Amtech Systems Inc (ASYS) 2024 Q3 法說會逐字稿

Good day, and welcome to the Amtech Systems Fiscal third quarter 2024 earnings conference call.

美好的一天，歡迎參加 Amtech Systems 2024 年第三季財報電話會議。

Please note that this call is being recorded and simultaneously webcast.

請注意，本次通話正在錄音並同時進行網路直播。

I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations.

我現在想將電話轉給藍寶石投資者關係部的 Erica Mannion。

Please go ahead.

請繼續。

Good afternoon and thank you for joining us for Amtech Systems' fiscal third quarter 2024 conference call.

下午好，感謝您參加 Amtech Systems 2024 年第三財季電話會議。

With me on the call today are Bob Daigle, Chairman and Chief Executive Officer; Lisa Gibbs, Chief Financial Officer; and Wade Jenke, Incoming Chief Financial Officer.

今天與我一起參加電話會議的是董事長兼執行長鮑勃‧戴格爾 (Bob Daigle)；麗莎·吉布斯，財務長；以及即將上任的財務長 Wade Jenke。

After close of market today, Amtech released its financial results for the fiscal third quarter of 2024.

今天收盤後，Amtech 發布了 2024 年第三財季的財務表現。

The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section.

收益報告發佈在公司網站 www.amtechsystems.com 的投資者部分。

Before we begin, I'd like to remind everyone that the Safe Harbor disclaimer in our public filings covers this call and our webcast.

在我們開始之前，我想提醒大家，我們公開文件中的安全港免責聲明涵蓋了本次電話會議和我們的網路廣播。

Some of the comments to be made during today's call will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including, but not limited to, those contained in our SEC filings, all of which are posted within the Investors section of our corporate website.

今天電話會議期間發表的一些評論將包含前瞻性陳述和假設，這些陳述和假設受到風險和不確定性的影響，包括但不限於我們向 SEC 提交的文件中包含的內容，所有這些都發佈在我們的公司網站。

The company assumes no obligation to update any such forward-looking statements.

本公司不承擔更新任何此類前瞻性陳述的義務。

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of today.

請注意不要過度依賴前瞻性陳述，這些陳述僅代表今天的情況。

These statements are not a guarantee of future performance and actual results could differ materially from current expectations.

這些陳述並不能保證未來業績，實際結果可能與目前預期有重大差異。

Among the important factors, which would cause actual results to differ materially from those in the forward-looking statements are changes in the technologies used by customers and competitors. change in volatility and the demand for products; the effect of changing worldwide political and economic conditions, including trade sanctions; the effect of overall market conditions, including the equity and credit markets and market acceptance risks; ongoing logistics, supply chain, and labor challenges; and capital allocation plans.

導致實際結果與前瞻性陳述中的結果有重大差異的重要因素包括客戶和競爭對手所使用的技術的變化。波動性和產品需求的變化；全球政治和經濟狀況變化的影響，包括貿易制裁；整體市場狀況的影響，包括股票和信貸市場以及市場接受風險；持續的物流、供應鏈和勞動力挑戰；和資本配置計劃。

Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q.

我們向 SEC 提交的文件中詳細介紹了其他風險因素，包括我們的表格 10-K 和表格 10-Q。

Additionally, in today's conference call, we will be referring to non-GAAP financial measures as we discuss the third quarter financial results.

此外，在今天的電話會議中，我們在討論第三季財務表現時將提及非公認會計準則財務指標。

You'll find a reconciliation of these non-GAAP measures to our actual GAAP results included in the press release issued today.

您將在今天發布的新聞稿中找到這些非 GAAP 指標與我們實際 GAAP 績效的對帳。

Now, I would like to turn the call over to Amtech's Chief Executive Officer, Bob Daigle.

現在，我想將電話轉給 Amtech 執行長 Bob Daigle。

Good afternoon, everyone.

大家下午好。

Thank you for joining Amtech's quarterly conference call.

感謝您參加 Amtech 的季度電話會議。

In the third quarter, we continued to optimize our cost structure to match the current demand environment and lay the foundation for meaningful operating leverage as the markets we serve recover.

第三季度，我們繼續優化成本結構，以適應當前的需求環境，並為我們服務的市場復甦時實現有意義的營運槓桿奠定基礎。

Revenue of $26.7 million exceeded the high end of our guidance range, and our adjusted EBITDA was $2.3 million.

2670 萬美元的收入超出了我們指導範圍的上限，調整後的 EBITDA 為 230 萬美元。

I'm pleased that we're beginning to see the financial benefits of the actions we've taken over the past few quarters.

我很高興我們開始看到過去幾季採取的行動所帶來的經濟效益。

The macroeconomic landscape for our end markets remains somewhat mixed.

我們終端市場的宏觀經濟情勢仍有些複雜。

Within the semiconductor industry, we have begun to see incremental improvement in demand for advanced packaging applications.

在半導體產業中，我們已經開始看到對先進封裝應用的需求逐漸改善。

While we have not seen a sharp recovery, we are seeing a gradual increase in demand from the cyclical lows of the past few quarters.

雖然我們還沒有看到急劇復甦，但我們看到需求從過去幾季的周期性低點逐漸增加。

Based on quoting activity and discussions with our customers, we expect to see continued improvement.

根據報價活動以及與客戶的討論，我們期望看到持續的改善。

Offsetting this incremental tailwind, we have experienced a softening of demand for our horizontal diffusion furnaces since these tools are primarily targeted for power electronic semiconductor applications in automotive and industrial markets.

為了抵​​消這種增量的順風，我們經歷了對臥式擴散爐的需求疲軟，因為這些工具主要針對汽車和工業市場的電力電子半導體應用。

While this impacts both our backlog and the future revenue in the near term, our overall profit levels remain neutral, as the contribution margin from these products was significantly lower than our corporate average.

雖然這會影響我們的積壓訂單和近期的未來收入，但我們的整體利潤水準保持中性，因為這些產品的邊際貢獻率明顯低於我們的公司平均水準。

Within our materials and substrates end markets, we are seeing a stabilization in overall demand.

在我們的材料和基材終端市場中，我們看到整體需求趨於穩定。

Although demand for consumables used for semiconductor fabrication remains somewhat lumpy, the demand for replacement parts continues to improve.

儘管用於半導體製造的消耗品的需求仍然有些不穩定，但對替換零件的需求持續改善。

Taken together, we believe we've passed the trough in demand for this segment, although we do not expect a sharp recovery in the near term.

總而言之，我們相信該領域的需求已經度過了低谷，儘管我們預計短期內不會大幅復甦。

While we await the rebound in demand across broader markets, we are continuing to focus on optimizing our operations.

在我們等待更廣泛市場的需求反彈的同時，我們將繼續專注於優化我們的營運。

In the third quarter, we completed the relocation of our US BTU facility to a smaller, more cost-effective facility in Massachusetts and expanded our partnership with contract manufacturers to improve operational efficiency and manufacturing flexibility.

第三季度，我們完成了將美國 BTU 工廠搬遷至馬薩諸塞州規模較小、更具成本效益的工廠，並擴大了與合約製造商的合作夥伴關係，以提高營運效率和製造靈活性。

The smaller facility reduces our fixed cost by about $1 million a year without impacting the production capacity.

較小的工廠每年可減少我們約 100 萬美元的固定成本，而不會影響生產能力。

In addition, we are beginning to see the benefits of pricing actions we've taken over the last several quarters.

此外，我們開始看到過去幾季採取的定價行動的好處。

That said, it will still be a few quarters before we see the full impact due to existing backlog in parts of our business.

也就是說，由於我們部分業務現有積壓，我們還需要幾個季度才能看到全面影響。

Overall, we believe the measures we've implemented over the past few quarters have better aligned our organization to support current market demand, while delivering positive near-term adjusted EBITDA profitability.

總體而言，我們相信過去幾季實施的措施使我們的組織更好地適應了當前的市場需求，同時實現了積極的近期調整後 EBITDA 獲利能力。

The success of our initiatives has resulted in approximately $7 million in annualized cost savings and allowed us to deliver our third consecutive quarter of positive adjusted EBITDA and operating cash flow despite the ongoing softness in the markets we serve.

我們的舉措取得了成功，每年節省了約 700 萬美元的成本，並使我們能夠在我們服務的市場持續疲軟的情況下，連續第三個季度實現調整後的 EBITDA 和營運現金流正值。

Looking ahead, we believe Amtech is well positioned to capitalize on several secular trends that will drive demand for our products.

展望未來，我們相信 Amtech 處於有利地位，能夠利用幾個長期趨勢來推動對我們產品的需求。

Within the automotive market, we expect continued growth of power electronic applications in hybrid and full electric vehicles that will generate strong demand for our consumables and equipment.

在汽車市場中，我們預計混合動力和純電動車中的電力電子應用將持續成長，這將對我們的消耗品和設備產生強勁需求。

Within the broader semiconductor market, our tools play a critical role in the advanced packaging of processors used and high-performance computing.

在更廣泛的半導體市場中，我們的工具在所用處理器的先進封裝和高效能運算方面發揮關鍵作用。

As OSAT and OEM utilization rates increase, we expect to see a stronger rebound in demand for our reflow equipment.

隨著 OSAT 和 OEM 利用率的提高，我們預期回流設備的需求將出現更強勁的反彈。

In addition, we expect to benefit from the near-shoring investments being made by government and industry players to build more resilient and secure semiconductor and electronic assembly supply chains.

此外，我們預計將從政府和產業參與者進行的近岸投資中受益，以建立更具彈性和安全的半導體和電子組裝供應鏈。

In summary, we remain confident that the strategic initiatives we are implementing to enhance operational efficiency and reducing working capital will generate significant shareholder value as our target markets regain momentum.

總而言之，我們仍然相信，隨著我們的目標市場重新獲得動力，我們正在實施的旨在提高營運效率和減少營運資本的策略性舉措將產生顯著的股東價值。

With that, I'll turn it over to Lisa for further details on the third quarter.

這樣，我將把它交給麗莎，以了解第三季的更多細節。

Thank you, Bob.

謝謝你，鮑伯。

Net revenues increased 5% sequentially and decreased 13% from the third quarter of fiscal 2023.

淨收入季增 5%，較 2023 財年第三季下降 13%。

The sequential increase is primarily due to increased sales of our reflow and wafer cleaning equipment and higher parts and services revenue.

環比成長主要是由於我們的回流焊接和晶圓清洗設備的銷售增加以及零件和服務收入的增加。

The decrease from prior year is primarily attributable to lower sales across most of our product portfolio due to a slowdown in the broader semiconductor market.

與前一年相比的下降主要是由於更廣泛的半導體市場放緩導致我們大部分產品組合的銷售額下降。

In the third quarter of fiscal 2024, GAAP gross margin increased sequentially compared to the same prior year period.

2024 財年第三季度，公認會計準則毛利率較上年同期成長。

On a sequential basis, GAAP gross margin in our semiconductor segment was positively affected by product mix, contributed to increased revenue for refill equipment, parts and services.

環比來看，我們半導體部門的 GAAP 毛利率受到產品組合的正面影響，有助於填充設備、零件和服務的收入增加。

GAAP gross margin in our materials and substrates segment decreased on a sequential basis due primarily to a less favorable product mix of consumables and equipment.

我們的材料和基材部門的公認會計原則毛利率較上月下降，主要是由於消耗品和設備的產品組合較差。

Compared to the same prior year period, GAAP gross margin was relatively consistent between periods.

與去年同期相比，不同時期的 GAAP 毛利率相對一致。

Selling, general and administrative expenses decreased approximately $40,000 on a sequential basis and decreased $2.1 million compared to the same prior year period.

銷售、一般和管理費用較上季減少約 4 萬美元，與去年同期相比減少 210 萬美元。

The sequential decrease is due primarily to reductions in labor-related expenses, partially offset by increased commissions and shipping expenses on higher sales.

環比下降主要是由於勞動力相關費用的減少，但部分被銷售額增加帶來的佣金和運輸費用的增加所抵消。

Compared to the same prior year period, the decrease is due primarily to lower labor and labor-related expenses as a result of our cost reduction initiatives, as well as lower shipping expenses on lower revenues.

與去年同期相比，下降的主要原因是我們的成本削減措施導致勞動力和與勞動力相關的費用減少，以及收入下降導致的運輸費用減少。

Research, development and engineering expenses decreased $0.2 million sequentially and decreased $1.1 million compared to the same prior year period with a sequential decrease due primarily to the timing of purchases related to specific projects in both segments and the decrease from prior year attributable to development efforts in our material and substrates segment that did not recur.

研究、開發和工程費用環比減少 20 萬美元，與上年同期相比減少 110 萬美元，環比減少主要是由於與兩個部門的特定項目相關的採購時間以及由於開發工作而導致的比上年減少我們的材料和基材部分沒有重複出現。

GAAP operating income was $0.8 million compared to GAAP operating income of $1.4 million in the second quarter of fiscal 2024 and GAAP operating loss of $1.1 million in the same prior year period.

GAAP 營業收入為 80 萬美元，而 2024 財年第二季 GAAP 營業收入為 140 萬美元，去年同期 GAAP 營業虧損為 110 萬美元。

Non-GAAP operating income was $1.5 million compared to non-GAAP operating income of $0.2 million in the second quarter of fiscal 2024 and non-GAAP operating income of $0.4 million in the same prior year period.

非 GAAP 營業收入為 150 萬美元，而 2024 財年第二季非 GAAP 營業收入為 20 萬美元，去年同期非 GAAP 營業收入為 40 萬美元。

GAAP net income for the third quarter of fiscal 2024 was $0.4 million or $0.03 per share.

2024 財年第三季 GAAP 淨利為 40 萬美元，即每股 0.03 美元。

This compares to GAAP net income of $1 million or $0.07 per share for the preceding quarter and GAAP net loss of $1 million or $0.07 per share for the third quarter of fiscal 2023.

相較之下，上一季 GAAP 淨利為 100 萬美元，即每股 0.07 美元，2023 財年第三季 GAAP 淨虧損為 100 萬美元，即每股 0.07 美元。

Non-GAAP net income for the third quarter of fiscal 2024 was $1.1 million or $0.08 per share.

2024 財年第三季非 GAAP 淨利為 110 萬美元，即每股 0.08 美元。

This compares to non-GAAP net loss of $0.2 million or $0.01 per share for the preceding quarter and non-GAAP net income of $0.3 million or $0.02 per share for the third quarter of fiscal 2023.

相比之下，上一季的非 GAAP 淨虧損為 20 萬美元或每股 0.01 美元，2023 財年第三季的非 GAAP 淨利潤為 30 萬美元或每股 0.02 美元。

Unrestricted cash and cash equivalents at June 30, 2024, were $13.2 million compared to $13.1 million at September 30, 2023.

截至 2024 年 6 月 30 日，不受限制的現金和現金等價物為 1,320 萬美元，而 2023 年 9 月 30 日為 1,310 萬美元。

Debt payments during the three months ended June 30, 2024 were $0.3 million.

截至 2024 年 6 月 30 日止三個月的債務支付為 30 萬美元。

Net cash as of June 30, 2024 was $8.9 million compared to $2.4 million as of September 30, 2023.

截至 2024 年 6 月 30 日的淨現金為 890 萬美元，而截至 2023 年 9 月 30 日的淨現金為 240 萬美元。

As Bob touched on, we are seeing differences in the order values and margins for new orders booked compared to some of the products shipping from older backlog.

正如鮑伯所說，我們發現新訂單的訂單價值和利潤與舊積壓訂單中的一些產品相比存在差異。

Our shipments for the third fiscal quarter of 2024 include a mix of larger furnaces whose profit levels are below our current expectations and corporate average.

我們 2024 年第三財季的出貨量包括多種大型熔爐，其利潤水準低於我們目前的預期和企業平均水準。

New orders are trending towards lower order value, but higher-margin products.

新訂單趨向於訂單價值較低但利潤較高的產品。

And as the semi market recovers, we will have higher volumes of these types of bookings.

隨著半成品市場的復甦，我們將獲得更多此類類型的預訂。

As we continue to work down this backlog, we expect our book-to-bill, especially in the semi segment to stay below one.

隨著我們繼續處理積壓訂單，我們預計我們的訂單出貨比（尤其是半成品訂單出貨比）將保持在 1 以下。

But over time, our book-to-bill should be closer or exceed 1:1 as a higher portion of our business trends towards book and ship orders.

但隨著時間的推移，我們的訂單與帳單比例應該會接近或超過 1:1，因為我們的業務趨勢中有越來越多的部分轉向預訂和發貨訂單。

As we've discussed previously, we expect the gross margin of our backlog and our future gross margins to improve, but it will take another two to three quarters for this to work its way through.

正如我們之前討論的，我們預計積壓訂單的毛利率和未來的毛利率將會改善，但這還需要兩到三個季度才能實現。

Now turning to our outlook.

現在轉向我們的展望。

For the fourth quarter – fourth fiscal quarter ending September 30, 2024, we expect revenues in the range of $22 million to $25 million with adjusted EBITDA nominally positive.

截至 2024 年 9 月 30 日的第四財季，我們預計營收在 2,200 萬美元至 2,500 萬美元之間，調整後 EBITDA 名義上為正。

Although the near-term outlook for revenue and earnings remains challenging, we remain confident that the future prospects are strong for both our consumables and equipment serving advanced mobility and advanced packaging applications.

儘管近期收入和獲利前景仍然充滿挑戰，但我們仍然相信，我們服務於先進行動和先進包裝應用的消耗品和設備的未來前景強勁。

We took action during the first and second quarters of fiscal 2024, which will reduce Amtech's structural cost by approximately $7 million annually and better align product pricing with value.

我們在 2024 財年第一季和第二季採取了行動，這將使 Amtech 的結構成本每年減少約 700 萬美元，並更好地使產品定價與價值保持一致。

These steps should significantly improve results and enhance profitability through market cycles.

這些步驟應能顯著改善業績並提高整個市場週期的獲利能力。

Operating results can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges and the financial results of semiconductor manufacturers.

半導體製造商的訂單時間、系統出貨、物流挑戰和財務績效可能會對營運績效產生顯著的正面或負面影響。

Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand.

此外，半導體設備產業可能具有週期性，並且本質上會受到市場需求變化的影響。

Actual results may differ materially in the weeks and months ahead.

未來幾週和幾個月的實際結果可能會出現重大差異。

A portion of Amtech's results is denominated in RMBs, a Chinese currency.

Amtech 的部分業績以人民幣（一種中國貨幣）計價。

The outlook provided is based on an assumed exchange rate between the United States dollar and the RMB.

所提供的前景是基於美元與人民幣之間的假設匯率。

Changes in the value of the RMB in relation to the United States dollar could cause actual results to differ from expectations.

人民幣兌美元匯率的變動可能導致實際結果與預期不同。

As I sign off, I would like to welcome Wade to Amtech and thank the Amtech team for all of their hard work and dedication.

在我結束演講時，我謹歡迎 Wade 加入 Amtech，並感謝 Amtech 團隊的辛勤工作和奉獻精神。

I would also like to thank Bob and the Board for their support.

我還要感謝鮑伯和董事會的支持。

I am excited for the road ahead for Amtech and its strong leadership and strategy.

我對 Amtech 的未來之路及其強大的領導力和策略感到興奮。

Bob, I will turn the call back over to you.

鮑勃，我會把電話轉回給你。

Thank you, Lisa.

謝謝你，麗莎。

I would like to take a moment to recognize and thank Lisa for her contributions to Amtech over the past eight years.

我想花一點時間來表彰並感謝 Lisa 在過去八年中對 Amtech 所做的貢獻。

Lisa's commitment to the company and her professional excellence has been invaluable, and I wish her great success with her new role.

麗莎對公司的承諾和她的卓越專業知識非常寶貴，我祝福她在新職位上取得巨大成功。

I'm pleased to welcome Wade Jenke, Amtech's new CFO.

我很高興歡迎 Amtech 新任財務長 Wade Jenke。

Wade has over 15 years of financial and operational experience with global companies.

Wade 在跨國公司擁有超過 15 年的財務和營運經驗。

Most recently, he served as the CFO of the EMS Group at ASSA ABLOY, a $30 billion publicly traded company headquartered in Sweden.

最近，他擔任 ASSA ABLOY EMS 集團的首席財務官，ASSA ABLOY 是一家總部位於瑞典、市值 300 億美元的上市公司。

Prior to that, he served in a number of senior financial roles within ASSA ABLOY and BAE Systems, spanning SEC reporting, FP&A, cost accounting and manufacturing accounting.

在此之前，他曾在 ASSA ABLOY 和 BAE Systems 擔任多個高級財務職位，涉及 SEC 報告、FP&A、成本會計和製造會計。

He has also led back in acquisition integrations and ERP implementations.

他也領導了收購整合和 ERP 實施。

I'm excited to welcome Wade to our team.

我很高興歡迎韋德加入我們的團隊。

His experience in both financial and operational functions will greatly contribute to our efforts to fully optimize our operations and create greater shareholder value in the quarters and years ahead.

他在財務和營運職能方面的經驗將極大地有助於我們在未來幾季和幾年內全面優化營運並創造更大的股東價值。

Welcome aboard, Wade.

歡迎加入，韋德。

Thank you, Bob, and hello to everyone on the call today.

謝謝你，鮑勃，並向今天參加電話會議的所有人問好。

I'm excited to join Bob and the talented team at Amtech.

我很高興加入 Bob 和 Amtech 的才華橫溢的團隊。

I firmly believe Amtech has the potential for significant growth in revenue, profit and cash flow given the company's leadership position in the markets that it serves.

我堅信，鑑於 Amtech 在其所服務的市場中的領導地位，該公司在收入、利潤和現金流方面具有顯著增長的潛力。

I look forward to the exciting journey ahead and getting to know many of you personally soon.

我期待著接下來的激動人心的旅程，並很快就能認識你們中的許多人。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

Operator?

操作員？

(Operator Instructions) Mark Miller, Benchmark.

（操作員指令）Mark Miller，基準。

Lisa, I'd like to wish you best in your new endeavor and Wade, welcome to the Amtech conference call.

Lisa，我祝福你在新的事業中一切順利，Wade，歡迎參加 Amtech 電話會議。

Thank you, Mark.

謝謝你，馬克。

Talking about some pricing actions, what areas were these pricing actions taken?

談到一些定價行為，這些定價行為採取了哪些領域？

Yeah, Mark, as we commented earlier, a lot of it has been -- let me start by saying, it is broad.

是的，馬克，正如我們之前評論的那樣，其中很多都是——讓我首先說，它很廣泛。

So we -- most of the parts of our business, we felt we needed to take some actions to deal with the inflationary pressures over the past 18, 24 months.

所以我們——我們業務的大部分部分，我們覺得我們需要採取一些行動來應對過去 18、24 個月的通膨壓力。

So to answer your question more directly, it has been brought across our portfolio.

因此，為了更直接地回答您的問題，我們已將其納入我們的產品組合中。

But I would say, disproportionate has really been more on the -- on some of the equipment that we're manufacturing, where I think the inflationary pressures in the parts and different components in our systems have been particularly significant than we needed to deal with.

但我想說，不成比例的情況確實更多地發生在我們正在製造的一些設備上，我認為我們系統中的零件和不同組件的通膨壓力特別嚴重，超出了我們需要應對的程度。

General Motors and Ford both recently reported strong results for their EV sales.

通用汽車和福特最近都報告了其電動車銷售的強勁業績。

And have you seen any impact from that or any in terms of quoting activity?

您是否看到了這方面的影響或報價活動方面的任何影響？

Any thoughts that's positive for your future outlook?

對您的未來前景有什麼正面的想法嗎？

Yeah.

是的。

I think I do continue to view EV as having some pretty nice tailwinds.

我認為我確實繼續認為電動車有一些相當好的順風車。

I think some of the -- however, the improved results we've seen out of the more traditional automakers has been somewhat offset by the weakness in -- from the market leader in terms of overall demand in the power electronics area.

我認為，我們從更傳統的汽車製造商那裡看到的一些改進結果在一定程度上被市場領導者在電力電子領域整體需求方面的疲軟所抵消。

One of the things that I also think is encouraging, Mark, for us is the -- again, they've tempered expectations in terms of full electric vehicle growth rates, but they're still fairly substantial.

馬克，我認為對我們來說令人鼓舞的事情之一是——他們再次降低了對全電動汽車成長率的預期，但它們仍然相當可觀。

So I think that's a nice secular tailwind.

所以我認為這是一個很好的長期順風。

But I also believe that what we're beginning to hear more about is the -- probably a stronger push to hybridize, replace traditional ICE vehicles with more of the hybrid vehicles given strong consumer acceptance for those vehicles in order to meet the fuel efficiency requirements.

但我也相信，我們開始聽到更多的是——可能會更大力推動混合動力，用更多的混合動力汽車取代傳統的內燃機汽車，因為消費者對這些車輛的接受程度很高，以滿足燃油效率要求。

So -- and then again, that's helpful to us because we do play broadly in the power electronics equipment and consumables area.

所以，話又說回來，這對我們很有幫助，因為我們確實在電力電子設備和消耗品領域廣泛開展業務。

So I do think that when we look at the puts and takes of kind of a more tempered full EV outlook with an increasing projections for the hybrid electric vehicle side of things, we actually see that net-net as somewhat favorable to us.

因此，我確實認為，當我們審視更加溫和的全電動汽車前景以及對混合動力電動汽車方面的預測不斷增加時，我們實際上認為該網絡對我們有些有利。

You mentioned the reflow business that was one of the drivers for the upside sales.

您提到回流焊業務是銷售上漲的驅動因素之一。

Are you seeing increased quoting activity?

您是否看到報價活動增加？

What does it look like this will continue?

這種情況會持續下去嗎？

Yeah, Mark.

是的，馬克。

Both shipments have been off.

兩批貨物均已關閉。

Quoting activity is up -- and more importantly, I would say, the mix is -- we're seeing an improved mix there.

報價活動有所增加——更重要的是，我想說，混合是——我們看到那裡的混合有所改善。

And what had really softened tremendously was the packaging side of the business, because we manufacture reflow equipment that's used for packaging, advanced packaging, as well as traditional surface mount assembly.

真正大幅軟化的是業務的封裝方面，因為我們製造用於封裝、先進封裝以及傳統表面貼裝組裝的回流設備。

And what we're seeing is -- we've seen several quarters where we have sequentially increased demand for the packaging side of the business.

我們看到的是——我們已經看到幾個季度對包裝業務的需求連續增加。

And that comes in at a higher margin for us and a higher ASP than the surface-mount equipment.

與表面貼裝設備相比，這對我們來說具有更高的利潤和更高的平均售價。

I just have a couple of housekeeping issues.

我只是有一些家務問題。

I'll jump back in the queue.

我會跳回到隊列中。

Cash from operations and CapEx, what were they for the quarter?

本季的營運現金和資本支出是多少？

I've got the year-to-date numbers in front of me here, Mark.

馬克，我面前有今年迄今為止的數字。

We had cash provided by operations of $9 million, which is great year-to-date and CapEx a little bit over $5 million.

我們的營運提供了 900 萬美元的現金，今年迄今已經很不錯了，資本支出略高於 500 萬美元。

We finished the build-out of that building in Massachusetts, which was a significant part of our CapEx.

我們完成了馬薩諸塞州那棟大樓的擴建，這是我們資本支出的重要組成部分。

And I would say, in the nearer term, I would expect that to be more just maintenance type of CapEx.

我想說，在不久的將來，我預計這將是更多只是維護類型的資本支出。

Okay.

好的。

So these were year-to-date over the last three quarters.

這些是過去三個季度迄今為止的數據。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions) Kevin Garrigan, WestPark Capital.

（操作員說明）Kevin Garrigan，WestPark Capital。

Please go ahead.

請繼續。

Yeah.

是的。

Hey, guys.

嘿，夥計們。

Thanks for letting me ask a few questions.

謝謝你讓我問幾個問題。

Bob, I think I may have asked you this last time, but has anything gotten better or worse versus three months ago in the market to kind of give you hope that things maybe turning around or getting better for your businesses?

鮑勃，我想我上次可能已經問過你這個問題了，但是與三個月前相比，市場上是否有任何事情變得更好或更糟，讓你對事情可能會好轉或對你的業務變得更好抱持希望？

Yeah.

是的。

No.

不。

Yeah, I'd say generally more positive.

是的，我想說的是整體上更積極。

I think the areas that have clearly seen some rebound, I would say, are parts side of the business, as we mentioned -- because again, some of the -- that had a lot of the parts business and service side of things that kind of dried up to a great degree about six months ago or so.

我認為，我想說的是，明顯看到一些反彈的領域是零部件業務，正如我們所提到的，因為同樣，其中一些領域有很多零部件業務和服務方面的事情大約六個月前已經很大程度上乾涸了。

And we've seen incremental improvement in people maintaining equipment and parts replacements.

我們已經看到設備維護和零件更換人員的不斷進步。

And then, of course, I think what's very significant here is the fact that we're nowhere near peak demand for the reflow equipment, but sequentially, we're seeing improvements in demand and in particular, chip packaging.

當然，我認為這裡非常重要的事實是，我們對回流設備的需求還遠未達到峰值，但隨後，我們看到需求有所改善，特別是晶片封裝。

I really -- I would say, in the consumables area, as I mentioned, that's lumpy.

我真的——我想說，正如我所提到的，在消耗品領域，這是不穩定的。

I would still characterize it as stable.

我仍然認為它是穩定的。

It's not always consistent, but we're not seeing either a significant headwind or tailwind in that area.

它並不總是一致的，但我們在該地區沒有看到明顯的逆風或順風。

And in general, I wouldn't say that it seemed -- I mean, my sense is that we saw the bottom in the industry a couple of quarters ago.

總的來說，我不會說這似乎——我的意思是，我的感覺是我們在幾個季度前看到了該行業的底部。

And that although we had all hoped for this V-shape recovery, the sharp recovery in the markets we serve, we're not seeing that.

儘管我們都希望出現這種 V 型復甦，即我們所服務的市場的急劇復甦，但我們並沒有看到這一點。

But at least we're seeing some incremental improvements.

但至少我們看到了一些漸進的改進。

Okay.

好的。

Got it.

知道了。

Yeah, I've heard similar that we're kind of just bouncing along the bottom at this point.

是的，我也聽過類似的說法，我們現在正處於底部反彈。

Everyone's kind of still waiting.

大家都還在等待。

Yeah, and the

是的，還有

---

---

And I would -- I can just add something.

我想——我可以補充一些東西。

And that's kind of again, our strategy, our approach has really been to we can't deal with the market demand conditions, but we can deal with our cost structure and our operating performance.

這又是我們的策略，我們的方法實際上是我們無法應對市場需求條件，但我們可以應對我們的成本結構和營運績效。

And that's really while we wait for something more substantial, as you point out, maybe things are bouncing a lot at the bottom, is make sure as things are bouncing along the bottom, we're financially in good shape and doing the best we can to drive EBITDA.

正如您所指出的，當我們等待更實質性的事情時，也許事情正在底部反彈很多，要確保隨著事情沿著底部反彈，我們的財務狀況良好，並儘我們所能推動 EBITDA。

Yeah, absolutely.

是的，絕對是。

That makes a ton of sense.

這很有道理。

Okay.

好的。

Perfect.

完美的。

And then just as a follow-up, Lisa, congrats on the new role in Investor [Nest] going forward.

作為後續行動，麗莎祝賀投資者 [Nest] 未來的新角色。

Can you just give us the focus for Amtech in terms of capital allocation for the rest of 2024?

您能否向我們介紹 Amtech 2024 年剩餘時間的資本配置重點？

And is M&A kind of a -- a bit of a focus for you guys?

併購是你們關注的焦點嗎？

Yeah.

是的。

I would say that with the continued focus on positive EBITDA generation, even as we kind of bounce along here at the bottom, as we were saying, we finished that build out of the building in Massachusetts.

我想說的是，隨著我們繼續關注正 EBITDA 的產生，即使我們在底部反彈，正如我們所說，我們也完成了馬薩諸塞州大樓的建設。

And here in the near term, I think we kind of returned to a maintenance CapEx, work way into our annual budgeting cycle here in the next month or two.

在短期內，我認為我們有點回到了維護資本支出，在接下來的一兩個月內進入我們的年度預算週期。

So I would expect potentially a little bit more CapEx next year as Bob and Wade, look at areas to invest in the business.

因此，我預計明年鮑勃和韋德會考慮投資該業務的領域，資本支出可能會增加一些。

On the M&A front, I will turn that back to Bob since he is the more forward-looking person at this table right now.

在併購方面，我將把這個問題轉回給鮑勃，因為他是目前在座的更具前瞻性的人。

Yeah.

是的。

I would say, in current environment, not in the short term, but I do think it's definitely something that we're starting to dig into more in the medium to longer term in terms of how to deploy capital to enhance growth.

我想說，在當前環境下，不是在短期內，但我確實認為，在中長期內，我們肯定會開始更多地研究如何部署資本以促進成長。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time.

（操作員說明） 目前沒有其他問題。

I will now turn the call back over to CEO, Bob Daigle, for closing remarks.

現在，我將把電話轉回給執行長鮑勃·戴格爾 (Bob Daigle)，他將發表結束語。

Well, thank you again for joining our conference call, and I look forward to updating you on the progress we're making in the coming months.

好吧，再次感謝您參加我們的電話會議，我期待向您介紹我們在未來幾個月所取得的最新進展。

Have a good afternoon, evening, everyone.

祝大家下午好、晚上好。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。