TTM Technologies Inc (TTMI) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies Third Quarter Fiscal 2023 Financial Results Conference Call. (Operator Instructions). As a reminder, this conference is being recorded today, November 1, 2023.

早安，女士們，先生們。謝謝你的支持。歡迎參加 TTM Technologies 2023 財年第三季財務業績電話會議。 （操作員說明）。謹此提醒，本次會議於今日（2023 年 11 月 1 日）進行錄音。

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

TTM 企業發展和投資者關係副總裁 Sameer Desai 現在將審查 TTM 的揭露聲明。

Before we get started, I would like to remind everyone that today's call contains forward-looking statements, 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 and uncertainties, including risk factors we provided in our filings with the Securities and Exchange Commission, which we encourage you to review. These forward-looking statements represent management's expectations and assumptions based on currently available information. TTM does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or other circumstances, except as required by law.

在開始之前，我想提醒大家，今天的電話會議包含前瞻性陳述，包括與 TTM 未來業務前景相關的陳述。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，包括我們在向美國證券交易委員會提交的文件中提供的風險因素，我們鼓勵您查看這些風險因素。這些前瞻性陳述代表了管理階層基於目前可用資訊的預期和假設。 TTM 不承擔任何公開更新或修改任何這些前瞻性聲明的義務，無論是由於新資訊、未來事件或其他情況，除非法律要求。

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 the measures prepared and presented in accordance with GAAP, and we direct you to the reconciliations between GAAP and non-GAAP measures included in the company's earnings release, which is available on the Investor Relations section of TTM's website at investors.ttm.com. We have also posted on the website a slide deck that we will refer to during our call.

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。此類措施不應被視為替代根據GAAP 準備和提出的措施，我們會引導您查看公司收益報告中包含的GAAP 和非GAAP 措施之間的對賬，該資訊可在公司收益報告的投資者關係部分找到。TTM 的網站 Investors.ttm.com。我們還在網站上發布了幻燈片，我們將在電話會議期間參考。

I will now turn the call over to Thomas Edman, TTM's Chief Executive Officer. Please go-ahead Tom.

我現在將把電話轉給 TTM 執行長 Thomas Edman。請湯姆繼續。

Thank you, Samir. Good morning, and thank you for joining us for our third quarter fiscal year 2023 conference call. I'll begin with a review of our business highlights from the quarter and a discussion of our third quarter results, followed by a summary of our business strategy. Daniel Boehle, our CFO, will follow with an overview of our Q3 2023 financial performance and our Q4 2023 guidance. We will then open the call to your questions. The quarter's results are also shown on Slide 4 of the investor presentation posted on TTM's website. We delivered an outstanding quarter despite the current uncertain macroeconomic environment. And I would like to thank our employees for their hard work and contribution to generating these results. In the third quarter of 2023, non-GAAP EPS was well above the guided range as a result of better operational execution, particularly in our North America region.

謝謝你，薩米爾。早安，感謝您參加我們的 2023 財年第三季電話會議。我將首先回顧本季的業務亮點並討論第三季的業績，然後總結我們的業務策略。我們的財務長 Daniel Boehle 隨後將概述我們 2023 年第三季的財務業績和 2023 年第四季的指導。然後我們將開始電話詢問您的問題。該季度的業績也顯示在 TTM 網站上發布的投資者簡報的幻燈片 4 中。儘管當前宏觀經濟環境不確定，但我們仍交付了出色的季度業績。我要感謝我們的員工為取得這些成果所做的辛勤工作和貢獻。 2023 年第三季度，由於更好的營運執行，特別是在我們的北美地區，非 GAAP 每股收益遠高於指導範圍。

Revenues were within the guided range due to better-than-expected results from our aerospace and defense and data center computing end markets, which were offset by lower-than-expected results from our medical, industrial and instrumentation, automotive and networking end markets. Demand in our aerospace and defense market, which was 45% of revenues, continues to be solid with strong backlog, offset by weaker demand in some of our commercial end markets. As we look into Q4, we see a mixed picture in our end markets with sequential growth in our automotive market, stability in the aerospace and defense and MI&I markets and a decline in the data center computing and networking markets.

由於我們的航空航太、國防和資料中心計算終端市場的表現優於預期，而我們的醫療、工業和儀器儀表、汽車和網路終端市場的表現低於預期，抵消了收入在指導範圍內的影響。佔營收 45% 的航空航太和國防市場的需求持續保持強勁，積壓訂單強勁，但被我們一些商業終端市場需求疲軟所抵消。展望第四季度，我們看到終端市場的情況好壞參半，汽車市場連續成長，航空航太和國防以及 MI&I 市場穩定，而資料中心運算和網路市場下降。

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. 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. 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 expanded 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.

我現在想提供戰略更新。 TTM 正在努力將我們的業務轉型為更少的周期性和更具差異化的業務。在過去的幾年裡，TTM 一直強調我們策略的關鍵部分是為我們向客戶提供的產品解決方案增加價值，特別是在航空航太和國防市場。 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射頻元件和組件，並增加了關鍵的射頻工程能力和資源。 2022 年，我們收購了 Telephonics，該公司建立在 Anaren 和 TTM 以客戶為導向的文化以​​及嚴格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系列縱向擴展至更高級別的工程系統解決方案，橫向擴展至監控和通訊市場，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 our investment in a new state-of-the-art highly automated PCD 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 manufacturing options in locations outside the Greater China region. The new facility in Malaysia will support customers in our commercial markets, such as networking, data center computing and medical, industrial and instrumentation.

這些策略舉措的結果是，超過 50% 的 A&D 收入來自工程整合電子產品，而 PCB 佔整體貢獻不到 50%。我們差異化策略的另一個重要因素是我們在馬來西亞檳城投資新建的最先進的高度自動化 PCD 製造工廠。建立這家新工廠的決定是對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。尤其是大中華地區以外地區對先進多層 PCB 製造方案的需求。馬來西亞的新工廠將為網路、資料中心運算以及醫療、工業和儀器等商業市場的客戶提供支援。

We continue to make progress on the Malaysia facility and the commissioning process is almost completed. We began to install equipment in the second quarter and are presently in the start-up phase in a number of work areas. We remain on track for first product samples in the fourth quarter and will begin customer qualifications and ramp in the first quarter of 2024. I'd also 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 are being closed and consolidated into TTM's remaining facilities.

我們馬來西亞工廠的建設繼續取得進展，調試過程已接近完成。我們於第二季開始安裝設備，目前多個工作領域正處於啟動階段。我們仍有望在第四季度推出第一批產品樣品，並將於 2024 年第一季開始客戶資格認證和產能提升。我還想向您通報我們製造足跡整合的最新情況。我們先前宣布計劃關閉 3 個小型製造工廠，以提高工廠總利用率、營運績效、客戶關注度和獲利能力。位於加州阿納海姆和聖克拉拉以及香港的 PCB 製造業務正在關閉，並併入 TTM 的剩餘工廠。

We seized production at our Hong Kong manufacturing facility during the second quarter, stopped production at the Anaheim facility in the third quarter and will cease production at the Santa Clara facility by the end of the year. Customers have been supportive of the consolidation, and we expect to retain the majority of the business that will be transitioning from the closed facilities. Finally, I would like to discuss the separate press release we issued regarding the announcement of our intent to expand our advanced technology capability for the aerospace and defense market through the construction of a new facility immediately adjacent to our Syracuse, New York campus.

我們在第二季停止了香港製造工廠的生產，第三季停止了阿納海姆工廠的生產，並將在年底前停止聖克拉拉工廠的生產。客戶一直支持合併，我們希望保留將從關閉設施過渡的大部分業務。最後，我想討論我們發布的單獨新聞稿，該新聞稿涉及我們宣布打算透過在紐約錫拉丘茲校區附近建造一個新設施來擴大我們在航空航太和國防市場的先進技術能力。

Our new facility will bring disruptive domestic production of high technology, ultra-high-density interconnect or HDI printed circuit boards in support of national security requirements. This new facility will focus on the high-technology PCB production in North America, providing customers with reduced lead times and a significant increase in domestic capacity for Ultra HDI PCBs. In addition, it will be our most sustainable facility in North America. Groundbreaking is anticipated in the first half of 2024, with initial production in the latter half of 2025. Phase 1 of the proposed project, including capital for campus-wide improvements, is estimated to be $100 million to $130 million and is anticipated to run through 2026. TTM's planned capital investment commitments will be determined after finalizing terms with various stakeholders.

我們的新工廠將帶來顛覆性的高科技、超高密度互連或 HDI 印刷電路板的國內生產，以支持國家安全要求。該新工廠將專注於北美的高科技 PCB 生產，為客戶縮短交貨時間，並大幅提高國內 Ultra HDI PCB 產能。此外，它將成為我們在北美最具永續性的設施。預計將於 2024 年上半年破土動工，並於 2025 年下半年開始投產。擬議項目的第一階段（包括校園範圍內改善的資金）預計將達到 1 億至 1.3 億美元，預計將貫穿整個項目2026年。TTM 計劃的資本投資承諾將在與各利益相關者敲定條款後確定。

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 45% of total third quarter sales compared to 38% of Q3 2022 sales and 47% of sales in Q2 2023. The solid demand in the defense market is a result of a positive tailwind in previous defense budgets, our strong strategic program alignment and key bookings for ongoing franchise programs. At the end of the third quarter, our A&D program backlog was $1.35 billion. During the quarter, we saw significant bookings for key programs, including the advanced medium-range air-to-air missile or MRAM and the MH-60.

現在我想回顧一下我們的終端市場，我們網站上的收益演示第 4 頁引用了這些市場。航太和國防終端市場佔第三季總銷售額的45%，而2022 年第三季銷售額為38%，2023 年第二季銷售額為47%。國防市場的強勁需求是先前國防預算積極推動的結果。我們強大的策略計劃調整和正在進行的特許經營計劃的關鍵預訂。截至第三季末，我們的 A&D 計畫積壓金額為 13.5 億美元。本季度，我們看到了關鍵項目的大量預訂，包括先進的中程空對空飛彈或 MRAM 和 MH-60。

We expect sales in Q4 from this end market to represent about 45% of our total sales. On the U.S. budget, though the specific trajectory of the future U.S. defense budget is still in process between the administration and Congress. The global threat landscape is increasingly elevated. As Congress continues to work through the fiscal year 2024 appropriation bills, we are optimistic that there will be consistent support for the National Defense strategy and the funding of its priorities. Sales in the data center computing end market represented 17% of total sales in the third quarter compared to 14% in Q3 of 2022 and 12% in the second quarter of 2023. This end market performed better than expected and returned to year-on-year growth due to strength in our data center customers building products for generative AI applications.

我們預計第四季度該終端市場的銷售額將占我們總銷售額的 45% 左右。在美國預算方面，儘管美國未來國防預算的具體軌跡仍在政府和國會之間討論。全球威脅情勢日益嚴峻。隨著國會繼續審議 2024 財年撥款法案，我們樂觀地認為，國防戰略及其優先事項將得到持續支持。資料中心計算終端市場的銷售額佔第三季總銷售額的17%，而2022 年第三季為14%，2023 年第二季為12%。該終端市場表現優於預期，恢復了年成長。由於我們的資料中心客戶為生成式人工智慧應用程式建立產品的實力，我們實現了今年的成長。

We expect revenues in this end market to represent approximately 16% of fourth quarter sales. The medical industrial instrumentation end market contributed 16% of our total sales in the third quarter compared to 19% in the year ago quarter and 16% in the second quarter of 2023. The year-over-year decline was caused primarily by inventory reductions at a number of our customers. In addition, the Instrumentation segment is weighted towards the semiconductor capital equipment market, which is seeing weaker demand. For the fourth quarter, we expect MI&I to be 16% of revenues. Automotive sales represented 15% of total sales during the third quarter of 2023 compared to 15% in the year ago quarter and 17% during the second quarter of 2023.

我們預計該終端市場的營收將佔第四季銷售額的 16% 左右。醫療工業儀器終端市場佔第三季總銷售額的 16%，而去年同期為 19%，2023 年第二季為 16%。年減主要是由於 2023 年庫存減少所致。我們的一些客戶。此外，儀器儀表領域主要關注需求疲軟的半導體資本設備市場。對於第四季度，我們預計 MI&I 將佔營收的 16%。 2023 年第三季汽車銷售佔總銷售量的 15%，去年同期為 15%，2023 年第二季為 17%。

The year-over-year decline for automotive was due primarily to continued inventory adjustments at several customers and the impact of annual production shutdowns. We have not yet seen an impact on sales due to the UAW strike, but we are closely monitoring the situation. We expect our automotive business to contribute 17% of total sales in Q4. Networking accounted for 7% of revenue during the third quarter of 2023. This compares to 14% in the third quarter of 2022 and 8% of revenue in the second quarter of 2023. The Demand was softer as customers continue to focus on inventory digestion as well as weak end market demand. As a reminder, the Shanghai backplane business, which we sold in our second quarter, contributed approximately $16 million of sales to this segment in the third quarter of 2022. In Q4, we expect this end market to be 6% of revenues as we see continued weakness due to softer market conditions, particularly in telecom and ongoing inventory management by our customers.

汽車產業年減主要是由於一些客戶的持續庫存調整以及年度停產的影響。我們尚未看到 UAW 罷工對銷售造成的影響，但我們正在密切關注事態發展。我們預計汽車業務將佔第四季總銷售額的 17%。 2023 年第三季度，網路業務佔營收的 7%。相較之下，2022 年第三季為 14%，2023 年第二季為 8%。隨著客戶持續關注庫存消化，需求趨於疲軟。以及終端市場需求疲軟。提醒一下，我們在第二季度出售的上海背板業務在2022 年第三季度為該細分市場貢獻了約1600 萬美元的銷售額。在第四季度，我們預計這一終端市場將佔收入的6%。由於市場狀況疲軟，尤其是電信領域和客戶持續的庫存管理，導致持續疲軟。

Next, I'll cover some details from the third 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 47% of our revenue. This compares to approximately 41% in the year ago quarter and 43% in Q2. 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 46% in Q3 compared to 72% in the year-ago quarter and 46% in Q2.

接下來，我將介紹第三季的一些細節。此資訊也可在我們的收益簡報的第 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、剛柔結合板、射頻子系統和組件以及工程系統）約占我們收入的 47%。相比之下，去年同期約為 41%，第二季約為 43%。我們將繼續尋求新的商機並增加客戶設計參與活動，這些活動將在新專案和新市場中利用我們的先進技術和工程產品能力。第三季亞太地區 PCB 產能利用率為 46%，去年同期為 72%，第二季為 46%。

Our overall PCB capacity utilization in North America was 38% in Q3 compared to 45% in the year ago quarter and 38% in Q2. The lower year-over-year rate in Asia Pacific was caused by a decline in production volumes. 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 finished plating. Our top 5 customers contributed 43% of total sales in the third quarter of 2023 compared to 40% in the second quarter of 2023. We had 2 customers over 10% of our total sales in the quarter.

第三季我們在北美的整體 PCB 產能利用率為 38%，去年同期為 45%，第二季為 38%。亞太地區年減是由於產量下降造成的。北美同比增長率較低的原因是電鍍產能增加，以及更多高科技產品組合需要更少的成品電鍍。我們的前 5 位客戶在 2023 年第三季貢獻了總銷售額的 43%，而 2023 年第二季為 40%。本季我們有 2 位客戶佔總銷售額的 10% 以上。

At the end of Q3, our 90-day backlog, which is subject to cancellations, was $606.8 million compared to $672.9 million at the end of the third quarter last year. Our book-to-bill ratio was 0.91 for the 3 months ended October 2. As we look into Q4, we are seeing our commercial markets somewhat mixed with year-on-year growth in data center computing, driven by momentum related to artificial intelligence advancements and sequential growth in the automotive market, stabilization in medical, industrial and instrumentation with continued weakness in networking. On the A&D side of our business, we continue to make 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 and supply chain partners, we will be able to overcome these challenges as we work our way through the remainder of 2023 and into 2024. 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.

截至第三季末，我們的 90 天積壓訂單（可能被取消）為 6.068 億美元，而去年第三季末為 6.729 億美元。截至10 月2 日的三個月，我們的訂單出貨比為0.91。當我們展望第四季時，我們發現我們的商業市場與資料中心計算的同比增長有些混合，這是由人工智慧相關的勢頭推動的汽車市場的進步和連續增長，醫療、工業和儀器儀表的穩定以及網路的持續疲軟。在我們業務的 A&D 方面，我們與供應鏈合作夥伴合作，放鬆瓶頸並利用不斷改善的勞動力市場，從而繼續改善發貨情況。我相信，在我們的員工和供應鏈合作夥伴的努力下，我們將能夠在 2023 年剩餘時間和 2024 年努力克服這些挑戰。同時，我要感謝我們的員工繼續努力為迅達(TTM) 以及我們為客戶激發創新的重要使命做出貢獻。

Now Dan will review our financial performance for the third quarter. Dan?

現在丹將回顧我們第三季的財務表現。擔？

Thanks, Tom, and good morning, everyone. I will review our financial results for the third quarter that were included in the press release distributed today as well as on Slide 6 of the earnings presentation that is posted on our website. For the third quarter, net sales were $572.6 million compared to $671.1 million in the third quarter of 2022. The year-over-year decrease in revenue was due to declines in our automotive, medical, industrial and experimentation and networking end markets, partially offset by growth in our data center computing end market. GAAP operating loss for the third quarter of 2023 was $10.2 million. This compares to operating income of $49.8 million in the third quarter of 2022. The current year results include a goodwill impairment charge of $44.1 million related to the RF&S components reportable segment, which was the commercial portion of the Anaren business we acquired in 2018.

謝謝，湯姆，大家早安。我將回顧今天發布的新聞稿以及我們網站上發布的收益簡報幻燈片 6 中包含的第三季財務業績。第三季淨銷售額為 5.726 億美元，而 2022 年第三季為 6.711 億美元。收入同比下降是由於我們的汽車、醫療、工業以及實驗和網路終端市場的下降，部分抵消了收入的下降我們的資料中心計算終端市場的成長。 2023 年第三季 GAAP 營運虧損為 1,020 萬美元。相較之下，2022 年第三季的營業收入為4,980 萬美元。本年度業績包括與RF&S 組件可報告部門相關的4,410 萬美元商譽減損費用，該部門是我們於2018 年收購的Anaren 業務的商業部分。

Due to weak demand from telecom equipment companies in the wireless infrastructure market, projected revenues and profits have been reduced, resulted in the impairment. On a GAAP basis, net loss in the third quarter of 2023 was $37.1 million or $0.36 per diluted share. This compares to GAAP net income of $43.5 million or $0.42 per diluted share in the third 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, impairment of goodwill and stock compensation, gains on the sale of property and other unusual or under grid items. 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.

由於電信設備公司在無線基礎設施市場的需求疲軟，預計收入和利潤已減少，導致減損。以 GAAP 計算，2023 年第三季淨虧損為 3,710 萬美元，即稀釋後每股虧損 0.36 美元。相比之下，去年第三季 GAAP 淨利潤為 4,350 萬美元，即稀釋後每股收益 0.42 美元。我其餘的評論將集中於我們的非公認會計準則財務表現。我們的非公認會計原則績效不包括併購相關成本、重組成本、某些非現金費用項目，例如無形資產攤銷、商譽減損及股票補償、出售財產收益等異常或網格項目。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。

Gross margin in the third quarter was 20.8% and compares to 19.7% in the third quarter of 2022. The year-on-year increase was due to a more favorable product mix and improved execution in the North America region, partially offset by lower revenues and less premium in our commercial markets. Selling and marketing expense was $17.9 million in the third quarter or 3.1% of net sales versus $19.1 million or 2.8% of net sales a year ago. Third quarter G&A expense was $37.7 million or 6.6% of net sales compared to $38 million or 5.7% of net sales in the same quarter a year ago. In Q3 2023, research and development was $5.9 million or 1% of revenues compared to $7 million, also a 1% in the year ago quarter.

第三季的毛利率為 20.8%，而 2022 年第三季的毛利率為 19.7%。年成長是由於北美地區更有利的產品組合和執行力的提高，但部分被收入下降所抵消在我們的商業市場上溢價較低。第三季銷售和行銷費用為 1,790 萬美元，佔淨銷售額的 3.1%，而去年同期為 1,910 萬美元，佔淨銷售額的 2.8%。第三季管理及行政費用為 3,770 萬美元，佔淨銷售額的 6.6%，去年同期為 3,800 萬美元，佔淨銷售額的 5.7%。 2023 年第三季度，研發費用為 590 萬美元，佔營收的 1%，去年同期為 700 萬美元，佔營收的 1%。

Our operating margin in Q3 was 10.1%. This compares to 10.2% in the same quarter last year. Interest expense was $9.6 million in the third quarter compared to $10.4 million in the same quarter last year. During the quarter, there was a positive $0.9 million foreign exchange impact below the operating income line. Government incentives and interest income of $2.2 million resulted in a net $3.1 million gain or a $0.03 positive impact to EPS. This compares to a gain of $10.3 million or an $0.08 impact on EPS in Q3 last year. Our effective tax rate was 12.6% in the third quarter, resulted in a tax expense of $6.5 million. This compares to a rate of 15% or tax expense of $10.2 million in the prior year. Third quarter net income was $44.9 million or $0.43 per diluted share. This compares to third quarter income of $57.9 million or $0.56 per diluted share.

我們第三季的營業利益率為 10.1%。相比之下，去年同期為 10.2%。第三季利息支出為 960 萬美元，去年同期為 1,040 萬美元。本季度，營業收入線以下出現了 90 萬美元的外匯影響。 220 萬美元的政府激勵措施和利息收入帶來 310 萬美元的淨收益，即對 EPS 產生 0.03 美元的正面影響。相比之下，去年第三季的收益為 1,030 萬美元，對 EPS 的影響為 0.08 美元。第三季我們的有效稅率為 12.6%，稅費支出為 650 萬美元。相比之下，上一年的稅率為 15%，稅費為 1,020 萬美元。第三季淨利為 4,490 萬美元，或攤薄後每股收益 0.43 美元。相比之下，第三季營收為 5,790 萬美元，或稀釋後每股收益 0.56 美元。

Adjusted EBITDA for the third quarter was $84.1 million or 14.7% of revenue compared with third quarter 2022 adjusted EBITDA of $102.5 million or 15.3% of revenue. Depreciation for the quarter was $23.9 million. Net capital spending for the quarter was $33.7 million. In Q2, our capital spending was higher than normal due to a $20 million deposit related to fit-out costs associated with the new building in Penang, which we expected to be refunded in Q3 as part of the overall lease structure for the facility. However, the lease structure has changed, and that money will not be refunded. We expect to complete the fit-out in Q4 for an additional $50 million in capital spending. Cash flow from operations in the third quarter of 2023 was $58.9 million. We repurchased approximately 1 million shares of common stock to $14.6 million at an average price of $14.33 per share. Cash and cash equivalents at the end of the third quarter of 2023 totaled $408.3 million. Our net debt divided by last 12 months EBITDA was 1.5x at the low end of our targeted range of 1.5 to 2x.

第三季調整後 EBITDA 為 8,410 萬美元，佔營收的 14.7%，而 2022 年第三季調整後 EBITDA 為 1.025 億美元，佔營收的 15.3%。本季折舊額為 2,390 萬美元。該季度淨資本支出為 3,370 萬美元。第二季度，我們的資本支出高於正常水平，因為與檳城新建築相關的裝修成本相關的 2000 萬美元押金，我們預計將在第三季度作為該設施整體租賃結構的一部分退還。然而，租賃結構已經改變，這筆錢將不會退還。我們預計將在第四季完成裝修，並額外增加 5,000 萬美元的資本支出。 2023 年第三季營運現金流為 5,890 萬美元。我們以每股 14.33 美元的平均價格回購了約 100 萬股普通股，回購金額為 1,460 萬美元。截至 2023 年第三季末，現金及現金等價物總計 4.083 億美元。我們的淨債務除以過去 12 個月的 EBITDA 為 1.5 倍，在我們目標範圍 1.5 至 2 倍的下限。

Now I will turn to our guidance for the fourth quarter. We project total revenue for the fourth quarter of 2023 to be in the range of $550 million to $590 million and non-GAAP earnings to be in the range of $0.34 to $0.40 per diluted share. The expected sequential decline in EPS is primarily due to lower gross margins from less favorable product mix and costs associated with the ramp of our Penang facility scheduled for completion at the end of the year. The EPS forecast is based on a diluted share count of approximately 105 million shares, which includes the dilutive effect of outstanding stock options and other stock awards. We expect SG&A expense to be about 9.8% of revenue in the fourth quarter and R&D to be about 0.9% of revenue. We expect interest expense of approximately $11.4 million and interest income of approximately $2 million.

現在我將談談我們對第四季的指導。我們預計 2023 年第四季的總營收將在 5.5 億至 5.9 億美元之間，非 GAAP 稀釋每股收益將在 0.34 至 0.40 美元之間。預計每股收益將連續下降，主要是由於產品組合不佳以及計劃於年底竣工的檳城工廠擴建相關的成本導致毛利率下降。 EPS預測是基於約1.05億股的稀釋股數，其中包括已發行股票選擇權和其他股票獎勵的稀釋效應。我們預計第四季銷售及管理費用將佔營收的 9.8% 左右，研發費用將佔營收的 0.9% 左右。我們預計利息支出約為 1,140 萬美元，利息收入約為 200 萬美元。

Finally, we estimate our effective tax rate to be between 12% and 17%. To assist you in developing your financial models, we also offer the following additional information. During the fourth quarter, we expect to record amortization of intangibles of about $13.8 million, stock-based compensation expense of about $6.4 million, noncash interest expense of approximately $0.5 million, and we estimate depreciation expense will be approximately $24 million. Finally, I'd like to announce that we will be participating in the Bank of America Leveraged Finance Conference in Boca Raton on November 28, the Jefferies Industrials Conference on November 29 in Palm Beach and the Barclays Technology Conference on December 5 in San Francisco. That concludes our prepared remarks.

最後，我們估計我們的有效稅率在 12% 到 17% 之間。為了幫助您開發財務模型，我們還提供以下附加資訊。在第四季度，我們預計無形資產攤銷約為 1,380 萬美元，股票補償費用約為 640 萬美元，非現金利息費用約為 50 萬美元，我們預計折舊費用約為 2,400 萬美元。最後，我想宣布，我們將參加11 月28 日在博卡拉頓舉行的美國銀行槓桿金融會議、11 月29 日在棕櫚灘舉行的傑富瑞工業會議以及12 月5 日在舊金山舉行的巴克萊技術會議。我們準備好的演講到此結束。

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

現在我們想開通提問專線。操作員？

(Operator Instructions). Our first question comes from James Ricchiuti with Needham & Company.

（操作員說明）。我們的第一個問題來自 Needham & Company 的 James Ricchiuti。

Congratulations by the end of the quarter. I wanted to talk to you a little bit about the strength you saw in gross margins. You talked about some of the factors that contributed to it in a clearly mix. The utilization in North America, I wanted to understand that a little more because it looks like the PCB capacity utilization didn't change from Q2, yet you're talking about better efficiencies in North America contributing to the performance. So maybe you could start there and just give me a little better understanding as it relates to that.

在本季末恭喜你。我想和您談談您所看到的毛利率的強勁勢頭。您清楚地談到了導致這種情況的一些因素。北美的利用率，我想多了解一點，因為看起來 PCB 產能利用率與第二季度相比沒有變化，但你談論的是北美更高的效率對性能的貢獻。所以也許你可以從這裡開始，讓我更能理解與此相關的內容。

I'll comment first on the utilization, and then I'll let Dan cover the gross margin. In terms of utilization in North America, we always look at this as, when it comes to North America, not a great indicator because we're really focused on plating capacity in terms of the calculation. And as we highlighted in the script, and this is a great example of this quarter where we actually, with some of the more advanced products that we were running, we found that plating was not the bottleneck. We were running into bottlenecks elsewhere in the process. And so, in that case, when we're running high mix, low-volume product, we're running a bit higher ASP, more advanced product, that plating capacity indicator isn't really all that accurate.

我將首先評論利用率，然後讓 Dan 討論毛利率。就北美的利用率而言，我們始終認為，就北美而言，這不是一個很好的指標，因為我們在計算方面真正關注的是電鍍產能。正如我們在腳本中所強調的那樣，這是本季度的一個很好的例子，實際上，對於我們正在運行的一些更先進的產品，我們發現電鍍並不是瓶頸。我們在這個過程的其他地方遇到了瓶頸。因此，在這種情況下，當我們運行高混合、小批量的產品時，我們運行的是更高一點的 ASP、更先進的產品，電鍍能力指標實際上並不那麼準確。

So, it was a better quarter, certainly in North America than that utilization number indicates. I also wanted to just highlight that we have added plating capacity, actually, a very efficient plating capacity. We've added into several of our facilities in North America over the last 18 months or so. We've added that capacity primarily for capability purposes because we were seeing customers move in a direction in terms of quality requirements that demanded an upgrade in our plating capacity also allowed us to incorporate more automation and therefore, lower the labor content in those facilities. Those are the primary reasons for adding plating capacity. But again, if you look at the total plating capacity calculation, that means we're adding plating capacity and therefore, utilization rates would fall. So hopefully, that gives you an explanation for utilization, Jim.

因此，這是一個比利用率數據顯示的更好的季度，尤其是在北美。我還想強調的是，我們增加了電鍍能力，實際上，是一種非常有效率的電鍍能力。在過去 18 個月左右的時間裡，我們在北美增加了幾個設施。我們增加產能主要是出於能力目的，因為我們看到客戶在品質要求方面朝著一個方向發展，這要求我們升級電鍍能力，這也使我們能夠採用更多自動化技術，從而降低這些設施中的勞動力含量。這些都是增加電鍍能力的主要原因。但同樣，如果您查看總電鍍產能計算，這意味著我們正在增加電鍍產能，因此利用率將會下降。希望這能給你一個關於利用率的解釋，吉姆。

Over to you, Dan, on gross margin.

丹，毛利率問題交給你了。

Thank you, Tom. Primarily, the gross margin improvement sequentially in both North America and Asia Pacific are driven by labor and production and efficiencies improvement. And in North America, in particular, increased improvement in our supply chain management. We're still working down the path towards managing the supply chain in the IE area, but we are getting better there. So that's improved a bit. And then favorable mix in both North America and Asia Pacific, primarily in Asia Pacific as well, favorable product mix in Q3 versus Q2.

謝謝你，湯姆。北美和亞太地區毛利率的連續改善主要是由勞動力和生產以及效率的提高所推動的。尤其是在北美，我們的供應鏈管理得到了進一步改善。我們仍在努力管理 IE 領域的供應鏈，但我們正在做得更好。所以這有所改善。然後是北美和亞太地區（主要是亞太地區）的有利組合，第三季與第二季相比有利的產品組合。

And just as a reminder, when Dan first -- IE, that's the integrated electronics portion of our North America production. So, it's the non-PCD portion of North America production.

提醒一下，當 Dan 第一個 - IE 時，那是我們北美生產的整合電子部分。因此，這是北美生產的非 PCD 部分。

And the follow-up question I have, and Tom, you alluded to it, just the unfortunate increased geopolitical crisis. I'm wondering if any, effects are you seeing or hearing from your defense customers in light of what's going on?

湯姆，你提到了我的後續問題，就是不幸的地緣政治危機加劇。我想知道您從國防客戶看到或聽到的影響是否與正在發生的情況有關？

So, it usually takes a while, Jim, for that to filter through to us. I think if you look at Ukraine, as an example, took our customers about 12 months to get defense department signals through to their order book and then they did redesigns and started placing orders to us. So, it's 12 to 18 months before we started seeing heightened demand, Javelin being a great example of that. Certainly, I have seen that heightened demand coming due to the Ukraine conflict. I would expect the same as the government supports Israel, again, I would expect that to take a while 18 months a good indicator in terms of how long it takes for those signals to travel through the chain. In the meantime, of course, demand signals continue to be very strong from our defense customers. And again, we enjoyed a strong bookings quarter, expecting the same, if not better, in the fourth quarter.

所以，吉姆，我們通常需要一段時間才能明白這一點。我認為，以烏克蘭為例，我們的客戶花了大約 12 個月的時間將國防部的訊號發送到他們的訂單簿中，然後他們進行了重新設計並開始向我們下訂單。因此，12 到 18 個月後我們才開始看到需求增加，Javelin 就是一個很好的例子。當然，我已經看到由於烏克蘭衝突而導致的需求增加。我預計與政府支持以色列一樣，我預計 18 個月是一個很好的指標，可以衡量這些訊號透過鏈條傳播所需的時間。當然，同時，我們的國防客戶的需求訊號仍然非常強烈。我們再次享受了強勁的預訂季度，預計第四季度的預訂量將同樣強勁，甚至更好。

Our next question from Michael Crawford with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Michael Crawford。

Also, in defense, I know that you're breaking out space separately now at 7% of A&D revenue and I know you're chasing commercial space opportunities. There are a lot of commercial space players out there. Are there some are way bigger than others? Are there any of that like SpaceX that is just vertically integrated and you're not pursuing? Are you talking to everyone? Or is anyone more promising than others?

另外，在防守方面，我知道你們現在正在單獨突破太空領域，佔 A&D 收入的 7%，而且我知道你們正在追逐商業太空機會。那裡有很多商業太空玩家。有一些比其他的大得多嗎？有沒有像 SpaceX 這樣的公司，只是垂直整合，而你沒有追求？你在跟每個人說話嗎？或者有誰比其他人更有前途？

So, on commercial space in particular, there are interesting developments going on there. I would say that we talk to most of the major players in commercial space. Some of those players are intent more on cost reduction than supply chain resiliency. When that becomes the case, where that's business that we may not pursue when they're looking at quality requirements and/or supply chain resiliency requirements that we can service out of North America or in the future out of Malaysia, that's when there's a decent fit. And so certainly heightened interest there from the customer base in terms of supply chain resiliency. As you may know, today, Taiwan is the main source of supply, the commercial satellite area. And some of the customers are comfortable with that. Some of the customers are concerned that, that really isn't a long-term supply chain resiliency strategy and are looking at moving some business. So, we're going to continue to try to build the connections overall.

因此，特別是在商業空間方面，正在發生有趣的發展。我想說，我們與商業領域的大多數主要參與者進行了交談。其中一些參與者更注重降低成本，而不是供應鏈彈性。當這種情況發生時，當他們考慮我們可以在北美或未來在馬來西亞提供服務的品質要求和/或供應鏈彈性要求時，我們可能不會追求這種業務，那就是當有一個體面的時候合身。因此，客戶群對供應鏈彈性的興趣肯定會提高。大家可能知道，今天台灣是主要的供應來源，也就是商業衛星地區。一些客戶對此感到滿意。一些客戶擔心，這確實不是長期的供應鏈彈性策略，並正在考慮轉移一些業務。因此，我們將繼續嘗試建立整體聯繫。

And the last thing I'd highlight, Mike, is we -- and I mentioned this last quarter, we have now 2 business units within our Aerospace and Defense business, which is over $1 billion now. One is focused on RADAR. The other is really focused on C4ISR plus space. And that business really is working on developing that commercial satellite and defense space business. So definitely an area that we're focused on.

麥克，我要強調的最後一件事是——我在上個季度提到過，我們的航空航天和國防業務現在有 2 個業務部門，目前價值超過 10 億美元。一是專注於雷達。另一個真正關注的是 C4ISR 加空間。該業務確實致力於開發商業衛星和國防航太業務。所以這絕對是我們關注的領域。

Just one more. You've had this customer engagement side for a long time and it shows time from concept to prototype to pilots and production with AMD being the longest, but aren't you seeing those cycles shorten given the Department of Defense's attempted shift to improve cycle times and move to more rapid iterative deployments particularly with the Space Force, but other parts of the DoD as well.

還有一個。您已經擁有這個客戶參與方面很長一段時間了，它顯示了從概念到原型再到試點和生產的時間，其中AMD 是最長的，但考慮到國防部試圖轉變以縮短週期時間，您是否看到這些週期縮短了並轉向更快速的迭代部署，特別是與太空軍以及國防部的其他部門。

So, definitely, that's the intent of the DoD to start to shorten. I talked about that 18 months, sometimes 24 months in terms of how long it takes for a given program to work its way through. There is a definitely a heightened sense of urgency coming out of the Pentagon. I would say, Mike, that, that has yet to really translate into a concrete activity or changes in process. So certainly, I know our customers are focused on this. The primes are focused on this. They're working with the Department of Defense. I think that would be a really positive development in defense. And certainly, the intent is there. So again, that's going to take some decisions, some critical process-related decisions, and we'll see how that all unfolds. But so far, it hasn't happened, but good positive signals that it may in the future.

所以，毫無疑問，這就是國防部開始縮短時間的意圖。我談到了 18 個月，有時是 24 個月，就特定計劃完成所需的時間而言。五角大廈肯定有一種高度的緊迫感。我想說，麥克，這還沒有真正轉化為具體的活動或流程的變化。當然，我知道我們的客戶非常關注這一點。總理們都專注於此。他們正在與國防部合作。我認為這將是國防領域的一個非常積極的發展。當然，意圖是存在的。再說一次，這將做出一些決定，一些與流程相關的關鍵決定，我們將看看這一切如何展開。但到目前為止，這種情況還沒有發生，但良好的積極信號表明，這種情況將來可能會發生。

Our next question comes from William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

I'd like to ask for an update on supply chain conditions, in particular, in the aerospace defense part of the business. As I recall, this has created very long lead times for you to deliver? And I wonder if there's been any change in that or any anticipated change in the near future?

我想詢問供應鏈狀況的最新情況，特別是在航空航太國防業務部分。我記得，這給你們的交貨時間造成了很長的時間？我想知道這方面是否有任何變化或在不久的將來有任何預期的變化？

So, we've been focused and really for -- particularly since the acquisition of Telephonics, as you move up in terms of complexity. So, if you start at the printed circuit board foundational level, that's not where the major constraints are. It really is concentrated in that integrated electronics area that Dan highlighted. That's about 50% of our defense business. So that's where we're focused on. Assembly is relatively complex but when you move to a full system build, that's when it really gets complex. We have been focused on incremental quarter-by-quarter improvements. We made some critical decisions soon after the acquisition in terms of larger orders with our supply base to get their attention on critical bottleneck areas.

因此，隨著複雜性的提高，我們一直專注於——特別是自從收購 Telephonics 以來。因此，如果您從印刷電路板基礎等級開始，那並不是主要限制所在。它確實集中在丹強調的整合電子領域。這大約占我們國防業務的 50%。這就是我們關注的地方。組裝相對複雜，但是當您轉向完整的系統建置時，它才真正變得複雜。我們一直專注於逐季度的增量改進。收購後不久，我們就向我們的供應基地發出更大的訂單，做出了一些關鍵決定，以引起他們對關鍵瓶頸領域的關注。

I'm glad to say that those parts are now arriving. So, think about that lead time. So, we're looking at essentially a year that it took to get a number of those bottlenecked parts and start to see them showing up on our docks. But they are showing up now. That's great. So, the decisions that we made then starting to pay off now. We're going to continue to work on that incremental quarterly improvement, but we do still see supply chain constraints on that side of the business and better than it was, partly because of decisions we made partly because the climate has improved a bit, our suppliers have been able to ramp a bit, labor availability has improved, allowing them to do that. But we still have those constraints, Will. And I think they'll carry out, as I've said, through the end of this year into early next year, we'll continue to see those constraints, but making progress. That's the key.

我很高興地說這些零件現在已經抵達。所以，考慮一下交貨時間。因此，我們基本上花了一年的時間才獲得了一些遇到瓶頸的零件，並開始看到它們出現在我們的碼頭上。但他們現在出現了。那太棒了。所以，我們當時所做的決定現在開始得到回報。我們將繼續努力實現逐季度的增量改善，但我們仍然看到業務方面的供應鏈限制，並且比以前更好，部分原因是我們做出的決定，部分原因是氣候有所改善，我們的供應商已經能夠稍微增加一點，勞動力可用性也有所改善，使他們能夠做到這一點。但我們仍然有這些限制，威爾。我認為，正如我所說，從今年年底到明年初，他們將繼續實施這些限制，但會取得進展。這就是關鍵。

I do have a follow-up, if I can. I'd like to ask about the new facility that you're building in Syracuse. Is that intended to address incremental demand in the future? Or will this be more a matter of shifting and consolidating where you build into a new, more efficient factory?

如果可以的話，我確實有後續行動。我想詢問一下你們在錫拉丘茲建造的新設施的情況。這是為了滿足未來增量需求嗎？或者這更多的是轉移和整合你建造的新工廠的問題，更有效率的工廠？

So, 2-part answer, will. Number one, absolutely, this is new program requirements. These are future requirements for obvious reasons, I can't go into great detail. But what I can tell you is, as in our commercial world where customers are driving towards miniaturization. So, trying to get more components onto a smaller space, smaller footprint. That's critical, carrying faster and faster signal speeds, critical. Then material changes to handle the thermal management required to carry those speeds and is also critical. So, all of those facets are feeding into program demand. This is future program demand. And while I say that future ramped demand.

所以，由兩部分組成的答案，將。第一，絕對是新的計劃要求。出於顯而易見的原因，這些是未來的要求，我無法詳細說明。但我可以告訴你的是，就像在我們的商業世界中，客戶正在推動小型化。因此，試圖將更多的組件安裝到更小的空間、更小的佔地面積上。這很關鍵，承載越來越快的訊號速度，很關鍵。然後改變材料以處理承載這些速度所需的熱管理，這也是至關重要的。因此，所有這些方面都在滿足專案需求。這是未來的節目需求。雖然我說未來需求會增加。

So, the second part of that question is we are building some ultra HDI boards today in our existing footprint. It is rather inefficient and the yields are not optimized. So relatively small volumes today, thank goodness, because as you know, some of this demand could overwhelm a given small facility. So, the facility that we are going to build in Syracuse will be purpose-built to build ultra HDI printed circuit boards in an efficient process that deals with the bottleneck areas that we struggle with today. So that's how we're looking at this developing. That will free up a bit of the capacity in some of our smaller facilities today that are struggling to build these boards, successfully building them, but not as efficiently as we will be able to in the future.

因此，問題的第二部分是我們今天正在現有的佔地面積中建造一些超 HDI 板。它效率相當低，而且產量也沒有優化。謝天謝地，今天的產量相對較小，因為如您所知，其中一些需求可能會壓垮特定的小型設施。因此，我們將在錫拉丘茲建造的工廠將專門用於以高效的流程製造超 HDI 印刷電路板，以解決我們今天面臨的瓶頸領域。這就是我們看待這一發展的方式。這將釋放我們今天一些正在努力建造這些電路板的小型設施的一些產能，雖然成功地建造了它們，但效率不如我們未來的能力。

(Operator Instructions). Our next question comes from Chan Park with Stifel.

（操作員說明）。我們的下一個問題來自 Chan Park 和 Stifel。

I just had one on your data center business. You saw some nice upside in the quarter. So, could you talk a little bit about how you differentiate versus some of the Asian peers or competitors you guys compete against? And if I'm doing the math correctly, your Q4 guide implies a sequential decline. So, could you talk about the sustainability of some of these AI ramps into '24 and the visibility you're getting from some of your customers?

我剛剛收到一份關於您的資料中心業務的資訊。您在本季度看到了一些不錯的上升空間。那麼，您能否談談您如何與一些亞洲同行或競爭對手區分開來？如果我計算正確的話，你的第四季指南意味著連續下降。那麼，您能否談談 24 世紀人工智慧的可持續性以及您從一些客戶那裡獲得的知名度？

So, differentiation in terms of competition, what we focus on -- and this is true of several of our commercial areas is really differentiating through our field application engineering support for those customers. So, if they're early in their design phase, supporting that design and then doing the proper design for manufacturer for those customers responsibly in a way that allows us to do the prototyping and that prototyping developing into commercial production and ramp in our facilities. Fortunately, that's gone well with the latest generative AI and a product. And that product, generally, right now, we're seeing about 50% of our data center computing demand coming from that generative AI area. You're correct that sequentially, we're looking at being slightly down in the fourth quarter in data center. But year-on-year, still strong double-digit improvement and what's happening there.

因此，在競爭方面的差異化，我們所關注的——我們的幾個商業領域也是如此，是透過我們為這些客戶提供的現場應用工程支援來真正實現差異化。因此，如果他們處於設計階段的早期，請支持該設計，然後負責任地為製造商為這些客戶進行適當的設計，使我們能夠進行原型設計，並將原型開發為商業生產並在我們的設施中進行升級。幸運的是，這與最新的生成式人工智慧和產品配合得很好。一般來說，目前我們看到該產品約 50% 的資料中心運算需求來自生成式 AI 領域。你是對的，我們預計第四季度資料中心的業績會略有下降。但與去年同期相比，仍然有強勁的兩位數進步以及那裡發生的事情。

So, a few things. On the positive side, we're seeing a little bit of a better spread from a customer standpoint. So that's good to see and what we expected to see and that's starting to happen here as we are moving into the fourth quarter. In the meantime, our customers are dealing with tight supplies, particularly of chips as we understand it. They're seeing very strong demand, but a little bit of tight supplies in certain areas that are supporting a slight decline in demand and then an anticipated pick up again through the course of next year. So, I would view that as a short-term situation. Also, just as a reminder, we really saw a fantastic growth this last quarter. We were up 55% sequentially in data center. So those were orders to fill requirements, early-stage requirements and into ramp for our customers, though it's also quite natural that there'd be a little bit of a slowing down there in demand that we've got the inventory in place as the customers now take that inventory into their product. So that's really what we're seeing in data center.

所以，有幾件事。從積極的一面來看，從客戶的角度來看，我們看到了一些更好的傳播。因此，這是很高興看到的，也是我們期望看到的，隨著我們進入第四季度，這種情況開始發生。同時，我們的客戶正面臨供應緊張的問題，尤其是據我們了解，晶片供應緊張。他們看到需求非常強勁，但某些地區的供應有點緊張，這支撐了需求的小幅下降，然後預計明年將再次回升。因此，我認為這是一種短期情況。另外，提醒一下，上個季度我們確實看到了驚人的成長。我們的資料中心業務較上季成長了 55%。因此，這些訂單是為了滿足客戶的需求、早期需求和進入量產階段，儘管需求會稍微放緩也是很自然的，因為我們已經備好庫存了。客戶現在將這些庫存納入他們的產品中。這就是我們在資料中心看到的情況。

That concludes the question-and-answer session. At this time, I would like to turn it back to Tom Edman for closing remarks.

問答環節到此結束。現在，我想請湯姆·艾德曼（Tom Edman）致閉幕詞。

I do want to cover one area usually asked a question about, which is automotive, to let you all know that we did have a strong bookings quarter in terms of programs in automotive. We booked a lifetime program value of approximately $125 million. That compares to the second quarter of last year when – sorry, second quarter of this year, when we booked $95 million. And year-to-date, we have now booked from a program booking standpoint, a lifetime value of $564 million. All of last year, we booked a value of $530 million. So really strong success there. Those programs, of course, feed into production of record. Generally, the following year to 18 months after we've registered the booking. And then those programs are spread out over multiple years. But good to see that kind of momentum.

我確實想介紹一個經常被問到的領域，即汽車領域，讓大家知道我們在汽車項目方面確實有一個強勁的預訂季度。我們預訂了價值約 1.25 億美元的終身計劃。相比之下，去年第二季度——對不起，今年第二季度，我們預訂了 9,500 萬美元。今年迄今為止，從節目預訂的角度來看，我們的預訂總價值為 5.64 億美元。去年全年，我們預訂的價值為 5.3 億美元。那裡確實取得了巨大的成功。當然，這些節目都會被納入記錄製作中。一般來說，是在我們註冊預訂後的隔年至 18 個月內。然後這些計劃會分散到多年。但很高興看到這種勢頭。

And then finally, I just wanted to thank everyone for joining us, reiterate a few of the critical points. Number one, we delivered non-GAAP EPS well above our guided range. That was due to improved execution in North America and revenues were in line with our guided range. Second, strong cash flow from operations at 10.3% of revenue that enabled us to repurchase stock and maintain our solid balance sheet. Third, we announced our intent, as you saw, to build a new advanced printed circuit board facility in North America in Syracuse, adjacent to our existing Syracuse facility to serve our aerospace and defense customers. I’m really excited to be able to announce that greenfield effort for our defense customers feeding future demand. So really a tremendous quarter. Again, I'd like to thank our employees, our supply base as well our customers and of course, all of you for your support. Thank you very much.

最後，我想感謝大家加入我們，重申一些關鍵點。第一，我們的非公認會計準則每股收益遠高於我們的指導範圍。這是由於北美的執行力有所改善，且收入符合我們的指導範圍。其次，來自營運的強勁現金流佔收入的 10.3%，使我們能夠回購股票並維持穩健的資產負債表。第三，正如您所看到的，我們宣布了我們的意圖，即在北美錫拉丘茲建立一個新的先進印刷電路板工廠，毗鄰我們現有的錫拉丘茲工廠，為我們的航空航天和國防客戶提供服務。我真的很高興能夠宣佈為我們的國防客戶滿足未來需求的綠地努力。所以這確實是一個巨大的季度。我要再次感謝我們的員工、我們的供應基地以及我們的客戶，當然還有你們所有人的支持。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。