ATS Corporation (ATS) 2026 Q4 法說會逐字稿

Hello. Welcome to the ATS Corporation fourth quarter conference call and webcast. This call is being recorded on May 28, 2026, at 8:30 AM Eastern Time. (Operator Instructions)

您好。歡迎收聽 ATS Corporation 第四季財報電話會議與網路直播。本次通話將於 2026 年 5 月 28 日美東時間上午 8:30 錄音存檔。(接線員指示)

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 投資人關係主管 David Ocampo。

Thank you, operator, and good morning, everyone. On the call today are Doug Wright, Chief Executive Officer; 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，各位早安。今天與會者包括執行長 Doug Wright，以及代理財務長 Anne Cybulski。請注意，我們今天的發言搭配投影片簡報，可透過網路直播觀看，並可於 atsautomation.com 取得。

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

我們提醒各位，網路直播與電話會議中的陳述可能包含前瞻性資訊；關於此類資訊的警示性聲明（包括可能導致實際結果與陳述存在重大差異的重大因素，以及作出這些陳述時所採用的重大因素或假設）詳載於投影片簡報第 3 頁。

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

現在我很高興把電話交給 Doug。

Thank you, David, and good morning, everyone. Today, ATS reported fourth quarter and annual results for fiscal 2026. For the full year, revenue and adjusted earnings from operations grew by approximately 11%, reflecting solid execution across the platform as our teams delivered innovative solutions to our global customer base.

謝謝你，David，各位早安。今天，ATS 公布了 2026 財政年度第四季及全年業績。全年而言，營收與經調整營運收益約成長 11%，反映我們團隊在整個平台上的扎實執行，為全球客戶群提供創新解決方案。

Since I joined in January, I've spent time with our business leaders and teams, which has continued to sharpen my conviction about what makes ATS distinctive. Regardless of the end market, what consistently stands out is how focused our people are on our customers, and how genuinely committed they are to innovating so that our businesses excel. This starts with our ability to engineer and deliver in markets of consequence with the depth of our expertise and the precision of our execution of what customers depend on.

自我在一月加入以來，我花時間與各事業領導人及團隊交流，這也持續加深我對 ATS 獨特之處的信念。不論終端市場為何，最一致突出的，是我們同仁對客戶的高度專注，以及他們真誠致力於創新、讓各項業務表現卓越。這始於我們有能力在重要市場中進行工程設計並交付成果，憑藉深厚專業與精準執行，提供客戶所仰賴的一切。

A good example is how we are evolving our digital twin offering, moving beyond individual project execution to support customers on a continuous basis. My priority now is translating these capabilities into stronger financial performance. We see a clear path to margin improvement in free cash flow generation through disciplined execution, a greater mix of aftermarket revenue, sharper commercial acumen, innovation and improved utilization of our asset base.

一個很好的例子是我們如何演進數位分身（digital twin）產品，從單一專案的執行，進一步擴展到持續性地支援客戶。我目前的優先事項，是把這些能力轉化為更強的財務表現。我們清楚看到透過嚴謹執行、提高售後市場營收占比、更敏銳的商業判斷、創新，以及提升資產基礎使用率，來改善利潤率與自由現金流創造能力的明確路徑。

Consistent with these priorities, we are taking several actions to better position the portfolio. Our businesses previously involved in transportation are being consolidated, and we are refocusing their capacity to other areas. In particular, we are moving away from large-scale automotive projects and repositioning the related capabilities into specialized applications, where our differentiation creates greater value and the return profile is more attractive.

配合這些優先事項，我們正採取數項行動，以更好地定位投資組合。我們先前涉足運輸領域的業務正在整併，並將其產能重新聚焦至其他領域。特別是，我們正逐步退出大型汽車專案，並把相關能力重新部署到專業化應用上；在這些領域，我們的差異化能創造更大價值，且報酬特性更具吸引力。

As an example, we are partnering with a customer on novel technology to break down end-of-life tires and recover reusable byproducts, bringing our engineering expertise, digital tools, and life cycle support to address a complex environmental challenge. We've also advanced the integration of our aftermarket businesses directly into our operating units. This gives each business ownership of the full equipment life cycle and is a key lever in improving both margins and the predictability of our revenue.

例如，我們正與客戶合作開發新穎技術，以分解報廢輪胎並回收可再利用的副產品；我們提供工程專業、數位工具與全生命週期支援，以應對複雜的環境挑戰。我們也已推進將售後市場業務直接整合至各營運單位。這使每個事業單位能掌握設備全生命週期，並成為改善利潤率與提升營收可預測性的關鍵槓桿。

Across the business, we continue to evaluate our portfolio based on strategic focus areas and market dynamics. Any further actions will be aligned to our goals of continuing to grow the business with improved margin performance and cash flow efficiency.

在整體業務層面，我們持續依據策略聚焦領域與市場動態來評估投資組合。任何進一步行動都將與我們的目標一致：在提升利潤率表現與現金流效率的同時，持續擴大業務成長。

Now shifting over to the results and outlook. Q4 adjusted revenues were up more than 3% versus last year, while order bookings were down 18%, reflecting the presence of several large enterprise orders in the prior period. Of note, excluding transportation, our 3-year CAGR on adjusted revenues and order bookings is approximately 12%. This performance again reinforces to me the strength of our chosen markets and the opportunity available to us over the longer term as we execute on our plans going forward. On profitability, Q4 adjusted earnings from operations were in line with our expectations, driven by execution against our backlog.

接著談到業績與展望。第四季經調整營收較去年成長超過 3%，而接單金額下滑 18%，主要反映前一期間包含數筆大型企業訂單。值得注意的是，若排除運輸業務，我們經調整營收與接單金額的三年複合年成長率（CAGR）約為 12%。這項表現再次強化我對我們所選市場實力的信心，以及在未來持續執行計畫下，長期可把握的機會。在獲利方面，第四季經調整營運收益符合我們預期，主要由對在手訂單（backlog）的執行所帶動。

Now turning to outlook. We ended fiscal '26 with an order backlog of approximately $2 billion, providing good revenue visibility. In Life Sciences, demand remained strong with a healthy backlog in a diversified funnel against a range of applications. Our radiopharma business continues to build momentum and remains a key growth driver, supported by growing customer investment across the value chain.

接下來談展望。我們在 2026 財年結束時的在手訂單約為 20 億美元，提供良好的營收能見度。在生命科學領域，需求仍然強勁，且在多元化的商機漏斗中，針對各類應用皆有健康的在手訂單。我們的放射性藥物（radiopharma）業務持續累積動能，仍是關鍵成長動能之一，並受惠於客戶在整個價值鏈上持續增加投資。

Demand is driven by the expanding use of targeted therapies as adoption broadens across treatment settings and cancer types. As isotope supply and production capacity expand customers increasingly require specialized infrastructure to support complex high-value programs at scale. As an example of our ability to innovate to meet this demand, we recently introduced Flex Line, our sterile pharmaceutical production platform, which integrates key manufacturing steps into a single solution to help customers accelerate market entry and reduce process complexity.

需求來自標靶治療使用的擴大，隨著其在不同治療場景與癌症類型中的採用日益普及。隨著同位素供應與產能擴張，客戶愈來愈需要專用基礎設施，以在規模化條件下支援複雜且高價值的計畫。作為我們以創新滿足此需求能力的例證，我們近期推出 Flex Line 無菌製藥生產平台，將關鍵製造步驟整合為單一解決方案，協助客戶加速上市並降低流程複雜度。

Entering fiscal '27, our Life Sciences funnel is broader, extending beyond any single program type into areas such as mail order pharmacy, automated visual inspection and lab automation. On GLP-1 auto-injector equipment, we remain engaged on active programs and to continue to support customers as production requirements and delivery formats evolve.

進入 2027 財年，我們的生命科學商機漏斗更為廣泛，已不再侷限於單一計畫類型，而是延伸至郵購藥局、自動化視覺檢測與實驗室自動化等領域。在 GLP-1 自動注射器設備方面，我們仍持續參與進行中的專案，並將隨著產能需求與交付形式的演進，持續支援客戶。

In Food & Beverage, we have a strong funnel across our core processing markets, including tomato and fresh fruit applications. We are focused on expanding into adjacent packaging and produce categories, broadening the revenue base and building resilience against the timing of customer capital spending. In Energy, backlog increased approximately 40% year-on-year, driven particularly by nuclear, including refurbishment, life extension and new build programs. The pipeline is strong and diversified across program stages and reactor technologies.

在食品與飲料領域，我們在核心加工市場擁有強勁的商機漏斗，包括番茄與鮮果等應用。我們聚焦於拓展至相鄰的包裝與農產品類別，以擴大營收基礎，並提升對客戶資本支出時點波動的韌性。在能源領域，在手訂單年增約 40%，主要由核能帶動，包括整修、延役與新建計畫。我們的管線強勁，且在不同計畫階段與反應爐技術上均具多元化。

Our work on nuclear refurbishment and life extension programs continues to progress. With service opportunities expected to build as these programs advance. Alongside this space, we remain actively engaged with several small modular reactor developers across fuel systems, fuel handling, modular fabrication and waste management.

我們在核能整修與延役計畫上的工作持續推進。隨著這些計畫進展，預期服務機會也將逐步增加。同時，我們也持續與多家小型模組化反應爐（SMR）開發商積極合作，涵蓋燃料系統、燃料處理、模組化製造與廢棄物管理等領域。

Within Consumer Products, we continue to see orders across warehouse automation and packaging applications, funnel activity remains stable, supported by customers' ongoing focus on automation, efficiency and fulfillment capabilities. On capital allocation with leverage now within our target range, our near-term focus is on deploying capital within our framework. As our financial flexibility increases, we expect to have the capacity to pursue larger transactions. We have a funnel in our chosen end markets, and we are in a position to act with conviction when the right opportunity arises.

在消費性產品領域，我們持續看到倉儲自動化與包裝應用的訂單，商機漏斗活動維持穩定，並受客戶持續聚焦自動化、效率與履約能力所支撐。在資本配置方面，隨著槓桿水準已回到我們的目標區間，短期重點是依照我們的框架部署資本。隨著財務彈性提升，我們預期將具備追求更大型交易的能力。我們在所選終端市場中有一個商機漏斗，並且在合適機會出現時，具備果斷行動的條件。

In evaluating potential acquisitions, we first focused on the industrial logic. In particular, we look for businesses that can enhance our margin profile, positively affect our aftermarket and service mix and where relevant, strengthen our technical capabilities in the markets we serve. This also includes considering how an opportunity may allow us to apply our engineering and automation expertise across adjacent applications and improved performance through disciplined execution. Our objective is to deploy capital toward opportunities that enhance long-term cash generation and support disciplined, sustainable value creation for our shareholders.

在評估潛在併購時，我們首先著重於產業面的邏輯。特別是，我們尋找能提升利潤率結構、對售後市場與服務組合帶來正面影響，並在相關情況下強化我們在所服務市場中的技術能力之企業。這也包括評估某項機會是否能讓我們將工程與自動化專長延伸至相鄰應用，並透過嚴謹執行來提升績效。我們的目標是將資本部署於能強化長期現金創造，並支持為股東帶來有紀律、可持續價值創造的機會。

In summary, we entered fiscal '27 with strong positions in our core end markets and a clear strategic focus. I'm encouraged by the alignment and accountability across the organization and by the strength of our business leaders. We began fiscal '27 with a solid backlog and good funnel visibility. With the actions taken and underway, ATS is a more focused company, and we are positioned to translate that into higher margins, stronger cash generation and long-term value creation.

總結來說，我們以在核心終端市場的強勁布局與清晰的策略重點進入 2027 財年。我對全組織在一致性與問責上的對齊，以及我們業務領導團隊的實力感到鼓舞。我們以穩健的在手訂單與良好的商機漏斗能見度展開 2027 財年。隨著已採取及正在推進的行動，ATS 已成為一家更聚焦的公司，我們也已具備條件將此轉化為更高的利潤率、更強的現金創造能力與長期價值創造。

Now, I will turn the call over to Anne for her financial report. Anne, over to you.

現在，我將把電話會議交給 Anne 進行她的財務報告。Anne，交給你。

Thank you, Doug, and good morning, everyone. Before reviewing our results, I'll address the reorganization activities that we disclosed today.

謝謝你，Doug，各位早安。在回顧我們的業績之前，我將先說明我們今天披露的重組活動。

After a thorough review of current and expected market conditions and given our sharp focus on capital efficiency and margin expansion, we decided to reposition our transportation operations, which includes consolidating divisions and rationalizing our operational footprint. These changes are aligned with our margin expansion focus in fiscal '27, while removing dilutive revenues of approximately $50 million.

在徹底檢視目前與預期的市場狀況，並基於我們對資本效率與利潤率擴張的高度聚焦後，我們決定重新定位運輸業務營運，其中包括整併事業部並合理化我們的營運據點布局。這些變更與我們在 2027 財年的利潤率擴張重點一致，同時將移除約 5,000 萬美元的稀釋性營收。

Our approach allows us to retain unique capabilities, technologies and domain expertise and redeploy them into more attractive niche industrial applications. As a result, I expect that in the coming quarters, we will no longer report transportation as a separate market vertical.

我們的作法使我們得以保留獨特能力、技術與領域專業，並將其重新部署至更具吸引力的利基工業應用。因此，我預期在接下來幾個季度，我們將不再把運輸列為單獨的市場垂直領域進行揭露。

In the fourth quarter of fiscal '26 we recorded $28.3 million of costs related to these reorganization activities, primarily from closing out legacy projects. We expect restructuring charges of approximately $5 million in the first quarter as we complete the operational consolidation.

在 2026 財年第四季，我們認列了 2,830 萬美元與這些重組活動相關的成本，主要來自結束既有（legacy）專案。隨著我們完成營運整併，我們預期第一季將產生約 500 萬美元的重組費用。

During fiscal '27, we also expect to finalize the sale of 3 facilities currently held for sale and plan to use the proceeds to fund cash costs related to the reorganization activities. In the fourth quarter, we recorded $9.8 million of costs related to our previously announced initiatives to embed our services operations directly into our business units, including project closure costs and other related non-cash adjustments.

在 2027 財年期間，我們也預期完成出售目前列為待售的 3 處設施，並計畫以出售所得來支應與重組活動相關的現金成本。在第四季，我們認列了 980 萬美元的成本，與先前宣布將服務業務直接嵌入各事業單位的計畫相關，包括專案結案成本及其他相關的非現金調整。

In addition to the Q1 cost of completing the transportation repositioning, we also expect $5 million to $10 million of restructuring costs in other areas of the business. Throughout fiscal '27, as we continue to pragmatically assess our strategic positions and market potential across our portfolio, there will likely be further opportunities for rationalization. That said, the fundamentals of the business remains strong, and our teams are equipped with the tools they need to drive both operational excellence and disciplined strategic execution to support our performance expectations.

除了第一季完成運輸業務重新定位的成本外，我們也預期在公司其他領域將產生 500 萬至 1,000 萬美元的重組成本。在 2027 財年期間，隨著我們持續務實評估投資組合中各項業務的策略定位與市場潛力，未來可能還會有進一步合理化的機會。儘管如此，業務基本面仍然強勁，我們的團隊也具備所需工具，以推動營運卓越與有紀律的策略執行，支持我們的績效預期。

With that context, I'll turn to our operating results for the quarter. Order bookings were $704 million, down 18.4% compared to Q4 last year, which included large project awards in Consumer Products. Our trailing 12-month book-to-bill ratio at the end of Q4 was 0.99:1, reflecting execution against a strong backlog as previously secured orders converted to revenues. Our funnel remains healthy across our chosen end markets.

在此背景下，我將說明本季的營運結果。接單金額為 7.04 億美元，較去年第四季下降 18.4%，去年同期包含消費性產品的大型專案得標。截至第四季末，我們過去 12 個月的接單出貨比（book-to-bill）為 0.99:1，反映我們對強勁在手訂單的執行，先前取得的訂單已轉化為營收。我們在所選終端市場的商機漏斗仍維持健康。

Adjusted revenues for the fourth quarter were $744 million, up 3.2% compared to last year, including organic growth of 1.5%, along with a 1.7% benefit from foreign exchange translation. Of note, on a full year basis, organic growth was 6% and excluding transportation, was nearly 14%, reflecting strong performance relative to the market.

第四季調整後營收為 7.44 億美元，較去年成長 3.2%，其中包含 1.5% 的有機成長，以及外幣換算帶來的 1.7% 正面影響。值得注意的是，以全年來看，有機成長為 6%；若排除運輸業務，則接近 14%，反映我們相較市場的強勁表現。

Moving to earnings. Fourth quarter adjusted earnings from operations were $76.8 million, a 3.4% increase from Q4 last year, primarily on higher adjusted revenues, partially offset by increased SG&A costs.

接著談獲利。第四季調整後營運收益為 7,680 萬美元，較去年第四季增加 3.4%，主要來自調整後營收提高，但部分被 SG&A 成本上升所抵銷。

Gross margin for Q4 was 29.4% of adjusted revenues, a 36-basis-point increase on Q4 last year, reflecting a higher contribution from higher-margin services and spare parts.

第四季毛利率為調整後營收的 29.4%，較去年第四季提高 36 個基點，反映高毛利的服務與備品零件貢獻提升。

On SG&A, excluding adjusting items, expenses in the fourth quarter totaled $139.5 million, a $5.6 million increase over the prior year, mainly due to foreign exchange translation, along with higher professional fees. During the quarter, we incurred $15.2 million of restructuring costs in addition to the transportation and services reorganization costs that I discussed earlier.

在 SG&A 方面，排除調整項目後，第四季費用合計 1.395 億美元，較前一年增加 560 萬美元，主要由外幣換算影響以及較高的專業服務費所致。本季我們另行發生 1,520 萬美元的重組成本，此外還包括我先前提到的運輸與服務重組成本。

Excluding the mark-to-market impact related to changes in our share price, stock-based compensation expense was $2.4 million in Q4. Going forward, we expect the run rate to normalize to approximately $5 million per quarter. Adjusted earnings per share were $0.36 for the quarter.

排除與股價變動相關的按市價評價（mark-to-market）影響後，第四季以股份為基礎的薪酬費用為 240 萬美元。展望未來，我們預期其常態化的季度費用水準約為每季 500 萬美元。本季調整後每股盈餘為 0.36 美元。

Moving to our outlook. We ended the quarter with an order backlog of approximately $2 billion, with Life Sciences at $1.1 billion or 55% of backlog. Energy was the year's strongest growth market with order backlog up 40% versus Q4 last year. Our order backlog across Food & Beverage, Energy and Life Sciences markets that tend to be more highly regulated, made up nearly 80% of the total order backlog heading into fiscal '27.

接著談展望。本季結束時，在手訂單約為 20 億美元，其中生命科學為 11 億美元，占在手訂單的 55%。能源是本年度成長最強的市場，其在手訂單較去年第四季增加 40%。在進入 2027 財年之際，我們在食品與飲料、能源與生命科學等通常受較高監管的市場之在手訂單，合計占總在手訂單近 80%。

Based on the expected conversion of this order backlog and new orders booked and build within the period, Q1 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 from new orders booked and billed within the quarter.

基於預期在手訂單的轉換，以及期間內新接訂單的取得與建置，第一季營收預期介於 7.00 億至 7.40 億美元。提醒各位，此評估每季更新一次，並會納入目前在手訂單的營收預期，以及當季新接訂單並於當季認列（billed）的營收預期。

For fiscal '27, we expect modest revenue growth. Two things are worth calling out. As noted, transportation revenues are expected to step down reflecting our decision to move away from large-scale automotive work. Within Life Sciences, we entered fiscal '27 with a more normalized backlog, having worked through our strong bookings from fiscal '25. This does not reflect a change in the underlying Life Sciences demand picture or our expectations to outperform our chosen markets over time.

對於 2027 財年，我們預期營收將溫和成長。有兩點值得特別說明。如前所述，運輸業務營收預期將下滑，反映我們決定逐步退出大規模汽車相關業務。在生命科學方面，我們進入 2027 財年時的在手訂單較為常態化，因為我們已消化 2025 財年強勁接單所帶來的在手訂單。這並不代表生命科學的基礎需求情勢或我們長期在所選市場中持續優於市場的預期有所改變。

On adjusted earnings from operations margin, we expect to exit fiscal '27 with 50 to 75 basis points of improvement over fiscal '26 on a full year basis, supported by our reorganization actions and continued operating discipline. This outlook includes the reinvestment of a portion of the related savings in targeted growth areas, such as nuclear and radiopharma. As we execute on our plans, our path to margin expansion will not be linear. That said, with the actions we are taking, along with disciplined execution of the ABM across the portfolio and focus on aftermarket services we are confident in our path forward.

在調整後營運收益率方面，我們預期以全年計，2027 財年結束時將較 2026 財年改善 50 至 75 個基點，並由我們的重組行動與持續的營運紀律所支撐。此展望亦包含將部分相關節省金額再投資於特定成長領域，例如核能與放射性藥物（radiopharma）。隨著我們執行計畫，利潤率擴張的路徑不會是線性的。儘管如此，憑藉我們正在採取的行動、在整體投資組合中對 ABM 的有紀律執行，以及對售後服務的聚焦，我們對前進方向充滿信心。

Longer term, our adjusted earnings from operations margin target remains 15%. The actions we have taken this past year, along with the priorities we outlined today are deliberate steps on that path. Disciplined asset efficiency is central to that journey as we improve returns on invested capital and focus on delivering long-term shareholder value. While the macro environment remains fluid amid geopolitical and trade uncertainty, we can again confirm that previously announced tariffs have not had a material impact across our regions. Most exports from Canada to the US continue to fall under USMCA coverage.

就更長期而言，我們調整後營運收益率的目標仍為 15%。我們在過去一年採取的行動，以及今天所提出的優先事項，都是朝該目標邁進的審慎步驟。隨著我們提升投入資本報酬率並聚焦於交付長期股東價值，有紀律的資產效率是這段旅程的核心。儘管在地緣政治與貿易不確定性下，總體環境仍然多變，我們仍可再次確認，先前宣布的關稅並未對我們各地區造成重大影響。加拿大出口至美國的大多數產品仍持續適用 USMCA 的涵蓋範圍。

With respect to revised Section 232 tariffs, the impact depends on specific customer programs and the nature of our work and at this time, is not expected to be significant. Our global decentralized operating model positions ATS to adapt effectively and support customers wherever capital is being invested.

關於修訂後的第232條關稅，其影響取決於特定客戶專案以及我們工作的性質；就目前而言，預期影響不會顯著。我們全球分散式的營運模式使ATS能夠有效調整，並在資本投入的任何地點支援客戶。

Moving to the balance sheet. In Q4, cash flows from operating activities were $150 million. Our non-cash working capital as a percentage of revenues was 12.1%, marking a third consecutive quarter of improvement. Sequential improvement from Q3 reflected the balance sheet impact of the transportation reorganization along with focused discipline on working capital. This ratio can be influenced by billing and collection activity around period ends, but the improvement is meaningful.

接著談資產負債表。在第四季，營運活動產生的現金流為1.50億美元。我們的非現金營運資金占營收比率為12.1%，連續第三季改善。相較第三季的序列性改善，反映了運輸業務重整對資產負債表的影響，以及我們對營運資金的專注與紀律。該比率可能會受到期末附近的開立帳單與收款活動影響，但這次改善具有實質意義。

We remain focused on driving efficient cash generation through disciplined working capital management processes and more broadly, overall asset efficiency. During the quarter, we invested $25.4 million in CapEx and intangible assets to support innovation and further strengthen our capabilities, bringing the full year total to $76.7 million. For fiscal '27, we expect our CapEx and intangible investment to be between $70 million and $90 million. On leverage, our net debt-to-adjusted EBITDA ratio ended Q4 at 2.8x, reflecting continued progress and marking a fourth consecutive quarter of improvement.

我們仍專注於透過嚴謹的營運資金管理流程，以及更廣泛的整體資產效率，推動高效率的現金創造。本季我們在資本支出與無形資產上投資2,540萬美元，以支持創新並進一步強化我們的能力，使全年合計達到7,670萬美元。在2027財年，我們預期資本支出與無形資產投資將介於7,000萬至9,000萬美元之間。在槓桿方面，我們的淨負債對調整後EBITDA比率於第四季末為2.8倍，反映持續進展，並連續第四季改善。

I'll remind you that in the event a capital deployment opportunity arises, that aligns with our strict standards for shareholder value creation, we may temporarily operate above our range of 2x to 3x. In such cases, we will ensure there is a well-defined path to return to our targeted range.

我提醒各位，若出現符合我們嚴格股東價值創造標準的資本配置機會，我們可能會在短期內將槓桿水準運作在2倍至3倍區間之上。在此情況下，我們將確保有明確的路徑回到我們的目標區間。

In summary, fourth quarter results were in line with our expectations, supported by a strong order backlog and diversified end market exposure. I am proud of and thankful to our global finance organization and our operations leaders and teams for their hard work and consistent execution across ATS during our leadership transition.

總結而言，第四季業績符合我們的預期，並由強勁的訂單積壓（backlog）與多元化的終端市場曝險所支撐。在我們領導層交接期間，我為全球財務組織以及營運領導團隊與同仁在ATS全體範圍內的辛勤付出與一貫執行力感到自豪並致謝。

Together, their efforts provide a stronger foundation and increased financial flexibility as we head into fiscal '27. We made meaningful progress throughout the year. And in Doug's first quarter as CEO, we've achieved a lot. Both working capital and leverage are within our targeted levels. Our reorganization actions and operating priorities position us to deliver improving margins and stronger cash generation or time, supporting disciplined, long-term shareholder value creation.

他們的努力使我們在邁入2027財年之際，擁有更強的基礎與更高的財務彈性。我們在全年取得了具意義的進展。而在Doug擔任CEO的第一個季度，我們也完成了許多成果。營運資金與槓桿水準皆在我們的目標範圍內。我們的重整行動與營運優先事項，使我們有能力在時間推進下交付更佳的利潤率與更強的現金創造，並支持有紀律的長期股東價值創造。

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

現在我們將開放分析師提問。接線員，請提供相關指示？

(Operator Instructions) Your first question comes from Michael Glen with Raymond James.

(接線員指示) 您的第一個問題來自Raymond James的Michael Glen。

Maybe just to start with, could you give us some sense about how to think about bookings in fiscal '27 across the segments, specifically Life Sciences, how to think about bookings and backlog there?

先從這裡開始，能否請您談談如何看待2027財年各事業部的接單（bookings），特別是生命科學部門；以及如何看待該部門的接單與訂單積壓（backlog）？

I'll start and then Doug can chime in if he'd like. So from a bookings perspective, we've characterized our Life Sciences funnel and more broadly, the remaining market verticals. Life Sciences continues to remain strong. We have some areas of continued growth and including in the radiopharma space, and we expect that to continue. There are some, what I would call, moderations in timing in certain submarkets within Life Sciences, but we're pleased with the level of diversification we're seeing within that space.

我先回答，Doug若想補充也可以加入。就接單而言，我們已對生命科學的商機管道（funnel），以及更廣泛的其他市場垂直領域進行了描述。生命科學仍然維持強勁。我們在若干領域持續成長，包括放射性藥物（radiopharma）領域，我們預期這一趨勢將延續。在生命科學內部的某些次市場，我們看到一些我稱之為時點上的放緩，但我們對於該領域內所呈現的多元化程度感到滿意。

And we'll continue to execute on our backlog as well as focus on those growth areas throughout the year.

我們也將持續執行既有訂單積壓（backlog），並在全年聚焦於那些成長領域。

And do you think that backlog in the situation where we are seeing the moderation in the GLP-1 portion of the backlog, should we still think about growth in Life Science backlog over the coming year?

那麼在我們看到訂單積壓中GLP-1相關部分出現放緩的情況下，未來一年生命科學的訂單積壓仍可期待成長嗎？

That's our goal. And so of course, we came into fiscal '26 with a very strong backlog as a result of some of those GLP orders as you -- GLP1 orders as you noted. We've continued to work through that backlog. There's still some of that, that we have to deliver on. But in parallel, we've also seen an uptick in our radiopharma backlog.

這是我們的目標。當然，正如您提到的GLP-1訂單，我們在2026財年初帶著非常強勁的訂單積壓進入年度。我們持續消化該訂單積壓。其中仍有一部分需要我們交付完成。但同時，我們也看到放射性藥物（radiopharma）的訂單積壓有所增加。

And there's other areas of focus within that portfolio that we'll continue to drive to our expectation to exit the year with growth.

此外，在該產品組合中還有其他重點領域，我們將持續推動，並期望在年底時以成長的狀態收官。

Okay. And then just 1 surrounding M&A. I'm just trying to balance the commentary regarding you are doing some restructuring activity. And then there's also M&A. I'm just trying to balance the 2 of those.

了解。接著一個關於併購（M&A）的问题。我正在嘗試平衡你們提到正在進行一些重整活動的評論，同時又提到併購。我想理解這兩者之間如何取捨。

Should we think about, could we see M&A while some of these restructuring activities ongoing? Or would that be completed before we see M&A? Just trying to get a sense of some of the timing.

我們是否應該認為，在部分重整活動仍在進行時，也可能看到併購？還是要等重整完成後才會看到併購？只是想了解一些時程上的概念。

So Michael, this is Doug. The answer is they're really independent swim lanes for us. I mean, we look at restructuring as a capital deployment exercise, just like M&A. So from that context, in terms of the ROI case that we look at, it's similar. But the restructuring is related to markets that we don't believe fit our long-term profile.

Michael，我是Doug。答案是，對我們而言這兩者其實是彼此獨立的「泳道」。我們把重整視為一種資本配置的運用，就像併購一樣。因此從我們評估的投資報酬率（ROI）角度來看，邏輯是相似的。但重整是針對我們認為不符合長期定位的市場。

And M&A is really about sort of future positioning, either technology, aftermarket mix or customer growth or regional growth. So we really will do both of those simultaneously. They're not mutually exclusive.

而併購則更著重於未來的定位，例如技術、售後市場組合（aftermarket mix）、客戶成長或區域成長。因此我們確實會同時推進這兩者。它們並非互斥。

Your next question comes from Max Sytchev with National Bank.

下一個問題來自National Bank的Max Sytchev。

The first question I had, maybe for Doug -- in terms of the capital efficiency language, can you maybe talk about the biggest levers that you can see contributing to those improving metrics?

我的第一個問題可能是給Doug——就你提到的資本效率（capital efficiency）用語而言，能否談談你認為哪些最大的槓桿將推動這些指標改善？

Yes. Well, I think it's broadly about: one, our margin expansion journey. So obviously, that's a big part of the return on investment equation. But within the asset base, I think the company has a very good track record, and we've demonstrated good results in working capital management. And now we're balancing that with sort of reviewing the, let's say, the asset efficiency that's not working capital related.

可以。我認為整體而言主要在於：第一，我們的利潤率擴張旅程。顯然，這是投資報酬（ROI）方程式中的重要部分。但在資產基礎方面，我認為公司有非常良好的紀錄，我們也在營運資金管理上展現了不錯的成果。而現在我們正一邊維持這點，一邊檢視一些與營運資金無關的資產效率。

So that would be things like return on fixed assets, how we look at our ROI of internal investments. So we really will be driving both of those simultaneously for an improved capital efficiency result.

例如固定資產報酬率（return on fixed assets），以及我們如何看待內部投資的ROI。因此我們會同時推動這兩方面，以達成更佳的資本效率成果。

Okay. That's very helpful. And another question I had was the commentary around the lab equipment space and go-to-market strategy, et cetera. I was wondering, do you mind maybe talking about the trends, the industry prints that are impacting that business kind of in general versus maybe some of the sort of ATS specifics. I'm just trying to see if there is a bit of a dislocation from that perspective or it's more market related?

好的。這非常有幫助。我還有另一個問題，是關於你們對實驗室設備（lab equipment）領域以及市場進入策略（go-to-market strategy）等的評論。我想請你談談影響該業務的一般性趨勢、產業動態，與ATS自身特定因素之間的差異。我想了解從這個角度看，是否存在一些脫節，或是更多屬於市場層面的因素？

It's primarily market forces. We operate in a lot of specialized, sort of, high-consequence markets and the nature of that is that, when there's a regulatory shift or a budgeting priority change by, let's say, national labs or specific large customers, there's always a bit of risk there in those businesses in the short term. But over the long-term horizon, we feel very comfortable with our positioning in the lab equipment space and it's a continued area of focus for our Life Sciences team, both as a vehicle for margin expansion as well as aftermarket development. And I think you'll continue to see us focusing on the lab equipment segment going forward.

主要是市場力量所致。我們在許多專業、某種程度上屬於高影響/高風險的市場中營運；其特性是，當出現法規變動或例如國家實驗室或特定大型客戶的預算優先順序改變時，這些業務在短期內總會存在一些風險。但從長期視角來看，我們對於在實驗室設備領域的定位感到非常有信心，這也仍是我們生命科學團隊持續聚焦的領域，既作為毛利率擴張的工具，也作為售後市場開發的載體。我想你們會持續看到我們未來繼續聚焦實驗室設備板塊。

Okay. And one quick question just in terms of M&A. I was wondering if in terms of the nuclear capability, if you think deepening, sort of, the supply chain expertise, there could be potentially also a vertical of capital deployment or if you're looking elsewhere?

好的。另外就併購（M&A）再快速問一題。我想請教，就核能能力而言，若你們認為深化供應鏈專業能力，是否也可能成為資本部署的一個垂直方向，或是你們會看其他領域？

So we are very excited about the potential in the nuclear segment, both in the traditional can do reactors where we have a very strong existing legacy position as well as in the SMR categories, where we're involved with a number of customers. And should there be an opportunity for us to deploy capital in that space, it would certainly be an area that we would consider very strongly particularly as it relates to extending our technology position or our service position and in some cases, looking at the geographic profiles because nuclear is quite often more of a national priority in different places. So if you're going to be in the US market or the UK market, as an example, you have to have a position there.

我們對核能板塊的潛力感到非常振奮，包含傳統的 CANDU 反應爐領域（我們在那裡有非常強的既有歷史基礎地位），以及 SMR（小型模組化反應爐）類別，我們也與多家客戶合作參與其中。若在該領域出現讓我們部署資本的機會，這肯定會是我們會非常認真考量的方向，特別是與延伸我們的技術地位或服務地位相關的機會；在某些情況下，也會評估地理分布，因為核能在不同地區往往更屬於國家層級的優先事項。因此，以美國市場或英國市場為例，如果要在那裡做，就必須在當地具備相應的布局。

So it would absolutely be an area that will get equal treatment in the M&A discussion across the portfolio.

所以這絕對會是我們在整體投資組合的併購討論中，獲得同等重視的領域。

Your next question comes from Cherilyn Radbourne with TD Cowen.

下一個問題來自 TD Cowen 的 Cherilyn Radbourne。

Could you give us a sense of where reoccurring revenues finished as a percentage of fiscal 2026 revenue and some of the initiatives underway to move that higher in fiscal 2027 and over time?

能否請你們說明一下，經常性收入在 2026 財年收入中最終占比大約是多少？以及在 2027 財年及更長期，為了提高該占比，目前有哪些正在推動的措施？

Sure, Cherilyn. I can start there and then Doug can add on. So what's sort of finished in range of our expectations, if I think about it in terms of around 1/3 of our business falls into what we would categorize as reoccurring. And that's where we can -- there's faster turn businesses like our products businesses as well as aftermarket and spares those types of things. Over time, given that we know that, that part of the portfolio is -- tends to be margin accretive, our goal would be to bump that percentage up and to make it a more meaningful part of the portfolio to support the growth and margin expansion trajectory.

當然可以，Cherilyn。我先回答，之後 Doug 可以補充。整體結果大致落在我們的預期範圍內；若以占比來看，大約有三分之一的業務可歸類為我們所稱的經常性收入。這部分包含周轉較快的業務，例如我們的產品業務，以及售後市場與備品備件等。隨著時間推進，鑑於我們知道投資組合中的這一部分通常具有毛利率增厚（margin accretive）的特性，我們的目標是把這個比例再往上提升，讓它成為投資組合中更具份量的一部分，以支撐成長與毛利率擴張的軌跡。

And Cherilyn, in terms of the initiatives that drive it, I mean, I think there's really -- I classify it into 2 areas. One is around sort of focus and intention within our general management team. So everyone that runs a business at ATS has a service strategy. And some of them are strong, some of them are aspiring to get stronger. And by having that focus and ownership, which through our organizational change that we announced last cycle, gives them all sort of what I would call a life cycle ownership of their customer.

Cherilyn，至於推動它的措施，我認為大致可分成兩個面向。第一個是我們一般管理團隊在「聚焦與意圖」上的投入。ATS 每一位負責營運事業的主管都有一套服務策略。有些已經很強，有些則正在努力變得更強。透過這樣的聚焦與責任歸屬，再加上我們在上一個週期宣布的組織調整，讓他們對客戶擁有我所稱的「全生命週期」的所有權。

So part of it is that. And there's also kind of to support that, there are a number of ABM tools that we have and continue to deploy to help our teams understand how to commercialize services.

其中一部分就是這個。此外，為了支援這點，我們也有並持續部署多項 ABM 工具，協助團隊理解如何將服務商業化。

Services business have a little bit of a different cadence than systems businesses. So they require different types of contracts and quotations and a lot of the under workings of running a business. So there's a lot of tools that we're deploying that are enabling that service. In fact, 1 of our key President's Kaizen events that we did in the late winter was specifically related to service growth in one of our large units. And that's something that a lot of our teams are aggressively working on.

服務型業務的節奏與系統型業務略有不同。因此它需要不同類型的合約與報價方式，以及許多經營管理上的底層運作。所以我們正在部署許多工具來賦能（enable）這項服務。事實上，我們在冬末舉辦的一場關鍵「總裁 Kaizen」活動，就是專門針對我們某個大型事業單位的服務成長。而這也是許多團隊正在積極推進的工作。

The second area is, I believe strongly that our digital investments around things like digital twin, remote diagnostics, machine intelligence and the digital frontier that we're very focused on right now are really also part of a broad service construct. And I think you'll see ATS in the future talking more about physical AI and automation intelligence as key drivers to our recurring revenue stack.

第二個面向是：我堅信我們在數位化上的投資——例如數位孿生、遠端診斷、機器智慧，以及我們目前高度聚焦的數位前沿——其實也都是更廣義服務架構的一部分。我認為未來你們會看到 ATS 更多談到實體 AI（physical AI）與自動化智慧，作為推動我們經常性收入堆疊（recurring revenue stack）的關鍵驅動因素。

Okay. That's helpful. Can you speak to how much of the 50 to 75 bps of expected margin improvement in fiscal '27 is related primarily to the transportation reorganization? And does that suggest that there might be upside if a lot of it is coming from transportation?

好的。這很有幫助。你能否談談，2027 財年預期 50 到 75 個基點（bps）的毛利率改善中，有多少主要與運輸業務的重組相關？如果其中很大一部分來自運輸，是否意味著可能還有上行空間？

So yes, I can take that one, Cherilyn. So I mean, what I think you saw in our disclosures today is an example of how we're thinking of managing the business going forward and the overall portfolio. And the goal is to actively manage the businesses and improve our focus on growth and margin expansion over time. And in this case, we have a multipronged plan to support that initial growth. And there's multiple levers that we're using to drive margin improvement, offset by some of the investments in these key areas that we know that we need to make to support the longer-term growth, including an innovation.

好的，Cherilyn，這題我來回答。我想你們今天在我們的揭露中看到的，是我們未來如何思考經營管理公司與整體投資組合的一個例子。我們的目標是主動管理各項業務，並隨時間推進提升我們對成長與毛利率擴張的聚焦。在這個案例中，我們有一個多管齊下的計畫來支援初期成長。我們也運用多個槓桿來推動毛利率改善，同時會被一些我們知道必須投入、以支撐長期成長的關鍵投資所抵銷，其中也包括創新。

So while some of the 50 to 75 bps is part of the transportation re-org. More broadly, we expect to continue to pull those other levers, including services being integrated into the businesses. And more focus on operational improvements, including through the ABM. The ABM has a powerful set of tools. And what's important, just to tag on to Doug's commentary around focus and intention, is really making sure that our business leaders are position to use the right tools in their businesses at the right time.

因此，50 到 75 個基點中的一部分確實來自運輸業務的重組。但更廣泛而言，我們預期會持續拉動其他槓桿，包括把服務整合進各項業務。以及更聚焦於營運改善，包括透過 ABM。ABM 擁有一套很有力的工具。而重要的是，呼應 Doug 對「聚焦與意圖」的評論，我們要確保各事業領導者能在正確的時間，於其業務中使用正確的工具。

So that's a bit of a long answer, but it's really a growth trajectory that we're trying to drive. And with the actions we took today with transportation, that's an example of how we're intending to manage the portfolio.

所以這回答稍微長一些，但核心是我們正在推動一條成長軌跡。而我們今天對運輸業務採取的行動，就是我們打算如何管理投資組合的一個例子。

Your next question comes from Jonathan Goldman with Scotiabank.

下一個問題來自豐業銀行（Scotiabank）的 Jonathan Goldman。

Maybe just a housekeeping one to start. I know it's a small item, but the full year revenue guidepost for modest growth, is that gross or net of the transportation headwind?

先問一個例行性的問題。我知道這是個小項目，但全年營收指引提到「溫和成長」，這是以總額（gross）計，還是已扣除運輸業務逆風（headwind）後的淨額（net）？

That's gross.

是總額。

Okay. Perfect. And then how should we think about or maybe frame up that growth rate, the modest growth relative to your end markets?

好的。完美。那麼，我們應該如何理解或框架化這個成長率——也就是「溫和成長」——相對於你們終端市場的表現？

Sorry, Jonathan, let me just make sure that I clarify your previous question. So the modest growth is inclusive of the step down in transportation revenues, just so I'm clear. And sorry, can you ask your second question again?

抱歉，Jonathan，我先確認一下我是否把你前一題釐清。所謂溫和成長，是包含運輸業務營收下滑（step down）的影響在內的，我只是確認一下。另外，抱歉，你可以再問一次你的第二個問題嗎？

Yes. So like the modest growth guide for this year, how does that frame up or correspond to the growth rates of your end markets?

是的。所以像今年溫和成長的指引，這如何構成或對應到你們終端市場的成長率？

Yes. So the way that I'm thinking about it is really the, call it, moderation relative to our previous performance is primarily timing related. So outside of that step down in transportation, our fiscal '27 guide is really about timing, program normalization, including in Life Sciences as opposed to any change in our long-term view of the markets we serve. And just to reiterate something that we included in the disclosures are full remains to outpace the broader automation markets that we participate in. And we feel that we're supported by good tailwinds in the markets that we serve.

是的。所以我思考的方式是，相較於我們先前的表現，所謂的放緩主要是與時點有關。因此，除了運輸領域的那個下台階之外，我們對財年'27的指引其實主要是關於時點、專案正常化（包含生命科學），而不是我們對所服務市場長期觀點的任何改變。另外再重申一次，我們在揭露中提到的：我們的表現仍將超越我們所參與的更廣泛自動化市場。而且我們認為，我們所服務的市場有良好的順風支撐。

And that timing kind of reset, do you have visibility on when those programs actually will flow through?

那個時點上的重置，你們是否能見度足以判斷那些專案實際會在何時反映出來？

So Jonathan, I think the way we understand that is through our view of our pipeline, which is really a reflection of where our customers are our budgeting and planning their work. So across majority of ATS segments, those are strong pipelines and really -- and more diverse, particularly in Life Sciences. We've talked about this before, that we really spent a lot of time over the last year, diversifying our pipeline in things like radiopharma, mail order pharma, other med devices to diversify that sort of pipeline where we sometimes have lumpiness in it based on different variables with things like GLP1.

Jonathan，我想我們理解這件事的方式，是透過我們對管線的看法；而管線其實反映了客戶在預算編列與工作規劃上的進度。因此在ATS多數的業務分部，管線都很強，而且——也更為多元，特別是在生命科學。我們之前談過，過去一年我們花了很多時間讓管線更多元，例如放射性藥物、郵購藥局、其他醫療器材等，以分散那種有時會因不同變數（例如GLP1）而出現的管線波動。

So I think we have a very strong view of our pipeline. I would not characterize that as modest. But clearly, when we're dealing with the scale of the systems that we're deploying, there's always a certain amount of lumpiness in the execution. So we'll have a little bit of sort of volatility in the quarters for revenue, but it's not an indication that the markets are softening in all.

所以我認為我們對管線有非常強的掌握。我不會把那形容為溫和。但很明顯，當我們在部署這種規模的系統時，執行上總會有一定程度的波動性。因此各季營收會有一些波動，但這並不代表市場整體在轉弱。

In fact, I would say that there's really no real drama in our -- in any of our end markets at this stage. But there is a bit of modestness in the revenue in the near term simply because of the timing of various large orders.

事實上，我會說目前在我們任何終端市場都沒有什麼戲劇性的變化。但短期營收確實會稍微保守一些，單純是因為幾筆大型訂單的時點安排。

Okay. Got it. That's useful color. And I guess maybe one more on the working cap, really strong performance this quarter, working capital efficiency, 12%, I think, below your target which has been. I did notice a large decline in accounts receivable.

好的。了解。這些補充很有幫助。另外我想再問一個關於營運資金：本季表現非常強，營運資金效率是12%，我記得這低於你們一直以來的目標。我也注意到應收帳款大幅下降。

I just want to know if there's anything unusual in the quarter? Or how should we think about the investment rate this year?

我想了解本季是否有任何不尋常之處？或者我們應該如何看待今年的投入（投資）速度？

So we're pretty pleased with the progress we've made there. As I said in my prepared remarks, sometimes we can get timing differences, especially on the custom integration part of the business based on when payments are received as we work through our billing cycle and in fact, our execution on these programs. The goal is 15% or less over time. And especially with some of the product businesses that we've brought on, they tend to carry a higher working capital need. So that level of performance in the quarter and going forward, stay below 15% is our expectation.

我們對這方面的進展相當滿意。如我在事先準備的發言中提到的，有時會出現時點差異，特別是在客製化整合這一塊業務，因為在我們走完開立帳單的週期、以及實際執行這些專案的過程中，收款時間可能不同。我們長期的目標是15%或以下。尤其是我們併入的一些產品型業務，通常會需要較高的營運資金。因此，本季這樣的表現，以及未來維持在15%以下，是我們的預期。

And it's one that takes ongoing discipline and attention by our teams. So no change to the gold, Jonathan.

而這也需要我們團隊持續的紀律與關注。所以目標不變，Jonathan。

Your next question comes from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的Joe Ritchie。

This is [Andy] on for Joe. I just wanted to follow -- just wanted to follow up on what Jonathan was also asking about the 2027 guide. So I wanted to spend a minute to understand the sequential decline in backlog in the context of still a positive book-to-bill. So specifically, how does this inform your 2027 revenue outlook? And if you could maybe particularly specify your comments around the Consumer Products market and energy because realize those have been really strong for now 4 to 5 quarters?

我是代Joe提問的[Andy]。我想延伸追問——也就是Jonathan剛才問到的2027年指引。我想花點時間理解：在接單出貨比（book-to-bill）仍為正的情況下，積壓訂單（backlog）卻出現連續下滑，這該如何解讀？具體來說，這對你們2027年的營收展望有何啟示？另外，若可以的話，能否特別說明你們對消費品市場與能源的看法，因為我知道這兩塊已經強勁了大約4到5個季度？

Yes. So one of the -- obviously, we kind of track our backlog. We track our funnels, as Doug said, the strength of our funnels, we feel good about. And so coming into this year, we had a healthy backlog that we were working off of and continue to drive the growth going forward. In nuclear or energy, which is primarily nuclear work, that was our strongest growth quarter -- our strongest growth end market vertical in the year.

是的。我們當然會追蹤積壓訂單。我們也會追蹤漏斗（funnels）；如Doug所說，我們對漏斗的強度感到放心。因此在今年開始時，我們有健康的積壓訂單可供消化，並持續推動未來的成長。在核能或能源方面（主要是核能相關工作），那是我們今年成長最強的一個終端市場垂直領域——也是本季成長最強的終端市場垂直領域。

It's a relatively smaller portion of our business, but it's one that's strategically important to us. Some of that, we may see some timing factors in the order booking cycle, but we're working off of a strong backlog for that part of the business as we work through the refurbishment work, that the team is executing on.

它在我們業務中占比相對較小，但在策略上對我們很重要。其中一部分在接單週期上可能會看到一些時點因素，但隨著團隊推進正在執行的翻修（refurbishment）工作，我們在這塊業務仍是依靠強勁的積壓訂單在前進。

And over time, we'll continue to deliver services and build out our SMR relationships and capabilities. So that's a longer-term play for us, but one that we're excited about, consumer products. Again, it is -- there's a number of different things in that backlog. And yes, we have seen good performance in that space. We characterize that as something that does tend to be a little bit more niche or subject to end consumer buying decisions.

而從長期來看，我們會持續交付服務，並擴展我們在SMR（小型模組化反應爐）方面的合作關係與能力。所以這對我們而言是較長期的布局，但也是我們感到興奮的一塊。至於消費品，同樣地——那個積壓訂單裡包含許多不同的項目。而且是的，我們確實看到那個領域有不錯的表現。我們會把它形容為相對更利基、或較受終端消費者購買決策影響的領域。

And so -- but we've been happy with the performance of that part of the business during the year coming from a few different parts of our portfolio actually.

所以——但我們對今年這部分業務的表現感到滿意，而且實際上是來自我們投資組合中幾個不同部分的貢獻。

Got it. That's helpful. And maybe just my follow-up on the cash flow. So you -- it was good to see that pop in free cash flow this quarter. And now you've had 6 quarters of positive growth on that front.

了解。很有幫助。那我再追問一下現金流。很高興看到本季自由現金流（FCF）明顯跳升。而且你們在這方面已經連續6個季度呈現正向成長。

So I recognize that it has been an overhang on the stock previously. If you could touch upon the main drivers on that and how we should think of FCF conversion in a normal environment, that would help.

我知道這之前一直是股價的一個壓力來源。如果你能談談背後的主要驅動因素，以及在正常環境下我們應該如何看待FCF轉換率（conversion），會很有幫助。

Yes. So Andy, our goal is to -- we have a longer-term goal that we stated around free cash flow. But we're happy with the performance in the year. It is an improvement. More predictability and normalization of that in the future is something that we're focused on through the commentary we provided that around how do we drive overall capital efficiency and make sure that we're in all of the areas, all of the levers that we have available to us that we're operating efficiently in that regard.

是的。Andy，我們的目標是——我們先前已經提出一個關於自由現金流的長期目標。但我們對今年的表現感到滿意。這確實是改善。未來我們會聚焦於提升可預測性並使其正常化；正如我們在說明中提到的，我們要思考的是如何提升整體資本效率，並確保在所有領域、所有我們可運用的槓桿上，都能以高效率運作。

So it will be -- it will continue to be an area of focus for us in terms of how we think about our investment decisions, both at the corporate level, but also within our businesses.

因此，這將——也會持續是我們的重點領域之一，特別是在我們如何做投資決策方面：不僅在公司層級，也包括在各個事業單位內。

Yes. And I actually think -- I could only add that working capital is a high priority within our operating rhythm with our businesses. So we look at working capital at the same -- with the same level of intensity we look at gross margin or SG&A percentage in each business as we go through their operating reviews. We incentivized around working capital performance. So it's an intense part of our management system to have our leaders accountable for working capital, it's not a finance function -- it's a general management function.

是的。而且我其實認為——我只能補充的是，營運資金在我們與各事業單位的營運節奏中是高度優先事項。因此，在我們進行各事業的營運檢討時，我們檢視營運資金的強度，與檢視毛利率或各事業的SG&A費用率是同等的。我們也以營運資金表現作為激勵依據。所以，在我們的管理系統中，這是非常重要的一環：讓領導團隊對營運資金負責；這不是財務職能——而是一般管理職能。

It's a commercial leader function. It's a factory leader function. So it's part of our operating rhythm.

這也是商務領導的職能。也是工廠領導的職能。因此它是我們營運節奏的一部分。

It's, I think, a hallmark of I know, from as a lean practitioner, that working capital processes are actually a really strong signal for process acumen because it's simply harder to move the needle on working capital than it is on other things because it takes longer, and there's lots of third parties involved, suppliers or customers. So I think it's a real hallmark of ATS' operating performance is working capital. And I think you'll see us continue to be highly focused on that.

我認為，作為一名精實實務者，我知道營運資金流程其實是衡量流程能力（process acumen）的非常強烈訊號，因為相較於其他事項，要在營運資金上推動顯著改善更難，原因是所需時間更長，而且牽涉許多第三方，包括供應商或客戶。因此我認為，營運資金是ATS營運績效的一個真正標誌。而且我想你們會看到我們持續高度聚焦於此。

(Operator Instructions) Your next question comes from Justin Keywood with Stifel.

(接線員指示) 下一個問題來自Stifel的Justin Keywood。

As a follow-up to the auto-injector opportunity as it relates to GLP-1, but also other applications. This subsegment was described as being 20% of backlog or revenue of the Life Sciences segment last year. Are we able to get an update of where that is today and expectations in fiscal 2027?

作為與GLP-1相關、但也涵蓋其他應用的自動注射器（auto-injector）機會的追問。去年這個次分項被描述為生命科學部門積壓訂單或營收的20%。我們能否更新一下目前的占比，以及對2027財年的預期？

I could speak to the numbers and then Doug can speak to the market, Justin. So we -- there's still auto-injector work in our backlog in the year. It came in where we expected it to be, obviously, as we executed on the work. It's come below what we had talked about before, which I think we said was in the -- you said a 20% of Life Sciences backlog and 10% of overall. So it's ticked down below that, but that's sort of normal moderation and as we work through the capacity build-out from last year's order bookings.

Justin，我可以先談數字，然後Doug可以談市場。所以——今年我們的積壓訂單中仍然有自動注射器相關工作。隨著我們執行相關工作，其結果符合我們的預期。它低於我們先前談到的水準；我想我們之前說的是——你提到生命科學積壓訂單的20%，以及整體的10%。所以它已略降到那之下，但這算是正常的溫和回落，因為我們正在消化去年接單所帶來的產能擴建。

But of course, we've seen some offset from the uptick in our diversified radiopharma bookings from another part of our business. So over time, we still see opportunity in that market.

當然，我們也看到來自業務另一部分、更多元化的放射性藥物（radiopharma）接單上升，對此形成了一些抵消。因此從時間拉長來看，我們仍然看到該市場的機會。

And I'll pass to Doug, and he can comment on the market overall.

我把問題交給Doug，讓他評論整體市場。

Yes. I think, Jonathan, in the long term, we believe that auto-injectors for GLP-1s and other therapies is still a growth market. It obviously when we're -- when customers are making very, very large investment decisions, it comes with a bit of lumpiness in our backlog. But the real exciting part of the auto-injector market is actually the science. The number of trials that are underway for other types of products or therapies for cardiovascular, autoimmune and neurological indications, I think as a provider to the Life Sciences industry, we're real proud of our position in helping bring these therapies to market.

是的。Jonathan，我認為從長期來看，我們相信用於GLP-1以及其他療法的自動注射器仍然是成長型市場。顯然，當客戶在做非常、非常大型的投資決策時，我們的積壓訂單會帶有一些不均勻性（lumpiness）。但自動注射器市場真正令人興奮的部分其實是科學本身。目前針對其他類型產品或療法的試驗數量正在進行中，涵蓋心血管、自體免疫與神經系統適應症；作為生命科學產業的供應商，我們對於能協助這些療法推向市場的定位感到非常自豪。

And there's obviously when we're dealing with science, there's a certain amount of volatility and the approvals of the -- through the clinical trials and the market ramps. But we're pretty confident that auto-injectors are going to be a delivery device for the long term recognizing that there's a bit of lumpiness, but we're -- we think it's long term going to be a great position for ATS.

而且顯然，當我們面對科學時，臨床試驗的核准流程以及市場放量（ramp）都會帶來一定程度的波動。但我們相當有信心，自動注射器將會是長期的給藥裝置；我們也理解會有一些不均勻性，但我們——我們認為長期而言，這會是ATS非常好的布局。

That's very helpful. And then on capital allocation, what type of multiples are in the area for the private companies versus public peers that we see are continuing to trend much higher? Is there an ability for ATS to acquire at or below its current multiple?

這非常有幫助。另外在資本配置方面，私營公司的估值倍數大概落在什麼區間，相較於我們看到仍持續走高的上市同業？ATS是否有能力以等於或低於目前自身倍數的水準進行收購？

Well, we certainly pay attention to the multiples that we pay. Obviously, from a value creation standpoint, the math is pretty straightforward. I would say, to answer your question, Justin, we see valuations across the spectrum. There are some opportunities that or we can acquire at below our current multiple, and there are others that we aspire to that have a higher multiple. But really the lens that we use is really can we make the business better, whatever price we pay, we have to make sure we get a return on capital. And I would say, as we look at our pipeline, I think there's a pretty broad rainbow of valuations that we see.

嗯，我們當然會關注我們支付的倍數。顯然，從價值創造的角度來看，數學其實相當直接。Justin，回答你的問題，我會說我們看到的估值橫跨整個光譜。有些機會我們可以以低於目前自身倍數的水準收購，也有一些我們嚮往的標的倍數更高。但我們使用的核心視角是：無論付出什麼價格，我們是否能把這家公司做得更好；不管怎樣，我們都必須確保取得資本報酬。而且我會說，當我們看我們的併購管線時，我認為我們看到的是相當廣泛的估值範圍。

It's very esoteric depending on the scale of the company, what region it's in, the specific mix that it has, how it's performing, et cetera. But we clearly have -- we have a very disciplined way that we look at value creation, and we would not exclude any -- we wouldn't exclude or prioritize any specific assets based exclusively on the multiple arbitrage, we look at it quite holistically. So we could do it either way.

這會非常取決於公司規模、所在區域、其特定組合、其營運表現等等，因此相當專門且因案而異。但我們確實——我們有一套非常嚴謹的方法來評估價值創造；我們不會僅僅基於倍數套利就排除、或優先考慮任何特定資產，我們會以更整體的方式來看。所以兩種情況都可能。

That's helpful. Is there a target ROIC for potential acquisitions?

這很有幫助。對於潛在收購案，有沒有目標ROIC？

Yes. Greater than our cost of capital in the 3-plus year horizon. And obviously, internally, as we're comparing alternatives, higher is better than even -- the higher is better, but we have a threshold that our investors -- our board holds us accountable for, but it's a pretty traditional and conservative approach to -- we have to exceed our cost of capital. And then if there are competing ideas for our capital, then we obviously pick the one that has the higher one.

有的。在3年以上的時間範圍內，要高於我們的資本成本。而且顯然，在內部比較不同選項時，越高越好——越高越好；但我們有一個門檻，投資人——董事會會以此要求我們負責。這是一種相當傳統且保守的做法——我們必須超過資本成本。然後如果資本有相互競爭的想法，我們當然會選擇ROIC更高的那一個。

This concludes the question-and-answer session. I'll turn the call to Doug Wright, Chief Executive Officer, for closing remarks.

問答環節到此結束。我將把電話交給執行長Doug Wright作結語。

Thank you, operator, and thank you, everyone, for joining us today. We look forward to speaking -- (technical difficulty)

謝謝接線員，也謝謝各位今天加入我們。我們期待再與各位交流——（技術問題）