TTM Technologies Inc (TTMI) 2024 Q4 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to the TTM Technologies, Inc. Fourth-quarter, 2024 financial results conference call.

午安.感謝您的支持。歡迎參加 TTM Technologies, Inc. 2024 年第四季財務業績電話會議。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded today, February 5, 2025, Sameer Desai, TTM's Vice President Corporate Development and Investor Relations, will now review TTM's disclosure statement.

提醒一下，本次會議將於今天（2025 年 2 月 5 日）錄製，TTM 企業發展和投資者關係副總裁 Sameer Desai 將審查 TTM 的揭露聲明。

Thank you, Sheri. 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 the risk factors we provide in our filings with the Securities and Exchange Commission which we encourage you to review.

謝謝你，雪莉。在我們開始之前，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。由於一個或多個風險和不確定因素，實際結果可能與這些前瞻性陳述有重大差異，包括我們在提交給美國證券交易委員會的文件中提供的風險因素，我們鼓勵您查看。

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.

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。除非法律要求，否則 TTM 不承擔因新資訊、未來事件或其他情況而公開更新或修改任何這些前瞻性聲明的義務。

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 that website, a slide deck that we will refer to during our call.

我們還將在此電話會議上討論某些非 GAAP 財務指標，例如調整後的 EBITDA，這些指標不應被視為根據 GAAP 編制和呈現的指標的替代品，我們將指導您查看公司收益報告中包含的 GAAP 和非 GAAP 指標之間的對賬表，該報告可在 TTM 網站 investors.ttm.com 的投資者關係部分找到。我們還在該網站上發布了一份幻燈片，供我們在電話會議中參考。

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

現在我將把電話轉給 TTM 執行長湯姆·艾德曼 (Tom Edman)。請繼續，湯姆。

Thank you, Sameer. Good afternoon and thank you for joining us for our fourth quarter and fiscal year 2024 conference call. I'll begin with a review of our business highlights from the quarter and a discussion of our fourth quarter results followed by a summary of our business strategy. Dan Boehle, our CFO, will follow with an overview of our Q4 2024 financial performance and our Q1 2025 guidance. We will then open the call to your questions.

謝謝你，薩米爾。下午好，感謝您參加我們的 2024 財年第四季和年度電話會議。我將首先回顧本季的業務亮點，然後討論我們的第四季業績，最後總結我們的業務策略。我們的財務長 Dan Boehle 將隨後概述我們 2024 年第四季的財務業績和 2025 年第一季的指引。然後我們將開始回答您的問題。

Highlights of the quarter's financial results are summarized on slide 3 of the earnings presentation posted on TTM's website. We delivered an excellent quarter and a strong full year in 2024. And I would like to thank our employees for their hard work and contributions in support of those results.

TTM 網站上發布的收益報告第 3 頁總結了本季財務表現的亮點。2024 年，我們取得了出色的季度業績和強勁的全年業績。我要感謝我們的員工為這些成果所付出的辛勤工作和貢獻。

In the fourth quarter of 2024 TTM achieved revenues and non-GAAP EPS above the high end of the guided range. Revenues grew 14% year-on-year and represented the fourth consecutive quarter of year-on-year growth due to demand strength from our Aerospace and e, Data Center, Computing and Networking end markets. The latter two being driven by generative AI.

2024 年第四季度，TTM 實現的收入和非 GAAP EPS 均高於指導範圍的高點。由於航空航太和電子、資料中心、運算和網路終端市場的需求強勁，營收年增 14%，連續第四個季度實現年增。後兩者由生成式人工智慧驅動。

While the growth in revenues was partially offset by year over year declines from our Automotive and Medical, Industrial and Instrumentation end markets. We achieved record high revenue in our A&D and Data Center Computing end markets.

雖然收入的成長被汽車、醫療、工業和儀器儀表終端市場的年減部分抵消。我們在 A&D 和資料中心計算終端市場實現了創紀錄的收入。

Overall, the company book-to-bill was 1.09, with the A&D book to bill at 1.14. Demand in our Aerospace and Defense market which was 47% of revenues for the quarter, continues to be strong and we now have a record program backlog of approximately $1.56 billion.

總體而言，該公司的訂單出貨比為 1.09，其中 A&D 的訂單出貨比為 1.14。我們航空航太和國防市場的需求持續強勁，佔本季營收的 47%，目前我們的專案積壓訂單量達到創紀錄的約 15.6 億美元。

Finally, non-GAAP operating margins were a double digit for the second consecutive quarter and reflected continued solid execution. 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.

最後，非公認會計準則營業利益率連續第二季達到兩位數，反映出持續穩健的執行力。我現在想提供一個戰略更新。TTM 正在進行業務轉型，使其更具差異化、更具週期性。

Over the past several years we have 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. 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 printed circuit boards contributing less than 50% overall.

在過去幾年中，我們一直強調，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。透過收購 Anaren 和 Telephonics，我們在航空航太和國防終端市場實現了戰略交易，目前我們在航空航太和國防領域 50% 以上的收入來自工程和整合電子產品，而印刷電路板的整體貢獻不到 50%。

We have been successfully executing against this strategy and our Aerospace and Defense, and operations teams have steadily improved operating margins. The financial impact of this strategy really began to show in 2024 with revenues for the year up 9.4% and non-GAAP operating margins up 70 basis points.

我們一直成功執行這項策略，我們的航空航太和國防以及營運團隊穩步提高了營業利潤率。此策略的財務影響在 2024 年開始真正顯現，當年營收成長 9.4%，非 GAAP 營業利潤率成長 70 個基點。

And heading into the first quarter, we expect to see a significant reduction of the normal seasonal impact on non-GAAP operating margins in comparison to the past four years. 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 and markets.

進入第一季度，我們預計與過去四年相比，非 GAAP 營業利潤率的正常季節性影響將顯著減少。我們的差異化策略的另一個重要元素是我們在馬來西亞檳城投資了一個全新的、高度自動化的 PCB 製造工廠，為我們的商業和市場客戶提供服務。

This new facility in Malaysia is supporting customers in markets such as data centre, computing, networking, and medical, industrial and instrumentation. We continue to make progress ramping volume production as we navigate the necessary customer audits and qualifications. We gathered further momentum in the fourth quarter with solid bookings and we expect the ramp to continue to accelerate this year.

馬來西亞的新工廠為資料中心、運算、網路、醫療、工業和儀器等市場的客戶提供支援。在完成必要的客戶審核和資格認證後，我們繼續在提高產量方面取得進展。我們第四季憑藉穩定的訂單量獲得了進一步的發展勢頭，預計今年的成長速度將繼續加速。

I'd also like to update you on the consolidation of our manufacturing footprint. We previously announced our plan to close three small, printed circuit board manufacturing facilities in order to improve total plant utilization, operational performance, customer focus and profitability.

我也想向您介紹我們製造足跡整合的最新情況。我們先前宣布了關閉三家小型印刷電路板製造工廠的計劃，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. We continue to ramp production for the transferred parts at receiving facilities.

2023 年，位於加州阿納海姆和聖克拉拉以及香港的 PCB 製造業務關閉並合併到 TTM 剩餘的工廠。我們將繼續在接收設施提高轉移零件的產量。

We also previously announced plans to consolidate two smaller non-PCB integrated electronics facilities in Elizabeth City, North Carolina and Huntington New York into existing facilities in order to improve efficiencies.

我們先前也宣布計劃將位於北卡羅來納州伊麗莎白市和紐約州亨廷頓的兩個較小的非 PCB 整合電子工廠合併到現有工廠中，以提高效率。

As of the end of fiscal year 2024 the closure of Elizabeth City has been completed, and the closure of Huntington is expected by the middle of 2025. After these consolidation plans are complete. TTM will operate a total of 22 facilities worldwide.

截至2024財年末，伊莉莎白城的關閉工作已經完成，亨廷頓的關閉預計將在2025年中期完成。這些合併計劃完成後。TTM 將在全球營運總共 22 家工廠。

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，我想向您介紹我們先前宣布的計劃，即透過在現有紐約錫拉丘茲園區附近建造一個新工廠，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 printed circuit board production, providing customers with reduced lead times and a significant increase in domestic capacity for ultra HDI PCBs in support of increasing national security requirements for high technology PCBs.

該新工廠將專注於專業化的高科技印刷電路板生產，為客戶縮短交貨時間，並大幅提高超 HDI PCB 的國內產能，以滿足國家對高科技 PCB 日益提高的安全要求。

We are continuing construction for the new building and expect initial low-rate production in 2026. As previously announced, we expect the investment for phase one of the proposed project including capital for campus wide improvements to be in the range of between $100 million to $130 million.

我們正在繼續新大樓的建設，預計 2026 年將開始低速生產。正如先前宣布的那樣，我們預計擬議項目第一階段的投資（包括校園整體改善的資金）將在 1 億至 1.3 億美元之間。

We will be receiving support from both federal and state sources on the order of approximately $52 million subject to certain requirements and contingencies which will serve to offset the initial capital investment and lower operating expenses.

我們將從聯邦政府和州政府獲得約 5,200 萬美元的支持，但須滿足某些要求和應急條件，這筆支持將用於抵消初始資本投資並降低營運費用。

Now, I'd like to review our end markets which are referenced on page 4, of the earnings presentation our website. The Aerospace and Defense end market represented 47% of total fourth quarter sales compared to 46% of Q4, 2023 sales and 46% of sales in Q3, 2024. Revenues grew 16% year on year to an all-time record high.

現在，我想回顧一下我們網站收益報告第 4 頁中提到的終端市場。航空航太和國防終端市場佔第四季總銷售額的 47%，而 2023 年第四季銷售額佔 46%，2024 年第三季銷售額佔 46%。營收年增16%，創歷史新高。

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

國防市場需求強勁，是先前國防預算和烏克蘭及中東衝突相關補充資金的積極推動力。我們強大的策略計劃協調和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 1.14 leading to a record A&D program backlog of approximately $1.56 billion at the end of the fourth quarter. During the quarter, we saw significant bookings for the Patriot, MRAM and TPY-4 programs.

本季我們的訂單量表現強勁，訂單出貨比達到 1.14，導致第四季末的 A&D 項目積壓訂單達到創紀錄的約 15.6 億美元。在本季度，我們看到愛國者、MRAM 和 TPY-4 項目的訂單量很大。

We expect sales in Q1 from the end market to represent about 47% of our total sales. 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.

我們預計第一季終端市場的銷售額約占我們總銷售額的 47%。航空航太和國防市場的訂單出貨時間比我們的商業市場更長，並且可以很好地預測未來的收入成長。

For the full year, Aerospace and Defense revenues grew 12% due to strong demand and improved operational execution. In 2025 we expect end market growth to be above longer-term market projections of 3% to 5%.

由於需求強勁和營運執行力增強，全年航空航太和國防收入成長了 12%。我們預計 2025 年終端市場成長率將高於長期市場預測的 3% 至 5%。

Sales in the Data Center Computing end market represented 22% of total sales in the fourth quarter compared to 17% in Q4 of 2023 and 19% in the third quarter of 2024. This end market saw 44% year on year growth due to a record high due to strength from our data center customers building products for generative AI applications.

資料中心計算終端市場的銷售額佔第四季總銷售額的 22%，而 2023 年第四季為 17%，2024 年第三季為 19%。由於我們的資料中心客戶為生成式 AI 應用建置產品而表現出色，該終端市場年增 44%，創下歷史新高。

The higher-than-expected revenues in Q4 were a result of pull-ins from Q1. As a result, we expect revenues in this end market to represent 21% of first quarter sales. For the full year, Data Center Computing increased 58% due to the increased demand for PCBs for generative AI applications.

第四季的營收高於預期，是第一季營收成長的結果。因此，我們預計該終端市場的營收將佔第一季銷售額的 21%。全年而言，由於生成式 AI 應用對 PCB 的需求增加，資料中心運算增加了 58%。

In 2025. We expect to be above the longer-term end market growth of 7% to 9% driven primarily by generative AI applications. The medical industrial instrumentation end market contributed 13% of our total sales in the fourth quarter compared to 16% in the year ago quarter and 14% in the third quarter of 2024.

在2025年。我們預計，主要受生成式人工智慧應用的推動，終端市場長期成長率將超過 7% 至 9%。醫療工業儀器終端市場在第四季度貢獻了我們總銷售額的 13%，而去年同期為 16%，2024 年第三季為 14%。

The year over year decline was generally the result of lower demand and ongoing inventory normalization particularly in the industrial and medical areas. We saw increased demand from our semiconductor testing customers as generative AI drove increased purchases of automated testing equipment.

年比下降通常是由於需求下降和庫存持續正常化造成的，特別是在工業和醫療領域。隨著生成式人工智慧推動自動化測試設備購買量的增加，我們看到半導體測試客戶的需求也增加。

For the first quarter, we expect the medical industrial instrumentation and market to be 13% of revenues. For the full year, MI&I declined 9% due to the continued inventory correction at many customers that began in 2023 following years of above market growth.

對於第一季度，我們預計醫療工業儀器和市場將佔收入的 13%。全年來看，MI&I 下降了 9%，因為在經歷了多年高於市場的成長之後，許多客戶從 2023 年開始持續進行庫存調整。

In 2025, We expect growth to be in line with the 2% to 4% longer term industry forecast for this end market. Automotive sales represented 11% of total sales during the fourth quarter of 2024 compared to 15% in the year ago quarter and 14% during the third quarter of 2024.

到 2025 年，我們預計成長率將與該終端市場的 2% 至 4% 的長期產業預測一致。2024 年第四季，汽車銷售額佔總銷售額的 11%，而去年同期為 15%，2024 年第三季為 14%。

The year over year decline for automotive was due primarily to continued inventory adjustments and soft demand at several customers. We expect our automotive business to contribute 11% of total sales in Q1. For the full year Automotive decreased 12% due to the inventory correction and weak demand. At automotive customers as EV demand stalled in developed countries and Chinese OEMs took share in China.

汽車銷售年減主要歸因於持續的庫存調整和部分客戶需求疲軟。我們預計汽車業務將在第一季貢獻總銷售額的 11%。由於庫存調整和需求疲軟，汽車銷售全年下降 12%。對於汽車客戶來說，由於已開發國家對電動車的需求停滯不前，以及中國原始設備製造商在中國的市場份額不斷擴大。

We expect this market in 2025 to be below longer-term forecasts of 3% to 5% growth due to ongoing demand softness. Networking accounted for 7% of revenue during the fourth quarter of 2024. This compares to 6% of revenue in the year ago quarter and 7% during the third quarter of 2024.

由於需求持續疲軟，我們預計 2025 年該市場的成長速度將低於 3% 至 5% 的長期預測。2024 年第四季度，網路業務佔營收的 7%。相較之下，去年同期的營收佔比為 6%，2024 年第三季的營收佔比為 7%。

Year-on-year growth was 35% the strongest in many quarters due to increased demand from certain networking customers. In Q1, we expect this end market to be 8% of revenues as this market continues to recover, driven by AI related demand and new products.

由於某些網路客戶的需求增加，年成長率達到 35%，是多個季度以來最強勁的增幅。在第一季度，我們預計該終端市場將占到營收的 8%，因為在人工智慧相關需求和新產品的推動下，該市場將繼續復甦。

For the full year Networking declined 11% due to inventory correction and weak demand. In addition, we sold the Shanghai BPA facility in Q1 of 2023 that had $8 million revenue in 2023. We expect this market to be above longer-term forecasts of 2% to 5% growth in 2025.

由於庫存調整和需求疲軟，全年網路業務下滑 11%。此外，我們於 2023 年第一季出售了上海 BPA 工廠，該工廠 2023 年的收入為 800 萬美元。我們預計，到 2025 年，該市場的成長率將高於 2% 至 5% 的長期預測。

Next, I'll cover some details from the fourth quarter. This information is also available on page 5 of our earnings presentation. During the quarter, our advanced technology and engineered products which include HDI rigid flex, RF subsystems and components and engineered systems accounted for approximately 50% of revenue a record high.

接下來，我將介紹第四季的一些細節。此資訊也可在我們的收益報告第 5 頁找到。在本季度，我們的先進技術和工程產品（包括 HDI 剛撓性電路板、RF 子系統和組件以及工程系統）佔收入的約 50%，創歷史新高。

This compares to approximately 47% in the year ago quarter and 49% in Q3, 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.

相較之下，去年同期約為 47%，第三季約為 49%，我們將繼續尋求新的業務機會並增加客戶設計參與活動，以在新專案和新市場中充分利用我們先進的技術和工程產品能力。

PCB capacity utilization in Asia Pacific was 59% in Q4, compared to 51% in the year ago quarter and 60% in Q3. On a year-on-year basis, utilization rates improved as data center demand continues to be strong and the networking market rebounded. Our overall PCB capacity utilization in North America was 34% in Q4 compared to 35% in the year ago quarter and 35% in Q3.

第四季亞太地區 PCB 產能利用率為 59%，去年同期為 51%，第三季為 60%。與去年同期相比，由於資料中心需求持續強勁且網路市場反彈，利用率有所提高。我們第四季北美地區整體 PCB 產能利用率為 34%，去年同期為 35%，第三季為 35%。

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有意義，因為這些高混合、低容量設施的瓶頸往往發生在電鍍以外的區域，而電鍍是我們用來計算利用率的核心流程。

Our top five customers contributed 44% of total sales in the fourth quarter of 2024 compared to 44% in the fourth quarter of 2023. We had two customers with over 10% of our total sales in the quarter.

我們的五大客戶在 2024 年第四季貢獻了總銷售額的 44%，而 2023 年第四季為 44%。本季我們有兩位客戶的銷售額占我們總銷售額的 10% 以上。

At the end of Q4, our 90-day backlog which is subject to cancellations and includes shipments into customer hubs was $612.6 million compared to $575.9 million, at the end of the fourth quarter last year. Starting in Q1, we will report total company backlog excluding shipments into the hubs to provide a more accurate measure of backlog.

截至第四季末，我們的 90 天積壓訂單（可能被取消且包括運送到客戶中心的訂單）為 6.126 億美元，而去年第四季末為 5.759 億美元。從第一季開始，我們將報告不包括運往樞紐的貨物在內的公司總積壓訂單，以提供更準確的積壓訂單衡量標準。

And as I mentioned earlier, our Aerospace and Defense program backlog increased from $1.33 billion at the end of Q4 last year to a record of $1.56 billion at the end of Q4. This year, our overall book to bill ratio was 1.09 for the three months ended December 30.

正如我之前提到的，我們的航空航太和國防項目積壓訂單從去年第四季末的 13.3 億美元增加到第四季末的創紀錄的 15.6 億美元。今年，截至 12 月 30 日的三個月，我們的整體訂單出貨比為 1.09。

Now Dan will review our financial performance for the fourth quarter, Dan?

現在丹將回顧我們第四季的財務業績，丹？

Thanks, Tom, and good afternoon, everyone. I will review our financial results for the fourth quarter that were included in the press release distributed today and are summarized in slide 6, of the earnings presentation posted on our website.

謝謝，湯姆，大家下午好。我將回顧今天發布的新聞稿中包含的第四季度財務業績，該業績總結在我們網站上發布的收益報告第 6 張幻燈片中。

For the fourth quarter, net sales were $651 million compared to $569 million, in the fourth quarter of 2023. The 14% year over year increase was due to growth in our Aerospace and Defense, Data Center Computing and networking end markets partially offset by declines in our automotive, medical, industrial and instrumentation end markets.

第四季淨銷售額為 6.51 億美元，而 2023 年第四季為 5.69 億美元。14% 的同比增長是由於我們的航空航天和國防、數據中心計算和網路終端市場的增長，但被我們的汽車、醫療、工業和儀器儀表終端市場的下滑部分抵消。

For the full year, net sales were $2.4 billion compared to $2.2 billion in 2023. The 9% increase was driven by 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.

全年淨銷售額為 24 億美元，而 2023 年為 22 億美元。9% 的成長主要得益於資料中心運算和航空航太及國防終端市場的成長，但汽車、醫療、工業、儀器和網路終端市場的下滑部分抵消了這一成長。

GAAP operating income for the fourth quarter of 2024 was $9 million inclusive of a $32.6 million goodwill impairment charge related to the RF&S component segment compared to GAAP operated income for the fourth quarter of 2023 of $34.6 million.

2024 年第四季的 GAAP 營業收入為 900 萬美元，其中包括與 RF&S 組件部門相關的 3,260 萬美元商譽減損費用，而 2023 年第四季的 GAAP 營業收入為 3,460 萬美元。

On a GAAP basis, net income for the fourth quarter of 2024 was $5.2 million or $0.05 per diluted share inclusive of a $32.6 million goodwill impairment charge related to the RF&S component segment compared to GAAP operating income for the fourth quarter of 2023 of $17.3 million or $0.17 per deleted share.

根據 GAAP 標準，2024 年第四季的淨收入為 520 萬美元，即每股攤薄收益 0.05 美元，其中包括與 RF&S 組件部門相關的 3,260 萬美元商譽減損費用，而 2023 年第四季的 GAAP 營業收入為 1,730 萬美元，即每股攤薄收益 0.17 美元。

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 non-cash expense items such as amortization of intangibles, impairment of goodwill stock compensation gains on the sale of property and other unusual or infrequent items.

我其餘的評論將集中於我們的非公認會計準則財務表現。我們的非公認會計準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（如無形資產攤銷）、商譽減損、財產出售的股票補償收益及其他不尋常或不頻繁的項目。

We present non-GAAP financial information to enable investors to see the company through the eyes of management and to facilitate comparison with expectations and prior periods. Gross margin the fourth quarter was 20.5% and compares to 21.3% in the fourth quarter of 2023.

我們提供非公認會計準則財務信息，以便投資者透過管理層的視角了解公司，並方便與預期和前期進行比較。第四季的毛利率為 20.5%，而 2023 年第四季的毛利率為 21.3%。

The year on year decrease was due to continued Penang start-up costs, higher employee related costs and declines in the automotive market partially offset by higher sales volume, particularly in the Data center, Computing and Aerospace and Defense end markets and improve operational execution.

年比下降是由於檳城啟動成本持續上升、員工相關成本上升以及汽車市場的下滑，但部分被銷售量的增加所抵消，特別是數據中心、計算和航空航天及國防終端市場的銷售量增加以及運營執行力的提高。

Selling and marketing expense was $18.9 million in the fourth quarter or 2.9% of net sales versus $17.8 million or 3.1% of net sales a year ago. Fourth quarter G&A expense was $40.9 million or 6.3% of net sales compared to $34.9 million or 6.1% of net sales in the same quarter a year ago.

第四季銷售和行銷費用為 1,890 萬美元，佔淨銷售額的 2.9%，去年同期為 1,780 萬美元，佔淨銷售額的 3.1%。第四季的一般及行政開支為 4,090 萬美元，佔淨銷售額的 6.3%，而去年同期的一般及行政開支為 3,490 萬美元，佔淨銷售額的 6.1%。

In the fourth quarter of 2024 Research and Development was $7.6 million or 1.2% of net sales compared with $7.3 million or 1.3% of net sales in the same quarter last year. Our operating margin the fourth quarter of 2024 was 10.1%. A 60 basis points decreased from 10.7% in the same quarter last year due primarily to the decrease in gross margin as I just mentioned.

2024 年第四季，研發費用為 760 萬美元，佔淨銷售額的 1.2%，去年同期為 730 萬美元，佔淨銷售額的 1.3%。我們 2024 年第四季的營業利益率為 10.1%。與去年同期的 10.7% 相比下降了 60 個基點，主要原因是我剛才提到的毛利率下降。

Interest expense was $10.7 million in the fourth quarter of 2024 compared to $12.9 million in the same quarter last year. During the fourth quarter of 2024 there was a $14.1 million foreign exchange gain below the operating income line compared to a $7 million foreign exchange loss in the fourth quarter of 2023.

2024 年第四季的利息支出為 1,070 萬美元，而去年同期為 1,290 萬美元。2024 年第四季，營業收入線以下的外匯收益為 1,410 萬美元，而 2023 年第四季的外匯損失為 700 萬美元。

The current year impact was primarily driven by unrealized foreign exchange gains from translation of our China and Malaysia balance sheets from local currency into the US dollar functional currency, which experienced significant appreciation against the local currencies in the fourth quarter.

本年度的影響主要由於將我們中國和馬來西亞的資產負債表從當地貨幣轉換為美元功能貨幣而產生的未實現外匯收益，美元在第四季度兌當地貨幣大幅升值。

The full year 2024 net impact from foreign exchange gains and losses was a gain of $1.2 million compared to a $3.9 million loss in the prior year. Due to the significant quarterly volatility of unrealized foreign exchange gains and losses driven by the translation of our China and Malaysia balance sheets from local currency into the US dollar functional currency.

2024 年全年外匯損益的淨影響為收益 120 萬美元，而前一年的虧損為 390 萬美元。由於我們將中國和馬來西亞的資產負債表從當地貨幣轉換為美元功能貨幣，導致未實現外匯收益和損失的季度波動很大。

We have determined it appropriate to remove the unrealized foreign exchange net impact from our non-GAAP financial measures beginning with our first quarter of 2025. In order to provide our financial statement users with comparative information, we have attached a second schedule to our earnings release that provides restated historical measures of non-GAAP net income, non-GAAP EPS and adjusted EBITDA.

我們認為，從 2025 年第一季開始，從非 GAAP 財務指標中消除未實現外匯淨影響是適當的。為了向我們的財務報表使用者提供比較信息，我們在收益報告中附上了第二個附表，其中提供了非 GAAP 淨收入、非 GAAP EPS 和調整後 EBITDA 的重述歷史指標。

In addition, government incentives and interest income totaled $2.4 million resulting in a net $16.5 million gain or a $0.14 impact to EPS in the current quarter. This compares to a net loss of $3.3 million or a $0.03 negative impact to EPS in the same quarter of last year.

此外，政府獎勵和利息收入總計 240 萬美元，導致本季淨收益 1,650 萬美元，或對每股收益產生 0.14 美元的影響。相比之下，去年同期的淨虧損為 330 萬美元，或對每股收益造成 0.03 美元的負面影響。

Our effective tax rate was 12.3% in the fourth quarter resulting in a tax expense of $8.8 million. This compares to a rate of 4.1% or a tax expense of $1.9 million in the same quarter last year. Fourth quarter 2024 net income was $62.8 million or $0.60 per diluted share. This compares to fourth quarter, 2023 net income of $43 million or $0.41 per diluted share.

我們第四季的有效稅率為 12.3%，導致稅費為 880 萬美元。相較之下，去年同期的稅率為 4.1%，稅費為 190 萬美元。2024 年第四季淨收入為 6,280 萬美元，即每股攤薄收入 0.60 美元。相比之下，2023 年第四季的淨收入為 4,300 萬美元，即每股攤薄收入 0.41 美元。

Adjusted EBITDA for the fourth quarter of 2024 was $108.7 million or 16.7% of net sales. Compared with fourth quarter, 2023 adjusted EBITDA of $80.9 million or 14.2% of net sales depreciation for the quarter was $26.5 million. Net capital spending for the quarter was $52.8 million.

2024 年第四季調整後 EBITDA 為 1.087 億美元，佔淨銷售額的 16.7%。與第四季相比，2023 年調整後 EBITDA 為 8,090 萬美元，佔淨銷售額的 14.2%，本季折舊為 2,650 萬美元。本季淨資本支出為 5,280 萬美元。

Cash flow from operations in the fourth quarter of 2024 came in strong at $86.1 million representing more than 13% of net sales, cash and cash equivalents. At the end of the fourth quarter of 2024 totaled $503.9 million. Our debt -- net debt divided by last 12 months EBITDA was 1.2 times.

2024 年第四季的營運現金流強勁，達到 8,610 萬美元，佔淨銷售額、現金和現金等價物的 13% 以上。2024 年第四季末總計 5.039 億美元。我們的債務－淨債務除以過去 12 個月的 EBITDA 是 1.2 倍。

Now, I will turn to our guidance for the first quarter of 2025. We project net sales for the first quarter of 2025 to be in the range of $600 million to $640 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.

現在，我將談談我們對 2025 年第一季的指導。我們預計 2025 年第一季的淨銷售額將在 6 億至 6.4 億美元之間，非 GAAP 每股收益將在 0.37 美元至 0.43 美元之間，其中包括啟動檳城工廠的營運成本。

EPS forecast is based on a diluted share count of approximately 104.8 million shares which includes the dilutive effect of outstanding stock options and other stock awards. We expect SG&A expense to be about 9.4% of net sales in the first quarter and R&D to be about 1.1% of net sales. We expect interest expense of approximately $11.2 million and interest income of approximately $2 million.

EPS 預測是基於約 1.048 億股的稀釋股數，其中包括未償還股票選擇權和其他股票獎勵的稀釋效應。我們預期第一季銷售、一般及行政支出約佔淨銷售額的 9.4%，且研發支出約佔淨銷售額的 1.1%。我們預計利息支出約為 1,120 萬美元，利息收入約為 200 萬美元。

We estimate our effective tax rate will be between 12% and 17%. Further, we expect to record depreciation of approximately $28.1 million amortization of intangibles of approximately $9.2 million stock based compensation expense of approximately $8.9 million and non-cash interest expense of approximately $8.5 million.

我們預計我們的有效稅率將在12%至17%之間。此外，我們預計折舊約 2,810 萬美元，無形資產攤銷約 920 萬美元，股票薪資費用約 890 萬美元，非現金利息費用約 850 萬美元。

Finally, I'd like to announce that we will be participating in the TD Cowen Aerospace and Defense conference in Arlington, Virginia on February 13, the city Industrial Tech and Mobility Conference in Miami on February 20, and the JP Morgan Leveraged Finance Conference in Miami on February 25.

最後，我想宣布，我們將參加 2 月 13 日在弗吉尼亞州阿靈頓舉行的 TD Cowen 航空航天和國防會議、2 月 20 日在邁阿密舉行的城市工業技術和移動會議以及 2 月 25 日在邁阿密舉行的摩根大通槓桿融資會議。

That concludes our prepared remarks. And now we'd like to open the line for questions. Operator?

我們的準備好的演講到此結束。現在我們願意開放提問專線。操作員？

(Operator Instructions)

（操作員指令）

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thank you for taking my questions. First, Tom, I think you talked about smoothing the seasonality and operating margin performance and that is an apparently, reflected in your Q1 guidance. Can you talk about what's changed that's allowing you to do this and maybe quantify the effect?

偉大的。感謝您回答我的問題。首先，湯姆，我認為您談到了平滑季節性和營業利潤率表現，這顯然反映在您的第一季指引中。您能否談談是哪些變化讓您能夠做到這一點並量化其效果？

Sure. Yeah, let me address, I think the changes in the business that, that have allowed us to do this. The biggest shift has been improving that A&D revenue mix and as we've done that, we've effectively over time brought over the last six years we brought A&D up from a level of approximately around 25%, 30%, now to where we're looking at 46%, 47%.

當然。是的，讓我來談一下，我認為業務上的變化使我們能夠做到這一點。最大的轉變是改善了航空航太和國防收入結構，隨著我們這樣做，在過去六年裡，我們有效地將航空航太和國防收入從大約 25%、30% 的水平提高到了現在的 46%、47%。

So that shift in revenue, the consistency of performance associated with the North America facilities that we added there. The integrated electronic facilities as we call them, the non-PCB facilities bringing that into our mix that has allowed us to really improve in terms of that Q4 to Q1 compare. We still do in A&D, we still do see a little bit of seasonality Q4 tends to be a better quarter, but it's not as dramatic of a drop-off.

因此收入的轉變、業績的一致性與我們在北美新增的設施有關。我們所謂的整合式電子設施，即非 PCB 設施，將其納入我們的組合，使我們在第四季度與第一季的比較中真正取得了進步。在航空與國防領域我們仍然看到一點季節性因素，第四季趨於更好，但下降幅度沒有那麼大。

The second thing we did is really related to our commercial business and that in 2020, we sold our mobility business that was a business that really relied on the consumer products area, very seasonal, strong in Q3, Q4, big drop off in Q1 and then into Q2.

我們做的第二件事與我們的商業業務確實有關，2020 年，我們出售了我們的行動業務，該業務真正依賴消費品領域，季節性非常強，在第三季度和第四季度表現強勁，在第一季度和第二季度大幅下滑。

And also -- and therefore a very difficult business to manage from the standpoint of a highly asset, intense business, and then working with that seasonality, which always put pressure on our margins. So selling that business improving the A&D mix.

而且 — — 因此，從高資產、密集型業務的角度來看，這是一項非常難以管理的業務，而且還要考慮到季節性，這總是給我們的利潤率帶來壓力。因此出售該業務可以改善 A&D 組合。

And then on the commercial business, we've just continued to build that strong business to business connection with our customers. Again, these are longer cyclical -- longer cycle markets. Yes, we still do have Chinese New Year and that is a factor certainly in Asia does affect our production volumes, but the demand base is certainly stronger and stronger over time.

在商業業務方面，我們一直在與客戶建立強大的企業對企業聯繫。再次強調，這些都是週期較長的市場。是的，我們仍然有中國農曆新年，這在亞洲肯定會影響我們的產量，但隨著時間的推移，需求基礎肯定會越來越強大。

So that's the real combination that has worked for us. And, from a quantification standpoint, we used to see revenues could drop off of 15%, 20%. In that quarter, they certainly today are much more consistent as we go from Q4 to Q1. Dan, do you have anything to add there?

所以這才是真正對我們有效的組合。而且，從量化的角度來看，我們過去常常看到收入下降 15% 或 20%。在那個季度，隨著我們從第四季度回到第一季度，它們的表現肯定更加一致。丹，你還有什麼要補充的嗎？

No, I'd agree with that. And that will drive with the volume staying up, that'll drive improvement in the margins obviously considerable over the same comparative last year.

不，我同意這一點。這將推動銷量的上升，從而推動利潤率的提高，與去年同期相比，利潤率顯然會有顯著提高。

Great. As a as a follow up, I'm hoping you can give us a bit more detail on Penang, a few quarters ago, you pushed out the timing to ramping to break even, but I think you've reiterated that sometime what Q3 or thereabouts, I'm just hoping you can maybe tell us what, how much revenue -- how much revenue Penang generated in Q4, what's contemplated in Q1 and what's the time to break even any details you can offer us there. Thank you.

偉大的。作為後續問題，我希望您能向我們提供更多關於檳城的詳細信息，幾個季度前，您推遲了實現收支平衡的時間，但我認為您已經重申了在第三季度左右的某個時間，我只是希望您能告訴我們，檳城在第四季度創造了多少收入，第一季度的計劃是什麼，以及什麼時候實現收支平衡，您可以向我們提供任何細節。謝謝。

Yeah, sure, sure. The Q4 revenue level, very, very small, really, not material in Q4 as we start to look at Q1, we'll be pushing up to somewhere, let's just say in the $4 million to $5 million range will so -- still a good start in terms of commercial production.

是的，當然，當然。第四季度的收入水平非常非常小，實際上在第四季度並不重要，因為我們開始關注第一季度，我們會將收入推高到某個水平，比如說在 400 萬到 500 萬美元的範圍內，所以就商業生產而言仍然是一個良好的開端。

We still as we ramp that commercial production, we're going to be working through that yield curve particularly as these are new parts that we're putting into production. But it's nice to see that level of revenue coming in and encouraging in terms of starting to see the program intersection occur. So we have been waiting for qualifications to come through.

隨著我們商業化生產的不斷推進，我們仍將努力提高殖利率曲線，特別是因為這些是我們正在投入生產的新零件。但很高興看到這種收入水準的到來，並且從開始看到專案交匯的發生來看，這是令人鼓舞的。所以我們一直在等待資格通過。

Those have been coming through and now we're starting to see program intersections so we can start to register revenue at the facility. So that will continue through the course of the year as we ramp into programs. And you're correct that we've been -- we're still looking at that Q3 time period to get to that breakeven level.

這些都已完成，現在我們開始看到專案交叉點，因此我們可以開始在該設施登記收入。因此，隨著我們逐步實施項目，這種情況將會持續一整年。您說得對，我們仍在關注第三季能否達到收支平衡水準。

Thank you.

謝謝。

Mike Crawford, B. Riley Securities.

麥克·克勞福德（Mike Crawford），B. Riley Securities。

You talked about strong bookings in Patriot, MRAM, some others in Aerospace and Defense. Is there a way you could break down the percent of backlog or program backlog of PCB versus integrated electronics?

您談到了 Patriot、MRAM 以及其他一些航空航太和國防領域的訂單量強勁。有沒有辦法可以細分 PCB 與整合電子產品的積壓百分比或程式積壓？

So roughly, if you look at backlog levels, it reflects -- pretty well reflects our revenue mix there in A&D Mike. So about 50-50 approximately, we did bring, as Syracuse comes into the mix in early, early next year, we'll probably see -- we'll see the PCB revenue come up -- come up a bit. As that increases in the balance against some of the organic growth that we continue to see in IE. So again, roughly half and half in terms of the backlog.

因此，粗略地講，如果你看一下積壓訂單水平，它反映出 - 相當好地反映了我們在 A&D Mike 的收入組合。因此，大約 50-50 的比例，我們確實帶來了，隨著錫拉丘茲在明年年初加入進來，我們可能會看到 - 我們會看到 - PCB 收入有所上升 - 有所上升。隨著這一增長與我們在 IE 中繼續看到的一些有機增長相平衡。因此，就積壓工作而言，大約是各佔一半。

Okay. Thanks to and I guess related to that would be potential yield curve effect and margin impact or expense as you start the LRIP at the new PCB facility in 2026 versus -- I suppose it would probably be early '27 more than it would start to be running a little bit more smoothly and how that might all affect margins.

好的。感謝並且我猜與此相關的是當您在 2026 年在新的 PCB 工廠啟動 LRIP 時潛在的收益率曲線效應和利潤影響或費用——我想它可能要到 27 年初才會開始運行得更平穩一些，以及這一切都可能如何影響利潤率。

So I'll let Dan talk about -- a little bit about the margins. But let me explain a little bit of how the process work will work in the case of Syracuse. We'll be working very closely hand in hand with our primary customer on that facility. And so what you'll be seeing, there is -- the equipment as we bring it in. And then in early next year, we'll be running that equipment as part of really a qualification there.

因此，我會讓丹談論——關於利潤的一些事情。但讓我稍微解釋一下錫拉丘茲的情況中這個過程是如何進行的。我們將與該工廠的主要客戶密切合作。所以您將看到的是我們搬進來的設備。然後，在明年年初，我們將運行該設備，作為那裡真正資格認證的一部分。

And so you won't see significant impact until, you get through the first part of next year. Now, remember the revenues associated with the plan also are in the $100 million at full at that production level rate. So it's not going to be anywhere as significant in terms of revenue contribution as Penang, certainly not in the early stages, but Dan, do you have any further comments there.

因此，直到明年上半年你才會看到重大的影響。現在，請記住，按照該計劃的生產水平，相關的收入也將達到 1 億美元。因此，就收入貢獻而言，它不會像檳城那樣顯著，當然在早期階段不會，但是丹，你對此還有其他評論嗎？

Yeah, I just echo that that comment there that it's, half the size of Penang and so you won't expect the same level of headwind to the margins. And currently, I mean, we don't give one year or two year guidance, but it's going to be minimal impact to 2025 and I would say, much less than Penang in 2026 as we ramp up because of the relative size.

是的，我只是重複那條評論，它的面積只有檳城的一半，所以你不會想到邊緣地區會出現同樣程度的逆風。目前，我的意思是，我們沒有給出一年或兩年的指導，但到 2025 年，它的影響將微乎其微，而且我想說，由於相對規模，到 2026 年，它的影響將比檳城小得多。

Okay, Thank you. And just final question would be, I know it's not plating as a bottleneck in North America and your high mix facilities. But what are the main bottlenecks there in North America today and might that be similar to what you might expect and Syracuse or not.

好的，謝謝。最後一個問題是，我知道電鍍不是北美和你們的高混合設施的瓶頸。但是，當今北美的主要瓶頸是什麼？

Yeah, that's a good question. So the bottlenecks absolutely move around in those facilities. Interestingly, front end engineering. So you start with front end can be an area where we have had problems getting, if we get hit with a lot of orders that can be an area where we bottleneck going into the other two significant areas that we can bottleneck in our drill area and then the test area.

是的，這是個好問題。因此，這些設施中的瓶頸絕對會轉移。有趣的是，前端工程。因此，您從前端開始，這可能是我們遇到問題的一個領域，如果我們收到大量訂單，這可能是我們進入另外兩個重要領域的瓶頸，我們可能會在鑽探區域和測試區域遇到瓶​​頸。

Again, tend to be smaller facilities tend to have more single point or perhaps only one backup piece of equipment to use when you're seeing, orders rise. So depending on the complexity of the part, depending on the speed required, you're going to see those bottlenecks move around the facility.

再一次，當你看到訂單增加時，規模較小的設施往往有更多的單點或可能只有一個備用設備可供使用。因此，根據零件的複雜程度和所需的速度，您將會看到這些瓶頸在設施內移動。

And you're absolutely right. We, we've -- we're in really good shape on plating capacity in North America at this point. We've added significantly incapacity. We've been using some of the knowledge that we've gained in our commercial operations and that's been informing our purchasing equipment -- purchasing strategy.

你完全正確。目前，我們在北美的電鍍產能狀況非常好。我們已大幅增加無能為力的人數。我們一直在利用在商業營運中獲得的一些知識，並將其應用於我們的採購設備—採購策略。

And so over the last two years, we have added a significant plating capacity in North America that gives us that flexibility to respond. As we get into Syracuse, you're going to see with an ultra HDI facility, a lot of weight on the plating. So the facility will be built for that.

因此，在過去的兩年裡，我們在北美增加了大量的電鍍產能，使我們能夠靈活地應對。當我們進入錫拉丘茲時，您會看到，在超級 HDI 設施中，電鍍層承受著很大的重量。因此將建造該設施來實現這一目標。

We're building it to handle the high layer count. That's going to be required and the high-density interconnect requirement. So we're building it with that in mind. Again, we -- if it's not going to be plating, what you'll see is primarily drill and test will be areas where we may face challenge.

我們正在建立它來處理高層數。這是必需的，也是高密度互連的要求。因此我們在建造它時就考慮到了這一點。再說一次，如果不是電鍍的話，您主要會看到鑽孔和測試將是我們可能面臨挑戰的領域。

Great. Thank you very much.

偉大的。非常感謝。

James Ricchiuti, Needham.

詹姆斯‧里奇烏蒂 (James Ricchiuti)，尼德漢姆。

Hi, good afternoon. This is Chris Grenga on for Jim. I was just wondering if you could elaborate on the pull-ins that you saw in theData Center end market? And whether you expect that to be a headwind in the current quarter? Or if strong demand there is going to backfill that pull-in activity you saw in Q4? Thank you.

嗨，下午好。克里斯·格雷加 (Chris Grenga) 代表吉姆發言。我只是想知道您是否可以詳細說明您在資料中心終端市場看到的吸引力？您是否預計這會成為本季的阻力？或者強勁的需求是否會填補您在第四季度看到的拉動活動？謝謝。

Yes. Great question, Chris. So it's going to be a little bit of both. As you can see, as we're looking at Q1, we are expecting Q1 to be sequentially down slightly from Q4. That is a function of, yes, the pull-in plays into that. The other piece, though, is Chinese New Year.

是的。很好的問題，克里斯。所以，兩者會有一點關係。正如您所看到的，當我們回顧第一季時，我們預計第一季將比第四季略有下降。是的，這是拉動功能的一部分。另一件事是中國新年。

So we are operating one of the primary facilities for Data Center and Networking in -- during Chinese New Year, but the balance of our facilities in Asia will be down for Chinese New Year, and that has an impact in terms of our ability to ship additional product out. So it's a combination of those two factors.

因此，在農曆新年期間，我們將運營主要的資料中心和網路設施之一，但我們在亞洲的其他設施將在農曆新年期間暫停運營，這對我們運送額外產品的能力產生影響。所以這是這兩個因素的結合。

Got it. How are you -- now that the contours of the tariff regulations is starting to come into view. How are you approaching that? And I guess, what types of conversations are you having with your customers around abating or minimizing the impact of those tariffs?

知道了。你好嗎——現在關稅條例的輪廓開始顯現出來。您打算如何處理這個問題？我想問一下，您與客戶進行過哪些關於減輕或降低關稅影響的對話？

Yeah, so I'm glad the contours are coming into view for you. We're still staying very trying to stay as close as possible to the situation and I'll tell you that. So we have a number of scenarios modelled, of course internally. And, certainly in the case of direct imports of PCBs from China into the US, our customers own those PCBs, and it remains a very small portion of our revenue.

是的，我很高興你能看到輪廓。我們仍在盡力關注事態發展，我會告訴你的。因此，我們模擬了許多場景，當然是內部的。當然，如果 PCB 從中國直接進口到美國，那麼這些 PCB 就歸我們的客戶所有，而這仍然只占我們收入的一小部分。

So an additional 10% tariff there may cause, what's left -- which is -- if you look at revenue about 3% last year's revenue, that portion may shift what our customers have done a very good job of is cross qualifying now, with multiple assembly locations. So if they do see tariffs move, what we'll see potentially is the shift will change into to another geography.

因此，額外的 10% 關稅可能會導致剩下的收入——也就是——如果你看去年收入的 3% 左右，這部分收入可能會轉移，我們的客戶現在已經做得很好，即交叉認證，擁有多個組裝地點。因此，如果他們確實看到關稅變動，我們可能會看到這種轉移將轉移到另一個地區。

But and they will at least for a period of time, ask us not to ship into a geography that's affected by the tariffs. So that's been -- it's actually quite impressive. The flexibility has now been built in from a supply chain resiliency standpoint with the contract manufacturers that we're shipping to. So that's the primary mitigation strategy that our customers are using.

但至少在一段時間內，他們會要求我們不要將貨物運送到受關稅影響的地區。所以這確實令人印象深刻。從供應鏈彈性的角度來看，我們與發貨的合約製造商已經建立了靈活性。這是我們的客戶正在使用的首要緩解策略。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

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

顯示隊列中目前沒有其他問題。現在我想將電話轉回給湯姆·艾德曼先生，請他做最後發言。

Yes, Thank you. Just wanted to again, reiterate that to thank everyone for joining us on today's call. And then just to summarize some of the major points that we had in the call we delivered strong revenues and growth in Q4, 14% year-on-year, record revenues and Aerospace and Defense in the Data Center Computing Markets.

是的，謝謝。我只是想再次重申，感謝大家參加今天的電話會議。然後，總結我們在電話會議中提到的一些要點，我們在第四季度實現了強勁的收入和成長，年增 14%，創下了資料中心計算市場在航空航太和國防領域的收入記錄。

Second, we had a second consecutive quarter of double-digit operating margins. Third, we generated a healthy cash flow from operations of 13.2% of sales. And we're able to bring our net debt to EBITDA leverage down to 1.2 times. So fantastic project there or -- progress there from a financial standpoint.

其次，我們的連續第二季實現了兩位數的營業利潤率。第三，我們產生了健康的營運現金流，佔銷售額的13.2%。我們能夠將淨債務與 EBITDA 的槓桿率降低至 1.2 倍。所以從財務角度來看，這是一個非常棒的項目，而且取得了進展。

And of course, we continue to focus on our strategic initiatives as we bring up our new facility in Penang and complete the construction this year of our facility in Syracuse. So in closing, I just like to thank all of you, our employees and our customers, of course, for, for your and their continued support as we navigate 2025 going forward. Thank you very much. Goodbye.

當然，我們將繼續專注於我們的戰略計劃，在檳城建立新工廠，並在今年完成錫拉丘茲工廠的建設。最後，我只想感謝大家，當然還有我們的員工和客戶，感謝你們和他們在我們邁向 2025 年之際給予的持續支持。非常感謝。再見。

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

感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。