ATS Corp (ATS) 2025 Q3 法說會逐字稿

Welcome to the ATS Corporation third quarter conference call and webcast.

歡迎參加 ATS 公司第三季電話會議和網路廣播。

This call is being recorded on February 5, 2025, at 8:30 AM Eastern time

本次通話於 2025 年 2 月 5 日上午 8:30（東部時間）錄製

(Operator Instructions)

（操作員指令）

I'll now turn the call over to David Galison, Head of Investor Relations at ATS.

現在我將電話轉給 ATS 投資者關係主管 David Galison。

Thank you operator and good morning.

謝謝接線員，早安。

Everyone on the call today are Andrew Hider, Chief Executive Officer of ATS and Ryan McLeod, Chief Financial Officer.

今天參加電話會議的還有 ATS 執行長 Andrew Hider 和財務長 Ryan McLeod。

Please note that our remarks today are accompanied by a slide deck which can be viewed via our webcast and available at atsautomation.com.

請注意，我們今天的演講附有一份幻燈片，您可以透過我們的網路廣播觀看，也可以在 atsautomation.com 上取得。

We caution that the statements made on the webcast and conference call may contain forward-looking information and our cautionary statement regarding such information including the material factors that could cause actual results to differ materially from the statements and the material factors or assumptions applied in making the statements are detailed on slide 3 of the slide deck.

我們提醒，網路廣播和電話會議上所作的聲明可能包含前瞻性信息，我們對此類信息的警告聲明包括可能導致實際結果與聲明存在重大差異的重大因素以及製定聲明時應用的重大因素或假設，這些都詳細說明在幻燈片的第 3 頁。

Now it's my pleasure to turn the call over to Andrew.

現在我很高興將電話轉給安德魯。

Thank you, David.

謝謝你，大衛。

Good morning, everyone and thank you for joining us today.

大家早安，感謝大家今天的參與。

ATS reported third quarter results for fiscal 2025.

ATS 公佈了 2025 財年第三季業績。

This was the second highest bookings quarter in company history and included strong organic growth along with contributions from acquisitions this morning, I will update you on our business and markets and Ryan McLeod will provide his financial report and we will both touch upon the recent developments on tariffs.

這是公司歷史上預訂量第二高的季度，包括強勁的有機成長以及今天上午收購帶來的貢獻，我將向您介紹我們的業務和市場情況，Ryan McLeod 將提供他的財務報告，我們將同時談及關稅的最新發展。

Starting with our financial value.

從我們的財務價值開始。

Drivers order bookings for the quarter were $883 million up 32% from the third quarter.

本季司機訂單金額為 8.83 億美元，較第三季成長 32%。

Last year, all of our market verticals contributed to this growth with good diversification in bookings including large and small orders and contributions from our services businesses.

去年，我們所有的垂直市場都為這一增長做出了貢獻，訂單多樣化，包括大訂單和小訂單，以及來自我們服務業務的貢獻。

Q3 revenues were $652 million down 13% from Q3 last year.

第三季營收為 6.52 億美元，較去年同期下降 13%。

Primarily due to lower revenues as expected adjusted earnings from operations in Q3 were $66 million.

主要是由於收入下降，預計第三季調整後營業利潤為 6,600 萬美元。

Moving to our outlook order backlog ended the quarter at approximately $2.1 billion with our trailing 12 month book-to-bill ratio at 1.18 to 1.

轉向我們的展望，本季末訂單積壓量約為 21 億美元，過去 12 個月的訂單出貨比為 1.18 比 1。

We are focused on expanding our market reach through our capabilities, high value applications that are complex to manufacture and where quality is critical align very well with our strikes by building out our standard products and equipment and adding services and digital capabilities.

我們專注於透過我們的能力來擴大我們的市場範圍，製造複雜且品質至關重要的高價值應用與我們的打擊非常契合，透過建立我們的標準產品和設備並增加服務和數位能力。

We are also shifting to growing our levels of reoccurring revenues to help offset some of the variability in bookings over time on the recent developments on tariffs between the US and Canada.

我們也正在轉向提高經常性收入水平，以幫助抵消最近美國和加拿大之間關稅變化造成的預訂量變化。

If tariffs are implemented in the next month, we would expect some complexity in the short term.

如果下個月實施關稅，我們預計短期內會出現一些複雜情況。

Our people continue their unwavering commitment to delivering customer value and to actively planning for and addressing any disruptions that result from new tariffs and to meet customer requirements.

我們的員工將繼續堅定不移地致力於提供客戶價值，並積極規劃和解決新關稅造成的任何干擾，並滿足客戶的要求。

Regardless of how the challenge ahead may develop, we rely on the strengths of our teams, our discipline processes and daily visual management tools to plan for and track impacts, improve our approach and pivot when necessary.

無論未來的挑戰如何發展，我們都依靠團隊的力量、我們的紀律流程和日常視覺化管理工具來規劃和追蹤影響、改進我們的方法並在必要時進行調整。

ATS is built on strong businesses with empowered and driven teams.

ATS 建立在強大的業務和充滿權力和幹勁的團隊的基礎上。

We will continue to operate in a way that is best for the company and our shareholders and which is supportive of our employees and our customers.

我們將繼續以最有利於公司和股東的方式運營，並支持我們的員工和客戶。

Moving your outlook within life sciences order backlog sits at a record $1.2 billion an increase of 39% compared to Q3 last year with strong bookings delivered in key submarkets such as radiopharma, GLP-1 auto-injectors, wearable devices and other medical devices.

展望生命科學領域，訂單積壓金額達到創紀錄的 12 億美元，與去年第三季相比成長 39%，主要次市場包括放射性製藥、GLP-1 自動注射器、穿戴式裝置和其他醫療設備，訂單強勁。

As an example of how we are expanding market reach.

作為我們如何擴大市場範圍的一個例子。

We booked a small order with an emerging customer in advanced robotic surgery in an order with a larger customer or a new application that also creates inroads into the surgical robotic space.

我們與一家先進機器人手術領域的新興客戶簽訂了小額訂單，而這家客戶又與一家較大的客戶或一個新應用簽訂了訂單，這也為我們進入手術機器人領域開闢了道路。

Overall, our life sciences opportunity funnel is strong.

整體而言，我們的生命科學機會管道非常強大。

We continue to build out our integrated solution set, leveraging our capabilities across our businesses to drive higher value for customers at each stage of their product life cycle.

我們將繼續建立我們的整合解決方案集，利用我們跨業務的能力為客戶在產品生命週期的每個階段創造更高的價值。

Further we continue to accelerate our growth strategy.

此外，我們將繼續加快我們的成長策略。

The ongoing development of new products and solutions in the pharmaceutical manufacturing market to leverage coma chair do technical business in Spain and our core automation capabilities.

持續開發製藥製造市場的新產品和解決方案，以利用昏迷椅在西班牙開展的技術業務和我們的核心自動化能力。

In food and beverage, our funnel remains strong and we ended the quarter with a record backlog of $252 million an increase of 22% compared to last year supported in part by our acquisition of Paxiom as we move ahead on our Paxiom integration opportunities continue to merge for customer synergies and process improvements in areas such as secondary packaging and digital solutions.

在食品和飲料領域，我們的管道仍然強勁，本季結束時我們創下了 2.52 億美元的積壓訂單記錄，比去年同期增長了 22%，部分原因是我們收購了 Paxiom，隨著我們推進 Paxiom 整合機會，我們將繼續合併以實現客戶協同效應和流程改進，例如二次包裝和數位解決方案。

In energy, our funnel remains strong supported by refurbishment opportunities for nuclear power generation facilities and new nuclear builds including both large scale and small module reactors.

在能源方面，我們的通路仍受到核能發電設施翻新機會以及包括大型和小型模組反應器在內的新核電建設的有力支持。

Over the long term, we are well positioned to support customers in our areas of specialization including nuclear fuel fabrication, factory automation of modular assemblies for new nuclear builds and nuclear waste handling.

從長遠來看，我們有能力在我們的專業領域為客戶提供支持，包括核燃料製造、新核電廠模組化組件的工廠自動化以及核廢料處理。

ATS is well positioned to serve as a strategic partner from the concept and design phases all the way to execution in consumer products.

ATS 有能力作為您的策略合作夥伴，從​​概念和設計階段直到消費產品執行。

Our funnel remains stable with niche opportunities in areas such as automated warehouse solutions packaging.

我們的管道保持穩定，在自動化倉庫解決方案包裝等領域有利基機會。

In the quarter, we received a warehouse solutions booking with an additional potential to combine the capabilities and capacity of different businesses to support this customer with their emerging sustainability requirements across geographies within transportation.

在本季度，我們收到了倉庫解決方案的訂單，該訂單還具有結合不同業務的能力和產能的額外潛力，可以支持該客戶滿足其在運輸領域跨地區的新興可持續性需求。

Our previously announced restructuring activities continued to line our business with lower end market demand particularly in EV our funnel remains stable with smaller opportunities that we have seen in prior years.

我們先前宣布的重整活動繼續使我們的業務符合低端市場的需求，特別是在電動車領域，我們的通路保持穩定，機會比前幾年更小。

However, in the quarter, we had a new EV customer win Europe on aftersales, we expanded our higher value services, incorporating our digital capabilities.

然而，在本季度，我們在歐洲售後市場上贏得了一位新的電動車客戶，我們擴展了更高價值的服務，融入了我們的數位化能力。

We are evolving our service plan offerings to drive greater customer adoption and retention.

我們正在改進我們的服務計劃，以提高客戶的採用率和保留率。

We continue the launch of our connected care hub in Cambridge further expanding its operational capabilities and receiving several new customer orders on our performance based services.

我們繼續在劍橋推出我們的連網護理中心，進一步擴大其營運能力，並在基於績效的服務上收到了幾個新的客戶訂單。

We are building on the success and learnings from our private projects as we scale with additional customers on our digital offerings, our phone was strong and we remain committed to serving as a global partner for continuous productivity optimization across our customer base.

隨著我們數位產品的客戶的不斷增加，我們正在從私人專案的成功和經驗中不斷進步，我們的手機性能強大，我們仍然致力於作為全球合作夥伴，為整個客戶群持續優化生產力。

Our ATS business model continues to drive a culture of continuous improvement, innovation and resilience across the organization with strong engagement in ABM events completed across all ATS businesses and geographies.

我們的 ATS 業務模式繼續推動整個組織的持續改進、創新和彈性文化，並積極參與所有 ATS 業務和地區完成的 ABM 活動。

By way of example, our CFT business held the Kaizen event in November dedicated to improving project management tools and best practices with a clear focus on data and sustainment to drive continued margin expansion.

舉例來說，我們的 CFT 業務於 11 月舉辦了 Kaizen 活動，致力於改善專案管理工具和最佳實踐，明確關注數據和永續性，以推動利潤率持續擴大。

As part of these sustainment efforts, they held a follow up event as part of our President's Kaizen Week in January.

作為這些持續努力的一部分，他們在 1 月的總裁改善週活動中舉辦了一次後續活動。

A great example of ongoing use of tools to drive steady improvement.

持續使用工具來推動穩定改善的一個很好的例子。

I look forward to providing you with a broader update on our President's Kaizen events and our Q4 results call the ABM is also a critical part of our M&A playbook used to integrate new acquisitions and drive towards targeted ROIC.

我期待為您提供有關我們總裁的 Kaizen 活動和我們第四季度業績電話會議的更廣泛的更新，ABM 也是我們用於整合新收購和推動實現目標 ROIC 的 M&A 劇本的重要組成部分。

Our M&A funnel remains strong and we actively cultivate opportunities across a range of target sizes and markets.

我們的併購管道依然強勁，我們積極在各種目標規模和市場中培養機會。

In the short term, we are focused on bringing leverage to our targeted levels while we expand our pipeline of acquisition opportunities that align with our strategic vision for long term value creation.

在短期內，我們專注於將槓桿率提升到目標水平，同時擴大符合我們長期價值創造策略願景的收購機會。

Integration activities are well underway on our recent acquisitions and we remain confident in their long term contributions to our growth on innovation.

我們最近的收購的整合活動正在順利進行，我們對其對我們創新成長的長期貢獻仍然充滿信心。

We are deploying capital and empowering our talent to create differentiated solutions that drive value for our customers.

我們正在部署資本並增強我們的人才，以創造差異化的解決方案，為我們的客戶創造價值。

In November, we brought together thought leaders from our businesses around the world for our annual Innovation Summit branded Building an Innovation Powerhouse.

11 月份，我們召集了來自全球各地企業的思想領袖，參加以「打造創新強國」為主題的年度創新高峰會。

AI is potential to drive innovation and operational efficiency was a central theme.

人工智慧有潛力推動創新，而營運效率是其中心主題。

The event accelerated our efforts to create deeper collaboration AI driven initiatives across ATS this focus reflects our commitment to advancing technologies that enhance capabilities and deliver long term value.

這項活動加速了我們在 ATS 內部建立更深入的協作 AI 驅動計劃的努力，這一重點反映了我們致力於推進技術、增強能力和提供長期價值的承諾。

In December, we released our fifth annual sustainability report reaffirming our commitments and highlighting how we help our customers meet their sustainability goals.

12 月，我們發布了第五份年度永續發展報告，重申了我們的承諾並強調了我們如何幫助客戶實現永續發展目標。

I encourage you to review the report where we highlight our progress over the past year are examples of our approach to product design, handle more sustainable packaging solutions and increase the processing efficiency of our equipment.

我鼓勵您查看該報告，其中我們重點介紹了過去一年的進展，以及我們的產品設計方法、處理更永續的包裝解決方案和提高設備處理效率的例子。

In summary, strong third quarter bookings combined with a sizable order backlog, provide us the good foundation as we move through the final quarter of our year and look ahead to fiscal 2026.

總而言之，第三季強勁的預訂量加上大量的訂單積壓，為我們進入今年最後一個季度並展望 2026 財年奠定了良好的基礎。

The disciplined execution of our strategy driven by our ABM tools, processes and culture will serve us well in achieving our objectives.

在我們的 ABM 工具、流程和文化的推動下，我們嚴格執行策略，這將有助於我們實現目標。

Our ABM continuous improvement mindset keeps our teams engaged and dedicated to delivering customer and shareholder value.

我們的 ABM 持續改進思維使我們的團隊始終積極參與並致力於實現客戶和股東價值。

Now, I will turn the call over to Ryan, Ryan over to you.

現在，我將電話轉給 Ryan，Ryan，你來接聽。

Thank you, Andrew and good morning everyone.

謝謝你，安德魯，大家早安。

Beginning with our operating results for the quarter order bookings were $883 million an increase of 32% over Q3 last year in life sciences order bookings were our third highest on record following our top two Life sciences bookings quarters in Q1 and Q2 of this year respectively.

首先從我們本季的營運表現來看，訂單量為 8.83 億美元，比去年第三季成長了 32%，生命科學訂單量是我們有史以來的第三高，僅次於今年第一季和第二季生命科學訂單量最高的兩個季度。

In the third quarter, bookings were driven by a combination of organic growth and contributions from the recent acquisitions of Avidity, Paxium and Heidolph.

第三季度，預訂量主要受有機成長以及近期收購 Avidity、Paxium 和 Heidolph 的貢獻等推動。

Our trailing 12 month book to bill ratio at the end of Q3 was 1.18 to 1 excluding transportation.

截至第三季末，我們過去 12 個月的訂單出貨比為 1.18 比 1（不含運輸業務）。

This ratio was 1.24 to 1 with all other market verticals sustaining a book-to-bill ratio above 1.

這一比率為 1.24 比 1，所有其他垂直市場的訂單出貨比均維持在 1 以上。

Q3 revenues of $652 million were 13.3% lower than last year.

第三季營收為 6.52 億美元，較去年同期下降 13.3%。

Strong year over year, organic growth in life sciences, consumer and food and beverage.

生命科學、消費品、食品和飲料業務較去年同期強勁成長。

In addition to a 6% contribution from recent acquisitions, partially mitigated the expected declines in transportation of note revenues increased sequentially by 6.4%.

除了最近的收購帶來的 6% 的貢獻外，部分緩解了預期的票據運輸收入下滑的影響，環比增長了 6.4%。

As we have begun to realize on the benefits of our strong order bookings over the past several quarters, moving to earnings adjusted earnings from operations in Q3 were $65.7 million a decrease of 35% from the prior year reflecting lower revenue volumes primarily in transportation.

我們已經開始意識到過去幾季強勁的訂單量帶來的好處，第三季調整後的營業利潤為 6,570 萬美元，較上年下降 35%，主要反映了運輸部門的收入下降。

Excluding acquisition related inventory fair value charges.

不包括與收購相關的庫存公允價值費用。

Q3 gross margin was 30.7%. a 216 basis points improvement from last year driven by a more favourable mix including higher margin programs and an improved supply chain environment.

第三季毛利率為30.7%。較去年同期成長 216 個基點，這得益於利潤率更高的項目和改善的供應鏈環境等更有利的組合。

On SG&A excluding acquisition related amortization and transaction costs as well as onetime contract settlement costs third quarter, SG&A expenses were $130.6 million a $22.7 million increase over the prior year, primarily as a result of SG&A in our acquired companies along with increased employee costs and foreign exchange translation.

第三季度，銷售、一般及行政費用（SG&A）不包括收購相關的攤銷和交易費用以及一次性合約結算費用，銷售、一般及行政費用為 1.306 億美元，比上年增加 2,270 萬美元，主要由於我們收購的公司銷售、一般及行政費用增加以及員工成本增加和外匯折算。

As always, we're continuing to drive efficiency into both our existing operations and new acquisitions who have joined ATS for further context.

與往常一樣，我們將繼續提高現有營運和加入 ATS 的新收購公司的效率。

The onetime contract settlement costs that I referenced were within one of our life sciences businesses and related to a cancelled program excluding the mark to market impact related to changes in our share price.

我提到的一次性合約結算成本屬於我們的一項生命科學業務，與一項取消的項目有關，但不包括與我們股價變動相關的市價影響。

Stock based compensation expense was $3.7 million in Q3 earnings per share was $0.32 on an adjusted basis down from last year, primarily due to lower revenue volumes.

第三季股票薪酬費用為 370 萬美元，調整後每股盈餘較去年同期下降 0.32 美元，主因是營收下降。

Turning to our look, we concluded the quarter with an order backlog of just under $2.1 billion.

從我們的角度來看，本季結束時我們的訂單積壓量略低於 21 億美元。

And we expect Q4 revenues to be in the range of $650 million to $710 million.

我們預計第四季的營收將在 6.5 億美元至 7.1 億美元之間。

As a reminder, this assessment is updated every quarter, taking into account revenue expectations from current order backlog and new orders booked and bill within the quarter margin expansion remains an ongoing priority to achieve this.

提醒一下，此評估每季更新一次，考慮到當前訂單積壓和新訂單的收入預期，並且本季利潤率擴大仍然是實現這一目標的持續優先事項。

We're employing ABM tools in a disciplined manner to improve processes, our supply chain and standardization.

我們正在以規範的方式運用 ABM 工具來改善流程、供應鏈和標準化。

Further, we continue to invest in innovation and services to drive growth during the quarter.

此外，我們將繼續投資創新和服務，以推動本季的成長。

We substantially completed the reorganization plan we announced in Q1 which was primarily intended to right size the cost structure of our transportation businesses to reflect current market activity.

我們基本上完成了第一季宣布的重組計劃，該計劃的主要目的是合理調整運輸業務的成本結構，以反映當前的市場活動。

In the quarter.

在本季度。

We incurred an additional $3.3 million of restructuring costs.

我們額外產生了 330 萬美元的重組成本。

On tariffs as Andrew noted we're monitoring the situation closely and they're assessing potential impacts on our business, our global footprint and decentralized operating model along with our proven ABM tools give us flexibility to address disruptions over the longer term.

關於關稅，正如安德魯所說，我們正在密切關注局勢，他們正在評估對我們業務的潛在影響，我們的全球足跡和分散的營運模式以及我們成熟的 ABM 工具使我們能夠靈活地應對長期中斷。

While we await further information over the next month, we're actively working with our customers and suppliers to mitigate challenges that tariffs could pose to our collective businesses.

在我們等待下個月的進一步資訊的同時，我們正在積極與我們的客戶和供應商合作，以減輕關稅可能對我們的集體業務帶來的挑戰。

Moving to the balance sheet.

轉到資產負債表。

In Q3, we generated cash flows from operating activities of $66.79 million.

第三季度，我們產生的經營活動現金流為 6,679 萬美元。

Our non-cash working capital as a percentage of revenue was 30.3%.

我們的非現金營運資本佔收入的百分比為 30.3%。

This value remained high as a result of our previously disclosed disagreement with one of our customers while work remains paused on the projects.

由於我們先前揭露的與一位客戶之間存在的分歧，且專案工作仍處於暫停狀態，因此該價值仍保持高位。

We've continued efforts to resolve this disagreement.

我們一直在努力解決這一分歧。

However, until it is resolved, working capital is expected to remain above our target level of 15% of revenues.

然而，在問題解決之前，預計營運資本仍將高於我們目標水平，即佔收入的 15%。

That said we did see good progress across the rest of our businesses on working capital efficiency with XEV working capital values moving closer to our target range.

也就是說，我們確實看到其他業務在營運資本效率方面取得了良好進展，XEV 營運資本價值正越來越接近我們的目標範圍。

Even with the acquisitions of higher working capital intensive product businesses.

即使收購了營運資本密集度較高的產品業務。

During the quarter, we invested $16.4 million in CapEx and intangible assets with an expected annual expenditure at the lower end of our previously disclosed range of $70million to $90 million.

本季度，我們在資本支出和無形資產上投資了 1,640 萬美元，預計年度支出將處於我們先前披露的 7,000 萬美元至 9,000 萬美元範圍的低端。

Our innovation efforts in critical growth areas remains a priority on leverage at the end of the third quarter.

截至第三季末，我們在關鍵成長領域的創新努力仍然是槓桿的重點。

Our net debt to adjusted EBITDA ratio is 3.7 times on a pro forma basis which includes full year contributions from our most recent acquisitions.

我們的淨負債與調整後 EBITDA 比率按預測基礎計算為 3.7 倍，其中包括我們最近的收購帶來的全年貢獻。

We remain committed to bring our leverage to our target range of two times to three times.

我們仍致力於將槓桿率提高到兩倍至三倍的目標範圍。

In December.

在十二月。

We successfully completed an additional $200 million Canadian offering of Senior Unsecured Notes as part of a single series with our August issuance of 6.5% notes due in 2032 proceeds for this transaction were used to repay outstanding amounts under our credit facility.

我們成功完成了額外 2 億美元加拿大優先無擔保票據的發行，作為單一系列票據的一部分，我們於 8 月份發行了到期日為 2032 年的 6.5% 票據，該交易的收益用於償還我們信貸安排下的未償還金額。

In summary order, bookings are strong and diversified across our markets.

總而言之，我們的市場預訂量強勁且多樣化。

Record order, backlogs and life sciences and food and beverage.

記錄訂單、積壓訂單和生命科學以及食品和飲料。

Give us good revenue visibility going forward.

為我們未來提供良好的收入前景。

We expect the short term margin pressures from lower transportation revenues to continue to abate through our reorganization efforts as we drive improved volumes in transportation and continued growth in the rest of the business.

我們預計，隨著我們推動運輸量的提高和其他業務的持續成長，透過重組努力，運輸收入下降帶來的短期利潤壓力將繼續減輕。

Looking ahead, we're committed to building on recent positive momentum in our financial results as we finish out fiscal 2025 we're encouraged by the progress our global teams are making in advancing our strategies and are confident that their efforts will generate value for customers and shareholders as we move forward.

展望未來，我們致力於在 2025 財年結束時繼續鞏固財務業績的積極勢頭，我們對全球團隊在推進策略方面所取得的進展感到鼓舞，並相信他們的努力將在我們前進的過程中為客戶和股東創造價值。

Now we will open the call to questions from our analysts operator.

現在我們將開始回答分析師接線員的提問。

Could you please provide instructions?

能提供說明嗎？

Thank you.

謝謝。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Your first question comes from the line of Justin Keywood from Stifel.

您的第一個問題來自 Stifel 的 Justin Keywood。

Your line is open.

您的線路已開通。

Good morning.

早安.

Thanks for taking my call on the margins.

感謝您接聽我的電話。

We saw a good expansion the gross margin level year over year up, almost 200 beeps should we anticipate that to start impacting the overall operating margins for fiscal Q4 or will that take a bit longer for some of the reorganization activities to mature in some of the ABM initiatives to be implemented?

我們看到毛利率水準年增了近 200 個百分點，我們是否應該預期這會開始影響第四財季的整體營業利潤率，或者一些重組活動和一些 ABM 計劃是否需要更長的時間才能成熟？

Yeah, good morning Justin.

是的，早上好，賈斯汀。

It's Ryan.

是瑞安。

So short answer is yes, we do expect a continued margin improvement.

所以簡短的回答是肯定的，我們確實預期利潤率會持續提高。

But let me give you a little bit more context than that.

但我將向您提供更多背景資訊。

So, looking back on the year Q2 really reflected the low point in our financial performance and that was expected and we did see sequential growth and margin expansion this quarter.

因此，回顧今年第二季確實反映了我們財務表現的低谷，這是預料之中的，我們本季確實看到了連續的成長和利潤率的擴大。

The growth has been across all our market verticals with the exception of transportation and that has helped drive margin improvement along with the actions we've taken to right size our cost structure.

除了運輸業外，我們所有垂直市場都實現成長，這有助於提高利潤率，並幫助我們採取適當措施調整成本結構。

So as we look forward.

因此我們期待著。

We do expect a continued sequential growth to benefit our margins, but it will be modest in Q4.

我們確實預計持續的連續成長將有利於我們的利潤率，但第四季的增幅將會很小。

So our transportation business while it's improved from Q2, the cost structure has been right size, and we've had good bookings in Q3.

因此，我們的運輸業務雖然較第二季度有所改善，但成本結構一直保持合理規模，並且我們在第三季度的預訂量良好。

The revenues aren't going to ramp in that business until we get into a more advanced stages.

除非我們進入更高級的階段，否則該業務的收入不會增加。

With a lot of the new business we've just won.

我們剛剛贏得了許多新業務。

So we're going to see more benefit in the fiscal 2026.

因此我們將在 2026 財年看到更多收益。

But again, short answer improvement in Q4, but it's going to be modest.

但簡而言之，第四季會有所改善，但改善幅度會很小。

Okay, thank you.

好的，謝謝。

And then on the energy or nuclear segment, good bookings or backlog growth up 58%.

在能源或核能領域，良好訂單或積壓訂單成長率高達 58%。

I think there was a big jump in bookings as well.

我認為預訂量也大幅增加了。

Are you able to give some additional context?

您能提供一些額外的背景資訊嗎？

There was that from a new customer or existing customer?

這是來自新客戶還是現有客戶？

And what is the outlook for that segment going forward?

該領域未來的前景如何？

Yes.

是的。

So let me start there.

那麼讓我從這裡開始。

So when we step back and look at this segment as a reminder, we're a niche player, but we have a strong value for our customers and we support now multi areas for this market.

因此，當我們回顧並回顧這個細分市場時，我們會發現我們是一個利基市場參與者，但我們對客戶具有強大的價值，我們現在為該市場提供多個領域的支援。

First one can do reactive refurbishment and we've seen and continue to see customers look at this area as a refurbishment to really look at green energy and nuclear energy being a power source that they can rely on.

首先，可以進行反應性改造，我們已經看到並繼續看到客戶將這一領域視為改造，真正將綠色能源和核能視為他們可以依賴的電源。

And so we see continued opportunity in that space and we did see actually continued bookings within this market.

因此，我們看到該領域仍有機遇，而且我們確實看到該市場內的預訂量持續成長。

Additionally and I've talked about this in the past, we support the SMR builds and while it's early and, and we still view this as a mid to long term area of focus.

此外，我過去曾談過這個問題，我們支持 SMR 構建，雖然還處於早期階段，但我們仍將其視為中長期重點關注領域。

We have a strong position within that space and we're working with several of the key leaders.

我們在該領域佔有強勢地位，並且正在與多位關鍵領導人合作。

And it's about getting the applications proven out and then ultimately inline and online to support energy, we're seeing large scale new builds as well start to come into the discussion.

這是為了驗證應用程序，然後最終在線上和線上支援能源，我們看到大規模的新構建也開始進入討論。

And an ATS if you look at the refurbishment, it's kind of effectively two things is Decommissioning and then recommissioning, that's the recommissioning piece.

如果您看一下 ATS 的翻新過程，它實際上包括兩件事：退役和重新調試，這是重新調試的部分。

And we have ability to support new builds on traditional as well as can do reactors and then decommissioning waste we play in as well as operations and maintenance.

我們有能力支援傳統反應器的新建和運行，以及廢料的退役以及運營和維護。

One additional one that that we're highlighting, and you'll see us continue to highlight is fuel fabrication.

我們正在強調的另外一點，你會看到我們繼續強調的是燃料製造。

As these new solutions come online, it is an area, an opportunity that ATS can really play in and support.

隨著這些新解決方案的上線，這將成為 ATS 真正能夠發揮作用和提供支援的領域和機會。

And so while it's early, We are starting our position and we have a strong position to be able to support the ramp up in this space.

因此，雖然還為時過早，但我們已開始我們的業務，並且我們擁有強大的優勢，能夠支持這一領域的發展。

So overall pleased with the progress.

所以整體來說對進展感到滿意。

Nice growth and one that we do view is a strong value for our customers yet it is a niche solution for our business.

良好的成長，我們確實認為這對我們的客戶來說具有很大的價值，但對我們的業務來說這只是一個小眾解決方案。

And Justin just to add on that, on the specifics, there was multiple customers that contributed to bookings in the space in the quarter.

賈斯汀補充一點，具體來說，本季度有多個客戶為該領域的預訂做出了貢獻。

Very interesting.

非常有趣。

And just finally, on the ongoing dispute with the large EV customer, the $175 million of assets that are to be invoiced or not delivered.

最後，關於與大型電動車客戶持續存在的糾紛，即需要開立發票或未交付的 1.75 億美元資產。

Is that equipment able to be repurchased for other projects or is there still a view that it could eventually be delivered to the customer and paid for.

該設備是否可以回購用於其他項目，或者是否仍然認為它最終可以交付給客戶並付款。

The equipment's been delivered?

設備出貨了嗎？

And to the best of our knowledge remains in production at a customer site.

據我們所知，該產品仍在客戶現場生產。

Is that.

是嗎？

Just to be clear, is that the $165 million or the $175 million.

需要明確的是，這是 1.65 億美元還是 1.75 億美元。

All of it?

全部嗎？

Okay.

好的。

Thank you very much.

非常感謝。

Your next question comes from the line of Cherilyn Radbourne from TD Cowan.

您的下一個問題來自 TD Cowan 的 Cherilyn Radbourne。

Your line is open.

您的線路已開通。

Thanks very much and good morning, Andrew, I imagine that with the election of a second Trump administration tariffs and how to locate supply chain, medium to long term are top of mind issues with your customers.

非常感謝，早安，安德魯，我想，隨著川普第二屆政府的當選，關稅和如何定位供應鏈，中長期來看是你的客戶最關心的問題。

Can you give us some colour on the volume of your customer conversations lately?

您能向我們介紹一下最近您與客戶對話的數量嗎？

And the key topics?

還有關鍵主題嗎？

Yeah, so good morning, Cherilyn.

是的，早上好，Cherilyn。

When we look at our, we're having discussions with our customers and as a reminder, we do view that the short term as if these were to be implemented, going to be, a bit dynamic mid to long term.

當我們審視自己時，我們正在與客戶進行討論，作為提醒，我們確實認為，短期內如果這些措施得以實施，那麼從中長期來看將會有點動態。

This is a real strength for ATS.

這對 ATS 來說是一個真正的優勢。

And when we talk to our customers, we have the ability to build support and continue to support operations in core regions.

當我們與客戶交談時，我們有能力建立支援並繼續支援核心地區的營運。

And so it's a real strength for our organization and, I highlight an example in our prepared remarks around the opportunity to support the warehouse automation space where our global scale our global footprint really played a big factor here.

因此，這對我們組織來說是一個真正的優勢，我在我們準備好的發言中強調了一個例子，即支持倉庫自動化領域的機會，我們的全球規模和全球足跡在這裡確實發揮了重要作用。

As well as our continued focus on standardization and moving from a more complex product to ability to build in multi locations.

我們將繼續關注標準化以及從更複雜的產品轉向在多地點建立的能力。

So our conversations have been, I would say more on the positive side in our ability to support.

因此，我想說，我們的對話更集中在我們提供支持的能力的積極方面。

Yet our customers are still waiting to see how things truly shake out and where their focus is going to be for the future.

然而，我們的客戶仍在等待事情的真正發展，以及他們未來的關注點將放在哪裡。

That makes sense.

這很有道理。

Just, thinking about another Trump policy and mass deportation.

只是，考慮一下川普的另一項政策和大規模驅逐出境。

Do you think that could result in a short-term boost in the food and beverage area?

您認為這會導致食品和飲料領域短期內繁榮嗎？

Just given that there's a lot of undocumented labour that's active in that space.

鑑於該地區活躍著大量無證勞工。

Yes.

是的。

So if you look in that space and specifically in the US, you're going to find, of course, they're going to have a regulation around ensuring that they have documentation.

因此，如果你關注這個領域，特別是在美國，你當然會發現，他們會有一項規定來確保他們擁有文件。

All that said when you see a change or a shift that the end product.

當您看到最終產品的變化或轉變時，所有這些都說明了這一點。

So think that the actual fruit or the vegetable becomes a higher value, you will look at efficiency and you will look at process to be some and you want to maximize that's what we can support.

所以想想實際的水果或蔬菜會變得更有價值，你會看到效率，你會看到流程，並且你想要最大化，這就是我們可以支持的。

And so we do view this as an area of opportunity.

因此我們確實將此視為一個機會領域。

I would say its, short term is not, not the words way we would characterize it.

我想說的是，短期內不是，不是我們所描述的。

We would think this is a more mid to long term that said we are staying very close with our customers.

我們認為這是一個中長期目標，表明我們將與客戶保持密切聯繫。

We have a proactive outreach to ensure they understand where we can support.

我們積極主動地聯繫他們，以確保他們了解我們可以在哪些方面提供支援。

And we've also launched tools or solutions where we can help them really navigate these times and one of them, and I'm going to draw on an acquisition early in the journey.

我們也推出了一些工具或解決方案，可以幫助他們真正度過這段時光，其中之一，我將利用我們在旅程早期獲得的一項成果。

Marco recently launched a solution set where we can now do check we in the field that aligns with pack houses.

Marco 最近推出了一套解決方案，我們現在可以在解決方案中檢查與包裝廠是否一致。

Why that matters to our customers.

為什麼這對我們的客戶很重要。

It allows them to track and really understand the weights of their products.

它使他們能夠追蹤並真正了解其產品的重量。

So they don't overpack and, and this is a real benefit.

所以他們不會打包過多的東西，這是一個真正的好處。

And so we're going to continue to see opportunities that align.

因此，我們將繼續看到相關的機會。

Well, there all that to be said, we do view this as is a little bit more in the midterm area.

好吧，總而言之，我們確實認為這更多是在中期領域。

That's It.

就是這樣。

Thank you.

謝謝。

You, Cherilyn.

你，Cherilyn。

Your next question comes from the line of Patrick Baumann from JPMorgan.

您的下一個問題來自摩根大通的 Patrick Baumann。

Your line is open.

您的線路已開通。

Well, hi, good morning.

嗨，早安。

Thanks for taking my questions on the orders.

感謝您回答我關於訂單的疑問。

Couple ones here.

這裡有幾張。

Are there any big bookings worth calling out that benefited the quarter that you'd want to highlight?

是否有任何值得一提的、對本季有利的重大預訂，您想強調一下嗎？

And then thinking about, the backlog and the translation into sales.

然後思考積壓訂單如何轉換為銷售。

Can you talk about why the sales are sort of lagging what they had, I guess before the EV downturn and, you know, relative to that backlog and then particularly thinking about 2026 like, can some of these longer cycle orders start to translate?

您能否談談為什麼銷量不如電動車市場低迷之前的水平，以及相對於積壓訂單，然後特別考慮 2026 年，這些較長週期的訂單能否開始轉化？

And can you see an organic growth rate that's, above that long term target of mid-single digit plus.

您是否看到有機成長率高於長期目標的中個位數以上？

Good morning, Patrick.

早上好，派崔克。

So, I'll start with the profile of the orders.

因此，我將從訂單概況開始。

And try and talk through how those are going to get delivered and how that flows through revenues.

並嘗試討論如何實現這些目標以及如何透過收入來實現這些目標。

So, there were a number of big what we would call, quote unquote big programs in the quarter.

因此，本季有許多我們稱之為「大專案」的大型專案。

Typically we look at our, at our TOP10 and, and on average, that was about $30 million across those TOP10.

通常，我們會看看我們的 TOP10，平均而言，這 TOP10 的金額約為 3000 萬美元。

It well diversified across every single market vertical was within our TOP10, which was a real benefit.

它在每個垂直市場都實現了多元化，並且位列我們的前 10 名，這是一個真正的優勢。

And then as Andrew noted in his prepared remarks, we had lots of small and midsize orders that support as well.

正如安德魯在他準備好的演講中指出的那樣，我們也有很多中小型訂單提供支援。

So when we have a strong bookings quarter, like we did in this quarter, there typically is a benefit from some of these larger orders.

因此，當我們有一個強勁的預訂量時，就像我們本季所做的那樣，一些較大的訂單通常會帶來好處。

Now, in terms of how these get revenue out or produced.

現在，談論如何獲得或產生收入。

So typically a larger order and this is, this is a general rule of thumb, they're going to have longer delivery periods and could be going to multiple sites, it could just be the complexity of equipment.

因此，通常訂單較大，這是一般的經驗法則，他們的交貨期會更長，可能會去多個站點，這可能只是設備的複雜性。

But think, 12 months to 18 months is sort of an average delivery period for those projects.

但想想看，12個月到18個月是這些專案的平均交付期。

So how that flows through our revenue is the first several months, there's going to be a design phase which is a lower revenue generating period.

那麼，這對我們的收入有何影響呢？

And then as the equipment moves into production and assembly on our shop floors, that's when we get into those higher revenue generating period.

然後，隨著設備進入我們的車間生產和組裝階段，我們就進入了更高收入的時期。

So we do expect to see a benefit to our organic growth rate into next fiscal year as a result of the bookings and backlog we've seen this year.

因此，我們確實預計，由於今年的預訂量和積壓訂單量，下一財年的有機成長率將會提高。

But there can be a one quarter to two quarter lag from a large booking until we really start to see it materially impact our, our revenue run rate.

但是，從大額預訂到我們真正開始看到它對我們的收入運行率產生重大影響，可能要滯後一到兩個季度。

And Patrick, I ran Ryan hit very strong bookings quarter was pleased with the progress here and as you look, our plumbers remain healthy in the core markets we support.

帕特里克，我負責管理的瑞安在本季度的預訂量非常強勁，我對這裡的進展感到滿意，正如你所看到的，我們的水管工在我們支持的核心市場中保持著健康的勢頭。

So not only we continue to execute, we're looking for areas to drive expansion and I referenced a couple of those even in the prepared remarks around the surgical space.

因此，我們不僅繼續執行，我們還在尋找推動擴張的領域，我甚至在關於外科手術領域的準備好的發言中提到了其中的幾個。

So please with the progress more to come.

因此，請繼續關注後續進展。

Sorry, just to follow up on that $30 million number.

抱歉，我只是想跟進一下 3,000 萬美元這個數字。

How does that?

那是怎樣的？

So what is your typical TOP10 I don't know how to think about that $30 billion relative to.

那麼，您典型的 TOP10 是什麼？

Yeah, typically.

是的，通常是如此。

Yeah.

是的。

No typically we're in the $20 million range.

不，通常我們的金額在 2,000 萬美元左右。

It could be lower to mid-$20 million range.

該數字可能會低於 2,000 萬美元左右。

I'd say that's more average if I look over the last eight quarters in terms of where we've been.

如果回顧過去八個季度的情況，我會說這是比較平均的情況。

This was on the higher end being 30 we've had a sort of lower end would be mid-teens.

最高的是 30 歲，最低的是十幾歲。

Got it.

知道了。

And then I was wondering if you could put a finer point around, the improvement you expect in fourth quarter margin, I think you had previously talked about, maybe getting back to first quarter levels, by the back part of the year.

然後我想知道您是否可以更詳細地說明一下，您預計第四季度利潤率會有所提高，我想您之前已經談過，也許到今年下半年會回到第一季的水平。

Wondering if you could kind of frame for us where you are relative to those expectations based on your revenue trajectory that you've guided to for the fourth quarter.

我想知道您是否可以根據您對第四季度的收入預測軌跡，為我們描述您相對於這些預期的情況。

Yeah, so in terms of I'll piece it apart in terms of our gross margin.

是的，因此我將根據我們的毛利率來將其分開。

We've seen year over year, a good benefit from a couple of different areas.

我們看到，年復一年，我們在多個不同領域都取得了良好的效益。

One is one is mixed.

一個是，一個是混合。

So life science is typically going to benefit our gross margin and in relative to a year ago where we had more transportation, so that's been a benefit to our gross margin.

因此，生命科學通常會有利於我們的毛利率，相對於一年前我們有更多的運輸，所以這對我們的毛利率有利。

We've seen a benefit from continued growth in aftersales services as well.

我們也看到了售後服務持續成長帶來的好處。

As acquisitions.

作為收購。

That's been a benefit.

這是有好處的。

There's been some offset in our gross margin from underutilization.

由於利用率不足，我們的毛利率受到了一定程度的抵銷。

And that's again our transportation business and we've taken action to address that.

這又是我們的運輸業務，我們已經採取行動來解決這個問題。

As we look forward, as transportation.

正如我們所期待的那樣，作為交通運輸。

And it goes from where it's been this, this couple of quarters, there is a bit of a headwind, in terms of our margin, but from an operating margin standpoint, growth in transportation will benefit from where we are today in terms of our overall margin outlook.

從這幾季的情況來看，我們的利潤率確實有一些阻力，但是從營業利潤率的角度來看，就我們目前的整體利潤率前景而言，運輸業務的成長將受益於我們目前的狀態。

The revenue levels that we expect to hit in Q4.

我們預計第四季的營收水準。

We do have some, some headwinds from an operating leverage standpoint still in our business.

從經營槓桿的角度來看，我們的業務確實仍存在一些阻力。

And so again, as the business continues to grow, as we see the improvement in our transportation business, we do expect that operating leverage will improve.

因此，隨著業務的不斷成長，隨著我們看到運輸業務的改善，我們確實預期經營槓桿將會提高。

But it's going to be more modest in Q4, as I noted.

但正如我所指出的，第四季的成長將會更加溫和。

No kind of like no colour on the absolute margin that you'd want to provide to get people kind of aligned with how you're thinking.

您想要提供的絕對邊際沒有任何色彩，可以讓人們與您的想法保持一致。

No, nothing that I would call it.

不，我什麼都不想稱呼它。

Okay.

好的。

We'll follow up off.

我們會繼續跟進。

Fine.

美好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Your next question comes from the line of Maxim from National Bank.

您的下一個問題來自國家銀行的馬克西姆。

Your line is open.

您的線路已開通。

Hi, good morning.

嗨，早安。

Good morning.

早安.

And maybe the first question for you, I think your reference to an EV program in Europe.

也許您要問的第一個問題是關於歐洲的電動車計劃。

Do you mind maybe talking about your capability to carry out work in the geography because correct me if I'm wrong a couple of years ago, we had a restructuring there.

您介意談談您在地理領域開展工作的能力嗎？

So maybe some common website, please.

所以請提供一些常見的網站。

Yes, so just a little bit more on this win.

是的，關於這次勝利我再說一點。

This was a customer, or the end OEM is a customer from the past and it's a slightly different application their EV shift.

這是一位客戶，或者最終 OEM 是過去的客戶，這是略有不同的 EV shift 應用程式。

Very pleased with the win and one we need to execute; we'll be using our global footprint for really building this capability out.

我們非常高興能夠取得勝利，我們需要努力實現這一目標；我們將利用我們的全球影響力來真正建立這項能力。

And that means multiregion.

這意味著多區域。

We do have capability in Europe, and we can support this customer in region as well.

我們在歐洲確實有能力，並且我們也可以在該地區為該客戶提供支援。

Okay, great.

好的，太好了。

And then I think maybe a couple of quarters ago, Andrew, you were talking about the grid battery storage, you know opportunity.

然後我想也許幾個季度前，安德魯，你在談論電網電池存儲，你知道機會。

I'm just wondering if there's any update on that project, please.

我只是想知道該項目是否有任何最新消息。

So we continue to stay close in this space.

因此，我們將繼續密切關注這一領域。

I'll just say of the energy sector nuclear is really showing signs of strength in that space, but grid storage is something we stay close on and we're working with several of the key players.

我只想說，在能源領域，核能確實顯示了實力的跡象，但電網儲存是我們密切關注的領域，我們正在與幾個關鍵參與者合作。

But I would say if you look at energy nuclear is the area right now that we're seeing stronger growth.

但我想說，如果你看一下能源，核能就是目前我們看到的更強勁成長的領域。

And I guess, I mean, like all this recent announcements from obviously Darlington, OPG, I mean, it looks like there's definitely an inflection point.

我想，我的意思是，就像達靈頓、OPG 最近發布的所有公告一樣，看起來肯定有一個轉折點。

Like in terms of timing is this kind of 12 months out or a little bit beyond that, in terms of really seeing kind of like a ramp up in revenue just so we can calibrate our expectations.

例如從時間方面來說，是不是要等到 12 個月之後或再長一點，才能真正看到收入的成長，這樣我們才能調整我們的預期。

Yeah, so we would say, when the announcements are made, it's usually a pretty lengthy process.

是的，所以我們會說，當宣佈時，這通常是一個相當漫長的過程。

So I'd say greater than 12 months and it's one that aligns well with ATS's value that said these are fairly lengthy programs and processes and we engage early and focus on winning and focus on offering value for customers as they take these next steps.

所以我會說超過 12 個月，這與 ATS 的價值觀非常吻合，即這些都是相當漫長的計劃和流程，我們儘早參與並專注於取勝，並專注於在客戶採取下一步行動時為他們提供價值。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then one quick question for line, if I may, it looks like the tax rate is running a little bit higher, kind of on sort of year-to-date basis.

然後我問一個簡單的問題，如果可以的話，看起來稅率有點高，從年初至今的情況來看。

Could we see a bit of a reversal in Q4?

我們會在第四季看到一些逆轉嗎？

How should we think about it from a model perspective?

從模型角度我們該如何思考這個問題？

So I don't expect it in Q4 Max.

所以我預計它不會在 Q4 Max 中出現。

You're right.

你說得對。

It is higher than what we had originally anticipated at the outset of the year.

這比我們年初預期的要高。

There's been some changes in the jurisdictions in which we operate in terms of tax legislation and that's had an impact as well as our profitability in certain jurisdictions.

我們經營所在的司法管轄區的稅收立法發生了一些變化，這對我們在某些​​司法管轄區的獲利能力產生了影響。

So, I don't expect to change, but I mean, as always, we're looking at how our business is structured globally to ensure we're maximizing our efficiency and how we operate and finance our businesses.

所以，我不希望發生改變，但我的意思是，一如既往，我們正在研究我們的業務在全球範圍內是如何構建的，以確保我們最大限度地提高效率，以及我們如何運營和融資我們的業務。

But in the short term, I expect it's going to remain line with what we've seen here today.

但在短期內，我預計它將與我們今天看到的情況保持一致。

Okay.

好的。

That's great.

那太棒了。

And then maybe if you don't mind, I was thinking more in terms of the working capital, ex healthcare.

如果你不介意的話，我更多考慮的是營運資金，不包括醫療保健。

Sorry ex-EV.

抱歉，前 EV。

Do you mind maybe providing a bit of sort of goal posts in terms of how the rest of the business is performing there?

您是否介意就那裡其他業務的表現提供一些目標？

Yeah, so we're slightly above the 15% target that we have.

是的，我們略高於 15% 的目標。

But obviously with transportation, that's what's putting us up in the 30% range today.

但顯然，就交通運輸而言，這正是目前我們處於 30% 左右的原因。

But outside of that, we're just above the target, we did see good progress this quarter across the business.

但除此之外，我們略高於目標，本季我們確實看到整個業務取得了良好的進展。

And that's, some of these acquisitions we've added in, they do carry, they're more product-based businesses, they carry inventory.

也就是說，我們添加的一些收購確實帶來了更多基於產品的業務，它們帶來了庫存。

And they've, they've come on with a higher working capital intensity.

而且他們的營運資本強度已經提升。

So, that's part of our improvement opportunity as we have other areas across the rest of the business to be more efficient, whether it's in commercial terms with customers, receivables.

所以，這是我們改進機會的一部分，因為我們在其他業務領域也有改進的餘地，無論是與客戶的商業往來，還是應收帳款。

And in our whole order to cash cycle, there's a number of areas that, that we're working to continue to improve to get back below that 15% target.

在我們的整個訂單到現金週期中，我們正在努力繼續改進許多領域，以回到 15% 的目標以下。

Okay, super helpful.

好的，非常有幫助。

Thank You.

謝謝。

Your next question comes from the line of Sabahat Khan from RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Sabahat Khan。

Your line is open?

你的線路開通了嗎？

Okay, great, thanks and good morning.

好的，太好了，謝謝，早安。

We touched on this a little bit earlier, but I guess, as we look forward to fiscal 2026 and some of the questions earlier around the bookings growth, maybe aligning better with revenue.

我們之前稍微談到了這一點，但我想，當我們展望 2026 財年以及之前圍繞預訂量增長的一些問題時，也許可以更好地與收入保持一致。

Can you just talk about sort of how capital location evolves into next year?

您能談談明年首都位置的演變嗎？

Sort of what's, what is the focus on sort of leverage reduction from the current levels?

那麼，從目前的水平來看，降低槓桿率的重點是什麼？

At what point do you need to get to for?

您需要到達什麼時候？

I mean, when we pick up, if you can just talk about your sort of outlook for capital allocation, leverage reduction and so forth through fiscal 2026?

我的意思是，當我們開始時，您是否可以談談您對 2026 財年的資本配置、槓桿率降低等的展望？

Thank you.

謝謝。

Yeah, good morning, Saba.

是的，早上好，薩巴。

So, I mean, as we talked about in our prepared remarks, our priority right now is on bringing our leverage into our target range of two times to three times.

所以，我的意思是，正如我們在準備好的演講中談到的那樣，我們現在的首要任務是將我們的槓桿率提高到兩倍到三倍的目標範圍內。

We're at 3.7 today, we've deployed a hopefully and $180 million of capital in M&A this year.

我們今天的股價為 3.7，今年我們在併購方面投入了預計 1.8 億美元的資金。

But where we sit again, our focus is to bring that into the two times to three times range.

但是，我們現在的重點是將其提高兩倍到三倍。

Typically that's, that's, two, three maybe four quarters just depending on what happens with new order flow in commercial terms on those.

通常，這是兩、三或四個季度，只是取決於商業方面新訂單流的情況。

So that's our focus in terms of M&A as Andrew talked about, we're continuing to be actively cultivating.

正如安德魯所說，這就是我們在併購方面的重點，我們將繼續積極培育。

And if there was something that materialized, we would look at different ways that we could, that we could make that happen.

如果某件事得以實現，我們就會研究不同的方法來實現它。

But for now, the priority, as I said is to reduce our leverage.

但就目前而言，正如我所說，當務之急是減少我們的槓桿率。

And so maybe I'll just add on a short point here.

因此我可能只想在這裡補充一點。

Look, we continue to call it better funnel is healthy.

看，我們繼續稱其為更好的漏斗是健康的。

But as a reminder, even to the two of the three acquisitions we did last quarter, they were multiyear cultivation efforts.

但需要提醒的是，即使對於我們上個季度進行的三次收購中的兩次而言，它們也需要多年的培育努力。

And so oftentimes these take time, and we continue to stay close for the core markets, technologies and solutions that we want as part of the future for ATS.

因此，這些通常需要時間，而我們將繼續密切關注我們希望成為 ATS 未來一部分的核心市場、技術和解決方案。

Okay, great.

好的，太好了。

And then there's a question earlier on nuclear, I just want to, maybe get some perspective on your medium term thinking around that market, maybe as EV moderates, obviously a lot of headlines around demand for new builds, SMRs, et cetera.

然後之前有一個關於核能的問題，我只是想，也許了解一下您對這個市場的中期想法，也許隨著電動汽車的放緩，顯然很多頭條新聞都圍繞著對新建核電站、SMR 等的需求。

Do you have some sort of perspective on what that energy of nuclear mix could go to in a few years as a percentage of revenue if that demand sustains at the level that we're seeing so well.

如果需求維持在目前看到的水平，您是否認為幾年後核能佔收入的百分比會達到多少？

You know, maybe I'll start here.

你知道，也許我會從這裡開始。

So look, we like our position in nuclear and we like the niche capability we have at the time by for our customers.

所以看，我們喜歡我們在核能領域的地位，我們喜歡我們目前為客戶所提供的利基。

Candy reactor has been the lead there, it's been a core focus of ours and we're seeing even resurgence in that market in that space.

糖果反應爐一直處於領先地位，它是我們關注的核心，我們看到該領域的市場甚至出現復甦。

All that to be set up, when we look at the future, it will be a piece of the equation.

所有這些都已經建立，當我們展望未來時，它將成為等式的一部分。

Life sciences will give its sheer size, and you will be our largest market.

生命科學將發揮其巨大的規模，而您將成為我們最大的市場。

Food is getting in a strong position.

食品正佔據強勢地位。

And then we will look to be in high value niches like energy like nuclear to, to really round that, that equation out.

然後，我們將著眼於能源（例如核能）等高價值領域，以真正完善這一等式。

Okay, great.

好的，太好了。

And then.

進而。

Just one last quick one, I guess it sounds like the, you know that the order bookings, et cetera are quite strong in life sciences.

最後再問一個簡單的問題，我想這聽起來像是，你知道，生命科學領域的訂單量等等都非常強勁。

One of the other topics that came out of the new administration was sort of the new health administration and their view on Pharma.

新政府討論的另一個議題是新衛生政府及其對製藥業的看法。

Have you noticed any change in tone from customers at all?

您是否注意到顧客的語氣有任何變化？

Like how are they thinking about planning for the next one to three years?

例如，他們如何考慮未來一到三年的規劃？

Like is there may be some projects that might be holding in their back pocket until they get a bit more visibility on the new administration's priorities around health care?

例如，是否有一些項目需要擱置，直到他們對新政府在醫療保健方面的優先事項有更多了解為止？

Or do you think it's business as usual for now?

還是您認為目前一切如常？

Until your life sciences, customers here?

直到你們的生命科學，客戶在這裡？

I was just curious with all the political noise around the new health admin what the customers are telling you.

我只是好奇，對於新衛生管理的所有政治喧囂，顧客會告訴你什麼。

Yeah, so certainly like this is continuing to evolve.

是的，所以這肯定會繼續發展。

And what I can tell you is we are being very proactive in our outreach to ensure we have alignment, to ensure that our customers know that we can support in region and on a global scale and a full technology suite of solutions for their ability to launch products.

我可以告訴你們的是，我們在拓展業務方面非常積極主動，以確保我們的一致性，確保我們的客戶知道我們可以在地區和全球範圍內提供支持，並為他們推出產品提供全套技術解決方案。

We have not seen a marked change in their approach to capability.

我們還沒有看到他們對待能力的方法有明顯改變。

Remember in Saba this but as a reminder, we work with them on their really strategic product launches.

記住 Saba 的這一點，但作為提醒，我們與他們合作推出了真正具有戰略意義的產品。

And so when you look at auto injector, when you look at radioisotopes in the identification and treatment of cancer and I could go down the list, we're often in very attractive spaces for our customers.

因此，當您查看自動注射器時，當您查看用於癌症識別和治療的放射性同位素時，我可以列出清單，我們經常為客戶提供非常有吸引力的空間。

And so all that to be set up, we haven't seen a marked difference, difference in their behaviours.

儘管如此，我們並沒有看到他們的行為有明顯的差異。

We are staying very close, and we also are looking to identify how this can be a strength for ATS and how we can truly position ourselves because of our decentralized global scale to support and really enable their ability to navigate these times.

我們一直保持著密切聯繫，同時也在尋找如何讓這一點成為 ATS 的優勢，以及我們如何能夠利用我們去中心化的全球規模來真正定位自己，以支持並真正使他們能夠駕馭這些時代。

Okay, great.

好的，太好了。

My last actual question, I'll pass the line after this.

這是我最後一個實際問題，問完這個問題我就會通過。

A lot of discussion about tariffs earlier.

之前有很多關於關稅的討論。

Is there any exposure to other inputs or anything like that from Mexico at all within your, within your business?

在您的企業中，是否接觸過來自墨西哥的其他投入品或類似的東西？

And maybe any product moving, finished product, moving from US to Canada.

也許任何產品，成品，都會從美國運往加拿大。

I'm just trying to get a perspective on just the setup of your supply chain.

我只是想了解你們的供應鏈設定狀況。

Thank you.

謝謝。

Sorry.

對不起。

Can you, can you repeat the first part of that question I missed?

你能重複一下我錯過的那個問題的第一部分嗎？

Is there and is there anything coming in from Mexico to the US, whether it's inputs or things like that within your supply chain, within the tariffs construct?

在關稅構成範圍內，是否有任何東西從墨西哥進口到美國，無論是投入品還是供應鏈中的類似物品？

And then is there much finished product or inputs that come from US into Canada in terms of whether it's a COGS or finished product?

那麼，就銷貨成本或成品而言，從美國流入加拿大的成品或投入有多少？

So some but minimal moving from US into Canada in terms of our finished product on our supply chain, yes, there is sourcing that, that comes from Mexico into the US.

因此，就我們供應鏈上的成品而言，從美國向加拿大運輸的部分產品很少，是的，有一些產品是從墨西哥運往美國的。

Typically, we are buying through distribution.

通常，我們透過分銷商購買。

So this is really we're getting into our suppliers, their supply chains and how they're set up.

所以這實際上是我們在了解我們的供應商、他們的供應鏈以及他們的建立方式。

So that's part of the work we're doing right now is working with particularly our critical vendors to, to understand their mitigation strategies.

所以，我們現在正在做的工作的一部分是與我們的關鍵供應商合作，了解他們的緩解策略。

So, for example, we do have a supplier that sources from Mexico.

例如，我們確實有一個來自墨西哥的供應商。

And so one of the things they're looking at doing would be to ship directly to Canada and bypass moving through the US.

因此，他們正在考慮的措施之一就是直接運送到加拿大，繞過美國。

So that would, that would be a benefit for our Canadian operations.

所以這對我們的加拿大業務是有益的。

But, but that's very much the level of detail we're getting into with our suppliers to understand their supply chains, their mitigation strategies.

但是，這正是我們與供應商溝通的詳細程度，以了解他們的供應鏈和緩解策略。

Okay, great.

好的，太好了。

Thanks, appreciate the discussion that was helpful.

謝謝，謝謝有幫助的討論。

Your next question comes from the line of Michael Glen from Raymond James.

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的邁克爾格倫 (Michael Glen)。

Your line is open.

您的線路已開通。

Good morning.

早安.

Ryan, maybe just to start at a recent investor conference, you indicated that the path to that 15% margin target was something like three to four years away.

瑞安，也許只是在最近的一次投資者會議上，您表示實現 15% 利潤率目標還需要三到四年的時間。

I don't recall, you really given a time frame on this trajectory.

我不記得你真的給了這個軌跡的時間框架。

Can you just maybe speak to the path from the end of say this fiscal year to towards that 15% like what are some of the major buckets that come into play to get you towards that level?

您能否談談從本財年末到實現 15% 目標的路徑，例如，需要透過哪些主要步驟才能實現這一目標？

Certainly.

當然。

Good morning, Michael.

早上好，麥可。

So when we put this out, that was I'd say pretty consistent with the general timing and so that hasn't really shifted.

因此，當我們推出這個產品時，我會說這與整體時間表非常一致，所以它並沒有真正改變。

A lot of what we're doing is focused on efficiency in our business, value, a creative lines of business.

我們所做的許多工作都專注於業務效率、價值和創意業務線。

So supply chain capability, for example, that's a focus for us.

例如，供應鏈能力就是我們關注的重點。

It's been a, it's been a very strong value generator for the company.

它已經成為公司非常強大的價值創造者。

Our teams have performed very well continues to be a focus area.

我們的團隊表現非常出色，這仍然是我們關注的重點領域。

Standardization is another area that it isn't applicable across all of our business, but certainly in our larger project-based business as it is and or a good example.

標準化是另一個領域，它並不適用於我們所有的業務，但肯定適用於我們更大的基於專案的業務，或者是一個很好的例子。

There is all the work we're doing in auto injector.

這就是我們在自動注射器中所做的所有工作。

We've got a standard technology platform that gets utilized across all those solutions.

我們擁有一個可用於所有這些解決方案的標準技術平台。

So those are areas we're focused on.

這些就是我們關注的領域。

We're also continuing to build out in higher value areas such as our aftersales services business.

我們也將繼續拓展售後服務業務等更高價值的領域。

There's our ongoing continuous improvement activities through, through our ABM.

我們透過 ABM 持續進行持續改善活動。

So all of those areas are our factors in helping us get to that margin target.

因此，所有這些領域都是幫助我們實現利潤目標的因素。

I think this year we've had headwinds largely in terms of our operating leverage with lower volumes of EV.

我認為，今年我們面臨的阻力主要在於我們的經營槓桿以及電動車銷售的下降。

So we've made some corrections there.

因此我們做了一些修正。

But coming out of this again, we really see that that path continuing to be available to us on those, those margin expansion activities and as the business continues to grow, we expect our operating leverage to continue to improve and again, help support that the achievement of that objective.

但走出困境後，我們真正看到，這條道路仍然對我們可用，那些利潤擴張活動，隨著業務的持續增長，我們預計我們的經營槓桿將繼續提高，並再次幫助支持實現這一目標。

Okay.

好的。

So like from the end of this year, it's, would you say that the split of improvement is roughly balanced between gross margin and SG&A leverage or does it skew more towards one bucket versus the other.

那麼從今年底開始，您是否認為毛利率與銷售、一般及行政費用槓桿之間的改善部分大致平衡，還是更偏向其中一個面向。

Most of most of the areas where we've targeted are in our gross margin from getting back to call it baseline that's going to be operating leverage.

我們所瞄準的大部分領域都在我們的毛利率中，從基準開始，就是營業槓桿。

And just going back to the cross border dynamic.

回到跨境動態。

So that was a helpful disclosure provided about the mid-teens percentage of revenue from Canada into the US.

因此，這是關於從加拿大到美國的收入佔百分之十幾的披露很有幫助。

Can you give a give an idea?

你能給出一個想法嗎？

What portion of that 15% could you move relatively seamlessly?

這 15% 中的哪一部分您可以相對無縫地移動？

I imagine some of the integration work, for example, you could move quite rapidly.

例如，我想像一些整合工作可以進展得相當快。

Is there a way we can characterize what could be moved quickly and what would be a little more challenging to move?

有沒有辦法區分哪些東西可以快速移動，哪些東西移動起來會稍微困難？

I'm not sure I would characterize any of it is easy.

我不知道我是否可以將其中任何一項描述為容易。

I mean, the there's complexity and I think we use this word but there would be complexity in the short term.

我的意思是，存在複雜性，我認為我們會使用這個詞，但短期內會出現複雜性。

So projects that are underway where we've got ongoing builds within our facilities that that would be challenging.

因此，我們正在進行的、在設施內不斷建設的項目將具有挑戰性。

And again, what I use the word complexity in the short term, longer term, there is flexibility about a third of our global capacity in terms of footprint is in the US and in the US actually represents our largest concentration of manufacturing space globally.

再一次，我使用的「複雜性」這個詞是在短期內，從長期來看，靈活性是我們的全球產能的三分之一是在美國，而美國實際上是我們全球最大的製造空間集中地。

About 20% of our people are located in the US.

我們大約有 20% 的員工位於美國。

So we do have a significant presence, we have the ability to expand in the US.

因此，我們確實在美國擁有重要影響力，並且有能力在美國擴張。

But it would be again, I'll use the word complex in the short term.

但我再次會在短期內使用複雜這個詞。

So I mean, this is obviously a very dynamic situation.

所以我的意思是，這顯然是一個非常動態的情況。

We are working and continue to work with our customers suppliers on response plans.

我們正在並將繼續與我們的客戶供應商合作制定應對計劃。

But at this stage, we're monitoring, and we'll adjust as we need to.

但目前，我們正在進行監控，並將根據需要進行調整。

Okay.

好的。

And final one on my side, can you just speak to the large EV customer in the order?

最後一個問題，您能和訂單中的大型電動車客戶談談嗎？

Was there number one is there anything left in backlog right now with the large EV customer?

第一，目前大型電動車客戶還有什麼積壓訂單嗎？

And then number two, was there any revenue contribution at all from that large EV customer in the quarter?

第二，本季該大型電動車客戶有沒有帶來任何收入貢獻？

On question two, no revenues related to the customer dispute in the quarter.

關於第二個問題，本季沒有與客戶糾紛相關的收入。

In terms of backlog, there is there is a small amount in backlog that is tied to commissioning work that has been paused?

就積壓訂單而言，是否有少量積壓訂單與已暫停的調試工作有關？

Okay, that's it for me.

好的，對我來說就這樣了。

Thank you.

謝謝。

Your next question comes from the line of David Ocampo from Coremark Securities.

您的下一個問題來自 Coremark Securities 的 David Ocampo。

Your line is open.

您的線路已開通。

Thanks, good morning, everyone.

謝謝，大家早安。

Just two really quick.

很快，只需兩個。

Clarification questions.

澄清問題。

You touched a little bit on the leverage on getting back down to that two times to three times range.

您稍微觸及了回到兩倍到三倍範圍的槓桿作用。

Call it sometime next year on a fiscal basis.

明年某個時候根據財政情況來決定。

Is that under the assumption without collecting from your transportation customer?

這是在沒有向運輸客戶收款的情況下做出的假設嗎？

And then in the event that it isn't does that push you well below the two times range with the collection of the cost of $340 million.

那麼，如果不是這樣，那麼這是否會使您的收入遠低於兩倍的範圍，並收取 3.4 億美元的成本。

So you're correct that that excludes any movements on the amounts that are under dispute?

所以您說得對，這排除了有爭議的金額的任何變動？

Okay.

好的。

That's what I thought and then just a follow up on Patrick's question from a little bit earlier, but just diving a little bit more specifically into one area, I think a few quarters ago, you guys called out GOP one being 20% of your life science backlog, 10% of the overall.

這就是我的想法，然後我只是對帕特里克之前提出的問題進行跟進，但只是更具體地深入到一個領域，我想幾個季度前，你們說 GOP 1 佔你們生命科學積壓的 20%，佔總數的 10%。

But I think it still represents a smaller proportion of your revenue.

但我認為它仍然只佔你們收入的較小比例。

Do you guys expect the timeline of the revenue ramp to follow that consistent pattern of the one or two quarter lag as you work through some of the more engineering and design work or is there a longer ramp as it relates to those products?

隨著你們完成更多的工程和設計工作，你們是否預期收入成長的時間表會遵循一到兩個季度滯後的一致模式，或者是否存在與這些產品相關的更長的成長時間？

It's slightly longer ramp, it just based on customer delivery requirements and the size and scope of some of the programs.

這是一個稍微長一點的坡道，它只是基於客戶的交付要求和一些專案的規模和範圍。

But it's not materially different.

但本質上並沒有什麼不同。

And then as it relates to milestone payments in terms of the cash collection, is it pretty consistent with what we've seen in the past from ATS or is it kind of tilted towards more of the EV style big milestone payments towards the end?

那麼就現金收款方面的里程碑付款而言，它是否與我們過去從 ATS 看到的情況一致，還是更傾向於最後的 EV 風格的大型里程碑付款？

I'd say more consistent with what I would call our standard terms.

我認為這與我所說的標準條款更加一致。

So better than what we see in transportation, but I would also just caution that point with big programs, you still have, big milestone payments So even though they typically come in earlier, they're better commercial terms from that perspective, they can still be lumpy.

所以比我們在交通運輸領域看到的情況要好，但我也要提醒大家，對於大型項目，你仍然有大的里程碑付款，所以儘管它們通常來得更早，從這個角度來看，它們是更好的商業條款，但它們仍然可能會不穩定。

Okay.

好的。

That's it for me.

對我來說就是這樣了。

Thanks a lot for speaking to me in right at.

非常感謝您剛才與我交談。

And there are no further questions at this time.

目前沒有其他問題。

I will now turn the call back over to Mr Haider for closing remarks.

現在我將把電話轉回給海德先生，請他作結束語。

Thank you operator and thank you everyone for joining us today.

謝謝接線員，也謝謝大家今天的加入我們。

I look forward to speaking to you on our Q4 call in.

我期待在我們第四季的電話會議中與您交談。

May stay safe and goodbye for now.

願一切平安，就此告別。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。