Benchmark Electronics Inc (BHE) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Benchmark first-quarter 2025 earnings call and webcast. (Operator Instructions) This call is being recorded on Tuesday, April 29, 2025.

女士們、先生們，下午好，歡迎參加 Benchmark 2025 年第一季財報電話會議和網路廣播。（操作員指示）此通話於 2025 年 4 月 29 日星期二錄製。

I would now like to turn the conference over to Paul Mansky, Investor Relations at Benchmark. Sir, please go ahead.

現在我想將會議交給 Benchmark 投資者關係部的 Paul Mansky。先生，請繼續。

Thank you, Constantine, and thanks everyone for joining us today for Benchmark's first-quarter 2025 earnings call. Joining us joining us today are Jeff Benck, our CEO and President; and Bryan Schumaker, our CFO.

謝謝康斯坦丁，也謝謝大家今天參加 Benchmark 2025 年第一季財報電話會議。今天與我們一起參加的還有我們的執行長兼總裁 Jeff Benck 和我們的財務長 Bryan Schumaker。

After the market closed, we issued an earnings release pertaining to our financial performance for the first quarter ending March 2025, and we have prepared a presentation which we'll reference on this call. Both the press release and presentation are available under the Investor Relations section on our website at bench.com. This call is being webcast live, and a replay will be available online following the conclusion of today's call.

市場收盤後，我們發布了一份有關截至 2025 年 3 月的第一季財務業績的收益報告，並且我們準備了一份演示文稿，將在本次電話會議上參考。新聞稿和簡報均可在我們網站 bench.com 的「投資者關係」版塊查閱。本次電話會議將進行網路直播，會議結束後將提供線上重播。

The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release, as well as in the Appendix to the presentation. Please take a moment to review the forward-looking statements disclosure on slide 2 in the presentation materials.

本公司在收益報告以及簡報附錄中提供了 GAAP 與非 GAAP 指標的對帳表。請花一點時間查看簡報資料中幻燈片 2 上的前瞻性陳述揭露。

During our call, we will discuss forward-looking information. As a reminder, any of today's remarks, which are not statements of historical fact, are forward-looking statements, which involve risks and uncertainties as described in our press releases and SEC filings. Actual results may differ materially from those statements. Benchmark undertakes no obligation to update any forward-looking statements.

在通話期間，我們將討論前瞻性資訊。提醒一下，今天的任何言論都不是歷史事實的陳述，而是前瞻性的陳述，涉及我們的新聞稿和美國證券交易委員會文件中描述的風險和不確定性。實際結果可能與這些陳述有重大差異。Benchmark 不承擔更新任何前瞻性聲明的義務。

For today's call, Jeff will start with an overview, following by Bryan's deeper dive into the results in our first-quarter guidance. As usual, we will conclude with Jeff sharing more insight into demand trends by sector, new business wins, and some final remarks. If you will please turn to slide 4, I will turn the call over to our CEO, Jeff Benck.

在今天的電話會議上，傑夫將首先進行概述，然後布萊恩將深入探討我們第一季指引的結果。像往常一樣，我們將在最後由 Jeff 分享更多有關各行業需求趨勢、新業務成功案例的見解，以及一些最後的評論。請翻到幻燈片 4，我將把電話轉給我們的執行長 Jeff Benck。

Thank you, Paul. Good afternoon and thanks to everyone for joining today's call.

謝謝你，保羅。下午好，感謝大家參加今天的電話會議。

Our first-quarter 2025 results demonstrate our continued operational focus, despite the tariff-related market uncertainty that we faced late in the quarter. While some customer decisions may be temporarily impacted by today's fluid environment, they have never needed our partnership, advice, and capabilities more. These challenges create opportunities for us as we help them navigate this turbulence and optimize their global supply chain for the most efficient distribution of their products around the world.

儘管我們在本季末面臨與關稅相關的市場不確定性，但我們 2025 年第一季的業績表明我們繼續關注營運。雖然有些客戶的決策可能會暫時受到當今多變環境的影響，但他們從未如此需要我們的合作、建議和能力。這些挑戰為我們創造了機會，因為我們幫助他們度過動盪時期，並優化他們的全球供應鏈，以便在全球範圍內最有效地分銷他們的產品。

Let me step through a few highlights on the quarter. First-quarter revenue of $632 million was led again by double digit growth in our Semi-Cap and A&D sectors. At the same time, we delivered our sixth consecutive quarter of greater than 10% non-GAAP gross margin and eighth quarter of positive free cash flow. Non-GAAP operating margin was down sequentially and year on year due to the decrease in revenue, but we're confident in our ability to drive margins to 5% and above as we return to revenue growth.

讓我來介紹一下本季的一些亮點。第一季營收為 6.32 億美元，這再次得益於半導體和 A&D 部門的兩位數成長。同時，我們連續六個季度實現非公認會計準則毛利率超過 10%，並連續八個季度實現正自由現金流。由於收入下降，非公認會計準則營業利潤率環比和同比均有所下降，但隨著收入恢復增長，我們有信心將利潤率提高到 5% 及以上。

Lastly, non-GAAP earnings per share of $0.52 was above the midpoint of our guidance range, continuing our trend of protecting profitability even in the face of revenue headwinds in part of our business.

最後，非公認會計準則每股收益 0.52 美元高於我們指導範圍的中點，即使在部分業務面臨收入逆風的情況下，我們仍延續了保護盈利能力的趨勢。

Turning to slide 5. Looking at the quarter, we were pleased by the performance in Semi-Cap, which was up 18% year over year in the quarter, as we continue to gain share from our competitors in this market. Our A&D sector also performed well in Q1, up 15% year over year, led by our defense program where we're in the middle of several new ramps while also benefiting from strength in traditional products. At the same time, we generated another $27 million in free cash flow in the quarter, totalling slightly more than $140 million on a trailing 12-month basis.

翻到幻燈片 5。縱觀本季度，我們對半導體市場的表現感到滿意，該季度同比增長 18%，因為我們繼續從競爭對手那裡獲得市場份額。我們的 A&D 部門在第一季也表現良好，年增 15%，這主要得益於我們的國防計劃，我們正處於幾個新的發展階段，同時也受益於傳統產品的優勢。同時，我們在本季又產生了 2,700 萬美元的自由現金流，以過去 12 個月計算，總額略高於 1.4 億美元。

As for the current demand environment we face in Q2, we've already seen customers pause some shipments while others are looking to pull in specific products given the dynamic nature of the global tariff executive orders taking place.

至於我們在第二季面臨的當前需求環境，我們已經看到客戶暫停了部分出貨，而其他客戶則考慮到全球關稅行政命令的動態性質，希望引進特定產品。

However, with our significant US manufacturing footprint at 36% and our broader North American footprint representing over 55% of our total global manufacturing capacity, I believe we're exceptionally well positioned to help our customers optimize their supply chain.

然而，由於我們在美國擁有重要的製造基地，佔 36%，而且我們更廣泛的北美基地占我們全球總製造能力的 55% 以上，我相信我們完全有能力幫助我們的客戶優化他們的供應鏈。

I would also like to take a minute to thank our global trade compliance team for the amazing results they delivered over the last few weeks, ensuring that we continue to deliver on our commitments.

我還想花一點時間感謝我們的全球貿易合規團隊在過去幾週的出色成績，確保我們繼續履行承諾。

With that, I'd now like to turn it over to Bryan for more detail on the quarter and our 2Q guidance.

現在，我想將問題交給 Bryan，以了解有關本季和第二季指引的更多詳細資訊。

Thank you, Jeff, and good afternoon, everyone. Please turn to slide 6.

謝謝傑夫，大家下午好。請翻到幻燈片 6。

Revenue in the quarter of $632 million was down 4% sequentially and 6% year over year. Our non-GAAP EPS was $0.52, which was in line with our guidance range of $0.48 to $0.54. As a reminder, our non-GAAP results exclude stock-based compensation, amortization of intangible assets, and restructuring and other expenses.

本季營收為 6.32 億美元，季減 4%，年減 6%。我們的非公認會計準則每股收益為0.52美元，符合我們0.48美元至0.54美元的預期範圍。需要提醒的是，我們的非公認會計準則績效不包括股票薪資、無形資產攤銷以及重組和其他費用。

For Q1, our non-GAAP gross margin was 10.1%. This represents a 30-basis-point decrease quarter over quarter and a 10-basis-point increase year over year. Non-GAAP operating margin was 4.6%, down 50 basis points sequentially, and 30 basis points year over year, impacted by the lower revenue base. Our first quarter non-GAAP effective tax rate was 25% driven by jurisdictional income mix.

第一季度，我們的非公認會計準則毛利率為 10.1%。這意味著本季環比下降 30 個基點，比去年同期增加 10 個基點。非公認會計準則營業利益率為 4.6%，較上一季下降 50 個基點，比去年同期下降 30 個基點，受收入基數較低影響。我們第一季的非公認會計準則有效稅率為 25%，這主要受司法管轄收入結構的影響。

Please turn to slide 7 for our first-quarter 2025 revenue by market sector. Semi-Cap revenue decreased 2% quarter over quarter due to some sequential softening while still growing 18% year over year. Industrial revenue was similarly down 2% quarter over quarter, driven by existing customer demand softness, not fully offset by new program ramps.

請翻到投影片 7 查看我們按市場部門劃分的 2025 年第一季營收。由於連續疲軟，半導體營收季減 2%，但年增 18%。工業收入同樣較上季下降 2%，原因是現有客戶需求疲軟，但新專案的成長並未完全抵銷此影響。

In A&D, revenue was up 4% quarter over quarter. The commercial aerospace demand remains consistent while defense continues to be robust. Within medical, revenue was down 12% versus the prior quarter. We continue to see demand softness in the sector led by medical devices.

在 A&D 領域，營收季增 4%。商業航空航太需求維持穩定，而國防需求持續強勁。醫療領域，收入較上一季下降了 12%。我們繼續看到以醫療器材為主導的產業需求疲軟。

Finally, AC&C revenue decreased 12% quarter over quarter. As anticipated, this decline was driven by timing-related weakness in both HPC and our communications business.

最後，AC&C 營收季減 12%。正如預期的那樣，這種下降是由於 HPC 和通訊業務中與時間相關的弱點造成的。

Please turn to slide 8 for trended non-GAAP financials. As you will see, despite the revenue headwinds among several of our end markets, we continue to focus on protecting gross margin, which again, expanded year over year. Meanwhile, operating margin declined slightly both sequentially and year over year.

請翻到投影片 8 看非 GAAP 財務趨勢。正如您所看到的，儘管我們的幾個終端市場收入面臨阻力，但我們仍然專注於保護毛利率，而毛利率也比去年同期成長了。同時，營業利潤率環比和年比均略有下降。

Please refer to slide 9 and 10 for discussion on our balance sheet, cash flow, and working capital trends.

請參閱投影片 9 和 10，以了解有關我們的資產負債表、現金流量和營運資金趨勢的討論。

In Q1, we generated $32 million in operating cash flow and $27 million in free cash flow. Our cash balance on March 30 was $355 million, a year-over-year increase of $59 million. As of March 31, we had $121 million outstanding on our term loan and $155 million outstanding against our revolver, from which we have $391 million available to borrow.

第一季度，我們產生了 3,200 萬美元的營運現金流和 2,700 萬美元的自由現金流。截至 3 月 30 日，我們的現金餘額為 3.55 億美元，年增 5,900 萬美元。截至 3 月 31 日，我們的定期貸款未償還金額為 1.21 億美元，循環貸款未償還金額為 1.55 億美元，其中可供借款金額為 3.91 億美元。

Our Q1 2025 liquidity ratio was calculated by our debt covenant was 0.6, down from 0.9 in the prior year period. We invested approximately $4 million in CapEx during the quarter, primarily in support of our Malaysia and Thailand facilities. In support of returning capital to our shareholders, we pay cash dividends of $6.1 million in the quarter.

我們的 2025 年第一季流動性比率根據債務契約計算為 0.6，低於去年同期的 0.9。本季度，我們投資了約 400 萬美元的資本支出，主要用於支持馬來西亞和泰國的工廠。為了向股東返還資本，我們在本季支付了 610 萬美元的現金股利。

We also repurchased $8 million of our outstanding shares. At the end of the quarter, we had approximately $142 million remaining in our existing share repurchase authorization.

我們也回購了價值 800 萬美元的流通股。截至本季末，我們現有的股票回購授權剩餘約 1.42 億美元。

Our cash conversion cycle in the quarter was 86 days, improving 3 and 8 days sequentially and year over year, respectively. Inventory days were up slightly sequentially, which was more than offset by improvements in accounts receivable and payables.

本季我們的現金轉換週期為 86 天，比上一季和去年同期分別縮短了 3 天和 8 天。庫存天數較上季略有增加，但被應收帳款和應付帳款的改善所抵銷。

Please advance to slide 11. Let me now turn to our guidance for our second quarter of 2025. We expect revenue to be within a range of $615million to $665 million. While first half revenue is expected to decline mid-single digits year over year, we expect revenue of mid-single digits in the second half.

請翻到第 11 張投影片。現在讓我來談談我們對 2025 年第二季的指導。我們預計營收將在 6.15 億美元至 6.65 億美元之間。雖然預計上半年收入將年減中個位數，但我們預計下半年收入將達到中等個位數。

We expect non-GAAP gross margin to be between 10.2% and 10.4%, which is consistent with our performance over the last several quarters. With those assumptions, we would expect non-GAAP operating margin to be between 4.8% and 4.9%.

我們預計非公認會計準則毛利率在 10.2% 至 10.4% 之間，這與我們過去幾季的表現一致。根據這些假設，我們預計非公認會計準則營業利潤率將在 4.8% 至 4.9% 之間。

On a GAAP basis, we expect expenses to include approximately $5.3 million of stock-based compensation and $4.7 million to [$4.8 million](sic - please see slide 11, "$4.9 million") of non-operating expenses, including amortization, restructuring, and other charges. Our non-GAAP diluted earnings per share is expected to be in the range of $0.52 to $0.58.

根據 GAAP 計算，我們預計費用包括約 530 萬美元的股票薪酬和 470 萬至 [480 萬美元]（原文如此 - 請參閱幻燈片 11，「490 萬美元」）的非營運費用，包括攤銷、重組和其他費用。我們的非公認會計準則每股攤薄收益預計在 0.52 美元至 0.58 美元之間。

Interest and other expenses are expected to be approximately $4.2 million. We expect our Q2 effective tax rate will be between 24% and 26%. Our weighted average share count is expected to be approximately $36.7 million.

預計利息和其他費用約為 420 萬美元。我們預計第二季有效稅率將在 24% 至 26% 之間。我們的加權平均股數預計約為 3,670 萬美元。

Regarding free cash flow, we expect our Q2 capital spending to be $15 million to $20 million, primarily related to our Penang facility expansion. In addition, our Q2 cash flow performance will be negatively impacted by a $10 million legacy tax assessment related to a 2016 custom audit in Mexico, which was reflected in our Q1 2025 GAAP results. In April, we also paid our final installment of the 2017 transition tax, which totaled $20 million.

關於自由現金流，我們預計第二季的資本支出為 1,500 萬至 2,000 萬美元，主要用於檳城工廠的擴建。此外，我們第二季的現金流量表現將受到與 2016 年墨西哥海關審計相關的 1,000 萬美元遺留稅評估的負面影響，這反映在我們 2025 年第一季的 GAAP 結果中。今年 4 月，我們也支付了 2017 年過渡稅的最後一筆款項，總額為 2,000 萬美元。

Q1 marks the eighth quarter in a row of positive pre-cash flow, and we believe we are structurally positioned to continue this trend once we get past Q2, which includes the tax payments noted above.

第一季標誌著我們連續第八個季度出現正現金流，我們相信，一旦度過第二季（包括上述納稅），我們就有能力繼續保持這一趨勢。

And with that, I would like to turn the call back over to you, Jeff.

說完這些，我想把電話轉回給你，傑夫。

Thanks, Bryan. Please turn to slide 12 for a discussion of our performance and outlook by sector.

謝謝，布萊恩。請翻到第 12 張投影片，了解我們各部門的表現和前景。

Our Semi-Cap revenue grew an impressive 18% year over year in Q1, which was similar to our Q4 performance and clearly a multiple of the market's growth. This performance was driven by ramping wins and share gains we have achieved over the last few years.

我們半導體市場營收在第一季同比成長了 18%，與第四季的業績相似，顯然是市場成長的數倍。這一業績得益於過去幾年來我們所取得的勝利和市場份額的不斷增長。

The broader industry recovery continues to be mixed due in part to the competing forces of AI semiconductor growth, evolving restrictions on sales of advanced wafer FAB equipment into China, increased domestic demand and support of new FABs coming online in the US, and capital spending paused due to tariff uncertainty. All things considered, we continue to expect incremental growth in the sector, which has been a focus of investment over the last several years.

更廣泛的產業復甦繼續喜憂參半，部分原因是人工智慧半導體成長的競爭力量、對中國銷售先進晶圓廠設備的限制不斷增加、美國國內需求增加和對美國新晶圓廠上線的支持，以及由於關稅不確定性導致的資本支出暫停。綜合考慮所有因素，我們仍然預計該行業將實現增量增長，該行業是過去幾年的投資重點。

To that point, this past quarter, we broke ground on a new facility in Penang, Malaysia in support of our future growth plans. Further providing us confidence in our continued growth, I was pleased with our breath of new winds in the Semi last quarter, which cut across our precision technology, engineering, and EMS capabilities.

至此，上個季度，我們在馬來西亞檳城破土動工建造新工廠，以支持我們未來的成長計畫。我很高興看到我們在上個季度的半年度報告中展現出的新風，這涉及我們的精密技術、工程和 EMS 能力，這進一步增強了我們對持續成長的信心。

Turning to our industrial sector. Revenue performance was down slightly in Q1. Although it may take a few quarters to return to year-over-year growth in this sector, I'm incredibly encouraged by our momentum in terms of new bookings, which was the strongest performance for the company in Q1. These wins included a new digital display customer and new programs with a geospatial solution provider who's expanding with us.

轉向我們的工業部門。第一季營收表現略有下降。儘管該行業可能需要幾個季度才能恢復同比增長，但我對我們在新訂單方面的勢頭感到非常鼓舞，這是該公司第一季最強勁的表現。這些勝利包括一個新的數位顯示器客戶和與我們一起擴張的地理空間解決方案提供商的新專案。

Over time, I'm confident that the industrial sector will be one of the greatest sources of future growth, both as a function of our greenfield opportunities and an expectation that outsourcing will become a greater consideration within the sector over the coming quarters.

隨著時間的推移，我相信工業部門將成為未來成長的最大來源之一，這既是因為我們擁有綠地機會，也因為我們預期外包將在未來幾季成為該部門更重要的考慮因素。

Within A&D, this sector continues to perform well for us, driven by strong defense demand and growing new programs in space, while commercial air demand remains steady.

在航空航太與國防領域，受強勁的國防需求和不斷增長的太空新項目的推動，該領域繼續表現良好，而商業航空需求保持穩定。

Revenue in the quarter was up 15% year on year, based on our existing wins and new bookings. We expect growth both sequentially and year over year throughout 2025.

根據我們現有的訂單和新訂單，本季營收年增 15%。我們預計 2025 年全年都將實現環比和同比增長。

Supporting our confidence this past quarter, we saw continued bookings momentum across EMS and engineering opportunities supporting A&D, notably within space and defense subsectors. I'm pleased with our A&D team's performance and look forward to continued momentum over the foreseeable future.

上個季度，我們看到 EMS 和支持 A&D 的工程機會的訂單勢頭持續增長，尤其是在航太和國防子行業，這支持了我們的信心。我對我們的 A&D 團隊的表現感到滿意，並期待在可預見的未來繼續保持這一勢頭。

In medical, continued demand softness in existing programs and customer delays in new program ramps weighed on our results, both sequentially and year over year. We are confident we have not lost share with any of the existing programs, but as we've highlighted previously, this market recovery has taken longer than anticipated.

在醫療領域，現有專案的需求持續疲軟以及客戶對新專案上線的延遲對我們的業績造成了影響，無論是環比還是同比。我們相信，我們不會失去任何現有項目的份額，但正如我們之前強調的那樣，這次市場復甦所花的時間比預期的要長。

In the meantime, we've continued to make significant progress in securing new wins within the sector across both manufacturing and engineering. This comes within our traditional medical and growing life science business, which I'm very optimistic about. As these take time to ramp and our existing programs begin to recover, we're looking forward to a return to year-on-year growth from this sector in the second half of 2025.

同時，我們在製造和工程領域不斷取得重大進展，並取得了新的勝利。這屬於我們的傳統醫療和不斷發展的生命科學業務，我對此非常樂觀。由於這些需要時間來提升，並且我們現有的項目開始恢復，我們期待該行業在 2025 年下半年恢復同比增長。

Finally, our AC&C revenue declined more than anticipated in the quarter due to new program timing issues with both the next-generation HPC platform launch that's continued to push to the right and the delayed ramp from a new 5G wireless transport family of products and communications.

最後，由於下一代 HPC 平台發布的新專案時間問題（該問題持續向右推進）以及新的 5G 無線傳輸系列產品和通訊的延遲提升，我們的 AC&C 收入在本季度下降幅度超過預期。

As we've been saying for several quarters now, we expect AC&C revenue growth to remain challenged through much of 2025. However, within computing, our deep expertise in liquid cooling and complex computer system assembly is leverageable beyond HPC, and we're working on that.

正如我們幾個季度以來所說的那樣，我們預計 AC&C 的營收成長在 2025 年的大部分時間裡仍將面臨挑戰。然而，在計算領域，我們在液體冷卻和複雜電腦系統組裝方面的深厚專業知識可以應用於 HPC 以外的領域，我們正在為此努力。

We clearly have proven capabilities from helping to build the subsystems that went into the fastest supercomputers on the planet. Combined with solid booking strength in the quarter, we believe we're well positioned to return to growth in AC&C as early as Q4 of this year.

透過幫助建構地球上最快的超級電腦的子系統，我們顯然已經證明了自己的能力。結合本季強勁的預訂實力，我們相信我們已做好準備，最早在今年第四季恢復 AC&C 的成長。

In summary, please turn to slide 13. Our first quarter of 2025 results build on our foundation of delivering consistency. We've been conscious about what sectors we play in and continue to invest where we can add greater value. This has allowed us to improve our mix and increase our value add, which has resulted in us now steadily delivering greater than 10% non-GAAP gross margins, despite a challenging revenue environment.

總結一下，請翻到第 13 張投影片。我們 2025 年第一季的業績建立在我們提供一致性的基礎上。我們一直清楚自己所處的產業，並持續在能夠創造更大價值的領域進行投資。這使我們能夠改善產品組合併提高附加價值，儘管收入環境充滿挑戰，但我們目前仍能穩定地實現超過 10% 的非 GAAP 毛利率。

While today's global macroeconomic uncertainties create short-term risk, they also create mid- to long-term opportunities based on our strong North American footprint and our global reach enabling production closer to consumption.

雖然當今全球宏觀經濟的不確定性造成了短期風險，但基於我們強大的北美業務和全球影響力，使生產更貼近消費，它們也創造了中長期機會。

Furthermore, we're responding to customers' increased propensity to accelerate outsourcing, particularly if they're only building products in one country in their own factory, as they realize there is a need to better optimize their supply chain leveraging a partner like Benchmark.

此外，我們正在回應客戶加速外包的傾向，特別是如果他們只在一個國家自己的工廠生產產品，因為他們意識到需要利用像 Benchmark 這樣的合作夥伴來更好地優化他們的供應鏈。

Our opportunity pipeline and inbound court activity from new large customers is very encouraging. While a return to year-over-year growth is taking a quarter or two longer than anticipated given market dynamics, there's no question it's in flight. And barring a recession brought on by tariffs, we expect to deliver sequential growth throughout the balance of the year, which should allow us to grow year over year in the second half.

我們的機會管道和來自新大客戶的入境法庭活動非常令人鼓舞。儘管考慮到市場動態，恢復年成長所需的時間比預期要長一到兩個季度，但毫無疑問，這一進程正在加快。除非關稅引發經濟衰退，否則我們預計今年全年將實現連續成長，這將使我們在下半年實現同比增長。

In the meantime, we will continue to prudently manage our spending to protect profitability and generate free cash flow for the full year.

同時，我們將繼續審慎管理支出，以保護獲利能力並產生全年自由現金流。

As it relates to the return of capital, we tend to consistently support our quarterly dividend while stepping up our share repurchase activity, and we will continue to evaluate M&A opportunities as they come to us that align with our strategic plans.

就資本回報而言，我們傾向於持續支持季度股息，同時加強股票回購活動，並且我們將繼續評估符合我們策略計畫的併購機會。

Let me wrap up by saying this. Regardless of the market environment, Benchmark will stay on course and continue to invest in strategic growth. We're also going to continue to support our customers as a trusted partner and advisor.

最後，請容許我這樣說。無論市場環境如何，Benchmark 都會堅持既定方向並持續投資於策略成長。我們也將繼續作為值得信賴的合作夥伴和顧問為客戶提供支援。

We will stay focused and win new business in the sectors in which we participate. There are plenty of organic opportunities for us out there, and we have the right business development organization now to capture our fair share.

我們將保持專注並在我們參與的領域贏得新業務。我們面臨著大量的有機機會，而且我們現在擁有合適的業務發展組織來獲取我們應得的份額。

I look forward to updating you on our success in quarters to come. With that, I'll now turn the call over to the operator to conduct our Q&A session.

我期待在未來幾季向您報告我們的成功成果。說完這些，我現在將電話轉給接線生，進行我們的問答環節。

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

Hi, guys. Good afternoon. So Jeff, it sounds like you're seeing some customers pausing, others pulling in. Is the net result of this more of a headwind for you, and are the pullings coming into Q2 from the second half?

嗨，大家好。午安.傑夫，聽起來你看到一些顧客在停留，而另一些顧客則在停下來。這對你的最終結果是否更不利？下半年是否會對第二季產生影響？

Yeah. What I would say is right now, we see things balancing out so we don't see it tipping one way or the other. I mean we've seen some of our competitors say they're not seeing movement. We're just reflecting what we're hearing and seeing from customers.

是的。我想說的是，目前我們看到事情正在平衡，所以我們看不到它向某個方向傾斜。我的意思是，我們看到一些競爭對手錶示他們沒有看到任何進展。我們只是反映從客戶聽到和看到的內容。

What I would say is a few customers are nervous about the second half and where the tariffs may go when this three-month pause is lifted, and we see where things land out with executive orders. I also think if you're in an area that's got a particularly high tariff on it, you might wonder how is that going to shift and there are other things that can be done.

我想說的是，有些客戶對下半年的情況感到緊張，擔心三個月的暫停期結束後關稅會如何變化，我們會透過行政命令看看情況如何。我還認為，如果你所在的地區關稅特別高，你可能會想知道這種情況將如何改變，以及還有其他可以做的事情。

So I would say more activity than normal here. But that being said, I don't see it overly biasing to helping us more in Q2, or even really materially hurting. It's just there's just a little more uncertainty. But I would say in the balance it's kind of canceling each other out.

所以我想說這裡的活動比平常多。但話雖如此，我並不認為它會在第二季對我們產生過大幫助，甚至不會造成實質的傷害。只是存在一些不確定性。但我想說，從平衡的角度來說，它們是互相抵消的。

Got it. And with respect to maybe your existing customers that are looking to do some supply chain optimization or some of the ones you alluded to there, newer, are there some initial headwinds that you're going to see from this as customers evaluate their supply chains and you try to accommodate them?

知道了。對於您現有的、希望進行供應鏈優化的客戶，或者您提到的一些較新的客戶，當客戶評估他們的供應鏈並試圖滿足他們的需求時，您是否會看到一些最初的阻力？

I would tell you that our win -- a couple of the bids that we're competing on and looking to close, we've had a few that have taken longer that have elongated while folks contemplated. Think about if you were thinking of going to Mexico, but maybe you were contemplating Thailand as well. You're now going, okay, USMCA seems like it's a good thing.

我想告訴你，我們的勝利——在我們正在競爭並希望完成的幾個投標中，有一些花費了更長的時間，因為人們在考慮。想像一下，如果您正在考慮去墨西哥，但也許您也在考慮去泰國。你現在會想，好吧，USMCA 看起來是件好事。

I mean, we're excited that over 95% of our products are qualifying for USMCA, so we're able to do that without tariffs. So that's great. But earlier on, there was a lot of concern about 25% coming from Mexico, and now you've got Thailand at 10% or Penang at 10%. So it's definitely causing folks to contemplate and have us run some different scenarios and look at different things.

我的意思是，我們很高興超過 95% 的產品符合 USMCA 的資格，因此我們能夠在不徵收關稅的情況下做到這一點。這太棒了。但早些時候，人們對來自墨西哥的 25% 的出口量非常擔心，現在泰國和檳城的出口量分別佔 10% 和 10%。因此，它肯定會引起人們的思考，並讓我們運行一些不同的場景並觀察不同的事物。

And so, I would say that's elongating the cycle a bit on the new bookings for sure. And so we're seeing some of that happen. And that's kind of -- I'm not sure if that's exactly where you're kind of going with your question, but we've seen that cause some of that -- just that uncertainty.

所以，我想說這肯定會延長新預訂的周期。我們看到了一些這樣的情況發生。這就是——我不確定這是否正是您要問的問題，但我們已經看到這造成了一些問題——就是不確定性。

That's helpful. And last question from me. Jeff, you sound excited about some of the traction you're seeing in industrial. Where are you seeing it? Are these mainly existing customers, new customers?

這很有幫助。我的最後一個問題。傑夫，聽起來你對工業領域看到的一些發展勢頭感到很興奮。你在哪裡看到的？這些主要是現有客戶還是新客戶？

It's a balance of both. We see some good follow-on business in some of the electronic controls, like for example, in HVAC subsectors and things like that. But beyond that, it just continues to be new growth in AGVs and in some of the automation solutions.

這是兩者的平衡。我們看到一些電子控制領域的後續業務表現良好，例如 HVAC 子行業等等。但除此之外，AGV 和一些自動化解決方案仍將繼續實現新的成長。

And so we're seeing some nice new incremental wins, but then also some repeat business as customers look to do more with us. So I would say it's fairly balanced at this point.

因此，我們看到了一些不錯的新的增量收益，同時也看到了一些回頭客，因為客戶希望與我們做更多的事情。所以我想說目前它是相當平衡的。

We also are seeing some kiosk activity. I mean there's just been a number of new subsectors that we're seeing incremental opportunities, maybe one other one where we've got some recent wins is in the gaining subsector which would fall under our industrial as well.

我們也看到了一些資訊亭活動。我的意思是，我們看到了許多新的子行業中存在增量機會，也許我們最近取得一些勝利的另一個子行業是正在增長的子行業，它也屬於我們的工業領域。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. For my first question, I just want to make sure I heard correctly. Sounds like you're saying, first half is down mid-single digit percentages year over year, and the second half is up mid-single digits year over year. Did I hear that correctly?

嗨，下午好。對於我的第一個問題，我只是想確保我聽得正確。聽起來你的意思是，上半年同比下降了中等個位數百分比，而下半年同比上升了中等個位數百分比。我沒聽錯吧？

Yeah, that's correct, Steve. And if you look at it sequential growth quarter over quarter as we look throughout the year.

是的，沒錯，史蒂夫。如果你看一下全年的情況，你會發現季度較上季成長情況。

And so my question is like in the second half when you see that reverse and trend, like obviously, defense and Semi-Cap are doing well, but like is there anything else you're sort of seeing a reversal of fortune that we should count on for the second half based on current (inaudible)?

所以我的問題是，當你看到下半年出現逆轉和趨勢時，顯然，防禦和半資本市場表現良好，但根據目前的情況，你是否還看到了其他什麼逆轉的跡象，我們應該在下半年期待什麼？（聽不清楚）？

We're certainly seeing -- it's interesting. It may be a little different than last quarter. We're seeing some -- finally some pick up in medical and see medical having the opportunity for a stronger second half. And some of the current customers that have been down are starting to show more signs of life from a growth perspective.

我們確實看到了——這很有趣。這可能與上一季略有不同。我們看到，醫療產業終於出現了一些好轉，並且看到了醫療產業在下半年更加強勁的機會。從成長角度來看，一些原本業務下滑的客戶開始顯示出更多的復甦跡象。

And also, as we talked about in the script, I think late in the year, we see computing telco with a new win on the 5G side of things. And maybe some of that's frankly easier to compare as well, but we start to see year-on-year growth there.

而且，正如我們在腳本中討論的那樣，我認為在今年晚些時候，我們會看到計算電信公司在 5G 方面取得新的勝利。坦白說，也許其中一些也更容易比較，但我們開始看到同比增長。

And industrial, I think it's a little bit of wait and see. We certainly see a lot of good new bookings, but those do take time to kick in. And we saw a little bit of softness in test and measurement. So industrial right now, there's probably more -- a little more uncertainty there. But we're probably -- besides Semi and A&D, we think we'll continue to be strong through the year as we talked about. So maybe medical adds to that and then we start getting more help as you get towards the end of the year.

對於工業來說，我認為還需要一點觀望。我們確實看到了許多不錯的新訂單，但這些訂單確實需要時間才能生效。我們在測試和測量方面看到了一些疲軟。因此，目前工業領域可能存在更多——更多的不確定性。但我們可能——除了 Semi 和 A&D 之外，我們認為我們將在今年繼續保持強勁，正如我們所說的那樣。因此，也許醫療服務可以增加這一點，然後到年底我們就會開始得到更多的幫助。

Great, that's helpful. And then just a couple other specifics. So I wasn't clear when we think about sort of high-end compute programs. Do you have a line of sight to others ramping down the road at this point and they've just been delayed? Just if you could sort of give us an expectation for how that business comes back, and then I have one more.

太好了，很有幫助。然後還有一些其他細節。因此，當我們考慮某種高階計算程式時，我並不清楚。此時，您是否能看到其他車輛正在沿路行駛，而它們剛剛被耽擱了？如果您能告訴我們該業務將如何復甦，我還有一個問題。

Yeah. So we do have anticipation that will fully participate with the partners that we've been with on the next generation. It's just the actual chip set and platform seemed to continue to move to the right, which is kind of pushed us beyond our expectations that we might see improvement later this year.

是的。因此，我們確實期待與我們的合作夥伴一起全力參與下一代工作。只是實際的晶片組和平台似乎繼續向右移動，這有點超出了我們的預期，我們可能會在今年稍後看到改進。

I guess what I would say is it was a little more pronounced down in the front end. And sometimes when you're working on these really large supercomputers, we've talked about helping build three of the top 5 supercomputers in the world that are built on this high performance computer platform. While you may not have always Lawrence Livermore lab putting in a new platform, there's a lot of smaller systems that leverage that same platform that get built out.

我想說的是，這種現像在前端表現得更為明顯。有時，當您使用這些真正大型的超級電腦時，我們會談論幫助建立基於這種高效能電腦平台的世界前五名超級電腦中的三台。雖然您可能不會總是在勞倫斯利弗莫爾實驗室安裝新平台，但有很多利用同一平台構建的小型系統。

And so we sort of expect some fill in from some of that. And so it's not like everything's resting only on the new platform, but we did see a more pronounced impact in the first half, which dragged down our compute business in that.

因此，我們期待從中得到一些補充。因此，並不是所有的事情都只依賴新平台，但我們確實在上半年看到了更明顯的影響，這拖累了我們的運算業務。

We think that certainly there's new product introduction work that goes on in the second half, but the real, significant ramp on HPC will probably be more next year unfortunately, although, like I said, we could see some fill in with some smaller systems in the second half, and certainly we're engaged in those kind of things.

我們認為下半年肯定會有新產品的推出工作，但不幸的是，高效能運算 (HPC) 的真正顯著增長可能要到明年，不過，就像我說的，我們可能會在下半年看到一些較小的系統填補空缺，當然我們也在從事這類工作。

Great. And then just lastly on Semi-Cap, I mean, so Jeff, you talked about a lot of sort of negatives, but you're still growing 18%. So I'm just trying to understand, like I appreciate the disclosure, but like how many of those things are having a material impact on the business versus what you expected to see?

偉大的。最後關於半資本化，傑夫，你談到了很多負面因素，但你的股價仍然增加了 18%。所以我只是想了解，我很感謝你的披露，但與你預期的相比，這些事情中有多少對業務產生了實質影響？

We started the year where it's like -- it felt like really good momentum in Semi, like stronger than even anticipated. Obviously, 18% of your year is great growth, so I'm not discounting that. But it's like looking out to the back half, I thought, okay, we're off to the races again.

我們今年開始的時候感覺半決賽的勢頭非常好，甚至比預期的還要強勁。顯然，今年 18% 的成長幅度很大，所以我不會忽視這一點。但當我看到後半段時，我想，好吧，我們又要開始比賽了。

And certainly, right every second AI and this is a driver and it drives some of the most advanced nodes and all of that, the reason that I talked about some headwinds is just talking to all of our large customers, we're seeing some further restrictions on China and selling into China. And in some of these very large OEMs, it might be 20%, 25%, 30% of their traditional sales have been into China. So if that gets restricted further or some of the restrictions that have happened have caused some order softening there.

當然，每秒都會出現人工智慧，這是一個驅動因素，它推動著一些最先進的節點等等，我談到一些不利因素的原因只是與我們所有的大客戶交談，我們看到對中國和向中國銷售的一些進一步限制。在一些非常大的原始設備製造商中，其傳統銷售額的 20%、25% 甚至 30% 可能都來自中國。因此，如果進一步限製或已經發生的一些限制導致那裡的秩序軟化。

But then at the same time, we've got a brand-new fab here in the Phoenix Valley that keeps building out, and as that comes online domestically, we see demand for wafer fab equipment to go into that.

但同時，我們在鳳凰谷有一個全新的晶圓廠，並且正在不斷建設中，隨著該晶圓廠在國內的投入使用，我們看到了對晶圓廠設備的需求。

So I guess what we're saying is in balance, like there's headwinds and there's tailwinds, we still think we'll grow at a few -- at a multiple of the market growth rate, which I think right now, what I've read recently is maybe 3%. We're certainly looking to do quite a bit better than that. But I just didn't want everybody to think that, oh, Semi is just up to the right and there's no risk here. So maybe that's where the transparency is coming from.

所以我想我們所說的是平衡的，就像有逆風和順風一樣，我們仍然認為我們會以幾倍的市場成長率成長，我認為現在，我最近讀到的數據可能是 3%。我們當然希望做得更好。但我只是不想讓每個人都認為，哦，Semi 就在右邊，這裡沒有風險。所以也許這就是透明度的來源。

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

Yeah, thanks for taking my questions. I know you highlighted in the script that you saw some nice bookings across a number of verticals. Were your bookings up sequentially in Q1?

是的，感謝您回答我的問題。我知道您在劇本中強調了您在多個垂直領域中看到了一些不錯的預訂。您第一季的預訂量是否連續上升？

They were up year on year, but not up kind of more flattish sequentially from our fourth quarter. And I think we anticipated a little stronger, and I think we talked a little bit about some of the delay where there's a few larger deals that the customers just kind of waiting to see where things bottom out on the tariff front.

它們同比增長，但與第四季度相比，環比增長並不持平。我認為我們的預期會更強勁一些，而且我認為我們討論了一些延遲問題，其中有一些較大的交易，客戶只是在等待看看關稅方面的底線。

And so, those haven't gone away. In fact, one recently closed in 2Q. So we'll see, I think, things continue to kind of free up once people have a better certainty of where the tariffs are going to land and whether their strategy still makes sense, right?

所以，這些都沒有消失。事實上，其中一家最近在第二季關閉。所以，我認為，一旦人們更加確定關稅的最終結果以及他們的策略是否仍然合理，事情就會繼續解決，對嗎？

But it was a good growth year on year for us for bookings. And I know we've kind of gotten away from covering a lot of specifics, but we try to give you some color as to how we're feeling by sector and what kind of things we're winning and we shared that in the script.

但我們的預訂量同比增長良好。我知道我們不再涉及很多細節，但我們會盡力讓您了解我們在各個領域的感受以及我們取得的勝利，並在腳本中分享了這些內容。

Okay, that's helpful. And then the expected rebound in medical here in the second half, is that going to be really driven more by channel replenishment or new program launches?

好的，這很有幫助。那麼，預計下半年醫療產業的反彈是否會更多地受到通路補充或新項目推出的推動？

Well, for a long time we talked about medical being down because the channel inventory and some of the burn off of that and that working through. So I don't know so much that people are going to build up, that OEMs are going to build up inventory again, but just -- there's -- what we witnessed is some of our customers, their actual business wasn't down as much as the softness we were seeing, and the only way you could really get there from our dialogue with them was, well, they had inventory in the channel that they were working through even though they were still seeing growth. We weren't.

嗯，很長一段時間以來，我們都在談論醫療業務下滑，因為通路庫存和一些庫存的消耗以及正在解決的問題。因此，我不太清楚人們是否會增加庫存，OEM 是否會再次增加庫存，但是 - 我們看到的是，我們的一些客戶，他們的實際業務並沒有像我們看到的那麼疲軟，而你從與他們的對話中真正了解到這一點的唯一方法是，嗯，他們在正在處理的渠道中擁有庫存，儘管他們仍然看到增長。我們不是。

And we certainly think that we will see our base get better. But then we've also got some new competitive takeaways that we're excited about with a couple of new logos in the medical space. So I think both will work together to help us there.

我們當然相信我們的基礎會變得更好。但是，我們也獲得了一些新的競爭優勢，我們對醫療領域的幾個新標誌感到興奮。所以我認為雙方會共同努力來幫助我們。

Got you. And then just the last one for me and I'll jump back in the queue. How should we think about the tax rate in the second half of this year?

明白了。然後就只剩下最後一個了，然後我會回到佇列。我們該如何看待今年下半年的稅率？

Yeah. So as we're modeling it out, I mean, it drops slightly like when we gave Q2, and then if you look out '23 -- for Q3 and Q4, it drops a little bit. So I call it 24% for the year. So as we look at, I mean it's 23% to 26%, is kind of how we're modeling it out. So there's a range there and we're going to drive -- we have a lot of focus right now on our strategic plan around tax and we're going to continue to look at that and how we can drive that down, but that's kind of the model for the remainder of the year.

是的。因此，當我們對其進行建模時，我的意思是，它會像我們給出 Q2 時一樣略微下降，然後如果你觀察 '23 - 對於 Q3 和 Q4，它會下降一點。所以我稱今年的成長率為 24%。因此，當我們觀察時，我的意思是它是 23% 到 26%，這就是我們建模的方式。因此，這是一個範圍，我們將推動——我們現在非常關注我們的稅收策略計劃，我們將繼續研究這個問題，並研究如何降低這一水平，但這只是今年剩餘時間的模式。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi, and thank you for taking my questions. First, in terms of medical, the inventory levels there, do you feel like they have normalized and that's why you expect to see growth in the second half?

您好，感謝您回答我的問題。首先，就醫療方面而言，您是否覺得那裡的庫存水準已經正常化，這就是您預計下半年會成長的原因？

I mean, certainly, yeah, I think we do believe that a lot of our aims have worked through the bulk of the inventory was built up. As you can imagine, Anja, we're like one step removed, so we don't always get perfect visibility by product line. But we knew in general there was a lot of dialogue over the last 18 months about where they were with the inventory and needing to work through it.

我的意思是，當然，是的，我認為我們確實相信，透過建立大部分庫存，我們的許多目標已經實現。正如您所想像的，安雅，我們就像被移除了一步，所以我們並不總是能透過產品線獲得完美的可見性。但我們知道，總體而言，在過去 18 個月裡，他們就庫存狀況以及需要解決的問題進行了大量對話。

I think that's really why we're seeing a reflection of the demand order book pick up, really even Q3 and beyond, because we do -- we are now getting like six months of visibility and we see some improvement there. So I think that that is sort of playing out for us as you described.

我認為這才是我們看到需求訂單回升的真正原因，甚至在第三季及以後也是如此，因為我們現在獲得了六個月的可見性，並且看到了一些改善。所以我認為這就像您所描述的那樣。

Okay, thank you. And you also mentioned your large footprints in the US and North America, but what kind of capacity utilization do you have there? And what availability do you have to move projects over there?

好的，謝謝。您也提到了您在美國和北美的龐大業務，但是您在那裡的產能利用率如何？您有什麼空閒時間可以將專案轉移到那裡嗎？

Yeah, we don't kind of publish really our capacity by site, but just suffice to say I think we said over a third of our footprint is US-based. Given the softer macroenvironment, we just have a lot of opportunity even with some of the consolidation we've done. We've gotten more efficient in the factories we're in.

是的，我們實際上並沒有公佈我們各個站點的容量，但可以說，我們的業務有超過三分之一位於美國。鑑於宏觀環境較為疲軟，即使我們進行了一些整合，我們仍然有很多機會。我們所在的工廠的效率已經提高。

We're trying to make sure that we have a lot of open space because customers a lot of times, particularly new OEMs, will come and say, okay, where can my product sit here? And we just believe that we know from where we sit that we can really accept quite a bit of incremental business. And we're certainly seeing with what's going on with the tariffs and the desire to potentially near shore or reshore domestically, we're seeing some nice inbound incremental opportunities that are coming forward.

我們正在努力確保我們擁有大量的開放空間，因為很多時候客戶，特別是新的 OEM，會過來說，好吧，我的產品可以放在哪裡？我們只是相信，從我們所處的位置來看，我們確實可以接受相當多的增量業務。我們當然看到了關稅的變動以及潛在的近岸生產或國內再上岸的願望，我們看到了一些不錯的入境增量機會正在出現。

And I kind of tried to touch on this in the script that if you think about an OEM that might be building in their own factory, and right now, large OEMs that are in multiple sites with us are saying, oh, I might want to shift some of my Thailand demand to Mexico, or maybe I'm going to move China to Thailand and they have that flexibility if they're in multiple sites with us, but if you're like building your own product only in one site, you really don't -- you really miss that opportunity. And I think that's causing some OEMs to say, maybe we shouldn't be building everything ourselves. If we were leveraging a partner like Benchmark, they could help us pivot.

我試圖在腳本中觸及這一點，如果你考慮一個可能在自己的工廠建造的 OEM，現在，與我們在多個站點的大型 OEM 正在說，哦，我可能想將我的一些泰國需求轉移到墨西哥，或者我可能要將中國轉移到泰國，如果他們與我們在多個站點，他們就有這種靈活性，但如果你只在一個站點你真的有機會——你真的不會建造這個。我認為這會導致一些原始設備製造商說，也許我們不應該自己製造所有東西。如果我們利用像 Benchmark 這樣的合作夥伴，他們可以幫助我們轉型。

We certainly are standing at the ready to help a few customers. I think a lot of customers, there's a little bit of wait and see right now. Like we don't see huge demand shifts, but we see a few that have said, you know what? I'm not comfortable just being in Asia, Southeast Asia, or just being in Mexico. I may want to split that production. And so that's the kind of opportunity we offer.

我們當然隨時準備為一些客戶提供協助。我認為很多顧客現在都有些觀望。就像我們沒有看到巨大的需求變化，但我們看到一些人說，你知道嗎？我不太適應只待在亞洲、東南亞或墨西哥。我可能想分割那個生產。這就是我們提供的機會。

But we certainly feel like that this is a great opportunity for us. We've got a brand new site in Guadalajara that came online at the end of last year and is ramping some new medical customers, for example. And then there's things that just make sense to be done in the US, whether it's like HPC going to a national lab or you think about some of the build out that's happening with data centers and such. I mean that's an opportunity.

但我們確實覺得這對我們來說是一個很好的機會。例如，我們在瓜達拉哈拉有一個全新的站點，該站點於去年年底上線，並且正在吸引一些新的醫療客戶。然後，有些事情在美國做是有意義的，無論是像 HPC 進入國家實驗室，還是像資料中心等正在進行的一些建設。我的意思是這是一個機會。

We talked a little bit about our water-cooled infrastructure. That comes from our HPC space, but you kind of say, well, there's no question we can't help with some of the more sophisticated data center solutions that are water cooling-based. And we're having some early discussions on that and trying to leverage it.

我們稍微談論了一下我們的水冷基礎設施。這來自我們的 HPC 領域，但你可能會說，好吧，毫無疑問我們無法幫助提供一些基於水冷的更複雜的資料中心解決方案。我們正在就此進行一些早期討論並試圖利用它。

So we just think that's a bit unique for us that we are not -- as you all know, we only have one factory in China, but we've got 10 in the US. So if people want to build more product domestically, we're ready to go.

所以我們認為這對我們來說有點獨特——眾所周知，我們在中國祇有一家工廠，但在美國有 10 家。因此，如果人們想在國內生產更多產品，我們已經做好準備。

Okay, thank you. And just in terms of the cash flows, nice improvement there in cash conversion. Is there room for further improvement there and do you have sort of a target?

好的，謝謝。就現金流而言，現金轉換率有了很大的改善。還有進一步改進的空間嗎？有什麼目標嗎？

Yeah, if you think about kind of inventory, I mean, we're going to continue to drive the days inventory down on a kind of factor of. Now what I would say is you could have some improvements on that cycle, it could be offset by some of the growth in new program launches. And then on the other side, AR, I mean we're going to continue to work that along with AP.

是的，如果你考慮庫存類型，我的意思是，我們將繼續以某種因素降低庫存天數。現在我想說的是，你可以在這個週期上取得一些進步，但它可能會被新專案啟動的一些成長所抵消。另一方面，AR，我的意思是我們將繼續與 AP 合作。

So there's no target out there, but again we've always talked about the 4 turns on inventory, whereas now, I mean the 4 turns today where we want to get closer to the 5 turns. So that's what we'll continue to drive towards on that front.

因此，目前沒有目標，但是我們一直在談論庫存的 4 次週轉，而現在，我的意思是今天的 4 次週轉，我們希望更接近 5 次週轉。因此，我們將繼續朝著這個方向努力。

Yeah, that's what -- I would say we're not satisfied at 4. There is good improvement to get there. If you take net of advance payments, we're probably we are north of 5, but we see opportunity to go further. I think as Bryan said, growth and bringing on new customers where we need to invest in some inventory could be a headwind as we get in the later part of the second half, but we certainly strategically think that we need to be north of 5.

是的，這就是——我想說我們對 4 並不滿意。為了達到這個目的，我們已經取得了很大的進步。如果扣除預付款項，我們的收入可能已經超過 5，但我們看到了進一步提高的機會。我認為，正如布萊恩所說，在下半年後期，我們需要投資一些庫存來實現成長和吸引新客戶可能會成為阻力，但我們從戰略上肯定認為我們需要達到 5 的北部。

Okay, thank you. And just one last one on the currency with the sort of the pressure on the dollar. Are you hedging at all.

好的，謝謝。最後一個問題是關於貨幣以及美元面臨的壓力。您是否在進行對沖？

Yeah, what I would say is if you look at our overall revenue top line, I mean we're about 80% US dollar already. We have some natural currency hedges over in Europe. We do offer-- or we do some hedging in addition to that. Now, as you've noted, I mean, there has been significant fluctuation in currencies, but for the majority of it we are hedged.

是的，我想說的是，如果你看看我們的總收入，你會發現我們的收入已經達到 80% 左右了。我們在歐洲有一些天然的貨幣對沖。我們確實提供——或者除此之外我們還做一些對沖。現在，正如您所說，貨幣出現了大幅波動，但對於其中的大部分，我們都進行了對沖。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯、雷蒙德·詹姆斯。

Hey, guys. Thanks so much for squeezing me in. Jeff, I just wanted to follow up on a couple of things that you've said in answering a couple of different questions.

嘿，大家好。非常感謝您邀請我加入。傑夫，我只是想跟進一下你在回答幾個不同問題時所說的幾件事。

The first was about elongating the cycle in terms of the new bookings that you're getting. I've been around a while. We've seen a lot of macro uncertainty in the past, but this really seems kind of unprecedented where some of these delayed decisions, it's reliant upon a lot of moving parts and they seem to be a little bit more weighty than what we've seen in the past so. So knowing that the lead times for a brand-new program typically extend into several quarters, I've got two questions.

第一個是延長新預訂的週期。我已經在這裡待了一段時間了。我們過去見過很多宏觀不確定性，但這次確實是前所未有的，一些延遲的決定依賴於許多活動部件，而且它們似乎比我們過去見過的要重要一些。因此，了解到全新專案的交付週期通常會延長幾個季度，我有兩個問題。

One is how quickly can you pivot or launch a new program in a new facility based on what your customers want? And two, does this potentially extend a bit of this headwind beyond just the next few quarters? Because if customers are delaying their decision making, that means we're slower to actually ramp the new programs and then we're slower to bring in that new revenue. That may be a very loaded question, and I don't really expect an answer, but --

一是，根據客戶的需求，您能多快在新設施中調整或啟動新專案？第二，這是否有可能將這種不利因素延續到未來幾季之後？因為如果客戶推遲做出決定，那就意味著我們實際上推出新項目的速度會更慢，然後我們獲得新收入的速度也會更慢。這可能是個很有傾向性的問題，我並不期待答案，但是--

No, it's okay. I mean, I can give you at least my view of it. I think that moving a customer at an existing facility, it's pretty challenging to do it in a quarter. But if we're building it and we've got obviously the manufacturing, inside knowledge, and it's something that we're building in another facility, we can leverage our teams for their know-how and that hidden factor that sometimes you deal with.

不，沒關係。我的意思是，我至少可以告訴你我的看法。我認為，在現有設施內遷移客戶，在一個季度內完成是相當有挑戰性的。但如果我們正在建造它，並且我們顯然擁有製造和內部知識，而且它是我們在另一個工廠建造的東西，我們就可以利用我們團隊的專業知識和有時你需要處理的隱藏因素。

I think we've been successful in doing something in six months, having something fully moved and ramped pretty significantly. What's exciting about -- even though some of these things are delayed, some of the deals that we're looking at are actually competitive takeaways. What I like about those, they're already in production.

我認為我們在六個月內成功地完成了一些事情，有些事情已經完全進展並且取得了相當大的進展。令人興奮的是——儘管其中一些事情被推遲了，但我們正在考慮的一些交易實際上具有競爭力。我喜歡這些，因為它們已經投入生產了。

So when you have a new medical product that, oh, I got to go get FDA certified and I got to build samples and then I got to go test it for a year, that can take two years. Some of the deals that we're looking at that have been delayed or strung along, their product that's already been built either in a region or maybe domestically and they're looking to move to a lower cost region, I would say even though it's kind of elongating those can happen quicker when you win that kind of business versus the green field or the brand-new life sciences product right there, that we may be helping doing the engineering on, right?

因此，當你有新的醫療產品時，我必須獲得 FDA 認證，我必須製作樣品，然後我必須進行一年的測試，這可能需要兩年的時間。我們正在考慮的一些交易被推遲或擱置了，他們的產品已經在某個地區或國內生產，他們希望轉移到成本更低的地區，我想說，儘管這有點拖延，但當你贏得這類業務而不是綠地或全新的生命科學產品時，這些交易可能會更快發生，我們可能會幫助進行工程設計，對吧？

And so we kind of have a mix of both, but some of what I'm seeing more recently are really competitive takeaways where they're already building the product in the region, they want to move to me in the region. But at the same time they're like, well, if we're going to move to you, do we move to you in Mexico or do we move you in the US? And can you call me in both your factories, right?

因此，我們有點將兩者結合起來，但最近我看到的一些情況確實很有競爭力，他們已經在該地區生產產品，他們希望將產品轉移到我這裡。但同時，他們會問，如果我們要搬到你們那裡，我們是搬到墨西哥去呢，還是搬到美國去？你能打電話給我你們兩個工廠嗎？

So some of that is what -- and it is, I think we are in unprecedented times in terms of it just being very dynamic and you've got to be flexible. But really what's kind of interesting is more of our OEMs are coming to us wanting to have the strategic sourcing discussion about how do we think about it, how can you help map where I should go, how I think about not only what you build, but the supply chain. Those are some pretty interesting discussions that we can bring a lot of experience and knowledge to bear and help with those.

所以其中一些是——我認為我們正處於前所未有的時代，因為它非常有活力，你必須靈活。但真正有趣的是，越來越多的原始設備製造商 (OEM) 來找我們，希望進行戰略採購討論，討論我們如何看待這個問題，您如何幫助我規劃應該去哪裡，我如何看待您生產的產品以及供應鏈。這些都是非常有趣的討論，我們可以運用很多經驗和知識來提供幫助。

So I don't know that this is a multi-year kind of cycle thing, but certainly everybody's kind of waiting to see to some of these tariff agreements get done and then this stuff continue to progress.

所以我不知道這是否是一個多年的周期性的事情，但肯定每個人都在等待看到一些關稅協議的達成，然後這些事情繼續取得進展。

Or do they stick.

或者它們會堅持下去。

Yeah, or do they stick or do we see kind of a restart of what we saw at the beginning of April, which really none of us want none. None of us want that.

是的，或者他們會堅持下去，或者我們會看到 4 月初所見情況的重新開始，而這確實是我們誰也不希望看到的。我們都不希望這樣。

Yeah. Actually, the competitive takeaways aspect of it, that's actually very exciting. That's really good news. So I'm happy to hear that. That's very good news.

是的。事實上，競爭性外賣方面確實非常令人興奮。這真是個好消息。所以我很高興聽到這個消息。這是個非常好的消息。

And then maybe just one quick follow-up to -- one of your answers to an earlier question was about some of -- there were OEMs that maybe do all of their own manufacturing internally today, whether it's across multiple facilities or within one region in particular, and now they're looking to diversify.

然後也許只需快速跟進一下——您對先前問題的回答之一是關於一些——現在有些原始設備製造商可能在內部完成所有製造工作，無論是跨多個工廠還是在特定的一個地區，現在他們正在尋求多元化。

Are there opportunities for you to go in and acquire a customer's manufacturing facility and then kind of leverage that capacity? Or are these not -- is this not something that from a capital return strategy makes sense for you guys?

您是否有機會進入並收購客戶的製造工廠，然後利用其產能？或者這些不是——從資本回報策略的角度來看，這對你們來說不是有意義的嗎？

I mean we've done operate in place and and we're okay with lift and shift. I mean, I don't want to acquire a factory and pay a premium on it. You know what I mean? So we wouldn't really do that.

我的意思是我們已經完成了現場操作，我們同意進行提升和轉變。我的意思是，我不想收購一家工廠並為其支付高價。你知道我的意思？所以我們其實不會這麼做。

But what we've jointly invested with a customer. We've also taken things over. But we're pretty sensitive. Like, if you tell me, hey, can you take over this factory that's in Louisiana and I've got no facilities, no infrastructure, and I'm just going to ultimately look to move that to Huntsville, why would I do that? But if it happens to be in a footprint where I'm at and I can leverage a team that I've got there, I think we're open to that discussion.

但我們與客戶共同投資。我們也接管了一切。但我們非常敏感。例如，如果你告訴我，嘿，你能接管這家位於路易斯安那州的工廠嗎？我沒有任何設施，沒有基礎設施，我最終只是想把它搬到亨茨維爾，我為什麼要這樣做？但如果它恰好在我所在的範圍內，並且我可以利用我在那裡的團隊，我想我們願意進行討論。

But what I was reflecting is really more -- I'm an OEM, maybe mid-market, but I'm building all in my own factory in Indiana. And I'm now contemplating tariffs on components of material coming into my factory in Indiana that may come from Taiwan, Singapore, China, Malaysia. And now I'm thinking, okay, now I've got to pay the tariffs. I'm still building in the US. I can't move the whole supply chain.

但我真正思考的是——我是一個原始設備製造商，可能屬於中端市場，但我所有產品都是在印第安納州自己的工廠生產的。我現在正在考慮對進入我印第安納州工廠的材料組件徵收關稅，這些材料可能來自台灣、新加坡、中國和馬來西亞。現在我在想，好吧，現在我必須支付關稅。我仍在美國建造。我無法移動整個供應鏈。

So what do I do? Well, you might say, if I was building in Mexico, I could assemble if it's the right HSC code and I could bring it in the country without a tariff, okay, maybe it's time to think about outsourcing. That's kind of how we're thinking about it.

那我該怎麼辦？好吧，你可能會說，如果我在墨西哥建造，如果它是正確的 HSC 代碼，我就可以組裝，而且我可以免關稅把它帶入該國，好吧，也許是時候考慮外包了。我們就是這麼想的。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

I just wanted to go back to the comments about Penang. Just remind us of the timing of that ramp. I know the building is just getting started, right?

我只是想回到有關檳城的評論。只要提醒我們那個斜坡的時間。我知道這棟建築才剛開始，對嗎？

Yeah, well, this is -- the groundbreaking that we did in the first quarter we talked about on the call, that's our fourth facility there, so it's a brand-new facility. It's going to give us more vertical integration on the island, and it's going to be exciting because you know we can go from complete frame build and do painting and a whole host of other things along with a bunch of clean rooms.

是的，這是我們在電話會議上談到的第一季所做的開創性工作，這是我們在那裡的第四個設施，所以這是一個全新的設施。它將使我們在島上實現更多的垂直整合，這將是令人興奮的，因為你知道我們可以從完整的框架構建開始，進行繪畫和一大堆其他事情，以及一堆潔淨室。

But we're obviously big in production already in Penang. And we're seeing, as reflected in our 18% growth in the first quarter, we're seeing nice growth across several OEMs there and we've got one particular OEM that's kind of new to us there that's ramping nicely. So we kind of look for us to continue to grow year over year in Malaysia.

但顯然我們在檳城的產量已經很大了。我們看到，正如我們第一季 18% 的成長所反映的那樣，我們看到那裡的幾家 OEM 都實現了良好的成長，而且有一家對我們來說比較新的 OEM 也正在順利成長。因此，我們希望馬來西亞的業務能夠逐年成長。

The new facility really won't be fully online until next, but the investment's really going in this year. And that's really with an eye towards -- that we're going to continue the momentum and that the semi-market, while it might have its fits and starts and this has been an unprecedentedly different recovery, we're still long in the space and feel like we have a differentiated value proposition there. And so we're investing long term.

新設施實際上要到明年才能全面投入使用，但投資將在今年真正到位。我們真正關注的是——我們將繼續保持這種勢頭，而半成品市場雖然可能會有起伏，而且這是一次前所未有的不同復甦，但我們仍然在這個領域擁有很長的一段時間，並且感覺我們在那裡有一個差異化的價值主張。所以我們進行的是長期投資。

But I don't want you to think that new buildings required for us to be able to grow, because in the last down cycle we freed up quite a bit of capacity. And I should also remind you we opened a brand new building in September of last year that was building three, so that's now fully online. So that gave us more headroom. This is just building four that we started in first quarter this year.

但我不希望你們認為我們需要新建築才能發展，因為在上一個經濟下行週期中，我們釋放了相當多的產能。我還應該提醒大家，我們去年 9 月啟用了一棟全新的大樓，也就是三號樓，現在它已經完全上線了。這給了我們更多的空間。這只是我們今年第一季開始興建的第四棟建築。

And this building will be exclusively for Semi-Cap customers, right?

這棟建築將專門供 Semi-Cap 客戶使用，對嗎？

It won't be exclusive, but we're certainly starting there. We do see an opportunity for doing medical and other aerospace machining. But right now, the win pipeline is pretty heavily dominated towards semi.

它不會是唯一的，但我們肯定會從那裡開始。我們確實看到了醫療和其他航空航太加工領域的機會。但目前，勝利管道在很大程度上被半決賽所主導。

Got it. And you'll have the flexibility depending on what happens, so --

知道了。而你將擁有根據情況靈活處理的能力，因此--

Yeah. It's not an exclusive semi factory per se is what I'm saying.

是的。我的意思是，它本身並不是一個獨家半工廠。

And just lastly, Jeff. I feel like I've heard you mention M&A the last couple of calls. And I don't want to make more of it than it is, but just is that geared toward potentially looking at expanding in one vertical? Or is it adding some technology capability? Presumably, are these more tuck-in type that you'd consider? And how active is this?

最後，傑夫。我感覺在最近的幾次通話中我聽到您提到了併購。我不想把它做得比現在更多，但這是否是為了潛在地考慮在垂直領域中擴張？或者它是否增加了一些技術能力？想必，這些是您會考慮的更適合塞入的類型嗎？這有多活躍？

There is just a -- I think with -- it's interesting. There's a lot of private equity firms that have been invested in manufacturing for six to eight years. And so I think every week, there's a couple of opportunities that kind of come to us and cross our desk.

我認為這只是——很有趣。許多私募股權公司已經在製造業投資了六到八年。所以我認為每週都會有幾個機會出現在我們面前。

And we've said we're going to be very picky and disciplined. And there are some areas that we might say, look, this could fill a gap for something that where customers have an interest and not. But we continue to believe there's plenty of organic opportunities.

我們已經說過，我們會非常挑剔和嚴謹。我們可能會說，在某些領域，這可以填補客戶感興趣或不感興趣的東西的空白。但我們仍然相信，還有很多有機機會。

So it's not like M&A is pressing us. But we do think it could augment the strategy. And as we brought inventory down and created some capacity, it's something that we can certainly look at, but we're really sensitive to dilution and want to do things that can be accretive in a fairly short period of time.

因此，併購並沒有給我們帶來壓力。但我們確實認為它可以增強該戰略。隨著我們降低庫存並創造一些產能，這是我們當然可以考慮的事情，但我們對稀釋非常敏感，並希望在相當短的時間內做一些可以增值的事情。

But we're not, at this point, looking to expand into necessarily a new sector than the five that we support. But we will look at where can we enhance capabilities in high value-add areas in our portfolio.

但目前，我們並不打算擴展到除我們支持的五個領域之外的新領域。但我們會研究如何增強我們投資組合中高附加價值領域的能力。

(Operator Instructions) There are no further questions at this time. I'd like to turn the call over back to Paul Mansky for closing comments. Sir, please go ahead.

（操作員指示）目前沒有其他問題。我想將電話轉回給保羅·曼斯基 (Paul Mansky) 來做最後評論。先生，請繼續。

Thank you, Constantine, and thank you, everyone, for participating in Benchmark's first-quarter 2025 earnings call. We'll be participating in the Sidoti Small-Cap Virtual Conference on June 11. For updates to this and other upcoming investor conferences and events, please check the Events section of our IR website at ir.bench.com.

謝謝康斯坦丁，也謝謝大家參加 Benchmark 2025 年第一季財報電話會議。我們將參加 6 月 11 日的 Sidoti 小型股虛擬會議。有關本次以及其他即將舉行的投資者會議和活動的最新信息，請查看我們 IR 網站 ir.bench.com 的活動部分。

With that, we thank you again for your support and look forward to speaking with you soon.

最後，我們再次感謝您的支持，並期待盡快與您交談。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。