Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Batesville, Indiana 47006 (Address of principal executive offices) (Zip Code) (812) 934-7500 (Registrant's telephone number, including area code) Securities registered pursuant to Sec ...

Q2 FY 2022 EARNINGS CALL PRESENTATION May 10, 2022 HILLENBRAND Hillenbrand Participants Kim Ryan President & CEO Bob VanHimbergen SVP & CFO Sam Mynsberge Sr. Director, Investor Relations EARNINGS PRESENTATION | EARNINGS PRESENTATION | 2 Disclosure Regarding Forward-Looking Statements Throughout this presentation, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended ...

Hillenbrand, Inc. (NYSE:HI) Q2 2022 Earnings Conference Call May 10, 2022 8:00 AM ET Company Participants Kimberly Ryan – President and Chief Executive Officer Sam Mynsberge – Senior Director of Investor Relations Robert VanHimbergen – Senior Vice President and Chief Financial Officer Conference Call Participants Daniel Moore – CJS Securities Christopher Howe – Barrington Research Will Jellison – D.A Davidson Operator Greetings and welcome to the Hillenbrand Second Quarter 2022 Earnings Call. At this time, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission File Number. 001-33794 HILLENBRAND, INC. (Exact name of registrant as specified in its charter) Indiana 26-1342272 (State or ...

Hillenbrand, Inc. (NYSE:HI) Q1 2022 Earnings Conference Call February 3, 2022 8:00 AM ET Company Participants Sam Mynsberge - Director of Investor Relations Kimberly Ryan - President & Chief Executive Officer Kristina Cerniglia - Senior Vice President and Chief Financial Officer Conference Call Participants Daniel Moore - CJS Securities Matt Summerville - D.A. Davidson John Franzeb - Sidoti & Company Christopher Howe - Barrington Research Disclaimer*: This transcript is designed to be used alongside the fre ...

Q1 FY 2022 EARNINGS CALL PRESENTATION February 3, 2022 Hillenbrand Participants HILLENBRAND Kim Ryan President & CEO Kristina Cerniglia SVP & CFO Sam Mynsberge Director, Investor Relations EARNINGS PRESENTATION | EARNINGS PRESENTATION | 2 Disclosure Regarding Forward-Looking Statements Throughout this presentation, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchang ...

Hillenbrand, Inc. (NYSE:HI) Q4 2021 Earnings Conference Call November 18, 2021 8:00 AM ET Company Participants Sam Mynsberge - Director of Investor Relations Joe Raver - President and Chief Executive Officer Kim Ryan - Incoming Chief Executive Officer Kristina Cerniglia - Senior Vice President and Chief Financial Officer Conference Call Participants Matt Summerville - D.A. Davidson Christopher Howe - Barrington Research Daniel Moore - CJS Securities John Franzeb - Sidoti & Company Operator Greetings, and we ...

Q4 FY 2021 EARNINGS CALL PRESENTATION November 18, 2021 HILLENBRAND Hillenbrand Participants Joe Raver President & CEO Kim Ryan EVP & CEO Successor Kristina Cerniglia SVP & CFO Sam Mynsberge Director, Investor Relations EARNINGS PRESENTATION | EARNINGS PRESENTATION | 2 Disclosure Regarding Forward-Looking Statements Throughout this presentation, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Sectio ...

Part I [Business](index=4&type=section&id=Item%201%2E%20Business) Hillenbrand is a global diversified industrial company with three segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville, driven by its Hillenbrand Operating Model - Hillenbrand operates through three main segments: **Advanced Process Solutions** (highly engineered industrial equipment), **Molding Technology Solutions** (plastics processing, expanded by the Milacron acquisition), and **Batesville** (death care products)[16](index=16&type=chunk) - The company's core strategy is driven by the **Hillenbrand Operating Model (HOM)**, a framework for sustainable and predictable results focusing on Strategy Management, Lean principles, Talent Development, and Acquisitions[25](index=25&type=chunk)[26](index=26&type=chunk) - As of September 30, 2021, the company had approximately **10,500 employees** worldwide, with about **3,800** in the U.S. and **6,700** internationally[29](index=29&type=chunk) - The company has actively managed its portfolio through the acquisition of **Milacron** in 2019 and the divestiture of several businesses, including **Red Valve**, **ABEL**, and **TerraSource Global**, to focus on strategic assets[18](index=18&type=chunk)[21](index=21&type=chunk) [Advanced Process Solutions (APS)](index=9&type=section&id=1%2E1%20Advanced%20Process%20Solutions) APS designs and manufactures process and material handling equipment for diverse industries, with aftermarket services contributing significantly and future growth driven by global megatrends - APS provides compounding, extrusion, material handling, and screening equipment under brands like **Coperion**, **Coperion K-Tron**, and **Rotex**[40](index=40&type=chunk)[46](index=46&type=chunk) - Aftermarket parts and services constituted approximately **31%** of APS's total net revenue in fiscal 2021[43](index=43&type=chunk) - Geographically, APS revenue in 2021 was sourced **26%** from the Americas, **46%** from Asia, and **28%** from EMEA[51](index=51&type=chunk) - The segment's strategy focuses on strengthening leadership positions, driving innovation in areas like recycling and biopolymers, and using the **HOM** to expand margins[56](index=56&type=chunk) [Molding Technology Solutions (MTS)](index=12&type=section&id=1%2E2%20Molding%20Technology%20Solutions) MTS is a global leader in plastic technology, providing injection molding, hot runner systems, and mold components, with aftermarket services contributing significantly and a strategy focused on innovation and efficiency - MTS offers a full-line product portfolio including injection molding equipment (**Milacron**), hot runner systems (**Mold-Masters**), and mold components (**DME**)[24](index=24&type=chunk)[57](index=57&type=chunk) - Aftermarket parts and services accounted for approximately **26%** of MTS's total net revenue in fiscal 2021[57](index=57&type=chunk) - In 2021, MTS's net revenue was geographically distributed with **53%** from the Americas, **30%** from Asia, and **17%** from EMEA[65](index=65&type=chunk) - The strategy for MTS includes leveraging its position in the plastics value chain, expanding into recycling and biodegradable plastics, and driving margin expansion through the **HOM**[71](index=71&type=chunk)[72](index=72&type=chunk)[78](index=78&type=chunk) [Batesville](index=15&type=section&id=1%2E3%20Batesville) Batesville is a leading North American funeral service products provider, impacted by cremation trends, focusing its strategy on sustaining volume, enhancing customer experience, and maintaining profitability through HOM - Batesville's offerings include **Burial Solutions** (caskets), **Cremation Options** (urns, containers), and **Technology Solutions** (software for funeral homes)[74](index=74&type=chunk) - The business is impacted by the rising cremation rate, which was estimated at **56.1%** in the U.S. and **73.1%** in Canada at the end of calendar 2020[83](index=83&type=chunk) - Batesville's strategy is to grow its leadership position, use technology to create efficiencies for customers, and apply **HOM** principles to maintain an optimal cost structure[89](index=89&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A%2E%20Risk%20Factors) The company faces key risks including COVID-19 impacts, raw material price volatility, labor competition, IT system failures, Milacron integration challenges, goodwill impairment, and significant debt levels - The **COVID-19** pandemic continues to pose risks of demand volatility, supply chain disruptions, and operational interruptions[110](index=110&type=chunk)[111](index=111&type=chunk) - Profitability is affected by increased prices and sourcing difficulties for **raw materials**, such as steel and plastics, and by supply chain disruptions[112](index=112&type=chunk)[114](index=114&type=chunk) - The company faces risks in successfully integrating the **Milacron acquisition** and realizing anticipated synergies, with potential challenges in managing a larger business and retaining key employees[121](index=121&type=chunk)[122](index=122&type=chunk) - A significant portion of total assets consists of **goodwill** and other **intangible assets**, which are subject to impairment risk, particularly for the Molding Technology Solutions segment due to the recent **Milacron acquisition**[132](index=132&type=chunk)[133](index=133&type=chunk) - The company has significant debt of **$1.21 billion** as of September 30, 2021, which could make it more vulnerable to adverse economic conditions and limit flexibility[141](index=141&type=chunk) - The Batesville segment is exposed to risks from continued increases in the **cremation rate** and fluctuations in mortality rates, which could adversely affect burial casket sales[153](index=153&type=chunk) [Properties](index=34&type=section&id=Item%202%2E%20Properties) The company operates 32 global manufacturing facilities across its segments, a mix of owned and leased properties, which are deemed adequate for current and expected demand - As of September 30, 2021, the company operated **32** significant manufacturing facilities across its three segments worldwide[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - The facilities are located in the **U.S.**, **Germany**, **Switzerland**, **China**, **India**, **Canada**, the **United Kingdom**, and **Mexico**, consisting of both owned and leased properties[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203%2E%20Legal%20Proceedings) The company is routinely involved in legal proceedings, including environmental and patent matters, which could materially affect its financial condition, with further details in Note 12 - The company is subject to **routine legal proceedings** across various areas such as environmental, patent infringement, and commercial transactions[175](index=175&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205%2E%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Hillenbrand's common stock trades on the NYSE, with the company repurchasing **$121.1 million** in shares and increasing its quarterly dividend in fiscal 2021 Issuer Purchases of Equity Securities | Period | Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | July 2021 | 1,289,102 | $43.88 | | August 2021 | — | — | | September 2021 | 509,751 | $41.39 | | **Q4 Total** | **1,798,853** | **$43.17** | - As of September 30, 2021, approximately **$78.9 million** remained available for share repurchases under the existing board authorization[181](index=181&type=chunk) - The quarterly dividend was increased to **$0.2150** per common share in 2021, up from **$0.2125** in 2020[182](index=182&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%207%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2021, Hillenbrand's net revenue increased **14%** to **$2.86 billion**, with net income turning positive and Adjusted EBITDA growing **16%**, supported by strong liquidity and strategic divestitures Consolidated Financial Highlights | Metric | FY 2021 (in millions) | FY 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Net Revenue | $2,864.8 | $2,517.0 | 14% | | Gross Profit | $957.3 | $813.3 | 18% | | Net Income (Loss) | $249.9 | ($60.1) | N/A | | Adjusted EBITDA | $538.2 | $464.4 | 16% | - The increase in net income was primarily driven by strong demand in the **MTS** segment, higher volume at **Batesville**, gains on the divestitures of **Red Valve** and **ABEL**, and the absence of prior-year impairment charges and **Milacron**-related inventory step-up costs[294](index=294&type=chunk) - Cash flow from operating activities increased **49%** to **$528.4 million** in 2021 from **$354.8 million** in 2020, mainly due to favorable working capital timing and lower business acquisition/integration costs[314](index=314&type=chunk) - The company's net leverage ratio (debt, net of cash, to adjusted EBITDA) was **1.4x** at year-end, within its targeted range, enabling a return to strategic acquisitions and share repurchases[304](index=304&type=chunk) [Critical Accounting Estimates](index=37&type=section&id=7%2E1%20Critical%20Accounting%20Estimates) Critical accounting estimates include revenue recognition for long-term contracts, retirement benefit plans, and asset impairment for goodwill and intangibles, particularly for the Molding Technology Solutions segment after the Milacron acquisition - Revenue for long-term contracts in the **APS** segment is recognized over time using the '**cost-to-cost**' input method, which requires significant judgment in estimating total contract costs and revenue[195](index=195&type=chunk)[199](index=199&type=chunk) - Goodwill and indefinite-lived intangible assets are tested for impairment annually on **July 1**, with the fair value of the three reporting units within the Molding Technology Solutions segment estimated to be **9% to 45%** greater than their carrying value at the July 1, 2021 test[220](index=220&type=chunk) - In the prior year (FY 2020), the company recorded significant impairment charges totaling **$144.8 million**, including **$82.5 million** related to goodwill and intangibles in Q2 and **$62.3 million** related to assets held for sale in Q4[258](index=258&type=chunk)[226](index=226&type=chunk) [Operations Review](index=46&type=section&id=7%2E2%20Operations%20Review) Consolidated revenue increased **14%** to **$2.86 billion** in FY2021, with strong growth in MTS (**35%**) and Batesville (**13%**), and a **37%** increase in APS backlog Segment Performance Highlights | Segment | FY 2021 Revenue (in millions) | FY 2020 Revenue (in millions) | % Change | FY 2021 Adj. EBITDA (in millions) | FY 2020 Adj. EBITDA (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Advanced Process Solutions | $1,245.7 | $1,228.6 | 1% | $234.5 | $234.5 | 0% | | Molding Technology Solutions | $995.7 | $735.8 | 35% | $201.8 | $147.0 | 37% | | Batesville | $623.4 | $552.6 | 13% | $160.2 | $127.1 | 26% | - APS order backlog increased **37%** year-over-year to **$1.35 billion**, driven by demand for large plastics systems[264](index=264&type=chunk) - MTS order backlog grew **51%** year-over-year to **$365.6 million**, primarily from increased orders for injection molding and extrusion equipment[273](index=273&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=7%2E3%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$446.1 million** cash and **$883.6 million** available credit, achieving **$528.4 million** in operating cash flow and reducing net leverage to **1.4x** Cash Flow Activity | Cash Flow Activity (in millions) | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Net cash from Operating activities | $528.4 | $354.8 | | Net cash from (used in) Investing activities | $126.0 | ($1,295.9) | | Net cash (used in) from Financing activities | ($523.3) | $854.9 | - As of September 30, 2021, the company had **$446.1 million** in cash and cash equivalents and **$883.6 million** of available borrowing capacity under its revolver[378](index=378&type=chunk)[299](index=299&type=chunk) - In March 2021, the company issued **$350.0 million** of 3.75% senior unsecured notes due 2031[310](index=310&type=chunk) - The company repurchased **$121.1 million** of its common stock and paid **$64.0 million** in dividends during fiscal 2021[319](index=319&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity price fluctuations, interest rates, pension assets, and foreign currency exchange rates, managing the latter with derivatives - The company is exposed to market risk from fluctuating prices of **commodities** such as steel, wood, red metals, and fuel[328](index=328&type=chunk) - Foreign currency exchange rate variability is a key risk due to significant international operations, with the company using derivative instruments to manage this exposure, with an aggregate notional amount of **$186.4 million** at September 30, 2021[331](index=331&type=chunk) - A hypothetical **10%** adverse change in foreign exchange rates would impact shareholders' equity by approximately **$121.0 million** due to translation adjustments[332](index=332&type=chunk) [Financial Statements and Supplementary Data](index=59&type=section&id=Item%208%2E%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for FY2021, including Management's Report on Internal Control and the independent audit report, detailing financial performance, position, and key accounting policies [Consolidated Financial Statements](index=65&type=section&id=8%2E1%20Consolidated%20Financial%20Statements) Consolidated financial statements show FY2021 net revenue of **$2.86 billion**, a net income of **$249.9 million**, and strong operating cash flow of **$528.4 million**, a significant improvement from the prior year's loss Consolidated Statement of Operations Highlights (in millions) | | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Net revenue | $2,864.8 | $2,517.0 | | Gross profit | $957.3 | $813.3 | | Income (loss) before income taxes | $353.8 | ($18.5) | | Net income (loss) attributable to Hillenbrand | $249.9 | ($60.1) | | Diluted earnings (loss) per share | $3.31 | ($0.82) | Consolidated Balance Sheet Highlights (in millions) | | Sep 30, 2021 | Sep 30, 2020 | | :--- | :--- | :--- | | Total current assets | $1,434.5 | $1,369.7 | | Total assets | $4,014.9 | $3,987.4 | | Total current liabilities | $1,035.1 | $852.1 | | Long-term debt | $1,212.9 | $1,516.3 | | Total shareholders' equity | $1,232.2 | $1,079.4 | [Notes to Consolidated Financial Statements](index=71&type=section&id=8%2E2%20Notes%20to%20Consolidated%20Financial%20Statements) Notes to financial statements detail the **$1.99 billion** Milacron acquisition, divestitures, **$1.21 billion** total debt, segment performance, and key accounting policies including the goodwill impairment testing date change - The acquisition of Milacron was completed on November 21, 2019, for a total purchase price consideration of **$1.994 billion**, which included **$734.2 million** of goodwill[460](index=460&type=chunk)[464](index=464&type=chunk)[466](index=466&type=chunk) - The company completed the divestiture of Red Valve for **$63.0 million** and ABEL for **$103.5 million** during fiscal 2021, resulting in a combined pre-tax gain of **$67.1 million**[478](index=478&type=chunk)[480](index=480&type=chunk)[257](index=257&type=chunk) - Total debt as of September 30, 2021, was **$1.21 billion**, a decrease from **$1.55 billion** in the prior year, primarily consisting of senior unsecured notes[496](index=496&type=chunk) - The company changed its annual goodwill and indefinite-lived intangible asset impairment assessment date for all reporting units to **July 1** to better align with its planning process[399](index=399&type=chunk) [Controls and Procedures](index=114&type=section&id=Item%209A%2E%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of September 30, 2021, with no material changes reported - Management concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[597](index=597&type=chunk) - The company maintained **effective** internal control over financial reporting as of September 30, 2021, based on the COSO 2013 framework[592](index=592&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=114&type=section&id=Item%2010%2E%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Required information for this item is **incorporated by reference** from the 2022 Proxy Statement[599](index=599&type=chunk)[600](index=600&type=chunk) [Executive Compensation](index=116&type=section&id=Item%2011%2E%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2022 Proxy Statement - Required information for this item is **incorporated by reference** from the 2022 Proxy Statement[601](index=601&type=chunk) [Security Ownership of Certain Beneficial Owners and Management, and Related Shareholder Matters](index=116&type=section&id=Item%2012%2E%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%2C%20and%20Related%20Shareholder%20Matters) Information on security ownership of beneficial owners, management, and related shareholder matters is incorporated by reference from the 2022 Proxy Statement - Required information for this item is **incorporated by reference** from the 2022 Proxy Statement[601](index=601&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=116&type=section&id=Item%2013%2E%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2022 Proxy Statement - Required information for this item is **incorporated by reference** from the 2022 Proxy Statement[602](index=602&type=chunk) [Principal Accountant Fees and Services](index=116&type=section&id=Item%2014%2E%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2022 Proxy Statement - Required information for this item is **incorporated by reference** from the 2022 Proxy Statement[602](index=602&type=chunk) Part IV [Exhibits and Financial Statement Schedule](index=116&type=section&id=Item%2015%2E%20Exhibits%20and%20Financial%20Statement%20Schedule) This section lists all documents filed as part of the Form 10-K, including consolidated financial statements, financial schedules, and an Exhibit Index - This item lists the **financial statements**, **financial statement schedule**, and all **exhibits** filed with the Form 10-K[603](index=603&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk)

Financial Data and Key Metrics Changes - The company reported total revenue of $695 million, an increase of 14% on an as-reported basis and 18% on a pro forma basis, driven by strong volume growth within MTS and APS [29][30] - Adjusted EBITDA was $126 million, a 4% increase, with an adjusted EBITDA margin of 18.2%, which decreased by 170 basis points due to cost inflation and strategic investments [30][31] - GAAP net income was $40 million or $0.53 per share, a 66% increase compared to the prior year, while adjusted net income was $65 million or $0.85 per share, a 5% increase [33] Business Line Data and Key Metrics Changes - Advanced Process Solutions (APS) revenue was $313 million, an 11% increase, with a record order backlog of $1.4 billion, up 52% year-over-year [39][41] - Molding Technology Solutions (MTS) revenue increased by 31% to $244 million, with strong demand across various end markets [43] - Batesville revenue was $138 million, a 1% decrease, attributed to lower death rates associated with COVID-19, but performed better than expected [48][49] Market Data and Key Metrics Changes - Total company backlog reached a record of $1.8 billion, a 62% increase year-over-year, indicating strong demand for engineered solutions [28] - The company experienced approximately $17 million of inflation in the quarter, with 60% offset through pricing actions [31] - The ongoing chip shortage is expected to impact revenue by approximately $10 million in the fourth quarter [66] Company Strategy and Development Direction - The company focuses on four strategic pillars: strengthening business platforms, managing Batesville for cash, building a scalable foundation for growth, and effectively deploying free cash flow [14][22] - The integration of Milacron is proceeding well, with a target of achieving $75 million in synergies over three years [22][38] - The company is actively developing its M&A pipeline, targeting strategic acquisitions in food and recycling markets [70][71] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from COVID-19, global supply chain disruptions, and rising inflation but expressed confidence in the company's ability to navigate these issues [7][25] - The company expects fourth quarter revenue growth in the range of 6% to 9%, driven by industrial segments, while Batesville is anticipated to decline [53][58] - Management remains focused on maintaining a flexible balance sheet and investing in growth opportunities [62] Other Important Information - The company plans to issue its second sustainability report at the end of August, highlighting progress in sustainability initiatives [23] - Two new directors were added to the Board to enhance governance and support the company's strategy [24] Q&A Session Summary Question: Impact of unabsorbed inflationary costs and chip shortage - The company forecasts approximately $25 million of inflation in Q4, with half covered by pricing, leading to a $12.5 million unabsorbed hit to the P&L, and anticipates a $10 million revenue impact from the chip shortage [66][67] Question: Restructuring in Germany and M&A outlook - The restructuring in Germany is part of the $75 million synergy target, and the M&A pipeline is active with a focus on strategic bolt-on acquisitions in processed food and recycling [68][70] Question: Batesville segment performance and mortality rates - The company noted that while death rates are currently low, there may be some upside in the short term, and they are monitoring the impact of COVID-19 variants [77][78] Question: Price/cost lag in injection molding business - The price/cost lag is due to backlog orders set before the inflationary environment, leading to margin compression as inflation pressures arise [99]