Matthews International Corp.'s strong performance in 2021 exceeded our expectations, primarily due to demand for memorialization. It has consequently been able to deleverage to under 4x. We expect adjusted debt to EBITDA in the low-4x area in 2022 as demand for memorialization moderates and the company experiences some inflationary headwinds, offset by our expectations of continued debt repayment and favorable pension actions. We affirmed our 'BB' long-term issuer credit rating and revised the outlook to stable from negative. The stable outlook reflects our expectation that adjusted debt to EBITDA will remain 3.5x-4.5x based on low single-digit revenue growth, EBITDA margins contract about 200 basis points to 11%, and only modest acquisitions over the next 12 months. In SGK, we expect
