tell you that no different than the factories are learning how to operate, produce product safely in this environment. The M&A community is also figuring out how to do deals in this environment. And so the market for M&A, I would tell you, our activity level is improving.

因此，如您所知，我們是一家致力於支付股息和增加股息的公司。我們希望透過回購股票來抵消股權稀釋。但除此之外，我們真正關注的是收購方面。2020 年對於併購市場來說是一個充滿挑戰的一年。話雖如此，我們很高興能夠與 vivaMOS 在 Fluortek 上取得進展，而且你知道，他們也宣布了資產剝離。我會告訴你，這與工廠在這種環境下學習如何操作、安全地生產產品沒有什麼不同。併購界也在思考如何在這種環境下完成交易。因此，我想告訴你們，我們的併購市場活動水準正在提高。

And so we do remain active. We are very strategically focused based on the NBS Next framework that Naga has reviewed with you and where our growth opportunities are. So we are actively, I would say, Mike, actively working and to deploy capital through the acquisitions and the pipeline is growing as I would characterize it.

因此我們確實保持活躍。我們非常注重策略重點，以 Naga 與您一起審查的 NBS Next 框架以及我們的成長機會為依據。所以我想說，麥克，我們正在積極地工作，並透過收購來部署資本，而且正如我所描述的那樣，管道正在不斷增長。

Our next question comes from the line of Christopher Glynn with Oppenheimer.

我們的下一個問題來自奧本海默公司的克里斯托弗·格林。

I had a question about the -- I just want to kind of go for a high-level revisit of the T&I momentum and review of the compounding dynamics you have there. I'm really curious about what you're driving in terms of succession pattern of new capabilities versus adoption of the iterations the technology iterations you've introduced over the past year plus. And how those 2 factors converge towards this ideal of 100% online testing capabilities?

我有一個問題——我只是想從高層次重新審視 T&I 的勢頭，並回顧那裡的複合動態。我真的很好奇，就新功能的繼任模式以及過去一年多來您引入的技術迭代的採用而言，您推動的是什麼。那麼這兩個因素如何共同實現 100% 線上測試能力這一理想呢？

Yes. And I think it's a great question, Chris. And it's an area that we are doing a lot of work in an area that has a lot of promise for the company. Just sort of if you step back a bit, if you think about our test and inspection business today, it is -- it has 2 major sort of -- maybe 3 major product technologies. First is x-ray inspection. Second one is acoustic imaging.

是的。我認為這是一個很好的問題，克里斯。我們正在這個領域做大量工作，這個領域對公司來說很有前景。如果你稍微退一步思考一下，想想我們今天的測試和檢驗業務，它有 2 種主要產品技術——也許是 3 種主要產品技術。首先是X射線檢查。第二個是聲學成像。

Third one is mechanical testing where we do some wire bound testing. We do optical inspection as well, but it is a smaller part of the company. So major product lines really be our x-ray imaging, think about acoustic imaging and think about mechanical testing.

第三個是機械測試，我們進行一些線綁定測試。我們也進行光學檢查，但這只是公司較小的一部分。因此，主要的產品線實際上是我們的X射線成像、聲學成像和機械測試。

We fundamentally believe that the acoustic imaging and x-ray imaging are going to continue to grow for us as these devices get more complex. And a couple of applications. So take a little bit -- one more step deeper into the product application.

我們從根本上相信，隨著這些設備變得越來越複雜，聲學成像和 X 射線成像將會繼續發展。還有一些應用程式。因此，請再進一步深入研究產品應用。

So if you think about a complex semiconductor package that is being manufactured. In the past, they were sampled and you ensure that the manufacturing process was stable and the product quality was really good.

因此，如果您考慮正在製造的複雜半導體封裝。過去，他們會進行抽樣，以確保製造過程穩定，產品品質確實良好。

But as these devices get a lot more complex, now you're really interested in because these devices now have greater functionality, the risk of failure and the potential impact on the customers' experience is so high that these semiconductor packages are now getting inspected 100%.

但隨著這些設備變得越來越複雜，現在你真正感興趣的是，因為這些設備現在具有更強大的功能，故障的風險和對客戶體驗的潛在影響非常高，以至於這些半導體封裝現在要接受 100% 的檢查。

So that's sort of the need. In terms of what is it our customers are looking for? The customers are really looking for, not only whether the bonds were made. But they're more looking for all the things that they need isn't in there. Is it in the right size?

這就是我們需要的。就我們的客戶而言，他們正在尋找什麼？客戶真正關心的不僅僅是債券是否已經發行。但他們更想尋找的是他們所需要的所有東西都不在那裡。尺寸合適嗎？

So now all of a sudden, 3D metrology with x-ray inspection becomes a lot more greater and real and online rather than what was a good feature to have. So as it translates to the company, what it really means is, do we have the resolution, which we've always been really good at we have the speed? And do we have the lowest signal noise, low, right?

因此，現在突然之間，具有 X 光檢測的 3D 計量變得更加強大、更加真實、更加在線，而不僅僅是一個好的功能。所以當它轉化為公司時，它真正的意思是，我們是否有解決方案，我們一直非常擅長，我們有速度嗎？我們的訊號雜訊是否最低，低，對嗎？

So those 3 things really now matter as you think about the new acquisition we made, it was a technology acquisition that CMOS sensor, image sensor, and it provides all those three, provides a unique combination of higher speed, higher resolution and lower noise.

因此，當您考慮我們進行的新收購時，這三件事現在真的很重要，這是一項技術收購，CMOS 感測器、影像感測器，它提供了所有這三種技術，提供了更高速度、更高解析度和更低噪音的獨特組合。

And so as we build out our inspection capability, you're going to find this and technologies that allow us to help our customers inspect things more in real-time and at a faster rate, higher resolution, lower noise level. And we're going to add capability that allows us to do more 3D metrology than we have done in the past. So that's another 1 that's coming about.

因此，隨著我們檢測能力的增強，您會發現這些技術使我們能夠幫助客戶以更快的速度、更高的解析度、更低的噪音水平即時地進行檢測。我們將增加一些功能，使我們能夠進行比過去更多的 3D 計量。這就是即將出現的另一個 1。

And I would say the third is today, our business is very focused on our electronics. We do, and we're beginning early stages of diversifying that exposure into adjacent end markets. And this vivaMOS acquisition allows us to now think about, is it possible for us to become a component supply. It allows us to sell our image sensors and allows us to sell our tubes into end markets to other OEMs in end markets that we don't have a right to play in, but we have a right to be a component supplier because we have the best resolution in the market.

我想說的第三點是，今天我們的業務非常集中在電子產品上。我們確實如此，我們正開始將業務多元化到相鄰的終端市場。而這次 vivaMOS 的收購讓我們現在開始思考，我們是否有可能成為零件供應商。它使我們能夠銷售我們的影像感測器，並使我們能夠將我們的管子銷售到終端市場，銷售給終端市場中的其他 OEM，我們沒有權利進入這些市場，但我們有權成為零件供應商，因為我們擁有市場上最好的解析度。

We have the best, lowest noise level in the market. We have higher speed. So it's an exciting time in the test and inspection business. It's an area where we will continue to invest in. One that we did not talk about is some early days here is the defect classification is another big thing, right? I talked to you about image speed, low noise, but also defect classification is important because that allows our customers again to identify whether it's a good chip package or a batch impact.

我們擁有市場上最好、噪音水平最低的產品。我們的速度更快。因此，對於測試和檢驗行業來說，這是一個令人興奮的時刻。我們將繼續在該領域進行投資。我們沒有談論的是，早期的缺陷分類是另一件大事，對嗎？我和你談過圖像速度、低噪音，但缺陷分類也很重要，因為這可以讓我們的客戶再次識別它是一個好的晶片封裝還是批量影響。

So a lot of details there, but hopefully, that gives you how we are thinking about this business, where it is headed. It clearly has some good opportunities for organic growth. And opportunities for us to acquire.

這裡有很多細節，但希望這能讓您了解我們對這項業務的看法以及它的發展方向。顯然，它擁有一些良好的有機成長機會。以及我們獲得的機會。

Again, we'll be really thoughtful, as always, around what we acquire, how we acquire. We're going to be disciplined around acquiring things that makes Nordson stronger. We're not going to acquire for growth sake. We're not going to acquire undifferentiated commoditized products in custom inspection. We're going to be very focused around what makes Nordson strong, which is precision technologies, customer intimacy, really customer critical applications and how we add value and create value. And so that's where we're going to be focused on.

再次，我們將一如既往地認真考慮我們收購什麼以及如何收購。我們將嚴格執行收購政策，以增強諾信的實力。我們不會為了成長而進行收購。我們不會在海關檢查中收購無差別的商品化產品。我們將高度關注諾信的強大之處，即精密技術、客戶親密度、真正客戶關鍵應用以及我們如何增加價值和創造價值。這就是我們要關注的重點。

That's great detail and great bang for the buck on the question. Just a little housekeeping to close up. D&A and bias on working capital through the cash flow statement for fiscal '21? Any comment there, Joe?

對於這個問題，回答得非常詳細，而且非常有價值。只要做一點家事即可。透過 21 財年的現金流量表來了解折舊與攤提以及營運資本的偏差？喬，您有什麼評論嗎？

Yes. So quite pleased with our progress on working capital liquidation there in 2020, particularly the strength in Q4.

是的。因此，我們對 2020 年營運資金清算的進展感到非常滿意，尤其是第四季的強勁表現。

We improved, I would say, our efficiency around the AR side. And so when you look at the cash flow statement, you'll see it was on the AR. And it's not just a selling 3% or 5% less than we did in Q4, I should say, it was really improving the as we implement NBS Next and see that rollout, I think going forward, there's an opportunity on the inventory side. So really anxious as we go into 2021, just to continue to focus on the cash flow and do feel that there's some opportunities from an inventory efficiency side there.

我想說，我們提高了 AR 方面的效率。因此，當您查看現金流量表時，您會看到它在應收帳款中。而且這不僅僅是比第四季度少了 3% 或 5% 的銷售額，我應該說，隨著我們實施 NBS Next 並看到其推出，情況確實有所改善，我認為展望未來，庫存方面存在機會。因此，當我們進入 2021 年時，我們真的很焦慮，只想繼續關注現金流，並且確實感覺到從庫存效率方面存在一些機會。

Do you have a D&A figure for fiscal '21?

您有 21 財年的折舊及攤提資料嗎？

D&A, I don't have a figure yet. It's going to depend on the timing of this [indiscernible or I should say, the screw and barrel divestiture.

D&A，我還沒有數據。這將取決於這次[音頻不清晰，或者我應該說，螺絲和機筒剝離]的時機。

Your final question comes from the line of Chris Dankert with Longbow Research.

您的最後一個問題來自 Longbow Research 的 Chris Dankert。

Right, over this quickly, but I just want to make sure I'm understanding the dynamics. When we're looking at the ATS business specifically, as you characterize medical, stable, test and inspection up double digits, high singles. That really does kind of give the sense that dispense was extremely weak in the quarter kind of despite some of the other strengths going on in PCPs and semis. Am I thinking about that right? And I guess, just what was the key driver of the weakness in the quarter then on that core dispense business in advanced technology?

好的，很快就結束了，但我只是想確保我理解了其中的動態。當我們具體研究 ATS 業務時，您會發現醫療、穩定、測試和檢查的成長達到兩位數，而單數則達到高位。這確實讓人感覺到，儘管 PCP 和半導體領域出現了一些其他優勢，但本季的分配卻極其疲軟。我這樣想對嗎？那我想問一下，本季先進技術核心分配業務疲軟的主要原因是什麼？

Yes. I think it's a good question, Chris. Our dispense business, as you think about it, the benefited in the last decade from this mobile revolution. This incredible investment on mobile revolution. But we -- so we are benefiting from some projects that are related to semiconductor in that business, certainly benefiting from some projects in some newer features, but not to the same extent as we benefited in the past.

是的。我認為這是一個很好的問題，克里斯。正如您所想，我們的分配業務在過去十年中受益於這場行動革命。這是對行動革命的令人難以置信的投資。但是我們 - 因此我們從該業務中與半導體相關的一些項目中受益，當然也從一些新功能的項目中受益，但受益程度不如過去。

So you had a comp issue there for that business that we're working our way through. In general, our expectation for that business is as this comp patients get worked out, what you're going to find is it's going to be a nice 2% to 3% grower. It's not going to be the same kind of grower that it was, but the company was very thoughtful in diversifying into test and inspection.

所以你們在那項業務上遇到了補償問題，我們正在努力解決。總的來說，我們對該業務的預期是，隨著這些患者的康復，你會發現它將實現 2% 到 3% 的良好成長。它不會再是同一種類型的種植者，但該公司在向測試和檢驗領域多元化發展方面非常周到。

And so test and inspection, all of a sudden, is a really nice growth engine for us in the semiconductor side, and we'll benefit from it. And hopefully, that gives you how we're thinking about it internally.

因此，測試和檢查突然成為我們半導體領域的一個非常好的成長引擎，我們將從中受益。希望這能讓您了解我們內部對此的看法。

That's fair. That's fair. Naga and then I guess just lastly for me. When we look back at the other half of the business, adhesive dispensing, I guess, the coatings business versus hot melt, my assumption is that coatings is down pretty substantially and really driving the weakness in the fourth quarter here in hot melt was much more stable. Is that correct? Just kind of thoughts going forward?

這很公平。這很公平。然後我想對我來說，娜迦就是最後一個了。當我們回顧業務的另一半，即黏合劑分配，我想，塗料業務與熱熔膠業務相比，我的假設是塗料業務大幅下降，而真正導致第四季度熱熔膠業務疲軟的因素要穩定得多。對嗎？只是有一些未來的想法嗎？

Yes, yes. I think -- but you want to remember, our coatings business was one of those businesses that had an order -- substantial amount of orders slipped from third quarter of '19 to fourth quarter of '19. So if you think about fourth quarter by itself, yes, the coatings business had a significant headwind. But if you look at it from second half perspective for the coatings business, it was about mid teens. Still pretty high and was essentially one of the things.

是的，是的。我認為——但你要記住，我們的塗料業務是那些有訂單的業務之一——大量訂單從 2019 年第三季下滑到 2019 年第四季。因此，如果單獨考慮第四季度，塗料業務確實面臨巨大的阻力。但如果從下半年塗料業務的角度來看，其成長率大約在十幾歲左右。仍然相當高，並且本質上是其中之一。

So there's a comp issue and there is an industrial exposure ratio. And you're right about [indiscernible being in a much better place. Joe, you want to add some color to it?

因此，存在一個補償問題和一個工業暴露比率。你說得對，[音頻不清晰，處於一個更好的地方。喬，你想給它添加一些顏色嗎？

Yes. I would just add one thing. Your 2 questions there. The fluid dispense within ATS and then the ICS business within IPS. Sorry. Sequentially, we're seeing some nice improvements there. Those are the businesses that have the heavier industrial exposure.

是的。我只想補充一點。這是你的兩個問題。ATS 內進行流體分配，然後 IPS 內進行 ICS 業務。對不起。隨後，我們看到了一些不錯的改進。這些企業的工業風險敞口較大。

And so when you talk about Naga's comments as we went through the back half of '20, we saw that steady improvement in order rates. So while it's down year-over-year, from a trend standpoint, those businesses are seeing some improvement sequentially.

因此，當您談到 Naga 的評論時，當我們回顧 20 年下半年時，我們看到訂單率穩步提高。因此，儘管同比有所下降，但從趨勢來看，這些業務環比有所改善。

Thank you. This concludes our question-and-answer session. I will now turn the call back over to Naga for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給 Naga 作結束語。

All right. Thank you for your time and attention on today's call. We're well-positioned going into fiscal 2021. We remain focused on our long-term objective of making a strong notes and even stronger as we deploy NBS Next growth framework to prioritize organic and acquisitive growth opportunities while also unleashing an owner mindset within our customer-focused divisions. We wish you a happy holiday season.

好的。感謝您在今天的電話會議上所付出的時間和關注。我們已經為 2021 財年做好了充分準備。我們將繼續專注於我們的長期目標，即在部署 NBS Next 成長框架以優先考慮有機和收購成長機會的同時，在以客戶為中心的部門內釋放所有者心態，從而取得更強的成績。我們祝您節日快樂。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。