ATS Reports Fourth Quarter and Fiscal 2025 Results

About this update from Ats Corporation

[{"type":"text","content":" \n \n \n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl2 { padding-left: 10px }\n.bwpadr0 { padding-right: 0px }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth11 { width: 11% }\n.bwwidth12 { width: 12% }\n.bwwidth2 { width: 2% }\n.bwwidth21 { width: 21% }\n.bwwidth37 { width: 37% }\n.bwwidth40 { width: 40% }\n.bwwidth42 { width: 42% }\n.bwwidth46 { width: 46% }\n.bwwidth5 { width: 5% }\n.bwwidth53 { width: 53% }\n.bwwidth6 { width: 6% }\n.bwwidth69 { width: 69% }\n.bwwidth72 { width: 72% }\n.bwwidth8 { width: 8% }\n.bwwidth9 { width: 9% }\n \n \n \n \n ATS Corporation (TSX and NYSE: ATS) (\"ATS\" or the \"Company\") today reported its financial results for the three and twelve months ended March 31, 2025. All references to \"$\" or \"dollars\" in this news release are to Canadian dollars unless otherwise indicated.\n \n \n \n Fourth quarter highlights:\n \n \n \n \n Previously disclosed preliminary fourth quarter 2025 results are unchanged, except that the before tax-impact of the EV customer settlement in the amount of $171.1 million is accounted for under IFRS as (i) a partial decrease to revenue in the quarter of $146.9 million (referred to as “EV customer settlement – revenue portion”); and (ii) a partial increase of SG&A of $24.2 million (referred to as “EV customer settlement – other\"), as opposed to being fully reflected as an increase of SG&A in the Company’s previously disclosed preliminary fourth quarter 2025 results. Consequently, the Company presents an adjusted revenues\n \n 1\n \n amount for the quarter, which adjusts for the EV customer settlement – revenue portion.\n \n \n Revenues were $574.2 million (adjusted revenues\n \n 1\n \n of $721.1 million) compared to $791.5 million a year ago.\n \n \n Net income (loss) was $(68.9) million compared to $48.5 million a year ago.\n \n \n Adjusted net income\n \n 1\n \n was $40.0 million, which excludes the impact of the Company's EV customer settlement, compared to $64.3 million a year ago (see \"Update on Large EV Customer\").\n \n \n Basic earnings (loss) per share were (70) cents, compared to 49 cents a year ago.\n \n \n Adjusted EBITDA\n \n 1\n \n was $97.1 million compared to $115.8 million a year ago.\n \n \n Adjusted basic earnings per share\n \n 1\n \n were 41 cents compared to 65 cents a year ago.\n \n \n Order Bookings\n \n 2\n \n were $863 million, 9.1% higher compared to $791 million a year ago.\n \n \n Order Backlog\n \n 2\n \n was $2,139 million, 19.3% higher compared to $1,793 million a year ago.\n \n \n \n \"Today, ATS reported fourth quarter results for fiscal '25. This was another strong quarter for Order Bookings, which included both organic growth and meaningful contributions from our acquisitions,\" said Andrew Hider, Chief Executive Officer. \"With the EV customer matter behind us, our Order Backlog provides good revenue visibility as we enter fiscal '26, with a clear focus on our growth strategy.\"\n \n \n \n Year-to-date highlights:\n \n \n \n \n Revenues were $2,533.3 million (adjusted revenues of $2,680.2 million) compared to $3,032.9 million a year ago.\n \n \n Net income (loss) was $(28.0) million compared to $194.2 million a year ago.\n \n \n Adjusted net income\n \n 1\n \n was $144.4 million, which excludes the impact of the Company's EV customer settlement, compared to $255.3 million a year ago.\n \n \n Basic earnings (loss) per share were $(0.29), compared to $1.98 a year ago.\n \n \n Adjusted EBITDA\n \n 1\n \n was $368.9 million compared to $470.6 million a year ago.\n \n \n Adjusted basic earnings per share\n \n 1\n \n were $1.47 compared to $2.61 a year ago.\n \n \n Order Bookings\n \n 1\n \n were $3,305 million, 14.3% higher compared to $2,891 million a year ago.\n \n \n \n Mr. Hider added: \"As we close out fiscal '25, the importance of our strategic end markets is clear. While ATS is not immune to uncertainties in the macroeconomic environment, we remain optimistic about our ability to drive profitable growth. Our global teams' unwavering commitment to delivering on customer and shareholder value through their daily work, and the ABM provides ATS with a solid foundation as we enter fiscal '26.\"\n \n \n \n \n \n \n 1\n \n Non-IFRS measure: see “Non-IFRS and Other Financial Measures”.\n \n \n \n \n \n \n \n 2\n \n Supplementary financial measure: see “Non-IFRS and Other Financial Measures”.\n \n \n \n \n \n \n Financial results\n \n \n (In millions of dollars, except per share and margin data)\n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n Variance\n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n Variance\n \n \n \n \n \n \n Revenues\n \n \n \n \n \n $\n \n \n \n \n \n \n 574.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n (27.5)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,533.3\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n \n (16.5)%\n \n \n \n \n \n Adjusted revenues\n \n 1\n \n \n \n \n \n $\n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n (8.9)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n \n (11.6)%\n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n $\n \n \n \n \n \n \n (68.9)\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 48.5\n \n \n \n \n \n \n \n \n (242.1)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (28.0)\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194.2\n \n \n \n \n \n \n \n \n (114.4)%\n \n \n \n \n \n \n Adjusted earnings from operations\n \n 1\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 74.3\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 95.9\n \n \n \n \n \n \n \n \n (22.5)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 282.6\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 397.5\n \n \n \n \n \n \n \n \n (28.9)%\n \n \n \n \n \n \n Adjusted earnings from operations margin\n \n 2\n \n \n \n \n \n \n \n \n \n \n 10.3%\n \n \n \n \n \n \n \n \n \n \n \n \n \n 12.1%\n \n \n \n \n \n \n \n \n (181)bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n 10.5%\n \n \n \n \n \n \n \n \n \n \n \n \n \n 13.1%\n \n \n \n \n \n \n \n \n (256)bps\n \n \n \n \n \n \n Adjusted EBITDA\n \n 1\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 97.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 115.8\n \n \n \n \n \n \n \n \n (16.1)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 368.9\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 470.6\n \n \n \n \n \n \n \n \n (21.6)%\n \n \n \n \n \n \n Adjusted EBITDA margin\n \n 2\n \n \n \n \n \n \n \n \n \n \n 13.5%\n \n \n \n \n \n \n \n \n \n \n \n \n \n 14.6%\n \n \n \n \n \n \n \n \n (116)bps\n \n \n \n \n \n \n \n \n \n \n \n \n \n 13.8%\n \n \n \n \n \n \n \n \n \n \n \n \n \n 15.5%\n \n \n \n \n \n \n \n \n (175)bps\n \n \n \n \n \n \n Basic earnings (loss) per share\n \n \n \n \n \n $\n \n \n \n \n \n \n (0.70)\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 0.49\n \n \n \n \n \n \n \n \n (242.9)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (0.29)\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1.98\n \n \n \n \n \n \n \n \n (114.6)%\n \n \n \n \n \n \n Adjusted basic earnings per share\n \n 1\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 0.41\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 0.65\n \n \n \n \n \n \n \n \n (36.9)%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1.47\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2.61\n \n \n \n \n \n \n \n \n (43.7)%\n \n \n \n \n \n \n Order Bookings\n \n 3\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 863\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791\n \n \n \n \n \n \n \n \n 9.1%\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 3,305\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,891\n \n \n \n \n \n \n \n \n 14.3%\n \n \n \n \n \n \n \n \n \n As At\n \n \n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n \n Variance\n \n \n \n \n \n \n Order Backlog\n \n 3\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,139\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,793\n \n \n \n \n \n \n \n \n 19.3%\n \n \n \n \n \n \n \n 1\n \n Non-IFRS financial measure - See \"Non-IFRS and Other Financial Measures\".\n \n \n \n 2\n \n Non-IFRS ratio - See \"Non-IFRS and Other Financial Measures\".\n \n \n \n 3\n \n Supplementary financial measure - See \"Non-IFRS and Other Financial Measures\".\n \n \n \n \n \n \n Recent Acquisitions\n \n \n \n On July 24, 2024, the Company acquired Paxiom Group (\"Paxiom\"). With headquarters in Montreal, Canada, Paxiom is a provider of primary, secondary, and end-of-line packaging machines in the food & beverage, cannabis, and pharmaceutical industries. Paxiom's product line complements ATS’ packaging and food technology businesses and allows ATS to offer complete packaging and end-of-line solutions. The total purchase price paid (based on finalization of post-closing adjustments) was $146.4 million.\n \n \n On August 30, 2024, the Company acquired all material assets of Heidolph Instruments GmbH & Co. KG and Hans Heidolph GmbH (\"Heidolph\"), a leading manufacturer of premium lab equipment for the life sciences and pharmaceutical industries, with headquarters in Schwabach, Germany and facilities in the United States (\"U.S.\"), South Korea and China. The purchase price paid in the second quarter of fiscal 2025 was $45.1 million ($30.3 million Euros).\n \n \n \n Fourth quarter summary\n \n \n \n Fourth quarter fiscal 2025 IFRS revenues were 27.5% or $(217.3) million lower than in the corresponding period a year ago, primarily reflecting a year-over-year decrease in organic revenue (excluding contributions from acquired companies and foreign exchange translation) of $120.2 million or 15.2%, and the $146.9 million impact from the one-time settlement with an EV customer, partially offset by revenues earned by acquired companies of $28.5 million. On an adjusted basis (excluding the impact of the EV customer settlement), revenues were 8.9% or $70.4 million lower than in the corresponding period a year ago. The following analysis is performed on adjusted revenues unless otherwise noted. Revenues generated from construction contracts decreased 19.4% or $97.0 million from the prior period, which included revenues relating to execution on large electric vehicle (\"EV\") Order Bookings. This was partially offset by contributions from acquisitions of $6.3 million and the positive impact of foreign exchange translation. Revenues from services decreased 6.5% or $11.0 million, primarily due to timing of customer projects, partially offset by the positive impact of foreign exchange translation. Revenues from the sale of goods increased 30.8% or $37.6 million primarily due to revenues earned by acquired companies of $20.3 million, in addition to organic revenue growth on higher Order Backlog entering the period.\n \n \n By market, revenues generated in life sciences increased $41.7 million or 11.1% year-over-year. This was primarily due to contributions from acquisitions totalling $19.4 million, in addition to organic revenue growth on higher Order Backlog entering the quarter and the positive impact of foreign exchange translation. Revenues generated in food & beverage increased $13.2 million or 13.2% from the corresponding period last year due to contributions from acquisitions of $9.1 million and the positive impact of foreign exchange translation. Revenues generated in consumer products increased $19.1 million or 27.2% year-over-year due to higher Order Backlog entering the quarter. Revenues in transportation decreased $153.8 million or 69.2% year-over-year, due to lower Order Backlog entering the quarter, as the prior year included several large EV projects. Revenues in energy increased $9.4 million or 38.7% year-over-year due to higher Order Backlog entering the quarter.\n \n \n Net loss for the fourth quarter of fiscal 2025 was $68.9 million ((70) cents per share basic), compared to net income of $48.5 million (49 cents per share basic and diluted) for the fourth quarter of fiscal 2024. The decrease primarily reflected lower revenues, and higher selling, general and administrative (\"SG&A\") costs and net finance costs partially offset by lower income tax expense. Adjusted basic earnings per share were 41 cents compared to 65 cents in the fourth quarter of fiscal 2024 (adjusted basic earnings per share is a non-IFRS financial measure — see \"Non-IFRS and Other Financial Measures\" and \"Reconciliation of Non-IFRS Measures to IFRS Measures\").\n \n \n Depreciation and amortization expense was $38.0 million in the fourth quarter of fiscal 2025, compared to $36.3 million a year ago.\n \n \n EBITDA was $(75.6) million ((10.5)% EBITDA margin) in the fourth quarter of fiscal 2025 compared to $111.1 million (14.0% EBITDA margin) in the fourth quarter of fiscal 2024. EBITDA for the fourth quarter of fiscal 2025 included $3.5 million of restructuring charges, $0.9 million of incremental costs related to acquisition activity, $0.6 million of acquisition-related fair value adjustments to acquired inventories, $146.9 million of revenue impact from the one-time settlement with an EV customer, $24.2 million of SG&A impact from the one-time settlement with an EV customer, and $3.4 million of recoveries of stock-based compensation expenses due to revaluation. EBITDA for the corresponding period in the prior year included $6.6 million of restructuring charges, $4.6 million of incremental costs related to acquisition activity, $2.0 million of acquisition-related fair value adjustments to acquired inventories, and a $8.5 million recovery of stock-based compensation revaluation expenses. Excluding these costs, adjusted EBITDA was $97.1 million (13.5% adjusted EBITDA margin), compared to $115.8 million (14.6% adjusted EBITDA margin) for the corresponding period in the prior year. Lower adjusted EBITDA reflected lower revenues and increased SG&A expenses, partially offset by increased gross margin profitability. EBITDA and adjusted EBITDA are non-IFRS financial measures, and EBITDA margin and Adjusted EBITDA margin are non-IFRS ratios — see \"Non-IFRS and Other Financial Measures\" and \"Reconciliation of Non-IFRS Measures to IFRS Measures\".\n \n \n \n Order Backlog Continuity\n \n \n (In millions of dollars)\n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Opening Order Backlog\n \n \n \n \n \n $\n \n \n \n \n \n \n 2,060\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,907\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,793\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,153\n \n \n \n \n \n \n \n \n \n \n Adjusted revenues\n \n 1\n \n \n \n \n \n \n \n \n \n \n (721\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (792\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (2,680\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (3,033\n \n \n \n \n )\n \n \n \n \n \n \n Order Bookings\n \n \n \n \n \n \n \n \n \n 863\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 791\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,305\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,891\n \n \n \n \n \n \n \n \n \n \n Order Backlog adjustments\n \n 2\n \n \n \n \n \n \n \n \n \n \n (63\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (113\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (279\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (218\n \n \n \n \n )\n \n \n \n \n \n \n Total\n \n \n \n \n \n $\n \n \n \n \n \n \n 2,139\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,793\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,139\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,793\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Non-IFRS financial measure - see \"Non-IFRS and Other Financial Measures.\"\n \n \n \n 2\n \n Order Backlog adjustments include incremental Order Backlog of acquired companies ($12 million acquired with Paxiom in the twelve months ended March 31, 2025, and $4 million acquired with Avidity in the twelve months ended March 31, 2024), foreign exchange adjustments, scope changes, cancellations and the removal of Order Backlog related to the Company's disagreement with one of its EV customers.\n \n \n \n \n \n \n Order Bookings\n \n \n \n Fourth quarter of fiscal 2025 Order Bookings were $863 million, a 9.1% year-over-year increase, reflecting 2.6% in organic Order Bookings growth, in addition to 4.0% of growth from acquired companies and 2.5% from positive foreign exchange translation impacts. Order Bookings from acquired companies totalled $31.5 million. By market, Order Bookings in life sciences increased compared to the prior-year period primarily due to $16.5 million of contributions from acquired companies, mostly from Heidolph, in addition to the positive impact of foreign exchange translation. Order Bookings in food & beverage decreased compared to the prior-year period due to timing of customer projects. Order Bookings in consumer products increased from the prior period primarily due to a large customer project award. Order Bookings in transportation decreased, as expected, compared to the prior-year period reflecting reduced investment in EV production by North American transportation customers as they respond to dynamics in their markets. Order Bookings in energy increased compared to the prior-year period primarily due to timing of customer projects.\n \n \n Trailing twelve month book-to-bill ratio at March 31, 2025 was 1.23:1. Book-to-bill ratio, Order Bookings and organic Order Bookings growth are supplementary financial measures — see \"Non-IFRS and Other Financial Measures.\"\n \n \n \n Backlog\n \n \n \n At March 31, 2025, Order Backlog was $2,139 million, 19.3% higher than at March 31, 2024, primarily on account of higher Order Backlog in life sciences, consumer products, food & beverage and energy markets, partially offset by lower Order Backlog within the transportation market which included several large EV programs a year ago.\n \n \n \n Outlook\n \n \n \n The life sciences funnel remains strong, with a focus on strategic submarkets of pharmaceuticals, radiopharmaceuticals, and medical devices. Management continues to identify opportunities with both new and existing customers, including those who produce auto-injectors and wearable devices for diabetes and obesity treatments, contact lenses and pre-filled syringes, automated pharmacy solutions, as well as opportunities to provide life science solutions that leverage integrated capabilities from across ATS. Funnel activity in food & beverage remains strong. The Company continues to benefit from strong brand recognition within the global tomato processing, other soft fruits and vegetable processing industries, and there is continued interest in automated solutions within the food & beverage market more broadly. Funnel activity in consumer products is stable, although discretionary spending by consumers, influenced by factors such as inflationary pressures, may impact timing of some customer investments in the Company's solutions. In transportation, the funnel consists of smaller opportunities relative to the size of the Order Bookings received throughout fiscal years 2023 and 2024 as North American industry participants continue to moderate new capacity investment to match end market demand and reduce platform costs, particularly in EV. See \"Update on Large EV Customer\" below. Funnel activity in energy remains strong and includes longer-term opportunities in the nuclear industry. The Company is focused on clean energy applications including solutions for the refurbishment of nuclear power plants, early participation in the small modular reactor market, and grid battery storage.\n \n \n Funnel growth in markets where sustainability requirements are a focus for customers — including nuclear and grid battery storage, as well as consumer goods packaging — provide ATS with opportunities to use its capabilities to respond to customer sustainability standards and goals, including global and regional requirements to reduce carbon emissions. Customers seeking to de-risk or enhance the resiliency of their supply chains, address a shortage of skilled workers or combat higher labour costs also provide future opportunities for ATS to pursue. Management believes that the underlying trends driving customer demand for ATS solutions, including rising labour costs, labour shortages, production onshoring or reshoring and the need for scalable, high-quality, energy-efficient production remain favourable.\n \n \n Order Backlog of $2,139 million is expected to help mitigate some of the impact of quarterly variability in Order Bookings on revenues in the short term. The Company's Order Backlog includes several large enterprise programs that have longer periods of performance and therefore longer revenue recognition cycles, particularly in life sciences. In the first quarter of fiscal 2026, management expects to generate revenues in the range of $680 million to $730 million. This estimate is calculated each quarter based on management's assessment of project schedules across all customer contracts in Order Backlog, expectations for faster-turn product and services revenues, expected delivery timing of third-party equipment and operational capacity.\n \n \n Supplier lead times are generally acceptable across key categories; however, inflationary or other cost increases (see \"Tariffs\"), and price and lead-time volatility may continue to disrupt the timing and progress of the Company's margin expansion efforts and affect revenue recognition. Over time, achieving management's margin target assumes that the Company will successfully implement its margin expansion initiatives, and that such initiatives will result in improvements to its adjusted earnings from operations margin that offset these shorter-term pressures (see \"Forward-Looking Statements\" for a description of the risks underlying the achievement of the margin target in future periods).\n \n \n The timing and geographies of customer capital expenditure decisions on larger opportunities can cause variability in Order Bookings from quarter to quarter (see \"Tariffs\"). Revenues in a given period are dependent on a combination of the volume of outstanding projects the Company is contracted to perform, the size and duration of those projects, and the timing of project activities including design, assembly, testing, and installation. Given the specialized nature of the Company's offerings, the size and scope of projects vary based on customer needs. The Company seeks to achieve revenue growth organically and by identifying strategic acquisition opportunities that provide access to attractive end-markets and new products and technologies and deliver hurdle-rate returns. After-sales revenues and reoccurring revenues, which ATS defines as revenues from ancillary products and services associated with equipment sales, and revenues from customers who purchase non-customized ATS product at regular intervals, are expected to provide some balance to customers' capital expenditure cycles.\n \n \n The Company continues to target improvements in non-cash working capital. Over the long-term, the Company expects to continue investing in non-cash working capital to support growth, with fluctuations expected on a quarter-over-quarter basis. The Company’s long-term goal is to maintain its investment in non-cash working capital as a percentage of annualized revenues below 15%. The Company expects that continued cash flows from operations, together with cash and cash equivalents on hand and credit available under operating and long-term credit facilities will be sufficient to fund its requirements for investments in non-cash working capital and capital assets, and to fund strategic investment plans including some potential acquisitions. Acquisitions could result in additional debt or equity financing requirements for the Company. Non-cash working capital as a percentage of adjusted revenues is a non-IFRS ratio — see \"Non-IFRS and Other Financial Measures.\"\n \n \n The Company continues to make progress in line with its plans to integrate acquired companies, and expects to realize cost and revenue synergies consistent with announced integration plans.\n \n \n \n Reorganization Activities\n \n \n \n In the fourth quarter of fiscal 2025, restructuring expenses of $3.5 million were recorded in relation to the Company's previously disclosed reorganization activities\n \n .\n \n For the year ended March 31, 2025, total costs of $24.0 million were recorded.\n \n \n \n Update on Large EV Customer\n \n \n \n The Company recently announced that it has entered into a settlement agreement (the \"Agreement\") with an EV customer with respect to the previously disclosed outstanding payments owed by such customer. Under the terms of the Agreement, the Company expects to receive payment from the customer of U.S. $134.75 million (approximately $194 million at the year-end exchange rate) in the first quarter of fiscal 2026, with no further work required by the Company on these projects. This settlement results from discussions which were originally disclosed in the Company's management's discussion and analysis for the three and six months ended September 29, 2024 (the \"MD&A\"). The Company determined that it was willing to settle its disagreement with this customer based on a number of factors, including but not limited to, the benefit of receiving a cash payment in the near term, particularly in light of the volatility and uncertainty of the overall global macro-economic environment and the impact of such environment on the automotive sector, in addition to previously announced reductions to automakers' EV end-market demand.\n \n \n In light of the Agreement, in the Company's annual audited consolidated financial statements for the year ended March 31, 2025 (i) all previous amounts related to the program with the customer, including accounts receivable, contract assets, and inventories have been written-off accordingly, (ii) the settlement amount has been reflected in accounts receivable, and (iii) a reduction to net income of $129 million (approximately $171 million before income taxes) related to the Agreement has been reflected. The before tax-impact of the EV customer settlement is accounted for under IFRS as (i) a partial decrease to revenue in the quarter (referred to as “EV customer settlement – revenue portion”); and (ii) a partial increase of selling, general and administrative (\"SG&A\") costs.\n \n \n \n Tariffs\n \n \n \n With respect to tariffs by the U.S. on goods from various jurisdictions globally, and related international responses, management continues to actively monitor the situation and is seeking to mitigate risks where possible. In the current environment, while some customers are evaluating capital spending, particularly within the laboratory research space, which is reliant on external funding, management has not seen any material or quantifiable impact on Order Bookings or outlook to date. Supply chain impacts have been largely mitigated through alternative sourcing, along with pricing strategies. ATS' global footprint and decentralized operating model, along with ABM tools, provide some flexibility to address potential disruptions over the longer term; however, the Company could see impacts over time arising from unmitigated costs related to the tariffs themselves, potential supplier price increases, and the timing and geographies of customers' capital spend. The Company's equipment and product revenues from its Canadian and European operations being sold into the U.S. has represented just over 20% of the Company's total revenues for the year ended March 31, 2025. See \"Risk Factors - International trade risk\" in the Company's fiscal 2025 Annual Information Form.\n \n \n \n Internal Controls Requirements\n \n \n \n As a dual listed Company in both Canada and the United States (including the Company's May 2023 U.S. listing and Initial Public Offering on the NYSE), the Company under the U.S. Sarbanes-Oxley Act 2002, as amended, is required to maintain effective disclosure controls and procedures and internal control over financial reporting, and for the first time is required to furnish a report by management on internal control over financial reporting which is required to be accompanied by an attestation report by the Company’s auditor. In completing this work this year, the Company concluded that such controls were not effective as of March 31, 2025 as described in the Company’s fiscal 2025 MD&A. The lack of such effectiveness did not result in any restatement of the current or previously reported consolidated audited financial statements. Although management believes that its processes are well structured to produce accurate financial information, it will design and implement procedures as described in its fiscal 2025 MD&A to address the lack of such effectiveness.\n \n \n \n Quarterly Conference Call\n \n \n \n ATS will host a conference call and webcast at 6:00 p.m. eastern on Wednesday, May 28, 2025 to discuss its quarterly results. The listen-only webcast can be accessed live at\n \n www.atsautomation.com\n \n . The listen-only webcast can be accessed at\n \n https://events.q4inc.com/attendee/441150746\n \n and the conference call can be accessed by dialing\n \n (888) 660-6652\n \n five minutes prior and quoting reference number 8782510. A replay of the conference will be available on the ATS website following the call. Alternatively, a telephone recording of the call will be available for one week (until midnight June 4, 2025) by dialing (800) 770-2030 and using the access code 8782510.\n \n \n \n About ATS\n \n \n \n ATS Corporation is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added solutions including pre-automation and after-sales services, to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, transportation, food & beverage, consumer products, and energy. Founded in 1978, ATS employs over 7,500 people at more than 65 manufacturing facilities and over 85 offices in North America, Europe, Asia and Oceania. The Company's common shares are traded on the Toronto Stock Exchange (\"TSX\") and the New York Stock Exchange (\"NYSE\") under the symbol ATS. Visit the Company's website at\n \n www.atsautomation.com\n \n .\n \n \n \n Consolidated Adjusted Revenues\n \n \n (In millions of dollars)\n \n \n \n \n \n \n Adjusted revenues by type\n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Revenues from construction contracts\n \n \n \n \n \n $\n \n \n \n \n \n \n 402.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 499.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,458.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,972.8\n \n \n \n \n \n \n Services rendered\n \n \n \n \n \n \n \n \n \n 159.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n 170.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n 651.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n 614.7\n \n \n \n \n \n \n Sale of goods\n \n \n \n \n \n \n \n \n \n 159.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n 122.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n 571.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n 445.4\n \n \n \n \n \n \n \n Total adjusted revenues\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n \n \n Adjusted revenues by market\n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Life Sciences\n \n \n \n \n \n $\n \n \n \n \n \n \n 416.9\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 375.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,471.8\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,268.6\n \n \n \n \n \n \n Food & Beverage\n \n \n \n \n \n \n \n \n \n 112.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n 99.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n 416.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n 435.0\n \n \n \n \n \n \n Consumer Products\n \n \n \n \n \n \n \n \n \n 89.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n 70.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n 335.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n 287.2\n \n \n \n \n \n \n Transportation\n \n \n \n \n \n \n \n \n \n 68.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n 222.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n 331.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n 933.3\n \n \n \n \n \n \n Energy\n \n \n \n \n \n \n \n \n \n 33.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n 124.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n 108.8\n \n \n \n \n \n \n \n Total\n \n \n adjusted revenues\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n \n \n Adjusted revenues by customer location\n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n North America\n \n \n \n \n \n $\n \n \n \n \n \n \n 379.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 468.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1,432.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,766.5\n \n \n \n \n \n \n Europe\n \n \n \n \n \n \n \n \n \n 252.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n 247.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n 938.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n 990.1\n \n \n \n \n \n \n Asia/Other\n \n \n \n \n \n \n \n \n \n 89.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n 76.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n 309.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n 276.3\n \n \n \n \n \n \n \n Total\n \n \n adjusted revenues\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n \n \n Additional adjusted revenue disaggregation\n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Custom integration and automation systems\n \n \n \n \n \n $\n \n \n \n \n \n \n 269.4\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 367.7\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 978.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,422.3\n \n \n \n \n \n \n Products and equipment\n \n \n \n \n \n $\n \n \n \n \n \n \n 229.7\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 197.7\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 812.8\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 783.6\n \n \n \n \n \n \n Services including spare parts\n \n \n \n \n \n $\n \n \n \n \n \n \n 222.0\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 226.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 889.4\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 827.0\n \n \n \n \n \n \n \n Total\n \n \n adjusted revenues\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n Consolidated Operating Results\n \n \n (In millions of dollars)\n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n \n Earnings (loss) from operations\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (113.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 74.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 9.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 315.4\n \n \n \n \n \n \n \n \n \n \n Amortization of acquisition-related intangible assets\n \n \n \n \n \n \n \n \n \n 15.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 66.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 68.1\n \n \n \n \n \n \n \n \n \n \n Acquisition-related transaction costs\n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.8\n \n \n \n \n \n \n \n \n \n \n Acquisition-related inventory fair value charges\n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.8\n \n \n \n \n \n \n \n \n \n \n Gain on sale of facilities\n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11.7\n \n \n \n \n )\n \n \n \n \n \n \n Restructuring charges\n \n \n \n \n \n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22.8\n \n \n \n \n \n \n \n \n \n \n Cancelled contract costs\n \n 1\n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n EV customer settlement - revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n EV customer settlement - other\n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n Mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (6.7\n \n \n \n \n )\n \n \n \n \n \n \n \n Adjusted earnings from operations\n \n 2\n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 74.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 95.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 282.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 397.5\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Previously disclosed as \"Settlement costs\"; revised description to clearly delineate from the \"EV customer settlement\" as these items are unrelated.\n \n \n \n 2\n \n Non-IFRS financial measure - See \"Non-IFRS and Other Financial Measures\".\n \n \n \n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n \n Earnings (loss) from operations\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (113.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 74.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 9.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 315.4\n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization\n \n \n \n \n \n \n \n \n \n 38.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 36.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 152.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 141.2\n \n \n \n \n \n \n \n \n \n \n \n EBITDA\n \n 1\n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (75.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 111.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 162.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 456.6\n \n \n \n \n \n \n \n \n \n \n Restructuring charges\n \n \n \n \n \n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22.8\n \n \n \n \n \n \n \n \n \n \n Acquisition-related transaction costs\n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.8\n \n \n \n \n \n \n \n \n \n \n Acquisition-related inventory fair value charges\n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.8\n \n \n \n \n \n \n \n \n \n \n Cancelled contract costs\n \n 2\n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n EV customer settlement- revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n EV customer settlement - other\n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n Mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (6.7\n \n \n \n \n )\n \n \n \n \n \n \n Gain on sale of facilities\n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11.7\n \n \n \n \n )\n \n \n \n \n \n \n \n Adjusted EBITDA\n \n 1\n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 97.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 115.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 368.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 470.6\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Non-IFRS financial measure - See \"Non-IFRS and Other Financial Measures\".\n \n \n \n 2\n \n Previously disclosed as \"Settlement costs\"; revised description to clearly delineate from the \"EV customer settlement\" as these items are unrelated.\n \n \n \n \n \n \n Order Backlog by Market\n \n \n (In millions of dollars)\n \n \n \n \n \n \n As at\n \n \n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n Life Sciences\n \n \n \n \n \n $\n \n \n \n \n \n \n 1,199\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 871\n \n \n \n \n \n \n Food & Beverage\n \n \n \n \n \n \n \n \n \n 258\n \n \n \n \n \n \n \n \n \n \n \n \n \n 230\n \n \n \n \n \n \n Consumer Products\n \n \n \n \n \n \n \n \n \n 282\n \n \n \n \n \n \n \n \n \n \n \n \n \n 156\n \n \n \n \n \n \n Transportation\n \n \n \n \n \n \n \n \n \n 214\n \n \n \n \n \n \n \n \n \n \n \n \n \n 425\n \n \n \n \n \n \n Energy\n \n \n \n \n \n \n \n \n \n 186\n \n \n \n \n \n \n \n \n \n \n \n \n \n 111\n \n \n \n \n \n \n \n Total\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,139\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1,793\n \n \n \n \n \n \n Order Bookings by Quarter\n \n \n (In millions of dollars)\n \n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Q1\n \n \n \n \n \n $\n \n \n \n \n \n \n 817\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 690\n \n \n \n \n \n \n Q2\n \n \n \n \n \n \n \n \n \n 742\n \n \n \n \n \n \n \n \n \n \n \n \n \n 742\n \n \n \n \n \n \n Q3\n \n \n \n \n \n \n \n \n \n 883\n \n \n \n \n \n \n \n \n \n \n \n \n \n 668\n \n \n \n \n \n \n Q4\n \n \n \n \n \n \n \n \n \n 863\n \n \n \n \n \n \n \n \n \n \n \n \n \n 791\n \n \n \n \n \n \n \n Total Order Bookings\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 3,305\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,891\n \n \n \n \n \n \n Reconciliation of Non-IFRS Measures to IFRS Measures\n \n \n (In millions of dollars, except per share data)\n \n \n The following table reconciles adjusted EBITDA and EBITDA to the most directly comparable IFRS measure (net income (loss)):\n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n \n Adjusted EBITDA\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 97.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 115.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 368.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 470.6\n \n \n \n \n \n \n \n \n \n \n Less: restructuring charges\n \n \n \n \n \n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22.8\n \n \n \n \n \n \n \n \n \n \n Less: acquisition-related transaction costs\n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.8\n \n \n \n \n \n \n \n \n \n \n Less: acquisition-related inventory fair value charges\n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.8\n \n \n \n \n \n \n \n \n \n \n Less: Cancelled contract costs\n \n 1\n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Less: EV customer settlement - revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n Less: EV customer settlement - other\n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n Less: mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (6.7\n \n \n \n \n )\n \n \n \n \n \n \n Less: gain on sale of facilities\n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11.7\n \n \n \n \n )\n \n \n \n \n \n \n \n EBITDA\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (75.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 111.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 162.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 456.6\n \n \n \n \n \n \n \n \n \n \n Less: depreciation and amortization expense\n \n \n \n \n \n \n \n \n \n 38.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 36.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 152.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 141.2\n \n \n \n \n \n \n \n \n \n \n \n Earnings (loss) from operations\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (113.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 74.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 9.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 315.4\n \n \n \n \n \n \n \n \n \n \n Less: net finance costs\n \n \n \n \n \n \n \n \n \n 26.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 18.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 92.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 68.7\n \n \n \n \n \n \n \n \n \n \n Less: provision for (recovery of) income taxes\n \n \n \n \n \n \n \n \n \n (71.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (54.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 52.5\n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (68.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 48.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (28.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194.2\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Previously disclosed as \"Settlement costs\"; revised description to clearly delineate from the \"EV customer settlement\" as these items are unrelated.\n \n \n \n \n \n The following table reconciles adjusted earnings from operations, adjusted net income, and adjusted basic earnings per share to the most directly comparable IFRS measures (net income (loss) and basic earnings (loss) per share):\n \n \n \n \n \n \n \n \n \n \n Three Months Ended March 31, 2025\n \n \n \n \n \n \n \n \n \n \n Three Months Ended March 31, 2024\n \n \n \n \n \n \n \n \n \n \n \n \n Earnings (loss) from operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Recovery of income taxes\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic\n \n \n \n \n EPS\n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings from operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs\n \n \n \n \n \n \n \n \n \n \n \n \n Provision for income taxes\n \n \n \n \n \n \n \n \n \n \n \n \n Net income\n \n \n \n \n \n \n \n \n \n \n \n \n Basic\n \n \n EPS\n \n \n \n \n \n \n \n \n Reported (IFRS)\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (113.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (26.7\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 71.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (68.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (0.70\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 74.8\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (18.8\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (7.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 48.5\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 0.49\n \n \n \n \n \n \n \n \n \n \n Amortization of acquisition-related intangibles\n \n \n \n \n \n \n \n \n \n 15.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 15.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.15\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.16\n \n \n \n \n \n \n \n \n \n \n Restructuring charges\n \n \n \n \n \n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.04\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.07\n \n \n \n \n \n \n \n \n \n \n Acquisition-related inventory fair value charges\n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.01\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.02\n \n \n \n \n \n \n \n \n \n \n Acquisition-related transaction costs\n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.01\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.05\n \n \n \n \n \n \n \n \n \n \n EV customer settlement - revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.50\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n EV customer settlement - other\n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.25\n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n Mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (0.04\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.09\n \n \n \n \n )\n \n \n \n \n \n \n Adjustment to recovery of income taxes\n \n 1\n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (79.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (79.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (0.81\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.05\n \n \n \n \n )\n \n \n \n \n \n \n \n Adjusted (non-IFRS)\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 74.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 40.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 0.41\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 95.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 64.3\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 0.65\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Adjustments to provision for (recovery of) income taxes includes an additional $44.0 million (March 31, 2024 - $5.3 million) relating to the income tax effects of adjusting items that are excluded for the purposes of calculating non-IFRS based adjusted net income, in addition to an adjusting item of $36.8 million relating to the recognition of previously unrecognized deferred income tax assets from prior years that qualify for recognition as of March 31, 2025 based on an expectation of future taxable profits as a result of a legal entity consolidation, and ($1.8) million relating to current year impact of transactions that occurred in a prior fiscal year.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Year Ended March 31, 2025\n \n \n \n \n \n \n \n \n \n \n Year Ended March 31, 2024\n \n \n \n \n \n \n \n \n \n \n \n \n Earnings from operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs\n \n \n \n \n \n \n \n \n \n \n \n Recovery of income taxes\n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n \n \n \n Basic\n \n \n \n \n EPS\n \n \n \n \n \n \n \n \n \n \n Earnings from operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs\n \n \n \n \n \n \n \n \n \n Provision for income taxes\n \n \n \n \n \n \n \n \n \n Net\n \n \n income\n \n \n \n \n \n \n \n \n \n Basic\n \n \n EPS\n \n \n \n \n \n \n \n \n Reported (IFRS)\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 9.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (92.2\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 54.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (28.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (0.29\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 315.4\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (68.7\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n (52.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194.2\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1.98\n \n \n \n \n \n \n \n \n \n \n Amortization of acquisition-related intangibles\n \n \n \n \n \n \n \n \n \n 66.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 66.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.68\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 68.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 68.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.70\n \n \n \n \n \n \n \n \n \n \n Restructuring charges\n \n \n \n \n \n \n \n \n \n 24.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.24\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.23\n \n \n \n \n \n \n \n \n \n \n Acquisition-related fair value inventory charges\n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.04\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.03\n \n \n \n \n \n \n \n \n \n \n Acquisition-related transaction costs\n \n \n \n \n \n \n \n \n \n 4.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.04\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.07\n \n \n \n \n \n \n \n \n \n \n Cancelled contract costs\n \n 1\n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.7\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.09\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n EV customer settlement - revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.50\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n EV customer settlement - other\n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.25\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n Mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (5.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (0.05\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (6.7\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (6.7\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.07\n \n \n \n \n )\n \n \n \n \n \n \n Gain on sale of facilities\n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11.7\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (11.7\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.12\n \n \n \n \n )\n \n \n \n \n \n \n Adjustment to recovery of income taxes\n \n 2\n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (100.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (100.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (1.03\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (21.0\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (21.0\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.21\n \n \n \n \n )\n \n \n \n \n \n \n \n Adjusted (non-IFRS)\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 282.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 144.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1.47\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 397.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 255.3\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2.61\n \n \n \n \n \n \n \n \n \n \n \n 1\n \n Previously disclosed as \"Settlement costs\"; revised description to clearly delineate from the \"EV customer settlement\" as these items are unrelated.\n \n \n \n 2\n \n Adjustments to provision for (recovery of) income taxes includes an additional $65.9 million (March 31, 2024 - $21.0 million) relating to the income tax effects of adjusting items that are excluded for the purposes of calculating non-IFRS based adjusted net income, in addition to an adjusting item of $36.8 million relating to the recognition of previously unrecognized deferred income tax assets from prior years that qualify for recognition as of March 31, 2025 based on an expectation of future taxable profits as a result of a legal entity consolidation, and ($1.8) million relating to current year impact of transactions that occurred in a prior fiscal year.\n \n \n \n \n \n The following table reconciles adjusted revenues to the most directly comparable IFRS measure (revenue):\n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Adjusted revenues\n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n EV customer settlement - revenue portion\n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n 146.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n Revenues\n \n \n \n \n \n $\n \n \n \n \n \n \n 574.2\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,533.3\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 3,032.9\n \n \n \n \n \n \n The following table reconciles organic revenue to adjusted revenues, which have been reconciled to the closest IFRS measure (revenues) above:\n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n Organic revenue\n \n \n \n \n \n $\n \n \n \n \n \n \n 671.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 756.1\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,492.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,852.6\n \n \n \n \n \n \n Revenues of acquired companies\n \n \n \n \n \n \n \n \n \n 28.5\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 34.0\n \n \n \n \n \n \n \n \n \n \n \n \n \n 140.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 93.5\n \n \n \n \n \n \n Impact of foreign exchange rate changes\n \n \n \n \n \n \n \n \n \n 21.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n 47.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 86.8\n \n \n \n \n \n \n \n Total adjusted revenue\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 721.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 791.5\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,680.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032.9\n \n \n \n \n \n \n \n Organic revenue growth\n \n \n \n \n \n \n \n \n \n \n (15.2\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (17.8\n \n \n \n \n \n \n )%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The following table reconciles non-cash working capital as a percentage of revenues to the most directly comparable IFRS measures:\n \n \n \n \n \n \n As at\n \n \n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n \n Accounts receivable\n \n \n \n \n \n $\n \n \n \n \n \n \n 719.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 471.3\n \n \n \n \n \n \n \n \n \n \n Income tax receivable\n \n \n \n \n \n \n \n \n \n 32.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13.4\n \n \n \n \n \n \n \n \n \n \n Contract assets\n \n \n \n \n \n \n \n \n \n 503.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 704.7\n \n \n \n \n \n \n \n \n \n \n Inventories\n \n \n \n \n \n \n \n \n \n 320.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 295.9\n \n \n \n \n \n \n \n \n \n \n Deposits, prepaids and other assets\n \n \n \n \n \n \n \n \n \n 104.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 98.2\n \n \n \n \n \n \n \n \n \n \n Accounts payable and accrued liabilities\n \n \n \n \n \n \n \n \n \n (665.1\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (604.5\n \n \n \n \n )\n \n \n \n \n \n \n Income tax payable\n \n \n \n \n \n \n \n \n \n (40.1\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (44.7\n \n \n \n \n )\n \n \n \n \n \n \n Contract liabilities\n \n \n \n \n \n \n \n \n \n (330.1\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (312.2\n \n \n \n \n )\n \n \n \n \n \n \n Provisions\n \n \n \n \n \n \n \n \n \n (30.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (36.0\n \n \n \n \n )\n \n \n \n \n \n \n \n Non-cash working capital\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 614.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 586.1\n \n \n \n \n \n \n \n \n \n \n Trailing six-month adjusted revenues annualized\n \n \n \n \n \n $\n \n \n \n \n \n \n 2,746.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,087.0\n \n \n \n \n \n \n \n \n \n \n \n Working capital %\n \n \n \n \n \n \n \n \n \n \n 22.4\n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n \n \n 19.0\n \n \n \n \n %\n \n \n \n \n \n The following table reconciles net debt to the most directly comparable IFRS measures:\n \n \n \n \n \n \n As at\n \n \n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n \n Cash and cash equivalents\n \n \n \n \n \n $\n \n \n \n \n \n \n 225.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170.2\n \n \n \n \n \n \n \n \n \n \n Bank indebtedness\n \n \n \n \n \n \n \n \n \n (27.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (4.1\n \n \n \n \n )\n \n \n \n \n \n \n Current portion of lease liabilities\n \n \n \n \n \n \n \n \n \n (32.7\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (27.6\n \n \n \n \n )\n \n \n \n \n \n \n Current portion of long-term debt\n \n \n \n \n \n \n \n \n \n (0.2\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (0.2\n \n \n \n \n )\n \n \n \n \n \n \n Long-term lease liabilities\n \n \n \n \n \n \n \n \n \n (96.7\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (83.8\n \n \n \n \n )\n \n \n \n \n \n \n Long-term debt\n \n \n \n \n \n \n \n \n \n (1,543.5\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (1,171.8\n \n \n \n \n )\n \n \n \n \n \n \n \n Net Debt\n \n \n \n \n \n \n $\n \n \n \n \n \n \n (1,474.5\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (1,117.3\n \n \n \n \n )\n \n \n \n \n \n \n Pro Forma Adjusted EBITDA (TTM)\n \n \n \n \n \n $\n \n \n \n \n \n \n 374.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 485.3\n \n \n \n \n \n \n \n \n \n \n \n Net Debt to Pro Forma Adjusted EBITDA\n \n \n \n \n \n \n 3.9x\n \n \n \n \n \n \n \n \n \n \n 2.3x\n \n \n \n \n \n \n The following table reconciles free cash flow to the most directly comparable IFRS measures:\n \n \n \n \n \n (in millions of dollars)\n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n \n Cash flows provided by operating activities\n \n \n \n \n \n $\n \n \n \n \n \n \n 39.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 9.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 25.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 20.8\n \n \n \n \n \n \n \n \n \n \n Acquisition of property, plant and equipment\n \n \n \n \n \n \n \n \n \n (11.9\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (12.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (34.0\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (58.8\n \n \n \n \n )\n \n \n \n \n \n \n Acquisition of intangible assets\n \n \n \n \n \n \n \n \n \n (17.1\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (13.6\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (44.1\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (29.6\n \n \n \n \n )\n \n \n \n \n \n \n \n Free cash flow\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 10.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (16.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (52.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (67.6\n \n \n \n \n )\n \n \n \n \n \n Certain non-IFRS financial measures exclude the impact on stock-based compensation expense of the revaluation of DSUs and RSUs resulting specifically from the change in market price of the Company's common shares between periods. Management believes the adjustment provides further insight into the Company's performance.\n \n \n The following table reconciles total stock-based compensation expense to its components:\n \n \n \n \n \n (in millions of dollars)\n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n Q3 2025\n \n \n \n \n \n \n \n \n Q2 2025\n \n \n \n \n \n \n \n \n Q1 2025\n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n Q3 2024\n \n \n \n \n \n \n \n \n Q2 2024\n \n \n \n \n \n \n \n \n Q1 2024\n \n \n \n \n \n \n Total stock-based compensation expense (recovery)\n \n \n \n \n \n $\n \n \n \n \n \n \n (2.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5.1\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2.7\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3.7\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (4.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4.7\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3.5\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 10.0\n \n \n \n \n \n \n Less: Mark to market portion of stock-based compensation\n \n \n \n \n \n \n \n \n \n (3.4\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.4\n \n \n \n \n \n \n \n \n \n \n \n \n (1.9\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (1.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (8.5\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (0.6\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n (2.0\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n 4.4\n \n \n \n \n \n \n \n Base stock-based compensation expense\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 1.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3.7\n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4.6\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5.0\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4.2\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5.3\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5.5\n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 5.6\n \n \n \n \n \n \n INVESTMENTS, LIQUIDITY, CASH FLOW AND FINANCIAL RESOURCES\n \n \n (In millions of dollars, except ratios)\n \n \n \n \n As at\n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n Cash and cash equivalents\n \n \n \n \n \n $\n \n \n \n \n \n \n 225.9\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170.2\n \n \n \n \n \n \n Debt-to-equity ratio\n \n 1\n \n \n \n \n \n \n 1.10:1\n \n \n \n \n \n \n \n \n \n 0.79:1\n \n \n \n \n \n \n \n 1\n \n Debt is calculated as bank indebtedness, long-term debt and lease liabilities. Equity is calculated as total equity less accumulated other comprehensive income.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Q4 2025\n \n \n \n \n \n \n \n \n \n \n Q4 2024\n \n \n \n \n \n \n \n \n \n \n Fiscal 2025\n \n \n \n \n \n \n \n \n \n \n Fiscal 2024\n \n \n \n \n \n \n \n Cash, beginning of period\n \n \n \n \n \n $\n \n \n \n \n \n \n 263.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 260.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 170.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 159.9\n \n \n \n \n \n \n \n \n \n \n Total cash provided by (used in):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating activities\n \n \n \n \n \n \n \n \n \n 39.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9.6\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 25.8\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 20.8\n \n \n \n \n \n \n \n \n \n \n Investing activities\n \n \n \n \n \n \n \n \n \n (24.6\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (26.3\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (268.5\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (341.8\n \n \n \n \n )\n \n \n \n \n \n \n Financing activities\n \n \n \n \n \n \n \n \n \n (54.3\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (75.4\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 290.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 330.7\n \n \n \n \n \n \n \n \n \n \n Net foreign exchange difference\n \n \n \n \n \n \n \n \n \n 2.3\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1.4\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 0.6\n \n \n \n \n \n \n \n \n \n \n \n Cash, end of period\n \n \n \n \n \n \n $\n \n \n \n \n \n \n 225.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170.2\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 225.9\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170.2\n \n \n \n \n \n \n \n \n \n \n ATS CORPORATION\n \n \n \n Consolidated Statements of Financial Position\n \n \n (in thousands of Canadian dollars)\n \n \n \n \n As at March 31\n \n \n \n \n \n \n \n \n March 31\n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n March 31\n \n \n 2024\n \n \n \n \n \n \n \n ASSETS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 225,947\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170,177\n \n \n \n \n \n \n Accounts receivable\n \n \n \n \n \n \n \n \n \n \n \n \n \n 719,435\n \n \n \n \n \n \n \n \n \n \n \n \n \n 471,345\n \n \n \n \n \n \n Income tax receivable\n \n \n \n \n \n \n \n \n \n \n \n \n \n 32,065\n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,428\n \n \n \n \n \n \n Contract assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 503,552\n \n \n \n \n \n \n \n \n \n \n \n \n \n 704,703\n \n \n \n \n \n \n Inventories\n \n \n \n \n \n \n \n \n \n \n \n \n \n 320,172\n \n \n \n \n \n \n \n \n \n \n \n \n \n 295,880\n \n \n \n \n \n \n Deposits, prepaids and other assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 104,179\n \n \n \n \n \n \n \n \n \n \n \n \n \n 98,161\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,905,350\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,753,694\n \n \n \n \n \n \n \n Non-current assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment\n \n \n \n \n \n \n \n \n \n \n \n \n \n 325,048\n \n \n \n \n \n \n \n \n \n \n \n \n \n 296,977\n \n \n \n \n \n \n Right-of-use assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 122,291\n \n \n \n \n \n \n \n \n \n \n \n \n \n 105,661\n \n \n \n \n \n \n Long-term deposits\n \n \n \n \n \n \n \n \n \n \n \n \n \n 4,992\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n Other assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,062\n \n \n \n \n \n \n \n \n \n \n \n \n \n 18,416\n \n \n \n \n \n \n Goodwill\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,394,576\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,228,600\n \n \n \n \n \n \n Intangible assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 758,531\n \n \n \n \n \n \n \n \n \n \n \n \n \n 679,547\n \n \n \n \n \n \n Deferred income tax assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 104,022\n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,904\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,716,522\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,335,105\n \n \n \n \n \n \n \n Total assets\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 4,621,872\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4,088,799\n \n \n \n \n \n \n \n LIABILITIES AND EQUITY\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bank indebtedness\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 27,271\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4,060\n \n \n \n \n \n \n Accounts payable and accrued liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 665,109\n \n \n \n \n \n \n \n \n \n \n \n \n \n 604,488\n \n \n \n \n \n \n Income tax payable\n \n \n \n \n \n \n \n \n \n \n \n \n \n 40,073\n \n \n \n \n \n \n \n \n \n \n \n \n \n 44,732\n \n \n \n \n \n \n Contract liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 330,134\n \n \n \n \n \n \n \n \n \n \n \n \n \n 312,204\n \n \n \n \n \n \n Provisions\n \n \n \n \n \n \n \n \n \n \n \n \n \n 29,960\n \n \n \n \n \n \n \n \n \n \n \n \n \n 35,978\n \n \n \n \n \n \n Current portion of lease liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 32,694\n \n \n \n \n \n \n \n \n \n \n \n \n \n 27,571\n \n \n \n \n \n \n Current portion of long-term debt\n \n \n \n \n \n \n \n \n \n \n \n \n \n 219\n \n \n \n \n \n \n \n \n \n \n \n \n \n 176\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,125,460\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,029,209\n \n \n \n \n \n \n \n Non-current liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Employee benefits\n \n \n \n \n \n \n \n \n \n \n \n \n \n 25,805\n \n \n \n \n \n \n \n \n \n \n \n \n \n 24,585\n \n \n \n \n \n \n Long-term provisions\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n Long-term lease liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 96,699\n \n \n \n \n \n \n \n \n \n \n \n \n \n 83,808\n \n \n \n \n \n \n Long-term debt\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,543,459\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,171,796\n \n \n \n \n \n \n Deferred income tax liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 100,573\n \n \n \n \n \n \n \n \n \n \n \n \n \n 81,353\n \n \n \n \n \n \n Other long-term liabilities\n \n \n \n \n \n \n \n \n \n \n \n \n \n 19,519\n \n \n \n \n \n \n \n \n \n \n \n \n \n 14,101\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,787,055\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,375,643\n \n \n \n \n \n \n \n Total liabilities\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,912,515\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 2,404,852\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 842,015\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 865,897\n \n \n \n \n \n \n Contributed surplus\n \n \n \n \n \n \n \n \n \n \n \n \n \n 36,539\n \n \n \n \n \n \n \n \n \n \n \n \n \n 26,119\n \n \n \n \n \n \n Accumulated other comprehensive income\n \n \n \n \n \n \n \n \n \n \n \n \n \n 166,855\n \n \n \n \n \n \n \n \n \n \n \n \n \n 64,155\n \n \n \n \n \n \n Retained earnings\n \n \n \n \n \n \n \n \n \n \n \n \n \n 660,368\n \n \n \n \n \n \n \n \n \n \n \n \n \n 724,495\n \n \n \n \n \n \n Equity attributable to shareholders\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,705,777\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,680,666\n \n \n \n \n \n \n Non-controlling interests\n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,580\n \n \n \n \n \n \n \n \n \n \n \n \n \n 3,281\n \n \n \n \n \n \n \n Total equity\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,709,357\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,683,947\n \n \n \n \n \n \n \n Total liabilities and equity\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 4,621,872\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 4,088,799\n \n \n \n \n \n \n \n \n Please refer to complete Consolidated Financial Statements for supplemental notes which can be found on the\n \n \n Company’s profile on SEDAR+ at\n \n www.sedarplus.com\n \n , the Company's profile on the U.S. Securities and Exchange Commission's website at\n \n www.sec.gov\n \n , and on the Company’s website at\n \n www.atsautomation.com\n \n .\n \n \n \n \n \n \n ATS CORPORATION\n \n Consolidated Statements of Income (Loss)\n \n \n (in thousands of Canadian dollars, except per share amounts)\n \n \n \n \n Years ended March 31\n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 2,533,288\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 3,032,883\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating costs and expenses\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of revenues\n \n \n \n \n \n \n \n \n \n \n \n \n \n 1,886,641\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,177,379\n \n \n \n \n \n \n Selling, general and administrative\n \n \n \n \n \n \n \n \n \n \n \n \n \n 604,241\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 503,533\n \n \n \n \n \n \n Restructuring costs\n \n \n \n \n \n \n \n \n \n \n \n \n \n 23,972\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 22,790\n \n \n \n \n \n \n Stock-based compensation\n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,178\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,790\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings from operations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9,256\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 315,391\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net finance costs\n \n \n \n \n \n \n \n \n \n \n \n \n \n 92,194\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 68,704\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income (loss) before income taxes\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (82,938\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 246,687\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense (recovery)\n \n \n \n \n \n \n \n \n \n \n \n \n \n (54,960\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n 52,506\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (27,978\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194,181\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Shareholders\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (28,049\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 193,735\n \n \n \n \n \n \n Non-controlling interests\n \n \n \n \n \n \n \n \n \n \n \n \n \n 71\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 446\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (27,978\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194,181\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings (loss) per share attributable to shareholders\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (0.29\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1.98\n \n \n \n \n \n \n Diluted\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (0.29\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 1.97\n \n \n \n \n \n \n \n \n Please refer to complete Consolidated Financial Statements for supplemental notes which can be found on the\n \n \n Company’s profile on SEDAR+ at\n \n www.sedarplus.com\n \n , the Company's profile on the U.S. Securities and Exchange Commission's website at\n \n www.sec.gov\n \n , and on the Company’s website at\n \n www.atsautomation.com\n \n .\n \n \n \n \n \n \n ATS CORPORATION\n \n \n \n Consolidated Statements of Cash Flows\n \n \n (in thousands of Canadian dollars)\n \n \n \n \n Years ended March 31\n \n \n \n \n \n \n \n \n \n \n \n \n 2025\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (27,978\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 194,181\n \n \n \n \n \n \n \n \n \n \n Items not involving cash\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation of property, plant and equipment\n \n \n \n \n \n \n \n \n \n \n \n \n \n 33,674\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 28,455\n \n \n \n \n \n \n \n \n \n \n Amortization of right-of-use assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 33,824\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 29,656\n \n \n \n \n \n \n \n \n \n \n Amortization of intangible assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n 85,172\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 83,063\n \n \n \n \n \n \n \n \n \n \n Deferred income taxes\n \n \n \n \n \n \n \n \n \n \n \n \n \n (84,546\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (29,915\n \n \n \n \n )\n \n \n \n \n \n \n Other items not involving cash\n \n \n \n \n \n \n \n \n \n \n \n \n \n (16,971\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (20,277\n \n \n \n \n )\n \n \n \n \n \n \n Stock-based compensation\n \n \n \n \n \n \n \n \n \n \n \n \n \n 10,564\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 11,253\n \n \n \n \n \n \n \n \n \n \n Change in non-cash operating working capital\n \n \n \n \n \n \n \n \n \n \n \n \n \n (7,968\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (275,636\n \n \n \n \n )\n \n \n \n \n \n \n \n Cash flows provided by operating activities\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 25,771\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 20,780\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investing activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisition of property, plant and equipment\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (33,952\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (58,830\n \n \n \n \n )\n \n \n \n \n \n \n Acquisition of intangible assets\n \n \n \n \n \n \n \n \n \n \n \n \n \n (44,078\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (29,628\n \n \n \n \n )\n \n \n \n \n \n \n Business acquisitions, net of cash acquired\n \n \n \n \n \n \n \n \n \n \n \n \n \n (179,389\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (276,538\n \n \n \n \n )\n \n \n \n \n \n \n Settlement of cross-currency interest rate swap instrument\n \n \n \n \n \n \n \n \n \n \n \n \n \n (16,555\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Proceeds from disposal of property, plant and equipment\n \n \n \n \n \n \n \n \n \n \n \n \n \n 5,532\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 23,211\n \n \n \n \n \n \n \n \n \n \n \n Cash flows used in investing activities\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n (268,442\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (341,785\n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financing activities\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bank indebtedness\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 22,478\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n (1,527\n \n \n \n \n )\n \n \n \n \n \n \n Repayment of long-term debt\n \n \n \n \n \n \n \n \n \n \n \n \n \n (573,777\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (798,378\n \n \n \n \n )\n \n \n \n \n \n \n Proceeds from long-term debt\n \n \n \n \n \n \n \n \n \n \n \n \n \n 907,015\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 816,514\n \n \n \n \n \n \n \n \n \n \n Settlement of cross-currency interest rate swap instrument\n \n \n \n \n \n \n \n \n \n \n \n \n \n 24,262\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n Proceeds from exercise of stock options\n \n \n \n \n \n \n \n \n \n \n \n \n \n 495\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2,152\n \n \n \n \n \n \n \n \n \n \n Proceeds from U.S. initial public offering, net of issuance fees\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 362,072\n \n \n \n \n \n \n \n \n \n \n Purchase of non-controlling interest\n \n \n \n \n \n \n \n \n \n \n \n \n \n —\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (195\n \n \n \n \n )\n \n \n \n \n \n \n Repurchase of common shares\n \n \n \n \n \n \n \n \n \n \n \n \n \n (44,983\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (14\n \n \n \n \n )\n \n \n \n \n \n \n Acquisition of shares held in trust\n \n \n \n \n \n \n \n \n \n \n \n \n \n (14,690\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (23,820\n \n \n \n \n )\n \n \n \n \n \n \n Principal lease payments\n \n \n \n \n \n \n \n \n \n \n \n \n \n (30,519\n \n \n \n \n \n \n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n (26,080\n \n \n \n \n )\n \n \n \n \n \n \n \n Cash flows provided by financing activities\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 290,281\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 330,724\n \n \n \n \n \n \n \n \n \n \n Effect of exchange rate changes on cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n \n \n 8,160\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 591\n \n \n \n \n \n \n \n \n \n \n Increase in cash and cash equivalents\n \n \n \n \n \n \n \n \n \n \n \n \n \n 55,770\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10,310\n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents, beginning of year\n \n \n \n \n \n \n \n \n \n \n \n \n \n 170,177\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 159,867\n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents, end of year\n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 225,947\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 170,177\n \n \n \n \n \n \n \n \n \n \n \n Supplemental information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash income taxes paid\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 61,936\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 49,511\n \n \n \n \n \n \n \n \n \n \n Cash interest paid\n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n \n \n 95,151\n \n \n \n \n \n \n \n \n \n \n \n \n \n $\n \n \n \n \n 68,526\n \n \n \n \n \n \n \n \n \n \n \n \n Please refer to complete Consolidated Financial Statements for supplemental notes which can be found on the\n \n \n Company’s profile on SEDAR+ at\n \n www.sedarplus....

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