附录99.1
立即发布 2024年10月23日
(所有金额均以美元计算。每股信息基于稀释)
股份优先 / 流通股数，除非注明。
天弘科技宣布2024年第三季度财务业绩
并将举办虚拟投资者会议
2024年第三季营业收入和非IFRS调整后每股收益*均超出指引范围的高端；
2024年全年展望提升，并提供2025年展望。
加拿大多伦多 - celestica inc（tsx: cls）（纽交所: cls）, 作为世界上最具创新性公司的设计、制造、硬件平台和供应链解决方案的领导者，今天宣布了2024年9月30日（2024年第3季）结束的财政业绩。†.
“我们很高兴在2024年第三季度取得非常强劲的财务表现，营业收入同比增长22％，非IFRS调整每股收益同比增长60％。 Celestica总裁兼首席执行官Rob Mionis表示：「根据我们对2024年第四季度的指引，我们预计将在2024年取得另一个成功的年度强劲收官。」
展望明年，我们看到许多大客户仍然展现出稳健的需求信号，为我们提供持续增长的前景。我们的2025年展望预计将实现较高的年度收入和非IFRS营业利润率，如果实现，这将代表我们非IFRS调整后每股收益的15%年增长。
2024年第三季要点
• 关键数据：
•营业收入：25亿美元，较2023年第三季（Q3 2023）的20.4亿美元增长22%。
•非IFRS营业利润率*为6.7%，相较于2023年第3季的5.7%。
•CCS部门营业收入增加了51％，相较于2023年第二季度，CCS部门利润率为7.2％，而2023年第二季度为6.0％。 相较于2023年第三季度增长42％；CCS部门利润率为7.6％，而2023年第三季度为6.2％。
•ATS部门营业收入较2023年第二季度减少了11％；ATS部门利润率为4.6％，较2023年第二季度的4.8％降低。 相较于2023年第3季增长5％；ATS部门利润率为4.8％，较2023年第3季的4.9％稍低。
•调整后每股收益（EPS）（非IFRS）：$1.04，相较于2023年第三季的$0.65。
•调整后投资资本报酬率（调整ROIC）（非IFRS）：28.6％，相较于2023年第三季的21.5％。
•调整后的自由现金流（非IFRS）：$74.5百万，相较于2023年第3季的$34.1百万。
• 上述非IFRS衡量基准所获得之最直接可比较之IFRS财务衡量基准：
•营业收入利润占比：5.5％，比2023年Q3的5.7％低。
•每股收益：2023年第三季为0.77美元，相比于0.67美元。
•投资资本回报率（IFRS ROIC）为23.3％，而2023年第三季为21.8％。
•业务产生的现金：2023年第3季为1.448亿美元，较2023年第3季的8840万美元增加。
• 购入2.2百万股普通股，以1亿美元进行取消。
† 天弘科技有两个营运和可报告的部门：爱文思控股解决方案（ATS）和通信与云端解决方案（CCS）。我们的ATS部门由我们的ATS最终市场组成，包括我们的航空航天与国防（A＆D）、工业、HealthTech和资本设备业务。我们的CCS部门包括我们的通信和企业（伺服器和储存）最终市场。根据部门营业收入、部门收入和部门利润率（部门利润占部门营业收入的百分比）来评估部门绩效。有关更多详细信息，请参见我们2024年9月30日未经审计的暂编综合财务报表（2024年Q3暂编财务报表）附注3。
* 非国际财务报告准则（IFRS）财务指标（包括基于非IFRS财务指标的比率）没有被IFRS规定标准化含义，因此可能与其他公司展示的类似财务指标不可比较。
其他根据IFRS或美国通用会计准则（GAAP）报告的上市公司。 若要了解我们使用非IFRS财务指标的理由，请参阅下方的“非IFRS补充资料”。有关本新闻稿中包含的非IFRS财务指标、其定义、用途以及将历史性非IFRS财务指标调解为最直接可比的IFRS财务指标的相关信息，请参阅附表1。附表1还包括2024年头九个月（截至2024年至今）由于加拿大《支柱二》（全球最低税率）立法的实施以及我们信贷机构的最新修改和重述而导致对非IFRS调整净收入、非IFRS调整每股盈利、非IFRS调整税费用和非IFRS调整有效税率计算的描述。与非IFRS操作利润、非IFRS调整每股盈利、非IFRS调整ROIC和非IFRS调整自由现金流量具有直接可比性的IFRS财务指标分别为营业收入的营业额百分比、每股收益、IFRS ROIC和现金流入。
2024年第四季（Q4 2024）展望
2024年第四季度指引 | |||||
| 营业收入（以十亿计） | $2.425至$2.575 | ||||
| 非IFRS营业利润率* | 位于我们每股收益指引范围的中点为6.7% 营业收入和非IFRS调整后EPS指引范围 每股收益指引范围 | ||||
| 调整后SG&A费用（非IFRS）（以百万计） | $78至$80 | ||||
| 调整后EPS（非IFRS）* | $0.99至$1.09 | ||||
至2024年第4季，我们预计每股（税前）对综合损益影响为负0.17美元至负0.23美元，根据员工股份报酬（SBC）费用、无形资产摊销（不包括计算机软体）和重组费用遵循IFRS基准。至2024年第四季，我们还预计非IFRS调整后的有效税率*约为21%。
2024年度展望更新
假设以上营业收入和Q4非IFRS调整后每股收益指引的中间值达到成就
2024年，我们更新的2024年展望包括：
•营业收入为96亿美元（我们先前的预测为94.5亿美元）;
•非IFRS营业利润率为6.5％（我们先前的预期为6.3％）；
•调整后的非IFRS每股收益为3.85美元（我们先前的预测为3.62美元）；和
•非IFRS调整后的自由现金流为$27500万（我们先前的预期为$25000万）。
2025 年度展望
•营业收入104亿美元;
•非IFRS营业利润率为6.7%;
•非IFRS调整后每股收益为4.42美元；和
•调整后的自由现金流为$32500万。
我们对2025年的展望假设每年非IFRS调整后的有效税率约为20%。
* 请参阅附表1以查看这些非IFRS财务指标的定义，包括对2024年累计以来非IFRS调整每股收益计算的修改。 加拿大柱二立法的实行和最近的信贷协议修订和重签，请参阅附录1中这些非IFRS财务指标的定义。 2024年3月 我们的信贷协议最近经过修改和重签，请参阅附录1中这些非IFRS财务指标的定义。因为无法合理预测，我们无法提供前瞻性非IFRS财务指标的调和信息。这是因为各种还未发生或不可掌控的事件及影响与最直接相关的前瞻性IFRS财务指标的时间点或数量的预测困难，并且没有该等资讯的合理估算数字。同样出于这些原因，我们无法提供这些缺失信息的可能影响。前瞻性非IFRS财务指标和相应的IFRS财务指标可能存在实质差异。
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其他更新
我们很高兴宣布以下与新客户关系和方案获胜相关的发展：
Groq公司（Groq）
天弘科技已与Groq达成新的战略合作关系，后者是一家人工智能公司，开发了一种名为语言处理单元（LPU）的新专有硅平台，专门用于加速推理。
天弘科技的合作将支持Groq在人工智能/机器学习服务器和整机解决方案的制造业-半导体。预计首个项目将于2025年初开始逐步推进。
新1.6万亿计划获胜
天弘科技与一家主要的超大规模客户达成了1.6太字节交换方案的成功，展示了该公司在高带宽网络解决方案中的市场领导地位和创新。我们预计收入将在2026年开始增长。
2024年第三季度选定结果概要
2024年第三季度实际情况 | 2024年第三季度指引 (2) | ||||||||||
关键指标： | |||||||||||
营业收入（以十亿计） | $2.500 | $2.325 到 $2.475 | |||||||||
| 我们营收和非IFRS调整后的每股收益指南范围的中点为6.1％ | 6.7% | 在我们的营业收入和非IFRS调整中点处的6.3% 营业收入和非IFRS调整 每股收益指引范围 | |||||||||
| 调整后的销售和行政费用（非IFRS）（以百万计） | $79.8 | 73至75美元 | |||||||||
| 调整后的每股收益（非IFRS） | $1.04 | 0.86至0.96美元 | |||||||||
最直接可比的IFRS财务指标: | |||||||||||
| 营业利润率占营业收入的百分比 | 5.5% | 无数据 | |||||||||
| 销售、一般和管理费用（以百万计） | $91.9 | 无数据 | |||||||||
每股收益(1) | $0.77 | 无数据 | |||||||||
*请查看附表1，其中包括这些非IFRS财务指标的定义，以及由于2024年迄今为止EPS的非IFRS调整计算方式发生了修改，导致 加拿大第二支柱立法的颁布以及我们信贷协议的最近修正和重述， 以及这些非IFRS财务指标与最直接可比的IFRS财务指标的调整。
(1) 国际财务报告准则2024年第三季度每股收益为0.77美元，其中包括每股0.20美元（税前）的总费用，用于员工SBC支出、无形资产（不包括计算机软件）的摊销和重组费用。有关每项内容，请参阅2024年第三季度中期财务报表附表1和附注9中的表格争论。Th这些项目的总费用在我们2024年第三季度的指导范围内，即每股0.16美元至0.22美元。
2024年第三季度IFRS每股收益包括： (i) a $0.06 每股负面影响分别为：(i)因全球最低税率法规（Pillar Two全球最低税率）在加拿大的生效而发生的按揭回购（TRS协议）损失，每股$0.02（协议款项损失）；(ii)因避免最低税率法规（Pillar Two全球最低税率）在加拿大实施而发生的代扣税支出每股$0.02（第二支出代扣税款）；和(iii)因预计从我们亚洲子公司未分配收益的预期归国而产生的临时差异所致每股$0.02的负面影响（归国支出）。详见Q3 2024季度财务报表注释8、9和10。参见2024年第三季度财务报表附注8、9和10。
国际财务报告准则每股收益 $2.46 2024年年初至今包括：（i）每股盈利0.33美元 impact归因于我们的TRS协议的公允价值收益（TRS收益），（ii）每股0.06美元的有利税收影响归因于我们收购NCS Global Services LLC（NCS）后确认的美国子公司集团中以前未确认的递延所得税资产；（iii）每股0.05美元的有利税收影响，这归因于我们一家亚洲子公司的税收不确定性逆转（逆转），以及（iv）每股0.05美元的有利税收影响，以及 (iv) 每股0.05美元的有利税收影响) 一个 0.01 美元 可归因于法律追回的每股正面影响， 被以下因素部分抵消：（a）第二支柱预扣费用的每股负面影响为0.16美元，（b）每股0.09美元的负面影响归因于重组费用，
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(c)每股$0.03的负面影响归因于过渡成本（见附表1），(d)每股$0.02的负面影响归因于收购成本，以及(e)每股$0.02的 资本回流费用。请参阅2024年Q3季度财务报表附注8、9和10。
每股收益为0.67美元第三季度2023年包括：每股TRS收益，部分抵消：(i) 每股归因于净其他费用的负影响（其中最主要的是：每股归因于过渡成本的0.03美元负影响（在附表1中定义），每股归因于二次发行成本的0.01美元负影响，几乎所有归因于重组费用的0.01美元负影响，部分抵消了每股归因于重组收益的0.01美元正影响）；和 (ii) 每股再投资开支0.03美元。请参阅有关2024年第三季度中期财务报表的8、9和10号注。 $0.25 每股收益为0.67美元 $0.05 第三季度2023年包括：每股TRS收益，部分抵消：(i) 每股归因于净其他费用的负影响（其中最主要的是：每股归因于过渡成本的0.03美元负影响（在附表1中定义），每股归因于二次发行成本的0.01美元负影响，几乎所有归因于重组费用的0.01美元负影响，部分抵消了每股归因于重组收益的0.01美元正影响）；和 (ii) 每股再投资开支0.03美元。请参阅有关2024年第三季度中期财务报表的8、9和10号注。
2023年前九个月国际财务报告准则每股收益为1.33美元 (YTD 2023) 包括：(i) a $0.28 每股TRS收益和 (ii) 0.05美元的有利税收影响归因于我们一家亚洲子公司的逆转；部分抵消了以下影响： (x) a 每股0.11美元的负面影响归因于其他净费用（主要包括归因于重组费用的每股0.09美元的负面影响、归因于过渡成本的每股0.03美元的负面影响（定义见附表1）和每股0.01美元的负面影响，基本上全部归因于二次发行成本（定义见附表1），部分抵消了归因于合法追回的每股0.02美元的正面影响和每股0.01美元的正面影响归因于重组回收）；以及（y）0美元每股汇回费用 0.06。参见2024年第三季度中期财务报表附注8、9和10。
(2) 赞成Q3 2024由于CCS部门顾客需求高于预期，我们的营业收入超过了我们指导区间的高端。我们的非IFRS营业利润率为 Q3 2024 超过了我们营业收入和非IFRS调整每股收益指导区间的中点，我们的 Q3 2024 非IFRS调整每股收益超过了我们指导区间的高端，主要受CCS部门意外的营运杠杆作用的推动。我们的非IFRS调整销售，广告和管理费用超过了指导区间的高端，主要是受到汇率变动的影响。 Q3 2024 高于我们预期的外汇期货影响，主要由于外汇的影响。我们的IFRS有效税率为 Q3 2024为 461.4 百万27%。我们的非IFRS调整有效税率为 Q3 2024 为21%，高于我们预计的约20%，主要是由于司法审视的利润结构不同。
提前续订正常课程发行者买盘（NCIB）意向
我们打算向多伦多证券交易所（tsx）提交意向通知，以在2024年第四季度启动新的NCIb，该NCIb将在2024年12月到期之前。如果该通知被tsx接受，我们预计将被允许在接受后的12个月内自行回购并注销“公开流通股”（根据tsx规则计算）中的高达10%已发行和流通的普通股数量，减去在我们当前NCIb下购买并注销的普通股数量（该额将在新NCIB启动时终止）。 如果接受，新NCib下的购买将在公开市场上或根据适用条款和限制条件进行，将通过tsx和纽约证券交易所的设施或根据其他条件进行。我们相信提前续订NCIb符合天弘科技和我们的股东的最佳利益。
外国私人发行人地位变更
根据先前披露的信息，在2024年第二季度结束时，我们不再符合美国联邦证券法规下“外国私募发行人”的定义。因此，从2025年1月1日开始，我们将遵守适用于美国国内发行人的同等报告和披露要求，包括按照美国通用会计准则编制我们的合并基本报表。
Q3 2024年财务结果和虚拟投资者会议网络直播
管理层将于2024年10月23日美东时间下午5:00举行2024年第三季度业绩电话会议和虚拟投资者会议。天弘科技的管理层除了讨论2024年第三季度财务业绩外，还将概述天弘科技的业务、增长机会和财务展望。网络直播访问链接为 www.天弘科技.com.
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非IFRS附加信息
除按照IFRS披露详细的运营业绩外，天弘科技还提供补充的非IFRS财务指标，以便评估公司的运营绩效。管理层使用调整后的净收入和其他非IFRS财务指标来评估运营绩效、资源的有效使用和分配；提供更有意义的运营结果期间比较；加强投资者对天弘科技业务核心运营业绩的理解；以及设定管理层的激励目标。我们认为投资者使用IFRS和非IFRS财务指标来评估管理层过去、当前和未来与我们的优先事项及资本分配相关的决策，以及分析我们的业务如何在经济周期波动或其他影响我们核心运营的事件中运作或回应。请参见下方的附件1。
关于天弘科技
天弘科技能够为世界上最好的品牌提供支持。通过我们公认的以客户为中心的方法，我们与航空航天与国防、通信-半导体、企业、健康科技、工业和资本设备领先企业合作，为他们最复杂的挑战提供解决方案。作为设计、制造、硬件平台和供应链解决方案领域的领导者，天弘科技在产品开发的每个阶段都能带来全球专业知识和见解。 — 从概念阶段到全面生产及售后服务，天弘科技与北美、欧洲和亚洲各地的优秀团队共同致力于构想、开发并实现与客户共创更美好的未来。欲了解更多关于天弘科技的信息，请访问 www.celestica.com。我们的证券文件可在此处获取 www.sedarplus.ca和页面。www.sec.gov.
关于前瞻性声明的警示：
本新闻稿包含前瞻性声明，包括但不限于涉及：来自许多大客户的需求信号，我们预期的财务和/或运营结果，指导和展望，包括标题为“2024年第四季度（Q4 2024）展望”，“2024年年度展望更新”和“2025年年度展望”下的声明；我们打算提前终止目前的NCIb，并同时启动新的NCIB；新NCIB的预期条款；新客户关系及相关项目和营收递增的预期时间；我们的信用风险；我们的流动性；预期的费用和支出，包括重组费用；与我们NCS收购相关的购买价格分配和无形资产摊销的最终确定；税收和诉讼结果的潜在影响；以及我们信贷设施下的强制性预付款。此类前瞻性声明可能，但不限于，以“相信”，“预计”，“预测”，“估计”，“打算”，“计划”，“继续”，“项目”，“目标”，“展望”，“目标”，“潜在”，“可能”，“考虑”，“寻找”或类似表述，或者可能使用“可能”，“可能”，“将”，“能够”，“应该”或“将”，或通过语法结构，措辞或上下文表明为前瞻性声明的未来或条件动词。 对于这些声明，我们声称在适用时，根据美国1995年私人证券诉讼改革法“安全港”规定以及根据适用的加拿大证券法的前瞻性信息获得保护。
前瞻性声明旨在帮助读者了解管理层关于未来的当前期望和计划。前瞻性声明反映了我们目前的估计、信念和假设，这些都基于管理层对历史趋势、当前状况以及预期未来发展的认识，以及其他它认为适合的因素，包括关于预期CCS和ATS营业收入增长、业务需求水平、持续的营运杠杆和改善混合、预期市场条件对我们业务的影响、预期市场领先超大规模运算、人工智能和idc概念客户继续增长，以及人工智能技术和云计算的推进和商业化对资本支出高水平投资的持续支持，经济状况、我们的客户、我们的供应商、我们实现战略目标的能力、未偿还股份数量，以及其他市场、财务和运营假设。读者被告知此类信息可能不适用于其他用途。读者不应过分依赖此类前瞻性信息。
前瞻性声明并非对未来绩效的保证，并且存在风险，可能导致实际结果与此类前瞻性声明中所表达或暗示的结果大不相同，包括但不限于与客户和业务板块集中度相关的风险；客户营业收入减少；客户市场竞争力下降；营收结构和利润率变化；市场、政治和经济条件的不确定性；像库存管理、物料和供应链限制等运营挑战；某些业务的周期性和/或波动性；人才管理和员工利用效率低下；与业务扩展或整合相关的风险；现金流、营业收入和运营结果的可变性；科技和IT中断；法律、税务和监管复杂性和不确定性的增加（包括与我们或我们客户业务相关的情况）；整合并实现收购预期收益的风险；以及事件在我们控制范围之外可能造成的不利影响。
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有关上述和其他重大风险、不确定性和假设的更全面信息，读者应参考我们在www.sedarplus.ca和www.sec.gov上的公开文件，包括我们最近的《管理层讨论与分析》、在20-F表格中向美国证券交易委员会提交的年度报告，并提供给美国证券交易委员会的后续6-k表格报告，以及加拿大证券管理机构的相关文件。
前瞻性声明仅代表其发布之日期的情况，我们否认有任何意图或义务更新或修订任何前瞻性声明，除非根据适用法律明确要求。
所有与我们有关的前瞻性声明均受到这些警示性声明的明确限制。
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天弘科技 全球货币 通信-半导体 天弘科技投资者关系
(416) 448-2200 (416) 448-2211
media@celestica.com clsir@celestica.com
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附件1
非IFRS财务衡量指标补充
本新闻稿中包含的非IFRS财务指标（包括基于非IFRS财务指标的比率）包括：调整后的毛利润、调整后的毛利率（调整后的毛利润占营业收入的百分比）、调整后的销售、总务及管理费用（SG&A）、调整后的SG&A占营业收入的百分比、非IFRS营业收入（或调整后的EBIAT）、非IFRS营业利润率（非IFRS营业收入或调整后的EBIAt占营业收入的百分比）、调整后的净收益、调整后的每股收益、调整后的投入资本回报率（调整后的ROIC）、调整后的自由现金流、调整后的税费支出和调整后的有效税率。调整后的EBIAt、调整后的ROIC、调整后的自由现金流、调整后的税费支出和调整后的有效税率在下表中有更详细的描述。 如在此处使用的，“Q1”，“Q2”，“Q3”和“Q4”后跟着一年，指的是该年的第一季度、第二季度、第三季度和第四季度，分别。
我们相信我们在此提出的非IFRS财务指标对投资者非常有用，因为它们使投资者能够以更一致的方式评估和比较我们的运营结果（通过排除我们不认为反映核心业务的特定项目），评估我们每个期间从业务中产生的现金资源，并提供使用与我们首席运营决策者用于衡量绩效的相同指标进行操作结果分析。此外，管理层认为使用非IFRS调整后的税费支出和非IFRS调整后的有效税率能够提供更好的洞察我们核心业务税收影响的信息，并可供管理层和投资者进行历史比较和预测。这些非IFRS财务指标在很大程度上是由管理层确定排除的费用或收入的事实和情况不代表我们的核心业务。’经管理层确定，排除的费用或收入的事实和情况并不代表我们的核心业务。
非IFRS财务指标没有IFRS规定的标准含义，因此可能与其他按照IFRS报告的公司提出的类似指标不可比较，或者与那些根据美国通用会计准则报告并使用非GAAP财务指标描述类似财务度量的公司不可比较。非IFRS财务指标不是IFRS下的绩效指标，不应单独考虑，也不应作为任何IFRS财务指标的替代。
管理层使用非国际财务报告减少了一些非国际财务措施，最显著的限制在于这些非国际财务措施中排除的费用或收入仍然按照国际财务报告准则承认，并对我们产生经济影响。管理层主要通过发布国际财务报告的结果来补偿这些限制，以展示我们绩效的完整图片，并将非国际财务措施与在国际财务报告准则下确定的最直接可比财务措施进行对比。’管理层使用非国际财务报告措施的最重要限制是，尽管在非国际财务报告措施中排除的支出或收入在国际财务报告准则下仍然被确认，并对我们产生经济影响，管理层主要通过发布国际财务报告结果来弥补这些限制，以展示我们表现的整体情况，并将非国际财务报告措施与在国际财务报告准则下确定的最直接可比财务措施进行核对。
在计算以下非IFRS财务指标时：调整后的毛利润、调整后的毛利率、调整后的销售及管理费用、调整后的销售及管理费用占营业收入百分比、非IFRS营业收入、非IFRS营业利润率、调整后的净收入、调整后的每股收益、调整后的税费以及调整后的有效税率，管理层排除以下项目（如有）：雇员SBC费用、我们TRS协议（TRS FVAs）的公允价值调整、无形资产（不包括计算机软件）的摊销费用，以及其他费用（收回）（如下定义），全部净的相关税务调整（在下表中量化），以及任何非核心税收影响（涉及收购的税收调整，以及与重组行动或已重组地点相关的特定其他税收成本或收回）。这些排除的经济实质性（适用于所示期间）以及管理层排除它们的非IFRS财务指标的理由在下面提供。此外，为了计算2024年截至当年日期调整后的净收入、调整后的每股收益、调整后的税费以及调整后的有效税率，（i）管理层还排除了2024年第一季度来自加拿大制定的“柱二”（全球最低税率）立法导致的负面税收影响的一次性部分，并在当年第二季度录入的增值税款项，以减少其影响（“柱二”税收调整），因为该部分不归因于我们未来期间的运营；以及（ii）自2024年第二季度开始，管理层排除再融资费用（获利）（如下定义）。我们非IFRS调整后有效税率、调整后自由现金流和调整后ROIC的确定方法在下文的脚注2、3和4中详细描述。
员工SBC费用是指授予员工的期权、受限制股票单位和业绩股份单位的估计公允值，我们排除此费用是因为授予活动在数量和公允值上在季度之间变化显著。此外，排除此费用使我们能够将核心运营结果与那些通常在评估运营绩效时也排除员工SBC费用的竞争对手进行更好的比较，他们的授予模式和权益奖励类型可能有所不同，并且可能使用与我们不同的估值假设。
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TRS FVAs代表我们TRS的按市场计价调整，因为TRS在每个季度末按公平价值记录。我们排除这些非现金公允价值调整的影响（包括正面和负面的），因为它们反映了在不同时期我们普通股市场价格的波动，而不是我们持续的运营表现。此外，我们认为排除这些非现金调整可以更好地比较我们核心运营结果与竞争对手的结果。
摊销费用 (不包括计算机软件) 由非现金费用组成，这些费用针对无形资产，受收购业务的时机和规模的影响。无形资产的摊销在我们的竞争对手之间有所不同，我们认为排除这些费用能够更好地比较核心运营结果与那些一般在评估运营表现时也排除摊销费用的竞争对手的结果。
其他费用（回收）包括（如适用）：重组费用，扣除回收（定义如下）；过渡成本（回收）（定义如下）；净减值费用（定义如下）；与潜在和已完成收购相关的咨询、交易和整合费用，以及与收购相关的 indemnification 资产的后续重新计量或释放 indemnification 或其他负债的费用或释放；法律和解（回收）；离职后福利计划损失；在2023年第二季度和第三季度，二次发行费用（定义如下），自2023年第二季度开始，与某些会计考虑相关的费用。我们排除这些费用和回收，因为我们认为它们与持续的营业结果没有直接关系，并且在完成这些活动或产生相关费用或回收后并不反映预期的未来营业费用。我们的竞争对手可能在不同时间记录类似的费用和回收，我们认为这些排除让我们的核心营业结果与一般也排除这些类型的费用和回收的竞争对手进行更好的比较。
重组费用，扣除回收后，包括以下费用：员工遣散费、租约终止费、场地关闭和合并费、已不再使用并可出售的自有财产和设备的加速折旧以及制造行业的减少。
过渡成本包括以下方面的费用：（i）将制造线从关闭的地点转移到我们全球网络内其他地点的相关费用；（ii）与重组行动无关的房地产销售（物业处置）；以及（iii）与购房租赁相关的特定费用（定义见下文）。过渡成本包括在过渡期间发生的直接搬迁和重复费用（例如租金、公共事业费用、折旧费用和人员费用），以及与相关场所空闲或闲置部分相关的停止使用和其他费用，这些费用如果没有这些搬迁、转移和处置本来是不会产生的。作为我们2019年多伦多房地产销售的一部分，我们签订了一份为期10年的相关租赁合同，作为我们当时预期的总部（购房租赁）。根据我们之前对因物业销售而产生的重复和闲置房产成本的处理，2023年第三季度根据购房租赁在2023年第三季度的租金费用超过预期的分租租金收入被记录为过渡成本（390万的费用），因为我们之前因购房租赁开始日期的几次延迟而延长了当前企业总部的租赁（长租）。同样，由于购房租赁在2024年6月开始，我们在2024年第二季度记录了一项340万的费用作为过渡成本，表示对购房租赁下非分租空间的使用权资产（ROU）进行减记。过渡回收包括与物业处置相关的任何收益。我们认为，排除这些成本和回收允许更好地比较我们核心经营结果的期间差异，因为这些费用或回收在这些特定事件完成后并不反映我们的持续运营。
减值费用是指对商誉、无形资产、物业、厂房和设备以及使用权资产的非现金费用，主要发生在这些资产的账面价值超过其可收回金额时。
二次发行成本包括与我们在2023年第二季度和第三季度由当时的控股股东Onex Corporation（Onex）进行的股份转股和承销公开销售相关的费用。我们认为，排除二次发行成本能更好地比较我们核心经营成果的时期间表现，因为这些成本不反映我们的持续经营，而且由于这些转股和销售已完成，现在也不再适用。
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再融资费用（收益）包括在运营报表中记录为财务成本（收入）的与信贷额度再融资有关的成本（收益）。在 2024 年第二季度，我们修改并重述了我们的信贷额度协议。与此相关的是，我们当时存在的两笔定期贷款已全额偿还，终止，取而代之的是两笔新的定期贷款。2024年年初至今的再融资费用包括与此类修订和重报相关的520万美元费用和成本，以及因相关终止前期贷款而记录的80万美元未摊销递延融资成本的加速摊销。尽管第二笔先前定期贷款终止并用新的定期贷款取而代之，但出于会计目的，这部分交易被视为对第二笔终止的定期贷款的修改，从而产生了550万美元的修改收益。2024年年初至今的再融资收益包括该修改收益。我们在确定调整后的净收益、调整后的每股收益、调整后的税收支出和调整后的有效税率时不包括再融资费用（收益），因为管理层认为此类排除项（包括正数和负数） 可以更好地比较我们各个时期的核心经营财报，因为这些 成本和收益与持续的经营财报没有直接关系，也不反映适用的再融资交易完成后的预期未来运营支出。
非核心税务影响被排除，因为我们认为这些成本或回收并不反映核心运营表现，并且在评估运营表现时，与我们的竞争对手相比，这些成本或回收存在显著差异，他们通常也会排除这些成本或回收。
下表（未经过审计）列出了所示期间的各种非国际财务报告准则（非-IFRS）财务指标，并对这些非-IFRS财务指标与根据国际财务报告准则（IFRS）确定的最直接可比财务指标进行了对账（以百万为单位，百分比和每股金额除外）：
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| 截至9月30日的三个月 | 截至九月三十日的九个月 | ||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||||||||||||
| 营业收入百分比 | 营业收入百分比 | 营业收入百分比 | 营业收入百分比 | ||||||||||||||||||||||||||||||||
| IFRS营收 | $ | 2,043.3 | $ | 2,499.5 | $ | 5,820.5 | $ | 7,100.3 | |||||||||||||||||||||||||||
| 国际财务报告准则毛利润 | $ | 206.7 | 10.1 | % | $ | 259.1 | 10.4 | % | $ | 555.3 | 9.5 | % | $ | 744.0 | 10.5 | % | |||||||||||||||||||
| 员工股权激励费用 | 5.1 | 5.6 | 18.4 | 20.2 | |||||||||||||||||||||||||||||||
| TRS公允价值调整：损失（收益） | (11.8) | 2.7 | (13.8) | (17.2) | |||||||||||||||||||||||||||||||
| 非国际财务报告准则调整后的毛利润 | $ | 200.0 | 9.8 | % | $ | 267.4 | 10.7 | % | $ | 559.9 | 9.6 | % | $ | 747.0 | 10.5 | % | |||||||||||||||||||
| 国际财务报告准则销售和管理费用 | $ | 56.9 | 2.8 | % | $ | 91.9 | 3.7 | % | $ | 203.9 | 3.5 | % | $ | 237.2 | 3.3 | % | |||||||||||||||||||
| 员工股权激励费用 | (7.8) | (7.1) | (27.4) | (27.1) | |||||||||||||||||||||||||||||||
| TRS公允价值调整：(损失) 收益 | 17.6 | (5.0) | 20.4 | 22.3 | |||||||||||||||||||||||||||||||
| 非国际财务报告准则调整后的销售和管理费用 | $ | 66.7 | 3.3 | % | $ | 79.8 | 3.2 | % | $ | 196.9 | 3.4 | % | $ | 232.4 | 3.3 | % | |||||||||||||||||||
| 国际财务报告准则营业收入 | $ | 117.4 | 5.7 | % | $ | 136.4 | 5.5 | % | $ | 264.6 | 4.5 | % | $ | 404.3 | 5.7 | % | |||||||||||||||||||
| 员工股权激励费用 | 12.9 | 12.7 | 45.8 | 47.3 | |||||||||||||||||||||||||||||||
| TRS公允价值调整：损失（收益） | (29.4) | 7.7 | (34.2) | (39.5) | |||||||||||||||||||||||||||||||
| 无形资产的摊销（不包括软件） | 9.2 | 9.9 | 27.6 | 28.9 | |||||||||||||||||||||||||||||||
| 其他费用，扣除恢复 | 5.6 | 1.0 | 13.7 | 15.9 | |||||||||||||||||||||||||||||||
非国际财务报告准则营业收益（调整后的EBIAT）(1) | $ | 115.7 | 5.7 | % | $ | 167.7 | 6.7 | % | $ | 317.5 | 5.5 | % | $ | 456.9 | 6.4 | % | |||||||||||||||||||
| 国际财务报告准则净收益 | $ | 80.2 | 3.9 | % | $ | 91.7 | 3.7 | % | $ | 160.4 | 2.8 | % | $ | 293.0 | 4.1 | % | |||||||||||||||||||
| 员工股权激励费用 | 12.9 | 12.7 | 45.8 | 47.3 | |||||||||||||||||||||||||||||||
| TRS公允价值调整：损失（收益） | (29.4) | 7.7 | (34.2) | (39.5) | |||||||||||||||||||||||||||||||
| 无形资产的摊销（不包括软件） | 9.2 | 9.9 | 27.6 | 28.9 | |||||||||||||||||||||||||||||||
| 其他费用，扣除恢复 | 5.6 | 1.0 | 13.7 | 15.9 | |||||||||||||||||||||||||||||||
| 再融资费用，扣除再融资收益 | — | — | — | 0.5 | |||||||||||||||||||||||||||||||
税务调整(2) | (0.3) | 0.8 | (11.3) | (11.3) | |||||||||||||||||||||||||||||||
| 非国际财务报告准则调整后净收益 | $ | 78.2 | $ | 123.8 | $ | 202.0 | $ | 334.8 | |||||||||||||||||||||||||||
| 摊薄后每股收益 | |||||||||||||||||||||||||||||||||||
| 加权平均股份数量（以百万计） | 119.6 | 118.9 | 120.5 | 119.1 | |||||||||||||||||||||||||||||||
| 国际财务报告准则每股收益 | $ | 0.67 | $ | 0.77 | $ | 1.33 | $ | 2.46 | |||||||||||||||||||||||||||
| 非国际财务报告准则调整后每股收益 | $ | 0.65 | $ | 1.04 | $ | 1.68 | $ | 2.81 | |||||||||||||||||||||||||||
| 期末流通在外股份数（以百万计） | 119.4 | 116.4 | 119.4 | 116.4 | |||||||||||||||||||||||||||||||
| 国际财务报告准则下的经营活动现金流 | $ | 88.4 | $ | 144.8 | $ | 290.9 | $ | 399.0 | |||||||||||||||||||||||||||
| 购买物业、厂房和设备，扣除销售收益 | (26.2) | (46.0) | (90.5) | (120.4) | |||||||||||||||||||||||||||||||
| 租赁付款 | (12.8) | (13.0) | (36.9) | (37.6) | |||||||||||||||||||||||||||||||
财务成本支出（见下文定义） | (15.3) | (11.3) | (53.4) | (38.0) | |||||||||||||||||||||||||||||||
非国际财务报告准则调整后的自由现金流 (3) | $ | 34.1 | $ | 74.5 | $ | 110.1 | $ | 203.0 | |||||||||||||||||||||||||||
国际财务报告准则投资回报率 % (4) | 21.8 | % | 23.3 | % | 16.5 | % | 23.6 | % | |||||||||||||||||||||||||||
非国际财务报告准则调整后的投资回报率百分比 (4) | 21.5 | % | 28.6 | % | 19.8 | % | 26.7 | % | |||||||||||||||||||||||||||
(1) 管理层使用非国际财务报告准则（非-IFRS）运营收益（调整后的EBIAT）作为衡量我们核心运营绩效的标准。非-IFRS运营收益被定义为扣除员工股权奖励费用、TRS公允价值调整（如上所定义）、无形资产摊销（不包括计算机-半导体软件）及其他费用后的运营收益。
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(回收)（如上所述）。请查看我们第三季度的注释9 2024年中期基本报表中对其他费用（回收）的元件的单独量化和讨论。非国际财务报告准则营业利润率是非国际财务报告准则营业收入作为营业收入百分比的指标。
（2）税收调整（如适用）代表我们非国际财务报告准则调整的税务效果（见下文）。
下表列出了我们非IFRS调整的税务费用和非IFRS调整的有效税率与我们的IFRS税务费用和IFRS有效税率的调和，分别针对所示的各个期间，在每种情况下，都是通过从我们该期间的IFRS税务费用中排除与列出项目相关的税收利益或成本（以百万为单位，百分比除外）来确定的。我们的IFRS有效税率是通过将(i) IFRS税务费用除以(ii) 从运营中赚取的收益减去融资成本（在我们的运营报表中记录的融资收益的净值，分别为融资成本和融资收益）来确定的；我们的非IFRS调整有效税率是通过将(i) 非IFRS调整税务费用除以(ii) 非IFRS运营收益减去融资成本（融资收益的净值）来确定的。
| 截至9月30日的三个月 | 截至九月三十日的九个月 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
| 国际财务报告准则税务费用 | $ | 18.9 | $ | 33.7 | $ | 42.1 | $ | 68.1 | |||||||||||||||
| 国际财务报告准则税务费用的加回（减除）代表以下项目相关的税务收益或成本*： | |||||||||||||||||||||||
| 员工股票补偿费用和总回报交换公允价值调整 | (1.1) | (1.4) | 7.6 | 9.0 | |||||||||||||||||||
| 无形资产的摊销（不包括软件） | 0.7 | 0.7 | 2.2 | 2.3 | |||||||||||||||||||
| 其他费用，扣除恢复 | 0.7 | (0.1) | 1.5 | 0.6 | |||||||||||||||||||
| NCS收购的非核心税收调整 | — | — | — | 7.5 | |||||||||||||||||||
第二支柱税收调整 | — | — | — | (8.1) | |||||||||||||||||||
| 非国际财务报告准则调整的税收费用 | $ | 19.2 | $ | 32.9 | $ | 53.4 | $ | 79.4 | |||||||||||||||
国际财务报告准则税务费用 | $ | 18.9 | $ | 33.7 | $ | 42.1 | $ | 68.1 | |||||||||||||||
| 营业收入 | $ | 117.4 | $ | 136.4 | $ | 264.6 | $ | 404.3 | |||||||||||||||
金融费用，扣除金融收入 | (18.3) | (11.0) | (62.1) | (43.2) | |||||||||||||||||||
| $ | 99.1 | $ | 125.4 | $ | 202.5 | $ | 361.1 | ||||||||||||||||
国际财务报告准则有效税率 | 19 | % | 27 | % | 21 | % | 19 | % | |||||||||||||||
非国际财务报告准则调整的税收费用 | $ | 19.2 | $ | 32.9 | $ | 53.4 | $ | 79.4 | |||||||||||||||
非国际财务报告准则运营收益 | $ | 115.7 | $ | 167.7 | $ | 317.5 | $ | 456.9 | |||||||||||||||
金融费用，扣除金融收入 | (18.3) | (11.0) | (62.1) | (43.2) | |||||||||||||||||||
| $ | 97.4 | $ | 156.7 | $ | 255.4 | $ | 413.7 | ||||||||||||||||
非国际财务报告准则调整后的有效税率 | 20 | % | 21 | % | 21 | % | 19 | % | |||||||||||||||
* 2024年迄今为止，与再融资费用相关的税收影响，扣除再融资收益，微不足道，并且对以上列出的其他期间不适用。
(3)管理层使用非国际财务报告准则调整后的自由现金流作为一种衡量标准，此外还考虑国际财务报告准则下的经营活动提供的（使用的）现金，以评估我们的运营现金流表现。我们认为，非国际财务报告准则调整后的自由现金流为我们的流动性提供了另一个透明度层面。非国际财务报告准则调整后的自由现金流定义为在购买物业、厂房和设备（在适用的情况下，扣除从出售部分多余设备和物业获得的收入）后的经营活动提供的（使用的）现金、租赁支付和已支付的融资成本。已支付的融资成本定义为与我们的信贷设施相关的利息费用和费用（在适用的情况下，排除任何债务发行成本和信贷设施豁免费用），我们的利率掉期协议、我们的TRS协议、我们的应收账款销售计划和客户的供应商融资计划，以及我们租赁义务的利息费用。我们不认为已支付的债务发行成本（2024年第三季度60万和2024年迄今为止960万；2023年第三季度40万和2023年迄今为止）或已支付的信贷设施豁免费用（在适用的情况下）是我们持续融资费用的一部分。因此，这些成本被排除在我们用于确定非国际财务报告准则调整后的自由现金流的已支付融资成本的定义之外。我们认为，在确定非国际财务报告准则调整后的自由现金流时，将已支付的融资成本从经营活动提供的现金中排除，能够为评估我们核心业务的表现提供有用的洞察。然而，需要注意的是，非国际财务报告准则调整后的自由现金流并不代表可供天弘科技自由支配支出的剩余现金流。.
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（4）管理层使用非IFRS调整后的投资资本回报率（ROIC）作为衡量我们用于构建产品或为客户提供服务的投资资本有效性的指标，通过量化我们相对于所投资于业务的资本生成收益的能力。非IFRS调整后的ROIC通过将年度非IFRS调整后的税后营业利润（EBIAT）除以该期间的平均净投资资本来计算。净投资资本（下表中计算）来源于IFRS财务指标，定义为总资产减去：现金、使用权资产、应付账款、应计及其他流动负债、准备金和应付所得税。我们使用两点平均法计算季度的平均净投资资本，使用四点平均法计算九个月期间的平均净投资资本。2024年第三季度的平均净投资资本为2024年6月30日和2024年9月30日的净投资资本的平均值，2024年迄今为止的平均净投资资本为2023年12月31日、2024年3月31日、2024年6月30日和2024年9月30日的净投资资本的平均值。与使用IFRS指标计算的非IFRS调整后的ROIC的可比财务指标将通过将年度IFRS营业收入除以该期间的平均净投资资本来计算。
下表列出了在规定期间内，我们对IFRS投资回报率百分比和非IFRS调整后的投资回报率百分比的计算（单位为百万，除了IFRS投资回报率百分比和非IFRS调整后的投资回报率百分比）。
| 截至三个月 | 截至九个月 | |||||||||||||||||||||||||
| 9月30日 | 9月30日 | |||||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||||
| 国际财务报告准则营业收入 | $ | 117.4 | $ | 136.4 | $ | 264.6 | $ | 404.3 | ||||||||||||||||||
年化收益的乘数 | 4 | 4 | 1.333 | 1.333 | ||||||||||||||||||||||
| 年化IFRS营业收益 | $ | 469.6 | $ | 545.6 | $ | 352.7 | $ | 538.9 | ||||||||||||||||||
期间的平均净投资资本 | $ | 2,155.9 | $ | 2,346.0 | $ | 2,141.5 | $ | 2,281.7 | ||||||||||||||||||
国际财务报告准则投资回报率 % (1) | 21.8 | % | 23.3 | % | 16.5 | % | 23.6 | % | ||||||||||||||||||
| 截至三个月 | 截至九个月 | |||||||||||||||||||||||||
| 9月30日 | 9月30日 | |||||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||||
非国际财务报告准则营业收益（调整后的EBIAT） | $ | 115.7 | $ | 167.7 | $ | 317.5 | $ | 456.9 | ||||||||||||||||||
年化收益的乘数 | 4 | 4 | 1.333 | 1.333 | ||||||||||||||||||||||
年化非国际财务报告准则调整后的EBIAT | $ | 462.8 | $ | 670.8 | $ | 423.2 | $ | 609.0 | ||||||||||||||||||
该期间的平均净投资资本 | $ | 2,155.9 | $ | 2,346.0 | $ | 2,141.5 | $ | 2,281.7 | ||||||||||||||||||
非国际财务报告准则调整后的投资回报率百分比 (1) | 21.5 | % | 28.6 | % | 19.8 | % | 26.7 | % | ||||||||||||||||||
| 2023年12月31日 | 2024年3月31日 | 2024年6月30日 | 2024年9月30日 | ||||||||||||||||||||||||||||||||
| 净投资资本包括： | |||||||||||||||||||||||||||||||||||
| 总资产 | $ | 5,890.7 | $ | 5,717.1 | $ | 5,882.4 | $ | 5,926.8 | |||||||||||||||||||||||||||
| 减：现金 | 370.4 | 308.1 | 434.0 | 398.5 | |||||||||||||||||||||||||||||||
| 减：使用权资产 | 154.0 | 180.1 | 188.6 | 167.8 | |||||||||||||||||||||||||||||||
| 减：应付账款、应计和其他流动负债、准备金和应付所得税 | 3,167.9 | 2,992.6 | 2,949.3 | 2,979.1 | |||||||||||||||||||||||||||||||
期末净投资资本 (1) | $ | 2,198.4 | $ | 2,236.3 | $ | 2,310.5 | $ | 2,381.4 | |||||||||||||||||||||||||||
| 12月31日 2022 | 2023年3月31日 | 2023年6月30日 | 2023年9月30日 | ||||||||||||||||||||||||||||||||
| 净投资资本包括： | |||||||||||||||||||||||||||||||||||
| 总资产 | $ | 5,628.0 | $ | 5,468.1 | $ | 5,500.5 | $ | 5,745.3 | |||||||||||||||||||||||||||
| 减：现金 | 374.5 | 318.7 | 360.7 | 353.1 | |||||||||||||||||||||||||||||||
| 减：使用权资产 | 138.8 | 133.1 | 146.5 | 157.8 | |||||||||||||||||||||||||||||||
| 减：应付账款、应计和其他流动负债、准备金和应付所得税 | 3,003.0 | 2,873.9 | 2,870.6 | 3,045.4 | |||||||||||||||||||||||||||||||
期末净投资资本 (1) | $ | 2,111.7 | $ | 2,142.4 | $ | 2,122.7 | $ | 2,189.0 | |||||||||||||||||||||||||||
(1) 请参阅上一页的脚注4。
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天弘科技
缩减合并资产负债表
(以百万美元计)
(未经审计)
| 备注 | 12月31日 2023 | 9月30日 2024 | ||||||||||||
| 资产 | ||||||||||||||
| 流动资产： | ||||||||||||||
| 现金及现金等价物 | $ | 370.4 | $ | 398.5 | ||||||||||
| 应收账款 | 5 | 1,795.7 | 2,007.7 | |||||||||||
| 存货 | 6 | 2,106.1 | 1,827.4 | |||||||||||
| 应收所得税 | 11.9 | 14.8 | ||||||||||||
| 其他流动资产 | 11 | 228.5 | 220.3 | |||||||||||
| 总流动资产 | 4,512.6 | 4,468.7 | ||||||||||||
| 不动产、厂房和设备 | 472.7 | 478.2 | ||||||||||||
| 使用权资产 | 154.0 | 167.8 | ||||||||||||
| 商誉 | 4 | 321.7 | 341.0 | |||||||||||
| 无形资产 | 318.3 | 320.0 | ||||||||||||
| 递延所得税 | 62.5 | 74.3 | ||||||||||||
| 其他非流动资产 | 11 | 48.9 | 76.8 | |||||||||||
| 总资产 | $ | 5,890.7 | $ | 5,926.8 | ||||||||||
| 负债和权益 | ||||||||||||||
| 流动负债： | ||||||||||||||
信贷设施和租赁义务下的当前借款部分 | 7 | $ | 51.6 | $ | 57.7 | |||||||||
应付账款 | 1,298.2 | 1,392.5 | ||||||||||||
应计及其他流动负债 | 6&11 | 1,781.3 | 1,481.3 | |||||||||||
应付所得税 | 64.8 | 85.7 | ||||||||||||
当前准备金部分 | 23.6 | 19.6 | ||||||||||||
| 总流动负债 | 3,219.5 | 3,036.8 | ||||||||||||
| 信贷设施和租赁义务下的长期借款部分 | 7 | 731.2 | 883.4 | |||||||||||
| 养老与非养老的离职后福利义务 | 88.1 | 90.3 | ||||||||||||
| 准备金和其他非流动负债 | 41.2 | 54.7 | ||||||||||||
| 递延所得税 | 42.2 | 41.9 | ||||||||||||
| 总负债 | 4,122.2 | 4,107.1 | ||||||||||||
| 股权: | ||||||||||||||
| 资本股票 | 8 | 1,672.5 | 1,637.0 | |||||||||||
| 库存股 | 8 | (80.1) | (87.5) | |||||||||||
贡献盈余 | 1,030.6 | 836.9 | ||||||||||||
赤字 | (839.6) | (546.6) | ||||||||||||
累计其他综合损失 | (14.9) | (20.1) | ||||||||||||
| 总权益 | 1,768.5 | 1,819.7 | ||||||||||||
| 总负债及权益 | $ | 5,890.7 | $ | 5,926.8 | ||||||||||
承诺和或有事项（注12）。
附带说明是这些未经审计的临时简明合并基本报表的重要组成部分。
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天弘科技
简明合并运营报表
(以百万美元计，除每股金额外)
(未经审计)
| 截至三个月 | 截至九个月 | |||||||||||||||||||||||||
| 9月30日 | 9月30日 | |||||||||||||||||||||||||
| 备注 | 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||
营业收入 | 3 | $ | 2,043.3 | $ | 2,499.5 | $ | 5,820.5 | $ | 7,100.3 | |||||||||||||||||
| 销售成本 | 6 | 1,836.6 | 2,240.4 | 5,265.2 | 6,356.3 | |||||||||||||||||||||
毛利润 | 206.7 | 259.1 | 555.3 | 744.0 | ||||||||||||||||||||||
| 销售、一般和管理费用 | 56.9 | 91.9 | 203.9 | 237.2 | ||||||||||||||||||||||
研究和开发 | 16.9 | 18.7 | 43.3 | 54.6 | ||||||||||||||||||||||
无形资产摊销 | 9.9 | 11.1 | 29.8 | 32.0 | ||||||||||||||||||||||
| 其他费用，净恢复后 | 9 | 5.6 | 1.0 | 13.7 | 15.9 | |||||||||||||||||||||
| 营业收入 | 117.4 | 136.4 | 264.6 | 404.3 | ||||||||||||||||||||||
财务收入 | 7 | 0.3 | 1.9 | 0.9 | 8.5 | |||||||||||||||||||||
财务费用 | 7 | 18.6 | 12.9 | 63.0 | 51.7 | |||||||||||||||||||||
| 税前收益 | 99.1 | 125.4 | 202.5 | 361.1 | ||||||||||||||||||||||
| 所得税费用（回收） | 10 | |||||||||||||||||||||||||
当前 | 16.9 | 40.4 | 46.7 | 90.2 | ||||||||||||||||||||||
递延 | 2.0 | (6.7) | (4.6) | (22.1) | ||||||||||||||||||||||
| 18.9 | 33.7 | 42.1 | 68.1 | |||||||||||||||||||||||
| 本期净收益 | $ | 80.2 | $ | 91.7 | $ | 160.4 | $ | 293.0 | ||||||||||||||||||
| 基本每股收益 | $ | 0.67 | $ | 0.78 | $ | 1.33 | $ | 2.47 | ||||||||||||||||||
| 摊薄后每股收益 | $ | 0.67 | $ | 0.77 | $ | 1.33 | $ | 2.46 | ||||||||||||||||||
计算每股金额时使用的股份（百万股）： | ||||||||||||||||||||||||||
基本 | 119.3 | 118.2 | 120.4 | 118.7 | ||||||||||||||||||||||
稀释 | 119.6 | 118.9 | 120.5 | 119.1 | ||||||||||||||||||||||
附带说明是这些未经审计的临时简明合并基本报表的重要组成部分。
2 | 更多... | |||||||
天弘科技股份有限公司
简明合并全面收益表
(以百万美元计)
(未经审计)
| 截至三个月 | 截至九个月 | ||||||||||||||||||||||
| 9月30日 | 9月30日 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
| 本期净收益 | $ | 80.2 | $ | 91.7 | $ | 160.4 | $ | 293.0 | |||||||||||||||
| 其他综合收益（损失），扣除税费后： | |||||||||||||||||||||||
| 可能重新分类为净利润的项目： | |||||||||||||||||||||||
外国业务的货币翻译差异 | (1.6) | 4.7 | (6.2) | (0.7) | |||||||||||||||||||
| 来自货币远期衍生品对冲的变动 | (9.8) | 15.3 | (15.2) | 2.4 | |||||||||||||||||||
| 来自利率互换衍生品对冲的变动 | 0.2 | (6.3) | 1.1 | (6.9) | |||||||||||||||||||
| 本期全面收益总额 | $ | 69.0 | $ | 105.4 | $ | 140.1 | $ | 287.8 | |||||||||||||||
附带说明是这些未经审计的临时简明合并基本报表的重要组成部分。
3 | 更多... | |||||||
塞莱斯提卡公司。
简化合并股东权益变动表
(以百万美元计)
(未经审计)
| 备注 | 资本股票 (note 8) | 库存股 （注8） | 贡献 盈余 | 赤字 | 累计其他综合 亏损 (a) | 总计 股权 | ||||||||||||||||||||||||||||||||
| 余额 -- 2023年1月1日 | $ | 1,714.9 | $ | (18.5) | $ | 1,063.6 | $ | (1,076.6) | $ | (5.7) | $ | 1,677.7 | ||||||||||||||||||||||||||
| 资本交易： | 8 | |||||||||||||||||||||||||||||||||||||
股票发行 (b) | 0.5 | — | (0.2) | — | — | 0.3 | ||||||||||||||||||||||||||||||||
| 回购资本股票以进行注销 | (37.3) | 1.8 | 9.9 | — | — | (25.6) | ||||||||||||||||||||||||||||||||
用于股票基础补偿(SBC)计划的库存股票购买 (c) | — | (53.7) | — | — | — | (53.7) | ||||||||||||||||||||||||||||||||
| SBC现金结算 | — | — | (49.8) | — | — | (49.8) | ||||||||||||||||||||||||||||||||
| 股权结算的股份奖励 | — | 15.6 | 31.7 | — | — | 47.3 | ||||||||||||||||||||||||||||||||
| 总全面收益（损失）： | ||||||||||||||||||||||||||||||||||||||
| 本期净收益 | — | — | — | 160.4 | — | 160.4 | ||||||||||||||||||||||||||||||||
| 其他全面收益（损失），扣除税款： | ||||||||||||||||||||||||||||||||||||||
外部业务的货币转换差异 | — | — | — | — | (6.2) | (6.2) | ||||||||||||||||||||||||||||||||
| 货币远期衍生品对冲的变动 | — | — | — | — | (15.2) | (15.2) | ||||||||||||||||||||||||||||||||
| 利率互换衍生品对冲的变动 | — | — | — | — | 1.1 | 1.1 | ||||||||||||||||||||||||||||||||
| 余额 -- 2023年9月30日 | $ | 1,678.1 | $ | (54.8) | $ | 1,055.2 | $ | (916.2) | $ | (26.0) | $ | 1,736.3 | ||||||||||||||||||||||||||
| 余额 -- 2024年1月1日 | $ | 1,672.5 | $ | (80.1) | $ | 1,030.6 | $ | (839.6) | $ | (14.9) | $ | 1,768.5 | ||||||||||||||||||||||||||
| 资本交易： | 8 | |||||||||||||||||||||||||||||||||||||
| 资本股票发行 | 5.6 | — | (1.7) | — | — | 3.9 | ||||||||||||||||||||||||||||||||
回购资本股票以进行注销(d) | (41.1) | — | (85.0) | — | — | (126.1) | ||||||||||||||||||||||||||||||||
为股票奖励计划购入国库股票 (e) | — | (94.1) | — | — | — | (94.1) | ||||||||||||||||||||||||||||||||
| SBC现金结算 | — | — | (69.0) | — | — | (69.0) | ||||||||||||||||||||||||||||||||
| 股权结算的股份奖励 | — | 86.7 | (38.0) | — | — | 48.7 | ||||||||||||||||||||||||||||||||
| 总全面收益（损失）： | ||||||||||||||||||||||||||||||||||||||
| 本期净收益 | — | — | — | 293.0 | — | 293.0 | ||||||||||||||||||||||||||||||||
其他综合收益（损失），扣除税费后： | ||||||||||||||||||||||||||||||||||||||
外部业务的货币转换差异 | — | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||
| 货币远期衍生品对冲的变动 | — | — | — | — | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||
| 利率互换衍生品对冲的变动 | — | — | — | — | (6.9) | (6.9) | ||||||||||||||||||||||||||||||||
| 余额 -- 2024年9月30日 | $ | 1,637.0 | $ | (87.5) | $ | 836.9 | $ | (546.6) | $ | (20.1) | $ | 1,819.7 | ||||||||||||||||||||||||||
(a)累计其他综合损失已扣除税费。
(b)在2023年6月和8月，我们分别发行了1180万和680万股普通股（以前称为从属投票股），在每种情况下均是根据转换等量的我们当时尚未发行的多重投票股进行的，这对我们的总股本金额没有影响（单独或合计，见第8条说明）。
(c)包括在2023年前九个月支付的47.2万美元用于回购普通股，以履行我们在员工股票补偿计划下的交付义务，以及截至2023年9月30日估计的合同允许的最大普通股回购数量（合同最大数量）所累积的6.5万美元，这是在2023年9月执行的自动股票购买计划（ASPP）下为了此目的而进行的（见注释8）。
(d)包括2024年头九个月支付的126.5美元用于回购普通股以进行注销，以及截至2024年9月30日所计提的2.3美元用于股票回购税，部分被2023年12月31日为此目的执行的自愿股票回购计划(ASPP)下预计的合同最大数量所计提的2.7美元的逆转所抵消（见第8条）。
(e)由在2024年前九个月支付的101.6美元组成，用于根据我们的股权奖励计划回购普通股以满足交付义务，部分被2023年12月31日所计提的7.5美元的逆转抵消，该计提是为了2023年9月执行的为了该目的的协议最大数量的估算（请参见注释8）。
附带说明是这些未经审计的临时简明合并基本报表的重要组成部分。
4 | 更多... | |||||||
塞莱斯提卡公司。
缩减合并现金流量表
(以百万美元计)
(未经审计)
| 截至三个月 | 截至九个月 | |||||||||||||||||||||||||
| 9月30日 | 9月30日 | |||||||||||||||||||||||||
| 备注 | 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||
| 现金提供（使用）来源于： | ||||||||||||||||||||||||||
| 经营活动： | ||||||||||||||||||||||||||
| 本期净收益 | $ | 80.2 | $ | 91.7 | $ | 160.4 | $ | 293.0 | ||||||||||||||||||
| 对未影响现金的净收益项目的调整： | ||||||||||||||||||||||||||
折旧和摊销 | 39.4 | 47.8 | 117.1 | 136.4 | ||||||||||||||||||||||
| 股权结算员工股票补偿费用 | 8 | 12.9 | 12.7 | 45.8 | 47.3 | |||||||||||||||||||||
总回报掉期公允价值调整：损失（收益） | (29.4) | 7.7 | (34.2) | (39.5) | ||||||||||||||||||||||
其他费用，净恢复后 | 9 | 3.4 | 0.4 | 6.3 | 4.5 | |||||||||||||||||||||
财务费用，扣除财务收入 | 18.3 | 11.0 | 62.1 | 43.2 | ||||||||||||||||||||||
所得税费用 | 18.9 | 33.7 | 42.1 | 68.1 | ||||||||||||||||||||||
其他 | (3.2) | 0.5 | 3.7 | 1.3 | ||||||||||||||||||||||
非现金流动资本项目的变动： | ||||||||||||||||||||||||||
应收账款 | (295.3) | (111.7) | (205.5) | (209.4) | ||||||||||||||||||||||
存货 | 84.5 | 25.5 | 89.2 | 278.6 | ||||||||||||||||||||||
其他流动资产 | (6.6) | 37.7 | 22.7 | 37.1 | ||||||||||||||||||||||
应付账款、应计和其他流动负债及准备金 | 186.3 | 21.0 | 53.0 | (189.7) | ||||||||||||||||||||||
非现金营运资本变动 | (31.1) | (27.5) | (40.6) | (83.4) | ||||||||||||||||||||||
已支付的净所得税 | (21.0) | (33.2) | (71.8) | (71.9) | ||||||||||||||||||||||
| 经营活动提供的净现金 | 88.4 | 144.8 | 290.9 | 399.0 | ||||||||||||||||||||||
| 投资活动： | ||||||||||||||||||||||||||
收购NCS全球服务有限责任公司，扣除已获取的现金 | 4 | — | — | — | (36.1) | |||||||||||||||||||||
购买计算机-半导体软件和物业、厂房及设备 | (27.0) | (46.0) | (92.2) | (123.3) | ||||||||||||||||||||||
与资产销售相关的收益 | 0.8 | — | 1.7 | 2.9 | ||||||||||||||||||||||
其他 | — | (5.0) | — | (5.0) | ||||||||||||||||||||||
| 投资活动中使用的净现金 | (26.2) | (51.0) | (90.5) | (161.5) | ||||||||||||||||||||||
| 融资活动： | ||||||||||||||||||||||||||
循环贷款借款 | 7 | — | 20.0 | — | 485.0 | |||||||||||||||||||||
循环贷款还款 | 7 | — | (20.0) | — | (485.0) | |||||||||||||||||||||
定期贷款借款 | 7 | — | — | — | 750.0 | |||||||||||||||||||||
定期贷款还款 | 7 | (4.6) | (4.4) | (13.8) | (613.3) | |||||||||||||||||||||
| 租赁付款 | (12.8) | (13.0) | (36.9) | (37.6) | ||||||||||||||||||||||
| 资本股票发行 | 8 | 0.3 | — | 0.3 | 3.9 | |||||||||||||||||||||
| 回购资本股票以进行注销 | 8 | — | (100.0) | (25.6) | (126.5) | |||||||||||||||||||||
| 购买用于股票计划的库藏股 | 8 | (42.0) | — | (47.2) | (101.6) | |||||||||||||||||||||
部分总回报掉期结算的收益 | 11 | 5.0 | — | 5.0 | 32.3 | |||||||||||||||||||||
| SBC现金结算 | 8 | — | — | (49.8) | (69.0) | |||||||||||||||||||||
支付的融资成本 (a) | 7 | (15.7) | (11.9) | (53.8) | (47.6) | |||||||||||||||||||||
融资活动所使用的净现金 | (69.8) | (129.3) | (221.8) | (209.4) | ||||||||||||||||||||||
现金及现金等价物的净增加（减少） | (7.6) | (35.5) | (21.4) | 28.1 | ||||||||||||||||||||||
期初现金及现金等价物 | 360.7 | 434.0 | 374.5 | 370.4 | ||||||||||||||||||||||
期末现金及现金等价物 | $ | 353.1 | $ | 398.5 | $ | 353.1 | $ | 398.5 | ||||||||||||||||||
(a) 截至2024年9月30日的三个月和九个月内支付的财务费用包括分别为0.6美元和9.6美元的债务发行成本（截至2023年9月30日的三个月和九个月 — 0.4美元）。
附带说明是这些未经审计的临时简明合并基本报表的重要组成部分。
5 | 更多... | |||||||
塞莱斯提卡公司。
附注 浓缩 合并财务报表
(以百万美元计，仅包括百分比和每股金额)
(未经审计)
1. 报告实体
Celestica Inc.（在此称为Celestica、公司、我们、或我们的）在安大略省注册，企业总部位于加拿大安大略省多伦多。Celestica的次级投票股份于2024年4月25日重新指定为普通股（普通股）（见注释8），并在多伦多证券交易所（TSX）和纽约证券交易所（纽交所）上市。我们在此呈现的所有期间内将普通股称为普通股。
2. 准备基础和重要会计政策
合规声明：
截至2024年9月30日的未经审计的中期简明合并基本报表（2024年第三季度中期基本报表）是根据国际会计准则（IAS）第34号、中期财务报告，以及我们根据国际财务报告准则（IFRS）采用的会计政策编制的，均是国际会计准则委员会（IASB）发布的，并反映所有管理层认为必要的调整，以公正地呈现我们截至2024年9月30日的财务状况以及截至2024年9月30日的三个月和九个月的财务业绩、综合收益和现金流量（本文中分别称为2024年第三季度和2024年截至目前）。2024年第三季度中期基本报表应与我们截至2023年12月31日的年度报告（2023年审计合并基本报表）中的审计合并基本报表一起阅读。2024年第三季度中期基本报表以美元（U.S. dollars）呈现，这也是我们的功能货币。除非另有说明，所有财务信息均以百万美元呈现（百分比和每股/每单位金额除外）。
2024年第三季度临时基本报表已获得我们的董事会（董事会）的批准。 2024年10月23日。
使用估算和判断：
根据国际财务报告准则（IFRS）编制基本报表需要管理层做出判断、估计和假设，这些判断影响会计政策的应用、资产、负债、营业收入和费用的报告金额，以及与或有资产和负债相关的披露。我们的判断、估计和假设是基于当前事实、历史经验和我们认为在特定情况下合理的各种其他因素。经济环境也会影响编制我们的合并基本报表所需的某些估计和折扣率，包括适用于我们非财务资产减值测试中可收回金额确定的重要估计和折扣率。我们对这些因素的评估构成了我们对资产和负债账面价值判断的基础，以及我们成本和费用的计提。实际结果可能与我们的估计和假设有显著差异。我们会持续审查我们的估计和基本假设，并根据管理层的判断进行必要的修订。修订会在估计被修订的期间内确认，并可能影响未来期间。
我们对2024年第三季度临时基本报表中使用的估计、判断和假设进行了审查，其中包括：我们确定营业收入确认的时机，判断我们的资产和/或现金生成单位（CGUs）是否存在减值迹象，1我们对递延所得税资产和负债的评估、估计的库存减值和预期的信用损失、客户信用状况，以及在业务合并中确定所购资产的公允价值、假定的负债和或有对价。对估计、判断或假设的任何修订可能会导致资产或现金生成单位的减值、加速折旧或摊销，或我们应收账款和/或库存的账面价值调整，或递延所得税资产的估值调整，任何这些可能对我们的基本报表和财务控件产生重大影响。
1 CGUs是最小的可识别资产组，无法单独测试，并且产生的现金流入在很大程度上独立于其他资产或资产组，可能由单个地点、一组地点或一个业务线组成。
6 | 更多... | |||||||
塞莱斯提卡公司。
附注 浓缩 合并财务报表
(以百万美元计，仅包括百分比和每股金额)
(未经审计)
会计政策：
除去下述于2024年1月1日实施的对IAS 1的修订, 第三季度 2024 临时财务报表的会计政策与我们在注释2中描述的会计政策一致 2023 可供出售金融资产
最近采用的会计标准和修订：
债务的流动性与非流动性分类（对IAS 1的修订）
In January 2020, the IASB issued Classification of liabilities as current or non-current (Amendments to IAS 1) to clarify how to classify debt and other liabilities as current or non-current. The amendments are effective for reporting periods beginning on or after January 1, 2024. This standard, which we adopted as of January 1, 2024, did not have a material impact on our consolidated financial statements.
Recently issued but not yet effective standards:
IFRS 18 Presentation and Disclosure in Financial Statements
在2024年4月，国际会计准则委员会发布了 国际财务报告准则第18号 基本报表的呈现和披露。 国际财务报告准则第18号替代了 国际会计准则第1号 基本报表的呈现 并规定了在一般目的基本报表中呈现和披露信息的要求。该标准适用于2027年1月1日或之后开始的年度报告期，并应进行追溯适用，允许提前采用。我们尚未采纳该标准，目前正在评估其对我们的合并基本报表的影响。
3. 细分和客户报告
细分市场：
Celestica delivers innovative supply chain solutions globally to customers in two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). Our ATS segment consists of our ATS end market, and is comprised of our Aerospace and Defense (A&D), Industrial, HealthTech and Capital Equipment businesses. Our CCS segment consists of our Communications and Enterprise (servers and storage) end markets. Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue). See note 25 to our 2023 AFS for a description of the businesses that comprise our segments, how segment revenue is attributed, how costs are allocated to our segments, and how segment income and segment margin are determined.
Information regarding the performance of our reportable segments is set forth below:
| Revenue by segment: | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||||||||||||
| % of total | % of total | % of total | % of total | ||||||||||||||||||||||||||||||||
| ATS | $ | 859.4 | 42 | % | $ | 814.1 | 33 | % | $ | 2,516.9 | 43 | % | $ | 2,349.7 | 33 | % | |||||||||||||||||||
| CCS | 1,183.9 | 58 | % | 1,685.4 | 67 | % | 3,303.6 | 57 | % | 4,750.6 | 67 | % | |||||||||||||||||||||||
| Communications end market revenue as a % of total revenue | 36 | % | 42 | % | 34 | % | 39 | % | |||||||||||||||||||||||||||
| Enterprise end market revenue as a % of total revenue | 22 | % | 25 | % | 23 | % | 28 | % | |||||||||||||||||||||||||||
| Total | $ | 2,043.3 | $ | 2,499.5 | $ | 5,820.5 | $ | 7,100.3 | |||||||||||||||||||||||||||
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
| Segment income, segment margin, and reconciliation of segment income to IFRS earnings before income taxes: | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||
| Note | 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||||||||||||||||
| Segment Margin | Segment Margin | Segment Margin | Segment Margin | |||||||||||||||||||||||||||||||||||
| ATS segment income and margin | $ | 42.1 | 4.9 | % | $ | 39.0 | 4.8 | % | $ | 118.6 | 4.7 | % | $ | 110.5 | 4.7 | % | ||||||||||||||||||||||
| CCS segment income and margin | 73.6 | 6.2 | % | 128.7 | 7.6 | % | 198.9 | 6.0 | % | 346.4 | 7.3 | % | ||||||||||||||||||||||||||
| Total segment income | 115.7 | 167.7 | 317.5 | 456.9 | ||||||||||||||||||||||||||||||||||
| Reconciling items: | ||||||||||||||||||||||||||||||||||||||
Finance costs, net of finance income | 7 | 18.3 | 11.0 | 62.1 | 43.2 | |||||||||||||||||||||||||||||||||
| Employee stock-based compensation (SBC) expense | 12.9 | 12.7 | 45.8 | 47.3 | ||||||||||||||||||||||||||||||||||
Total return swap (TRS) fair value adjustments: losses (gains) | 8&11 | (29.4) | 7.7 | (34.2) | (39.5) | |||||||||||||||||||||||||||||||||
| Amortization of intangible assets (excluding computer software) | 9.2 | 9.9 | 27.6 | 28.9 | ||||||||||||||||||||||||||||||||||
| Other charges, net of recoveries | 9 | 5.6 | 1.0 | 13.7 | 15.9 | |||||||||||||||||||||||||||||||||
| IFRS earnings before income taxes | $ | 99.1 | $ | 125.4 | $ | 202.5 | $ | 361.1 | ||||||||||||||||||||||||||||||
Customers:
Two customers (both in our CCS segment) individually represented 10% or more of total revenue in Q3 2024 (25% and 12%) and YTD 2024 (30% and 11%). One such customer also individually represented 10% or more of total revenue in the third quarter of 2023 (Q3 2023) (23%) and in the first nine months of 2023 (YTD 2023) (19%).
4. ACQUISITION
On April 26, 2024, we completed the acquisition of 100% of the interests of NCS Global Services LLC (NCS), a U.S.-based IT infrastructure and asset management business, for a purchase price of $39.6, including a net working capital adjustment finalized in Q3 2024. The purchase price was funded with the revolving portion of our credit facility (see note 7). The NCS acquisition agreement also includes a potential earn-out of up to $20 if certain adjusted earnings before interest, taxes, depreciation and amortization targets are achieved during the period from May 2024 to April 2025. We estimated the fair value of such potential earn-out to be $6.6 at the date of acquisition. We recorded purchase consideration of $46.2 for the fair value of the acquired assets (including $3.5 of cash) and liabilities at the date of acquisition on our consolidated balance sheet. Our preliminary purchase price allocation for the NCS acquisition is as follows:
Cash and cash equivalents | $ | 3.5 | ||||||||||||
| Accounts receivable and other current assets | 3.0 | |||||||||||||
Right-of-use (ROU) assets | 5.2 | |||||||||||||
| Property, plant and equipment | 0.4 | |||||||||||||
| Computer software assets and intellectual property | 1.3 | |||||||||||||
Customer and brand intangible assets | 28.6 | |||||||||||||
| Goodwill | 19.4 | |||||||||||||
| Accounts payable and accrued liabilities | (2.5) | |||||||||||||
| Lease liabilities | (5.2) | |||||||||||||
Deferred income tax liabilities | (7.5) | |||||||||||||
| $ | 46.2 | |||||||||||||
We engaged third-party consultants to assist in the estimation of the fair value of acquired intangible assets and the potential earn-out. We expect to finalize our purchase price allocation in the fourth quarter of 2024, once the work of our third-party consultants has been completed.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
The preliminary valuation of the intangible assets and the potential earn-out was primarily based on the income approach using a discounted cash flow model and forecasts based on management's subjective estimates and assumptions. Various Level 2 and 3 data inputs of the fair value measurement hierarchy (described in note 20 to the 2023 AFS) were used in such valuation.
Newly-recognized customer and brand intangible assets from the acquisition will be amortized on a straight line basis over an estimated useful life of 10 years. As a result, our amortization of customer and brand intangible assets will increase by approximately $3 annually. Goodwill from the acquisition arose primarily from expected synergies from the combination of our operations. Such goodwill is attributable to our CCS segment and is not tax deductible.
Had the acquisition occurred on January 1, 2024, the operations of NCS would have contributed less than 10% to our consolidated revenue and net earnings for YTD 2024.
In connection with our acquisition of NCS, we recorded Acquisition Costs (defined in note 9) of nil in Q3 2024 and $1.6 in YTD 2024. See note 9 for all Acquisition Costs incurred in Q3 2024, YTD 2024, and the respective prior year periods.
5. ACCOUNTS RECEIVABLE
Accounts receivable (A/R) sales program and supplier financing programs (SFPs):
We are party to an A/R sales program agreement with a third-party bank to sell up to $450.0 in A/R on an uncommitted, revolving basis, subject to pre-determined limits by customer. This agreement provides for automatic annual one-year extensions, and may be terminated at any time by the bank or by us upon 3 months’ prior notice, or by the bank upon specified defaults. Under our A/R sales program, we continue to collect cash from our customers and remit amounts collected to the bank weekly.
At September 30, 2024, we participate in three customer SFPs, pursuant to which we sell A/R from the relevant customer to third-party banks on an uncommitted basis. The SFPs have an indefinite term and may be terminated at any time by the customer or by us upon specified prior notice. Under our SFPs, the third-party banks collect the relevant A/R directly from these customers.
At September 30, 2024, we sold nil of A/R (December 31, 2023 — nil) under our A/R sales program and nil of A/R (December 31, 2023 — $18.6) under the SFPs. The A/R sold under each of these programs are de-recognized from our A/R balance at the time of sale, and the proceeds are reflected as cash provided by operating activities in our consolidated statement of cash flows. Upon sale, we assign the rights to the A/R to the banks. A/R are sold net of discount charges, which are recorded as finance costs in our consolidated statement of operations.
Contract assets:
At September 30, 2024, our A/R balance included $269.6 (December 31, 2023 — $250.8) of contract assets recognized as revenue in accordance with our revenue recognition accounting policy.
6. INVENTORIES
We record inventory write-downs, net of valuation recoveries, in cost of sales. Inventories are valued at the lower of cost and net realizable value. Inventory write-downs reflect the write-down of inventory to its net realizable value. Valuation recoveries reflect gains on the disposition of previously written-down inventory and favorable adjustments reflecting current and forecasted usage. We recorded net inventory write-downs of $16.8 and $27.1 for Q3 2024 and YTD 2024, respectively (Q3 2023 — $17.1; YTD 2023 — $40.4).
We receive cash deposits from certain of our customers primarily to help reduce risks related to excess and/or obsolete inventory. Such deposits as of September 30, 2024 totaled $521.1 (December 31, 2023 — $904.8), and were recorded in accrued and other current liabilities on our consolidated balance sheet.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
7. CREDIT FACILITIES AND LEASE OBLIGATIONS
We are party to a credit agreement (Credit Facility) with Bank of America, N.A., as Administrative Agent, and the other lenders party thereto, which as of a June 2024 amendment and restatement (June 2024 Amendment), includes a new term loan in the original principal amount of $250.0 (Term A Loan), a new term loan in the original principal amount of $500.0 (Term B Loan, and collectively with the Term A Loan, the New Term Loans), and a $750.0 revolving credit facility (Revolver). Prior to the June 2024 Amendment, the Credit Facility included a term loan in the original principal amount of $350.0 (Initial Term Loan) and a term loan in the original principal amount of $365.0 (Incremental Term Loan), the outstanding borrowings under each of which were fully repaid with a substantial portion of the proceeds of the New Term Loans, and commitments of $600.0 under the Revolver. The terms of the Credit Facility prior to the June 2024 Amendment are described in detail in note 11 to the 2023 AFS. Notwithstanding the repayment of the Incremental Term Loan in full and its replacement with the Term A Loan, for accounting purposes, this portion of the transaction was treated as a non-substantial modification of the Incremental Term Loan, resulting in a $5.5 gain (Modification Gain) recorded in YTD 2024 as finance income in our consolidated statement of operations. The repayment of the Initial Term Loan in full was treated, for accounting purposes, as an extinguishment of such loan.
The Term A Loan and the Revolver each mature in June 2029. The Term B Loan matures in June 2031. The Term A Loan and the Term B Loan require quarterly principal repayments of $3.125 and $1.250, respectively (which commenced in September 2024), and each of the New Term Loans requires a lump sum repayment of the remainder outstanding at maturity. We are also required to make annual prepayments of outstanding obligations under the Credit Facility (applied first to the New Term Loans, then to the Revolver, in the manner set forth in the Credit Facility) ranging from 0% — 50% (based on a defined leverage ratio) of specified excess cash flow for the prior fiscal year. No prepayments based on excess cash flow were required in 2023, or will be required in 2024. In addition, prepayments of outstanding obligations under the Credit Facility (applied as described above) may also be required in the amount of specified net cash proceeds received above a specified annual threshold (including proceeds from the disposal of certain assets). No prepayments based on net cash proceeds were required in 2023, or will be required in 2024. Any outstanding amounts under the Revolver are due at maturity. Except under specified circumstances, and subject to the payment of breakage costs (if any), we are generally permitted to make voluntary prepayments of outstanding amounts under the Revolver and the New Term Loans without any other premium or penalty. Repaid amounts on the New Term Loans may not be re-borrowed.
The Credit Facility has an accordion feature that allows us to increase the New Term Loans and/or commitments under the Revolver by $200.0, plus an unlimited amount to the extent that a defined leverage ratio on a pro forma basis does not exceed specified limits, in each case on an uncommitted basis and subject to the satisfaction of certain terms and conditions. The Revolver also includes a $50.0 sub-limit for swingline loans, providing for short-term borrowings up to a maximum of ten business days, as well as a $150.0 sub-limit for letters of credit (L/Cs), in each case subject to the overall Revolver credit limit. The Revolver permits us and certain designated subsidiaries to borrow funds (subject to specified conditions) for general corporate purposes, including for capital expenditures, certain acquisitions, and working capital needs.
Borrowings under the Revolver bear interest, depending on the currency of the borrowing and our election for such currency, at: (i) term Secured Overnight Financing Rate (Term SOFR) plus 0.10% (Adjusted Term SOFR), (ii) Base Rate, (iii) Canadian Prime, (iv) an Alternative Currency Daily Rate, or (v) an Alternative Currency Term Rate (each as defined in the Credit Facility) plus a specified margin. The margin for borrowings under the Revolver ranges from 1.50% to 2.25% for Adjusted Term SOFR, Alternative Currency Daily Rate or Alternative Currency Term Rate borrowings, and from 0.50% to 1.25% for Base Rate and Canadian Prime borrowings, in each case depending on the rate we select and a defined net leverage ratio (NLR). Commitment fees range from 0.30% to 0.45%, depending on our NLR. Outstanding amounts under the Term A Loan bear interest at Adjusted Term SOFR or Base Rate, plus a margin ranging from 1.50% — 2.25% for Adjusted Term SOFR borrowings and from 0.50% — 1.25% for Base Rate borrowings, in each case depending on the rate we select and our NLR. Outstanding amounts under the Term B Loan bear interest at Term SOFR plus 1.75% or the Base Rate plus 0.75%, depending on the rate we select. At September 30, 2024, outstanding amounts under the Term A Loan bore interest at Adjusted Term SOFR plus 1.75%; outstanding amounts under the Term B Loan bore interest at Term SOFR plus 1.75%; and no amounts were outstanding under the Revolver. We have entered into interest rate swap agreements to hedge against our exposures to the interest rate variability on a portion of the New Term Loans. See note 11 for further detail.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
We are required to comply with certain restrictive covenants under the Credit Facility, including those relating to the incurrence of certain indebtedness, the existence of certain liens, the sale of certain assets, specified investments and payments, sale and leaseback transactions, and certain financial covenants relating to a defined interest coverage ratio and leverage ratio that are tested on a quarterly basis. Our Credit Facility also limits share repurchases for cancellation if our consolidated secured leverage ratio (as defined in such facility) exceeds a specified amount (Repurchase Restriction). The Repurchase Restriction did not prohibit share repurchases during Q3 2024 or at September 30, 2024. At September 30, 2024 and December 31, 2023, we were in compliance with all restrictive and financial covenants under the Credit Facility.
The obligations under the Credit Facility are guaranteed by us and certain specified subsidiaries. Subject to specified exemptions and limitations, all assets of the guarantors are pledged as security for the obligations under the Credit Facility. The Credit Facility contains customary events of default. If an event of default occurs and is continuing (and is not waived), the Administrative Agent may declare all amounts outstanding under the Credit Facility to be immediately due and payable, and may cancel the lenders’ commitments to make further advances thereunder. In the event of a payment or other specified defaults, outstanding obligations accrue interest at a specified default rate.
Activity under our Credit Facility during 2023 and YTD 2024 is set forth below:
Revolver | Term loans | ||||||||||||||||
Outstanding balances as of December 31, 2022 | $ | — | $ | 627.2 | |||||||||||||
| Amount repaid in Q1 2023 | — | (1) | (4.5625) | (2) | |||||||||||||
| Amount repaid in Q2 2023 | — | (1) | (4.5625) | (2) | |||||||||||||
| Amount repaid in Q3 2023 | — | (1) | (4.5625) | (2) | |||||||||||||
| Amount repaid in Q4 2023 | — | (1) | (4.5625) | (2) | |||||||||||||
Outstanding balances as of December 31, 2023 | $ | — | $ | 608.9 | |||||||||||||
Amount borrowed in Q1 2024 | 285.0 | — | |||||||||||||||
Amount repaid in Q1 2024 | (257.0) | (4.5625) | (2) | ||||||||||||||
| Amount borrowed in Q2 2024 | 180.0 | (3) | 750.0 | (4) | |||||||||||||
Amount repaid in Q2 2024 | (208.0) | (604.3) | (5) | ||||||||||||||
Amount borrowed in Q3 2024 | 20.0 | — | |||||||||||||||
| Amount repaid in Q3 2024 | (20.0) | (4.375) | (6) | ||||||||||||||
| Outstanding balances as of September 30, 2024 | $ | — | $ | 745.6 | |||||||||||||
(1) During each quarter in 2023, we made intra-quarter borrowings under the Revolver and repaid such borrowings in full within the quarter borrowed, with no impact to the amounts outstanding at the relevant quarter-end. Such intra-quarter borrowings and repayments are excluded from this table. Intra-quarter borrowings (and repayments in equivalent amounts) were a cumulative aggregate of $270, $140, $200 and $281 in Q4 2023, Q3 2023, Q2 2023 and Q1 2023, respectively.
(2) Represents scheduled quarterly principal repayments under the Incremental Term Loan prior to the June 2024 Amendment.
(3) A portion of this amount was used to fund the NCS purchase price (see note 4).
(4) Represents borrowings under the New Term Loans.
(5) Represents the repayment and termination of the Initial Term Loan and Incremental Term Loan.
(6) Represents scheduled quarterly principal repayments under the New Term Loans.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
The following table sets forth, at the dates shown: outstanding borrowings under the Credit Facility, excluding ordinary course L/Cs; notional amounts under our interest rate swap agreements; and outstanding lease obligations:
| Outstanding borrowings | Notional amounts under interest rate swaps (note 11) | ||||||||||||||||||||||
| December 31 2023 | September 30 2024 | December 31 2023 | September 30 2024 | ||||||||||||||||||||
| Borrowings under the Revolver | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Borrowings under term loans: | |||||||||||||||||||||||
| Initial Term Loan | $ | 280.4 | $ | — | $ | 100.0 | $ | — | |||||||||||||||
| Incremental Term Loan | 328.5 | — | 230.0 | — | |||||||||||||||||||
| Term A Loan | — | 246.9 | — | 130.0 | |||||||||||||||||||
| Term B Loan | — | 498.7 | — | 200.0 | |||||||||||||||||||
| Total | $ | 608.9 | $ | 745.6 | $ | 330.0 | $ | 330.0 | |||||||||||||||
| Total borrowings under Credit Facility | $ | 608.9 | $ | 745.6 | |||||||||||||||||||
Unamortized debt issuance costs and modification adjustment related to our term loans(1) | (2.6) | (11.7) | |||||||||||||||||||||
Lease obligations(2) | 176.5 | 207.2 | |||||||||||||||||||||
| $ | 782.8 | $ | 941.1 | ||||||||||||||||||||
| Total Credit Facility and lease obligations: | |||||||||||||||||||||||
| Current portion | $ | 51.6 | $ | 57.7 | |||||||||||||||||||
| Long-term portion | 731.2 | 883.4 | |||||||||||||||||||||
| $ | 782.8 | $ | 941.1 | ||||||||||||||||||||
(1)We incur debt issuance costs upon execution of, subsequent security arrangements under, and amendments to the Credit Facility. We incurred nil debt issuance costs in either Q3 2024 or Q3 2023. Debt issuance costs incurred in YTD 2024 in connection with our Revolver totaling $3.9 (YTD 2023 — $0.2) were deferred as other assets on our consolidated balance sheet and are amortized on a straight line basis over the remaining term of the Revolver. Debt issuance costs incurred in YTD 2024 in connection with our New Term Loans totaling $2.2 (YTD 2023 — $0.2, in connection with prior term loans) and a modification adjustment of $5.5 in YTD 2024 in connection with the termination of the Incremental Term Loan and its replacement with the Term A Loan, were deferred as long-term debt on our consolidated balance sheet and are amortized over their respective terms using the effective interest rate method. In YTD 2024, the Modification Gain and the accelerated amortization of $0.8 of unamortized deferred financing costs related to the termination of the Initial Term Loan, were recorded in finance income and finance costs, respectively.
(2)These lease obligations represent the present value of unpaid lease payment obligations recognized as liabilities as of December 31, 2023 and September 30, 2024, respectively, which have been discounted using our incremental borrowing rate on the lease commencement dates. In addition to the lease obligations as of September 30, 2024, we have commitments under a real property lease in Richardson, Texas not recognized as liabilities as of September 30, 2024 because such lease had not yet commenced as of such date. A description of such lease and minimum lease obligations thereunder are disclosed in note 24 to the 2023 AFS.
The following table sets forth, at the dates shown, information regarding outstanding L/Cs, guarantees, surety bonds and overdraft facilities:
| December 31 2023 | September 30 2024 | ||||||||||
| Outstanding L/Cs under the Revolver | $ | 10.5 | $ | 11.5 | |||||||
Outstanding bank guarantees and surety bonds outside the Revolver | 16.5 | 23.9 | |||||||||
| Total | $ | 27.0 | $ | 35.4 | |||||||
| Available uncommitted bank overdraft facilities | $ | 198.5 | $ | 198.5 | |||||||
| Amounts outstanding under available uncommitted bank overdraft facilities | $ | — | $ | — | |||||||
Finance costs consist of interest expense and fees related to our Credit Facility (including debt issuance and related amortization costs), our interest rate swap agreements, our TRS agreement (TRS Agreement), our A/R sales program and the SFPs, and interest expense on our lease obligations. In YTD 2024, finance costs included $5.2 in fees and costs incurred in connection
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
with the June 2024 Amendment and $0.8 in accelerated amortization of unamortized deferred financing costs in connection with the related termination of the Initial Term Loan. Finance income consists of interest income earned and additionally, in YTD 2024, the Modification Gain.
8. CAPITAL STOCK AND RELATED PARTY TRANSACTIONS
Secondary Offerings by Onex Corporation (Onex):
In connection with underwritten secondary public offerings by Onex, our then-controlling shareholder, completed in June 2023 (June Secondary Offering) and August 2023 (August Secondary Offering), we issued approximately 11.8 million and 6.8 million Common Shares, respectively, in each case upon conversion of an equivalent number of our then-existing multiple voting shares (MVS). Such transactions had nil impact (individually or in the aggregate) on our aggregate capital stock amount. As a result of the August Secondary Offering, we had no MVS outstanding and Onex is no longer our controlling shareholder.
Prior to September 2023, we were party to a services agreement with Onex for the services of an Onex officer as a member of our Board, pursuant to which Onex received compensation. This agreement terminated automatically in September 2023, and in accordance with its provisions, we paid Onex approximately $9.2 in cash in October 2023 to settle Onex's outstanding deferred share units (DSUs). The Onex officer resigned from our Board in September 2023.
移除MVS条款并重新指定我们的从属投票股份
在我们2024年4月25日的年度及特别股东大会上，股东们批准了对公司章程的修订，以删除与我们的附属投票股份（因该股份不再发行）相关的条款，并将我们的附属投票股份重新指定为普通股，自该日期起生效。请参见注释1。
普通股回购计划：
In recent years, we have repurchased Common Shares in the open market, or as otherwise permitted, for cancellation through normal course issuer bids (NCIBs), which allow us to repurchase a limited number of Common Shares during a specified period. The maximum number of Common Shares we are permitted to repurchase for cancellation under each NCIB is reduced by the number of Common Shares we arrange to be purchased by any non-independent broker in the open market during the term of such NCIB to satisfy delivery obligations under our SBC plans. We from time-to-time enter into automatic share purchase plans (ASPPs) with a broker, instructing the broker to purchase our Common Shares in the open market on our behalf, either for cancellation under an NCIB (NCIB ASPPs) or for delivery obligations under our SBC plans (SBC ASPPs), including during any applicable trading blackout periods, up to specified maximums (and subject to certain pricing and other conditions) through the term of each ASPP.
On December 8, 2022, the TSX accepted our notice to launch an NCIB (2022 NCIB), which allowed us to repurchase, at our discretion, from December 13, 2022 until the earlier of December 12, 2023 or the completion of purchases thereunder, up to approximately 8.8 million of our Common Shares in the open market, or as otherwise permitted, subject to the normal terms and limitations of such bids. Several NCIB ASPPs and SBC ASPPs (all of which have since expired) were in effect during YTD 2023. At September 30, 2023, we recorded an accrual of $6.5 (September 2023 SBC Accrual), representing the contractual maximum number of permitted Common Share repurchases (Contractual Maximum Quantity) under an SBC ASPP (0.3 million Common Shares) executed in September 2023.
On December 12, 2023, the TSX accepted our notice to launch a new NCIB (2023 NCIB), which allows us to repurchase, at our discretion, from December 14, 2023 until the earlier of December 13, 2024 (unless terminated earlier) or the completion of purchases thereunder, up to approximately 11.8 million of our Common Shares in the open market, or as otherwise permitted, subject to the normal terms and limitations of such bids. At September 30, 2024, approximately 8.9 million Common Shares remained available for repurchase under the 2023 NCIB either for cancellation or SBC delivery purposes. At December 31, 2023, we recorded an accrual of: (i) $2.7, representing the estimated Contractual Maximum Quantity (0.1 million Common Shares) under an NCIB ASPP we entered into in December 2023; and (ii) $7.5, representing the estimated Contractual Maximum Quantity (0.3 million Common Shares) under an SBC ASPP we entered into in September 2023, each of which were
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塞莱斯提卡公司。
附注 浓缩 合并财务报表
(以百万美元计，仅包括百分比和每股金额)
(未经审计)
被逆转于 年初至今 2024. O在截至目前的年度中，NCIb ASPP和两个SBC ASPP处于有效状态 2024，所有这些都已过期，并且在 2024年9月30日没有记录ASPP应计。
2024年第三季度回购的普通股， 2024年截至目前，与前一年同期的比较， 用于注销及股票奖励计划交付义务（包括在ASPPs下）的数据如下所示。
普通股回购：
| 截至9月30日的三个月 | 截至九月三十日的九个月 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
回购普通股的总成本(1) 回购普通股用于注销 | $ | — | $ | 100.0 | $ | 25.6 | $ | 126.5 | |||||||||||||||
回购普通股用于注销的数量（以百万为单位）(2) | — | 2.2 | 2.2 | 2.9 | |||||||||||||||||||
| 回购的每股加权平均价格 | $ | — | $ | 44.44 | $ | 11.80 | $ | 43.28 | |||||||||||||||
回购普通股的总成本(1) 回购普通股用于交付SBC计划 (3) （见下文） | $ | 42.0 | $ | — | $ | 47.2 | $ | 101.6 | |||||||||||||||
用于SBC计划交付的回购普通股数（以百万计）(4) | 2.0 | — | 2.4 | 2.8 | |||||||||||||||||||
(1)包含交易费用。截至2024年第三季度和截至2024年迄今为止，累计回购用于注销的普通股费用不包括截至2024年9月30日累计的2.3美元的股票回购税。
(2)截至2024年第三季度和2024年迄今，分别包括零和50万普通股，作为NCIb ASPPs下的回购注销（2023年第三季度 — 无；2023年迄今 — 90万）。
(3)对于2023年第三季度和2023年迄今，排除2023年9月6.5美元的股权激励费用累计。
(4)对于每个适用的时期，完全由通过独立经纪人进行的SBC ASPP购买组成。
SBC:
不时，我们会向经纪人支付现金，以便在公开市场上购买普通股，以满足我们股票奖励计划下的交付要求。截至2024年9月30日，经纪人持有260万普通股，价值87.5美元（截至2023年12月31日 — 330万 普通股，价值 $72.6为了这个目的，我们将其报告为合并资产负债表上的库存股票。 3.5 百万普通股他经纪人持有（包括在2024年迄今为止购买的额外 普通股 的股份) 被使用 来结算SBC奖项 在2024年度到目前为止。
我们根据我们的股权激励计划授予员工限制性股票单位（RSU）和业绩股票单位（PSU），并偶尔授予股票期权。绝大多数的RSU在三年内每年归属三分之一。股票期权通常在四年内每年归属25%。最终归属的PSU数量从0%到200%不等，取决于授予的目标数额。对于2021年和2022年授予的PSU，已归属（或将归属）的PSU数量基于在相关的三年业绩周期最后一年达到预定的非市场表现指标的水平，受限于与每个预定的非市场财务目标的相应调整，以及我们相对的股东总回报（TSR），作为对比一组预定义公司的市场表现控件，在每个相关的三年业绩周期内。自2023年起，归属的PSU数量基于不同的预定非市场表现指标的取得水平，受我们相对TSR与一组预定义公司的对比调整，在每个相关的三年业绩周期内。 我们 还根据我们的董事股权补偿计划，在特定情况下向董事授予单位股票（DSU）和限制性股票单位（RSU）作为补偿。详见2023年AFS的注释2（l）以获取更多细节。
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塞莱斯提卡公司。
附注 浓缩 合并财务报表
(以百万美元计，仅包括百分比和每股金额)
(未经审计)
Information regarding RSU, PSU and DSU grants to employees and directors, as applicable, for the periods indicated is set forth below (no stock options were granted in the periods below):
| Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
| RSUs Granted: | |||||||||||||||||||||||
| Number of awards (in millions) | 0.1 | 0.03 | 2.0 | 0.7 | |||||||||||||||||||
| Weighted average grant date fair value per unit | $ | 22.11 | $ | 47.08 | $ | 13.03 | $ | 37.36 | |||||||||||||||
| PSUs Granted: | |||||||||||||||||||||||
| Number of awards (in millions, representing 100% of target) | 0.01 | 0.01 | 1.3 | 0.5 | |||||||||||||||||||
| Weighted average grant date fair value per unit | $ | 24.89 | $ | 55.89 | $ | 15.06 | $ | 43.47 | |||||||||||||||
| DSUs Granted: | |||||||||||||||||||||||
| Number of awards (in millions) | 0.01 | 0.01 | 0.07 | 0.02 | |||||||||||||||||||
| Weighted average grant date fair value per unit | $ | 24.52 | $ | 51.32 | $ | 15.84 | $ | 50.10 | |||||||||||||||
In YTD 2023, we settled a portion of RSUs and PSUs that vested during such period with a cash payment of $49.8. In YTD 2024, we made a cash payment of $69.0 for withholding taxes in connection with the RSUs and PSUs that vested during such period.
In YTD 2024, our Chief Executive Officer exercised 0.3 million stock options with an exercise price per option of $17.52 Canadian dollars.
We use the TRS Agreement to manage cash flow requirements and our exposure to fluctuations in the share price of our Common Shares in connection with the settlement of certain outstanding equity awards under our SBC plans. See note 11 for further detail.
Information regarding employee and director SBC expense and TRS fair value adjustments (TRS FVAs) for the periods indicated is set forth below:
| Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
| Employee SBC expense in cost of sales | $ | 5.1 | $ | 5.6 | $ | 18.4 | $ | 20.2 | |||||||||||||||
| Employee SBC expense in SG&A | 7.8 | 7.1 | 27.4 | 27.1 | |||||||||||||||||||
| Total employee SBC expense | $ | 12.9 | $ | 12.7 | $ | 45.8 | $ | 47.3 | |||||||||||||||
| TRS FVAs: losses (gains) in cost of sales | $ | (11.8) | $ | 2.7 | $ | (13.8) | $ | (17.2) | |||||||||||||||
| TRS FVAs: losses (gains) in SG&A | (17.6) | 5.0 | (20.4) | (22.3) | |||||||||||||||||||
| Total TRS FVAs: losses (gains) | $ | (29.4) | $ | 7.7 | $ | (34.2) | $ | (39.5) | |||||||||||||||
| Combined effect of employee SBC expense and TRS FVAs: expenses (recoveries) | $ | (16.5) | $ | 20.4 | $ | 11.6 | $ | 7.8 | |||||||||||||||
Director SBC expense in SG&A(1) | $ | 0.6 | $ | 0.6 | $ | 1.8 | $ | 1.8 | |||||||||||||||
(1) Expense consists of director compensation to be settled with Common Shares, or Common Shares and cash.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
9. OTHER CHARGES, NET OF RECOVERIES
| Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
Restructuring charges, net of recoveries (a) | $ | 0.3 | $ | 0.6 | $ | 9.8 | $ | 11.3 | |||||||||||||||
| Transition Costs (b) | 3.9 | — | 3.9 | 3.4 | |||||||||||||||||||
Acquisition Costs (c) | 0.6 | 0.4 | 0.9 | 2.5 | |||||||||||||||||||
Other costs (recoveries) (d) | 0.8 | — | (0.9) | (1.3) | |||||||||||||||||||
| $ | 5.6 | $ | 1.0 | $ | 13.7 | $ | 15.9 | ||||||||||||||||
(a) Restructuring charges, net of recoveries:
Our restructuring activities for Q3 2024 and YTD 2024 consisted primarily of actions to adjust our cost base to address reduced levels of demand in certain of our businesses and geographies.
We recorded cash restructuring charges of $0.2 and $10.2 in Q3 2024 and YTD 2024, respectively (Q3 2023 — $1.3; YTD 2023 — $7.9), primarily for employee termination costs. We recorded $0.4 and $1.1 of non-cash restructuring charges in Q3 2024 and YTD 2024, respectively, consisting primarily of accelerated depreciation of equipment related to disengaging programs (Q3 2023 — nil; YTD 2023 — $2.9, consisting primarily of the accelerated depreciation of equipment, building improvements and ROU assets related to disengaging programs and vacated properties). In Q3 2023 and YTD 2023, we also recorded non-cash restructuring recoveries of $1.0, related to sublet recoveries in excess of the carrying value of the related leases and sales of surplus equipment. At September 30, 2024, our restructuring provision was $2.4 (December 31, 2023 — $3.6), which we recorded in the current portion of provisions on our consolidated balance sheet.
(b) Transition Costs:
Transition Costs consist of costs recorded in connection with: (i) the transfer of manufacturing lines from closed sites to other sites within our global network; (ii) the sale of real properties unrelated to restructuring actions; and (iii) specified charges related to the Purchaser Lease (defined below). Transition Costs consist of direct relocation and duplicate costs (such as rent expense, utility costs, depreciation charges, and personnel costs) incurred during the transition periods, as well as cease-use and other costs incurred in connection with idle or vacated portions of the relevant premises that we would not have incurred but for these relocations, transfers and dispositions.
In March 2019, as part of our Toronto real property sale, we entered into a 10-year lease with the purchaser of such property for our then-anticipated headquarters, to be built by such purchaser on the site of our former location (Purchaser Lease). Due to a number of construction-related commencement date delays, in November 2022, we extended (on a long-term basis) the lease on our current corporate headquarters, and in Q3 2023, we executed a sublease for a portion of the leased space under the Purchaser Lease (Sublease). The Purchaser Lease commenced in June 2024 and related ROU assets and lease liabilities were recognized in our consolidated financial statements. Consistent with our prior treatment as Transition Costs of duplicate and idle premises costs incurred as a result of our 2019 Toronto real property sale, the excess of rental expenses under the Purchaser Lease (with respect to the subleased space) over anticipated rental recoveries under the Sublease were recorded as Transition Costs in Q3 2023 and YTD 2023 ($3.9). Similarly, we recorded Transition Costs of $3.4 in YTD 2024, representing the write-down of ROU assets under the Purchaser Lease with respect to the space not subleased. We incurred no Transition Costs in Q3 2024.
(c) Acquisition Costs:
We incur consulting, transaction and integration costs relating to potential and completed acquisitions. We also incur charges or releases related to the subsequent re-measurement of indemnification assets or the release of indemnification or other liabilities recorded in connection with acquisitions, when applicable. Collectively, these costs, charges and releases are referred to as Acquisition Costs (Recoveries).
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
We recorded Acquisition Costs of $0.4 in Q3 2024 related to potential acquisitions and $2.5 in YTD 2024 related to the acquisition of NCS (see note 4) and potential acquisitions (Q3 2023 and YTD 2023 — $0.6 and $0.9, respectively, related to potential acquisitions).
(d) Other costs (recoveries)
We recorded nil other costs or recoveries in Q3 2024. In YTD 2024, we recorded nil other costs, and $1.3 of other recoveries, consisting of legal recoveries in connection with the settlement of class action lawsuits (for component parts purchased in prior periods) in which we were a plaintiff (Parts Recoveries). In Q3 2023, we recorded $0.8 of other costs, substantially all of which consisted of fees and expenses of the August Secondary Offering, and nil other recoveries. In YTD 2023, we recorded $2.7 in Parts Recoveries, offset in part by $1.8 of other costs, substantially all of which consisted of fees and expenses of both the June Secondary Offering and the August Secondary Offering. See note 8.
10. INCOME TAXES
Our income tax expense or recovery for each quarter is determined by multiplying the earnings or losses before tax for such quarter by management’s best estimate of the weighted-average annual income tax rate expected for the full year, taking into account the tax effect of certain items recognized in the interim period. As a result, the effective income tax rates used in our interim financial statements may differ from management’s estimate of the annual effective tax rate for the annual financial statements. Our estimated annual effective income tax rate varies as the quarters progress, for various reasons, including as a result of the mix and volume of business in various tax jurisdictions within the Americas, Europe and Asia, in jurisdictions with tax holidays and tax incentives, and in jurisdictions for which no net deferred income tax assets have been recognized because management believes it is not probable that future taxable profit will be available against which tax losses and deductible temporary differences could be utilized. Our annual effective income tax rate can also vary due to the impact of restructuring charges, foreign exchange fluctuations, operating losses, cash repatriations, and changes in our provisions related to tax uncertainties.
Our Q3 2024 net income tax expense of $33.7 included a $2.6 withholding tax expense incurred to minimize the impact of the enactment of Pillar Two (global minimum tax) legislation in Canada, and a $2.0 tax expense arising from taxable temporary differences associated with the anticipated repatriation of undistributed earnings from certain of our Asian subsidiaries (Repatriation Expense). Our YTD 2024 net income tax expense of $68.1 included an $18.8 withholding tax expense incurred to minimize the impact of the enactment of Pillar Two legislation in Canada, and a $2.0 Repatriation Expense, offset in part by the recognition of $7.5 of previously unrecognized deferred tax assets in our U.S. group of subsidiaries as a result of our NCS acquisition, and $5.6 of reversals of tax uncertainties (Reversals) relating to one of our Asian subsidiaries. Taxable foreign exchange impacts were not significant in Q3 2024 or YTD 2024.
Our Q3 2023 net income tax expense of $18.9 included a $3.5 Repatriation Expense. Our YTD 2023 net income tax expense of $42.1 included a $6.8 Repatriation Expense, partially offset by the favorable impact of $5.5 in Reversals relating to one of our Asian subsidiaries. Taxable foreign exchange impacts were not significant in Q3 2023 or YTD 2023.
11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Our financial assets are comprised primarily of cash and cash equivalents, A/R, and derivatives used for hedging purposes. Our financial liabilities are comprised primarily of accounts payable, certain accrued and other liabilities, the New Term Loans, borrowings under the Revolver, lease obligations, and derivatives used for hedging purposes.
Equity price risk:
We are party to the TRS Agreement with a third-party bank with respect to an original notional amount of 3.0 million of our Common Shares (Original Notional Amount) to manage our cash flow requirements and exposure to fluctuations in the price of our Common Shares in connection with the settlement of certain outstanding equity awards under our SBC plans. The counterparty under the TRS Agreement is obligated to make a payment to us upon its termination (in whole or in part) or expiration (Settlement) based on the increase (if any) in the value of the TRS (as defined in the TRS Agreement) over the agreement’s term, in exchange for periodic payments made by us based on the counterparty’s Common Share purchase costs
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
and SOFR plus a specified margin. Similarly, if the value of the TRS (as defined in the TRS Agreement) decreases over the term of the TRS Agreement, we are obligated to pay the counterparty the amount of such decrease upon Settlement. The change in value of the TRS is determined by comparing the average amount realized by the counterparty upon the disposition of purchased Common Shares to the average amount paid for such shares. By the end of the first quarter of 2023, the counterparty had acquired the entire Original Notional Amount at a weighted average price of $12.73 per share. The TRS Agreement provides for automatic annual one-year extensions (subject to specified conditions), and may be terminated (in whole or in part) by either party at any time. In each of September 2023 and February 2024, we terminated a portion of the TRS Agreement by reducing the Original Notional Amount by 0.5 million Common Shares and 1.25 million Common Shares, respectively, and received $5.0 and $32.3, respectively, from the counterparty in connection therewith, which we recorded in cash provided by financing activities in our consolidated statement of cash flows. The TRS does not qualify for hedge accounting. As of September 30, 2024, the fair value of the TRS Agreement was an unrealized gain of $47.8 (December 31, 2023 — an unrealized gain of $40.6), which we recorded in other current assets on our consolidated balance sheet. TRS FVAs (representing the change of fair value of TRS) are recognized in our consolidated statement of operations each quarter. See note 8 for TRS FVAs in Q3 2024, YTD 2024, and the respective prior year periods.
Interest rate risk:
Borrowings under the Credit Facility expose us to interest rate risk due to the potential variability of market interest rates (see note 7). In order to partially hedge against our exposure to interest rate variability on our New Term Loans, we are party to various agreements with third-party banks to swap the variable interest rate with a fixed rate of interest for a portion of the borrowings thereunder. At September 30, 2024, we had interest rate swaps hedging the interest rate risk associated with $130.0 of our Term A Loan borrowings and $200.0 of our Term B Loan borrowings, each of which expire in December 2025. Prior to the June 2024 Amendment, these interest rate swaps were used to hedge $100.0 of our Initial Term Loan borrowings and $230.0 of our Incremental Term Loan borrowings. We continue to apply hedge accounting to our interest rate swaps, as the term loan borrowings prior and subsequent to the June 2024 Amendment share the same floating interest rate risk. The option to cancel up to $50.0 of the notional amount of the interest rate swaps on the Incremental Term Loan from January 2024 through October 2025 was terminated in January 2024.
At September 30, 2024, the interest rate risk related to $415.6 of borrowings under the Credit Facility was unhedged, consisting of unhedged amounts outstanding under the New Term Loans ($298.7 under the Term B Loan and $116.9 under the Term A Loan). See note 7.
At September 30, 2024, the fair value of our interest rate swap agreements was an unrealized gain of $6.3 (December 31, 2023 — an unrealized gain of $13.2), which we recorded in other non-current assets on our consolidated balance sheet. The unrealized portion of the change in fair value of the swaps is recorded in other comprehensive income (loss) (OCI). The realized portion of the change in fair value of the swaps is released from accumulated OCI and recognized under finance costs in our consolidated statement of operations when the hedged interest expense is recognized.
Currency risk:
The majority of our currency risk is driven by operational costs, including income tax expense, incurred in local currencies by our subsidiaries. We cannot predict changes in currency exchange rates, the impact of exchange rate changes on our operating results, nor the degree to which we will be able to manage the impact of currency exchange rate changes. Such changes could have a material effect on our business, financial performance and financial condition.
Our major currency exposures at September 30, 2024 are summarized in U.S. dollar equivalents in the following table. The local currency amounts have been converted to U.S. dollar equivalents using spot rates at September 30, 2024.
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
| Canadian dollar | Euro | Thai baht | Chinese renminbi | Mexican peso | Malaysian ringgit | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.0 | $ | 13.3 | $ | 2.2 | $ | 11.2 | $ | 11.8 | $ | 8.7 | |||||||||||||||||||||||
Accounts receivable | 0.2 | 56.7 | — | 13.0 | — | 10.7 | |||||||||||||||||||||||||||||
Income taxes and value-added taxes receivable | 14.8 | 0.7 | 3.7 | 3.1 | 52.6 | 12.7 | |||||||||||||||||||||||||||||
Other financial assets | — | 8.3 | 0.3 | 0.4 | 0.8 | 9.0 | |||||||||||||||||||||||||||||
Pension and non-pension post-employment liabilities | (52.0) | (0.9) | (23.3) | (0.7) | (6.0) | (0.1) | |||||||||||||||||||||||||||||
Income taxes and value-added taxes payable | (21.6) | (2.2) | — | (12.1) | (13.9) | — | |||||||||||||||||||||||||||||
| Accounts payable and certain accrued and other liabilities and provisions | (73.9) | (49.9) | (64.4) | (42.3) | (17.9) | (51.6) | |||||||||||||||||||||||||||||
Net financial assets (liabilities) | $ | (130.5) | $ | 26.0 | $ | (81.5) | $ | (27.4) | $ | 27.4 | $ | (10.6) | |||||||||||||||||||||||
We enter into foreign currency forward contracts to hedge our cash flow exposures and foreign currency swaps to hedge the exposures of our monetary assets and liabilities denominated in foreign currencies. While these contracts are intended to reduce the effects of fluctuations in foreign currency exchange rates, our hedging strategy does not mitigate the longer-term impacts of changes to foreign exchange rates.
At September 30, 2024, we had foreign currency forwards and swaps to trade U.S. dollars in exchange for the following currencies:
| Currency | Contract amount in U.S. dollars | Weighted average exchange rate in U.S. dollars (1) | Maximum period in months | Fair value gain (loss) | |||||||||||||||||||
| Canadian dollar | $ | 221.3 | $ | 0.74 | 12 | $ | 1.2 | ||||||||||||||||
| Thai baht | 199.5 | 0.03 | 12 | 16.3 | |||||||||||||||||||
| Malaysian ringgit | 69.7 | 0.22 | 12 | 6.5 | |||||||||||||||||||
| Mexican peso | 113.7 | 0.05 | 11 | (4.5) | |||||||||||||||||||
| British pound | 3.8 | 1.32 | 4 | (0.2) | |||||||||||||||||||
| Chinese renminbi | 33.1 | 0.14 | 12 | 0.2 | |||||||||||||||||||
| Euro | 56.8 | 1.11 | 11 | (1.3) | |||||||||||||||||||
| Romanian leu | 43.0 | 0.22 | 12 | 1.1 | |||||||||||||||||||
| Singapore dollar | 26.6 | 0.76 | 12 | 0.6 | |||||||||||||||||||
| Japanese yen | 4.9 | 0.0067 | 4 | (0.4) | |||||||||||||||||||
| Korean won | 2.7 | 0.0007 | 4 | (0.1) | |||||||||||||||||||
| Total | $ | 775.1 | $ | 19.4 | |||||||||||||||||||
| Fair values of outstanding foreign currency forward and swap contracts related to effective cash flow hedges where we applied hedge accounting | 9.8 | ||||||||||||||||||||||
| Fair values of outstanding foreign currency forward and swap contracts related to economic hedges where we record the changes in the fair values of such contracts through our consolidated statement of operations | 9.6 | ||||||||||||||||||||||
| $ | 19.4 | ||||||||||||||||||||||
(1)Represents the U.S. dollar equivalent (not in millions) of one unit of the foreign currency, weighted based on the notional amounts of the underlying foreign currency forward and swap contracts outstanding as at September 30, 2024.
At September 30, 2024, the aggregate fair value of our outstanding contracts was a net unrealized gain of $19.4 (December 31, 2023 — net unrealized gain of $6.5), resulting from fluctuations in foreign exchange rates between the contract execution and the period-end date. At September 30, 2024, we recorded $33.9 of derivative assets in other current assets and an aggregate of $14.5 of derivative liabilities in other current liabilities (December 31, 2023 — $15.8 of derivative assets in other current assets and $9.3 of derivative liabilities in other current liabilities).
Credit risk:
Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a financial loss to us. We believe our credit risk of counterparty non-performance continues to be relatively low. We are in regular contact with our customers, suppliers and logistics providers, and have not experienced significant counterparty credit-related non-performance
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CELESTICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in millions of U.S. dollars, except percentages and per share amounts)
(unaudited)
in 2023 or YTD 2024. However, if a key supplier (or any company within such supplier's supply chain) or customer fails to comply with their contractual obligations, this could result in a significant financial loss to us. We would also suffer a significant financial loss if an institution from which we purchased foreign currency exchange contracts and swaps, interest rate swaps, or annuities for our pension plans, or the counterparty to our TRS Agreement, defaults on their contractual obligations. With respect to our financial market activities, we have adopted a policy of dealing only with counterparties we deem to be creditworthy. No material adjustments were made to our allowance for doubtful accounts during Q3 2024 or YTD 2024 in connection with our ongoing credit risk assessments.
Liquidity risk:
Liquidity risk is the risk that we may not have cash available to satisfy our financial obligations as they come due. The majority of our financial liabilities recorded in accounts payable, accrued and other current liabilities and provisions are due within 90 days. We manage liquidity risk through maintenance of cash on hand and access to the various financing arrangements described in notes 5 and 7. We believe that cash flow from operating activities, together with cash on hand, cash from accepted sales of A/R, and borrowings available under the Revolver and potentially available under uncommitted intraday and overnight bank overdraft facilities, are sufficient to fund our currently anticipated financial obligations, and will remain available in the current environment. As our A/R sales program and SFPs are each uncommitted, however, there can be no assurance that any participant bank will purchase any of the A/R that we wish to sell.
12. COMMITMENTS AND CONTINGENCIES
Litigation:
We are party to litigation, investigations and other claims that arise from time to time in the ordinary course of our operations, including legal, regulatory and tax proceedings. Management believes that adequate provisions have been recorded where required. Although it is not always possible to estimate the extent of potential costs, if any, we believe that the ultimate resolution of all such pending matters will not have a material adverse impact on our financial performance, financial position or liquidity.
Taxes and Other Matters:
In 2021, the Romanian tax authorities issued a final assessment in the aggregate amount of approximately 31 million Romanian leu (approximately $7 at Q3 2024 period-end exchange rates), for additional income and value-added taxes for one of our Romanian subsidiaries for the 2014 to 2018 tax years. In order to advance our case to the appeals phase and reduce or eliminate potential interest and penalties, we paid the Romanian tax authorities the full amount assessed in 2021 (without agreement to all or any portion of such assessment). We believe that our originally-filed tax return positions are in compliance with applicable Romanian tax laws and regulations, and intend to vigorously defend our position through all necessary appeals or other judicial processes.
The successful pursuit of assertions made by any government authority, including tax authorities, could result in our owing significant amounts of tax or other reimbursements, interest and possibly penalties. We believe we adequately accrue for any probable potential adverse ruling. However, there can be no assurance as to the final resolution of any claims and any resulting proceedings. If any claims and any ensuing proceedings are determined adversely to us, the amounts we may be required to pay could be material, and in excess of amounts accrued.
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