ATS Corp (ATS) 2025 Q4 法說會逐字稿

Welcome to the ATS Corporation fourth-quarter conference call and webcast. This call is being recorded on May 28, 2025, at 6:00 PM Eastern Time. Following the presentation, we will conduct a question-and-answer session.

歡迎參加 ATS 公司第四季電話會議和網路廣播。該通話於 2025 年 5 月 28 日東部時間下午 6:00 錄製。演講結束後，我們將進行問答環節。

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 evening, everyone. On the call today are Andrew Hider, Chief Executive Officer of ATS; and Ryan McLeod, Chief Financial Officer.

謝謝接線員，大家晚上好。今天參加電話會議的有 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 could be viewed via our webcast and available at atsautomation.com. 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.

請注意，我們今天的演講附有幻燈片，您可以透過我們的網路直播觀看，也可以造訪 atsautomation.com 取得。我們提醒，網路直播和電話會議上的陳述可能包含前瞻性信息，我們針對此類信息的警示聲明，包括可能導致實際結果與陳述產生重大差異的重大因素，以及在製定陳述時應用的重大因素或假設，已在幻燈片的第 3 張幻燈片中詳細說明。

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. Good evening, everyone, and thank you for joining us. Today, ATS reported fourth quarter and full-year results for fiscal 2025. As you know, we announced a negotiated settlement with our EV customer. It was important that we put this matter behind us to enable us to continue to execute on our growth strategy.

謝謝你，大衛。大家晚上好，感謝大家的收看。今天，ATS 公佈了 2025 財年第四季和全年業績。如您所知，我們宣布與我們的電動車客戶達成和解。重要的是，我們要把這件事拋在腦後，以便我們能夠繼續執行我們的成長策略。

On that front, Q4 was the third highest bookings quarter in the company history and included organic growth along with the contributions from acquisitions. Our Life Sciences businesses demonstrated strength and market leadership, complemented by contributions from across ATS and other key market verticals. During the year, we welcomed Paxiom and Heidolph, further expanding our products portfolio.

在這方面，第四季度是公司歷史上預訂量第三高的季度，其中包括有機成長以及收購的貢獻。我們的生命科學業務展現出實力和市場領導地位，並得到 ATS 和其他關鍵垂直市場的貢獻。今年，我們迎來了 Paxiom 和 Heidolph，進一步擴大了我們的產品組合。

Fiscal '25 was not without its challenges, and the results reported today reflect the resilience of our teams, the breadth and depth of our capabilities across our vertical markets, and the value of the ATS business model. This evening, I'll update you on our business and markets, including macro-economic influences and Ryan will provide his financial report.

25財年並非沒有挑戰，今天報告的結果反映了我們團隊的韌性、我們在垂直市場的能力的廣度和深度以及ATS業務模式的價值。今晚，我將向您介紹我們的業務和市場情況，包括宏觀經濟影響，Ryan 將提供他的財務報告。

Starting with our financial value drivers. Order bookings for the quarter were $863 million, up 9% from the fourth quarter last year. Our growth was supported by diversified bookings across all of our markets. Bookings for the full year were $3.3 billion, a record for ATS, setting us up well for fiscal '26. Q4 adjusted revenues were $721 million, down 9% from Q4 last year.

從我們的財務價值驅動因素開始。本季訂單金額為 8.63 億美元，較去年第四季成長 9%。我們的成長得益於所有市場的多元化預訂。全年訂單額達 33 億美元，創下 ATS 的最高紀錄，為我們 26 財年打下了良好的基礎。第四季調整後營收為 7.21 億美元，較去年第四季下降 9%。

For the full year, adjusted revenues were 12% lower year over year as a result of lower EV revenues as expected. Adjusted earnings from operations in Q4 were $74 million, and for the full year were $283 million.

全年調整後營收年減 12%，原因是電動車收入如預期下降。第四季調整後的營業利潤為 7,400 萬美元，全年調整後的營業利潤為 2.83 億美元。

Moving to our outlook. Order backlog ended the quarter at approximately $2.1 billion, the highest in the last eight quarters. Our trailing 12-month book-to-bill ratio was 1.23:1, again, highlighting the importance of our entire portfolio of offerings across services, standard equipment and products as well as custom integration.

轉向我們的展望。本季末訂單積壓額約為 21 億美元，為過去八個季度以來的最高水準。我們過去 12 個月的訂單出貨比為 1.23:1，這再次凸顯了我們提供的涵蓋服務、標準設備和產品以及客製化整合的整個產品組合的重要性。

From a macro perspective, geopolitical and trade tensions are creating an uncertain environment. Although we are not immune to this uncertainty, we have not seen any material change in customer behavior to date. It is possible that we could see impacts on demand in some areas of our business, but uncertainty continues in the near to midterm.

從宏觀角度來看，地緣政治和貿易緊張局勢正在造成不確定的環境。儘管我們無法免受這種不確定性的影響，但迄今為止我們尚未看到客戶行為發生任何實質變化。我們業務某些領域的需求可能會受到影響，但近期至中期的不確定性仍然存在。

That said, given our Q4 order bookings, we remain optimistic. ATS is well positioned in regulated markets with strategic customer relationships. Our global footprint gives us capacity to help our customers address their risks as well as our own. Further, our embedded ABM tools help our teams respond to changing requirements.

儘管如此，考慮到我們第四季的訂單情況，我們仍然保持樂觀。ATS 在受監管的市場中佔據有利地位，並擁有策略性的客戶關係。我們的全球業務使我們能夠幫助客戶解決他們的風險以及我們自己的風險。此外，我們嵌入式的 ABM 工具可協助我們的團隊應對不斷變化的需求。

Expanding our market reach through our capabilities while growing recurring revenue is important for shareholder value creation. To that end, our teams are dedicated to delivering for customers globally and actively planning for and addressing any short-term disruptions. This includes further optimizing our global supply chain, strengthening regional capabilities and taking targeted price action where necessary to support margins while ensuring reliable delivery across customer programs.

透過我們的能力擴大市場範圍，同時增加經常性收入，對於創造股東價值至關重要。為此，我們的團隊致力於為全球客戶提供服務，並積極規劃和解決任何短期中斷。這包括進一步優化我們的全球供應鏈，加強區域能力，並在必要時採取有針對性的價格行動以支援利潤率，同時確保跨客戶計劃的可靠交付。

Within life sciences, order backlog ended the quarter at $1.2 billion with key wins across all of our major life sciences businesses, including diversification in bookings such as auto-injector assembly, radiopharma, wearables and other medical devices.

在生命科學領域，本季訂單積壓金額達到 12 億美元，我們所有主要生命科學業務均取得了關鍵勝利，包括自動注射器組裝、放射性藥物、穿戴式裝置和其他醫療設備等訂單的多樣化。

Our Life Sciences opportunity funnel is strong, supported by market growth in key submarkets, including the demand for GLP-1 drugs, wearable devices for diabetes care, automated pharmacies and contact lenses, and the ongoing need for solutions to support detection and treatment in pharma and radiopharma.

我們的生命科學機會管道強勁，受到主要子市場成長的支持，包括對 GLP-1 藥物、糖尿病護理穿戴裝置、自動化藥局和隱形眼鏡的需求，以及對支援製藥和放射性藥物檢測和治療的解決方案的持續需求。

Our capabilities and deep understanding of the life sciences markets position us well to explore new areas to broaden our customer base. In the current environment, some customers are evaluating capital spending plans, particularly within the lab research space. But as I indicated, we have not seen a material shift or change at this time.

我們的能力和對生命科學市場的深刻理解使我們能夠探索新領域以擴大我們的客戶群。在當前環境下，一些客戶正在評估資本支出計劃，特別是在實驗室研究領域。但正如我所指出的，我們目前還沒有看到實質的轉變或變化。

In food and beverage, our funnel remains strong, and we ended the year with a backlog of $258 million. The team is actively pursuing greater diversification to offset some seasonal variability in the CFT business with advancements into services and secondary processing as well as packaging, which is supported by the addition of Paxiom.

在食品和飲料領域，我們的銷售漏斗依然強勁，年底我們的積壓訂單量達到 2.58 億美元。該團隊正在積極追求更大的多樣化，以抵消 CFT 業務的一些季節性變化，並透過服務和二次加工以及包裝方面的進步，而 Paxiom 的加入則為這一目標提供了支持。

In energy, our funnel remains strong as the global nuclear industry experiences growth and transformation driven by increasing energy demands, advancements in nuclear technology and sustained government support.

在能源領域，隨著全球核能產業在不斷增長的能源需求、核子技術的進步和持續的政府支持的推動下經歷成長和轉型，我們的漏斗仍然強勁。

Near-term demand is driven by ongoing CANDU refurbishment projects, and we expect that longer-term demand will also come from new nuclear builds in both large-scale and small modular reactors. Our end-to-end strategic capabilities enable us to support customers across all phases from concept and design through to factory automation of modular assemblies and waste handling. ATS is well positioned for sustained growth in these key energy markets.

短期需求受到正在進行的 CANDU 翻新工程的推動，我們預計長期需求也將來自大型和小型模組化反應器的新建核電廠。我們的端到端戰略能力使我們能夠在從概念和設計到模組化組裝和廢物處理的工廠自動化的所有階段為客戶提供支援。ATS 在這些關鍵能源市場中處於有利地位，能夠實現持續成長。

In consumer products, our funnel remains stable with attractive niche opportunities. Our capabilities in such areas as warehouse automation and packaging solutions delivered strength in bookings in the quarter. Within transportation, our funnel remains stable with smaller opportunities as expected due to lower end market demand than previous years, particularly in the EV battery space.

在消費品方面，我們的通路保持穩定，並具有具有吸引力的利基機會。我們在倉庫自動化和包裝解決方案等領域的能力在本季度帶來了強勁的訂單量。在交通運輸領域，我們的通路保持穩定，機會較少，這是由於終端市場需求低於前幾年，特別是在電動車電池領域。

During the quarter, we received an additional order from an EV customer in Europe. On after-sales, we continue to make progress on our strategy. Our evolving service plan offerings, including higher value services, and the expansion of digital tools are helping to drive greater customer adoption and retention. Our goal is to serve as a global partner for continuous productivity optimization across our customer base.

本季度，我們收到了來自歐洲電動車客戶的額外訂單。在售後方面，我們繼續推進我們的策略。我們不斷發展的服務計劃產品（包括更高價值的服務）和數位工具的擴展有助於推動更高的客戶採用率和保留率。我們的目標是成為全球合作夥伴，持續優化客戶群的生產力。

Globally, our ATS teams are aligned and have a deep understanding of where value can be driven for our customers with our digital solutions. Our strategy and ability to drive improved life cycle performance, asset utilization and overall operational efficiency through areas like our Connected Care Hub will allow us to help our customers reduce their enterprise risk over time.

在全球範圍內，我們的 ATS 團隊保持一致，並深刻理解如何利用我們的數位解決方案為客戶創造價值。我們的策略和能力能夠透過互聯護理中心等領域推動生命週期性能、資產利用率和整體營運效率的提高，從而幫助我們的客戶逐步降低企業風險。

On the ATS business model, we hosted our seventh annual President's Kaizen Events, which included teams from across all ATS groups in major geographies. The teams brought focus to strategic areas, including resource planning and optimization, business simplification, product development, [motivation] processes and reimagining processes to drive greater efficiency in operations.

在 ATS 業務模式上，我們舉辦了第七屆年度總裁改善活動，參與者包括來自各大地區所有 ATS 集團的團隊。這些團隊將重點放在策略領域，包括資源規劃和優化、業務簡化、產品開發、[激勵]流程和重新構想流程，以提高營運效率。

These events are a great demonstration of our team's collective drive for breakthrough change. The level of work completed in a single week is the testament to the evolution of our ABM culture over time. On M&A, we are making steady progress on cultivating strategic opportunities that align with our long-term growth priorities and enhance the value of our portfolio over time.

這些活動充分體現了我們團隊對突破性變革的集體動力。一週內完成的工作量證明了我們的 ABM 文化隨著時間的推移而不斷發展。在併購方面，我們正穩步推動培育符合我們長期成長重點的策略機會，並逐步提升我們投資組合的價值。

In the short term, we remain focused on returning leverage to targeted levels and on the continued integration of our recent acquisitions to maximize their long-term contributions to our business. On innovation, we are deploying capital and empowering our talent to create differentiated solutions that drive value for our customers.

短期內，我們仍將專注於將槓桿率恢復到目標水平，並繼續整合我們最近的收購，以最大限度地提高它們對我們業務的長期貢獻。在創新方面，我們正在部署資本並授權我們的人才創造差異化的解決方案，為我們的客戶創造價值。

Going into fiscal '26, we've provided opportunities to innovate in such areas as expanding the utilization of our Symphoni platform, incorporating more digital applications in our portfolio to drive further efficiency. For example, in our Digital Tomato solution for food and beverage markets, and adding additional functionality into our proprietary SuperTrak system.

進入 26 財年，我們在以下領域提供了創新機會，例如擴大 Symphoni 平台的使用率、在我們的產品組合中加入更多數位應用程式以進一步提高效率。例如，我們為食品和飲料市場提供 Digital Tomato 解決方案，並在我們的專有 SuperTrak 系統中添加附加功能。

In summary, our global businesses continue to demonstrate ongoing commitment to serving our customers supported by deep industry knowledge and experience. To that end, I want to congratulate two businesses on hitting significant milestones this last year. Comecer celebrated their 50th anniversary and CFT celebrated their 80th.

總而言之，我們的全球業務憑藉著深厚的行業知識和經驗，持續展現出對服務客戶的持續承諾。為此，我要祝賀兩家企業在去年取得了重要的里程碑。Comecer 慶祝成立 50 週年，CFT 慶祝成立 80 週年。

I'm also pleased to note that ATS was once again recognized by Canada's top 100 for being a leading employer in both the water lube region and Southwestern Ontario. Strong fourth-quarter bookings, combined with a record order backlog, provides us with good revenue visibility and a strong foundation for profitable growth heading into fiscal 2016.

我還很高興地註意到，ATS 再次被加拿大百強公司評為水潤滑地區和安大略省西南部的領先雇主。第四季的訂單量強勁，加上創紀錄的訂單積壓，為我們帶來了良好的營收可見性，也為2016財年的獲利成長奠定了堅實的基礎。

Our teams remain focused on driving improvements across all of our value drivers. As we enter fiscal '26, our opportunity funnel is well diversified, and we are confident in our ability to drive our ABM culture as our engaged and dedicated teams remain intensely focused on creating strong customer and long-term shareholder value. We're responding to the challenges in the macro environment with clear alignment across the leadership team and our individual businesses.

我們的團隊始終致力於推動所有價值驅動因素的改進。當我們進入 26 財年時，我們的機會管道已經非常多樣化，我們有信心推動我們的 ABM 文化，因為我們敬業且專注的團隊仍然高度專注於創造強大的客戶和長期股東價值。我們正在透過領導團隊和各個業務的明確協調來應對宏觀環境中的挑戰。

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

現在我將把電話轉給瑞安。瑞安，交給你了。

Thank you, Andrew, and good evening, everyone. Before I review results, I'll provide a few comments on two specific nonrecurring items. First, our EV settlement; and second, income taxes. On the EV settlement, as we disclosed, we expect to receive USD134.75 million or about CAD194 million based on our Q4 pending exchange rate before the end of fiscal Q1. The settlement resulted in an after-tax impact of approximately CAD129 million, which was reflected in our Q4 results.

謝謝你，安德魯，大家晚上好。在回顧結果之前，我將對兩個特定的非經常性項目發表一些評論。首先是我們的電動車結算；其次是所得稅。關於企業價值結算，如我們所揭露的，根據第四季待定匯率，我們預計在第一財季結束前將收到 1.3475 億美元或約 1.94 億加元。和解產生了約 1.29 億加元的稅後影響，這反映在我們的第四季業績中。

The preliminary fourth-quarter fiscal '25 results that we disclosed on May 23, including net income, earnings per share, EBIT and EBITDA, are unchanged. However, in finalizing our results and in accordance with IFRS standards, rather than having the expense flow through SG&A, you will see in our financial statements that we have recorded a reduction in revenues in the quarter of $146.9 million, with the remainder of the settlement impact, or $24.2 million reflected in SG&A expenses.

我們於 5 月 23 日揭露的 2025 財年第四季初步業績（包括淨收入、每股盈餘、息稅前利潤 (EBIT) 和 EBITDA）保持不變。然而，在最終確定我們的業績時，根據國際財務報告準則，這些費用並非透過銷售、一般及行政費用 (SG&A) 流出，您會在我們的財務報表中看到，我們本季度的收入減少了 1.469 億美元，其餘的和解影響，即 2,420 萬美元，反映在銷售、一般及行政費用中。

This income statement classification differs from what we disclosed in our preliminary earnings release. However, as I noted, there is no change in net income. We are presenting an adjusted revenue measure to reflect this onetime event and have adjusted for the total P&L impact [on] our adjusted earnings, consistent with what we previously disclosed.

此損益表分類與我們在初步收益報告中所揭露的不同。然而，正如我所指出的，淨收入並沒有改變。我們正在提出調整後的收入指標來反映這一一次性事件，並根據總損益對調整後收益的影響進行調整，這與我們先前揭露的情況一致。

Importantly, the settlement will reduce our net debt to adjusted EBITDA leverage by 0.5 times or approximately half a turn, providing us with greater flexibility to continue to execute on our growth strategy, relative to a prolonged process where timing is hard to predict. Given the deteriorating market conditions in transportation and the added uncertainty in the market caused by tariffs, settling the matter at this time was a good outcome for ATS.

重要的是，此次和解將使我們的淨債務與調整後的 EBITDA 槓桿率降低 0.5 倍或大約半倍，相對於難以預測時間的長期過程，為我們提供更大的靈活性，以繼續執行我們的成長策略。鑑於運輸市場狀況的惡化以及關稅造成的市場不確定性增加，此時解決此事對 ATS 來說是一個好結果。

Separately, on taxes, in our Q4 results, we recognized tax assets related to a plan that will benefit our cash taxes and result in an expected effective tax rate in the mid-20% range going forward. We've adjusted for the nonrecurring impacts related to this plan in our adjusted EPS, which was a $0.38 per share benefit to reflect normalized operations for the year.

另外，在稅收方面，在我們的第四季度業績中，我們確認了與一項計劃相關的稅收資產，該計劃將有利於我們的現金稅收，並導致未來預期有效稅率在 20% 左右。我們已在調整後的每股收益中調整了與該計劃相關的非經常性影響，每股收益為 0.38 美元，以反映本年度的正常運作。

Now moving on to Q4 operating results. Order bookings were $863 million, an increase of 9% over Q4 last year and included 2.6% organic growth, a 4% contribution from acquisitions and a 2.5% positive impact from foreign exchange translation. At the end of Q4, the trailing 12-month book-to-bill ratio was 1.23:1 and was above 1 in all market verticals.

現在來看看第四季的經營業績。訂單金額為 8.63 億美元，較去年第四季成長 9%，其中包括 2.6% 的有機成長、4% 的收購貢獻以及 2.5% 的外匯折算正面影響。截至第四季末，過去 12 個月的訂單出貨比為 1.23:1，所有垂直市場的訂單出貨比均高於 1。

For the year, order bookings grew 14.3% and included organic growth of 6.2%, a foreign exchange benefit of 1.9% and contributions from acquisitions of 6.2%. After adjusting for the revenue portion of the EV settlement, which adds back the $146.9 million impact, revenues for the fourth quarter of fiscal '25 were $721 million, down 8.9% compared to last year.

全年訂單量成長 14.3%，其中包括 6.2% 的有機成長、1.9% 的外匯收益和 6.2% 的收購貢獻。在調整了企業價值和解協議的營收部分（加上 1.469 億美元的影響）後，25 財年第四季的營收為 7.21 億美元，比去年同期下降 8.9%。

Year-over-year organic growth in life sciences and consumer products, along with a 3.6% contribution from recent acquisitions provided some offset to lower transportation revenues. Notably, revenues increased sequentially by 10.6% as we continued to benefit from strong order bookings over the past several quarters.

生命科學和消費品業務的同比有機成長，以及近期收購帶來的 3.6% 的貢獻，在一定程度上抵消了運輸收入的下降。值得注意的是，由於我們繼續受益於過去幾季強勁的訂單量，營收季增了 10.6%。

Moving to earnings. Fourth-quarter adjusted earnings from operations were $74.3 million, a 23% decline from the prior year, primarily from lower revenue volumes, particularly in transportation. Excluding acquisition-related inventory fair value charges, gross margin for Q4 was 29%, a 90-basis point improvement from last year, driven by a more favorable mix, which included higher margin programs.

轉向收益。第四季調整後的營業利潤為 7,430 萬美元，較上年下降 23%，主要原因是收入下降，尤其是運輸業務的收入下降。不計收購相關的庫存公允價值費用，第四季度的毛利率為 29%，比去年同期提高了 90 個基點，這得益於包括更高利潤率計劃在內的更有利的產品組合。

On SG&A, excluding acquisition-related amortization and transaction costs and the SG&A portion of the EV settlement, expenses in the fourth quarter totaled $133.9 million, an $11.2 million increase over the prior year, primarily due to SG&A from acquired companies in addition to increased employee costs and the impact of foreign exchange translation.

在銷售、一般及行政費用方面，不包括收購相關的攤銷和交易費用以及企業價值結算中的銷售、一般及行政費用部分，第四季度的費用總計 1.339 億美元，比上年增加 1,120 萬美元，這主要是由於收購公司的銷售、一般及行政費用以及員工成本增加和外匯折算的影響。

As always, we continue to work to enhance efficiency in both our existing operations and newly acquired entities through our disciplined integration process. Excluding the mark-to-market impact related to changes in our share price, stock-based compensation expense was $1.1 million in Q4. Earnings per share were $0.41 on an adjusted basis, down from last year, primarily due to the lower revenue volumes.

與往常一樣，我們將繼續致力於透過嚴謹的整合流程來提高現有營運和新收購實體的效率。不包括與股價變動相關的市價影響，第四季的股票薪酬費用為 110 萬美元。調整後每股收益為 0.41 美元，較去年同期下降，主要原因是收入減少。

Turning to our outlook. We ended the fiscal year with an order backlog of approximately $2.1 billion, and we expect Q1 revenues to be in the range of $680 million to $730 million. As a reminder, this assessment is updated every quarter taking into account revenue expectations from current order backlog and new orders book to bill in the quarter. In the quarter, we incurred an additional $3.5 million of restructuring costs related to the previously disclosed reorganization activities.

轉向我們的展望。我們在本財年結束時的訂單積壓量約為 21 億美元，我們預計第一季的營收將在 6.8 億至 7.3 億美元之間。提醒一下，此評估每季更新一次，考慮到當前訂單積壓和本季新訂單的收入預期。本季度，我們因先前揭露的重組活動而額外產生了 350 萬美元的重組成本。

Expanding our operating margins remains an ongoing priority. In particular, as life sciences order bookings from the latter half of fiscal '25 moved to higher revenue-generating phases and as we benefit from the cost structure and volume alignment in our EV businesses, we expect to see improvement throughout fiscal '26.

擴大營業利潤率仍是我們的首要任務。特別是，隨著 25 財年下半年生命科學訂單進入更高的創收階段，並且我們受益於電動車業務的成本結構和產量調整，我們預計 26 財年將會有所改善。

Across our business, we continue to systematically use ABM tools to enhance our processes, streamline our supply chain and achieve further standardization. And we continue to invest in innovation and services. On tariffs, we're working to mitigate risk [update arising] where possible. Our global footprint and decentralized operating model, along with our improving ABM tools, provide us the flexibility required to address disruptions over the longer term.

在我們的業務中，我們繼續有系統地使用 ABM 工具來增強我們的流程、簡化我們的供應鏈並實現進一步的標準化。我們將繼續投資於創新和服務。關於關稅，我們正在盡可能地降低風險。我們的全球影響力和分散的營運模式，以及我們不斷改進的 ABM 工具，為我們提供了長期應對中斷所需的靈活性。

Short-term costs have been manageable to date, and we are staying close to our customers as the current environment continues to evolve. We're also actively working with our global supply base to mitigate challenges and flow of goods and manage potential cost increases.

到目前為止，短期成本是可控的，並且隨著當前環境的不斷發展，我們仍與客戶保持密切聯繫。我們也積極與全球供應基地合作，以減輕挑戰和貨物流通並管理潛在的成本增加。

Moving to the balance sheet. In Q4, cash flows from operating activities were $39.3 million. Our noncash working capital as a percentage of revenue was 22.4%. Excluding the settlement receivable from the EV dispute, our noncash working capital was just over 15% as we continue to progress across the rest of our businesses on working capital efficiency and moving back towards our target range.

轉到資產負債表。第四季度，經營活動現金流為 3,930 萬美元。我們的非現金營運資本佔收入的百分比為 22.4%。不包括企業價值糾紛產生的和解應收款，我們的非現金營運資本略高於 15%，因為我們在其他業務中繼續提高營運資本效率並回到我們的目標範圍。

During the quarter, we invested $29 million in CapEx and intangible assets with an investment for the year of $78.1 million. Our innovation efforts in critical growth areas remain a priority. For fiscal '26, we expect our CapEx and intangible investment to be in the range of $80 million to $100 million. On leverage at the end of the quarter, our net debt to adjusted EBITDA ratio was 3.9 times on a pro forma basis, which includes full-year contributions from our most recent acquisitions.

本季度，我們在資本支出和無形資產方面投資了 2,900 萬美元，全年投資額為 7,810 萬美元。我們在關鍵成長領域的創新努力仍然是我們的首要任務。對於 26 財年，我們預計資本支出和無形投資將在 8,000 萬至 1 億美元之間。就本季末的槓桿率而言，我們的淨負債與調整後 EBITDA 比率按備考基礎計算為 3.9 倍，其中包括我們最近收購的全年貢獻。

As I noted, this will be held by receipt of the EV settlement payment in Q1 of fiscal '26. We remain committed to bringing our leverage to our target range of 2 to 3 times. For reference, early in Q1, we were active in our NCIB, acquiring 309,000 shares for approximately $10 million.

正如我所指出的，這將透過收到 26 財年第一季的 EV 結算付款來持有。我們仍致力於將槓桿率提高到2至3倍的目標範圍。作為參考，在第一季初，我們積極參與 NCIB，以約 1000 萬美元收購了 309,000 股。

Share buyback remains an important and opportunistic element of our overall capital deployment strategy. That said, our primary capital allocation priorities remain a focus as we continue to invest internally on innovation and growth, while cultivating acquisition opportunities.

股票回購仍然是我們整體資本配置策略中重要且具機會的要素。話雖如此，我們的主要資本配置重點仍然是我們繼續在內部投資創新和成長，同時培養收購機會。

In summary, fourth-quarter results were encouraging as we move into fiscal '26 with a goal of driving growth and margin expansion. For the year, despite challenges in fiscal '25 as a result of changes in demand in the North American EV markets, we had record order bookings that were diversified across our strategic global markets in regulated industries.

總而言之，隨著我們進入 26 財年，第四季的業績令人鼓舞，我們的目標是推動成長和利潤率擴大。儘管由於北美電動車市場需求的變化，我們在 25 財年面臨挑戰，但我們的訂單量創下了紀錄，這些訂單分散在受監管行業的戰略全球市場中。

Order backlog is strong and gives us good revenue and visibility in fiscal '26. We expect short-term margin pressures from [large] transportation revenues to continue to abate through our reorganization efforts as we drive improved volumes in transportation and growth in the rest of the business.

訂單積壓強勁，為我們 26 財年帶來了良好的收入和可見性。我們預計，透過重組努力，隨著我們推動運輸量的提高和其他業務的成長，運輸收入帶來的短期利潤壓力將繼續減輕。

Looking ahead, we're committed to building on our positive momentum in fiscal '26. We remain focused on driving growth in our core markets, leveraging our acquisitions and executing on our value creation strategy.

展望未來，我們致力於在 26 財年繼續保持積極勢頭。我們將繼續專注於推動核心市場的成長、利用我們的收購並執行我們的價值創造策略。

Now we will open the call to questions from our analysts. Operator, could you please provide instructions. Thank you.

現在我們將開始回答分析師的提問。接線員，請您提供指示。謝謝。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作員指示） Cherilyn Radbourne，TD Cowen。

First question, I guess, is as you look at the backlog and the underlying duration of it as well as what you're seeing and hearing from customers, how confident do you feel about returning to positive organic growth in fiscal '26?

我想，第一個問題是，當您查看積壓訂單及其潛在持續時間以及您從客戶那裡看到和聽到的情況時，您對 26 財年恢復正有機增長有多大信心？

Yeah, Cherilyn. Good evening. Short answer is very positive. And if you look at our trailing 12-month book-to-bill ratio, 1.23 really supports that alignment. If you look at all markets, all of our markets are above 1 and led by some key areas and key technologies. So when we look at the year, we are confident we'll be returning to growth.

是的，Cherilyn。晚安.簡短的回答是：非常積極。如果你看我們過去 12 個月的訂單出貨比，1.23 確實支持了這種一致性。如果你看看所有市場，我們所有的市場都高於 1，並且由一些關鍵領域和關鍵技術引領。因此，當我們展望今年時，我們有信心恢復成長。

We're confident in the areas that we're supporting. And to even go further on really substantiating that with the discussions, I've been out visiting customers as long as our global team. And where we see products that have alignment to strategic priorities for our customers, they're continuing to invest. So overall, I would say our view of the year is cautiously optimistic.

我們對我們所支持的領域充滿信心。為了進一步證實這些討論，我一直和我們的全球團隊一起外出拜訪客戶。當我們看到與客戶策略重點相符的產品時，他們就會繼續投資。所以總的來說，我認為我們對今年的看法是謹慎樂觀的。

And Cherilyn, maybe I'll just jump in with a couple of data points, some of which we covered in the prepared remarks. But the order backlog being up 19.3% does support growth, obviously. About 23% of that backlog does go beyond one year, which is fairly consistent with where we typically operate in terms of some of those longer-term programs. But just to echo what Andrew said, the strength of our backlog does give us a lot of confidence in terms of organic growth in fiscal '26.

Cherilyn，也許我只想提供幾個數據點，其中一些我們在準備好的演講中已經涉及過。但訂單積壓成長19.3%顯然確實支持了成長。其中約有 23% 的積壓訂單確實超過了一年，這與我們通常執行的一些長期計劃的情況相當一致。但正如安德魯所說，我們積壓訂單的強勁成長確實讓我們對 26 財年的有機成長充滿信心。

Okay. That's really helpful. And the midpoint in the range that you provided for fiscal Q1 would suggest that at the midpoint, EPS modestly. So that's nice to see.

好的。這真的很有幫助。您為第一財季提供的範圍中點表明，在中點處，每股盈餘會適度成長。我很高興看到這一點。

In terms of the internal control deficiency that was noted, can you talk about how that was identified and what's underway to address the issue? Was that related to the EV -- the accounting treatment of the EV settlement?

關於所指出的內部控制缺陷，您能否談談如何發現該缺陷以及正在採取哪些措施來解決該問題？這與 EV（企業價值）結算的會計處理有關嗎？

So a couple of things. So it's identified through our normal course process. And I think you know this is our first year having adopted the SOCs requirements, which are a little bit different, a little bit more rigorous than what we were previously operating under.

有幾件事。因此它是透過我們的正常課程流程來識別的。我想你知道這是我們採用 SOC 要求的第一年，這些要求與我們先前的營運要求略有不同，也更嚴格一些。

So we go through a testing process and an assessment process, and there were certain business processes, some of it related to what's called IP information prepared by entity, which is effectively spreadsheets and some of the documentation around spreadsheet.

因此，我們經歷了一個測試過程和一個評估過程，並且存在某些業務流程，其中一些與實體準備的所謂 IP 資訊有關，這實際上是電子表格和一些圍繞電子表格的文件。

So I think importantly, none of this had a -- as we stated in the disclosure, an impact on our reported financial statements in current period, prior periods. And largely relates to documentation improvements that we need to make. And that's where our focus is on that as we go into fiscal '26.

因此，我認為重要的是，正如我們在揭露中所述，這些都不會對我們本期和前期報告的財務報表產生影響。並且很大程度上涉及我們需要進行的文檔改進。這就是我們進入 26 財年時的重點。

Maxim Sytchev, National Bank Financial.

西切夫（Maxim Sytchev），國家金融銀行。

Andrew, maybe the first question for you. Do you mind in providing a bit of color on the composition of programs that exist within the health care backlog right now? I mean, one of the questions we often get from investors is how sustainable the GLP-1 growth rate, I'm just curious to see around the exposure there. Thanks.

安德魯，這可能是你第一個要問的問題。您介意稍微介紹一下目前醫療保健積壓項目中的組成嗎？我的意思是，我們經常從投資者那裡得到的一個問題是 GLP-1 成長率的可持續性如何，我只是好奇想看看那裡的曝光率。謝謝。

Yeah. So Max, to give you a little bit more color. I mean, so we're certainly excited about our continued support on the GLP-1 space, and we have a diversified customer base within this area. I think right now, we're working with eight-plus customers and really aligning around their ability to meet the market demand and continued market demand.

是的。那麼 Max，就提供更多一些色彩給你。我的意思是，我們對繼續支持 GLP-1 領域感到非常興奮，我們在這個領域擁有多樣化的客戶群。我認為現在我們正在與八個以上的客戶合作，並真正圍繞他們滿足市場需求和持續市場需求的能力進行調整。

And we do view this as mid -- short- to mid-term area of focus and sustained ability to grow. But additionally, if you step back, we're also in radiopharmaceuticals, which is identification and treatment of cancer. We're in wearable devices and medical devices, so specifically wearable devices in the treatment of diabetes. We're an automated pharmacy. We're in contact lenses.

我們確實將其視為中期——短期至中期的重點領域和持續成長的能力。但此外，如果你退一步來看，我們還從事放射性藥物的研究，用於癌症的識別和治療。我們從事穿戴式裝置和醫療設備業務，特別是用於治療糖尿病的可穿戴設備。我們是一家自動化藥局。我們經營的是隱形眼鏡。

And so our view is as we look at the growth of the year and the potential for the year, there is, as I said earlier, a lot to be cautiously optimistic about. And when I speak to customers, they're looking to further build out their product portfolios, and we're in many niche markets beyond those that I specified. And so I would say that my engagement with the customers have been aligned around that and have been aligned around our ability to support their growth needs.

因此，我們的觀點是，當我們回顧今年的成長和潛力時，正如我之前所說，有很多事情值得謹慎樂觀。當我與客戶交談時，他們正在尋求進一步擴大他們的產品組合，而且我們處於我所指定的範圍之外的許多利基市場。因此我想說，我與客戶的互動一直圍繞著這一點，並圍繞著我們支持他們成長需求的能力。

Okay. And then, Ryan, around working capital, I mean, correct me if I'm wrong, but historical transportation was more capital intensive than other buckets in the business. So now that that part of the business has shrunk significantly versus the rest, how should we think about that working capital intensity velocity of improvement? Because I mean, theoretically, that should get that faster. Or how should we think about this?

好的。然後，瑞安，關於營運資金，我的意思是，如果我錯了，請糾正我，但歷史上的運輸比業務中的其他領域需要更多的資本。那麼，既然這部分業務相對於其他業務已經大幅萎縮，我們該如何看待營運資本強度改善速度呢？因為我的意思是，從理論上講，這應該會更快。或者說我們該如何去思考這個問題？

Yeah. So Max, excluding the remaining working capital that's on our balance sheet at Q4 tied to the EV settlement and dispute, we're just over the 15% target. So you're right. In terms of market verticals, commercial terms in transportation typically are more working capital intensive.

是的。因此，Max，除去第四季度資產負債表上與企業價值結算和爭議相關的剩餘營運資金，我們的比率略高於 15% 的目標。所以你是對的。就垂直市場而言，運輸業的商業條款通常需要更多的營運資本。

So as that has become and will be a smaller part of our business, we do see a benefit to our working capital from that. There is an offset, though, and that's -- as we've expanded into more product-based businesses, so shorter cycle where we're carrying inventory, those businesses are more working capital intensive.

因此，儘管這已經成為並將繼續成為我們業務中較小的一部分，但我們確實看到了這對我們的營運資金的好處。不過，也有一個抵銷因素，那就是──隨著我們擴展到更多以產品為基礎的業務，我們的庫存週期變得更短，這些業務的營運資本更加密集。

And so I think I've spoken through some of the acquisitions, in particular, Heidolph, Paxiom, Avidity, these are all 20%-plus working capital businesses. Now there's efficiency available in those, and it's primarily around inventories and being more efficient there.

所以我認為我已經談到了一些收購，特別是 Heidolph、Paxiom、Avidity，這些都是 20% 以上的營運資本業務。現在這些方面都有了效率，而且主要圍繞著庫存和提高效率。

But all that to say, that does provide some offset to the lower transportation now. Our target is to be below 15%. I expect we'll get there this year. We'll see normal course variability in quarters. But that is our target. And as I said, we have a number of initiatives across the organization in place to help support that progress.

但總而言之，這確實對目前較低的運輸成本提供了一些補償。我們的目標是低於15%。我預計我們今年就能實現這個目標。我們將會看到季度內正常的課程變化。但這是我們的目標。正如我所說，我們整個組織已經採取了多項措施來幫助支持這項進展。

Okay. So just one quick one around the tax rate expectation for 2026. [It's] actually, I guess, model it on a prospective basis.

好的。因此，我只想快速問一下關於 2026 年稅率預期的問題。實際上，我猜，這是以預期為基礎進行建模的。

Yeah. So a couple of unusual items going through our taxes in this year, particularly in Q4. But on a normalized basis, we're in the mid-20% range, which is a little bit lower than what we had anticipated. There's some normal course impacts from changes in jurisdictions where we operate. Our profitability in certain jurisdictions, but we're always looking at how our business is structured globally to really make sure we're maximizing that.

是的。因此，今年，特別是在第四季度，我們的稅務中出現了一些不尋常的情況。但以正常化標準來看，我們的成長率處於 20% 左右，比我們預期的要低一點。我們經營所在地司法管轄區的變化會帶來一些正常的影響。我們在某些​​司法管轄區具有盈利能力，但我們始終關注我們的業務在全球範圍內的結構，以確保我們能夠最大限度地提高盈利能力。

We did implement a legal entity consolidation that's going to result in a cash tax benefit that we're going to see over the next several years. But that doesn't really have an impact on our effective tax rate. So the way to think about it is really in the mid-20% range and that '24 to '26. But also realizing there's tax benefits from some of the planning and as well from the EV settlement that will help our cash taxes.

我們確實實施了法人實體合併，這將帶來現金稅收優惠，我們將在未來幾年看到這一點。但這對我們的有效稅率並沒有真正的影響。因此，考慮這個問題的方式實際上是在 20% 中間範圍內，即 24 至 26 年。但我們同時也意識到，一些規劃以及電動車結算可以帶來稅收優惠，這將有助於我們的現金稅收。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

I guess just following up on the line of questioning that Cherilyn started on the organic -- the revenue growth for this year. It looks like the revenue, I guess you provided the range. In terms of the outlook for conversion, like how much could that vary over the course of the year based on the type of work you've taken?

我想這只是對 Cherilyn 提出的有關今年有機收入增長的問題的後續提問。它看起來像是收入，我想你提供了範圍。就轉換前景而言，根據您所從事的工作類型，一年中轉換前景會有多大變化？

Is this like a range that we should probably lean on as we think about the rest of fiscal '26? Or does it even evolve based on the things you can see behind the scenes just based on the type of work that you might then take the [rest]? Just trying to get an understanding [with] the order backlog, how we should think about the conversion over the future quarters as all things.

當我們考慮 26 財年剩餘時間時，這是否是我們應該依賴的範圍？或者它是否甚至根據你在幕後看到的事物而發展，僅僅基於你可能從事的工作類型[休息]？只是想了解訂單積壓情況，我們應該如何看待未來幾季的轉換。

Yeah. So a couple of things, Sab, and I'll step back a little bit. The conversion rate is going to change. That's driven just by material flows and different factors that largely impact our project revenues. But as I said, our backlog is up 19%. Several of those programs do go out beyond a year, roughly, as I said, 23% but our expectation is we're going to drive growth this year.

是的。因此，Sab，有幾件事我要稍微退一步。轉換率將會改變。這只是由物質流和很大程度上影響我們專案收入的不同因素所驅動的。但正如我所說，我們的積壓訂單增加了 19%。其中一些項目的實施時間確實超過了一年，正如我所說，大約佔 23%，但我們預計今年將推動成長。

And prior to the EV headwinds, we were at high single-digit organic growth rate. Keep in mind the global automation market, it's a mid-single-digit growth rate market. And our objective is to outpace that growth. And that's how we're thinking about fiscal '26.

在遭遇電動車逆風之前，我們的有機成長率一直保持在高個位數。請記住全球自動化市場，這是一個中等個位數成長率的市場。我們的目標是超越這一成長。這就是我們對 26 財年的思考。

Okay. Great. And then maybe just on the margin side, with the EV business, I guess, much smaller as we look ahead over the course of fiscal '26. Just directionally, as you look ahead into your backlog and your expectations for revenue for the rest of the year, how are you thinking about margin progression? Should we assume that EV was a good portion of the drag over the last year? Just maybe just some high-level commentary on how and what you're expecting for the rest of this year.

好的。偉大的。然後也許只是在利潤方面，隨著我們展望 26 財年，我猜電動車業務的利潤率會小得多。從方向上看，當您展望您的積壓訂單和今年剩餘時間的收入預期時，您如何看待利潤率的成長？我們是否應該認為電動車是去年拖累經濟的重要因素？也許只是一些關於您對今年剩餘時間的期望的高層次評論。

Yeah. So the transportation business was a drag in fiscal '25. It saw some improvement from the low point in Q2. It's still not operating in Q4 at the level that we expect, but it is improving, and we expect it to be profitable in fiscal '26. Similar to how we operate, we're targeting margin expansion. We have a number of initiatives in place relating to material productivity, labor productivity, pricing, other areas of efficiency in our operations.

是的。因此，運輸業務在 2025 財政年度受到了拖累。與第二季的低點相比有所改善。第四季的營運水準仍未達到我們的預期，但情況正在改善，我們預計 26 財年將實現盈利。與我們的營運方式類似，我們的目標是擴大利潤率。我們已採取多項舉措，涉及材料生產率、勞動生產力、定價以及營運中的其他效率領域。

That said, what we saw this quarter in terms of sequential expansion is probably a reasonable run rate. I've used the term modest previously. And that's what I would continue to expect. There's going to be variability. It's not going to be linear. But again, that's how we're thinking about the business this year in terms of margin expansion is progression throughout the year that [goes] with our EBIT and EBITDA margins.

也就是說，我們本季看到的連續擴張可能是合理的運行率。我以前曾經使用過謙虛這個詞。這正是我一直以來所期待的。將會存在變化。它不會是線性的。但是，我們再次重申，這就是我們對今年業務的看法，利潤率的擴大是全年的進步，與我們的 EBIT 和 EBITDA 利潤率同步。

Great. And then maybe just one last one, maybe a higher level one. As we think about tariffs, obviously, there is negative from the perspective of actual tariffs. And then given where you are in the industrial landscape, you could see some positive benefits from the reshoring efforts. Can you maybe just help frame for us the puts and the takes and what you're hearing from customers given all the headlines out there? Thanks.

偉大的。然後也許只是最後一個，也許是更高等級的一個。當我們考慮關稅時，顯然，從實際關稅的角度來看，它是負面的。然後考慮到您所在的工業領域，您可以從回流努力中看到一些積極的好處。鑑於目前的所有頭條新聞，您能否幫助我們概括一下利弊，以及您從客戶那裡聽到的信息？謝謝。

Yeah. So look, it's certainly challenging to navigate, and this is an evolving landscape. That said, look, our teams have been laser-focused on identifying risks and actively monitoring and mitigating where possible. And we've largely been able to do that. The impact on ATS has been, call it, minimal, and we are continuing to ensure that we can identify supply options, identify areas of control, areas to build. And so we continue to look across.

是的。所以看起來，這確實是一個具有挑戰性的導航，而且這是一個不斷變化的景觀。話雖如此，我們的團隊一直專注於識別風險並盡可能積極監控和減輕風險。我們基本上已經能夠做到這一點。對 ATS 的影響可以說是微不足道的，我們將繼續確保能夠確定供應選項、確定控制區域和建設區域。因此我們繼續觀察。

Now, we do look at this market and tariffs being a potential benefit midterm. And the reason is ATS being a global player allows us to really utilize that global strength. And so certain businesses are able to move their product and build in the region where needed. And we have the ability to support our customers on a global scale. So if this continues on, ATS, we do view is in a position of potential strength to support our customers through that.

現在，我們確實認為這個市場和關稅在中期是一個潛在的好處。原因是 ATS 作為一家全球性企業，讓我們能夠真正利用其全球實力。因此某些企業能夠將其產品轉移到需要的地區並進行建造。我們有能力在全球範圍內為客戶提供支援。因此，如果這種情況繼續下去，我們確實認為 ATS 有潛在的實力來支持我們的客戶。

(Operator Instructions) David Ocampo, Cormark Securities.

（操作員指示）Cormark Securities 的 David Ocampo。

Maybe the first one for Ryan. I guess when we think about the inventory and the contract assets that were tied to your EV customers, it sounds like they were almost written off to zero. Is there any room for that to be redeployed to other areas, whether they were standard products and we can view that as potential upside? Or should we just view that as a zero going forward?

這可能是 Ryan 的第一個。我想，當我們考慮與您的電動車客戶相關的庫存和合約資產時，聽起來它們幾乎被註銷為零。是否有空間將其重新部署到其他領域，無論它們是否是標準產品，我們都可以將其視為潛在的上升空間？或者我們應該將其視為未來的零？

Well, contract assets is zero. Inventory we've written to what we expect to be able to utilize. But I wouldn't expect a benefit out of that going forward. There are materials that could be redeployed, but not a material benefit, no.

那麼，合約資產就是零。我們已經寫下了我們期望能夠利用的庫存。但我並不期望從中得到任何好處。有些材料可以重新部署，但沒有物質利益，沒有。

Okay. And then just following up on Max's question -- or line of questioning as it relates to life sciences. I do expect that GLP-1 is just one end market that you guys serve. But I'm curious how you guys are thinking about both the positives and the negatives just as it relates to Lilly's positive trial results, as it relates to ingestible GLP-1 drugs?

好的。然後繼續回答 Max 的問題——或者與生命科學相關的一系列問題。我確實希望 GLP-1 只是你們服務的一個終端市場。但我很好奇，你們是如何看待利弊的，就像它與禮來公司的積極試驗結果有關一樣，與可攝取的 GLP-1 藥物有關？

Yeah. So a couple of items. And to give you some context, and to add to my comment for Max, the noble drug approval, which is really an indication of future demand and in the last couple of years, '23, '24 being really above average on approval process sets the stage for future potential growth. And this year is really in line with last year as far as its run rate.

是的。有幾件物品。為了給您一些背景信息，並補充我對 Max 的評論，高貴藥物的批准確實表明了未來的需求，並且在過去幾年中，'23、'24 年的審批流程確實高於平均水平，為未來的潛在增長奠定了基礎。就運行率而言，今年與去年基本一致。

So overall, we do view this market as having continued ability to support our position as it sits today. As far as the drug -- as far as going to pill [form], and you can read the articles as we do, and we have engagements with customers, there's certainly been a lot of discussion on this. We have seen also customers pull back on this based on trials. And so our view is that, certainly, that could be an option for the future.

因此整體而言，我們確實認為這個市場有能力繼續支持我們目前的地位。就藥物而言——就藥丸形式而言，你可以像我們一樣閱讀文章，而且我們與客戶也有接觸，肯定對此進行了很多討論。我們也看到客戶在試用後放棄了這個做法。因此，我們的觀點是，這當然可能是未來的選擇。

We're monitoring, assessing. The customers we're engaged with are still investing in the area around the high potency ability around GLP-1 with an auto-injector, and that supports our ability to support our customers. As a reminder, we are in pharmacy automation, and we're in other areas. And so when we see new drug launches in new areas, we have the capability to support our customers on those new launches and new drug programs.

我們正在監測、評估。與我們合作的客戶仍在使用自動注射器對 GLP-1 高效力領域進行投資，這增強了我們為客戶提供支援的能力。提醒一下，我們從事藥房自動化，我們也從事其他領域。因此，當我們看到新領域推出新藥時，我們有能力為客戶提供有關這些新藥的推出和新藥計劃的支援。

Okay. That's very helpful and useful color. And then maybe just the last one. You guys always talk about cultivating M&A transactions. But when we think about your leverage even with all the moving parts and the collection of the cash, it does suggest that you guys are still going to be above 3 times levered.

好的。這是非常有幫助和實用的顏色。然後也許只是最後一個。你們總是談論培育併購交易。但是，當我們考慮到你們的槓桿率，即使考慮到所有的活動部件和現金的收集，它確實表明你們的槓桿率仍然會超過 3 倍。

So our larger acquisition's on pause until you can get below the 3 times. And maybe, Ryan, you can refresh us on the maximum leverage ratio you guys are willing to go to for the right acquisition?

因此，我們的大型收購將暫停，直到收購金額低於 3 倍為止。也許，Ryan，您可以告訴我們，為了進行正確的收購，您願意使用的最大槓桿率是多少？

So yes. So why don't I start, David. So look, with the settlement, it's about half a turn reduction. And it certainly gets us closer to our mark. All that to be said, if you look at the landscape for M&A today, seller expectation isn't changing.

是的。那麼，大衛，我先開始吧。因此，看看，透過解決，它大約減少了半圈。這確實讓我們更接近目標。儘管如此，如果你看看今天的併購情勢，賣方的預期並沒有改變。

We're seeing overall volumes go down slightly as far as M&A goes. But our cultivation and our opportunity funnel continues to be strong. And we do continue to cultivate those assets where, when they become available, we're in a position to pounce and they take time.

就併購而言，我們看到整體交易量略有下降。但我們的培育和機會管道仍然強勁。我們確實會繼續培育這些資產，當它們可用時，我們就可以立即利用，但這需要時間。

If you look at the two we did this past year with Paxiom and Heidolph, those are years in the making. And so as we look at our future, we're cultivating assets that, when we're in a position to move quickly, we can. And we are going to continue to look at areas that are high attractive for ATS and our shareholders.

如果你看一下我們去年與 Paxiom 和 Heidolph 合作完成的兩件事，你會發現它們都經過了多年的醞釀。因此，當我們展望未來時，我們正在培育資產，當我們能夠快速行動時，我們就可以。我們將繼續關注對 ATS 和股東具有高度吸引力的領域。

Yeah. And I'll just add on. So as I said, we're targeting to get to that 2 to 3 times range because that really gives us more flexibility relative to where we sit today, particularly as you think about larger opportunities. That said is -- and I'll repeat a little bit what Andrew said, we're always cultivating for the right opportunity. And we're going to look at various financing alternatives where there's a deal that makes sense from a value creation perspective. So we'll be disciplined in our approach, but we're going to look at it from a value perspective.

是的。我再補充一下。正如我所說，我們的目標是達到 2 到 3 倍的範圍，因為這確實為我們提供了相對於當前狀況的更多靈活性，特別是當你考慮更大的機會時。話雖如此——我稍微重複安德魯所說的話，我們一直在尋找合適的機會。我們將研究各種融資替代方案，從價值創造的角度來看，這是一項有意義的交易。因此，我們會採取嚴謹的方法，但我們會從價值的角度來看它。

Michael Glen, Raymond James.

麥可格倫、雷蒙詹姆斯。

So number one, what are you guys thinking about in terms of moving some of your product manufacturing to the US? Do you have any CapEx plans? Is any of the CapEx this year associated with that? Or like just get some thoughts on your line of thinking for that.

那麼第一點，你們考慮將部分產品製造轉移到美國嗎？您有任何資本支出計劃嗎？今年的任何資本支出與此相關嗎？或者只是就你的思路提出一些想法。

Yeah, Michael. So nothing I would call out specifically that's a material move. As Andrew noted, we have capacity in the US that, for some of our products, some of what we do, it's fairly straightforward. Anything that's more significant from a CapEx standpoint, we're not at that point yet where we've made a commitment to move production.

是的，邁克爾。因此，我不會特別指出任何實質的舉措。正如安德魯所說，我們在美國擁有生產某些產品和業務的產能，這相當簡單。從資本支出的角度來看，任何更重要的事情，我們還沒有到承諾轉移生產的地步。

That's going to be dependent on does it make sense in this environment, in a potentially changing environment, and ultimately, what the global trade environment looks like in terms of tariffs and how that looks from a long-term perspective. So something we're monitoring, but not something that's part of our CapEx plans that [I went].

這將取決於它在當前環境下、在可能發生變化的環境中是否有意義，以及最終在關稅方面全球貿易環境是什麼樣的，以及從長期來看全球貿易環境是什麼樣的。所以我們正在監控一些事情，但這些事情並不屬於我們的資本支出計劃[我去了]。

Okay. And then with the EV situation seemingly cleaned up, Andrew, are you able to provide some commentary. Do you think that it is potentially the right time for you to divest the EV business?

好的。那麼，隨著電動車情況似乎已經解決，安德魯，您能否提供一些評論。您是否認為現在可能是您剝離電動車業務的正確時機？

So look, this business has been really rightsized to reflect the current demand environment and, as we see going forward, setting it up for success. And look, you have to remember that the work we do in this business is really wrapped around factory automation.

所以看起來，這項業務確實已經進行了適當的調整，以反映當前的需求環境，正如我們所看到的，它為未來的成功做好了準備。而且，你必須記住，我們在這個行業中所做的工作實際上都圍繞著工廠自動化。

And with this business being rightsized and also the potential for more reshoring of manufacturing, there's opportunities we can pursue in factory automation that are outside of the segment. So we have good capabilities in the space. It's an area of business that we can create value for our customers and ultimately our shareholders. And so that's how we see it today.

隨著這項業務規模的調整以及製造業回流的潛力不斷增強，我們可以在工廠自動化領域尋求該領域之外的機會。所以我們在該領域擁有良好的能力。這是我們能夠為客戶並最終為股東創造價值的業務領域。這就是我們今天所看到的。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

With regard to the backlog by market, and you alluded to this a little bit in your prepared remarks, but we set new backlog record in Consumer Products in nuclear. So I was hoping for a bit more color on those two areas.

關於市場積壓情況，您在準備好的發言中稍微提到了這一點，但我們在核能消費品領域創下了新的積壓記錄。所以我希望這兩個區域能有更多的色彩。

Yeah. So Cherilyn, I'll take those separate. So in consumer products, we've continued to see support on our niche solution for the warehouse automation space. And as a reminder, this solution for that area is really targeted around supporting this customer to meet their sustainability goals while improving their efficiency. And so while they're looking at their global footprint, we've actually moved -- we've had the ability to move this product to be built in region for their usage.

是的。所以 Cherilyn，我會把它們分開。因此，在消費產品方面，我們繼續看到倉庫自動化領域的利基解決方案的支援。提醒一下，該領域的解決方案實際上是為了支持該客戶實現其永續發展目標，同時提高其效率。因此，當他們考慮其全球足跡時，我們實際上已經轉移了 - 我們有能力將該產品轉移到該地區製造以供他們使用。

So we like the ability to support. It is a niche provider in that area and one that we like as far as not only upfront CapEx, but then -- and then supporting from a services and capability standpoint.

所以我們喜歡這種支持能力。它是該領域的利基供應商，我們不僅喜歡它的前期資本支出，而且還喜歡它從服務和能力的角度提供支援。

As far as nuclear, look, nuclear, if you think about it, I'm going to break it down into four areas. And our largest area is CANDU reactors and think of the refurbishment. We've talked about that in the past. The Bruce Power work that we've done and continue to do. We've seen CANDU reactors continue to have a long life and one that ATS has a lead niche position in.

至於核子問題，你看，核子問題，如果你仔細想想，我會把它分成四個領域。我們最大的區域是 CANDU 反應器，並考慮翻新。我們過去曾討論過這個問題。我們已經完成並將繼續進行的 Bruce Power 工作。我們已經看到 CANDU 反應器持續擁有較長的使用壽命，並且 ATS 在該領域佔據領先地位。

There's also traditional reactors, which are going to go through a decommissioning process, and we continue to see opportunity there. There's a small module reactor portion, and I've walked through this a little bit in the past, but as a reminder, we think this is about a five-plus year potential. That said, we're working with some of the key players around enabling and getting to that mark because the opportunity exists and they're really aligning around enabling this as a solution set as clean energy to support the increased energy demand.

還有傳統反應堆，它們也將經歷退役過程，我們繼續看到那裡的機會。有一個小模組反應器部分，我過去已經稍微介紹過這一點，但提醒一下，我們認為這大約有五年以上的潛力。也就是說，我們正在與一些關鍵參與者合作以實現這一目標，因為機會是存在的，他們確實在努力實現這一目標，並將其作為清潔能源的解決方案，以支持日益增長的能源需求。

And then lastly, and we're seeing more increase in this, is nuclear fuel, and they support around the ability to bring more nuclear fuel into the market. And so we've actually started to win work in this space to support that and support the ability to get more fuel into the market.

最後，我們看到核燃料的需求正在進一步成長，他們支持將更多核燃料推向市場。因此，我們實際上已經開始在這個領域贏得工作來支持這一點並支持將更多燃料推向市場的能力。

So look, we're a niche player. We like our position. We like the growth potential in this area. And if we look at the trailing 12-month book-to-bill ratio in energy, it certainly supported a continued area of growth.

所以你看，我們是一個利基市場參與者。我們喜歡我們的立場。我們看好該地區的成長潛力。如果我們看一下過去 12 個月能源領域的訂單出貨比，它肯定支持了能源領域的持續成長。

Great. And then last one for me. Just as you think about how to protect yourselves in light of a changing tariff backdrop and the potential for related inflation, are there any changes that you've made or contemplated to the terms of your contracts in that regard?

偉大的。這是我的最後一個。正如你們在考慮如何在不斷變化的關稅背景和相關通膨的可能性下保護自己一樣，你們是否對合約條款做出或考慮過任何改變？

So our contracts actually protect us fairly well from this situation. So certainly, as we're getting into new contracts, it's a point of discussion, but not an area that we're seeing a significant challenge from. And I mentioned from a pricing standpoint that we are addressing and some of that is on the product side, how we price, but also when there are changes, those do get or tariffs impacts, those do get passed on to customers typically. I think more of the work is -- or a lot of the work rather is happening on the supply chain side.

因此我們的合約實際上很好地保護了我們免受這種情況的影響。因此，當我們簽訂新合約時，這當然是一個討論的重點，但並不是我們認為面臨重大挑戰的領域。我從定價的角度提到，我們正在解決一些問題，其中一些是在產品方面，我們如何定價，但當變化發生時，這些變化或關稅影響通常會轉嫁給客戶。我認為更多的工作——或者說很多工作是在供應鏈方面進行的。

And we touched on this a little bit, but it's localizing and as much as we can our supply chain, working with our suppliers to do that. We're working very closely with our brokers, logistics advisers. We do -- in our Canadian operations, a lot of what we do benefits from the USMCA where we sit and where our equipment qualifies under those agreements. So all that to say, we've been able to manage most of the impact. And what we haven't, I think, as Andrew said, is really not a material headwind for us.

我們稍微談到了這一點，但這是在本地化，並且盡可能地實現我們的供應鏈，並與我們的供應商合作來做到這一點。我們與我們的經紀人、物流顧問密切合作。我們在加拿大的業務中，許多工作都受益於 USMCA，我們的所在地以及我們的設備符合這些協議的規定。總而言之，我們已經能夠控制大部分影響。正如安德魯所說，我認為，我們所沒有的，對我們來說真的不是一個實質的阻力。

And that concludes our question-and-answer session. I will now turn the call back over to Mr. Hider for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給希德先生，請他作最後發言。

Thank you, operator, and thank you, everyone, for joining us today. I look forward to speaking to you on our Q1 call in August. Stay safe, and goodbye for now.

謝謝接線生，也謝謝大家今天加入我們。我期待在八月的第一季電話會議上與您交談。保重，暫時告別。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。