Hillenbrand (HI) 3 Aug 232023 Q3 Earnings call transcript

Good day ladies and gentlemen and welcome to the Hillenbrand Third Quarter Fiscal Year 2023 Earnings Call.

Our host for today's call is Sam Mynsberge, VP of Investor Relations. [Operator Instructions]

I would now like to turn the call over to your host. Sam, you may begin.

operator. you, Thank everyone. Good morning, Hillenbrand's of conference fiscal to for call quarter XXXX. third Welcome our by CEO, I'm our President our joined and President CFO, Senior Kim and Bob VanHimbergen. Vice and Ryan; supplemental direct attention website to will on referenced call. be on like I'd that to the our slides your IR today's posted

As of our as be commentary operations a based Batesville our all for on classified the is divested performance continuing will operations. periods reminder, the segment discontinued presented and

contain comparisons divestitures A segments performance of our actual XX-Q Turning to of statements that X a acquisitions, discussion as as will These reminder non-GAAP the certain to during results. discussing may and the provisions forward-looking encourage of could website and deeper results non-GAAP are comments harbor impacts the actual statements including well and X. Also we materially. the be certain foreign of the appendix for of to subject you our measures, which Slide statements differ future impact found on performance I guarantees factors Slide that can organic of our course call, laws. operating could are safe not securities be that forward-looking risk in presentation our review exchange. our the for exclude the which information, currency our this

turn Kim. With to I'll over that, call the

you of our global into joining acquisitions and touching to and on or us Food for Thank which this business, today's industrial like quarter. everyone. profitable the transform pure-play morning, recently This Hillenbrand our we on builds by as FPM company. good growth expect the announced our Herbold to transaction Materials I'd and start Sam later Peerless acquisition to Thanks, momentum Performance strategy upon Linxis, Schenck call. of a we executed close

death secularly February, revenues reminder, be transformed roughly from in XX% completed our nearly to the of a of now to portfolio our growth, end by XX% that end the end generated scale acquisitions market from care macro our engineering divestiture anticipating and our these of declining in foundation higher of to pharma global less Batesville are footprint we've revenues with As supported along having combined and growth our recycling. improved service with demands and to food, global profitable our capabilities These leverage the long-term markets allows growth. and cyclical and drive scalable us markets we

practices manufacturing value engineering, by to and with combined opportunities and create procurement proposition excited long-term this value to opportunity an will enabling to of end customers, cyclical associates, to the like by functions presence us markets. for I'm brands enhanced acquisition create less across provide scale higher more shareholder technologies portfolio finally and our in benefits leading expanded growth, drive through and our share best our create to comprehensive

the track the an can on ground are we day We and providing quarter transaction at running to are to this the hit diligently integration teams X. planning the close look forward so We closing. update on process

in organic business the now I'll which spend in Turning third our our performance well share expectations earnings grew which strength parts exceeding and revenue driving by per our an Overall, from segment XX%, MTS continued discuss our with service key a in from quarter, further within acquisitions performance APS softness on highlights driven and few next offset Consolidated our productivity. XX% slide; our managing continued strong robust we fiscal segment, job of and I'll aftermarket to the moment. did our in quarter. excellent margins and touch for executed teams a as

enhanced the in The protein flow the which won pleased orders conversion able solutions are to success and and teams in our Coperion stack of seen alone. opportunity with been Linxis excited progress system We quarter dollar generated we've FPM. addition integration even to the neither also of the delivered would create win and multi-million applications for adjusted have the I'm value XXX% quarter. on through customers we're earnings per XX% growth of about or alternative the creating X cash with share further making for over our free

at following we we our transparency commitment double showcasing shape XXXX. the we fourth report, In internal of the matters external our annual materiality Finally, our publishing sustainability priorities end purpose, made reassess furthered May, of in our which the our what report, acquisitions tomorrow. and assessment for stakeholders to published the by

X and recently a progress communication finalist water approach Awards for significant our usage Hillenbrand purpose. and launch of Reuters of in I'm team the made, reducing proud also We for Scope in disclosed most Responsible our the reflected our we've very the emissions, towards our named emissions. being Business

provide of seeing level a softness we're the our Starting across to with overview segment. segments. we I'll the Now, MTS; in across high dynamics see orders continue

While most as end for ongoing customer the we where region. extended weakness geographies, China, within we're economy to pausing customer driven in revenue orders orders, customers and processes see decision across hot and broader their by markets within China's footprint well improve in production as did continue reevaluate elongated runners particularly sequentially, uncertainty seeing to own

initially molding our sequential not anticipated. the rebounded orders on relatively in injection but timeframe For products, a were basis stable have we

to on MTS productivity be about costs focused for and maintain driving remain margin to performance. managing continue cautious We and outlook the

with starting to turning APS, durable plastics. Now

the of we investments engineered, high a the as we delaying both efficiency of polyolefin plastics were The customers large engineering see these strength plays handling systems. provider this India, in pipeline decisions increase the projects as healthy our into the global of scale continued and highly their to leading to output to and on continued material few extrusion projects in projects East impacted China. and has by and for a look customers Middle of quarter, While maximize

growth book-to-bill ratio the to in now delivered see aftermarket our for X, enduring our quarter we service equipment the throughout which demand above segment the also strong continued customers of quarter. the parts life aftermarket revenue consecutive to reflects proposition base XXth systems. remained and in strength We've organic this their and and APS installed value for of and this double-digit aftermarket year-over-year We bring the

recycling; as to and handling unique customers washing of our and system to our equipment, the plastics shredding, offer recycling through combination value and Coperion proposition material complete we Turning a through reminder, grinding the can extrusion Herbold solutions. a

complexity While well material next required this as we'll growth a portfolio the represents number to the the believe a years part of process scale of today, the our over as systems increases. we small see projects significant and recycled of as few

demand we're systems and as X, with in including Now food, and pet baked our to America food other create applications Latin equipment less performance strong revenue processed value treats. nearly across North and snacks with with We bolstered ability XX% for saw for product goods cyclical, saw and such enhanced robust pharma; quarter and our sequentially part of growth is the portfolio. improving this book-to-bill confident Europe outlook the America, more to which in we comprehensive foods, and above strength by our higher and and business

of the to we a processing will of at in have revenues. Through total our actions end our these we've markets scale capabilities markets represented plastics strong of balance X% position closing leveraging Overall, technologies we engineering. XX% systems revenues taken XXXX, bring in Peerless still portfolio business, confident revenue. within remain As the our around leading have can that our increased cyclicality and of of the fiscal end and while our XX% Linxis, our expected brands approximately FPM, reminder, believe Gabler, acquisitions acquisition material to approximately strengthened and and core nearly total this of existing company we and consolidated

in and decisions, synergies. plans backlog, delays While is achieve we driving improvement to our customer integration operations our the the ongoing costs discretionary both on through uncertainty managing executing growth remain HOM, executing and in focused causing macroeconomic our continuous strong

the I'll now over fourth call performance overview turn and our to more outlook to Bob quarter. provide of financial the a detailed for

Thanks, Kim good morning, and everyone.

of on performance organic lower cost we XX% within segment. prior delivered revenue segment of X; as on organic and increase X% of MTS strong was points. as basis, volumes basis volume. an increased Adjusted APS improved APS XX.X% our margin XX% EBITDA million Adjusted consolidated volumes within and pricing our $XXX partially of inflation to and million, MTS an to higher XX the of XX% $XXX lower by were our by EBITDA offset offset or productivity X% improvements organically Turning compared or growth year partially Slide

approximately a to net reported XX.X%. the operations of in full XX% We income in We GAAP productivity previous of or will year. prior year, lower MTS share pricing compared volume. and The improvements, year prior due $X.XX initiative projection of from strategic impact cost primarily rate effective $XX per is higher the from to that tax up due $X.XX volume, in be APS by fourth quarter million and to XX% the and acquisitions continuing to per or earnings $X.XX offset $X.XX the favorable increased to Adjusted tax tax our the primarily anticipate was our partially inflation which rate take effect quarter. adjusted share,

year, million generated dividend. expectation timing $XX be quarter, inventory were up We working expenditures longer-term XX% to with that teams approximately quarter to shareholders of quarterly through reductions we maintain XXX%. remains the of an in in million the range year XX% We for $XXX million from and excellent in the earnings. while the due our from our to higher We conversion approximately approximately the flow target job will and as Capital in primarily cash operations quarter did capital in performance cash were million our executing at $XX prior XXXX, favorable returned $XX and cash full pleased receivables. fiscal of our

parts APS increased year, to segment Now, and favorable aftermarket performance, $XXX to plastic moving system Organic sales. higher the of APS pricing, million acquisitions, service increase Slide revenue large in by on driven revenue compared prior revenue year-over-year. starting X. an XX% increased XX% and with

XX.X% leverage as and pricing, year-over-year Adjusted productivity organically cost the Adjusted EBITDA favorable and offset by EBITDA primarily of million inflation. from improvements volume by acquisitions. points, were basis and effect higher higher increased dilutive XX% improvements, productivity or due XX% margin cost of $XX the increased partially XX operating partially to inflation pricing, of volume favorable offset

recent acquisitions the reminder, currently relative a with operate lower margins. As

However, expect productivity with the these few deployment line the as Operating historical synergies Model. we and to next through drive over bring in margins do years we APS Hillenbrand of the

organic large an or on compared to for due Kim aftermarket down of basis, primarily several Backlog of large the systems demand $X.X primarily increased by mentioned X%, Sequentially, delay billion plastic backlog year service. as parts driven and prior to orders, the was X% and XX% earlier.

However, Linxis and strong in continued aftermarket within brands strength food our business, demand in business. see our our particularly we

Adjusted and million and hot molding decrease injection sales Slide by or organically X% or productivity $XX cost revenue X% partially in MTS pricing. to a product containment organic X% volume, cost revenue offset as higher runner actions. decreased and favorable by basis and of improvements EBITDA year-over-year offset million and on favorable $XXX variable lower were Turning decreased on aftermarket inflation pricing, of parts equipment service X; an unfavorable X% as compensation, mix were lower

executed flat primarily teams lower EBITDA driving costs Adjusted the of year prior margins margin of well XX% backlog. headwinds. molding the for to to the was $XXX on year, compared maintain decreased and despite managing XX.X% execution million prior existing orders volume Backlog injection due as to to of compared productivity the and

to to customer volume we in quarter delays decisions. quarter, only continued experienced started fiscal order in our patterns we While in steady remained the see improve as second QX this

and have the up since the following New Activity to we remainder now but year. had expect of through we China China at suppressed picked in slow least the initially seen demand fiscal activity Chinese remain Year

monitor softness. further potential respond costs to to demand environment appropriately manage will continue the We to and

at was was quarter balance including facility. revolving million the and in liquidity to of end sheet debt our hand cash credit of and pro-forma X.Xx. Turning $X.XX net At end, net on $X.XX the billion, we on available EBITDA approximately ratio to the quarter remainder debt Slide the our adjusted billion under have $XXX X;

to to investments; repurchases; finally, shareholders driving communicated, through growth our share third, our and As around dividend second, M&A; framework deployment a growth maintaining attractive profile through range leverage first, priorities: with an X.X through key and opportunistic organic targeted our returning we leverage profitable policy attractive net capital strategic enhancing X of consistently X.Xx. appropriate cash is based

It where As to financial forward. which strategy, May, us believe FPM market, going the area of in improving acquisition revenue, revenue in food the the nearly end of attractive of attractive from and roughly our our Hillenbrand. food end-market of positions growth with exposure we with coming half will we leading will aligns bring XX% business strategic the their for be we pet generates believe announced benefits profitable significant clearly an with growth food FPM

dilutive, execute APS can over of and Linxis confident are integration be we the years. achieve to realization Peerless FPM margin few successfully next FPM synergy While segment alongside and the drive expansion of levels historical margins initially we towards will the

plan revolving credit We fund acquisition through our loan. this recently facility €XXX million to announced our and term

transaction our anticipate is Following which X.Xx. later QX be to net leverage pro quarter, expected forma of this closing the we this approximately

flows Looking post leverage X.X to close deal net ahead, reduction communicated towards we'll XX debt be announcement. be our prioritizing below months cash a of as at the time the target within we with

our on Now, outlook moving XX. to Slide

quarter we the as guidance see the our in year, performance based operating of demand on As narrowing our what well we enter we're year-to-date the and current environment. final as

impact we guidance closed our acquisition the acquisition material not FPM, yet of not the earnings at from a adjusted not this share per and have our any are we to expect we incorporating into impact would time. Given

total guidance MTS. as of our well primarily approximately billion with experienced billion, billion, to annual as ongoing down $X.XX revenue APS billion the orders orders total the our in range Hillenbrand, assumes we previous delay to impacting now in in of our in recognition $X.XX $X.XX delay revenue due $X.XX Starting customer to from

corporate our $X.XX range year with $X.XX, items, raising outlook and interest full expected be are to including earnings $X.XX to share of favorable per midpoint tax, we to Given the previously $X.XX. our now adjusted

expect to full XX% As tax I approximately mentioned be our the effective we earlier, adjusted year. for rate

Now, to the turning segments.

to previously be billion billion of the to billion. now expect $X.XX range $X.XX billion, $X.XX For APS, $X.XX we to revenue annual in

plastic margin high recently We While our expect our large at XX be the better now due is to it prior delays slightly year. previous EBITDA than remains higher to to we to up Organic be XX to adjusted XX.X%, strong organic primarily approximately acquired and margins XX.X% the expected in range due growth from projects, XX.X% of slightly expect growth basis our lower still businesses. acquisitions. to our are to over performance performance order single-digit in better points XX.X%,

expected impact be been decision to to in previously For $X $X.XX anticipated, billion region. MTS, now billion revenue timing macro China, $X.XX customer headwinds is $X.XX has previously billion where slower particularly have annual to the to than as billion, continued

due of the guidance adjusted Our to range below low-end XX%, is XX% XX%, the volume. for now previous lower-than-expected XX.X% slightly margin to EBITDA our primarily range of to

evaluate the Model for drive ongoing We continue to to deploy the savings review Slide cost Hillenbrand actions Operating Please macro mitigate to and additional operating softness. help efficiencies additional XX guidance assumptions.

the With over to, call that, I'll back turn Kim.

Thanks, Bob.

this remarks. Before morning presentation taking end final I'll questions, with a our few

the As the taken to Hillenbrand we've remain we navigate profitable actions macroeconomic long-term growth. for position uncertainty, I ongoing confident in

productivity through by shareholder strong profitable remain with trends competitive deploying shareholders. growth expansion what can and installed our cash through and in on capital We achieved we've performance, operational and positions towards to long-term growth by high-return Model our value sustained end control our Hillenbrand and managing opportunities upon and supports by driving leading that synergies deleveraging brands, returning M&A, enhanced flows markets, capabilities supported laser-focused our capitalizing large to base Operating large through we utilizing drive the aftermarket strategic by

we'll open questions. the With line that, for

[Operator Instructions] comes of Your Summerville Matt first D.A. from question Davidson.

typically to large really I course cycle are long. this your business pauses we How have And perspectives running be like consider some kind long Kim, these order you of standpoint? here, of comes a where given do And seeing? these a plastic your of it I you're like projects a follow-up. then do to Coperion normal from when so for last experience given in

Yes.

move it for them So unusual projects, some not to not these is It's unusual. very quarters. several I really for that of would say large

work we continue them. to due on with to that's specification that Sometimes enhancements

due to conditions, sometimes to their processes. own due that's that's market Sometimes internal

be wide to being that on. going variety remember, there's projects And things So of a worked factors. these are multibillion-dollar are

projects. So we're one part of dollar multi-billion

the the say would long chair. long, worked Coperion in was I comparison were years, decades and while I the in there team that based rest What on I who to so history of pales that at is with X -- management

level a that tell is continuing concern of lot activity more we are is So that a would because experience you akin to of a indicating of their not And this the cycle. to lot is high I the they recession through had in pipeline. see what something

cancel. do FEED seeing kind to are continuing projects we which We studies with companies of those see We're in are not that process. their studies feasibility early

those So studies any halted, FEED off indicators. the -- of kind would would not big back 'XX-'XX, were -- time of there projects getting have were downturn tell seeing And the at if to going most you you been those coming looked the on. no I recent that conversations list, those we're were which

we're And going lot of strength to projects a parts like are to see perspective. and on have see a been that our short-cycle hold business service, continuing from also we're forward in continuing that and lot of

things monitor. provide So clarity some the to that, on Hopefully, those are Matt. that we continue that helps

that. Kim. two maybe of my to your realizing And Yes, and respect then stickiness? I follow-up, there on to relative can talk you price across with sustainability the magnitude you're businesses just the appreciate pricing in views last year as about

Yes, to let take I'm going that. Bob

Sure, Yes. Matt. Yes.

So no I'd say, what from last X in quarters. X we've really the probably change or seen,

up. that going were costs costs chain And when So our X where we management can years we're global they've as you team, continue place have supply more ago put great probably from in when down. to been imagine, processes they tracking recently, go

this XXX%. we've, price And cost so above quarter, was delivered again, that

team. between as the and our good have management line place of to chain team of beyond well we as as even because seeing have in cycle, well through commercial supply the sight that processes QX GS We the of some

this we 'XX. today, rest into see price/cost year here of sit and we as So the favorability

Securities. comes question Daniel CJS of next from Your Moore

for saw the In on what you as growth cost Maybe was 'XX? price the QX as high in organic growth for question. XX% specifically, we single-digit organic that well versus expect fiscal APS building

Yes.

was price/cost XXX%, So APS Dan, for the quarter. over in

organic price in of versus volume? breakdown the And just terms of growth that

Yes.

was X% the So the price and delta. about a less X than little the volume -- being

price X%. to consider closer or X% X%, So volume

guess, then, building or some bit you're geographies the of orders? And well? well Perfect. as and it purely Or in seeing in Matt's as India side. China little out where mainly it is APS other I with a question Is and kind push sticking on plastics

East. was No, I it geographies where would pipeline tell which have Middle you seeing the we're in India, China, we

some And the are conversations there any common what's causing your delays? denominators of of in terms -- in

No.

macro generally? Just uncertainty more the

say the of would of the as one undertone projects through Middle other specifically. continue on of I think, that projects say they're lot to through machinations we're Yes, And only than macro environment to these site efforts, they we in the types relative that China their discuss own would India, has of I some process, geopolitical all kind its engineering operating their continue and efforts, that, East that things. I of types that's normal But in is the a just to those just, just going work there. way the

So theme. continuing -- we're I is anything say not a that seeing not I'm would

then gears fiscal should pushed of it. growth to continue helpful. to I at That's organic orders shifting 'XX we MTS. Got about contraction but how And potential out, kind early, be this as look or know stage? we maybe think given to revenue it's obviously

Yes.

little 'XX. Kim part come really right? molding an did really somewhat -- about runners business. hot is here sequential So versus And because 'XX a to then to environment. there, the leading improvement China But say, QX. area going backlog certainly a weaker. certainly order soft. as hot right, in we QX under have is in that challenging -- talked see, next going put and earnings of in to that's to we And but to bit And it's give -- continues remain QX a I'd obviously, to we is fiscal modest needed in on That that continues highlighted, to guidance So call. runners we we're impact where something a going just be position our Injection of -- that -- in orders quarter quarter and

call control. on, obviously, Operating driving can the then we So quarter it's continued focus just the more on but as and orders as within the well we're that that to on walls X all something fundamentals next we focusing going 'XX provide our of Hillenbrand But again, guidance. that feedback can things certainly on Model in we'll utilizing focus improvement our

a Kim, been Coperion, of have just of anecdote maybe gave -- you to it And bit you wouldn't one and I previously. maybe think Okay. combination the a business was Linxis able little win, of that

of bit deadlines. integration How maybe not quarter you Just color Peerless, Herbold and being last to public a integration think hitting little alluded those Meckesheim potentially? the more Linxis, I to are progressing company on Linxis used

the other and process. used the normal understand of for that I we're quickly our to try processes finance have give of lot been of cadence are looking those part basis of kind of of really accounting of teams credit engineering and what and cadence our of have methodologies normal a types our some quarters up frankly, of efforts types do. what in businesses are on and a catch I quarterly get guys things -- and kind part to think these the that been And with to through around a to a guys of our efforts and these running re-planning really POC the team those

progress I make are there. tremendous think to they continuing

really for that fulsome we approaching now parts for solution to say with the individually. really product I that. really of of of in buyout promise these as opposed going And closely quote that coming together to teams what where we're previously opportunities excited would the going with after of a the working terms some have those team. very it are -- team with deliver company together offerings team think, and [indiscernible] end Kansas seeing, lot be in deliver markets. bringing those I've they And to nicely doing about Coperion I customers really other these in identifying can also were we food a team call been customers full systems. have some a our City, we as a groups and now the been really of pleased, especially And with They're Coperion

think work to model are continued activities we reimagine be that on do I but Supply SOX have kind Obviously, everything Schenck will once -- processes there we'll they contract getting operating we of work are work moving continued on And can need financial the of retime continue they've so parts so their quickly. the improvements, coming certain at integration teams Global on and of group. all Management to with in, our in They their and to under to things compliant, et that cetera.

continues. some So starting that in fold we'll they other the team in that work And then team, the the when quarter. come late encompass FPM Schenck of will this activities

say they bright catch company us quarter. highlighted just absolute and QX. a that a to probably timing out I to some in in and up an in understand public we we requirements. was for and food just really the add did push fact spot food trying beyond pharma revenue of again, was thought. what you And sequentially, last But mean I'd pharma to maybe that and of up we the company due quarter the orders saw lot XX% from on. was And a mentioned quarter

quarters the here couple we next see here And that high of today, sit so growth of in business. as single-digit out we

So bright that we're seeing truly spot from team. what a of

Perfect. Last housekeeping.

fiscal Or we about maybe as QX? should Just think is tax into discrete of sustainable that the lower sort 'XX? rate, for more that

going actually sustainable, be that's Dan. to No, Yes.

job a quarter with that's will going planning team tax and some this benefit fantastic initiatives. did be provide to moving forward. Our That executed

we the use? XX% to is to something if had model to best for number best is -- it in ongoing,

that probably XX% Yes. Well, it's XX% of to -- benefit moving the forward. in

of point forward. a probably moving get we'll So benefit

next provide the but that be. of we'll of range where probably obviously, quarter guidance is out XX% not So we'll

from Instructions] Sidoti next & Your Company. of [Operator Franzreb John question comes

curious levels. capacity are just addressing bottlenecks anywhere? with and across like any that? And how What's your there look Are I'm you the business utilization the backlog profile?

Yes.

bring business get our So mean if walls, execute backlog, we're of bit. point can even work and to the when XX% in significant really that actually outsourcing -- APS helps margins everything some our John. last that protect But actually can really we actually within probably which X have facilities has no and utilization a couple I actually we obviously quarters. of of our a above a we MTS where -- been couple of because our we in-house us months bottlenecks, within

our attributable continuous initiatives again, that's Operating within So great continued operations with our just the performance from and Hillenbrand Model our improvement to organization. teams

going considering And actually there? kind potential landscape China, of all, the in share pricing? weakness aggressive at change any more you Any in Have seen Great. competitive the I'm curious. on losses

Yes.

I think you're pricing to volume of terms door. types the and get to order definitely going in see trying people things press those in on to

to for unusual to molding And an runner business. that's not so opposed as is I that. think see us China primarily hot a us injection business for

in India want America, base they as -- are as they that's think their India to want soft to quoting or right in do people do we on entire footprint and that footprint molding something injection which in both And what injection of that their monitor. continue part going molding are determine now. kind And multiple have so North hot primary of rethink: companies of incremental really footprint to Asia? kind see runners for China should of areas a like activity and markets supply have I that Our for in in do little we look is

Obviously, footprint, we in India. our facilities have we -- global

-- in a runner China. hot facility hot We runner have a -- large facility

locations prepared going, monitor to ends to resources, of manufacturing think we that. that personnel, well both way in continue respond that. procurement to we're resources, But resources engineering whichever So we up with ground those on do the

want busy. people term, short the in think I And keep factories to their

And of landscape. short-term the discounting part and a so terms become

in operating We anticipate continue trying to costs try ahead of keep what control our to and of and to stay terms we model use volume. of our

look when I you bottom. see on challenges flow-through through that on how at think of the the in some volume that have the you we flowed quarter and the

a as not balance of I the hard short-term really we're challenges. result working outpaced volume that an think those you to effect and line have of see some bottom

just And last helpful. very question. That's one

has thought Given that the has undergone any X in given past the the Hillenbrand there years, company the name? been rebranding transformation to

now, really think in focused honestly, as right making that integrations sure really think are now, make right right positioned focused And pure-play Hillenbrand on think is I I now. of done last year the we're global lot sure to work the -- industrial. we on we I a are a we've that

believe some create to will important for good a I think results has on strategy getting that, improved to a impact most I on And on -- we and that focused will deliver profitable we continue thing deliver I feel think front And what that. near to think much and the proposition we're recognition value here compelling we that shareholders. continuing is do that's that about growth term. the in of greater that that we're can

further back there the call turn are At time this no over Ryan to now I'd questions. remarks. closing Kim for like any to

for of our Hillenbrand forward again again, interest results Have you, in and today. XXXX to us full right. to look you All summer. joining call talking Thank everyone, on really your guidance. year your November in our the Thanks, rest a again. we great appreciate with your and ownership We and

Have earnings call. attending. a of Hillenbrand for This concludes rest everyone, day. Thank your today's wonderful you,