Stantec Inc (STN) 2021 Q3 法說會逐字稿

Welcome to Stantec's Third Quarter 2021 Earnings Results Conference Call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Theresa Jang, Executive Vice President and Chief Financial Officer.

歡迎參加Stantec 2021年第三季財報電話會議。今天主持電話會議的是總裁兼執行長 Gord Johnston 和執行副總裁兼財務長 Theresa Jang。

Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast. Please be advised that if you have dialed in while also viewing the webcast, you should mute your computer as there is a 20-second delay between the call and the webcast.

Stantec邀請所有撥入電話會議的人士觀看幻燈片演示，該演示可在stantec.com網站的投資者關係部分找到。今天的電話會議也進行了網路直播。請注意，如果您在撥打電話的同時觀看網路直播，則應將電腦靜音，因為通話和網路直播之間存在 20 秒的延遲。

All information provided during this conference call is subject to the forward-looking statement qualification set out on Slide 2, detailed in Stantec management's discussion and analysis and incorporated in full for the purposes of today's call. Dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded.

本次電話會議中提供的所有資訊均受第 2 頁幻燈片中列出的前瞻性聲明限制的約束，這些限制在 Stantec 管理層的討論和分析中進行了詳細說明，並已完整納入今天的電話會議中。今天電話會議中討論的美元金額以加幣表示，並且通常會進行四捨五入。

With that, I'm pleased to turn the call over to Mr. Gord Johnston.

接下來，我很高興將電話交給戈德約翰斯頓先生。

Good morning, and thank you for joining us. 2 weeks ago, we announced our agreement to acquire Cardno's North American and Asia Pacific consulting businesses, and the feedback from employees, clients and investors has been overwhelmingly positive. We had a large number of Cardno employees on the webcast the other week. And for those of you who are joining us today, we are really looking forward to welcoming you to Stantec in the weeks ahead. There's a tangible excitement about what we can accomplish together.

早安，感謝各位的參與。兩週前，我們宣布了收購 Cardno 北美和亞太地區顧問業務的協議，員工、客戶和投資者的回饋都非常正面。前幾週，我們有許多 Cardno 的員工參加了網路直播。對於今天加入我們的各位，我們非常期待在接下來的幾週歡迎你們加入 Stantec。我們共同努力能夠達成的成就，讓我們感到無比興奮。

Cardno's CEO, Susan Reisbord and I speak almost daily as we chart our path forward. And later today, Susan and I will jointly host 2 virtual all-staff events for Cardno employees, one for the U.S. and one for Asia Pacific. In the United States, Cardno will increase our headcount by 15% to 10,500 people and will add 1,100 people to our Environmental Services team, increasing our presence in this space by 60%.

Cardno 的執行長 Susan Reisbord 和我幾乎每天都會通話，共同規劃未來的發展方向。今天晚些時候，我和蘇珊將共同為 Cardno 的員工舉辦兩場虛擬全員活動，一場是針對美國員工，一場是針對亞太地區員工。在美國，Cardno 將增加 15% 的員工人數，達到 10,500 人，並將為我們的環境服務團隊增加 1,100 人，使我們在該領域的業務量增加 60%。

As the world and our clients respond to climate change and environmental concerns, Stantec's Environmental Services backlog has grown dramatically in the U.S. this year. In fact, it's up over 55% since the start of the year. Expanding our environmental footprint to meet our -- meet client needs is essential. And with Cardno, we're going to double our presence compared to 5 years ago.

今年，隨著世界和我們的客戶對氣候變遷和環境問題做出反應，Stantec 在美國的環境服務積壓訂單大幅增加。事實上，自年初以來，它已經上漲了超過 55%。擴大我們的環境足跡以滿足客戶需求至關重要。有了 Cardno 的加入，我們的業務規模將比 5 年前擴大一倍。

In Australia, Cardno will almost double the size of Stantec's presence and provide us with the critical mass and diversity to accelerate our growth. Year-to-date, Australia has been one of our strongest markets with the recovery from COVID well underway. Cardno's Asia Pacific operations will give us increased exposure to this rapidly growing market. So the timing couldn't be better to bring our 2 firms together.

在澳大利亞，Cardno 將使 Stantec 的業務規模幾乎翻一番，並為我們提供加速成長所需的關鍵規模和多樣性。今年以來，澳洲一直是我們表現最強勁的市場之一，新冠疫情後的復甦進展順利。Cardno在亞太地區的業務將使我們更能接觸到這個快速成長的市場。因此，現在正是我們兩家公司合併的最佳時機。

All told, Cardno will add 2,750 employees to Stantec, bringing our global employee count to more than 25,000 once the acquisition closes. And we expect Cardno to increase our annual net revenues by more than USD 350 million in 2022. We expect the transaction to close before the end of this year, and we've already stood up our integration team and have begun the planning process so we can hit the ground running as soon as we achieve close.

總計，Cardno 將為 Stantec 增加 2,750 名員工，收購完成後，我們的全球員工總數將超過 25,000 人。我們預計 Cardno 在 2022 年的年度淨收入將增加 3.5 億美元以上。我們預計交易將在今年年底前完成，我們已經組建了整合團隊並開始了規劃流程，以便一旦交易完成，我們就能立即投入工作。

This week, leaders from around the world are gathering in Glasgow, Scotland to discuss climate change and the commitments required to prevent the worst global warming scenarios. Stantec remains committed to doing our part to address climate change through our carbon neutrality and net-zero pledges. Last Friday, we announced that we wrapped a sustainability-linked loan structure around our existing credit facility, which incorporates Stantec's emission targets.

本週，來自世界各地的領導人齊聚蘇格蘭格拉斯哥，討論氣候變遷以及為防止全球暖化最嚴重後果所需做出的承諾。Stantec 將繼續致力於透過我們的碳中和和淨零排放承諾，為應對氣候變遷盡一份力。上週五，我們宣佈在現有信貸安排的基礎上，增加了一項與永續發展掛鉤的貸款結構，該結構納入了 Stantec 的排放目標。

As part of this new structure, we are very proud to be the first organization globally to incorporate the Bloomberg Gender-Equality Index score as a metric. We are also the first in Canada to commit to directing proceeds from our sustainability-linked loan back into our communities to further climate auction and social equity. Aligning our corporate financing strategy with our ESG performance demonstrates our commitment to live by our core value of doing what's right.

作為這項新架構的一部分，我們非常自豪地成為全球首個將彭博性別平等指數分數納入衡量標準的組織。我們也是加拿大第一家承諾將永續發展相關貸款的收益重新投入到我們所在的社區，以進一步推動氣候拍賣和社會公平的機構。將我們的企業融資策略與我們的 ESG 績效結合，體現了我們實踐「做正確的事」這個核心價值的承諾。

And yesterday, His Royal Highness The Prince of Wales announced that Stantec was one of only 45 companies in the world awarded the Terra Carta Seal for driving innovation and momentum towards a genuinely sustainable market. This is yet another accolade for Stantec's sustainability performance. And of note, we were the only engineering and design firm selected in the world.

昨天，威爾斯親王殿下宣布，Stantec 是全球僅有的 45 家獲得 Terra Carta 認證的公司之一，該認證旨在推動創新，並促進真正永續的市場發展。這是對Stantec在永續發展方面表現的另一項認可。值得一提的是，我們是全球唯一入選的工程設計公司。

Beyond our commitment to ESG within our operations, we recognize that we make our greatest impact helping our clients respond to climate change. Our Climate Solutions offering is an integrated platform of more than 40 services and disciplines, spanning all of Stantec's business operating units that help clients and communities mitigate greenhouse gas emissions and adapt to our changing climate.

除了我們在營運中對 ESG 的承諾之外，我們還認識到，幫助客戶應對氣候變遷能夠產生最大的影響。我們的氣候解決方案是一個綜合平台，涵蓋 40 多項服務和學科，遍及 Stantec 的所有業務營運部門，旨在幫助客戶和社區減少溫室氣體排放，並適應不斷變化的氣候。

Now turning to our Q3 results. As demonstrated by our record quarterly earnings, our business continues to perform extremely well. Organic net revenue growth for the quarter was 1.4% or 3.3%, excluding the impact of the descoped Trans Mountain Expansion Project. This reflected almost 11% organic growth in Global and 8% growth in Canada, excluding Trans Mountain.

現在來看我們第三季的業績。從我們創紀錄的季度收益可以看出，我們的業務持續表現非常出色。本季有機淨收入成長1.4%，若不計取消跨山輸油管擴建工程的影響，則為3.3%。這反映出全球有機成長近 11%，加拿大（不包括 Trans Mountain）有機成長 8%。

The U.S. demonstrated significant progress towards growth as the market continues to recover and notified awards begin to move into backlog and revenue. As expected, our Buildings business unit returned to organic growth this quarter on the strength of activity in Canada and Australia.

隨著市場持續復甦，已通知的訂單開始進入積壓訂單和收入階段，美國在成長方面取得了顯著進展。正如預期的那樣，本季在加拿大和澳洲市場的強勁表現下，我們的樓宇業務部門恢復了內生成長。

Our Infrastructure business also returned to positive organic growth this quarter on the strength of the transportation markets in our Canadian and Global geographies, and in the housing markets throughout North America. In fact, excluding the impact from Trans Mountain on our Energy & Resources Group, all of our business units achieved organic growth this quarter, all of them. And we continue to achieve growth through acquisition.

本季度，由於加拿大和全球交通運輸市場的強勁表現，以及北美地區房屋市場的繁榮，我們的基礎設施業務也恢復了正向內生成長。事實上，撇開 Trans Mountain 專案對我們能源與資源集團的影響不談，我們所有業務部門本季都實現了內生成長，所有業務部門都是如此。我們持續透過收購實現成長。

In addition to our recent Cardno announcement, this week, we deepened our energy transition expertise in the Netherlands with the acquisition of Driven by Values. This 28-person engineering and consulting firm is a trusted partner for public and private entities, navigating the transition towards sustainable energy generation, sustainable building design, energy infrastructure upgrades and e-mobility.

除了我們最近宣布收購 Cardno 之外，本週我們還透過收購 Driven by Values 深化了我們在荷蘭的能源轉型專業知識。這家擁有 28 名員工的工程顧問公司是公共和私人實體的值得信賴的合作夥伴，致力於引導向永續能源生產、永續建築設計、能源基礎設施升級和電動出行的轉型。

Turning now to our results by key geography. Our U.S. operations performed largely in line with expectations, and we saw positive progress towards organic growth in the quarter. Backlog grew 5% from last quarter in native currency to an all-time high of USD 2.1 billion as we began converting the surge in notified awards that we referenced in Q2.

現在我們以主要地理位置來看我們的研究結果。我們的美國業務表現基本上符合預期，本季在實現有機成長方面取得了積極進展。以本國貨幣計算，積壓訂單較上季增加 5%，達到創紀錄的 21 億美元，因為我們開始將第二季提到的已通知訂單激增轉化為本國貨幣。

Environmental Services performed very well on the strength of both organic and acquisition growth. Thematically, permitting and planning work on power and transmission projects on both coasts dominated major project wins this quarter as utility companies continue to strengthen both the capacity and the resiliency of their grids.

環境服務業務憑藉內生成長和收購成長的雙重優勢，表現非常出色。從主題上看，本季度兩岸電力和輸電項目的許可和規劃工作佔據了主要項目中標的主導地位，因為公用事業公司繼續加強其電網的容量和彈性。

As we expected, we're seeing continued strengthening in Buildings. Our Buildings group has weathered the pandemic much better than the broader building sector and the pace of our contract win in Buildings to-date in 2021 significantly exceeds our wins in each of the previous 2 years. This momentum is being driven by health care, civic and industrial processing.

正如我們預期的那樣，建築板塊持續走強。我們的建築團隊比整個建築行業更好地度過了疫情難關，而且我們在 2021 年迄今為止贏得的建築合約數量明顯超過了前兩年的總數。這一發展勢頭是由醫療保健、市政和工業加工所推動的。

On the science and technology front, we recently signed a contract for a major 415,000 square foot pharmaceutical lab in California. Our U.S. Infrastructure, Water and Energy & Resources group all delivered in line with expectations. So we're pleased with the overall results in the quarter, and we continue to see growth in backlog and increasing organic growth as we move into 2022. And anticipation for the U.S. infrastructure stimulus bill only adds to our optimism.

在科技領域，我們最近簽署了一份合同，將在加州建造一座佔地 415,000 平方英尺的大型製藥實驗室。我們的美國基礎設施、水務和能源與資源團隊都達到了預期目標。因此，我們對本季的整體業績感到滿意，隨著我們邁入 2022 年，我們將繼續看到積壓訂單的成長和內生成長的增加。而對美國基礎設施刺激法案的期待更增添了我們的樂觀情緒。

Our Canadian business had another excellent quarter, achieving 8% organic net revenue growth, excluding Trans Mountain. Buildings continues to deliver robust growth on strong volume from major projects as health care sector work on the St. Paul's Hospital in Vancouver and other large hospital projects in Saskatchewan and Ontario continues.

我們的加拿大業務又迎來了一個出色的季度，實現了 8% 的有機淨收入成長（不包括 Trans Mountain 項目）。建築物板塊在大型項目的強勁推動下繼續保持強勁增長，醫療保健行業在聖路易斯的工作也推動了這一增長。溫哥華的聖保羅醫院以及薩斯喀徹溫省和安大略省的其他大型醫院計畫仍在繼續進行中。

Beyond health care, we're seeing continued strength in civic and mixed-use projects that are focused on revitalizing and repurposing existing commercial properties in Canada's inner cities. Sustainability is also a key aspect of our recent win with Ontario Power Generation to design their new corporate campus. This mass timber constructed corporate campus will leverage technology and innovation to enhance collaboration and achieve sustainability and net-zero carbon goals.

除了醫療保健領域，我們還看到以振興和改造加拿大市中心現有商業房地產為重點的市政和混合用途項目持續保持強勁勢頭。永續性也是我們最近贏得安大略省發電公司新企業園區設計專案的關鍵方面。這座採用大體積木結構建造的企業園區將利用技術和創新來加強合作，並實現永續發展和淨零碳排放目標。

Infrastructure continued to be very strong in Canada, led by double-digit growth in community development, thanks to strong performance in the West and in Ontario. Transportation spending is also very healthy in Canada with a number of large-scale transit and infrastructure projects like our recent win on the extension of Toronto's Waterfront East LRT transit connection to [Polson].

加拿大的基礎建設持續保持強勁勢頭，這主要得益於西部地區和安大略省的強勁表現，社區發展實現了兩位數的成長。加拿大的交通運輸支出也非常健康，並進行了許多大型交通和基礎設施項目，例如我們最近成功將多倫多濱水東輕軌交通連接線延伸至[波爾森]。

Environmental Services continues to see growth in Canada, where we benefited from work on a light rail transit project in Ontario and front-end permitting work to support projects like the city of Edmonton's Metro Line Northwest.

環境服務在加拿大持續成長，我們受益於安大略省的輕軌交通項目以及前期許可工作，為埃德蒙頓市的西北地鐵線等項目提供支援。

In addition to this work, Stantec has recently been awarded a groundwater monitoring program to support Shell's carbon capture and storage project in Central Alberta. Beyond strong organic momentum in mining and Power & Dams, energy transition continues to build momentum for our energy and resources team, who are now working with Tidewater Renewables to design the first commercial scale renewable diesel and hydrogen facility in Canada. Stantec is also currently working on some of North America's largest solar and wind projects.

除了這項工作之外，Stantec 最近還獲得了一項地下水監測計劃，以支持殼牌公司在阿爾伯塔省中部的碳捕獲和儲存項目。除了採礦和電力與水壩業務的強勁內生成長勢頭外，能源轉型也持續為我們的能源和資源團隊帶來發展動力，他們目前正與 Tidewater Renewables 合作，設計加拿大首個商業規模的再生柴油和氫氣工廠。Stantec目前也參與北美一些最大的太陽能和風能計畫。

Like Canada, Global delivered excellent results in Q3 with a 20% increase in net revenue, driven in equal parts by organic and acquisition growth. Of note, our focus on growing and diversifying in Australia and New Zealand has resulted in solid growth in virtually every sector. In Australia, GDP and employment rates are already above pre-pandemic levels, and this is driving solid growth in our global Buildings practice, particularly in health care.

與加拿大一樣，Global 在第三季度取得了優異的業績，淨收入成長了 20%，這主要得益於內生成長和收購成長。值得注意的是，我們專注於在澳洲和紐西蘭發展和多元化，這使得幾乎所有行業都實現了穩健成長。在澳大利亞，GDP 和就業率已經高於疫情前的水平，這推動了我們全球建築業務的穩健成長，尤其是在醫療保健領域。

And this is reflected in our recent win for mechanical and acoustics engineering services for the new Shellharbour Hospital in New South Wales. This new hospital will provide critical care to a large number of surrounding indigenous communities. Organic growth in water continues to be driven by the robust activities under the AMP7 programs in the United Kingdom and Ireland as well as water frameworks in Australia and New Zealand.

這一點在我們最近贏得新南威爾斯州謝爾哈伯新醫院的機械和聲學工程服務合約中得到了體現。這家新醫院將為週邊眾多原住民社區提供重要的醫療服務。在英國和愛爾蘭的 AMP7 計畫以及澳洲和紐西蘭的水資源框架下，水資源領域的有機成長持續被推動。

Transportation's double-digit growth was driven by strong performance in Australia and New Zealand. We see continued growth for transportation with several recent wins, including a 4-year multi-disciplinary services framework for roads-based transport in Scotland and our decarbonization project with KiwiRail in New Zealand.

交通運輸業兩位數的成長主要得益於澳洲和紐西蘭的強勁表現。我們看到交通運輸領域持續成長，最近取得了一些成功，包括蘇格蘭為期 4 年的公路運輸多學科服務框架，以及我們與紐西蘭 KiwiRail 合作的脫碳計畫。

Our strong results in global Energy & Resources group were driven by mining, where strong commodity prices continue to fuel strong demand. Overall, we're very confident in the continued strength of the Global business.

全球能源與資源集團的強勁業績主要得益於採礦業，強勁的大宗商品價格持續推動著該產業的強勁需求。整體而言，我們對全球業務的持續強勁發展非常有信心。

I'll now turn things over to Theresa to review the quarter's financial results in more detail.

現在我將把工作交給特蕾莎，讓她更詳細地回顧本季的財務表現。

Thank you, Gord, and Good morning, everyone. We delivered record adjusted EPS in the quarter. Adjusted EBITDA was largely comparable to last year but higher on an FX-neutral basis. Within adjusted EBITDA, we expanded gross margin by 200 basis points with stronger project execution and a shift in project mix to higher margin work. This was offset with higher administrative and marketing expenses due to our increased business development efforts on major programs and bids.

謝謝你，戈爾德，大家早安。本季我們實現了創紀錄的調整後每股收益。經調整後的 EBITDA 與去年基本持平，但以匯率中立計算則更高。在調整後的 EBITDA 中，我們透過加強項目執行和將項目組合轉向利潤率更高的項目，使毛利率提高了 200 個基點。由於我們在重大專案和投標方面加強了業務拓展力度，導致行政和行銷費用增加，抵消了部分損失。

As well, share-based compensation expense increased significantly compared to Q3 2020, in part due to our increased share price. The impact of our share-based compensation revaluation was $5 million or 54 basis points as a percentage of net revenue. So absent this factor, our adjusted EBITDA margin would have been 17.3%, matching last year's margin.

此外，由於股價上漲，與 2020 年第三季相比，股權激勵費用大幅增加。我們基於股份的薪酬重新評估的影響為 500 萬美元，相當於淨收入的 54 個基點。因此，如果沒有這個因素，我們調整後的 EBITDA 利潤率將為 17.3%，與去年的利潤率相當。

Our 2023 Real Estate Strategy remains on track to deliver $0.10 in adjusted EPS by the end of this year. IFRS 16 has eliminated the visibility of how impactful our Real Estate Strategy would have been to EBITDA. But for reference, we estimate that on a pre-IFRS 16 basis, our real estate optimization would have expanded our EBITDA margin by roughly 40 basis points.

我們的 2023 年房地產策略仍按計畫進行，預計今年底將實現調整後每股收益 0.10 美元。IFRS 16 使得我們無法了解房地產策略對 EBITDA 的影響程度。但作為參考，我們估計，在 IFRS 16 實施之前，我們的房地產優化措施將使我們的 EBITDA 利潤率提高約 40 個基點。

However, the value generated is very clear when you look at the material growth in our net income and EPS, which has been further augmented by our debt and tax management strategies. Collectively, these efforts contributed to record Q3 adjusted net income of $80 million, which is a 15% increase over last year. Adjusted diluted EPS increased 16.1% to a record $0.72 per share.

然而，從我們淨收入和每股盈餘的實質成長來看，所創造的價值就非常明顯了，而我們的債務和稅務管理策略又進一步增強了這種成長。這些努力共同促成了第三季調整後淨收入創下 8,000 萬美元的歷史新高，比去年同期成長了 15%。經調整後的稀釋每股收益成長 16.1%，達到創紀錄的每股 0.72 美元。

Our balance sheet remains strong. At September 30, net debt to adjusted EBITDA was 0.8x, below our targeted range. And as previously announced, we intend to fund the Cardno acquisition using a combination of cash on hand and drawings from our credit facilities. We expect to remain well within our leverage target range on close, and to deliver towards the low end of our target range by the end of 2022.

我們的資產負債表依然穩健。截至9月30日，淨負債與調整後EBITDA之比為0.8倍，低於我們設定的目標範圍。正如先前宣布的那樣，我們打算利用手頭現金和從信貸額度中提取資金來為收購 Cardno 提供資金。我們預計收盤時槓桿率將保持在目標範圍內，並在 2022 年底前達到目標範圍的下限。

Day sales outstanding was 81 days at quarter end, which is up from Q2, largely due to timing and seasonal factors, but DSO was down by 1 day compared to the same time last year.

截至季末，應收帳款週轉天數為 81 天，較第二季有所上升，這主要是由於時間和季節性因素造成的，但與去年同期相比，應收帳款週轉天數減少了 1 天。

Free cash flow year-to-date was $101 million, down from last year, with about 1/3 of the reduction due to the effects of foreign exchange and the balance reflecting changes in revenue and working capital. And as I mentioned earlier, our $800 million facility is largely undrawn at the end of September, providing us with sufficient room to fund our acquisition growth aspirations.

今年迄今的自由現金流為 1.01 億美元，低於去年同期水平，其中約 1/3 的減少是由於外匯影響，其餘部分反映了收入和營運資本的變化。正如我之前提到的，截至 9 月底，我們 8 億美元的融資額度基本上尚未動用，這為我們提供了足夠的空間來實現我們的收購成長目標。

And with that, I'll turn the call back to Gord for his closing remarks.

接下來，我將把電話轉回給戈爾德，請他作總結發言。

Thanks, Theresa. Stantec delivered another great quarter with record earnings and a return to organic growth, and we're looking to finish the year strong. Looking forward, we remain very optimistic about the United States.

謝謝你，特蕾莎。Stantec 又迎來了一個業績斐然的季度，獲利創歷史新高，並恢復了內生成長，我們期待以強勁的勢頭結束今年。展望未來，我們依然對美國充滿信心。

In addition to increased infrastructure spending on the horizon, our focus on growing our U.S. federal exposure has resulted in a significant step change in our market share of federal IDIQ programs this quarter. We are now supporting 10x the total IDIQ framework value that we were a year ago.

除了基礎設施支出即將增加之外，我們專注於擴大在美國聯邦政府的業務，這使得我們在本季度聯邦 IDIQ 項目的市場份額發生了顯著變化。我們現在支援的 IDIQ 框架總價值是去年的 10 倍。

We expect both our increased presence at the federal level and future infrastructure stimulus to further bolster our U.S. backlog, which already achieved record levels this quarter. Add to this the strength we are already seeing in our Canadian and Global operations and the positive benefit from Cardno and our other recent acquisitions, and we see strong tailwinds as we enter 2022.

我們預計，隨著我們在聯邦層面的影響力不斷增強以及未來的基礎設施刺激措施，我們將進一步提升我們在美國的訂單積壓量，而本季度我們的訂單積壓量已經達到了創紀錄的水平。再加上我們在加拿大和全球業務中已經看到的強勁勢頭，以及 Cardno 和我們最近其他收購帶來的積極效益，我們預計在進入 2022 年時將迎來強勁的順風。

And with that, I'll turn the call back to the operator for questions. Operator?

好了，接下來我會把電話轉回接線生，回答大家的問題。操作員？

(Operator Instructions) And our first question comes from Frederic Bastien with Raymond James.

（操作說明）我們的第一個問題來自 Raymond James 的 Frederic Bastien。

Guys, you highlighted an increase in business development costs, which was to be expected with the economy slowly reopening. Just wondering whether those activities are back to pre-pandemic levels or you're still seeing a -- sort of a gradual ramp-up over the next few quarters?

各位，你們提到了業務拓展成本的增加，隨著經濟緩慢重啟，這是意料之中的。我想知道這些活動是否已經恢復到疫情前的水平，還是說接下來的幾季仍會呈現逐步回升的趨勢？

Yes. Frederic, great question. Those -- the -- those BD costs are not yet back to pre-pandemic levels, where travel is restricted -- not restricted, but it's a lot slower than it was previously. And we see that sort of being the same for the remainder of the year and certainly into the early part of next year.

是的。弗雷德里克，問得好。這些——這些——這些商務旅行成本還沒有恢復到疫情前的水平，旅行雖然受到限制——不是說完全限制，而是比以前慢了很多。我們認為這種情況在今年剩餘的時間裡，以及明年年初都會大致如此。

There is some demand now for our people to get out and meet with clients again, for our people to go to a conference or a trade show to be -- to elevate our position there again, but it certainly remains below pre-pandemic levels. And in fact, even as we think into next year, we see that staying the same.

現在，我們的員工需要再次外出與客戶會面，需要參加會議或貿易展覽會，以再次提升我們在那裡的地位，但這肯定仍低於疫情前的水平。事實上，即使展望明年，我們也認為這種情況不會改變。

Okay. Great. I guess maybe a question that's related to that. I mean, you -- we saw organic growth return to positive territory in the U.S., but it was slightly lower than what I was expecting anyway. Just curious as to sort of the ramp-up that you're seeing over the next couple of quarters. I mean, when do you expect this organic growth to really resume in the healthy territory?

好的。偉大的。我想問一個與此相關的問題。我的意思是，我們看到美國的有機成長恢復了正成長，但無論如何，它都比我預期的要低。我只是好奇您預計未來幾季會出現怎樣的成長動能。我的意思是，你預計這種自然增長何時才能真正恢復到健康的水平？

Well, in the U.S. in particular, Frederic, or overall?

嗯，弗雷德里克，具體是指美國的情況，還是指整體情況？

No. I mean, there's absolutely nothing wrong with the other regions as you've demonstrated. Just curious about the U.S. specifically.

不。我的意思是，正如你所展示的，其他地區絕對沒有任何問題。我只是對美國的情況比較好奇。

Yes. So in the U.S., a couple of things of interest. Our overall backlog in the U.S. is up over 10% year-to-date. And specifically, a couple of things that are interesting. I mentioned earlier that our Environmental Services backlog it was -- is up over 55% in the year, again, further supporting the addition of Cardno.

是的。所以，在美國，有兩件值得關注的事。今年迄今為止，我們在美國的積壓訂單總量增加超過 10%。具體來說，有兩件事很有趣。我之前提到過，我們的環境服務積壓訂單比前一年增加了 55% 以上，這再次印證了收購 Cardno 的必要性。

And our Energy & Resources backlog, a lot of that in the renewable power space, is up over 40%.

我們的能源與資源積壓訂單，其中許多都集中在再生能源領域，增加了 40% 以上。

Couple that with our -- the IDIQs for the U.S. federal government. Again, those are not included in backlog because those are task order-driven going forward. That's up over 10x what it was previously to well over $1 billion. So lots of good opportunities there. And then couple that with the infrastructure stimulus bill on the horizon, and we'll -- my gut says the U.S. will get above the line in Q4. But if it doesn't in Q4, Frederic, we see strong, strong tailwinds as we go into 2022.

再加上我們——美國聯邦政府的無限期交付/無限期數量合約。再次強調，這些項目不包含在待辦事項清單中，因為這些項目是根據後續任務順序進行的。這比之前成長了十倍多，超過了10億美元。所以那裡有很多好機會。再加上即將出台的基礎設施刺激法案，我的直覺告訴我，美國第四季經濟將實現正成長。但如果第四季沒有出現這種情況，弗雷德里克，我們預計在進入 2022 年時將迎來強勁的順風。

Okay. Good to hear. My last one relates to Trans Mountain. When did it start -- or at least when the descoping happened, I'm just curious when it will start eating into the organic growth in Canada?

好的。很高興聽到這個消息。我的最後一個問題與跨山輸油管有關。這種情況是從什麼時候開始的──或至少是規模縮減是從什麼時候開始的？我只是好奇它什麼時候會開始蠶食加拿大的自然成長？

Yes. Frederic, I -- nothing will make me happier than in Q1 of next year when we don't have to reference it anymore. So the descoping, the way we change was started in January 1 of this year. So Q4, so next quarter will be the last time we'll have to reference anything to do with the impact on growth from Trans Mountain.

是的。弗雷德里克，我——沒有什麼比明年第一季我們不再需要提及它時更讓我高興的了。因此，我們調整工作範圍的方式，也就是我們改變工作方式的方式，是從今年1月1日開始的。所以，第四季度，也就是下個季度，將是我們最後一次需要提及跨山輸油管專案對成長的影響。

Our next question comes from Yuri Lynk with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Yuri Lynk。

I wanted to follow up, I guess, on Frederic's question on organic growth. I'll ask it a bit of a different way. I mean, you're still guiding to 1% to 5% organic growth in 2021. I think to get there, you're going to need double-digit organic growth across all 3 segments. So is my math off or how should we think about organic growth, particularly in the United States in the fourth quarter?

我想就弗雷德里克提出的關於有機成長的問題做個後續探討。我換個方式問。我的意思是，你們仍然預計 2021 年的有機成長率將達到 1% 到 5%。我認為要實現這個目標，你需要在所有三個細分市場中實現兩位數的自然成長。那麼，我的計算有誤嗎？或者我們應該如何看待有機成長，尤其是在美國第四季？

Yes. So in the United States, overall, in the fourth quarter, we are expecting sort of organic growth to be positive. But as we look at overall -- at the business, to your point, what we've seen that -- the year is kind of unfolding as we expected. We've seen a little bit better organic growth each quarter, returning to positive growth here in Q3.

是的。因此，總體而言，在美國，我們預計第四季度有機成長將為正。但從整體來看——就業務而言，正如您所說，我們看到——今年的發展基本上符合我們的預期。我們看到每季的有機成長都略有改善，並在第三季恢復了正成長。

It's interesting as you look at some of the segments that we've got. Waters had positive organic growth for the last 10 quarters, our Environmental Services business returned to organic growth in Q2, Buildings and Infrastructure returned to organic growth this quarter, and certainly, Energy & Resources without Trans Mountain also returned to positive growth this quarter.

看看我們收集到的一些片段，會覺得很有趣。Waters 業務在過去 10 個季度實現了正的內生增長，我們的環境服務業務在第二季度恢復了內生增長，建築和基礎設施業務在本季度恢復了內生增長，當然，不包括 Trans Mountain 的能源和資源業務在本季度也恢復了正增長。

And so we see that continuing into Q4. Will Q4's organic growth be enough to bring everything above the line for the year? I don't know, I haven't penciled that out. But I think what's really important is that for 2022, we're ideally set up with the backlog and the opportunities that it is really going to be strong going forward.

因此，我們看到這種情況會延續到第四季。第四季的自然成長能否使全年業績全部達標？我不知道，我還沒仔細算過。但我認為真正重要的是，就 2022 年而言，我們已經做好了充分的準備，積壓訂單和機會都表明，未來發展勢頭將非常強勁。

So how should I think about then that 1% to 5% organic growth guidance for 2021? I mean it doesn't sound (inaudible) quite get there.

那麼，我該如何看待2021年1%至5%的有機成長預期呢？我的意思是，聽起來（聽不清楚）好像還沒達到那種效果。

And certainly, it is a range of -- and we would see -- if we were to get there, it would be near the lower end of that range.

當然，這是一個範圍——而且我們會看到——如果我們能達到那個目標，它會接近這個範圍的下限。

Okay. So what kind of tax rate should I be thinking about for 2022? And if you could give me that number with Cardno that would be even better.

好的。那麼，2022年我該考慮什麼樣的稅率呢？如果你能把Cardno的號碼給我，那就更好了。

Yes. So for 2022, we have not put our guidance out yet, and particularly what it might look like with Cardno. So that work is still underway. I don't expect generally that there will be like a significant increase relative to this year. I think what we've seen this year ought to also hold true for next year. So I don't expect a significant change. But again, we'll have to confirm that at the end of the year -- at the end of February when we actually do roll out our guidance.

是的。因此，對於 2022 年，我們還沒有發布指導意見，特別是與 Cardno 合作後可能會是什麼樣子。所以這項工作仍在進行中。我預計總體上不會比今年有顯著增長。我認為今年我們看到的情況明年也應該會繼續發生。所以我預計不會有重大變動。但是，我們還需要在今年年底——也就是2月底——正式發布指導意見時確認這一點。

So that would be that 22% to 23% range that...

所以，那應該是22%到23%的區間…

Yes. I think that's a good working assumption at this stage.

是的。我認為在現階段這是一個合理的假設。

Our next question comes from Jacob Bout with CIBC.

我們的下一個問題來自加拿大帝國商業銀行的 Jacob Bout。

Yes. I'll start off with the timing of the Cardno closing. I know you expected that this is going to close by year-end. Other than the shareholder vote December 6, what other hurdles, regulatory or otherwise, stand in the way?

是的。我先來說說Cardno倒閉的時間。我知道你預期這件事會在年底前結束。除了 12 月 6 日的股東投票之外，還有哪些監管或其他方面的障礙會阻礙這一進程？

The -- there are a few customary approvals that we need to get done in the U.S., but Jacob, I don't think there's anything there that would impede close. The main one really is that -- their shareholder vote on December 6.

——在美國，我們需要完成一些例行審批手續，但是雅各布，我認為沒有什麼會阻礙交易完成。最主要的一點是──他們將於12月6日進行股東投票。

So assuming we closed very soon after that, we don't see a -- just like the -- I don't know that we'll see a huge amount of revenue from Cardno coming in, in Q4. Say they come in middle, a little earlier than that in December, and then we go into Christmas. So we just wanted to -- as we were thinking about it, just try to walk that through.

所以假設我們在那之後很快就完成了交易，我們預計——就像——我不知道我們是否會在第四季度從 Cardno 獲得巨額收入。假設它們在十二月中期到來，比那稍微早一點，然後我們就進入聖誕節了。所以，當我們思考這個問題的時候，我們只是想嘗試把它梳理清楚。

Okay. Second question here is just on the award notification conversion. I know there was quite a bit of talk about the last couple of quarters with that $1.2 billion in award notifications. How much of that is converted to backlog? And then -- or are we still waiting for this U.S. infra buildup [pop] and how quickly would that conversion happen post the infra building costs in your mind?

好的。第二個問題是關於獎勵通知的轉換。我知道過去幾個季度裡，關於那12億美元的獎勵通知有很多討論。其中有多少會轉換為積壓訂單？然後──或者我們仍在等待美國的基礎建設[發展]？在你看來，基礎建設成本之後，這種轉變需要多長時間才能發生？

Yes. So we -- one of the things we mentioned last quarter is of that sort of soft backlog, half of it was in the U.S. And it has really begun to convert because we already saw 5% growth in backlog in the U.S. in the quarter, again, taking us to an all-time record high in U.S. dollars of a little over $2 billion. And none of that is dependent on U.S. stimulus because we haven't factored any of that in yet. So very, very healthy, in fact, record backlog in the U.S., even absent the U.S. stimulus program.

是的。所以，我們——上個季度我們提到過，這類軟性積壓訂單中有一半來自美國。而且這種情況已經開始轉變，因為我們本季在美國的積壓訂單已經成長了 5%，再次創下歷史新高，達到略高於 20 億美元。而這一切都與美國的刺激方案無關，因為我們還沒有把這方面考慮進去。事實上，美國的信貸積壓情況非常非常健康，甚至創下了歷史新高，即使沒有美國的刺激方案也是如此。

And our next question comes from Michael Tupholme with TD Securities.

下一個問題來自道明證券的邁克爾·圖普霍爾姆。

Can you provide an update on the 2023 Real Estate Strategy? It seems like it's progressing to plan, but any updates there? And then also, what -- to what extent that benefited EPS in the third quarter?

能否提供一下2023年房地產策略的最新進展？看起來一切都在按計劃進行，請問有什麼最新進展嗎？那麼，這在多大程度上提升了第三季的每股盈餘呢？

Sure. So generally, the plan is going really well. We've done a lot of work in terms of addressing the lease base that we have and how we will work through that over the next couple of years. So with 2021, we had indicated that we would expect to generate about $0.10 per share for the year, and we are certainly on track for that.

當然。總的來說，計劃進展非常順利。我們已經做了很多工作來處理我們現有的租賃基礎問題，以及我們將在未來幾年內如何處理這些問題。因此，對於 2021 年，我們曾表示預計全年每股收益約為 0.10 美元，而我們目前正朝著這個目標穩步前進。

And so in Q3, that would have been about $0.025 per share that, that strategy has generated. The remaining $0.25 to $0.30 that we indicated would come beyond the $0.10 is, as I've noted previously, more back-end loaded. That will come towards the end of 2022, more into 2023.

因此，在第三季度，該策略大約為每股帶來了 0.025 美元的收益。正如我之前提到的，我們之前指出的，剩餘的 0.25 美元到 0.30 美元（超出 0.10 美元的部分）更多地集中在後端。那將發生在 2022 年底，或更晚到 2023 年。

And again, there's just -- it's positioning, identifying where those leases are, understanding where our overall flexible workplace plan is with people reentering the office and the choices they're making around how they want to work.

再說一遍，關鍵在於定位，確定租賃地點，了解我們整體的靈活辦公室計劃，以及人們重返辦公室後，他們在工作方式方面做出的選擇。

So overall, yes, we're really pleased with how that's going. We think it was a really positive move for us, not just from a P&L perspective, but in terms of engaging our employees, giving them a choice in how they want to do their work and as well from an overall emissions reduction standpoint. So it's just a really positive program for us and is on track.

總的來說，是的，我們對目前的進展非常滿意。我們認為這對我們來說是一個非常積極的舉措，不僅從損益表的角度來看，而且在調動員工積極性、讓他們選擇自己想要的工作方式以及從整體減排的角度來看也是如此。所以這對我們來說是一個非常積極的項目，而且進展順利。

Okay. That's great. The margins in the quarter were quite strong. Do you see the margin strength you saw this quarter as being sustainable? And you talked about mix benefiting the gross margin. Is the current mix something that you see as representative of what we should expect going forward?

好的。那太棒了。本季利潤率相當強勁。您認為本季的利潤率優勢能夠持續嗎？你也談到了產品組合有利於毛利率。您認為目前這種組合能夠代表我們未來應該期待的發展趨勢嗎？

I certainly think that the -- from a gross margin perspective, it's continued to strengthen over the course of this year. And we are being really focused and diligent in our review of projects and the ones that we choose to take on. So we do feel like where we are at today is really healthy, and that's certainly what we would aspire to achieve going forward as well.

我當然認為——從毛利率的角度來看，它在今年持續走強。我們對專案的審查以及我們選擇承接的專案都非常專注和認真。因此，我們覺得目前所處的狀態非常健康，這當然也是我們未來想要達到的目標。

And then from an EBITDA perspective, we continue to benefit from much lower discretionary spending than we've typically seen, but we're also managing to keep our overall cost down. So as we round out the rest of this year, typically Q4, the margin compresses somewhat just because of the holiday season. And so don't have as many chargeable hours with the holidays particularly in North America. But I think we're really pleased with where our EBITDA margin is coming out.

從 EBITDA 的角度來看，我們繼續受益於遠低於以往水準的可自由支配支出，同時我們也成功地降低了整體成本。因此，隨著今年剩餘時間（通常是第四季）的結束，利潤率會因為假期季節而下降。因此，尤其是在北美，假日期間可計費工時會減少。但我認為我們對目前的 EBITDA 利潤率非常滿意。

Okay. That's great. And then just lastly, looking at Canada's organic net revenue growth, I know it would be higher were it not for the Trans Mountain drag. That said, organic net revenue growth slipped to 1.1% in the third quarter whereas it was closer to 6% in the second. I'm just wondering if you can comment on the driver behind that pullback quarter-over-quarter.

好的。那太棒了。最後，看看加拿大的有機淨收入成長，我知道如果不是跨山輸油管計畫拖累，這個數字會更高。儘管如此，第三季有機淨收入成長下滑至 1.1%，而第二季則接近 6%。我只是想問您能否談談那個在四分之一英里處突然回撤的驅動因素。

Yes. And also, you're right, without Trans Mountain, that would have been 8%. So certainly has a -- that -- Trans Mountain continues to have that sort of an impact and we're actually really looking forward to when we don't have to reference Trans Mountain anymore here. One more quarter, and then that will be clear of the -- of our results.

是的。而且，你說得對，如果沒有跨山輸油管項目，那將是 8%。所以，跨山輸油管計畫確實產生了這樣的影響，我們其實非常期待有一天我們不再需要在這裡提及跨山輸油管計畫。再過一個季度，我們的業績就會明朗起來。

Okay. Fair enough. I guess I'm just wondering though, the Trans Mountain impact was in there both in Q3 and Q2. So just looks like it was a bit softer in the third quarter. Just wondering if there's anything kind of behind that.

好的。很公平。我只是好奇，跨山輸油管專案的影響在第三季和第二季都有體現。看起來第三節比賽節奏稍微慢了一些。我只是想知道這背後是不是有什麼隱情。

Nothing in particular. Our -- the Buildings group continued to roar ahead with a number of the big hospital jobs. Infrastructure, both land development and transportation, was very, very strong. I do think that we're getting some new projects going in our Environmental Services group.

沒什麼特別的。我們的建築團隊繼續大舉進軍，承接了許多大型醫院專案。基礎設施，包括土地開發和交通運輸，都非常非常完善。我認為我們的環境服務部門正在啟動一些新項目。

We mentioned -- sorry, Energy & Resources group, we mentioned Tidewater. So some of these projects were just starting up in the quarter as well as some of the ES projects that were, again, just starting up, some of the carbon capture projects for Shell and so on. I think that was probably just a quarterly blip as a number of projects were restarting.

我們提到了——抱歉，能源與資源集團，我們提到了潮水區。所以，其中一些項目是在本季剛啟動的，還有一些環境服務計畫也是剛啟動的，還有一些殼牌公司的碳捕獲計畫等等。我認為那可能只是一個季度性的波動，因為當時很多項目都在重啟。

Our next question comes from Chris Murray with ATB Capital Markets.

下一個問題來自 ATB Capital Markets 的 Chris Murray。

Maybe just kind of continuing on this theme, maybe a different way to ask the same question around Canadian growth. So Gord, ex TMX, you're running an 8% clip in organic growth. Is that -- does that feel sustainable to you as we go into 2022?

或許可以延續這個話題，換個角度來探討加拿大經濟成長的問題。所以，Gord，前 TMX 員工，你們的自然成長率達到了 8%。你覺得這樣的模式──進入2022年──是否可持續？

I do think that Canada and Global got off to a stronger start as we emerge from the pandemic. You can look like in our -- ex TMX, Canada Q -- 8% in Q3, Global 10% -- a little over 10% organically in Q3. I think that those started earlier.

我認為，隨著我們逐漸走出疫情陰霾，加拿大和Global的開局都更加強勁。您可以看看我們的數據——除 TMX 和加拿大季度外——第三季度增長 8%，全球增長 10%——第三季度有機增長略高於 10%。我認為那些事情開始得更早。

So yes, we said that certainly, yes, we saw great growth in Canada and Global, both to an early jump out the gate here in 2021, U.S. a little bit slower. So I suspect that next year, we'll see a little bit lower organic growth numbers in Canada and Global, but much stronger in the United States.

所以，是的，我們說過，當然，我們看到加拿大和全球市場都實現了巨大的成長，這兩個市場在 2021 年都取得了開門紅，而美國市場的成長速度則稍慢一些。所以我預計明年加拿大和全球的有機成長數據會略有下降，但美國的有機成長數據會強勁得多。

Okay. That's fair. And then to the U.S., I mean, one of the things that's interesting about Cardno is their security business with the U.S. federal government, and I think that's an area that you don't really participate in now. I think it's actually a closing item for that transaction.

好的。這很合理。至於美國市場，我的意思是，Cardno 的一個有趣之處在於他們與美國聯邦政府的安全業務，我認為這是你們目前尚未涉足的領域。我認為它實際上是該筆交易的收尾項目。

Can you talk a little bit about the impact that you're thinking about -- around growth in that business? And how you can leverage existing Stantec services into that business? And what -- I would assume that because of the exclusivity of being in that world, the margin profile should be a little bit better. But any thoughts around that would be helpful.

您能否談談您所考慮的影響－圍繞該業務成長的影響？如何將 Stantec 現有的服務應用到您的業務中？而且──我認為，由於身處那個世界的獨特性，利潤率應該會稍微好一點。但任何相關想法都將不勝感激。

Yes. That secure area of business, DoD type work, is a particular interest for us. And we're still learning more and more about it. But to your point, there are great opportunities there to expand the Stantec service offerings into it.

是的。我們特別感興趣的是國防部這類安全領域的業務。我們仍在不斷了解更多相關資訊。但正如您所說，那裡確實存在著將 Stantec 服務擴展到該領域的大好機會。

In terms of overall margins and in terms of the overall size of that, I think we're still truly just kind of wrapping our heads around what that would be. And so we probably have a better clear -- better picture to give you a little bit more clarity at Q4 earnings call.

就整體利潤率和整體規模而言，我認為我們目前還只是在努力理解那會是什麼樣子。因此，我們或許能提供更清晰、更準確的訊息，以便在第四季財報電話會議上為大家帶來更明確的結果。

And our next question comes from Benoit Poirier with Desjardins Capital Markets.

下一個問題來自德斯賈丁資本市場的貝努瓦·波里耶。

Just to come back on the organic growth for the full year, still maintaining the guidance, although you commented about the expectation for Q4. However, when we look at cost containment efforts and the gross margin improvement, am I right to say that the focus is more on the EPS growth. And given those strong margin improvement, it's less dependent on your ability to achieve the high end of the organic growth range?

回到全年有機成長方面，我們仍然維持先前的預期，儘管您提到了第四季度的預期。然而，當我們審視成本控制措施和毛利率改善情況時，我的理解是否正確：重點更多放在每股盈餘成長上？鑑於利潤率的顯著提升，這是否就不太依賴你實現有機成長範圍高端的能力了？

Yes. I think that's right, Benoit. I mean, just back on the outlook for organic growth for the rest of this year, as Gord indicated, I mean we do expect the continued push toward organic growth for the quarter in Q4. And then for the whole year, where that lands us in that range for the full year, we do expect it will be towards the lower end of that range.

是的。我想你說得對，貝努瓦。我的意思是，回到今年剩餘時間的有機成長前景，正如戈爾德所指出的，我們確實預計第四季將繼續推動有機成長。那麼，就全年而言，如果全年都處於這個範圍內，我們預計會更接近該範圍的下限。

But I kind of reiterate too, I mean, that is why we provide a range.

但我還是要重申一下，我的意思是，這就是我們提供多種選擇的原因。

And I think it's a bit of a reminder as well that a range, at least as we think about it, doesn't necessarily mean that you gravitate to the middle of it. I think we provide a range so that we can give a sense for a range of outcome and so that would be kind of where we sit and what we're thinking about at this point.

我認為這在某種程度上也提醒我們，一個範圍，至少在我們看來，並不一定意味著你會傾向於它的中間部分。我認為我們提供一個範圍，是為了讓人們了解一系列可能的結果，這就是我們目前的立場和想法。

But to your question about EPS growth, that absolutely is our focus. And of course, revenue growth is going to drive EPS growth, but there are so many other factors that we are focused on in delivering the EPS growth that we've been actually, I think, quite successful on. And so that is better gross margin, but it's also around our EBITDA, our cost containment.

但對於您提出的每股盈餘成長問題，這絕對是我們關注的重點。當然，營收成長會帶動每股盈餘成長，但我們在實現每股盈餘成長方面也關注著許多其他因素，而且我認為，我們在這方面已經取得了相當大的成功。因此，毛利率會更高，但同時也關係到我們的 EBITDA 和成本控制。

It's the strategies we've employed around real estate that have really made like a meaningful contribution to EPS. So it is all of those things together that we are very focused on, that we are looking at driving our stronger metrics up from a bottom-line perspective. And that is a reflection of how we think about running this business.

我們圍繞著房地產所採取的策略，確實對每股盈餘做出了有意義的貢獻。因此，我們非常關注所有這些方面，希望從根本上提升我們的各項指標。這反映了我們經營這家企業的想法。

Okay. And in the MD&A, you mentioned that employees are in the process of returning to the office. I was just wondering if employees' preference has changed toward work from home versus the initial expectation for the plan.

好的。在管理階層討論與分析中，您提到員工正在逐步返回辦公室。我只是想知道，員工們對在家工作的偏好是否與最初對該計劃的預期有所不同。

It's interesting that we've seen over the pandemic because there's been a couple of times where we said, okay, let's all go back in as of after Labor Day. And then, hey, everybody stop, don't -- everybody go home again. And so it's I think a little bit of this -- these waves of get ready to come in, okay stop, get ready to come, okay stop. But we have seen -- we track on a weekly basis, sort of reentry.

有趣的是，我們在疫情期間看到了這樣的例子，因為有好幾次我們都說，好吧，勞動節過後，大家都回去上班吧。然後，嘿，大家都停下來，別——大家都回家吧。所以我覺得有點像這樣——一波又一波地準備進來，好了，停下，準備進來，好了，停下。但我們已經看到——我們每週都會跟踪——某種程度上的重新進入。

We are seeing more and more people coming back to the office, more and more people saying that they're looking forward to coming back to the office. So I think in general, our overall real estate strategy in terms of the discussions we had with employees remains sound. And then we'll just have to -- it's different by different regions as well. Even by country, it is different. Some areas, for example, in the United States that are in urban areas, large cities, where people -- lot of people travel public transit.

我們看到越來越多的人回到辦公室，越來越多的人表示他們期待回到辦公室。所以我認為，總的來說，就我們與員工的討論而言，我們的整體房地產策略仍然是合理的。然後我們就只能──不同地區的情況也不一樣。即使按國家劃分，情況也各不相同。例如，在美國的一些城市地區，大城市裡，很多人都搭乘大眾運輸工具。

We have a little bit less people coming back to the office as a percentage basis than we would in a smaller center where you park in the parking lot and walk into the building without needing to go in an elevator or public transit. So we're seeing some of those things. We're -- and so we're just continuing to monitor and talk to folks, but we still remain confident in our overall real estate strategy.

與規模較小的辦公中心相比，我們這裡返回辦公室的人數比例略低。在規模較小的辦公中心，人們可以把車停在停車場，然後步行進入大樓，無需搭乘電梯或大眾運輸工具。所以我們看到了一些這樣的情況。我們正在繼續關注並與各方溝通，但我們仍然對我們的整體房地產策略充滿信心。

Okay. That's great color, Gord. And with respect to the overall labor shortage, wage increase, could you maybe provide some color on how it impacts organic growth, whether it will provide -- how much of a boost it could provide on organic growth going forward as you pass-through those price increase to customers?

好的。戈爾德，這顏色真棒。關於整體勞動力短缺和工資上漲的問題，您能否詳細說明一下這對有機增長有何影響，以及當您將這些價格上漲轉嫁給客戶時，它是否會對未來的有機增長起到多大推動作用？

Sure. So a couple of things there. Firstly, about just the staff comp numbers. We always find there that the best way to keep your staff counts high is to not be losing people. And we've always talked about -- since the pandemic began about how we've been increasing communication and ensuring that our employees felt connected to each other and to Stantec through the overall pandemic.

當然。所以，有兩件事需要說明。首先，我們來談談員工薪酬數據。我們始終發現，維持員工人數充足的最佳方法就是不流失員工。自從疫情爆發以來，我們一直在討論如何加強溝通，確保我們的員工在整個疫情期間與彼此以及與 Stantec 保持聯繫。

So we did actually just conduct an employee engagement survey in the fall and able to compare our results to pre-pandemic numbers. And it's interesting that our overall employee engagement score rose by almost 6% since the last survey, whereas globally, overall firm's engagement scores have fallen through the pandemic. So we're very pleased by that level of engagement we've got and the delta to our overall industry.

所以，我們確實在秋季進行了一次員工敬業度調查，並將結果與疫情前的數據進行了比較。有趣的是，自上次調查以來，我們的員工整體敬業度得分上升了近 6%，而全球範圍內，受疫情影響，公司的整體敬業度得分卻有所下降。因此，我們對目前的參與度以及對整個產業的提升幅度感到非常滿意。

But one of the things we've often talked about is that our voluntary turnover rates are always 2% to 3% below industry average. Certainly ours fell during 2020, but everyone else's did as well. But now that we're coming out, certainly, our voluntary turnover rates have risen, but they're still a couple of percentage points below where they were before the pandemic.

但我們經常談到的一點是，我們的員工自願離職率始終比行業平均低 2% 到 3%。當然，我們的收入在 2020 年下降了，但其他人的收入也都下降了。但現在疫情逐漸好轉，我們的自願離職率確實有上升，但仍比疫情前低幾個百分點。

So we still -- we read in the paper about the great resignation and so on but -- and we're seeing some pressure there, but certainly, again, still below the levels that we were pre-pandemic. And then -- so what our hope is that through this sort of period of uncertainty, that we'll be a net importer of having people join us and continue to grow rather than losing more people than that. But it absolutely is top of mind and something that we're talking about every day.

所以，我們仍然——我們在報紙上讀到了關於大規模辭職等等的報道，但是——我們看到那裡存在一些壓力，但當然，再次強調，仍然低於疫情前的水平。所以——我們希望，在這段不確定的時期裡，我們能夠淨吸引人才加入我們，繼續發展壯大，而不是流失更多的人。但這絕對是我們最關心的問題，也是我們每天都在談論的問題。

And then from a salary pressure perspective and how that might impact margins and things going forward, there absolutely no question is salary pressure.

從薪資壓力角度來看，以及這可能對利潤率和未來發展的影響，薪資壓力絕對是無庸置疑的。

In many of our contracts, we do have a cost of living increase to them, but certainly, not all of them. So as we go into next year, we don't anticipate a significant impact to margins but it's possible that we might see some, particularly in the first half of 2020. But you certainly can never say never and we don't anticipate it to be significant, but there could be some impact there.

我們的許多合約中都包含生活成本調整條款，但並非所有合約都包含。因此，展望明年，我們預計利潤率不會受到重大影響，但可能會受到一些影響，尤其是在 2020 年上半年。但凡事皆有可能，我們預期影響不會很大，但可能會有一些影響。

Our next question comes from Sabahat Khan with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的薩巴哈特·汗。

Just wanted to get a little bit more color on what you're seeing in the U.S. We're hearing from a lot of your peers as well recently that the clients there are taking a bit of a wait and see approach, and I think you indicated that continues into late this year.

我只是想更詳細地了解你在美國看到的情況。我們最近也從你的許多同行那裡了解到，那裡的客戶都在採取觀望態度，而且我認為你也暗示過這種情況會持續到今年晚些時候。

Can you maybe share a little bit of color on what you're seeing in public versus private customers? And it sounds like infrastructure was one of the ones where there was some caution. But what are people really -- I guess, is it, hey, look, we'll proceed with these projects if the infrastructure bill comes through? Or is it the quantum of spend? Just want to get a bit more color on the dynamics in that region.

您能否簡要介紹一下您在公共客戶和私人客戶方面觀察到的一些差異？聽起來基礎建設是其中較為謹慎的領域之一。但人們的真實想法是什麼呢？我想，是不是就是，嘿，如果基礎設施法案通過，我們就會推進這些項目？還是支出金額的問題？只是想更深入地了解該地區的動態。

Yes. Interesting that we've seen backlog growth in all of our business operating units in the U.S. with the exception of Infrastructure on a year-to-date basis. And I think that's because from an infrastructure perspective, while we're -- there's still jobs coming out, where people are still taking a bit of that wait and see attitude towards -- as you mentioned, towards the infrastructure build.

是的。有趣的是，除基礎設施部門外，我們在美國的所有業務營運部門今年迄今的積壓訂單均有所增長。我認為這是因為從基礎設施的角度來看，雖然仍然有工作機會出現，但人們對基礎設施建設仍然持觀望態度，正如你所提到的。

In particular, we called out in the prepared remarks, the energy transition and a lot of work from electrical transmission and distribution companies strengthening their grids, replacing grids, relating to both year -- we've got over a -- for year-to-date, sorry, over a 40% backlog increase in our Energy & Resources business and over a 55% increase in our Environmental Services business. So pretty significant there.

我們在準備好的演講稿中特別提到了能源轉型，以及電力傳輸和分配公司為加強電網、更換電網所做的大量工作，這與今年——抱歉，今年迄今為止，我們的能源與資源業務積壓訂單增加了 40% 以上，我們的環境服務業務積壓訂單增加了 55% 以上。所以這意義相當重大。

So -- but a lot of that backlog growth we're seeing, certainly some in the public sector, but we are actually seeing the private sector begin to -- we've talked there things like -- with e-commerce facilities, distribution centers, electrical utilities and the like. So I think that we're seeing solid growth, again, over 10% backlog growth in the U.S. year-to-date. But I think that's only going to increase once the U.S. stimulus -- infrastructure stimulus bill hits.

所以——我們看到的積壓成長很大一部分，當然一部分來自公共部門，但實際上我們看到私營部門也開始——我們已經討論過——比如電子商務設施、配送中心、電力公司等等。所以我認為我們再次看到了穩健的成長，今年迄今為止，美國的積壓訂單成長超過 10%。但我認為，一旦美國的刺激方案——基礎設施刺激法案出台，這種情況只會加劇。

Okay. Great. And then just, I guess, on your 2 other markets that are going pretty well, the Water and Environmental Services. Just want to get your perspective on -- is this more of, at this point, is just a bit of a rising tide going on in those 2 end markets? Are you capturing share in the Water market because of your positioning there?

好的。偉大的。然後，我想，就你們另外兩個發展得相當不錯的市場——水務和環境服務而言。只是想聽聽你的看法——目前來看，這兩個終端市場是否正處於略微上漲的趨勢？您是否因為在水務市場的定位而獲得了市場份額？

I just want to understand how long this sort of elevated level of growth in those 2 end markets can continue? And your thoughts on those 2 businesses as we head into 2022 and you lap some of these numbers.

我只是想了解這兩個終端市場這種高水準的成長能夠持續多久？展望 2022 年，您對這兩家企業的一些數據有何看法？

Sure. So certainly, from a Water perspective, we mentioned that we've seen organic growth in each of the last 10 quarters in our Water business. And so we're very strong in that business.

當然。所以，從水務的角度來看，我們確實提到，在過去的 10 個季度裡，我們的水務業務實現了有機成長。因此，我們在該業務領域實力非常強勁。

Certainly, we've talked about some of the long-term framework awards in Australia, New Zealand, the U.K., a lot of opportunities, certainly in the U.S. and Canada, U.S., in particular, from a coastline hardening, coastline protection perspective. So long term, we continue to feel good about our Water business. And the other one was Environmental Services?

當然，我們已經討論過澳洲、紐西蘭、英國的一些長期框架協議，以及美國和加拿大的許多機會，特別是從海岸線加固和海岸線保護的角度來看，美國有很多機會。所以從長遠來看，我們仍然對我們的水務業務充滿信心。另一家是環境服務公司嗎？

Yes.

是的。

And so -- yes. So our Environmental Services business, sorry, is also very strong. Again, overall, in our ES business, we've seen over 40% backlog growth year-to-date, 55% in the U.S., well over 40% overall. So a lot of continued good work there. So we do think from both an ES perspective and a Water perspective that we are gaining market share.

所以——是的。所以，很抱歉，我們的環境服務業務也非常強勁。再次強調，整體而言，在我們的ES業務中，今年迄今的積壓訂單成長超過40%，美國成長55%，整體成長遠超40%。所以，那方面還有很多持續的出色工作要做。因此，無論從環境和社會角度還是從水資源角度來看，我們都認為我們正在獲得市場份額。

And just I guess as we head into '22, I guess, could we expect this level of just elevated growth to kind of continue into next year? Or do you see it more normalizing towards sort of like broader industry growth rates?

我想，隨著我們邁入 2022 年，我們是否可以期待這種高水準的成長會延續到明年？還是你認為它會逐漸趨於正常化，與更廣泛的產業成長率保持一致？

Right now, we -- as we're talking to our clients, there still seems like there's a lot of work coming out. But I think it'd be hard to anticipate that we'd be getting, in our environmental group from an overall basis, in excess of 40% backlog growth on an annual basis, would be pretty hard to imagine. But what I do see next year is that backlog converting into revenue, very similar to Energy & Resources and some of the other groups. So we feel quite positive about those verticals going into next year.

目前，當我們與客戶交談時，感覺仍然有很多工作要做。但我認為，很難預料到，從整體來看，我們環境部門的年度積壓訂單成長率會超過 40%，這簡直難以想像。但我預計明年積壓訂單將轉化為收入，這與能源與資源以及其他一些集團的情況非常相似。因此，我們對這些垂直領域的明年發展前景相當樂觀。

And our next question comes from Maxim Sytchev with National Bank Financial.

下一個問題來自國家銀行金融公司的馬克西姆·西切夫。

Gord, actually, maybe just kind of building on this comment around backlog. I'm curious if there is anything structural in terms of the projects that you run right now, that the conversion rate would be maybe different versus history? Or how should we think about it?

Gord，實際上，也許只是在圍繞積壓工作發表的這條評論的基礎上進行一些補充。我很好奇，就您目前運行的專案而言，是否存在任何結構性因素，導致轉換率與歷史水準有所不同？或者我們應該如何看待這個問題？

Because, I mean, obviously, when you talk about 40% backlog jump, people will assume that there is going to be commensurate sort of revenue growth, but clearly, is the duration of these projects a bit different? Can you provide maybe any color on that?

因為，我的意思是，很顯然，當你談到積壓訂單增加 40% 時，人們會認為收入也會相應增長，但顯然，這些項目的持續時間是否有所不同？能提供一下顏色嗎？

Yes. Not seeing so much from a duration perspective, Max. I do think that in the U.S., we have seen projects a little slower to convert from backlog to revenue. It just seems to be not just from a Stantec perspective, but a bit of an industry-wide phenomenon.

是的。從時長角度來看，我沒看到太多，Max。我認為在美國，我們看到一些項目從積壓訂單轉化為收入的速度稍慢一些。這似乎不僅僅是 Stantec 的問題，而是一種產業普遍現象。

Just people are getting the work out there, but a little slower to get the jump on things going. So it's our hope and based on our discussions with our clients that will -- some of those things will get going, the latter part of this year, but really into the first half of next year.

人們都在努力工作，但速度稍慢，難以搶先一步。因此，根據我們與客戶的討論，我們希望其中一些事情能在今年下半年開始推進，但真正能推進到明年上半年則需要一些時間。

Okay. But there was nothing structural in terms of kind of duration convertibility relative to what you would have seen historically, right?

好的。但就持續時間轉換而言，與歷史上的情況相比，並沒有什麼結構性的變化，對吧？

No. Not at all.

不。一點也不。

Okay. And then also I was wondering, we talked in the past a lot about AMP programs in the U.K. Just curious right now, is there like any significant rebuild cycle coming up or everything is sort of status quo for the next, let's call it, 12 to 15 months?

好的。另外，我還想問一下，我們過去常常討論英國的 AMP 計畫。我現在只是好奇，接下來是否會有任何重要的重建週期，還是說在接下來的 12 到 15 個月裡一切都會維持現狀？

Yes. No, I think that with the typical AMP cycle, and there is about a 12% capital increase in this AMP cycle over the previous. So that will roughly translate into our fee growth as well. No, there's nothing structural there. We tend to ramp-up in year 1, year -- then the next couple of years are sort of just years of continuous design and having things going, and that's where we are now. So we kind of expect our performance on the AMP cycle jobs to -- for 2022, 2023 to be pretty stable, actually.

是的。不，我認為以典型的 AMP 週期來看，本 AMP 週期的資本成長比上一週期約為 12%。因此，這大致也會轉化為我們的費用成長。不，那裡沒有任何結構性問題。我們往往在第一年迅速發展壯大，然後接下來的幾年基本上就是持續設計和推進各項工作的幾年，而我們現在就處於這個階段。因此，我們預期 2022 年和 2023 年 AMP 週期作業的效能將相當穩定。

Okay. Super helpful. And maybe just last question for Theresa, if I may. Just when you talk about tax strategies' optimization, how should we think about this? Is this sort of a permanent change? I guess that's the first question. And do you mind maybe sharing what exactly you guys are doing on this front, if you can disclose that?

好的。非常有用。如果可以的話，我可能還要問特蕾莎最後一個問題。談到稅務策略優化，我們該如何看待這個問題？這是永久性的改變嗎？我想這是第一個問題。請問您能否透露一下你們在這方面具體做了哪些工作？

Yes. So it's hard to go into detail, Max, around what some of the various strategies are that we are employing other than to say that they are all sound and completely permissible within legislation around the world. And so what we effectively try to do is optimize -- given the geographic locations that we operate in, is to try and optimize the taxes that we incur in those various jurisdictions.

是的。所以，Max，除了說我們正在採用的各種策略都是合理的，並且完全符合世界各地法律的規定之外，很難詳細說明這些策略的具體內容。因此，我們實際上嘗試做的就是優化——考慮到我們營運的地理位置，就是嘗試優化我們在這些不同司法管轄區產生的稅收。

And so the various strategies that we use typically do have a tax -- or kind of a horizon to them. And in particular, now with some of the strategies we have given discussions around U.S. tax reform and other proposed changes globally to taxes, there is a potential that some of the strategies that we have in place may not be as long-tailed as we would have expected.

因此，我們使用的各種策略通常都有其限制——或者說，它們有一定的期限。尤其是現在，鑑於我們已經就美國稅收改革和其他全球稅收改革方案進行了一些討論，我們現有的一些策略可能沒有我們預期的那麼長期。

So it's something -- it's too early to say. I think we feel -- again, we haven't given guidance for next year but at this stage, we don't think there's going to be a material change next year. Beyond that, we're going to have to monitor and see what happens with changes in tax legislation.

所以，現在下結論還太早。我認為我們感覺——再次聲明，我們還沒有給出明年的業績指引，但在現階段，我們認為明年不會有實質的變化。除此之外，我們還要密切關注稅收立法的變化，看看會發生什麼。

Right. And sorry, and the minimum tax requirement kind of globally that some [legislators] are pushing for right now, would that have any effect in terms of how you're going to be approaching tax rates or not at all?

正確的。另外，一些立法者目前正在推動的全球最低稅收要求，會對您制定稅率的方式產生任何影響嗎？還是根本不會產生影響？

So that's -- I think you're referring to the 15% minimum corporate tax globally, that's being discussed by the OECD. We don't think that, that will, as we currently understand it, have a significant impact on us. And again, those rules that they're bringing in are really to try and capture organizations that are trying to take advantage of the lower tax rates of where they really don't have operations.

所以——我想你指的是經合組織正在討論的全球15%的最低企業所得稅。我們認為，就我們目前的理解而言，這件事不會對我們產生重大影響。再次強調，他們推出的這些規則實際上是為了打擊那些試圖利用其實際沒有業務所在地的較低稅率來牟利的組織。

And that is different from Stantec's approach, where we do carry on economic activity in the countries where we are taxed. And so we don't see a big impact to us. But again, that hasn't been fully written yet. And so you never know for sure until they've actually got the words down on the page, and you've had a chance to review it.

這與 Stantec 的做法不同，我們在需要繳稅的國家進行經濟活動。因此，我們認為這不會對我們造成太大影響。但同樣，這部分內容尚未完全寫好。所以，直到他們把文字寫在紙上，你有機會審閱之後，你才能確定。

Our next question comes from Ian Gillies with Stifel.

我們的下一個問題來自 Stifel 公司的 Ian Gillies。

I wanted to start with the backlog. You noted in the release, I believe, you saw 30% increase in the Environmental Services backlog year-over-year. Cardno is obviously going to have a material increase in that once it gets consolidated into Stantec's operations. Can you talk a little bit about what that may do to the business' margin profile moving ahead and how we should be thinking about that?

我想先處理積壓的工作。我相信您在新聞稿中提到，環境服務積壓工作量比去年同期增加了 30%。一旦 Cardno 併入 Stantec 的業務，其業績顯然會大幅成長。您能否談談這可能會對公司未來的利潤率產生什麼影響，以及我們應該如何看待這個問題？

When you look at the Cardno business in the U.S., largely environmentally-focused, their backlog is in order, is in the same sort of range as ours. We have about 12 months backlog. I think they have roughly 11. But it has -- I think as we've noted that the -- their margins in the U.S. are actually even a bit stronger than ours. So I think as we add these 2 groups together, backlog will be similar, and then margins will be similar, if not slightly strengthened in the Environmental group.

當你觀察卡德諾在美國的業務時，你會發現它主要專注於環保領域，其積壓訂單井然有序，與我們的情況大致相同。我們積壓了大約12個月的訂單。我認為他們大約有 11 個。但正如我們所指出的，他們在美國的利潤率實際上甚至比我們的還要高一些。所以我認為，當我們把這兩個群體加在一起時，積壓訂單量會相似，利潤率也會相似，如果環境群體的利潤率沒有略微提高的話。

Okay. That's helpful. The other thing I wanted to touch on was revenue per employee on a consolidated basis. I mean, it's kind of inching back up to where it was pre-pandemic. Do you think you can get there? And has there been any new process put in place where maybe you get a bit better, so the need for people isn't quite as high as one might think?

好的。那很有幫助。我想談的另一點是合併後的員工人均收入。我的意思是，它正在慢慢恢復到疫情前的水平。你覺得你能到達那裡嗎？是否有新的流程出台，使得情況有所改善，從而降低了對人手的需求？

They're -- you're right, that revenue per employee continues to creep up. And I don't see any reason why we won't get back to -- sort of to where we were. There are a number of things that come through our innovation program where we're looking to continue to be more and more efficient.

沒錯，員工人均所得確實在持續成長。我看不出有什麼理由我們不能回到——某種程度上回到我們以前的樣子。我們的創新計劃中包含許多方面，我們希望在這些方面不斷提高效率。

Design automation tools and the like to make ourselves become more efficient. So I do think there are some opportunities to -- as we go forward to potentially even increase that revenue per employee, even squeeze a little bit more out of it. But we're still working through incrementally how much that might be. But certainly, it will increase both our competitive positioning as well as potentially the margin as well.

設計自動化工具等，以提高我們的效率。所以我認為，隨著我們不斷前進，我們有機會進一步提高每位員工的收入，甚至從中榨取更多價值。但我們仍在逐步估算具體金額。但可以肯定的是，這將提升我們的競爭地位，並有可能提高利潤率。

(Operator Instructions) Our next question comes from Troy Sun with Laurentian Bank Securities.

（操作員說明）我們的下一個問題來自 Laurentian Bank Securities 的 Troy Sun。

Gord, maybe just a first question. I'm wondering, Gord, if you can make some incremental comments on the Australian market. Obviously, appreciate the fact that the GDP and employment data is back to pre-pandemic levels now.

戈爾德，或許可以先問個問題。戈德，我想知道你是否可以對澳洲市場發表一些看法。顯然，我們應該慶幸GDP和就業資料現在已經恢復到疫情前的水準。

Just given how the geography is coming out of very strict COVID restrictions, how should we be thinking about the organic growth profile for that region in 2022? And knowing that you've doubled the headcount in the country as well, what's sort of a reasonable assumption for a mid-term growth profile for Stantec in the region, please?

鑑於該地區正逐步擺脫非常嚴格的新冠疫情限制措施，我們該如何看待該地區在 2022 年的自然成長前景？考慮到貴公司在該國的員工人數也翻了一番，請問對於 Stantec 在該地區的中期成長前景，一個合理的假設是什麼？

Yes. Great. We haven't provided guidance for 2022. So it's a little hard to comment on that. But you know what, a couple of things though I could comment on is that when we combine our teams, transportation will be the largest group that we -- one of the largest groups that we have down there. And certainly, huge transportation funding opportunities there. They've announced roughly AUD 118 billion in transportation funding. Also very, very strong in Water.

是的。偉大的。我們尚未提供 2022 年的指導意見。所以對此有點難評論。不過，有幾點我可以評論一下：當我們把團隊合併後，運輸部門將是我們最大的團隊之一。當然，那裡也蘊藏著龐大的交通運輸融資機會。他們已宣布投入約 1,180 億澳元用於交通運輸。而且在水中也非常非常強。

We're already very strong from a Stantec perspective, and we look to continue to grow that. Certainly, with some of the higher -- the commodity prices high, mining continues to grow. And certainly, great opportunities to continue to grow our environmental business.

從 Stantec 的角度來看，我們已經非常強大，我們希望繼續成長。當然，隨著一些大宗商品價格高企，採礦業也持續成長。當然，我們也擁有持續發展環保業務的絕佳機會。

So we feel very, very good about Australia and New Zealand for the remainder of Q4, but also going into next year, great tailwinds there. The strengthening of the size of our team, expanded client relationships and such that we'll get in Australia, I think is going to situate us very, very well for continued growth.

因此，我們對澳洲和紐西蘭在第四季度剩餘時間的表現以及明年的發展都感到非常非常樂觀，這兩個國家都將迎來強勁的順風。我認為，我們在澳洲獲得的團隊規模擴大、客戶關係拓展等優勢，將使我們處於非常有利的地位，從而實現持續成長。

Great. That's super helpful. And maybe just switching gears, a quick question for Theresa. Appreciate the color on the decrease on the lease depreciation from the Real Estate Strategy there. Is it fair to expect that line item to continue to trend down in the near future?

偉大的。這太有幫助了。換個話題，問特蕾莎一個問題。欣賞房地產策略中租賃折舊減少所帶來的色彩變化。預期該項指標在近期內持續呈下降趨勢是否合理？

Yes. For sure. That -- as a part of the overall Real Estate Strategy is where -- with IFRS 16, those costs do reside now in the depreciation and interest lines. And so as we continue to execute on our strategy, that reduction should be realized in those line items.

是的。一定。作為整體房地產策略的一部分，根據 IFRS 16，這些成本現在確實計入了折舊和利息項目。因此，隨著我們繼續執行我們的策略，這些項目中的削減應該能夠實現。

And sorry, Theresa, just to confirm. So from the Real Estate Strategy itself, like you're expecting the impact on legacy EBITDA to be 40 basis points, right?

還有，特蕾莎，不好意思，我再確認一下。所以從房地產策略本身來看，您預計對傳統 EBITDA 的影響將達到 40 個基點，對嗎？

Yes. Well, what I said was for the quarter. And I think for year-to-date, it's actually a little bit higher on a pre-IFRS 16 basis. Yes, that would have been a 40 to 50 basis point uplift in pre-IFRS 16 EBITDA margin.

是的。嗯，我說的只是針對本季的情況。而且我認為，就今年迄今為止的情況而言，如果以 IFRS 16 之前的標準來看，實際上還要略高一些。是的，這將使 IFRS 16 實施前的 EBITDA 利潤率提高 40 至 50 個基點。

And that concludes today's question-and-answer session. Mr. Johnston, at this time, I will turn the conference back to you for any additional or closing remarks.

今天的問答環節到此結束。約翰斯頓先生，現在我將會議交還給您，請您作補充或總結發言。

Well, great, I just wanted to say to everyone, thanks again for joining us on the call today. We look forward to speaking with you in the near future about our continued progress. So have a great day, everyone.

好的，太好了，我只想再次感謝大家今天參加我們的電話會議。我們期待在不久的將來與您探討我們所取得的持續進展。祝大家今天過得愉快。

Thank you.

謝謝。

And this concludes today's call. Thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。