TTM Technologies Inc (TTMI) 2020 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

Thank you for standing by.

謝謝你的支持。

Welcome to the TTM Technologies Third Quarter 2020 Financial Results Conference Call.

歡迎參加 TTM Technologies 2020 年第三季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded today, October 28, 2020.

（操作員說明）謹此提醒，本次會議將於今天（2020 年 10 月 28 日）進行錄製。

Sameer Desai, TTM's Senior Director of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

TTM 企業發展和投資者關係高級總監 Sameer Desai 現在將審查 TTM 的揭露聲明。

Great.

偉大的。

Thanks, Casey.

謝謝，凱西。

Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to TTM's future business outlook.

在開始之前，我想提醒大家，今天的電話會議包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括與 TTM 未來業務前景相關的陳述。

Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the factors explained in our most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission.

由於一種或多種風險和不確定性，實際結果可能與這些前瞻性陳述有重大差異，包括我們最新的 10-K 表格年度報告和向美國證券交易委員會提交的其他文件中解釋的因素。

These forward-looking statements are based on management's expectations and assumptions as the date of this presentation.

這些前瞻性陳述是基於管理階層截至本簡報發布之日的預期和假設。

TTM does not undertake any obligation to publicly update or revise any of these statements, whether as a result of new information, future events or other circumstances, except as required by law.

TTM 不承擔公開更新或修改任何這些聲明的義務，無論是由於新資訊、未來事件或其他情況，除非法律要求。

Please refer to the disclosures regarding the risks that may affect TTM, which may be found in the reports on Form 10-K, 10-Q, 8-K, the registration statement on Form S-4 and the company's other SEC filings.

請參閱有關可能影響 TTM 的風險的揭露，這些資訊可以在表格 10-K、10-Q、8-K 的報告、表格 S-4 的註冊聲明以及公司其他 SEC 備案文件中找到。

We will also disclose on this call certain non-GAAP financial measures, such as adjusted EBITDA.

我們也會在本次電話會議上揭露某些非公認會計準則財務指標，例如調整後的 EBITDA。

Such measures should not be considered as a substitute for the measures prepared and presented in accordance with GAAP, and we direct you to the reconciliation of non-GAAP to GAAP measures included in the company's press release which was filed with the SEC and is available on TTM's website at www.ttm.com.

此類措施不應被視為替代根據 GAAP 準備和提出的措施，我們會指導您對公司新聞稿中包含的非 GAAP 與 GAAP 措施進行協調，該新聞稿已向 SEC 提交，可在TTM 的網站為www.ttm.com。

I will now like to turn the call over to Tom Edman, TTM's Chief Executive Officer.

我現在想將電話轉給 TTM 執行長 Tom Edman。

Please go ahead, Tom.

請繼續，湯姆。

Thank you, Sameer.

謝謝你，薩米爾。

Good afternoon, and thank you for joining us for our third quarter 2020 conference call.

下午好，感謝您參加我們的 2020 年第三季電話會議。

These continue to be challenging times.

這些仍然是充滿挑戰的時期。

And I hope that all of you and your loved ones are safe and healthy.

我希望你們所有人和你們所愛的人都安全健康。

I'll begin with a review of our business strategy, then an update on how COVID-19 has impacted our business, followed by highlights from the quarter and a discussion of our third quarter results.

我將首先回顧我們的業務策略，然後介紹新冠肺炎 (COVID-19) 對我們業務的影響，最後介紹本季的亮點並討論我們第三季的業績。

Todd Schull, our CFO, will follow with an overview of our Q3, 2020 financial performance and our Q4 2020 guidance.

我們的財務長 Todd Schull 隨後將概述我們 2020 年第三季的財務表現和 2020 年第四季的指導。

We will then open the call to your questions.

然後我們將開始電話詢問您的問題。

I am pleased to report that in the third quarter of 2020, TTM generated revenues and non-GAAP EPS above the guided range.

我很高興地報告，2020 年第三季度，TTM 的收入和非 GAAP 每股收益均高於指導範圍。

Our diversified end markets allowed us to grow PCB revenues year-on-year despite weakness in the commercial aerospace and automotive end markets.

儘管商業航空航太和汽車終端市場疲軟，我們多元化的終端市場使我們的 PCB 收入同比增長。

In addition, we continued strong operational execution, overcame production inefficiencies and extra cost due to COVID-19.

此外，我們繼續保持強勁的營運執行力，克服了因 COVID-19 導致的生產效率低下和額外成本的問題。

The COVID-19 pandemic has created operational difficulties, macroeconomic uncertainty and employee concerns.

COVID-19 大流行造成了營運困難、宏觀經濟不確定性和員工擔憂。

I am extremely proud of how TTM employees have worked to deliver excellent performance despite the formidable and unprecedented challenges of this environment.

我對迅達員工在面臨前所未有的嚴峻挑戰的情況下仍努力提供卓越績效感到非常自豪。

Finally, I'd like to highlight that in Q3, we received the remaining proceeds of the mobility business unit divestiture and have applied them to repay our term loan B. Combined with strong cash flow from operations, our net debt-to-EBITDA ratio has dropped to 1.6 at the end of Q3.

最後，我想強調的是，在第三季度，我們收到了行動業務部門剝離的剩餘收益，並將其用於償還我們的定期貸款 B。第三季末已降至1.6。

Next, I would like to provide an update on our long-term strategy.

接下來，我想介紹一下我們的長期策略的最新情況。

TTM is on a journey to transform our business to be less cyclical, more differentiated and more disciplined.

迅達 (TTM) 正在努力將我們的業務轉型為週期性更低、更具差異化和更規範的業務。

We believe over time, investors will be rewarded with more stable growth, strong cash flow performance and improving margins.

我們相信，隨著時間的推移，投資者將獲得更穩定的成長、強勁的現金流表現和不斷提高的利潤率。

A key part of that strategy will be to add capabilities and products that are complementary to our current offerings internally and through acquisitions.

該策略的關鍵部分是透過內部和收購增加與我們當前產品互補的能力和產品。

The Anaren acquisition in 2018 represented a key step in this direction.

2018 年收購 Anaren 代表了朝這個方向邁出的關鍵一步。

Anaren provided us with engineering capabilities and a new market adjacency of RF subassemblies and components, that enabled us to provide more value to our customers.

Anaren 為我們提供了工程能力以及射頻組件和組件的新市場鄰接，使我們能夠為客戶提供更多價值。

We effectively paid for that transaction with the sale of the mobility business unit in 2020, which reduced our exposure to the volatile cellular end market that has been slowing growth and -- but has seen slowing growth and lower margins in recent years.

我們透過在2020 年出售行動業務部門有效地支付了該交易的費用，這減少了我們對不穩定的蜂窩終端市場的敞口，該市場一直在放緩增長，但近年來增長放緩且利潤率下降。

In addition, in 2020, we are in the process of shutting down 2 of our E-MS plants, which were subscale, offering limited strategic value and lower margins.

此外，2020 年，我們正在關閉 2 座 E-MS 工廠，這些工廠規模較小，策略價值有限，利潤率較低。

Looking forward, our balance sheet is in a strong position to pursue further acquisitions as well as our organic investment needs.

展望未來，我們的資產負債表處於有利地位，可以追求進一步的收購以及我們的有機投資需求。

In the A&D market, our focus is to be an indispensable supplier to our customers, providing more capabilities and expanding our addressable market.

在 A&D 市場，我們的重點是成為客戶不可或缺的供應商，提供更多功能並擴大我們的目標市場。

In the commercial markets, our focus is to add more RF component capabilities around Anaren's core strengths, as well as to diversify our manufacturing footprint.

在商業市場中，我們的重點是圍繞 Anaren 的核心優勢增加更多射頻組件能力，並使我們的製造足跡多樣化。

We prefer that acquisitions across both the A&D and commercial markets for maximum benefit to the company.

我們更傾向於在 A&D 和商業市場進行收購，以便為公司帶來最大利益。

I would also like to update you on the COVID situation.

我還想向您通報新冠肺炎疫情的最新情況。

We are currently managing through COVID-19 with relatively minor impact to our production.

我們目前正在應對新冠肺炎 (COVID-19) 疫情，對我們的生產影響相對較小。

Those infected are returning to work after being cleared following testing and quarantine protocols.

那些被感染的人在按照測試和隔離協議被清除後正在返回工作崗位。

We continue to use contact tracing and quarantine individuals who are in close contact with infected team members, in addition to deep cleaning affected work areas.

除了深度清潔受影響的工作區域外，我們還繼續使用接觸者追蹤和隔離與受感染團隊成員密切接觸的人員。

We also continue other measures, such as extensive internal communications, masking, temperature checks, and proper distancing in our facilities worldwide.

我們也繼續採取其他措施，例如廣泛的內部溝通、佩戴口罩、體溫檢查以及在我們全球各地的設施中保持適當的距離。

Because of the stringent preventative measures in place and our culture of transparency in communications, these events have had much less impact on our operations than we thought at the start of the year.

由於採取了嚴格的預防措施以及我們透明的溝通文化，這些事件對我們營運的影響比我們年初想像的要小得多。

Our leadership team continues to remain vigilant in mitigating the impact of COVID-19 as we enter the fall and winter in some parts of the world, including the United States, see an acceleration of cases.

隨著進入秋季和冬季，包括美國在內的世界一些地區病例數量加速成長，我們的領導團隊繼續保持警惕，減輕 COVID-19 的影響。

Now I'd like to review our end markets.

現在我想回顧一下我們的終端市場。

All historical end market disclosures exclude the mobility business unit and the 2 E-MS plants we are shutting down.

所有歷史終端市場揭露均不包括行動業務部門和我們即將關閉的 2 家 E-MS 工廠。

For more details on end market disclosures, please refer to our third quarter earnings press release.

有關終端市場披露的更多詳細信息，請參閱我們的第三季度收益新聞稿。

The aerospace and defense end market represented 37% of total second quarter sales compared to 36% of Q3 2019 sales and 33% of sales in Q2 2020.

航空航太和國防終端市場佔第二季總銷售額的 37%，而 2019 年第三季銷售額為 36%，2020 年第二季銷售額為 33%。

We expect sales in Q4 from this end market to represent about 38% of our total sales.

我們預計第四季度該終端市場的銷售額將占我們總銷售額的 38% 左右。

We continue to see solid growth in our A&D segment, with Q3 revenues up 7% year-on-year and an A&D program backlog of $625 million, compared to $572 million in the year ago quarter.

我們繼續看到 A&D 部門的穩健成長，第三季營收年增 7%，A&D 專案積壓金額為 6.25 億美元，而去年同期為 5.72 億美元。

Weakness in the commercial aerospace end market was more than offset by strength in defense.

商業航空終端市場的疲軟被國防領域的實力所抵消。

Growth in the defense market is a result of our strong program alignment and key bookings for on in franchise programs, such as AESA radar systems for the Aegis Assure Japan program, a variant of the U.S. LRDR program being built by Lockheed as well as upgrading F-16 fighter jets with scalable agile beam radar, built by Northrop.

國防市場的成長得益於我們強大的計畫調整和特許經營計畫的關鍵預訂，例如用於「宙斯盾確保日本」計畫的AESA 雷達系統，該系統是洛克希德公司正在建造的美國LRDR 計畫的變身體以及升級的 F -16 戰鬥機配備可擴展的敏捷波束雷達，由諾斯羅普製造。

The medical industrial instrumentation end market contributed 19% of our total sales in the third quarter compared to 18% in the year ago quarter and 21% in the second quarter of 2020.

醫療工業儀器終端市場佔第三季總銷售額的 19%，去年同期為 18%，2020 年第二季為 21%。

We were pleased to see this end market grow 9% year-on-year as we saw strength in our medical and instrumentation customers that was partially offset by weakness in our industrial customers.

我們很高興看到這個終端市場年增 9%，因為我們看到醫療和儀器儀表客戶的強勁勢頭被工業客戶的疲軟部分抵消。

For the fourth quarter, we expect this market to be 16% of revenues, as industrial customers continue to decline and we return to less elevated levels of demand for emergency medical products.

對於第四季度，我們預計該市場將佔收入的 16%，因為工業客戶持續下降，並且我們對緊急醫療產品的需求恢復到較低水準。

Networking communications accounted for 16% of revenue during the third quarter of 2020.

2020 年第三季度，網路通訊佔營收的 16%。

This compares to 16% in the third quarter of 2019 and 19% of revenue in the second quarter of 2020.

相比之下，2019 年第三季佔營收的 16%，2020 年第二季佔營收的 19%。

We saw relative strength in the networking segment compared to the telecom segment as 5G builds took a pause.

隨著 5G 建設的暫停，我們看到網路領域與電信領域相比相對強勁。

In Q4, we expect this segment to be 16% of revenue as 5G telecom demand remains subdued.

由於 5G 電信需求仍然低迷，我們預計第四季度該細分市場將佔營收的 16%。

Sales in the computing storage peripherals end market represented 13% of total sales in the third quarter, compared to 12% in Q3 of 2019 and 13% in the second quarter of 2020.

第三季計算儲存週邊終端市場的銷售額佔總銷售額的13%，而2019年第三季為12%，2020年第二季為13%。

This end market grew 8% year-on-year from strength in our data center customers.

由於我們資料中心客戶的實力，該終端市場年增了 8%。

We expect revenues in this end market to represent approximately 12% of fourth quarter sales.

我們預計該終端市場的營收將佔第四季銷售額的 12% 左右。

Automotive sales represented 13% of total sales during the third quarter of 2020, compared to 15% in the year ago quarter and 11% during the second quarter of 2020.

2020 年第三季度，汽車銷售佔總銷售量的 13%，去年同期為 15%，2020 年第二季為 11%。

While automotive sales declined year-over-year due to COVID-19 impacts, we saw a 9% sequential growth, which was better than the slight decline originally expected.

儘管由於 COVID-19 的影響，汽車銷量同比下降，但我們看到了 9% 的環比增長，比最初預期的小幅下降。

We expect automotive to contribute 16% of total sales in Q4 as the automotive recovery continues.

隨著汽車產業持續復甦，我們預計第四季汽車銷售額將佔總銷售額的 16%。

Next, I'll cover some details from the third quarter.

接下來，我將介紹第三季的一些細節。

Note that all of the following operations metrics exclude the mobility business unit and the 2 E-MS plants that are closing.

請注意，以下所有營運指標均不包括行動業務部門和即將關閉的 2 個 E-MS 工廠。

During the quarter, our advanced technology business, which includes HDI, rigid flex and RF subsystems and components, accounted for approximately 29% of our revenue.

本季度，我們的先進技術業務（包括 HDI、剛柔結合和射頻子系統及組件）約占我們收入的 29%。

This compares to approximately 25% in the year ago quarter and 28% in Q2.

相比之下，去年同期約為 25%，第二季約為 28%。

We are continuing to pursue new business opportunities and increase customer design engagement activities that will leverage our advanced technology capabilities in new markets.

我們將繼續尋求新的商機並增加客戶設計參與活動，從而在新市場中利用我們的先進技術能力。

Capacity utilization in Asia Pacific was 63% in Q3 compared to 60% in the year ago quarter and 70% in Q2.

第三季亞太地區的產能利用率為 63%，去年同期為 60%，第二季為 70%。

Our overall capacity utilization in North America was 61% in Q3 compared to 58% in the year ago quarter and 63% in Q2.

第三季我們在北美的整體產能利用率為 61%，去年同期為 58%，第二季為 63%。

Our top 5 customers contributed 33% of total sales in the third quarter of 2020 compared to 27% in the second quarter of 2020.

我們的前 5 名客戶貢獻了 2020 年第三季總銷售額的 33%，而 2020 年第二季為 27%。

Our largest customer accounted for 13% of sales in the third quarter.

我們最大的客戶佔第三季銷售額的13%。

At the end of Q3, our 90-day backlog, which is subject to cancellations, was $437.8 million compared to $378.8 million at the end of the third quarter last year and $436.6 million at the end of Q2.

截至第三季末，我們的 90 天積壓訂單（可能被取消）為 4.378 億美元，而去年第三季末為 3.788 億美元，第二季末為 4.366 億美元。

Our PCB book-to-bill ratio was 0.92 for the 3 months ended -- ending September 28.

截至 9 月 28 日的 3 個月內，我們的 PCB 訂單出貨比為 0.92。

I'd like to conclude by, again, thanking our employees for continuing to contribute to TTM and our critical mission of inspiring innovation with our customers.

最後，我想再次感謝我們的員工繼續為迅達做出貢獻，並感謝我們與客戶一起激發創新的重要使命。

Their efforts are particularly appreciated during these times by our customers in critical essential areas like defense and the medical industry.

在此期間，我們的客戶在國防和醫療行業等關鍵領域特別讚賞他們的努力。

Despite COVID-19-related challenges we faced in the first 9 months of this year, our business has performed better than expectations as a direct result of operational excellence, end market diversification and our employees' concerted efforts to engage and support our customers.

儘管我們在今年前 9 個月面臨著與 COVID-19 相關的挑戰，但我們的業務表現優於預期，這是卓越營運、終端市場多元化以及員工為吸引和支持客戶而共同努力的直接結果。

We've also taken positive strategic moves that will strengthen TTM for the long term.

我們也採取了積極的策略舉措，從長遠來看將加強 TTM。

Now Todd will review our financial performance for the third quarter.

現在托德將回顧我們第三季的財務表現。

Todd?

托德？

Thanks, Tom, and good afternoon, everyone.

謝謝湯姆，大家下午好。

Now as Tom mentioned earlier, on April 19, TTM announced the closing of the sale of its mobility business unit.

正如 Tom 之前提到的，4 月 19 日，TTM 宣布完成其行動業務部門的出售。

As such, the disclosure of TTM's GAAP results reflects the mobility business unit as a discontinued operation.

因此，TTM 的 GAAP 業績揭露表明行動業務部門已停止營運。

I will also discuss non-GAAP financial information, which excludes the results of the mobility business unit.

我還將討論非公認會計準則財務信息，其中不包括移動業務部門的業績。

The E-MS business unit is still included in both the GAAP and non-GAAP results we have reported.

E-MS 業務部門仍包含在我們報告的 GAAP 和非 GAAP 業績中。

Please refer to the earnings schedule for additional details on the exited businesses and continuing operations.

有關已退出業務和持續經營業務的更多詳細信息，請參閱收益表。

For the third quarter, net sales from continuing operations were $513.6 million compared to $534.2 million in the third quarter of 2019.

第三季持續經營業務的淨銷售額為 5.136 億美元，而 2019 年第三季為 5.342 億美元。

The year-over-year decrease in revenue was due to a decline in our automotive end market, with the majority of the decline coming from the E-MS plants that we are closing.

收入同比下降是由於我們的汽車終端市場下降，其中大部分下降來自我們即將關閉的 E-MS 工廠。

This was partially offset by growth in our aerospace and defense, medical, industrial and instrumentation and computing end markets.

這部分被我們的航空航太和國防、醫療、工業、儀器和計算終端市場的成長所抵消。

Excluding the impact of the 2 E-MS plants being shut down, our revenues grew 3% year-over-year.

排除 2 座 E-MS 工廠關閉的影響，我們的營收年增 3%。

GAAP operating loss from continuing operations for the third quarter of 2020 was $40.3 million compared to a GAAP operating income of $21.1 million in the third quarter a year ago.

2020 年第三季持續經營業務產生的 GAAP 營運虧損為 4,030 萬美元，而去年同期的 GAAP 營運收入為 2,110 萬美元。

The current year results include a goodwill impairment charge of $69.2 million related to the commercial portion of the Anaren business we acquired back in 2018.

本年度的業績包括與我們 2018 年收購的 Anaren 業務的商業部分相關的 6,920 萬美元商譽減損費用。

As a result of U.S. government actions, imposing trade restrictions on U.S. manufactured products sold to certain Chinese customers, revenues and profits have been reduced, resulting in the impairment.

由於美國政府對出售給某些中國客戶的美國製成品實施貿易限制，收入和利潤減少，從而導致減損。

On a GAAP basis, the net loss in third quarter of 2020 was $41.5 million or $0.39 per diluted share.

以 GAAP 計算，2020 年第三季淨虧損為 4,150 萬美元，即稀釋後每股虧損 0.39 美元。

This compares to net income of $15.9 million or $0.15 per diluted share in the third quarter of last year.

相比之下，去年第三季淨利潤為 1,590 萬美元，即稀釋後每股收益 0.15 美元。

The remainder of my comments will focus on our non-GAAP financial performance.

我其餘的評論將集中於我們的非公認會計準則財務表現。

Our non-GAAP performance excludes our divested mobility business unit, goodwill impairments, M&A-related costs, restructuring costs, certain noncash expense items and other unusual or infrequent items.

我們的非公認會計原則績效不包括我們剝離的行動業務部門、商譽減損、併購相關成本、重組成本、某些非現金費用項目和其他不尋常或不常見的項目。

We present non-GAAP financial information to enable investors to see the company to the eyes of management and to facilitate comparison with expectations in prior periods.

我們提供非公認會計準則財務信息，使投資者能夠以管理層的眼光看待公司，並便於與前期預期進行比較。

Gross margin in the third quarter was 18.4% compared to 16.4% in the third quarter of 2019.

第三季的毛利率為18.4%，而2019年第三季的毛利率為16.4%。

The year-over-year increase in gross margin was due primarily to higher revenues in our aerospace and defense, medical, industrial and instrumentation and computing end markets, which generated production efficiencies as well as increased volumes.

毛利率的年增率主要是由於我們的航空航太和國防、醫療、工業、儀器和計算終端市場的收入增加，從而提高了生產效率並增加了產量。

Selling and marketing expense was $15.3 million in the third quarter or 3% of net sales compared to $16.8 million or 3.1% of net sales a year ago.

第三季銷售和行銷費用為 1,530 萬美元，佔淨銷售額的 3%，而去年同期為 1,680 萬美元，佔淨銷售額的 3.1%。

Third quarter G&A expense was $26.9 million or 5.2% of net sales compared to $28.2 million or 5.3% of net sales in the third quarter of 2019.

第三季管理及行政費用為 2,690 萬美元，佔淨銷售額的 5.2%，而 2019 年第三季為 2,820 萬美元，佔淨銷售額的 5.3%。

In Q3 2020, R&D was $5.2 million or 1% of revenues compared to $4.3 million or 0.8% of revenue in the year ago quarter.

2020 年第三季度，研發費用為 520 萬美元，佔營收的 1%，去年同期為 430 萬美元，佔營收的 0.8%。

Our operating margin in Q3 was 9.1%.

我們第三季的營業利益率為 9.1%。

This compares to 7.1% in the same quarter last year.

相比之下，去年同期為 7.1%。

Interest expense was $12.9 million in the third quarter, a decrease of $4.1 million from the same quarter last year due to lower interest rates and repayment of $400 million of our term loan.

第三季利息支出為 1,290 萬美元，比去年同期減少 410 萬美元，原因是利率下降以及償還了 4 億美元的定期貸款。

During the quarter, we recorded $4.9 million of foreign exchange losses.

本季度，我們錄得 490 萬美元的外匯損失。

Government incentives reduced the net loss to $2.5 million or approximately $0.02 of EPS.

政府激勵措施將淨虧損減少至 250 萬美元，即每股收益約 0.02 美元。

This compares to a net gain of $5.6 million or approximately $0.05 of EPS in Q3 of last year.

相比之下，去年第三季的淨收益為 560 萬美元，每股收益約為 0.05 美元。

Our effective tax rate was 15% in the third quarter.

第三季我們的有效稅率為 15%。

Third quarter net income was $26.8 million or $0.25 per diluted share.

第三季淨利為 2,680 萬美元，或攤薄後每股收益 0.25 美元。

This compares to third quarter 2019 net income of $23.2 million or $0.22 per diluted share.

相比之下，2019 年第三季淨利為 2,320 萬美元，即稀釋後每股收益 0.22 美元。

Adjusted EBITDA for the third quarter was $67.2 million or 13.1% of net sales compared to third quarter 2019 adjusted EBITDA of $66.7 million or 12.5% of net sales.

第三季調整後 EBITDA 為 6,720 萬美元，佔淨銷售額的 13.1%，而 2019 年第三季調整後 EBITDA 為 6,670 萬美元，佔淨銷售額的 12.5%。

Our balance sheet and liquidity positions remain very strong.

我們的資產負債表和流動性狀況仍然非常強勁。

Cash flow from operations was $84.8 million in the third quarter, inclusive of $14 million of accounts receivable collected from the mobility business after we close the sale.

第三季營運現金流為 8,480 萬美元，其中包括出售完成後從行動業務收取的 1,400 萬美元應收帳款。

This compares to $58.7 million in the same quarter last year.

相比之下，去年同期為 5,870 萬美元。

In addition, during Q3 we received the remaining proceeds from the $569 million sale of the mobility business unit, approximately $305 million net of withholding taxes.

此外，在第三季度，我們收到了出售行動業務部門 5.69 億美元的剩餘收益，扣除預扣稅後約為 3.05 億美元。

Cash and cash equivalents at the end of the third quarter of 2020 were $663.3 million.

截至 2020 年第三季末，現金及現金等價物為 6.633 億美元。

At the end of the third quarter, our net debt leverage ratio was 1.6.

三季末，我們的淨負債槓桿率為1.6。

As a reminder, our $250 million convertible debenture comes due in mid-December, and we intend to repay the principal in cash.

提醒一下，我們的 2.5 億美元可轉換債券將於 12 月中旬到期，我們打算以現金償還本金。

Depreciation for the third quarter was $23.1 million.

第三季折舊額為 2,310 萬美元。

Net capital spending for the quarter was $29.1 million.

該季度淨資本支出為 2,910 萬美元。

Now I'd like to turn to guidance for the fourth quarter.

現在我想談談第四季的指導。

Now looking ahead, we believe that COVID-19 may continue to cause end market demand disruptions, supply chain challenges as well as inefficiencies with our own production.

現在展望未來，我們認為 COVID-19 可能會繼續造成終端市場需求中斷、供應鏈挑戰以及我們自己的生產效率低下。

We expect total revenue for the quarter of 2020 to be in the range of $490 million to $530 million.

我們預計 2020 年季度的總收入將在 4.9 億美元至 5.3 億美元之間。

We expect non-GAAP earnings to be in the range of $0.22 to $0.28 per diluted share.

我們預計非 GAAP 攤薄後每股收益將在 0.22 美元至 0.28 美元之間。

This guidance includes revenue and operating results from the 2 E-MS plants that we are closing at the end of the year.

該指引包括我們將於年底關閉的 2 家 E-MS 工廠的收入和營運表現。

The EPS forecast is based on a diluted share count of approximately 107.9 million shares.

EPS 預測是基於約 1.079 億股的稀釋股數。

Our share count guidance includes dilutive securities such as options and RSUs but no shares associated with our convertible bonds, which is a function of our future stock price.

我們的股份數量指導包括期權和 RSU 等稀釋性證券，但不包括與我們的可轉換債券相關的股票，這是我們未來股價的函數。

As a reminder, for every dollar increase in the average share price above $14.26 during a quarter, our shares outstanding would increase by approximately 1.5 million shares.

提醒一下，一個季度內平均股價每上漲 1 美元超過 14.26 美元，我們的流通股就會增加約 150 萬股。

We expect that SG&A expense will be about 8.5% of revenue in the fourth quarter and R&D to be 1.1% of revenue.

我們預計第四季SG&A費用將佔營收的8.5%左右，研發費用將佔營收的1.1%。

We expect interest expense to total about $12 million.

我們預計利息支出總計約 1200 萬美元。

Finally, we estimate our effective tax rate to be between 13% and 17%.

最後，我們估計我們的有效稅率在 13% 到 17% 之間。

To assist you in developing your financial models, we offer the following additional information.

為了幫助您開發財務模型，我們提供以下附加資訊。

During the fourth quarter, we expect to record amortization of intangibles of about $11 million, stock-based compensation expense of about $4.3 million, noncash interest expense of approximately $2.9 million, and we estimate depreciation expense will be approximately $22.6 million.

在第四季度，我們預計無形資產攤銷約為 1,100 萬美元，股票補償費用約為 430 萬美元，非現金利息費用約為 290 萬美元，我們預計折舊費用約為 2,260 萬美元。

Finally, I'd like to announce that we will be participating virtually in the Baird Industrial Conference on November 12, the Stifel Midwest One-on-One Growth Conference also on November 12, and the Barclays Technology Conference on December 10.

最後，我想宣布，我們將虛擬參加 11 月 12 日舉行的貝爾德工業會議、11 月 12 日舉行的 Stifel 中西部一對一增長會議以及 12 月 10 日舉行的巴克萊技術會議。

That concludes our prepared remarks, and then we'd like to open the line for questions.

我們準備好的演講到此結束，然後我們將開始提問。

Casey?

凱西？

(Operator Instructions) We'll take our first question from Mike Cikos with Needham & Company.

（操作員說明）我們將接受 Needham & Company 的 Mike Cikos 提出的第一個問題。

First thing I wanted to ask about, if I'm just looking at the outperformance that we had versus the guidance you had provided on revenue and earnings.

我想問的第一件事是，我是否只考慮我們的表現與您提供的收入和收益指導相比的表現。

This is the second consecutive quarter that we've seen this now.

這是我們現在連續第二個季度看到這種情況。

And I'm just curious, is it based on -- do you guys have greater visibility and confidence in the guidance numbers you're providing us now based on the movements within your portfolio?

我只是很好奇，它是否基於——你們現在根據投資組合的變動向我們提供的指導數字是否有更大的可見性和信心？

Or are you looking at guidance differently than you had previously?

或者您對指導的看法與以前不同？

So maybe I can address the revenue piece, Mike.

所以也許我可以談談收入部分，麥克。

The -- as you know, these have been very dynamic times.

如你所知，這是一個非常充滿活力的時代。

And as we looked at our markets, as we were in July, I would say that what we were surprised to the upside by most strongly was automotive.

當我們審視我們的市場時，就像 7 月一樣，我想說的是，我們對汽車市場的上漲感到最驚訝的是汽車產業。

And we felt and commented on the fact that automotive was strengthening at that time, but even improved beyond what we had expected.

我們感受到並評論了當時汽車正在增強的事實，甚至超出了我們的預期。

And so that was a really positive tailwind, if you will.

如果你願意的話，這確實是一個正面的推動力。

The other big sort of outperformer, if you will, is networking communications.

如果你願意的話，另一個表現出色的領域是網路通訊。

And that, more than anything, was a function of customers pulling product out of inventory towards the end of this last quarter, Q3 rather than Q4 as was expected.

最重要的是，客戶在上個季度末（第三季度而不是預期的第四季度）從庫存中取出產品。

So if you look at that increase, that would have been very difficult to forecast.

因此，如果你看看這一增長，你會發現這是很難預測的。

In general, with these kinds of dynamic markets, we try to stay as close as we can to our customers.

總的來說，在這些充滿活力的市場中，我們會盡力與客戶保持密切聯繫。

And their forecast, which are also just very dynamic right now.

他們的預測目前也非常動態。

And so as we look into the fourth quarter, again, we're following our process.

因此，當我們展望第四季時，我們再次遵循我們的流程。

And I think at this point, our numbers -- our guidance numbers are as solid as they can be based on inputs from customers.

我認為在這一點上，我們的數字——我們的指導數字是基於客戶輸入的可靠數字。

All right.

好的。

And then another question I have for you.

我還有一個問題想問你。

If I'm just thinking, I think there was a comment made as well regarding potential impact from COVID in Q4 of this year and how you guys structured your guidance.

如果我只是想，我認為也有人就今年第四季新冠疫情的潛在影響以及你們如何建構指導意見發表了評論。

Can you help us think about what that impact looks like in relation to Q3?

您能否幫助我們思考一下與第三季相關的影響是什麼？

Because obviously, you guys have been executing against that metric?

因為顯然，你們一直在按照這個指標執行？

And I guess, pleasantly surprised by the way that your internal operations have been able to cope with the pandemic.

我想，你們的內部營運能夠應對這場流行病，這讓我感到驚喜。

And I would agree with that comment.

我同意這個評論。

I think in the face of real challenges, our operations team has done an outstanding job of, first and foremost, protecting the employees.

我認為，面對真正的挑戰，我們的營運團隊做得非常出色，首先是保護員工。

Our work environment is a very safe environment for our employees to be in.

我們的工作環境對員工來說是一個非常安全的環境。

the same time, we're following the rise in cases in the United States our workers -- when they leave our facilities, they enter communities that -- and if those communities are seeing spikes in COVID cases, that can then impact our employees.

同時，我們正在關注美國病例的增加，我們的員工——當他們離開我們的設施時，他們進入社區——如果這些社區的新冠病例激增，就會影響我們的員工。

And yes, so we have to continue to be very cognizant of that situation.

是的，所以我們必須繼續非常了解這種情況。

And particularly as we look at our aerospace and defense guidance, that's something that we always consider because as you know, these cases -- when it comes to the TTM footprint, these cases are really occurring in North America.

特別是當我們查看我們的航空航天和國防指南時，這是我們始終考慮的事情，因為如您所知，這些案例 - 當涉及到 TTM 足跡時，這些案例確實發生在北美。

They are not occurring in our China facilities, nor in our other overseas offices.

它們不會發生在我們的中國工廠，也不會發生在我們的其他海外辦事處。

So it's really about North America.

所以這實際上是關於北美的。

And for us, when it comes to North America, that's primarily going to be in aerospace and defense area, where we just have to be careful about production -- potential production limitations from disruption with COVID.

對我們來說，說到北美，主要是在航空航太和國防領域，我們只需要小心生產——新冠肺炎疫情造成的潛在生產限制。

So that's always -- that's encompassed in our guidance in the same way than it was this past quarter.

所以這始終是我們的指導方針中所包含的，與上個季度相同。

Our next question comes from Srini Pajjuri with SMBC Nikko Securities.

我們的下一個問題來自 SMBC Nikko Securities 的 Srini Pajjuri。

First of all, congrats on the solid execution.

首先，恭喜紮實的執行力。

Tom, a question on your defense business.

湯姆，一個關於你的國防業務的問題。

To the extent you have visibility, can you talk about how you -- from a planning standpoint, how are you thinking about the next 12 months, especially given the upcoming election and the potential impact that might have on the defense budgets going forward?

就您所了解的程度而言，您能否從規劃的角度談談您如何考慮未來 12 個月，特別是考慮到即將到來的選舉以及可能對未來國防預算產生的潛在影響？

Okay Thank you.

好的謝謝。

And yes.

是的。

As we look out, and of course, no one has a crystal ball on this, and I'll be the very first to admit that given the very dynamic situation, you mentioned one factor with the elections, the impact of COVID on the world's economies particularly as we go into the winter, is very hard to forecast.

當然，在我們看來，沒有人對此有水晶球，我將第一個承認，鑑於形勢非常動態，你提到了選舉的一個因素，即新冠肺炎對世界經濟的影響。後的經濟，很難預測。

So let me just comment on what we generally see out there is as we look into 2021.

因此，讓我簡單評論一下我們在展望 2021 年時普遍看到的情況。

I think the defense business, so again, 38% or so of our business, we have some -- we have reason to be confident there that we can continue to grow that business.

我認為國防業務占我們業務的 38% 左右，我們有一些——我們有理由相信我們可以繼續發展該業務。

There will be an impact on the business from the aerospace weakness and so as opposed to the 8% to 9% kind of or even slightly higher than that growth rates that we've been seeing over the last several years, I think we're probably looking at something less than that, certainly higher than the Prismark market forecasting guidance, which is around 2% to 4%.

航空航太業的疲軟將對業務產生影響，因此，與我們過去幾年看到的 8% 到 9% 甚至略高的增長率相反，我認為我們正在可能會看到比這個更少的東西，肯定高於Prismark 市場預測指導，即2% 到4% 左右。

I think we're still looking at being above that.

我認為我們仍在考慮超越這一點。

But it's going to be facing that headwind on aerospace is going to be the biggest challenge in that area.

但它將面臨航空航太領域的逆風，這將是該領域最大的挑戰。

As we look at automotive, we've all, of course, seen automotive recover.

當我們審視汽車產業時，我們當然都看到了汽車產業的復甦。

I think automotive will continue to recover as we enter into the first part of next year.

我認為，進入明年上半年，汽車產業將持續復甦。

Again, I think we all are watching European demand, automobile demand as they encounter another spike in COVID cases and shut down situations.

再說一次，我認為我們都在關注歐洲的需求、汽車需求，因為它們遇到了新冠病例的再次激增和停工情況。

So that is not certain.

所以這還不確定。

But certainly, there's momentum there that's positive as we go into 2021.

但可以肯定的是，隨著我們進入 2021 年，那裡的勢頭是積極的。

And so continuing to see some improvement there.

所以繼續看到一些改進。

When you look at computing, we've all seen a real impact of heightened demand for data center on the data center side.

當您審視計算時，我們都看到了資料中心需求增加對資料中心方面的實際影響。

Again, that's the largest portion of computing for us.

同樣，這對我們來說是計算的最大部分。

I would say that, that returning to normal demand levels, returning to a growth rate that would be more normal for our computing area around the 2% to 4% kind of range would be general expectation.

我想說的是，回到正常的需求水平，回到對我們的計算領域來說更正常的成長率，大約 2% 到 4% 的範圍，將是普遍的預期。

MII, the medical, industrial and instrumentation area, we -- this is interesting because we had such a strong Q2 and Q3 that you're going to -- we're going to be looking at a different -- a tougher compare as we go into next year on the -- certainly on the medical side.

MII，醫療、工業和儀器領域，我們——這很有趣，因為我們的第二季度和第三季度表現如此強勁，你將——我們將看到一個不同的——一個更艱難的比較，因為我們進入明年——當然是在醫療方面。

On the other hand, industrial should, again, if barring no huge disruption on the COVID front should start improving as we go into 2021.

另一方面，如果新冠疫情沒有造成巨大破壞，工業應該在進入 2021 年時再次開始改善。

So the forecast there in the 2% to 4% kind of range, that's what we would be fighting to achieve.

因此，預測在 2% 到 4% 的範圍內，這就是我們將努力實現的目標。

I think the first half of the year may be tough, but the second half could get a little bit better.

我認為上半年可能會很艱難，但下半年可能會好一點。

And then networking communications, we are impacted right now by the slowdown in 5G spend predominantly out of China.

然後是網路通信，我們目前受到主要來自中國的 5G 支出​​放緩的影響。

China has been driving the bulk of the equipment purchases for 5G infrastructure requirements.

中國一直在推動 5G 基礎設施需求的大部分設備採購。

I would expect that the U.S. and Europe will pick up that demand and that we will see a Phase 3 out of China.

我預計美國和歐洲將增加這一需求，我們將看到中國的第三階段。

So I think good reasons to be positive on the networking -- certainly, the telecom portion of network and communications, which is about slightly higher than 1/3 of the business for us.

因此，我認為有充分的理由對網路持積極態度——當然，網路和通訊的電信部分，大約略高於我們業務的 1/3。

And then can peak at around half of the business for us when it really is moving.

當業務真正改變時，我們的業務量可能會達到高峰。

So network and communication should look into a more positive 2021.

因此，2021 年網路和通訊應該會更加積極。

So that's the mix.

這就是混合。

I think it's a great benefit of having this diversified end market exposure.

我認為擁有這種多元化的終端市場曝險是一個很大的優點。

I think we'll be seeing some markets continuing to improve strongly.

我認為我們將看到一些市場持續強勁改善。

Some markets that may have experienced heightened demand with the COVID situation falling back a bit, but a good mixture of businesses.

一些市場的需求可能因新冠肺炎疫情有所增加而增加，但業務組合良好。

That's great color.

那顏色真棒。

And then I have one question for Todd as well.

然後我也有一個問題想問托德。

Todd, utilization at roughly 63%, and then the gross margins have come up nicely here.

Todd，利用率約 63%，毛利率也隨之上升。

So just as we look into the next 12 to 18 months, can you talk about some of the puts and takes of gross margin?

那麼，當我們展望未來 12 到 18 個月時，您能談談毛利率的一些看跌期權和毛利率嗎？

And any potential for further improvement here outside of the mix itself?

除了組合本身之外，還有進一步改進的潛力嗎？

And how high do you think that utilization can go before you need to increase capacity?

您認為在需要增加容量之前，使用率可以達到多高？

Well, so utilization is a challenging metric.

嗯，所以利用率是一個具有挑戰性的指標。

It's an important metric, but I say it's challenging because we have kind of 2 different business models.

這是一個重要的指標，但我說它具有挑戰性，因為我們有兩種不同的商業模式。

In North America, we have more of a high-mix, low-volume business model.

在北美，我們更採用高品種、小批量的商業模式。

And so utilization levels are inherently going to be lower.

因此，利用率水準本質上會較低。

So when we say we're operating in North America at around 63% to 65%, that's actually a very good number in North America.

因此，當我們說我們在北美的營運率約為 63% 至 65% 時，這實際上在北美是一個非常好的數字。

Getting up close to 70% really stretches us.

接近 70% 確實讓我們很緊張。

And we've been selectively adding capacity here and there in North America to try to increase our ability, our production capacity.

我們一直在北美各地有選擇地增加產能，試圖提高我們的能力，我們的生產能力。

Now in Asia, though, it's a different story.

但現在在亞洲，情況就不同了。

The business model there is more geared towards mid- to -higher volumes and lower mix.

那裡的商業模式更適合中高銷售和低組合。

And so utilization becomes a much more important factor.

因此利用率成為更重要的因素。

And quite frankly, 63% utilization in Asia is not a good number.

坦白說，亞洲 63% 的利用率並不是一個好數字。

And there is a lot of upward opportunity to improve.

而且還有很多向上提升的機會。

We have capacity in several of our key plants.

我們的幾個主要工廠都具備產能。

These plants in China tend to be driven by our commercial end markets.

中國的這些工廠往往是由我們的商業終端市場所驅動的。

As Tom mentioned, A&D is really a North America market.

正如 Tom 所提到的，A&D 實際上是北美市場。

So you have to watch what's going on with our networking and communications end market, our medical, industrial, instrumentation end market and automotive end markets, particularly, and computing will play into there also.

因此，你必須注意我們的網路和通訊終端市場，特別是我們的醫療、工業、儀器儀表終端市場和汽車終端市場的情況，計算也將在其中發揮作用。

Those will -- so what's happening in those end markets will really drive utilization.

這些都會——所以這些終端市場發生的事情將真正提高利用率。

And utilization is a key factor for us because we have a fairly significant fixed cost element in our business.

利用率對我們來說是一個關鍵因素，因為我們的業務中有相當重要的固定成本要素。

There's a lot of equipment involved in what we do and a lot of technology.

我們所做的工作涉及很多設備和很多技術。

So there's a lot of leverage in the business model.

因此，商業模式中有很多槓桿作用。

So there's quite a bit of opportunity to grow on the commercial side, more constrained in North America, although we still have some upside opportunity there, too.

因此，商業方面有相當多的成長機會，但在北美受到更多限制，儘管我們在那裡也仍然有一些上行機會。

Got it.

知道了。

And just one clarification.

只需要澄清一件事。

You said you're going to retire the convert in the December quarter.

您說過您將在 12 月季度退休該轉換者。

Does that or will that have any impact on the share count going forward?

這是否或將會對未來的股數產生任何影響？

The -- at this stage, the impact on the share count is really expected to be 0, quite frankly.

坦白說，在現階段，對股份數量的影響預計實際上為 0。

There is a warrant.

有逮捕令。

So when we entered into the convert 7 years ago, we did a -- what's called a call spread option, which protected the company from dilution up to $14.26.

因此，當我們 7 年前進行轉換時，我們做了一個所謂的看漲期權，它可以保護公司免受稀釋至 14.26 美元。

The second piece of that strategy involves a warrant that we issued that a couple of the banks that we did the transaction with, have the opportunity to exercise that warrant during 2022.

該策略的第二部分涉及我們發行的認股權證，與我們進行交易的幾家銀行有機會在 2022 年期間行使該認股權證。

If the -- and the warrant, it becomes in the money above $14.26.

如果 - 和認股權證，則其價值將高於 14.26 美元。

At that point, it could become dilutive during 2022, but that warrant will expire at the end of 2022.

屆時，它可能會在 2022 年稀釋，但該認股權證將於 2022 年底到期。

And the impact is roughly for every dollar above $14.26 stock price.

股價每高於 14.26 美元就會受到影響。

On the average for a quarter, our share count could be diluted about 1.5 million shares or 1.5%.

平均一個季度，我們的股票數量可能會被稀釋約 150 萬股或 1.5%。

So there is some exposure still at the tail, if you will, on the convert.

因此，如果你願意的話，在轉換過程中，尾部仍然有一些暴露。

But as of this year, I really don't expect any dilution at all.

但截至今年，我真的不希望有任何稀釋。

We'll take our next question from Alvin Park with Stifel.

我們將回答 Alvin Park 和 Stifel 提出的下一個問題。

I'm just on for Matt Sheerin.

我正在為馬特·謝林加油。

I just wanted to follow up on the telecom and the 5G pause.

我只是想跟進電信和 5G 暫停的情況。

You did mention that in an eventual U.S. and Europe pickup will be will end that pause.

您確實提到，最終美國和歐洲的復甦將結束這種暫停。

But out of curiosity, when China does resume their 5G infrastructure investments, will you see that tailwind?

但出於好奇，當中國恢復 5G 基礎設施投資時，您會看到這種順風嗎？

Or will there be potential impediments and headwinds associated because of the trade restrictions?

或是否會因貿易限製而產生潛在的障礙和阻力？

Yes.

是的。

So certainly, China is -- if they're continuing the pace right now, if you look at 5G base station investments, China -- the total out of China is more than double, the rest -- the entire rest of the world in terms of investment.

因此，當然，如果中國繼續保持現在的步伐，如果你看一下 5G 基地台投資，中國的投資總額是中國的兩倍多，其他地區的投資總額是世界其他地區的兩倍多。

So no question, very important market.

所以毫無疑問，這是非常重要的市場。

The market to date -- it's hard to predict future.

迄今為止的市場——很難預測未來。

But to date, primarily Huawei, ZTE have been the beneficiaries with a little bit of -- with some business going to Ericsson as well.

但迄今為止，主要是華為、中興通訊是受益者，其中一些業務也流向了愛立信。

From a TTM standpoint, the -- we continue to be able to provide our products out of China, which have been engineered in China.

從迅達 (TTM) 的角度來看，我們繼續能夠在中國境外提供在中國設計的產品。

So printed circuit boards, our backplane assemblies and our resister components, which -- all of which are manufactured in China, we continue to be able to supply to Huawei.

因此，印刷電路板、我們的背板組件和電阻元件——所有這些都是在中國製造的，我們繼續能夠向華為供應。

And so that business has not been impacted and would be the beneficiary of that investment and ongoing investment in China.

因此，該業務沒有受到影響，並將成為該投資和在中國持續投資的受益者。

And certainly, Phase 3, again, I think, will be a very large investment that occurs there.

當然，我認為第三階段會是一項非常大的投資。

I see.

我懂了。

I understand.

我明白。

That's good.

那挺好的。

And a follow-up on it.

並對其進行後續跟進。

So another supplier mentioned that they were expecting -- they mentioned some visibility into calendar year '21 stating -- or at least the next 12 months that the December quarter is going to be basically a peak in terms of global auto production for the next 12 months at least.

因此，另一家供應商提到，他們預計——他們提到了對日曆年21 的一些可見性——或者至少在接下來的12 個月內，12 月季度基本上將成為未來12 年全球汽車產量的峰值至少幾個月。

Do you have any visibility on potential auto production or order bookings that could go beyond the December quarter if you see a similar sentiment to that supply or possibly more optimistic bullish scenario?

如果您看到與供應類似的情緒或可能更樂觀的看漲情景，您是否對可能超出 12 月季度的潛在汽車生產或訂單預訂有任何了解？

Or any color possibly or is it just -- or is visibility still relatively limited to make that determination?

或任何可能的顏色，或者只是——或者可見性仍然相對有限來做出這個決定？

Yes.

是的。

Definitely, visibility beyond -- for our business, we work off of automotive forecast that do go beyond the quarter, but they're very volatile beyond the quarter.

當然，對於我們的業務來說，我們的汽車預測確實超出了季度，但在季度之後它們的波動性非常大。

So I'll start with that comment.

所以我將從該評論開始。

I think what that comment may be referring to is certainly, what we saw in the third quarter regionally was the fact that we'd reached sort of optimal or high levels of production in China.

我認為該評論可能指的是，我們在第三季所看到的地區事實是，我們在中國的生產達到了最佳或高水準。

We were selling our regional sales reflected that already in Q2.

我們正在銷售的區域銷售額反映了第二季的情況。

What we were missing was really North America and Europe.

我們真正缺少的是北美和歐洲。

And that's what really started to come in, in Q3, and we expect to continue into Q4, so that we end up really, again, regionally balanced, which is a great sign for a stable business and servicing stable automotive demand.

這就是第三季度真正開始出現的情況，我們預計將持續到第四季度，以便我們最終再次實現區域平衡，這是穩定業務和服務穩定汽車需求的一個好兆頭。

So at that point, I think we'll be in, hopefully, a stable state.

因此，到那時，我認為我們將有望處於穩定狀態。

And then from there, as we go into next year, we're going to be really seeing what consumer demand looks like in those markets.

然後從那時起，當我們進入明年時，我們將真正看到這些市場的消費者需求是什麼樣的。

Again, I think a lot of different impacts, both positive and negative.

再說一次，我認為有很多不同的影響，包括正面的和負面的。

I think the government incentives towards electric vehicles and therefore, towards improving electrical content, in electronics content in cars is a positive for us.

我認為政府對電動車的激勵措施以及因此對改善汽車電子內容的電氣內容的激勵措施對我們來說是積極的。

I think both Europe and China are very active in that area and very aggressively incentivizing move to EV, which is generally a positive from a printed circuit board demand standpoint and improves content per vehicle.

我認為歐洲和中國在該領域都非常活躍，並且非常積極地激勵轉向電動車，從印刷電路板需求的角度來看，這通常是積極的，並且提高了每輛車的含量。

So that's going to be a real positive.

所以這將是一個真正的積極因素。

I think to the extent COVID impacts overall consumer demand, that would be on the flip side, suppressing unit demand.

我認為，就新冠疫情對整體消費者需求的影響而言，這會帶來相反的結果，抑制單位需求。

If we can see unit demand, sales of cars stabilize at levels that, let's just say, are closer to 2018 levels, that would be -- that would bode really well for TTM.

如果我們能夠看到汽車的單位需求和銷售量穩定在更接近 2018 年水平的水平，那麼這對 TTM 來說將是一個非常好的兆頭。

And then the real adder to that would be the conversions to EV demand and the increasing incorporation of ADAS features -- safety features into vehicles.

然後，真正增加這一點的是電動車需求的轉變以及 ADAS 功能（安全功能）越來越多地融入車輛中。

So that's the trend that we certainly hope to see here as we go into next year.

因此，這就是我們在進入明年時當然希望看到的趨勢。

(Operator Instructions) Our next question comes from Mike Crawford with B. Riley Securities.

（操作員說明）我們的下一個問題來自 B. Riley Securities 的 Mike Crawford。

Tom, you talked about wanting to add more RF component capabilities into your differentiated product set.

湯姆，您談到想要在您的差異化產品集中添加更多射頻組件功能。

Is -- some of that, I think, is internal, how much of that would be external?

我認為其中一些是內部的，其中有多少是外部的？

Yes.

是的。

So great point, both.

這兩點都很重要。

We are using the commercial, our RF and specialty component capability on our commercial business side to help with our organic business development areas and.

我們正在商業業務方面利用商業、射頻和專業組件能力來幫助我們的有機業務發展領域。

As I've said in the past, those are focused on photonics opportunities on the opportunity in auto as well to build -- to provide more of a complete engineered solution for our customers versus just the discrete components, and we continue those efforts.

正如我過去所說，這些重點關注汽車領域的光子學機會以及建造——為我們的客戶提供更多完整的工程解決方案，而不僅僅是分立組件，我們將繼續這些努力。

So that's one piece of it.

這就是其中的一部分。

We continue on the A&D side to focus on early engagement with our customers as they release specifications.

在 A&D 方面，我們繼續專注於在客戶發布規格時與他們進行早期接觸。

And again, those large program win opportunities as a result of that.

同樣，這些大型專案也因此贏得了機會。

So that's a second area.

這是第二個領域。

And then the third area that I commented on is on the M&A side, where we will look to improve the positions, both on the component side in the commercial business as well as continuing that to build on that engineering capability in aerospace and defense.

我評論的第三個領域是併購方面，我們將尋求改善地位，無論是在商業業務的組件方面，還是繼續在航空航太和國防領域建立工程能力。

Okay.

好的。

And then just on the defense side, as you're looking to -- in the early engagement opportunity in addition to agile radars.

然後就在防禦方面，正如您所期望的那樣，除了敏捷雷達之外，還包括早期交戰機會。

Are there any other key programs of record that you're not generating much revenue from today but could be important in the next few years?

是否還有其他已記錄的關鍵項目，您今天沒有產生太多收入，但在未來幾年可能會很重要？

Absolutely.

絕對地。

The way I would think about is any -- where you have a program, whether it's retrofit or new program and whether incorporating an active electronically scanned rate array, that's where you see opportunities.

我想到的方式是任何——只要有一個程序，無論是改造程序還是新程序，也無論是否合併有源電子掃描速率陣列，這就是您看到機會的地方。

So going forward, one example would be, of course, the F-35 program build out would be an example.

因此，展望未來，一個例子當然是 F-35 計劃的建構就是一個例子。

The -- I talked in the past about LTAMDS, the low-tier air and missile defense system going in place.

我過去談到過LTAMDS，即正在實施的低層防空和飛彈防禦系統。

That's an opportunity.

這是一個機會。

But then you can even go back and look at some of the legacy patriot missile programs, and there are upgrades occurring there.

但你甚至可以回去看看一些遺留的愛國者飛彈計劃，那裡正在進行升級。

If you look at our submarine fleet, we are looking at an upgrades there as well as the part of the fleet is still really analog and needs to be digitalized.

如果你看看我們的潛艦艦隊，我們正在考慮升級，艦隊的一部分仍然是類比的，需要數位化。

So opportunities there.

所以機會就在那裡。

So very broad, Mike, and we'll continue every quarter to comment on those programs where we really saw the bigger wins.

麥克，範圍非常廣泛，我們將繼續每季對那些我們真正看到更大勝利的項目發表評論。

But the easy way to think about it is that depth of capability that we have is mainly focused on where you're going to see an array or a radar opportunity, whether that's space, land based, ocean based, that's where we're going to see the bigger opportunities, though we will continue to service a broad range of programs.

但簡單的思考方式是，我們擁有的能力深度主要集中在你將看到陣列或雷達機會的地方，無論是太空、陸基、海洋，這就是我們要去的地方看到更大的機會，儘管我們將繼續為廣泛的項目提供服務。

Okay.

好的。

And then last question just relates to the commercial portion of what had been the Anaren base.

最後一個問題與阿納倫基地的商業部分有關。

So you took this noncash goodwill charge a number of years after the acquisition today, does that in any way diminish your thoughts about what that acquisition brought you or your satisfaction with the acquisition or change anything else going forward?

因此，您在今天收購多年後收取了這筆非現金商譽費用，這是否會以任何方式削弱您對此次收購給您帶來的想法或您對收購的滿意度或改變未來的其他任何事情？

So yes, it -- as you know, the art of allocating goodwill at the beginning of an acquisition is always an interesting one.

所以，是的，正如你所知，在收購之初分配商譽的藝術始終是一件有趣的事情。

We took it -- we allocated goodwill between the commercial side of the business and the aerospace and defense side of the business.

我們接受了——我們在業務的商業方面和業務的航空航天和國防方面之間分配了商譽。

And of course, on the commercial side of the business, we expected the Huawei business to continue and to grow, frankly as for Syracuse production of components.

當然，在業務的商業方面，我們預計華為業務將繼續並成長，坦白說，對於雪城大學的組件生產而言。

So that's really what led to the charge is the fact that we are no longer able to export components out of Syracuse.

因此，真正導致指控的原因是我們不再能夠從錫拉丘茲出口零件。

And the business development efforts, while they're gaining traction are early enough that makes it very difficult to forecast.

儘管業務開發工作正在獲得關注，但它們還很早，因此很難預測。

In the meantime, on the defense side, as I've commented, and we have continued to see great traction on the defense side.

同時，在防守方面，正如我所評論的，我們繼續看到防守方面的巨大吸引力。

And you can see that evidenced, even in our program backlog, which has grown from, let's just say, $440 million to $450 million when we acquired Anaren to about $625 million today, up to $647 million last quarter.

你可以看到這一點，甚至在我們的計劃積壓中也能看到這一點，我們的計劃積壓已經從我們收購Anaren 時的4.4 億美元增長到了4.5 億美元，現在增長到了約6.25 億美元，上季度成長到了6.47 億美元。

So tremendous traction that they've helped to deliver to TTM as an organization on the aerospace and defense side.

他們為迅達航空航太和國防領域的組織帶來了巨大的吸引力。

So long way of saying, I am as excited about the business today as I was then, if not more.

這麼長的說法，我對今天的業務和當時一樣興奮，甚至更多。

But we have a goodwill allocation issue that we needed to take care of in this quarter.

但我們有一個商譽分配問題需要在本季解決。

And we'll take our next question from Woo Jin Ho with Bloomberg Intelligence.

我們將接受 Bloomberg Intelligence 的 Woo Jin Ho 提出的下一個問題。

Great.

偉大的。

Tom, I just wanted to dig in a little bit on the automotive piece.

湯姆，我只是想深入了解汽車方面的內容。

It looks like on a pro forma basis, you're approaching a quarterly revenue level that's close to 1Q '19.

從預計的情況來看，您的季度收入水準似乎接近 2019 年第一季。

So it's a very nice rebound there.

所以這是一個非常好的反彈。

I understand the European potential headwinds ahead of us relative to the pandemic risks.

我了解歐洲相對於大流行風險所面臨的潛在阻力。

I mean where do you think this business can go into fiscal 2021?

我的意思是，您認為該業務 2021 財年的發展前景如何？

Yes, this is the big question, isn't it?

是的，這是個大問題，不是嗎？

Again, let's just say that this year is all about getting back to that level, Woo Jin, really bringing it back to if we -- in Q4, can bring this business back to what I would call 2019 levels, right?

再說一次，我們只想說，今年的重點是回到那個水平，Woo Jin，如果我們在第四季度能夠將這項業務恢復到我所說的2019 年水平，那麼真的會回到這個水平，對嗎？

Then the go-forward for us is going to be all about what we've traditionally talked about, which is electronics, content, taking the printed circuit board content in a vehicle, up from today, it's somewhere around $85 in PCB content.

那麼我們的前進方向將是我們傳統上談論的所有內容，即電子產品、內容，以汽車中的印刷電路板內容為例，從今天開始，PCB 內容的價格約為 85 美元。

But that's up from about -- in the mid-70s in 2018.

但這比 2018 年 70 年代中期有所上升。

So in 2 years' time, continuing to improve that electronics content as vehicles as EVs come into play and EVs looking at $150 plus in terms of PCB content.

因此，在 2 年內，我們將繼續提高電子產品含量，如汽車、電動車等，而電動車的 PCB 含量將達到 150 美元以上。

And then with the ADAS impact also helping to move that number upwards.

ADAS 的影響也有助於推動這一數字的上升。

So again, what I'd hope to see is that we're going to see unit volumes stabilize, consumer demand come back to the extent that, that happens, then we have a great -- and we're going to be able to return to really a very positive effort to improve PCB content, and that's driven by electronics content and vehicles.

所以，我再次希望看到的是，我們將看到單位銷量穩定下來，消費者需求回升到這種情況，然後我們就會有一個偉大的 - 我們將能夠回到真正非常積極的努力來改善PCB內容，這是由電子內容和車輛推動的。

So the million-dollar question is unit volume, how quickly does that move beyond the levels of Q4?

因此，最重要的問題是單位銷量，其超出第四季水準的速度有多快？

And what really happens as we look at consumer demand into next year.

當我們觀察明年的消費者需求時，到底會發生什麼事。

Okay.

好的。

Let me ask that question in a different fashion then.

那麼讓我以不同的方式問這個問題。

So that's more of a demand unit type of answer.

所以這更像是需求單位類型的答案。

How should we think about your design pipeline over the next couple of -- pipeline visibility.

在接下來的幾個管道可見性中，我們應該如何考慮您的設計管道。

So we could titrate your auto business into 2021, 2022 time frame?

那麼我們可以將您的汽車業務調整到 2021 年、2022 年的時間範圍內嗎？

So yes.

所以是的。

So that's a great point.

所以這是一個很好的觀點。

Just to bring everyone up to speed.

只是為了讓大家跟上進度。

In our most recent -- in this last quarter, we won about 40 designs lifetime program value of about $170 million.

在我們最近的最後一個季度，我們贏得了大約 40 個設計生命週期項目，價值約 1.7 億美元。

If you've gone back to last year about this time, we were about the same level.

如果你回到去年這個時候，我們的水平大致相同。

But if you think about last year in total, that program value was -- is roughly -- was roughly think about it as slightly less than that $170 million that we won in this quarter.

但如果你考慮去年的總價值，該計劃的價值是——粗略地——略低於我們在本季度贏得的 1.7 億美元。

So what that means is the -- or what I take that to mean is that our customers are continuing to have enough confidence that they're placing new automotive design work with us that, that $170 million in this last quarter will translate -- that translates into business that will roll out starting next year and into the following year but represents very good sound level of design wins.

所以這意味著——或者我認為這意味著我們的客戶繼續有足夠的信心，他們正在向我們進行新的汽車設計工作，上個季度的 1.7 億美元將轉化為——轉化為將從明年開始並持續到下一年推出的業務，但代表了設計勝利的良好水平。

If you step back a quarter, we had in the second quarter about 43 designs, 1 in the second quarter, program value of $203 million.

如果退一步看，我們第二季有大約 43 項設計，其中 1 項是第二季的，項目價值為 2.03 億美元。

So you can see relatively constant in terms of program wins but feeding into much more confidence that programs are moving forward and that we will see those revenues occur in the upcoming years.

因此，您可以看到專案獲勝方面相對穩定，但更有信心專案正在向前發展，並且我們將在未來幾年看到這些收入。

So gives a good level of confidence to TTM that we're in good shape here.

因此，我們對 TTM 的狀態良好充滿信心。

Got it.

知道了。

And then my follow-on question on the networking side.

然後是我在網路方面的後續問題。

You talked about the China Phase 3 5G build-out.

您談到了中國第三階段 5G 建設。

Any commentary around the visibility into the U.S. build out going into '21?

關於 21 世紀美國的知名度有什麼評論嗎？

And any comments around the wide networking piece, it looks like that -- you commented that, that pulled in a little bit into the third quarter.

圍繞著廣泛的網路文章的任何評論，看起來都是這樣的——你評論說，這在第三季度有所拉動。

How are you feeling about over the next couple of quarters, please?

請問您在接下來的幾季感覺如何？

Yes.

是的。

So on the telecom side in the U.S., I think, again, not -- I won't predict election results, but I think in either case, we're looking at infrastructure spending.

因此，在美國的電信方面，我再次認為，我不會預測選舉結果，但我認為無論哪種情況，我們都會考慮基礎設施支出。

There, if you back up and look at the big drivers around 5G, there's the commercial driver and then there's increasingly now a defense need to have a proper 5G infrastructure.

如果你回顧 5G 的主要驅動因素，你會發現商業驅動因素，而且現在越來越需要擁有適當的 5G 基礎設施的國防需求。

And so the government is clearly concerned.

因此政府顯然很擔心。

It's a high priority.

這是一個高度優先的事項。

If you increasingly vocal discussions about this need, this requirement coming from the defense department, and that translates into momentum.

如果你越來越多地公開討論這項需求，這項要求來自國防部，這就會轉化為動力。

So I would expect that to the extent there's an infrastructure bill that 5G will be part of that.

因此，我預計 5G 將會成為基礎設施法案的一部分。

And even if there isn't something coming out of Congress that 5G will be a priority from the U.S. government standpoint.

即使國會沒有做出任何決定，從美國政府的角度來看，5G 也將是優先事項。

Now that has to translate to the service providers and their momentum, but I think it's the right kind of backdrop to encourage the service providers to spend in this area.

現在這必須轉化為服務提供者及其動力，但我認為這是鼓勵服務提供者在這一領域進行支出的正確背景。

And they certainly, as you've all seen, are advertising it, they're advertising their initial spend.

正如你們都看到的，他們當然正在做廣告，他們正在做廣告他們的初始支出。

And to the extent that, that gains traction, I think we're going to see a strong move in the U.S.

在某種程度上，這獲得了關注，我認為我們將在美國看到一個強大的舉措。

On the networking side, just -- I think we've -- from a TTM perspective, we've seen this market move around, but it's remained relatively constant and a lot of that I've attributed to -- sort of a wait and see and an allocation of spending to 5G and putting 5G in place before layering networking structures on top of 5G.

在網絡方面，只是——我認為我們——從 TTM 的角度來看，我們已經看到這個市場在變化，但它仍然相對穩定，我將其中很多歸因於——有點等待並查看5G 支出分配情況，並在5G 之上分層網路結構之前將5G 落實到位。

We continue, I think, in Q4, we're looking at potentially a little bit of weakness compared to Q3 on the networking side.

我認為，在第四季度，我們繼續關注網路方面與第三季度相比可能存在的一些弱點。

But it's relatively small in terms of variance.

但就方差而言，它相對較小。

And I really would expect the improvement in networking to occur after that telecom the 5G infrastructure has been laid.

我確實希望在電信 5G 基礎設施鋪設之後網路會得到改善。

That's when we're really going to -- we should start to see momentum again in networking in a stronger way.

那時我們真的應該開始以更強大的方式再次看到網路的勢頭。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

I will now turn it back to Tom Edman for closing remarks.

現在我將把它轉回給湯姆·埃德曼做總結發言。

Thank you.

謝謝。

Yes.

是的。

I'd just like to close by summarizing some of the points I made earlier.

最後我想總結一下我之前提出的一些觀點。

First, we delivered revenues and earnings above the guided range despite COVID-19-related challenges that allowed us to demonstrate our operational excellence.

首先，儘管與 COVID-19 相關的挑戰使我們能夠展示我們的卓越運營，但我們的收入和利潤仍高於指導範圍。

Second, our end market diversification has allowed the continuum operations to grow despite weakness in a couple of subsegments.

其次，我們的終端市場多元化使我們的業務得以持續成長，儘管幾個細分市場表現疲軟。

And third, we generated very strong cash flow, receive the remaining proceeds from the sale of the mobility unit divestiture and repaid our term loan, a portion of -- a good portion of our term loan.

第三，我們產生了非常強勁的現金流，收到了出售流動性單位剝離的剩餘收益，並償還了我們的定期貸款，這是我們定期貸款的很大一部分。

As a result, we're able to drive our leverage to 1.6x.

因此，我們能夠將槓桿率提高到 1.6 倍。

So in closing, I would like to thank our employees, our customers and you, our investors, for your continued support and your support for TTM as we go forward.

最後，我要感謝我們的員工、客戶以及您，我們的投資者，感謝您一直以來的支持以及對迅達前進的支持。

Thank you very much.

非常感謝。

This concludes today's call.

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 your phone lines.

您現在可以斷開電話線。