派克漢尼汾 (PH) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Parker-Hannifin Fiscal 2021 Fourth Quarter and Full Year Earnings Conference Call and Webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加派克漢尼汾 2021 財年第四季和全年財報電話會議和網路廣播。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Parker's Chief Financial Officer, Todd Leombruno.

現在我想將會議交給今天的發言人，帕克的財務長 Todd Leombruno。

Thank you, Dawn, and good morning, everyone. Thanks for joining our FY '21 Q4 earnings release webcast. As Dawn said, this is Todd Leombruno, Chief Financial Officer speaking. I'm here today with Tom Williams, our Chairman and Chief Executive Officer; and Lee Banks, our President and Chief Operating Officer.

謝謝黎明，大家早安。感謝您參加我們的 21 財年第四季財報發佈網路廣播。正如 Dawn 所說，我是財務長 Todd Leombruno。今天我和我們的董事長兼執行長湯姆威廉斯 (Tom Williams) 一起來到這裡。以及我們的總裁兼營運長李班克斯 (Lee Banks)。

If you could focus on Slide 2, this is the company's safe harbor disclosure statement addressing forward-looking statements and non-GAAP financial measures. Reconciliations for any non-GAAP measures are included in today's materials. Those reconciliations and our presentation are accessible under the Investors section at parker.com and will remain available for 1 year.

如果您可以關注投影片 2，這是該公司的安全港揭露聲明，涉及前瞻性聲明和非 GAAP 財務指標。今天的材料中包含了任何非公認會計原則措施的調節。這些對帳和我們的簡報可在parker.com 的投資者部分訪問，並將保留一年。

As usual, we'll start today with Tom providing some highlights for the quarter and our record fiscal year as well as some color on Parker's transformation. Following Tom's comments, I'll provide a brief financial summary and provide some details on our FY '22 guidance that we just released this morning. I'll then hand it back to Tom for closing comments. And then Tom, Lee and I will open the lines for Q&A.

像往常一樣，今天我們將由 Tom 介紹本季和我們創紀錄的財政年度的一些亮點，以及有關 Parker 轉型的一些內容。根據 Tom 的評論，我將提供簡短的財務摘要，並提供我們今天早上剛發布的 22 財年指導的一些詳細資訊。然後我會將其交還給湯姆以供結束評論。然後湯姆、李和我將打開問答線。

And just 1 reminder, in respect to the announcement we made Monday concerning the Meggitt acquisition, we are still bound by the requirement of the U.K. takeover code.

只是提醒一點，關於我們週一發布的有關 Meggitt 收購的公告，我們仍然受到英國收購守則的要求的約束。

With that, I'll ask you to move to Slide 3, and I'll hand it off to Tom.

接下來，我會請您轉到投影片 3，然後我會將其交給 Tom。

Thank you, Todd. Good morning, everybody. Thanks for joining us today.

謝謝你，托德。大家早安。感謝您今天加入我們。

This marks the end of FY '21 for us, and it was a difficult year personally and professionally for everybody due to COVID, but it was a year where the Parker team really shined. We delivered outstanding results and lived up to our purpose in enabling a better tomorrow, and my thanks goes out to the global team for just a great year, great quarter.

這標誌著我們 21 財年的結束，由於新冠疫情，對於每個人來說，無論是個人還是職業，這都是艱難的一年，但 Parker 團隊在這一年中真正大放異彩。我們取得了出色的成果，實現了創造更美好明天的目標，我感謝全球團隊度過了美好的一年和季度。

So let's start with the quarter. It was dynamite. Top quartile safety performance, 29% reduction in reportable incidents. The sales growth in the quarter was 25% approximately. Organic was almost 22%, and the industrial portion of the company grew at almost 27% in the quarter. We have 6 all-time quarterly records: sales, net income, EPS, segment margins for total Parker, as well as North America and international. The EBITDA margins were very strong at 21.8% as reported or 22.1% adjusted. That was 190 basis points improvement versus prior. On the segment operating margin, on an adjusted basis, if you go to last row, 22.2% or a 230 basis point improvement versus prior. Just a great quarter and a really great team effort by everybody around the world.

讓我們從本季開始。這是炸藥。安全績效名列前茅，可通報事故減少 29%。該季度的銷售額成長約為25%。本季度，該公司的有機成長近 22%，工業部分成長近 27%。我們擁有 6 個歷史季度記錄：銷售額、淨利潤、每股收益、帕克總利潤率以及北美和國際業務利潤率。 EBITDA 利潤率非常強勁，報告為 21.8%，調整後為 22.1%。與之前相比，提高了 190 個基點。在調整後的部門營業利潤率方面，如果你查看最後一行，與之前相比，提高了 22.2% 或 230 個基點。這是一個偉大的季度，也是世界各地每個人的團隊努力的結果。

Go to Slide 4, we'll move to the full year. It was a year of records, and I won't read all of these to you, but you can see 8 all-time fiscal year records. And just -- that's in the history of the company, so that's 104 years to put up a record. So it speaks to how well the team performed in this last fiscal year.

請轉到投影片 4，我們將轉到全年。這是創紀錄的一年，我不會把所有這些讀給你們聽，但你們可以看到 8 個財政年度的歷史紀錄。只是——這是公司的歷史，所以創下這份紀錄需要 104 年。因此，這說明了團隊在上一財年的表現如何。

Sales growth came in almost 5% year-over-year. Organic was flat, but clear momentum building on orders and organic growth in the second half of the year as you see from our order rates. FY '23 margin targets, we hit them at full 2 years early. And we'll be announcing new targets once we have Investor Day, March of next year, and we're going to go out for a new 5-year target, so we'll be going out to FY '26. We look forward to a discussion at that time.

銷售額較去年同期成長近 5%。自然成長持平，但下半年訂單和自然成長的勢頭明顯，正如您從我們的訂單率中看到的那樣。 23 財年的利潤率目標，我們提前兩年就達成了。一旦明年 3 月的投資者日到來，我們將宣布新的目標，我們將制定新的 5 年目標，所以我們將在 26 財年實現目標。我們期待屆時的討論。

Operating cash flow was $2.6 billion, a record, that was almost 18% of sales. Free cash flow conversion rate was 135%. And we were very pleased to be able to announce the offer to acquire Meggitt PLC, which greatly enhances our aerospace portfolio, and I'll touch on that briefly here in a few minutes.

營運現金流達到創紀錄的 26 億美元，幾乎佔銷售額的 18%。自由現金流轉換率為135%。我們非常高興能夠宣布收購 Meggitt PLC 的要約，這大大增強了我們的航空航天產品組合，幾分鐘後我將在此簡要討論這一點。

So if you go to Slide 5, I want to talk about the transformation of the company, give you a little bit of color behind what's driving it and the progress we're making on the results.

因此，如果您轉到投影片 5，我想談談公司的轉型，為您提供一些推動轉型背後的色彩以及我們在結果方面取得的進展。

And Slide 6 speaks to those 3 drivers: living up to our purpose, being great generators and deployers of cash, and being a top quartile performer. I'm going to touch on each one of these over the next several slides.

第 6 張投影片講述了這 3 個驅動因素：實現我們的目標、成為優秀的現金創造者和部署者、以及成為表現最佳的企業。我將在接下來的幾張投影片中逐一介紹這些內容。

When it comes to purpose, enabling engineering breakthroughs that lead to a better tomorrow. This is something that really resonates with our people. It represents a higher calling to your work, and it acts as our North Star. In the next few slides, I'm going to talk about and highlight our purpose in action, specifically our technologies and how they're helping health care and how they're helping the climate and create a more clean technology world for everybody.

說到目標，實現工程突破，帶來更美好的明天。這確實引起了我們人民的共鳴。它代表了您工作的更高使命，也是我們的北極星。在接下來的幾張幻燈片中，我將討論並強調我們的行動目的，特別是我們的技術以及它們如何幫助醫療保健以及它們如何幫助氣候並為每個人創造一個更清潔的技術世界。

So on Slide 8, we're going to talk about vaccine production, in particular, something that's obviously very pertinent for today, COVID-19 production.

因此，在幻燈片 8 中，我們將討論疫苗生產，特別是與今天密切相關的 COVID-19 生產。

On the left-hand side speaks to the challenges that drug manufacturers have today. This is a batch process typically, with extensive inventories, long lead times to produce these products. They take huge space requirements, large footprints for storage, large footprints with the manufacturing processes and very difficult changeovers. The cleaning cycles between the batch processes is very complicated.

左側講述了藥品製造商當今面臨的挑戰。這通常是一個批量過程，具有大量庫存，生產這些產品的交貨時間長。它們需要巨大的空間、巨大的儲存空間、巨大的製造流程空間以及非常困難的轉換。批次過程之間的清潔週期非常複雜。

So the idea here is a simple concept that most of us can relate to. All those that have been in some kind of a restaurant with a soda fountain, where you can pick your beverage of choice. And of course, the technology behind that is a concentrated syrup and carbonated water, and you get to pick the soft drink of your choice. So the idea here is instead of soft drinks, could we deliver sterile vaccine ingredients with a similar type of process?

所以這裡的想法是一個我們大多數人都能理解的簡單概念。所有那些去過某種有冷飲櫃的餐廳的人，在那裡你可以選擇你喜歡的飲料。當然，背後的技術是濃縮糖漿和碳酸水，您可以選擇您喜歡的軟性飲料。因此，這裡的想法是，我們可以用類似的過程提供無菌疫苗成分，而不是軟性飲料嗎？

And Slide 9 is that process. So that's our Inline Dilution System. It's a proprietary point-of-use process for combining the purified vaccine ingredients.

投影片 9 就是這個過程。這就是我們的線上稀釋系統。這是一種用於混合純化疫苗成分的專有使用點流程。

So if you look at that piece of equipment, you can see it's on wheels, so it's modular, easy to move around, easy to deploy. Has mixing and sensing combined. It has 2-way communications via the IoT-enabled so it can talk to the manufacturer's enterprise system to enable scheduling it just in time. It uses, very importantly, intellectual property-protected single-use consumables. So instead of these massive batch processes, huge cleaning events for changeovers, this is a giant productivity improvement for the drug manufacturers on the speed of the changeover, but also just reducing contamination tied to the changeover. Then our software and automation helps control the amount and the flow of these various ingredients.

因此，如果您查看該設備，您會發現它帶有輪子，因此它是模組化的，易於移動，易於部署。將混合和感測相結合。它透過支援物聯網的雙向通信，因此可以與製造商的企業系統通信，以便及時調度。非常重要的是，它使用受智慧財產權保護的一次性消耗品。因此，與這些大規模的批量流程、巨大的轉換清潔活動不同，這對藥品製造商來說，在轉換速度方面是一個巨大的生產力提高，而且還減少了與轉換相關的污染。然後我們的軟體和自動化有助於控制這些不同成分的數量和流量。

So this applies obviously to COVID-19 and apply to other vaccines that are being developed, and that we can use this for other drugs as well. So this is a really attractive business opportunity for us. But more importantly, it's a great help to customers and the society. It's a great example of our purpose in action.

因此，這顯然適用於 COVID-19，也適用於正在開發的其​​他疫苗，我們也可以將其用於其他藥物。所以這對我們來說是一個非常有吸引力的商機。但更重要的是，這對客戶和社會都有很大的幫助。這是我們行動目標的一個很好的例子。

Move to Slide 10, move to the climate and the clean technology portion of our purpose. We just recently announced last month new sustainability targets. You see on the right-hand side of this page is our new sustainability report, which you can reach electronically, where we announced a 50% reduction in emissions by 2030. So that would be Scope 1 and 2 emissions, direct and indirect. And by 2040, same things go pointing to be carbon neutral. So enabling a more sustainable future with what we do with our plants, our operations, our supply chain.

轉到幻燈片 10，轉到我們目標的氣候和清潔技術部分。我們最近剛在上個月宣布了新的永續發展目標。您可以在本頁右側看到我們新的永續發展報告，您可以透過電子方式取得該報告，其中我們宣佈到2030 年排放量減少50%。這就是範圍1 和範圍2 的直接和間接排放。到 2040 年，同樣的事情也顯示碳中和。因此，我們透過工廠、營運和供應鏈的工作來實現更永續的未來。

But in addition, if you go to Slide 11, and actually, more importantly, how can we help our customers? Like how can we help society with the sustainability journey? And so in this page you see the 8 motion control technologies across the top. And that this portfolio, approximately 2/3 of this portfolio is a very much part of the enabling of clean technologies for our customers. The exciting part is an expanding bill of material on automobiles, on construction equipment, on forestry and mining, basically almost every piece of equipment on airplanes, engines, everything is feeling this impact of more electric applications. So there's onboard opportunities, but there's also infrastructure opportunities as the world has to build in infrastructure to support that growth, our technologies can help with that infrastructure move.

但除此之外，如果你看投影片 11，實際上，更重要的是，我們如何幫助我們的客戶？例如我們如何幫助社會實現永續發展？因此，在此頁面中，您可以在頂部看到 8 種運動控制技術。該產品組合（約佔該產品組合的 2/3）是為我們的客戶提供清潔技術的重要組成部分。令人興奮的部分是汽車、建築設備、林業和採礦業的材料清單不斷擴大，基本上飛機上的每一個設備、發動機，一切都在感受到更多電氣應用的影響。因此，既有船上機會，也有基礎設施機會，因為世界必須建立基礎設施來支持這種成長，我們的技術可以幫助實現基礎設施的發展。

And then I want to move to Slide 12, which illustrates the top quartile performance portion of those 3 drivers. And you can see we're using 2 metrics to illustrate this: adjusted EPS on the left and adjusted EBITDA margin on the right. It's really been our people, the strategic portfolio changes we made, the capital deployment decisions that we made over the last 7 years and The Win Strategy that's transformed this performance. And when you step back and look at this, this is just a remarkable improvement.

然後我想轉到幻燈片 12，它展示了這 3 個驅動器的前四分之一性能部分。您可以看到我們使用 2 個指標來說明這一點：左邊是調整後的每股盈餘，右邊是調整後的 EBITDA 利潤率。真正改變這一業績的是我們的員工、我們所做的策略性投資組合變化、我們在過去 7 年中做出的資本部署決策以及獲勝策略。當你退後一步看看這一點時，你會發現這只是一個顯著的進步。

On the left is a more than doubling of our EPS, and that's hard to do. I can assure you that's really hard to do. This is a fantastic progress, a little less than $7 in FY '16 and over $15 as we closed last year. And the EBITDA margin, which has clearly been propelling that, from 14.7% to 21.3%, so a 660 basis point improvement there.

左邊是我們的每股盈餘增加了一倍以上，這是很難做到的。我可以向你保證，這真的很難做到。這是一個了不起的進步，2016 財年的收入略低於 7 美元，而去年我們的收入則超過了 15 美元。 EBITDA 利潤率顯然一直在推動這一趨勢，從 14.7% 升至 21.3%，提高了 660 個基點。

And then the last part on transformation and the drivers is cash generation and deployment. We touched on the cash generation piece in my opening comments, but clearly, in the deployment is how do you deploy capital and buying effective companies. And we're very excited to put 2 high-quality companies together, an aerospace combination that we announced Monday, Parker and Meggitt, nearly doubles the size of our Aerospace Systems segment with highly complementary technologies, 70% sole source, a strong recurring revenue, excellent growth potential, combination of commercial aerospace recovery as well as the synergies. And this will be accretive to our organic sales growth, margins, EPS and cash flow.

關於轉型和驅動因素的最後一部分是現金產生和部署。我們在開場白中談到了現金生成部分，但顯然，部署是如何部署資本和購買有效的公司。我們非常高興能夠將兩家優質公司合併在一起，我們週一宣布的航空航天組合，Parker 和Meggitt，憑藉高度互補的技術、70% 的單一來源和強勁的經常性收入，使我們的航空航天系統部門的規模幾乎翻了一番，卓越的成長潛力，結合商業航太回收以及協同效應。這將促進我們的有機銷售成長、利潤率、每股盈餘和現金流。

This deal makes sense for all stakeholders, the shareholders of Parker and Meggitt, the team members of both of our companies, their parishioners, pensioners, and of course, both of our customers.

這筆交易對所有利害關係人、派克和美捷特的股東、我們兩家公司的團隊成員、他們的教友、退休金領取者，當然還有我們的客戶都有意義。

Following the announcement on Monday, we've introduced ourselves to the key stakeholders in the U.K., reinforcing why we are the best home for Meggitt: our long great track record in the U.K.; the clear strategic rationale for the deal, including a premium we are offering to the Meggitt shareholders; our shared interest to continue to innovate and invest; that we are committed to being a responsible steward of Meggitt. And that is why we've agreed with Meggitt to offer the U.K. government a number of legally binding commitments about how we're going to operate going forward.

在週一宣布這一消息後，我們向英國的主要利益相關者進行了自我介紹，強調了為什麼我們是 Meggitt 的最佳家園：我們在英國的長期良好業績記錄；該交易的明確策略理由，包括我們向 Meggitt 股東提供的溢價；我們的共同利益是繼續創新和投資；我們致力於成為 Meggitt 負責任的管理者。這就是為什麼我們與 Meggitt 達成一致，向英國政府提供一系列有關我們未來運作方式的具有法律約束力的承諾。

These type of transactions take time, but we are pleased with the reception so far, and we look forward to constructive discussions with the key people in the U.K. government. And we'll keep you updated as the process unfolds and we go to the planned completion of this in approximate 12 months.

此類交易需要時間，但我們對迄今為止的反應感到滿意，我們期待與英國政府關鍵人物進行建設性討論。隨著流程的進展，我們將隨時向您通報最新情況，並計劃在大約 12 個月內完成此工作。

And with that, I'll hand it back to Todd for more details on the quarter.

然後，我會將其交還給托德，以了解有關本季度的更多詳細資訊。

Yes. Thanks, Tom.

是的。謝謝，湯姆。

I guess I would like to direct everyone's attention to Slide 15. And I'll just real quickly walk through the FY '21 Q4 results. As Tom mentioned earlier, we have some outstanding results to share here.

我想我想讓每個人都注意幻燈片 15。我將快速瀏覽 21 財年第四季的結果。正如湯姆之前提到的，我們有一些出色的成果可以在這裡分享。

Sales increased over 25% in Q4 versus prior year and finished at $3.9 billion. As we've said, that's an all-time record for the company. And we're really particularly proud of this due to the fact that our aerospace markets are still challenged.

第四季銷售額與去年同期相比成長了 25% 以上，最終達到 39 億美元。正如我們所說，這是該公司的歷史記錄。由於我們的航空航太市場仍然面臨挑戰，我們對此感到特別自豪。

It really demonstrates the strength of the portfolio additions that we've spoken about, CLARCOR, LORD and Exotic, and really is driven by strong broad-based demand across all of our industrial businesses.

它確實展示了我們所談論的 CLARCOR、LORD 和 Exotic 等產品組合新增的實力，並且確實是由我們所有工業業務的強勁廣泛需求推動的。

Organic sales are up 22% in the quarter. So basically, the majority of that 25% change is all organic. This is the first time organic sales have been positive for the company in over 2 years. Currency also was favorable with a 3.5% impact to total sales.

本季有機銷售額成長 22%。所以基本上，這 25% 的變化大部分都是有機的。這是該公司兩年多來首次實現有機銷售額成長。匯率也有利，對總銷售額產生了 3.5% 的影響。

Moving to adjusted segment margins. That 22.2% is an improvement, like Tom said, of 230 basis points from prior year and it's also 80 basis points improved sequentially from Q3. Just another strong quarter of margin performance as really our teams around the world pivoted to the increased demand levels and managed through a number of challenges. Very proud of our team for that margin performance.

轉向調整後的分部利潤。正如 Tom 所說，22.2% 比去年提高了 230 個基點，與第三季相比也提高了 80 個基點。這又是一個強勁的季度利潤表現，因為我們世界各地的團隊確實以不斷增長的需求水平為中心，並克服了許多挑戰。我們為我們團隊的利潤率表現感到非常自豪。

Incrementals are also commendable at 31% year-over-year, really impressive considering last year with the depth of the pandemic. And our decrementals last year were fantastic at plus -- or excuse me, minus 13%. And if you remember, that included approximately $175 million of temporary savings in that FY '20 Q4. So we're really happy with the 31% incrementals.

年比增幅也值得稱讚，達到 31%，考慮到去年疫情的嚴重程度，這一數字確實令人印象深刻。去年我們的減幅非常出色，正負 13%。如果你還記得的話，這包括 20 財年第四季約 1.75 億美元的臨時節省。所以我們對 31% 的增量感到非常滿意。

EBITDA margins also expanded 190 basis points from prior year, finishing the quarter at 22.1%. And if you look at that net income number, $577 million, that's an ROS of 14.6%, and that's an increase of nearly 50% from prior year. All of those great results translated to an adjusted EPS of $4.38. That's an increase of $1.39 per share or 46% compared to the prior year number on this slide of $2.99.

EBITDA 利潤率也比去年同期成長了 190 個基點，本季達到 22.1%。如果你看看淨利 5.77 億美元，ROS 為 14.6%，比前一年成長了近 50%。所有這些出色的業績轉化為調整後每股收益 4.38 美元。與去年這張投影片上的每股收益 2.99 美元相比，每股收益增加了 1.39 美元，即 46%。

Just one point I want to reference to the prior year numbers, and I'm really speaking to net income and the EPS numbers only. We have been planning for some time to convert our remaining U.S. locations that used to use LIFO for inventory valuation to standardize that across the company and move to FIFO inventory valuation purposes. We made that voluntary change in FY '21 Q4, and we've retrospectively applied that change to prior years. And we've attached the impact of those prior years to this press release in the table section. So the impact to the previously reported quarter last year was minimal. It was only $0.04 last year. So the $2.99 on this page, if you're looking back to prior year, that would have been $3.03 in FY '20.

我只想參考上一年的數據，我實際上只是在談論淨利潤和每股收益數據。一段時間以來，我們一直在計劃將過去使用 LIFO 進行庫存評估的剩餘美國地點進行轉換，以在整個公司範圍內實現標準化，並轉向 FIFO 庫存評估目的。我們在 21 財年第四季度自願進行了更改，並且我們已追溯地將這一更改應用於前幾年。我們已將前幾年的影響力附在本新聞稿的表格部分。因此，對先前報告的去年季度的影響很小。去年僅 0.04 美元。因此，如果您回顧上一年，此頁面上的 2.99 美元在 20 財年將是 3.03 美元。

So one other note I want to make. LIFO, we've always booked this at the corporate level. This has no impact to our segment operating margins or the incrementals that I just mentioned to. And now 100% of the company's inventory is valued using the FIFO method.

我還想指出另一點。後進先出，我們一直在公司層級預訂此服務。這對我們部門的營業利潤率或我剛才提到的增量沒有影響。現在，該公司 100% 的庫存均採用先進先出法進行計價。

So just one last comment on the quarter. Really proud of our team globally. It's just a tremendous effort the team put forth to put up just such a solid quarter to finish really, as Tom said, a record year.

這是對本季的最後評論。為我們的全球團隊感到非常自豪。團隊付出了巨大的努力，才取得如此穩定的季度業績，正如湯姆所說，這是創紀錄的一年。

So if we can move to Slide 16. This is just a bridge of that $1.39 increase to adjusted EPS that I just mentioned. And what I love here is the largest bar on the page. It signals the strong operating performance that the teams put together.

那麼，如果我們可以轉到幻燈片 16。這只是我剛才提到的調整後 EPS 增加 1.39 美元的一個橋樑。我喜歡這裡的是頁面上最大的欄位。它標誌著團隊的強勁營運績效。

Our segment operating income on an adjusted basis increased $250 million or 40% from prior year Q4. That accounts to $1.50 of the increase in EPS that we just put up for the quarter of $1.39, so it's really strong execution really everywhere across the company.

經過調整後，我們的部門營業收入比去年第四季增加了 2.5 億美元，成長 40%。這占我們剛剛為該季度 1.39 美元增加的 EPS 的 1.50 美元，因此整個公司的執行力確實很強。

All the other items you see on the slide, if you net it, it's $0.11 unfavorable. Corporate G&A, income tax and shares were slightly unfavorable, but lower interest and lower other expense partially offset the impact there. So again, most of this is really fantastic due to comparing back to our COVID-impacted quarter of the prior year.

您在投影片上看到的所有其他項目，如果您淨值，則為 0.11 美元。企業管理費用、所得稅和股票略有不利，但較低的利息和較低的其他費用部分抵消了影響。再說一次，與去年受新冠疫情影響的季度相比，這一切都非常棒。

If you go to Slide 17, just some color on our segment performance. Really, the message here is our industrial businesses delivered outstanding results across the board. We've spoken in the past about the impact of these portfolio changes have had on the company, and you can see it here in these margin numbers.

如果您查看幻燈片 17，您會看到我們的細分市場表現的一些顏色。事實上，這裡傳達的訊息是我們的工業企業全面取得了出色的業績。我們過去曾討論過這些投資組合變化對公司的影響，您可以在這些利潤率數字中看到它。

Diversified North America sales were $1.8 billion in the quarter. Organic sales improved again in this segment, sequentially up, and are up 26% versus prior year. Operating margins improved an impressive 300 basis points versus prior year and really finished at 22.5% for the quarter. Obviously, volume helped us a little bit there, but really the disciplined operating performance and cost control really continue to drive the sizable increase to margins. Margins in this segment are a record, all-time record. And incrementals also were very healthy at 34%. And again, I keep referencing the comparables back to last year, which is just a very tough comparison.

本季北美多元化銷售額為 18 億美元。該細分市場的有機銷售額再次有所改善，環比成長，與去年相比成長了 26%。營業利潤率比去年同期提高了 300 個基點，令人印象深刻，本季實際達到 22.5%。顯然，銷售對我們有一點幫助，但實際上嚴格的營運績效和成本控制確實繼續推動利潤率的大幅成長。該細分市場的利潤率創歷史新高。增量也非常健康，達到 34%。再說一遍，我不斷引用去年的可比較數據，這是一個非常艱難的比較。

If you look at order rates, order rates are robust at plus 56%. This is up sequentially from last quarter where we reported plus 11% and really just strong across the board.

如果您查看訂單率，您會發現訂單率非常強勁，高達 56%。與上季相比，這一數字連續上升，我們報告成長了 11%，而且整體表現強勁。

If I move to the International -- Diversified International segment, really same story here, a little bit higher organic growth of 28.5%. Sales just reached $1.5 billion in that segment. And again, another story here, adjusted segment operating margins expanded 300 basis points versus prior year and finished at 22.1% in the International segment. Just really, again, strong organic growth in that volume coupled with that cost containment and productivity initiatives really generated this record margin performance in this segment as well. Order rates again here, tremendous, up a little bit higher than North America at plus 58% versus 14% positive in the last quarter. So really just a great performance out of our industrial businesses.

如果我轉向國際——多元化國際部分，這裡的情況確實相同，有機成長率更高一點，為 28.5%。該領域的銷售額剛達到 15 億美元。再次，這裡的另一個故事是，調整後的部門營業利潤率比前一年擴大了 300 個基點，國際部門最終達到 22.1%。確實，銷量的強勁有機成長，加上成本控制和生產力舉措，確實在該領域創造了創紀錄的利潤率表現。這裡的訂單率再次大幅上升，略高於北美，達到 58%，而上一季為 14%。我們的工業企業確實取得了出色的業績。

I'll just touch on Aerospace Systems really slightly. Very sound performance in the current market. Sales here were $630 million for the quarter. And I'm happy to report organic sales have turned positive in this segment. They are up 1%.

我將稍微談一下航空航天系統。在當前市場上表現非常良好。該季度的銷售額為 6.3 億美元。我很高興地報告該細分市場的有機銷售額已轉為正數。他們上漲了1%。

We saw strength in commercial and military aftermarkets with strong sequential growth again in Q4. And we're happy to start seeing rate increases from OEMs, particularly in the narrow body and business jet platforms. Aerospace orders also got less negative and improved to minus 7% this quarter on a rolling 12 basis versus minus 19% last quarter and further proof that we are seeing signs of recovery in this area. Operating margins, also very strong, 21.6%. That improved sequentially from Q3 and really finished the year at the highest level they've had in the entire fiscal year. So very proud of our aerospace team there.

我們看到商業和軍事售後市場的強勁勢頭，在第四季度再次出現強勁的環比增長。我們很高興開始看到原始設備製造商的價格上漲，特別是在窄體飛機和公務機平台上。航空航太訂單的負值也有所減少，在連續 12 個季度的基礎上，本季度改善至負 7%，而上季度為負 19%，這進一步證明我們看到了該領域復甦的跡象。營業利益率也非常強勁，為 21.6%。這一情況比第三季度連續改善，並且確實達到了整個財年的最高水平。為我們那裡的航空航天團隊感到非常自豪。

So just looking at the company as a whole, we're really pleased with these results. It's a solid finish to the fiscal year. Our total incrementals were 31%. I'm really proud about that. And really just a comment, if I look at just our industrial businesses, if I go back to pre-pandemic FY '19 and on a like-for-like basis, if I include LORD in those FY '19 numbers, in the industrial businesses, our sales volume has surpassed pre-COVID levels. So we're really proud about that. Orders, you can see in total, are plus 43%. And as Tom mentioned, not only did we achieve our FY '23 margin targets, but we surpassed them, and we did that 2 years early.

因此，從公司整體來看，我們對這些結果感到非常滿意。這是本財年的圓滿結束。我們的總增量為 31%。我對此感到非常自豪。實際上只是一個評論，如果我只看我們的工業業務，如果我回到大流行前的 19 財年並在類似的基礎上，如果我將洛德納入那些 19 財年的數字中，在工業中企業，我們的銷售量已超過新冠疫情前的水準。所以我們對此感到非常自豪。您可以看到，訂單總數增加了 43%。正如 Tom 所提到的，我們不僅實現了 23 財年的利潤率目標，而且還超越了這些目標，而且我們提前兩年就做到了。

So if I go to the next slide, Slide 18, cash flow. We're obviously very proud of this. Tom mentioned this earlier. Full year cash flow from operations was $2.6 billion. That's an all-time record for the company. 17.9% of sales, just outstanding top quartile performance. If you look at that compared to prior year, we generated over $500 million more cash. That's 24% more cash than we did prior year. And like I said, that CFOA at $2.6 billion is a record.

所以，如果我轉到下一張投影片，也就是投影片 18，現金流量。我們顯然對此感到非常自豪。湯姆之前提到過這一點。全年營運現金流為 26 億美元。這是該公司的歷史記錄。佔銷售額的 17.9%，表現出色。如果你看一下與去年相比，我們的現金增加了 5 億多美元。這比我們去年多了 24% 的現金。正如我所說，26 億美元的 CFOA 創下了紀錄。

Working capital, really solid performance here. And I want to just really thank our teams everywhere around the world for focusing on this. We asked them to focus on this through the pandemic and they delivered soundly. So I want to thank you all for your focus on that.

營運資金，這裡的表現確實很穩健。我真的想感謝我們世界各地的團隊對此的關注。我們要求他們在疫情期間關注這一點，他們的表現很好。所以我要感謝大家對此的關注。

Free cash flow, also fantastic, 16.5%. That's up 310 basis points versus prior year, and the free cash flow conversion for the year, 135%. So with that, this now marks the 20th year that free cash flow conversion has been greater than 100% and cash flow from operations have been greater than 10%, 20 years running.

自由現金流也很棒，為 16.5%。這比去年增加了 310 個基點，今年的自由現金流轉換率為 135%。因此，今年標誌著自由現金流轉換率連續 20 年超過 100%、營運現金流率超過 10% 的第 20 年。

All of these allowed us to significantly pay down our serviceable debt. We've been vocal about that for the last couple of months. If you look at the last 20 months, we've paid down $3.4 billion of debt, and our gross debt-to-EBITDA finished the year at 2.1%. Net debt is 1.9%. So again, the similar story here, we achieved these leverage levels a full 1 year sooner than we had originally forecast, and it's just an outstanding cash position. It's top quartile execution and really impressive considering the backdrop of the global pandemic.

所有這些使我們能夠大幅償還可償還債務。過去幾個月我們一直在大聲疾呼。如果你看看過去 20 個月，我們已經償還了 34 億美元的債務，而我們的總債務與 EBITDA 的比值為 2.1%。淨債務率為1.9%。因此，這裡的情況類似，我們達到這些槓桿水平比我們最初預測的時間早了整整一年，而且這只是一個出色的現金頭寸。考慮到全球大流行的背景，這是最高四分之一的執行力，確實令人印象深刻。

So 19, I will ask you to focus on 19, just flipping to FY '22. And our guidance, you saw that we released this, this morning. As usual, we're going to provide this on an as-reported and adjusted basis. And I'll just start at the top.

所以 19，我會請你關注 19，只是翻轉到 22 財年。我們的指導，你看到我們今天早上發布了這個。與往常一樣，我們將在報告和調整的基礎上提供此資訊。我將從頂部開始。

Sales, we're forecasting sales to increase in the range of 5% to 9%, really 7% at the midpoint. And really the breakdown of that sales growth is essentially all organic. We do not expect the Meggitt transaction to close in FY '22. Both LORD and Exotic have anniversary-ed, so those are no longer considered acquisition sales. Therefore, we are forecasting no impact to sales from acquisitions.

銷售方面，我們預測銷售額將成長 5% 至 9%，中間值實際上是 7%。事實上，銷售成長的細分基本上都是有機的。我們預計 Meggitt 交易不會在 22 財年完成。 Lord 和 Exotic 都有周年紀念版，因此這些不再被視為收購銷售。因此，我們預期收購不會對銷售產生影響。

And currency is just a minimal drag at 0.2% of sales. And just like we always do, we have calculated the impact of currency to spot rates at the end of June 30, and we've held those rates steady as we forecast FY '22. One thing I'll note, the sales split for the guide is 48% first half, 52% second half.

貨幣對銷售額的影響很小，僅佔 0.2%。就像我們一貫所做的那樣，我們計算了 6 月 30 日末貨幣對即期匯率的影響，並且我們按照 22 財年的預測保持這些匯率穩定。我要注意的一件事是，該指南的銷售比例是上半年 48%，下半年 52%。

The next item I'll talk about is segment operating margin. On an as-reported basis, the guidance for the full year is 19.3% at the midpoint, and there's a range of 20 basis points on either side of that. But more importantly, on an adjusted basis, segment operating margin guidance for the full year is 21.6% at the midpoint, same range of 20 basis points on either side of that. This adjusted segment operating margin guide is 50 basis points higher than what we just finished our record FY '21 at.

我要討論的下一個項目是分部營業利潤率。根據報告，全年指引的中點為 19.3%，中間有 20 個基點的波動。但更重要的是，在調整後的基礎上，全年分部營業利潤率指引的中點為 21.6%，兩側各有 20 個基點。調整後的分部營業利潤率指南比我們剛完成的 21 財年創紀錄的營業利潤率高出 50 個基點。

Just some color on adjustments. At a pretax level, business realignment charges are expected to be $35 million for FY '22. LORD cost to achieve are only $7 million for the forecasted year and acquisition-related intangible amortization is $320 million. Just a note on the split, adjusted segment operating margins: 46% first half, 52% second half.

只是調整一些顏色。以稅前水準計算，22 財年的業務調整費用預計為 3,500 萬美元。 Lord 預測年度的實現成本僅為 700 萬美元，與收購相關的無形攤銷為 3.2 億美元。請注意拆分、調整後的部門營業利潤率：上半年為 46%，下半年為 52%。

If you look at the corporate G&A interest and other, $480 million is our forecast. That is the same on an adjusted and an as-reported basis. Tax rate, we are forecasting full year to be 23%. And finally, EPS, on an as-reported basis, our guidance is $14.48 at the midpoint. There's a $0.40 range on either side of that. And our adjusted EPS guidance is $16.60 at the midpoint, same $0.40 range on either side of that. Adjusted EPS split: first half is 45%, second half is 55%. And a little color on Q1, we are forecasting adjusted EPS to be $3.60 at the midpoint.

如果你看看公司的一般管理費用利息和其他，我們的預測是 4.8 億美元。調整後的數據和報告的數據是一樣的。我們預計全年稅率為 23%。最後，根據報告的每股收益，我們的指導值為中點 14.48 美元。其兩側各有 0.40 美元的範圍。我們調整後的每股盈餘指引中點為 16.60 美元，其兩側的範圍相同，均為 0.40 美元。調整後每股盈餘分配：上半年為45%，下半年為55%。第一季的一點色彩是，我們預測調整後每股盈餘中點為 3.60 美元。

Slide 20 is the bridge. And again, this is very similar to Q4. Main driver of the $1.56 or 10% increase to adjusted earnings per share is just our continued strong execution across the enterprise. Segment operating margin is accounting for $1.76 of that change. And then again, just slightly higher corporate G&A, tax and average shares outstanding are a little bit of a drag. But all in, a $1.56 increase in earnings per share, increasing earnings per share by 10%.

幻燈片 20 是橋樑。同樣，這與第四季非常相似。調整後每股收益成長 1.56 美元（即 10%）的主要推動力是我們整個企業持續強勁的執行力。其中 1.76 美元是由部門營業利潤率造成的。話又說回來，企業一般管理費用、稅收和平均流通股的略高也會帶來一點拖累。但總而言之，每股收益增加了 1.56 美元，每股收益增加了 10%。

Lastly, I will just talk about capital deployment. For FY '22, we are committed to our capital deployment strategies. We have a strong 65 year of record of consistently, consecutively increasing the annual dividends paid. We're going to continue with that record. Our payout target is not changed. It remains 30% to 35% of the 5-year average of net income. And of course, we're going to continue to fund organic growth and productivity across our global locations. We expect capital expenditures to be 2% for the year.

最後我簡單說一下資金配置。對於 22 財年，我們致力於我們的資本部署策略。 65 年來，我們一直保持著持續、連續增加支付年度股息的良好記錄。我們將繼續保持這一記錄。我們的支付目標沒有改變。仍為5年平均淨收入的30%至35%。當然，我們將繼續為全球各地的有機成長和生產力提供資金。我們預計今年資本支出為 2%。

Our 10b5-1 share repurchase program, we reinstated that this year. We are committed to continuing that in FY '22. And as I mentioned when I was talking about cash flow, we have extinguished all of our serviceable debt, and we are now in a cash-building position. So our focus for FY '22 will be to continue our record of strong cash flow generation and accumulation in preparation for the closing of the Meggitt transaction.

我們的 10b5-1 股票回購計劃，我們今年恢復了。我們致力於在 22 財年繼續這樣做。正如我在談論現金流時提到的，我們已經消除了所有可償還債務，我們現在處於現金累積狀態。因此，我們 22 財年的重點將是繼續保持強勁的現金流產生和累積記錄，為完成 Meggitt 交易做準備。

So with that, Tom, I'll turn it back to you, and I'll ask the audience to focus on Slide 22.

那麼，湯姆，我將把它轉回給你，我將請觀眾將注意力集中在幻燈片 22 上。

Thank you, Todd.

謝謝你，托德。

Just closing messages. What drives these results? The engine behind the company is our people; highly engaged team; great culture; higher levels of ownership, driving this performance parity and inspiring results that you've seen; living up to our purpose, the vaccine production is a classic example; that top quartile performance; the more than doubling of EPS; the 660 basis points improvement in EBITDA margin for the last 6 years, getting the margin targets that we laid out for you 2 years early, and obviously, we're going to keep improving upon that; and the strategic deployment of capital and change in the portfolio, CLARCOR, LORD, Exotic, and now Meggitt. You put that together with The Win Strategy 2.0 and now 3.0, and it really spells for a bright future, and we'll continue to accelerate this performance.

只是關閉訊息。是什麼推動了這些結果？公司背後的引擎是我們的員工；高度敬業的團隊；偉大的文化；更高層次的所有權，推動這種績效平等並取得令人鼓舞的結果；疫苗生產就是一個典型的例子；最高四分之一的表現； EPS 增加一倍以上；過去 6 年 EBITDA 利潤率提高了 660 個基點，實現了我們提前 2 年為您制定的利潤率目標，顯然，我們將在此基礎上不斷改進；資本的策略部署和投資組合的變化，包括 CLARCOR、LORD、Exotic 和現在的 Meggitt。將其與獲勝策略 2.0 和現在的 3.0 結合起來，這確實預示著光明的未來，我們將繼續加速這一性能。

And with that, I'll turn it over to Dawn to open up to Q&A.

接下來，我會將其交給 Dawn 進行問答。

(Operator Instructions) And your first question comes from the line of Scott Davis with Melius Research.

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

Congrats on a great year. I don't always say that, but I mean it. Guys, you've had a few days for this to marinate the Meggitt deal at least. What's been the customer response and feedback to the announcement?

恭喜您度過了美好的一年。我並不總是這麼說，但我是認真的。夥計們，你們至少有幾天的時間來醃製美捷特的交易。客戶對此公告有何反應與回饋？

Scott, it's Tom. We're early days on reaching out to customers. General view is very positive. They like the fact that this is a stronger bill of material, opportunity to create more value, the highly complementary technologies and really the track record of both companies. Both companies have a great reputation, great innovators, great engineering-led companies. So the response so far is very positive.

斯科特，是湯姆。我們正處於接觸客戶的早期階段。整體看法非常正面。他們喜歡這樣一個事實：這是更強大的物料清單、創造更多價值的機會、高度互補的技術以及兩家公司的真實業績記錄。兩家公司都享有盛譽，是偉大的創新者，也是偉大的工程主導型公司。所以到目前為止的反應是非常正面的。

Good to hear. And not to get too nitty-gritty here, but you didn't really talk much about some of the challenges out there on the cost side, supply chain disruptions, logistics, all of that. I mean clearly, with 31% incrementals, it couldn't have been too big of a deal for you guys, but perhaps you could help us understand how you've managed through that. And how are you thinking about that as it relates to guidance over the next 12 months as well?

很高興聽到。在這裡不要說得太具體，但你並沒有真正談論成本方面的一些挑戰，供應鏈中斷，物流等等。我的意思很明確，31% 的增量，對你們來說並不是什麼大不了的事，但也許你們可以幫助我們了解你們是如何做到這一點的。您如何看待這一點，因為它也關係到未來 12 個月的指導？

Scott, it's Lee. I'll take a shot at answering this. I think the first thing on the supply chain side is just to kind of step back and recognize how we're structured, which is a huge benefit for the company. So as you know, we make, sell and source in the region for the region. So it allows us to be close to the customers and get away from a lot of international shipments.

史考特，是李。我會嘗試回答這個問題。我認為供應鏈的第一件事就是退後一步，並認識到我們的結構，這對公司來說是一個巨大的優勢。如您所知，我們在該地區生產、銷售和採購。因此，它使我們能夠貼近客戶並遠離大量國際貨運。

Having said that, we're not immune to what's going on in any of the regions, but I would characterize it internally as being manageable but not without hard work. Now I would say the biggest challenges we're dealing with is just our customers. So I mean, I think automotive is very public on what's happening. But I probably don't have a large OEM that hasn't had some kind of disruption where lands have been down, people have been sent home, et cetera. So we're working with our customers to work through that. It's just creating a lot of chatter in the channel and it's just, I would say, best is a lot of choppy production.

話雖如此，我們不能免受任何地區正在發生的事情的影響，但我在內部將其描述為可以管理的，但並非沒有努力工作。現在我想說，我們面臨的最大挑戰就是我們的客戶。所以我的意思是，我認為汽車產業對正在發生的事情非常公開。但我可能沒有一家大型原始設備製造商沒有經歷過某種破壞，例如土地被徵用、人們被送回家等等。因此，我們正在與客戶合作解決這個問題。這只會在頻道中引起很多討論，我想說，最好的是大量不穩定的製作。

Your next question comes from the line of Jamie Cook with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的 Jamie Cook。

Nice quarter. I guess just a couple of questions. Can you help us understand the -- what you're assuming for organic growth in the first half versus the second half? And what you're assuming sort of price versus volume?

不錯的季度。我想只有幾個問題。您能否幫助我們了解您對上半年和下半年自然成長的假設？您對價格與數量的假設是怎樣的？

And then I guess, the aerospace, like the top line guide to me seemed like, with what's going on, understanding we have the Delta variant, but there could be some level of conservatism there as we think about sort of the top line. So if you can just help me understand what your assumptions are on the aerospace guide.

然後我想，航空航天，就像我的頂線指南一樣，隨著正在發生的事情，理解我們有達美變體，但當我們考慮頂線時，可能存在一定程度的保守主義。因此，如果您能幫助我了解您對航空航天指南的假設。

Jamie, it's Tom. I'm going to take the guide, and I'll take a few minutes to describe that. I'll go through the aerospace piece. I'll let Lee touch on the price cost aspect.

傑米，是湯姆。我將接受指南，我將花幾分鐘來描述這一點。我將介紹一下航空航天部分。我會讓李談談價格成本方面。

So this is probably the question that everybody -- is on everybody's mind, on how do we come up with the guidance and some of the context behind it. So first of all, there's a number of tailwinds, and I'll highlight some of the headwinds. But on the tailwind side, clearly, the order trends, the macro environment. I think there's a CapEx underspend that happened for a number of years. So I think there's some CapEx demand that's coming back for manufacturing companies. Clearly, governments being more prone to put in stimuluses, the rebound from the great shutdown, and of course, rebound of activity, the commercial aerospace recovery, which I'll touch on, to answer your question here in a minute, Jamie. Low interest rates and then the climate investment, which with our clean technology portfolio is a very attractive positive for us in the future.

因此，這可能是每個人都在思考的問題，即我們如何提出指導意見及其背後的一些背景。首先，有許多有利因素，我將重點放在一些不利因素。但在順風方面，顯然是訂單趨勢、宏觀環境。我認為多年來一直存在資本支出不足的情況。因此，我認為製造公司的資本支出需求正在回升。顯然，政府更傾向於採取刺激措施，大停擺帶來的反彈，當然還有經濟活動的反彈，商業航空航天的複蘇，傑米，我稍後會談到這一點，以回答你的問題。低利率和氣候投資，再加上我們的清潔技術投資組合，對我們的未來來說是一個非常有吸引力的積極因素。

On the headwind side is the Delta variant, and COVID, it hasn't gone away and is creating uncertainties throughout the world. The supply chain disruptions in particular, our customers and how that might impact demand patterns, which Lee touched on. Then inflation, both on the material side and wages. But we've built a pretty sophisticated AI model over the last 18 months. It's not perfect, nothing is when it comes to forecasting. But in my time at the company, it's the best tool we've had to date. And we have factored in all these inputs and came up with what the best forecast is.

不利的一面是達美航空的變種和新冠病毒，它並沒有消失，並且正在全世界造成不確定性。李談到了供應鏈中斷，特別是我們的客戶，以及這可能如何影響需求模式。然後是物質方面和工資方面的通貨膨脹。但在過去 18 個月裡，我們已經建立了一個相當複雜的人工智慧模型。它並不完美，在預測方面沒有什麼是完美的。但在我在公司的時間裡，這是我們迄今為止最好的工具。我們考慮了所有這些輸入，並提出了最佳預測。

So I'll give you a little more detail behind it. The first half that we're looking at is up a little over 9% organically, the second half, up mid-single digits. That's how you get to the 7% overall. An important part though, if you look at the industrial piece, both North America and industrial were approximately the same, up 11% in the first half and up mid-single digits in the second half.

所以我會給你更多的細節。我們看到的上半年有機成長略高於 9%，下半年則是成長了中個位數。這就是你達到整體 7% 的方法。但重要的是，如果你看工業部分，北美和工業部分大致相同，上半年成長 11%，下半年成長中個位數。

When you think about aerospace and several of the pre reports that came out, didn't have the insight that I'm going to share with you right now. So we have aerospace with a gradual recovery, up 3% in the first half, up 5% in the second half. That's where you get the 4% at the midpoint.

當您想到航空航天業和發布的幾份預報告時，您並沒有獲得我現在要與您分享的見解。所以我們的航空航太正在逐步復甦，上半年成長3%，下半年成長5%。這就是你得到中點 4% 的地方。

But what's underneath that and will help give you some context as to why that number is what it is. On the commercial side, both OEM and MRO, that's going to grow low teens. So nice recovery there. Military MRO is growing mid-single digits. What is down is military OEM. It's down mid-single digits. And the reason for that, and thankfully, our customers -- it was our customers accelerated deliveries last year, we were up 19%, as an example. They did this to protect the supply chain, the -- protect supplier health because a lot of suppliers have commercial exposure as well as military exposure, and they accelerated the military exposure to help everybody. So this year that we're in now, '22 is a reset of the inventory through that supply chain. So we will be down. And of course, then we'll go back to more normal levels in FY '23.

但背後的內容將幫助您了解為什麼該數字是這樣的。在商業方面，無論是 OEM 還是 MRO，這個數字都將成長到十幾歲。那裡恢復得很好。軍事 MRO 正在以中個位數成長。下降的是軍工OEM。已經下降到個位數中間了。值得慶幸的是，這是因為我們的客戶去年加速了交付，例如，我們成長了 19%。他們這樣做是為了保護供應鏈，保護供應商的健康，因為許多供應商不僅面臨軍事風險，還面臨商業風險，而且他們加速了軍事風險，以幫助所有人。因此，我們現在所處的今年，「22」是透過供應鏈重置庫存。所以我們會下降。當然，我們將在 23 財年恢復到更正常的水平。

If you would take out that acceleration in the prior period, our FY '22 military OEM would be about a plus 3%. So then when you add -- when you would factor that in, aerospace growth would be more like 8%. So that 4% is being weighted down by the military OEM segment, that reset of inventory. So hopefully, that helps everybody with why the aerospace number is what it is.

如果剔除上一期的加速度，我們的 22 財年軍事 OEM 將增加約 3%。因此，當你將這個因素考慮在內時，航空航太業的成長將更像是 8%。因此，軍事 OEM 部門（即庫存重置）正在壓低 4% 的比重。希望這可以幫助每個人了解為什麼航空航天數字是這樣的。

Just comparing that growth rate to 7% to GIPI, Global Industrial Production Index, that's going to be -- within our fiscal year '22, that's a 4.8% forecast. And you've heard us talk externally, we want to grow 150 basis points faster than that. So that our number of 7% would do that.

將此成長率與 GIPI（全球工業生產指數）的 7% 進行比較，在我們的 22 財年中，預測為 4.8%。您已經聽到我們在外部談論，我們希望成長速度比這快 150 個基點。這樣我們 7% 的人就能做到這一點。

Then maybe while I've got kind of talking about guidance, I want to just touch for a second on operating margin, and I'll let Lee comment about price cost. So our operating margin guide is at 21.6% at the midpoint. So it's approximate 30% or more less for the full year. If you were to take out the discretionaries in the prior period and made this an apples-to-apples, the underlying MROS is a positive 50%. And a good indicator is what we did in Q4, we did over 50% in Q4, so that was actual results.

然後，也許在我談論指導的同時，我想談談營業利潤率，我會讓李評論一下價格成本。因此，我們的營業利潤率指導值為 21.6% 的中位數。因此全年大約減少 30% 或更多。如果您剔除前期的可自由支配權並將其進行比較，則基礎 MROS 為正 50%。一個很好的指標是我們在第四季度所做的事情，我們在第四季度做了超過 50% 的事情，所以這就是實際結果。

The reason why I mentioned that is that underlying MROS is being hidden because of the year-over-year comparisons being awkward and really speaks to the operational excellence from the team just because it's hard to do an underlying 50% MROS. I think everybody can appreciate that.

我提到這一點的原因是，由於逐年比較很尷尬，底層 MROS 被隱藏了，而且真正說明了團隊的卓越運營，因為很難實現 50% 的底層 MROS。我想每個人都會欣賞這一點。

So Lee, if you want to comment on the price cost.

那麼李，如果你想評論一下價格成本。

Yes. Jamie, I'll just add on, maybe finish up here with price cost. So last earnings call, the question came up, and I talked about how we track all the commodities on quarterly trends and then year-over-year trends. And I said back then, it was a sea of red. In other words, everything was up. And I would tell you here a quarter later, it's still a sea of red.

是的。傑米，我補充一下，也許最後以價格成本結束。因此，在上次財報電話會議上，問題出現了，我談到了我們如何追蹤所有商品的季度趨勢，然後是同比趨勢。我當時就說，那是一片紅色的海洋。換句話說，一切都已經完成了。四分之一後我在這裡告訴你，它仍然是一片紅色的海洋。

But having said that, we're able to see this coming very well because of the processes we have internally by measuring what we call our purchase price index and then also maintaining margin neutrality by our selling price index. So we're on top of it. And our goal, as we've always said, is to be margin neutral. We're actively working price both with direct customers and distribution. But it is a -- there is a lot of inflation in the commodity side right now, no doubt about it.

但話雖如此，我們能夠很好地看到這一點，因為我們內部的流程透過衡量我們所謂的購買價格指數，然後透過我們的銷售價格指數來保持利潤中立。所以我們已經掌握了一切。正如我們一直所說，我們的目標是保持利潤中立。我們正在積極與直接客戶和分銷商制定價格。但毫無疑問，目前大宗商品方面存在嚴重通膨。

Your next question comes from the line of Mig Dobre with Baird.

你的下一個問題來自 Mig Dobre 和 Baird 的對話。

Tom, I guess I'm looking for a little more context from you vis-à-vis industrial order strength, both North America and international. I don't know what your expectations were for the quarter, but I'll tell you, versus ours, these orders were much stronger.

湯姆，我想我正在向您尋求更多有關北美和國際工業秩序強度的背景資訊。我不知道您對本季度的預期是什麼，但我會告訴您，與我們的相比，這些訂單要強勁得多。

And I'm also looking to understand what backlog must look like at this point. Because obviously, your order intake was higher than organic growth. And are there any challenges with regards to converting this backlog to actual revenues either on your side or maybe potentially your customers? So let's start with that maybe.

我還想了解此時積壓的情況。因為顯然，您的訂單量高於有機成長。將積壓的訂單轉化為您或潛在客戶的實際收入是否有任何挑戰？那麼就讓我們從這個開始吧。

So Mig, let me talk about orders. This is Tom.

米格，讓我談談訂單。這是湯姆。

I think just to maybe help clarify things for people. People, you're doing 2-year stacks, you might say, "Hey, geez, it seems like the organic growth might be like compared to the 2-year stack." The one thing that you have to look at is, in current period, we have acquisitions. In prior period, we do not have LORD and Exotic. You go all the way back to '19. When you do apples-to-apples on orders, '19 to '21, and exclude the acquisitions, our industrial orders are up low teens. And I just mentioned as I was answering to Jamie's question, our forecast for the first half on industrial is low teens at 11% organic growth. So there's a clear correlation between what we're seeing versus '19, again, apples-to-apples on order entry. And that's how we -- in addition to the AI model, how we laid out the year.

我想也許只是為了幫助人們澄清事情。大家，如果你正在做 2 年堆棧，你可能會說，“嘿，天啊，看起來有機增長可能與 2 年堆疊相比是一樣的。”你必須關注的一件事是，在當前時期，我們有收購。前期我們沒有LORD和Exotic。你一路回到19年。當你對 19 年到 21 年的訂單進行同類比較，並排除收購時，我們的工業訂單增長了十幾歲。我剛才在回答 Jamie 的問題時提到，我們對上半年產業的預測是 11% 的自然成長。因此，我們所看到的情況與 19 年的情況之間存在明顯的相關性，同樣，訂單輸入方面也存在明顯的相關性。這就是我們——除了人工智慧模型之外，我們如何安排這一年的。

The backlogs are increasing. Again, you got to remember, the prior periods has uniquely low comps. It's probably an inflated number that you can't get too excited about. Our on-time delivery is holding up nicely. Obviously, my customers would like to see us do better on that, but it's holding up very well compared to comparable times.

積壓的訂單正在增加。再次，你必須記住，之前的時期具有獨特的低補償。這可能是一個誇大的數字，你不能對此感到太興奮。我們的準時交貨保持得很好。顯然，我的客戶希望看到我們在這方面做得更好，但與同期相比，它的表現非常好。

And I'd say the impact that we've seen has been more on customer pushouts of schedules, particularly in automotive where the automobile OEMs are having trouble with chips, as everybody knows. And they're taking really targeted shutdowns and that will push out our various orders, and that impacted North America a little bit in Q4. But as Todd had mentioned, our Q4 sales were up about 10% industrial versus Q4 of FY '19. So everything is kind of coalescing between orders and sales when you compare to '19 around that low teens type of growth rate.

我想說的是，我們所看到的影響更多的是客戶推遲時間表，特別是在汽車領域，眾所周知，汽車原始設備製造商在晶片方面遇到了麻煩。他們正在採取真正有針對性的關閉，這將推遲我們的各種訂單，這對第四季度的北美產生了一些影響。但正如托德所提到的，我們第四季的工業銷售額比 19 財年第四季成長了約 10%。因此，與 19 年的青少年成長率相比，訂單和銷售額之間的一切都在某種程度的結合。

Okay. And then I guess I want to follow up on Jamie's question on pricing and trying to see if we can get maybe a more specific answer.

好的。然後我想我想跟進傑米關於定價的問題，並嘗試看看我們是否可以獲得更具體的答案。

When I'm looking at various PPIs of some of the product categories that you guys are involved with, it's pretty common that I'm seeing these PPIs somewhere in plus 4%, 4.5% year-over-year. And I'm just sort of wondering if you're seeing a similar level of price increases in your industrial business and if there are differences at all in terms of OE versus your distributor partners.

當我查看你們所涉及的一些產品類別的各種 PPI 時，我發現這些 PPI 同比增長 4%、4.5% 是很常見的。我只是想知道您的工業業務是否看到類似水平的價格上漲，以及原廠設備與分銷商合作夥伴之間是否存在差異。

So I would say it's a range, some lower and some higher. Whether it averages out to that or not, I can't really say. But with our OEM customers, we've got direct contracts with many of them, and what we're benefiting from is a lot of them have material clauses in them. So it allows us to capture that pricing as we go forward. On the distribution side, that's typically just a list price increase. But what you're seeing is kind of our best guess, and it's all in the guide right now.

所以我想說這是一個範圍，有些較低，有些較高。是否達到平均水平，我真的不能說。但對於我們的 OEM 客戶，我們與其中許多人簽訂了直接合同，我們從中受益的是他們中的許多人都包含實質條款。因此，它使我們能夠在前進時捕捉到該定價。在分銷方面，這通常只是標價上漲。但您所看到的只是我們的最佳猜測，現在全部都在指南中。

Your next question comes from the line of Nicole DeBlase with Deutsche Bank.

您的下一個問題來自德意志銀行的 Nicole DeBlase。

Can we just -- maybe, I know you went through the 1 half dynamics, Tom. But can you just narrow that view a little bit to what's baked in to 1Q, both with respect to organic growth and incremental margin?

我們能不能──也許，我知道你經歷了一半的動態，湯姆。但您能否將這一觀點縮小一點，集中到第一季的有機成長和增量利潤方面？

Yes. So Nicole, it's Tom. So first quarter would be up kind of low to mid-teens for Industrials; Aerospace, low single digits. And really, our first half from an MROS is going to be in the upper 20s. Again, I would just point to, again, the comparison, if you did apples-to-apples, would still be in that 50% range. So it's really outstanding performance by the operating team being masked by the prior period, all the discretionary cost savings that we had.

是的。妮可，是湯姆。因此，工業股第一季的漲幅將在十幾歲至十幾歲之間。航空航天，低個位數。事實上，我們的 MROS 前半部分將在 20 多歲左右。再次，我想再次指出，如果進行同類比較，比較結果仍將在 50% 的範圍內。因此，營運團隊的出色表現被前期的表現所掩蓋，我們節省了所有可自由支配的成本。

Got it. Okay. And then can we just clarify on the change to FIFO accounting in the U.S.? I guess what was the impetus to do this now? And is there any benefit to the 2022 guidance related to the FIFO change?

知道了。好的。那我們可以澄清一下美國先進先出會計的變化嗎？我想現在這樣做的動力是什麼？與 FIFO 變更相關的 2022 年指引有什麼好處嗎？

Nicole, I'll take that. This is Todd.

妮可，我會接受的。這是托德。

We've been talking about this internally for quite some time. And it really started with the recent acquisitions: CLARCOR, LORD and Exotic. Those companies always use the FIFO valuation method. We do not use it in our Aerospace business. We really only used it in our traditional U.S. locations. All of our international locations by rule had to use the FIFO valuation method.

我們內部討論這個問題已經有一段時間了。這實際上是從最近的收購開始的：CLARCOR、LORD 和 Exotic。這些公司總是採用先進先出的估值方法。我們不在航空航天業務中使用它。我們實際上只在美國的傳統地點使用它。按照規定，我們所有的國際地點都必須使用先進先出估價方法。

So we took a look at it and said, "Hey, maybe this year is an opportunity to convert," and that's essentially what we did. We converted early in the quarter. We worked tirelessly across our teams and with our internal -- or excuse me, our external auditors, and we felt it was the best time to do it.

所以我們看了一下並說，“嘿，也許今年是一個轉變的機會”，這基本上就是我們所做的。我們在本季初進行了轉換。我們在整個團隊以及我們的內部稽核師（或對不起，我們的外部稽核師）不知疲倦地工作，我們認為這是最好的時機。

There really is no impact to the quarter since we converted. We essentially reported the quarter in the FIFO method. We did go back and restate prior years just to show you what the impact was.

自從我們轉換以來，該季度確實沒有受到任何影響。我們基本上採用先進先出法報告該季度。我們確實回顧並重申了前幾年的情況，只是為了向您展示影響是什麼。

And I just want to make sure everybody realizes that. If you look at this historically, it's $0.01 or $0.02 per quarter. It's a very immaterial impact. We always book that at corporate, so it had no impact to our segment margins or anywhere incrementals. And it really just now standardizes our inventory valuation across the entire company. So we're happy with the results.

我只是想確保每個人都意識到這一點。如果您從歷史角度來看，您會發現每季 0.01 美元或 0.02 美元。這是一個非常無形的影響。我們總是在公司預訂，因此它對我們的部門利潤率或任何增量都沒有影響。它現在確實標準化了整個公司的庫存評估。所以我們對結果很滿意。

In respect to FY '22, there is no -- there's nothing in the guidance for a benefit for converting to FIFO.

就 22 財年而言，指南中沒有任何關於轉換為 FIFO 的好處的內容。

Your next question comes from the line of Nathan Jones from Stifel.

您的下一個問題來自 Stifel 的 Nathan Jones。

I wanted to follow up on the MROS comment, Tom. 50%, if you'd normalize both years for all of the discrete costs and charges and benefits, which I think is you would normally see a high MROS in the first real year of recovery here, which would then glide back down to something more normalized.

湯姆，我想跟進 MROS 的評論。 50%，如果你將這兩年的所有離散成本、費用和收益標準化，我認為你通常會在第一個實際復甦年看到較高的 MROS，然後會回落至更高水平標準化。

Can you talk -- but I think the 50% was probably higher than you would normally get in the first year. Can you talk about what you think that MROS kind of progression would be over time? And what a normalized average kind of incremental margin MROS would be for you guys?

你能談談嗎——但我認為 50% 可能比第一年通常得到的要高。您能談談您認為隨著時間的推移，MROS 會如何發展嗎？對你們來說，標準化平均增量利潤 MROS 是多少？

Yes, Nathan. It's Tom. And you're right. I think this underlying MROS of 50% for a whole year, and it would be also counting Q4 and probably Q3 of last year, so 18 months, will be higher and longer than we normally expect. I think what speaks to the changes from The Win Strategy and the fixed cost changes we made and maybe the efficiencies on top of those changes that came out of the pandemic is just a more efficient way of working.

是的，內森。是湯姆。你是對的。我認為全年的基本 MROS 為 50%，並且還包括去年的第四季度，可能還包括去年的第三季度，因此 18 個月，將比我們通常預期的更高和更長。我認為，「獲勝策略」的變化和我們所做的固定成本變化，以及大流行帶來的這些變化之上的效率，也許只是一種更有效的工作方式。

But I think, going forward, especially when we get to FY '23, you won't have these anniversaries to worry about with the discretionary 1 year, not in the next year. I think -- and I would just use, for people modeling, 30%. As we've looked at it and benchmarked it, that continues to be a best-in-class number. And I think with all the changes we've made, I think that's a good number to use over a cycle, to use 30%.

但我認為，展望未來，特別是當我們進入 23 財年時，您將不必擔心這些週年紀念日，因為可自由支配的一年，而不是明年。我認為，對於人物建模，我只會使用 30%。根據我們的研究和基準測試，這仍然是同類中最好的數字。我認為，考慮到我們所做的所有改變，我認為在一個週期內使用 30% 是一個很好的數字。

All right. I think I want to ask a question on the ESG report that you guys put out the other day. There's clearly some very significant reductions that Parker has made over the last decade or so and some good aggressive targets over the next 10 to 20 years.

好的。我想我想問一個關於你們前幾天發布的 ESG 報告的問題。顯然，帕克在過去十年左右的時間裡做出了一些非常重大的削減，並在未來 10 到 20 年制定了一些積極的目標。

Can you talk just a little bit about, it's probably a very long answer, some of the mechanisms that you're going to use, some of the main initiatives that you're going to use to achieve those goals?

您能否簡單談談，這可能是一個很長的答案，您將使用的一些機制，您將用於實現這些目標的一些主要舉措？

Yes. So it's going to be a combination. So we've been working this already. And we've had since 2010 a 44% reduction. I've got the report actually in front of me. I have to go find various -- use different time periods. We've 50% in the report since 2010. So we've been on this for a while. And it's energy things that we do within the plants, renewables, different lighting. Some of this will happen from indirect emissions. As the various utility companies change over to easy renewables, we automatically get credit for that as well. We're going to be working with our suppliers in what they can do to reduce it. All the Kaizen work we do, where we just utilize the equipment better, smaller footprints, a better flow, less distances traveled, all those kind of things helped in this reduction. So we have every group signed up for their -- have their prospective greenhouse targets that they're working on. They know exactly where they are, and that gets cascaded down plant by plant.

是的。所以這將是一個組合。所以我們已經在做這方面的工作了。自 2010 年以來，我們已經減少了 44%。報告其實就在我面前。我必須去尋找不同的——使用不同的時間段。自 2010 年以來，我們的報告中包含了 50%。所以我們已經研究這個問題有一段時間了。我們在工廠、再生能源、不同的照明中進行能源工作。其中一些將來自間接排放。隨著各種公用事業公司轉向簡單的可再生能源，我們也自動獲得了這一點。我們將與我們的供應商合作，盡其所能減少這種情況。我們所做的所有改善工作，我們只是更好地利用設備，更小的佔地面積，更好的流程，更短的行駛距離，所有這些都有助於減少。因此，我們讓每個團體都簽署了他們正在製定的預期溫室目標。它們確切地知道自己在哪裡，這些訊息會逐株逐級傳遞。

And then we've also have -- so envision every group having a list of greenhouse gas emissions reductions, water things they're doing, recycling things they're doing, that's in the way, we know how to do. We drive it down in the respective divisions. And then at the group level, we have each group on their technology road map developing their clean technology portfolio and how it needs to change for more EVs, more fuel cell EVs, more hydrogen, et cetera. And the groups have been actively doing it.

然後我們也有 - 所以想像每個團體都有一份溫室氣體減排清單，他們正在做的水事情，他們正在做的回收事情，這就是我們知道該怎麼做的方式。我們在各部門將其降低。然後在集團層面，我們讓每個集團在他們的技術路線圖上開發他們的清潔技術組合，以及它需要如何改變以適應更多的電動車、更多的燃料電池電動車、更多的氫等。這些團體一直在積極地這樣做。

The good thing about this is we've formed the Motion Technology Center about 3 years ago. And for people who aren't familiar with it, this was taking the best and brightest that we could between aerospace and our Motion Systems Group. So taking all the motion-related technology of the company, having a center of excellence for it, and in particular, focusing on electrification.

這樣做的好處是我們大約 3 年前就成立了運動技術中心。對於不熟悉它的人來說，這是我們在航空航天和我們的運動系統集團之間採取的最優秀和最聰明的做法。因此，公司採用了所有與運動相關的技術，建立了一個卓越中心，特別是專注於電氣化。

And a lot of the technologies that we developed in the '90s on the F-35, so the flight surfaces on the F-35 fighter are electro-hydraulically actuated. And we've taken a lot of those learnings and applied it into the industrial portion of the company and developed a suite of motors and motor controllers and software that we're offering on the industrial companies, OEMs in particular, where their platform changes as they look more electric. And when you add in acquisitions like LORD on top of the engineered materials applications that we have from legacy Parker, we have a really strong material science portfolio to help with that transformation as well.

我們在 90 年代在 F-35 上開發的許多技術，因此 F-35 戰鬥機上的飛行表面是由電液驅動的。我們吸取了很多這些經驗教訓並將其應用到公司的工業部分，並開發了一套電機和電機控制器以及軟體，我們向工業公司（特別是原始設備製造商）提供這些產品，他們的平台隨著變化而變化他們看起來更電動。當你在我們從傳統 Parker 獲得的工程材料應用之上添加像 Lord 這樣的收購時，我們也擁有非常強大的材料科學產品組合來幫助實現這一轉型。

So our sustainability message is twofold: things we're going to do internally, which we have good line of sight to. And we've put out 2 major targets, 2030 and 2040, but we're looking for year-over-year things to get there, and then what we're doing to help our customers, because our customers at Scope 3, that's us helping our customers, and we'll be all over doing that.

因此，我們的永續發展訊息是雙重的：我們將在內部做一些我們有良好視野的事情。我們已經制定了 2030 年和 2040 年這兩個主要目標，但我們正在尋找逐年的目標來實現這一目標，然後我們正在做什麼來幫助我們的客戶，因為我們的客戶在範圍 3 中，那就是我們幫助我們的客戶，我們將全力以赴。

Your next question comes from the line of Joe Ritchie with Goldman Sachs.

你的下一個問題來自高盛的喬·里奇（Joe Ritchie）。

Todd, maybe a first question on free cash flow. Clearly, really nice job this year at 16.5% of sales. I guess as you think about the free cash flow margin going forward, should we be thinking that there's going to be a little bit more like a working capital drain going forward just given that growth is inflecting here on the industrial side?

托德，也許是關於自由現金流的第一個問題。顯然，今年的工作非常出色，佔銷售額的 16.5%。我想當你考慮未來的自由現金流利潤率時，我們是否應該考慮考慮到工業方面的成長正在發生變化，未來將會出現更多的營運資本流失？

Well, yes, absolutely, Joe. There's been a step change in our cash flow performance. And I think everyone has seen that over the last couple of years. It's always a little bit tougher in a growth environment. So we'll be ready for that. I still think there's some opportunity across our enterprise. Some of the recent acquisitions, I think we've got some upside on inventory and really, I (technical difficulty) on receivables and payables throughout the last 20 months. So I still think we've got room to grow here. So we're not expecting much of an impact.

嗯，是的，絕對是，喬。我們的現金流表現發生了階躍變動。我想在過去幾年裡每個人都已經看到了這一點。在成長環境中總是有點困難。所以我們會為此做好準備。我仍然認為我們的企業存在一些機會。在最近的一些收購中，我認為我們在庫存方面有一些上升空間，實際上，在過去 20 個月中，我（技術困難）在應收帳款和應付帳款方面。所以我仍然認為我們這裡還有成長的空間。因此，我們預計不會產生太大影響。

Okay. Great. Great to hear. And then my one follow-up. Tom, obviously, clearly, a big announcement this week. I'm curious, maybe on the flip side of things, are you thinking maybe a little bit more aggressively around like the portfolio divestiture side to help with the potential deleveraging from this large acquisition? And how you're thinking about divestitures holistically? That would be helpful.

好的。偉大的。很高興聽到。然後是我的一個後續行動。湯姆，顯然，本周有一個重大公告。我很好奇，也許從另一方面來說，您是否正在考慮像投資組合剝離方面更積極一些，以幫助實現這一大型收購的潛在去槓桿化？您如何整體考慮資產剝離？那會有幫助的。

Yes, Joe. It's Tom. We look at it all the time, not just when we have a large acquisition, but this is something we have standard workaround that we look at, at the office of the Chief Executive, so Lee, Todd and myself, as well as we do it annually with the Board.

是的，喬。是湯姆。我們一直在關注這個問題，不僅是在進行大型收購時，而且我們在執行長辦公室裡有標準的解決方法，所以李、托德和我自己以及我們都在關注這個問題。每年與董事會一起進行。

And I would characterize that -- I've used this visual for people. I think the portfolio of the company has been very thoughtfully put together. Think of it as a tree trunk with the various branches. 2/3 of our revenue comes from customers that buy from 4 or more of the 8 technologies we have. So my predecessors and everybody that built this company did a very thoughtful job of putting together interconnected pieces that make sense.

我會描述這一點——我已經為人們使用了這種視覺效果。我認為公司的產品組合經過深思熟慮地組合在一起。將其視為具有各種樹枝的樹幹。我們 2/3 的收入來自購買我們擁有的 8 種技術中的 4 種或更多技術的客戶。因此，我的前任和創建這家公司的每個人都做了非常周到的工作，將有意義的相互關聯的部分組合在一起。

So when we do that portfolio analysis, there's very little that we see that we'd want to divest. It's something we look at all the time. It doesn't mean that we wouldn't divest anything. But if you use the tree analogy, it would be a small branch. There's going to be no major trunks that gets lopped off. But we look at it all the time. But I wouldn't see any big announcements from us regarding divestitures.

因此，當我們進行投資組合分析時，我們發現幾乎沒有什麼是我們想要剝離的。這是我們一直在關注的事情。這並不意味著我們不會放棄任何東西。但如果用樹來比喻，那就是一根小樹枝。不會有大樹幹被砍掉。但我們一直在關注它。但我不會看到我們發布任何有關資產剝離的重大公告。

Your next question comes from the line of Joel Tiss with BMO.

您的下一個問題來自 BMO 的 Joel Tiss。

Just a different angle on that last question. Are there any internal actions you guys can take or that would really help you to get ready for the Meggitt acquisition? Or that's not how you work?

只是對最後一個問題的不同角度。你們可以採取什麼內部行動，或者可以真正幫助你們為美捷特收購做好準備嗎？或者這不是你的工作方式？

Well, I would -- Joel, it's Tom. Those internal actions have been happening every day since I joined the company and every day that everybody else that works here. I mean we're all about continuous improvement. And I think the slide we showed earlier on, the 660 basis points improvement in EBITDA margin, is what's positioned us to be able to do a deal of this size.

好吧，我會－－喬爾，是湯姆。自從我加入公司以來，這些內部行動每天都在發生，在這裡工作的其他人也每天都在發生。我的意思是我們都致力於持續改進。我認為我們之前展示的幻燈片，即 EBITDA 利潤率提高了 660 個基點，使我們能夠進行如此規模的交易。

If you think about a couple of things regarding Meggitt, and just using that as an example, the multiples that we're going to do are very similar or less than what we did with CLARCOR. The synergies -- while the dollars are big, the percent synergies are very similar to what we did with CLARCOR and LORD. And what's interesting is we're going to do a deal that has over 2x the purchase price of our largest transaction, but our starting leverage will be about the same point that we were when we did LORD and Exotic. So the question might be, how?

如果您考慮有關 Meggitt 的一些事情，並僅以此為例，我們要做的倍數與我們對 CLARCOR 所做的倍數非常相似或更少。協同效應－雖然資金很大，但協同效應百分比與我們對 CLARCOR 和 Lord 所做的非常相似。有趣的是，我們將進行一筆交易，其購買價格是我們最大交易的 2 倍以上，但我們的起始槓桿將與我們進行 Lord 和 Exotic 時的水平大致相同。那麼問題可能是，如何？

The reason for that is because EBITDA has grown dramatically, the cash flow generation of the company, the EBITDA margins have grown so dramatically that we can take this size, and it looks very similar to what we did in the past. And so we've been getting ready every day. And as we keep getting ready, we'll probably be ready to do something even better as we go into the future.

原因是 EBITDA 大幅成長，公司的現金流量產生、EBITDA 利潤率成長如此之大，以至於我們可以採用這個規模，它看起來與我們過去的做法非常相似。所以我們每天都在做好準備。當我們不斷做好準備時，我們可能會準備好在未來做得更好。

When we update you on our FY '26 targets, they're going to be higher than where we are today. And Win Strategy 3.0 just started, and it has tremendous firepower behind it to continue to propel the company. So we're preparing for the future every day. And I think what we did really the last 10 years is what's positioned us to do the Meggitt acquisition.

當我們向您通報 26 財年目標的最新情況時，這些目標將高於我們今天的目標。而贏策略3.0才剛起步，背後有著巨大的火力來繼續推動公司前進。所以我們每天都在為未來做準備。我認為過去 10 年我們所做的事情正是我們收購 Meggitt 的基礎。

Does that take away your kind of potential as we get to Investor Day to have some kind of bigger levers that really drive margin forward? Is it really just a series of small things? And can you give us a couple of examples of some of the things you're working on that could really continue to transform this company? And then I'm finished.

當我們到了投資者日時，這是否會剝奪你的潛力，讓你擁有某種更大的槓桿來真正推動利潤率成長？難道真的只是一連串的小事嗎？您能否給我們舉幾個例子，說明您正在做的一些事情確實可以繼續改變這家公司？然後我就完成了。

Well, there's a couple of things I'll talk about on the top line. It would be the portfolio changes we've made, but there's also things organically, we're doing differently, the whole strategic positioning, which I'll try to give more color on that on IR Day, and how our divisions are taking a real step change in ownership of how they position themselves versus their competitors, the innovation changes we've made on PVI and new product blueprinting, Simple by Design, which is a growth propellant as well as a margin engine, international distribution growth, the digital leadership and the new incentive plan change, ACIP replacing RONA. All those things are going to help on the top line, but several of those help on the margin side as well.

好吧，我要在最上面談幾件事。這將是我們所做的投資組合變化，但也有一些有機的事情，我們正在做不同的事情，整個戰略定位，我將嘗試在投資者關係日上對此提供更多色彩，以及我們的部門如何採取行動與競爭對手相比，他們在所有權方面的真正一步改變、我們對 PVI 和新產品藍圖所做的創新變革、簡單設計（既是成長推動劑也是利潤引擎）、國際分銷成長、數位化領導層和新的激勵計劃發生變化，ACIP 取代了RONA。所有這些事情都會對營收有所幫助，但其中一些也對利潤方面有所幫助。

So as the portfolio becomes more innovative, and it has over the last number of years, those carry higher margins. Simple by Design, as some of you maybe heard me talk about, will be the single largest margin enhancement the company has ever done, and it's just starting. International distribution, as we move that mix, that's a margin enhancement. We found with digital leadership that we continue to get more efficient with the use of AI.

因此，隨著投資組合變得更具創新性，而且在過去的幾年裡，這些投資組合的利潤率也更高。正如你們中的一些人可能聽到我談論的那樣，「設計簡單」將是該公司有史以來最大的利潤提升，而這才剛剛開始。國際分銷，當我們改變這種組合時，利潤率就會提高。我們發現，憑藉數位化領導力，我們透過人工智慧的使用不斷提高效率。

And then probably last but not least, and the most important, the things we've done around engagement. If I had to pick one single thing that's propelled the company, it's been the engagement of our team members, the engagement scores, the ownership. And it's hard to put a number to that. But you know when you have people that think and act like an owner, that use Lean and Kaizen, which is part of their normal thinking, that spirit of continuous improvement is a big part of what's driven our success to date. You can plot our Kaizen activity and our engagement scores, and they're working hand in hand, their look on a parallel path driving success.

然後可能是最後但並非最不重要的也是最重要的，我們圍繞參與度所做的事情。如果我必須選擇一件推動公司發展的事情，那就是我們團隊成員的敬業度、敬業度分數和所有權。很難給出一個數字。但你知道，當你的員工像主人翁一樣思考和行動，使用精實和改善（這是他們正常思維的一部分）時，持續改進的精神是推動我們迄今為止成功的重要因素。您可以繪製我們的 Kaizen 活動和參與度分數，他們正在攜手合作，他們看起來在推動成功的平行道路上。

So it's not one single thing, Joel. It's a number of things. And I guess that 1 slide that we showed you earlier showed the compounding effect of improvement year-over-year: the compounding on EPS, doubling at the compounding of margins. And that's going to keep going. We're not going to stop.

所以這不是一件事，喬爾。這是很多事情。我想我們之前向您展示的一張幻燈片顯示了逐年改善的複合效應：每股收益的複合，利潤率的複合翻倍。這種情況將持續下去。我們不會停止。

Dawn, I think we have time for 1 more question. So whoever is next in queue, we'll take 1 more question.

黎明，我想我們還有時間再問一個問題。因此，無論隊列中的下一個是誰，我們都會再回答 1 個問題。

Okay. We have a question from the line of David Raso with Evercore ISI.

好的。 Evercore ISI 的 David Raso 向我們提出了一個問題。

I apologize. I didn't follow the order commentary. You said like the current quarter, orders were running, I think, you said 17%. Can you first clarify that? Was that industrial? Was it the whole company? I'm just trying to understand that comment.

我道歉。我沒有遵循評論的順序。你說像當前季度一樣，訂單正在運行，我想，你說的是 17%。能先澄清一下嗎？那是工業的嗎？是整個公司嗎？我只是想理解這個評論。

David, this is Tom. So the comment I mentioned on orders was contrasting '19 to '21, where we were, if you made it apples-for-apples. And because we didn't have acquisitions, [didn't last] acquisitions in '19. And that has orders growing versus '19 at around low teens. And I was just making that correlation because we got order entry coming in low teens versus '19, and we've got sales growth in Q4 was right around 10% versus '19. And our forecast for organic growth the first half for the industrial piece of the company was around 11%. So they all kind of coalescing around that 10% to 11% low teen type of level.

大衛，這是湯姆。因此，我提到的關於訂單的評論是對 19 世紀和 21 世紀的對比，如果你是一視同仁的話。因為我們沒有進行收購，所以 19 年的收購[沒有持續]。與 19 年相比，訂單量增加了 10% 左右。我只是做出這種關聯，因為與 19 年相比，我們的訂單輸入量在十幾歲左右，而且與 19 年相比，我們第四季度的銷售增長約為 10%。我們對公司工業部門上半年有機成長的預測約為 11%。所以他們都集中在 10% 到 11% 的低青少年水準。

I appreciate that. But we're not -- right now, we're not really comparing it versus '19. Your guide is '22 versus '21. And if the orders were over 50% industrially in last quarter, if you look at the more challenging comps, single stack, maybe it's 17%, so the orders would be up like 40%. Or you want to double-stack it, it's even less of a degradation.

我很感激。但我們現在並沒有真正將它與 19 年進行比較。你的指南是「22」與「21」。如果上個季度工業訂單超過 50%，如果你看看更具挑戰性的比較，單堆棧，可能是 17%，所以訂單會增加 40% 左右。或者你想雙棧它，它的降級甚至更少。

So I'm just trying to understand, what are the actual order trends right now versus a year ago? Just so we understand, are you seeing a slowdown? Or are we just confusing the commentary about versus '19? Just to be clear, because the first half industrial growth is the correlations breaking significantly versus orders leading sales in how you're guiding.

所以我只是想了解，與一年前相比，現在的實際訂單趨勢是什麼？就讓我們了解一下，您是否看到經濟放緩？或者我們只是混淆了關於 '19 的評論？需要明確的是，因為上半年工業成長與訂單主導銷售的相關性顯著打破。

Right. I was trying to give you back to something that was more normalized activity because the year-over-year is what we've announced. It was over 50-plus percent for international and minus 7% for Aerospace, plus 43%. But you can't extrapolate that against normal conditions because that was against a quarter ago, which is one when the great shutdown happened. So you can't take that number and extrapolate it into organic growth. You got to come back to kind of some other benchmark, so we went back to when activity was more normalized, and that's the data that came up with. This is what I -- all the various inputs that we put into that. So there's a lot of science that went into this number. And I'm just trying to contrast why you can't take a 43% order entry and so you're going to have a 43% organic growth.

正確的。我試著讓你們回到一些更正常化的活動，因為逐年變化是我們已經宣布的。國際航空業的成長率超過 50%，航空航太業的成長率為負 7%，而航空航太業的成長率為 43%。但你不能根據正常情況推斷這一點，因為那是在一個季度前，也就是大停工發生的時候。所以你不能用這個數字來推論有機成長。你必須回到其他一些基準，所以我們回到了活動更正常化的時候，這就是得出的數據。這就是我——我們投入的所有各種投入。這個數字涉及很多科學知識。我只是想對比為什麼你不能接受 43% 的訂單輸入，所以你將獲得 43% 的有機增長。

But would you be able to help us with how the orders are trending currently versus a year ago?

但您能幫助我們了解當前訂單趨勢與一年前相比如何嗎？

Well, orders continued to grow through the quarter. I mean, if I take North America, it was 11% at Q3 and it went to 56%. And it sequentially got better every month through the quarter. Same thing happened in international. So we saw momentum building through the quarter. Things are definitely not slowing down, David. I don't want anybody to take that thought process. Things built through the quarter.

嗯，整個季度訂單持續成長。我的意思是，如果以北美為例，第三季這一比例為 11%，後來升至 56%。並且整個季度每個月都在不斷好轉。國際賽場上也發生了同樣的事情。因此，我們看到整個季度的勢頭正在增強。大衛，事情絕對不會放緩。我不希望任何人採取這種思考過程。本季建成的東西。

That's why I want to be clear. I mean, Tom, if you've got 50% in this past quarter, that usually is, right, somewhat of a correlation for the next quarter, but the comps, not exactly a normal comp. But the fact is, if you look at the comps, that this current quarter, the industrial orders should still be up north of 30-or-so. And then when you have 2 quarters running 50%, then 30%, it doesn't make a lot of sense to be thinking the first half industrial is kind of low teens. And I'm just -- I know it's a little tricky on the conversion. Maybe some things were taking a little longer to ship. I'm just making sure we don't walk away thinking that's a pretty dramatic slowdown. So you're saying you're not seeing a slowdown, end of the day?

這就是為什麼我想澄清。我的意思是，湯姆，如果你在上個季度獲得了 50%，那麼這通常與下個季度有一定的相關性，但比較，並不完全是正常的比較。但事實是，如果你看一下比較，本季的工業訂單仍應高於 30 左右。然後，當你有 2 個季度運行 50%，然後是 30% 時，認為上半年工業增速處於較低水平就沒有多大意義了。我只是——我知道轉換有點棘手。也許有些東西需要更長的時間才能運送。我只是確保我們不會認為這是一個相當戲劇性的放緩。所以你是說你最後沒有看到經濟放緩？

I want to be very clear. There's absolutely no slowdown. You can't take a 50% order entry rate and draw linear curve there and say it's a 50% organic growth. That's not how that works.

我想說得很清楚。絕對沒有減速。你不能以 50% 的訂單輸入率並在那裡繪製線性曲線並說這是 50% 的有機增長。事情不是這樣的。

I hear you. Lastly, to the March meeting, when we think about the comment about Simple by Design, still, you feel pretty early in the journey. Any way you can frame for us how you perceive margin improvement from here versus kind of the journey we've been on the last 5 years? Just to kind of frame it a little bit for us given Simple by Design.

我聽到了。最後，在三月的會議上，當我們考慮有關「簡單設計」的評論時，您仍然會覺得旅程還很早。與我們過去 5 年的歷程相比，您是否可以向我們描述您如何看待現在的利潤率改善？只是為了給我們簡單的設計一點框架。

No. I'm not going to do that yet. I want to do that in full context, going through all the strategies and how we're going to do it. I've given you a fully baked explanation. But I would just say that we're going to continue to get better. And if the future is -- if the past is an indicator, you can draw that into the future.

不，我還不打算這麼做。我想在完整的背景下做到這一點，了解所有的策略以及我們將如何做到這一點。我已經給了你一個完整的解釋。但我只想說我們會繼續變得更好。如果未來是──如果過去是一個指標，你就可以把它帶入未來。

All right. I just want to say thank you to everyone for joining us today. This does conclude our FY '21 Q4 earnings webcast.

好的。我只想對大家今天加入我們表示感謝。我們的 21 財年第四季財報網路廣播到此結束。

And again, just consistent with the comments made on Monday regarding the requirements of the U.K. takeover code and our pending Meggitt transaction, a representative of Citibank will continue to participate on all of our analyst and investor calls for the foreseeable future.

同樣，與週一就英國收購守則的要求和我們懸而未決的 Meggitt 交易發表的評論一致，花旗銀行的代表將在可預見的未來繼續參加我們所有分析師和投資者的電話會議。

Robin and Jeff are obviously available here all day if you have further questions or need any further clarification. And always, thank you for your interest in Parker. And I hope everyone has a great day and a great weekend. Take care.

如果您還有其他問題或需要進一步說明，羅賓和傑夫顯然全天都可以為您服務。始終感謝您對 Parker 的興趣。我希望每個人都有美好的一天和愉快的週末。小心。