per share compared to 30 cents per share last year. The increase is primarily attributable to growth in revenues and improved operating margins. Moving to the balance sheet, in Q3 we generated cash from operations of $82.1 million up from 78.9 million last year on growth and revenues and operating margins. Our non-cash working capital as a percentage of revenue remained low at 6.3% in Q3, up slightly from 6% in Q2 and well within our target of maintaining working capitals of percentage of revenues below 15%. We invested 11.3 million in CapEx and intangible assets in Q3 compared to seven million in Q3 last year. Higher investments, primarily related to the expansion and improvement of facilities and investments in IT. On leverage, our December net debt to adjust EBITDA ratio was 3.1 to one as we drew on our revolving credit facility to fund the acquisition of SP in Q3. As we've said previously, we are willing to temporarily increase our leverage for the rate opportunities. And a proforma basis, including the trailing 12 month EBITDA contributions of acquired businesses, our net debt to adjusted EBITDA ratio was approximately 2.6 to one. We ended the quarter with 200 million of cash and availability on our credit facilities of approximately 171 million. Going forward, we're focused on maintaining our strong balance sheet and flexibility into our financing to continue supporting our growth strategies. In summary, strong growth continued in Q3, including record quarterly revenues, bookings and backlog, and we pursued margin expansion with good results. These accomplishments reflected organic growth on plan contributions from our newly acquired businesses and the ongoing application of our ABM playbook. Our global teams have demonstrated strong performance in challenging business conditions, as we continue to deliver value to our customers and shareholders. Now, we will open the call questions from our analysts, operator, could you please provide instructions? Thank you. Thank you, ladies and gentlemen, who will now conduct a question and answer session. To allow as many voices to be heard as possible, please limit yourself to two questions per turn. If you have a question, please press the star followed by the one on your touch inaudible phone. Your questions be pulled in the, in the order they received. Please ensure you leave the handset if you're using a speaker phone before pressing any keys. One moment please for your first question, your first question comes from Charlene Raborn, GD Securities, please go ahead. Thanks very much. And good morning. Um, Andrew, as we think about your M&A agenda after a very busy 12 months, can you give us a sense of how much white space is left in life sciences for you and where your areas of focus will be going forward? Yeah. Good, good, good morning, Charlene. Um, so I'm gonna walk through first, really pleased with the progress we've made here. And as we continue to build out, our focus on key markets, key areas, we've also increased what we view as, as the potential. And so our funnel was healthy and remains healthy in this space. And there are multiple areas we like as you're well aware, one is in life sciences. And even with the addition of, of SP, not only do we view bio pharma as having additional opportunity, when we look at their life sciences equipment space, it opens up new niche markets that we view have potential for ATS in the future. Couple items to, to, to highlight, our balance sheet remains strong. But secondly, the cultivation activity that we do today oftentimes will pay off two years from now. So when we look at our strategic layout and our strategic structure, we're constantly focused on how to ensure that we build those relationships. We put us in a position that when an available target becomes available, ATS can win. And as you're well aware, we look at niche applications that are leaders in their spaces, leaders in technology that we can bring together and really provide solutions for our customers. Great. That's great color. Um, and then for Ryan, um, your backlog conversion has been above guidance for the last several quarters, and I was hoping you could help us understand that, is that because there are now certain short cycle revenues that aren't factored into the backlog conversion? Or is the company just continuing to exceed its own expectations for backlog conversion? Um, yeah, good morning, Charlene. So, so I, I'll start, th- this is something that we do look, uh, at every quarter and we base the estimate, um, on what is in our backlog or expectations. And, uh, specifically to your question, we have added, uh, faster turning businesses. So SP is a, as an example is a quicker… Does this… so, S-SP is-is-is-is an example, is a quick returning business. Other projects are generally shorter cycle than, than the core ATS business. They also have the lab ware and glassware business, which is uh-uh, a fast returning business. Um, in, in this quarter we were a bit higher than, uh, that 35-40 % range. That… just over half of that, just over 1% was related to SP, which was not part of our business when we provided that range last quarter. Um, so, in, in the short term, we are dealing with supply chain headwinds, uh, there-there, there's been an uptick in employee absenteeism related to Covid. And so, that's led us to keep that rate in that 35-40 % range. Over time, again, to the, to your question, given the addition of more products, technologies, uh, growth in services. We may see this rate increase, but i-in today's environment, uh, our, our outlook is, is in that 35-40 % range. Okay, that makes a lot of sense. Thank you. That's all from me. Thank you. Your next question comes from Mark Neville, with Scotia Bank. Please go ahead. Hey, good morning guys. <cough> 'Scuse me. Uh, another great quarter. Um, I guess just, just on these supply chain presses, um, again you're calling these out longer lead times, labor, et cetera. Uh, I guess I'm just curious, sort of incrementally, have things gotten materially worse? Um, or, or, or, or not? Again we're not really seeing it in the numbers, I'm just kinda sorta gauge what it means for the next quarter inaudible. Yeah, good, good, good morning Mark. Um, I'll start then Ryan feel free to jump in if there's areas you wanna add. Um, so, to, to start… we have and, and, I'll just walk through this quickly. We, we, we've really launched our view of the ABM around this and, and, and it's something we call daily visual management. Um, effectively, what you're doing is you're looking at every business, every site, every area, on a daily basis. And, and you know better green, do you have an issue or not? And if you have an issue, how do you then resolve it that issue and drive? And so, we know from, from not only a regional, from a site-specific area. At my level, across the enterprise, I can pull up weekly, I can pull