ATS Corp (ATS) 2026 Q2 法說會逐字稿

Welcome to the ATS Corporation second-quarter conference call and webcast. This call is being recorded on November 5, 2025, at 8:30 AM Eastern Time. Following the presentation, we will conduct a question-and-answer session.

歡迎參加 ATS 公司第二季財報電話會議和網路直播。本次通話於美國東部時間 2025 年 11 月 5 日上午 8:30 進行錄音。演講結束後，我們將進行問答環節。

I'd now like to turn the call over to David Ocampo, Head of Investor Relations at ATS.

現在我想把電話交給 ATS 投資者關係主管 David Ocampo。

Thank you, operator, and good morning, everyone. On the call today are Ryan McLeod, Interim Chief Executive Officer of ATS; and Anne Cybulski, Interim Chief Financial Officer. Please note that our remarks today are accompanied by a slide deck, which can be viewed via our webcast and available at atsautomation.com.

謝謝接線員，大家早安。今天參加電話會議的有 ATS 臨時執行長 Ryan McLeod 和臨時財務長 Anne Cybulski。請注意，我們今天的發言附有幻燈片，可透過我們的網路直播觀看，也可在atsautomation.com上查看。

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 the making the statements, are detailed in slide 3 of the slide deck.

我們提醒各位，網路直播和電話會議中發表的聲明可能包含前瞻性信息，我們關於此類信息的警示性聲明，包括可能導致實際結果與聲明存在重大差異的重大因素以及發表聲明時所應用的重大因素或假設，詳見幻燈片第 3 頁。

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

現在我很高興把電話交給瑞恩。

Thank you, David, and welcome to ATS. It's great to have you on the team. Good morning, everyone, and thank you for joining us today.

謝謝你，David，歡迎來到ATS。很高興你加入團隊。各位早安，感謝大家今天收看我們的節目。

Today, ATS reported second-quarter results for fiscal '26, highlighted by strong organic revenue growth and an improvement in adjusted earnings margins in line with our expectations. These results reflect the strength of our decentralized organization and the collective efforts of our teams.

今天，ATS公佈了2026財年第二季業績，亮點包括強勁的內生收入成長和調整後利潤率的改善，符合我們的預期。這些成果體現了我們去中心化組織的優勢以及我們團隊的集體努力。

During this leadership transition period, it is business as usual as we build on our culture of continuous improvement through the ATS business model with a clear focus on creating value across our diversified global portfolio. As we've previously discussed, the Board began its search for a permanent CEO over the summer and is now well into the process, while our entire senior leadership team remains intensely focused on advancing our strategic growth priorities. This morning, I will update you on the business and our markets, and Anne will provide her financial report.

在領導層過渡期間，一切照常進行，我們將繼續秉承 ATS 商業模式，不斷改進企業文化，並明確專注於為我們多元化的全球投資組合創造價值。正如我們之前討論過的，董事會在夏季開始尋找正式的首席執行官，目前這項工作已經進展順利，而我們整個高級領導團隊仍然高度專注於推進我們的戰略增長重點。今天上午，我將向大家報告公司業務和市場狀況，安妮將提供她的財務報告。

Starting with our financial value drivers. Order bookings were $734 million, up 6% sequentially, reflecting solid performance and strength across our diversified end markets. Q2 revenues were $729 million, up 19% from Q2 last year, driven primarily by organic growth and supported by solid performance in services. Adjusted earnings from operations in Q2 were $79 million.

首先從我們的財務價值驅動因素著手。訂單金額達 7.34 億美元，季增 6%，反映出我們在多元化終端市場的穩健表現和強勁勢頭。第二季營收為 7.29 億美元，比去年第二季成長 19%，主要得益於內生成長，並得到了服務業務穩健表現的支持。第二季調整後營業利潤為7,900萬美元。

Moving to our outlook. Order backlog of approximately $2.1 billion continues to provide good revenue visibility. Our opportunity funnel remains healthy and well diversified. Within Life Sciences, order backlog at quarter end remained strong at $1.1 billion, supported by demand across submarkets.

接下來談談我們的展望。約 21 億美元的訂單積壓繼續為收入提供了良好的可見性。我們的機會管道依然健康且多元化。在生命科學領域，季末訂單積壓額依然強勁，達到 11 億美元，這得益於各細分市場的需求。

Importantly, the wider life sciences funnel includes a mix of opportunities in radiopharma, auto-injectors, diagnostic wearables, and automated pharmacies. ATS works with a broad set of leading GLP-1 customers, providing diversification across platforms and drug delivery formats. In addition, as other applications for GLP-1 therapies emerge, including for treatment of cardiovascular and neurological disorders, ATS is well positioned to support providers of drug delivery solutions.

重要的是，更廣泛的生命科學領域包括放射性藥物、自動注射器、診斷穿戴式裝置和自動化藥局等多種機會。ATS 與眾多領先的 GLP-1 客戶合作，提供跨平台和藥物輸送形式的多樣化服務。此外，隨著 GLP-1 療法的其他應用出現，包括用於治療心血管和神經系統疾病，ATS 已做好充分準備，為藥物傳輸解決方案提供者提供支援。

Momentum remains especially strong in the radiopharma space, supported by investments in production capacity and the advancement of new therapeutics. To support growth and meet evolving customer needs, our recently opened Comecer Competence Center in Indianapolis delivers enhanced service capabilities and faster response times for customers in North America. During the quarter, Comecer secured new wins in diagnostic and therapeutic projects, advancing next-generation capabilities for radiopharmaceutical production.

在生產能力投資和新療法研發的推動下，放射性藥物領域的成長動能依然強勁。為了支持成長並滿足不斷變化的客戶需求，我們最近在印第安納波利斯開設的 Comecer 能力中心為北美客戶提供增強的服務能力和更快的回應時間。本季度，Comecer 在診斷和治療計畫方面取得了新的突破，推進了下一代放射性藥物生產能力​​。

Within the lab research space, government-funded customers continue to take a more measured approach to capital investment given the changing US funding environment. While orders from these customers represent a small portion of our overall business, our Lab Equipment businesses have been leveraging the common ABM framework to improve joint commercial initiatives and to expand shared access to their individual customer bases.

在實驗室研究領域，鑑於美國資金環境的變化，政府資助的客戶在資本投資方面繼續採取更謹慎的態度。雖然這些客戶的訂單只占我們整體業務的一小部分，但我們的實驗室設備業務一直在利用通用的 ABM 框架來改善聯合商業計劃，並擴大對各自客戶群的共享存取。

In Food and Beverage, quarter-end backlog was $218 million with customer wins in multiple regions during Q2 in primary processing and in sorting and inspection supported by internally developed products and technology. Our Food and Beverage funnel remains strong with customer investment focused on automation that enhances yield, quality, and energy efficiency across our comprehensive solutions, spanning primary processing, inspection, primary and secondary packaging, and aftermarket support.

在食品飲料產業，季末積壓訂單為 2.18 億美元，第二季在初級加工、分類和檢驗等多個地區贏得了客戶，這得益於內部開發的產品和技術。我們的食品飲料通路仍然強勁，客戶投資重點在於自動化，這提高了我們全面解決方案的產量、品質和能源效率，涵蓋初級加工、檢驗、初級和二級包裝以及售後支援。

In Energy, order backlog was a record $277 million, up 154% over Q2 last year. This increase was driven primarily by nuclear refurbishment projects as operators continue to invest in life extension programs. The nuclear funnel continues to broaden beyond refurbishment, covering service and new nuclear reactor builds, including small modular reactors.

能源產業訂單積壓額達到創紀錄的 2.77 億美元，比去年第二季成長 154%。這一增長主要是由核電站翻新項目推動的，因為運營商繼續投資於延壽計劃。核能產業鏈不斷擴展，不再局限於翻新改造，而是涵蓋了在役核反應器和新建核反應堆，包括小型模組化反應器。

On new builds, initial activity centers on early phase design and engineering programs that support modular fabrication of reactor structures and fuel handling systems. These programs position ATS to participate as projects move into commercial deployment. While order timing may vary, supportive policies and growing demand for clean and reliable energy, including from data centers, support a strong outlook for nuclear.

在新建造過程中，初期活動主要集中在早期階段的設計和工程方案上，這些方案支援反應器結構和燃料處理系統的模組化製造。這些項目使 ATS 能夠在專案進入商業部署階段時參與其中。雖然訂單交付時間可能會有所不同，但扶持性政策和對清潔可靠能源（包括資料中心）日益增長的需求，支撐了核能的強勁前景。

In Consumer Products, our funnel remains stable with ongoing programs in personal care and household goods packaging, along with warehouse automation. In Transportation, the funnel consists of relatively smaller opportunities, consistent with our expectations. Our capabilities in battery assembly allow us to win and deliver on these opportunities as they arise. Overall, our balanced exposure to regulated and growth-oriented end markets, along with a strong order backlog, positions us well to navigate the current environment.

在消費品領域，我們的銷售管道保持穩定，個人護理和家居用品包裝項目以及倉庫自動化項目都在持續推進。在交通運輸領域，機會管道由相對較小的機會組成，這與我們的預期一致。我們在電池組裝方面的能力使我們能夠抓住並實現這些機會。總體而言，我們在受監管和成長型終端市場方面的均衡佈局，以及強勁的訂單儲備，使我們能夠很好地應對當前的市場環境。

Turning to the ATS business model, it remains central to how we operate and is well embedded into our culture. I recently attended our global ABM Conference where our continuous improvement leaders from across the business demonstrated their commitment to driving the ABM, along with a renewed focus on creating impact for customers and shareholders through disciplined execution and operational efficiency.

就 ATS 商業模式而言，它仍然是我們營運的核心，並且已經深深融入我們的企業文化中。我最近參加了我們的全球 ABM 大會，會上，來自公司各部門的持續改進領導者們展示了他們致力於推動 ABM 的決心，並重新聚焦於透過嚴謹的執行和營運效率為客戶和股東創造影響。

I continue to be impressed by our team's use of the ABM to drive value within their operations. This includes daily visual management tools to create immediate focus and drive problem solving as well as sustained process improvements through Kaizen and strategy deployment.

我對我們的團隊利用 ABM 在營運中創造價值的方式印象深刻。這包括使用日常視覺化管理工具，以便立即集中精力並推動問題解決，以及透過改善和策略部署實現持續的流程改善。

On M&A, our funnel is healthy and active as we cultivate and review opportunities that align with our long-term strategic priorities. We continue to integrate our more recent acquisitions and drive further synergies, particularly through shared customer access and integrated offerings from across our portfolio. We're also working diligently to return leverage to within our target range with good progress made during the quarter.

在併購方面，我們的通路健康且活躍，我們會不斷篩選和評估符合我們長期策略重點的機會。我們將繼續整合近期收購的業務，並進一步發揮協同效應，特別是透過共享客戶資源和整合我們產品組合中的產品和服務。我們也在努力將槓桿率恢復到目標範圍內，本季已取得良好進展。

On innovation, we have further developed our Illuminate Manufacturing intelligence platform to support new deployments of select businesses, including some of our more recent acquisitions. These efforts allow us to efficiently integrate equipment, standardize data capture and analytics, and improve visibility across our installed base.

在創新方面，我們進一步開發了 Illuminate Manufacturing 智慧平台，以支援特定業務的新部署，包括我們最近的一些收購項目。這些努力使我們能夠有效率地整合設備，規範數據採集和分析，並提高我們已安裝設備的可見度。

The 2025 ATS Innovation Summit is being held this week, bringing together key innovation leaders from across the ATS organization. Through panels and workshops, the summit seeks to foster a unified innovation ecosystem, accelerate product development, and strengthen collaboration on translating emerging technologies into customer value. Our investment in innovation has been core to our strategy and remains a key differentiator for ATS.

2025 年 ATS 創新高峰會本週舉行，匯聚了來自 ATS 組織各部門的關鍵創新領導者。峰會將透過小組討論和研討會，力求培育統一的創新生態系統，加速產品開發，並加強在將新興技術轉化為客戶價值方面的合作。我們對創新的投入一直是公司策略的核心，也是ATS的關鍵差異化優勢。

In summary, our results this quarter reflect good progress across our value drivers, supported by a strong backlog. Our advantages today, including our global footprint, our talented workforce aligned around our ABM culture, and our strong customer relationships will serve us well in advancing our growth and long-term value creation strategy for the future.

總而言之，本季我們的業績反映了我們在各項價值驅動因素方面取得的良好進展，這得益於強勁的訂單儲備。我們目前的優勢，包括我們的全球佈局、圍繞 ABM 文化而團結一致的優秀員工隊伍以及強大的客戶關係，將為我們推進未來的成長和長期價值創造策略提供良好的支持。

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

現在我將把通話交給安妮。安妮，該你了。

Thank you, Ryan, and good morning, everyone. Starting with our operating results for the quarter. Order bookings were $734 million, down 1.1% compared to Q2 last year, which included several larger enterprise bookings in Life Sciences. This was largely offset by growth in all other markets over last year. Our trailing 12-month book-to-bill ratio at the end of Q2 remained healthy at 1.12:1 and was at or above 1 across all market verticals.

謝謝你，瑞恩，大家早安。首先，我們來看看本季的經營業績。訂單金額為 7.34 億美元，比去年第二季下降 1.1%，其中包括生命科學領域的幾筆較大的企業訂單。去年其他所有市場的成長基本上抵消了這一影響。截至第二季末，我們過去 12 個月的訂單出貨比保持在 1.12:1 的健康水平，並且在所有市場垂直領域均達到或超過 1。

Revenues for the second quarter were $729 million, up 18.9% compared to last year, including organic growth of 12.6%, along with a 3.9% benefit from foreign exchange translation and a 2.4% contribution from acquisitions.

第二季營收為 7.29 億美元，比去年同期成長 18.9%，其中有機成長 12.6%，外匯折算收益 3.9%，收購貢獻 2.4%。

Moving to earnings. Second-quarter adjusted earnings from operations were $79.1 million, a 40% increase from prior year, primarily on higher revenue volumes. Gross margin for Q2 was 29.9%, a 36-basis-point increase on Q2 last year.

接下來是獲利部分。第二季調整後營業收入為 7,910 萬美元，較上年同期成長 40%，主要得益於營收成長。第二季毛利率為 29.9%，較去年第二季成長 36 個基點。

On SG&A, excluding acquisition-related amortization and transaction costs, expenses in the first quarter totaled $134.5 million, a $14.5 million increase over the prior year, primarily a result of incremental SG&A from acquired companies and FX translation impact. Excluding a recovery related to forfeitures from our former CEO's departure and mark-to-market impact related to changes in our share price, stock-based compensation expense was $4.3 million in Q2. Earnings per share were $0.45 on an adjusted basis.

銷售、一般及行政費用（SG&A），不包括與收購相關的攤銷和交易成本，第一季度的總費用為 1.345 億美元，比上年同期增加了 1450 萬美元，這主要是由於收購公司帶來的額外銷售、一般及行政費用以及外匯折算的影響。除前任執行長離職造成的損失和股價變動帶來的市值影響外，第二季股票選擇權費用為 430 萬美元。經調整後，每股收益為 0.45 美元。

Moving to our outlook, we ended the quarter with an order backlog of approximately $2.1 billion. Q3 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. This quarter, we have identified an opportunity to realign our cost structure to strategic focus areas and to drive global operational efficiencies.

展望未來，本季末我們的訂單積壓約21億美元。第三季預計營收將在7億美元至7.4億美元之間。提醒各位，此評估每季更新一次，會考慮當前訂單積壓和本季已預訂和已開立的新訂單的收入預期。本季度，我們發現了一個機會，可以調整成本結構，使其與策略重點領域相匹配，並提高全球營運效率。

We estimate restructuring costs of approximately $15 million will be incurred in the final half of this fiscal year with an expected payback of less than one year. For clarity, there is no change to our expectations for full year high single-digit revenue growth as previously disclosed. We continue to expect adjusted operating margin improvement on a full year basis in fiscal '26. ABM discipline and tools help to create focus across all of our value drivers, including margin expansion.

我們預計本財年下半年將產生約 1,500 萬美元的重組成本，預計不到一年即可收回成本。為明確起見，我們先前揭露的全年高個位數營收成長預期並未改變。我們持續預期 2026 財年全年調整後營業利益率將會提高。ABM 的理念和工具有助於我們專注於所有價值驅動因素，包括利潤率的提升。

The macro environment remains dynamic, including geopolitical tensions and trade and tariff considerations. As a reminder, the majority of our exports from Canada into the US remain covered under the USMCA. Our global and decentralized operating model positions us well to navigate market dynamics to serve customers where they are deploying capital. In this environment, ATS continues to execute well, maintaining leadership in our key submarkets and driving progress on our growth priorities.

宏觀環境依然瞬息萬變，包括地緣政治緊張局勢以及貿易和關稅的考量。再次提醒大家，我們從加拿大出口到美國的大部分商品仍然受美墨加協定 (USMCA) 的保護。我們全球化和分散的營運模式使我們能夠更好地應對市場動態，在客戶部署資本的地方為他們提供服務。在這種環境下，ATS 繼續保持良好的執行力，在我們的主要細分市場中保持領先地位，並推動我們在成長重點領域的進展。

Moving to the balance sheet. In Q2, cash flows from operating activities were $28 million. Our noncash working capital as a percentage of revenues was 18.3%. And while timing of milestone billings and collections do impact this percentage, our focus on driving working capital efficiency across the business and our target of 15% remains unchanged.

接下來查看資產負債表。第二季度，經營活動產生的現金流量為2,800萬美元。我們的非現金營運資本佔收入的18.3%。雖然里程碑式帳單和收款的時間表確實會影響這一百分比，但我們致力於提高整個業務的營運資本效率，並且我們 15% 的目標仍然不變。

We expect to see improvement by the end of the fiscal year. During the quarter, we invested $18.3 million in CapEx and intangible assets, reflecting our disciplined focus on innovation and strengthening our capabilities. For fiscal '26, we expect our CapEx and intangible investment to be within our previously disclosed range of $80 million to $100 million.

我們預計到本財年末情況將會有所改善。本季度，我們在資本支出和無形資產方面投資了 1,830 萬美元，這反映了我們對創新和增強自身能力的嚴謹關注。對於 2026 財年，我們預計資本支出和無形投資將在我們先前揭露的 8,000 萬美元至 1 億美元範圍內。

On leverage, our net debt to adjusted EBITDA ratio was 3.4 times. This progress since the beginning of the year supports our expectation of reducing leverage to within our target range of 2 to 3 times.

就槓桿而言，我們的淨負債與調整後 EBITDA 比率為 3.4 倍。今年以來的進展支持了我們降低槓桿率至 2 至 3 倍目標範圍的預期。

In summary, we are pleased with second-quarter results and with the alignment of our leadership team and global employee base as we continue to execute on our plans and drive the business forward. Our strong order backlog supports our outlook for sustained growth and our expectations for revenue and margin expansion in fiscal '26 are unchanged.

總而言之，我們對第二季度的業績以及領導團隊和全球員工隊伍的協調一致感到滿意，我們將繼續執行我們的計劃並推動業務向前發展。我們強勁的訂單儲備支撐了我們對持續成長的展望，我們對 2026 財年營收和利潤率成長的預期保持不變。

ATS is leveraging our culture of continuous improvement and our embedded structural advantages to drive tangible value through a consistent disciplined approach. We are confident that our team's continued efforts will deliver value to both our customers and shareholders.

ATS 正在利用我們持續改進的文化和我們固有的結構優勢，透過始終如一的嚴謹方法創造實際價值。我們相信，團隊的持續努力將為我們的客戶和股東創造價值。

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

現在我們將開放問答環節，接受分析師的提問。操作員，請提供操作說明？謝謝。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作說明）Cherilyn Radbourne，TD Cowen。

When we look at your results, the one thing that is of some concern to us is that it appears bookings momentum has slowed over the last six months relative to the second half of last year. So just curious what gives you confidence that that's just normal lumpiness in the business and not something more?

從你們的業績來看，有一點讓我們比較擔心，那就是過去六個月的預訂動能似乎比去年下半年放緩。所以，我很好奇是什麼讓你確信這只是業務中正常的波動，而不是更嚴重的問題？

So I mean, a couple of things. First of all, I mean, when we look at the state of the business, there is normal course variability and there are some larger programs which can really drive that. But our book-to-bill is healthy at 1.12. From a backlog perspective, we're up about 14%, 13.5%, 14% year over year. So we're in a really good position from a backlog standpoint.

我的意思是，有兩件事。首先，我的意思是，當我們審視企業現狀時，會發現有正常的波動，而有些大型專案確實會對此產生影響。但我們的訂單出貨比為 1.12，處於健康水準。從積壓訂單來看，我們年增了約 14%、13.5% 和 14%。所以從積壓工作量來看，我們處境非常有利。

But I think importantly, to your question, funnel activity -- and I talked about it a little bit in my prepared remarks -- but in general, it is healthy across our vertical markets. So Life Sciences, really good activity. Auto-injectors remains very active. We're seeing a lot of activity in radiopharma as well as medical -- general medical device wearables, contact lenses, automated pharmacy. So a lot of activity across Life Sciences, which supports that outlook.

但我認為，對於你的問題而言，漏斗活動——我在準備好的演講稿中也稍微談到了這一點——總體而言，它在我們各個垂直市場中都很健康。所以，生命科學，真是一項很棒的活動。自動注射器仍然非常活躍。我們看到放射性藥物以及醫療領域（包括一般醫療器材、穿戴式裝置、隱形眼鏡、自動化藥局）都非常活躍。因此，生命科學領域的許多活動也印證了這個觀點。

Food continues to be strong. We're seeing some really good uptake and interest based on what we're doing in primary processing, packaging, as well as some of the inspection and sorting capability that we have.

食品業依然強勁。基於我們在初級加工、包裝以及我們的一些檢驗和分類能力方面所做的工作，我們看到了一些非常好的接受度和興趣。

Consumer is stable. It's been very resilient. And transportation is as we expected, it's lower relative to where it was a couple of years ago, but there's still opportunities that are arising. I think the other area that we're seeing a lot of growth opportunity in is energy, and there's a lot happening.

消費者情緒穩定。它非常頑強。正如我們預期的那樣，交通運輸行業相對於幾年前的水平有所下降，但仍存在一些機會。我認為另一個我們看到很多成長機會的領域是能源，而這個領域正在發生很多變化。

Refurbishment has continued to be active. We're seeing good activity in decommissioning and maybe a bit more mid- to long term, but certainly accelerating is the new nuclear space. So new builds, whether it's conventional technology or SMRs, we're seeing a lot of activity in that space and participating in a lot of early-stage projects to support the ongoing build-out that's going to be coming in that -- in the nuclear space.

翻新工程一直在進行中。我們看到退役領域活動良好，中長期發展可能也會更加活躍，但肯定是在加速發展的是新的核能領域。因此，無論是傳統技術還是小型模組化反應器 (SMR)，我們都看到該領域非常活躍，並參與了許多早期項目，以支持核能領域即將進行的持續建設。

So overall, I mean, as I said, our funnels were very positive in terms of where they sit and support the continued growth that we expect.

所以總的來說，我的意思是，正如我所說，我們的銷售漏斗在目前的位置上表現非常積極，並支持我們預期的持續成長。

Okay. That's helpful color. And then just specifically, how did the services business perform in the second quarter? And along with that, are you intending to recruit someone to replace Simon Roberts to head that segment?

好的。這是個很有幫助的顏色。那麼具體來說，服務業務在第二季的表現如何？此外，您是否打算招募人選來接替西蒙·羅伯茨，負責該部門的工作？

Hi, Cherilyn, I'll start with the numbers question. So overall, we're happy with the performance of the service business in the quarter, also on a year-to-date basis. I would call the performance strong. There were some EV numbers in the comparatives but really good performance across other areas of the business. And services, as you know, are kind of reoccurring in nature.

嗨，Cherilyn，我先從數字問題開始。總的來說，我們對本季服務業務的表現感到滿意，年初至今的表現也令人滿意。我認為這是一場精彩的演出。雖然對比數據中存在一些企業價值（EV）數據不佳的情況，但公司在其他業務領域表現非常出色。如您所知，服務具有一定的周期性。

So we have some in the numbers that are like upgrades that are less regular, but services remains strategic to our overall growth plans. So good performance, happy with what we're seeing across the business, and I'll let Ryan comment on the other piece.

因此，我們的一些服務升級不太常見，但服務仍然是我們整體成長計畫的策略組成部分。所以業績不錯，對公司整體發展很滿意，至於其他方面，就讓瑞恩來評論吧。

Yeah. So Cherilyn, the short answer is yes. I mean, first of all, we're very pleased that Simon has taken on the leadership role within our Packaging and FoodTech business. Simon is a long-time ATS executive, very experienced, knows the business very well. And aftersales is an attractive opportunity within packaging and FoodTech. So very well aligned with some of Simon's background. And we will be replacing that role, yes.

是的。所以，Cherilyn，簡而言之，答案是肯定的。首先，我們非常高興 Simon 在我們包裝和食品科技業務中擔任領導角色。Simon 是一位資深的 ATS 主管，經驗非常豐富，對業務非常了解。售後服務在包裝和食品科技領域是一個極具吸引力的機會。這與西蒙的一些背景非常契合。是的，我們會取代這個角色。

Sabahat Khan, RBC.

薩巴哈特·汗，RBC。

I guess just looking ahead to sort of the back half of this year and into fiscal '27, as you think about the margin trajectory, at this point in the cycle, do you think it's more driven by some incremental initiatives you need to take on the cost reduction side? I know you announced the restructuring a little bit this morning. Or is it more from sales picking up on a more consistent basis over the next four to six quarters that sort of gets you moving towards the medium to longer-term targets you have on the margin side? Thanks.

我想，展望今年下半年以及 2027 財年，在考慮利潤率走勢時，在這個週期階段，您認為利潤率的下降更多是由您需要在成本削減方面採取的一些漸進式舉措所驅動的嗎？我知道你今天早上已經宣布了重組計劃。或者說，未來四到六個季度銷售額的持續成長，才是實現中長期獲利目標的關鍵？謝謝。

So let me start with just reiterating what we're expecting on a full-year basis from a margin expansion perspective. It remains an area of focus for us. There's nothing really in the backlog that I'd call out that would drive a different view. We do continue to have a number of levers available to us to drive improvement across the board on margin. We've talked about those before. And I think the growth of the business will continue to support that margin expansion expectation.

首先，讓我重申一下我們對全年利潤率擴張的預期。這仍然是我們關注的重點領域。待辦事項清單裡沒有特別需要指出、足以改變我看法的事。我們仍然有很多方法可以全面提高利潤率。我們之前討論過這些。我認為業務成長將繼續支撐利潤率擴張的預期。

On the restructuring, one of the areas that we expect to see is while we will have some cost savings from that, we would also expect to be able to reinvest some of those savings in higher growth areas of the business as well as in innovation. So overall, a number of levers available to us to continue to drive towards that longer-term objective that you referenced.

關於重組，我們預計其中一個方面是，雖然這將節省一些成本，但我們也希望能夠將節省下來的部分資金再投資於業務中成長更快的領域以及創新。總的來說，我們有很多方法可以繼續朝著您提到的長期目標邁進。

Great. And then just for a follow-up, I guess, as you think about sort of the inorganic side, it sounds like you are still sort of keeping your options open, but should we expect that to pick up in a more meaningful way when leverage sort of has in that with a two handle on it? Or is that something you're sort of open to right now? And if so, what are some of the end markets in focus as it relates to your pipeline? Thanks.

偉大的。然後，我想補充一點，當您考慮非有機增長方面時，聽起來您仍然在保持各種選擇，但是當槓桿作用發揮了作用，並且有兩個把手時，我們是否應該期待這種情況會以更有意義的方式得到改善呢？或者說，你現在對這方面持開放態度？如果是這樣，那麼就您的產品線而言，您重點關注的終端市場有哪些？謝謝。

So yeah, I mean, we're certainly very active in cultivating, reviewing opportunities. At the same time, we are, as Anne said in her prepared remarks, focused on bringing our leverage down. And really, that provides us more flexibility.

是的，我的意思是，我們當然非常積極地去培養和評估各種機會。同時，正如安妮在事先準備好的演講稿中所說，我們正致力於降低我們的影響力。實際上，這給了我們更大的靈活性。

Cultivation does take time. We have seen good activity over the last several months in terms of what's happening in our funnel. But I mean, we're going to be prudent in how we go forward here, certainly conscious of where we're trading right now. I mean, equity remains an option for us. And as I said, we're conscious of where we're trading right now. But for the right deal and in the right circumstance, that certainly remains an option for us.

耕耘需要時間。過去幾個月，我們的銷售漏斗活動表現良好。但我的意思是，我們接下來會謹慎行事，當然也會清楚我們目前的交易狀況。我的意思是，股權仍然是我們的一種選擇。正如我所說，我們很清楚我們目前的交易位置。但是，如果條件合適，這當然仍然是我們的一種選擇。

So just to go back, I mean, the US listing, one of the rationale there was that does make our shares more attractive as currency and M&A. So all of those options remain on the table. But as I said, we do want to delever as that ultimately provides us more flexibility. At the same time, there's an active market right now. So we're going to find the right balance on both.

所以，回到正題，我的意思是，在美國上市的理由之一是，這確實使我們的股票在貨幣兌換和併購方面更具吸引力。所以所有這些選項仍然都在考慮範圍內。但正如我所說，我們確實希望降低槓桿率，因為這最終會為我們帶來更大的靈活性。同時，目前市場十分活躍。所以我們要在這兩者之間找到適當的平衡點。

Maxim [Sytchev], National Bank of Canada Markets.

Maxim [Sytchev]，加拿大國家銀行市場部。

Ryan, I was wondering if it's possible to get a bit of your general sense on the healthcare space. I mean, we seem to seeing more health care M&A as the pharma companies need to replace the pipelines. I guess how quickly can we see potentially sort of inflection point in terms of opportunities on that side, even though like obviously, you're quoting a pretty healthy funnel? But just curious around your general thoughts in relation to that. Thank you.

Ryan，我想請你談談對醫療保健領域的整體看法。我的意思是，隨著製藥公司需要更新產品線，我們似乎看到醫療保健領域的併購活動越來越多。我想問的是，我們多久才能看到這方面的潛在轉折點，儘管很明顯，你提到的渠道數據相當健康？我只是好奇你對此有什麼看法。謝謝。

Yeah. I mean, Max, I'll probably reiterate a little bit of what I said, but we are seeing good activity in our funnel. And so if I start with auto-injector, and that's really the drug delivery format that's really being used in -- with GLP-1 drugs, we're in the middle of executing some larger programs there. But as I said, funnel activity is still encouraging.

是的。我的意思是，Max，我可能還會重複我之前說過的一些話，但是我們看到銷售漏斗的活躍度很好。因此，如果我從自動注射器開始，而這正是目前真正用於 GLP-1 藥物的給藥方式，我們正在執行一些更大的專案。但正如我所說，銷售漏斗的活動仍然令人鼓舞。

And some of that is tied to continued expansion of those drugs and consumer adoption and as well as some new therapies. And I mentioned conditions such as cardiovascular health and neurological conditions, which are -- there's research and trials ongoing to support GLP-1s as therapies for those conditions. So all of that, we do expect to drive continued growth in the auto-injector space. And we're also working with customers on new technologies there. So a lot of the drug delivery today is single-use auto-injectors, and there's a move towards fixed dosage multi-dose auto-injectors.

其中一些與這些藥物的持續推廣和消費者接受度以及一些新療法有關。我還提到了心血管健康和神經系統疾病等情況，目前有研究和試驗正在支持 GLP-1 作為這些疾病的療法。因此，我們預計所有這些因素將推動自動注射器領域的持續成長。我們也在那裡與客戶合作開發新技術。所以目前很多藥物傳遞方式都是一次性自動注射器，而且現在正朝著固定劑量多劑量自動注射器發展。

So rather than onetime use and throw it away, it can be used for multiple injections. So there is, as I said, a good funnel there and good activity. I think -- sorry, just -- yes. The other area that I mentioned, but I'll spend a little bit more time on is radiopharma. And that's very active. There's a lot of drug discovery, drug development happening, customers moving from R&D into clinical trials and then into commercial manufacturing.

因此，它不是一次性使用後就丟棄的，而是可以多次注射。所以正如我所說，那裡有一個很好的管道和良好的活動。我想——抱歉，只是——是的。我提到的另一個領域，但我會花更多時間討論，是放射性藥物領域。而且非常活躍。目前藥物發現和藥物開發進展迅速，客戶從研發階段過渡到臨床試驗階段，然後進入商業化生產階段。

And so we've been winning projects in new diagnostics and therapeutic applications, and there's a lot of activity happening in that space. And it's very exciting. And we talked -- I talked in my prepared remarks about our Comecer Competence Center, which recently opened in Indianapolis, and that really positions us well to provide regional support in North America, collaborate more closely with our customers and have an improved service response time for customers in that region.

因此，我們在新的診斷和治療應用領域贏得了許多項目，而且該領域非常活躍。這真是太令人興奮了。我們進行了交談——我在準備好的演講稿中談到了我們最近在印第安納波利斯開設的 Comecer 能力中心，該中心確實使我們能夠更好地為北美地區提供支持，與我們的客戶更緊密地合作，並為該地區的客戶提供更快的服務響應時間。

Yeah, that's great color. Thank you so much. And then maybe just a question in relation to nuclear. And I'm not sure if Anne wants to take this one. But in terms of -- I mean, obviously, backlog is up significantly in that space. But how should we think about the tail of that backlog to revenue conversion? Can you -- like is there anything different in relation to these projects? Can you provide any more color there? Thank you.

是啊，這顏色真好看。太感謝了。然後或許可以問一個與核能有關的問題。我不確定安妮是否願意接受這份工作。但就——我的意思是，很顯然，該領域的積壓工作量大幅增加。但是，我們該如何看待積壓訂單轉化為收入的過程呢？請問－這些項目之間有什麼不同之處嗎？還能提供更多細節嗎？謝謝。

Hi, Max. So yeah, we've seen good growth in terms of the nuclear backlog, as you said. Most of the -- a good chunk of the backlog is related to the reactor refurbishment or life extension programs that are primarily CANDU technology driven. That said, there are a number of customers that we have also in the backlog that would represent our earlier participation from a design perspective in some of the new build work that is ongoing.

嗨，Max。是的，正如你所說，我們在核能訂單積壓方面看到了良好的成長。大部分積壓工作都與反應器翻新或延壽計劃有關，而這些計劃主要由 CANDU 技術驅動。也就是說，我們還有一些客戶的訂單積壓在內，這些訂單代表了我們之前從設計角度參與的一些正在進行的新建築項目。

So it's a good cross-section of customers in terms of overall weighting of the backlog. We'd expect to see that refurbishment work continue over the next, say, call it, 1.5, 2 years at a minimum and then be supplemented over the mid- to longer term with some of the work that we're doing on the new builds. So from an early participation standpoint on new builds, we're very active there. So -- and that's important to the longer-term play.

因此，就積壓訂單的整體權重而言，這是一個很好的客戶群樣本。我們預計翻新工作至少會在接下來的 1.5 到 2 年內繼續進行，然後在中長期內，我們會利用一些新建築項目來補充翻新工作。因此，從早期參與新專案的角度來看，我們在這方面非常活躍。所以——這對長遠發展至關重要。

Justin Keywood, Stifel.

Justin Keywood，Stifel。

I'll start off with leverage. Does the target remain to exit this fiscal year at 3 times?

我先從槓桿作用說起。本財年結束時的股價是否仍為原來的 3 倍？

Hi, Justin. Just the short answer is we do expect to come back within our targeted range by the end of the fiscal year. That's our goal.

嗨，賈斯汀。簡而言之，我們預計到本財年結束時，業績將回到目標範圍內。這就是我們的目標。

Okay. So suggest some healthy free cash flow generation over the next few quarters. And then just on the -- circling back on the nuclear, just to drill down here because in the backlog, it does show as the second largest segment, which is a bit surprising. And I understand that some of these projects are longer term in nature. But how should we see that Nuclear Energy segment as a percentage of revenue trending over the next year or over the next few years? Thank you.

好的。因此，建議在未來幾季內實現健康的自由現金流。然後，我們再回到核能這個主題，深入探討一下，因為在積壓訂單中，核能確實顯示為第二大部分，這有點令人驚訝。我知道其中一些項目是長期項目。但是，在未來一年或未來幾年內，我們應該如何看待核能業務佔總收入的百分比趨勢？謝謝。

Justin, so I mean, the short answer is it's going to grow. I don't want to get too specific in terms of percentage of business. But as you noted, it's become a significant part of our backlog. The activity in that space and the funnel activity is very healthy. We are working with a number of customers in the new build space in addition to the work that we continue to execute on in refurbishment.

賈斯汀，所以我的意思是，簡而言之，它會增長。我不想具體說明業務佔比多少。但正如您所指出的，它已經成為我們積壓工作中的一個重要部分。該區域的活動和漏斗活動都非常健康。除了繼續進行翻新改造工作外，我們還與許多新建專案的客戶合作。

Decommissioning also is a growing space. So there's a lot of opportunity, and it's an attractive growth opportunity for us. So it will continue to grow, but I'm not going to put a percentage on it in terms of how big of a business it will be.

退役也是一個不斷發展的領域。所以有很多機會，對我們來說這是一個很有吸引力的成長機會。所以它會繼續成長，但我不會用百分比來預測它會發展成多大規模的企業。

(Operator Instructions) Jonathan Goldman, Scotiabank.

（操作說明）喬納森‧戈德曼，加拿大豐業銀行。

Maybe just on the backlog, when do you expect to lap the large enterprise orders?

或許只是在處理積壓訂單方面，你們預計什麼時候能趕上大型企業訂單？

Just to make sure I heard your question, Jonathan, when do we expect to -- can you repeat it? I didn't hear you.

為了確保我聽清楚你的問題，喬納森，我們預計什麼時候——你能再說一遍嗎？我沒聽見。

Cycle over the large enterprise orders from last year. I think that seems like a pretty clear reason why backlog is kind of stabilized or not growing as fast. I just want to know when you would plan to lap those large tough comps from last year.

把去年的大企業訂單循環處理一遍。我認為這似乎可以很清楚地解釋為什麼積壓的工作量趨於穩定或成長速度不再那麼快。我只想知道你打算什麼時候參加去年那些大型高難度比賽。

So we are -- as I said in my prepared remarks, we're executing on some of those larger orders that we did book in Q2 last year. They are -- there's a number of those that are still in progress, and we continue -- we're getting into the later stages of them. That said, we continue to book new work. As Ryan talked about, the funnel is healthy. And so as we continue to execute on those larger programs, we'd expect the backlog to fill in with new work.

正如我在準備好的發言稿中所說，我們正在執行去年第二季預定的一些較大訂單。還有一些項目仍在進行中，我們正在繼續推進，並且已經進入了後期階段。儘管如此，我們仍在繼續接到新工作。正如瑞恩所說，這個銷售漏斗是健康的。因此，隨著我們繼續執行這些大型項目，我們預計積壓的工作將透過新的工作來填補。

And remind me, I think the larger enterprise orders have a longer delivery period beyond 12 months. Is that correct?

還有，提醒我一下，我認為大型企業訂單的交貨週期會超過 12 個月。是這樣嗎？

Yes, that's right. They tend to run more in the 12- to 18-month range and sometimes up to 24.

是的，沒錯。它們的運行時間通常在 12 到 18 個月之間，有時甚至長達 24 個月。

Okay. Perfect. And I guess the second one for me on the working cap, what's the visibility? Or maybe what gives you confidence as we sit here today that you can hit the 15% target this year? And I don't know if that's an exit rate for the year totally, but what do you think needs to happen to get there?

好的。完美的。對我來說，工作帽的第二個問題是：視野如何？或者，是什麼讓您今天有信心實現今年 15% 的目標？我不知道這是否是全年的最終退出率，但你認為需要發生什麼才能達到這個目標？

So there's obviously things that could affect that from a timing perspective. And the main piece of that would be related to a timing of milestone billings and then collection on some of those larger opportunities. But as we continue to work through that backlog, we would expect improvement by the end of the year.

所以，從時間安排的角度來看，顯然有些因素可能會影響這一點。其中最主要的一點與里程碑式帳單的結算時間以及一些較大項目的收款有關。但隨著我們繼續處理積壓的工作，我們預計到年底情況會有所改善。

Throughout Q3, I would say we'll still see that higher working capital need on some of those larger programs. But overall, our objective remains 15%. There are opportunities across the business to drive working capital efficiency, including some of our more recently acquired businesses that came on board with a heavier working capital intensity. So overall, business is focused on this, and those are the factors that will drive the improvement by the end of the year.

我認為，在整個第三季度，一些大型專案仍將需要較高的營運資金。但總體而言，我們的目標仍然是 15%。整個業務範圍內都有機會提高營運資本效率，包括我們最近收購的一些業務，這些業務在加入時營運資本密集度較高。所以總的來說，企業關注的重點是這一點，而這些因素將推動年底前業績的改善。

Patrick Baumann, JPMorgan.

Patrick Baumann，摩根大通。

I had a couple of questions here. One is on Life Sciences. Any reason why the revenue seems to be coming in a little bit slow there? Just wondering if there's hesitation at all related to some of the order backlog that's been built there related to government policy and things of that nature?

我這裡有幾個問題。其中之一就是生命科學。請問有什麼原因導致那邊的收入成長速度似乎有點慢嗎？我只是想知道，由於政府政策等原因，當地積壓的訂單是否會引起一些猶豫？

Good morning, Patrick. I mean, the short answer is no. It's largely timing on execution of projects in our backlog that drives the bulk of our revenue conversion. As I said, in my prepared remarks, so we do have some exposure to publicly funded institutions, organizations within the lab space, but it's a small part of our business. And I mean, if we step back on that, a couple of years ago or even last year, China was weak, and we've actually seen that improve in that part of the business. And now this year, with some of those funding changes, that's created headwinds in North America.

早上好，派崔克。我的意思是，簡而言之，答案是否定的。我們大部分的收入轉換率主要取決於待辦專案執行的時間表。正如我在準備好的演講稿中所說，我們確實與公共資助的機構、實驗室領域的組織有一些接觸，但這只是我們業務的一小部分。我的意思是，如果我們回顧一下，幾年前甚至去年，中國市場都很疲軟，但我們已經看到這部分業務有所改善。而今年，由於一些資金方面的變化，這在北美造成了不利影響。

So -- but as I said, it's a small piece of our overall business. And we're actually -- I think I mentioned this in my prepared remarks as well, in the process -- we are in the process of doing some joint go-to-market approaches across our lab businesses to share customer lists and how we're approaching customers in certain geographies. So early days of that initiative, but we do expect that will provide some offset to some of the funding challenges that do exist within the US.

所以——但正如我所說，這只是我們整體業務的一小部分。實際上，我們——我想我在準備的發言稿中也提到過——我們正在實驗室業務中開展一些聯合市場推廣活動，以共享客戶名單以及我們在某些​​地區接觸客戶的方式。這項計劃還處於早期階段，但我們預計它將對美國目前存在的一些資金挑戰起到一定的抵消作用。

Got it. And have you -- I guess I missed maybe the first part of the Q&A. Did you comment on how you think margins will trend sequentially in the third quarter? And then also the $15 million of restructuring, what's that targeted at?

知道了。還有，你——我想我可能錯過了問答環節的第一部分。您有沒有就第三季利潤率的環比走勢發表過看法？還有那1500萬美元的重組資金，是用來做什麼的？

Hi, Patrick. Yes, I did briefly mention it. But just to recap, when we think about the margin trajectory for the back half of the year, we do expect to see full-year margin expansion. And that's consistent with what we've said previously.

你好，派崔克。是的，我確實簡單地提過這件事。但總而言之，當我們考慮下半年的利潤率走勢時，我們預計全年利潤率將會有所擴張。這與我們之前所說的是一致的。

On the restructuring, the benefit of that as we execute on those initiatives will flow into -- there will be some cost savings that we'll see as part of our overall margin expansion efforts. There's also an opportunity for us to reinvest some of those savings in higher growth areas of the business. And Ryan had flagged energy and nuclear as a growth area, and we also continue to focus on innovation. And that has really been a core of our strategy and the key to our success over the years.

關於重組，隨著我們執行這些舉措，其好處將體現在——我們將看到一些成本節約，這是我們整體利潤率擴張努力的一部分。我們還有機會將部分節省的資金再投資到業務中成長更快的領域。瑞安曾指出能源和核能是成長領域，我們也將繼續專注於創新。而這正是我們策略的核心，也是我們多年來成功的關鍵。

Thanks. And then so if you don't want to comment on quarterly trajectory, what -- remind me what the annual margin expansion target was.

謝謝。那麼，如果你不想評論季度業績走勢，那麼——提醒我年度利潤率擴張目標是多少。

We didn't peg a specific number, but we did say we were expecting to see year-over-year margin expansion compared to last year. And last year, we were at from an adjusted EBITDA perspective, 13.8%. So better than that by the end of the year through continuing to execute on the projects we've got in our backlog and driving some of the efficiencies that we've talked about through the levers that we have available to us.

我們沒有給出具體的數字，但我們確實說過，我們預計與去年相比，利潤率將同比增長。去年，從調整後的 EBITDA 角度來看，我們的成長率為 13.8%。因此，到今年年底，我們將透過繼續執行我們積壓的項目，並透過我們現有的手段來提高我們討論過的效率，從而取得比這更好的成績。

And the high single-digit revenue growth guidance that was reaffirmed for the year, can you remind me if that is organic revenue or if it's total revenue?

公司重申了今年高個位數營收成長預期，請問這是指內生成長還是總營收？

It is total revenue. We do have in our year-to-date numbers, some M&A benefit, barring any further M&A in the back half of the year, which we don't build into our guidance. There will be no M&A benefit in the back half of the year and the FX rates will do what the FX rates are going to do. But we do still expect that high single-digit growth top line that would include continued organic growth.

這是總收入。截至目前，我們的業績數據中確實包含了一些併購收益，但下半年不會再有進一步的併購，因此我們並未將這些併購收益納入我們的業績指引。下半年不會有併購帶來的好處，匯率走勢也將如預期般發展。但我們仍然預期營收將維持高個位數成長，其中包括持續的內生成長。

And that includes FX as well and M&A?

這其中也包括外匯交易和併購嗎？

From the first half, yeah, the M&A from the first half.

是的，上半年的併購活動。

Michael Glen, Raymond James.

Michael Glen，Raymond James。

Ryan, are you able to comment on what the customer feedback is with the oral application for GLP-1s? Are you seeing this impact your funnel? Or is it raising any concerns as to what the -- how this may impact future orders for auto-injector?

Ryan，您能否談談顧客對 GLP-1 口服製劑的回饋？您是否發現這對您的銷售漏斗產生了影響？或者，這引發了人們對未來自動注射器訂單可能產生的影響的擔憂？

Good morning, Michael. So customers in this space, they are working to develop an oral alternative. And I think that really stems from the belief that that will drive wider consumer adoption versus an injectable. But to date, a lot of the studies and the development work, there's been some challenges with that. Some of it tied to the patient experience causing nausea. So there's a tolerability trade-off. There's also been some challenges around the active ingredients and how they get absorbed into the system.

早上好，麥可。因此，該領域的客戶正在努力開發口服替代方案。我認為這實際上源於這樣一種信念：與注射劑相比，注射劑將推動更廣泛的消費者接受。但迄今為止，許多研究和開發工作都面臨一些挑戰。其中一些與患者體驗有關，導致噁心。所以這其中存在著一種容忍度上的權衡。此外，活性成分及其在體內的吸收也存在一些挑戰。

So -- but nevertheless, I do expect that's going to continue to be a focus area for customers. But to date and as we see it, that auto-injectors really remain in direct injection really remain the most reliable, effective and widely adopted delivery format for these GLP-1 drugs. Oral formulations could certainly become a complement to that if you get into maintenance phases as an example. But we continue to see that auto-injectors will have a very prominent place in drug delivery for GLP-1 therapies.

所以——儘管如此，我仍然認為這將繼續是客戶關注的領域。但就目前來看，自動注射器仍是這些 GLP-1 藥物最可靠、最有效、最廣泛使用的給藥方式。例如，如果進入維持治療階段，口服製劑當然可以成為其補充。但我們仍然看到，自動注射器將在 GLP-1 療法的藥物傳遞中佔據非常重要的地位。

Okay. And then can you remind us -- I believe in the past, you've indicated that GLP-1 is roughly 20% of the Life Science backlog. Are you able to give an update on where that figure sits today?

好的。然後您能否提醒我們一下——我相信您過去曾表示，GLP-1 約佔生命科學積壓訂單的 20%。您能否提供一下目前該數字的最新情況？

Yeah, it's still in that range.

是的，它仍然在這個範圍內。

Okay. And then last one for me. Just looking at the SG&A for the overall business, Anne, I believe you gave the $134.6 million figure as the run rate ex share-based comp. Is this the right level for -- at this point in time, should we start to see leverage on SG&A? Should SG&A on that adjusted basis grow slower than overall revenue growth?

好的。最後，也是我最後一個問題。Anne，僅從整體業務的銷售、一般及行政費用來看，我相信你給出的 1.346 億美元是扣除股份支付後的年化收入。目前這個水平是否合適？ ——在這個時間點，我們是否應該開始考慮提高銷售、一般及行政費用槓桿？經調整後的銷售、管理及行政費用增速是否應低於整體收入成長率？

So that's the goal as part of our margin expansion focus internally. We do have a focus on SG&A. But as the top line grows, I would expect to see that improved leverage drop through.

所以，這是我們內部利潤率提升策略的目標之一。我們確實非常關注銷售、一般及行政費用。但隨著營收成長，我預期這種槓桿效應的改善會逐漸消失。

And that concludes our question-and-answer session. I will now turn the call back over to Ryan McLeod for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給瑞安·麥克勞德，請他作最後的總結發言。

Great. Thank you, operator, and thank you, everyone, for joining us today. We look forward to speaking to you on our third-quarter call in February.

偉大的。謝謝接線員，也謝謝各位今天收看我們的節目。我們期待在二月的第三季財報電話會議上與您交流。

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了。