We accelerated our synergy realization and exceeded our goal for the year, achieving approximately $30 million of incremental cost savings, bringing our total synergy realization to date to nearly $60 million.
We remain confident in achieving our target of $75 million in run rate synergies by the end of year three.
Over the past 12 months, we completed the divestitures of three businesses from our APS segment.
As we continue to grow our industrial product platforms, Batesville is becoming a smaller part of the portfolio, now comprising only about 20% of the company revenues.
Batesville's strong execution over the last two years has delivered over $200 million of free cash flow paying -- playing a key role in the actions we took to aggressively pay down debt, accelerate growth investments in our industrial platforms and return cash to shareholders.
This allowed us to reinvest in the business for growth and productivity to strengthen our balance sheet and to return over $180 million in cash to shareholders through share repurchases and quarterly dividends.
Since acquiring Milacron two years ago, we've reduced our leverage by nearly 2.5 turns.
During the fiscal fourth quarter, we delivered total revenue in the quarter of $755 million, an increase of 12% on a pro forma basis or a 11% excluding the impact of foreign currency.
Adjusted EBITDA of $140 million increased 2%, while adjusted EBITDA margin of 18.5% decreased 180 basis points, as cost inflation, unfavorable mix and an increase in strategic investments more than offset operating leverage from higher volume, favorable pricing and productivity improvements, including approximately $7 million of year-over-year synergies realized in the quarter.
We had approximately 70% price/cost coverage in the quarter, which was more favorable than we had expected, primarily due to better pricing realization in some of our shorter cycle injection molding products and in Batesville.
We reported GAAP net income of $55 million, or $0.74 per share, which increased from a loss of $0.09 per share in the prior year.
Adjusted net income was $74 million, or $1.00 per share, an increase of $0.08 or 9%.
And the adjusted effective tax rate for the quarter was 29.2%.
We had cash flow from operations of $86 million in the quarter, which was better than our expectations coming into the quarter, but lower than last year, primarily due to timing of working capital requirements.
Capital expenditures were approximately $18 million.
We repurchased approximately 1.8 million shares for $78 million in the quarter and returned $16 million to shareholders in the form of quarterly dividends.
APS revenue of $340 million increased 9% on a pro forma basis, driven by higher volume of large plastics projects and separation equipment.
Aftermarket revenue was relatively flat year-over-year, but up 6% sequentially.
Adjusted EBITDA of $69 million increased 8% on a pro forma basis, while adjusted EBITDA margin of 20.3% was higher than expected, down only 30 basis points from the prior year.
Order backlog of $1.3 billion increased 41% year-over-year on a pro forma basis, primarily driven by large plastics projects.
While backlog declined 2% sequentially, it remains at a high level, providing us a strong foundation for growth in fiscal '22 and beyond.
Revenue of $260 million increased 20% compared to the prior year.
Adjusted EBITDA of $54 million increased 6%, while adjusted EBITDA margin of 20.6% decreased 270 basis points, as higher volume and productivity were more than offset by unfavorable mix due to an increased proportion of injection molding equipment, which comes at a lower margin compared to hot runners, cost inflation, not fully offset by price, and higher labor and manufacturing premiums, including outsourcing.
Order backlog of $366 million increased 51% compared to the prior year and decreased 6% sequentially as order volumes normalized, in line with our expectations.
Revenue of $155 million increased 5%, due to higher average selling price and an estimated increase in deaths associated with the pandemic.
Adjusted EBITDA margin of 21.6% declined 270 basis points compared to the prior year, primarily due to cost inflation and higher transportation and manufacturing cost premiums required to respond to the increased demand driven by the ongoing COVID-19 pandemic.
Consolidated pro forma revenue of $2.8 billion increased 13% or 10%, excluding the impact of foreign currency exchange.
Pro forma revenue for APS of $1.2 billion increased 5% compared to the prior year, including a 4% contribution from the impact of foreign currency.
MTS revenue of $996 million grew 25% on a pro forma basis or 22% excluding the impact of foreign currency.
Batesville revenue of $623 million increased 13%.
Pro forma adjusted EBITDA of $534 million increased 20% compared to the prior year, while pro forma adjusted EBITDA margin of 18.8% improved 100 basis points, primarily driven by operating leverage from higher volume in Batesville and MTS and productivity improvements, including synergies.
We accelerated the timing of our synergy capture in the year, realizing approximately $30 million of incremental cost savings, which exceeded our target of $20 million to $25 million, and we remain on track to achieve our three-year run rate synergy target of $75 million.
GAAP net income of $250 million resulted in GAAP earnings per share of $3.31.
Adjusted net income of $286 million resulted in adjusted earnings per share of $3.79, an increase of $0.60, or 19% compared to the prior year.
And our adjusted effective tax rate was 28.7% for the full year.
We generated record operating cash flow for the year of $528 million, up $174 million compared to the prior year, and our free cash conversion rate was 171% of adjusted net income for the year.
Capital expenditures for the year were $40 million, which was lower than originally expected due to longer lead times from suppliers.
Net debt at the end of the fourth quarter was $767 million, and the net debt to adjusted EBITDA ratio of 1.4 times was down from 2.7 times at the beginning of the fiscal year.
As of quarter end, we had liquidity of approximately $1.3 billion, including $446 million in cash on hand and the remainder available under our revolving credit facility.
Moving to capital deployment, we returned approximately $185 million to shareholders during the year through the repurchase of 2.8 million shares for approximately $121 million and $64 million through our quarterly dividend.
Subsequent to the year end, we repurchased an additional 620,000 shares for $29 million, and we have $50 million remaining under our share repurchase authorization.
We expect full-year revenue of $2.8 billion to $2.9 billion, an increase of 1% to 4%, driven by our strong backlog and solid underlying growth in our industrial end markets, partially offset by Batesville, the impact of supply chain disruptions and foreign currency translation.
We expect adjusted earnings per share in the range of $3.70 to $4.00 for the full year.
Total material and supply chain inflation for the year is expected to be approximately $95 million.
We expect inflation to be more of a headwind in the first half of the year with price/cost coverage of approximately 70% improving to approximately 100% in the second half.
For our fiscal first quarter, we expect adjusted earnings per share in the range of $0.87 to $0.94, down versus the prior year, primarily due to lower volume in Batesville, higher inflation and supply chain costs, and the impact of the divestitures.
We expect free cash flow as a percent of adjusted net income to be approximately 100% for the year.
Including capex of approximately $75 million.
Turning to Advanced Process Solutions, we expect full-year revenue to be up 8% to 12%, primarily due to continued strength in large plastics projects as well as solid growth in aftermarket revenue.
This growth includes an anticipated currency headwind of 3%.
We expect adjusted EBITDA margin of 21% to 21.5%, up 150 basis points to 200 basis points.
Turning to Molding Technology Solutions, we expect full-year revenue to be up 2% to 5% with modest growth in both hot runners and injection molding equipment.
We expect adjusted EBITDA margin of 20% to 21% compared to 20.3% in fiscal '21.
Finally, with Batesville, we expect revenue to be down 11% to 13%, due to an anticipated decline in burial demand as just normalized during the year.
While we anticipate price/cost coverage will be better than it was in fiscal '21 due to the pricing actions we have taken, we expect adjusted EBITDA margin of 19% to 20% to be down 570 basis points to 670 basis points, primarily due to lower volume as well as supply chain premiums and inflation, not fully covered by price.
We expect price/cost coverage to be approximately 60% in the first half of the year, and we anticipate this will improve in the second half.
Finally, it's been a great honor and privilege to serve at Hillenbrand over the last 28 years.

Summary:
We reported GAAP net income of $55 million, or $0.74 per share, which increased from a loss of $0.09 per share in the prior year.
Adjusted net income was $74 million, or $1.00 per share, an increase of $0.08 or 9%.
APS revenue of $340 million increased 9% on a pro forma basis, driven by higher volume of large plastics projects and separation equipment.
We expect adjusted earnings per share in the range of $3.70 to $4.00 for the full year.
For our fiscal first quarter, we expect adjusted earnings per share in the range of $0.87 to $0.94, down versus the prior year, primarily due to lower volume in Batesville, higher inflation and supply chain costs, and the impact of the divestitures.