ATS Corporation (ATS) 2027 Q1 法說會逐字稿

Welcome to the ATS Corporation Q1 conference call and webcast. This call is being recorded on August 6, 2026, at 8:30 A.M. Eastern Time. Following the presentation, we will conduct a question-and-answer session.

歡迎參加 ATS Corporation 第一季（Q1）電話會議與網路直播。本次會議於 2026 年 8 月 6 日美東時間上午 8:30 錄音。簡報結束後，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.

謝謝接線員，大家早安。今天與會者包括執行長 Doug Wright，以及代理財務長 Anne Cybulski。

Please note that our remarks today are accompanied by a slide deck, which can be viewed via our webcast and available at atsautomation.com. We caution that the statements made on the webcast and conference call may contain forward-looking information and our cautionary statement regarding such information, including the material factors that could cause actual results to differ materially from the statements, and the material factors or assumptions applied in making the statements are detailed in slide 3 of the slide deck.

請注意，我們今天的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。我們提醒，網路直播與電話會議中的陳述可能包含前瞻性資訊；我們就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，以及作出該等陳述時所採用的重大因素或假設）已詳載於投影片簡報第 3 頁。

With that, it's my pleasure to turn the call over to Doug. Doug, over to you.

接下來，我很高興把電話交給 Doug。Doug，交給你。

Thank you, David, and good morning, everyone. Today, we reported first-quarter results for fiscal 2027. Before discussing the quarter, I want to provide an update on conclusions from my portfolio review, the long-term demand profile in our chosen end markets, and our path to margin expansion.

謝謝你，David，大家早安。今天我們公布了 2027 財政年度第一季的業績。在討論本季之前，我想先更新我對投資組合檢視的結論、我們所選終端市場的長期需求概況，以及我們擴大利潤率的路徑。

Since joining ATS, I've completed a comprehensive portfolio review and site assessments across the organization. This process gave me a clear view of both the strengths of the portfolio and the opportunities ahead and reinforced my confidence in the quality and commitment of our people, the depth of our technical expertise, and the strength of our customer relationships. I was particularly impressed by the importance of our work our teams do every day. They solve complex scientific and manufacturing problems, help improve patient outcomes, support safe and high-quality food production, and contribute to energy security.

自加入 ATS 以來，我已完成全公司的全面投資組合檢視與據點評估。這個過程讓我清楚看見投資組合的優勢與未來機會，也進一步強化我對我們人才品質與投入程度、深厚技術專長，以及客戶關係強度的信心。我尤其對我們團隊每天所做工作的重大意義印象深刻。他們解決複雜的科學與製造問題、協助改善病患治療成效、支持安全且高品質的食品生產，並為能源安全作出貢獻。

I am confident in the growth profile and the underlying markets in which we solve such problems and have such impact. Across all of our solutions and end markets, artificial intelligence is creating opportunities for ATS, both as a demand driver and as a capability that we are uniquely able to harness in our solutions because of our deep domain expertise. My overall optimism is reflected in positive outcomes across several areas of the business.

我對我們解決這些問題並產生影響的成長輪廓與其背後市場深具信心。在我們所有解決方案與終端市場中，人工智慧正為 ATS 創造機會，既是需求驅動因素，也是我們能在解決方案中獨特運用的能力，這得益於我們深厚的產業領域專業。我整體的樂觀反映在業務多個面向的正向成果上。

In life sciences, the trailing 12-month book to bill, excluding GLP-1-related activity, was approximately 1.1 times, driven by strength in radiopharmaceuticals. We also delivered 11% year-over-year growth in service-related revenues across the company. I have even more conviction today than I did in coming to ATS on the opportunities this company has in the markets in which we compete.

在生命科學方面，過去 12 個月的接單出貨比（book-to-bill），若排除與 GLP-1 相關的活動，約為 1.1 倍，主要由放射性藥物（radiopharmaceuticals）的強勁表現帶動。我們也在全公司範圍內實現服務相關營收年增 11%。相較於我加入 ATS 時，我今天對公司在競爭市場中的機會更具信心。

It is this conviction that tells me that over time, we can operate above our stated operating margin target of 15% while continuing strong secular top-line growth. What will turn this conviction into performance are the frameworks that we are now applying across the business. First, through the application of a disciplined cash return on investment framework, we expect to achieve approximately half of the margin improvement required to achieve our 15% target, primarily through a Fixed-Cost Transformation Program. Second, through growth in higher-margin aftermarket services, stronger commercial discipline, and innovation and improved application of our ABM tools, we expect to deliver the remainder of the improvement needed to achieve and exceed our 15% target.

正是這份信念讓我相信，隨著時間推進，我們在持續強勁的結構性營收成長之下，營業利潤率可望高於我們所宣示的 15% 目標。將這份信念轉化為績效的，是我們目前正在全公司推行的管理框架。第一，透過採用嚴謹的現金投資報酬（cash return on investment）框架，我們預期可達成約一半、為達到 15% 目標所需的利潤率改善，主要來自固定成本轉型計畫（Fixed-Cost Transformation Program）。第二，透過高毛利售後服務的成長、更強的商業紀律，以及創新與更佳運用我們的 ABM 工具，我們預期可交付其餘所需的改善，以達成並超越 15% 目標。

On Fixed-Cost Transformation, we've initiated an 18-month program to simplify our operations, improve efficiency, and strengthen the foundation for long-term profitable growth and shareholder returns. The program will include reductions in facility overhead, indirect expenses in SG&A. The first phase focuses on Europe, where our review identified excess capacity and operating infrastructure that are not generating returns consistent with our requirements. We are consolidating certain facilities and transferring select technical capabilities to other ATS locations, where existing capacity and capabilities can support customer requirements more efficiently.

在固定成本轉型方面，我們已啟動一項為期 18 個月的計畫，以簡化營運、提升效率，並強化長期獲利成長與股東報酬的基礎。該計畫將包括降低廠房間接費用，以及 SG&A 中的間接費用。第一階段聚焦歐洲，因為我們的檢視發現當地存在產能過剩與營運基礎設施，未能產生符合我們要求的報酬。我們正整併部分設施，並將特定技術能力移轉至 ATS 其他據點，在那裡既有產能與能力可更有效率地支援客戶需求。

Given the nature of these actions, the implementation and realization of benefits are expected to occur over several quarters. We estimate the initial phase of the European Fixed-Cost Transformation Program to generate annualized savings in the range of $20 million, which is approximately 30% of the savings opportunities we anticipate from the overall Fixed-Cost Transformation Program. On the broader transformation program, we will provide updates on the expected cost out opportunity as these are finalized, along with the cost of the entire program. This program, together with our ABM, expansion of our aftermarket services business, and our focus on regulated markets, is intended to make ATS into an even more attractive company, capable of driving sustained earnings power over time.

鑑於這些措施的性質，預期其執行與效益實現將分布於數個季度。我們估計歐洲固定成本轉型計畫的初始階段可帶來年度化節省約 2,000 萬美元，約占我們預期整體固定成本轉型計畫節省機會的 30%。就更廣泛的轉型計畫而言，待相關事項定案後，我們將更新預期的降本機會，以及整體計畫成本。此計畫結合我們的 ABM、售後服務業務的擴張，以及對受監管市場的聚焦，旨在使 ATS 成為更具吸引力的公司，並能隨時間推動可持續的獲利能力。

Now over to Q1. On near-term performance, Anne will discuss the quarter results in more detail in her prepared remarks. In brief, Q1 adjusted revenues were down 5% versus last year, reflecting a lower opening order backlog, the timing of project execution, and a planned reduction in large-scale automotive work. Despite this, we continue to see healthy levels of customer engagement across our markets, particularly in radiopharma. Against this backdrop, profitability in the quarter also reflected the lower revenue base. On profitability, adjusted earnings from operations were $68 million, down 13% compared with Q1 last year.

接下來談第一季（Q1）。關於短期表現，Anne 將在其事先準備的發言中更詳細說明本季結果。簡而言之，第一季調整後營收較去年下降 5%，反映期初訂單積壓（order backlog）較低、專案執行時點的影響，以及我們對大型汽車業務的計畫性縮減。儘管如此，我們仍看到各市場客戶互動維持健康水準，尤其是在放射性藥物領域。在此背景下，本季獲利能力也反映較低的營收基礎。就獲利而言，調整後營運收益為 6,800 萬美元，較去年第一季下降 13%。

Turning to our end markets, we entered the first quarter with approximately $1.9 billion in order backlog. Within life sciences, our opportunity funnel is active and well-diversified across radiopharma, pharmaceuticals, and medical device applications. Radiopharma remains an attractive growth opportunity supported by increasing adoption of therapeutic applications, ongoing investment in isotope production, and a shift toward more decentralized manufacturing to support timely patient access to treatment. As programs advance toward commercialization, we continue to observe broader market activity aimed at securing capacity, enhancing supply chain resilience, and supporting reliable operations in highly regulated environments.

談到我們的終端市場，我們在第一季開始時的訂單積壓約為 19 億美元。在生命科學領域，我們的商機漏斗活躍，且在放射性藥物、製藥與醫療器材應用方面分布多元。放射性藥物仍是具吸引力的成長機會，受惠於治療性應用的採用增加、同位素生產的持續投資，以及為支持病患及時取得治療而朝更分散式製造轉移的趨勢。隨著各項計畫推進至商業化，我們持續觀察到更廣泛的市場活動，旨在確保產能、提升供應鏈韌性，並在高度受監管環境中支持可靠營運。

Our work with TerraPower Isotopes reflects this investment as customers expand isotope production capacity to support future therapeutic demand. Our differentiated capabilities in containment systems, automation, and lifecycle support position us to participate in multiple phases of this capacity buildout. Beyond Radiopharma, the life sciences funnel includes opportunities in automated visual inspection, lab automation, contact lenses, and wearable devices. In food and beverage, our funnel remains strong despite lower order activity in certain markets, following elevated investment levels in recent years.

我們與 TerraPower Isotopes 的合作反映了這類投資，客戶正擴增同位素生產產能以支援未來治療需求。我們在圍阻系統（containment systems）、自動化與全生命週期支援方面的差異化能力，使我們得以參與此產能擴建的多個階段。除放射性藥物之外，生命科學商機漏斗亦包含自動化視覺檢測、實驗室自動化、隱形眼鏡與穿戴式裝置等機會。在食品與飲料方面，儘管部分市場的接單活動較低（此前幾年投資水準偏高），我們的商機漏斗仍維持強勁。

We continue to see opportunities across core and adjacent end markets, including fresh food processing, secondary processing, and packaging applications. Equipment replacement requirements may also support investment activity over time. In energy, our funnel remains strong, driven by industry investment in energy security, infrastructure modernization, and new power generation capacity to support data center needs.

我們持續在核心與鄰近終端市場看到機會，包括生鮮食品加工、二次加工，以及包裝應用。設備汰換需求也可能隨時間推進而支撐投資活動。在能源方面，在產業對能源安全、基礎設施現代化，以及為支援資料中心需求而新增發電產能的投資帶動下，我們的商機漏斗仍然強勁。

Within nuclear, ATS has a strong track record supporting CANDU reactor refurbishment and life extension programs. Looking ahead, our opportunity set is broadening. In Canada and the United States, we are engaged with reactor technology companies in early engineering, systems design, and prototype equipment development for small modular reactors and next-generation large reactor programs.

在核能領域，ATS 在支援 CANDU 反應爐翻修與延壽計畫方面擁有強勁的實績。展望未來，我們的商機範圍正在擴大。在加拿大與美國，我們正與反應爐技術公司合作，參與小型模組化反應爐（SMR）與下一代大型反應爐計畫的前期工程、系統設計，以及原型設備開發。

For reference, on a single nuclear reactor build, our portion of the project may represent a low single-digit percentage of the customer's total CapEx. For us, this could represent revenue of $50 million to $150 million based on the application. Within industrial and consumer, funnel activity remains stable, with opportunities across warehouse and packaging systems and specialized industrial applications.

供參考，在單一核反應爐建造案中，我們在該專案中的份額可能僅占客戶總資本支出（CapEx）的低個位數百分比。對我們而言，依應用情境不同，這可能代表5,000萬至1.5億美元的營收。在工業與消費領域，商機漏斗活動維持穩定，機會涵蓋倉儲與包裝系統，以及專業工業應用。

On capital allocation, leverage remains within our target range, and our acquisition funnel remains active. Over the past 12 months, we have significantly strengthened our balance sheet, providing greater flexibility as we evaluate opportunities. We remain patient and disciplined, focused on opportunities that are strategically aligned and capable of creating meaningful shareholder value. We will remain selective, but when opportunities align with our strategic priorities and meet our return requirements, we have the flexibility to pursue them while remaining disciplined stewards of capital.

在資本配置方面，槓桿水準仍維持在我們的目標區間內，而我們的併購商機漏斗仍然活躍。過去12個月，我們已大幅強化資產負債表，使我們在評估機會時具備更高的彈性。我們仍保持耐心與紀律，聚焦於在策略上相符且能創造具意義股東價值的機會。我們將持續審慎挑選，但當機會符合我們的策略優先事項並滿足報酬要求時，我們具備在維持資本紀律的同時加以把握的彈性。

Before I summarize the opportunity I have in front of us, I will turn the call over to Anne for her financial report. Anne, over to you.

在我總結眼前的機會之前，我先把電話會議交給Anne，請她進行財務報告。Anne，交給你。

Thank you, Doug, and good morning, everyone. Before turning to our operating results, I'll provide some additional context. We are driving improvements to our costs through our previously announced restructuring plan, and those actions are underway. In addition, we plan to take structural costs out of the business as part of our Fixed-Cost Transformation Program. In the near term, revenue mix and volume influence our reported operating margin.

謝謝你，Doug，各位早安。在談到我們的營運結果之前，我先補充一些背景。我們正透過先前已宣布的重整計畫推動成本改善，相關行動已在進行中。此外，我們計畫透過固定成本轉型計畫（Fixed-Cost Transformation Program）將結構性成本自業務中移除。短期內，營收組合與出貨量會影響我們所呈報的營業利益率。

However, we made some progress during the quarter. For example, in Q1, adjusted gross margin improved both sequentially and year-over-year, which we see as early evidence that some of our focused actions are working, particularly on aftermarket services. In Q1, we incurred restructuring costs of $5.7 million against a Q1 expected spend of $10 million to $15 million.

不過，我們在本季取得了一些進展。例如，在第一季，調整後毛利率不論按季或年增皆有所改善；我們視此為部分聚焦行動正在奏效的早期證據，尤其是在售後服務方面。第一季我們認列了570萬美元的重整成本，相較於第一季原先預期支出1,000萬至1,500萬美元。

We expect to complete this initial set of actions in the Q2 and Q3 as we continue to work through workforce and regional requirements. We also completed other reorganization-related actions in the quarter. These actions resulted in $21.5 million of non-cash charges in the quarter, primarily write-downs of assets that are no longer strategic going forward. We have adjusted for these items as non-recurring.

我們預期將在第二季與第三季完成這一初步行動組合，並持續因應人力與區域需求的調整。本季我們也完成了其他與組織重整相關的行動。這些行動在本季造成2,150萬美元的非現金費用，主要為對未來不再具策略性的資產進行減記。我們已將這些項目作為非經常性項目予以調整。

We expect further restructuring and reorganization-related charges through the balance of the year to complete our previously disclosed Q1 actions, any margin protection actions warranted by market conditions, and as we start to execute the broader Fixed-Cost Transformation Program that Doug described. We will size those costs as the plans are finalized.

我們預期在今年剩餘期間仍會有進一步的重整與組織調整相關費用，以完成先前揭露的第一季行動、因應市場狀況所需的任何利潤保護措施，以及開始執行Doug所描述的更廣泛固定成本轉型計畫。待計畫定案後，我們將評估並界定相關成本規模。

As Doug noted, about half of our path to 15% operating margins will be closed through our Fixed-Cost Transformation Program, and the remainder through our focus on margin-accretive aftermarket services, stronger commercial discipline, innovation, and improved application of our ABM tools.

如Doug所提，達成15%營業利益率目標的路徑中，約有一半將透過固定成本轉型計畫完成，其餘則透過我們聚焦於具增厚毛利的售後服務、更強的商業紀律、創新，以及更佳地運用我們的ABM工具。

The benefits are expected to build progressively as we implement the program actions over approximately 18 months, and we will report our progress. Taken together, these actions will change our cost structure, not just our costs this year. The opportunity to fundamentally shift the way we manage our cost base underpins our confidence in scalable earnings growth.

隨著我們在約18個月內逐步落實計畫行動，預期效益將循序累積，我們也會回報進度。綜合而言，這些行動將改變我們的成本結構，而不僅僅是今年的成本。能夠從根本上改變我們管理成本基礎的方式，是我們對可擴展獲利成長具信心的基礎。

With that, I'll turn to our operating results for the quarter. Order bookings were $656 million, down 5.3% from Q1 last year, reflecting large nuclear project awards in the prior-year period. Timing also played a role, with some anticipated Q1 orders moving into future periods. Bookings vary quarter to quarter.

接著我說明本季的營運結果。訂單接單金額為6.56億美元，較去年第一季下降5.3%，反映去年同期有大型核能專案得標。時點因素亦有影響，部分原預期在第一季的訂單延後至未來期間。接單金額會隨季度而波動。

To reiterate, our view of mid to longer term underlying demand has not changed, and our funnel remains healthy across our chosen markets. Adjusted revenues for the first quarter were $698 million, down 5.2% compared to last year, reflecting a lower opening order backlog and the planned reduction in transportation-related activity, partially offset by revenue growth in energy and services.

再次強調，我們對中長期的基本需求看法並未改變，而我們在所選市場的商機漏斗仍然健康。第一季調整後營收為6.98億美元，較去年下降5.2%，反映期初訂單積壓較低以及運輸相關活動的計畫性縮減；能源與服務的營收成長則部分抵銷了影響。

Moving to earnings. First-quarter adjusted earnings from operations were $68.1 million, down 13.4% from Q1 last year, primarily on lower revenues, with the benefit of our cost actions still ahead of us. Growth margin for Q1 was 30% of adjusted revenues, an 18-basis-point increase on Q1 last year, primarily on higher margin after-sales service revenues. On SG&A, excluding adjusting items, expenses in the first totaled $136.6 million, slightly higher than last year, largely on foreign exchange translation.

接著看獲利。第一季調整後營業利益為6,810萬美元，較去年第一季下降13.4%，主要因營收較低，而我們成本行動的效益仍在後續。第一季毛利為調整後營收的30%，較去年第一季增加18個基點，主要來自較高毛利的售後服務營收。在銷售、一般及行政費用（SG&A）方面，排除調整項目後，第一季費用合計1.366億美元，較去年略高，主要因外匯換算影響。

Excluding the mark-to-market impact related to changes in our share price, stock-based compensation expense was $4.9 million in Q1, and we continue to expect normalized stock-based comp expense of approximately $5 million per quarter. Adjusted earnings per share for the quarter was $0.35.

排除與股價變動相關的按市價評價（mark-to-market）影響後，第一季以股票為基礎的薪酬費用為490萬美元；我們仍預期常態化的股票薪酬費用約為每季500萬美元。本季調整後每股盈餘為0.35美元。

Moving to our outlook. We closed the quarter with an order backlog of approximately $1.9 billion. On a combined basis, life sciences, food and beverage, and energy represented more than 80% of our total backlog, supporting visibility across several of our more highly regulated markets. Based on the expected conversion of existing order backlog, together with revenues from orders anticipated to be booked and billed within the period, we expect Q2 revenues to be in the range of $660 million to $700 million. As a reminder, this assessment is updated every quarter.

接著談展望。本季結束時，我們的訂單積壓約為19億美元。合併來看，生命科學、食品與飲料以及能源占我們總訂單積壓的80%以上，支持我們在多個高度受監管市場的能見度。基於既有訂單積壓預期轉換為營收的情況，加上預期在期間內接單並開立帳單的訂單所帶來的營收，我們預期第二季營收將落在6.6億至7.0億美元之間。提醒一下，此評估每季都會更新。

Looking across the balance of fiscal 2027, we expect margins to strengthen through the second half as backlog converts and our cost actions take effect. The macroeconomic environment remains fluid, and we continue to monitor trade, tariffs, and geopolitical developments. To date, these have not had a material impact on our business. Our global footprint and sourcing network give us the flexibility to manage these dynamics.

展望2027會計年度剩餘期間，我們預期隨著訂單積壓轉換以及成本行動開始發揮效果，利潤率將在下半年走強。總體經濟環境仍具變動性，我們持續關注貿易、關稅與地緣政治發展。截至目前，這些因素尚未對我們的業務造成重大影響。我們的全球據點與採購網絡使我們能靈活因應這些動態。

Moving to the balance sheet. In Q1, cash flows used in operating activities were $10 million. This was mainly related to timing of billing and collections on larger programs, and we expect improvement going forward. Our non-cash working capital as a percentage of revenues was 14.3%. This measure can fluctuate between quarters, but we do expect to remain within our long-term target of 15% of revenues or less. Working capital discipline, efficient asset utilization, and cash generation remain a clear focus, supported by the internal frameworks we are deploying across the business.

接著看資產負債表。第一季營運活動使用的現金流為1,000萬美元。這主要與大型專案的開立帳單與收款時點有關，我們預期後續將改善。我們的非現金營運資金占營收比重為14.3%。此指標可能在各季度間波動，但我們確實預期將維持在長期目標：營收的15%或以下。營運資金紀律、有效資產運用與現金創造仍是明確重點，並由我們正在全公司推行的內部框架所支持。

During the quarter, we invested $15.6 million in CapEx and intangible assets, including technology infrastructure and internal development initiatives. For fiscal '27, we continue to expect our CapEx and intangible investment to be between $70 million and $90 million. On leverage, our net debt to adjusted EBITDA ratio ended Q1 at 2.9 times. We do expect to operate within our targeted range of 2 to 3 times through fiscal '27.

本季我們在資本支出（CapEx）與無形資產上投資1,560萬美元，包括技術基礎設施與內部開發計畫。對於2027會計年度，我們仍預期CapEx與無形資產投資將介於7,000萬至9,000萬美元。在槓桿方面，第一季末淨負債對調整後EBITDA比率為2.9倍。我們確實預期在2027會計年度期間維持在目標區間2至3倍內運作。

As previously noted, we may temporarily exceed this range for capital deployment opportunities that meet our disciplined return criteria and support a clear path back to our target leverage range within an acceptable timeframe.

如先前所述，若出現符合我們嚴謹報酬標準、且能在可接受時間內明確回到目標槓桿區間的資本部署機會，我們可能會暫時超出該區間。

In summary, we are advancing the previously disclosed restructuring actions initiated in Q1 and the broader transformation program announced today. Together, these initiatives are intended to reduce fixed costs and SG&A, consolidate our footprint, improve capacity utilization, and increase capital efficiency across the organization with a clear focus on cash return on investment.

總結而言，我們正推進先前揭露、於第一季啟動的重整行動，以及今日宣布的更廣泛轉型計畫。這些措施合併起來，旨在降低固定成本與SG&A、整併我們的營運據點、提升產能利用率，並在全組織提升資本效率，且明確聚焦於投資現金報酬。

As a result, we expect a structurally lower cost base and stronger cash generation over time, positioning ATS for scalable earnings growth as volumes improve. That gives us confidence in our ability to create long-term shareholder value and returns.

因此，我們預期成本基礎將在結構上更低，且隨時間推移現金創造能力更強，讓 ATS 在出貨量回升時具備可擴張的獲利成長定位。這也讓我們對自身創造長期股東價值與報酬的能力更有信心。

Before we go to Q&A, I'll pass the call back to Doug to conclude. Doug?

在進入問答之前，我先把電話交回給 Doug 做結語。Doug？

Thanks, Anne. My conviction in ATS is stronger today than when I joined the company. We participate in attractive markets with compelling long-term growth drivers. That, together with what I have observed across the organization, reinforces my belief that we can, over time, operate above our stated operating margin target of 15%.

謝謝你，Anne。我對 ATS 的信念，比我加入公司時更為堅定。我們參與的是具吸引力的市場，並有強勁的長期成長驅動因素。再加上我在整個組織中所觀察到的情況，更加強了我的信念：隨著時間推移，我們有能力讓營業利益率高於我們所宣示的 15% 目標。

Through a focus on cash return on investment, we have the tools to address our fixed cost structure and improve returns. Through the ATS business model, we have the tools to improve operational performance and strengthen execution across the organization. We have a clear plan, and now it's about execution, and I am confident in our ability to translate that into improved performance and meaningful value creation.

透過聚焦於投資現金報酬率，我們具備工具來處理固定成本結構並提升報酬。透過 ATS 的商業模式，我們具備工具來改善營運表現並強化全組織的執行力。我們有清晰的計畫，接下來就是執行；我有信心我們能把它轉化為更佳表現與具意義的價值創造。

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

現在我們將開放分析師提問。接線員，請提供說明好嗎？謝謝。

(Operator Instructions) Sabahat Khan, RBC Capital Markets.

(接線員指示) Sabahat Khan，RBC Capital Markets。

Hi, good morning, guys. This is Patty on the line for Sabahat this morning. Just maybe starting off, looking at kind of your outlook for the rest of FY 2027. You also mentioned some kind of deal or revenue slippage kind of into future quarters calling out might be dependent on the pickup in order activity through the rest of the year to kind of deliver on some of your kind of expectations for modest growth this year. Just maybe if you could give a bit more color on that. I think bookings in FY26 were down, call it 10%. What would you think You would need to comp maybe through the rest of the year to deliver on that.

嗨，早安，各位。今天早上由我 Patty 代替 Sabahat 在線上。先從你們對 2027 財年剩餘期間的展望談起。你們也提到有些交易或營收可能會遞延到未來季度，並指出這可能取決於今年剩餘期間訂單活動的回升，才能達成你們對今年溫和成長的一些預期。能否請你們再多補充一些背景說明。我想 26 財年的接單（bookings）下滑了，大約 10%。你們認為今年剩餘期間需要達到怎樣的比較基期或表現，才能交出那樣的結果？

And if you could also give some incremental color on kind of the nature of that slippage you called out as well, that'd be, I think, really helpful.

另外，如果你們也能就你們提到的那種遞延性質再多提供一些細節，我想會非常有幫助。

Okay. Well, thank you, and good morning. We believe the modest or organic revenue growth remains achievable, it will depend on the timing of larger customer awards and the pace at which those orders convert during the secone half. The markets that we serve are very attractive,

好的。謝謝，早安。我們認為溫和的（或有機的）營收成長仍可達成，但將取決於較大型客戶授標的時點，以及這些訂單在下半年轉化的速度。我們所服務的市場非常具吸引力，

They do have some level of lumpiness in them by the virtue of the fact that in some cases we're dealing with new science or major regulatory criteria that are driving things like nuclear and radiopharma. So they're inherently lumpy over the short cycle, over the long term, they're very healthy.

但由於某些情況下我們面對的是新科學或重大法規標準（例如推動核能與放射性藥物等），因此這些市場在短期內確實會有一定程度的波動性。不過從長期來看，它們非常健康。

As an example, in the most recent quarter, we were very strong in radiopharma, and we had relatively weak bookings in nuclear, that doesn't mean that Both of those markets are still very attractive long-term growers. So in the back half of the year, we would expect some of our lumpy markets to do a bit better than they did in the most recent quarter. I think it's just these long cycle markets require us to have a bit of patience with the velocity of the actual backlog, because that's just the nature of the markets that we're in.

舉例來說，在最近一季，我們在放射性藥物（radiopharma）方面非常強勁，而在核能（nuclear）方面的接單相對偏弱；但這並不代表這兩個市場的長期吸引力有改變，它們仍是非常具吸引力的長期成長市場。因此在今年下半年，我們預期部分波動較大的市場表現會比最近一季更好一些。我認為這些長週期市場需要我們對實際在手訂單（backlog）的推進速度多一些耐心，因為這就是我們所處市場的特性。

Clearly, because we started off the fiscal year slow, it'll depend on us having strong recovery and order rates in the back half to be able to deliver on our full year guide. As we evolve in subsequent quarters, we'll continue to update you.

很明顯，由於我們本財年開局較慢，是否能達成全年指引將取決於下半年是否能出現強勁復甦與較高的接單速度。隨著後續季度的進展，我們會持續向各位更新。

All right. Great. Thanks. That's helpful. Maybe just on the Fixed-Cost Transformation Program, there's still about, you've identified the European consolidation, the footprint consolidation there, $20 million, so kind of implies a full cost savings about $60 million to $70 million.

好的。很好。謝謝。這很有幫助。再請教固定成本轉型計畫（Fixed-Cost Transformation Program），你們仍有、你們已辨識出歐洲整併、也就是那邊的據點整併，2,000 萬美元，因此似乎意味著完整的成本節省約 6,000 萬到 7,000 萬美元。

Have you evaluated, Doug, basically the full business or do you see maybe there's room for more opportunity there as you kind of go through it? Basically, how would you see that evolving, and when maybe could we get more details on the next phases of the program?

Doug，你們是否已評估整個業務，或你認為在推進過程中還有更多機會空間？基本上你會如何看待它的演進，以及我們大概何時能取得該計畫下一階段的更多細節？

Sure. First of all, the Fixed-Cost Transformation Program is a fully comprehensive view of our, or will include a view of all of our manufacturing facilities, where we have indirect cost in SG&A. While we're highlighting the European item, I've been to all of our facilities in my process, so we have a comprehensive view there. These will be meaningful changes to our cost structure, I think you've highlighted sort of what the full quantum of the opportunity is.

當然。首先，固定成本轉型計畫是一個完全全面性的檢視，將涵蓋我們所有製造據點，以及我們在銷售、一般及行政費用（SG&A）中的間接成本。雖然我們特別強調歐洲這一項，但在我的過程中我已走訪所有據點，因此我們對此有全面性的掌握。這些將是對我們成本結構的重大調整；我想你已點出整體機會的規模。

I would say that the run rate that we establish through these programs will be highly accretive to our margin growth rate. The balancing act is that while we are going to be very aggressive in driving what I would consider to be a good set of productivity actions, we are also part of some very, very fast-growing markets that require us to invest.

我會說，透過這些計畫所建立的執行水準（run rate）將對我們的毛利率/利潤率成長帶來高度增益。需要平衡的是：雖然我們會非常積極推動我認為是一套良好的生產力提升行動，但我們同時也身處一些成長非常、非常快速的市場，這些市場需要我們投入資本與資源。

We certainly have a lot of, if you just look at the math, there's certainly a lot of opportunity at a gross level, we also have to be cognizant of how nuclear is evolving and how radiopharma is evolving, we need to make sure that we continue to invest in those.

如果只看數學計算，從總體層面確實有很大的機會；但我們也必須留意核能與放射性藥物的演進，並確保我們持續在這些領域投資。

We have what we believe is a fairly aggressive but balanced approach to our fixed cost action, respecting the fact that we still expect ATS to be a long-term growth company with some very important growth markets.

我們對固定成本行動採取我們認為相當積極但兼顧平衡的方法，同時也尊重一個事實：我們仍預期 ATS 會是一家長期成長型公司，且擁有一些非常重要的成長市場。

It's a balanced approach, it is very tactical and very detailed in terms of how we are going after underutilization and overcapacity. Frankly, some SG&A that has built up that needs to be right-sized. We also have to continue to invest in the long-term drivers of the company's future.

這是一個平衡的方法；在處理產能利用不足與產能過剩方面，我們的作法非常戰術性且非常細緻。坦白說，也包括一些累積起來、需要重新調整規模（right-size）的 SG&A。同時，我們也必須持續投資於公司未來的長期驅動因素。

The one thing that I would add to what Doug said is the way we've assessed the portfolio through his first 6+ months on the job is really through a set of very pragmatic, data-driven frameworks that allow us to identify where these opportunities exist. We will continue to deploy those frameworks, even as we're executing on this transformation plan.

我想補充 Doug 所說的是：在他上任的前 6 個多月，我們評估投資組合的方式，主要是透過一套非常務實、以數據驅動的框架，讓我們能辨識這些機會存在於何處。即使在執行這項轉型計畫的同時，我們也會持續運用這些框架。

We are fully aware of where we've tracked from a fixed cost perspective relative to our top line over the last number of years. That's something that we are paying attention to, and as Doug said, will be included in the plan as we execute on it.

我們非常清楚，過去多年我們的固定成本相對於營收規模的走勢與軌跡。這是我們正在關注的事項；如 Doug 所說，在我們執行計畫時也會納入其中。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Good morning. Doug, I guess I'm a little surprised that you see a major cost transformation plan as necessary, and I'm curious whether cost reduction was a large part of your initial thesis when you joined ATS or something that you uncovered on further analysis once you got inside.

早安。Doug，我有點意外你認為需要一項重大的成本轉型計畫；我也好奇，當你加入 ATS 時，成本削減是否就是你最初投資論點（thesis）中的重要部分，還是你進入公司後進一步分析才發現的？

Well, good morning, Cherilyn. Good to hear from you. I would say that as I joined the company, the board was aware that we had some areas of the business that we needed to manage through some restructuring, obviously the transportation portion that we talked about last quarter. There was some, I would say, pretty well-known and discussed cost actions that needed to be taken.

早安，Cherilyn。很高興聽到你的聲音。我會說，在我加入公司時，董事會已意識到我們在部分業務領域需要透過一些重整來加以處理，顯然包括我們上季談到的運輸（transportation）部分。我想有一些需要採取的成本行動，是相當眾所周知且已被討論過的。

As I've gone through my site visits, I've been on site with all of our significant companies around the world, doing a full-day strategy review and a diagnostic, and I've applied a framework that we've developed on terms of how we look at cash return on investment, how we look at how the portfolio is performing at a macro level as well as at a division level. We simply have identified that there's more opportunity to be more productive.

在我進行各地現場訪視的過程中，我已經在全球所有我們的重要公司現場待過，進行一整天的策略檢視與診斷；我也套用了一套我們所建立的框架，用來看我們如何衡量投資現金報酬率（cash return on investment），以及如何在總體層級與事業部層級評估投資組合的表現。我們很清楚地辨識到，還有更多機會可以提升生產力。

It's a fairly simple framework. What it did do was it identified that there are portions of the business that have invested in capacity that we don't need today to support our growth profile. I'd say it's a little bit of both, Cherilyn. I think I knew when coming in that there was opportunity, that the board had talked to me as I was coming onto the board. As I did my diligence in visiting all the sites, this is not a paperwork exercise.

這是一個相當簡單的框架。它確實做到了的一點是：它辨識出業務中有些部分投資了我們目前不需要的產能，這些產能並非支撐我們成長輪廓所必需。我會說兩者都有一些，Cherilyn。我想我在進來之前就知道有機會，董事會在我加入董事會時也跟我談過。而當我走訪所有據點做盡職調查時，這不是紙上作業。

This was done walking through factories and walking through our operations with my team, Anne and I built this framework out that allowed us to have visibility to where there was opportunity. We see significant savings opportunities simply by, I call it running the trains on time better.

這是我和團隊一起走進工廠、走進營運現場完成的；Anne 和我建立了這套框架，讓我們能看見哪些地方存在機會。我們看到顯著的節省機會，簡單說，我把它稱為把火車準點運行做得更好。

Okay. That's helpful context for sure. Separately, acquisitions have obviously been part of the growth agenda at ATS for some time. How do you sort of protect the capacity to do them while you execute this transformation program?

好的。這些背景脈絡確實很有幫助。另外，併購顯然在 ATS 的成長議程中已經扮演一段時間的角色。在你執行這個轉型計畫的同時，你要如何保留進行併購的能力？

Well, Cherilyn, clearly, from a human capital or team standpoint, that's a very important question that I have to manage through. I would say that in the growing parts of our organization, they will remain very focused on both organic and inorganic activity. We have a pretty dynamic flywheel and process that we run. We have a dedicated committee of our board that we're always looking at opportunities for efficient deployment of capital in M&A.

嗯，Cherilyn，很明顯地，從人力資本或團隊的角度來看，這是一個我必須管理得很好的重要問題。我會說，在我們組織中成長中的部分，他們仍會非常專注於有機與無機成長活動。我們有一個相當動態的飛輪與流程在運作。董事會有一個專責委員會，我們持續在尋找於併購（M&A）中有效率部署資本的機會。

When there's a specific division that has a particular emphasis on substantial cost reduction activities, they have diminished capacity to take on more effort. We have to be balanced in how we approach certain aspects of the portfolio. The growing parts of the portfolio, there's been no change in appetite for M&A.

當某個特定事業部特別著重於大幅度的成本削減活動時，他們承擔更多工作的能力就會降低。我們必須在投資組合某些面向的推進方式上取得平衡。至於投資組合中成長的部分，我們對併購的意願沒有任何改變。

I would say our cash return on investment framework. We use it for internal investments as well as for our M&A investments. It does set thresholds for how we look at the return on investment. It's a little bit more granular and detailed now with sort of the framework that I've put in place. It hasn't changed our appetite at all. We clearly have some areas that we have to balance the need to run the trains on time with buying new trains.

我會說是我們的投資現金報酬率框架。我們用它來評估內部投資，也用來評估併購投資。它確實為我們如何看待投資報酬率設定了門檻。在我建立的這套框架之下，現在它更細緻、更具體。它完全沒有改變我們的胃納。我們很清楚，有些領域需要在「把火車準點運行」與「買新火車」之間取得平衡。

(Operator Instructions) Michael Glen, Raymond James.

（接線員指示）Raymond James 的 Michael Glen。

Hey, good morning. Doug, I'm just hoping that maybe you can dig into the existing backlog and maybe give some insights into are you happy with the margin profile of the work in the embedded backlog? Should we think about a smaller backlog on this margin-optimized company in the future? What does the topline look like when you hit that 15% operating margin?

嗨，早安。Doug，我希望你能談談現有的在手訂單（backlog），並分享一些看法：你對已嵌入在手訂單中的工作毛利結構是否滿意？未來在這家以毛利最佳化為目標的公司，我們是否應該預期在手訂單會更小？當你達到 15% 的營業利益率時，營收規模（topline）會是什麼樣子？

Thank you, Michael. Good morning. I would say there's no correlation between our growth rate potential for the company and this higher margin profile. I don't believe at all that the actions that we're taking have any effect on our ability to create demand. In fact, I think it actually will help us because it will allow us to allocate capital more fulsomely to the businesses that have substantial growth in front of them.

謝謝你，Michael。早安。我會說，我們公司的潛在成長率與較高的毛利結構之間沒有關聯。我完全不認為我們正在採取的行動會影響我們創造需求的能力。事實上，我認為這反而會幫助我們，因為它讓我們能更充分地把資本配置到那些前方有顯著成長的業務上。

In terms of the margin profile and backlog, I wouldn't comment on that, but I would say there's no material difference in what we have in our current backlog versus existing run rates. This is, I think, something that I've spent a lot of time thinking through, Michael.

至於毛利結構與在手訂單，我不便評論，但我會說，我們目前在手訂單的內容與既有的執行速率（run rates）之間沒有實質差異。我想這是我花了很多時間深入思考的一件事，Michael。

I think the nature of ATS being exposed to really first-generation therapeutics and life sciences and the really, really dynamic changes that are happening in energy demand around the world simply will make us a little more volatile in our program awarding for these large projects.

我認為，ATS 所接觸的是相當前沿的第一代療法與生命科學，以及全球能源需求正在發生的非常、非常動態的變化，這些因素會讓我們在大型專案的授標上呈現較高的波動性。

Some of these radiopharma projects are $100 million projects, and some of these nuclear sites are, well, we've said today between $50 million and $150 million scale. There will be a certain amount of dynamics in our order rates, the way we report them.

其中一些放射性藥物（radiopharma）專案是 1 億美元規模，而一些核能據點的專案——我們今天也提到——大約在 5,000 萬到 1.5 億美元的規模區間。因此，我們的接單速度以及我們呈報的方式，會有一定程度的動態變化。

I think the long-term growth potential of the business is getting stronger because we're more focused on our life sciences and energy segment, and even our food business is identifying opportunities to grow faster through virtue of more food quality, and regulatory actions within food are also picking up. There's no correlation between our margin potential and scale.

我認為，這項業務的長期成長潛力正在變得更強，因為我們更聚焦在生命科學與能源領域；甚至我們的食品業務也正在透過提升食品品質來辨識更快成長的機會，而食品領域的監管行動也在加速。我們的毛利潛力與規模之間沒有關聯。

In fact, I could probably build a pretty reasonable argument for you that by investing more heavily in these nuclear is obviously an area where we have very specific differentiation and in radiopharma as well, where we're in a situation where we have some of the best technology in the world. I think our margin profile can actually get better, and we can continue to see significant growth.

事實上，我可能可以為你提出一個相當合理的論點：透過更大力投資核能——這顯然是我們具備非常明確差異化的領域——以及放射性藥物領域（我們也同樣具備優勢），在這些我們擁有全球頂尖技術的情境下，我認為我們的毛利結構其實可以變得更好，同時也能持續看到顯著成長。

Yeah. Michael, the only thing I would add to that is, when we talk about the Fixed-Cost Transformation Program and the scale and growth that we expect to continue to drive, as Doug described, we're really talking about creating flexibility in our cost structure in order to be able to operate efficiently within the context of those markets and the nature and dynamic of them, the way that they operate.

是的。Michael，我唯一想補充的是，當我們談到固定成本轉型計畫（Fixed-Cost Transformation Program），以及如 Doug 所描述我們預期將持續推動的規模與成長時，我們真正談的是：在成本結構上創造彈性，以便能在這些市場的脈絡下、以及它們運作方式的性質與動態之中，更有效率地營運。

Okay. Can you give some insights into the 18-month period that you're referencing? Are you able to provide some insights into what should we think about margins exiting that period? Are we getting close to 15% at that point in time, or is 15% would come another 18 months after you're done the program?

好的。你能否就你提到的 18 個月期間提供一些洞見？你能否分享一下，我們應該如何看待在那段期間結束時的利潤率？到那個時間點我們是否已接近 15%，還是說 15% 會是在你完成計畫後再過 18 個月才達成？

I would say, Michael, it would be somewhere in between those boundaries you've defined. Clearly the cost actions and the decisions to exit facilities, to right size the business, those will all be materially complete within this 18-month horizon.

我會說，Michael，會落在你所界定的兩個邊界之間的某個位置。很明顯地，成本行動與退出據點的決策、以及讓業務規模回到適當水準（right size），這些都會在這個 18 個月的時間範圍內大致完成。

How they actually map into a particular reporting period, will there be some variation there? Clearly a majority of the Well, all of the actions that we've identified in this 18-month program will be activated by that time, of course, they take time to accrue in there.

它們實際如何對應到特定的財報期間，是否會有一些差異？很清楚的是——嗯——我們在這個 18 個月計畫中所辨識的所有行動，屆時都會被啟動；當然，它們需要時間才能在財務上逐步反映與累積。

It would probably be somewhere in that horizon that you identified, somewhere 18 months-plus would be fully absorbed. To be clear, there will be significant improvement in the 18-month horizon, but the full $70 million-plus of savings, that clearly will be a run rate basis and then would accrue into that sort of second, third year.

它大概會落在你所提到的那個時間範圍內，約 18 個月以上才會完全吸收。講清楚一點，在 18 個月的期間內會有顯著改善，但完整超過 7,000 萬美元的節省，顯然會以執行速率（run rate）為基礎，並在第二、第三年那樣的期間逐步反映。

Yeah, and just to clarify, Michael, as Doug just described, we're talking about the 18-month horizon relative to this Transformation Program, and then we also described where we expect the remainder of the gap to our 15% target to come from. We've tried to dimension it very clearly through the plan that we've laid out, as well as some of the things that we've already been talking about, including services and the ABM.

是的，為了再釐清一下，Michael，正如 Doug 剛才所描述，我們談的是相對於這個轉型計畫的 18 個月時間範圍；同時我們也說明了，我們預期距離 15% 目標的其餘差距將從哪些來源補上。我們已透過所提出的計畫，以及我們先前已談到的一些事項（包括服務與 ABM），嘗試把規模與貢獻拆解得非常清楚。

Yeah. I think, Michael, the other perspective to have on this is that as an operator, I certainly have the capacity to drive more dramatic cost reduction in an 18-month horizon. Just looking at our numbers, you could see that for yourself. We are also investing in these new markets.

是的。我認為，Michael，從另一個角度來看，作為營運方，我確實有能力在 18 個月的時間範圍內推動更大幅度的成本降低。只要看看我們的數字，你就能自己看出來。我們也正在投資這些新市場。

There's a balancing act that we have to strike in terms of making ourselves more efficient where we need to, but also We will protect our investment zones because we're dealing with some markets that have the potential to transform ATS, and we want to make sure that we're in a position to benefit from that growth. There'll be a balancing act. Could we hit the target in 18 months? Probably, but we're also investing at the same time.

我們必須在需要的地方提升效率，同時也要取得平衡；但我們也會保護我們的投資區域，因為我們正在面對一些有潛力改變 ATS 的市場，我們希望確保自己能處於有利位置，從這些成長中受益。這會是一種平衡。我們能在 18 個月內達成目標嗎？可能可以，但我們同時也在投資。

That's kind of the, call it the balancing feature of the next couple of years for us.

這大概就是未來幾年對我們而言的——姑且稱之為——平衡特性。

I'll just ask one more. Are you expecting to make any dispositions or exiting any additional business lines apart from, say, transportation over the timeframe?

我再問最後一個問題。在這段期間內，除了例如運輸業務之外，你們是否預期會進行任何資產處置或退出其他業務線？

We have nothing on the agenda for you today. What I would tell you, Michael, is that our cash return on investment framework process constantly evaluates where elements of the portfolio. If you think about the mean cash return on investment for ATS, and you think about a broad portfolio of businesses, we're always looking at where those businesses sit.

今天我們沒有任何事項要對你宣布。我想告訴你的是，Michael，我們的現金投資報酬（cash return on investment）框架流程會持續評估投資組合中的各個要素。如果你想想 ATS 的平均現金投資報酬，再想想一個廣泛的業務組合，我們一直在看這些業務各自所處的位置。

In fact, we review this with our board every quarter. I look at it every month. We're always looking at where our businesses are performing. In the event that we were to identify a business that we didn't think we had the appetite to invest further to drive improvement in creating that and a better return, then we would consider dispositioning. I'd say the process is there constantly. I do it at my level.

事實上，我們每季都會和董事會檢視一次。我每個月都會看。我們一直在關注各項業務的表現。如果我們識別出某項業務，我們認為沒有意願再進一步投資以推動改善、創造更好的報酬，那麼我們就會考慮處置。我會說這個流程是持續存在的。我在我的層級就會做這件事。

Each of our groups and our division leaders have their own portfolio of product lines and smaller businesses. We're building this framework as a way to align ownership behavior with all of our portfolio investments.

我們各個事業群以及事業部領導人，都各自管理一個由產品線與較小型業務所構成的投資組合。我們正在建立這套框架，作為讓所有投資組合投資的所有權行為一致化的方法。

Therefore, if we were to identify an asset that was not performing and we didn't have the ability or didn't have the appetite to improve it, then we would consider it for disposition. I want you to be comfortable that we have a process for how we adjudicate your question, but there's nothing on the agenda at this moment that we're ready to act on.

因此，如果我們識別出某項資產表現不佳，而我們沒有能力或沒有意願去改善它，那麼我們就會考慮將其列入處置。我希望你能放心，我們有一套流程來裁定你所問的問題，但目前議程上沒有任何我們準備採取行動的事項。

(Operator Instructions) Justin Keywood, Stifel.

（接線員指示）Justin Keywood，Stifel。

Good morning. Thanks for taking my call. On the radiopharmaceutical strength mentioned, are we able to have some context as far as the subsegment % of sales, the book to bill, and how you see that segment going forward?

早安。謝謝接聽我的電話。關於你們提到的放射性藥物（radiopharmaceutical）業務強勁表現，我們能否了解一些背景，例如該子分部占銷售額的百分比、接單出貨比（book-to-bill），以及你們如何看待該分部未來的走勢？

I would say, first of all, it is the fastest-growing part of our life science business. The backlog is twice as material today as our GLP-1 backlog. It is quickly becoming a material part of our life sciences business. The science behind this is really exciting for our team. I mean, we're basically part of a new generation of oncology therapies.

我會先說，這是我們生命科學業務中成長最快的部分。目前的在手訂單（backlog）是我們 GLP-1 在手訂單的兩倍。它正迅速成為我們生命科學業務中相當重要的一部分。其背後的科學對我們團隊來說非常令人振奮。我的意思是，我們基本上正參與新一代的腫瘤治療。

Aside from the human element of these exciting new therapies, from a business perspective, these are very, very complex manufacturing environments with a lot of safety, and you're dealing with radiological materials. These sites that our customers are building and that we're partnering with them are very substantial opportunities for ATS.

除了這些令人振奮的新療法所帶來的人文層面，從商業角度來看，這些都是非常、非常複雜的製造環境，涉及大量安全要求，而且你還要處理放射性材料。我們客戶正在建造、且我們與其合作的這些場址，對 ATS 而言是非常可觀的機會。

We mentioned one partnership in our text today. There's a whole ecosystem of investment going into this market that we are uniquely positioned to support. These are material.

我們今天在文字稿中提到了一項合作夥伴關係。有一整個投資生態系正在投入這個市場，而我們具備獨特的定位來提供支援。這些都是具規模的機會。

I mean, the size of these facilities would be a triple-digit opportunity addressable market for a company like ATS.

我的意思是，這些設施的規模，對像 ATS 這樣的公司而言，其可服務市場（addressable market）會是三位數等級的機會。

Yeah. Thank you. Just on triple-digit addressable market, sorry, are you able to just clarify that a bit?

好的。謝謝。關於三位數的可服務市場，不好意思，你能再稍微澄清一下嗎？

Well, what I'm saying is these isotope facilities that you've probably read about in the news, they are fairly large sites, and they require a lot of ATS category of equipment. And for a company like ATS, the addressable market per site would be in that ZIP code.

我的意思是，你可能在新聞上讀到的那些同位素設施，它們是相當大型的場址，而且需要大量屬於 ATS 類別的設備。對像 ATS 這樣的公司而言，每個場址的可服務市場大概就在那個量級。

Okay. Thank you. Just circling back on the operating margin target of 15%, I'm not sure if I missed this, but is it fair to assume that the base level today is 10%, suggestive of a 500 bps margin expansion goal?

了解。謝謝。再回到 15% 的營業利益率目標，我不確定我是否漏聽了，但是否可以合理假設目前的基準水準是 10%，也就是暗示有 500 個基點（bps）的利潤率擴張目標？

Well, last year, we were around 10.6%. So our long-term stated margin target is, EBIT target is 15%. As Doug said today, we believe that as we continue to transform and grow the operations and the business participating in these high-growth markets that we have the opportunity to operate above that. But right now, we're targeting getting to that 15%.

嗯，去年我們大約是 10.6%。所以我們長期所宣示的利潤率目標，也就是 EBIT 目標，是 15%。正如 Doug 今天所說，我們相信隨著我們持續轉型並擴大營運與業務、參與這些高成長市場，我們有機會做到高於這個水準。但目前我們的目標是達到 15%。

Thank you for the clarification.

謝謝你的澄清。

Yeah. Justin, just in terms of the Cost Transformation Program, just to help you with your modeling, consider it to be around a 250-basis point potential over time. 500 is a pretty good estimate, as you've already stated and Anne confirmed.

是的。Justin，就成本轉型計畫（Cost Transformation Program）而言，為了協助你建模，可以把它視為隨時間推進大約有 250 個基點的潛力。你剛才提到的 500 其實是相當不錯的估算，正如你已經說的、Anne 也確認了。

When we say half, that's kind of the way we would model it from the balance would be other items, including the substantial growth we're having in our services business, which is accretive, as well as other ABM level improvements. Half from fixed cost, half from other. Within that other would be a mix toward aftermarket, which would be reasonably material, as well as the other pieces.

當我們說「一半」時，我們的建模方式大致是：其餘的部分會來自其他項目，包括我們服務業務的顯著成長（這是增益性的，accretive），以及其他 ABM 層級的改善。一半來自固定成本，一半來自其他。在「其他」之中，會包含偏向售後市場（aftermarket）的組合，這會相當重要，另外也包含其他部分。

As a number of you have asked us before, sort of help bridge the margin expansion deliverable, we're trying to be a little more fulsome here in giving you the little bit of the chunks of the math to help you understand the quantum that we're targeting.

如同你們當中有不少人之前問過我們、希望協助銜接利潤率擴張的交付路徑，我們在這裡嘗試更完整一些，提供一些數學拆解的區塊，幫助你理解我們所鎖定的幅度（quantum）。

There are no further questions on the line. I will now turn the call back over to Doug Wright for the closing remarks.

目前線上沒有進一步的問題。我現在把電話交回給 Doug Wright 作結語。

Thank you, Operator, and thank you everyone for joining us today. We look forward to welcoming shareholders at our annual meeting later today and speaking with all of you again in our Q2 call in November. Have a good day.

謝謝接線員，也謝謝各位今天加入我們。我們期待稍晚在今天的年度股東大會上歡迎股東出席，並在 11 月的第二季電話會議上再次與各位交流。祝各位有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。