TTM Technologies Inc (TTMI) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to the TTM Technologies, Inc., first-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, April 30, 2025.

午安.感謝您的支持。歡迎參加 TTM Technologies, Inc. 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次會議將於今天（2025 年 4 月 30 日）進行錄製。

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

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。德賽先生？

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，謝裡。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性，實際結果可能與這些前瞻性陳述有重大差異，包括我們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. 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。TTM 不承擔任何公開更新或修改這些前瞻性聲明的義務，無論是否出現新資訊、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 that 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 GAAP 財務指標，例如調整後的 EBITDA。此類指標不應被視為替代根據 GAAP 編制和呈現的指標。我們建議您參閱公司財報中包含的 GAAP 和非 GAAP 指標之間的對帳表，該對帳表可在 TTM 網站 investors.ttm.com 的「投資者關係」部分找到。我們還在該網站發布了一份幻燈片，供您在電話會議中參考。

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 first-quarter 2025 conference call.

謝謝你，薩米爾。下午好，感謝您參加我們的 2025 年第一季電話會議。

I'll begin with a review of our business highlights from the quarter and a discussion of our first-quarter results, followed by a summary of the current geopolitical environment and impact to TTM. Dan Boehle, our CFO, will follow with an overview of our Q1 2025 financial performance and our Q2 2025 guidance. We will then open the call to your questions.

我將首先回顧本季的業務亮點並討論第一季的業績，然後總結當前的地緣政治環境及其對 TTM 的影響。我們的財務長 Dan Boehle 將隨後概述我們 2025 年第一季的財務業績和 2025 年第二季的指引。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 a strong first quarter of 2025, and I would like to thank our employees for their hard work and contributions in support of these results. In the first quarter of 2025, TTM achieved revenue and non-GAAP EPS above the high end of the guided range.

TTM 網站上發布的收益報告第 3 張投影片總結了本季財務表現的亮點。我們在 2025 年第一季取得了強勁的業績，我要感謝我們的員工為這些業績所付出的辛勤工作和貢獻。2025 年第一季度，TTM 實現的收入和非 GAAP EPS 均高於指導範圍的高端。

Revenue grew 14% year on year, representing better than seasonal trends due to demand strength from our Aerospace and Defense, Data Center Computing, Networking and Medical, Industrial and Instrumentation end markets, partially offset by a slight decline in the Automotive end market. Overall, the company book-to-bill ratio was 1.10.

營收年增 14%，優於季節性趨勢，這得益於我們航空航太和國防、資料中心運算、網路和醫療、工業和儀器終端市場的需求強勁，但汽車終端市場的輕微下滑部分抵消了這一增長。總體而言，該公司的訂單出貨比為1.10。

Demand in our Aerospace and Defense market, which was 47% of revenues for the quarter, remains strong, and we continue to have a solid program backlog of approximately $1.55 billion. Finally, the company's non-GAAP operating margins of 10.5% were up 340 basis points year on year as we recorded the third consecutive quarter of double-digit operating margin performance, reflecting continued solid execution. Both non-GAAP operating margin and non-GAAP EPS were at a record high for our first quarter and performed much better than normal seasonal trends. The strong first-quarter results demonstrated the company's strategy of reducing seasonality in operating performance.

我們的航空航太和國防市場需求仍然強勁，佔本季營收的 47%，我們繼續擁有約 15.5 億美元的穩定專案積壓。最後，公司非公認會計準則營業利潤率，反映出公司持續穩健的執行力。我們第一季的非公認會計準則營業利潤率和非公認會計準則每股收益均創歷史新高，表現遠優於正常的季節性趨勢。強勁的第一季業績反映了該公司降低經營業績季節性影響的策略。

Let me now turn to the new policies being implemented by the current administration, the potential impact to TTM and how we are positioned to withstand the challenges we might face this year.

現在，讓我來談談現任政府正在實施的新政策、對 TTM 的潛在影響以及我們如何應對今年可能面臨的挑戰。

We have significantly reshaped the company over the last 10 years through diversification of end markets as well as our manufacturing footprint, divesting consumer and lower-margin facilities in China and investing in new production capabilities in other regions such as Malaysia. We currently have no direct consumer exposure and the Aerospace and Defense market is close to 50% of revenues.

過去 10 年，我們透過終端市場和製造業務的多元化，剝離中國的消費品和低利潤設施，並在馬來西亞等其他地區投資新的生產能力，對公司進行了重大重塑。我們目前沒有直接的消費者接觸，航空航太和國防市場接近收入的 50%。

When thinking about tariffs, we categorize the potential impact in three ways: direct impact to revenue; direct impact to materials and equipment; and indirect impacts such as overall end demand weakness and economic slowdown. First, we do not expect significant direct impact to revenue as only 3% to 4% of our revenues represent direct imports from China into the US by our customers.

在考慮關稅時，我們將潛在影響分為三類：對收入的直接影響；對材料和設備的直接影響；以及整體終端需求疲軟和經濟放緩等間接影響。首先，我們預計收入不會受到重大的直接影響，因為只有 3% 到 4% 的收入來自客戶從中國直接進口到美國。

For this revenue, the customer is responsible for paying the tariffs. And in most cases, they can find alternative contract manufacturers outside of the US to do their necessary assembly work. We also are working with these customers to offer alternative TTM PCB manufacturing locations to help mitigate the impact if that is their preference. So far, we have not seen significant changes in customer behavior.

這筆收入，客戶負責支付關稅。在大多數情況下，他們可以在美國以外找到替代合約製造商來完成必要的組裝工作。如果這些客戶願意，我們也將與他們合作，為他們提供替代的 TTM PCB 製造地點，以幫助減輕影響。到目前為止，我們還沒有看到客戶行為有重大變化。

In terms of our raw materials and equipment, TTM is responsible for paying tariffs on imports into the US. And although we generally source within country or region, we do have some greater exposure here. We import very little from China into the US and from the US into China, but we or our vendors import materials worth approximately 11% of revenues into the US from Europe and the rest of Asia.

就我們的原料和設備而言，TTM 負責支付進口到美國的關稅。儘管我們一般在國家或地區內採購，但我們在這裡的曝光率確實更高。我們從中國進口到美國的商品很少，從美國進口到中國的商品也很少，但我們或我們的供應商從歐洲和亞洲其他地區進口到美國的材料價值約佔總收入的 11%。

In regards to equipment, approximately 23% of our global capital spending in 2024 was equipment imported into the US from Europe and Asia, with very little from China. In 2025, we expect equipment imported into the US from Europe and Asia to be approximately 29% of our global capital spending due to equipment purchases for our new manufacturing facility in Syracuse.

在設備方面，2024 年我們全球資本支出中約有 23% 是從歐洲和亞洲進口到美國的設備，來自中國的設備很少。到 2025 年，由於我們將為位於錫拉丘茲的新製造工廠購買設備，預計從歐洲和亞洲進口到美國的設備將占我們全球資本支出的約 29%。

In addition, very little equipment from the US is exported into our facilities in China. Our goal is to mitigate the impact of tariffs on materials and equipment purchases through delivery timing, sourcing location and the adjustment of pricing models. We are also engaged with the government in regards to the portion of our equipment investment, which is tied to Department of Defense-related funding. So as a reminder, the minor direct impact of tariffs is a result of our diverse manufacturing footprint with a presence in North America, China and Malaysia, and we plan to employ mitigation strategies to minimize its effects.

此外，很少有美國設備出口到我們在中國的工廠。我們的目標是透過交貨時間、採購地點和定價模型的調整來減輕關稅對材料和設備採購的影響。我們也與政府就設備投資部分進行合作，該部分與國防部相關資金掛鉤。因此需要提醒的是，關稅的直接影響較小是由於我們的製造業務遍布北美、中國和馬來西亞，我們計劃採用緩解策略來盡量減少其影響。

Finally, the indirect impact, i.e., end-market potential demand weakness due to higher prices in specific markets or an overall economic slowdown is more difficult for us to predict. To date, we have not seen a significant shift in customer behavior due to tariffs, but we will continue to monitor this closely.

最後，間接影響，即由於特定市場價格上漲或整體經濟放緩而導致的終端市場潛在需求疲軟，我們更難預測。到目前為止，我們還沒有看到客戶行為因關稅而發生重大轉變，但我們將繼續密切關注這一點。

Every year, we model downside and upside scenarios to our budget, and the key is to be vigilant, flexible and poised to adjust to a potentially dynamic demand environment. An encouraging indicator is the number of announcements coming from companies in our commercial markets regarding planned investments in more manufacturing in the United States, which could be a positive for TTM longer-term due to our strong US footprint.

每年，我們都會為預算模擬下行和上行情景，關鍵是要保持警惕、靈活並隨時準備適應潛在的動態需求環境。一個令人鼓舞的指標是，我們商業市場上有許多公司宣布計劃在美國投資更多製造業，由於我們在美國擁有強大的影響力，這可能對 TTM 的長期發展產生積極影響。

Of note is the Stargate Project to bring the supply chain of generative AI to the US. In addition, NVIDIA, Apple and Meta have all made public announcements regarding their plans to invest in the US.

值得注意的是星際之門計畫將產生人工智慧的供應鏈引入美國。此外，NVIDIA、蘋果、Meta等都已公開宣佈在美國投資的計畫。

That brings me to another focus of this administration, which is the Department of Government Efficiency, or DOGE, and its impact to our business. The initial impact of DOGE has been largely felt outside of the Department of Defense. Within the DoD, the focus has been on consulting contracts rather than reductions in defense programs.

這讓我想到了本屆政府的另一個重點，即政府效率部（DOGE）及其對我們業務的影響。DOGE 的最初影響主要在國防部以外地區顯現。在國防部內部，重點是諮詢合同，而不是國防項目的削減。

In regards to the defense budget, fiscal year '25 has started with a continuing resolution as Congress works to develop a reconciliation package. Discussions to date show a continued increase in defense spending in the $150 billion range.

關於國防預算，25財政年度已經開始通過一項持續決議，國會正在努力製定和解方案。迄今為止的討論顯示國防開支將繼續增加，達到 1500 億美元左右。

In addition, the President has indicated that the 2026 budget request will be in the $1 trillion range, indicating further increases in defense spending. There have also been actions from the government to support the domestic defense industry, particularly around missile defense. The Missile Defense Agency currently has an RFI out for the Golden Dome for America project, seeking information and market analysis concerning the strengthening of the country's missile defense system.

此外，總統表示2026年的預算要求將在1兆美元左右，這意味著國防開支將進一步增加。政府也採取了一些行動來支持國內國防工業，特別是在飛彈防禦方面。美國飛彈防禦局目前已發出有關「美國金色穹頂」計畫的徵詢意見書，尋求有關加強國家飛彈防禦系統的資訊和市場分析。

Note that roughly half of TTM's Aerospace and Defense business is tied to radar systems, which would benefit from more missile defense spending. Outside the US, various NATO countries are looking to increase defense spending, which would potentially benefit US defense contractors in the near-term.

值得注意的是，TTM 大約一半的航空航太和國防業務與雷達系統有關，而增加飛彈防禦支出將使雷達系統受益。除美國外，北約各國也考慮增加國防開支，這可能會在短期內使美國國防承包商受益。

Next, I will provide an update of our new facilities in Penang and Syracuse. We continue to make progress with customer qualifications in Penang with increasing revenues in the first quarter and a book-to-bill well above 1. We expect the revenue ramp to accelerate and reach breakeven levels towards the end of the third quarter.

接下來，我將介紹我們在檳城和錫拉丘茲的新設施的最新情況。我們在檳城客戶資格方面持續取得進展，第一季營收增加，訂單出貨比遠高於 1。我們預計營收成長將加速，並在第三季末達到損益平衡水準。

In terms of the new facility in Syracuse, external construction is largely complete, and we continue to make progress on the internal fabrication. We have placed orders for equipment, and pending uninterrupted delivery expect installation to begin in the summer with production slated for the middle of 2026. Lastly, I would like to highlight that we published our second corporate sustainability report, or CSR, on April 22, Earth Day, which reflects our clear commitment to minimize the impact of our facilities on the environment.

就錫拉丘茲的新工廠而言，外部建設已基本完成，內部製造工作也持續取得進展。我們已經下了設備訂單，等待不間斷的交付，預計安裝將於夏季開始，生產預計於 2026 年中期開始。最後，我想強調的是，我們在 4 月 22 日世界地球日發布了第二份企業永續發展報告（CSR），這反映了我們明確致力於最大限度地減少我們的設施對環境的影響。

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 47% of total first-quarter sales, compared to 46% of Q1 2024 sales and 47% of sales in Q4 2024. Revenues grew 15% year on year. The solid demand in the defense market is a result of a positive tailwind in defense budgets, our strong strategic program alignment and key bookings for ongoing franchise programs.

現在我想回顧一下我們的終端市場，我們網站的收益報告第 4 頁對此進行了引用。航空航太和國防終端市場佔第一季總銷售額的 47%，而 2024 年第一季銷售額佔 46%，2024 年第四季銷售額佔 47%。營收年增15%。國防市場的強勁需求是國防預算的積極推動、我們強大的戰略計劃協調以及正在進行的特許經營計劃的關鍵預訂的結果。

We maintain a solid A&D program backlog of approximately $1.55 billion at the end of the first quarter compared to $1.38 billion in the year ago quarter. During the quarter, we saw significant bookings for the Javelin and LTAMS-related programs.

截至第一季末，我們的 A&D 專案積壓訂單量約為 15.5 億美元，而去年同期為 13.8 億美元。在本季度，我們看到 Javelin 和 LTAMS 相關項目的訂單量很大。

We expect sales in Q2 from this end market to represent about 45% of 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 the future revenue growth.

我們預計第二季該終端市場的銷售額將佔總銷售額的 45% 左右。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。

Sales in the Data Center Computing end market represented 21% of total sales in the first quarter compared to 21% in Q1 of 2024 and 22% in the fourth quarter of 2024. This end market saw 15% year-on-year growth, which was better than expected due to continued strength from our Data Center customers building products for generative AI applications. We expect sequential growth in revenues in this end market to represent 21% of second-quarter sales.

資料中心計算終端市場的銷售額佔第一季總銷售額的 21%，而 2024 年第一季為 21%，2024 年第四季為 22%。該終端市場年增 15%，這好於預期，這得益於我們的資料中心客戶持續強勁地建構用於生成式 AI 應用的產品。我們預計該終端市場的營收將環比成長，佔第二季銷售額的 21%。

The medical industrial instrumentation end market contributed 13% of our total sales in the first quarter compared to 14% in the year ago quarter and 13% in the fourth quarter of 2024. This end market saw a return to year-on-year growth of 5% as inventories have normalized in the industrial area, and we saw increased demand from our semiconductor testing customers as generative AI drove increased purchases of automated test equipment.

醫療工業儀器終端市場在第一季貢獻了我們總銷售額的 13%，而去年同期為 14%，2024 年第四季為 13%。由於工業領域的庫存已經恢復正常，該終端市場恢復了 5% 的同比增長，隨著生成式人工智慧推動自動化測試設備購買量的增加，我們看到來自半導體測試客戶的需求也在增加。

For the second quarter, we expect the medical industrial instrumentation end market to be 15% of revenues. Automotive sales represented 11% of total sales during the first quarter of 2025 compared to 13% in the year ago quarter and 11% during the fourth quarter of 2024. 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 Q2.

對於第二季度，我們預計醫療工業儀器終端市場將佔營收的 15%。2025 年第一季，汽車銷售額佔總銷售額的 11%，而去年同期為 13%，2024 年第四季為 11%。汽車業務的年減主要是由於持續的庫存調整以及一些客戶的需求疲軟。我們預計汽車業務將在第二季貢獻總銷售額的 11%。

Networking accounted for 8% of revenue during the first quarter of 2025. This compares to 6% of revenue in the year ago quarter and 7% during the fourth quarter of 2024. Year-on-year growth was 53%, the strongest in many quarters due to increased switch-related demand from certain Networking customers. In Q2, we expect this end market to be 8% of revenues as this market continues to show strong growth, driven by AI-related demand and new products.

2025 年第一季度，網路業務佔總營收的 8%。相較之下，去年同期的營收為 6%，2024 年第四季的營收為 7%。由於某些網路客戶對交換器相關需求的增加，年增 53%，是多個季度以來最強勁的成長動能。在第二季度，我們預計該終端市場將佔營收的 8%，因為在人工智慧相關需求和新產品的推動下，該市場持續呈現強勁成長。

Next, I'll cover some details from the first quarter. This information is also available on Page 5 of our earnings presentation. During the quarter, our advanced technology and engineered products, which include HCI, rigid flex, RF subsystems and components and engineered systems, accounted for approximately 44% of our revenue. This compares to approximately 48% in the year ago quarter and 50% in Q4. We are continuing to pursue new business opportunities and increased customer design engagement activities that will leverage our advanced technology and engineered products capabilities in new programs and new markets.

接下來，我將介紹第一季的一些細節。此資訊也可在我們的收益報告第 5 頁找到。本季度，我們的先進技術和工程產品（包括 HCI、剛撓性、射頻子系統和組件以及工程系統）約占我們收入的 44%。相比之下，去年同期約為 48%，第四季約為 50%。我們將繼續尋求新的商業機會並增加客戶設計參與活動，以便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。

PCB capacity utilization in Asia Pacific was 58% in Q1 compared to 52% in the year ago quarter and 59% in Q4. 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 35% in Q1 compared to 38% in the year ago quarter and 34% in Q4.

第一季亞太地區 PCB 產能利用率為 58%，去年同期為 52%，第四季為 59%。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。我們第一季在北美的整體 PCB 產能利用率為 35%，去年同期為 38%，第四季為 34%。

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. Our top five customers contributed 45% of total sales in the first quarter of 2025 compared to 42% in the first quarter of 2024. We had one customer with over 10% of our total sales in the quarter.

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。我們的前五名客戶在 2025 年第一季貢獻了總銷售額的 45%，而 2024 年第一季為 42%。我們有一位客戶的銷售額佔本季總銷售額的 10% 以上。

At the end of Q1, our 90-day backlog, which is subject to cancellations, was $517.5 million compared to $459.5 million in the first quarter of last year. This quarter, we started to report total company backlog excluding shipments into the hubs to provide a more accurate measure of backlog, and we have restated last year's number as a result. As I mentioned earlier, our Aerospace and Defense program backlog was $1.55 billion at the end of Q1 this year compared to $1.38 billion at the end of the first quarter of last year. Our overall book-to-bill ratio was 1.10 for the three months ending March 31.

截至第一季末，我們的 90 天積壓訂單（可能被取消）為 5.175 億美元，而去年第一季為 4.595 億美元。本季度，我們開始報告不包括運往樞紐的貨物的總公司積壓訂單，以提供更準確的積壓訂單衡量標準，因此我們重申了去年的數字。正如我之前提到的，今年第一季末，我們的航空航太和國防項目積壓金額為 15.5 億美元，而去年第一季末為 13.8 億美元。截至 3 月 31 日的三個月，我們的整體訂單出貨比為 1.10。

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

現在丹將回顧我們第一季的財務表現。擔？

Thanks, Tom, and good afternoon, everyone. Highlights of our first-quarter financial results were included in the press release distributed today and are summarized on Slide 6 of the earnings presentation posted on our website.

謝謝，湯姆，大家下午好。我們第一季財務表現的亮點已包含在今天發布的新聞稿中，並在我們網站上發布的收益報告第 6 張幻燈片中進行了總結。

For the first quarter, net sales were $648.7 million compared to $570.1 million in the first quarter of 2024. The 14% year-over-year increase was due to growth in our Aerospace and Defense, Data Center Computing, Networking and Medical, Industrial and Instrumentation end markets, partially offset by declines in our Automotive end market. GAAP operating income for the first quarter of 2025 was $50.3 million compared to GAAP operating income for the first quarter of 2024 of $17.1 million.

第一季淨銷售額為 6.487 億美元，而 2024 年第一季為 5.701 億美元。年比成長 14% 是由於我們的航空航太和國防、資料中心運算、網路和醫療、工業和儀器儀表終端市場的成長，但被我們的汽車終端市場的下滑部分抵消。2025 年第一季的 GAAP 營業收入為 5,030 萬美元，而 2024 年第一季的 GAAP 營業收入為 1,710 萬美元。

On a GAAP basis, net income in the first quarter of 2025 was $32.2 million or $0.31 per diluted share. This compares to GAAP net income for the first quarter of 2024 of $10.5 million or $0.10 per diluted share. The remainder of my comments will focus on our non-GAAP financial performance.

以 GAAP 計算，2025 年第一季淨收入為 3,220 萬美元，即每股攤薄收益 0.31 美元。相比之下，2024 年第一季的 GAAP 淨收入為 1,050 萬美元，即每股攤薄收入 0.10 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。

Our non-GAAP performance excludes M&A-related costs, restructuring costs, certain noncash expense items such as amortization of intangibles, impairment of goodwill, stock compensation, gains on the sale of property, unrealized gains or losses on foreign exchange and other unusual or infrequent items. 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、股票薪酬、財產出售收益、未實現外匯收益或損失以及其他不尋常或不頻繁的項目）。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看待公司，並方便與前期預期進行比較。

Gross margin in the first quarter was 20.8% and compares to 18.8% in the first quarter of 2024. The year-on-year increase was due to higher sales volume, particularly in the Aerospace and Defense, Data Center Computing and Networking end markets, and improved operational execution.

第一季毛利率為 20.8%，而 2024 年第一季為 18.8%。年比成長是由於銷售量增加，特別是在航空航太和國防、資料中心運算和網路終端市場，以及營運執行力的提高。

Selling and marketing expense was $20.3 million in the first quarter or 3.1% of net sales versus $19.4 million or 3.4% of net sales a year ago. First-quarter G&A expense was $38.9 million and 6% of net sales compared to $40 million or 7% of net sales in the same quarter a year ago. In the first quarter of 2025, research and development was $7.8 million or 1.2% of net sales compared with $7 million or 1.2% of net sales in the same quarter last year.

第一季銷售和行銷費用為 2,030 萬美元，佔淨銷售額的 3.1%，而去年同期為 1,940 萬美元，佔淨銷售額的 3.4%。第一季的一般及行政管理費用為 3,890 萬美元，佔淨銷售額的 6%，而去年同期的一般及行政管理費用為 4,000 萬美元，佔淨銷售額的 7%。2025 年第一季度，研發費用為 780 萬美元，佔淨銷售額的 1.2%，去年同期為 700 萬美元，佔淨銷售額的 1.2%。

Our operating margin in the first quarter of 2025 was 10.5%, a 340 basis points increase from 7.1% in the same quarter last year due to the increase in gross margins and the steady level of selling, general and administrative costs. Interest expense was $10.9 million in the first quarter of 2025 compared to $11.8 million in the same quarter last year.

2025 年第一季我們的營業利潤率為 10.5%，比去年同期的 7.1% 增加了 340 個基點，這得益於毛利率的提高以及銷售、一般和管理費用的穩定水平。2025 年第一季利息支出為 1,090 萬美元，而去年同期為 1,180 萬美元。

During the first quarter of 2025, there was a $0.9 million realized foreign exchange gain below the operating income line compared to a $0.1 million realized foreign exchange gain in the first quarter of 2024. Government incentives and interest income totaling $3.5 million resulted in a net $4.4 million gain or a $0.04 positive impact to EPS in the current quarter. This compares to a net gain of $5 million or a $0.04 positive impact on EPS in the same quarter of last year.

2025 年第一季度，營業收入線以下實現的外匯收益為 90 萬美元，而 2024 年第一季實現的外匯收益為 10 萬美元。政府獎勵和利息收入總計 350 萬美元，為本季帶來 440 萬美元的淨收益，或對每股收益產生 0.04 美元的正面影響。相比之下，去年同期的淨收益為 500 萬美元，或對每股收益產生 0.04 美元的正面影響。

Our effective tax rate was 15% in the first quarter, resulting in tax expense of $9.3 million. This compares to a rate of 14% or a tax expense of $4.7 million in the same quarter last year. First-quarter 2025 net income was $52.4 million or $0.50 per diluted share. This compares to first-quarter 2024 net income of $29.1 million or $0.28 per diluted share. Adjusted EBITDA for the first quarter of 2025 was $99.5 million or 15.3% of net sales compared with first quarter 2024 adjusted EBITDA of $70.5 million or 12.4% of net sales.

我們第一季的有效稅率為 15%，稅費為 930 萬美元。相比之下，去年同期的稅率為 14%，稅費為 470 萬美元。2025 年第一季淨收入為 5,240 萬美元，即每股攤薄收入 0.50 美元。相比之下，2024 年第一季的淨收入為 2,910 萬美元，即每股 0.28 美元。2025 年第一季調整後 EBITDA 為 9,950 萬美元，佔淨銷售額的 15.3%，而 2024 年第一季調整後 EBITDA 為 7,050 萬美元，佔淨銷售額的 12.4%。

Prior year results have been revised to exclude the impact of unrealized gains or losses on foreign exchange from non-GAAP net income, non-GAAP EPS and adjusted EBITDA. Please refer to the revised historical non-GAAP financial information in the Form 8-K filed on February 5, 2025, for further information.

上一年的業績已進行修訂，以排除非公認會計準則淨收入、非公認會計準則每股收益和調整後息稅折舊攤銷前利潤 (EBITDA) 中未實現外匯損益的影響。欲了解更多信息，請參閱 2025 年 2 月 5 日提交的 8-K 表中修訂的歷史非 GAAP 財務資訊。

Depreciation for the quarter was $26.9 million. Net capital spending for the quarter was $63.2 million as we made a final payment related to the Malaysia facility while also ramping expenditures on our new facility in Syracuse, New York, as Tom mentioned earlier. Cash flow from operations in the first quarter of 2025 was a net cash usage of $10.7 million, primarily due to timing of receivables as we had a strong fourth quarter last year and some of our OEM customers changed to EMS companies with longer payment terms in this quarter.

本季折舊為 2690 萬美元。本季淨資本支出為 6,320 萬美元，因為我們支付了與馬來西亞工廠相關的最後一筆款項，同時也增加了位於紐約州錫拉丘茲的新工廠的支出，正如湯姆之前提到的。2025 年第一季的營運現金流為淨現金使用量 1,070 萬美元，這主要是由於應收帳款的時間安排，因為去年第四季我們表現強勁，而且我們的一些 OEM 客戶在本季度轉向了付款期限更長的 EMS 公司。

Our operating cash flows generally trend upward throughout the year, so we expect to recover this cash from fall-through on increased revenue and focused management of net working capital. We bought back 700,000 shares of stock in the quarter for $17.9 million. Cash and cash equivalents at the end of the first quarter of 2025 totaled $411.3 million. Our net debt divided by last 12 months EBITDA was 1.3.

我們的經營現金流量全年整體呈上升趨勢，因此我們預計透過增加收入和重點管理淨營運資本可以收回這筆現金。我們在本季以 1,790 萬美元回購了 700,000 股股票。2025 年第一季末的現金和現金等價物總計 4.113 億美元。我們的淨債務除以過去 12 個月的 EBITDA 為 1.3。

Now I will turn to our guidance for the second quarter of 2025. We project net sales for the second quarter of 2025 to be in the range of $650 million to $690 million, and non-GAAP earnings to be in the range of $0.49 to $0.55 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 年第二季的指導。我們預計 2025 年第二季的淨銷售額將在 6.5 億美元至 6.9 億美元之間，非 GAAP 收益將在每股攤薄收益 0.49 美元至 0.55 美元之間，其中包括啟動檳城工廠的相關營運成本。

The EPS forecast is based on a diluted share count of approximately 104 million shares, which includes the dilutive effect of outstanding stock options and other stock awards. We expect SG&A expense to be about 8.9% of net sales in the second quarter and R&D to be about 1.2% of net sales. We expect interest expense of approximately $11.4 million and interest income of approximately $3 million.

EPS 預測是基於約 1.04 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。我們預計第二季銷售、一般及行政費用約佔淨銷售額的 8.9%，研發費用約佔淨銷售額的 1.2%。我們預計利息支出約 1,140 萬美元，利息收入約 300 萬美元。

We estimate our effective tax rate will be between 13% 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 $8.5 million and noncash interest expense of approximately $0.5 million.

我們估計我們的有效稅率將在13％至17％之間。此外，我們預計將記錄約 2,810 萬美元的折舊、約 920 萬美元的無形資產攤提、約 850 萬美元的股票薪資費用和約 50 萬美元的非現金利息費用。

Finally, I'd like to announce that we will be participating in the Barclays Leveraged Finance Conference in Austin, Texas on May 20; the B. Riley Investor Conference in Los Angeles, California on May 21; and the Stifel Cross-Sector Insight Conference in Boston, Massachusetts on June 3.

最後，我想宣布，我們將參加 5 月 20 日在德克薩斯州奧斯汀舉行的巴克萊槓桿融資會議；5 月 21 日在加利福尼亞州洛杉磯舉行的 B. Riley 投資者會議；以及 6 月 3 日在馬薩諸塞州波士頓舉行的 Stifel 跨行業洞察會議。

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

我們的準備好的演講到此結束。現在我們開始回答問題。操作員？

(Operator Instructions) William Stein, Truist Securities.

（操作員指示）William Stein，Truist Securities。

I should say congrats on these pretty great results and outlook. I would like to ask about Penang. Tom, perhaps you can remind us or just fill in some blanks. Revenue at that facility during Q1, margins in the quarter or the margin drag that we're seeing at that facility to the overall results and the anticipated trajectory of revenue and margins over the next couple of quarters?

我應該對這些相當出色的結果和前景表示祝賀。我想問一下關於檳城的情況。湯姆，也許你可以提醒我們或只是填補一些空白。該工廠第一季的營收、本季的利潤率，或是我們看到的該工廠對整體業績的利潤拖累，以及未來幾季營收和利潤率的預期走勢？

Okay. So sure thing, Will. Let me just give you a feel for that. Number one -- and thank you, by the way. I appreciate the kind words.

好的。所以肯定有事，威爾。讓我給你感受一下。第一——順便說一句，謝謝你。我很感激這些善意的話語。

In terms of Penang first-quarter performance, we were at about $2.2 million in revenue. So that's the initial commercial volume of revenue. Obviously, as we build revenue, we're adding in direct labor. So not a huge impact in terms of operating income loss, which was approximately [$11.5 million or so]. As we ramp going forward, we're looking at steadily improving that situation.

就檳城第一季的業績而言，我們的營收約為 220 萬美元。這就是最初的商業收入量。顯然，隨著收入的增加，我們也增加直接勞動力。因此，就營業收入損失而言，影響並不大，大約是[約1150萬美元]。隨著我們不斷前進，我們正在逐步改善這種情況。

Certainly, at this point, with a strong book-to-bill in Q1, that's a real positive looking into Q2 and into Q3. By the end of Q3, we are still hoping to be at a breakeven point. So that's a steep ramp, obviously. We're looking at breakeven as somewhere between $30 million and $35 million in terms of revenue. So, looking to continue a rapid ramp of the facility here.

當然，目前來看，第一季的訂單出貨比強勁，這對於第二季和第三季來說是一個真正的利多。到第三季末，我們仍然希望達到收支平衡點。顯然，這是一個陡峭的斜坡。就營收而言，我們預期損益平衡點在 3,000 萬美元至 3,500 萬美元之間。因此，希望繼續快速提升這裡的設施。

And as you can expect, like any ramp, we've got -- it's good to see volume production getting pushed out and yielding volume production. That's the positive. And then every day, of course, we run into those challenges that come as you start to turn up the speeds on equipment, and processing speed. So doing a lot of learning in the meantime, but steadily ramping.

正如您所預料的，就像任何坡道一樣，我們很高興看到批量生產得到推進並實現批量生產。這是正面的一面。當然，每天我們都會遇到這些挑戰，這些挑戰來自於我們開始提高設備速度和處理速度。因此，在此期間要進行大量的學習，但要穩步提升。

I believe William Stein dropped. Let me go ahead and bring him back.

我相信威廉·斯坦已經退場了。讓我先去把他帶回來。

Guys, I missed most of that, but I'll get it from the transcript. I did want to ask something else about the Aerospace and Defense business. You did very well there in the quarter, but we did see program backlog decline slightly sequentially, and I think it hasn't done that in a while. And I'm hoping you can explain that. Is that a matter of just getting perhaps a bit better availability on components and labor such that you're able to work down backlog a little bit? Or any other way we can understand this from a sort of longer-term context, I'd appreciate.

夥計們，我錯過了大部分內容，但我會從成績單中找出來。我確實想問一些有關航空航天和國防業務的其他問題。本季你們的表現非常好，但我們確實看到項目積壓訂單環比略有下降，而且我認為這種情況已經有一段時間沒有發生過了。我希望你能解釋一下。這是否只是為了獲得更好的零件和勞動力供應，以便能夠稍微減少積壓工作？或者我們能從更長遠的角度以任何其他方式理解這一點，我將不勝感激。

Sure, Will. Yes. So, book-to-bill in defense was 0.96 and so darn close to 1:1. We did that program backlog number came down 100,000, I guess that would be, when it came down to -- sorry, came down from $1.56 billion to $1.55 billion. So, a pretty small decrease.

當然，威爾。是的。因此，防禦方面的訂單出貨比為 0.96，非常接近 1:1。我們確實將那個項目積壓數量減少了 100,000，我想那將是——抱歉，從 15.6 億美元降至 15.5 億美元。因此，下降幅度相當小。

The real point there being, we actually expected Q4 was, if you remember, a terrific bookings quarter for us. And we expected Q1 to come down further. We were actually positively surprised by the bookings level and the bookings that were brought forward into Q1 from Q2. We're expecting to see similar behaviors in Q2. So, I would not say that I think bookings continue to be strong, particularly for the beginning of the year, which is usually where you find bookings slow down a little bit.

真正的重點是，如果您還記得的話，我們實際上預計第四季度對我們來說是一個非常棒的預訂季度。我們預計第一季將進一步下降。事實上，我們對預訂水平以及從第二季度提前到第一季的預訂量感到驚訝。我們預計在第二季度會看到類似的行為。因此，我不會說預訂量會持續強勁，特別是在年初，通常你會發現預訂量會略有下降。

So, I think we're in great shape there. I would say, Will, I'm very proud of how our defense operations, both in integrated electronics, non-PCB as well as on the PCB side, how well the facilities operated. Frankly, usually, we find coming off of Q4 that we get a little bit of dip in production output. This year, the operations team did an outstanding job coming into Q1 off of a very strong Q4, continuing to operate well, continuing to do well throughout the quarter. So yes, we were able to bring past dues down a bit, which is critical for us.

所以，我認為我們的情況很好。我想說，威爾，我對我們的國防行動感到非常自豪，無論是在整合電子、非 PCB 方面，還是在 PCB 方面，設施的運作都非常好。坦白說，通常我們發現第四季度的產量會略有下降。今年，營運團隊在第四季度表現強勁的基礎上，進入第一季並繼續保持良好運營，整個季度都表現良好。所以是的，我們能夠稍微降低逾期欠款，這對我們來說至關重要。

We need to execute on behalf of our customers. Glad to see that come down a little bit. Glad to see the bookings strength maintain, and really, really pleased with where we are right now in the defense end market.

我們需要代表我們的客戶執行。很高興看到這一數字有所下降。很高興看到訂單量保持強勁，並且對我們目前在國防終端市場的狀況感到非常滿意。

Jim Ricchiuti, Needham & Co.

吉姆·里奇烏蒂（Jim Ricchiuti），Needham & Co.

I just wanted to follow up on Will's question about Penang. Tom, I think you talked about in your overview multiple customer qualifications. Can you give us a sense as to how many customers you're qualified with at the facility and in which market verticals?

我只是想繼續回答威爾關於檳城的問題。湯姆，我想您在概述中談到了多個客戶資格。您能否告訴我們，您在該工廠擁有多少合格的客戶以及在哪些垂直市場？

Boy, so we have four anchor customers there. We've been qualifying, of course, actively with those four. But beyond that, you can add we're in qualification with just, let's just say, approximately 10 customers overall. That number continues to increase, Jim. The pace of qualification varies according to customer.

哎呀，我們在那裡有四個主力客戶。當然，我們一直在積極地與這四個人進行資格賽。但除此之外，您可以補充說，我們有資格獲得的客戶總數大約只有 10 位。吉姆，這個數字還在繼續增加。資格認證的速度根據客戶的不同而不同。

We have worked through the bulk of qualifications with the anchor customers. There's still some work to do there, but we've continued that steady pace of qualifications. And of course, that will be an ongoing process because customers always qualify for new programs as well.

我們已經與主要客戶完成了大部分資格認證工作。還有一些工作要做，但我們會繼續保持穩定的資格認證步伐。當然，這將是一個持續的過程，因為客戶也總是有資格享受新的計劃。

We haven't reached that steady state. I think there's still customers where we need to wrap up the initial qualifications. But we are making good progress there. So good momentum in terms of qualifications and also the additional customers that we're bringing. And you can imagine, of course, the tariff situation out there adds a bit of further momentum in terms of customer interest.

我們尚未達到那種穩定狀態。我認為我們仍然需要對一些客戶進行初步資格審查。但我們在那裡取得了良好的進展。因此，就資質以及我們帶來的額外客戶而言，我們處於良好的勢頭。當然，你可以想像，目前的關稅狀況​​會進一步激發顧客的興趣。

Is it skewed to any one market?

它是否偏向任何一個市場？

Yes. Thank you. Sorry, I missed answering that part. So always has been from a volume standpoint, a little bit skewed towards Data Center and Networking customers. And then we also have medical, industrial instrumentation in there as well.

是的。謝謝。抱歉，我忘了回答那部分。因此，從數量的角度來看，總是有點偏向資料中心和網路客戶。我們還有醫療、工業儀器。

So, if you look at number of customers, the MII area is higher. But in terms of revenue contribution, Data Center and Networking are where the concentration is.

因此，如果您查看客戶數量，MII 區域會更高。但就收入貢獻而言，資料中心和網路是集中的領域。

And just as a follow-up. So at least thus far, you're not seeing much of a change in customer behavior from the administration policies. I was wondering, though, which verticals outside of A&D, Tom, do you have the strongest line of sight looking beyond Q2?

這只是後續行動。因此，至少到目前為止，你還沒有看到管理政策對顧客行為帶來太大的改變。不過，湯姆，我想知道，除了 A&D 之外，還有哪些垂直領域您對第二季之後的前景最為看好？

Yes. Thank you. So yes, I was thinking through this. I think if you -- another way to think about it is so it's visibility, both short-term and also in terms of sensitivity to tariffs. And if you start to go through our end markets, of course, always in the news, probably number one in terms of potential tariff impact is Automotive.

是的。謝謝。是的，我正在思考這個問題。我認為如果你——另一種思考方式是它的可見性，包括短期和對關稅的敏感度。如果你開始了解我們的終端市場，當然，總是出現在新聞中，就潛在關稅影響而言，排名第一的可能是汽車市場。

I've been encouraged to see some movement there around not just Automotive sales, but also Tier 1 parts coming into the US. Good to see the administration recognize the importance of that industry. And so, we'll see where that goes. But certainly, that's an area that is more sensitive than the others to tariffs. Second would be the MII area.

我很高興看到，不僅汽車銷售出現了一些動靜，一級零件也進入了美國。很高興看到政府認識到該行業的重要性。所以，我們拭目以待吧。但可以肯定的是，這個領域對關稅比其他領域更敏感。第二個是 MII 領域。

Medical clearly influenced by China and impacted by China because that is an important market for medical equipment. And so, watching that area. Industrial to the extent that we run into any kinds of economic issues because industrial highly tied to investments, capital investments out there. So could be positively influenced by capital investments in the US, but negatively impacted if the economy is impacted by this. And then instrumentation, most closely tied to the semiconductor capital equipment market.

醫療顯然受到中國的影響，因為中國是醫療設備的重要市場。所以，觀察那個區域。工業在某種程度上，我們遇到了任何類型的經濟問題，因為工業與投資、資本投資高度相關。因此，美國資本投資可能會對其產生正面影響，但如果經濟受到影響，則會產生負面影響。然後是儀器儀表，與半導體資本設備市場聯繫最為密切。

And there, of course, the export controls, we will see what kind of impact that has here on the industry. So, I would put MII as a second area just to watch. And again, I would say, short-term, we have not seen an impact there. In fact, we came off a strong quarter and expecting another strong quarter in Q2. And then finally, Data Center and Networking, you really have to put them together, both heavily impacted by investment in generative AI and Data Center investments.

當然，還有出口管制，我們將看到這對該行業產生什麼樣的影響。因此，我會將 MII 作為第二個領域來觀察。我想再說一遍，短期內我們還沒看到影響。事實上，我們剛剛度過了一個強勁的季度，並預計第二季度將再次表現強勁。最後，你必須將資料中心和網路結合起來，它們都受到生成式人工智慧和資料中心投資的嚴重影響。

We highlighted on the script that a lot of -- that we are expecting positive investment momentum in the US. I think this is an area of ongoing strength here. And then A&D, as you mentioned, Jim, certainly not impacted by tariffs, certainly not on the demand side.

我們在腳本中強調了很多——我們預計美國的投資勢頭將積極。我認為這是我們持續保持優勢的一個領域。然後，正如您所提到的，Jim，A＆D 肯定不會受到關稅的影響，肯定不會受到需求方面的影響。

So, as you think about TTM and you think about how that adds up, A&D and Data Center collectively, you're looking at over 70%, closing in on 80%, of our revenue depending on the quarter. And then you've got that piece, the MII piece coming in at anywhere from 10% to 15% and then the balance in auto.

因此，當您考慮 TTM 並思考如何將其加起來時，A&D 和資料中心加在一起，您會看到我們的收入超過 70%，接近 80%，具體取決於季度。然後你就得到了那個部分，MII 部分佔 10% 到 15% 之間，然後是自動平衡。

So, I think we're in good, strong shape here as we look into the potential impact of tariffs and the balance of the year.

因此，我認為，當我們研究關稅的潛在影響和今年的平衡時，我們的狀況良好、強勁。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

And Tom, thanks very much for the detail around how you're thinking about the tariff environment. I guess the first question I have is understanding that you talked about not really seeing any meaningful changes in behavior from customers. But I guess when you look at the data center business doing a bit better and Networking continue to have momentum, any signs at this point that there's some pull-in activity going on ahead of sort of more clarity into how the tariff environment pans out for the second half of the year?

湯姆，非常感謝您詳細介紹了您對關稅環境的看法。我想我的第一個問題是理解您所說的沒有真正看到客戶行為有任何有意義的變化。但是我想，當您看到資料中心業務表現更好並且網路繼續保持勢頭時，是否有跡象表明在下半年關稅環境如何發展之前正在進行一些拉動活動？

I don't see that in the Data Center or the Networking area, to be frank. I think both areas are acting really much more -- so I would never say predictable because certainly, when it comes to Data Center, there are programs that ramp and programs that fall off. But I haven't seen momentum that I would call unusual in regards to programs. So, I haven't seen it there. I think it's harder to tell with medical, industrial instrumentation because, certainly, our North America bookings in that area have been strong.

坦白說，我沒有在資料中心或網路領域看到這種情況。我認為這兩個領域的表現都更加——所以我永遠不會說是可預測的，因為當談到數據中心時，肯定會有項目增加，也會有項目減少。但我還沒有看到程序方面出現不尋常的勢頭。所以，我沒有在那裡看到它。我認為對於醫療、工業儀器來說更難判斷，因為我們在北美地區的訂單量確實很強勁。

That could be because customers are thinking about tariff impacts. I wouldn't say that we have seen a lot of change in behavior in terms of orders coming out of China. Much of the assembly in MII actually takes place with contract manufacturers outside of the US.

這可能是因為客戶正在考慮關稅的影響。我不會說我們看到來自中國的訂單行為發生了很大變化。MII 的大部分組裝工作實際上是與美國境外的合約製造商進行的。

And so, I think as, again, customers look at this, I don't think there's a major reason for a shift in behavior there. And frankly, as I mentioned in the script, we haven't even seen customers move CMs, even where they have CMs doing assembly in the US, we haven't seen a big shift there. So right now, it seems like a fairly steady state from what we're seeing.

因此，我認為，當顧客再次看到這一點時，我認為沒有主要原因導致他們的行為轉變。坦白說，正如我在腳本中提到的那樣，我們甚至沒有看到客戶轉移 CM，即使他們的 CM 在美國進行組裝，我們也沒有看到那裡發生重大轉變。因此，從我們現在看到的情況來看，它似乎處於相當穩定的狀態。

On that point around shifts on CMs, that's interesting. And I guess you hinted at this when you answered Jim's question on Penang in terms of potentially getting some further momentum. And I guess the question would be around the competitive dynamics with a lot of your competitors on the PCB side, certainly based in Asia.

關於 CM 轉變的這一點很有趣。我想，當您回答吉姆關於檳城可能獲得進一步發展動力的問題時，您已經暗示了這一點。我想問題在於 PCB 方面許多競爭對手的競爭動態，這些競爭對手肯定位於亞洲。

I mean, it seems to me like there might be an opportunity for you there. And wondering if those types of conversations have started yet with your customers? Or is it too early for that at this point?

我的意思是，在我看來那裡可能有一個適合你的機會。您是否想知道您是否已經開始與客戶進行此類對話？還是現在說這個還太早？

A lot of conversation, absolutely. And I would say beyond Penang, as it impacts our facilities and our commercial facilities in Toronto and in Logan, Utah and San Jose. So, we're doing a lot of -- certainly, there are exercises that occur that we're doing with customers in trying to help them look ahead. I think again, not a short-term impact there, certainly longer-term modeling.

確實有很多對話。我想說，除了檳城之外，它還影響我們在多倫多、洛根、猶他州和聖何塞的​​設施和商業設施。所以，我們正在做很多事情——當然，我們正在與客戶一起進行一些練習，試圖幫助他們展望未來。我再次認為，這不是短期影響，肯定是長期影響。

The Penang facility better set up to handle future volume needs. We're just trying to also ensure that the product type fits into what we can do most efficiently in Penang, which tends to be higher layer count production of boards. And so yes, there's quite a bit of modeling going on and ensuring that we're really hitting that sweet spot in terms of production capability.

檳城工廠的設立將更能滿足未來產量需求。我們只是想確保產品類型適合我們在檳城最有效的生產方式，即生產更高層數的電路板。是的，我們正在進行大量的建模，以確保我們在生產能力方面真正達到最佳水平。

And I would just remind you also Ruben, that our competition doesn't sit still. And certainly, they're building facilities, particularly in Thailand, to compete. So, we do, I think, have a bit of a first-mover advantage here in Penang. But we're never -- our customers or our competitors are always quick to act. And certainly, our customers are going to have other options here in Southeast Asia. We just are determined to make Penang the best choice.

我還要提醒你，魯本，我們的競爭對手不會停滯不前。當然，他們正在建造設施，特別是在泰國，以參與競爭。所以，我認為我們在檳城確實擁有一些先發優勢。但我們從來不會——我們的客戶或競爭對手總是迅速採取行動。當然，我們的客戶在東南亞還會有其他選擇。我們只是決心讓檳城成為最好的選擇。

(Operator Instructions) Mike Crawford, B. Riley Securities.

（操作員指示）Mike Crawford，B. Riley Securities。

Just back to the direct to revenue impact of tariffs, you mentioned only 3% to 4% of your direct imports to the US from your customers. But do you have any sense of what percent -- of what you ship elsewhere like to Foxconn in Taiwan from China that then eventually would come into the US and potentially be subject to tariffs?

回到關稅對收入的直接影響，您提到只有 3% 到 4% 的商品直接從美國進口。但是，您是否知道，從中國運往台灣富士康等其他地方的產品中，有多少比例最終會進入美國並可能被徵收關稅？

That is a great question, Mike. I do not have a sense for that because if you take most of these products that are being built by the CMs, they're going to go to multiple destinations. And so, it's really hard for us to gauge where those shipments are going to go.

這個問題問得真好，麥克。我對此沒有感覺，因為如果你把大多數由 CM 製造的產品拿走，它們將會銷往多個目的地。因此，我們很難判斷這些貨物將運往何處。

To the extent that a shipment goes into Mexico, you can usually count on the fact that it's going to go -- the end product will end up in the US. But that's a small portion of what we're shipping. So much harder to gauge when a shipment goes into Southeast Asia, say. So I wish I had the answer, but I really don't to that question.

當貨物運往墨西哥時，通常可以確信最終產品將運往美國。但這只是我們運送貨物的一小部分。因此，很難判斷貨物何時運抵東南亞。所以我希望我能找到答案，但我真的不知道這個問題的答案。

Well, I have another maybe potentially hard one, but just in general, do you have a sense of what your PCB manufacturing capacity share is globally outside of China or in the US or maybe after Syracuse ramps, what that answer might be? And if that's different if you're talking about advanced high-layer count boards.

好吧，我還有另一個可能很難的問題，但總的來說，您是否知道您的 PCB 製造產能在全球除中國或美國之外的份額是多少，或者在錫拉丘茲產能增加之後，答案可能是什麼？如果您談論的是高級高層數電路板，情況會有所不同。

Okay. So, if you look at -- probably the easiest gauge I can give you. In terms of North America production, we continue to be the largest by a factor in terms of PCB production. And with Syracuse coming on in terms of advanced technology printed circuit board production, we'll really be the only company with scale or capability to produce advanced printed circuit boards. So that one is easier to answer.

好的。所以，如果你看一下——這可能是我能給你的最簡單的衡量標準。就北美產量而言，我們在 PCB 產量方面持續保持最大優勢。隨著錫拉丘茲在先進技術印刷電路板生產方面的不斷進步，我們將真正成為唯一一家擁有規模或能力生產先進印刷電路板的公司。所以這個問題比較容易回答。

In terms of outside of China capacity, right now, certainly, again, we are close to the largest there. I haven't seen any real industry studies that give me a good compare on that. As you know, globally, we're about number five on the list of global production capability. And most of those companies that compete with us are in China or that's where they have the bulk of their production capacity.

就中國境外的產能而言，目前，我們當然已經接近當地最大的產能。我還沒有看到任何能夠讓我對此進行良好比較的真實行業研究。如您所知，在全球範圍內，我們在全球生產能力排名中排名第五。與我們競爭的大多數公司都在中國，或者他們的大部分生產能力都在中國。

So, I think we're -- again, what I like about the TTM footprint, I have always liked about it, is our strength in North America, inclusive of Canada as well as the US. And now we've added a critical cog here with Penang coming on. So really, really pleased with our footprint situation.

所以，我認為我們——再次強調，我喜歡 TTM 的足跡，我一直喜歡它，因為我們在北美（包括加拿大和美國）的實力。現在我們又增加了一個關鍵的齒輪－檳城。所以，我們對我們的足跡情況真的非常滿意。

And then one final question for me is there's this $150 billion reconciliation bill that came out of the House and Senate Armed Services Committees. And on Pages 10 and 11, there's a lot of specific programs, specifically [plusing] up integrated air and missile defense. Is there anything that stands out there or otherwise in that bill that you're looking at that could lend upside to the percent of revenue that you're looking at for Aerospace and Defense?

最後一個問題是，眾議院和參議院軍事委員會提出了一項價值 1500 億美元的和解法案。第 10 頁和第 11 頁有許多具體計劃，特別是 [增加] 綜合防空和飛彈防禦計劃。您正在審議的法案中，是否有任何突出之處或其他方面可以提高航空航太和國防收入的百分比？

Well, I think we highlighted when you're looking at programs that tie to air missile defense, radar systems, that those are programs that are right in our wheelhouse and allow us to have additional content opportunity beyond the board. So, from that standpoint, very, very pleased with where that reconciliation bill may be going. And so that should be a positive. Again, the details of that are being worked out. So, I think it's the right area.

嗯，我認為我們在查看與防空飛彈防禦、雷達系統相關的項目時強調，這些項目完全在我們的掌控之中，並且讓我們在董事會之外擁有額外的內容機會。因此，從這個角度來看，我對和解法案的進展非常非常滿意。所以這應該是一件正面的事。再次強調，具體細節正在製定中。所以，我認為這是正確的區域。

We certainly -- we highlighted Golden Dome. I think that's, again, a strong area. If you look at the programs that are tied to that, to the general plan there, those are opportunities and opportunities where we already have content in most cases. So certainly, the direction is a good one.

我們當然——我們重點介紹了金色穹頂。我認為這又是一個強項。如果你看看與此相關的計劃，以及那裡的總體規劃，這些都是機會，而且在大多數情況下我們已經擁有了內容。所以，這個方向無疑是好的。

As you know, we generally will not see the actual business for approximately 18 months to 24 months after a budget is agreed upon. But this is definitely a good direction as is certainly the administration comments on a potential 2026 budget of over $1 trillion.

如您所知，預算商定後，我們一般需要大約 18 個月到 24 個月才能看到實際業務。但這絕對是一個好的方向，正如政府對 2026 年可能超過 1 兆美元的預算的評論一樣。

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.

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

Thank you, Sheri. I would like to just close by summarizing some of the points we made earlier. First, we delivered strong revenue growth in Q1, up 14% year on year, driven by Aerospace and Defense, Data Center Computing and Networking markets.

謝謝你，謝裡。最後，我想總結一下我們之前提出的一些觀點。首先，在航空航太和國防、資料中心運算和網路市場的推動下，我們在第一季實現了強勁的營收成長，年增 14%。

Second, our non-GAAP operating margin of 10.5% was up 340 basis points year on year and was the third consecutive quarter of double-digit margin for TTM. And third, we achieved record-high non-GAAP operating margin and non-GAAP EPS for a first quarter, better than normal seasonal trends.

其次，我們的非公認會計準則營業利潤率為 10.5%，年成長 340 個基點，這是 TTM 連續第三個季度實現兩位數的利潤率。第三，我們第一季的非公認會計準則營業利潤率和非公認會計準則每股收益均創歷史新高，優於正常的季節性趨勢。

We continue to make strong progress on our strategic imperatives around Syracuse and Penang. And in closing, I just wanted to thank our employees, our customers and investors for your and their continued support as we continue to move in a positive strategic direction for TTM. Thank you very much.

我們在錫拉丘茲和檳城的戰略重點上繼續取得重大進展。最後，我只想感謝我們的員工、客戶和投資者，感謝你們以及他們在我們繼續朝著 TTM 積極的策略方向前進的過程中給予的持續支持。非常感謝。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。