TTM Technologies Inc (TTMI) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies First Quarter Fiscal 2023 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions) As a reminder, this conference is being recorded today, May 3, 2023. Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

女士們先生們，下午好。謝謝你的支持。歡迎參加迅達科技 2023 財年第一季度財務業績電話會議。在今天的演講中，各方都將處於只聽模式。演講結束後，會議將開放提問。 （操作員說明）提醒一下，本次會議將於今天 2023 年 5 月 3 日錄製。TTM 企業發展和投資者關係副總裁 Sameer Desai 現在將審查 TTM 的披露聲明。

Thanks, Sheri. 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. Actual results could differ materially from these forward-looking statements due to one or more risks or uncertainties, including the factors explained in our most recent annual report on Form 10-K and our other filings with the Securities and Exchange Commission. These forward-looking statements are based on management's expectations and assumptions as of the date of this presentation. 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.

謝謝，雪莉。在我們開始之前，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，包括與迅達未來業務前景相關的陳述。由於一項或多項風險或不確定性，包括我們最近的 10-K 表格年度報告和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，實際結果可能與這些前瞻性陳述存在重大差異。這些前瞻性陳述基於管理層截至本報告發布之日的預期和假設。 TTM 不承擔公開更新或修改任何這些聲明的義務，無論是由於新信息、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 reports on Form 10-K, 10-Q, 8-K, the registration statement on Form S-4 and the company's other SEC filings. We will also discuss on this call certain non-GAAP financial measures such as adjusted EBITDA. Such measures should not be considered as a substitute for 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.

請參閱有關可能影響 TTM 的風險的披露，這些披露可以在 10-K、10-Q、8-K 表格的報告、S-4 表格的註冊聲明和公司的其他 SEC 文件中找到。我們還將在此次電話會議上討論某些非 GAAP 財務指標，例如調整後的 EBITDA。不應將此類措施視為根據 GAAP 準備和提交的措施的替代品，我們將指導您將非 GAAP 措施與公司新聞稿中包含的 GAAP 措施進行核對，該新聞稿已提交給美國證券交易委員會，可在TTM 的網站 www.ttm.com。

We've also posted on our website a slide deck that we will refer to during our call. I will now like to turn the call over to Tom Edman, TTM's Chief Executive Officer. Please go ahead, Tom.

我們還在我們的網站上發布了一張幻燈片，我們將在通話期間參考它。我現在想把電話轉給 TTM 的首席執行官 Tom Edman。請繼續，湯姆。

Thank you, Sameer. Good afternoon, and thank you for joining us for our first quarter fiscal year 2023 conference call. I'll begin with a review of our business highlights from the quarter and a discussion of our first quarter results, followed by a summary of our business strategy. Todd Schull, our CFO, will follow with an overview of our Q1 2023 financial performance and our Q2 2023 guidance. We will then open the call to your questions.

謝謝你，薩米爾。下午好，感謝您加入我們的 2023 財年第一季度電話會議。我將首先回顧本季度的業務亮點並討論我們第一季度的業績，然後是我們的業務戰略摘要。我們的首席財務官 Todd Schull 隨後將概述我們 2023 年第一季度的財務業績和我們的 2023 年第二季度指南。然後我們將打開您的問題的電話。

The quarter's results are also shown on Slide 3 of the investor presentation posted on TTM's website. In the first quarter of 2023, revenues were below the guided range due to demand softness in our commercial markets and supply chain challenges that made us unable to meet strong demand in the aerospace and defense end market. But as a result of better product mix and cost controls, non-GAAP EPS was within the guided range.

本季度的結果也顯示在 TTM 網站上發布的投資者介紹的幻燈片 3 中。 2023 年第一季度，由於我們的商業市場需求疲軟以及供應鏈挑戰使我們無法滿足航空航天和國防終端市場的強勁需求，收入低於指導範圍。但由於更好的產品組合和成本控制，非 GAAP 每股收益在指導範圍內。

Demand in our aerospace and defense market remains strong with continued record backlog, offset by weaker demand in our commercial end markets. As we look into Q2, inventory adjustments and demand softness in our commercial markets continue, but at a lesser extent, resulting in bookings stabilizing, albeit at low levels. And we continue to see strong demand in our A&D market, which now represents 40% of our revenues.

我們的航空航天和國防市場的需求依然強勁，積壓量持續創紀錄，但被我們商業終端市場的需求疲軟所抵消。展望第二季度，我們商業市場的庫存調整和需求疲軟仍在繼續，但程度較小，導致預訂量趨於穩定，儘管處於較低水平。我們繼續看到 A&D 市場的強勁需求，該市場現在占我們收入的 40%。

I would now like to provide a strategic update. TTM is on a journey to transform our business to be less cyclical and more differentiated. Over the past several years, TTM has consistently emphasized that a key part of our strategy is to add value to the product solutions that we deliver to our customers, particularly in the aerospace and defense market.

我現在想提供一個戰略更新。 TTM 正在努力轉變我們的業務，以減少週期性和差異化。在過去的幾年裡，TTM 一直強調我們戰略的一個關鍵部分是為我們提供給客戶的產品解決方案增加價值，特別是在航空航天和國防市場。

In 2018, we acquired Anaren, which broadened TTM's product portfolio into highly engineered RF components and subassemblies as well as adding critical RF engineering capability and resources.

2018 年，我們收購了 Anaren，這將 TTM 的產品組合擴展到高度工程化的 RF 組件和子組件，並增加了關鍵的 RF 工程能力和資源。

In 2022, we acquired Telephonics, which builds on Anaren and TTM's customer-driven culture and disciplined approach to engineering and manufacturing. The addition of Telephonics expands TTM's aerospace and defense product offering vertically into higher-level engineered system solutions and horizontally into the surveillance and communications markets while strengthening our position in radar systems.

2022 年，我們收購了 Telephonics，它建立在 Anaren 和 TTM 以客戶為導向的文化和嚴謹的工程和製造方法之上。 Telephonics 的加入將 TTM 的航空航天和國防產品垂直擴展到更高級別的工程系統解決方案，並橫向擴展到監視和通信市場，同時加強了我們在雷達系統中的地位。

As a result of these strategic moves, over 50% of A&D revenues are from engineered and integrated electronic products with PCBs being less than 50% of the overall contribution. Another important element of our differentiation strategy is the current construction of a new state-of-the-art, highly automated PCB manufacturing facility in Penang, Malaysia. The decision to build this new factory is a direct response to our customers' increasing concerns about supply chain resiliency and regional diversification-- and, in particular, the need for advanced multilayer PCB sourcing options in locations outside of China. The new facility in Malaysia will assist customers in our commercial markets, such as networking, data center computing and medical, industrial and instrumentation. We continue to make progress on the Malaysian facility, and we have hired over 50 engineers, most of whom are currently training in our China facilities.

由於這些戰略舉措，超過 50% 的 A&D 收入來自工程和集成電子產品，而 PCB 佔總收入的比例不到 50%。我們差異化戰略的另一個重要因素是目前正在馬來西亞檳城建設一個新的最先進、高度自動化的 PCB 製造工廠。建立這家新工廠的決定是對我們客戶對供應鏈彈性和區域多元化日益增長的擔憂的直接回應，尤其是對中國以外地區先進多層 PCB 採購選擇的需求。馬來西亞的新設施將協助我們商業市場的客戶，例如網絡、數據中心計算以及醫療、工業和儀器儀表。我們在馬來西亞的工廠繼續取得進展，我們已經聘請了 50 多名工程師，其中大多數人目前正在我們的中國工廠接受培訓。

Finally, I'd like to update you on the consolidation of our manufacturing footprint. We previously announced our plan to close 3 small manufacturing facilities in order to improve total plant utilization, operational performance, customer focus and profitability. PCB manufacturing operations in Anaheim and Santa Clara, California and Hong Kong will be closed and consolidated into TTM's remaining facilities. The plant closures are expected to improve both facility and talent utilization across our footprint, resulting in improved profitability. We remain on track with closing the Hong Kong facility by the end of our second quarter and the 2 North America facilities by the end of the year. Customers have been supportive of the consolidation, and we expect to retain the majority of the business at the closed facilities.

最後，我想向您介紹我們製造足跡整合的最新情況。我們之前宣布了關閉 3 家小型製造工廠的計劃，以提高工廠總利用率、運營績效、客戶關注度和盈利能力。位於加利福尼亞州阿納海姆和聖克拉拉以及香港的 PCB 製造業務將關閉並整合到迅達的其餘工廠中。工廠關閉預計將提高我們整個業務範圍內的設施和人才利用率，從而提高盈利能力。我們繼續按計劃在第二季度末關閉香港設施，並在年底前關閉兩個北美設施。客戶一直支持整合，我們希望在關閉的設施中保留大部分業務。

We also completed the sale of our Shanghai backplane assembly facility or BPA, at the end of March. This facility accounted for approximately $45 million in revenue in 2022 and an immaterial amount of operating income. We are glad to have found an excellent home for our employees with the buyer, DBG Technology Co., Ltd, which specializes in assembly work and will be intent on servicing and growing the customer base for this facility.

我們還於 3 月底完成了上海背板組裝廠或 BPA 的出售。該設施在 2022 年的收入約為 4500 萬美元，營業收入微不足道。我們很高興與買方 DBG Technology Co., Ltd 一起為我們的員工找到了一個很好的家，該公司專門從事裝配工作，並將致力於為該設施提供服務和擴大客戶群。

Now I'd like to review our end markets, which are referenced on Page 4 of the earnings presentation on our website. The aerospace and defense end market represented 43% of total first quarter sales compared to 30% of Q1 2022 sales and 40% of sales in Q4 2022. The majority of the year-on-year growth was due to the inclusion of Telephonics. Excluding that impact, our Q1 A&D revenues grew 7% year-on-year organically. We continue to experience a positive defense climate, with our A&D program backlog at $1.38 billion, including Telephonics.

現在我想回顧一下我們的終端市場，這些市場在我們網站上的收益介紹的第 4 頁上有提及。航空航天和國防終端市場佔第一季度總銷售額的 43%，而 2022 年第一季度銷售額為 30%，2022 年第四季度銷售額為 40%。同比增長的主要原因是電話業務。排除這一影響，我們第一季度的 A&D 收入同比有機增長 7%。我們繼續體驗積極的國防氛圍，我們的 A&D 計劃積壓金額為 13.8 億美元，其中包括電話技術。

The solid demand in the defense market is a result of a positive tailwind in defense budgets, our strong strategic program alignment and key bookings for ongoing franchise programs. During the quarter, we saw significant bookings for key programs, including the scalable agile beam radar, or SABR for F-16 fighter jets and SPY-7 radar for Japan's Aegis system equipped vessel, or AESA program.

國防市場的強勁需求是國防預算積極順風、我們強大的戰略計劃調整以及正在進行的特許經營計劃的關鍵預訂的結果。在本季度，我們看到關鍵項目的大量預訂，包括可擴展的敏捷波束雷達，或用於 F-16 戰鬥機的 SABR 和用於日本宙斯盾系統裝備艦船的 SPY-7 雷達，或 AESA 項目。

While the demand picture continues to look favorable, we are experiencing supply chain challenges due to the complexity of the supply chain, including a number of smaller organizations that are struggling to meet the lead time requirements of TTM and our customers. We expect to make steady progress in this area throughout 2023, and we expect sales in Q2 from this end market to represent about 45% of our total sales.

雖然需求前景繼續看好，但由於供應鏈的複雜性，我們正面臨供應鏈挑戰，其中包括許多較小的組織，它們正在努力滿足 TTM 和我們客戶的交貨時間要求。我們預計到 2023 年這一領域將取得穩步進展，我們預計該終端市場第二季度的銷售額將占我們總銷售額的 45% 左右。

In terms of the defense budget backdrop, the administration released preliminary details of the fiscal 2024 President's budget request, or PBR, in early March. The fiscal 2024 DoD budget request is an increase of 3% over the fiscal 2023 enacted funding. During the quarter, President Biden and Canadian Prime Minister, Justin Trudeau, announced a partnership and $50 million in government funding to strengthen advanced packaging for semiconductors and printed circuit boards in North America. In addition, the White House announced a presidential determination invoking the Defense Production Act to cover printed circuit boards and advanced packaging production capability.

在國防預算背景方面，政府在 3 月初發布了 2024 財年總統預算申請 (PBR) 的初步細節。國防部 2024 財年預算申請比 2023 財年制定的資金增加了 3%。在本季度，拜登總統和加拿大總理賈斯汀特魯多宣佈建立合作夥伴關係並提供 5000 萬美元的政府資金，以加強北美半導體和印刷電路板的先進封裝。此外，白宮宣布總統決定援引《國防生產法》，以涵蓋印刷電路板和先進封裝生產能力。

These actions demonstrate the increasing attention that the printed circuit board industry is receiving as a critical component of the aerospace and defense supply chain and the increased need for supply chain resiliency. We will continue to work with our customers to ensure that our leadership position in North America printed circuit board production meets their present and future needs.

這些行動表明，印刷電路板行業作為航空航天和國防供應鏈的重要組成部分正受到越來越多的關注，並且對供應鏈彈性的需求也在增加。我們將繼續與我們的客戶合作，確保我們在北美印刷電路板生產中的領先地位滿足他們現在和未來的需求。

The medical industrial instrumentation end market contributed 19% of our total sales in the first quarter compared to 21% in the year-ago quarter and 17% in the fourth quarter of 2022. A number of our customers have been reducing inventory as well as quick-turning business. In addition, the Instrumentation segment is weighted towards the semiconductor capital equipment market, which is seeing weaker demand.

醫療工業儀器終端市場在第一季度占我們總銷售額的 19%，而去年同期為 21%，2022 年第四季度為 17%。我們的許多客戶一直在減少庫存，並迅速-轉向業務。此外，儀器儀表部門偏重於需求疲軟的半導體資本設備市場。

For the second quarter, we expect MI&I to be 18% of revenues. Automotive sales represented 17% of total sales during the first quarter of 2023 compared to 20% in the year ago quarter and 16% during the fourth quarter of 2022. The sequential decline for automotive was due to inventory adjustments and semiconductor shortages that have been impacting automotive OEM production as well as a reduced number of working days due to Chinese New Year. We expect our automotive business to contribute 18% of total sales in Q2.

對於第二季度，我們預計 MI&I 將佔收入的 18%。 2023 年第一季度，汽車銷售額佔總銷售額的 17%，而去年同期為 20%，2022 年第四季度為 16%。汽車銷量環比下降是由於庫存調整和半導體短缺造成的影響汽車 OEM 生產以及因農曆新年而減少的工作日數。我們預計我們的汽車業務將在第二季度貢獻總銷售額的 18%。

Networking accounted for 11% of revenue during the first quarter of 2023. This compares to 13% in the first quarter of 2022 and 13% of revenue in the fourth quarter of 2022. Here too, demand was softer as customers focus on inventory digestion. In Q2, we expect this end market to be 8% of revenue as revenues associated with the sold Shanghai BPA facility are no longer included in this end market. Shanghai BPA contributed approximately $8 million of revenue to this end market in Q1 of 2023.

2023 年第一季度，網絡佔收入的 11%。相比之下，2022 年第一季度為 13%，2022 年第四季度為 13%。這方面的需求也因客戶專注於庫存消化而疲軟。在第二季度，我們預計該終端市場將佔收入的 8%，因為與已售出的上海 BPA 設施相關的收入不再包括在該終端市場中。上海 BPA 在 2023 年第一季度為該終端市場貢獻了約 800 萬美元的收入。

Sales in the data center computing end market represented 10% of total sales in the first quarter compared to 16% in Q1 of 2022 and 14% in the fourth quarter of 2022. The weaker demand in data center computing was primarily due to inventory digestion at our data center customers and ongoing weakness in the semiconductor market. We expect revenues in this end market to represent approximately 11% of second quarter sales as orders and revenues stabilize.

數據中心計算終端市場的銷售額佔第一季度總銷售額的 10%，而 2022 年第一季度為 16%，2022 年第四季度為 14%。數據中心計算需求疲軟主要是由於庫存消化在我們的數據中心客戶和半導體市場的持續疲軟。隨著訂單和收入的穩定，我們預計該終端市場的收入將佔第二季度銷售額的 11% 左右。

Next, I'll cover some details from the first quarter. This information is also available on Page 5 of our earnings presentation. During the quarter, our advanced technology and engineered products business, which includes HDI, rigid-flex, RF subsystems and components and Engineered Systems accounted for approximately 41% of our revenue. This compares to approximately 33% in the year ago quarter and 39% in Q4.

接下來，我將介紹第一季度的一些細節。此信息也可在我們的收益演示文稿的第 5 頁上找到。本季度，我們的先進技術和工程產品業務（包括 HDI、剛柔結合、RF 子系統和組件以及工程系統）約占我們收入的 41%。相比之下，去年同期約為 33%，第四季度約為 39%。

We are continuing to pursue new business opportunities and increase customer design engagement activities that will leverage our advanced technology and engineered products capabilities in new programs and new markets. PCB capacity utilization in Asia Pacific was 52% in Q1 compared to 78% in the year ago quarter and 69% in Q4. Our overall PCB capacity utilization in North America was 39% in Q1 compared to 49% in the year ago quarter and 41% in Q4.

我們將繼續尋求新的商機並增加客戶設計參與活動，這些活動將在新項目和新市場中利用我們的先進技術和工程產品能力。第一季度亞太地區的 PCB 產能利用率為 52%，而去年同期為 78%，第四季度為 69%。我們在北美的整體 PCB 產能利用率在第一季度為 39%，而去年同期為 49%，第四季度為 41%。

Note we have a theme of every year, we update our utilization methodology calculation and have restated the previous year and quarters utilization for a like-like comparison. The lower rate in Asia Pacific was caused by a decline in production volumes as well as lower working days from the Chinese New Year holiday, while the lower year-over-year rate in North America was due to additional plating capacity added as well as a greater mix of higher technology product that requires less plating.

請注意，我們每年都有一個主題，我們更新了我們的利用率方法計算，並重申了前一年和季度的利用率以進行類似比較。亞太地區較低的增長率是由於產量下降以及中國春節假期的工作日減少，而北美較低的同比增長率是由於額外的電鍍產能增加以及需要更少電鍍的更高技術產品的更多組合。

Our top 5 customers contributed 36% of total sales in the first quarter of 2023, the same as in the fourth quarter of 2023. We had one customer over 10% in the quarter. At the end of Q1, our 90-day backlog, not including Telephonics, which is subject to cancellations, was $429.1 million compared to $605.3 million at the end of the first quarter last year. Including Telephonics, our backlog at the end of Q1 was $482.2 million. Our book-to-bill ratio, including Telephonics was 0.82 for the 3 months ended April 3, reflecting a stronger aerospace and defense book-to-bill offset by weaker commercial bookings.

我們的前 5 大客戶在 2023 年第一季度貢獻了總銷售額的 36%，與 2023 年第四季度相同。我們有一個客戶在該季度貢獻了 10% 以上的銷售額。在第一季度末，我們 90 天的積壓訂單（不包括可能會被取消的 Telephonics）為 4.291 億美元，而去年第一季度末為 6.053 億美元。包括電話在內，我們在第一季度末的積壓訂單為 4.822 億美元。截至 4 月 3 日的 3 個月，我們的訂單出貨比（包括電話業務）為 0.82，這反映出航空航天和國防的訂單出貨比增長被較弱的商業預訂所抵消。

Our A&D bookings also ship over a longer period of time compared to our commercial bookings. As we look into Q2, we are seeing our commercial markets continue to be soft with bookings stabilizing at lower levels. On the A&D side of our business, we continue to focus on making incremental improvements in shipments as we work with supply chain partners to loosen bottlenecks and take advantage of an improving labor market. I am confident that with the effort of our employees, we will be able to overcome these challenges as we work our way through 2023, in the meantime, I wish to thank our employees for continuing to contribute to TTM and our critical mission of inspiring innovation for our customers. Now Todd will review our financial performance for the first quarter. Todd?

與我們的商業預訂相比，我們的 A&D 預訂發貨時間也更長。當我們展望第二季度時，我們看到我們的商業市場繼續疲軟，預訂量穩定在較低水平。在我們業務的 A&D 方面，我們繼續專注於逐步改進出貨量，因為我們與供應鏈合作夥伴合作以緩解瓶頸並利用不斷改善的勞動力市場。我相信，在我們員工的努力下，我們將能夠在 2023 年的道路上克服這些挑戰，與此同時，我要感謝我們的員工繼續為 TTM 和我們激發創新的重要使命做出貢獻為我們的客戶。現在托德將審查我們第一季度的財務業績。托德？

Thanks, Tom, and good afternoon, everyone. I'll be reviewing our financial results for the first quarter that were included in the press release distributed today as well as on Slide 6 of our earnings presentation that is posted on our website. For the first quarter, net sales were $544.4 million compared to $581.3 million in the first quarter of 2022. The year-over-year decrease in revenue was due to declines in our commercial markets, partially offset by the inclusion of Telephonics as well as organic growth in our aerospace and defense end market.

謝謝，湯姆，大家下午好。我將回顧我們第一季度的財務業績，這些業績包含在今天發布的新聞稿中，以及我們網站上發布的收益演示文稿的幻燈片 6 中。第一季度的淨銷售額為 5.444 億美元，而 2022 年第一季度為 5.813 億美元。收入同比下降是由於我們的商業市場下滑，部分被電話和有機業務的納入所抵消我們的航空航天和國防終端市場的增長。

GAAP operating loss for the first quarter of 2023 was $3.5 million and compares to operating income of $25.9 million in the first quarter of 2022.

2023 年第一季度的 GAAP 營業虧損為 350 萬美元，而 2022 年第一季度的營業收入為 2590 萬美元。

On a GAAP basis, net loss in the first quarter of 2023 was $5.8 million or $0.06 per diluted share. This compares to GAAP net income of $17.2 million or $0.17 per diluted share in the first quarter of last year. The remainder of my comments will focus on our non-GAAP financial performance. Our non-GAAP performance excludes M&A-related costs, restructuring costs, certain noncash expense items such as amortization of intangibles and stock compensation, gains on the sale of property and other unusual or infrequent items.

按 GAAP 計算，2023 年第一季度淨虧損為 580 萬美元或攤薄後每股虧損 0.06 美元。相比之下，去年第一季度的 GAAP 淨收入為 1720 萬美元或每股攤薄收益 0.17 美元。我的其餘評論將集中在我們的非 GAAP 財務業績上。我們的非 GAAP 業績不包括與併購相關的成本、重組成本、某些非現金支出項目，如無形資產攤銷和股票補償、出售財產的收益以及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 in prior periods. Gross margin in the first quarter was 17.1% and compares to 15.9% in the first quarter of 2022. The year-on-year increase was due to the inclusion of Telephonics, favorable foreign exchange and product mix, partially offset by less premium revenue and production inefficiencies.

我們提供非 GAAP 財務信息，使投資者能夠從管理層的角度看待公司，並便於與前期預期進行比較。第一季度的毛利率為 17.1%，而 2022 年第一季度為 15.9%。同比增長是由於包含電話、有利的外彙和產品組合，部分被保費收入減少和生產效率低下。

Selling and marketing expense was $20.6 million in the first quarter or 3.8% of net sales versus $17.6 million or 3% of net sales a year ago. First quarter G&A expense was $32.1 million or 5.9% of net sales compared to $29.8 million or 5.1% of net sales in the same quarter last year. The year-over-year increases were due primarily to the addition of Telephonics.

第一季度的銷售和營銷費用為 2060 萬美元，占淨銷售額的 3.8%，而去年同期為 1760 萬美元，占淨銷售額的 3%。第一季度 G&A 費用為 3210 萬美元，占淨銷售額的 5.9%，而去年同期為 2980 萬美元，占淨銷售額的 5.1%。同比增長主要是由於電話業務的增加。

In the first quarter of 2023, R&D expense was $6.8 million or 1.3% of revenues compared to $5.3 million or 0.9% in the year ago quarter. Our operating margin in Q1 was 6.1%. This compares to 6.8% in the same quarter last year. Interest expense was $12.1 million in the first quarter compared to $10.8 million in the same quarter last year. During the quarter, there was a negative $0.9 million of foreign exchange impact below the operating line. Government incentives and interest income more than offset this, resulting in a net $1.2 million gain or $0.01 positive impact to EPS. This compares to a $1 million gain or $0.01 impact on EPS in Q1 of last year.

2023 年第一季度，研發費用為 680 萬美元，佔收入的 1.3%，而去年同期為 530 萬美元，佔收入的 0.9%。我們第一季度的營業利潤率為 6.1%。相比之下，去年同期為 6.8%。第一季度的利息支出為 1210 萬美元，而去年同期為 1080 萬美元。本季度，運營線以下產生了 90 萬美元的負外匯影響。政府激勵措施和利息收入遠遠抵消了這一影響，導致 EPS 淨收益 120 萬美元或 0.01 美元的積極影響。相比之下，去年第一季度每股收益增加 100 萬美元或影響 0.01 美元。

Our effective tax rate was 17% in the first quarter, resulting in tax expense of $3.8 million. This compares to a rate of 15% or a tax expense of $4.5 million in the prior year. First quarter net income was $18.6 million or $0.18 per diluted share. This compares to first quarter 2022 net income of $25.3 million or $0.24 per diluted share. Adjusted EBITDA for the first quarter was $58.5 million or 10.7% of revenue. compared with first quarter 2022 adjusted EBITDA of $62 million or 10.7% of revenue.

我們第一季度的有效稅率為 17%，導致稅費為 380 萬美元。相比之下，上一年的稅率為 15% 或 450 萬美元的稅收支出。第一季度淨收入為 1860 萬美元或每股攤薄收益 0.18 美元。相比之下，2022 年第一季度的淨收入為 2530 萬美元或每股攤薄收益 0.24 美元。第一季度調整後的 EBITDA 為 5850 萬美元，佔收入的 10.7%。與 2022 年第一季度調整後的 EBITDA 為 6200 萬美元或收入的 10.7% 相比。

Depreciation for the $4 million. Net capital spending in the quarter was $30.7 million. Cash flow from operations was a very strong $55.1 million or 10.1% of revenue, in line with our target of 10%. Free cash flow was also very good at $24.4 million or 4.5% of revenue. Cash and cash equivalents at the end of the first quarter of 2023 were $417.5 million, inclusive of $40.3 million from the proceeds of the sale of the property associated with our Shanghai EMS facility and partial proceeds from the sale of our Shanghai backplane assembly facility.

折舊為400萬美元。本季度淨資本支出為 3070 萬美元。運營現金流非常強勁，達到 5510 萬美元，佔收入的 10.1%，符合我們 10% 的目標。自由現金流也非常好，達到 2440 萬美元，佔收入的 4.5%。 2023 年第一季度末的現金和現金等價物為 4.175 億美元，包括出售與我們上海 EMS 設施相關的財產所得的 4030 萬美元和出售我們上海背板組裝設施的部分所得。

Our net debt divided by last 12 months EBITDA was 1.4%, below our targeted range of 1.5x to 2x. During the quarter, we entered into an interest rate swap for $250 million of our variable debt, effectively fixing the interest rate for that amount of debt at 6%. Given our strong balance sheet and cash flow, our Board of Directors has authorized a new $100 million stock buyback program, and we are also evaluating options for the refinancing of our Term Loan B that matures in the third quarter of 2024.

我們的淨債務除以過去 12 個月的 EBITDA 為 1.4%，低於我們 1.5 倍至 2 倍的目標範圍。本季度，我們對 2.5 億美元的可變債務進行了利率互換，有效地將該筆債務的利率固定在 6%。鑑於我們強勁的資產負債表和現金流，我們的董事會已批准一項新的 1 億美元股票回購計劃，我們還在評估 2024 年第三季度到期的定期貸款 B 的再融資方案。

I'd now like to turn to our guidance for the second quarter. Given the continued softness in commercial markets, we project total revenue for the second quarter of 2023 to be in the range of $530 to $570 and non-GAAP earnings to be in the range of $0.17 to $0.23 per diluted share. I would also like to point out that Q2 guidance does not include $8 million of revenue and $0.4 million of operating profit generated in Q1 from the Shanghai backplane assembly facility (technical difficulty).

我現在想談談我們對第二季度的指導。鑑於商業市場持續疲軟，我們預計 2023 年第二季度的總收入將在 530 美元至 570 美元之間，非 GAAP 每股攤薄收益將在 0.17 美元至 0.23 美元之間。我還想指出，第二季度的指導不包括第一季度上海背板組裝工廠產生的 800 萬美元收入和 40 萬美元營業利潤（技術難度）。

The EPS forecast is based on a diluted share count of approximately 106 million shares, which includes the dilutive securities such as options and RSUs. We expect that SG&A expense will be about 10% of revenue in the second quarter, and R&D will be about 1.3% of revenue. We expect interest expense to total approximately $11.1 million.

每股收益預測基於約 1.06 億股的稀釋股數，其中包括期權和 RSU 等稀釋性證券。我們預計第二季度 SG&A 費用將佔收入的 10% 左右，研發費用將佔收入的 1.3% 左右。我們預計利息支出總額約為 1110 萬美元。

Finally, we estimate our effective tax rate to be between 15% and 19%. To assist you in developing your financial models, we offer the following additional information. During the second quarter, we expect to record amortization of intangibles of about $16.5 million, stock-based compensation expense of about $5 million, noncash interest expense of approximately $0.5 million, and we estimate depreciation expense will be approximately $23.8 million.

最後，我們估計我們的有效稅率在 15% 到 19% 之間。為了幫助您開發財務模型，我們提供以下附加信息。在第二季度，我們預計無形資產攤銷約為 1650 萬美元，股票補償費用約為 500 萬美元，非現金利息費用約為 50 萬美元，我們估計折舊費用約為 2380 萬美元。

Finally, I'd like to announce that we'll be participating in the Barclays Leverage Finance Conference on May 23, the Stifel Cross Sector Insight Conference on June 7 and the UBS Industrials Conference on June 8. We will also be hosting an Analyst Day on May 31 at our Telephonics facility in Farmingdale, New York. That concludes our prepared remarks, and now I'd like to open the line for questions. Sheri?

最後，我想宣布，我們將參加 5 月 23 日的巴克萊槓桿金融會議、6 月 7 日的 Stifel 跨行業洞察會議和 6 月 8 日的瑞銀工業會議。我們還將舉辦分析師日5 月 31 日在我們位於紐約法明代爾的電話工廠。我們準備好的發言到此結束，現在我想打開提問熱線。雪莉？

(Operator Instructions) Our first question will come from the line of William Stein with Truist Securities.

（操作員說明）我們的第一個問題將來自 Truist Securities 的 William Stein。

I'm hoping you can quantify lead times in the aerospace defense end market. I think we've seen ever higher backlog in this business. I think based on current revenue, it looks like you got about 1.5 years of backlog, assuming it's all sort of deliverable ASAP. It's probably a bit more stretched out than that. I imagine you have some blanket orders that are much further out, but still, it's a ton of backlog relative to your revenue. You must be having some pretty meaningful supply chain constraints, I assume. I'm hoping you can quantify that for us, tell us where the biggest problems are and explain whether the Defense Production Act helps in some way.

我希望您能量化航空航天防禦終端市場的交貨時間。我認為我們在這項業務中看到了越來越多的積壓。我認為根據目前的收入，看起來你有大約 1.5 年的積壓，假設它可以盡快交付。它可能比這更緊張。我想你有一些一攬子訂單，這些訂單要多得多，但相對於你的收入來說，這仍然是大量積壓。我想您一定有一些非常有意義的供應鏈限制。我希望你能為我們量化，告訴我們最大的問題在哪裡，並解釋《國防生產法》是否在某種程度上有所幫助。

Sure, Will. Thank you for the question. Yes, if you start to look at lead times, I think the first cut you have to take out it is PCB versus what we define as integrated electronics, which is now over 50% of that aerospace and defense business. So take that first cut, and I can tell you the printed circuit board area, yes, still some challenges there, but largely from a lead time standpoint, that's not where the issue lies. Where we run into bigger challenges is around the integrated electronics piece, which includes assembly. It includes the RF subassembly work we do, the microelectronics work we do and then the completed systems that work that we do. That's where we're finding the bigger challenges from a supply chain standpoint to -- and so if you look at that backlog that we have, and you're absolutely right, you can look at that as I look at it, it's an 18-month to 2-year kind of window for most of that program backlog to ship. That piece of the integrated electronics portion of that piece is really where we're focused on getting the lead times improved. And there's a huge variability -- so it's hard to give you a precise hey, here's what the lead time is at this point, particularly as the system builds get more complex, you start to see a push out of lead times with our supply base.

當然，威爾。感謝你的提問。是的，如果你開始關注交貨時間，我認為你必須首先削減的是 PCB，而不是我們定義為集成電子產品的東西，後者現在佔航空航天和國防業務的 50% 以上。因此，首先進行切割，我可以告訴你印刷電路板區域，是的，那裡仍然存在一些挑戰，但主要從交貨時間的角度來看，這不是問題所在。我們遇到更大挑戰的地方是集成電子產品，其中包括組裝。它包括我們所做的射頻組件工作、我們所做的微電子工作以及我們所做的完整系統工作。從供應鏈的角度來看，這就是我們發現更大挑戰的地方——所以如果你看看我們的積壓工作，你是絕對正確的，你可以像我一樣看待它，它是 18 - 一個月到 2 年的窗口，用於大多數程序積壓的交付。那件作品的集成電子部分實際上是我們專注於改善交貨時間的地方。而且存在巨大的可變性——所以很難給你一個準確的信息，嘿，這就是此時的交貨時間，特別是隨著系統構建變得越來越複雜，你開始看到我們供應基地的交貨時間被推遲了.

So that's -- hopefully will help you at least as you get a picture to give you a picture of what we're seeing out there. And if you look at the primes, the major primes, they've been pointing to similar issues in the supply chain related to -- and a lot of this is related to smaller suppliers who have come out handicapped coming out of COVID challenged on the labor side, now dealing also with interest rates going up and challenges in terms of financing their business and cash flowing -- so just sort of a number of issues in that supply chain, particularly with the smaller organizations.

所以這就是——希望至少在你得到一張照片時能幫助你，讓你了解我們在那裡看到的東西。而且，如果您查看素數，主要素數，他們一直在指出供應鏈中與以下方面相關的類似問題——其中很多與較小的供應商有關，他們從 COVID 中脫穎而出，受到挑戰勞工方面，現在也在處理利率上升以及在為他們的業務和現金流融資方面的挑戰——所以只是供應鏈中的一些問題，特別是對於較小的組織。

In their case, are we talking about semiconductor devices that you're waiting on? Where we've heard about supply constraints for a couple of years now, but they seem to be getting much better? Or is it something else? Does it not to do with devices?

就他們而言，我們是在談論您正在等待的半導體設備嗎？幾年來我們聽說過供應限制，但它們似乎正在好轉？或者是別的什麼？跟設備無關嗎？

Yes. So there's still some bottlenecks related to analog, analog semiconductors. And if you think about some of the systems that we're building, they're relying on older designs, particularly as you get into the service side of the business. So certainly there, we still have issues with some of the analog semiconductor supply. It's much -- it's broader than that, though, as you get into some of the -- our suppliers who are dealing, whether it's power supplies, whether it's older parts that they're just having a tough time requalifying for. They continue to run into just a number of challenges. So I would put -- yes, analog semiconductor is still a challenge. It's much broader than that when it comes to the defense supply base. And a lot of this ties to just smaller enterprises that have been struggling for several years now.

是的。所以仍然存在一些與模擬、模擬半導體相關的瓶頸。如果你想想我們正在構建的一些系統，它們依賴於舊的設計，特別是當你進入業務的服務端時。所以當然，我們仍然存在一些模擬半導體供應的問題。它比那更廣泛，但是，當你進入一些 - 我們正在交易的供應商時，無論是電源，還是舊零件，他們只是很難重新獲得資格。他們繼續遇到一些挑戰。所以我會說——是的，模擬半導體仍然是一個挑戰。在國防供應基地方面，它比這要廣泛得多。這在很大程度上與多年來一直在苦苦掙扎的小型企業有關。

If I can squeeze one more in, Tom. I appreciate the time you're taking. Can you quantify the timing of the Penang facilities coming online? And what happens to your China footprint once the Penang facility does come online?

如果我能再擠一個進去，湯姆。感謝您抽出時間。你能量化檳城設施上線的時間嗎？一旦檳城工廠上線，您的中國足跡會發生什麼變化？

Sure. Yes. So Penang, we are, at this point, still working on completing the building. We'll start taking equipment deliveries during the course of our third quarter, and we'll start qualification into -- in the fourth quarter, the very early stages of production, it's really going to be a facility that ramps during the course of next year. So we are aiming to get to close to full rate production by the fourth quarter of next year. So that's the ramp cycle we're looking at. And in terms of how that affects our China facilities, it really, by and large, there is some business that will transfer existing programs. But most of what our customers plan for the facility are new programs. They tend to be more weighted towards the standard and high technology board production, that's 16 to 18 layer kind of production required for data center computing for some of the medical industrial applications that we service. And we're looking at an automated line. So really, that window is relatively narrow, and it's a window that today we addressed, but it's not a large part of the business for us. It's a business that we've been talking with customers about using that automation capability to really drive home the technology that they require, again, in that high technology standard technology area, Will. So largely supplemental to our revenues, slight bit of transfer, but largely supplemental.

當然。是的。所以檳城，在這一點上，我們仍在努力完成這座建築。我們將在第三季度開始接收設備交付，我們將在第四季度開始進行資格認證，這是生產的早期階段，它真的會成為一個在下一個過程中逐漸增加的設施年。因此，我們的目標是在明年第四季度之前接近全速生產。這就是我們正在研究的斜坡週期。就這如何影響我們在中國的設施而言，總的來說，確實有一些業務將轉移現有項目。但我們的客戶為該設施計劃的大部分是新項目。他們往往更傾向於標準和高科技板生產，這是我們服務的一些醫療工業應用的數據中心計算所需的 16 到 18 層生產。我們正在尋找一條自動化生產線。所以真的，那個窗口相對狹窄，這是我們今天討論的一個窗口，但它不是我們業務的很大一部分。這是一項業務，我們一直在與客戶討論使用該自動化功能真正將他們需要的技術帶回家，再次，在那個高科技標準技術領域，Will。所以在很大程度上補充了我們的收入，有一點點轉移，但主要是補充。

And that will come from the line of Griffin Boss with B. Riley Securities.

這將來自 Griffin Boss 與 B. Riley Securities 的合作。

So first one for me, given the remarks on the percentage mix between PCB revenue and designed and engineered products, can you remind us how you account for all of the RF engineering and related revenue generated from what your ANR and Telephonics acquisitions were? And then as that relates to the PCB and [F&S] operating segments?

所以第一個對我來說，考慮到 PCB 收入與設計和工程產品之間的百分比混合的評論，你能提醒我們你如何解釋你的 ANR 和 Telephonics 收購所產生的所有 RF 工程和相關收入嗎？那麼這與 PCB 和 [F&S] 運營部門有關嗎？

Okay. Yes, that goes into the PCB segment. Yes. So F&S segment really is the commercial component production that we do, that portion of the production from Anaren. The balance of what is Anaren and Telephonics, legacy Telephonics and our assembly operations are really what I talked about earlier when I talked about the non-PCB portion of our aerospace and defense business.

好的。是的，這進入了 PCB 領域。是的。因此，F&S 部門實際上是我們所做的商業組件生產，即來自 Anaren 的那部分生產。 Anaren 和 Telephonics、遺留 Telephonics 和我們的組裝業務之間的平衡，正是我之前談到我們的航空航天和國防業務的非 PCB 部分時所說的。

And then so shifting gears on Slide 16 of the investor presentation that was published earlier today, so not the earnings one. That Slide 16 listed, I think, some 40 of the 180-plus defense programs you are on. Could you share what are perhaps maybe the top 5 or 10 of these programs and where you think you're generating the most bookings from?

然後在今天早些時候發布的投資者演示文稿的幻燈片 16 上換檔，而不是收益演示文稿。我認為第 16 張幻燈片列出了您正在進行的 180 多個防禦計劃中的大約 40 個。您能否分享這些項目中排名前 5 或 10 位的項目，以及您認為從哪些方面產生的預訂最多？

Yes, without -- I think you've got a good listing there, some of the primary programs. Let me just talk about critical overall programs for TTM. We talked about today about the SABRE program, F-16, also involved in F-35. We are heavily involved in radar programs as they relate to both SPY 6 and SPY 7. SPY-6, as you know, we announced that program very important. We are involved in the low-tier air missile defense system program. That's a critical one to us as well. And then so as you switch over into more of our Telephonics radar business, you're looking at primarily helicopter platforms there. And again, both Sikorsky or Lockheed Martin programs as well as Boeing programs being of high importance to us on that side. So if you're looking at the larger content programs, we tend to drive the content into radar-related programs. And then we're going to have a larger portion of a printed circuit board content on some of the other programs that were covered in that listing.

是的，沒有 - 我認為你在那裡有一個很好的列表，一些主要程序。讓我談談 TTM 的關鍵整體計劃。我們今天談到了 F-35 也涉及的 SABRE 計劃 F-16。我們積極參與雷達項目，因為它們與 SPY 6 和 SPY 7 都相關。正如你所知，SPY-6，我們宣布該項目非常重要。我們參與了低層空中導彈防禦系統計劃。這對我們來說也是至關重要的。然後當你轉向我們更多的電話雷達業務時，你主要關注那裡的直升機平台。再一次，西科斯基或洛克希德馬丁計劃以及波音計劃對我們來說都非常重要。因此，如果您正在查看更大的內容程序，我們傾向於將內容驅動到與雷達相關的程序中。然後，我們將在該列表中涵蓋的其他一些程序中包含更大部分的印刷電路板內容。

And then just last one for me. Apologies if I missed this in the prepared remarks, but can you discuss the number and value of automotive design wins in the quarter?

然後給我最後一個。如果我在準備好的評論中遺漏了這一點，我深表歉意，但你能討論一下本季度汽車設計獲勝的數量和價值嗎？

Sure. Yes. No, I had not mentioned it this quarter, but let me get you that. So we had actually a really strong quarter in terms of automotive design wins. We won a total program value of about $267 million. That -- to give you a year-on-year comparison, that compares to about $66 million last year, $279 million in Q4. But to put this into real perspective, all of 2022, we won $530 million. So really strong positioning in the first quarter on these large programs that positions us well as these programs tend to become production of record go into production approximately 6 months to a year after we have the win. So really strong program wins this quarter. Thank you for asking.

當然。是的。不，本季度我沒有提到它，但讓我告訴你。因此，就汽車設計獲勝而言，我們實際上有一個非常強勁的季度。我們贏得的項目總價值約為 2.67 億美元。那 - 給你一個同比比較，與去年的 6600 萬美元相比，第四季度為 2.79 億美元。但從實際角度來看，整個 2022 年，我們贏得了 5.3 億美元。因此，第一季度在這些大型項目上的定位非常強勁，這使我們處於有利地位，因為這些項目往往會在我們獲勝後大約 6 個月到一年內投入生產。非常強大的程序在本季度獲勝。謝謝你的慰問。

Thank you One moment for our next question. And that will come from the line of Jim Ricchiuti with Needham & Co.

謝謝你稍等一下我們的下一個問題。這將來自 Jim Ricchiuti 與 Needham & Co. 的合作。

I apologize, I missed part of the opening presentation and in some of the Q&A that I caught, but my question is around the aerospace and defense business, Tom. And the supply chain challenges, there are your own challenges. They are the challenges that the PONs are having. And I guess what I'm trying to understand is that you have given us some color as to how to think about A&D in Q2. But as we think beyond Q2 into the second half of the year, you guys have your own forecast, -- what's your confidence level that some of this plays out as you're expecting, just because there's been so many issues around supply chain, not just your own issues, but your customers' issues.

抱歉，我錯過了部分開幕式和我聽到的一些問答，但我的問題是關於航空航天和國防業務，湯姆。供應鏈的挑戰，還有你自己的挑戰。它們是 PON 面臨的挑戰。我想我想了解的是，您已經為我們提供了一些關於如何考慮第二季度 A&D 的顏色。但是當我們考慮到第二季度之後進入今年下半年時，你們有自己的預測——你們對其中一些結果如你們預期的那樣的信心水平是多少，只是因為供應鏈周圍存在很多問題，不僅僅是你自己的問題，還有你客戶的問題。

Right, right. I agree with you, Jim. That's a critical question. Our focus here is going to be on a sequential improvement as we manage the supply chain. We -- obviously, with integrated electronics, we had our own legacy challenges on supply chain non-PCB challenges. We've added to that with the Telephonics business and the complexity there. So the piece that is challenged, if you will, on the supply chain side has certainly grown. Post that acquisition, we have a plan to continue to work on sequential improvements as we go through the course of this year. And frankly, I think some of the issues will move into next year as well. But we are going to be focused on sequentially, attacking this and improving. The good news is that the labor markets have improved. And there, that is impacting North America PCB production and production and helping us there. And it was also helping to use at least 1 point pain point on the integrated electronics side of the business. And to give you a perspective, I mean, again, yes, Asia weakness plays into this as well. But about 58% of our revenues this quarter came from North America production, 42% from Asia. And if you remember, you can almost flip that script if you went back a year ago in terms of revenue split. And so North America is improving for us. It's just that has tended to be towards PCB. We don't have the supply chain issues there. It's really now about integrated electronics and the focus that we're putting on that organization and that is -- there is a lot of focus in terms of improving and working with our vendor base to provide more predictability as they deliver into our requirements.

是的是的。我同意你的看法，吉姆。這是一個關鍵問題。我們在這裡的重點是在我們管理供應鏈時進行連續改進。我們 - 顯然，對於集成電子產品，我們在供應鏈非 PCB 挑戰方面面臨著自己的傳統挑戰。我們已經增加了電話業務和那裡的複雜性。因此，如果你願意的話，在供應鏈方面受到挑戰的部分肯定會增長。在那次收購之後，我們計劃在今年繼續進行連續改進。坦率地說，我認為一些問題也將轉移到明年。但我們將專注於順序、攻擊和改進。好消息是勞動力市場有所改善。在那裡，這正在影響北美 PCB 生產和生產，並幫助我們在那裡。它還有助於在業務的集成電子方面使用至少 1 個痛點。並且為了給你一個觀點，我的意思是，是的，亞洲的疲軟也影響了這一點。但本季度我們約 58% 的收入來自北美生產，42% 來自亞洲。如果你還記得的話，如果你在收入分配方面回到一年前，你幾乎可以翻轉劇本。因此，北美正在為我們改善。只是傾向於PCB。我們那裡沒有供應鏈問題。現在真的是關於集成電子產品以及我們對該組織的關注，那就是 - 在改進和與我們的供應商基礎合作方面有很多重點，以便在他們滿足我們的要求時提供更多的可預測性。

Follow-up question just relates to the commercial business. You guys -- I think I heard you talk about some stabilization. I don't know if that was later in the quarter in some of those markets. But I guess what I'm wondering is if we look at that broad commercial business, where is there more certainty from your standpoint? Where is there less certainty in terms of some of those verticals.

後續問題僅涉及商業業務。你們——我想我聽到你們談論了一些穩定性。我不知道其中一些市場是否在本季度晚些時候。但我想我想知道的是，如果我們看看廣泛的商業業務，從你的角度來看，哪裡有更多的確定性？其中一些垂直領域的不確定性在哪裡。

Yes. Great. Yes. We did start to see some stabilization late in the quarter in terms of the bookings environment. But could you characterize the overall markets and how they position and how we think about them as we're going into this next quarter. Aerospace and defense, you can almost take off the table. That for us is an execution. That's execution. We have the backlog. That's 40%, give or take, of revenue. You put it -- so auto, automotive, I put into that category. You can see what I talked about last quarter was that we would see a downtick in auto of about 7% or so given Chinese Ney Year factors that given a constant demand environment, we would expect it to come back. And yes, that's what we're seeing. So auto remains pretty good, pretty strong, especially if you go back, look at Q3, Q4 levels, what we're expecting and compare that to what we're expecting in Q2. So auto remains solid.

是的。偉大的。是的。就預訂環境而言，我們確實在本季度末開始看到一些穩定。但是，您能否描述一下整個市場的特徵以及它們的定位以及我們在進入下一個季度時如何看待它們。航空航天和國防，幾乎可以脫桌。這對我們來說是一種處決。那就是執行。我們有積壓。這是收入的 40%，或多或少。你把它 - 所以汽車，汽車，我把它放在那個類別中。你可以看到我上個季度談到的是，鑑於中國農曆新年的因素，在穩定的需求環境下，我們預計汽車銷量將下降 7% 左右，我們預計它會回來。是的，這就是我們所看到的。因此，汽車仍然非常好，非常強勁，特別是如果你回去看看第三季度、第四季度的水平，我們的預期，並將其與我們對第二季度的預期進行比較。所以汽車保持穩定。

Industrial, still opening up fairly well. So right there, you've got, let's just say, 73% or so of our business. What we -- what I have on watch at this point is really the medical area. A lot of inventory control going on. The underlying demand should be there. So looking to see that improve if not this next quarter as we start to push into Q3, Q4, that's about 5% of revenue. And then you go to the -- what is weak to your question, Jim. What we're really looking at areas to look for improvement in our data center and semiconductor, right, our data center computing end market very -- remains very weak. Networking remains very weak. Even if you strip out Shanghai BPA, it's still down substantially year-on-year. And then instrumentation, which for us is that semiconductor capital equipment market. So roughly 22% or so of revenue there that is right now showing real softness. Most of these markets, you're going to -- we may start to see some improvement in Q3, Q4. Certainly, the semiconductor side, I would say, is going to push out into next year. Data center may start to improve a bit as we go through the course of the year. So that's at least how I'm looking at the markets right now, Jim.

工業，仍然開放得很好。所以就在那裡，你有，讓我們說，我們業務的 73% 左右。我們——我現在所關注的實際上是醫療領域。大量的庫存控制正在進行中。潛在的需求應該在那裡。因此，隨著我們開始進入第三季度、第四季度，希望看到下個季度有所改善，這大約佔收入的 5%。然後你去 - 你的問題的弱點，吉姆。我們真正關注的領域是在我們的數據中心和半導體方面尋求改進，對，我們的數據中心計算終端市場仍然非常疲軟。網絡仍然非常薄弱。即使你剔除上海 BPA，它仍然同比大幅下降。然後是儀器儀表，對我們來說就是半導體資本設備市場。因此，目前大約有 22% 左右的收入顯示出真正的疲軟。大多數這些市場，你會——我們可能會在第三季度、第四季度開始看到一些改善。當然，我會說，半導體方面將推遲到明年。隨著我們經歷這一年的過程，數據中心可能會開始有所改善。所以這至少是我現在看待市場的方式，吉姆。

(Operator Instructions) I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Tom Edman for any closing remarks.

（操作員說明）此時我不會在隊列中顯示更多問題。我現在想將電話轉回給 Tom Edman 先生，聽取任何結束語。

Sure thing. First of all, I wanted to thank everyone for joining the call. And I wanted to highlight a few points. This really is a critical transition year for us. We're looking -- we're seeing an improvement in labor markets in North America. That's a positive. We still have to work through those supply chain issues that we addressed in the call. In Asia Pacific, really focused on a flexible response, taking advantage of market share gain opportunities here as we're in a soft period and looking to see improvement as we go forward. And then the third area of focus is Penang and the Penang ramp. So that's where we remain focused on here in 2023. I do want to highlight that we continue to generate very strong cash flow and that our debt -- our debt ratio right now is at about 1.4x. So actually below our target range. I do look forward to seeing many of you at our Analyst Day on May 31. And again, I wanted to thank you for joining our call. Take care.

當然可以。首先，我要感謝大家加入電話會議。我想強調幾點。這對我們來說確實是關鍵的過渡年。我們正在尋找 - 我們看到北美勞動力市場有所改善。這是積極的。我們仍然需要解決我們在電話會議中提到的那些供應鏈問題。在亞太地區，我們真正專注於靈活的反應，利用市場份額在這裡獲得機會，因為我們處於疲軟時期，並希望在我們前進的過程中看到改進。然後第三個重點區域是檳城和檳城匝道。所以這就是我們在 2023 年仍然關注的地方。我想強調的是，我們繼續產生非常強勁的現金流，我們的債務——我們目前的債務比率約為 1.4 倍。所以實際上低於我們的目標範圍。我非常期待在 5 月 31 日的分析師日見到你們中的許多人。再次感謝你們加入我們的電話會議。小心。

Thank you all for participating. This concludes today's program. You may now disconnect.

謝謝大家的參與。今天的節目到此結束。您現在可以斷開連接。