TTM Technologies Inc (TTMI) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

Thank you for standing by.

謝謝你的支持。

Welcome to the TTM Technologies, Inc. second-quarter 2024 financial results conference call.

歡迎參加 TTM Technologies, Inc. 2024 年第二季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded today, July 31, 2024.

（操作員說明）謹此提醒，本次會議將於今天（2024 年 7 月 31 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。

Thank you.

謝謝。

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.

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。

Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the risk factors that we provide in our filings with the Securities and Exchange Commission, which we encourage you to review.

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。

These forward-looking statements represent management's expectations and assumptions based on currently available information.

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 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.

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.

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 of GAAP, and we direct you to the reconciliation between GAAP and non-GAAP measures included on 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 that website, a slide deck that we will refer to during our call.

此類措施不應被視為替代根據 GAAP 準備和提出的措施，我們會指導您查看公司收益發布中包含的 GAAP 和非 GAAP 措施之間的對賬，該信息可在TTM 的網站Investors.ttm. com。我們還在該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 Tom Edman, TTM's Chief Executive Officer.

我現在將把電話轉給 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 2024 conference call.

下午好，感謝您參加我們的 2024 年第二季電話會議。

I'll begin with a review of our business highlights from the quarter and a discussion of our second quarter results, followed by a summary of our business strategy.

我將首先回顧本季的業務亮點並討論第二季的業績，然後總結我們的業務策略。

Dan Boehle, our CFO, will follow with an overview of our Q2 2024 financial performance and our Q3 2024 guidance.

我們的財務長 Dan Boehle 隨後將概述我們 2024 年第二季的財務業績和 2024 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。

Highlights of the quarter's financial results are summarized on slide 3 of the earnings presentation posted on TTM's website.

TTM 網站上發布的收益簡報的幻燈片 3 總結了本季財務表現的要點。

We delivered a strong quarter, and I would like to thank our employees for their hard work and contributions in support of these results.

我們交付了一個強勁的季度，我要感謝我們的員工為支持這些成果所做的辛勤工作和貢獻。

In the second quarter of 2024, non-GAAP earnings per share were above the guided range and demonstrated solid year-on-year growth due to higher revenues and improved operating execution.

2024 年第二季度，非 GAAP 每股收益高於指導範圍，並且由於收入增加和營運執行改善而實現了穩健的同比增長。

Revenues were above the guided range, representing the second consecutive quarter of year-on-year growth due to demand strength from our aerospace and defense and data center computing end markets, the latter being driven by generative AI.

由於我們的航空航太、國防和資料中心運算終端市場的需求強勁，收入高於指導範圍，連續第二個季度同比增長，後者是由生成式人工智慧驅動的。

The growth in revenues was partially offset by year-over-year declines from our medical, industrial and instrumentation, automotive and networking end markets, though these markets did see sequential improvements.

收入的成長部分被我們的醫療、工業和儀器儀表、汽車和網路終端市場的年減所抵消，儘管這些市場確實出現了連續的改善。

Overall, the company book-to-bill was 1.11, with the A&D book-to-bill at 1.26. Demand in our aerospace and defense market, which was 45% of revenues for the quarter, continues to be strong, and we now have a record program backlog of approximately $1.45 billion.

總體而言，該公司的訂單出貨比為 1.11，A&D 的訂單出貨比為 1.26。我們的航空航太和國防市場的需求持續強勁，佔本季營收的 45%，目前我們的計畫積壓金額創歷史新高，約 14.5 億美元。

I would now like to provide a strategic update.

我現在想提供戰略更新。

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

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。

Over the past several years, TTM has consistently demonstrated 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.

在過去的幾年裡，TTM 始終如一地證明，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。

As a result of strategic transactions in the aerospace and defense end market through the acquisitions of Anaren and Telephonics, over 50% of our revenues in aerospace and defense are now generated from engineered and integrated electronic products, with PCBs contributing less than 50% overall.

由於透過收購 Anaren 和 Telephonics 在航空航太和國防終端市場進行了戰略交易，我們在航空航太和國防領域超過 50% 的收入現在來自工程和整合電子產品，而 PCB 的整體貢獻不到 50%。

Another important element of our differentiation strategy is our investment in a new state-of-the-art highly-automated PCB manufacturing facility in Penang, Malaysia, to service customers in our commercial end markets.

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建造一座最先進的高度自動化 PCB 製造工廠，為我們商業終端市場的客戶提供服務。

This new facility in Malaysia is supporting customers in markets such as data center computing, networking, and medical, industrial and instrumentation.

這家位於馬來西亞的新工廠正在為資料中心運算、網路、醫療、工業和儀器等市場的客戶提供支援。

We continue to make progress ramping volume production as we manage through ongoing customer audits and qualifications.

透過持續的客戶審核和資格認證，我們在提高產量方面不斷取得進展。

In several cases, customer qualifications are taking longer than originally expected, though we are making steady progress.

在某些情況下，儘管我們正在穩步取得進展，但客戶資格認證所需的時間比最初預期的要長。

We expect our Malaysia facility to register limited revenues in the third quarter as we continue our production ramp.

隨著我們繼續提高產量，我們預計馬來西亞工廠第三季的收入有限。

I'd also like to update you on the consolidation of our manufacturing footprint.

我還想向您介紹我們製造業務整合的最新情況。

We previously announced our plan to close three small manufacturing facilities in order to improve total plant utilization, operational performance, customer focus and profitability.

我們先前宣布計劃關閉三個小型製造工廠，以提高工廠總利用率、營運績效、客戶關注度和獲利能力。

During the course of 2023, PCB manufacturing operations in Anaheim and Santa Clara, California, and Hong Kong were closed and consolidated into TTM's remaining facilities.

2023 年期間，位於加州阿納海姆和聖克拉拉以及香港的 PCB 製造業務將關閉，並併入 TTM 的剩餘工廠。

During the second quarter, we sold the Anaheim facility and one of the small buildings we owned in Santa Clara, and we continue to ramp production for the transferred parts at receiving facilities.

在第二季度，我們出售了阿納海姆工廠和我們在聖克拉拉擁有的一棟小型建築，並繼續在接收工廠提高轉移零件的產量。

Finally, I would like to update you on the previous 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 existing Syracuse, New York campus.

最後，我想向您通報我們先前宣布的最新情況，即我們打算透過在現有的紐約雪城校區附近建造一座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。

This new facility will focus on specialized high-technology PCB production, providing customers with reduced lead times and a significant increase in domestic capacity for ultra-high HDI PCBs in support of increasing national security requirements for high-technology PCBs.

該新工廠將專注於專業化高科技 PCB 生產，為客戶縮短交貨時間，並顯著提高超高 HDI PCB 的國內產能，以支持國家對高科技 PCB 日益增長的安全要求。

We have broken ground for the new building and expect initial low-rate production within 18 to 24 months.

我們的新大樓已破土動工，預計在 18 至 24 個月內實現初步低產量生產。

As previously announced, we expect the investment for Phase 1 of the proposed project, including capital for campus-wide improvements, to be in the range of between $100 million to $130 million.

正如先前宣布的那樣，我們預計擬議項目第一階段的投資（包括校園範圍內的改善資金）將在 1 億至 1.3 億美元之間。

Final capital investment commitments will be determined after finalizing terms with various stakeholders.

最終的資本投資承諾將在與各利害關係人敲定條款後確定。

Now, I'd like to review our end markets, which are referenced on page 4 of the earnings presentation on our website.

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。

The aerospace and defense end market represented 45% of total second-quarter sales compared to 47% of Q2 2023 sales and 46% of sales in Q1 2024.

航空航太和國防終端市場佔第二季總銷售額的 45%，而 2023 年第二季銷售額為 47%，2024 年第一季銷售額為 46%。

The solid demand in the defense market is a result of a positive tailwind in previous defense budgets, including supplemental funding related to conflicts in Ukraine and Israel, our strong strategic program alignment and key bookings for ongoing franchise programs.

國防市場的強勁需求是先前國防預算積極推動的結果，包括與烏克蘭和以色列衝突相關的補充資金、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。

We had a strong bookings quarter with a book-to-bill ratio of 1.26, leading to a record A&D program backlog of approximately $1.45 billion at the end of the second quarter.

我們的預訂季度表現強勁，預訂出貨比達到 1.26，導致第二季末 A&D 專案積壓金額達到創紀錄的約 14.5 億美元。

During the quarter, we saw significant bookings for TPS-80 G/ATOR, MH-60R and a key restricted program.

本季度，我們看到 TPS-80 G/ATOR、MH-60R 和關鍵限制項目的大量預訂。

We expect sales in Q3 from this end market to represent about 45% 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 45% 左右。

Bookings in the aerospace and defense market ship over a longer period of time than in our commercial markets and provide good visibility into future revenue growth.

航空航太和國防市場的預訂出貨時間比我們的商業市場更長，並且可以很好地了解未來的收入成長。

Sales in the data center computing end market represented 21% of total sales in the second quarter, compared to 12% in Q2 of 2023 and 21% in the first quarter of 2024.

資料中心計算終端市場的銷售額佔第二季總銷售額的21%，而2023年第二季為12%，2024年第一季為21%。

This end market performed better than expected and saw 93% year-on-year growth to reach an all-time high due to strength from our data center customers, building products for generative AI applications.

由於我們的資料中心客戶為生成式人工智慧應用建立產品的實力，該終端市場的表現優於預期，較去年同期成長 93%，達到歷史最高水準。

We expect revenues in this end market to represent 21% 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 21%。

The medical, industrial, instrumentation end market contributed 14% of our total sales in the second quarter, compared to 16% in the year-ago quarter and 14% in the first quarter of 2024.

醫療、工業、儀器終端市場貢獻了我們第二季總銷售額的 14%，而去年同期為 16%，2024 年第一季為 14%。

The year-over-year decline was generally the result of lower demand and ongoing inventory normalization, particularly in the industrial area.

年比下降通常是需求下降和庫存持續正常化的結果，特別是在工業領域。

However, the industrial market did improve sequentially.

然而，工業市場確實有所改善。

In addition, the medical market remained stable, and we saw pockets of improved demand from our semiconductor testing customers as generative AI drove growth in the DRAM market, leading to increased purchases of automated test equipment.

此外，醫療市場保持穩定，隨著生成式人工智慧推動 DRAM 市場的成長，我們看到半導體測試客戶的需求有所改善，導致自動化測試設備的購買量增加。

For the third quarter, we expect the medical, industrial, instrumentation end market to be 14% of revenues.

對於第三季度，我們預計醫療、工業、儀器儀表終端市場將佔營收的 14%。

Automotive sales represented 14% of total sales during the second quarter of 2024, compared to 17% in the year-ago quarter and 13% during the first quarter of 2024.

2024 年第二季度，汽車銷售佔總銷售量的 14%，去年同期為 17%，2024 年第一季為 13%。

The year-over-year decline for automotive was due primarily to continued inventory adjustments and soft demand at several customers.

汽車業務年減主要是由於持續的庫存調整和一些客戶的需求疲軟。

However, we experienced solid sequential growth in Q2 tied to inventory normalization and improved demand for internal combustion engine and ADAS applications.

然而，由於庫存正常化以及內燃機和 ADAS 應用需求的改善，我們在第二季度經歷了穩健的連續成長。

We expect our automotive business to contribute 14% of total sales in Q3.

我們預計汽車業務將佔第三季總銷售額的 14%。

Networking accounted for 6% of revenue during the second quarter of 2024.

2024 年第二季度，網路業務佔營收的 6%。

This compares to 8% in the second quarter of 2023 and 6% of revenue in the first quarter of 2024.

相比之下，2023 年第二季佔營收的 8%，2024 年第一季佔營收的 6%。

We saw sequential growth due to recovering demand from certain networking customers.

由於某些網路客戶的需求恢復，我們看到了環比增長。

On a year-on-year basis, demand was softer, as customers continue to focus on inventory digestion and experience weak end market demand.

與去年同期相比，需求疲軟，因為客戶繼續專注於庫存消化以及終端市場需求疲軟。

In Q3, we expect this end market to be 6% of revenues.

在第三季度，我們預計該終端市場將佔營收的 6%。

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。

This information is also available on page 5 of our earnings presentation.

此資訊也可在我們的收益簡報的第 5 頁上找到。

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 45% of our revenue.

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 45%。

This compares to approximately 43% in the year-ago quarter and 48% in Q1.

相比之下，去年同期約為 43%，第一季約為 48%。

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.

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。

PCB capacity utilization in Asia-Pacific was 64% in Q2, compared to 46% in the year-ago quarter and 52% in Q1.

第二季亞太地區 PCB 產能利用率為 64%，去年同期為 46%，第一季為 52%。

Utilization rates improved as data center demand continues to be strong and other commercial markets started to rebound.

隨著資料中心需求持續強勁且其他商業市場開始反彈，利用率有所提高。

Our overall PCB capacity utilization in North America was 39% in Q2, compared to 38% in the year-ago quarter and 38% in Q1.

第二季我們在北美的整體 PCB 產能利用率為 39%，去年同期為 38%，第一季為 38%。

As a reminder, North America utilization figures are not as meaningful as Asia-Pacific because bottlenecks in these high-mix, low-volume facilities tend to occur in areas outside of plating, which is the core process that we use for calculating utilization rates.

提醒一下，北美的使用率數據不如亞太地區那麼有意義，因為這些高品種、低產量設施的瓶頸往往發生在電鍍以外的區域，電鍍是我們用來計算利用率的核心流程。

Our top five customers contributed 42% of total sales in the second quarter of 2024, compared to 40% in the second quarter of 2023.

我們的前五名客戶貢獻了 2024 年第二季總銷售額的 42%，而 2023 年第二季為 40%。

We had one customer with over 10% of our total sales in the quarter.

我們有一個客戶占我們本季總銷售額的 10% 以上。

At the end of Q2, our 90-day backlog, which is subject to cancellations, was $633.5 million compared to $556.2 million at the end of the second quarter last year.

截至第二季末，我們的 90 天積壓訂單（可能會取消）為 6.335 億美元，去年第二季末為 5.562 億美元。

And as I mentioned earlier, our aerospace and defense backlog increased from $1.39 billion at the end of Q2 last year to a record of $1.45 billion at the end of Q2 this year.

正如我之前提到的，我們的航空航太和國防積壓訂單從去年第二季末的 13.9 億美元增加到今年第二季末的創紀錄的 14.5 億美元。

Our overall book-to-bill ratio was 1.11 for the three months ended July 1.

截至 7 月 1 日的三個月，我們的整體訂單出貨比為 1.11。

Now, Dan will review our financial performance for the second quarter.

現在，丹將回顧我們第二季的財務表現。

Dan?

擔？

Thanks, Tom, and good afternoon, everyone.

謝謝湯姆，大家下午好。

I will review our financial results for the second quarter that were included in the press release distributed today and are summarized on slide 6 of the earnings presentation posted on our website.

我將回顧我們第二季度的財務業績，這些業績包含在今天發布的新聞稿中，並在我們網站上發布的收益簡報的第 6 幻燈片中進行了總結。

For the second quarter, net sales were $605.1 million compared to $546.5 million in the second quarter of 2023.

第二季淨銷售額為 6.051 億美元，而 2023 年第二季淨銷售額為 5.465 億美元。

The year-over-year increase was due to growth in our data center computing and aerospace and defense end markets, partially offset by declines in our automotive, medical, industrial and instrumentation, and networking end markets.

年比成長是由於我們的資料中心運算以及航空航太和國防終端市場的成長，部分被我們的汽車、醫療、工業和儀器儀表以及網路終端市場的下降所抵消。

GAAP operating income for the second quarter of 2024 was $39 million, as compared with GAAP operating income of $21.4 million for the second quarter of 2023.

2024 年第二季的 GAAP 營業收入為 3,900 萬美元，而 2023 年第二季的 GAAP 營業收入為 2,140 萬美元。

On a GAAP basis, net income in the second quarter of 2024 was $26.4 million, or $0.25 per diluted share.

以 GAAP 計算，2024 年第二季淨利為 2,640 萬美元，即稀釋後每股收益 0.25 美元。

This compares to GAAP net income of $6.8 million, or $0.07 per diluted share in the second quarter of last year.

相比之下，去年第二季 GAAP 淨利潤為 680 萬美元，即稀釋後每股收益 0.07 美元。

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

我其餘的評論將集中於我們的非公認會計準則財務表現。

Our non-GAAP performance excludes M&A-related costs, restructuring costs, certain non-cash expense items such as amortization of intangibles, impairment of goodwill and stock compensation, gains on the sale of property, and other usual or infrequent items.

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、商譽減損和股票補償、出售財產的收益以及其他常見或不常見的項目。

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

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

Gross margin in the second quarter was 20% and compares to 19.2% in the second quarter of 2023.

第二季的毛利率為 20%，而 2023 年第二季的毛利率為 19.2%。

The year-on-year increase was due to higher sales volume, particularly in the data center computing end market, and improved operational execution.

年比成長是由於銷售量增加（特別是在資料中心計算終端市場）以及營運執行力的提高。

Selling and marketing expense was $19 million in the second quarter or 3.1% of net sales versus $17.5 million or 3.2% of net sales a year ago.

第二季銷售和行銷費用為 1,900 萬美元，佔淨銷售額的 3.1%，而去年同期為 1,750 萬美元，佔淨銷售額的 3.2%。

Second-quarter G&A expense was $39.4 million or 6.5% of net sales, compared to $35.1 million or 6.4% of net sales in the same quarter a year ago.

第二季管理及行政費用為 3,940 萬美元，佔淨銷售額的 6.5%，去年同期為 3,510 萬美元，佔淨銷售額的 6.4%。

In the second quarter of 2024, research and development was $8.2 million or 1.4% of net sales, compared with $6.2 million or 1.1% of net sales in the same quarter last year.

2024 年第二季度，研發費用為 820 萬美元，佔淨銷售額的 1.4%，去年同期為 620 萬美元，佔淨銷售額的 1.1%。

Our operating margin in the second quarter of 2024 was 9%, or 60 basis points increase from 8.4% in the same quarter of last year.

2024 年第二季我們的營業利益率為 9%，比去年同期的 8.4% 成長了 60 個基點。

Interest expense was $11.7 million in the second quarter of 2024, compared to $11.3 million in the same quarter last year.

2024 年第二季利息支出為 1,170 萬美元，去年同期為 1,130 萬美元。

During the current year quarter, there was a positive $0.5 million foreign exchange impact below the operating income line.

在本季度，營業收入線以下出現了 50 萬美元的外匯影響。

Government incentives and interest income totaling $3.4 million resulted in a net $3.9 million gain or a $0.03 positive impact to EPS.

政府激勵措施和利息收入總計 340 萬美元，帶來 390 萬美元的淨收益，即對 EPS 產生 0.03 美元的正面影響。

This compares to a net gain of $5.1 million or a $0.04 positive impact on EPS in the same quarter of last year.

相比之下，去年同期淨收益為 510 萬美元，對每股收益產生 0.04 美元的正面影響。

Our effective tax rate was 14% in the second quarter, resulting in tax expense of $6.5 million.

第二季我們的有效稅率為 14%，稅金支出為 650 萬美元。

This compares to a rate of 17% or a tax expense of $6.8 million in the same quarter last year.

相比之下，去年同期的稅率為 17%，稅費為 680 萬美元。

Second quarter 2024 net income was $40.1 million or $0.39 per diluted share.

2024 年第二季淨利為 4,010 萬美元，或攤薄後每股收益 0.39 美元。

This compares to second quarter 2023 net income of $33 million or $0.32 per diluted share.

相比之下，2023 年第二季淨利為 3,300 萬美元，即稀釋後每股收益 0.32 美元。

Adjusted EBITDA for the second quarter of 2024 was $84.6 million or 14% of net sales, compared with second quarter 2023 adjusted EBITDA of $74.7 million or 13.7% of net sales.

2024 年第二季調整後 EBITDA 為 8,460 萬美元，佔淨銷售額的 14%，而 2023 年第二季調整後 EBITDA 為 7,470 萬美元，佔淨銷售額的 13.7%。

Depreciation for the quarter was $26.2 million.

該季度的折舊為 2620 萬美元。

Net capital spending for the quarter was $10 million, reflecting cash inflows of $29.3 million from the sale of 2 buildings vacated by the closure of our Anaheim and Santa Clara facilities in 2023.

本季的淨資本支出為 1,000 萬美元，反映了因出售 2023 年阿納海姆和聖克拉拉工廠關閉而騰出的 2 棟建築帶來的 2,930 萬美元現金流入。

Cash flow from operations in the second quarter of 2024 was $41.9 million.

2024 年第二季營運現金流為 4,190 萬美元。

We purchased 1.39 million shares of common stock for $25.1 million at an average price of $18.09 per share.

我們以 2510 萬美元的價格購買了 139 萬股普通股，平均價格為每股 18.09 美元。

Cash and cash equivalents at the end of the second quarter of 2024 totaled $446.2 million.

截至 2024 年第二季末，現金及現金等價物總額為 4.462 億美元。

Our net debt divided by last 12 months' EBITDA was 1.4x, below the low end of our targeted range of 1.5x to 2x.

我們的淨債務除以過去 12 個月的 EBITDA 為 1.4 倍，低於我們 1.5 倍至 2 倍目標範圍的下限。

Finally, we anticipate that tomorrow, August 1, we will close the refinancing of $346.5 million of a new term loan facility at an interest rate of SOFR plus 2.25%, 50 basis points lower than our previous Term B loans issued in May 2023.

最後，我們預計明天，即8 月1 日，我們將完成3.465 億美元的新定期貸款融資的再融資，利率為SOFR 加2.25%，比我們之前於2023 年5 月發放的B 期貸款低50 個基點。

Upon closing, the new Term B loans will be issued at par and maintain the same maturity of May 2030.

交割後，新的 B 期貸款將按面值發行，並維持 2030 年 5 月的相同期限。

We anticipate using the proceeds from the new term loan facility to refinance $346.5 million of such outstanding indebtedness.

我們預計將利用新定期貸款融資的收益為 3.465 億美元的未償債務進行再融資。

We have used cash on hand to pay fees and expenses of approximately $1 million related to the refinancing activity.

我們已使用手頭現金支付約 100 萬美元與再融資活動相關的費用和開支。

Once finalized, the new financing is expected to generate annual interest savings of approximately $1.7 million.

一旦最終完成，新融資預計每年可節省約 170 萬美元的利息。

And now, I will turn to our guidance for the third quarter.

現在，我將談談我們對第三季的指導。

We project net sales for the third quarter of 2024 to be in the range of $580 million to $620 million, and non-GAAP earnings to be in the range of $0.37 to $0.43 per diluted share, which is inclusive of operating costs associated with starting up our Penang facility.

我們預計 2024 年第三季的淨銷售額將在 5.8 億至 6.2 億美元之間，非公認會計原則每股攤薄收益將在 0.37 至 0.43 美元之間，其中包括與啟動相關的運營成本我們的檳城工廠。

The EPS forecast is based on a diluted share count of approximately 103 million shares, which includes the dilutive effect of outstanding stock options and other stock awards.

EPS預測是基於約1.03億股的稀釋股數，其中包括已發行股票選擇權和其他股票獎勵的稀釋效應。

We expect SG&A expense to be about 9.8% of net sales in the third quarter and R&D to be about 1.4% of net sales.

我們預計第三季銷售及管理費用將佔淨銷售額的 9.8% 左右，研發費用將佔淨銷售額的 1.4% 左右。

We expect interest expense of approximately $11.3 million and interest income of approximately $2.6 million.

我們預計利息支出約為 1,130 萬美元，利息收入約為 260 萬美元。

We estimate our effective tax rate to be between 10% and 14%.

我們估計我們的有效稅率在 10% 到 14% 之間。

Further, we expect to record depreciation of approximately $26.2 million, amortization of intangibles of approximately $9.3 million, stock-based compensation expense of approximately $8.4 million, and non-cash interest expense of approximately $0.4 million.

此外，我們預計折舊約 2,620 萬美元，無形資產攤銷約 930 萬美元，股票補償費用約 840 萬美元，非現金利息費用約 40 萬美元。

And finally, I'd like to announce that we will be participating in the Needham Virtual Industrial Technology Conference, August 19 through 20; the Jefferies Semiconductor IT Hardware and Communications Technology Conference in Chicago on August 27; and the Jefferies Industrials Conference in New York on September 4.

最後，我想宣布，我們將參加 8 月 19 日至 20 日舉行的 Needham 虛擬工業技術會議； 8 月 27 日在芝加哥舉行的傑富瑞半導體 IT 硬體和通訊技術會議；以及 9 月 4 日在紐約舉行的傑富瑞工業會議。

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。

Operator?

操作員？

(Operator Instructions) Jim Ricchiuti, Needham & Co.

（操作員說明）Jim Ricchiuti，Needham & Co.

I wanted to go back to the commentary around the utilization in APAC, which -- yes, it increased fairly meaningfully, at least from Q1.

我想回到關於亞太地區利用率的評論，是的，它的成長相當有意義，至少從第一季開始是這樣。

And I was hoping you could elaborate on what drove that, how much the contributor that was to the margin improvement or to the extent it offset some of the headwinds from Penang.

我希望你能詳細說明是什麼推動了這一點，對利潤率改善的貢獻有多大，或者在多大程度上抵消了檳城的一些不利因素。

Maybe if you could just give a little bit more color on what you're seeing there?

也許您可以為您在那裡看到的內容提供更多的色彩？

Sure, Jim.

當然，吉姆。

You're absolutely right.

你是絕對正確的。

If you look at the sequential growth in our commercial end markets, that was really what was driving the utilization up.

如果你看看我們商業終端市場的連續成長，你會發現這確實是推動利用率上升的原因。

And we had pretty much across the board sequential improvement, but particularly automotive, MII and networking, so -- whereas last quarter, most of the facilities were really outside of the data center facility.

我們幾乎全面實現了連續改進，特別是汽車、MII 和網絡，因此——而上個季度，大多數設施實際上都在資料中心設施之外。

Our other facilities were relatively low on utilization.

我們的其他設施利用率相對較低。

We saw the utilization rates climb a bit this last quarter.

我們看到上個季度的利用率略有上升。

Certainly, it contributed to our operating margin in a positive way and helped versus Penang.

當然，它對我們的營業利潤做出了積極的貢獻，並有助於對抗檳城。

But Dan, any further comments?

但是丹，還有什麼進一步的評論嗎？

Yes, agree with those comments.

是的，同意這些評論。

Penang was still consistent with last quarter, about 180 basis points headwind to the operating profit this quarter.

檳城仍與上季保持一致，本季營業利潤逆風約 180 個基點。

So to Tom's point, that utilization did offset that, which is what we had expected.

因此，就湯姆而言，這種利用率確實抵消了這一點，而這正是我們所期望的。

But yes, we'll continue to have that headwind.

但是，是的，我們將繼續面對這種逆風。

And it's just nice to be able to have the other business offsetting that.

能夠讓其他業務抵消這一點真是太好了。

And a follow-up question.

還有一個後續問題。

I know you guys don't typically guide beyond the quarter, but I wanted to ask about the two areas of the business where I think you have a line of sight, and that's the A&D business and the data center computing business.

我知道你們通常不會在季度之後進行指導，但我想問一下我認為你們有視線的兩個業務領域，那就是 A&D 業務和資料中心計算業務。

As you think about Q4, is there any reason there that you wouldn't see continued strength in those areas?

當您考慮第四季度時，是否有任何理由認為這些領域不會持續強勁？

And on data center, how much customer concentration is there in that sector?

在資料中心方面，該領域的客戶集中度有多少？

Sure.

當然。

The A&D side, as you said, Jim, that's where we have the best visibility, and that program backlog number is a good indicator of the kind of support out there from a booking standpoint.

正如您所說，吉姆，A&D 方面是我們擁有最佳可見性的地方，而計劃積壓數量是從預訂角度來看支援類型的良好指標。

So we have, yes, certainly good confidence in terms of strength in defense as we go into the Q4 and really into next year, given the program backlog.

因此，是的，考慮到計劃積壓，當我們進入第四季度並真正進入明年時，我們對防禦實力當然有很好的信心。

When it comes to our commercial markets, a little less so, right?

當談到我們的商業市場時，情況就不那麼嚴重了，對吧？

We book programs, and I'd say, the second most visibility we usually get is out of auto, where we have at least a six-month strong forecast that we're working from, and that's supplemented by purchase orders that are placed within the quarter.

我們預訂計劃，我想說，我們通常獲得的第二大可見度是汽車領域，我們至少有六個月的強勁預測，並且透過下達的採購訂單進行補充該季度。

Data center computing comes after that, certainly program visibility, but programs do shift around.

之後是資料中心計算，當然還有程式可見性，但程式確實會改變。

And so, in that market, as we look into Q4, I think if you look at certainly the momentum behind generative AI, that is a strong indicator for the balance of the year.

因此，在這個市場中，當我們展望第四季度時，我認為如果你確實專注於生成式人工智慧背後的勢頭，那麼這是今年平衡的一個強有力的指標。

Certainly, what we hear from our customer base is positive around their expectations.

當然，我們從客戶群聽到的關於他們的期望是正面的。

So I think we remain optimistic in terms of -- certainly through the course of this year.

因此，我認為我們在今年的整個過程中都保持樂觀。

I would -- just to comment on the other end markets, MII, networking expected a bit more of an uptick to occur in Q3 heading into the back half of the year.

我想——只是對其他終端市場發表評論，MII、網路預計在進入今年下半年的第三季會出現更多的成長。

That hasn't happened to the extent we expected.

這並沒有達到我們預期的程度。

So Q4, we'll see.

那麼第四季度，我們拭目以待。

Certainly, the inventory situations have improved.

當然，庫存狀況有所改善。

That's a positive indicator that we'll at least be seeing real demand there.

這是一個積極的跡象，表明我們至少會看到那裡的實際需求。

So that's what we're seeing out there in the markets.

這就是我們在市場上看到的情況。

Tom, just customer concentration in data center, has it changed?

Tom，只是客戶集中在資料中心，有變化嗎？

Yes.

是的。

Thank you for the reminder on that.

謝謝你的提醒。

Yes, the customer concentration does -- in AI and data center overall, remains fairly high.

是的，整個人工智慧和資料中心的客戶集中度仍然相當高。

You really have the hyperscalers and direct chip folks that are driving that demand.

你確實擁有推動這項需求的超大規模廠商和直接晶片人員。

So it's a relatively concentrated market, remains so.

所以這是一個相對集中的市場，而且仍然如此。

We have seen a better spread there in terms of customers, but you do still have three, four major customers driving the demand there.

我們看到那裡的客戶分佈更好，但仍有三、四個主要客戶推動那裡的需求。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

A question regarding gross margin.

關於毛利率的問題。

You've had two quarters in a row of sequential margin improvement.

您的利潤率已連續兩季連續改善。

And it looks like backing into that for Q3, you're going to have another up quarter.

看起來第三季將會出現另一個季度的成長。

And I know one headwind is the ramping of the production in Penang, and it sounds like that might be pushed out a little bit because of the -- you're saying, qualifications are taking a bit longer.

我知道一個阻力是檳城的製作量增加，聽起來可能會被推遲一點，因為——你說的是，資格認證需要更長的時間。

But is that still -- I think you said it was a 150 basis point headwind to gross margin.

但這仍然是——我想你說過這對毛利率來說是 150 個基點的逆風。

So I'm just trying to figure out how should we think about gross margins heading into Q4 and next year, once this starts to ramp or it's fully ramped.

因此，我只是想弄清楚，一旦毛利率開始上升或完全上升，我們應該如何看待第四季和明年的毛利率。

So, this is Tom.

所以，這是湯姆。

Let me start on the Penang status, and then I'll hand over to Dan to talk about the gross margin.

讓我先談談檳城的狀況，然後我將交給 Dan 談談毛利率。

In terms of Penang, yes, there are a few things going on there.

就檳城而言，是的，那裡正在發生一些事情。

The facility continues to steadily ramp.

該設施繼續穩步發展。

We will have revenue in the third quarter.

我們將在第三季獲得收入。

What's happened there in terms of the delay, and you're right, that's -- we are seeing a delay in terms of our breakeven point.

就延遲而言，發生了什麼，你是對的，我們的損益平衡點出現了延遲。

We thought that, that would come in early Q1 next year.

我們認為，這將在明年第一季初出現。

We're probably going to see about a two-quarter delay to get to breakeven there.

我們可能會看到大約兩個季度的延遲才能達到盈虧平衡。

And what is happening is that a couple of things.

正在發生的事情有幾件事。

Our customers' audits are taking longer than expected, particularly the anchor customer audits.

我們客戶的審核時間比預期長，尤其是主力客戶審核。

And that's sort of an outcome of customers now dealing -- seeing a greenfield facility.

這就是客戶現在交易的結果——看到新建設施。

They're not too familiar with greenfield facilities for high layer count production.

他們對多層數生產的新建設施不太熟悉。

And so, audit requirements have shifted a bit there.

因此，審計要求發生了一些變化。

So that's one piece.

所以這是一件。

The other is related to sample qualification and then sample qualification intersection with program ramp.

另一個與樣本資格以及樣本資格與程序斜坡的交集有關。

So always tricky to get that timing right.

所以要找到正確的時機總是很棘手。

And so, we're working with our customers to synchronize that timing.

因此，我們正在與客戶合作以同步該時間。

So that's what's really going on there overall in Penang.

這就是檳城總體上正在發生的事情。

Good steady progress, though, in terms of the facility preparation and ramp.

不過，在設施準備和坡道方面，進展良好。

Dan, gross margin?

丹，毛利率？

Yes.

是的。

Thanks, Tom.

謝謝，湯姆。

You mentioned the headwind from Penang, currently at the gross profit margin level, it's about 170 basis points in this period.

您提到來自檳城的逆風，目前的毛利率水準約為170個基點。

Going forward, in the next quarter, we do start seeing some revenue, so it will decrease to about 160 basis points headwind to gross margin in the third quarter.

展望未來，在下個季度，我們確實開始看到一些收入，因此第三季毛利率將下降至約 160 個基點。

But yes, we do see still some sequential improvements or at least staying at the level that we're at right now in gross margin in Q3.

但是，是的，我們確實看到了一些連續的改善，或至少保持在第三季毛利率的水平。

And that's, as we discussed on Jim's question, increased utilization throughout Asia-Pacific on the commercial side of the business, as well as North America factories have been running at very good utilization rates as well.

正如我們在吉姆的問題中所討論的那樣，整個亞太地區商業方面的利用率不斷提高，北美工廠也一直以非常高的利用率運作。

As Tom mentioned in his prepared remarks, the way that we measure utilization in North America is not as meaningful as it is in Asia-Pacific because it's a lower mix -- or lower volume, higher mix.

正如湯姆在他準備好的發言中提到的那樣，我們衡量北美地區利用率的方式並不像亞太地區那樣有意義，因為它的混合程度較低，或者說產量較低，但混合程度較高。

However, we are doing quite well in our North America factories as far as utilization and efficiency rates.

然而，就利用率和效率而言，我們北美工廠的表現相當不錯。

So that's more than offsetting the Penang headwind right now.

因此，這不僅僅是抵消檳城目前的逆風。

Got it.

知道了。

Okay.

好的。

All right.

好的。

And then, another question on the data center.

然後是關於資料中心的另一個問題。

One, in terms of visibility there, I know some of the EMS players in that space say they have about six months of visibility, but beyond that, it's tough.

第一，就可見度而言，我知道該領域的一些 EMS 參與者表示他們有大約六個月的可見度，但除此之外，就很難了。

And I know you have multiple customers.

我知道你有多個客戶。

So I'd love to get your take there because we've had several strong quarters and we're going to be entering sort of a digestion period at some point.

因此，我很樂意聽取您的意見，因為我們已經經歷了幾個強勁的季度，我們將在某個時候進入某種消化期。

And then second, if you could talk about the competitive landscape?

其次，能否談談競爭格局？

I know there are just a handful of players with the global abilities to do big volume PCBs for customers.

我知道只有少數幾家公司具備在全球範圍內為客戶生產大批量 PCB 的能力。

Just wondering if you can maybe give us a little bit more color on that competitive environment.

只是想知道您是否可以為我們提供有關競爭環境的更多資訊。

Sure.

當然。

So, yes, on data center, what we're seeing right now, and as you know, when we talk about data center computing, it really is semiconductor demand and data center demand.

所以，是的，在資料中心方面，我們現在所看到的，正如你所知，當我們談論資料中心計算時，它確實是半導體需求和資料中心需求。

But what we're seeing right now, driven by generative AI, is the data center demand, which historically has been about 60% or so of that demand, right now is upwards of 87%.

但我們現在看到的是，在生成式人工智慧的推動下，資料中心的需求，歷史上約為該需求的 60% 左右，現在則高達 87%。

So we really are seeing momentum there on the generative AI side.

所以我們確實看到了生成人工智慧方面的勢頭。

I think your comment about visibility is very good, Matt.

我認為你對可見性的評論非常好，馬特。

That's approximately what we see as well is that we can look into Q4, what we're hearing from EMS partners as well as from the OEM, so similar kind of visibility into the 6 months.

我們也大致看到的是，我們可以研究第四季度，我們從 EMS 合作夥伴以及 OEM 那裡聽到的信息，因此對 6 個月的了解情況類似。

Hard to say when and if there will be a digestive period there.

很難說何時以及是否會有消化期。

Right now, it's still a really nice demand environment.

目前，這仍然是一個非常好的需求環境。

In terms of competition, not a lot of changes.

從競爭角度來看，變化並不大。

We're still seeing major competition out of Taiwan and Korea.

我們仍然看到來自台灣和韓國的主要競爭。

A few of the players there, (inaudible) Gold Circuit out of Taiwan, Unimicron out of Taiwan, and then in Korea, [IZU] continues to be a competitor out of Korea.

那裡的一些玩家，（聽不清楚）台灣的 Gold Circuit，台灣的 Unimicron，然後在韓國，[IZU] 仍然是韓國的競爭對手。

So those are just some representative names of folks that have the same kind of high layer count and HDI position that we have in the marketplace.

因此，這些只是具有與我們在市場上相同的高層數和 HDI 地位的人員的一些代表性名稱。

Mike Crawford, B. Riley Securities.

麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Now, correct me if I'm wrong, but I believe most of that data center business now is coming out of China, and you don't necessarily expect much of that to move to Penang.

現在，如果我錯了，請糾正我，但我相信現在大部分資料中心業務都來自中國，您不一定期望其中大部分業務轉移到檳城。

Or is that something that could drive further growth in Penang from what you initially envisioned with that facility?

或者這可以推動檳城進一步發展，超越您最初對該設施的設想？

Yes.

是的。

So, a slight distinction there, Mike.

所以，麥克，這裡有一點區別。

Yes, so you're right.

是的，所以你是對的。

The generative AI demand, which really looks at higher layer count demand, that remains out of our principal China facility in Dongguan, where we have been cross-qualifying another facility in China, our Guangzhou facility as well.

生成式人工智慧需求實際上著眼於更高層數的需求，這仍然不在我們位於東莞的主要中國工廠範圍內，我們一直在對中國的另一家工廠（廣州工廠）進行交叉認證。

When it comes to Penang, particularly in the first stages of ramp, the customers' -- primary customer demand will be coming out of data center computing, but it will be more of the traditional data center requirements.

就檳城而言，特別是在產能提升的第一階段，客戶的主要客戶需求將來自資料中心計算，但更多的是傳統資料中心的需求。

So you'll be looking at layer counts in the 16 to 18 kind of layer count as the sweet spot.

因此，您將把 16 到 18 層的層數視為最佳點。

That tends towards what we think of as more standard technology versus the advanced technology that's required for the generative AI applications.

這傾向於我們所認為的更標準的技術，而不是產生人工智慧應用所需的先進技術。

So at least in this initial stage, that's going to be the case.

所以至少在這個初始階段，情況會是這樣。

Of course, as we look longer term at the Penang facility and particularly as we get into Phase 2 expansion plans, we'll be planning to continue to add plating capacity there that would allow efficient production of that higher layer count and HDI production as well.

當然，當我們對檳城工廠進行更長遠的考慮時，特別是當我們進入第二階段擴建計劃時，我們將計劃繼續增加那裡的電鍍產能，這將允許高效生產更高層數和 HDI 生產。

Okay.

好的。

And then, just shifting gears, I know that last year, at least for the first three quarters, you had extremely high automotive program [lifetime] value wins, slowed down a little bit in Q4, really slowed in March, and that overall vertical does not seem to have improved very much.

然後，只是換檔，我知道去年，至少在前三個季度，您獲得了極高的汽車項目[生命週期]價值勝利，在第四季度略有放緩，在三月份確實放緩了，並且整體垂直似乎並沒有太大改善。

Does that still remain weak?

這仍然很弱嗎？

And what was the win number in 2Q?

第二季的勝率是多少？

Sure.

當然。

Yes.

是的。

So our win number did improve.

所以我們的勝率確實有提高。

We were up to about $61 million in this most recent quarter.

最近一個季度我們的營收達到了約 6,100 萬美元。

That compares to about $95 million last year.

相比之下，去年的金額約為 9,500 萬美元。

So we are seeing a lower program win number there.

所以我們看到那裡的節目獲勝數較低。

And what's really happening is that customers are not releasing programs.

真正發生的情況是客戶沒有發布程式。

And much of this is related to the shift that we're seeing in that market from EV and a strong emphasis in terms of programs being let for EV, and now, customers recalibrating as they're starting to see more demand for traditional internal combustion engine, less demand than expected, less demand growth than expected coming out of EV.

這在很大程度上與我們在該市場看到的從電動車的轉變以及對電動車出租項目的高度重視有關，現在，客戶開始重新調整，因為他們開始看到對傳統內燃機的更多需求發動機，需求低於預期，電動車的需求成長低於預期。

And so, they're looking at their own portfolios, their own designs and sort of taking a step back to reevaluate as they look at what designs to go forward with.

因此，他們正在審視自己的投資組合、自己的設計，並在考慮下一步的設計時退後一步重新評估。

So that's what's been going on there.

這就是那裡正在發生的事情。

Mike, I think you're right to call it out as a relatively weak environment in terms of program release.

麥克，我認為你說這是一個在程式發布方面相對較弱的環境，這是正確的。

Okay.

好的。

And then, final question is on capital allocation.

然後，最後一個問題是關於資本配置。

So you're below targeted leverage.

所以您的槓桿率低於目標槓桿。

You have $41 million remaining on your buyback.

您的回購還剩 4,100 萬美元。

You have these investments in Malaysia and Syracuse, yet still excess capital deployed.

您在馬來西亞和錫拉丘茲有這些投資，但仍部署了過剩的資本。

So what are the priorities with that excess?

那麼，這些過剩的優先事項是什麼？

Sure.

當然。

We'll continue to look at the share buyback.

我們將繼續關注股票回購。

As you mentioned, we have $41 million remaining there.

正如您所提到的，我們還剩下 4100 萬美元。

We did do quite a bit of buyback in Q2 to offset the dilution from our insider vestings of stock.

我們在第二季確實進行了大量回購，以抵消我們的內部股票歸屬帶來的稀釋。

And then, we'll continue as well, always looking at the market, at opportunities for M&A, as well as whether there's an opportunity to buy back some of our debt.

然後，我們也會繼續關注市場，關注併購機會，以及是否有機會回購我們的部分債務。

Now, as I mentioned in my prepared remarks, we are hoping to close tomorrow on a re-pricing to decrease the interest expense on that current debt.

現在，正如我在準備好的演講中提到的那樣，我們希望明天結束時重新定價，以減少當前債務的利息支出。

As you've mentioned before, there's some benefit to potentially paying that down.

正如您之前提到的，支付這筆費用可能會帶來一些好處。

But that's not a priority.

但這不是優先事項。

As you mentioned, we're at the low end of our leverage range.

正如您所提到的，我們處於槓桿範圍的低端。

So really, we're keeping the powder dry for a potential -- if there's an opportunity in the M&A market, we're continuing to look at that opportunistically.

所以，實際上，我們正​​在為潛在的機會做好準備——如果併購市場上有機會，我們將繼續抓住機會。

William Stein, Truist Securities.

威廉斯坦，Truist 證券公司。

I thought it might be appropriate to take a second and recognize what a great job you guys did in the quarter.

我認為也許應該花點時間來認識你們在本季所做的出色工作。

It was a very good result, both revenue and margins, and you deserve some recognition for that.

無論是收入還是利潤率，這都是一個非常好的結果，你應該為此得到一些認可。

I wanted to ask about two topics.

我想問兩個話題。

First, can you remind us, with Penang, which end markets are ramping there?

首先，您能否提醒我們，檳城哪些終端市場正在蓬勃發展？

And whether -- I still sort of have a vague memory of whether or not this is revenue that's going to transition from another geo that you already have or whether this is more going to be new incremental revenue.

我仍然模糊地記得這是否是從您已經擁有的另一個地理區域轉變的收入，或者這是否更多是新的增量收入。

Can you refresh my memory on that, please?

你能幫我回憶一下嗎？

Sure, I can, Will.

當然，我可以，威爾。

And thank you for your comments.

感謝您的評論。

So when it comes to Penang, our anchor customers there come from, as I mentioned earlier, data center computing.

因此，當談到檳城時，正如我之前提到的，我們的主要客戶來自資料中心計算。

That's one critical end market.

這是一個關鍵的終端市場。

The other is medical, industrial, instrumentation and really the industrial and instrumentation space.

另一個是醫療、工業、儀器以及真正的工業和儀器領域。

And so, that's where the end market mix is predominantly coming from, and again, that 16 to 18-layer sweet spot in terms of layer count.

因此，這就是終端市場組合的主要來源，就層數而言，16 至 18 層是最佳選擇。

From a geographic standpoint, in the first phase, looking at approximately 20% coming out of China, that's standard technology that we would be moving out of our -- predominantly the facility that is extremely busy right now with higher layer count requirements for generative AI.

從地理角度來看，在第一階段，大約 20% 來自中國，這是我們將要搬出的標準技術——主要是目前非常繁忙的設施，對生成人工智慧有更高的層數要求。

So that's been the plan, Will.

這就是計劃，威爾。

It's about 20% coming out of China and the balance in new programs.

大約 20% 來自中國，其餘部分來自新項目。

And it's that balance where you really need to -- you have a number of programs that are starting up.

這就是你真正需要的平衡——你有許多正在啟動的程式。

Customers need to make sure that the intersection between our approval for a program and the program ramp make sure that, that timing works.

客戶需要確保我們對專案的批准和專案進度之間的交集確保時間有效。

And so, it's getting -- that's a very delicate situation for our customers and trying to make sure that they can get the forecast right for these programs as they ramp.

因此，對於我們的客戶來說，這是一個非常微妙的情況，並試圖確保他們能夠在這些計劃的擴展過程中獲得正確的預測。

And so, a little bit of a moving target there, but again, a lot of really good cooperation with our customers as we look at programs.

因此，目標有點移動，但同樣，在我們考慮專案時，我們與客戶進行了很多真正良好的合作。

But Tom, the 80% that's new, that's worth lingering on for the moment.

但湯姆，這 80% 是新的，暫時值得停留。

Is that new in the sense of new customers or new programs that you never had?

這是指您從未擁有過的新客戶或新計劃嗎？

Or should we instead be more conservative when we think about modeling and think, well, this is new, but displacing something that you had in the past, like a new program version, but maybe something you're already building?

或者，當我們考慮建模時，我們是否應該更加保守，並認為，這是新的，但取代了您過去擁有的東西，例如新的程式版本，但也許是您已經在建立的東西？

Or is this truly new growth revenue to you?

或者這對您來說是真正的新增長收入嗎？

The bulk of that 80% is new program positioning coming from our customers, and these are existing customers.

其中 80% 的大部分是來自我們客戶的新計畫定位，這些都是現有客戶。

And what's happening there, Will, is, in agreement, particularly again with our anchor customers, they -- we didn't do much standard technology, if you will, in China.

威爾，那裡發生的事情是一致的，尤其是我們的主要客戶，他們——如果你願意的話，我們在中國沒有做太多標準技術。

So this is, for us, a market share gain opportunity as they look at standard technology requirements and looking at non-China sourcing for those.

因此，對我們來說，這是一個獲得市場份額的機會，因為他們專注於標準技術要求並尋找非中國採購。

So that's where that 80% is coming from.

這就是 80% 的來源。

We are working, by the way, on new customers as well.

順便說一下，我們也在開發新客戶。

And so, I don't want to neglect that.

所以，我不想忽視這一點。

But in terms of the base business plan and as it's associated with anchor customers, it's predominantly that standard technology opportunity and really a market share gain opportunity for TTM.

但就基本業務計劃而言，由於它與主要客戶相關，因此主要是標準技術機會，並且實際上是 TTM 獲得市場份額的機會。

Great.

偉大的。

And one other topic I'd like to hit on, in the past, the aerospace and defense business has been challenged by supply chain issues, labor shortages in, I think, Upstate New York, if I recall, maybe supply shortages from semis.

我想談的另一個議題是，過去，航空航太和國防業務一直受到供應鏈問題、紐約州北部勞動力短缺的挑戰，如果我沒記錯的話，可能是半成品的供應短缺。

There have been a bunch of challenges.

遇到了很多挑戰。

Can you remind me where we are in terms of addressing those?

您能提醒我我們在解決這些問題方面處於什麼位置嗎？

Sure.

當然。

You are absolutely right.

你是絕對正確的。

If you step back to, let's just say, early last year, we were in the midst of some tremendous supply chain challenges, over $20 million in terms of revenue impact from those supply chain challenges to TTM and causing a real customer pain.

如果你回顧一下，比如說，去年初，我們正面臨一些巨大的供應鏈挑戰，這些供應鏈挑戰對 TTM 的收入影響超過 2000 萬美元，並給客戶帶來了真正的痛苦。

And that was a real critical area of focus for us.

這對我們來說是一個真正關鍵的關注領域。

We stood up a supply chain organization for our non-PCB area, what we call integrated electronics.

我們為非 PCB 領域（我們稱之為整合電子領域）建立了供應鏈組織。

That was a critical step for us.

這對我們來說是關鍵的一步。

It's a different supply chain entirely from the printed circuit board area, really helped.

這是一個完全不同於印刷電路板領域的供應鏈，確實很有幫助。

Those folks have been tremendous working with our vendors.

這些人與我們的供應商合作得非常出色。

We've also seen, of course, an overall improvement in the supply chain.

當然，我們也看到供應鏈的整體改善。

So we're -- most recent quarter -- we still have issues, but we're down to about $5 million.

所以我們——最近一個季度——我們仍然遇到問題，但我們已經減少到大約 500 萬美元。

And in our prior quarter, Q1, we were at about $8 million, to give you a feel for that.

在我們的上一季（即第一季）中，我們的營收約為 800 萬美元，讓您感受一下。

So, good improvement there.

所以，那裡有很好的改進。

We're still, like everyone, challenged by labor shortages.

和所有人一樣，我們仍然面臨勞動力短缺的挑戰。

And that's particularly when we look at incremental labor, not a huge issue.

尤其是當我們考慮增量勞動力時，這並不是一個大問題。

We're able to source labor.

我們能夠找到勞動力。

It takes a little while, but we're able to source labor.

這需要一點時間，但我們能夠找到勞動力。

When we're ramping, that's a bit more of a challenge.

當我們加速時，這會是一個更大的挑戰。

And if you think about these receiving facilities from our shutdowns, last year, as we're bringing labor now into those receiving facilities, that's been more of a challenge with facilities that are ramping, so still making progress there.

如果你考慮我們去年關閉的這些接收設施，當我們現在將勞動力引入這些接收設施時，這對於正在擴建的設施來說是一個更大的挑戰，因此仍在取得進展。

But when you're looking at hiring of, let's just say, more than 20 operators in a facility, that's when it takes a little bit more time than I'd like to see.

但是，當您考慮在一個設施中僱用 20 多名操作員時，就需要比我希望看到的時間多一點的時間。

But we are making progress there, and supply chain certainly still an area of focus, but good solid improvements.

但我們正在這方面取得進展，供應鏈當然仍然是一個重點領域，但已經取得了良好的、紮實的改進。

Thank you.

謝謝。

I'm showing no further questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

I would now like to turn the call back over to Mr. Tom Edman for any closing remarks.

我現在想將電話轉回給湯姆·艾德曼先生，請他發表結束語。

Sure thing.

當然可以。

Yes.

是的。

I just wanted to thank everyone again for joining the call.

我只是想再次感謝大家加入這次電話會議。

I wanted to summarize a few of the critical points that we made.

我想總結我們提出的一些關鍵點。

First, we delivered non-GAAP EPS and revenues above the guided range.

首先，我們的非公認會計原則每股收益和收入高於指導範圍。

We had solid growth and improved operational performance on a year-on-year basis.

我們實現了穩健成長，營運績效較去年同期有所改善。

We generated healthy cash flow from operations of $41.9 million.

我們的營運產生了 4,190 萬美元的健康現金流。

We continued to repurchase stock and maintain a solid balance sheet with a net debt-to-EBITDA ratio of 1.4, which is below our target range.

我們繼續回購股票並維持穩健的資產負債表，淨負債與 EBITDA 比率為 1.4，低於我們的目標範圍。

Finally, we refinanced our term loan, resulting -- and that will close, as Dan mentioned, hopefully in the next few days and will result in a lower interest rate expense for the company going forward.

最後，我們為定期貸款進行了再融資，正如丹所提到的那樣，這將在未來幾天內完成，並將導致公司未來的利率費用降低。

In closing, I would really like to thank our employees, significant efforts in the quarter there.

最後，我真的要感謝我們的員工在本季所做的巨大努力。

I also want to thank our customers and certainly, all of you, our investors for supporting TTM.

我還要感謝我們的客戶，當然還有你們所有人，我們的投資者對迅達的支持。

Thank you very much for joining this call.

非常感謝您參加本次通話。

Goodbye.

再見。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。