TTM Technologies Inc (TTMI) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to the TTM Technologies, Inc. second quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, July 30, 2025. Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement. Mr. Desai?

午安.感謝您的支持。歡迎參加 TTM Technologies, Inc. 2025 年第二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 7 月 30 日）進行錄製。TTM 企業發展和投資者關係副總裁 Sameer Desai 現在將審查 TTM 的揭露聲明。德賽先生？

Thank you, Sri. 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，斯里。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 second quarter 2025 conference call. I'll begin with a review of our business highlights from the quarter and a discussion of our second quarter results, followed by an update of the current geopolitical environment and an update on our planned expansions. Dan Boehle, our CFO, will follow with an overview of our Q2 2025 financial performance and our Q3 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 2025 年第二季電話會議。我將首先回顧本季的業務亮點並討論第二季的業績，然後介紹當前的地緣政治環境以及我們計劃的擴張的最新情況。我們的財務長 Dan Boehle 將隨後概述我們 2025 年第二季的財務業績和 2025 年第三季的指引。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 second quarter of 2025, and I would like to thank our employees for their part in delivering these results.

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 年第二季取得了強勁的業績，我要感謝我們的員工為實現這些業績所做的貢獻。

In the second quarter of 2025, TTM achieved revenue and non-GAAP EPS above the high end of the guided range. Revenue grew 21% year-on-year 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. Revenue in our aerospace and defense market was much better than expected at 45% of total revenues for the quarter and continues to remain solid with a program backlog of approximately $1.46 billion.

2025 年第二季度，TTM 實現的收入和非 GAAP EPS 均高於指導範圍的高端。由於航空航太和國防、數據中心計算、網路和醫療、工業和儀器儀表終端市場的需求強勁，收入同比增長 21%，但汽車終端市場的輕微下滑部分抵消了這一增長。我們的航空航太和國防市場的收入遠優於預期，佔本季總收入的 45%，並且持續保持穩健，專案積壓量約為 14.6 億美元。

The company's non-GAAP operating margins of 11.1% were up 210 basis points year-on-year as we recorded the fourth consecutive quarter of double-digit operating margin performance, reflecting continued solid execution. Non-GAAP EPS of $0.58 was a quarterly record for TTM, taking into account the adjustments for unrealized foreign exchange gains we previously announced.

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。考慮到我們先前宣布的未實現外匯收益的調整，非 GAAP EPS 為 0.58 美元，創下了 TTM 的季度紀錄。

Finally, cash flow from operations was a solid 13.4% of revenues with net leverage ending the quarter at a healthy 1.2 times. Last quarter, we reviewed in detail the new policies being implemented by the current administration and the potential impact to TTM.

最後，營運現金流佔營收的 13.4%，本季末淨槓桿率達到健康的 1.2 倍。上個季度，我們詳細回顧了現任政府正在實施的新政策及其對 TTM 的潛在影響。

As a reminder, we have significantly reshaped the company over the last 10 years in order to strengthen the business, which has also helped to minimize the impact of tariffs. We have diversified our end markets as well as our manufacturing footprint, divested consumer and lower-margin facilities in China, acquired new facilities in the US and invested in new production capabilities in Malaysia.

提醒一下，在過去 10 年裡，我們對公司進行了重大重塑，以加強業務，這也有助於最大限度地減少關稅的影響。我們實現了終端市場和製造業務的多元化，剝離了中國的消費品和低利潤設施，在美國收購了新設施，並在馬來西亞投資了新的生產能力。

We currently have no direct consumer exposure. The aerospace and defense market is 45% of revenues and generative AI is close to 30% of revenues. As a result, we do not expect a significant short-term impact from tariffs, whether through direct impact to revenue or direct impact to materials and equipment purchases.

我們目前沒有直接的消費者接觸。航空航太和國防市場佔收入的 45%，而生成性人工智慧佔收入的近 30%。因此，我們預計關稅不會在短期內產生重大影響，無論是直接影響收入還是直接影響材料和設備採購。

We also have mitigation strategies in place to minimize potential tariff impacts. And while it is possible that there could be an indirect impact such as overall end market demand weakness and economic slowdown, we have not seen that as of yet.

我們也制定了緩解策略，以盡量減少潛在的關稅影響。雖然可能會產生間接影響，例如整體終端市場需求疲軟和經濟放緩，但目前我們還沒有看到這種情況。

On the positive side, we are seeing growing interest from companies to invest in new facilities in the US, particularly for generative AI. Most recently, Google said that it will invest $25 billion and CoreWeave will invest $6 billion in data center buildouts across Pennsylvania and neighboring states. Meta announced that they are building a 5-gigawatt data center in Louisiana and a 1-gigawatt super cluster data center in Ohio.

從積極的一面來看，我們看到越來越多的公司對在美國投資新設施的興趣，尤其是對於生成性人工智慧。最近，Google表示將投資 250 億美元，CoreWeave 將投資 60 億美元在賓州及鄰近各州建造資料中心。Meta宣布正在路易斯安那州建造一個5千兆瓦的資料中心，在俄亥俄州建造1千兆瓦的超級叢集資料中心。

Previously, Jabil announced on their earnings call that they are investing $500 million to build a new facility in North Carolina to target AI demand. In line with these announcements, we also recently announced the acquisition of a 750,000 square foot facility in Eau Claire, Wisconsin to enhance the company's ability to support future high-volume US production of advanced technology PCBs across key markets, particularly data center computing and networking for generative AI applications.

先前，捷普在財報電話會議上宣布，將投資 5 億美元在北卡羅來納州建造新廠，以滿足人工智慧需求。與這些公告一致，我們最近還宣布收購位於威斯康辛州歐克萊爾的一座 750,000 平方英尺的工廠，以增強公司支持未來美國在主要市場大規模生產先進技術 PCB 的能力，特別是用於生成 AI 應用的數據中心計算和網路。

The Eau Claire, Wisconsin facility was previously owned and operated by HTI for the production of disk drive products. The facility is in excellent condition and comes with the necessary infrastructure to support advanced technology PCB production.

位於威斯康辛州歐克萊爾的工廠之前由 HTI 擁有和運營，用於生產磁碟機產品。該設施狀況良好，並配備了支援先進技術 PCB 生產所需的基礎設施。

As a result, TTM will significantly shorten the lead time required to bring new US domestic capacity online as required by customers. The timing of equipment installation will be closely coordinated with customer end demand.

因此，TTM 將根據客戶要求大幅縮短美國國內新產能上線所需的準備時間。設備安裝時間將與客戶終端需求緊密配合。

Turning to defense budgets. The fiscal year 2025 reconciliation bill was signed into law on July 4 and included an additional $150 billion in defense spending, which should help to grow defense spending in future years.

談到國防預算。2025財年和解法案於7月4日簽署成為法律，其中包括額外增加1,500億美元的國防開支，有助於未來幾年增加國防開支。

Key priorities in the bill include the Golden Dome missile defense, shipbuilding, nuclear forces, munitions, supply chain and unmanned ships and drones. Approximately $25 billion of the $175 billion Golden Dome project was in the reconciliation bill. And while it is still in the definition stage, the project bodes well for further growth and will likely use some level of existing programs, such as LTAMDS, a key program for TTM.

該法案的主要優先事項包括金頂飛彈防禦系統、造船、核武、彈藥、供應鏈以及無人船和無人機。耗資 1,750 億美元的金色穹頂計畫中約有 250 億美元包含在和解法案中。雖然仍處於定義階段，但該計畫預示著進一步發展，並可能使用某種程度的現有程序，例如 TTM 的關鍵程序 LTAMDS。

Note that roughly half of TTM's Aerospace and Defense business is tied to radar systems, which would benefit from more missile and space-related defense spending. Outside the US, NATO leaders have agreed to significantly increase defense spending, setting a new target of 5% of GDP.

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，而飛彈和太空相關國防開支的增加將使雷達系統受益。除美國外，北約領導人已同意大幅增加國防開支，設定佔GDP 5% 的新目標。

Foreign military sale notifications have been strong so far this year at the $80 billion level, providing an additional tailwind to defense market growth. Due to the relatively small size of foreign defense contractors, we expect much of the foreign military sales in the near-term to benefit the Tier 1 defense contractors in the US, our key customers. To that point, the President recently announced that the United States will provide Ukraine with Patriot air defense systems with the cost to be covered by the European Union.

今年迄今為止，對外軍售通知一直表現強勁，達到 800 億美元，為國防市場成長提供了額外的推動力。由於外國國防承包商規模相對較小，我們預期近期大部分對外軍售將惠及美國一級國防承包商，也就是我們的主要客戶。為此，總統最近宣布，美國將向烏克蘭提供愛國者防空系統，費用由歐盟承擔。

Next, I will provide an update on our new facilities in Penang and Syracuse. While we continue to make progress with customer qualifications in Penang with increasing revenues in the second quarter to a level of $5.2 million, the rate of increase will likely be insufficient to reach breakeven by 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。雖然我們在檳城的客戶資格方面繼續取得進展，第二季度的收入增加到 520 萬美元，但成長率可能不足以在第三季末實現收支平衡。

The slower-than-expected revenue ramp is caused by growing pains inherent in a greenfield start-up of a facility charged with manufacturing complex multilayer product. We expect the revenue ramp to continue in the fourth quarter as we bring on additional new programs, but we are not yet sure of when we will reach the breakeven level of $30 million to $35 million in quarterly revenue.

收入成長低於預期是由於負責生產複雜多層產品的工廠在新建過程中固有的成長煩惱所造成的。隨著我們推出更多新項目，我們預計第四季度營收將繼續成長，但我們還不確定何時才能達到季度營收 3,000 萬至 3,500 萬美元的盈虧平衡水準。

Customer interest in our Penang facility remains strong, while we work towards a top priority for us of achieving breakeven revenue levels and beyond in the new facility. Our long-term confidence in our growth in Malaysian production is reflected in our recent announcement that we have acquired land rights for 10 additional acres of land in Penang to establish a second new production site in Malaysia that aligns with our customers' increasing interest in supply chain diversification beyond China.

客戶對我們檳城工廠的興趣仍然濃厚，而我們的首要任務是在新工廠實現收支平衡甚至更高的收入水平。我們對馬來西亞生產成長的長期信心體現在我們最近宣布的一項聲明中：我們已獲得檳城另外 10 英畝土地的使用權，將在馬來西亞建立第二個新的生產基地，以滿足客戶對中國以外供應鏈多元化日益增長的興趣。

The second facility in Malaysia will be in close proximity to TTM's existing facility and is expected to support similar commercial markets such as data center computing, networking and medical, industrial and instrumentation.

馬來西亞的第二家工廠將靠近 TTM 現有工廠，預計將支援類似的商業市場，如資料中心運算、網路和醫療、工業和儀器。

The timing of construction of this new facility will be aligned with longer-term customer demand. And as of now, we have not broken ground. Progress on our new facility in Syracuse, New York continues as external construction of the building is largely complete, and we shift our focus to the internal fabrication of the facility.

新設施的建設時間將與長期客戶需求保持一致。而截至目前，我們尚未破土動工。隨著建築物外部施工基本完工，我們位於紐約州錫拉丘茲的新工廠的建設工作仍在繼續，我們將重點轉移到工廠的內部製造。

We have placed orders for equipment and pending uninterrupted delivery expect installation to begin in short order with volume production slated to start in the second half of 2026. Now I'd like to review our end markets, which are referenced on page 4 of the earnings presentation on our website.

我們已經下達了設備訂單，等待不間斷的交付，預計安裝將很快開始，批量生產預計將於 2026 年下半年開始。現在我想回顧一下我們的終端市場，這些市場在我們網站的收益報告第 4 頁中有提及。

The aerospace and defense end market represented 45% of total second quarter sales compared to 45% of Q2 2024 sales and 48% of sales in Q1 2025. Revenues in this end market grew 21% year-on-year to a record high and were significantly better than expected. 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.

航空航太和國防終端市場佔第二季總銷售額的 45%，而 2024 年第二季佔 45%，2025 年第一季佔 48%。該終端市場營收年增21%，創歷史新高，明顯優於預期。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 $1.46 billion at the end of the second quarter compared to $1.45 billion in the year ago quarter. During the quarter, we saw significant bookings for the SABER and LTAMDS-related programs.

截至第二季末，我們的 A&D 專案積壓訂單量約為 14.6 億美元，而去年同期為 14.5 億美元。在本季度，我們看到 SABER 和 LTAMDS 相關項目的訂單量很大。

We expect sales in Q3 from this end market to represent about 43% of total sales. Bookings in the aerospace and defense market ship over a longer period of time than the commercial markets and provide good visibility into future revenue growth.

我們預計第三季該終端市場的銷售額將佔總銷售額的 43% 左右。航空航太和國防市場的訂單出貨時間比商業市場更長，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 second quarter compared to 21% in Q2 of 2024 and 21% in the first quarter of 2025. This end market saw 20% year-on-year growth, which was better than expected and a record high due to continued strength from our data center customers, building products for generative AI applications. We expect an acceleration of growth and revenues in this end market to represent 24% of third quarter sales.

資料中心計算終端市場的銷售額佔第二季總銷售額的 21%，而 2024 年第二季為 21%，2025 年第一季為 21%。該終端市場年增 20%，優於預期，創下歷史新高，這得益於我們資料中心客戶持續強勁成長，為生成性人工智慧應用打造產品。我們預計該終端市場的成長和收入將加速，佔第三季銷售額的 24%。

The medical/industrial/instrumentation end market contributed 15% of our total sales in the second quarter compared to 14% in the year ago quarter and 13% in the first quarter of 2025. This end market saw an acceleration of year-on-year growth to 28% as the Industrial segment saw increased demand from robotics and the Instrumentation segment saw increased demand for automated test equipment for generative AI applications.

醫療/工業/儀器終端市場在第二季貢獻了我們總銷售額的 15%，而去年同期為 14%，2025 年第一季為 13%。由於工業領域對機器人的需求增加，以及儀器儀表領域對生成性人工智慧應用的自動化測試設備的需求增加，該終端市場年增至 28%。

For the third quarter, we expect the medical/industrial/instrumentation end market to be 15% of revenues. Automotive sales represented 11% of total sales during the second quarter of 2025 compared to 14% in the year ago quarter and 11% during the first quarter of 2025. The slight year-over-year decline for automotive was due primarily to continued inventory adjustments and soft demand at several customers.

對於第三季度，我們預計醫療/工業/儀器儀表終端市場將佔收入的 15%。2025 年第二季度，汽車銷售額佔總銷售額的 11%，而去年同期為 14%，2025 年第一季為 11%。汽車銷售量較去年同期略有下降，主要原因是持續的庫存調整和一些客戶的需求疲軟。

We expect our automotive business to contribute 10% of total sales in Q3. Networking accounted for 8% of revenue during the second quarter of 2025. This compares to 6% of revenue in the year ago quarter and 7% during the first quarter of 2025.

我們預計汽車業務將在第三季貢獻總銷售額的10%。網路業務將在2025年第二季貢獻8%的營收。相比之下，去年同期的營收為 6%，2025 年第一季的營收為 7%。

Year-on-year growth was 52% and continued to be the strongest in many quarters due to increased switch-related demand from certain networking customers. In Q3, 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.

由於某些網路客戶的交換器相關需求增加，年增 52%，並繼續保持多個季度以來的最強勁增長。在第三季度，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 second quarter. The information is also available on page 5 of our earnings presentation. In the past, we have disclosed advanced technology and engineered products as a percentage of revenues as well as our utilization rates in both North America and Asia Pacific. However, as our mix shift has changed with a focus on aerospace and defense and data center computing end markets, we do not believe these previous disclosures are helpful in understanding the business, particularly when it comes to profitability. As a result, we will not be disclosing these metrics going forward.

接下來，我將介紹第二季的一些細節。我們的收益報告第 5 頁也提供了這些資訊。過去，我們揭露了先進技術和工程產品佔收入的百分比以及我們在北美和亞太地區的利用率。然而，由於我們的業務組合已發生轉變，重點轉向航空航太、國防和資料中心計算終端市場，我們認為這些先前的揭露對於理解業務沒有幫助，特別是在盈利能力方面。因此，我們今後不會透露這些指標。

I would note that we are instituting a new segment reporting structure, which should give investors a clearer idea of our relative financial performance. Our top five customers contributed 41% of total sales in the second quarter of 2025 compared to 42% in the second quarter of 2024. We had one customer with over 10% of our total sales in the quarter.

我想指出的是，我們正在建立一個新的分部報告架構，這應該能讓投資人更清楚地了解我們的相對財務表現。我們的前五名客戶在 2025 年第二季貢獻了總銷售額的 41%，而 2024 年第二季為 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 Q2, our 90-day backlog, which is subject to cancellations, was $496.8 million compared to $484.8 million in the second quarter of last year. As I mentioned earlier, our aerospace and defense program backlog was $1.46 billion at the end of Q2 this year compared to $1.45 billion in the second quarter of last year.

截至第二季末，我們的 90 天積壓訂單（可能被取消）為 4.968 億美元，而去年第二季為 4.848 億美元。正如我之前提到的，今年第二季末，我們的航空航太和國防項目積壓金額為 14.6 億美元，而去年第二季為 14.5 億美元。

Our overall book-to-bill ratio was 0.89 for the three months ending June 30, with a book-to-bill for the Commercial segment to be 1.07, the book-to-bill of the A&D segment to be 0.69 and the book-to-bill of RF&S segment to be 0.95.

截至 6 月 30 日的三個月，我們的整體訂單出貨比為 0.89，其中商業部門的訂單出貨比為 1.07，A&D 部門的訂單出貨比為 0.69，RF&S 部門的訂單出貨比為 0.95。

The A&D book-to-bill below 1 is due to order timing and not an indication of overall demand, which remains healthy. It is normal to see shifts in defense bookings. And while orders in the A&D market can be more lumpy than the commercial market, A&D customers provide longer-term multiyear orders, which create greater certainty as evidenced by our strong A&D backlog.

A&D 訂單出貨比低於 1 是由於訂單時間所致，並不代表整體需求仍然健康。防守預訂的變化是正常的。儘管 A&D 市場的訂單可能比商業市場更加不穩定，但 A&D 客戶提供的是長期多年期訂單，這創造了更大的確定性，我們強大的 A&D 積壓訂單就是明證。

Finally, we also announced in a separate press release this afternoon, my intention to retire as President and CEO of TTM. The Board of Directors has commenced a search for my successor, and I will remain in my current role until a successor is named, which we anticipate to occur before the end of this year.

最後，我們也在今天下午的另一份新聞稿中宣布，我打算辭去 TTM 總裁兼執行長的職務。董事會已開始尋找我的繼任者，我將繼續擔任現任職務，直到繼任者確定，我們預計繼任者將在今年年底前確定。

I will also remain a member of the Board of Directors following the appointment of a new President and CEO. Succession planning is a key priority for TTM. And as such, I have been sharing my thoughts regarding retirement with the Board for several years.

在新總裁兼執行長任命後，我仍將繼續擔任董事會成員。繼任計畫是 TTM 的首要任務。因此，幾年來我一直在與董事會分享我對退休的想法。

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

現在丹將回顧我們第二季的財務表現。擔？

Thanks, Tom, and good afternoon, everyone. Highlights of our second 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。我們第二季財務業績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 second quarter, net sales were $730.6 million compared to $605.1 million in the second quarter of 2024. The 21% 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 a slight decline in our automotive end market. GAAP operating income for the second quarter of 2025 was $61.8 million compared to GAAP operating income for the second quarter of 2024 of $39 million.

第二季淨銷售額為 7.306 億美元，而 2024 年第二季為 6.051 億美元。年比成長 21% 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，但汽車終端市場的輕微下滑部分抵消了這一成長。2025 年第二季的 GAAP 營業收入為 6,180 萬美元，而 2024 年第二季的 GAAP 營業收入為 3,900 萬美元。

On a GAAP basis, net income in the second quarter of 2025 was $41.5 million or $0.40 per diluted share. This compares to GAAP net income for the second quarter of 2024 of $26.4 million or $0.25 per diluted share.

以 GAAP 計算，2025 年第二季淨收入為 4,150 萬美元，即每股攤薄收益 0.40 美元。相比之下，2024 年第二季的 GAAP 淨收入為 2,640 萬美元，即每股攤薄收益 0.25 美元。

Beginning in the second quarter, we have made changes to our reportable segments to better reflect how the business operates, consistent with the reorganization at the beginning of the year that we disclosed in our 2024 annual report on Form 10-K.

從第二季度開始，我們對報告分部進行了更改，以更好地反映業務運營情況，這與我們在 2024 年 10-K 表年度報告中披露的年初重組情況一致。

We now have three segments: Aerospace and defense; Commercial; and RF and Specialty Components, and we have provided historical comparisons for these segments and a historical recasting of our end markets in supplemental schedules attached to our earnings release.

我們現在有三個部門：航空航太和國防；商業；以及射頻和特種組件，我們在收益報告附帶的補充時間表中提供了這些部門的歷史比較和終端市場的歷史重塑。

In the second quarter of 2025, the A&D segment recorded $327.6 million in net sales and $45.3 million in operating income compared to $274.5 million in net sales and $25.5 million in operating income in the year ago quarter.

2025 年第二季度，A&D 部門淨銷售額為 3.276 億美元，營業收入為 4,530 萬美元，而去年同期淨銷售額為 2.745 億美元，營業收入為 2,550 萬美元。

In the second quarter of 2025, the Commercial segment recorded $395.6 million in net sales and $60.1 million in operating income compared to $323.3 million in net sales and $49.7 million in operating income in the year ago quarter.

2025 年第二季度，商業部門的淨銷售額為 3.956 億美元，營業收入為 6,010 萬美元，而去年同期的淨銷售額為 3.233 億美元，營業收入為 4,970 萬美元。

In the second quarter of 2025, the RF&S segment recorded $10.1 million in net sales and $2.9 million in operating income compared to $9.1 million in net sales and $2.1 million in operating income in the year ago quarter. The remainder of my comments will focus on our non-GAAP financial performance.

2025 年第二季度，RF&S 部門的淨銷售額為 1,010 萬美元，營業收入為 290 萬美元，而去年同期的淨銷售額為 910 萬美元，營業收入為 210 萬美元。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 second quarter was 20.9% compared to a 20% in the second quarter of 2024. The year-over-year increase was due to higher sales volume, particularly in the aerospace and defense, medical, industrial and instrumentation, data center computing and networking end markets and improved operational execution.

第二季的毛利率為 20.9%，而 2024 年第二季的毛利率為 20%。年比成長是由於銷售量增加，特別是在航空航太和國防、醫療、工業和儀器儀表、資料中心計算和網路終端市場，以及營運執行力的提高。

Selling and marketing expense was $20.3 million in the second quarter or 2.8% of net sales versus $19 million or 3.1% of net sales a year ago. Second quarter general and administrative expense was $44.3 million or 6.1% of net sales compared to $39.4 million or 6.5% of net sales in the same quarter a year ago. The dollar increase was primarily driven by an increase in the incentive compensation accrual.

第二季銷售和行銷費用為 2,030 萬美元，佔淨銷售額的 2.8%，而去年同期為 1,900 萬美元，佔淨銷售額的 3.1%。第二季的一般及行政支出為 4,430 萬美元，佔淨銷售額的 6.1%，而去年同期的一般及行政開支為 3,940 萬美元，佔淨銷售額的 6.5%。美元的成長主要是由於激勵薪酬累積的增加。

In the second quarter of 2025, research and development was $7 million or 1% of net sales compared with $8.2 million or 1.4% of net sales in the same quarter last year. Our operating margin in the second quarter of 2025 was 11.1%, a 210 basis points increase from 9% in the same quarter last year due to the increase in gross margins and slower rate of growth of selling, general and administrative costs. Interest expense was $10.6 million in the second quarter of 2025 compared to $11.7 million in the same quarter last year.

2025 年第二季度，研發費用為 700 萬美元，佔淨銷售額的 1%，而去年同期為 820 萬美元，佔淨銷售額的 1.4%。2025 年第二季我們的營業利潤率為 11.1%，比去年同期的 9% 增加了 210 個基點，原因是毛利率增加以及銷售、一般和管理費用成長率放緩。2025 年第二季利息支出為 1,060 萬美元，而去年同期為 1,170 萬美元。

During the second quarter of 2025, there was a $1.4 million of realized foreign exchange loss below the operating income line compared to a $0.6 million realized foreign exchange gain in the second quarter of 2024. Government incentives and interest income totaling $2 million resulted in a net $0.6 million gain or a $0.01 positive impact to EPS in the current quarter.

2025 年第二季度，營業收入線以下的已實現外匯損失為 140 萬美元，而 2024 年第二季的已實現外匯收益為 60 萬美元。政府獎勵和利息收入總計 200 萬美元，為本季帶來 60 萬美元的淨收益，或對每股收益產生 0.01 美元的正面影響。

This compares to a net gain of $3.9 million or a $0.03 positive impact on EPS in the same quarter of last year. Our effective tax rate was 15% in the second quarter, resulting in tax expense of $10.7 million. This compares to a rate of 14% or a tax expense of $6.5 million in the same quarter last year.

相比之下，去年同期的淨收益為 390 萬美元，或對每股收益產生 0.03 美元的正面影響。我們第二季的有效稅率為 15%，稅費為 1,070 萬美元。相比之下，去年同期的稅率為 14%，稅費為 650 萬美元。

Second quarter 2025 net income was $60.8 million or $0.58 per diluted share. This compares to second quarter 2024 net income of $40.2 million or $0.39 per diluted share. Adjusted EBITDA for the second quarter of 2025 was $109.7 million or 50% of net sales compared with the second quarter 2024 adjusted EBITDA of $84.6 million or 14% of net sales.

2025 年第二季淨收入為 6,080 萬美元，即每股 0.58 美元。相比之下，2024 年第二季的淨收入為 4,020 萬美元，即每股 0.39 美元。2025 年第二季調整後 EBITDA 為 1.097 億美元，佔淨銷售額的 50%，而 2024 年第二季調整後 EBITDA 為 8,460 萬美元，佔淨銷售額的 14%。

Depreciation for the quarter was $27.7 million. Net capital spending for the quarter was $60.2 million. Cash flow from operations in the second quarter of 2025 was $97.8 million or 13.4% of net sales. Cash and cash equivalents at the end of the first quarter of 2025 totaled $448 million. Our net debt divided by last 12 months EBITDA was 1.2.

本季折舊為 2,770 萬美元。本季淨資本支出為 6,020 萬美元。2025 年第二季的營運現金流為 9,780 萬美元，佔淨銷售額的 13.4%。2025 年第一季末的現金和現金等價物總計 4.48 億美元。我們的淨債務除以過去 12 個月的 EBITDA 為 1.2。

Now I will turn to our guidance for the third quarter of 2025. We project net sales for the second quarter of 2025 to be in the range of $690 million to $730 million and non-GAAP earnings to be in the range of $0.57 to $0.63 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 年第三季的指導。我們預計 2025 年第二季的淨銷售額將在 6.9 億美元至 7.3 億美元之間，非 GAAP 收益將在每股攤薄收益 0.57 美元至 0.63 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 third quarter and R&D to be about 1% of net sales.

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。我們預計第三季銷售、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%。

We expect interest expense of approximately $10.5 million and interest income of approximately $2.6 million. We estimate our effective tax rate will be between 13% and 17%. Further, we expect to record depreciation of approximately $28.2 million, amortization of intangibles of approximately $9.2 million, stock-based compensation expense of approximately $11.8 million and noncash interest expense of approximately $0.5 million.

我們預計利息支出約 1,050 萬美元，利息收入約 260 萬美元。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 2,820 萬美元的折舊、約 920 萬美元的無形資產攤提、約 1,180 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 Needham Virtual Industrial Technology, Robotics and Clean Tech one-on-one Conference, August 19 and 20, the Jefferies Semiconductor IT Hardware and Communications Technology Conference in Chicago on August 25, the Evercore ISI Semiconductor IT Hardware and Networking Conference in Chicago on August 26 and the Jefferies Industrials Conference in New York on September 4. That concludes our prepared remarks.

最後，我想宣布，我們將參加 8 月 19 日和 20 日的 Needham 虛擬工業技術、機器人和清潔技術一對一會議、8 月 25 日在芝加哥舉行的 Jefferies 半導體 IT 硬體和通訊技術會議、8 月 26 日在芝加哥舉行的 Evercore ISI 半導體 IT 硬體和網路會議以及 9 月紐約舉行的 Evercore ISI 半導體 IT 硬體和網路會議以及 9 月。我們的準備好的演講到此結束。

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

現在我們開始回答問題。斯里？

(Operator Instructions)

（操作員指示）

Jim Ricchiuti, Needham & Co.

吉姆·里奇烏蒂（Jim Ricchiuti），Needham & Co.

Good afternoon. First off, Tom, congratulations. You're certainly leaving on a strong note. So I wish you the best, and we'll certainly be talking, I'm sure, over the next couple of quarters. I had a couple of questions, and I apologize, this may have been in the presentation. I joined a little bit late.

午安.首先，湯姆，恭喜你。你一定會帶著美好的心情離開。所以我祝你一切順利，我相信，在接下來的幾個季度裡，我們一定會繼續交談。我有幾個問題，很抱歉，這可能在演示中出現過。我加入得有點晚。

But did you provide -- did you guys provide a time line to the new capacity in Wisconsin? And was the decision there to make the investment being driven by customer requests? And maybe if so, which of the market verticals was that coming from? Thanks.

但你們有沒有提供──你們有沒有提供威斯康辛州新產能的時間表？做出投資決定是否是根據客戶要求做出的？如果是這樣，那麼它來自哪個垂直市場？謝謝。

Sure thing, Jim. And thank you. It's -- yeah, absolutely. We'll stay in touch. I appreciate the words. So yeah, on Eau Claire, there's a few things driving Eau Claire. Number one, there -- in the National Defense Authorization Act of several years ago, there was a call out for the Secretary of Defense to -- in the next year, so within -- in 2026 to define the term critical infrastructure and printed circuit boards related to critical infrastructure and for defense purposes needing to be sourced outside of China and a few other countries.

當然可以，吉姆。謝謝你。是的——絕對是。我們會保持聯繫。我很欣賞這些話。是的，在 Eau Claire，有幾件事推動著 Eau Claire。第一，幾年前的《國防授權法案》要求國防部長在明年，也就是 2026 年內對關鍵基礎設施和與關鍵基礎設施相關的印刷電路板進行定義，這些印刷電路板出於國防目的需要從中國和其他幾個國家以外採購。

So that's taking effect in 2027. We know that's coming. Beyond that, absolutely, we've been in general discussions with customers around supply chain resiliency requirements. Certainly, the amount of investment going into the US right now from the hyperscalers and from the EMS companies as well, it just creates a climate in which we can have those discussions.

因此該法案將於 2027 年生效。我們知道那將會發生。除此之外，我們當然一直在與客戶就供應鏈彈性要求進行一般性討論。當然，目前超大規模企業和 EMS 公司對美國的投資額度，為我們進行這些討論創造了一種氛圍。

Having said that, Jim, we have not laid out any definitive plans. What we really are doing with this facility is we are prepared from an infrastructure standpoint, if -- or I should say, when customers engage more aggressively around US capacity requirements.

話雖如此，吉姆，我們還沒有製定任何明確的計劃。我們利用該設施真正做的是，從基礎設施的角度做好準備，以防——或者我應該說，當客戶更積極參與美國的產能需求時。

So thrilled to have the facility in place. It is large, over 700,000 square feet and -- but it is also modular. So we'll be able to -- if you think about that 700,000-plus square feet and you divide it into three modules, sort of equal size, we'll be able to turn on one module at a time. Each module actually has its own power station as well as being set up to handle all the clean room requirements. So relatively -- from an infrastructure standpoint, relatively ready for equipment installation.

我非常高興有這樣的設施。它很大，面積超過 70 萬平方英尺，而且也是模組化的。因此，我們將能夠——如果您考慮一下 700,000 多平方英尺的空間，並將其分成三個大小相等的模組，我們將能夠一次打開一個模組。每個模組實際上都有自己的發電站，並且可以滿足所有無塵室的要求。因此，從基礎設施的角度來看，相對而言，設備安裝已經準備就緒。

Of course, we'd have to finish out the clean rooms prior to that, but we could do that within equipment lead times. So from that standpoint, we stand ready. We're having discussions, as you can guess, many of those discussions are around the data center space. But we will only move when we have really customer commitment behind the investments that we make as we have done in Penang and as we have done in Syracuse.

當然，我們必須在此之前完成無塵室的建設，但我們可以在設備交付週期內完成。因此從這個角度來看，我們已經準備好了。正如您所猜測的，我們正在進行討論，其中許多討論都圍繞著資料中心領域。但是，只有當我們的投資真正得到客戶承諾的支持時，我們才會採取行動，就像我們在檳城和錫拉丘茲所做的那樣。

Got it. That's helpful. And just switching over to Malaysia. How much of a concern is it the slippage that you hope to get to breakeven, I guess, exiting Q3 there? How much of a concern is that slippage? And it sounds like it's a little bit more open-ended. Does this also potentially impact your competitive position or the near-term growth prospects in the data center portion of the business? Thank you.

知道了。這很有幫助。剛剛轉到馬來西亞。我猜，您希望在第三季結束時實現收支平衡，那麼您對這種下滑有多擔心呢？這種下滑有多令人擔憂？這聽起來似乎比較開放一些。這是否也可能影響您在資料中心業務方面的競爭地位或近期成長前景？謝謝。

Sure. I don't think -- let me start with the last part of that first. I don't think it impacts our competitive position. We have -- I think we still have a pretty significant head start. There are operations -- competitive operations starting up in Thailand.

當然。我不認為——讓我先從最後一部分開始。我認為這不會影響我們的競爭地位。我認為我們仍然擁有相當顯著的領先優勢。泰國已開始開展競爭性業務。

I would just say that we're pleased we're in Malaysia right now, given the number of companies that are trying to start up facilities of different sorts in Thailand and some of the challenges there. Of course, that doesn't negate the fact that we have our own challenges with Penang.

我想說的是，考慮到許多公司都試圖在泰國建立不同類型的設施，以及那裡面臨的一些挑戰，我們很高興現在在馬來西亞。當然，這也不否定檳城也面臨自身的挑戰。

Yes, we were more optimistic that we would be able to do a rapid scale up. And really, what we've realized is, number one, qualifications, as I've highlighted in the past, are taking time. We are now qualified out of -- with three out of the five anchor customers, expect to complete qualifications with all five by the end of the year. But that has taken longer than certainly we anticipated -- we also found that as we've trained the personnel in a greenfield operation like this that it has been taking more time than expected.

是的，我們更樂觀地認為我們能夠快速擴大規模。事實上，我們已經意識到，首先，正如我過去所強調的那樣，資格認證需要時間。我們現在已經獲得了五分之三的主要客戶的資格，預計到今年年底將完成所有五家客戶的資格認證。但這花費的時間比我們預期的要長——我們還發現，在我們對像這樣的新建業務的人員進行培訓時，花費的時間比預期的要多。

And we're doing a little bit more handholding, if you will, than we expected. That ties directly to yields and yield performance. And as we plan the ramp, we need to make sure that we are optimizing yields as we scale. So for that reason, it made sense to slow down the pace of the ramp, but we still are obviously ramping at $5.2 million last quarter.

如果你願意的話，我們所做的指導比我們預期的要多一些。這與收益率和收益率表現直接相關。當我們規劃產量提升時，我們需要確保在擴大規模的同時優化產量。因此，放慢成長速度是有道理的，但上個季度我們的成長速度顯然仍達到了 520 萬美元。

You can still -- you can expect that to move up linearly, and we're going to be -- we pretty much doubled last quarter. You can think of that as being sort of the pace that we're on. So it is still a rapid scale up, but just not as quickly as we had been anticipating. And I think from the standpoint of optimizing yields, that's what makes sense.

你仍然可以——你可以預期它會線性上升，而且我們將會——上個季度我們幾乎翻了一番。您可以將其視為我們所處的步伐。因此，這仍然是一個快速成長的過程，但只是沒有我們預期的那麼快。我認為從優化收益的角度來看，這是有意義的。

So that's where we are in Penang. It certainly is really the first -- our first priority right now is that focus on ramping Penang because we have customer demand there and customer interest, and we need to service our customers successfully.

這就是我們在檳城的情況。這確實是第一要務——我們現在的首要任務是集中精力拓展檳城市場，因為那裡有客戶需求和客戶興趣，我們需要成功地為客戶提供服務。

Got it. Thanks very much, and congrats on the results.

知道了。非常感謝，並祝賀所取得的成果。

Thank you, Jim.

謝謝你，吉姆。

Roy Ruben, Stifel.

羅伊·魯本（Roy Ruben），Stifel。

Thanks. Tom, it's Ruben. And congrats from me as well. As Jim said, quite a bit of execution over the last ever many years, and it's sad to see announced retirement, but great job. So I guess picking up on that utilization capacity question. Can you refresh me on what's going on with China, Tom?

謝謝。湯姆，我是魯本。我對此也表示祝賀。正如吉姆所說，在過去的這些年裡，我們做了大量的工作，很遺憾看到他宣布退休，但工作做得很好。所以我想談談利用能力的問題。湯姆，你能告訴我中國的情況嗎？

You've added some incremental capacity there, I think, 10% or so, and it's kind of qualifying some customer programs. Is that a facility where you can add additional capacity for data center specifically this year, if you could start there. Thank you.

我認為，你們在那裡增加了一些增量容量，大約 10% 左右，這在某種程度上符合一些客戶計畫的要求。如果您可以從那裡開始，那麼今年您是否可以為資料中心增加額外的容量？謝謝。

Thank you. Yeah. Thank you, and thanks for the nice words. Yes, the -- absolutely. We had talked about scaling China, our facility in Dongguan, scaling that facility and also qualifying in our facility in Guangzhou. We've moved in accordance with that plan. That was targeted at adding 20% additional capacity for the data center area. We're pretty much there at this point. We continue to add additional programs into Guangzhou. And so room to continue to grow there.

謝謝。是的。謝謝，也謝謝你的美言。是的，絕對是如此。我們曾討論過擴大中國工廠規模、擴大我們在東莞的工廠規模以及擴大我們在廣州的工廠的資格。我們已按照該計劃採取行動。目標是為資料中心區域增加 20% 的容量。我們現在基本上已經完成了。我們將繼續在廣州增加更多項目。因此，那裡還有繼續成長的空間。

We are expanding additionally in Dongguan as well. Much of that capacity, though, is targeted at some of the newer technologies that our customers are requesting, particularly around some of the, what we call asymmetric designs, which are still multilayer, high layer count boards, but a little bit -- you essentially are running speeds to the top of the board and power to the bottom of the board, very different laminate structures that you bring together at the end of the process.

我們也在東莞進一步擴張。不過，大部分產能都針對的是客戶要求的一些較新技術，特別是一些我們稱之為非對稱設計的技術，這些設計仍然是多層、高層數的電路板，但有一點不同——本質上是將速度運行到電路板的頂部，將功率運行到電路板的底部，在流程結束時將非常不同的層壓結構組合在一起。

That require -- that puts a pressure on a couple of areas, drill, drill being one, lamination and press being the other. And so we've been adding capacity there to handle that technology shift. So absolutely very active in China, continuing to both qualify additional programs in Guangzhou and add capability into Dongguan while we're obviously ramping Penang. So yeah, quite a bit of activity going on here.

這需要－對幾個區域施加壓力，鑽孔是其一，層壓和壓制是另一個。因此，我們一直在增加產能來因應技術轉變。因此，我們在中國非常活躍，繼續在廣州推進更多項目，並增強東莞的業務能力，同時我們也在加大對檳城項目的投入。是的，這裡確實有很多活動。

Great. Thank you for that comment. And as a follow-up, if we could drill into the data center segment, another very strong quarter. The guide suggests acceleration, as you mentioned, year-over-year into Q3. I was wondering on customer diversification in data center, if you could give us an update on how that's going and how you think that might trend as you exit '25 and into '26.

偉大的。感謝您的評論。作為後續行動，如果我們深入研究資料中心領域，將會發現另一個非常強勁的季度。正如您所說，該指南表明第三季的成長將比去年同期加速。我想知道資料中心的客戶多樣化情況，您能否向我們介紹進展情況，以及您認為在 25 年和 26 年之間這種多樣化趨勢會如何。

Yeah, going well. We've -- we are, at this point, pretty well diversified in that space. I think I've covered in the past, by its nature, the hyperscale market is going to be more concentrated than our other end markets such as networking and certainly MII. But as we look at that market and we look at the hyperscaler activity and you think about really if you include the chip folks and the major hyperscalers, let's just call it, eight or so major customers, we are in good shape with most of those.

是的，進展順利。目前，我們在該領域的多元化程度已經相當高。我想我過去已經報道過，就其性質而言，超大規模市場將比我們的其他終端市場（例如網路和 MII）更加集中。但是，當我們觀察這個市場並觀察超大規模企業的活動時，你會想，如果真的包括晶片廠商和主要的超大規模企業，我們就稱之為八個左右的主要客戶，我們與其中大多數企業的關係都很好。

Of course, we have a particular program concentration with, let's just call it, two moving to three, but we are pretty well spread now, particularly as we've added that Guangzhou capability and with Penang coming on to service others as well.

當然，我們有一個特定的項目重點，我們就稱之為從兩個到三個，但現在我們的分佈相當廣泛，特別是我們增加了廣州的服務能力，並且檳城也開始為其他服務。

So it's a case where you need to balance the capacity available to those real core customers while adding incremental capacity and qualifications for some of the newer customers that we didn't have a significant presence at in the past. So that's the balance that is essential here. That's going well.

因此，在這種情況下，您需要平衡那些真正的核心客戶的可用容量，同時為一些我們過去沒有大量參與的新客戶增加增量容量和資格。所以，這裡的平衡至關重要。一切進展順利。

Thank you, Tom.

謝謝你，湯姆。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thanks for taking my question. First, I want to congratulate the whole team for such great results and outlook and also to you, Tom, for announcing your departure on a very high note. Let's hope there's more good stuff to come. But I do have a couple of questions. The first is on the new segments. Can you talk about how the segments on the one hand, overlap with the products on the other hand?

偉大的。感謝您回答我的問題。首先，我要祝賀整個團隊取得如此出色的成績和前景，同時也要祝賀你，湯姆，高調宣布你的離職。希望未來會有更多好東西。但我確實有幾個問題。第一個是關於新的細分市場。您能否談談一方面的細分市場與另一方面的產品是如何重疊的？

And I'm specifically talking about dissecting among printed circuit boards, the Anaren components and the Telephonics, I guess they're either systems or subsystems. Is there a direct overlap? Or is this all sort of mixed up when you look at the segments? Thanks.

我特別談論的是印刷電路板、Anaren 組件和 Telephonics 之間的剖析，我猜它們要么是系統，要么是子系統。有直接重疊嗎？或者當您查看這些片段時，這一切都混淆了？謝謝。

So probably the best visibility we can give you into that is in the investor presentation. And so you're right, Will, it is a mix. Having said that, if you look at the Commercial segment, you're looking at a segment that is -- all the material revenue is printed circuit boards. We have a small RF component business, but that's called out as RF&S from a segment standpoint. So that RF&S segment that has been there in the past, will continue to be there, very small.

因此，我們可以透過投資者介紹向您提供最好的資訊。所以你是對的，威爾，這是一種混合。話雖如此，如果你看一下商業領域，你會看到這樣一個領域——所有材料收入都來自印刷電路板。我們有一個小型的射頻組件業務，但從細分市場的角度來看，它被稱為 RF&S。因此，過去存在的 RF&S 部分將繼續存在，但規模非常小。

That is a Commercial segment, right? So that goes into our Commercial business. Then you can add in what we're calling the -- what we defined as the Commercial segment, and that's going to be printed circuit boards going into the commercial market, okay?

那是商業部分，對嗎？這就牽涉到我們的商業業務。然後，您可以添加我們所謂的——我們定義為商業部分，那就是進入商業市場的印刷電路板，好嗎？

So then you cross over to aerospace and defense, about 50% of aerospace and defense is going to be printed circuit boards and the balance will be integrated electronics, which is a mix of mission systems, microelectronics, the RF microwave business that we do and then the assembly business that we do, all for defense. So that's the division between the segments from a product standpoint.

然後你轉到航空航天和國防領域，大約 50% 的航空航天和國防將是印刷電路板，其餘的將是集成電子產品，它是任務系統、微電子、我們從事的射頻微波業務以及我們從事的組裝業務的混合體，全部用於國防。這就是從產品角度來看各個部分之間的劃分。

Okay. Thank you. One other I'd like to ask about, there were very high incremental operating margins in the quarter, and it makes me wonder to what degree the great results were driven maybe a little bit more by pricing than by units. Do you have that data available that you could maybe help us understand whether this was more units or pricing or mix? Thank you.

好的。謝謝。我還想問的另一個問題是，本季的增量營業利潤率非常高，這讓我想知道，這些出色的業績在多大程度上是由定價而不是銷售推動的。您是否有可用的數據來幫助我們了解這是否是更多的單位、定價還是組合？謝謝。

I mean I think, as always, is often the case, it's probably all of the above, Will. But there's certainly mix probably the large driver there. And so some high ASPs in our current mix. And so I think that probably would be the main driver. Units have increased somewhat, but I think the mix is probably the larger driver.

我的意思是，我認為，一如既往，通常的情況是，可能以上都是這樣，威爾。但其中肯定存在混合因素，可能是主要驅動因素。因此，我們目前的產品組合中存在一些較高的 ASP。所以我認為這可能是主要驅動因素。單位數量有所增加，但我認為組合可能是更大的驅動因素。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Mike Crawford, B. Riley Securities.

邁克·克勞福德 (Mike Crawford)，B. Riley 證券。

Thank you. And I echo congratulations to you, Tom, on the job really well done and looking forward to more in the future. But for questions, can I assume with the new land buy in Penang that, that means that the company already is committed to go to a second stage expansion in the existing Penang property, even though the ramp is slower? And can you remind us what capacity -- what annual revenue capacity will be in Stage 1, Stage 2 Penang plus what you might be able to achieve on top of that with the new land?

謝謝。我也向你表示祝賀，湯姆，你工作做得非常出色，並期待未來能取得更多成就。但對於問題，我是否可以假設，透過在檳城購買新土地，即使增長速度較慢，該公司已經致力於在現有的檳城地產進行第二階段的擴建？您能否提醒我們，檳城第一階段、第二階段的年收入能力是多少，以及您能利用新土地達成什麼目標？

Yeah. So yeah, let me help you with that, Mike. The -- so think about the first phase, which is what we have in place with capacity of approximately $200 million in that -- in the facility. We have with Phase 2, which you're right, we haven't started yet, but Phase 2 would add an incremental 20% to that capacity level. At that point, we'll have pretty much filled out the existing building.

是的。是的，讓我來幫助你，麥克。想想第一階段，我們已經在該設施中投入了大約 2 億美元的產能。我們已經進入第二階段，您說得對，我們還沒有開始，但第二階段將使該容量水準增加 20%。到那時，我們基本上已經填滿了現有的建築物。

The additional plot of land has been purchased for what will end up being a multistory building. We are presently defining what product mix we would target into that building, again, having the right kind of discussions with our customers. But the key there was to make sure that we had reserved and purchased the adjacent land. As you know, Penang is now a very popular spot for companies, particularly in the semiconductor industry to move into. Love that from the standpoint that the customers -- many customers are in close proximity.

已購買了額外的地塊，用於建造一座多層建築。我們目前正在確定建築物的目標產品組合，並再次與我們的客戶進行正確的討論。但關鍵是要確保我們已經預訂並購買了相鄰的土地。眾所周知，檳城現在是一個非常受歡迎的企業遷入地，尤其是半導體行業的企業。從顧客的角度來看，我喜歡這一點——許多顧客距離很近。

But at the same time, the land availability has been growing -- has been increasingly limited. So we needed to move in, make sure that we had that land available to us. And we certainly will continue to keep all of you informed as our plans come together there. But you're right to identify, first and foremost, we still have available space in our existing building to expand into. So this is going to be a long-term opportunity for us.

但同時，土地供應量卻不斷成長，變得越來越有限。所以我們需要搬進去，確保我們有那塊土地可用。當我們的計劃最終確定後，我們一定會繼續向大家通報情況。但您說得對，首先，我們現有的建築物中仍有可用空間可供擴展。所以這對我們來說將是一個長期的機會。

Okay. Thank you. And then similar regarding Syracuse, $100 million capacity, maybe given that, that also is greenfield that we might expect a slight push out to when that ramps or not? And also what your investment plans are for Wisconsin, like in terms of capital spend?

好的。謝謝。然後與錫拉丘茲的情況類似，1 億美元的產能，也許考慮到，這也是一片綠地，我們可能會預期在產能提升時會有輕微的推動？另外，您對威斯康辛州的投資計畫是什麼，例如資本支出方面？

Yeah. So what is defined -- so Syracuse, we are -- as I said in the script, we are finishing at this point, the interior. We will be taking equipment deliveries here over the course of the summer. We'll be into qualifications as we finish the year. And we're looking at initial production in the second half of next year.

是的。那麼，定義是什麼——錫拉丘茲，我們——正如我在劇本中所說的那樣，我們在這一點上完成了內部工作。我們將在整個夏季接收設備交付。今年結束時我們將進行資格審查。我們預計明年下半年將開始生產。

So that's where we stand on Syracuse. And you're right, I would put it more in the sort of $115 million -- $115 million, $125 million territory in terms of revenue expected and actually $125 million, I believe it is. And then as we look at capital requirements at Eau Claire, not yet defined. Obviously, a significant footprint you could -- we could fit two of our three -- sorry, three of our new Syracuse buildings into that space. I highlighted the modular nature of it.

這就是我們對錫拉丘茲的立場。你說得對，我預期的收入應該在 1.15 億美元到 1.25 億美元之間，實際上我相信是 1.25 億美元。然後，我們來看看 Eau Claire 的資本要求，尚未確定。顯然，這是一個相當大的空間——我們可以把我們的三座新錫拉丘茲建築中的兩座——對不起，是三座新錫拉丘茲建築——都塞進這個空間裡。我強調了它的模組化特性。

So not yet defined in terms of capital that we will put into that building. First and foremost, we just need to make sure that we have a commitment. It's a shared commitment with our customers here. So that's probably the best I can do for you at this point, Mike.

因此，我們尚未確定將向該建築投入多少資金。首先，我們只需要確保我們有承諾。這是我們與客戶共同的承諾。所以這可能是目前我能為你做的最好的事了，麥克。

Okay. No. Thank you very much. And then just a final question is, I think you probably -- what we can see with rising margins, you're doing a good job of bringing the margins up at the old Telephonics business more closely to what you've achieved with Anaren. Regarding other potential defense product, RF M&A, are valuation expectations just too high right now? Or are there some good possibilities that you're able to consider?

好的。不。非常感謝。最後一個問題是，我認為您可能——我們可以看到利潤率的上升，您在提高舊 Telephonics 業務的利潤率方面做得很好，更接近您在 Anaren 業務上取得的成就。對於其他潛在的國防產品 RF M&A，目前的估值預期是否過高？或者您能考慮一些好的可能性嗎？

I think the -- so there has been certainly a bit of a -- there was a bit of a pause here in the first half of the year in terms of what was properties that were coming to market. And I would say that, that was just in fact, private equity holdings, as an example, they were deliberately looking at the valuation -- potential valuation deterioration in those properties and not wanting to bring them to market.

我認為 — — 因此，就進入市場的房產而言，今年上半年肯定出現了一些停頓。我想說的是，事實上，以私募股權控股為例，他們故意關注估值——這些資產的潛在估值惡化，而不想將它們推向市場。

I would expect that over the course of the next year to 1.5 years, we'll start to see more of those opportunities come to market. And certainly, as you know, we have an active M&A pipeline process. So continue to be looking at opportunities in the microelectronics space, RF microwave space is the highest priorities for the company as we look at those opportunities. Certainly, from my perspective, I think we'll start to see things move a little bit over the course of the next year to 1.5 years. But we've been in a short-term pause.

我預計，在未來一年到一年半的時間裡，我們將開始看到更多這樣的機會進入市場。當然，正如您所知，我們有一個活躍的併購通路流程。因此，繼續尋找微電子領域的機會，當我們尋找這些機會時，射頻微波領域是公司的最高優先事項。當然，從我的角度來看，我認為我們將在未來一年到一年半內開始看到事情有所進展。但我們已處於短暫的停頓狀態。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Thanks. I wonder if you can talk, Tom, about the cost competitiveness that you'd anticipate getting in Eau Claire. Should we think that, that's so automated that perhaps you reach close to parity with either Penang or China? Or is this going to be significantly more expensive capacity? And if so, what are -- what is the customer appetite to pay that? Thank you.

謝謝。湯姆，我想知道您是否可以談談您預計在 Eau Claire 獲得的成本競爭力。我們是否應該認為，這種自動化程度如此之高，以至於你們可能達到與檳城或中國相當的水平？或者這會顯著提高容量成本？如果是的話，那麼顧客願意付多少錢呢？謝謝。

Yeah. Well, that's -- thank you, Will. Yeah, you hit the nail on the head with your question. It -- even with an automated facility, and certainly, you're right to highlight that, we're still looking at a cost differential as it relates to everything from construction to power costs, to labor costs, material costs because, frankly, the infrastructure is still relatively small. There's limits in terms of production of -- volume production of laminates and chemistry in the US.

是的。嗯，那是－－謝謝你，威爾。是的，你的問題一針見血。即使擁有自動化設施，當然，您強調這一點是正確的，我們仍然在考慮成本差異，因為它涉及從建築成本到電力成本、勞動力成本、材料成本等所有方面，因為坦白說，基礎設施仍然相對較小。美國的層壓板和化學品的批量生產有限制。

So initially, there is -- there would be a substantial price difference. In fact, what we're doing right now is modeling with -- now that we have the facility in place and can lay out the equipment from how we would place the equipment, we can lay that out in the design.

因此，最初，價格差異會很大。事實上，我們現在正在做的是建模——現在我們已經有了設施，並且可以佈置設備，我們可以在設計中佈置設備。

We are developing the price models that we will be sharing with customers. But let's just -- I think you're looking at at least pricing that is at least 50% higher than what we would see in China. And I would say, in many cases, even higher than that.

我們正在開發將與客戶分享的價格模型。但我認為你所看到的價格至少比我們在中國看到的價格高出 50%。我想說，在很多情況下，甚至比這還要高。

So the commitment needs to be there as it has been with Penang, but the commitment needs to be there in terms of understanding costs, agreeing to costs and then coming to terms on longer-term commitments clearly.

因此，需要做出承諾，就像檳城的情況一樣，但承諾需要體現在了解成本、同意成本，然後明確達成長期承諾。

So that's the priority with Eau Claire. Do we -- I think on the other flip side of that, is there an appetite? I think there I think there is an appetite at some level to ensure that the there is some level of capacity available in the United States. But again, we'll leave that to the customers to balance how they wish to see their supply chain develop. So you're absolutely right to highlight that cost difference. It does exist. It's something that we are modeling and certainly engaging with customers about.

這就是 Eau Claire 的首要任務。我們——我認為從另一方面來說，我們是否有胃口？我認為，在某種程度上，人們渴望確保美國有一定程度的可用產能。但我們還是會把這個問題留給客戶來決定他們希望如何發展自己的供應鏈。因此，您強調成本差異是完全正確的。它確實存在。這是我們正在建模並且肯定會與客戶互動的事情。

Thank you. And then maybe one more still. Can you tell us what the margin drag in Penang was? I think it's been running about 170 bps to op margin. Is that still the case? Or has it narrowed at all?

謝謝。然後也許還會再有一個。您能告訴我們檳城的利潤率拖累是什麼嗎？我認為它的營業利潤率已經達到約 170 個基點。現在還是這樣嗎？或者說它已經變窄了？

It's gotten up to about [210 bps]. So got about 30 bps worse year-over-year on the op margin -- at the op margin level.

已經達到[210 基點]。因此，營業利潤率年減了約 30 個基點——在營業利潤率水準上。

Thank you.

謝謝。

Thank you. 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.

謝謝。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。

Sure thing. Yeah, I just wanted to close by summarizing some of the points that we made earlier. First, we delivered strong revenue and growth in Q2 of 21% year-on-year. That was growth that was coming from OUR Aerospace and defense, MII and data center computing markets as well as networking markets. So very broad growth there.

當然可以。是的，最後我只想總結我們之前提出的一些觀點。首先，我們第二季實現了強勁的營收和年增 21%。這種成長來自於我們的航空航太和國防、MII 和資料中心運算市場以及網路市場。因此那裡的增長非常廣泛。

Second, our non-GAAP operating margin of 11.1% was up 210 basis points year-on-year. Third, we had strong cash flow from operations of 13.4% of revenue that contributing to a solid balance sheet at TTM. And finally, I would like to thank all of you, our investors, for your incredible support and your friendship over my total of 18 years as a public company CEO with two companies and with 12 of those years being at TTM.

其次，我們的非公認會計準則營業利益率為11.1%，較去年同期成長210個基點。第三，我們擁有強勁的營運現金流，佔收入的 13.4%，為 TTM 的穩健資產負債表做出了貢獻。最後，我要感謝所有投資者，感謝你們給我的大力支持和友誼，在我擔任兩家上市公司執行長的 18 年時間裡，其中有 12 年是在 TTM 任職。

I also wanted to take this opportunity to thank the employees of TTM who are just incredible and incredibly supportive. Our customers and our suppliers who have joined me on this ride. I'm so proud to have been able to work with all of you on building this company. Thank you again. Goodbye, everyone.

我也想藉此機會感謝 TTM 的員工，他們非常出色，給予了我極大的支持。與我一起踏上這趟旅程的客戶和供應商。我很自豪能夠與大家一起創建這家公司。再次感謝您。大家再見。

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。