TTM Technologies Inc (TTMI) 2025 Q3 法說會逐字稿

Good afternoon.

午安.

Thank you for standing by. Welcome to the TTM Technologies Inc. third quarter 2025 financial results conference call. (Operator Instructions)

感謝您的耐心等待。歡迎參加 TTM Technologies Inc. 2025 年第三季財務業績電話會議。（操作說明）

As a reminder, this conference is being recorded today, October 29, 2025.

提醒各位，本次會議將於2025年10月29日進行錄製。

Daniel Boehle, TTM's Chief Financial Officer, will now review TTM's disclosure statement.

TTM財務長丹尼爾·博勒將審查TTM的披露聲明。

Before we get started, I'd 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 risk and uncertainties, including the risk factors we provide in our filings with the Securities and Exchange Commission, which we encourage you to review.

在正式開始之前，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。由於存在一項或多項風險和不確定性，實際結果可能與這些前瞻性聲明有重大差異，包括我們在提交給美國證券交易委員會的文件中提供的風險因素，我們鼓勵您查閱這些文件。

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

這些前瞻性陳述代表了管理階層根據目前可獲得的資訊所做出的預期和假設。

TTM does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or other circumstances, except as required by law.

除法律要求外，TTM 不承擔因新資訊、未來事件或其他情況而公開更新或修訂任何前瞻性聲明的義務。

We will also discuss on this call certain non-GAAP financial measures such as adjusted EBITDA.

本次電話會議我們也將討論一些非GAAP財務指標，例如調整後的EBITDA。

Such measures should not be considered as a substitute for the measures prepared and presented in accordance with GAAP, and we direct you to the reconciliation 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.

此類措施不應被視為替代按照公認會計準則編制和列報的措施，我們建議您參閱公司盈利報告中所載的公認會計準則與非公認會計準則措施之間的調節表，該報告可在 TTM 網站 investors.ttm.com 的投資者關係部分查閱。

We have also posted on the website an Ernie's presentation that we will refer to during our call.

我們也把厄尼的簡報發佈在了網站上，我們將在通話中提及這份簡報。

I will now hand the call over to Edwin Roks, our new President and Chief Executive Officer. Edwin, welcome to the CTM team and to your first quarterly conference call with us. Please go ahead.

現在我將把電話交給我們的新總裁兼執行長埃德溫·羅克斯。Edwin，歡迎加入 CTM 團隊，也歡迎你參加我們第一次季度電話會議。請繼續。

Thank you Dan for welcoming me. Good afternoon, everyone, and thank you for joining us for our third quarter of 2025 conference call.

謝謝丹的熱情接待。各位下午好，感謝各位參加我們2025年第三季電話會議。

I want to thank Tom Edmond for his leadership of the company for more than a decade, and I look forward to engaging with our shareholders in the future. Before we review results, I want to reaffirm our strategic foundation.

我要感謝湯姆·埃德蒙十多年來對公司的領導，並期待未來與股東們交流。在回顧結果之前，我想重申我們的策略基礎。

At TTM technologies we believe the future of electronics lies in speed, reliability, and integration. With over 17,000 employees across 22 factories, we already deliver millions of printed circuit boards every year.

TTM Technologies 認為，電子產品的未來在於速度、可靠性和整合性。我們在 22 家工廠擁有超過 17,000 名員工，每年已交付數百萬塊印刷電路板。

But our roadmap goes further. We continue to move up the value chain into highly complex modules and subsystems that combine sensors, actuators, RF and photonics for markets where reliability and performance matter most aerospace, defense, data centers, telecom, instrumentation, and medical systems.

但我們的路線圖遠不止於此。我們不斷向價值鏈上游邁進，進入高度複雜的模組和子系統領域，這些模組和子系統結合了感測器、執行器、射頻和光子學技術，服務於可靠性和性能至關重要的市場，例如航空航天、國防、資料中心、電信、儀器和醫療系統。

From AI-driven PCB design to mission critical subsystems, TTM's mission is in our name. Time to market. Delivering complex high performance solutions at global scales.

從人工智慧驅動的PCB設計到關鍵任務子系統，TTM的使命就體現在我們的名字中。上市時間。在全球範圍內提供複雜的高效能解決方案。

I know you want to hear whether I make any strategic changes, and all I will say about that now is that we're currently in the middle of our disciplined annual strategic review, and we'll go before the board for approval next month.

我知道你們想知道我是否會做出任何策略調整，對此我現在只能說，我們目前正在進行嚴格的年度策略審查，下個月我們將提交董事會批准。

This plan will guide our future conversations, but as you'll hear throughout the comments today, TTM is performing well and is aligned perfectly with key growth industries. So I'm happy to be here and excited about the opportunities for continued growth and excellence.

這項計劃將指導我們未來的對話，但正如你今天在評論中將聽到的那樣，TTM 表現良好，並且與關鍵成長產業完美契合。所以我很高興來到這裡，並對未來持續成長和追求卓越的機會感到興奮。

I'll now begin with a review of our business highlights from the quarter and a discussion of our third quarter results followed by an update of our current geopolitical environment and an update of our planned expansions.

接下來，我將首先回顧本季的業務亮點，並討論我們第三季的業績，然後介紹我們當前的地緣政治環境以及我們計劃的擴張情況。

Then we'll follow with an overview of our Q3 2025 financial performance and our Q4 guidance.

接下來，我們將概述 2025 年第三季的財務表現和第四季的業績指引。

We will then open a call to your questions.

接下來我們將開放問答環節。

We delivered an excellent third quarter of 2025 and I would like to thank our employees for their part in delivering these results.

我們在 2025 年第三季取得了優異的業績，我要感謝全體員工為取得這些成績所做的貢獻。

For the fourth quarter in a row, TTM achieved sales and non-GAAP EPS above the high end of the guided range.

連續第四個季度，TTM 銷售額和非 GAAP 每股盈餘均高於預期範圍的上限。

Sales grew 22% year on year, reflecting continued demand strength in our data center computing and networking and markets driven by the requirements of generative AI.

銷售額年增 22%，反映出資料中心運算和網路以及由生成式人工智慧需求驅動的市場需求持續強勁。

Our medical industrial instrumentation and aerospace and defense and markets also experience double-digit year on year sales growth.

我們的醫療工業儀器、航空航太和國防市場也實現了兩位數的年銷售額成長。

As the company reports sales in 5 strategic end markets. Aerospace and defense is a focused end market which we deliver a mix of approximately 50/50 between PCBs and integrated electronics products.

該公司報告稱，其銷售額來自 5 個策略終端市場。航空航太和國防是我們重點關注的終端市場，我們提供的產品組合大致為 50/50，其中 PCB 和整合電子產品各佔一半。

Sales in our airspace and defense markets were better than expected this quarter at 45% of total sales resulting from a pull forward of sales that were originally expected in the fourth quarter.

本季度，我們在航空航太和國防市場的銷售額優於預期，佔總銷售額的 45%，這主要得益於原本預計在第四季度實現的銷售額提前到位。

Demand in this end market continues to be strong, and book the bill increased to very close to 1 for the third quarter, keeping program backlog steady at approximately $1.46 billion.

該終端市場的需求依然強勁，第三季的訂單量成長至接近 1，專案積壓量穩定在約 14.6 億美元。

Three of the remaining four markets data center computing, networking, and medical industrial instrumentation.

其餘四個市場中有三個是資料中心計算、網路和醫療工業儀器。

Are experiencing sales growth directly or indirectly related to the growing requirements of AI.

銷售額的成長是否直接或間接與人工智慧需求的成長相關？

Nearly all of data center computing and networking and approximately 25% of medical, industrial, and instrumentation.

幾乎全部的資料中心計算和網絡，以及大約 25% 的醫療、工業和儀器。

In total, approximately 80% of our total sales in the quarter related to two very strong industries aerospace and defense and AI. We are well positioned in both areas and offer highly innovative technologically advanced products to meet our customers' needs.

本季度，我們總銷售額的約 80% 來自兩個非常強勁的產業：航空航太與國防和人工智慧。我們在這兩個領域都佔據了有利地位，並提供高度創新、技術先進的產品來滿足客戶的需求。

We are focused on working diligently with our customers and suppliers to support the continued growth demand in each.

我們致力於與客戶和供應商密切合作，以支援雙方持續成長的需求。

The company suggested EBITDA margin was 16.1%, which is comparable to 16.3% in the same quarter a year ago, reflecting continued solid execution.

該公司表示，EBITDA利潤率為16.1%，與去年同期的16.3%基本持平，反映出公司持續穩健的表現。

non-GAAP EPS of $0.67 reflect a solid consecutive quarterly record of four.

非GAAP每股收益為0.67美元，連續四季維持穩健成長。

And cash flows from operations were $141.8 million or 18.8% of sales, which brings the year-to-date cash flow from operation to $229 million or 10.7% of sales.

經營活動產生的現金流量為 1.418 億美元，佔銷售額的 18.8%，使得今年迄今的營運活動現金流量達到 2.29 億美元，佔銷售額的 10.7%。

To reiterate comments made over the past two quarters regarding the potential impact of tariffs. With our diversified supplier base and global manufacturing footprints, we do not expect a significant short-term impact of tariffs, whether through direct impact to sales or direct impact to materials and equipment purchases.

重申過去兩季就關稅潛在影響所作的評論。憑藉我們多元化的供應商基礎和全球製造佈局，我們預計關稅不會在短期內產生重大影響，無論是對銷售的直接影響，還是對材料和設備採購的直接影響。

And while it's possible that there could be an indirect impact such as overall and market demand weakness and economic slowdown, we have not seen that impacting our key markets, as I mentioned. In Penang, we continue to make progress with our customer qualifications and training the local workforce.

雖然可能會有間接影響，例如整體和市場需求疲軟以及經濟放緩，但正如我所提到的，我們還沒有看到這種情況影響到我們的主要市場。在檳城，我們不斷提升客戶資格並培訓當地員工。

Third quarter sales matched the second quarter at $5 million and we expect to see growth in the fourth quarter.

第三季銷售額與第二季持平，為 500 萬美元，我們預計第四季將實現成長。

We are focused on improving and sustaining yields to support our customers' production cycles, and it remains one of our top priorities.

我們致力於提高和維持產量，以支援客戶的生產週期，這仍然是我們的首要任務之一。

Customer interest in our Penang facility remains strong, and our confidence in our growth in Malaysian production is evident in our long-term plans for a second production facility announced last quarter.

客戶對我們檳城工廠的興趣依然濃厚，我們對馬來西亞生產的成長充滿信心，這一點從我們上個季度宣布的第二個生產工廠的長期計劃中可見一斑。

We will align the timing of construction of our planned second facility with the longer-term customer demand, and as of now we have not broken ground.

我們將根據客戶的長期需求來安排我們計劃建造的第二座工廠的建設時間，目前我們還沒有破土動工。

Progress on our ultra [HDIPCB] manufacturing facility in Syracuse, New York continues as planned. Equipment is arriving and we are beginning to install and test equipment setups. As a reminder, we expect volume production to start in the second half of 2026.

我們在紐約州錫拉丘茲的超高密度[HDIPCB]製造工廠的建設進度按計劃進行。設備已到貨，我們正在開始安裝和測試設備。再次提醒，我們預計將於 2026 年下半年開始大量生產。

The aerospace and market represented 45% of third quarter of 2025 sales compared to 45% in the second quarter and 45% in the third quarter of 2024.

2025 年第三季度，航空航太和市場業務佔銷售額的 45%，而 2024 年第二季和第三季的比例均為 45%。

Sales in this market grew 20% year on year to a record high and were significantly better than expected.

該市場銷售額年增 20%，創歷史新高，遠超預期。

Partially due to the timing of sales that were originally planned in the fourth quarter. The solid demand in the defense market is a result of positive tailwind in defense budgets, our strong strategic program alignments, and key bookings for ongoing programs.

部分原因是由於原計劃在第四季度進行的銷售活動的時間安排。國防市場的強勁需求得益於國防預算的積極成長、我們強大的戰略項目協調以及正在進行的項目的關鍵訂單。

We maintain a solid A&D program backlog of about $1.46 billion at the end of the quarter compared to $1.49 billion a year ago.

截至本季末，我們的航空航太與國防項目積壓訂單金額約為 14.6 億美元，去年同期為 14.9 億美元。

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

航空航太和國防市場的訂單交付週期比商業市場更長，能夠很好地預測未來的銷售成長。

During the quarter we saw significant bookings related to the Emran missile program, the passive detection and reporting system for the US Army, and the APS 153 radar system for the MH60R helicopter.

本季度我們看到與 Emran 導彈計劃、美國陸軍的被動探測和報告系統以及 MH60R 直升機的 APS 153 雷達系統相關的重大訂單。

We expect sales in Q4 from this end market to represent 42% of our total sales. Sales in data center computing and markets represented 23% of third quarter 2025 sales compared to 21% in the second quarter and 20% of third quarter 2024 sales.

我們預計第四季度來自該終端市場的銷售額將占我們總銷售額的 42%。資料中心計算和市場銷售額佔 2025 年第三季銷售額的 23%，而第二季為 21%，2024 年第三季為 20%。

The market saw 44% year on year growth, which was better than expected and a record high due to continued demand strength from our data center customers building products for Gen AI applications.

由於資料中心客戶持續強勁的需求，為 Gen AI 應用建立產品，市場實現了 44% 的同比增長，這比預期要好，並創下了歷史新高。

We expect this growth rate to continue increasing this end mark to 28% of the fourth quarter of sals. The medical, industrial and instrumentation market represented 14% of third quarter 2025 sales compared to 15% in the second quarter and 14% in the third quarter of 2024.

我們預計這一成長率將持續提高，到第四季銷售額將達到 28%。醫療、工業和儀器市場佔 2025 年第三季銷售額的 14%，而第二季為 15%，2024 年第三季為 14%。

This market saw year on year growth of 22% during the third quarter of 2025 as the medical and industrial segments saw increased demand for robotics and in the instrumentation segment saw increased demand for automated test equipment and AI applications.

2025 年第三季度，該市場年增 22%，原因是醫療和工業領域對機器人的需求增加，而儀器儀表領域對自動化測試設備和人工智慧應用的需求增加。

For the fourth quarter, we expect the medical industrial instrumentation and market to represent 14% of total sales. Automotive sales represented 11% of the third quarter 2025 sales compared to 11% in the second quarter and 14% in the third quarter of 2024.

我們預計第四季醫療工業儀器市場將佔總銷售額的 14%。2025 年第三季汽車銷售額佔總銷售額的 11%，而 2024 年第二季為 11%，2024 年第三季為 14%。

The year over year decline for automotive was primarily due to continued inventory adjustments and soft demand at several customers. We expect the automotive and mark to represent about 9% of total sales in the fourth quarter.

汽車產業較去年同期下滑的主要原因是庫存持續調整以及部分客戶需求疲軟。我們預期汽車及相關市場將在第四季佔總銷售額的9%左右。

Networking represented 7% of third quarter of 2025 sales compared to 8% in the second quarter and 7% of third quarter 2024 sales. Year on year growth was 35% as this market continues to show strong growth driven by AI-related demand and new products.

網路業務佔 2025 年第三季銷售額的 7%，而第二季為 8%，2024 年第三季為 7%。受人工智慧相關需求和新產品的推動，該市場持續保持強勁成長，較去年同期成長 35%。

In 4, we expect this market to represent 7% of total sales.

預計到第四年，該市場將佔總銷售額的 7%。

At the end of Q3, our 90 day backlog, which is subject to cancellations of $600 million to $10.4 million compared to $534.5 million in the third quarter of last year.

第三季末，我們的 90 天積壓訂單（可能會因取消訂單而減少 6 億美元至 1,040 萬美元）與去年第三季的 5.345 億美元相比有所減少。

As I mentioned earlier, our aerospace and defense program backlog was $1.46 billion at the end of Q3 this year compared to $1.49 billion at the end of the third quarter of 2024.

正如我之前提到的，截至今年第三季末，我們的航空航太和國防項目積壓訂單為 14.6 億美元，而 2024 年第三季末則為 14.9 億美元。

Our overall book to bill ratio was 1.15 for the third quarter of 2025, with the commercial segment at 1.29, the A&D segment at 99, and the RFNS segment at 95.

2025 年第三季度，我們的整體訂單出貨比為 1.15，其中商業部門為 1.29，航空航太和國防部門為 99，RFNS 部門為 95。

Now then we'll review our financial performance for the third quarter then.

接下來，我們將回顧第三季的財務表現。

Thanks Edwin, and good afternoon everyone.

謝謝埃德溫，大家下午好。

Highlights of our third quarter financial results were included in the press release distributed today that are summarized on slide 7 of the earnings presentation posted on our website.

今天發布的新聞稿中包含了我們第三季財務業績的亮點，這些亮點總結在我們網站上發布的收益簡報的第 7 頁。

For the third quarter, net sales were $752.7 million compared to $616.5 million in the third quarter of 2024.

第三季淨銷售額為 7.527 億美元，而 2024 年第三季為 6.165 億美元。

The 22% year over year increase was due to growth in our aerospace and defense, data center computing, networking, and medical, industrial and instrumentation and markets, partially offset by a slight decline in our automotive and market.

年比成長 22% 是由於我們在航空航太和國防、資料中心運算、網路以及醫療、工業和儀器儀表市場實現了成長，但汽車市場的輕微下滑部分抵消了這一成長。

On a GAAP basis, gross margin for the third quarter of 2025 was 20.8% compared to GAAP gross margin for the third quarter of 2024 of 21.1%. On a GAAP basis, operating income for the third quarter of 2025 was $71.9 million or 9.6% compared to GAAP operating income for the third quarter of 2024 $51 million or 8.3%.

以美國通用會計準則計算，2025 年第三季的毛利率為 20.8%，而 2024 年第三季的美國通用會計準則毛利率為 21.1%。以美國通用會計準則 (GAAP) 計算，2025 年第三季的營業收入為 7,190 萬美元，增幅為 9.6%，而 2024 年第三季的 GAAP 營業收入為 5,100 萬美元，增幅為 8.3%。

On a GAAP basis, net income in the third quarter of 2025 was $53.1 million or $0.50 per diluted share. This compares the GAAP net income for the third quarter of 2024 of $14.3 million or $0.14 per diluted share.

以美國通用會計準則計算，2025 年第三季淨收入為 5,310 萬美元，即每股攤薄收益 0.50 美元。這與 2024 年第三季的 GAAP 淨收入 1,430 萬美元或每股攤薄收益 0.14 美元相比。

In the third quarter of 2025, the aerospace and defense segment recorded $336.8 million in net sales and $52.9 million in segment operating income compared to $279.5 million in net sales and $40.3 million in segment operating income in a year ago quarter.

2025 年第三季度，航太和國防業務部門的淨銷售額為 3.368 億美元，部門營業收入為 5,290 萬美元，而去年同期淨銷售額為 2.795 億美元，部門營業收入為 4,030 萬美元。

In the third quarter of 2025, the commercial segment recorded $408.9 million in net sales and $60 million in segment operating income compared to $329.4 million in net sales and $51.1 million in segment operating income in the year ago quarter.

2025 年第三季度，商業部門的淨銷售額為 4.089 億美元，部門營業收入為 6,000 萬美元，而去年同期淨銷售額為 3.294 億美元，部門營業收入為 5,110 萬美元。

In the third quarter of 2025.

2025年第三季。

The RF and specialty components segment recorded $10.4 million in net sales and $3.1 million in segment operated income compared to $9.8 million in net sales and $2.4 million in segment operating income in the year ago quarter.

射頻和特殊組件部門的淨銷售額為 1,040 萬美元，部門營業收入為 310 萬美元，而去年同期淨銷售額為 980 萬美元，部門營業收入為 240 萬美元。

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

接下來，我將重點談談我們的非GAAP財務表現。

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

我們的非GAAP業績不包括併購相關成本、重組成本、某些非現金支出項目（如無形資產攤銷、商譽減損、股票補償、出售財產收益、已實現的外匯損益）以及其他不尋常或不經常發生的項目。

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

我們採用非GAAP財務訊息，以便投資者能夠從管理層的角度了解公司。並且便於與預期和過去時期進行比較。

Gross margin in the third quarter was 21.5% compared to 22% in the third quarter of 2024.

第三季的毛利率為 21.5%，而 2024 年第三季的毛利率為 22%。

The year over year decrease was primarily due to ramp up costs in connection with our fabrication plant in Penang, Malaysia.

年比下降主要是由於我們在馬來西亞檳城的製造工廠的產能提升成本增加所致。

Selling them at marketing expense was $20.5 million in the third quarter or 2.7% of net sales versus $18.9 million or 3.1% of net sales a year ago.

第三季度，這些產品的行銷費用為 2,050 萬美元，佔淨銷售額的 2.7%，而去年同期為 1,890 萬美元，佔淨銷售額的 3.1%。

Third quarter general and administrative expense was $42.1 million or 5.6% of net sales compared to $36.4 million or 5.9% of net sales in the same quarter a year ago. The dollar increase was primarily driven by an increase in the incentive compensation, accrual, and outside services.

第三季一般及行政費用為 4,210 萬美元，佔淨銷售額的 5.6%，去年同期為 3,640 萬美元，佔淨銷售額的 5.9%。美元增長主要由激勵性薪酬、應計款項和外部服務費用的增加所致。

In the third quarter of 2025, research and development was $6.9 million or 0.9% of net sales compared to $7.7 million or 1.3% of net sales in the same quarter last year.

2025 年第三季度，研發支出為 690 萬美元，佔淨銷售額的 0.9%，去年同期為 770 萬美元，佔淨銷售額的 1.3%。

Interest expense was $9.9 million in the third quarter of 2025 compared to $11.3 million in the same quarter last year.

2025 年第三季利息支出為 990 萬美元，去年同期為 1,130 萬美元。

During the third quarter of 2025, there was $1.8 million of realized foreign exchange loss below the operating income line compared to $1.6 million of realized foreign exchange loss in the third quarter of 2024.

2025 年第三季度，營業收入項下已實現外匯損失為 180 萬美元，而 2024 年第三季已實現外匯損失為 160 萬美元。

Interest in other income totaled $2.5 million in the third quarter of 2025. This compares to interest in other income totaling $3.6 million in the same quarter last year.

2025年第三季其他收入利息總額為250萬美元。相較之下，去年同期其他收入利息總額為 360 萬美元。

Our effective tax rate was 15% in the third quarter, resulting in tax expenses of $12.5 million. This compares to a rate of 10.6% or tax expense of $6.7 million in the same quarter of last year.

第三季我們的實際稅率為 15%，導致稅項支出為 1,250 萬美元。相較之下，去年同期稅率為 10.6%，稅收支出為 670 萬美元。

Third quarter 2025 net income was $71 million or $0.67 per diluted share. This compares to third quarter of 2024 and it didn't come up $56.8 million or $0.55 per diluted share.

2025年第三季淨收入為7,100萬美元，即每股攤薄收益0.67美元。與 2024 年第三季相比，並未達到 5,680 萬美元或每股攤薄收益 0.55 美元。

Adjusted EA dot for the third quarter of 2025 was $120.9 million or 16.1% of net sales compared with third quarter of 2024, adjusted EBITDA of $100.6 million or 16.3% of net sales. The depreciation for the quarter was $27.6 million. Net capital spending for the quarter was $99.2 million.

2025 年第三季調整後的 EA dot 為 1.209 億美元，佔淨銷售額的 16.1%，而 2024 年第三季調整後的 EBITDA 為 1.006 億美元，佔淨銷售額的 16.3%。本季折舊額為2760萬美元。本季淨資本支出為9,920萬美元。

Cash flow from operations in the third quarter of 2025 was $141.8 million or 18.8% of net sales. Cash and cash equivalents at the end of the third quarter of 2025, total of $491.1 million and our net debt divided by last 12 months, EA was 1.0.

2025 年第三季經營活動產生的現金流量為 1.418 億美元，佔淨銷售額的 18.8%。截至 2025 年第三季末，現金及現金等價物總額為 4.911 億美元，淨債務除以過去 12 個月的 EA 為 1.0。

Now I will turn to our guidance for the fourth quarter of 2025.

現在我將談談我們對 2025 年第四季的業績預期。

We project net sales for the fourth quarter of 2025 to be in the range of $730 million to $770 million and non-GAAP earnings to be in the range of $0.64 to $0.70 per diluted share.

我們預計 2025 年第四季淨銷售額將在 7.3 億美元至 7.7 億美元之間，非 GAAP 每股攤薄收益將在 0.64 美元至 0.70 美元之間。

Which is inclusive of operating costs associated with starting up our Penang facility.

其中包括啟動我們在檳城工廠的相關營運成本。

The EPS forecast is based on a diluted share count of approximately 106 million shares, which includes the dilutive effect of outstanding stock options and other stock awards.

每股盈餘預測是基於約 1.06 億股的稀釋股份數，其中包括未行使的股票選擇權和其他股票獎勵的稀釋效應。

We expect SG&A expense to be about 8.9% of net sales in the four quarter and R&D to be about 1% of net sales.

我們預計第四季銷售、一般及行政費用將佔淨銷售額的 8.9% 左右，研發費用將佔淨銷售額的 1% 左右。

We expect interest expense of approximately $10.2 million and interest income of approximately $2.7 million. We estimate our effective tax rate will be between 11% and 15%.

我們預計利息支出約為 1,020 萬美元，利息收入約為 270 萬美元。我們預計實際稅率將在 11% 到 15% 之間。

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 $12.3 million and non-cash interest expense of approximately $0.5 million.

此外，我們預計將提列約 2,810 萬美元的折舊、約 920 萬美元的無形資產攤提、約 1,230 萬美元的股票選擇權費用以及約 50 萬美元的非現金利息支出。

Finally, I'd like to announce that we will be participating in the steeple Midwest one on one conference in Chicago, Illinois on November 6.

最後，我想宣布，我們將於 11 月 6 日在伊利諾伊州芝加哥參加中西部一對一會議。

The Bank of America leveraged finance conference in Boca Raton, Florida on December 2, the UBS Global Industrials and Transportation Conference in Palm Beach, Florida on December 3, and the UBS Technology Conference in Scottsdale, Arizona on December '4.

12 月 2 日在佛羅裡達州博卡拉頓舉行的美國銀行槓桿融資會議，12 月 3 日在佛羅裡達州棕櫚灘舉行的瑞銀全球工業和交通運輸會議，以及 12 月 4 日在亞利桑那州斯科茨代爾舉行的瑞銀科技會議。

That concludes our prepared remarks. I would like to turn it over for questions, Cherie.

我們的發言稿到此結束。謝麗，我想把這個問題交給你來回答。

Thank you. As a reminder to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, press 11 again. Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. Please stand by while we compile the Q&A roster.

謝謝。提醒您，如果您想提問，請按電話上的 11，然後等待播報您的名字。若要撤回您的問題，請再按 11。由於時間有限，請您盡量只提一個問題，並可再提一個後續問題。請稍候，我們正在整理問答名單。

And our first question will come from the line of Jim Rusciutti with Needham & Co. Your line is open.

我們的第一個問題來自 Needham & Co. 的 Jim Rusciutti。您的電話已接通。

Hi, thank you. First off, Edwin, welcome, best of luck to you. I wanted to start off, just on the data center market. Can you talk about, 22 questions. One, how far out does your visibility extend into this market?

你好，謝謝。首先，埃德溫，歡迎你，祝你好運。我想先從資料中心市場著手。能談談這22個問題嗎？第一，你在這個市場的視野能延伸到多遠？

And the follow-up really deals with whether you have been able to bring on additional capacity to be able to satisfy the demand from your customers from your two main facilities in China.

後續問題實際上是關於您是否已經能夠增加產能，以滿足您在中國的兩個主要工廠的客戶需求。

First of all, thank you for your question and thank you for your comments here and good to meet you again.

首先，感謝您的提問和評論，很高興再次見到您。

Yeah, the visibility is pretty okay. I would say our visibility is between six to nine months. And again we are already dealing with the top players there so it's it's going smooth and if I look at the capacity, I think when we are in the middle of let's say our strategic planning.

是的，能見度還不錯。我認為我們的能見度在六到九個月之間。而且我們已經和那裡的頂尖企業打交道了，所以進展順利。如果我看一下產能，我認為當我們處於策略規劃階段時。

We are sort of, let's say over the coming years, we have a good capacity both in North America and Asia Pacific, well balanced, by the way, between these two continents. So that's yeah, that's what I want to mention here.

可以說，在未來幾年裡，我們在北美和亞太地區都擁有良好的產能，而且這兩個大洲之間的產能平衡也很好。所以，這就是我想在這裡提到的。

And Penang, can you update us? Maybe Dan, you could take this one just the the margin headwind that you experienced in Penang and how you think about that in Q4 going forward.

檳城方面，能否給我們更新一下狀況？丹，或許你可以把這次的比賽看作是你在檳城遇到的不利因素，以及你對第四季未來發展的看法。

Yes, happy to update you about about Penang.

是的，我很樂意向您介紹檳城的情況。

First of all, Penang remains a key part of our China plus one strategy, and we're making very good progress there, I would say.

首先，檳城仍然是我們「中國+1」策略的關鍵組成部分，我認為我們在那裡取得了非常好的進展。

Like Tom mentioned last quarter, we are very much focused now on yields before we start ramping up. We want to ramp steadily with our customers.

正如湯姆上個季度提到的那樣，在開始擴大生產規模之前，我們現在非常關注收益率。我們希望與客戶一起穩步發展。

So the good news, Jim, is that we have five customers lined up and we are basically qualifying these customers before the end of the year and they're still progressing very well. The training aspect is key. We're working a lot with local staff now.

吉姆，好消息是我們已經有了五位客戶，我們基本上會在年底前完成這些客戶的資格審核，而且進展非常順利。培訓環節至關重要。我們現在與當地員工的合作非常密切。

The training aspect is key.

培訓環節至關重要。

We are still planning also for that second facility in Penang, so I would say I'm pleased with the progress over the last quarter. I know we were a bit optimistic in the past, but I think we should be we should be okay going forward.

我們仍在規劃檳城的第二個工廠，所以對上個季度的進展感到滿意。我知道我們過去有點樂觀，但我認為我們應該保持樂觀，未來應該沒問題。

And Jim, I'll jump in and address your question with regards to the headwind on the profit.

吉姆，我來回答你關於利潤面臨不利因素的問題。

In Q3, it was about.

第三季度，大約是。

195 basis points to the bottom line, which is an improvement from Q2, which was about 210 basis points. And then in Q4 we're forecasting with increased revenue, about 160 basis points back to the bottom line, which is comparable to Q4 of last year actually when you look at it year over year.

淨利潤下降了 195 個基點，比第二季的 210 個基點有所改善。然後，我們預測第四季營收將有所成長，淨利潤將回升約 160 個基點，這與去年第四季的情況基本相當（與去年同期相比）。

Thank you.

謝謝。

You're welcome.

不客氣。

You're.

你是。

Welcome.

歡迎。

Thank you. One moment for our next question, and that will come from the line of Mike Crawford with B. Reilly Securities. Your line is open.

謝謝。稍等片刻，我們的下一個問題將來自 B. Reilly Securities 的 Mike Crawford。您的線路已開通。

Thank you. Just more broadly, could you help characterize your PCB manufacturing capacity share globally in China and in the US?

謝謝。更廣泛地說，您能否幫忙描述一下貴公司在中國和美國的PCB製造產能份額？

Yeah, good question. First of all, in the US we are still the number one player.

嗯，問得好。首先，在美國，我們仍然是第一大玩家。

And globally it's it's always a bit more more tricky to mention it, but of course we are typically a high-end player, but if you look at overall, I think we were about the number six or seven of the world.

在全球範圍內，這總是有點難以啟齒，但我們當然通常是一家高端公司，但如果你從整體上看，我認為我們大概排在世界第六或第七位。

That's that's basically where we where we are. And if you concentrate on data center, it's it's it's about the number 3 or 4, which some typical competition, but it's about the number three or four.

這就是我們目前的處境。如果你專注於資料中心，那大概是第三或第四個，這是一些典型的競爭，但大概是第三或第四個。

Okay, thank you. And then the follow-up is in Penang, I believe you're starting out with something like maybe 15 layer boards, but where are you moving to density in China for data center applications?

好的，謝謝。然後，後續計劃是在檳城，我相信你們最初可能會採用 15 層板，但是你們在中國資料中心應用領域的密度提升計劃是什麼？

Yeah, absolutely.

是的，絕對的。

You will not see us. We still have, of course, capacity, let's say below the 16 layers, but our focus is, let's say, beyond that. They're going to a lot of layers.

你們不會見到我們。當然，我們仍然有產能，比如說在 16 層以下，但我們的重點，比如說，在更高層級。他們會穿很多層。

One of our typical things happening right now is that we are demonstrating 87 layers, so this is going very rapidly. And also on the micro V to be more higher resolution, let's say we're making really really good progress.

我們現在正在做的一件很典型的事情就是演示 87 層，所以進展非常迅速。另外，微型 V 的解析度也更高了，假設我們取得了非常好的進展。

So working with customers on different aspects of the roadmap, be it more on the material side, be it more like asymmetrical designs like.

因此，我們需要與客戶合作，共同製定路線圖的各個方面，無論是材料方面，還是像不對稱設計之類的方面。

In PCBs where you put the power on one side and the signal on the other side, or let's say be it at the pitch where you TRY to minimize the pitch, we want to be a leader there and I can tell you, let's say from my personal perspective here, we will invest a lot more in R&D and get more progress there to continue to be the top player.

在PCB設計中，電源放在一側，訊號放在另一側，或者說，在盡可能縮小間距的情況下，我們希望成為這方面的領導者。我可以告訴你，就我個人而言，我們將投入更多資金進行研發，並取得更多進展，以繼續保持領先地位。

Excellent.

出色的。

Thank you very much.

非常感謝。

Thank you. As a reminder, if you would like to ask a question, please press 11. Our next question comes from a line of William Stein with Chua Securities. Your line is open.

謝謝。再次提醒，如果您有任何問題，請按 11。我們的下一個問題來自蔡氏證券的威廉‧史坦。您的線路已開通。

Great, thanks for taking my question. Congrats on the great results tonight. Edwin, for investors who have not met you or had much experience with you. Maybe you can share with us a little bit about your background, what led you to TTM.

太好了，謝謝你回答我的問題。恭喜今晚取得如此佳績！艾德溫，對於那些不認識你或與你合作不多的投資者來說。或許您可以和我們分享一下您的背景，以及是什麼讓您加入 TTM。

I understand you have some connections to the board of directors, but, sort of what led you to the company and maybe talk a little bit about how your experience and background leads you to succeed at TTM.

我知道你和董事會有一些聯繫，但是，是什麼讓你加入這家公司？能否談談你的經驗和背景如何幫助你在 TTM 取得成功？

Okay, happy to do that, and good to meet you, by the way, and thank you for your nice words here. Yeah, my background is I'm an engineer and of course I did business school as well. 15 years, Phillips, 20 years, Dulsa and Teledyne.

好的，我很樂意這樣做。順便說一句，很高興認識你，也謝謝你在這裡的讚美之詞。是的，我的背景是工程師，當然我也讀過商學院。我在飛利浦工作了15年，在杜爾薩和泰萊公司工作了20年。

9 years, let's say, leading the largest segment in Delavine, the fastest growing segment in Delane, and the last 2 years I was the CEO of Telayne working closely with the executive Chairman and by the way, the new CEO as well, still really good relations with Telayne and great.

比方說，我領導了 Delavine 最大的商業板塊，也是 Delane 成長最快的商業板塊，長達 9 年。在過去的 2 年裡，我擔任 Telayne 的首席執行官，與執行董事長以及新任首席執行官密切合作，與 Telayne 的關係仍然非常好，而且很棒。

But for me it was time to do something else after 20 years, and TTM was a really good fit. My background is physics and electronics and mostly semi physics.

但對我來說，20 年後是時候做點別的事情了，而 TTM 非常適合我。我的專業背景是物理、電子學，主要是半物理方向。

So with TTM being a player in the back end, let's say where the back end players in silicon, the packages, the PCB players, everybody comes together in that back end is absolutely a key thing to focus on. I still have great respect for the guys who are making the most complex chips, but nowadays it's all about the back end.

因此，TTM 作為後端廠商，例如晶片廠商、封裝廠商、PCB 廠商等等，所有後端廠商都聚集在這個後端，這絕對是需要重點關注的關鍵。我仍然非常尊重那些製造最複雜晶片的人，但如今一切都取決於後端。

How can you integrate these chips, let's say in a very compact heterogeneous package, and that's very exciting and that's my main motivation. To be part of TTM, a fantastic company, excellent leadership, and again, a good relation with the board of directors.

如何將這些晶片整合到一個非常緊湊的異構封裝中，這非常令人興奮，也是我的主要動力。能夠成為 TTM 的一份子，這是一家非常棒的公司，擁有卓越的領導團隊，而且與董事會關係良好。

I know a few board of directors, members from my previous work, but again this is a great company to be part of. Hopefully that answers your question.

我認識幾位董事會成員，他們是我以前工作單位的同事，但再次強調，能成為這家公司的一份子真是太棒了。希望這能解答你的疑問。

That helps.

那很有幫助。

Thank you. And one more if I can follow-up.

謝謝。如果可以的話，我再補充一個問題。

That these, I don't know that these metrics are still entirely relevant because you're growing much faster now because of AI data center and also because defense is doing very well and margins have been moving up, but at the last analyst day, the company had a 4% to 6% top-line organic growth view and 11% to 13% operating margin target.

我不知道這些指標是否仍然完全相關，因為現在由於人工智慧資料中心的發展，你們的成長速度要快得多，而且國防業務也發展得非常好，利潤率一直在上升。但在上次分析師日上，該公司對營收有機成長的預期為 4% 至 6%，營業利潤率目標為 11% 至 13%。

Those were sort of the targets that the prior. Management team established. I can't imagine you're going to give us new targets on this call, but I wonder if you can help us think about at least which metrics are most important to you? What are you trying to maximize like from let's say.

這些算是之前的目標。管理團隊已成立。我估計您不會在這次電話會議上為我們設定新的目標，但我很想知道您能否幫我們思考一下，對您來說哪些指標最重要？你想從哪些方面最大化收益？比如說？

From an outsider's perspective, just looking at the financials, what metrics and what levels should we, think so that we're aligned with your way of thinking for the future of the company.

從局外人的角度來看，僅從財務數據來看，我們應該考慮哪些指標和水平，才能與您對公司未來的思考方式保持一致。

Yeah, great question.

是的，很好的問題。

Thank you.

謝謝。

First of all, we want to grow.

首先，我們希望發展壯大。

The strategic plan, let's say, and even looking at next year, it's all about growth and of course growth in a very qualitative manner.

策略計劃，比如說，展望明年，一切都圍繞著成長，當然，是品質方面的成長。

So we want to make sure that our gross margin stays very healthy. That's basically the number one metric where you where you can see if you're competitive, so. That's the key thing here of course we like to generate cash. You saw our great cash position this quarter, year-to-date we're at a really nice level.

所以我們希望確保毛利率保持非常健康的狀態。這基本上是衡量你是否具有競爭力的首要指標。當然，關鍵在於我們想要創造現金流。您已經看到了我們本季良好的現金狀況，今年迄今為止，我們的現金水平也相當不錯。

This gives us the possibility not only let's say, to do acquisitions and we can do that both in a horizontal way or vertical way, let's say buying more PCB factories or buying let's say up the chain.

這不僅使我們有可能進行收購，而且我們可以以橫向或縱向的方式進行收購，例如收購更多的PCB工廠，或收購產業鏈上游的企業。

But also we can invest in our facilities and that's what we do. We are planning to invest hundreds of millions, let's say, in our facilities in Penang and Syracuse and of course also investing in China again. So that's that's going well.

但我們也可以投資我們的設施，而我們也正是這樣做的。我們計劃投資數億美元，比如說，用於我們在檳城和錫拉丘茲的工廠，當然，我們也會再次在中國投資。所以，一切進展順利。

The method for me is always cash. It's always growth. It's gross margin, and of course our EBITDA should be healthy. Our bottom line should be healthy, but again we are set up to grow. That's that's my answer here.

對我來說，付款方式永遠是現金。永遠都在成長。這是毛利率，當然，我們的 EBITDA 也應該表現得很好。我們的獲利狀況應該會很好，而且我們已經做好了發展的準備。這就是我的答案。

Thank you.

謝謝。

Thank you. I'm showing no further questions in the queue at this time. I would not like to turn the call back over to Mr. Rocks for any closing remarks.

謝謝。目前隊列中沒有其他問題了。我不想把電話轉回給羅克斯先生做總結發言。

Thank you, Cherie, and I'd like to close by summarizing the points I made earlier. First, we delivered strong sales growth in Q3 of 22% year on year, driven by increases in our data center computing, networking, medical, industrial implementation in aerostat and defense markets with record highs in A&D and data centers.

謝謝謝麗，最後我想總結我之前提到的幾點。首先，第三季我們實現了強勁的銷售成長，年增 22%，這主要得益於資料中心運算、網路、醫療、工業應用以及在系留氣球和國防市場的成長，其中航空航太和國防以及資料中心業務均創歷史新高。

Second, our adjusted EBITDA of 16.1% reflected strong operating performance, leading to a record quarterly non-GAAP EPS of $0.67. And third, we had solid cash flow from operations of 18.8% of sales, enabling us to invest in our projected continued growth.

其次，我們調整後的 EBITDA 為 16.1%，反映了強勁的營運業績，從而實現了創紀錄的季度非 GAAP 每股收益 0.67 美元。第三，我們擁有穩健的營運現金流，佔銷售額的 18.8%，使我們能夠投資於預期中的持續成長。

In closing, I would like to thank all employees of TPM, our customers, our suppliers, and our shareholders for your continued support.

最後，我要感謝TPM全體員工、我們的客戶、供應商和股東一直以來的支持。

Thank you very much. Goodbye.

非常感謝。再見。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating. You may now disconnect.

感謝大家的參與。您現在可以斷開連線。