ATS End-to-End Automation Solutions Pitch
Positioned for Continued Strong Performance
✓ATS
Leverage Managed in the Context of Significant M&A
3.5x
3.0x
Target
2.5x
Range
2.0x
1.5x
1.0x
0.5x
Net Debt to Adj EBITDA(1) Trend
iX LOG
Unternehmensberatung GmbH
MARCO
INDUSTRIAL
AUTOMATION
PARTNERS
a PA Company
inimc
CFT BIO DOT
AATS COMPANY
LEADERS
INNOVATE
cim
FAC
NC-C
NCC AUTOMATED SYSTEMS
SP DF HSG
US IPO
IPCOS
Odyssey
Validation Compliance
AVIDITY
ARGUS
PACompany
SCIENCE
TRIAD ITACA
UNLIMITED
yazzeom
ENGINEERING
•
•
•
•
Leverage Framework
Willing to temporarily exceed
for the right target
Target must meet ATS' strict
and consistent acquisition
criteria
Demonstrated history of
effective use of balance sheet
to drive key acquisitions
Balance Sheet Highlights
$644 million cash and
unutilized multipurpose credit
at December 31, 2023
Leverage Target 2.0 - 3.0x
0.0x
2020
2021
2022
2023
2024
•
Non-cash Working Capital % of
Revenues¹ Target <15%
(1) Net Debt to Adjusted EBITDA and Non-Cash Working Capital as a % of revenues are Non-IFRS ratios. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non-
IFRS Measures to IFRS Measures.
15
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