ATS Corp (ATS) 2026 Q1 法說會逐字稿

Welcome to the ATS Corporation first quarter conference call and webcast. This call is being recorded on August 7, 2025, at 8:30 AM Eastern Time. Following the presentation, we will conduct a question-and-answer session.

歡迎參加ATS公司第一季電話會議及網路直播。本次電話會議將於2025年8月7日美國東部時間上午8:30錄製。演示結束後，我們將進行問答環節。

I will now turn the call over to Arjun Kapur, Investor Relations Associate at ATS.

現在我將電話轉給 ATS 投資者關係助理 Arjun Kapur。

Thank you, operator, and good morning, everyone. On the call today are Andrew Hider, Chief Executive Officer of ATS; and Ryan McLeod, Chief Financial Officer.

謝謝接線員，大家早安。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 can 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 in 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，以及在製定這些陳述時應用的重大因素或假設，詳見幻燈片第 3 張幻燈片。

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, Arjun. Good morning, everyone, and thank you for joining us. Before we discuss our Q1 results, I want to take a moment to acknowledge the leadership transition as they move on from ATS. I've been honored to lead this great company through a period of growth and transformation as we expanded our capabilities, strengthen our position in key markets, and created a solid foundation for the future.

謝謝你，Arjun。大家早安，感謝你們的參與。在討論第一季業績之前，我想先介紹一下ATS領導層的換屆。我很榮幸能夠帶領這家偉大的公司度過一段成長和轉型的時期，我們拓展了業務能力，鞏固了在關鍵市場的地位，並為未來奠定了堅實的基礎。

While the Board conducts its CEO search, the company will be in the very capable hands of Ryan McLeod as Interim CEO with the support of our experienced senior leadership team. During this transition, ATS will drive forward with its growth strategy, enabled by the ATS business model, our well-entrenched playbook for continuous improvement.

在董事會物色執行長期間，公司將由能力出眾的 Ryan McLeod 擔任臨時首席執行官，並由我們經驗豐富的高階領導團隊提供支援。在此期間，ATS 將以 ATS 業務模式（我們根深蒂固的持續改善策略）為基礎，推進其成長策略。

Now, to our Q1 results, which we reported today. I will update you on our business and markets and then Ryan will provide his report. ATS delivered revenue growth with solid contributions from recent acquisitions. And adjusted earnings margins in line with our expectations.

現在，我們來談談我們今天公佈的第一季業績。我將向大家介紹我們的業務和市場狀況，然後Ryan將提供他的報告。 ATS的營收成長得益於近期收購帶來的強勁貢獻。調整後的利潤率符合我們的預期。

Starting with our financial value drivers. Q1 revenues were $737 million, up 6% from Q1 last year. Order bookings were $693 million, with good diversification across our portfolio. Adjusted earnings from operations in Q1 were $79 million.

首先從我們的財務價值驅動因素開始。第一季營收為7.37億美元，較去年同期成長6%。訂單量為6.93億美元，我們的產品組合實現了良好的多元化。第一季調整後營業利潤為7,900萬美元。

On to our outlook. Order backlog ended the quarter at approximately $2.1 billion as we continue to win and deliver across our diversified portfolio of offerings. Including customer integration, standard equipment and products and services. Our funnel remains healthy, reflecting the strategic nature of the customer programs we serve. As noted in past quarters, investment timing is variable. We are closely monitoring the business environment given the dynamics of cross-border tariffs.

展望未來。本季末，訂單積壓約21億美元，這得益於我們持續贏得並交付多元化產品組合，包括客戶整合、標準設備以及產品和服務。我們的漏斗保持健康，這反映了我們服務的客戶專案的策略性。正如過去幾季所指出的，投資時機是可變的。鑑於跨境關稅的動態，我們正密切關注商業環境。

In parallel, we continue to advance our strategy to grow repeatable revenue through services, consumables, and digital offerings. Within Life Sciences, order backlog at quarter end was $1.2 billion. We secured wins across submarkets, including auto-injectors, radiopharma and blood glucose monitoring wearables. Our diversified Life Sciences opportunity funnel remains strong. Supported by our proven capabilities in regulated markets and deep customer relationships.

同時，我們持續推動透過服務、耗材和數位產品增加可重複收入的策略。在生命科學領域，季末的訂單積壓額為12億美元。我們在自動注射器、放射性藥物和血糖監測穿戴式裝置等次市場取得了成功。我們多元化的生命科學業務機會管道依然強勁，這得益於我們在受監管市場中久經考驗的能力以及深厚的客戶關係。

By way of example, Comecer continues to be a partner of choice for radio pharma customers who value quality and a proven track record for execution. As more customer programs advance towards commercial readiness, Comecer is uniquely positioned to provide localized and specialized support from our new site in Indianapolis, which opened at the end of July.

例如，Comecer 一直是重視品質和卓越執行記錄的放射製藥客戶的首選合作夥伴。隨著越來越多的客戶專案邁向商業化，Comecer 憑藉其獨特的優勢，能夠透過我們於7月底在印第安納波利斯啟用的新基地，提供本地化和專業化的支援。

Separately and discussed previously, some customers in the lab research space are taking a more measured approach to capital spending as a result of changes in US government funding, although this does not change our outlook for Life Sciences overall.

另外，如前所述，由於美國政府資助的變化，實驗室研究領域的一些客戶正在採取更謹慎的資本支出方式，但這並沒有改變我們對生命科學整體的展望。

In Food and Beverage, our total remains strong, and we ended the quarter with a backlog of $229 million, an increase of 6% compared to Q1 last year. We continue to see investment in primary processing solutions, including a strong focus on aftermarket service. In addition, we are actively executing on our growth strategy for secondary processing, packaging and services further supported by the addition of Paxiom.

在食品和飲料領域，我們的整體業務依然強勁，本季末的訂單量達2.29億美元，較去年第一季成長6%。我們繼續在初級加工解決方案方面投入資金，包括大力關注售後服務。此外，我們正在積極實施二次加工、包裝和服務的成長策略，Paxiom的加入將進一步支持此策略。

In Energy, our funnel includes a mix of short and long-term opportunities as the nuclear industry continues to benefit from renewed investment and favorable government policy. In the near term, there is momentum from ongoing CANDU refurbishment activity, while both large-scale new builds and emerging small module reactor programs provide further potential for growth.

在能源領域，我們的投資漏斗涵蓋了一系列短期和長期投資機會，因為核能產業將繼續受益於新的投資和政府的利多政策。短期內，正在進行的CANDU（重水反應器）翻新工程將帶來成長動力，而大規模新建案和新興的小型模組反應器工程則將帶來進一步的成長潛力。

Drawing on our expertise in early-stage design through to modular assembly and waste handling we are well positioned to support customers across their nuclear program life cycles.

憑藉我們在早期設計、模組化組裝和廢棄物處理方面的專業知識，我們能夠為客戶提供整個核子計畫生命週期的支援。

In Consumer Products, our funnel remains stable with attractive niche opportunities. Our capabilities in warehouse automation and packaging continue to resonate with customers. In transportation, our funnel remains stable, in line with expectations due to relatively lower EV end market demand. On services, we continue to advance our offerings, including our digital solutions across the range of markets we serve. Through our evolving capabilities, including our Connected Care Hub, ATS is well positioned to help customers proactively enhance system utilization and mitigate risk.

在消費品領域，我們的漏斗保持穩定，並擁有極具吸引力的利基市場機會。我們在倉庫自動化和包裝方面的能力持續獲得客戶的認可。在運輸領域，由於電動車終端市場需求相對較低，我們的漏斗保持穩定，符合預期。在服務領域，我們持續改進產品，包括我們服務於各個市場的數位化解決方案。憑藉我們不斷發展的功能，包括我們的互聯護理中心 (Connected Care Hub)，ATS 能夠幫助客戶主動提高系統利用率並降低風險。

From a strategic perspective, our services portfolio is designed to strengthen customer relationships over the full life cycle of equipment ownership, reinforce our role as a trusted partner and drive reoccurring revenue. On the ATS business model, in Q1, our global team is actively engaged in key initiatives, including Kaizens, workshops and problem-solving events focused on all of our value drivers.

從策略角度來看，我們的服務組合旨在加強客戶在設備所有權的整個生命週期內的關係，鞏固我們作為值得信賴的合作夥伴的角色，並推動經常性收入。在ATS業務模式方面，在第一季度，我們的全球團隊積極參與關鍵舉措，包括圍繞我們所有價值驅動因素的改進、研討會和問題解決活動。

At our annual ABM awards, teams were recognized for excellence in innovation, reoccurring revenue, customer engagement, health and safety and overall performance, underscoring the sustained impact of our ABM culture. On M&A, our teams are in active in cultivating strategic opportunities that align with our long-term growth ambitions and contribute to value creation. In the near term, our focus is on returning leverage to our target range and on realizing further synergies from our recent acquisitions.

在我們的年度ABM獎項評選中，團隊因其在創新、經常性收入、客戶參與、健康與安全以及整體績效方面的卓越表現而獲得認可，彰顯了我們ABM文化的持續影響力。在併購方面，我們的團隊積極挖掘符合我們長期成長目標並有助於創造價值的策略機會。短期內，我們的重點是將槓桿率恢復到目標水平，並進一步實現近期收購的綜效。

On Innovation, we continue to deploy capital and empower our teams to develop differentiated solutions that create value across our end markets. On digital innovation, we leveraged our acquisition of reality to develop and launch a new interactive and scalable virtual reality training platform for customers.

在創新方面，我們持續投入資金，賦能團隊開發差異化解決方案，為終端市場創造價值。在數位創新方面，我們利用收購Reality的機會，為客戶開發並推出了一個全新的互動式可擴展虛擬實境培訓平台。

In Energy, we advanced the deployment of our multiplex system. Multiplex is a patent-protected concept designed for the safe, precise cutting and removal of large nuclear reactor components in decommissioning and waste handling applications. Multiplex is one example of our ability to innovate and deliver safe, efficient solutions within the highly regulated nuclear space.

在能源領域，我們推進了Multiplex系統的部署。 Multiplex是一項受專利保護的概念，旨在安全、精確地切割和移除大型核反應器零件，用於退役和廢料處理應用。 Multiplex是我們能夠在高度監管的核能領域創新並提供安全高效解決方案的典範。

Finally, in June, we held our biannual ATS Automation Summit for customers and other partners at our Cambridge campus. This event showcased the most recent solutions from across our portfolio of companies, including ATS advancements in digital transformation, intelligent automation and technology-enabled scalability.

最後，我們在六月於劍橋園區為客戶及其他合作夥伴舉辦了兩年一度的 ATS 自動化高峰會。此次活動展示了我們旗下公司的最新解決方案，包括 ATS 在數位轉型、智慧自動化和技術支援的可擴展性方面的進步。

Through our workshops over several days, we focus on innovation trends in automation, including time to market as well as digitalization and AI advancements. Further positioning ATS as a thought leader for global customers. In summary, our opportunity funnel is well diversified. And our current order backlog provides solid revenue visibility and a strong foundation for profitable growth.

透過為期數日的研討會，我們聚焦在自動化領域的創新趨勢，包括上市時間、數位化和人工智慧的進步。這進一步鞏固了ATS作為全球客戶思想領袖的地位。總而言之，我們的機會漏斗非常多元化。我們目前的訂單儲備提供了穩定的收入可見性，並為獲利成長奠定了堅實的基礎。

I'm also pleased to share that ATS was included in Time Magazine's inaugural list of Canada's best companies 2025, and we were number one in the engineering, manufacturing and medical technology category. This recognition and our results today reflect the continued progress we are making across our value drivers, the resilience of our business model and the dedication of our exceptional talent. I'm proud of what we've accomplished together, and I look forward to watching ATS continue to grow and succeed.

我也很高興地告訴大家，ATS 榮登《時代》雜誌首屆「2025 年加拿大最佳公司」榜單，並在工程、製造和醫療技術類別中名列第一。這項殊榮以及我們今天的業績，反映了我們在價值驅動力、業務模式的韌性以及傑出人才的奉獻精神方面取得的持續進步。我為我們共同取得的成就感到自豪，並期待 ATS 繼續發展壯大，取得成功。

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

現在，我將把電話交給瑞安。瑞安，你來吧。

Thank you, Andrew, and good morning, everyone. Beginning with our operating results for the quarter. Order bookings were $693 million, down 15% compared to Q1 last year, due primarily to the lower expected run rate in transportation order bookings. Q1 last year also had several larger enterprise order bookings in life sciences, which reflects normal variability. Importantly, our trailing 12-month book-to-bill ratio at the end of Q1 remained above 1, 1.7:1.

謝謝安德魯，大家早安。首先介紹一下我們本季的營運表現。訂單量為6.93億美元，較去年第一季下降15%，主要原因是運輸訂單量的預期運行率較低。去年第一季在生命科學領域也有一些較大的企業訂單量，這反映了正常的波動。重要的是，截至第一季末，我們過去12個月的訂單出貨比仍維持在1以上，為1.7:1。

Revenues for the first quarter were $737 million, up 6.1% compared to last year. Recently acquired companies contributed 4.1% to revenue growth and foreign exchange translation added a 3.2% benefit. Q1 organic revenue growth was negative 1.2% as lower transportation revenues were only partially offset by growth in life sciences, consumer products and food and beverage. Nevertheless, our outlook for revenue growth for the full year remains unchanged.

第一季營收為7.37億美元，年增6.1%。近期收購的公司為營收成長貢獻了4.1%，外匯折算貢獻了3.2%。第一季有機收入成長為負1.2%，原因是運輸收入的下降僅被生命科學、消費品以及食品飲料業務的成長部分抵銷。儘管如此，我們對全年營收成長的預期保持不變。

Moving to earnings. First quarter adjusted earnings from operations were $78.6 million or 10.7% of revenues. This was in line with our expectations and represented an almost 40 basis point sequential improvement from Q4. Gross margin for Q1 was 29.8%, consistent with Q1 last year. On SG&A, excluding acquisition-related amortization and transaction costs, expenses in the first quarter totaled $136.4 million, a $20 million increase over the prior year.

談到盈利。第一季調整後營業利潤為7,860萬美元，佔營收的10.7%。這符合我們的預期，環比第四季成長近40個基點。第一季毛利率為29.8%，與去年同期持平。不包括收購相關攤銷及交易費用在內的銷售、一般及行政費用（SG&A）第一季支出總計1.364億美元，較上年同期增加2,000萬美元。

This increase included incremental SG&A from acquired companies and to a lesser extent, both the impact of foreign exchange translation and employee costs. As always, we continue to focus on ongoing efficiency improvements in our operations.

此成長包括收購公司帶來的銷售、行政及管理費用（SG&A）增量，以及外匯折算和員工成本的影響（但影響較小）。我們將一如既往地專注於持續提升營運效率。

Excluding the mark-to-market impact related to changes in our share price, stock-based compensation expense was $4.8 million in Q1. Earnings per share were $0.41 on an adjusted basis.

不計入股價變動帶來的市價影響，第一季股票薪資支出為480萬美元。調整後每股收益為0.41美元。

Turning to our outlook. We ended the quarter with order backlog of approximately $2.1 billion. Q2 revenues are expected to be in the range of $700 million to $740 million. As a reminder, this assessment is updated every quarter taking into account revenue expectations from current order backlog and new orders booked and billed within the quarter. In the quarter, we incurred an additional $2.5 million of restructuring costs as a continuation of the program announced last year.

展望未來，本季末，我們的訂單積壓約21億美元。預計第二季營收將在7億至7.4億美元之間。需要提醒的是，此評估每季都會更新，會綜合考慮當前積壓訂單以及本季已預訂和已出貨的新訂單的收入預期。本季度，我們額外產生了250萬美元的重組成本，這是去年宣布的重組計畫的延續。

We continue to expect operating margin improvement throughout fiscal '26, although this may not be linear. ABM tools remain a critically important element of our ongoing margin expansion focus.

我們預計26財年全年的營業利潤率將持續提升，儘管這可能不會呈現線性成長。 ABM工具仍是我們持續提升利潤率的關鍵要素。

On tariffs, while the environment is still evolving, we have not seen a material impact to date. On order bookings intake, we continue to stay close with our customers to address their regional execution and capacity needs. On supply chain, our strategic sourcing approach is designed to protect margins and minimize disruption where possible. Of note, the majority of our exports from Canada into the US are covered under the USMCA.

關於關稅，儘管環境仍在變化，但迄今為止我們尚未看到實質影響。在訂單方面，我們繼續與客戶保持密切聯繫，以滿足其區域執行和產能需求。在供應鏈方面，我們的策略採購方法旨在保護利潤率並盡可能減少干擾。值得注意的是，我們從加拿大出口到美國的大部分產品都受到《美墨加協定》(USMCA) 的保護。

Moving to the balance sheet. In Q1, cash flows from operating activities were $156 million. Our noncash working capital as a percentage of revenues was 17.3% supported by the EV settlement payment that we received in the quarter. While there may be variability between periods, we remain focused on working capital efficiency across the business and our target of 15% of revenues or less is unchanged.

再來看資產負債表。第一季度，經營活動產生的現金流為1.56億美元。我們的非現金營運資本佔營收的比例為17.3%，這得益於我們在本季收到的企業價值結算款項。雖然不同時期的情況可能有所不同，但我們始終專注於提高整個業務的營運資本效率，我們的目標保持不變，即非現金營運資本佔收入的比例不超過15%。

During the quarter, we invested $16.3 million in CapEx and intangible assets, and we continue to strategically invest to drive innovation and capability. On leverage, our net debt to adjusted EBITDA ratio was 3.6 times on a pro forma basis in Q1, which includes full year contributions from our most recent acquisitions. The improvement from Q4 was driven by the receipt of the EV settlement payment used primarily to reduce amount owing on our credit facility. We remain committed to bring our leverage to our target range of 2 times to 3 times

本季度，我們在資本支出和無形資產方面投資了1,630萬美元，並將繼續進行策略性投資，以推動創新和能力提升。槓桿率方面，第一季度，我們的淨債務與調整後EBITDA之比（以備考口徑計算）為3.6倍，其中包括我們近期收購帶來的全年貢獻。第四季的改善得益於收到企業價值評估結算款，該款項主要用於減少我們信貸額度的欠款。我們將持續致力於將槓桿率提升至2倍至3倍的目標範圍。

As we noted when we reported our year-end results, we were active on our share buyback program during Q1. The NCIB program remains an opportunistic component of our overall capital deployment strategy.

正如我們在年終業績報告中所述，我們在第一季積極推進股票回購計畫。 NCIB 計劃仍然是我們整體資本配置策略中一個極具機會的組成部分。

In summary, first quarter results were in line with our expectations, with solid revenue generation and improved operating margins on a sequential basis. In addition, our strong order backlog supports our outlook for growth. Before we invite questions, I want to extend my thanks to Andrew. Since he joined ATS in 2017, his leadership has been instrumental to ATS' growth as well as to our future with the legacy of disciplined execution, strategic focus and continuous improvement that he has built. Andrew, thank you.

綜上所述，第一季業績符合我們的預期，營收穩健，營業利益率較上季提升。此外，我們強勁的訂單儲備也支撐了我們的成長前景。在提問之前，我想先感謝安德魯。自2017年加入ATS以來，他以嚴謹的執行力、戰略重點和持續改進的精神，為ATS的發展和未來發展做出了重要貢獻。安德魯，謝謝你。

During this leadership transition, it's business as usual. Our priorities and our plan remain unchanged. We will continue to focus on performance improvement across all of our value drivers, and we will seek to complement organic growth by cultivating strategic acquisitions. Our decentralized management structure, strong leadership team and our global team's commitment to the ATS business model will continue to serve us well.

在領導層過渡期間，一切照常。我們的工作重點和計劃保持不變。我們將繼續專注於提升所有價值驅動力的績效，並將透過培養策略性收購來補充有機成長。我們分散的管理架構、強大的領導團隊以及我們全球團隊對ATS業務模式的承諾將繼續為我們帶來良好的效益。

Importantly, we remain committed to creating long-term value for our shareholders and customers through strong execution and continued growth in our targeted markets.

重要的是，我們仍然致力於透過強有力的執行和目標市場的持續成長為我們的股東和客戶創造長期價值。

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

現在，我們將開始分析師提問環節。接線員，請您提供一下指示。謝謝。

(Operator Instructions) Joe Ritchie, Goldman Sachs.

（操作員指示）高盛的喬·里奇。

Andrew, congratulations. I'm going to miss talking to you on these conference calls and but wish you nothing but the best luck.

安德魯，恭喜你！我會懷念和你一起參加電話會議的時光，但願你一切順利。

Thank you, Joe. Appreciate it.

謝謝你，喬。非常感謝。

Yes, you bet. Can we just -- can we just talk about adjusted the demand environment a little further? It doesn't seem like you guys are seeing much slippage in your business. at the same time, fully recognize that orders can be lumpy, right? And so a little bit maybe a slower start to the year.

是的，沒錯。我們能不能再談談調整需求環境的問題？看起來你們的業務並沒有太大下滑。同時，你們也完全意識到訂單可能會不穩定，對吧？所以今年的開局可能會稍微慢一點。

But maybe just kind of talk through the demand environment, what you're seeing, what your customers are saying, across your key end markets and kind of how you're thinking about the outlook for the rest of the year?

但也許您只是談論需求環境、您所看到的、您的客戶對您的主要終端市場的評價，以及您對今年剩餘時間前景的看法？

Yes. Joe, maybe I'll start and then Ryan can add on. If we step back a couple of data points, First, as you're well aware, we don't look at any single quarter in isolation. We look over a period of time. And our trailing 12-month book-to-bill ratio is 1.17.

是的。喬，也許我先說，然後瑞恩可以補充。我們回顧幾個數據點。首先，如你所知，我們不會孤立地看待任何一個季度。我們會觀察一段時間。我們過去12個月的訂單出貨比是1.17。

So really aligned around that growth target. And really, what we outlined last quarter around, this will be a growth year for ATS, and we expect that to hold true.

所以確實圍繞著這個成長目標。正如我們上個季度所概述的那樣，今年將是ATS的成長年，我們預計這項預測將會實現。

If you then go in the prepared remarks, what you'll find is, in large part, our funnels remain healthy and the conversations are very engaging with our customers around their target and their approach to strategic investments. And we're in many attractive areas. If you just look at life sciences, whether it's the continued support around GLP-1 drugs and a little bit of data around that, the novel drug approvals are in line with last year, which effectively means more drugs continue to be approved. And we continue to engage with customers about their launches to radiopharma and the continued identification of new drugs or existing drugs to support cancer treatment around identification and/or treatment after you receive surgery to wearable devices and in the treatment of diabetes or even glucose monitors to -- and we've talked about this in the past, even the ongoing support for pharmacy automation or even contact lenses.

如果您仔細閱讀準備好的發言稿，您會發現，在很大程度上，我們的管道仍然健康，與客戶就他們的目標和策略投資方式進行的對話也非常積極。我們涉足了許多極具吸引力的領域。如果您只看生命科學領域，無論是對GLP-1藥物的持續支持，還是相關的一些數據，新藥審批都與去年持平，這實際上意味著更多藥物將繼續獲得批准。我們繼續與客戶溝通，討論他們的產品發布、放射性藥物的研發、新藥或現有藥物的持續識別，以支持癌症治療，包括術後識別和/或治療、可穿戴設備、糖尿病治療，甚至血糖監測儀——我們過去也討論過這些，甚至討論對藥房自動化甚至隱形眼鏡的持續支持。

So many, many key opportunities around that space. We then go to energy. Our nuclear business remains strong, continues to be strong. Four key themes in that, and I've walked through those in the past, but it's CANDU reactors. It's decommissioning it's SMRs and its fuel requirement needed for the resurgence of nuclear energy.

這個領域有很多關鍵機會。接下來我們談談能源。我們的核能業務依然強勁，而且會持續強勁。核能業務有四個關鍵主題，我之前已經講過，首先是CANDU反應器，其次是SMR的退役，以及核能復興所需的燃料需求。

To our food business that remains continued successful in its pursuit of not only ongoing business, but new areas of technology and innovation and bringing value to our customers. Transportation has really steadied out. And when we look at that business, we're winning work and pleased with where we sit. We've rightsized the business for our view of the market.

我們的食品業務不僅在持續發展中取得成功，還在技術和創新領域不斷探索，為客戶創造價值。運輸業務也確實趨於穩定。就我們目前的情況來看，我們贏得了不少訂單，並且對目前的狀況感到滿意。我們根據市場狀況調整了業務規模。

And then lastly, consumer products. We look at that market and we're monitoring that space, but we've seen it hold up and whether it's warehouse automation or even in our ability to support high-end cosmetics and so it's remained call it rather steady. So overall, our view on the year and the market is we're in a strong position, strong backlog and our book-to-bill ratio remains in line with our expectations on growth.

最後是消費品市場。我們關注並持續監測該領域，但我們發現該領域表現堅挺，無論是倉庫自動化，還是我們支持高端化妝品的能力，因此整體表現仍然相當穩定。整體而言，我們對今年和市場的看法是，我們處於強勢地位，積壓訂單充足，訂單出貨比也符合我們的成長預期。

And Joe, just -- I'll jump in with one more data point as well. So if we look over the first half of this calendar year, so really since tariffs have become -- part of the environment or have been in place. And if we exclude transportation, our orders are up over 10% year-over-year in the first six months of the calendar year. So as Andrew said, we've got a strong backlog, and we're very well positioned to continue to drive revenue growth for the year.

喬，我再補充一個數據。回顧今年上半年，自從關稅成為環境的一部分，或者說已經實施以來，如果不考慮運輸成本，今年上半年我們的訂單年增超過10%。正如安德魯所說，我們有大量待交付訂單，我們完全有能力繼續推動今年的營收成長。

That's super helpful. I appreciate that. Can I just maybe quickly just kind of double click on the energy business, specifically because your backlog suddenly have a lot over year-over-year, it was -- saw a pretty material uptick sequentially. What I find interesting about that is that a lot of other companies that we look at have been talking about project delays in the energy sector. So what was it about your business this quarter that saw like a material uptick. Is it on the nuclear side? Just any color around that would be helpful.

這太有幫助了，非常感謝。我能快速地雙擊一下能源業務嗎？具體來說，因為你們的積壓訂單比去年同期突然大幅增加，季比出現了相當大的成長。我發現一個有趣的現像是，我們關注的許多其他公司都在談論能源領域的專案延期。那麼，你們本季哪些業務出現了實質的成長？是在核能領域嗎？任何相關的細節都很有用。

Within energy, most of the growth is coming in nuclear, as we've talked about. A lot of what we're doing in that space and the bulk of the growth is coming in refurbishment activity, so primarily around CANDU reactors. And we've seen a very strong demand environments in that space and continue to see a good outlook there. In terms of other areas, as Andrew talked about, in the SMR space and in fuel handling, that's a smaller part of our business today. And we've talked about it.

在能源領域，正如我們之前提到的，大部分成長來自核能。我們在該領域開展的許多工作以及大部分成長都來自翻新活動，因此主要圍繞在CANDU反應器。我們看到該領域的需求非常強勁，前景持續看好。至於其他領域，正如安德魯所提到的，小型模組化反應器（SMR）和燃料處理，目前在我們業務中所佔的份額較小。我們已經討論過這個問題。

I mean, our view on the SMR market is a lot of this is in the development phase today. And represents an exciting opportunity, but more of a future opportunity for the business.

我的意思是，我們對SMR市場的看法是，目前許多SMR市場都處於開發階段。這代表著一個令人興奮的機會，但更重要的是未來的業務機會。

Maxim Sytchev, National Bank Financial.

西切夫（Maxim Sytchev），國家金融銀行。

And Andrew, obviously, all the best in future and definitely, it's been a pleasure. Congrats.

當然，安德魯，祝你未來一切順利，這真的非常榮幸。恭喜。

Thanks is mutual.

感謝是相互的。

Wonderful. So maybe the first question, I was wondering if it's possible to get a bit of an update on the integration process and some of the cross-selling opportunity ABM kind of acceptance on the part of Avidity, Heidolph, that could be helpful.

太好了。所以第一個問題，我想知道能否了解一下整合過程的最新進展，以及 Avidity、Heidolph 對 ABM 交叉銷售機會的接受程度，這可能會有所幫助。

Yes, absolutely. And I'll start with a bit of a headline on this. Look, our funnel continues to grow here. And we see strong opportunity and there is traditional with ATS life sciences systems working with BioDot, as well as Avidity and Heidolph bringing solution sets to their markets. And so we did have some awards within the quarter, but more future view is the funnel continues to be healthy, and the addition of Heidolph has certainly been a welcome addition for the ability to bring more to the lab space and really align with a as well as one of the business units in SP our Gen vac business.

是的，絕對的。首先我想先簡單介紹一下。瞧，我們的銷售漏斗在這裡持續成長。我們看到了巨大的機遇，ATS 生命科學系統與 BioDot 的合作，以及 Avidity 和 Heidolph 向其市場提供解決方案的傳統。因此，我們在本季度確實獲得了一些獎項，但未來前景是銷售漏斗將繼續保持健康。 Heidolph 的加入無疑是一個受歡迎的補充，因為它能夠為實驗室領域帶來更多產品，並與 SP 的 Gen vac 業務部門以及我們的一個業務部門真正保持一致。

And so exciting future and see this as an area that we -- as ATS can bring higher value to our customers.

未來令人興奮，我們將此視為 ATS 可以為客戶帶來更高價值的領域。

Helpful. And then -- go ahead.

有幫助。然後——繼續。

Sorry, just on the overall integration progress across all three going very well. very much in line with our expectations, ABM deployments and uptake has been very strong in all three businesses, some of the cost synergies as it relates to cost structure improvements, supply chain integration. We're very pleased with the process across all three assets.

抱歉，只是三項業務的整體整合進展非常順利。這完全符合我們的預期，ABM 的部署和採用在三項業務中都非常強勁，成本結構改進和供應鏈整合也帶來了一些成本協同效應。我們對三項資產的整合進展感到非常滿意。

Okay. That's good to hear. And Andrew and, I guess, your comment around some of the research funding being under pressure in the US right now. Correct me if I'm wrong, this represents less than kind of like single-digit exposure for the life sciences space, but can you just please clarify that?

好的。很高興聽到這個消息。安德魯，我想，您剛才提到了美國目前一些研究資金面臨壓力。如果我錯了，請糾正我，這代表生命科學領域的投資機會不到個位數，您能解釋一下嗎？

That's correct, Max. It's a low single-digit percentage of our business that is in that space. And so we have seen impact, but as I think Andrew said in his prepared remarks, not a material impact to our overall business or overall Life Sciences business.

沒錯，馬克斯。該領域業務占我們業務的比例很低，只有個位數。因此，我們確實看到了影響，但正如安德魯在他的準備好的發言中所說，不會對我們的整體業務或整個生命科學業務造成實質影響。

Okay. Okay. Good to hear. And then just in terms of the margin profile, I think in the past, you've mentioned that Life Sciences typically has a higher gross margin. I guess as the product mix is shifting right now, I mean, restaurants, transportation, more life sciences, food, et cetera, how should we think about the progression on margin on for basis?

好的。好的。很高興聽到這個消息。然後就利潤率而言，我記得您過去曾提到過生命科學通常具有更高的毛利率。我想，由於產品組合正在發生變化，我的意思是，餐飲、交通運輸、更多的生命科學、食品等等，我們該如何看待利潤率的逐年增長？

And I don't know if you can talk about kind of like short term versus medium term, but any color would be helpful.

我不知道您是否可以談談短期與中期的區別，但任何顏色都會有幫助。

Yes. I mean I'll speak more to the medium term Max because we will continue to see variability quarter-to-quarter, and that's largely driven by the project portfolio and what's getting executed and kind of driving revenues within a quarter. But generally speaking, where we're targeting and expect to drive margin expansion is through gross margin. And there's some operating leverage we expect as well from where we're operating today.

是的。我的意思是，我會更多地談論中期的Max，因為我們將繼續看到季度間的變化，這主要取決於專案組合、正在執行的專案以及在季度內推動收入成長的專案。但總的來說，我們的目標是透過毛利率來推動利潤率的成長。而且，從目前的營運狀況來看，我們預計也會有一些營運槓桿。

But and some of that is mix tied to life sciences. Some of that is mix tied to the product and services portfolio. And then the improvement initiatives that we're driving around supply chain labor productivity in other areas. So most of that does, again, show in our gross margin over the medium term.

但其中一些是與生命科學相關的混合業務。還有一些是與產品和服務組合相關的混合業務。此外，我們也正在推動其他領域圍繞供應鏈勞動生產力的改進措施。因此，其中大部分確實會在中期內體現在我們的毛利率上。

Okay. And is there anything in the project pipeline, which is kind of restraining the progress when it comes to margins in the short term?

好的。那麼，目前正在建造的項目中，是否存在一些短期內會限制利潤成長的因素呢？

No, no. No. There's nothing unusual, nothing to call out.

不不不。不。沒什麼異常，沒什麼好說的。

Okay. And then maybe just last question. I mean, obviously, with the leadership transition, I'm just curious over around the M&A pipeline? And were you guys seeing in the market specifically? And I guess your ability to act if something were to come through tomorrow.

好的。也許這是最後一個問題。顯然，隨著領導階層的過渡，我對併購管道很感興趣。你們具體關注的是市場嗎？如果明天有什麼事情發生，你們的應對能力如何？

Yes. So I mean, like I think we said in the prepared remarks, it's really business as usual. So we've got a plan for the year. The team is fully engaged on executing to that plan and as well as our strategy. And that strategy is centered on both organic and acquisition-related growth.

是的。就像我們在準備好的演講稿中提到的那樣，一切照常。我們制定了年度計劃。團隊正全力以赴地執行該計劃以及我們的策略。該策略的核心是有機成長和收購相關的成長。

So M&A activity is continuing, cultivation activity is continuing. In terms of doing a deal or getting something over the finish line in the short term. That's going to be more governed by our leverage than support from the board or the ability to act in this interim period. And so we've talked about our focus is on deleveraging bring our leverage to that 2 times to 3 times range. Now, that doesn't mean we can't do smaller tuck-in acquisitions in the short term.

因此，併購活動仍在持續，培育活動也持續。就短期內達成交易或取得進展而言，這將更多地取決於我們的槓桿率，而不是董事會的支持或在此期間採取行動的能力。因此，我們之前談到，我們的重點是去槓桿，將槓桿率提升到2倍到3倍的水平。但這並不意味著我們不能在短期內進行規模較小的小型收購。

But again, that's from a capital deployment standpoint, our focus is on deleveraging.

但同樣，從資本配置的角度來看，我們的重點是去槓桿。

Justin Keywood, Stifel.

賈斯汀·基伍德（Justin Keywood），Stifel。

Echo the congrats to Andrew and all the success and value creation at ATS.

再次恭喜安德魯以及 ATS 取得的所有成功和創造的價值。

Thank you.

謝謝。

Just on the tariffs. We've seen several major US CapEx announcements from ATS' Life Sciences customers. Is that translating to any increased activity with ATS assuming that there's going to be increased automation over the next several years? Or is it just announcements at this stage?

就關稅問題而言。我們已經看到ATS生命科學客戶發布了幾份重要的美國資本支出公告。這是否意味著ATS會加強行動力度，並假設未來幾年自動化程度會提高？還是目前還只是一些公告？

So just to understand your question, you're saying ATS announcements or tariff announcements?

所以只是為了理解你的問題，你指的是 ATS 公告還是關稅公告？

So ATS is life sciences customers. We've seen several increase CapEx announcements in the US, presumably to combat potential tariffs. Is that leading to increased conversations or order activity with ATS, assuming that there's going to be related increased automation.

ATS 是生命科學領域的客戶。我們看到美國發布了幾份增加資本支出的公告，可能是為了回應潛在的關稅。假設自動化程度隨之提高，這是否會增加與 ATS 的對話或訂單量？

Yes. I mean if you -- so I'm going to answer your question, but I'm going to walk through it in a bit of phases here. So if you step back, whenever there's an investment, whether it's tariff onshoring, supply chain derisking, I mean we can go to labor and the lack of labor to support output, all that equates to generally a favorable automation position.

是的。我的意思是，如果你──所以我會回答你的問題，但我會分幾個階段來闡述。所以，如果你退一步來看，只要有投資，無論是關稅回流，還是供應鏈去風險化，我的意思是，我們可以利用勞動力，以及勞動力短缺來支撐產出，所有這些通常都相當於一個有利的自動化位置。

And so this would be no different. That said, it has been, I would say, more of the anomaly today in the orders that customers have cited tariff being the reason for an order. And I would just say, that is not the norm. We've aligned to more is that customers are building capability and capacity where they have demand. And we're seeing customers really align around that.

所以這次也沒什麼不同。話雖如此，我想說，在今天的訂單中，客戶提到關稅是下單原因，這更是一種異常現象。我只想說，這不是常態。我們更傾向於客戶在有需求的地方建立產能。我們看到客戶確實在圍繞這一點進行協調。

Now, there is a lot of discussions for future and where they want to build the product. And so we are seeing that, and we have seen a few customers pull their decision into the US versus outside of US. But overall, I would say we haven't seen in large part in our investment in ATS orders today. That said, whenever it's favorable like this, it would generally lead to a higher automation play and a higher position for ATS.

現在，關於未來以及他們希望在哪裡生產產品，有很多討論。我們看到了這種情況，也看到一些客戶將他們的決定轉移到美國而不是美國以外。但總的來說，我想說，我們目前在ATS訂單上的投資並沒有顯著增加。話雖如此，只要情況有利，通常就會提高自動化程度，並提升ATS的地位。

Understood. That's helpful. And then I want to come back on the balance sheet. Very healthy free cash flow quarter, $140 million. I assume that includes all of the EV settlement.

明白了。這很有幫助。然後我想回到資產負債表。本季自由現金流非常健康，達到1.4億美元。我想這已經包含了所有企業價值結算。

But just trying to understand if there was any part of that settlement that was maybe pushed into the next quarter? Or was it fully received?

但我只是想了解一下，這筆和解金中是否有一部分可能會被推遲到下個季度？還是已經全部收到了？

That was fully received and that issue is closed and behind us.

我們已完全收到該訊息，並且該問題已解決並已拋在腦後。

Was there any tax portion of that payment because it was announced at $194 million. So just trying to square that with the free cash flow in the quarter.

這筆款項宣佈為1.94億美元，其中是否包含稅金？我只是想把它與本季的自由現金流進行核對。

No, no tax impact. I mean there's a future tax benefit tied to the write-off. But no, there is no tax impact to the cash inflow.

不，沒有稅務影響。我的意思是，未來會有與沖銷相關的稅務優惠。但對現金流入沒有稅務影響。

Okay. And then just on the deleveraging outlook targeting to get to the 2 times to 3 times, any indication on timing when that could be achieved?

好的。那麼，關於去槓桿前景目標，即達到2倍到3倍，有什麼跡象表明何時可以實現這一目標嗎？

Yes. Our expectation is we get there this year. Our biggest opportunity in addition to continuing to operate profitably and is really in working capital. And I talked about this in my prepared remarks, but our goal is to maintain working capital below 15%. We're above that target right now.

是的。我們預計今年就能實現這個目標。除了持續獲利之外，我們最大的機會其實在於營運資本。我在準備好的演講稿中也提到了這一點，但我們的目標是將營運資本維持在15%以下。目前我們已經超過了這個目標。

And some of that is structural as we've added some acquisitions which are more product-related businesses, those have put pressure on our ability to achieve that target.

其中一些是結構性的，因為我們增加了一些與產品相關的業務的收購，這些業務給我們實現該目標的能力帶來了壓力。

And then there's normal course variability in our larger projects and custom automation business. But we do see opportunity to improve and get that below our target this year.

此外，我們的大型專案和客製化自動化業務也存在正常的進程波動。但我們確實看到了改進的機會，並在今年將其控制在目標以下。

And that's fiscal year, just to clarify.

澄清一下，這是財政年度。

Yes. Yes, correct.

是的。是的，正確。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

Andrew, congrats on the great run at ATS and the opportunity, how you go back to. Best of luck.

安德魯，恭喜你在ATS取得的優異成績，也恭喜你有機會重返ATS。祝你好運。

Thank you.

謝謝。

Yes, no problem. On the margin dynamics, I know you were talking a little bit longer term, Ryan. If sales are down a little bit sequentially in the second quarter, do you think you can still drive sequential margin expansion? Or do you think margins come down a little bit in the second quarter and then resume that expansion in the second half? Because I think previously, we expect to kind of progression sequentially through the year.

是的，沒問題。關於利潤率動態，我知道你談論的是更長遠的未來，Ryan。如果第二季銷售額較上季略有下降，你認為利潤率還能較上季成長嗎？還是你認為利潤率會在第二季略有下降，然後在下半年恢復成長？因為我之前認為，我們預期利潤率全年會較上季成長。

I just want to make sure everything is kind of lined up the way you guys are thinking about it?

我只是想確保一切都按照你們所想的那樣進行？

Yes, Patrick. So our outlook for the year has not changed, and that's both in terms of growth for the year and margin expansion for the year. I do want to reiterate that -- I mean, first, I don't expect we're going to see big jumps in our margin sequentially. And there is going to continue to be variability. It's not necessarily a linear ramp.

是的，派崔克。所以我們對今年的展望沒有改變，無論是全年的成長還是利潤率的成長。我想重申一下——首先，我不認為我們的利潤率會比上季大幅成長。利潤率還會持續波動，不一定是線性成長。

But we do expect margin expansion for the year. And I talked through earlier a little bit on the initiatives that we have in place tied to material productivity, labor pricing, other areas of efficiency. And so I think what we saw this quarter is probably a reasonable run rate in terms of ongoing improvement but not necessarily linear.

但我們確實預計今年的利潤率會有所提升。我之前也稍微談到了我們目前在材料生產力、勞動定價以及其他效率領域實施的措施。因此，我認為本季的業績在持續改善方面可能處於合理的水平，但不一定呈線性成長。

Okay. That makes sense. Can you talk a little bit about the food and beverage CapEx outlook in North America? I think you have a decent view there with Paxiom. Just curious what you're seeing from customers in terms of their investment plans in that specific end market?

好的。這很有道理。能談談北美食品飲料資本支出的前景嗎？我認為您和Paxiom對北美市場的看法不錯。我只是好奇您從客戶那裡了解到了他們在這個特定終端市場的投資計劃嗎？

Absolutely. So we've continued to see this market, not only be stable, but additional opportunities in areas where we've invested in technology and innovation. And whether it's Paxiom or our business with CFT or even Raytec in optical inspection. We've continued to see this be supportive around how we enable customers to bring food to market and meet the requirements as needed for the end consumer. And so pleased with the performance year-to-date and really look forward to seeing this business continue to expand.

絕對是如此。因此，我們持續看到這個市場不僅保持穩定，而且在我們投資技術和創新的領域也蘊藏更多機會。無論是Paxiom，還是我們與CFT的業務，甚至是光學檢測領域的Raytec。我們持續看到這些業務對我們幫助客戶將食品推向市場並滿足最終消費者的需求起到了支持作用。我們對今年迄今為止的業績感到非常滿意，並非常期待看到這項業務繼續擴張。

Okay. And then lastly, just on the portfolio. Is there anything in the portfolio that at this stage, you'd consider to be noncore? And you can maybe look for opportunities to kind of wind down over time or divest as you replace it with other acquired assets?

好的。最後，關於投資組合。目前，您認為投資組合中有哪些項目是非核心的？您是否可以尋找機會，逐步減少這些項目，或將其剝離，並用其他收購的資產進行替換？

So I mean the short answer is no. But we've talked about in the past, our approach on capital deployment and value creation, and that includes looking at ongoing investments in the portfolio as well. And so that view of the portfolio and ongoing strategy work, that's something we refresh every year. And so that's going to continue to be how we approach it and view with a critical eye where we're generating value and what makes sense in terms of being part of ATS.

所以，簡而言之，答案是否定的。但我們過去討論過資本部署和價值創造的方法，其中也包括檢視投資組合中的持續投資。因此，我們對投資組合和持續策略運作的視角，我們每年都會更新。因此，我們將繼續以批判的眼光看待這個問題，並審視我們在哪裡創造價值，以及作為ATS的一部分，什麼是合理的。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作員指示） Cherilyn Radbourne，TD Cowen。

This is actually Patrick Sullivan on the line for Cherilyn. And congrats, Andrew, on the next opportunity for you. I appreciated the color on what you're watching in the lab space.

我是 Patrick Sullivan，接聽 Cherilyn 的電話。 Andrew，恭喜你獲得下次機會。我很欣賞你在實驗室裡看到的色彩。

I just want to clarify, would that be more tied to consumable side of things in the portfolio? And I just asked this because there's a recent White House action plan that outlined an interest in heavily investing in automated labs across private regulatory and academic sector. So I wanted to know kind of what capabilities ATS might have in lab automation and then kind of parse that away from the consumable lab equipment stuff.

我只是想澄清一下，這是否與投資組合中的消耗品部分更相關？我之所以問這個問題，是因為白宮最近發布了一項行動計劃，其中概述了對在私人監管和學術領域大力投資自動化實驗室的興趣。所以我想知道ATS在實驗室自動化方面可能具備哪些能力，然後將其與實驗室消耗品設備區分開來。

Yes. So maybe I'll start here. So we are in, I would say, a bit of bolt around this. And if you look -- and not to get too specific, but I'm going to walk through the businesses a little bit. When you look at cloud, that's a bit more in the lab automation side and they support that area of business. And we do view that it is in line with the ability to help labs as they look at automation for the future.

是的。也許我會從這裡開始。所以，我想說，我們目前在這方面有點倉促。如果你仔細看看——我不想說得太具體，但我將稍微介紹一下這些業務。說到雲，它更多是在實驗室自動化方面，他們支援這方面的業務。我們確實認為，這符合幫助實驗室未來自動化的能力。

When you then go to Avidity, they're going to have some impact on the research side, but they do have as well support for enabling their portion of the process for if you do want to automate or bring a higher level of technology and insight into monitoring the lab space, and we all know where they are in that position. That is also a consumable area.

當你選擇 Avidity 時，他們會對研究方面產生一些影響，但他們也會提供相應的支持，以支持他們那部分流程，如果你想要實現自動化，或者在實驗室空間監控中引入更高水平的技術和洞察力，我們都知道他們在這方面處於什麼位置。這也是一個消耗性領域。

And then when we look at SP with their business, it is lab Lio Again, that is one around. It certainly can support the initiative around automation, but it is more around if you're going to run multiple drugs as a trial they would then do the vial process for that with the Genevac business. And then lastly, Heidolph is more the -- is supporting overall lab laboratory space and what they want to do, whether it's during mixing or for their process within the lab area.

然後，當我們看看SP及其業務時，它指的是實驗室Lio，同樣，這是一個方面。它當然可以支援自動化方面的計劃，但它更側重於，如果你要進行多種藥物的試驗，他們會透過Genevac業務進行藥瓶裝藥流程。最後，Heidolph更專注於支援整體實驗室空間以及他們想要做的事情，無論是在混合過程中，還是在實驗室區域內進行流程。

So overall, I would say, within research, we're going to see some impact, but it's relatively small than ATS. If you then go to the initiative around automation, it is something that is in line with ATS, but it is still relatively small of our overall business.

所以總的來說，我想說，在研究領域，我們會看到一些影響，但比ATS的影響還要小。如果你再看看自動化方面的舉措，你會發現它與ATS的舉措一致，但在我們的整體業務中仍然相對較小。

Okay. Great. And then I guess just one more. So can you just elaborate on the multiplex system that you've recently highlighted in the opening remarks, what kind of applications are they used for? Is that used in the CANDU related work that you guys do? Is that something that's in -- more in the innovation phase side of things right now?

好的。太好了。我想再問一個問題。您能否詳細講一下您在開場白中提到的多路復用系統？它們有哪些應用？它是否用於你們正在進行的CANDU相關工作？目前，這方面還處於創新階段嗎？

Yes. So multiplex, very excited about this patent protected business. It is around the decommissioning area of the business and decommissioning is used in the traditional nuclear reactors. It is a normal course process and they go through decommissioning and then often they'll recommission a new nuclear reactor.

是的。所以，多路復用技術公司對這項受專利保護的業務感到非常興奮。它圍繞著退役領域開展業務，而退役技術通常用於傳統的核反應器。這是一個正常的流程，他們會先進行退役，然後通常會重新啟用一個新的核反應器。

This allows them to be more efficient, more space conscious, and it is an area that truly helps in the process around decommissioning. And we have won awards, and we do have a funnel that's built around this business in this market.

這讓他們更有效率，更注重空間利用，這對退役流程也起到了真正的幫助。我們屢獲殊榮，並且在這個市場中，我們確實圍繞著這項業務建立了一個銷售漏斗。

Michael Glen, Raymond James.

麥可格倫、雷蒙詹姆斯。

This is actually Fred Gatali on for Michael Glen and congrats, Andrew. Let me start with Life Sciences regarding the ordering sector business, how diversified is the business outside of GLP-1 applications? Is the book revenue concentrated in GLP-1? Or are there other emerging or growing categories for auto injectors.

我是 Fred Gatali，代表 Michael Glen 發言，恭喜你，Andrew。首先我想談談生命科學領域的訂購業務，除了 GLP-1 應用之外，業務的多元化程度如何？帳面收入是否集中在 GLP-1 上？或者，自動注射器領域還有其他新興或正在成長的類別嗎？

Yes. So the majority is -- the majority of our auto-injector business is tied to GLP-1. In terms of diversification, we have 10 active customers in that space today. So it is fairly well diversified. The other area I would point out is, while a lot of these -- a lot of the demand for these drugs is being driven by weight loss and obesity treatments in addition to diabetes treatment.

是的。所以我們的自動注射器業務主要與GLP-1相關。就產品多元化而言，目前我們在該領域有10個活躍客戶。因此，我們的產品多元化程度相當高。我想指出的另一個面向是，雖然這些藥物的需求很大一部分來自減重和肥胖症治療，以及糖尿病治療。

There's a lot of research and work being done by these drug manufacturers around new applications. So things like cardiovascular health, neurological disorders. So it's a fast-growing area and an area we continue to see a lot of opportunity in.

這些製藥商正在圍繞新的應用進行大量研究和工作，例如心血管健康、神經系統疾病等。因此，這是一個快速發展的領域，我們持續看到大量機會。

Great. And then on Life Sciences, further, so this is a slowdown from a much lower pace in fiscal '25. Can you just indicate what categories of products or that slower piece of bookings?

太好了。接下來是生命科學業務，比起25財年的低速成長，今年的成長速度有所放緩。能否具體說明哪些產品類別或訂單量有所放緩？

So you're asking about the quarter itself?

所以你問的是本季本身的狀況？

Correct.

正確的。

Yes. I mean, like I said, it's there are some larger programs in the prior year first quarter. Some were tied to wearables in the space. I think the auto-injector, it was still a big piece of Q1 bookings or a significant piece, but was lower year-over-year. I mean it really is, as we talked about kind of normal course variability with -- it's just timing of some larger programs.

是的。就像我說的，去年第一季確實有一些規模較大的項目。有些與穿戴式裝置相關。我認為自動注射器仍然是第一季訂單的很大一部分，或者說是相當重要的部分，但比去年同期有所下降。我的意思是，正如我們之前討論的，這確實是一種正常的流程變化——這只是一些大型專案的時間表問題。

All right. And then last one for me. Just PAUSE on the timeline associated with bringing the working capital back into the 15% range -- can you talk about that? And then in addition, maybe highlight where working capital remains elevated right now? What segments or product lines?

好的。最後一個問題。暫停一下，關於將營運資本恢復到15%左右的時間表——你能談談嗎？此外，能否強調一下目前營運資本在哪些領域仍保持在高水準？哪些細分市場或產品線？

Yes. I talked a little bit about this. I think our expectation is to get there for the end of the year. And it's really in two areas. Part of it is kind of the structural change I talked about with adding more product-based businesses. And there, the opportunity is primarily in inventory terms a little bit on payment terms in the order to cash cycle.

是的，我稍微談了一下。我認為我們的預期是在年底前實現這一目標。這主要體現在兩個方面。一方面是我之前提到的結構性變化，也就是增加更多基於產品的業務。另一方面，機會主要體現在庫存方面，以及訂單到現金週期的付款方面。

In the custom automation business, that's more of a timing. And we're going to see that variability quarter-to-quarter. That's normal course for us. But overall, the opportunity there is primarily in payment terms and that order to cash cycle.

在客製化自動化業務中，這更多的是一個時間問題。我們會看到這種季度變化。這對我們來說很正常。但總的來說，機會主要在於付款條件和訂單到現金週期。

There is no further questions at this time. I will now turn the call over to Andrew Hider for closing remarks. Andrew?

目前沒有其他問題了。現在我將把電話交給安德魯·海德，請他做最後發言。安德魯？

Yes. Thank you, operator, and I invite you all to participate in our Annual Shareholders Meeting, which will be all virtually today at 10:30 AM Eastern Time. Details are certainly in the management info circular.

是的。謝謝接線員，我誠摯邀請大家參加我們的年度股東大會，會議將於今天東部時間上午10:30以線上方式舉行。詳情請參閱管理層資訊通告。

Lastly, thank you for joining us. Stay safe, and goodbye for now.

最後，感謝大家的參與。祝大家平安，再見！

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。