Stantec Inc (STN) 2025 Q3 法說會逐字稿

Welcome to Stantec's third quarter 2025 results webcast and conference call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Vito Culmone, Executive Vice President and Chief Financial Officer.

歡迎參加 Stantec 2025 年第三季業績網路直播和電話會議。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 Vito Culmone。

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 delay between the call and the webcast.

Stantec邀請所有撥入電話會議的與會者查看幻燈片演示文稿，該演示文稿可在stantec.com網站的「投資者」版塊中找到。今天的電話會議也提供網路直播。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延遲。

All information provided during the conference call is subject to the forward-looking statement qualification set out on slide 2, detailed in Stantec's Management Discussion and Analysis and incorporated in full for the purposes of today's call. Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded. With that, I'll turn the call over to Gord Johnston.

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，該限制在 Stantec 的管理層討論與分析中有詳細說明，並已完整納入今天的電話會議中。除非另有說明，今天電話會議中討論的金額均以加元表示，並且通常會進行四捨五入。接下來，我將把電話交給戈德·約翰斯頓。

Good morning, everyone, and thank you for joining us today. I'm pleased to announce that Stantec delivered robust performance in the third quarter, generating organic growth across all our regions and business operating units.

各位早安，感謝大家今天收看我們的節目。我很高興地宣布，Stantec 在第三季度取得了強勁的業績，在所有地區和業務營運部門都實現了內生成長。

Global trends across Water, Transportation, energy transition, and mission-critical sectors continue to drive strong demand for our services, and our diversification across sectors and geographies creates resilience within our operations.

水務、交通運輸、能源轉型和關鍵任務領域的全球趨勢持續推動對我們服務的強勁需求，而我們在各個領域和地理的多元化發展，增強了我們營運的韌性。

Net revenue grew to $1.7 billion in the third quarter, an increase of almost 12% compared to Q3 of last year, driven by organic and acquisition growth, each over 5%. Most notably, our Water business delivered almost 13% organic growth, Energy & Resources delivered nearly 10%.

第三季淨收入成長至 17 億美元，比去年第三季成長近 12%，主要得益於內生成長和收購成長，兩者均成長超過 5%。最值得一提的是，我們的水務業務實現了近 13% 的有機成長，能源與資源業務實現了近 10% 的有機成長。

We grew adjusted EBITDA by close to 18% year over year, with a record margin of 19%. We also delivered adjusted EPS growth of 17.7% compared to Q3 2024. Looking at our results in each of our geographies. In the US, net revenue increased over 14% in the third quarter, which was driven by 4.6% organic growth and almost 9% acquisition growth.

調整後的 EBITDA 年成長近 18%，利潤率創下 19% 的歷史新高。與 2024 年第三季相比，我們調整後的每股盈餘成長了 17.7%。查看我們在各個地區的業績。在美國，第三季淨收入成長超過 14%，其中 4.6% 的內生成長和近 9% 的收購成長推動了這一成長。

In our Buildings business, net revenue increased by more than 40% in Q3 and over 20% year-to-date, driven by our acquisition of Page and continued organic growth. The integration of Page is going very well. And already, we're seeing many revenue synergies from the acquisition.

在我們的建築業務中，第三季淨收入成長超過 40%，年初至今成長超過 20%，這主要得益於我們對 Page 的收購以及持續的內生成長。Page的整合進展非常順利。目前，我們已經看到此次收購帶來了許多收入綜效。

We expect to have completed the financial integration into our systems by year-end. Private and public sector investments, particularly in mission-critical, Science and Technology and civic supported growth in buildings.

我們預計在年底前完成財務系統整合。私人和公共部門投資，特別是對關鍵任務、科學技術和公民支持的建築成長的投資。

Organic growth was also driven by our Water and Environmental Services businesses. Large public sector water supply and wastewater treatment projects contributed to double-digit growth in Water. In energy transition, mining and infrastructure sectors as well as the continued work for a large utility provider supported growth in environmental services.

我們的水務和環境服務業務也推動了有機成長。大型公共部門供水和污水處理項目推動了水務行業兩位數的成長。在能源轉型過程中，採礦和基礎設施部門以及大型公用事業供應商的持續業務支持了環境服務的成長。

In Canada, net revenue grew 7.6% in the quarter, driven completely by organic growth. We delivered double-digit growth in our Water and Energy & Resources businesses and high single-digit growth in infrastructure.

在加拿大，本季淨收入成長了 7.6%，完全由內生成長推動。我們在水務和能源與資源業務方面實現了兩位數的成長，在基礎設施方面實現了接近兩位數的成長。

The continued momentum on major wastewater projects contributed to over 20% organic growth in Water. Continued work on major industrial process projects also drove double-digit organic growth in Energy & Resources.

重大污水處理專案的持續推進，推動了水務業務超過 20% 的有機成長。重大工業流程專案的持續推進也推動了能源與資源領域兩位數的內生成長。

Solid growth in infrastructure was supported by land development projects in Alberta, airport sector projects in Quebec, as well as transit and rail projects and bridge sector work in Eastern Canada. Public sector investment drove growth in Buildings, primarily in our health care and civic markets.

艾伯塔省的土地開發項目、魁北克省的機場項目以及加拿大東部的公共交通和鐵路項目和橋樑工程，都為基礎設施的穩健增長提供了支持。公共部門投資推動了建築業的成長，主要集中在醫療保健和市政市場。

Finally, our global business delivered net revenue growth of almost 11% in the third quarter, achieving 5.5% organic and 2.8% acquisition growth, along with positive foreign exchange impacts.

最後，我們的全球業務在第三季度實現了近 11% 的淨收入成長，其中有機成長 5.5%，收購成長 2.8%，同時也受益於正面的匯率影響。

Our industry-leading water business continued to deliver consecutive double-digit organic growth through long-term framework agreements and public sector investment in Water infrastructure across the UK, Australia, and New Zealand.

我們行業領先的水務業務透過長期框架協議和公共部門對英國、澳洲和紐西蘭水利基礎設施的投資，持續實現兩位數的有機成長。

The ramp-up of new projects in Chile and Peru drove double-digit organic growth in Energy & Resources as the growing need for energy transition solutions continues to drive demand in mining for copper. We also achieved double-digit organic growth in our German infrastructure business due to continued momentum on a major electrical transmission project and increased volume on transit and rail projects.

智利和秘魯新項目的加速推進推動了能源與資源領域兩位數的有機成長，因為對能源轉型解決方案日益增長的需求繼續推動銅礦開採的需求。由於一項大型輸電項目的持續推進以及公共交通和鐵路項目數量的增加，我們在德國基礎設施業務也實現了兩位數的內生增長。

Now I'll turn the call over to Vito to review our third quarter financial results in more detail.

現在我將把電話交給維托，讓他更詳細地回顧我們第三季的財務表現。

Thank you, Gord, and good morning, everyone. We are very pleased with Stantec's third quarter financial results, which demonstrate the continued momentum of our business and the resilience of our operating model.

謝謝你，戈爾德，大家早安。我們對 Stantec 第三季的財務表現非常滿意，這表明我們業務的持續成長動能和我們營運模式的韌性。

Robust demand for our services, combined with favorable global trends, allows us to continue achieving record-setting results. In Q3, we achieved gross revenue of $2.1 billion and net revenue of $1.7 billion, an increase of 11.8% compared to Q3 of 2024. This was driven by 5.6% organic growth and 5.2% acquisition growth.

對我們服務的強勁需求，加上有利的全球趨勢，使我們能夠繼續取得創紀錄的業績。第三季度，我們實現了 21 億美元的總收入和 17 億美元的淨收入，比 2024 年第三季成長了 11.8%。這主要得益於 5.6% 的內生成長和 5.2% 的收購成長。

As a percentage of net revenue, our project margins once again remained in line with our expectations at 54.4%. We achieved an all-time high adjusted EBITDA margin of 19% in the quarter, a 100 basis point increase compared to Q3 of last year.

以淨收入的百分比計算，我們的專案利潤率再次符合預期，為 54.4%。本季我們實現了19%的歷史最高調整後EBITDA利潤率，比去年第三季成長了100個基點。

The increase in margin primarily reflects lower administration and marketing expense as a percentage of that revenue due to our disciplined management of operations and higher utilization. And our adjusted EPS in the quarter increased 17.7% to $1.53.

利潤率的提高主要反映了由於我們嚴格的營運管理和更高的利用率，行政和行銷費用佔收入的比例降低。本季調整後每股收益成長17.7%，達到1.53美元。

Turning to our cash flow, liquidity and capital resources. Our year-to-date operating cash flows are up 86% compared to 2024 from $296 million to $551 million, reflecting strong revenue growth, strong operational performance, and continued strong collection efforts.

接下來談談我們的現金流、流動性和資本資源。今年迄今的經營現金流比 2024 年成長了 86%，從 2.96 億美元增至 5.51 億美元，這反映了強勁的收入成長、強勁的營運業績以及持續強勁的收款努力。

DSO at the end of the third quarter was 73 days, a decrease of four days compared to year-end 2024 and in line with our Q2. Our net debt to adjusted EBITDA ratio at September 30 was 1.5 times, reflecting the funding of our recent acquisition of Page. This remains within our internal range -- target range of 1 to 2 times and positions us well for continued M&A. And as we have stated before, we are comfortable going above this range for a period of time for the right acquisition.

第三季末的應收帳款週轉天數為 73 天，比 2024 年底減少了 4 天，與第二季的情況一致。截至 9 月 30 日，我們的淨負債與調整後 EBITDA 比率為 1.5 倍，反映了我們最近收購 Page 的資金來源。這仍然在我們內部的預期範圍內——目標範圍為 1 到 2 倍，這使我們處於繼續進行併購的良好位置。正如我們之前所說，對於合適的收購，我們願意在一段時間內將價格提高到高於這個範圍的水平。

Gord, I'll now hand the call back to you.

戈爾德，現在我把電話交還給你。

Great. Thanks, Vito. At the end of the third quarter, our contract backlog stood at $8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work. Backlog continues to grow organically and is up 5.6% year over year.

偉大的。謝謝你，維托。第三季末，我們的合約積壓額為 84 億美元，年增近 15%，相當於約 13 個月的工作量。積壓訂單持續自然成長，年增 5.6%。

Organic backlog growth has been driven primarily by our US and global operations, which achieved 6.6% and 6.8% growth, respectively. The acquisitions we've completed in 2025 contributed to 6.8% growth in backlog, primarily within our Buildings and Water businesses.

有機訂單成長主要由美國和全球業務推動，分別實現了 6.6% 和 6.8% 的成長。我們在 2025 年完成的收購使積壓訂單成長了 6.8%，主要成長發生在我們的建築和水務業務領域。

Over the quarter, Stantec was awarded a number of significant project wins across each of our five business verticals. Each project varying in size, scope and complexity. I'll highlight just a few of these wins.

本季度，Stantec 在五大業務領域均獲得了多個重要項目。每個項目的規模、範圍和複雜程度各不相同。我將重點介紹其中幾場勝利。

Stantec was selected as owner's engineer for Manitoba Hydro's $7 billion high-voltage direct current reliability project. The project aims to secure continuous grid reliability for communities across the province. And we've worked with Manitoba Hydro on power delivery projects in the province for over 50 years, and we look forward to continuing our work with them.

Stantec 被選為曼尼托巴水電公司價值 70 億美元的高壓直流輸電可靠性專案的業主工程師。此計畫旨在保障全省各地社區電網的持續可靠性。50多年來，我們一直與曼尼托巴水電公司在該省開展電力傳輸計畫合作，我們期待繼續與他們合作。

Stantec's Infrastructures team was selected for a $745 million project to widen the SC-90 corridor in South Carolina. Our team will be responsible for shaping the overall project vision and layout, focusing on traffic operations, access management, bicycle and pedestrian infrastructure, and impact minimization.

Stantec 的基礎設施團隊被選中參與一項價值 7.45 億美元的項目，該項目旨在拓寬南卡羅來納州的 SC-90 走廊。我們的團隊將負責塑造專案的整體願景和佈局，重點關注交通運營、出入管理、自行車和行人基礎設施以及影響最小化。

And in Western Australia, our Buildings team was selected to deliver specialist engineering services for two hospitals, one of which will be over 94,000 square meters in size and valued at nearly $1 billion. The second project includes refurbishment and expansion work at the Osburn Park Hospital valued at over $250 million. These projects will enhance health care for women, children, and families.

在西澳大利亞，我們的建築團隊被選中為兩家醫院提供專業工程服務，其中一家醫院面積超過 94,000 平方米，價值近 10 億美元。第二個項目包括奧斯本公園醫院的翻新和擴建工程，價值超過 2.5 億美元。這些項目將改善婦女、兒童和家庭的醫療保健。

Given our solid third quarter results, our net revenue growth guidance for the full year, while increasing our adjusted EBITDA margin outlook to 17.2% to 17.5% on the strength of our operational performance and discipline in cost management.

鑑於我們穩健的第三季業績，我們提高了全年淨收入成長預期，同時，由於我們良好的營運表現和成本管理方面的嚴格執行，我們將調整後的 EBITDA 利潤率預期提高至 17.2% 至 17.5%。

We maintain our mid-single-digit guidance for US organic growth given persistent slower procurement cycles in the region. However, we remain optimistic that these are simply near-term challenges as we continue to see strong demand driven by the ongoing needs and the priorities of our clients.

鑑於該地區採購週期持續放緩，我們維持對美國有機成長的個位數中段預期。然而，我們仍然樂觀地認為這些只是短期挑戰，因為我們繼續看到由客戶的持續需求和優先事項所驅動的強勁需求。

In Canada and in global, we still expect organic net revenue growth in the mid- to high single digits. Growth in Canada is expected to be driven by continued strong demand and elevated backlog levels. Following the release of Budget 2025 last week, we're encouraged to see the federal government prioritize infrastructure investments across various sectors.

在加拿大和全球範圍內，我們仍然預計有機淨收入成長將達到中高個位數。預計加拿大經濟成長將受到持續強勁的需求和高企的積壓訂單水準的推動。繼上周公布 2025 年預算案之後，我們很高興看到聯邦政府優先考慮各領域的基礎建設投資。

And while we don't expect immediate spending, the budget signals strong long-term support for our industry. In global, growth is supported by ongoing high levels of activity in our Water business under the AMP8 program in the UK and other framework agreements in Australia and New Zealand, strong demand for Infrastructure in Europe, and positive demand fundamentals in Energy & Resources are also supporting growth in our global business.

雖然我們不指望立即有支出，但該預算表明政府將對我們的行業給予強有力的長期支持。在全球範圍內，成長得益於我們在英國 AMP8 計畫下水務業務的持續高水準活動，以及在澳洲和紐西蘭的其他框架協議，歐洲對基礎設施的強勁需求，以及能源和資源領域積極的需求基本面，這些因素也支撐著我們全球業務的成長。

Considering all of these factors, we expect growth in adjusted EPS to be in the range of 18.5% to 21.5% for the year and adjusted ROIC is expected to be greater than 12.5%. Given our uniquely diversified business, Stantec remains resilient amid evolving market conditions across all of our regions.

考慮到所有這些因素，我們預計本年度調整後每股盈餘成長率將在 18.5% 至 21.5% 之間，調整後投資報酬率預計將大於 12.5%。憑藉我們獨特的多元化業務，Stantec 在我們所有地區的市場環境不斷變化的情況下仍然保持著韌性。

We continue to progress towards the targets we laid out in our 2024 to 2026 strategic plan, including delivering net revenue of $7.5 billion by the end of next year.

我們正朝著 2024 年至 2026 年戰略計畫中製定的目標穩步前進，其中包括到明年年底實現 75 億美元的淨收入。

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) Sabahat Khan, RBC Capital Markets.

（操作員說明）Sabahat Khan，RBC Capital Markets。

Great. Knowing it's kind of close to the end of the year, a good organic print this quarter. Just wondering if you're able to share at a high level how you're thinking about 2026. Just maybe -- I know you guys provide guidance at Q4, but just given some of the moving pieces this year, any color you can provide either by major end markets or by region would be helpful.

偉大的。考慮到現在離年底很近了，這季度的有機印刷效果應該不錯。想問您能否大致談談您對2026年的看法。或許——我知道你們會在第四季度提供業績指引，但考慮到今年的一些變數，如果你們能按主要終端市場或地區提供一些具體信息，將會很有幫助。

Great. Thanks, Saba. And certainly, this is something we spend a lot of time talking about as well. And there, we're going to provide our formal guidance for 2026 in February. But directionally, we see really strong momentum going into next year.

偉大的。謝謝你，薩巴。當然，這也是我們花很多時間討論的話題。我們將在2月正式發布2026年的指導意見。但從趨勢來看，我們看到明年將迎來非常強勁的發展動能。

In global, the AMP8 programs in the UK are going to continue to ramp up as well as the frameworks in Australia and New Zealand. So we see continued strong support in our Water business going forward. The need for copper to support grid strengthening, energy transition keeps continuing support growth in our mining teams, particularly in South America, where I actually was down and visited with our offices last month.

在全球範圍內，英國的 AMP8 計畫以及澳洲和紐西蘭的框架將繼續擴大規模。因此，我們預計未來水務業務將持續獲得強勁支援。為了支持電網強化和能源轉型，對銅的需求持續推動我們礦業團隊的成長，尤其是在南美洲，我上個月也親自去南美洲的辦事處參觀過。

Here in Canada, the federal budget that was recently released provides continued support for infrastructure really across the company -- in a country, sorry. And we see a lot of opportunities in the major projects that Prime Minister Carney announced last week and even those that he announced previously. And we're already working on a number of those projects, and we're in discussions and participating on a whole bunch of other ones.

在加拿大，最近公佈的聯邦預算為整個國家的基礎設施建設提供了持續的支持——抱歉，我說的是整個國家。我們看到，卡尼總理上周宣布的重大項目，甚至他先前宣布的項目，都蘊藏著許多機會。我們已經在進行其中的一些項目，並且正在討論和參與許多其他項目。

In the US, a little period of uncertainty, but we see that the macro fundamentals really are still strong there, aging infrastructure, climate-related impacts, reshoring of manufacturing data centers, mission-critical facilities. So all of those things, whether it's global Canada or the US are strong.

在美國，雖然出現了一段不確定時期，但我們看到，那裡的宏觀基本面仍然非常強勁，包括老化的基礎設施、氣候相關影響、製造業資料中心回流以及關鍵任務設施。所以，無論是全球性的加拿大還是美國，所有這些方面都很強大。

And then I think one thing that we've talked about a lot, too, is that around the globe. Certainly, a lot of discussion for increased spending on defense work. And for that, that's -- for us, that's ports, that's dry docks, that's aircraft, hangers and runways, housing, all sorts of various types of infrastructure. So we're actually really positive on the prospects and the momentum going into 2026.

然後，我認為我們也經常談到的一點是，在全球範圍內。當然，關於增加國防開支的討論很多。對我們來說，這意味著港口、乾船塢、飛機、機庫和跑道、住房以及各種類型的基礎設施。所以我們對2026年的前景和發展動能非常樂觀。

Great. And then maybe if you could just dig in on the Canadian side, obviously, a large part of your business. I mean, we saw kind of (inaudible) come out thus far. Can you just share some thoughts on is there just kind of the broad infrastructure programs in Canada that the Prime Minister is announcing that you're getting involved with?

偉大的。然後，或許你可以深入研究加拿大市場，這顯然是你業務的很大一部分。我的意思是，到目前為止，我們看到的情況有點像（聽不清楚）。您能否分享一下您對加拿大總理宣布的那些廣泛的基礎設施建設項目的看法，以及您是否參與其中？

Or is it more kind of the energy base than historically, some of the pipeline work in Western Canada was a big part of your business? Are you seeing maybe some of those opportunities as being more meaningful? Just curious kind of where within those buckets is Stantec exposed.

或者說，它對能源基礎的影響比歷史上更大，在加拿大西部的一些管道工程曾是你們業務的重要組成部分？你是否覺得其中一些機會更有意義？我只是好奇Stantec在這些桶子中的哪些地方暴露出來了。

Yes. Great. Thanks, Saba. I think in both of those fields, both the opportunities that Prime Minister Carney has announced, and we see great opportunities. But you've seen the really solid organic growth that we've seen in Canada all year, really 8.5% year-to-date organic growth in Canada.

是的。偉大的。謝謝你，薩巴。我認為在卡尼首相宣布的這兩個領域，我們都看到了巨大的機會。但你們已經看到了我們在加拿大全年都非常穩健的有機成長，加拿大今年迄今的有機成長率達到了 8.5%。

And that's, of course, absent any of those projects that the Prime Minister Carney had mentioned. So when we look at Canada, we've seen a lot of strength actually in Western Canada, in particular, in land development.

當然，這還不包括卡尼首相提到的那些項目。所以當我們審視加拿大時，我們發現加拿大西部地區，特別是土地開發領域，確實展現了強大的實力。

We've seen great opportunities in transportation. A number of the projects working on bridge jobs in Toronto and a lot of sort of roadway projects here in Western Canada. But Water has been incredibly strong all year for us, and we see really no slowdown of the both public sector work that we're doing.

我們在交通運輸領域看到了巨大的機會。多倫多的一些橋樑工程項目以及加拿大西部地區的許多道路工程項目正在進行中。但水務業務今年以來一直非常強勁，我們目前在公共部門開展的工作也沒有任何放緩的跡象。

And we've talked about the work we're doing with Metro Van in Vancouver, in Winnipeg and other locations, but a lot of private sector work coming along as well, advanced manufacturing, data centers and that sort of work. So that's very, very robust.

我們已經談到了我們在溫哥華、溫尼伯和其他地方與 Metro Van 合作的工作，但同時也有很多私營部門的工作正在進行，例如先進製造業、資料中心等等。所以它非常非常可靠。

And then, of course, as you said, the energy sector, we've seen some opportunities there as well as that group working on a number of net -- the work that we do on industrial projects also comes out of that. And we've talked in previous quarters about some work that we're doing in Eastern Canada on some industrial projects. So Canada, pretty strong, pretty broad-based.

當然，正如您所說，能源領域也存在一些機會，該團隊正在進行許多網路專案——我們在工業專案上所做的工作也源於此。我們在前幾季也談到了我們在加拿大東部開展的一些工業項目。所以加拿大實力很強，基礎也很廣泛。

And we're feeling pretty good about Canada overall and as we go into next year.

我們對加拿大整體以及明年的發展前景都感到非常樂觀。

Yuri Lynk, Canaccord Genuity.

Yuri Lynk，Canaccord Genuity。

Gord, I just want to push a little bit more on the outlook. I understand things are strong right now, but that's generally reflecting work that was booked 12, 18 months ago in some cases. Can you just talk about some of your forward most looking indicators.

戈爾德，我只是想再深入探討前景。我知道目前市場情況良好，但這通常反映的是 12、18 個月前就已預定的工作。您能否談談您認為最具前瞻性的一些指標？

And I'm thinking, if you look around Canada, I know there's lots of good headlines, but the current economic data is pretty weak. Australia is soft outside of Water. AMP8, one of the biggest customers there is struggling financially, the US government shutdown. There's a whole bunch of worrying signs out there.

我在想，如果你看看加拿大，我知道有很多好消息，但目前的經濟數據相當疲軟。除了水以外，澳洲的地形比較鬆軟。AMP8是那裡最大的客戶之一，但由於美國政府停擺，該公司正面臨財務困境。有很多令人擔憂的跡象。

So are you seeing any of that in proposal or RFP or whatever you look at on the most leading edge of your outlook?

那麼，你在提案、招標書或其他任何你關注的最前沿的文件中找到這些內容了嗎？

Yes. No, great question. Maybe I'll address a couple of them individually there. So in the US, without question, there's been a confluence of factors that we've seen there that caused a little bit of uncertainty and kind of slowed that -- the procurement cycles. I mean, certainly, that's not unique to Stantec, and you've seen that throughout the industry.

是的。不，問得好。或許我會在那裡單獨回答其中幾個問題。因此，毫無疑問，在美國，我們看到多種因素匯聚在一起，造成了一些不確定性，並在某種程度上減緩了採購週期。我的意思是，當然，這並非斯坦泰克公司獨有的現象，整個產業都存在這種情況。

So in the US, we've -- and you'll see that our backlog in the US has been flat year-to-date. And a lot of that is we've been verbally awarded a number of projects but we haven't been able to get them signed and contracted so they haven't showed up in backlog.

所以在美國，我們——你會發現，到目前為止，我們在美國的積壓訂單量一直保持穩定。其中很多項目我們已經口頭獲得了合同，但我們還沒有能夠簽署合同，所以這些項目還沒有出現在待辦事項清單中。

A little bit slower start on some of the things. Environmental Services in the US is maybe a little bit slower so far waiting for some of those things to pick up. we're encouraged by the fact that the government is back at work now. We're also keeping a pretty close eye on that might only be for a couple of months until we have to go through this again.

有些事情進展稍慢一些。美國的環境服務部門目前進展可能稍慢一些，因為還在等待某些環節恢復正常。政府部門現在已經恢復運轉，這讓我們感到鼓舞。我們也密切關注，這種情況可能只會持續幾個月，之後我們可能又要經歷一次。

But the macros haven't changed in the US, whether it is the aging infrastructure and roadways related to -- and support from IIJA, and we still see those supports coming to some of the reshoring that we're seeing in the private sector. So we see some positivity there.

但美國的宏觀經濟情勢並沒有改變，無論是老化的基礎設施和道路，還是與此相關的——以及來自國際工業和工業協會 (IIJA) 的支持，我們仍然看到這些支持用於私營部門的一些回流項目。所以我們看到了一些正面的方面。

You talked about AMP8 and one of the largest customers there, certainly having some financial difficulty, and we all read about that in the paper. But that really has no impact on our business because the way that the app cycles work is that the water company commits to doing certain amount of capital spend in order to justify rate increases and so on and improvements in the overall operations.

您提到了 AMP8，以及其中一位最大的客戶，該公司確實遇到了一些財務困難，我們都在報紙上讀到了相關報導。但這實際上對我們的業務沒有任何影響，因為應用程式的周期運作方式是，自來水公司承諾進行一定數額的資本支出，以證明提高費率等的合理性，並改善整體運營。

So that work has to get done. And people have said, well, what if that particular client was to get nationalized. Well, for us, we wouldn't want to see that happen. But if it did, the work still has to get done. And we've worked with Thames Water and all -- and for a number of successor companies for the last 200 years in the region.

所以這項工作必須完成。人們紛紛表示，如果那個特定客戶被國有化了怎麼辦？對我們來說，我們當然不希望看到這種情況發生。但即便如此，工作仍然要完成。在過去的 200 年裡，我們一直與泰晤士水務公司及其後繼公司在該地區合作。

So we do see that regardless of what shakes out there, that AMP8 work is going to continue. So it certainly is a little bit of a cloudy environment out there, not all rays of sunshine, but we do see the demand drivers in our business being pretty strong.

因此，我們看到，無論外界發生什麼變化，AMP8 的工作都會繼續進行。所以，目前市場環境確實有些陰霾，並非一片陽光，但我們確實看到，我們業務的需求驅動因素相當強勁。

The only thing I'd add to that, Gord, is it's hard to argue with the points that you bring forward. But the diversity of our platform, I think, is an incredible asset and you're starting to -- you see it manifest itself through our year-to-date results and I think you'll continue to see that both geographically and across our segments. So notwithstanding, you're going to see pluses and minuses through it all. I think net debt to Gord's opening comments here, we will be positive moving into 2026, no doubt.

戈爾德，我唯一要補充的是，你提出的觀點很難反駁。但我認為，我們平台的多元化是一項巨大的優勢，而且你已經開始從我們今年迄今為止的業績中看到這一點，我認為你會在地域和各個業務板塊中繼續看到這一點。所以，儘管如此，你還是會看到其中的利弊。我認為，根據戈爾德的開場白，毫無疑問，到 2026 年，淨債務將為正值。

Okay. Good to hear. Second and last one for me. Just any update on the M&A pipeline? I understand over the last year or two, there's been some large private players maybe working themselves towards a sale? Just any change in the pipeline?

好的。很高興聽到這個消息。對我來說，這是第二個也是最後一個。併購專案有最新進展嗎？我了解到，在過去一兩年裡，一些大型私人投資者可能一直在努力促成出售？流程上的任何變動嗎？

Yes. It's a pretty robust industry right now. Lots of discussions ongoing. You've certainly read in the papers about some of these private firms coming to market. You also heard rumors about big firms in our space having discussions.

是的。這是一個相當強勁的行業。目前有很多討論正在進行中。你一定在報紙上讀到一些私人企業進入市場的報導。你也聽過一些傳聞，說我們這個領域的幾家大公司正在進行洽談。

And of course, we can't comment on any of those things other than to say we maintain very, very positive on M&A in general and specifically for Stantec. Our Board is supportive, the -- our investor community is supportive, we're supportive and the opportunity set is there. So we're continuing a number of conversations and look forward to bringing something forward at the appropriate time.

當然，除了表示我們對併購總體上以及對Stantec的併購活動保持非常非常積極的看法之外，我們無法對其他任何事項發表評論。我們的董事會表示支持，我們的投資者群體表示支持，我們也表示支持，機會也放在那裡。因此，我們正在繼續進行多項對話，並期待在適當的時候提出一些成果。

Ian Gillies, Stifel.

伊恩·吉利斯，斯蒂費爾。

Following on some of the previous commentary and maybe just hit the nail on the head. With organic backlog growth in the US supply year-to-date, you don't believe that impinges on your ability to generate some amount of organic growth in the US as we go into next year?

承接之前的一些評論，也許我一語中的。今年以來，美國供應的有機積壓訂單有所增長，您認為這不會影響您明年在美國實現一定程度的有機增長的能力嗎？

Yes, that's absolutely correct, Ian. We do not envision our year-to-date backlog being flat as an indicator of organic growth going into next year. We'll be positive in organic growth next year. We'll give guidance again at the appropriate time. But our expectations at this time -- and you heard Gord echo opening comments around the US, including the US. We feel pretty good about it. Factors that are contributing to the year-to-date.

是的，伊恩，你說得完全正確。我們認為，今年迄今的訂單積壓量不會與明年的有機成長持平。明年我們的有機成長將為正。我們將在適當的時候再次提供指導。但我們此時的期望──你也聽到了戈爾德在美國各地（包括美國）發表的開場白。我們對此感覺相當不錯。影響年初至今業績的因素。

First of all, backlog is generally lumpy, and obviously, we expect it to build here as we move into the first half of the year, our year-to-date backlog though, even in the US are year-to-date, which is probably a better comparison or equally important comparison -- excuse me, our year over year is up 6.6%. I believe it is over 6%.

首先，積壓訂單通常呈現波動狀態，顯然，隨著我們進入上半年，我們預期積壓訂單會繼續增加。然而，我們今年迄今為止的積壓訂單，即使在美國，也是今年迄今為止的，這可能是一個更好的比較，或者說同樣重要的比較——抱歉，我們的同比增幅為 6.6%。我認為超過 6%。

So overall, notwithstanding the confluence of factors that we've talked about, that our peers have talked about, we clearly expect organic growth in the US as we move into next year.

因此，總的來說，儘管存在我們和同行們討論過的各種因素，但我們顯然預計，隨著我們進入明年，美國市場將實現有機成長。

Understood. That's very helpful. And maybe along similar lines and most of the other engineering firms have been asked about this (inaudible) as well as -- do you have any concerns about IIJA funds not being released? Like with some certainty, like, for instance, to your US team, still feel quite confident that the bulk of those funds will come out over the next, call it, four to five years and should continue to be that long-term tailwind and not be canceled?

明白了。那很有幫助。或許其他大多數工程公司也被問到類似的問題（聽不清楚）—您是否擔心 IIJA 資金無法發放？例如，對於你們的美國團隊來說，是否仍然相當有把握地認為，大部分資金將在未來四到五年內到位，並繼續成為長期的順風，不會被取消？

Yes. And so I think our answer would be similar to what you've heard from some of our -- from the others who have reported as well that we have no indication that program like the IIJA would be canceled or funds would be withheld. We still see the continued momentum on that. And no, we think that, that program remains intact.

是的。因此，我認為我們的回答與您從其他一些人那裡聽到的答案相似——他們也報告說，我們沒有任何跡象表明像 IIJA 這樣的項目會被取消或資金會被扣留。我們仍然看到這種勢頭持續下去。不，我們認為，該計劃仍然完好無損。

Krista Friesen, CIBC.

克麗斯塔‧弗里森，加拿大帝國商業銀行。

Maybe just thinking about your margin, obviously, a pretty impressive quarter and raising and narrowing the god for the remainder of the year. Can you speak to what's changed on that front relative to the beginning of the year when you first issued your guidance?

或許只是在考慮你的利潤率，顯然，這是一個非常出色的季度，並且提高了利潤率，縮小了今年剩餘時間的利潤率。您能否談談與年初您首次發布指導意見時相比，這方面發生了哪些變化？

Krista, yes, it's Vito. You're absolutely right. We are we're really pleased. A lot of hard work across all of the teams, of course, across our organization and delivering an EBITDA margin year-to-date 17.7%, 100 basis points ahead of prior year or more than that actually.

克麗斯塔，是的，是維托。你說得完全正確。我們真的非常高興。當然，這離不開我們整個組織所有團隊的辛勤努力，使得我們今年迄今為止的 EBITDA 利潤率達到了 17.7%，比前一年高出 100 個基點，甚至更多。

So really, really pleased with it. It all -- I saw like a broken record a little bit with this, but it all starts with project margins. So the right customer, right project, right pricing, right risk profile, we spend a lot of time with that, and our professionals are excellent in the delivery of that. So our project margins year-to-date are up 0.1% ahead of where we were last year. So without that, that's the fundamental.

真的非常滿意。這一切——我感覺自己像個複讀機，但這一切都始於專案利潤率。因此，我們會花很多時間尋找合適的客戶、合適的專案、合適的定價、合適的風險狀況，而我們的專業人員在這方面做得非常出色。因此，我們今年的專案利潤率比去年同期成長了 0.1%。所以，如果沒有這一點，那就是根本問題。

And then what you're seeing, of course, is admin and marketing as a percentage of NSR come down. So on a year-to-date basis, 37.6% versus 38.6% last year, again, 100 basis point improvement. And that's driven by a number of things.

當然，你現在看到的是，行政和行銷費用佔淨銷售額的比例下降了。因此，今年迄今的成長率為 37.6%，而去年同期為 38.6%，再次提高了 100 個基點。這背後有很多因素。

Clearly, scale is a big part of that. So as we grow and organic growth is a significant component of that, the ability to obviously deliver against that base in a more efficient way, that's important for us, and that's contributed meaningful to our year-to-date results.

顯然，規模是其中一個重要因素。因此，隨著我們的發展（有機成長是其中的重要組成部分），能夠以更有效率的方式滿足這一需求顯然對我們來說很重要，這也對我們今年迄今為止的業績做出了重要貢獻。

Our utilization is another area that has contributed positive to it. Our occupancy costs are also contributing positive to on a year-to-date basis. So net-net, you've got -- this business has significant operational leverage attached to it.

我們的資源利用率是另一個對此做出積極貢獻的領域。今年迄今為止，我們的佔用成本也對業績產生了正面影響。總而言之，這項業務具有顯著的營運槓桿作用。

And with continued organic growth, continued acquisitions, contributed to, obviously, the net revenue growth. It provides a continued opportunity for EBITDA margin expansion going forward. While at the same time, very importantly, ensuring we continue to invest, invest in our people, invest in our offerings and investing in the market.

持續的內生成長和持續的收購，顯然也促進了淨收入的成長。這為未來 EBITDA 利潤率的持續擴張提供了機會。同時，非常重要的是，我們要確保繼續投資，投資我們的員工，投資我們的產品和服務，投資市場。

That's equally, if not more important as well as we move our way through here.

這一點同樣重要，甚至更重要，因為我們接下來的路會走得更遠。

That's great color. And just a last one for me here. You mentioned the Page acquisition integration is progressing well and starting to realize some synergies there. Can you just provide us with a little bit more detail there? Yes.

顏色真好看。最後，我再補充一句。您提到 Page 的收購整合進展順利，並開始產生一些綜效。能再詳細說說嗎？是的。

Not much more to add to the Gord's commentary. We knew Page very, very well coming into this acquisition. We work with them. And we have to say that everything post that close of the acquisition has just reconfirmed just an incredible team and really hit the ground running from an integration perspective. I think the pace to which we're seeing some of the opportunities, both in market and some of the efficiency reflects the fact that we knew each other so well and had spent a fair bit of time in these sorts of discussions well in advance. But Gord, any additional comment on Page?

戈德的評論已經說得很全面了，無需再補充太多。在收購佩奇之前，我們對他的情況非常了解。我們與他們合作。我們必須說，收購完成後的一切都再次證明了這是一個非常優秀的團隊，並且在整合方面迅速進入了狀態。我認為，我們在市場和效率方面看到的一些機會之所以能夠如此迅速地出現，是因為我們彼此非常了解，並且事先花了很多時間進行這類討論。戈德，關於佩奇還有什麼補充說明嗎？

No, it's as we've really started working through the integration, everything that we thought was there has really shown itself to be true and then some. So it's actually been very, very positive. A lot of great project-based and pursuit based synergies there. So actually feeling really good about Page. I wish we could find another five Pages to join us.

不，正是因為我們真正開始著手整合，我們之前認為存在的一切都被證明是真的，甚至超出了預期。所以其實結果非常非常好。那裡有很多基於項目和基於追求的協同效應。所以，我對佩奇的表現真的非常滿意。我希望我們能再找到五位Pages加入我們。

Benoit Poirier, Desjardins.

貝努瓦·波瓦里耶，德斯雅爾丹。

Yes. Great performance on the margin front and also great color that was provided on the previous question. So looking at 2026, could you provide maybe some comments whether the pace of improvement we've seen so far this year is sustainable going into 2026. And what are the puts and takes when looking at margins going into next year?

是的。在邊距方面表現出色，而且上一個問題提供的顏色也很棒。展望 2026 年，您能否就今年迄今為止我們所看到的改善速度能否持續到 2026 年發表一些看法？那麼，展望明年的利潤率，有哪些看漲看跌的因素呢？

That's a sneaking way of asking me for guidance already there, Benoit. But so we'll do that in February. I mean I think when you look at the last several years, there's been steady year-over-year improvement, 0.3, 0.4, 0.5.

貝努瓦，你這是在委婉地向我尋求指導。所以我們會在二月做這件事。我的意思是，如果你看看過去幾年，你會發現每年都有穩定的進步，0.3、0.4、0.5。

This year, to your point, a little bit outpacing our historical track record, which is wonderful. One of the big factors in EBITDA margin expansion, clearly is connected to a lot of what this call has been about, which is the pace of organic revenue activity in the business.

正如您所說，今年我們略微超越了歷史平均水平，這真是太好了。EBITDA 利潤率擴張的一大因素顯然與本次電話會議討論的許多內容有關，那就是企業有機收入活動的速度。

So that is a big driver of obviously what you can deliver bottom line. But when you sort of zoom out, notwithstanding where we may be here in 2026, which again, we feel fairly comfortable with at this point and you look at a two- or three- or four-year picture with the macro demand and whatnot, I think you can expect, obviously, continued EBITDA margin expansion. We're just going through -- we're entering our third year of our three-year strat plan where we committed to 17% to 18%.

所以，這顯然是決定你最終能交付什麼業績的重要因素。但是，當我們把目光放長遠，暫且不論我們 2026 年的處境如何（我們目前對此相當有信心），從宏觀需求等因素來看，展望未來兩到三年甚至四年，我認為顯然可以預期 EBITDA 利潤率將繼續擴張。我們正在執行—我們即將進入三年策略計畫的第三年，我們承諾將實現 17% 到 18% 的成長。

Obviously, we're in the higher end of that range as we sit here in 2025. we expect to be at these levels or better, obviously, as we move into 2026 and we'll refine that next year. But it's the commercial activity that enables in large part for us to really lean into these margin expansions, and we expect that to continue.

顯然，就目前2025年的情況來看，我們處於這個範圍的較高水準。我們預計，到了2026年，我們將達到或超過這個水平，明年我們將對此進行進一步的調整。但正是商業活動在很大程度上使我們能夠真正擴大利潤率，我們預計這種情況將會持續下去。

Okay. That's great color. And maybe, Gord, you made some great comments about the opportunities you foresee in terms of defense. So I would be curious if you could on what is your exposure to defense right now? And how material could it be given the opportunities you see out there? I would be curious to see how it would compare to the opportunities with data center, let's say?

好的。顏色真好看。戈德，或許你對你所預見的國防機會發表了一些很棒的評論。所以我很想知道您目前在國防領域有哪些投資機會？考慮到你所看到的種種機遇，它究竟能有多大的市場潛力？我很想知道它與資料中心等領域的機會相比如何？

Yes. No, that's great. The beauty of the Stantec model is in that diversification piece. And so when you look at even in the US where we do a lot of dry docks and aircraft hangers and those sorts of things, our exposure to the US federal government overall is still in that 5%-ish range. And so that's the beauty of the diversification model. I think you would see in other countries around the world, it's probably sub-5%. You know what we would be doing in that.

是的。不，那太好了。Stantec模式的精髓在於其多元化。因此，即使在美國，我們做了很多乾船塢、飛機庫之類的項目，我們對美國聯邦政府的整體風險敞口仍然在 5% 左右。這就是多元化投資模式的妙處。我認為在世界其他國家，這個比例可能低於 5%。你知道我們在那裡會做什麼。

But again, a lot of this is just our bread-and-butter infrastructure work just with a little bit different instead of a hangar for a commercial aircraft, it's for military aircraft. And so this is something that we're all very, very comfortable with.

但話說回來，這很多都只是我們日常的基礎建設工作，只不過略有不同，不是為商用飛機建造機庫，而是為軍用飛機建造機庫。所以，我們對此都非常非常放心。

And we don't expect that while there's been a lot of commitments to increasing spending on defense and some of these infrastructure things, we don't expect it's going to pop right away. It's going to take a while to build. And that's fine.

雖然政府已做出許多增加國防開支和一些基礎設施建設的承諾，但我們並不指望這些承諾會立即產生效果。建造需要一段時間。這樣也很好。

We're spending a lot of time with our clients and ensuring that when they get the budget and they're ready to go that they're thinking of us top of mind. So I think we'll see it continue to grow, but I'm not sure that it will be -- that we'll see it being material.

我們花很多時間與客戶溝通，確保當他們拿到預算並準備開工時，首先想到的就是我們。所以我認為它會繼續增長，但我不能確定它是否會成為實質的東西。

Okay. That's great. And maybe last one for me. In terms of free cash flow, Vito, very strong performance in the quarter. It looks like that you were able to maintain DSO while typically they go up a bit sequentially from Q2 to Q3.

好的。那太棒了。也許這是我最後一個了。就自由現金流而言，Vito本季表現非常強勁。看起來你們能夠保持 DSO 水平，而通常情況下，DSO 會從第二季到第三季逐年略有上升。

So just wondering what is the matter of a stronger collection efforts? Is it a matter of business mix or -- what about the expectation, let's say, for Q4? Was there some pull forward in terms of free cash flow? I would be curious to get some thoughts around the strong free cash flow performance.

所以我想知道，加強催收力道有什麼問題？這是業務組合的問題，還是──比如說，對第四季的預期呢？自由現金流方面是否有任何提前釋放的跡象？我很想聽聽大家對強勁的自由現金流表現的看法。

Yes. And again, Benoit, I take you to there. You're right, free cash flow can be lumpy quarter to quarter, and this core Q3 was outsized year over year gain. But clearly, the trend has been incredibly positive for us. As you heard in my commentary -- our prepared commentary, our year-to-date numbers are up significantly.

是的。貝努瓦，我再帶你去那裡。你說得對，自由現金流季度之間可能會有波動，而第三季的核心業績比去年同期成長幅度很大。但很顯然，這一趨勢對我們來說是極其積極的。正如你在我的評論中聽到的——我們準備好的評論，我們今年迄今為止的數據顯著增長。

That's driven by, of course, the business and the expansion of the business, first and foremost. But clearly, our working capital management has -- it remains to be seen, but it looks like we've made a significant one step onetime sort of move here that is continuing to stay with us.

當然，這首先是由業務及其擴張所驅動的。但很顯然，我們的營運資金管理已經——還有待觀察，但看起來我們已經邁出了重要的一步，而這一步將會持續下去。

Our DSOs now, we're at 73, 74 we had an internal target of 80 for the longest time. I think we're getting pretty comfortable saying that perhaps the mid-70s is the new starting point for us. But we'll give ourselves another quarter before we do that.

我們現在的應收帳款週轉天數 (DSO) 為 73、74 天，我們長期以來的內部目標都是 80 天。我認為我們現在可以比較肯定地說，70 年代中期或許是我們新的起點。但我們會再給自己一個季度的時間再做決定。

And I just think we've made some changes internally. It's an area of focus for us primarily and just a huge shout-out to all of our project managers across all of the entire network that are managing aggressively to that, while obviously keeping our commitments to our clients and whatnot. So really, really pleased with it.

我認為我們內部已經進行了一些調整。這主要是我們關注的重點領域，我要特別感謝我們整個網路中所有積極負責的專案經理，他們不僅要努力實現這一目標，還要履行我們對客戶的承諾等等。真的非常滿意。

Might give some back in Q4. I'm not worried about that in any way, shape or form. But full year will continue to be well ahead of where we were in the prior year. So very pleased with our working capital management.

可能會在第四季返還一部分。我對此絲毫不擔心。但全年業績仍將遠超過上年同期水準。我們對我們的營運資金管理非常滿意。

(Operator Instructions) Michael Tupholme, TD Cowen.

（操作說明）Michael Tupholme，TD Cowen。

Gord, you've talked a fair bit about the water business, obviously, over time, but also I mentioned it this quarter, very strong organic growth. Often talk about the contribution from the UK AMP program and what that's meaning for our organic growth. I'm wondering if you can talk a little bit more about what you're seeing in Canada and the US. I think you've touched on it a little bit, but I'd be curious what kind of organic growth rates you're seeing in Water in those regions? And maybe you can talk a little bit about the drivers you're seeing as well?

戈德，你顯然已經多次談到水務業務，而且我在本季度也提到過，該業務實現了非常強勁的內生成長。經常談到英國 AMP 計劃的貢獻以及這對我們自身成長的意義。我想請您再詳細談談您在加拿大和美國看到的情況。我想你已經稍微提到過這一點，但我很好奇你在這些地區觀察到的水資源自然增長率是多少？或許你還可以談談你遇到的司機們的狀況？

Yes. Well, so in the US, really, really strong growth in water as well. Just trying to look on the number here, but it's definitely well into the doubled. Was it 20% in the quarter, Vito?

是的。在美國，水務產業也實現了非常強勁的成長。我只是想看看這個數字，但它肯定已經翻了一番了。維托，是本季20%嗎？

In the US?

在美國？

But we'll grab that. Yes. No, I've got certainly double-digit growth in the US in Water. And what's interesting whether it's -- and it's over 20% in Canada. But what's really interesting is that we've talked about it in sequential quarters, like we've had continued organic growth in our Water business, like all the way back to early 2019, and it just continues and continues to strengthen. So in --

但我們會抓住它。是的。不，我在美國水務業務的成長率肯定達到了兩位數。有趣的是，在加拿大，這個比例超過 20%。但真正有趣的是，我們已經連續幾季討論過這個問題，例如我們的水務業務一直保持著持續的內生成長，從 2019 年初開始，而且這種成長勢頭還在持續增強。所以在--

It was 10%, Gordon, in the US.

戈登，在美國是10%。

10%, okay. So like in Canada, the type of work that we're doing are big public sector wastewater projects and Water projects and Metro Vancouver, where we're working on the Iona Island relocation there. A big biosolids project in Winnipeg that we've talked about $1 billion. So there's just a lot of big projects like that. Toronto continues with basement flooding enhancements and such.

10%，好的。所以，就像在加拿大一樣，我們正在從事的工作類型是大型公共部門污水處理項目和水務項目，以及大溫哥華地區，我們正在那裡進行艾奧納島搬遷項目。我們之前討論過溫尼伯一個耗資10億美元的大型生物固體計畫。所以像這樣的大型專案有很多。多倫多繼續進行地下室防洪改造等工作。

In the US, we see the same, a lot of it is municipal type work, water supply, water treatment, water scarcity type issues in some areas and in the Gulf, certainly, it's flooding in excess of water. And so it's all just that sort of the core fundamentals that just keeps going with our Water business.

在美國，我們也看到了同樣的情況，許多都是市政工程，例如供水、水處理、某些地區的水資源短缺問題，而在墨西哥灣，肯定是洪水氾濫。所以，這一切都只是我們水務業務持續發展的核心基本要素。

So whether it's not enough water, and we're working on water reuse and recycle, too much water and flooding and so we're doing big projects like the big pump station we did in New Orleans several years ago. We're currently working on short line protection type work, C-level rise type work, regulation like PFAS continues to provide opportunities in the short but more so in the longer term.

所以，無論是水量不足（我們正在努力實現水的再利用和循環利用），還是水量過多導致洪水氾濫（所以我們正在開展大型項目，例如幾年前我們在新奧爾良建造的大型泵站）。我們目前從事短期線路保護類型的工作，以及高階主管晉升類型的工作，像 PFAS 這樣的法規在短期內繼續提供機會，但在長期內則提供更多機會。

And then just the advanced manufacturing and reshoring of some of that, that, of course, you read about in the papers all the time. And very often, the first thing that clients need is water, access to water and water allocations, the treatment of high-purity water for manufacturing processes. So really, really strong drivers in water, and we don't see them slowing down in any way.

還有先進製造業以及部分製造業的回流，當然，你常常會在報紙上讀到這些內容。很多時候，客戶首先需要的是水，用水的取得和用水配額，以及用於生產過程的高純度水的處理。所以他們在水上的表現真的非常出色，而且我們沒有看到他們有任何減速的跡象。

That's very helpful. The second question I wanted to ask is just about data center activity. Wondering if you can provide a bit of an update on activity levels and in that area, I guess, also curious what percentage of the revenue of the company is that represented by today and how you see that evolving and looking into 2026 as far as share of revenue contribution relative to 2025?

那很有幫助。我想問的第二個問題是關於資料中心活動的。我想了解一下您能否提供一些關於業務活動水平的最新信息，另外，我還想了解一下目前該業務占公司收入的百分比，以及您預計該業務在2026年相對於2025年的收入貢獻份額將如何變化？

Yes. So we're currently working on over 100 data centers, mission-critical facilities ranging in size from 20 megawatts all the way up to a gigawatt. So a lot of projects on the go, but a pretty robust pipeline as well. I think right now, it would represent I'd say like 3% of -- 2%, 3% of the overall net revenue of the company. And do we see that growing?

是的。所以我們目前正在建造 100 多個資料中心，這些都是關鍵任務設施，規模從 20 兆瓦到 1 吉瓦不等。所以目前有很多專案正在進行中，但同時也有一個相當穩健的流程。我認為目前它應該占公司總淨收入的 3% 到 3%。我們是否看到這種趨勢在成長？

Yes. I mean that's growing at a bit of an outsized, but would it get to 4% maybe 5%. But we don't see that we'd want it to go a lot more than that. We don't want to become 15% exposed to any sort of a high-growth area like that because just in the -- as we've talked about our diversification over time.

是的。我的意思是，這個成長速度有點過快，但會達到 4% 甚至 5% 嗎？但我們認為沒必要讓它發展得更遠。我們不想在任何高成長領域投入 15% 的資金，因為正如我們之前討論過的，隨著時間的推移，我們的多元化投資可能會受到影響。

So we feel good in that 3% to 5% range if data center is mission-critical. We're in that area, but certainly a high-growth area for us.

所以，如果資料中心是關鍵任務型的，我們認為 3% 到 5% 的容錯率範圍是可以接受的。我們身處那個區域，對我們來說，那無疑是一個高成長區域。

Chris Murray, ATB Capital Markets.

Chris Murray，ATB Capital Markets。

Gord, you mentioned earlier the three-year financial targets sitting, I guess, a $7.5 billion by the end of next year. And so maybe just -- a couple of thoughts here. I mean I'm looking at consensus right now, it's about [72], which means that you probably have to find some acquisition growth, I won't say in a hurry, but soon. But there's also, I guess, some questions we kind of heard on the call about the whole idea behind being able to maintain a 7% CAGR because even if we go back a couple of years ago and what we've actually experienced over the last couple of years, is [27%] next year on a three-year CAGR is going to require just a stupid list, which is probably not reasonable.

戈德，你之前提到三年財務目標，我猜是到明年年底達到 75 億美元。所以，或許可以分享幾點想法。我的意思是，我現在看到的共識是 [72]，這意味著你可能必須找到一些收購成長點，我不會說要急於求成，但應該盡快。但是，我想，我們在電話會議上也聽到了一些關於如何保持 7% 複合年增長率的問題，因為即使我們回顧幾年前，以及過去幾年我們實際經歷的情況，明年三年複合年增長率達到 27% 也需要非常龐大的清單，這可能並不合理。

So I guess the question I've got for you is the rest of the other metrics that we're seeing up and down, things like adjusted EBITDA, some of the financial metrics are all looking okay, or you -- I guess the question I've got for you is like, are you married to that $7.5 billion as a target? Or is it just more kind of aspirational and we can kind of think about how the game is going to play because the environment is shifting, and we could be heading into some choppy water. So just thoughts on how those targets are set and how you're actually aiming at them.

所以我想問你的問題是，我們看到的其他指標也在上下波動，例如調整後的 EBITDA，一些財務指標看起來都還不錯，或者——我想問你的問題是，你是否堅持要以 75 億美元為目標？或者這只是一種願景，我們可以思考比賽將如何進行，因為環境正在變化，我們可能會遇到一些波濤洶湧的情況。所以，我想談談這些目標是如何設定的，以及你實際上是如何朝著這些目標努力的。

Yes. Chris, maybe I'll take that one and Gord, you can jump in if you -- the $7.5 billion was established -- $7.5 billion was established, obviously, years ago based on exactly what you're describing, Chris. It was based on a CAGR of 7% organic. And then obviously, the rest of it filled in by acquisition.

是的。克里斯，也許我會接受這個提議，戈德，如果你願意，你可以加入——75億美元的確定——75億美元的確定，顯然，是幾年前根據你所描述的情況確定的，克里斯。這是基於7%的有機複合年增長率計算得出的。然後，很顯然，其餘部分都是透過收購補充起來的。

You're right. When you look at that 7% CAGR now relative to, obviously, what we were doing here in 2025, it's going to be hard probably for us to get 7% CAGR. But obviously, again, we'll stop just short of 2026 at this point. We'll see how the next few years clearly expect organic growth next year and expect a good year there. And so we're not married to the 7.5. It's not something that at the end of the day, were linked to.

你說得對。當你把現在的 7% 複合年增長率與我們在 2025 年所做的事情進行比較時，很明顯，我們可能很難再達到 7% 的複合年增長率。但很顯然，我們目前只能做到距離 2026 年還差一點。我們將拭目以待未來幾年的發展，預計明年將實現有機成長，並期待明年會是個好年。所以，我們並沒有非要堅持使用7.5這個數字。歸根結底，我們並沒有把它和這個數字連結起來。

This company is all about just obviously continued diversification, organic growth and M&A strategy. When you look at the pace of our M&A you sort of say, we expect to obviously be in market, expect to continue to do acquisitions. And as a result, that's what contributed, I think, to Gord's comment around our ability to be in that 7.5 range. But I would say the number itself isn't driving our activity.

這家公司顯然專注於持續多元化、內生成長和併購策略。從我們併購的速度來看，我們顯然預期會繼續在市場上進行收購。因此，我認為，這促成了戈爾德對我們能否達到 7.5 分水平的評論。但我認為，數字本身並不是我們行動的驅動力。

It's our strategy that's driving the activity, and it's proved out really well at this point.

正是我們的策略推動了這些活動，而且目前來看，這項策略非常有效。

No, absolutely right, Vito. And Chris, while you're -- if organic growth does slip below that 7% CAGR, there's some great optionality on the acquisition side that we would never rush anything or do anything that we didn't feel was the right thing to do long term in order to hit that 7.5 target. But it's a pretty robust environment right now. So feeling optimistic about some things that could happen there.

沒錯，維托說得完全正確。克里斯，順便提一下——如果有機成長真的低於 7% 的複合年增長率，我們在收購方面有很多選擇，我們絕不會倉促行事，也不會做任何我們認為從長遠來看不正確的事情，以達到 7.5% 的目標。但目前市場環境相當穩健。所以我對那裡可能發生的一些事情感到樂觀。

Okay. That's helpful. The other question, and I know this is something that we haven't looked at in a while, but Vito, I'll throw it out at you is just getting back into the market and maybe buying back stock again, we haven't really seen that. I know that the multiple has been fairly high, but now it's starting to come maybe back to what I would call a more normal range. Is maybe getting into a regular cadence on the NCIB is something that you guys are maybe more open to? Or is that something that you're just going to stay kind of full bore pressed on M&A as a use of capital?

好的。那很有幫助。另一個問題，我知道我們已經有一段時間沒有考慮過這個問題了，但維托，我還是問你一下，那就是重新進入市場，也許再次回購股票，我們還沒有真正看到這種情況。我知道倍數一直很高，但現在可能開始回落到我所說的更正常的範圍內了。你們是不是比較願意接受在 NCIB 上建立規律的節奏？或者說，你打算繼續全力以赴地推動併購，將其作為資本運用的一種方式？

Yes. No, I take you back to our capital structure objectives. Obviously, we're going to generate a significant amount of free cash flow. We will continue to do that. Our capital allocation priorities are obviously, first and foremost, funding our internal capital needs, which are fairly modest.

是的。不，我還是帶你回到我們的資本結構目標。顯然，我們將產生大量的自由現金流。我們將繼續這樣做。我們的資本配置優先事項顯然首先是滿足我們內部的資本需求，而這些需求相當有限。

Our capital expenditures have been in the area of $100 million on an annual basis. This year will be actually fairly below that. And then obviously, we have a dividend in place. We'll continue to respect that dividend and likely grow it as we have in the last several years.

我們的年度資本支出約為1億美元。今年的實際數字會比那低很多。當然，我們也有分紅機制。我們將繼續尊重這項分紅政策，並可能像過去幾年一樣提高分紅額。

And then the NCIB, there's -- M&A's there, again, we see an incredible opportunity for this organization going forward with the right acquisitions, a fragmented market to prioritize acquisitions. And that also contributes to organic growth rate. I mean, acquisitions are a big part of also across the revenue synergies and not to drive inorganic growth.

然後是 NCIB，還有併購，同樣，我們看到，對於這家公司來說，透過正確的收購，未來將有一個巨大的機會，在一個分散的市場中，應該優先考慮收購。這也有助於提高有機成長率。我的意思是，收購也是實現收入綜效的重要組成部分，而不是為了推動非內生成長。

But (inaudible) is lumpy. Like when you're looking at M&A, over the years, you can't sort of predict it. So clearly, we'll continue to use the NCIB. You're absolutely right. We have been muted on share buybacks for the last couple of years, I think, now. But we'll continue to use the NCIB and have it on the shelf as required.

但是（聽不清楚）很粗糙。就像你觀察併購交易時，從長遠來看，你無法預測它的發展趨勢。所以很顯然，我們將繼續使用 NCIB。你說得完全正確。我認為，在過去幾年裡，我們對股票回購一直保持低調。但我們會繼續使用 NCIB，並根據需要將其放在架子上。

And opportunistically, we wouldn't hesitate to get in the market and buy back our shares if required. But M&A is, we think, a really significant value creator for this organization going forward as is our stock buyback program.

如果需要，我們會毫不猶豫地抓住機會進入市場，回購我們的股票。但我們認為，併購和股票回購計畫一樣，都是本組織未來發展中非常重要的價值創造因素。

Maxim Sytchev, [NBCM.]

馬克西姆西切夫[NBCM.]

Gord, maybe the first question for you and just turning back to the US. I mean one of the things that we're hearing is that the procurement methodology has changed a little bit from the federal government that is a bit more book-and-burn sort of less visibility, but work is still coming through. Is this also something that perhaps explains that dichotomy between backlog and organic growth, which still remains pretty robust? So just any color you can provide with this, that would be so helpful.

戈爾德，也許你首先要問的問題是，還是回到美國去吧。我的意思是，我們聽到的一種說法是，採購方法與聯邦政府略有不同，聯邦政府的採購方式更傾向於草率行事，透明度較低，但工作仍在進行中。這是否也能解釋積壓訂單和內生成長之間的這種二元對立現象？目前，內生成長仍相當強勁。所以，如果您能提供任何顏色的信息，那就太好了。

Yes. Without question, the overall procurement cycle and process for a number of federal, state, and local governments have changed with some of the executive orders that have come from President Trump. And so that was a little bit slowness there the first part of the year. Now we've been awarded a number of projects, and we're just waiting to get them signed. And certainly, the shutdown slowed things down there.

是的。毫無疑問，隨著川普總統頒布的一些行政命令，許多聯邦、州和地方政府的整體採購週期和流程都發生了變化。所以今年上半年進展稍微緩慢了一些。現在我們已經獲得了一些項目，就等著簽字了。當然，疫情封鎖也減緩了那裡的發展速度。

So I think as we see, hopefully, folks start to come back and gain to work through the -- they work through the backlog of paper on their desk, we get some things signed and then they'll turn into backlog for us and others in the industry. So I think we're still long-term bullish on the US market there, a lot of good opportunities, and we'll just keep working on it.

所以我認為，正如我們所看到的，希望人們開始回來，處理他們辦公桌上積壓的文件，我們簽了一些合同，然後這些合同就會變成我們和業內其他人的積壓工作。所以我認為我們仍然長期看好美國市場，那裡有很多好機會，我們會繼續努力。

Yes, for sure. And then do you mind providing a bit of color in terms of the environmental services organic growth? I mean we're seeing a bit of a slowdown while water is actually accelerating. So do you mind maybe talking about the puts and takes in terms of what explains that divergence as well?

是的，當然。那麼，您能否就環境服務的有機成長方面提供一些具體資訊？我的意思是，我們看到的是速度有所放緩，而水流速度實際上卻在加快。那麼，您能否談談買權和買權，以及是什麼因素導致了這種背離現象？

Yes. Absolutely. So a couple of things there. One is that even more than other groups, our ES group has got a number of large US federal projects that we've been awarded, just waiting for waiting for signature.

是的。絕對地。所以，有兩件事需要說明。一方面，與其他團隊相比，我們ES團隊已經獲得了許多大型美國聯邦項目，只等簽字了。

So we do see those coming, no question of -- discussion of cancellation or deferral. We just need to get some signs that we can get them going here early in the early in the new year. So I think longer term, we see both in Canada, we've got some good projects that are going to be starting up in the near term as well in the US, too.

所以我們確實看到了這些事情的發生，毫無疑問——不會討論取消或延期。我們只需要得到一些跡象，表明我們可以在新年伊始就讓他們在這裡開始運作。所以我認為從長遠來看，我們在加拿大和美國都看到了一些不錯的項目，這些項目近期也將啟動。

So I think we've seen a little bit of a slowness in ES this year organic growth really quarter over quarter has been kind of low single digits. I do think we'll see a bit of an acceleration in that as we move into 2026.

所以我覺得今年ES的有機成長速度有所放緩，季度環比成長率一直只有個位數。我認為隨著我們邁入 2026 年，這種情況會有所加速。

Okay. Super helpful. And then last question, if I may. You called out the German market, which is obviously sort of a recent beachhead for you guys seeing very nice growth. Do you mind maybe talking about what is driving that? I presume some of that is defense, transport, but any incremental color would be more helpful.

好的。非常有用。最後一個問題，請容許我問一下。你提到了德國市場，這顯然是你們最近的突破性進展，而且成長勢頭非常強勁。您介意談談是什麼原因導致這種情況嗎？我猜想其中一些是國防、運輸方面的，但如果能提供更詳細的資訊就更好了。

Yes. So our group in Germany, incredibly well managed with lots of opportunity, particularly since the government took off the debt break there and investing another EUR500 million. So some of the work that we're doing now in addition to the typical work that we do, which is roadways and bridges and rail projects. We're working a lot of folks on right now on a big electrical transmission project. And there's a real north-south need for electrical transmission in Germany as well.

是的。因此，我們在德國的團隊管理得非常好，有很多機會，尤其是在政府取消債務減免並額外投資 5 億歐元之後。所以，除了我們通常從事的道路、橋樑和鐵路項目等工作之外，我們現在還在做一些其他工作。我們目前正在與許多人一起參與一個大型輸電計畫。德國南北也確實存在電力傳輸需求。

So -- and that's a market that we've just begun to move into probably over the last six to nine months. So I see a lot of growth there. So in addition to the strength of our existing business, which is growing really, really well.

所以——而這正是我們在過去六到九個月才開始涉足的市場。所以我認為那裡有很大的發展空間。因此，除了我們現有業務的強勁成長動能之外，我們的現有業務也發展得非常非常出色。

We're absolutely looking for other opportunities to bolt on to the beachhead the foothold that we've got now in Germany and continue to grow it. Good market, predictable well-run companies. So we're looking to look for opportunities to continue to expand.

我們絕對在尋找其他機會，以鞏固我們目前在德國建立的灘頭陣地，並繼續成長。市場行情好，公司營運良好，前景可預測。因此，我們正在尋找繼續擴張的機會。

Okay. And sorry, does that imply sort of inorganic growth as well. That's how we should be (inaudible) this?

好的。抱歉，這是否也意味著某種形式的無機成長？我們應該這樣嗎？ （聽不清楚）

Yes. I think we -- certainly was going to see a lot of organic growth, and we're absolutely looking at inorganic opportunities as well.

是的。我認為我們肯定會看到大量的內生成長，而且我們也絕對在尋找外延成長的機會。

Jonathan Goldman, Scotiabank.

喬納森‧戈德曼，加拿大豐業銀行。

If we think back to the commentary on the last call, I think in the US, you called out in July, you had seen high single-digit organic growth. I'm just curious how things progress sequentially through August, September, October, and November? And if there's been any reversal in the trend because, I guess, with the 4.6% in the quarter, it does seem like it's deteriorated August and September.

如果我們回顧上次的預測，我認為在美國，正如你們在7月預測的那樣，你們看到了接近兩位數的有機成長。我只是好奇事情在八月、九月、十月和十一月是如何按順序發展的？如果說這種趨勢出現了任何逆轉，因為，我想，考慮到本季 4.6% 的成長，8 月和 9 月的情況似乎確實惡化了。

Yes, Jonathan, you're absolutely right. We did call out, obviously, the July number. We ended up where we ended up, which was just under 5% there. So it wasn't a big drop from July. And I wouldn't say there's further deterioration at this point.

是的，喬納森，你說得完全正確。我們當然也提到了七月的數據。我們最終的成績是那樣，略低於 5%。所以與7月相比，降幅並不大。我覺得目前情況不會進一步惡化。

All the commentary with respect to the US, we sort of made it here today at -- I don't have anything else to add. The only other thing -- one small tidbit here, it's not a bigger picture pieces. Clearly, as we go into Q4, we have a very significant comp that we're cycling here with Q4 for the year, and US organic was a part of that, where I believe we were 10% or so last year or just under 10%. So that's just the reality of what we need to cycle.

關於美國的所有評論，我們今天已經討論完了——我沒有什麼要補充的了。還有一點——這裡要補充一點，這不是一幅更大的圖景的碎片。顯然，隨著我們進入第四季度，我們面臨著一個非常重要的比較週期，第四季度是全年的季度，而美國有機銷售額也是其中的一部分，我相信去年我們的有機銷售額約為 10% 或略低於 10%。這就是我們循環利用所需要的現實。

But overall, no additional commentary in the US as we've mentioned. And we wouldn't say there's actually deteriorating if anything, over the last little bit, the last little few weeks, a month or whatnot, maybe just a bit more buoyancy quite frankly, and you've seen that reflected in our commentary.

但總的來說，正如我們之前提到的，美國方面沒有其他評論。我們不認為情況實際上有所惡化，如果說有什麼變化的話，那就是在過去的幾週、一個月左右的時間裡，情況反而有所好轉，坦白說，可能只是略有好轉，這一點也反映在我們的評論中。

Okay. That's good color. And then I guess maybe switching to the margin guidance. If you take the full year guide and by my math, if you back it out, it looks like you're implying Q4 margins would be down year on year, something in the range of 30 to 40 basis points. Clearly, that's not year-to-date trend.

好的。顏色真好看。然後我猜可能會轉而關注利潤率指引。如果採用全年指引，按我的計算，如果將其減去，看起來你的意思是第四季度利潤率將同比下降，降幅在 30 到 40 個基點之間。顯然，這不是年初至今的趨勢。

And obviously, there's moving pieces. But why would margins be down year-to-date given all the improvements in the business you've undertaken?

顯然，這裡面有很多變數。但考慮到貴公司在業務方面所做的所有改進，為什麼年初至今的利潤率會下降？

Yes. I don't know that margins are going to be down going into next year. That's not what necessarily what we're predicting. Obviously, you do have we will see the page integration manifest itself fully next year with next quarter with our with our financial integration, you always can have some ups and downs with the financial integration. Again, nothing concerning, but that could impact margins.

是的。我不認為明年的利潤率會下降。那未必是我們預測的結果。顯然，我們將在明年的下一個季度看到頁面整合的全面實現，隨著財務整合的推進，財務整合總是會有一些起伏。再次強調，這沒什麼好擔心的，但可能會影響利潤率。

And the only other thing I'd say is back to that or the consolidated organic growth that we had last year, clearly, depending on where we're at, just cycle in a big quarter, that ends up manifesting itself through a margin back to operational scale and one up.

我唯一想補充的是，要回到去年那種穩健的有機增長，顯然，這取決於我們所處的位置，只要經歷一個強勁的季度，最終就能通過利潤率恢復到運營規模並有所提升。

But no, we're very, very pleased with our margins and don't expect any significant pullback in the trends and thematics that we've talked about when it comes to EBITDA margin expansion.

但是，我們對目前的利潤率非常非常滿意，並且預計在 EBITDA 利潤率擴張方面，我們之前討論過的趨勢和主題不會出現任何重大回落。

Okay. That's helpful color. And I guess last one. If we're looking at M&A, at this point, I guess, maybe relative to other periods, what would be the main bottleneck at the moment? Is it valuations culture fit, maybe a paucity of attractive targets? And how does the cycle time from identification to closing late now versus other historical periods?

好的。這是個很有幫助的顏色。我想，這是最後一個了。如果我們現在討論的是併購，我想，相對於其他時期而言，目前的主要瓶頸是什麼？是估值與文化契合度的問題，還是缺乏具吸引力的收購目標？從識別到最終成交的周期時間與以往歷史時期相比有何變化？

Yes, sure. I'll start, and then Vito, I mean, if you like. But I think, Jonathan, there's really nothing slowing the process down right now. It is very robust. A lot of conversations on the go.

當然可以。我先開始，然後是維托，我的意思是，如果你願意的話。但我認為，喬納森，目前真的沒有什麼能減緩這一進程。它非常堅固耐用。很多對話都是在路上進行的。

Cycle times vary from discussion to discussion. Sometimes we work with a client or a company, partner with them for five or more years before we finally decide, hey, you want to do this? And then because we know each other really well, it can proceed pretty quickly. Other times, there's an established process that can take three, four, six months. Six would be an outlier, I would think. But -- so they're really -- they're all over -- in terms of timing and where we would see them.

每次討論的周期時間都不相同。有時我們會與客戶或公司合作五年或更長時間，最後才決定，嘿，你想做這件事嗎？而且因為我們彼此非常了解，所以進展會很快。有時，會有一套既定的流程，可能需要三、四、六個月的時間。我認為6應該是個異常值。但是——所以它們真的——它們無處不在——無論從時間還是地點來看都是如此。

But certainly, a number of ongoing discussions and both exclusive and through processes that are in play right now. So yes, I think it's just a normal cadence here. And when the time is right, if the stars aligned, we'll be glad to share news with you guys.

但可以肯定的是，目前正在進行許多討論，包括獨家討論和公開討論。所以，是的，我認為這只是正常的節奏。時機成熟，如果一切順利，我們很樂意與大家分享這個消息。

Not much more to add there, Gord. Each one has a life of its own. That's it.

沒什麼要補充的了，戈爾德。它們各自擁有自己的生命。就是這樣。

Anything to say on valuations. I think you referenced maybe store organic growth could also translate into a silver lining on valuations. But how have those trended year-to-date versus, I guess, last year or maybe the last couple of years.

關於估值有什麼要說的嗎？我認為你提到過，門市的自然成長或許也能為估值帶來一線希望。但與去年或過去幾年相比，這些趨勢今年迄今的情況如何？

Yes. No major changes on valuation. I mean, obviously, it's sometimes a little bit sector dependent and significant areas of growth in one sector obviously have a higher valuation, which is quite obviously expected and implicit obviously in the valuations of us and our peer groups. So I don't think valuations in any way, shape, or form are an issue.

是的。估值方面沒有重大變動。我的意思是，很顯然，這有時取決於行業，一個行業的顯著增長領域顯然估值更高，這顯然是可以預期的，並且顯然也隱含在我們和我們同行的估值中。所以我認為估值在任何方面都不是問題。

We look at these things clearly from a strategic perspective, always above value creation over a reasonable period of time, revenue synergies, the valuation isn't getting in the way at this point for us.

我們從策略角度清晰地看待這些問題，始終將合理時期內的價值創造和收入綜效放在首位，目前估值對我們來說不是問題。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Gord Johnston for any further remarks.

今天的問答環節到此結束。我謹將發言權交還給戈德·約翰斯頓，請他再作發言。

Great. Well, thank you, operator, and thanks to everyone for joining us this morning. We're really pleased with our Q3 results. And certainly, if you have any follow-up questions following the call today, please read out to Jess Nieukerk Newkirk, our VP of Investor Relations. So thanks again, and look forward to catching up with everybody in the next little while.

偉大的。好的，謝謝接線員，也謝謝今天早上收看我們節目的各位。我們對第三季的業績非常滿意。當然，如果您在今天的電話會議後有任何後續問題，請向我們的投資者關係副總裁 Jess Nieukerk Newkirk 提出。再次感謝大家，期待在接下來的時間和大家見面。

Thank you. Ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝。女士們、先生們，感謝你們參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。