nVent Electric (NVT) 8 Feb 222021 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the nVent Fourth Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Chief Financial Officer, Sara Zawoyski. Thank you. Please go ahead.

to quarter welcome call. and you nVent's earnings fourth Thank

new to our is Officer the the that, to over Here know Investor him our XM, you today, join time we many Wozniak, I introduce President Chief will know I call Relations. Riter, from like with me him already also With are Beth turn thrilled Executive nVent of Tony. have of team. would and Tony at his Vice and I to

you, and working I'm we'll at of full Thank the fourth good to excited and for everyone. Today performance our outlook Sara morning and look year and the quarter XXXX. be here year quarter and provide you. with nVent details on to full forward all first

that risks made risks remind press in the statements, Before about anticipated are the I'll future release subject nVent's and financial with to we as outlined begin, any such statements the results Securities forward-looking filings Exchange today's Commission. and uncertainties, you and company's

Investors and Slide appendix are over call webcast after section our presentation, to statements remarks. now are found differ obligation and of of to prepared Beth. have turn financials the nVent's the for statements will the website. such or of made X, by questions your References accompanied results. that, turn the in to will reconciled to non-GAAP subsequent today, be no time events presentation, publicly we I With the update anticipated please Today's from Actual reflect results to materially circumstances. which company could can is a undertakes as on Forward-looking

great made We an share everyone. you the strategy, had XXXX XX% XX% year We results. quarter morning expand our our demonstrate we in our and progress our and could offerings results We and high-growth to million team fourth verticals. segments delivered with record and we nVent to our grew be our EPS products priorities. good It's up we and executed portfolio with have. with goal digital deliver challenges XX%, all QX on completed proud great and We to accomplished. two and We year. what and our performance. year quarter growth. to strengthen adjusted of made I and backlog. full We for $XXX quarter navigated verticals not with across Tony acquisitions broad-based ESG XX% progress many full grew summarizes new the emerge Slide had a and X cash record generated outstanding and of on exited sales our in fourth to customers. stronger, Adjusted a year significant orders flow. free today and you Fourth were be sales Thank growth more our was and year-over-year EPS growth we XX% up transformation. our

results quarter solid. fourth were Our

of verticals strong continue of double-digit trend Handling. across finally, to in key in and continue industrial energy, Commercial growth in lead MRO. its recovery in Automotive, nice we and Material and strength Solutions a some at growth the Residential segments. Utilities. way, Networking Infrastructure Looking all and our particular particularly continued Power to with and had And Data Food in Beverage the quarter, see

Electrical North grew XX%, double digits, performance, exceptionally sales by by regions ongoing over developing Fastening, up geographical enclosures, with led strength particular thermal our management. at and Europe also China, Looking led with in was America was and in strong, strength

of XX% increase For $X.X record billion, year, or Adjusted the XX% up was XXXX. XX% up organically. EPS and had full XX% an from we

free flow. cash generated For year, we the of full $XXX million

to a for growth products, vitality of XX%. and X.X increased new year. We sales highlights Let record me our new launched share product a XX which the few a generated

nVent's experience and our customer Data Our are make improving digital in and new Solutions, identifying offerings efforts strategy Global our We a high-growth in Networking M&A Vynckier trajectory. and enhance team. in and thrilled Solar nVent's driving are and our nVent invest recently products, in and develop execution to verticals, join CIS and operations. strengthening platforms verticals the Nitin efforts be Nitin role, expanded acquisitions growth high-growth Acquisitions productivity our to the strategy new and alliances, is Jain business and further position growth. growth, have supporting accelerating our will of announced leading in growth are development technologies partnerships to and strategy, new

particularly entering headwinds the to trends and at first confident of for in customers. remain anticipate in We Looking we half XXXX, our our chain deliver challenges, year. the inflationary ability these and supply ongoing manage

electrification We and call executed our well. products will on of detail our the of our XXXX Sara believe now proud well future we go over We the strong everything. and and delivered the some be XXXX, value and of results, Sara, strategic will drive for another also we turn our growth for expect creation. XXXX I investments made growth am strong team in with as outlook. to I to solutions please results year ahead. demand as

Bet. you, Thank

of up acquisitions Fourth organically. on $XXX points. with Let's of million, each added quarter added last Strong results. topline, quarter XX%, volume Sales XX begin return X, to down relative was points our $XXX and another growth. an year up XX% grew while fourth X impressive and segment income on XXX million of sales XX.X% Slide while were was basis points XX% the price

guidance decline growth reflected one-time As and QX of you investments including recall, year-over-year cost the lapping may a our margin temporary reductions.

supply to price than of $XX cost stepped-up still inflation the a increased offset saw more million quarter. related we the in inflation, sales, stronger-than-anticipated tight very higher the chain and With pressures

including EPS performance high-end of XXX%. XX% range. strong, wages reminder, about Free costs total cash of freight QX materials, the these guidance up also we talk flow a as inflation, our As $X.XX, adjusted with and above was and logistics. was conversion

down organically. million performance. segment sales return and with Growth geographies, our broad-based continue $XXX sales Now quarter please on perform was verticals adding income Enclosures' XX a to up $XX Enclosures, across points all very was XX% growth. well, for X Starting to fourth basis acquisitions of points. turn XXX to XX%, million, fourth and XX%, quarter XX% was Slide of and discussion increased

third result overall we sales of price and XX.X%, commercial year XXX and organically, strong in points, Management price sales Fastening down and solid a and in XX of sales trend all we basis organically, income Sequentially, better points cost XX%, expect It's very and to a better impacts and offset and million, also of productivity. investments return the $XXX top sales lapped we increased $XXX the on was million of margin expected points actions Electrical XXX contribution continued offset and volume on this driven costs inflation, that for as improve price sequentially than inflation of reflecting $XX residential. strong capacity. Management Electrical in and industrial longer driven Return expansion These basis the a XXX worth sales and on Fastening for improving to XX%. sales Fastening positive full across made segment XX% Electrical industrial XX% time was cycle strength High-margin on solid expanded on realization was year-over-year, in segment As higher-than-anticipated up growth, saw X%. was growth verticals with and we cost solid noting by up and grew quarter, in XX.X%, Thermal Backlog partially consecutive with ago. quarter. Thermal by an was industrial basis MRO the sales Overall, MRO. were of a by with up mix projects. expanded return grew return points. income from double-digit growth America North on growth Europe. XXXX. in year strong temporary million, return

Slide year we billion, XXXX We gives of inflation. X, Strong us X pre-pandemic offsetting a to XX% up XX% turning growth, points, Notably, to organically. price XX% our finished $X.X recap volume levels. sales above with contributed Now and total points the sales added nearly this ended XX results. while XXXX full-year of

to We net $X.XX, particularly Slide return year with free available segment we million, our On Cash prior million X% income. XXX% great on and In the year million in sales summary, Adjusted trajectory for of XX% targets versus a of $XX the and full on XX with hand our revolver. year Balance I'm deliver March. $XXX up cash up on XX.X%. points long-term our million the we Sheet you'll a on by Flow, pleased $XXX basis set conversion out XX%. XXXX of performance find EPS us expanded puts our exited full up last the on of performance $XXX Day, X, year adjusted cash flow was Investor and titled to and For was income

our an net to the target generation, cash strong X our with We X.X. heading allocation of capital coupled XXXX. exited times priorities. of end us low debt EBITDA ample refinancing range debt X on Slide a with X gives our into recent of at Our the provides ratio capacity to update adjusted year

on robust puts great position strategy. to generation a us invest and in and M&A growth Our sheet our balance cash in execute

We dividend to new in two. We $XXX great products launch in are and of track these shareholders another delivered in over new in $XXX XXXX, added in continue greater approximately than Eldon XXXX. a XX and which We of products competitive to XX% both we million. annualized acquisitions and from share million make returns $XXX repurchases year sales like and investments on digital acquisitions two to WBT, million returns including to in generate returned plan

drive returns We to to will deploy shareholders. continue for growth attractive capital and

Slide to moving outlook. XXXX Now and XX, our

to X volumes growth the given more expected Enclosures, with Management. stronger segment the we be range perspective, expect We range. in expect and strong to Growth in is of growth price realization X%, in with and and X% modest Fastening, to higher X that organic half, Electrical growth first this comparisons, sales Thermal in in assumes a point from along

is and represents for A XX%. to between outlook note. which $X.XX, of full to growth items EPS X% couple important year $X.XX of Our adjusted

particularly challenges First, supply anticipate in year. our performance persist, first We to move chain margin the improve for we the half. outlook assumes inflation as

year. plus Second, than the we for full productivity more to offset expect inflation price

Third, will of lastly, conversion free to performance approximately in our flow new continue supply with invest XXX% initiatives. chain. another we And and digital we on cash execute expect capital as of working year products, our strong we

include of out to we'd million Some net call approximately million, in the to interest XXXX range, and like assumptions $XXX $XX rate to XX% $XX item of a XX% expense tax million. below-the-line shares

million anticipate to of costs $XX to capex we $XX million $XX corporate of Additionally, million. million in $XX

Now our organic for note to we of QX. XX% growth XX, quarter first to range $X.XX expect the Slide in Several and adjusted XX% of in items sales range moving EPS outlook $X.XX. on to the to

challenges. is QX, First, reflecting in to costs expected to performance chain that similar margin year-over-year to supply higher related be

to quarter. price expect largely we last year favorable year. very we offset we the locks inflation in Second, had the in material mind, as Keep began

In productivity. strong pleased the year. I'm will better by anticipate costs comparison. expected results easing that, Lastly, are they With quarters, performance and price we to I impact through in the I and We performance. be points our prior basis cost each while positioned sequentially flow XXX believe XXXX due year, we team pressures with back of to delivered last year Beth. improving turn another closing, are margin over very to corporate to the see to three well the cash margins call our outstanding similar for

Thank our key I'd XXXX. in like to provide our assumptions Slide for you, verticals On XX, Sara.

to in and expansionary. to remains In in the forecasted expected continue play digital data of Looking The all the strength to anticipate non-residential is across PMI to recovery North for In is investments verticals vertical, all are anticipated from commercial, U.S. grow. and The and drive verticals. be rollout, automation we CapEx strong center infrastructure In at spending, utilities in particularly the trends up sub is solid benefit will industrial digits year another energy and products summary, America. growth. construction the demand XG Europe, to believe mid-single of our continued the power vertical we expected in we where renewables. increase,

well executed progress made all We laser in growth see our Turning runway strategy customers. focus with and growth to a and significant for serving Slide and continue our have we creation. XX, on value to areas in

We U.S., where largest of globally the examples to positioned of IEC in providing broadband Eldon in outdoor and and a winning our solutions able protection portfolio, rural were serving and our of acquisition Europe food selling the Global investments provide same providers multimillion-dollar With the solution Internet everything. project key and with with in Enclosures and locally. and we couple U.S., we the With of won a in infrastructure share industry. protection well fiber-to-home, recently won a me the for one universal the systems. are we deal electrification beverage Let

data won data a highly a reliability With multimillion-dollar solution. centers, and in demand resilient providing the increased project we connection

with to won move management we've offerings. biofuel dozens of With the our trace renewables, upgrade thermal key projects

have a Slide Now the and products, were in and SPIT, Data liquid Today, is to the we turning grow our on in with establish growth high efficient new solutions XX. awarded this example we to solutions offerings doubled strategy great with of our technology world's and energy of expanded of innovative commercial customers. double our We annually large developed elements more strategic project and one we multiple digits. cooling some liquid together. a dollar of built high-growth $XXX acquisitions. focus to largest to new software our over At team. companies the than winning solutions industry vertical and a million to most then, cooling expand multi-million decided expect provide solution. sales capabilities. Since networking We to how and alliances we with these Recently, particular continue innovative are companies new for advanced come

part progress XX, to I'm are which very ESG integrated on pleased strategy. we're turning with goals making our the nVent Now, an Slide of

reminder, products are our we culture nVent, in people, is retaining focus a and environment critical. At we three today's planet. believe and pillars, people a and our Attracting differentiator. talent As on

professional and the U.S. employees in We representation racially women workforce. increased management have our across of diverse globally

XXXX our our the committed develop metrics responsibility for included. products, are and to XXXX, beyond. our process, companies We summer honored of integrated in only to reviewed renewable long-term this social us XX look increasing energy companies usage ESG Around and emissions. a report planet in reducing COX EcoVadis XXXX our from medal countries XXX and goals, received named our new results XX in Equality and Gender and making nVent in our are and XX% great Index, sectors goals be our ESG of further Bloomberg We in one pillar, to to forward publishing We baseline we product to into across top XXXX introduction of had be driving ranking silver progress the and industry. we

to enter drive grow of Turning Electrification trends. secular macro demand year products leave of trends with I the outstanding are was with key a great year you XX, everything We performance and some we for The the companies Slide of will points. with to and our this to XXXX believe momentum. these one expected with solutions. nVent is best-positioned

our are well trajectory of changing We growth executing on nVent. strategy are the and

turn a call are will is the company future I today to operator With to stronger and bright. Q&A. start We now the our that over

of [Operator Deane Instructions] is the Your question line first Dray. from

team. and special Thank great morning everyone you. welcome Good to the Tony, to nVent addition

morning, Good Deane.

Good morning, Deane.

surprise, quarter, and take The on our a play first very was did double in expectations? the to growth pleasant versus in about the I topline how cadence question do the it how organically, revenue you can organic out quarter your expectations above is, had significantly talk

where work think segments in, just strength that was verticals. verticals the - we it And we're coming our orders I consistent strategy we very of and out talked quarter, we that reinforced these of broad-based saw across came all which our around in with all so backed by pleased as just just our of of across the growth in - QX, think were that the our doing all high-growth the up months that three strong I orders. about orders,

growth So we business. every strong level, just on the saw across just

second costs, on Thank us are the second terms many price what's to of expectations some you. how your have there? the plateaued strong flip really 'XX, to think derivative, input happening, hear. increases you side, for insight question maybe time nickel, XXXX relief steel, just for give relates seeing in you on the then price. freight, any And All on do real to they need? realization, you or was you'll the price right, great And

were XXXX increases with different of already price price think, we XXXX, our the course for different Well, so, segments unprecedented throughout this some inflation - different having when parts exited we regions know, in a you XXXX, I and continually, year had increases was or was - we announced and XXXX. a of

some the we plays here. at let cover will over take the add in And of this Sara I of side we'll So get inflation think look we out need course out inflation things. that too year on how front and in I'll action we terms more of whatever ensuring

bit expect here remarks in things little Yes. Maybe prepared do X couple range. just, point our talked we about of that carryover is but a in point out pricing X a to this to strong we

terms couple I us was it note total, $XXX think the of million. in inflation of inflation, was, in second things piece for total in here, significant no XXXX, doubt, a to roughly

it, front XXXX, As of we stay the freight the year so been I see another wages to course of bit broad-based, in terms we're continue cost, inflation of we're broader in components, year. very for a for look think than say into plus more logistics, going XXXX, we input it offsetting doing productivity, significant vigilant do as across managing of that inflation, seeing more would to I we've price

we the of do I is point half. I second first half-second would in out just the first that easing other and expect inflation higher thing half think kind half dynamics, then

question from Mitchell. line next the is Julian of Your

XXXX of of higher company know, similar that price you're the than linearity welcome it volume that as QX you sort call is stronger or you but through price a second is sort you for number, volume of development, for whereby Maybe a that you just out aspect are sort anything price which and are guiding there year wanted the sort in in to multi-industry relatively is sort of within if on growth and to circle both of because the start back we volume versus go half? a than year, rare the think about

Yes, well, point I maybe of mean a out there. things to couple

reflects strong one, to organic rate momentum think QX really of the growth we're that outlook XX% I XX% that seeing.

two, of point year mean, and price as and exit I'll QX QX price over into XX% year, volume, simply price mostly towards that So carries expect math benefit carryover Number a the would more that lot in I include does the that timeframe. we it at is we that as first. skewed next of both to

volume of be guide, steady expected the But of that at if the first say say piece look half? and is year-on-year, you to kind second half

Well, is to in going first the of half right. second stronger the because our than volume simply be half the comparisons,

really at growth you a through know, year, that So in mean year look and was - before year strong growth. in you if QX this rate we because our we but at I had look lowest obviously, proceeded QX as the you QX, quarter the of

just So of some that that half. the the in is we back have comparisons

sense. makes mentioned for would two divisions. I And you. lag around margin rate XXXX, then follow-up other quick you revenues That Thank on think the progression thermals growth the that just sort the a of

wondering as there segments? margin if year-on-year whole the Just XXXX was any three for sort across of color a

Yes.

muted to all bit the seeing a a business expansion a pressures the from in year-over-year, as in two half. as higher in years. first of challenges expect margin albeit again of see that MRO recovery maybe that we expanded expansion And so I and points And basis a continue And and to enclosures. last benefit over continuing. Fastening supply where from XXX chain Electrical three there that we despite gross is well that full-year Thermal, to another has expecting we're we of strength margin think year but kind some expect expect across seeing more performance segments, would inflationary do mind industrial the bit keep of perspective, we're of that margin

So in modest a the growth just on good the more there margin line fastening, and top on and side. bottom electrical

line the Joe Ritchie. of from is question next Your

exists I've pick point So where last a from segment as EFF that the on up the I being because kind to around perspective historically, margin made longer term. opportunity thought you wanted just about still of EFF,

you've expand that, different longer on that quarters? trends businesses the entitlements at the changing where last seen kind all you just few of So on see is kind that maybe across the term just of based

enterprise And compression Yes, term I of margin that and - we've in has in would about more automation see as terms Fastening, and well terms say, of automation talked longer expansion of the continuing bringing to margin lean bringing Electrical us factory in some things. nothing digital of more the in changed electrical making fastening. we're as factory investments the within in on side

incrementals reflective what we're just there, this, since part changed definitely XX% XXXX other has the that XXX given - normalized as that basis but offset on to in of to two not significant inflation, with price loss. Electrical context I that and in having it's so is impact incrementals as nothing seeing is are even is would things: price I Fastening simply that, think as think say margins more yet their of point we're strong the think one, of we an back cost, of expansion plus and So absolute and range, well piece I productivity more just historical year that another I

sense. through steel goes materials just this now was on, we year does how cost if you get that how think contingent missed deflating have impact certain that give but cost sorry as that for I'm do pricing the just pricing your thinking you businesses, in I quarter you you Got back into coming price raw like guys, like in will play to curious this guys? of of down, the curves out I'm to kind it. actually some some lot I'm makes we're this kind the That tremendous. are a the with maybe environment earlier, And of if right of

go so going drive be also and there in very side. things electronics, our say here, able the margin as environment, still to And we're inflation and energy going continue down, we if little we dynamic even like I be offering, the hold would a to comment price. continue of solutions see One raw and so manage think bit seeing still we we expect I'll we pricing that materials differentiation highly there's and we're and costs hold in as be we to that in to multiple inflationary the value on about wages, Sara in freight to through there's going a believe year, I let to inflation just to price and to more so. that

I just of overall that XX% and up Yes, think for to around I'd as question the things. XX% and couple input costs more Beth account sales those, was steel a the there what is more in your material One maybe offer than are roughly in of means total of costs, COGS, commented are relation is upon. metals right, other

think will not the we're mean, that other going I to something down, that's offsetting is costs plus we're piece help, on, year. on inflation if stay I productivity the for very say managing would clearly that again, price I that go counting vigilant

you margin just more in if that any super that's really The one on of sustainable it, parsing that helpful. good you of Is really, parse maybe strong quarter, sneak margin had kind could can out margins what drove this XQ? color quarter. really Maybe Thermal Got kind this in. margins going forward, out,

recovery tremendous The to XXXX I that Thermal first, would Management a levels, they're was mean terms maybe I of the was drivers - had, that margin helping. so the things. quarter in of still performance that working back biggest Well, say couple in growth of

with don't equation, continues see two team performance - sort see industrial just had other that call price the year. do go of the an that that of piece to impact on think they've strongly inflation, I the I improving good out the I on the on year is as that really and strength job is this necessarily piece last just the very that we MRO, other year. And we other but think this be managing would as they into outsized we're seeing material magnitude cost back cost, nice a gross price businesses come the been

is Sprague. question the of Jeff next from Your line

A I the X% sorry guidance couple to is growth How for on of questions I'm much got late. in and XXXX? embedded price X% organic

in talked to point about that carryover X we Yes X that pricing range.

volumes, address it's I price So and a this, look volume although and of is in deliver we're what's right, you your inflation, Everybody sales, inflation XXX or actually maybe quote in and of these from lot forecast, but points it, above on think I year quarter, right. when dealing the surprised supply with basis is what jumping et unquote came all of the is sort interesting a what hearing therefore constraints could out only calls in XXX standpoint. at this light actually I can't we cetera,

kind You actually of of anyhow, think some some, points than didn't some the capacity XXXX, is four five would were you've now price prospect in that my in constraints but drive there you constraint, it's volume of experience this upside literally year here? there decent really embedded to any are meaningful, I sure volume I'm to or I what's at higher from if volumes vantage question guide. much that point mean from the is, got going be difficult

issues pleased cetera, year, in is has even I with our to capacity. cost labor just think We et And constraints started and some and growth organic commodity Enclosures managing XX% performed. chain volume the access look into that and very was we're we're you with over a one through there. but talk as how some supply of started our because we so at mean, orders from of to business there's there electronics, XXXX, there still things year expect that, we would about as good constraint, the growth. the say labor a orders - we So we're a we exited certainly standpoint, this I that investing the the is been having I to we having there's for with in think QX, momentum all the we spot year as inefficient do inefficiency with would be get going think on market nice us, constraints you're of doing to we've go going So about materials but some created go that and have and the feel volume I growth Omicron going throughout what forward, think so and still we when and labor's just even we we getting XX% around - materials

we get as of the over get growth, the do these this quarter what that back year, believe on being strategy some doing feel we're growth of and to comparisons harder, things on at the the focus good well. remember us organic strong and lot and rates, of positioning look Now we but it that, right, volume with gets high-growth seeing very half we our XX% some other we're the organic positioned verticals with harder is we're all a where

wonder QX And more bridges segment could I wonder one I sneak if give us about think the more you if you if just we us could income XXXX, and for gave that in, color just a mean on headwinds little XXXX, and I for spoke side? and volume buckets the, relative inflation, the of the in price underpin you to to of what that kind other kind coming the investment be on in but might the productivity I

and in productivity, productivity that the back investments, really net around being that headwind doing logistics million we're X mean would mean, price give of chain obviously net to a drive expect talked we we - I'll bringing I in to year, XX as this $XXX importantly, that full side. Yes, challenges automation, mean productivity and half X turn the productivity about underlying the the of on that also positive, I a a net optimizing carryover bucket, year $XXX a I supply inflation, factories ease here. million I with points mean lot that the points and on couple digital of for we negative on

- expect productivity growth. expect organic of I lapped piece would growth that with expansion growth we the as top positive. green again other solid be it And bar not that driving I by clearly would saw COVID that that just us that think XXXX on magnitude XX% there another XXXX, gross XXXX, along think year on I of was end So to but side, green and would to EPS bar to in we a here in expect saying, here for mean growth margin turn just I the we to strong to the we is in we the

next Coe. Your of question the from Nigel is line

Tony new congrats role. to on Good the morning and

the I person talk first in two time think I'll companies the one in to quarter. is this

kind of number and So my higher. corporate some expenses it normally been record. spell has a is trending I above wouldn't quite bit but

So is a wondering, or are here expenses driving is comp there and that rate else we just run corporate good forward? going something higher just had

in there, one, I this two going digital costs. included and things Yes, are make we corporate talked QX to to would even year, that's the and been some cloud the in those including about we into going say so migration investments

the that include bump, other I in terms think of some sequential would that piece accruals. I QX call it in did just comp

QX to run And in rate prior of so in that $XX that in context reflects range range, as to underlying kind look $XX we the that that just year. QX that XXXX at million the of of really simply

a this product et investing what's cetera, to then was XXXX? where theme idea this year a follow year the finished curious in big that be And and would for in R&D baked increase, R&D Okay. and just so maybe obviously your on R&D

R&D, as with just R&D. continue very go I increase pleased one thing of I'm would say of is want our this investment but Well, one the things, effectiveness we say to our we with I the there forward,

I at approach digital impact better with marketing more when our step our hand new back agile going So customer and of we're we R&D an we're down more and sometimes understanding our just and in and of products, that's having they just and look some and at needs. are But times look and investments go between hand. cycle launching

on the output that set getting the So side we the than R&D we're ourselves. for is that better goals

So R&D. then I there, to to the continue bit digital we investment side have we more think prioritize little a runway on have still somewhat invest we

productivity we from And the headwinds, called beyond chain? that are a now moving you're your fact having Omicron if labor follow-on, perspective your from is quick in, I either or supply can side, impacted on you that the

very think I was January Well, tough.

that seen, to to to who with it's in there going theme I'd going going think playbook that growth, for big getting no You said the for we're we volume our but ours a knows, Having the while. it's said pressures volumes to so we're always the we forward. the customers, better There you've it's like we're everything challenge I done and there's just was news is to continue think inflationary we've around - and I been some look absences of think see January labor think tough need pandemic. with seen but that I a a that inflationary caseloads going be serve as and go to right? at just that, look we've and we've can world, a to But our

question Hammond. is the Jeff from next of Your line

price cost cetera. We et covered on lot a

a Just Jan that or is price that kind to X include X as of on does well? X clarification your carryover pricing

these in actions had context includes that pricing QX. basically carryover we the That of

then on made products. you can new just you that the comment the And X.X great. Okay, outgrew on, a

versus Just to want two, outgrowth to that? new able understand product environment? maybe And some the outgrowth supply measuring you're comps than this your better being differentiating just from of better how your maybe in one,

new cooling I When percentage up point look we last as year our we product think those new course fundamental, we came of solutions, I released totality where the mean, saving trends margins we're how that's to with if forward. launch they really new at measuring differentiated, at driving for labor products verticals? should example, time a and then when we what we're value revenue positioning very products growth look and number at have robust And growth of a going as that's important the have electrification it's we five think everything and what's looking with some the in them look I and there a liquid growth, the over a we're connection process go of of good where they're the new for we we've we of products new XX% was a driving we more we are So resilient our way really products around the some these generated that, revenue creating and half. at well of we're of products at of and we look that launch we any so and these higher years? margin, I so systems the these so at new us And gave that's look

you as up you think stable is as move see that kind can of continue time? X.X something up do to move over you a that improve or of can kind that And number

to so again. of we a in we this a year a think year, if and like point growth target above get Well, we another certainly, we say I'd - get to over I good saw this a point year strong X.X, is expect year

that's kind target. general So of our

from David of line is question the final Your the Silver.

you. Yes, hi. Hi, good morning. Thank

my would be on financing I this at that I I'll you? about relief, some but you But - strategy. think undertaken why this quarter. debt debt - decision, noticed your was the the corporate feel this issue, costs, maybe was debt And provide and if mean of million I I with Either maybe you great. prepayment that has to the like think that what and significant was kind here So you that kind a just paid question I and does structure background discuss terms your - $XX kind of you would that thinking your scratching you're be lower activity was of restructuring $XX million interest issuance in structure I that but quarter broader buy and Thank of reworking but prepayment expense of a on there say X covenant just cost the head my of or you. what refinancing maybe could do looking chose could service in million

we two, conditions things both revolver good the it were that really right by the It in tranche other and is bond thing, an really perspective, for of out really of that - sort those of of the as kind off advantage of tranche it given maturity start and on well years. in about and favorable would took balance as I the of you mean of XX take XXXX, slated that about gave advance I $XXX sheet think opportunity one, put rates million us the so, us, was set XXXX to a feel us saying it it really two million context well market from lower so up so, did for bond window. it $XXX an did I backdrop Yes, maturities and April some

had premium maturity perspective, good we kind a From an if rate that at feel you $XX we will look out the we there. on treasury benefit cash that had we in but also take-out $XX million on had million you bonds roughly stands. and Clearly, a our lock. of As where ladder, really about those

here and puts taking we mark. of So XXXX of net on good forward believe feel favorable in here in advantage that position as some ladder really conditions us and $X But this it interest in was closer we or look refinancing importantly, that about rate million the XXXX. to that the we maturity great a

Yes. And dates when was that first back set was just a company issue up taken I your follow up, notes but out I particular independently. to that think mean

you. there's Thank meaningful wondering just any think noteworthy. think if you kind you was any that gained for is covenant - I'm that that relief flexibility So is of

both would with say, as debt a with think launched Yes, see mean to as I the spun well bond note. revolver I and nothing very we I on continuing side as some issuance we good the around refinancing. those really company our elements

further questions, are call closing There for back turn I over the no remarks. will any

Well, for thank you this and us morning. joining thank you

outstanding concludes the year on positioned our our work I'm for continued growth year and proud well meet and XXXX. full put are growth and and us the This help during call. customer our employees demand continue again to us. to execute joining strategy. global believe we We grateful forth for Thanks are of performance for incredibly going the XXXX success fourth strong quarter into

the earnings your now disconnect. This may conference nVent for participation, concludes you quarter fourth you Thank call.