ATS Corporation (ATSAF) Q4 2023 Earnings Conference Call May 18, 2023 8:30 AM ET

Company Participants

David Galison - Head, Investor Relations

Andrew Hider - Chief Executive Officer

Ryan McLeod - Chief Financial Officer

Conference Call Participants

Michael Glen - Raymond James

David Ocampo - Cormark Securities

Cherilyn Radbourne - TD Cowen

Maxim Sytchev - National Bank Financial

Justin Keywood - Stifel

Operator

Good morning, ladies and gentlemen. Welcome to the ATS Corporation Fourth Quarter Conference Call and Webcast. This call is being recorded on May 18, 2023 at 8:30 a.m. Eastern time. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. [Operator Instructions]

I'll now turn the call over to David Galison, Head of Investor Relations at ATS.

David Galison

Thank you, operator and good morning, everyone. On the call today are Andrew Hider, Chief Executive Officer of ATS; and Ryan McLeod, Chief Financial Officer. Please note that our remarks today are accompanied by a slide deck, which can be viewed via our webcast and available at atsautomation.com.

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

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

Andrew Hider

Thank you, David. Good morning, ladies and gentlemen, and thank you for joining us. Today, ATS reported record fourth quarter revenues and backlog, solid bookings and adjusted earnings in line with our expectations. We completed the acquisition of ZI-ARGUS to enhance our capabilities in Asia-Pacific. We also announced and closed the acquisition of Triad Unlimited.

For the fiscal year as a whole, ATS drove profitable growth and achieved the highest bookings and revenues in company history. We also reported record adjusted earnings for the fiscal year, even as supply chain constraints and inflation challenged our margins. The results reported today reflect strong execution across our strategic markets, and our team's application of the ABM to drive continuous improvement throughout the business.

Next, I will update you on the business and Ryan will provide his financial report. Starting with our financial value drivers. Order bookings for the quarter were $737 million, up 16% year-over-year and included $292 million of life sciences bookings and $255 million from transportation. For the full year, bookings grew by 33%, mainly as a result of the growth in EV, in addition to solid contributions from the rest of the business, including our previous acquisitions.