TTM Technologies Inc (TTMI) 2020 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, thank you for standing by.

下午好，女士們先生們，謝謝你們的支持。

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

歡迎參加 TTM Technologies 2020 年第二季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded today, July 29, 2020.

（操作員說明）謹此提醒，本次會議將於今天（2020 年 7 月 29 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。

Thanks, Dan.

謝謝，丹。

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 and Litigation Reform Act of 1995.

在開始之前，我想提醒大家，今天的電話會議包含 1995 年《私人證券和訴訟改革法案》含義內的前瞻性陳述。

Including statements related to TTM's future business outlook.

包括與 TTM 未來業務前景相關的聲明。

Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the factors explained in our more recent -- most recent annual report on Form 10-K and our 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，包括我們最近的 10-K 表年度報告以及我們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 of 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 our 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，這些資訊可以在我們的 10-K、10-Q、8-K 表報告、S-4 表註冊聲明以及公司其他 SEC 文件中找到。

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

我們也會在本次電話會議上討論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 financial measures included in the company's press release, which was filed with the SEC and is available at 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 財務措施進行調節，該新聞​​稿已向 SEC 提交，可在TTM 網站www .ttm.com 上取得。

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 second quarter 2020 conference call.

下午好，感謝您參加我們的 2020 年第二季電話會議。

These continue to be unprecedented times, and I hope that all of you and your loved ones are safe and healthy.

現在仍然是前所未有的時期，我希望你們所有人和你們所愛的人都安全健康。

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

我將首先介紹新冠肺炎 (COVID-19) 對我們業務的影響，然後回顧我們的業務策略，包括本季的亮點以及對我們第二季業績的討論。

Todd Schull, our CFO, will follow with an overview of our Q2 2020 financial performance and our Q3 2020 guidance.

我們的財務長 Todd Schull 隨後將概述我們 2020 年第二季的財務表現和 2020 年第三季的指導。

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 second quarter of 2020, TTM generated revenues and non-GAAP EPS above the guided range.

我很高興地報告，2020 年第二季度，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 revenues year-on-year despite weakness in the automotive and commercial aerospace end markets.

儘管汽車和商業航空終端市場疲軟，我們多元化的終端市場使我們的收入同比增長。

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

此外，強大的營運執行力克服了因 COVID-19 造成的生產效率低下和額外成本。

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 we've received the proceeds of the mobile business unit divestiture and have applied them to repay our Term Loan B, which has driven our net debt-to-EBITDA ratio to approximately 2.1.

最後，我想強調的是，我們已經收到了行動業務部門剝離的收益，並將其用於償還我們的定期貸款 B，這使我們的淨債務與 EBITDA 比率達到約 2.1。

We have had approximately 65 employees in North America and 1 in Asia, who have tested positive for COVID-19 this year, with many returning to work after being cleared following testing and quarantine protocols.

今年，我們在北美有大約 65 名員工，在亞洲有 1 名員工，他們的 COVID-19 檢測呈陽性，其中許多人在按照檢測和隔離協議清除後返回工作崗位。

We continue to use contact tracing and quarantine individuals who are in close contact with the infected team member 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 minimal impact on our manufacturing operations to date.

由於採取了嚴格的預防措施以及我們透明的溝通文化，這些事件迄今為止對我們的製造業務的影響微乎其微。

Moving on to the mobility divestiture.

繼續進行流動性剝離。

On April 19, we announced that we closed the divestiture of our mobility business unit to AKMMeadville, a Chinese consortium for an enterprise value of $645 million.

4 月 19 日，我們宣布完成將行動業務部門剝離給中國財團 AKMMeadville，企業價值 6.45 億美元。

We had previously commented that it could take up to August 7th to receive the proceeds from this transaction.

我們之前曾評論過，最多可能需要 8 月 7 日才能收到這筆交易的收益。

Due to the process of remitting funds from China to the U.S. I am pleased to report that we have received the majority of the proceeds earlier than expected.

由於從中國向美國匯款的過程，我很高興地報告，我們已經比預期更早收到了大部分收益。

And today, we were able to repay $400 million of our term loan.

今天，我們能夠償還 4 億美元的定期貸款。

This transaction provides us the balance sheet flexibility to continue the journey to increase TTM's focus on differentiation and less capital intensive, less seasonal, long cycle end -- strong cycle end markets.

這項交易為我們提供了資產負債表的靈活性，使我們能夠繼續加強迅達對差異化和資本密集度較低、季節性較少、長週期末端（強週期末端市場）的關注。

Finally, on April 29, we issued a press release that discussed the restructuring of our E-MS business unit.

最後，我們在 4 月 29 日發布了一份新聞稿，討論了 E-MS 業務部門的重組。

This restructuring involved closing 2 plants and absorbing 1 into our commercial sector operations.

此次重組涉及關閉 2 家工廠，並將 1 家工廠併入我們的商業部門運作。

We had said previously that the complete wind down of these 2 plants would take place through 2020 as we support our customers during their transition to other suppliers.

我們之前曾表示，這兩家工廠將在 2020 年完全關閉，因為我們將在客戶向其他供應商過渡期間為他們提供支援。

As we support last time bias for these 2 plants, we saw a sequential growth in Q2, but we continue to be on track for final shipments by the end of 2020.

由於我們支持這兩家工廠的上次偏差，我們在第二季度看到了連續成長，但我們仍有望在 2020 年底實現最終出貨量。

The strategic rationale for this move is based on TTM's increasing focus on differentiated higher-margin products such as PCBs and RF components and subassemblies.

此舉的策略理由是 TTM 越來越關注差異化的高利潤產品，例如 PCB 和射頻元件及組件。

Additionally, local government authorities have communicated to TTM that they intend to expropriate the land where the Shanghai E-M Solutions facility is located.

此外，當地政府當局已通知迅達，他們打算徵用上海 E-M Solutions 工廠所在的土地。

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 reported end market disclosures exclude the mobility business unit.

所有歷史報告的終端市場揭露均不包括行動業務部門。

The end market disclosures still contain all of the E-MS segment revenues.

最終市場揭露的資訊仍包含所有 E-MS 部門的收入。

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

有關終端市場披露的更多詳細信息，請參閱我們的第二季度收益新聞稿。

The aerospace and defense end market represented 32% of total second quarter sales compared to 33% of Q2 2019 sales and 37% of sales in Q1 2020.

航空航太和國防終端市場佔第二季總銷售額的 32%，而 2019 年第二季銷售額為 33%，2020 年第一季銷售額為 37%。

We expect sales in Q3 from this end market to represent about 36% of our total sales.

我們預計第三季該終端市場的銷售額將占我們總銷售額的 36% 左右。

We continue to see solid growth in our A&D segment with Q2 revenues up 8% year-on-year.

我們繼續看到 A&D 領域的穩健成長，第二季營收年增 8%。

And A&D program backlog growing to yet another record level of $647 million compared to $504 million in the year ago quarter.

與去年同期的 5.04 億美元相比，A&D 計畫的積壓金額再次創紀錄地達到 6.47 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 programs for -- our key bookings for programs such as AESA radar systems in F-35, and F-16 fighter jets.

國防市場的成長是我們強有力的專案調整和關鍵專案的結果——我們對 F-35 和 F-16 戰鬥機中的 AESA 雷達系統等專案的關鍵預訂。

The medical industrial instrumentation end market contributed 21% of our total sales in the second quarter compared to 17% in the year ago quarter and 18% in the first quarter of 2020.

醫療工業儀器終端市場佔第二季總銷售額的 21%，去年同期為 17%，2020 年第一季為 18%。

We saw strength in our medical/industrial/instrumentation customers that was partially offset by weakness in our industrial customers.

我們看到醫療/工業/儀器客戶的優勢，但部分被工業客戶的疲軟所抵消。

Particularly in our E-MS segment as we wind down 2 of the plants in that business unit.

特別是在我們的 E-MS 部門，我們關閉了該業務部門的 2 家工廠。

Much of the strength in medical stemmed from the support provided by a number of our facilities to the urgent needs for critical medical equipment such as ventilators and patient monitoring equipment to combat the pandemic.

醫療方面的實力很大程度上源於我們的一些設施為對抗這場流行病對呼吸器和病患監護設備等關鍵醫療設備的迫切需求提供的支持。

Our facilities came through in a big way to meet these needs as we place first priority on these critical customers.

我們的設施極大地滿足了這些需求，因為我們將這些關鍵客戶放在首位。

For the third quarter, we expect this market to be 20% of revenues, as the year-on-year demand trends from Q2 continue into Q3, albeit at a slower pace.

對於第三季度，我們預計該市場將佔營收的 20%，因為第二季度的年比需求趨勢將持續到第三季度，儘管速度較慢。

Networking/communications accounted for 19% of revenue during the second quarter of 2020.

2020 年第二季度，網路/通訊業務佔營收的 19%。

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

相較之下，2019 年第二季的營收為 19%，2020 年第一季的營收為 16%。

Year-on-year growth was driven by demand for 5G infrastructure.

同比增長是由 5G 基礎設施需求推動的。

In Q3, we expect this segment to be 17% of revenue as deployment for 5G infrastructure takes a pause after a strong first half.

在第三季度，我們預計該細分市場將佔收入的 17%，因為 5G 基礎設施的部署在經歷了上半年的強勁表現後暫停。

Sales in the computing storage peripherals end market represented 13% of total sales in the second quarter compared to 11% in Q2 of 2019 and 12% in the first quarter of 2020.

計算儲存週邊終端市場的銷售額佔第二季總銷售額的 13%，而 2019 年第二季為 11%，2020 年第一季為 12%。

This end market grew 27% year-on-year from strength in our semiconductor and data center customers.

由於我們的半導體和資料中心客戶的實力，該終端市場年增了 27%。

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

我們預計該終端市場的營收將佔第三季銷售額的 12% 左右。

Automotive sales represented 12% of total sales during the second quarter of 2020, compared to 18% in the year ago quarter and 14% during the first quarter of 2020.

2020 年第二季汽車銷售佔總銷售量的 12%，去年同期為 18%，2020 年第一季為 14%。

Automotive sales declined year-over-year due to COVID-19-related OEM factory closures as well as end market demand weakness.

由於與 COVID-19 相關的 OEM 工廠關閉以及終端市場需求疲軟，汽車銷量較去年同期下降。

Approximately 40% of the year-on-year decline was due to weakness in the E-MS plants that are being shut down.

年減約 40% 是由於正在關閉的 E-MS 工廠表現疲軟。

We expect automotive to contribute 11% of total sales in Q3 with ongoing global weakness in demand expected.

我們預計汽車產業將佔第三季總銷售額的 11%，預計全球需求將持續疲軟。

We expect our PCB sales in Q3 to decrease by 5 -- 15% sequentially from the second quarter and to decline year-on-year by approximately 32%.

我們預計第三季PCB銷售額將比第二季季減5%至15%，年減約32%。

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

接下來，我將介紹第二季的一些細節。

Note that all of the following operations metrics exclude the mobility business unit.

請注意，以下所有營運指標均不包括行動業務部門。

During the quarter, our advanced technology business, which includes HDI, rigid flex and RF subsystems and components, accounted for approximately 27% of our company's 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）約占公司收入的 27%。

This compares to approximately 25% in the year ago quarter and 27% in Q1.

相比之下，去年同期約為 25%，第一季約為 27%。

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 70% in Q2 compared to 60% in the year ago quarter and 50% in Q1.

第二季亞太地區的產能利用率為 70%，去年同期為 60%，第一季為 50%。

Our overall capacity utilization in North America was 63% in Q2 compared to 62% in the year ago quarter and 67% in Q1.

第二季我們在北美的整體產能利用率為 63%，去年同期為 62%，第一季為 67%。

Our top 5 customers contributed 26% of total sales in the second quarter of 2020 compared to 31% in the year ago quarter and 32% in the first quarter of 2020.

我們的前 5 名客戶貢獻了 2020 年第二季總銷售額的 26%，而去年同期為 31%，2020 年第一季為 32%。

Raytheon Technologies was our largest customer, accounting for 11% of sales in the second quarter versus 12% in the year ago quarter and 14% in Q1.

Raytheon Technologies 是我們最大的客戶，佔第二季銷售額的 11%，而去年同期為 12%，第一季為 14%。

At the end of Q2, our 90-day backlog, which is subject to cancellations, was $463.2 million compared to $416.8 million at the end of the second quarter last year, and $497.7 million at the end of Q1.

截至第二季末，我們的 90 天積壓訂單（可能會取消）為 4.632 億美元，而去年第二季末為 4.168 億美元，第一季末為 4.977 億美元。

Our PCB book-to-bill ratio was 1.02 for the 3 months ending June 29.

截至 6 月 29 日的 3 個月，我們的 PCB 訂單出貨比為 1.02。

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

最後，我要再次感謝我們的員工繼續為迅達做出貢獻，並感謝我們為客戶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 the medical industry.

在此期間，我們的客戶在醫療行業等關鍵領域特別讚賞他們的努力。

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

儘管我們在今年上半年面臨著與 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。

As I look towards the second half and beyond, I am cautiously optimistic about our continued growth prospects in key subsegments, such as defense, data center, 5G and medical, while we expect a slower and longer-term recovery in the automotive and commercial aerospace markets.

展望下半年及以後，我對我們在國防、資料中心、5G和醫療等關鍵細分領域的持續成長前景持謹慎樂觀態度，同時我們預期汽車和商業航空航太領域將出現更緩慢、更長期的復甦市場。

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

現在托德將回顧我們第二季的財務表現。

Todd?

托德？

Thanks, Tom, and good afternoon, everyone.

謝謝湯姆，大家下午好。

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。

To facilitate comparison of TTM's results to previously issued guidance, I will also discuss non-GAAP financial information, which includes the results of the mobility business unit.

為了便於將 TTM 的業績與先前發布的指引進行比較，我還將討論非 GAAP 財務信息，其中包括行動業務部門的業績。

The E-M Solutions business unit has also included in the results we have reported.

E-M 解決方案業務部門也包含在我們報告的結果中。

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 second quarter, GAAP net sales from continuing operations were $570.3 million compared to $526.9 million in the second quarter of 2019 and $497.6 million in the first quarter of 2020.

第二季度，持續營運業務產生的 GAAP 淨銷售額為 5.703 億美元，而 2019 年第二季為 5.269 億美元，2020 年第一季為 4.976 億美元。

The year-over-year increase in revenue was due to increases in our medical/industrial/instrumentation, computing, aerospace and defense and networking and communications end markets, partially offset by declines in our automotive end market.

收入同比增長是由於我們的醫療/工業/儀器儀表、計算、航空航天和國防以及網路和通訊終端市場的成長，部分被汽車終端市場的下降所抵消。

GAAP operating income from continuing operations for the second quarter of 2020 was $23 million compared to $29 million in the second quarter of 2019 and $16.2 million in the first quarter of 2020.

2020 年第二季持續經營業務的 GAAP 營業收入為 2,300 萬美元，而 2019 年第二季為 2,900 萬美元，2020 年第一季為 1,620 萬美元。

On a GAAP basis, net income in the second quarter of 2020 was $192.8 million or $1.79 per diluted share.

以 GAAP 計算，2020 年第二季淨利為 1.928 億美元，即稀釋後每股收益 1.79 美元。

These numbers include a net gain of $183.1 million from the sale of the mobility business unit.

這些數字包括出售行動業務部門帶來的 1.831 億美元淨收益。

This compares to a -- to net income of $3.4 million or $0.03 per diluted share in the second quarter of last year and a net loss of $1.2 million or $0.01 per diluted share in the first quarter of 2020.

相比之下，去年第二季的淨利潤為 340 萬美元，或稀釋後每股 0.03 美元，2020 年第一季淨虧損為 120 萬美元，或稀釋後每股 0.01 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 includes our divested mobility business unit but excludes 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包括我們剝離的行動業務部門，但不包括併購相關成本、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 through the eyes of management and to facilitate comparison with expectations and prior periods.

我們提供非公認會計準則財務信息，使投資者能夠透過管理層的視角了解公司，並便於與預期和前期進行比較。

For the second quarter, net sales were $601.1 million compared to $633 million in the second quarter of 2019 and compared to first quarter net sales of $610.8 million.

第二季的淨銷售額為 6.011 億美元，而 2019 年第二季的淨銷售額為 6.33 億美元，而第一季的淨銷售額為 6.108 億美元。

The year-over-year decrease in revenue was due to only 3 weeks of the mobility business unit in this year versus a full quarter last year and declines in our automotive end market partially offset by growth in our medical/industrial/instrumentation, computing, aerospace and defense and networking and communications end markets.

營收年減的原因是，與去年整個季度相比，今年行動業務部門的營業時間僅為 3 週，而且我們的汽車終端市場的下降被我們的醫療/工業/儀器儀表、計算、航空航天和國防以及網路和通訊終端市場。

Gross margin for the second quarter was 17.8% compared to 13.6% in the year ago quarter and 14.5% in the first quarter of 2020.

第二季的毛利率為 17.8%，去年同期為 13.6%，2020 年第一季為 14.5%。

The year-over-year increase in gross margin was due primarily to the growth from continuing operations in the markets discussed above as well as the sale of the mobility business unit, which lost money in the prior year.

毛利率年增主要是由於上述市場持續營運的成長以及上一年虧損的行動業務部門的出售。

Selling and marketing expense was $16 million in the second quarter or 2.7% of net sales versus $17.5 million or 2.8% of net sales a year ago and $16.9 million or 2.8% of net sales in the first quarter.

第二季銷售和行銷費用為1,600 萬美元，佔淨銷售額的2.7%，而去年同期為1,750 萬美元，佔淨銷售額的2.8%，第一季為1,690 萬美元，佔淨銷售額的2.8 %。

Second quarter G&A expense was $31.4 million or 5.2% of net sales, compared to $27.2 million or 4.3% of net sales in the same quarter a year ago and $30.9 million or 5% of net sales in the previous quarter.

第二季管理及行政費用為3,140 萬美元，佔淨銷售額的5.2%，去年同期為2,720 萬美元，佔淨銷售額的4.3%，上一季為3,090 萬美元，佔淨銷售額的5 %。

In the second quarter, R&D was $5.1 million or 0.9% of revenues compared to $4.5 million or 0.7% in the year ago quarter and $4.9 million or 0.8% of revenues in the previous quarter.

第二季研發費用為 510 萬美元，佔營收的 0.9%，去年同期為 450 萬美元，佔營收的 0.7%，上一季為 490 萬美元，佔營收的 0.8%。

Our operating margin in the second quarter was 9.1%, this compares to 5.9% in the same quarter last year and 5.8% in the first quarter of 2020.

我們第二季的營業利益率為 9.1%，去年同期為 5.9%，2020 年第一季為 5.8%。

Interest expense was $15 million in the second quarter, a decrease of $2.4 million from the same quarter last year due to lower interest rates.

由於利率下降，第二季利息支出為 1,500 萬美元，較去年同期減少 240 萬美元。

During the quarter, we recorded $1.8 million of foreign exchange losses.

本季度，我們錄得 180 萬美元的外匯損失。

Government incentives reduced the loss to $0.7 million or approximately $0.01 of EPS.

政府激勵措施將損失減少至 70 萬美元，即每股收益約 0.01 美元。

This compares to a gain of $4.4 million or approximately $0.04 of EPS in Q2 last year, and a gain of $3.9 million or approximately $0.03 of EPS in Q1 of 2020.

相比之下，去年第二季的收益為 440 萬美元，即每股收益約 0.04 美元；2020 年第一季的收益為 390 萬美元，即每股收益約 0.03 美元。

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

第二季我們的有效稅率為 15%。

Second quarter net income was $33.3 million or $0.31 per diluted share.

第二季淨利為 3,330 萬美元，或攤薄後每股收益 0.31 美元。

This compares to second quarter 2019 net income of $21.3 million or $0.20 per diluted share and first quarter 2020 net income of $19.6 million or $0.18 per diluted share.

相比之下，2019 年第二季淨利為 2,130 萬美元，即稀釋後每股收益 0.20 美元，2020 年第一季淨利潤為 1,960 萬美元，即稀釋後每股收益 0.18 美元。

Adjusted EBITDA for the second quarter was $80.3 million or 13.4% of net sales compared with second quarter 2019 adjusted EBITDA of $82.9 million or 13.1% of net sales.

第二季調整後 EBITDA 為 8,030 萬美元，佔淨銷售額的 13.4%，而 2019 年第二季調整後 EBITDA 為 8,290 萬美元，佔淨銷售額的 13.1%。

In the first quarter, adjusted EBITDA was $82.1 million or 13.4% of net sales.

第一季調整後 EBITDA 為 8,210 萬美元，佔淨銷售額的 13.4%。

Our balance sheet and liquidity positions remained strong.

我們的資產負債表和流動性狀況依然強勁。

Cash flow from operations was $119 million in the second quarter, inclusive of $68.1 million of accounts receivable collected from the mobility business after we closed the sale.

第二季營運現金流為 1.19 億美元，其中包括我們完成出售後從行動業務收取的 6,810 萬美元應收帳款。

This compares to $86.1 million in the same quarter last year.

相比之下，去年同期為 8,610 萬美元。

In addition, as Tom mentioned, we received $240 million of proceeds from the mobility sale during the second quarter.

此外，正如 Tom 所提到的，我們在第二季度從行動銷售中獲得了 2.4 億美元的收益。

Since quarter end, we have now received all the remaining proceeds from the sale.

自季度末以來，我們現已收到出售的所有剩餘收益。

Cash and cash equivalents at the end of the second quarter of 2020 were $694.7 million.

2020 年第二季末現金和現金等價物為 6.947 億美元。

And at the end of the second quarter, our net debt leverage ratio was 2.1.

截至第二季末，我們的淨負債槓桿率為2.1。

And today, we repaid $400 million of our Term Loan B. Depreciation for the second quarter was $26.1 million.

今天，我們償還了 4 億美元的定期貸款 B。

Net capital spending for the quarter was $22.4 million.

該季度淨資本支出為 2,240 萬美元。

Finally, I'd like to give a picture of the business on a non-GAAP basis for continuing operations, excluding the 2 E-MS plants that we are closing.

最後，我想以非 GAAP 為基礎介紹一下該業務的持續營運情況，不包括我們即將關閉的 2 家 E-MS 工廠。

Revenue for the second quarter was $548.9 million and grew 13% year-on-year.

第二季營收為5.489億美元，年增13%。

Operating margin was 9.9% and grew from 9.5% last year.

營業利益率為 9.9%，較去年的 9.5% 成長。

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

現在我想談談第三季的指導。

Looking ahead, we believe that COVID-19 may cause end market demand weakness, supply chain disruptions as well as inefficiencies within our own production.

展望未來，我們認為 COVID-19 可能會導致終端市場需求疲軟、供應鏈中斷以及我們自身生產效率低落。

Taking this into account, we expect total revenue for the third quarter of 2020 to be in the range of $470 million to $510 million.

考慮到這一點，我們預計 2020 年第三季的總營收將在 4.7 億美元至 5.1 億美元之間。

We expect non-GAAP earnings to be in the range of $0.16 to $0.22 per diluted share.

我們預計非 GAAP 攤薄後每股收益將在 0.16 美元至 0.22 美元之間。

This guidance does not include any contribution from the mobility business unit but still includes revenue and operating results from the 2 E-MS plants that we are closing.

本指引不包括行動業務部門的任何貢獻，但仍包括我們即將關閉的 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 107.5 million shares.

EPS 預測是基於約 1.075 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 the quarter, our shares outstanding would increase by approximately 1.5 million shares.

提醒一下，本季平均股價每上漲 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 8.7% of revenue in the third quarter and R&D to be 1.1% of revenue.

我們預計第三季SG&A費用將佔營收的8.7%左右，研發費用將佔營收的1.1%。

We expect interest expense to total about $15 million, and finally, we estimate our effective tax rate to be between 13% and 17%.

我們預計利息支出總計約為 1500 萬美元，最後，我們估計有效稅率在 13% 至 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 third quarter, we expect to record amortization of intangibles of about $10.9 million, stock-based compensation expense of about $4.7 million, noncash interest expense of approximately $3.4 million and we estimate depreciation expense will be approximately $22.7 million.

在第三季度，我們預計無形資產攤銷約為 1,090 萬美元，股票補償費用約為 470 萬美元，非現金利息費用約為 340 萬美元，我們預計折舊費用約為 2,270 萬美元。

Finally, I'd like to announce that we will be participating virtually in the Jefferies Industrial Conference on August 5th, and the Needham Industrial Technology Conference on August 10th, the Jefferies Semiconductor Hardware and Telecom Summit on September 2 and the Deutsche Bank Leveraged Finance Conference on October 2.

最後，我想宣布，我們將虛擬參加 8 月 5 日的 Jefferies 工業會議、8 月 10 日的 Needham 工業技術會議、9 月 2 日的 Jefferies 半導體硬體和電信峰會以及德意志銀行槓桿金融會議10月2日。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Now we'd like to open the line for questions.

現在我們想開通提問專線。

Dan?

擔？

(Operator Instructions) We'll take our first question in queue comes from William Stein, SunTrust.

（操作員說明）我們將接受 SunTrust 的 William Stein 的第一個問題。

Congrats on the good results.

恭喜取得好成績。

I'm hoping you can comment on the trends expected in E-MS in September and beyond maybe the linearity of the decline over time?

我希望您能評論一下 9 月 E-MS 的預期趨勢以及隨時間推移的線性下降？

And then what is the sort of final level -- the level at which you'll still have business from the 1 facility, but the other 2 are no longer contributing?

那麼最終級別是怎樣的——您仍然可以從 1 個設施獲得業務，但其他 2 個設施不再做出貢獻？

Sure.

當然。

Yes.

是的。

So the 1 facility, and when we really talk about E-MS and just to make that clearer for you, Will, we're going to -- that facility has already been integrated into our PCB operations.

因此，當我們真正談論 E-MS 時，為了讓您更清楚這一點，我們將在第 1 個設施中——該設施已經整合到我們的 PCB 運營中。

And that facility runs at anywhere between $40 million and $50 million a year.

該設施每年的營運費用在 4,000 萬至 5,000 萬美元之間。

So you're going to -- that facility already incorporated in the PCB operations.

所以你要——該設施已經併入 PCB 業務中。

The balance of the 2 facilities will be winding down again in Q3 and Q4.

這兩項設施的餘額將在第三季和第四季再次減少。

The -- it's hard to forecast exactly how we're going to wind them down.

很難準確預測我們將如何結束它們。

But you could pretty much say, bring them down equally each quarter down to effectively -- at the end of Q4 will be shut down.

但你幾乎可以說，每個季度都將它們平均降低到有效水平——在第四季度末將關閉。

So reasonably smooth transition as we move to close those facilities.

當我們關閉這些設施時，過渡相當順利。

And then one follow-up, if I can.

如果可以的話，然後進行一次後續行動。

Talk about the progress that you're making in trying to bring the RF capability that was acquired in the interim business to the nondefense end market, in particular, automotive or any others for that matter?

談談您在嘗試將臨時業務中獲得的射頻功能引入非國防終端市場（特別是汽車或任何其他相關市場）方面所取得的進展？

Any progress in that?

這方面有進展嗎？

Yes.

是的。

Sure.

當然。

So yes, we've actually -- there are a few areas of focus there.

所以，是的，我們實際上有一些重點領域。

And if you start thinking about RF performance and the importance of RF speeds, in particular, where they're becoming more challenging, think about networking, optical networking some medical activity.

如果您開始考慮射頻效能和射頻速度的重要性，特別是當它們變得更具挑戰性時，請考慮一些醫療活動中的網路、光網路。

And then, yes, you have automotive.

然後，是的，你還有汽車。

And so we've been working on efforts in all of those areas to address automotive in particular, as we're moving into a 77 gigahertz world, what we're finding is our customers are challenged in terms of improving RF performance.

因此，我們一直在所有這些領域努力解決汽車問題，特別是當我們進入 77 GHz 世界時，我們發現我們的客戶在提高射頻性能方面面臨挑戰。

And that is particularly true of customers that are smaller customers who may be resource constrained.

對於資源可能有限的小型客戶來說尤其如此。

And so we've been working with those customers in a number of efforts.

因此，我們一直在與這些客戶進行許多努力。

One, to handle the thermal challenges that can come as you start to push RF performance and also with fine lines, how you're going to start running into potential thermal challenges, and we've been working on modules to address that.

第一，為了應對當您開始推動射頻性能和細線時可能出現的熱挑戰，您將如何開始遇到潛在的熱挑戰，我們一直致力於開發模組來解決這個問題。

We've also been working with several accounts on developing modules specifically for some of their sensor needs.

我們也與多個客戶合作開發專門滿足其某些感測器需求的模組。

As you know, these are -- particularly in the automotive world, you will typically work on a development cycle that starts 2, sometimes even 3 years before model release.

如您所知，特別是在汽車領域，您通常會在模型發布前 2 年、有時甚至 3 年開始開發週期。

So these efforts are -- some of them are into prototyping stage.

所以這些努力——其中一些已經進入原型階段。

Some are still earlier, where we've got a variety of those engagements.

有些還更早，我們有各種各樣的活動。

But pretty excited about the momentum that we're gaining there.

但我們對在那裡獲得的勢頭感到非常興奮。

Not yet turning into material revenue.

尚未轉化為物質收入。

But certainly, we're making good progress with those efforts.

但可以肯定的是，我們的這些努力正在取得良好進展。

And I think we're contributing to solving customer problems.

我認為我們正在為解決客戶問題做出貢獻。

Our next question comes from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

A couple of questions for me, Tom.

湯姆，有幾個問題想問我。

First, on automotive outlook.

首先，關於汽車前景。

You sound maybe a little bit more cautious than other component suppliers that have issued guidance.

您聽起來可能比其他已發布指導的零件供應商更加謹慎。

And I'm trying to figure out how much of that is based on the E-MS weakness and perhaps -- and I think at the end of your commentary on auto, you talked about the PCB business there.

我試圖弄清楚其中有多少是基於 E-MS 的弱點，也許——我認為在您對汽車的評論結束時，您談到了那裡的 PCB 業務。

So maybe you could you go over those numbers again.

所以也許你可以再看一次這些數字。

But just trying to figure out where you sit in terms of the cycle?

但只是想弄清楚你在周期中的位置？

And when would you expect a bigger uplift in terms of demand and order pools?

您預期需求和訂單池何時會出現更大的成長？

Sure thing.

當然可以。

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

Yes.

是的。

The -- what I'll do is let me talk to this without taking out the E-MS.

我要做的就是讓我在不拿出 E-MS 的情況下談論這個。

And you're right, we tried to give some visibility to that as I went through the earnings script.

你是對的，當我查看收益腳本時，我們試圖讓人們看到這一點。

But to give you a little bit more information on this, pulling out E-MS and if you start to look at second quarter performance, quarter-on-quarter, we were down approximately 21%.

但為了向您提供更多有關此方面的信息，如果您開始查看第二季度的業績，環比下降了大約 21%。

And if you think about unit volume overall in the automotive market down substantially more than that.

如果你考慮一下汽車市場的整體銷售量，下降幅度遠不止於此。

Now then you look at the third quarter, and in the third quarter, we're looking at being down approximately 31% year-on-year.

現在你看一下第三季度，我們預計第三季將年減約 31%。

And if you look sequentially, down about 15%.

如果按順序查看，下降了約 15%。

So what's going on?

發生什麼事了？

If you start to look at our customers and as they look at printed circuit boards versus other components, the longer lead time components.

如果您開始關注我們的客戶，當他們關注印刷電路板與其他組件時，您會發現組件的交貨時間更長。

What they'll do with printed circuit boards, and what we saw in the second quarter, was as our Tier 1 parts supplier customers started to service their OEM requirements.

他們將如何處理印刷電路板，以及我們在第二季度看到的情況，我們的一級零件供應商客戶開始滿足他們的 OEM 要求。

They were able to pull early -- relatively early in the second quarter from our hub inventory to help the start-up efforts of their customers, which really started in May.

他們能夠在第二季度相對較早的時候從我們的中心庫存中提早取出，以幫助客戶的啟動工作，這項工作實際上是在五月開始的。

And so we saw some heightened revenues as a result.

因此我們看到收入增加。

But what we were also seeing was a sharp decline in bookings.

但我們也看到預訂量急劇下降。

So that bookings decline then starts to feed into some of the weakness that we're guiding towards in the third quarter.

因此，預訂量的下降開始加劇我們在第三季指導的一些疲軟趨勢。

And so as we now look at the third quarter, we are tracking bookings very carefully.

因此，當我們現在審視第三季時，我們正在非常仔細地追蹤預訂情況。

And what we have seen is since really June, the beginning of June, where we sort of hit our low point, we've seen sequentially almost every week and improvement in those bookings.

我們所看到的是，從六月初開始，我們就達到了最低點，我們幾乎每週都看到預訂量有所改善。

And so as we look at that, that bodes well for shipments in the hub and then bookings and then revenue that we would see as we move into late into the third quarter, into the fourth quarter.

因此，當我們看到這一點時，這對樞紐的發貨量、預訂量和收入來說是個好兆頭，當我們進入第三季末、第四季時，我們將看到這一點。

So as we look sequentially, yes, third quarter should be down.

因此，當我們按順序查看時，是的，第三季度應該會下降。

But then as you look ahead into the fourth quarter, I think that bookings trend is a nice positive indicator of what we would expect to see in the fourth quarter.

但當你展望第四季時，我認為預訂趨勢是我們預期在第四季看到的一個很好的正面指標。

That's helpful.

這很有幫助。

And last quarter, Tom, you talked about some -- actually several design wins in automotive, leveraging your technologies across the various sectors.

上個季度，湯姆，您談到了一些——實際上是汽車領域的幾項設計勝利，利用了您在各個領域的技術。

Could you update us on those trends?

能為我們介紹一下這些趨勢的最新情況嗎？

And are you still seeing positive content, particularly like trends toward electrification?

您是否仍然看到正面的內容，尤其是電氣化趨勢？

Yes.

是的。

So interestingly, this quarter, what we saw is still a nice movement in terms of overall bookings, program bookings.

有趣的是，本季度，我們看到在整體預訂、節目預訂方面仍然出現了良好的變化。

In automotive, we booked about 43 programs.

在汽車領域，我們預訂了大約 43 個項目。

Nice program value overall of about $203 million.

Nice 計劃整體價值約為 2.03 億美元。

But the ADAS bookings were not as strong as we've seen in some of the past quarters.

但 ADAS 的預訂量並不像過去幾季那樣強勁。

I don't make a trend out of 1 quarter.

我不會在一個季度內做出趨勢。

What I like seeing is that very strong lifetime program bookings.

我喜歡看到的是非常強勁的終身計劃預訂量。

I think there may be a little bit of a pause on some of the new product efforts in our customer side that would lead to a little -- a bit of a slowdown on the ADAS-related programs.

我認為我們客戶方面的一些新產品工作可能會稍微暫停，這會導致 ADAS 相關項目稍微放緩。

But overall, a good indication that customers are continuing to move forward with their longer-term plans in terms of programs themselves.

但總體而言，這是一個很好的跡象，表明客戶正在繼續推進其專案本身的長期計劃。

So hopefully, that gives you a feel for it.

所以希望這能讓你感受到它。

Absolutely.

絕對地。

And on the -- just changing subjects to the aerospace and defense, and it sounds like you're seeing really still strong demand on the military side.

至於——只是將主題轉向航空航天和國防，聽起來你看到軍事方面的需求仍然非常強勁。

Could you remind us what the breakdown is commercial versus defense in that sector?

您能否提醒我們該領域的商業與國防的細分是什麼？

Yes.

是的。

So 2019, full year numbers.

2019 年，全年數字。

We were -- about 18% of our aerospace and defense business was commercial aerospace.

我們大約 18% 的航空航太和國防業務是商業航空航太。

The balance was defense.

平衡在於防守。

Now obviously, with commercial aerospace demand worsening, we -- through 2020, that will come substantially down in terms of commercial aerospace as a percentage of those revenues.

現在顯然，隨著商業航空航太需求的惡化，到 2020 年，商用航空航太佔這些收入的百分比將大幅下降。

But to begin with, they already were relatively small as a percentage.

但首先，它們所佔的比例已經相對較小。

What we have seen is that the defense side of the business more than makes up for that, that's why we're still seeing very strong ongoing growth, about 8% in the second quarter.

我們所看到的是，該業務的防禦方面足以彌補這一點，這就是為什麼我們仍然看到非常強勁的持續成長，第二季約為 8%。

And as we look forward, while -- why we're still continuing to be optimistic here in terms of that overall aerospace and defense business.

當我們展望未來時，為什麼我們仍然對整體航空航太和國防業務保持樂觀。

And that's really fed by, again, by our radar position and then the program breadth that we have in -- on the defense side.

這實際上是由我們的雷達位置以及我們在防禦方面擁有的計劃廣度提供的。

So hopefully, that gives you a feel for the split.

希望這能讓你感受到分裂的感覺。

Our next question in queue comes from Steven Fox, Fox Advisors.

我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

I guess, just back up to the Q2 results on a continuing operations basis.

我想，只需在持續營運的基礎上回顧第二季度的業績即可。

Relative to your original guidance, there was some significant top line upside, and you sort of cited some of the markets that look like contributed to it.

相對於您最初的指導，收入有一些顯著的上升，您引用了一些看起來對此有所貢獻的市場。

But maybe you can just sort of call out, within each segment, what was most surprising to you relative to guidance?

但也許你可以在每個部分中指出，相對於指導，最令你驚訝的是什麼？

And then associated with that, maybe I got this wrong, but it looks like the drop-down from the top line upside was greater than you normally would target.

與此相關的是，也許我弄錯了，但看起來頂線上方的下拉幅度比你通常的目標要大。

I'm wondering if you would agree with that.

我想知道你是否同意這一點。

And if so, what drove that?

如果是這樣，是什麼推動了這一點？

Sure.

當然。

I'll give a general comment on the second part, and Todd, you can jump in there as well.

我將對第二部分進行一般性評論，托德，你也可以跳進去。

On the top line performance, we -- I think -- we were very, very pleased.

就營收表現而言，我認為我們非常非常滿意。

Obviously, we were able to perform ahead of forecast in a number of our end markets.

顯然，我們在許多終端市場的表現超出了預期。

If you look at the medical/industrial/instrumentation area, that was one area where we outperformed versus our guidance driven by really a combination of 2 things: medical demand and then instrumentation demand being strong.

如果你看看醫療/工業/儀器領域，你會發現，這是我們表現優於我們指導的領域，實際上是由兩件事驅動的：醫療需求和儀器需求強勁。

Network and communication, we also did better than we had expected there.

網路和通訊方面，我們也做得比我們預期的要好。

Mainly the networking -- sorry, the telecom side driving that.

主要是網路——抱歉，是電信方面推動的。

The 5G growth being stronger than we had been forecasting.

5G 成長強於我們的預測。

And then computing also had tremendous upside against our forecast, mainly data center demand.

與我們的預測相比，計算也有巨大的上升空間，主要是資料中心的需求。

Semiconductor remains strong, but data center demand stronger than we had forecast.

半導體仍然強勁，但資料中心需求強於我們的預測。

And if you tie all that back to COVID and what was going on with our customers, I think most of it, that really does make sense that we would see that kind of growth in the quarter, with that growth sort of normalizing as we go back and -- as we move into the third quarter.

如果你把所有這些都與新冠病毒以及我們客戶的情況聯繫起來，我認為其中大部分，這確實是有道理的，我們會在本季度看到這種增長，而且隨著我們的發展，這種成長正在趨於正常化當我們進入第三季時。

So how that contributed, particularly, we saw some tremendous utilization improvements in several of our facilities in Asia.

因此，特別是我們在亞洲的幾個設施中看到了利用率的巨大提高。

They performed very well operationally.

他們在操作上表現得非常好。

And then also on the North America side, we -- from an operations standpoint, we had been deliberately careful given absentee rate concerns with COVID about our ability to push production out, and the teams did an amazing job in North America as well.

然後，在北美方面，從營運的角度來看，考慮到新冠疫情導致的缺勤率以及我們推遲生產的能力，我們一直刻意謹慎，團隊在北美也做得非常出色。

So I'll stop there.

所以我就到此為止。

Todd, any further comments?

托德，還有什麼意見嗎？

Well, I think you hit the nail on the head relative to Q2 performance, relative to the guidance or expectations that we had set going into the quarter.

嗯，我認為相對於第二季的業績，相對於我們在本季設定的指導或預期，你擊中了要害。

As Tom mentioned in his comments, it's particularly in the medical area where we were asked to really stretch ourselves by customers on a rather urgent basis and we rallied to do that as a group.

正如湯姆在評論中提到的那樣，特別是在醫療領域，客戶要求我們在相當緊急的情況下真正發揮自己的作用，我們作為一個團隊團結起來做到這一點。

As you look into Q3, and what's happening, you're seeing a calming down in some of those markets.

當你觀察第三季以及正在發生的事情時，你會發現其中一些市場趨於平靜。

So where medical/industrial/instrumentation was very strong in Q2 with very little notice, if you will, it's tapering off here, the initial surge and ventilators are slowing down here.

因此，醫療/工業/儀器在第二季度非常強勁，但幾乎沒有引起任何注意，如果你願意的話，它在這裡逐漸減弱，最初的激增和呼吸機在這裡正在放緩。

They're going to Q3, kind of getting back to a more normal pattern.

他們將進入第三季度，有點回到更正常的模式。

We're also seeing -- and I think you've seen this with some of the other commentary out in the street.

我們也看到了——我想你已經從街上的其他一些評論中看到了這一點。

Data centers are pausing a little bit in Q3.

資料中心在第三季略有暫停。

We've seen that from some of the chip companies who have made some comments to that effect.

我們從一些晶片公司看到了這一點，他們對此發表了一些評論。

And Tom mentioned in his comments that 5G is pausing a little bit in Q3.

Tom 在評論中提到，5G 在第三季略有暫停。

A lot of the 5G growth in the first half of the year was driven in Asia, particularly China.

今年上半年的 5G 成長很大程度上是由亞洲推動的，尤其是中國。

And with what's going on there politically and otherwise, they're definitely pausing a little bit in Q3, and we're seeing some of that filter down into our business expectations for the quarter.

由於政治和其他方面正在發生的事情，他們肯定會在第三季暫停一些，我們看到其中一些影響了我們對本季的業務預期。

Operationally, as Tom pointed out, we executed pretty well.

正如湯姆所指出的，在營運方面，我們執行得相當好。

And a lot of the -- in Q2, a lot of the upside in profit was really driven by the revenue and execution.

在第二季度，利潤的很大一部分增長實際上是由收入和執行推動的。

And as we look at Q3, yes, we're declining quarter-to-quarter, but a lot of that is really top line.

當我們看第三季時，是的，我們正在逐季度下降，但其中許多確實是營收。

In fact, all of it is just top line driven.

事實上，這一切都只是營收驅動的。

So when you look at the impact.

所以當你看看影響時。

And even with essentially $100 million or $110 million, if you take the midpoint of guidance drop sequentially in revenue.

即使基本上有 1 億美元或 1.1 億美元，如果你採用指導的中點，收入也會連續下降。

The incremental margin drop is much smaller than that.

增量保證金下降幅度遠小於此。

And so we're doing a pretty good job in managing the costs, both up and down as we try to respond to the revenue levels that we're experiencing.

因此，當我們試圖應對我們正在經歷的收入水平時，我們在管理成本方面做得非常好，無論是上升還是下降。

Our next question in queue comes from Mike Crawford, B. Riley.

我們的下一個問題來自 Mike Crawford、B. Riley。

On aerospace and defense front, I imagine the large platform programs keep you pretty well insulated from the budget cycle and the selection year where work around the AESA and F-35, F-16, that stays pretty much the same.

在航空航太和國防方面，我認為大型平台專案可以讓您很好地不受預算週期和選擇年份的影響，而圍繞 AESA 和 F-35、F-16 的工作幾乎保持不變。

But are there some new programs that you're looking to either get on or to ramp up that will require the new government '21 budget before you can get started?

但是，是否有一些您希望實施或加強的新計劃需要新的政府 21 世紀預算才能開始實施？

And if so, could you talk about any of those opportunities?

如果是這樣，您能談談這些機會嗎？

That's an interesting question, Mike.

這是一個有趣的問題，麥克。

What we have seen -- and you can see that in our overall program backlog moving up over $640 million now.

我們所看到的—您可以看到，我們的總體計劃積壓現在已增加超過 6.4 億美元。

We -- there has been tremendous momentum in the -- with the programs that we're involved in.

我們參與的專案有著巨大的動力。

And a major part of our focus through the years has been to be not just in a broad set of programs to be -- but to have depth in the right programs.

多年來，我們關注的一個主要部分不僅是要關註一系列廣泛的計劃，而且還要深入研究正確的計劃。

Those programs are particularly where we have depth of involvement, usually involve our RF capability and therefore are usually tied to radar systems and radar requirements.

這些項目尤其是我們深度參與的項目，通常涉及我們的射頻能力，因此通常與雷達系統和雷達要求有關。

At this point, while it's always good to have a solid budget backdrop, that's not essential with these programs because they're viewed as core programs.

在這一點上，雖然擁有堅實的預算背景總是好的，但這對於這些計劃來說並不是必需的，因為它們被視為核心計劃。

And so whether it's the fighter jet programs that we mentioned, whether it's upgrades, with some of the naval ships that are out there, whether it's the LTAMDS type missile programs, the need to move that AESA radar is a core requirement of all the armed services.

因此，無論是我們提到的戰鬥機計劃，無論是升級，還是現有的一些海軍艦艇，無論是LTAMDS型飛彈計劃，移動AESA雷達的需要是所有武裝部隊的核心要求服務。

And so with that backdrop, I'm not -- we're not viewing any particular program as being dependent on budget requirements in terms of driving our overall growth.

因此，在這種背景下，我不認為任何特定計劃都依賴預算要求來推動我們的整體成長。

As I think we've got a nice, solid set of core programs that will be funded going forward that will really be -- provide that strong backdrop to drive our growth at this point.

我認為我們已經有了一套很好的、堅實的核心計劃，這些計劃將在未來得到資助，這將真正為推動我們目前的成長提供強大的背景。

Okay.

好的。

I'll just ask one other question, subject.

我只想問另一個問題，主題。

So in automotive vertical, I'm not sure if I heard exactly what conventional PCBs was as a percent of automotive sales in 2Q?

那麼在汽車垂直領域，我不確定我是否聽說過傳統 PCB 在第二季度汽車銷售中所佔的百分比是多少？

And then if there's been any change on where you think that mix might change for 2H '20 or '21 or beyond?

那麼，您認為 20 世紀 20 年代、21 世紀 2 月或之後的 2H 混音可能會發生什麼變化？

Yes.

是的。

Yes.

是的。

So we provide that number on an annual basis because I think it's sort of misleading to provide it on a quarterly basis.

所以我們每年提供這個數字，因為我認為每季提供這個數字有點誤導。

It moves around quite a bit.

它移動了不少。

But as you know, we were over 20% in terms of content from the nonconventional printed circuit boards at the end of last year.

但如你所知，截至去年年底，我們來自非常規印刷電路板的含量超過了20%。

What we're seeing right now is this year should lead to, more than likely, another increase in that percentage with electrification continuing to occur.

我們現在看到的是，隨著電氣化的繼續發生，今年很可能會導致這一百分比再次增加。

So I expect that to happen as we move through the course of the year.

因此，我預計隨著這一年的進展，這種情況將會發生。

So that, again, we report that number early in the first quarter of next year.

因此，我們將在明年第一季初再次報告該數字。

You should -- we should see a pretty solid increase in that percentage.

你應該——我們應該會看到這個百分比有相當穩健的成長。

As -- again, as we see growth on the sensor and on the infotainment side of the business.

正如我們再次看到感測​​器和資訊娛樂方面業務的成長。

Balanced again in the face of what is really going to be a challenging year.

面對真正充滿挑戰的一年，再次保持平衡。

So if you have a portion of the market that is -- that continues to grow, albeit slowly in the face of overall unit volumes dropping.

因此，如果你擁有一部分市場，那麼它會繼續成長，儘管面對整體銷售下降的情況下成長緩慢。

That's -- you're going to see that percentage increase.

那就是——你會看到這個百分比增加。

So that's what I would expect to see as we move towards the second half.

這就是我在進入下半場時所期望看到的情況。

Next question comes from Jim Ricchiuti with Needham & Company.

下一個問題來自 Needham & Company 的 Jim Ricchiuti。

You have Mike Cikos here instead of Jim Ricchiuti.

這裡有麥克‧西科斯 (Mike Cikos)，而不是吉姆‧里奇烏蒂 (Jim Ricchiuti)。

Couple of quick questions for you.

有幾個簡單的問題想問你。

The first being on the E-MS business.

第一個是 E-MS 業務。

I just wanted to make sure I heard you correctly in the prepared remarks, but was there a comment that some of this business may have seen a temporary benefit as customers were trying to place orders ahead of your wind down, did I hear that correctly?

我只是想確保我在準備好的發言中沒有聽錯，但是是否有評論說，由於客戶試圖在您結束之前下訂單，因此某些業務可能會看到暫時的好處，我聽對了嗎？

And if so, did you quantify what that benefit was?

如果是這樣，您是否量化了這種好處是什麼？

So you'll find -- in the tables in the press release, you'll find some really nice data on the split.

所以你會發現——在新聞稿的表格中，你會發現一些關於拆分的非常好的數據。

So both nonmobility and then also E-MS.

因此，既包括非移動性，也包括 E-MS。

So you'll be able to do the math, if you will.

所以如果你願意的話，你就能夠做數學。

But just to give you a feel, the -- we did talk about E-MS being up from last year because of the last time buys and that, that's just a short-term situation and overall.

但只是為了讓您感覺一下，我們確實談到了 E-MS 比去年有所上升，因為上次購買，這只是短期情況和總體情況。

But -- so that's -- and I should -- let me caveat that.

但是——所以——我應該——讓我警告一下。

It's actually up sequentially.

其實是按順序來的。

So -- but that -- you can sort of remove that noise, if you will, by referring to those tables.

所以——但是——如果你願意的話，你可以透過參考這些表格來消除這些噪音。

And then you can really see where the printed circuit board business, the ongoing business will be here as we go through as we look at the year-to-date at any rate for TTM.

然後你可以真正看到印刷電路板業務、正在進行的業務將在這裡，當我們回顧今年迄今為止的迅達業務時。

Okay.

好的。

And I'll have to circle up on those tables.

我得在那些桌子上轉一圈。

And just another question.

還有一個問題。

I know, again, it's a little difficult to forecast because we're expecting to [swine] down through the back half of 2020, but is there -- I guess, can you help us understand what you're baking into your Q3 sales guidance for this -- for the E-MS division?

我再次知道，預測有點困難，因為我們預計 2020 年下半年會出現下滑，但我想，你能幫助我們了解你在第三季的銷售額中融入了什麼嗎？ ？

Why don't I do this?

我為什麼不這麼做呢？

If -- let me just walk through approximately.

如果——讓我大致介紹一下。

If you look at the printed circuit board business, and you look at where we're going to be year-on-year with the end markets, that can probably give you a feel for it.

如果你看看印刷電路板業務，看看我們在終端市場的同比情況，這可能會讓你有一個感覺。

And so if you think about the guidance and if you look year-on-year, aerospace and defense, we should, in printed circuit board, we should be up about 4%.

因此，如果你考慮指引，如果你看看航空航太和國防領域的同比情況，我們應該在印刷電路板領域中上漲約 4%。

Of course, there's very little E-MS content there.

當然，其中的 E-MS 內容非常少。

Automotive, where there's obviously more E-MS content.

汽車領域，顯然有更多的 E-MS 內容。

For PCBs only, we should be down about 31% year-on-year.

僅就 PCB 而言，我們應該比去年同期下降 31% 左右。

If you look at computing, we'll be roughly flat year-on-year.

如果你看看計算領域，我們的年比情況將大致持平。

MII, where there is some E-MS content, we should be up roughly 9 percentage points with PCB, and then if you look at net working comp, down roughly 9%, 8.7% or so there.

MII，其中有一些 E-MS 內容，我們的 PCB 應該會上升大約 9 個百分點，然後如果你看看網路工作比較，下降大約 9%、8.7% 左右。

So that should give you a feel for where we are on the PCB side.

這樣您應該可以了解我們在 PCB 方面的情況。

Todd, any more guidance you'd like to provide on the tables.

托德，您想在桌面上提供更多指導嗎？

Yes.

是的。

I can help them out a little bit.

我可以幫助他們一點點。

You don't have the benefit of the table that is an exhibit to the press release.

您無法使用作為新聞稿展示的表格。

But when you look at that, you'll see that the 2 plants that we're talking about that are being closed only contributed about $21 million of revenue in the second quarter.

但當你仔細觀察時，你會發現我們正在談論的兩家即將關閉的工廠在第二季度僅貢獻了約 2,100 萬美元的收入。

And as you look at Q3 and Q4, although the numbers can fluctuate a little bit, it's going to be in that neighborhood, plus or minus $5 million.

當你觀察第三季和第四季時，儘管數字可能會略有波動，但都會在該附近，上下浮動 500 萬美元。

So it's relatively immaterial.

所以這是相對無關緊要的。

And it's not going to have a huge swing one way or the other, as we can see it right now.

正如我們現在所看到的，它不會以某種方式出現巨大的波動。

That's helpful.

這很有幫助。

Very helpful.

很有幫助。

And then one final, if I may.

如果可以的話，然後是一場決賽。

Just coming to the COVID-19 pandemic and how you guys have been handling this.

剛剛介紹了 COVID-19 大流行以及你們是如何處理這個問題的。

Again, with the results on the outside of the execution from you guys, wanted to get a sense, have costs that you guys are currently incurring to help with the contact tracing or protecting your personnel, are those fully reflected in Q2 results?

再次，根據你們執行之外的結果，想了解一下你們目前為幫助接觸者追蹤或保護你們的人員而產生的成本，這些成本是否充分反映在第二季度的結果中？

And should we assume a continuation of that in Q3?

我們是否應該假設第三季會延續這種情況？

Or is there a potential step down as things somewhat normalize and most of those upfront costs are hopefully behind you at this point?

或者，隨著事情在某種程度上正常化，並且大部分前期成本預計將在這一點上被你拋在腦後，是否有可能下降？

Go ahead, Todd.

繼續吧，托德。

Yes, I'll take a shot at it.

是的，我會嘗試一下。

So yes, we incur costs.

所以，是的，我們會產生成本。

And they're a little here and a little there, things like deep cleaning and more frequent cleaning, masks, equipment for temperature checking, obviously, the time spent doing contact tracing, and we follow-up with all of our employees on a daily basis.

它們在這裡一點，那裡一點，比如深度清潔和更頻繁的清潔、口罩、溫度檢查設備，顯然，花在接觸者追踪上的時間，我們每天都會對所有員工進行跟進基礎。

So there's a lot of, I'll call it, hidden cost a little here and a little there and are difficult to capture.

因此，有很多，我稱之為隱藏成本，這裡有一點，那裡有一點，而且很難捕捉。

There are some things that are a little more direct, like I said, the masks or something like that.

有些東西更直接一點，就像我說的，面具之類的。

And then there's a whole issue of productivity.

然後還有一個生產力問題。

So those costs are expensed as incurred, and they are reflected in our Q1 and Q2 numbers as we've incurred those costs.

因此，這些成本在發生時計入費用，並在我們發生這些成本時反映在我們的第一季和第二季的數字中。

And we -- as best as we can, we've tried to include our expected costs associated with that in our Q3 guidance.

我們盡最大努力將與此相關的預期成本納入第三季指引。

It's -- COVID is not going away.

新冠病毒不會消失。

I think if you look at the stats, it's being rather difficult, obviously, when you look around the nation, particularly in the U.S., and it's even starting to rear its head again in Hong Kong.

我認為，如果你看一下統計數據，你會發現，當你環顧全國各地，尤其是美國時，顯然這是相當困難的，甚至在香港也開始再次抬頭。

So we're very concerned, and we're being very vigilant with our people and our sites to make sure that we're taking care of our people.

因此，我們非常擔心，並且對我們的員工和網站保持高度警惕，以確保我們照顧好我們的員工。

And we're very fortunate that those that are getting sick are not getting sick at work.

我們非常幸運，那些生病的人並沒有在工作中生病。

We're trying to protect our people at work.

我們正在努力保護工作中的員工。

But there will continue to be costs associated with that.

但與此相關的成本仍將持續存在。

We are going to continue to do our protocols to protect our people as best as we can within the work environment.

我們將繼續遵守我們的協議，在工作環境中盡最大努力保護我們的員工。

But those costs are reflected already in our forecast.

但這些成本已經反映在我們的預測中。

We'll take our next question in queue comes from Paul Coster with JPMorgan.

我們將接受摩根大通的保羅·科斯特提出的下一個問題。

It's Paul Chung on for Coster.

科斯特的替補是保羅·鐘。

So just on your long-term kind of operating margin targets for 12% to 14%.

因此，您的長期營業利潤率目標為 12% 至 14%。

Now that you have -- you sold the mobile business and you're exiting parts of E-MS, can you give us a sense for the time line to hitting that long term range?

現在您已經出售了行動業務並退出了 E-MS 的部分業務，您能否告訴我們達到這一長期範圍的時間表？

And then can you also comment on the kind of seasonality of your operating margins now?

那麼您能否評論一下您現在營業利潤率的季節性？

Is it fair to kind of assume a lot less volatility between the quarters moving forward, particularly in 1Q and 2Q?

假設未來幾季之間的波動性會大大減少，特別是第一季和第二季度，這是否公平？

Tom, you want to try to run that -- take a try at that?

湯姆，你想嘗試運行它 - 嘗試一下嗎？

Absolutely.

絕對地。

So let me take the second question first, and that is seasonality.

那我先回答第二個問題，就是季節性。

So we used to have very, very major seasonality impacts when we were -- when we had a large element of the consumer business.

因此，當我們擁有大量消費業務時，我們曾經受到非常非常大的季節性影響。

With the sale of our mobility business unit, that gets us out of a big piece of that.

透過出售我們的行動業務部門，我們可以擺脫很大一部分損失。

Now there'll still be some subtle differences.

現在仍然會有一些細微的差別。

We still have Chinese New Year in the first quarter, and that impacts our ability to produce and our customers' ability to produce.

第一季我們還有農曆新年，影響了我們的生產能力和客戶的生產能力。

And so there always tends to be a little bit of an impact there.

因此，那裡總是會產生一些影響。

And oftentimes, in Q3, particularly in North America, you have vacation season.

通常，在第三季度，尤其是在北美，您會遇到假期季節。

This year is a bit weird because of COVID.

由於新冠疫情，今年有點奇怪。

But generally speaking, we see a little pattern there.

但總的來說，我們看到了一些規律。

But I don't think the seasonality -- well, I know the seasonality won't be as pronounced as it was in the past.

但我不認為季節性——嗯，我知道季節性不會像過去那麼明顯。

And I'm not even sure how significant it will be, but you will see some subtle differences with Q1 and Q3 probably being the most impacted.

我什至不確定它的影響有多大，但你會看到一些微妙的差異，第一季和第三季可能受到最大的影響。

In regards to your first question on targets, I think we made the comment in my notes that if you take out the businesses that we either have exited or are -- or the 2 plants that we're closing, our operating margin would have been about 9.9% this past quarter.

關於你關於目標的第一個問題，我想我們在我的筆記中評論過，如果你去掉我們已經退出或正在退出的業務——或者我們正在關閉的兩家工廠，我們的營業利潤率將會是上個季度約為 9.9%。

And so that's an indication of the improvement in the financial model that we're driving towards.

這表明我們正在推動財務模式的改進。

So our goal of getting to 12% to 14% doesn't seem so far away now.

因此，我們達到 12% 至 14% 的目標現在看來並不遙遠。

We do need top line help.

我們確實需要一線幫助。

We have plants, particularly in Asia, that are not as utilized as they need to be in terms of their financial contribution.

我們的工廠，尤其是在亞洲的工廠，在財務貢獻方面並未得到應有的利用。

And so we need some top line growth to get there.

因此，我們需要一些營收成長才能實現這一目標。

But if -- assuming the economy rights itself here from the COVID buyers, and that's a big if, I'm not -- I don't have a great crystal ball there looking at '21 or '22.

但是，如果——假設經濟從新冠病毒買家那裡恢復過來，這是一個很大的假設，我就不會——我沒有一個很好的水晶球來預測“21”或“22”。

But assuming those are more normal years and we have our organic revenue growth that we would expect in that 4 to -- the mid-single digits kind of number, it's a 2-year stretch there.

但假設那些年是比較正常的年份，而我們的有機收入成長預計在 4 到 4 到 5 之間，這是一個 2 年的成長。

We need to get a few hundred million dollars of top line $200 million to, let's say, $300 million to get us into that solid, into that margin range.

我們需要從 2 億到 3 億美元的營收中獲得幾億美元，才能讓我們進入那個穩定的利潤範圍。

And those are levels we've been at before in different end markets.

這些是我們之前在不同終端市場達到的水平。

We just need the end markets to kind of get their strength back.

我們只需要終端市場恢復實力。

We saw some of that in Q2, but we're seeing some of it slide a bit back in Q3.

我們在第二季度看到了其中的一些情況，但我們看到其中一些在第三季度有所下滑。

We need to kind of get some of that consistent growth, which comes from a healthy economy, and that's the big wildcard right now.

我們需要從健康的經濟中獲得持續的成長，這是目前最大的通配符。

Got you.

明白你了。

And then just a follow-up on that $200 million to $300 million, is acquisitions kind of in the cards?

那麼，作為 2 億至 3 億美元的後續行動，是否有可能進行收購？

Are you now focused on the existing business now?

您現在專注於現有業務嗎？

It has been 2 years since you bought Anaren, and you seem to kind of add to your portfolio around 2- to 3-year gap.

自從你購買 Anaren 以來已經有兩年了，你似乎在你的投資組合中增加了大約 2 到 3 年的差距。

So are we in for another one?

那我們還要再做一次嗎？

Thanks, Paul.

謝謝，保羅。

Yes, sure, I'll jump on that one.

是的，當然，我會跳上那個。

The -- so the $200 million to $300 million that Todd was referring to really is about our organic efforts to grow the business.

因此，托德所指的 2 億至 3 億美元實際上是關於我們發展業務的有機努力。

And we believe we can get there as we return to more normal times.

我們相信，當我們回到更正常的時期時，我們就能實現這一目標。

And as we look at the real macro factors driving our growth rates in our end markets.

當我們審視推動我們終端市場成長率的真正宏觀因素時。

So that's organic.

所以這是有機的。

But as we -- you're certainly right from a balance sheet perspective, we're in very strong shape now.

但從資產負債表的角度來看，你的說法當然是正確的，我們現在的狀況非常強勁。

Really pleased to see that.

真的很高興看到這一點。

The company, though, is -- pursues M&A as part of our overall strategic growth.

不過，該公司正在將併購作為我們整體策略成長的一部分。

And we've identified a few areas of focus.

我們已經確定了一些重點領域。

One is to continue to look at our footprint, make sure that we've got the right footprint from a support -- a customer support perspective.

一是繼續關注我們的足跡，確保我們從支援（客戶支援的角度）獲得正確的足跡。

The other and bigger thrust of our M&A efforts will be to continue to deepen our engagement on our RF side of the business, both from an aerospace and defense standpoint and also commercially.

我們併購工作的另一個更大的推動力將是繼續深化我們在射頻業務方面的參與，無論是從航空航天和國防角度還是商業角度。

So we will continue to move forward with that strategy.

因此，我們將繼續推進這項戰略。

When those opportunities materialize, it's always difficult to estimate.

當這些機會實現時，總是很難估計。

But it's a process that we run that we run as a regular part of our core -- one of our core processes.

但這是我們運行的一個流程，我們作為核心的常規部分運行——我們的核心流程之一。

So we continue to work that.

所以我們繼續努力。

And in the meantime, as we've informed our investors consistently, our first priority was to pay down the debt.

同時，正如我們一直告知投資者的那樣，我們的首要任務是償還債務。

We've done that.

我們已經做到了。

We are really pleased with the shape of our balance sheet, and we'll continue to work our strategies for growth.

我們對資產負債表的狀況非常滿意，我們將繼續制定成長策略。

So I hope that gives you an answer, Paul.

所以我希望這能給你一個答案，保羅。

There are no more questions in the queue at this time.

目前隊列中沒有更多問題。

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

我現在將把它交給湯姆·艾德曼做總結發言。

Great.

偉大的。

Thank you very much, and thank you all for joining us.

非常感謝你們，也感謝大家加入我們。

I'd just like to close by summarizing some of the points that 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 and labor productivity, which really is a demonstration of our focus on operational excellence.

首先，儘管與 COVID-19 相關的挑戰和勞動生產力，我們的收入和利潤仍高於指導範圍，這確實證明了我們對卓越營運的關注。

Second, our end market diversification has allowed us to -- and so has allowed our continuing 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能夠——因此也使我們的持續業務得以成長，儘管在幾個細分市場中表現疲軟。

Third, we received proceeds from the sale of the mobility unit divestiture and repaid our term loan.

第三，我們收到了出售流動性單位剝離的收益並償還了我們的定期貸款。

So in closing, I'd like to thank our employees, our customers, our -- of course, you, our investors, for their and your continued support as we navigate challenges around our businesses associated with COVID-19.

最後，我要感謝我們的員工、客戶、當然還有您、我們的投資者，感謝他們和您在我們應對 COVID-19 相關的業務挑戰時所給予的持續支持。

We will continue our long-term strategic focus on diversification, differentiation and discipline.

我們將繼續將長期策略重點放在多元化、差異化和紀律上。

And so with that, I'll close the call.

就這樣，我將結束通話。

Thank you again for joining us and ask that you all stay safe.

再次感謝您加入我們，並請大家注意安全。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen.

女士們，先生們。

This concludes today's presentation.

今天的演講到此結束。

You may now disconnect.

您現在可以斷開連線。