(EMKR) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Amcor Corporation fiscal 2024 first quarter results conference call.

美好的一天，感謝您的耐心等待，歡迎參加 Amcor 公司 2024 財年第一季業績電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

As speakers' presentation, there will be a question and answer session.

作為演講者的演講，將有一個問答環節。

You ask a question.

你問一個問題。

During the session, you'll need to press star one on your telephone.

在會議期間，您需要按電話上的星號一。

You will then hear an automated message device, in your hand is raised to withdraw your question, please press star one again.

然後您會聽到一個自動訊息裝置，您舉起手來撤回您的問題，請再次按星號一。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Tom Mann, CELLO Amcor's Chief Financial Officer.

現在我想將會議交給今天的發言者 CELLO Amcor 的財務長 Tom Mann。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone, and welcome to our conference call to discuss Amcor's fiscal 2024 first quarter results.

謝謝大家，大家下午好，歡迎參加我們的電話會議，討論 Amcor 2024 財年第一季的業績。

The news release we issued this afternoon is posted on our website, amcor.com. On this call, Jeff richer, Amcor's President and Chief Executive Officer, will begin with the discussion of our business highlights, and then I will update you on our financial results, and we'll conclude by taking Quest before we begin, we would like to remind you that the information provided herein may include forward-looking statements within the meaning of Section 27 A. of the Securities Act of 1933 and Section 21 E. of the Exchange Act of 1934.

我們今天下午發布的新聞稿發佈在我們的網站 amcor.com 上。在這次電話會議上，Amcor 總裁兼首席執行官 Jeff Richer 將首先討論我們的業務亮點，然後我將向您介紹我們的財務業績的最新情況，最後我們將在開始之前進行 Quest，我們希望提醒您，本文提供的資訊可能包括1933 年證券法第27 A 條和1934 年交易法第21 E 條含義內的前瞻性陳述。

These forward-looking statements are largely based on our current expectations and projections about future events and trends affecting the business.

這些前瞻性陳述主要基於我們目前對影響業務的未來事件和趨勢的預期和預測。

Such forward-looking statements include projections about future results, statements about plans, strategies, business prospects and changes in trends in the business and the markets in which we operate.

此類前瞻性陳述包括對未來業績的預測、有關計劃、策略、業務前景以及業務和我們經營所在市場趨勢變化的陳述。

Management cautions that these forward-looking statements relate to future events or future financial performance and are subject to business, economic and other risks and uncertainties, both known and unknown that may cause actual results levels of activity, performance or achievements of the business or our industry to be materially different from those expressed or implied by any forward-looking statements.

管理層警告說，這些前瞻性陳述與未來事件或未來財務表現有關，並受到已知和未知的商業、經濟和其他風險和不確定性的影響，可能會導致業務或我們的活動、業績或成就的實際結果水準。產業與任何前瞻性陳述中明示或暗示的內容有重大差異。

We caution you not to rely on these statements and to also consider the risks and uncertainties associated with these statements in the business, which are included in the company's filings available on the SEC's website located at SEC.gov, including the sections entitled Risk Factors in the Company's annual report on Form 10-K.

我們提醒您不要依賴這些聲明，並考慮與這些聲明相關的業務風險和不確定性，這些風險和不確定性包含在SEC 網站SEC.gov 上提供的公司文件中，包括標題為「風險因素」的部分公司年報表格 10-K。

The Company assumes no obligation to update any forward-looking statements to conform these statements to actual results or to changes in our expectations, except as required by applicable law or regulation.

本公司不承擔更新任何前瞻性陳述以使這些陳述符合實際結果或我們期望的變更的義務，除非適用法律或法規要求。

In addition, references will be made during this call to non-GAAP financial measures, which we believe provide meaningful supplemental information to both management and investors.

此外，本次電話會議還將提及非公認會計準則財務指標，我們認為這些指標為管理階層和投資者提供了有意義的補充資訊。

The non-GAAP measures reflect the company's core ongoing operating performance and facilitates comparisons across reporting periods.

非公認會計準則指標反映了公司核心的持續經營業績，並有助於跨報告期間進行比較。

Investors are encouraged to read these non-GAAP measures as well.

我們也鼓勵投資者閱讀這些非公認會計原則措施。

The explanation and reconciliation of these measures to the most comparable GAAP measures included in our news release.

這些措施與我們新聞稿中最具可比性的公認會計原則措施的解釋和協調。

Now I'll turn the call over to Jeff.

現在我將把電話轉給傑夫。

Thank you, Tom, and good afternoon, everyone.

謝謝你，湯姆，大家午安。

In Q1, inertial navigation revenue shifted substantially between facilities totaling 21 -- $24.1 million with a gross margin of 29%.

第一季度，慣性導航收入在總計 21 個設施之間發生了大幅變化，達到 2,410 萬美元，毛利率為 29%。

Non-gaap Chicago, Concord and Alhambra revenue grew in quarter one, but not enough to make up for the revenue drop and Bud Lake.

非公認會計原則芝加哥、康科德和阿罕布拉的收入第一季有所增長，但不足以彌補巴德湖的收入下降。

Tom will provide additional financial details in his remarks.

湯姆將在演講中提供更多財務細節。

Book-to-bill came in under 1.0 due to the shortened holiday season.

由於假期縮短，訂單出貨比低於 1.0。

However, none of those orders were lost and all are expected to book in the current quarter, combining to produce a book-to-bill significantly higher than 1.0. While our booking performance is expected to be quite strong this quarter, the requested ship dates are expected to stent extend out longer than normal.

然而，這些訂單均未遺失，預計所有訂單將在本季預訂，訂單出貨比將顯著高於 1.0。雖然我們本季的預訂業績預計將相當強勁，但預計支架的出貨日期將比正常情況延長。

This strengthens the book for the out quarters at the expense of near term shipments, damping prospects for short term growth.

這增強了季度業績，但犧牲了近期出貨量，削弱了短期成長前景。

For example, we recently booked an order for $8 million that will be part of a very long term contract.

例如，我們最近預訂了一份價值 800 萬美元的訂單，該訂單將成為長期合約的一部分。

However, the customer's request dates will actually cover two full years, the net effect of which is to provide more predictable long-term performance at the expense of any short term bump in revenue at quarter's end, backlog in the business was approximately $51 million compared to the September quarter.

然而，客戶的請求日期實際上將涵蓋整整兩年，其淨效應是提供更可預測的長期業績，但會犧牲季度末收入的短期增長，相比之下，該業務的積壓訂單約為5100 萬美元。到九月季度。

And adjusted for team who this represents about a 10% reduction that we expect to fully resolve in the marks March quarter as we work with interested buyers of our wafer fabrication facility in Alhambra.

並針對團隊進行了調整，這代表著大約 10% 的減少，我們預計在 3 月季度完全解決，因為我們與阿罕布拉晶圓製造工廠的興趣買家合作。

Although we had expected to complete the sale by the end of December quarter.

儘管我們預計將在 12 月季度末完成銷售。

Negotiations have taken longer than expected, and we now have additional incoming interest.

談判花費的時間比預期的要長，我們現在有更多的興趣。

That said, we're working to close the transaction ASAP.

也就是說，我們正在努力盡快完成交易。

But in the meantime, we continue to benefit from cash that the last time sales of chips to customers provide.

但同時，我們繼續受益於上次向客戶銷售晶片所提供的現金。

Moving on to the business, I'll begin my comments by stating that although we had strong performance from Tinley Park, Concord and Alhambra seasonal issues and holiday shortened quarter presented headwinds that were bigger than expected, preventing us from backfilling for Bud Light, in particular, delayed export licenses caused us to push out about $750,000 worth of shipments.

談到業務，我首先要指出的是，儘管我們在廷利公園、康科德和阿罕布拉的表現強勁，但季節性問題和假期縮短的季度帶來了比預期更大的阻力，阻礙了我們為百威淡啤酒回填，特別是，延遲發放出口許可證導致我們推遲了價值約 75 萬美元的發貨。

And although we were able to bill nearly $800,000 in nonrecurring engineering for another program.

儘管我們能夠為另一個項目支付近 80 萬美元的非經常性工程費用。

It did not count as revenue.

它不算作收入。

The principal reason for this delay was a defective lot of circuit boards that could not be ramped remanufactured before the supplier shutdown for the holidays.

造成這種延誤的主要原因是一批有缺陷的電路板無法在供應商假期關閉之前進行重新製造。

Mix and margins held up well and we expect similar margins in the March quarter.

組合和利潤率保持良好，我們預計三月季度的利潤率將類似。

It has been widely reported in the press that actual cash funding to replace munitions and systems allocated to the Ukraine is dangerously low.

媒體廣泛報導稱，分配給烏克蘭的用於更換彈藥和系統的實際現金資金非常低。

This has contributed to some of the budget tug of war that's going on between the service branches.

這導致了服務部門之間正在進行的一些預算拉鋸戰。

It has contributed to some of the timing delays that we've seen in contracting.

它導致了我們在簽訂合約時看到的一些時間延遲。

Operating expenses were a bright spot sales and marketing and G&A came in as expected, but R&D was significantly reduced, showing nearly a $600,000 improvement.

營運費用是銷售和行銷的亮點，G&A 符合預期，但研發費用顯著減少，顯示出近 60 萬美元的改善。

We are mindful of our high internally funded research and development, otherwise known as I read spending and expect to continue to drive this down in the coming quarters through NRE contracts from our customers.

我們注意到我們內部資助的研發費用很高，也稱為我閱讀支出，並希望透過客戶的 NRE 合約在未來幾季繼續降低這一支出。

In October, we talked about the creatives, our XQ 58 Valkyrie, the Navy's mark 48 torpedo business increase and a few other programs that are continuing to progress nicely this quarter, we are expecting several other long-term contracts to be awarded in addition to the Navy's Mark 54 Mode one torpedo as it enters production.

10 月份，我們討論了創意、我們的 XQ 58 Valkyrie、海軍的 mark 48 魚雷業務增長以及本季度繼續取得良好進展的其他一些項目，我們預計除了海軍的 Mark 54 模式一魚雷投入生產。

As we flagged in last quarter's comments, the delays in receiving circuit boards did impact shipments of an advanced IMU. for Raytheon's EO IR parts, but we are now expecting to complete the full contract and all of our engineering obligations under that contract.

正如我們在上個季度的評論中指出的那樣，接收電路板的延遲確實影響了先進 IMU 的出貨量。雷神公司的 EO IR 零件，但我們現在期望完成完整的合約以及該合約項下的所有工程義務。

At the end of the quarter, we expect to complete the current phase of our MMS. program, along with several smaller programs roughly within the next six to 12 months.

我們預計將在本季末完成 MMS 的當前階段。計劃，以及大約在未來 6 到 12 個月內實施的幾個較小的計劃。

We continue to expect nonrecurring engineering funding from our customers to be at least $7 million in calendar '24, with additional growth expected starting in September and proceeding through FY25.

我們仍預期 24 年客戶的非經常性工程資金將至少達到 700 萬美元，預計從 9 月開始至 2025 財年將出現額外成長。

I'd like to provide some additional insight into our integration programs and our continued work on optimization and consolidation, all of which are a key area of focus this year remain on.

我想就我們的整合計劃以及我們在優化和整合方面的持續工作提供一些額外的見解，所有這些都是今年的重點關注領域。

We remain on track to complete the ERP upgrades for Alhambra and Concord unifying the Company's ERP systems.

我們仍有望完成 Alhambra 和 Concord 的 ERP 升級，統一公司的 ERP 系統。

Beyond ERP, we should complete the product line management product, data management migration and Bud late in the March quarter, and this will complete the unification of product data.

除了ERP之外，我們應該在三季末完成產品線管理產品、資料管理的遷移和萌芽，這樣就完成了產品資料的統一。

Manufacturing execution systems will be integrated into Concord and Chicago facilities starting this year.

從今年開始，製造執行系統將整合到康科德和芝加哥工廠。

We've also made good progress on moving to a common IMUINS. architecture, having its roots in the former L-3 aerospace and navigation team and Bud Lake.

我們在轉向通用 IMUINS 方面也取得了良好進展。建築的根源在於前 L-3 航空航太導航隊和巴德湖。

This common architecture will streamline our development programs and improve our ability to create new component technologies with less engineering expense.

這種通用架構將簡化我們的開發計劃，並提高我們以更少的工程費用創建新組件技術的能力。

As I've said before, component technology differentiation is the key to gross margin, and we are moving to design the next generation closed-loop FOG components as well as new closed loop human sensors to improve cost size, weight and power for all of our products beyond boom engineering consolidation, we're working to reduce the amount of floorspace we require with the expected wafer fab sale.

正如我之前所說，組件技術差異化是毛利率的關鍵，我們正在著手設計下一代閉環光纖陀螺組件以及新型閉環人體感測器，以改善所有感測器的成本、尺寸、重量和功率。我們的產品超越了繁榮的工程整合，我們正在努力減少預期晶圓廠銷售所需的佔地面積。

Alhambra is now moving all of its optical component assembly technology into a single Alhambra building that we now occupy.

阿罕布拉 (Alhambra) 現在正在將其所有光學元件組裝技術轉移到我們現在佔用的一棟阿罕布拉 (Alhambra) 建築中。

This is down from five buildings a year ago.

比一年前的五棟建築減少。

Concord will have its footprint by approximately 50%, and we are working on a plan to rightsize the blood Lake facility I wish the consolidation problem was as simple as cutting floor space and relocating processes and equipment.

Concord 的佔地面積將減少約 50%，我們正在製定一項計劃，以調整血湖設施的規模。我希望合併問題就像削減佔地面積和重新安置流程和設備一樣簡單。

However, as I pointed out before, there are very expensive structural power, gas and environmental systems required to support these moves, not all of which exist in some of our facilities.

然而，正如我之前指出的，支持這些舉措需要非常昂貴的結構性電力、天然氣和環境系統，但我們的一些設施中並非全部存在。

Customers also require significant requalification efforts to certify processes on new equipment and new facilities, requalification is typically done during block changes and timing is driven by their schedules and the needs of end users, not ours.

客戶還需要大量的重新認證工作來認證新設備和新設施的流程，重新認證通常是在區塊變更期間完成，時間由他們的時間表和最終用戶的需求驅動，而不是我們的。

Nevertheless, we've made good progress on reducing the amount of floor space, but we require within the capital and requalification limits in the business and expect that effort to continue until we reach an optimal configuration.

儘管如此，我們在減少佔地面積方面取得了良好進展，但我們要求在資本和業務重新資格限制範圍內，並期望繼續努力，直到達到最佳配置。

Finally, and Turning now to guidance.

最後，現在轉向指導。

March quarter is expected to be flat compared to December with a range of $23 million to $25 million.

預計 3 月季度與 12 月季度持平，區間為 2,300 萬美元至 2,500 萬美元。

This is just largely due to order timing and some of the expected delivery dates that we're seeing in our order book.

這很大程度上是由於訂單時間和我們在訂單簿中看到的一些預計交貨日期造成的。

With that, I will turn the call back over to Tom.

這樣，我會將電話轉回給湯姆。

Thank you, Geoff.

謝謝你，傑夫。

First, a reminder that the results from our legacy business, namely the former Broadband segment and the defense optoelectronic products are reported in the income statement under discontinued operations.

首先，需要提醒的是，我們的傳統業務，即前寬頻業務和國防光電產品的業績在損益表中的已終止業務中報告。

As previously reported, all of these operations, except for the Alhambra indium phosphide wafer fab and associated chip business, which remain on the balance sheet as assets held for sale were sold in October.

正如先前報導的那樣，除阿罕布拉磷化銦晶圓廠和相關晶片業務外，所有這些業務均已於 10 月份出售，這些業務因持有待售資產而保留在資產負債表上。

With that, I'll move to a discussion of the results from continuing operations, which is exclusively commercial navigation business.

接下來，我將討論持續營運的結果，這是專門的商業導航業務。

Revenue in fiscal 1Q was $24.1 million compared to the prior quarter's $26.8 million.

第一財季的營收為 2,410 萬美元，而上一季的營收為 2,680 萬美元。

Tinley Park shipments continued on a path of continuous steady growth each quarter since the acquisition over a year ago.

自一年多前收購以來，Tinley Park 的出貨量每季都持續穩定成長。

Concord and Hamburg, while up compared to the quarter before fell short of our expectations largely attributable to, as Jeff noted, export license and product delays towards the end of the quarter.

康科德和漢堡雖然較上一季度有所增長，但未達到我們的預期，正如傑夫指出的那樣，這主要歸因於出口許可證和產品在本季度末的延誤。

Additionally, Bud Light revenue was down primarily due to the team loss we outlined on our last call.

此外，百威淡啤酒收入下降主要是由於我們在上次電話會議中概述的團隊損失。

Let me now turn to the rest of the operating results, which will be on a non-GAAP basis.

現在讓我談談其餘的經營業績，這些業績將基於非公認會計原則（Non-GAAP）計算。

Gross margin held up at 29% in 1Q, despite the lower revenue, contributing to the favorable margin was improved fixed overhead absorption in Tinley Park and Concord and an overall favorable mix.

儘管收入較低，第一季毛利率仍保持在 29%，但廷利公園和康科德固定管理費用吸收的改善以及整體有利的組合促成了有利的利潤率。

Operating expenses were $9.5 million in fiscal 1Q compared to $10.1 million in fiscal 4Q.

第一財季營運支出為 950 萬美元，而第四財季營運支出為 1,010 萬美元。

The improved OpEx was largely driven by an increase in customer funded, nonrecurring engineering or NRE, in which the associated engineering expense is moved, the cost of goods sold to match up with the corresponding revenue.

營運支出的改善主要是由客戶資助的非經常性工程或 NRE 的增加所推動的，其中相關的工程費用被轉移，銷售的商品成本與相應的收入相符。

This lowered internally funded R&D or I read, which remains as part of OpEx operating loss in the December quarter was $2.6 million compared to the September quarter is $1.9 million negative adjusted EBITDA was $1.7 million compared to $900,000 last quarter, net loss was $2.6 million, or $0.03 per share.

這降低了內部資助的研發，或者我讀到，這仍然是營運支出的一部分，12月份季度營運虧損為260萬美元，而9月份季度為190萬美元，負調整後的EBITDA為170萬美元，而上季為90萬美元，淨虧損為260萬美元，或每股 0.03 美元。

Sequential changes for all three of these metrics were all primarily attributable to the lower revenue.

所有這三個指標的連續變化主要歸因於收入下降。

Turning to the balance sheet, reported cash was $21.1 million at December 31st, which temporarily included $2.2 million of third party cash associated with the sale of the legacy business and a deposit on the potential sale of the wafer fab.

轉向資產負債表，截至 12 月 31 日，報告現金為 2,110 萬美元，其中暫時包括與出售遺留業務相關的 220 萬美元第三方現金以及潛在出售晶圓廠的押金。

Net of these items, Amcor cash was $19 million at the end of the quarter compared to $26.7 million at September 30th to $7.7 million decreased during the quarter consisted of the following negative $1.7 million adjusted EBITDA, $1.5 million associated with discontinued operations, a $1.3 million litigation settlement, $2 million for financing activities, including a $1.7 million debt reduction on our revolving line of credit, $700,000 for severance and a combined total of $500,000 for working capital CapEx and litigation related costs.

扣除這些項目後，Amcor 現金在本季末為1,900 萬美元，而9 月30 日為2,670 萬美元，本季減少至770 萬美元，其中包括以下170 萬美元的負調整EBITDA、150 萬美元與已終止業務相關、130 萬美元訴訟和解、融資活動 200 萬美元，包括循環信貸額度債務減少 170 萬美元、遣散費 70 萬美元，以及總計 50 萬美元的營運資本資本支出和訴訟相關費用。

Litigation settlement was one-time in nature.

訴訟和解具有一次性性質。

And going forward, we expect a significant drop off in cash used for discontinued ops and severance.

展望未來，我們預計用於終止營運和遣散費的現金將大幅減少。

Total outstanding debt was reduced by $2 million during the quarter to $8.6 million when compared to $10.6 million at September 30th.

本季未償債務總額減少了 200 萬美元，達到 860 萬美元，而 9 月 30 日為 1,060 萬美元。

The $8.6 million as of as of December 31st, consisted of $4.6 million on the line of credit and a $4 million balance on the term loan component.

截至 12 月 31 日，860 萬美元包括 460 萬美元的信貸額度和 400 萬美元的定期貸款餘額。

There is currently about $3 million available for borrowing on the line before we get to the Q&A.

在我們進行問答之前，目前大約有 300 萬美元可供線上借款。

And as announced this past Tuesday, we plan to be at the Cowen Aerospace and Defense Conference next week on Wednesday, February 14th in Arlington, Virginia, including a presentation and investor meetings.

正如上週二宣布的那樣，我們計劃參加下週 2 月 14 日星期三在弗吉尼亞州阿靈頓舉行的考恩航空航天和國防會議，包括演講和投資者會議。

A link to the live webcast of the presentation was included in Tuesday's announcement.

週二的公告中包含了演示文稿現場網路直播的連結。

With that, we are now opening up the call for your questions.

至此，我們現在開始電話詢問您的問題。

And thank you.

謝謝你。

As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced.

提醒一下，要提問，請按電話上的星號一，然後等待宣布您的名字。

To withdraw your question, please press star one.

若要撤回您的問題，請按星號一。

Again, please stand by while we compile the Q&A roster.

再次，請大家耐心等待，我們正在整理問答名單。

And one moment, Barbara question.

一會兒，芭芭拉問。

And our first question comes from Richard Shannon from Craig-Hallum Capital.

我們的第一個問題來自 Craig-Hallum Capital 的 Richard Shannon。

Your line is now well.

你的線路現在很好。

Hi, Jeff and Tom, thanks for taking my questions.

嗨，傑夫和湯姆，謝謝你們回答我的問題。

Let's just start off with a few tactical questions here.

讓我們從幾個戰術問題開始。

Kind of quickly here.

這裡有點快。

So obviously, the December quarter revenues were a bit low here.

顯然，12 月季度的營收有點低。

And you talked about some push-outs and some supplier supplies issues here.

您在這裡談到了一些退出和一些供應商供應問題。

And I know you talked about some bookings are a little bit farther out here, but I guess it would seem like that the like would have come back within this quarter.

我知道您談到有些預訂距離這裡有點遠，但我想類似的情況似乎會在本季度內恢復。

It doesn't seem like that's represented in the numbers.

數字似乎並沒有反映這一點。

I'm not sure if I'm reading this right here, but why wouldn't we see some of that come back?

我不確定我是否正在閱讀這篇文章，但為什麼我們看不到其中的一些內容？

And then how does this help us think about, as you said in the press release about returning to growth in the June quarter?

那麼，正如您在新聞稿中所說的那樣，這如何幫助我們思考六月季度恢復成長的問題？

Yes, sure.

是的，當然。

So let me let me tackle bluntly.

所以讓我直言不諱地解決這個問題。

So bundling was the primary home site that was working on a new and a pretty significant fraction of their revenue was associated with that program itself in the very short term.

因此，捆綁銷售是正在開發新產品的主要主頁網站，並且在短期內其收入的很大一部分與該計劃本身相關。

And I'm talking about now over the next six months and there isn't another program to take place until the mass motion sensor, what we call MMS. are on production, and that will happen starting in early 24, right?

我現在談論的是在接下來的六個月內，在質量運動感測器（我們稱之為 MMS）之前不會有其他計劃發生。正在製作中，這將在 24 月初開始，對嗎？

So we'll be building all of the optical components here in our Hamburg, integrating them here.

因此，我們將在漢堡中建造所有光學組件，並將它們整合在這裡。

And then over in blood Lake, they will be doing all of the assembly and checkout.

然後在血湖，他們將完成所有的組裝和檢查。

So, you know, effectively that program should be a pretty good job of replacing that revenue.

所以，你知道，實際上該計劃應該可以很好地替代該收入。

So the name of the game really for us in the short term is replacing the lock in revenue with other programs on that are running in our Concord Tinley Park and Alhambra and just a little bit of timing issues on those.

因此，短期內對我們來說真正的遊戲名稱是用在我們的 Concord Tinley Park 和 Alhambra 運行的其他程式取代收入鎖定，以及這些程式上的一些時間問題。

We're expecting it's going to be a little bit hard to get some of those into production this quarter, which is why we pointed towards June as a resumption of growth.

我們預計本季將其中一些產品投入生產會有點困難，這就是為什麼我們指出 6 月將恢復成長。

So in the short term, before that mass motion sensor hits production, it's really about maximizing the revenue out of the other three facilities.

因此，從短期來看，在大規模運動感測器投入生產之前，真正的目標是最大化其他三個設施的收入。

So it makes sense.

所以這是有道理的。

Yes, I think so maybe just put this in bigger context of what you said last quarter, where I think you're talking about a funnel that would support kind of [$115 million to $125 million] for this.

是的，我認為也許只是將其放在您上季度所說的更大背景下，我認為您正在談論一個可以為此提供[1.15 億至1.25 億美元]支持的管道。

I believe it was referring to the fiscal year, and I think that was already taking into account the loss of team here.

我相信它指的是財政年度，而且我認為這已經考慮到了這裡團隊的損失。

How does that how does that number sit with you now?

現在這個數字對你來說怎麼樣？

Yes.

是的。

So I would say it's just pushed off approximately a quarter or two.

所以我想說它只是推遲了大約四分之一或兩個季度。

So at some point, when we have a little more certainty on exactly what's going on, we will update the yearly guidance and it's just timing, right.

因此，在某個時候，當我們對正在發生的事情有了更多的確定性時，我們將更新年度指導，這只是時機，對吧。

Part of it is driven by this tug of war between the services, no programs have been water.

部分原因是服務之間的拉鋸戰推動的，沒有任何節目被流水。

No, no competitive issues at the last minute or anything like that it's just timing.

不，沒有最後一刻的競爭問題或類似的問題，這只是時機問題。

And again, just give you one example, the Mark 54 on new version, the Mode one supposed to go into production is click to go into production 18 months ago.

再舉個例子，新版的Mark 54，應該投產的Mode是18個月前點選投產的。

And it was largely contracting delays getting into Raytheon that were responsible for, you know, them telling us that, hey, guys, you have to have the go button.

很大程度上是雷神公司的合約延誤造成的，你知道，他們告訴我們，嘿，夥計們，你必須按下「開始」按鈕。

So this is just sort of the macro environment that we find ourselves in right now.

這就是我們現在所處的宏觀環境。

Fundamentally, all of the programs are doing well.

從根本上來說，所有的項目都表現良好。

There's been nothing to comment on as far as any losses.

就任何損失而言，沒有什麼可評論的。

It's just, you know, the it's just the short term stuff.

這只是，你知道，這只是短期的事情。

I mean, I could see a situation where we exit the March quarter with backlog that I think would be a very, very pleasant surprise challenges that I take a look at it.

我的意思是，我可能會看到這樣一種情況，即我們在積壓的情況下退出三月季度，我認為這將是一個非常非常令人驚訝的挑戰，我會看看它。

Okay.

好的。

Well, how much of this is due within the next quarter?

那麼，其中多少是下個季度到期的呢？

Right.

正確的。

We're not we're not worried about buying much at all, if there is clearly the short-term gap from team move.

如果團隊搬遷明顯有短期差距，我們根本不擔心買太多。

And that's what's just proven to be a little bit more difficult from a timing perspective.

從時間的角度來看，這被證明是有點困難的。

That's all.

就這樣。

Okay.

好的。

Of course.

當然。

Fair enough.

很公平。

Let's see here.

讓我們看看這裡。

Just quickly on the wafer fab sale here.

就在這裡快速進行晶圓廠銷售。

Is that something you so to get done this quarter?

這是您本季想要完成的事情嗎？

I mean, you talked about or Tom mentioned the deposit rate here.

我的意思是，你在這裡談到或湯姆提到了存款利率。

So it seems like there's confidence to some degree on both sides here.

所以看起來雙方都有一定程度的信心。

What is your confidence in closing this quarter?

您對本季結束的信心有多大？

And what's the what's the delay or anything you can share there?

延遲是什麼，或者您可以在那裡分享什麼嗎？

Yes.

是的。

I think we've got a reasonable degree of confidence we've now got multiple on your exclusivity was lost because of delays.

我認為我們已經有一定程度的信心，我們現在對您的獨家經營權由於延誤而失去了多重信心。

And so there's no other inbound interest and, you know, like the old saying goes, sometimes you need, you know, two deals to make the one go through.

因此，沒有其他入境興趣，你知道，就像老話所說，有時你需要兩筆交易才能完成一筆交易。

And so how should we get it done this quarter?

那麼這個季度我們該如何完成呢？

Gosh, I hate to be the broken clock.

天哪，我討厭成為壞掉的時鐘。

That's right twice a day and we are working to close it as quickly as we can.

每天有兩次這樣的情況，我們正在努力盡快關閉它。

Okay.

好的。

Fair enough.

很公平。

One or two quick questions here for Tom.

這裡要問湯姆一兩個簡單的問題。

How are we thinking about cash burn in the quarter?

我們如何看待本季的現金消耗？

I think you kind of alluded to maybe that cash balance improving in this quarter based on working capital, it doesn't sound like that necessarily should change, but please tell me if your views are different there and then what's included in terms of the cash burn for the wafer fab or the discontinued operations, should it be around for the full quarter?

我認為您提到本季現金餘額可能會根據營運資金有所改善，這聽​​起來不一定應該改變，但請告訴我您的觀點是否不同，然後告訴我現金中包含哪些內容晶圓廠或停產業務的燒毀是否應該持續整個季度？

So you may have noticed, Richard, that that's that cash balance at the end of December.

理查德，您可能已經注意到，這就是 12 月底的現金餘額。

We had talked about this on the last call, and we had forecasted a larger amount of cash used in the December quarter than what actually ended up happening and a part of that was we received some rather large collections from customers thought in advance and attributed to probably they're trying to close out the year and use some budget money perhaps and a lot of that happened on December 29th, the last day of the quarter and up to that moved, Tom, that gave us a much more favorable working capital in December than we were anticipating go to.

我們在上次電話會議上討論過這一點，我們預測12 月季度使用的現金數量比實際最終發生的情況要多，其中一部分是我們從客戶那裡收到了一些相當大的收款，這些收款是預先考慮的，並歸因於也許他們正試圖結束這一年並使用一些預算資金，其中很多事情發生在12 月29 日，即該季度的最後一天，直到那一天，湯姆，這給了我們更有利的營運資金12 月比我們預期的要早。

The other side of that is it's going to flip over into this quarter an impact this quarter in a way that home we didn't foresee it.

另一方面是，它將以我們沒有預見到的方式翻轉到本季。

So they'll be the results based on the guidance we just gave is, as Jeff said, and this to the December quarter and you're likely to see similar results down the P&L and into adjusted EBITDA.

因此，正如傑夫所說，它們將是基於我們剛剛給出的指導的結果，這是 12 月季度的結果，您可能會在損益表和調整後的 EBITDA 中看到類似的結果。

Tom will have more use of working capital this quarter.

湯姆本季將更多地利用營運資金。

The other good news is that a lot of the discontinued ops stuff, which from a cash perspective was over $1 million this past quarter is likely to come down significantly, likely under $0.5 million, maybe even $100,000 less than that from our best estimates at this stage on the rest of it is CapEx and financing.

另一個好消息是，許多停產的營運項目（從現金角度來看，上個季度超過100 萬美元）可能會大幅下降，可能低於50 萬美元，甚至可能比我們目前的最佳估計少10 萬美元。其餘部分是資本支出和融資。

So there will be a use this quarter based on the revenue that we're projecting.

因此，根據我們預測的收入，本季將會有使用。

I'm just kind of giving you the major bullet points here, and I hope I answered your question.

我只是在這裡向您提供主要要點，希望我能回答您的問題。

(multiple speakers) Richard, one other thought you said was about cash use in the wafer fab. It's shut down, right? So it's really sort of maintenance level stuff that's going on in there. And so there's no appreciable impact there. Again, we're going to get a few hundred thousand dollars a quarter on last time chip buys. That helps us offset that. But it just doesn't show up in revenue, right. It's discontinued operations.

（多位發言者）理查德，您所說的另一個想法是關於晶圓廠的現金使用。已經倒閉了是嗎？所以這實際上是一種維護等級的事情。所以那裡沒有明顯的影響。同樣，我們將在上次購買晶片時每季獲得數十萬美元。這有助於我們抵消這一點。但這並沒有體現在收入中，對吧。已經停止運作了。

Okay.

好的。

And maybe just a follow-up to specifically, Tom, here you said it's going to be your cash will be down. Any can you give us any sense of magnitude? It looks like it was $5.5 million in gross terms September to December here with a deposit that came in, I mean, so you're going to be down more than $3 million or $5 million in this quarter or just want to get a sense of what your.

也許只是具體的後續行動，湯姆，你在這裡說你的現金將會減少。您能給我們任何規模感嗎？我的意思是，從 9 月到 12 月，這裡的總金額似乎為 550 萬美元，還有存款，所以本季度您將損失超過 300 萬美元或 500 萬美元，或者只是想了解一下您的什麼。

Yeah. it's going to be.

是的。這將是。

That's not a bad range to think about it probably more towards the upper end of that range.

這是一個不錯的範圍，可能更接近該範圍的上限。

Okay.

好的。

(multiple speakers) And where do you worry me?

（多位發言者）你讓我擔心的是什麼？

That is going to be exclusive of some of the things we're doing to tried to go and drive working capital out of the corporate inventory and so on. I think Tom's got a good handle on it, but we're going to trying to do a fair bit better.

這還不包括我們正在做的一些事情，這些事情試圖將營運資金從公司庫存中擠出來，等等。我認為湯姆處理得很好，但我們會努力做得更好。

Okay.

好的。

And that ending cash number here in this quarter. To what degree is that above or the limits of your comfort level here as you as you need operate the business?

以及本季的期末現金數字。當您需要經營業務時，這在多大程度上超出了您的舒適水平？

Well, we like who we like $20 million as a good comfort level, but we are operating below that, which is doable and it can sustain should be as long as we meet our business goals.

嗯，我們喜歡 2000 萬美元作為一個很好的舒適水平，但我們的營運低於這個水平，這是可行的，只要我們實現我們的業務目標，它就應該能夠維持。

Okay, fair enough. Let me ask one question. I'll jump on lines if there's other questioners here, but just kind of looking at the top line here, Jefferson, and as we talked about last quarter, you're trying to backfill the team who lost. That's obviously substantial. And it seems like we've got some pushouts of some programs related to a number of issues here that really seem to be outside of your control, but how about in terms of adding things into the front side of that funnel or even getting towards the end of getting contracts awarded here, what's the visibility? And how do we think about those opportunities here to see an acceleration to the end of the fiscal year?

好吧，很公平。讓我問一個問題。如果這裡還有其他提問者，我會插話，但傑弗遜，請看一下這裡的頂線，正如我們上個季度談到的那樣，您正在努力填補失敗的球隊。這顯然意義重大。看起來我們已經推出了一些與這裡的許多問題相關的程序，這些問題似乎確實超出了您的控制範圍，但是如何將東西添加到該​​漏斗的前端，甚至走向在這裡獲得合同結束了，可見度如何？我們如何看待這些加速到本財年結束的機會？

Yes. So on one of the things and I mentioned this, I'll give you a little more color on it. So for example, one of the export licenses that was delayed in December was core to Unit four a international customer that needs a lot of product and they've got to run through with small incremental or dealt with qualification. And those things are still drilling on the loading dock right now because we know a fair amount of commerce is doing what they're doing. And so, you know, it's a case where there's just not something we can do about it as soon as they give us a go, we can start producing this stuff and sometimes the chips, it just happens that way you can you can execute to your best of best level of ability. And when you have outside factors that interfere, you know, your ability to respond is limited. There are other opportunities out there. And again, that's why I just here we are almost midway through the March quarter and it's just time necessary to build and ship that up more than go against any particular problems from a we know product demand standpoint and where we are, I'm not really concerned at all. It's just timing.

是的。因此，關於其中一件事，我提到了這一點，我將為您提供更多資訊。例如，去年 12 月被推遲的出口許可證之一是第四單元的核心，這是一家需要大量產品的國際客戶，他們必須以小額增量完成或處理資格認證。這些東西現在仍在裝卸碼頭上鑽探，因為我們知道相當多的商業活動正在做他們正在做的事情。所以，你知道，在這種情況下，一旦他們給我們機會，我們就無能為力，我們可以開始生產這些東西，有時是晶片，它只是發生這種情況，你可以執行你最好的能力水平。當你受到外在因素幹擾時，你知道，你的反應能力是有限的。還有其他機會。再說一次，這就是為什麼我在這裡，我們已經快到三月季度的中間了，現在是時候構建和交付它了，而不是從我們知道產品需求的角度來看任何特定的問題，我不是真的很擔心。這只是時機。

Okay, fair enough. I will jump the line, guys.

好吧，很公平。我會插隊的，夥計們。

Thank you.

謝謝。

And thank you.

謝謝你。

And I'm showing no further questions. I would now like to turn the call back over to Jeff richer for closing remarks.

我沒有再提出任何問題。現在我想將電話轉回給傑夫·裡徹（Jeff Richer），讓他發表結束語。

Thank you. I'd also like to thank all of you for your interest in Amcor arm and a special recognition for production and engineering teams for the extraordinary effort they put in over the holidays. They guys were coming into work through Christmas Eve and New Year's Eve to maximize shipments. And I just want to give you guys a big public. Thank you, and thank you all very much.

謝謝。我還要感謝大家對 Amcor 部門的關注，並對生產和工程團隊在假期期間付出的非凡努力表示特別認可。他們在平安夜和新年前夕開始工作，以最大限度地提高出貨量。我只想給你們一個大公眾。謝謝大家，也非常感謝大家。

This concludes today's conference call. Thank you for participating.

今天的電話會議到此結束。感謝您的參與。

You may now correct.

你現在可以更正了。