TTM Technologies Inc (TTMI) 2025 Q4 法說會逐字稿

Good day, and welcome to the TTM Technologies Q4 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 TTM Technologies 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Mr. Sean Hannan, Vice President of Investor Relations. Please go ahead.

現在我謹將會議交給各位發言人，投資者關係副總裁肖恩·漢南先生。請繼續。

Greetings, everyone. Welcome, and thank you for joining us today. I'm Sean Hannan, Vice President of Investor Relations for TTM. With me on the call are Edwin Roks, our President and Chief Executive Officer; and Dan Boehle, our Executive Vice President and Chief Financial Officer.

大家好。歡迎各位，感謝您今天加入我們。我是 Sean Hannan，TTM 的投資者關係副總裁。與我一同參加電話會議的還有我們的總裁兼執行長埃德溫·羅克斯，以及我們的執行副總裁兼財務長丹·博勒。

Before we get started, I'd like to remind everybody 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.

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. 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根據目前可獲得的資訊所做出的預期和假設。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. 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 your 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 the website an earnings presentation that we will refer to during our call. Here is Edwin.

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。此類措施不應被視為替代依照公認會計準則 (GAAP) 編制和列報的指標。我們建議您參閱公司獲利報告中的 GAAP 指標與非 GAAP 指標的調整表，該報告可在 TTM 公司網站 investors.ttm.com 的投資者關係欄位中查閱。我們還在網站上發布了盈利演示文稿，我們將在電話會議中提及該演示文稿。這是埃德溫。

Thank you, Sean. Good afternoon, everyone, and thank you for joining us for our fourth quarter and fiscal 2025 conference call. At TTM Technologies, we are focused on designing and manufacturing complex products and solutions in two strategic directions. The first is advanced Interconnect, which includes highly complex printed circuit boards, substrates and advanced packaging.

謝謝你，肖恩。各位下午好，感謝各位參加我們第四季及2025財年電話會議。TTM Technologies 專注於在兩個策略方向上設計和製造複雜的產品和解決方案。第一類是先進互連技術，包括高度複雜的印刷電路板、基板和先進封裝技術。

The second strategic direction builds on our advanced interconnect technology to design and manufacture sophisticated modules, subsystems and systems. Examples of this include our in-house developed RF modules, thermal and power management systems, edge and AI processing products as well as complex subsystems and fully integrated mission systems. We believe the future of electronics lies in speed to market, high reliability and efficient technology integration.

第二個策略方向是利用我們先進的互連技術來設計和製造複雜的模組、子系統和系統。例如，我們自主研發的射頻模組、熱管理系統和電源管理系統、邊緣和人工智慧處理產品以及複雜的子系統和完全整合的任務系統。我們認為，電子產品的未來在於快速上市、高可靠性和高效能的技術整合。

The markets in which we do business continue to demand highly complex technology solutions in an increasingly complex size and footprint. Our strategy is to stay at the cutting edge of advanced Interconnect technologies through innovation and continue to move up the value chain into complex modules and subsystems that combine sensors, actuators, RF and photonics. We engage early with our customers to ensure alignment on product development, which helps optimize their sourcing of leading technologies and streamlines their supply chain.

我們所處的市場對規模和規模日益複雜的高度複雜的技術解決方案的需求不斷增長。我們的策略是透過創新保持在先進互連技術的前沿地位，並繼續向價值鏈上游發展，進入結合感測器、執行器、射頻和光子學的複雜模組和子系統。我們儘早與客戶接洽，以確保產品開發方面的一致性，這有助於優化他們獲取領先技術的管道，並簡化他們的供應鏈。

From a demand standpoint, we expect healthy tailwinds due to our participation in two key megatrends currently driving economic growth, artificial intelligence and defense. As stated previously, approximately 80% of our net sales are related to these two megatrends. Our ability to seize these organic growth opportunities requires our continued focus on technological innovation as well as expanding our capacity across our strategic footprint.

從需求角度來看，由於我們參與了目前推動經濟成長的兩大關鍵大趨勢——人工智慧和國防，我們預計將迎來強勁的順風。如前所述，我們約 80% 的淨銷售額與這兩大趨勢有關。我們能否抓住這些內生成長機會，取決於我們能否持續專注於技術創新，以及擴大我們在策略佈局範圍內的產能。

We are further investing capital and resources to take full advantage of these opportunities today and in the future through our global footprint, which offers our customers manufacturing options across 24 sites located in China, Malaysia, Canada and the United States. We stand well positioned to support this growth across our end markets and are on track towards our ambition to grow revenues 15% to 20% per year for the next three years and to double our earnings from '25 to '27, which were goals previously shared on January 13.

我們將進一步投入資金和資源，透過我們的全球佈局，充分利用當前和未來的這些機會。我們的全球佈局在位於中國、馬來西亞、加拿大和美國的 24 個地點為客戶提供製造選擇。我們已做好充分準備，支持終端市場的成長，並正朝著未來三年收入每年增長 15% 至 20% 的目標穩步前進，同時在 2025 年至 2027 年期間實現收益翻番，這些目標此前已於 1 月 13 日公佈。

In our Commercial segment, we are highly focused on supporting the demand wave of artificial intelligence in the Data Center Computing and Networking end markets. In our Aerospace and Defense end market, we continue to excel with our leading position in advanced Interconnect products as we work to expand our product offerings in integrated other products, including modules, subsystems and into mission systems. We are also focused on technological opportunities arising through increased use of automation and AI applications in our Medical, Industrial and Instrumentation end markets, while we remain strategically positioned in high-value Automotive solutions.

在我們的商業領域，我們高度重視支援資料中心運算和網路終端市場對人工智慧的需求浪潮。在航空航太和國防終端市場，我們憑藉在先進互連產品領域的領先地位繼續保持卓越表現，同時我們也在努力擴展我們的產品範圍，提供整合的其他產品，包括模組、子系統以及任務系統。我們也專注於醫療、工業和儀器終端市場中自動化和人工智慧應用日益普及所帶來的技術機遇，同時我們在高價值汽車解決方案領域保持戰略地位。

I'll now begin with an overview of our business highlights from the quarter, then we'll follow with a summary of our Q4 and fiscal 2025 financial performance and our Q1 and fiscal 2026 sales guidance. We will then open the call for your questions.

接下來，我將首先概述本季的業務亮點，然後總結我們 2025 財年第四季的財務業績以及 2026 財年第一季的銷售預期。接下來我們將開放提問環節。

We delivered an excellent fourth quarter of 2025, and I would like to thank our employees for delivering these results. We achieved sales of $774.3 million, above the high end of our guided range and non-GAAP EPS of $0.70 per diluted share met the high end of our guided range. Sales grew 19% year on year, reflecting continued demand strength in our Data Center Computing and Networking end markets, driven by the requirements of generative AI, while our Medical, Industrial and Instrumentation and Aerospace and Defense end markets also experienced solid to strong growth.

我們在 2025 年第四季取得了優異的業績，我要感謝我們的員工為取得這些成績所做的貢獻。我們實現了 7.743 億美元的銷售額，高於我們預期範圍的上限；非 GAAP 每股稀釋收益為 0.70 美元，達到了我們預期範圍的上限。銷售額年增 19%，反映出資料中心運算和網路終端市場需求持續強勁，這主要得益於生成式人工智慧的需求；同時，醫療、工業和儀器儀表以及航空航太和國防終端市場也實現了穩健至強勁的成長。

The company's adjusted EBITDA margin was 16.3% in the fourth quarter of 2025, a strong result compared with 14.7% in the prior year, reflecting continued improvements in execution. Non-GAAP EPS of $0.70 per diluted share was an all-time quarterly record high for TTM. And cash flow from operations were $63 million or 8.1% of sales, which brings fiscal 2025 cash flow from operations to $292 million or 10% of sales.

該公司2025年第四季的調整後EBITDA利潤率為16.3%，與上年同期的14.7%相比，這是一個強勁的成績，反映出執行力的持續提升。非GAAP每股攤薄收益為0.70美元，創下過去12個月季度歷史新高。經營活動產生的現金流為 6,300 萬美元，佔銷售額的 8.1%，預計 2025 財年經營活動產生的現金流量將達到 2.92 億美元，佔銷售額的 10%。

The Aerospace and Defense end market represented 41% of fourth quarter 2025 sales. Sales in the Aerospace and Defense market grew 5% year on year for the fourth quarter and 13% year on year for the full year of 2025. The sales growth in the defense market as a result of positive tailwinds in defense budgets, our strong strategic program alignment and the key bookings for ongoing programs.

2025 年第四季度，航空航太和國防終端市場佔銷售額的 41%。2025 年第四季度，航空航太和國防市場的銷售額年增 5%；2025 年全年，銷售額年增 13%。國防市場銷售成長得益於國防預算的積極利好、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。

During the fourth quarter of 2025, we saw significant A&D bookings related to the APS-153 airborne surveillance radar, LTAMDS air defense radar, AMRAAM air dominance missile and Javelin anti-armor missile system. In addition, we continue to see an increase in bookings for restricted programs.

2025 年第四季度，我們看到與 APS-153 機載監視雷達、LTAMDS 防空雷達、AMRAAM 空中優勢飛彈和標槍反裝甲飛彈系統相關的重大 A&D 訂單。此外，我們看到限制級項目的預訂量持續增加。

A&D book-to-bill was 1.46 for the quarter and 1.04 for the full year of 2025, which increased program backlog to $1.6 billion compared to $1.56 billion a year ago. We expect sales in Q1 2026 from this end market to represent 42% of our total sales.

本季 A&D 專案訂單出貨比為 1.46，2025 年全年為 1.04，專案積壓量從一年前的 15.6 億美元增加到 16 億美元。我們預計 2026 年第一季來自該終端市場的銷售額將占我們總銷售額的 42%。

Sales in the Data Center Computing end market represented 20% of fourth quarter 2025 sales. This end market experienced 57% year-on-year growth in the fourth quarter and 36% year-on-year growth in the full year of 2025, which reflects continued demand strength from our data center customers, building products for AI applications.

資料中心計算終端市場的銷售額佔 2025 年第四季銷售額的 20%。該終端市場在第四季度實現了 57% 的同比增長，2025 年全年實現了 36% 的同比增長，這反映了我們的資料中心客戶對人工智慧應用產品的需求持續強勁。

The Networking end market represented 8% of fourth quarter 2025 sales. Year-on-year growth was 23% for the fourth quarter and 43% for the full year of 2025 as this market continues to become more correlated with the AI-related demand for more complex switching technology. Due to the AI-related correlation between Data Center Computing and Networking end markets, we will begin reporting them as a single combined end market in 2026. And consequently, we will be reporting on four end markets going forward.

網路終端市場佔 2025 年第四季銷售額的 8%。第四季年增 23%，2025 年全年年增 43%，因為該市場與人工智慧相關的更複雜交換技術的需求之間的關聯性越來越強。由於資料中心計算和網路終端市場之間存在與人工智慧相關的關聯性，我們將從 2026 年開始將它們作為單一的合併終端市場進行報告。因此，今後我們將通報四個終端市場。

For the fourth quarter of 2025, the combined sales for data center and Networking would have represented 36% of total sales, and we expect the first quarter of 2026 to represent 37% of total sales. The Medical, Industrial and Instrumentation end market represented 14% of fourth quarter 2025 sales. This end market saw a year-on-year growth of 28% during the fourth quarter and 22% for the full year of 2025 as Medical and Industrial areas saw increased demand for AI-enabled robotics and more complex sensing applications and the instrumentation area saw increased demand for automated testing equipment and AI applications.

2025 年第四季度，資料中心和網路業務的合併銷售額將佔總銷售額的 36%，我們預計 2026 年第一季將佔總銷售額的 37%。醫療、工業和儀器終端市場佔 2025 年第四季銷售額的 14%。該終端市場在第四季度同比增長 28%，2025 年全年同比增長 22%，原因是醫療和工業領域對人工智慧機器人和更複雜的感測應用的需求增加，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 first quarter of 2026, we expect the Medical, Industrial and Instrumentation end market to represent 14% of total sales.

預計到 2026 年第一季度，醫療、工業和儀器終端市場將佔總銷售額的 14%。

Automotive sales represented 9% for the fourth quarter 2025 sales. We will be increasingly selective in this market to focus on higher value-add products that carry margin profile consistent with our financial growth. We expect the Automotive end market to represent about 8% of total sales in the first quarter of 2026.

2025年第四季汽車銷售額佔總銷售額的9%。我們將在這個市場中更加重視選擇性，專注於高附加價值產品，這些產品的利潤率與我們的財務成長一致。我們預計到 2026 年第一季度，汽車終端市場將佔總銷售額的 8% 左右。

The overall book-to-bill ratio was 1.35 for the fourth quarter of 2025 with the Commercial reporting segment at 1.28, the A&D reporting segment at 1.46, and the RF&S reporting segment at 0.94. At the end of 2025, the 90-day backlog, which is subject to cancellations, was $654.9 million compared to $502.1 million at the end of last year.

2025 年第四季整體訂單出貨比為 1.35，其中商業報告部門為 1.28，航空航太與國防報告部門為 1.46，研發與服務報告部門為 0.94。截至 2025 年底，90 天積壓訂單（可能因取消而減少）為 6.549 億美元，而去年底為 5.021 億美元。

Now Dan Boehle will summarize our financial performance for the fourth quarter and full year. Dan?

現在丹·博勒將總結我們第四季和全年的財務表現。擔？

Thanks, Edwin, and good afternoon, everyone. I will review our financial results for the fourth-quarter and full-year 2025 that were included in the press release distributed today. Key financial highlights are also summarized in the earnings presentation posted on our website. For the fourth quarter, net sales were $774.3 million compared to $651 million in the fourth quarter of 2024. The 19% year-over-year increase was due to continued strong growth in our Data Center Computing, Networking, Medical, Industrial and Instrumentation and Aerospace and Defense end markets, partially offset by a decline in our Automotive end market.

謝謝你，艾德溫，大家下午好。我將回顧我們今天發布的新聞稿中包含的 2025 年第四季和全年財務表現。主要財務亮點也已匯總在發佈於我們網站上的盈利報告中。第四季淨銷售額為 7.743 億美元，而 2024 年第四季為 6.51 億美元。較去年同期成長 19% 是由於資料中心運算、網路、醫療、工業和儀器儀表以及航空航太和國防終端市場的持續強勁成長，但部分被汽車終端市場的下滑所抵消。

For the full year, net sales were $2.9 billion compared to $2.4 billion in 2024. The 19% increase for fiscal 2025 was driven by the same end market dynamics that drove growth in Q4. GAAP operating income for the fourth quarter of 2025 was $80.7 million compared to GAAP operating income for the fourth quarter of 2024 of $9 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

全年淨銷售額為 29 億美元，而 2024 年為 24 億美元。2025 財年 19% 的成長是由與第四季成長相同的終端市場動態所驅動的。2025 年第四季 GAAP 營業收入為 8,070 萬美元，而 2024 年第四季 GAAP 營業收入為 900 萬美元，其中包括與 RF&S Components 部門相關的 3,260 萬美元商譽減損費用。

For the full year of 2025, GAAP operating income was $264.7 million compared to $116 million in 2024, inclusive of the $32.6 million goodwill impairment charge related to RF&S Components segment. On a GAAP basis, net income for the fourth quarter of 2025 was $50.7 million or $0.48 per diluted share. This compares to GAAP net income for the fourth quarter of 2024 of $5.2 million or $0.05 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment.

2025 年全年，GAAP 營業收入為 2.647 億美元，而 2024 年為 1.16 億美元，其中包括與 RF&S Components 部門相關的 3,260 萬美元商譽減損費用。以美國通用會計準則計算，2025 年第四季淨收入為 5,070 萬美元，即每股攤薄收益 0.48 美元。相比之下，2024 年第四季的 GAAP 淨收入為 520 萬美元，即每股攤薄收益 0.05 美元，其中包括與 RF&S Components 部門相關的 3,260 萬美元商譽減損費用。

For the full year of 2025, net income was $177.4 million or $1.68 per diluted share. This compares to $56.3 million or $0.54 per diluted share in 2024, inclusive of the $32.6 million goodwill impairment charge related to the RF&S Components segment. The remainder of my comments will focus on our non-GAAP financial performance.

2025 年全年淨收入為 1.774 億美元，即每股攤薄收益 1.68 美元。相比之下，2024 年的獲利為 5,630 萬美元，即每股攤薄收益 0.54 美元，其中包括與 RF&S Components 部門相關的 3,260 萬美元商譽減損費用。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 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 unfrequent 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 and prior periods.

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、外匯未實現損益以及其他不尋常或不經常發生的項目）。我們採用非公認會計準則財務信息，以便投資者能夠從管理層的角度了解公司，並便於與預期和以前期間進行比較。

Gross margin in the fourth quarter of 2025 was 21.7% and compares to 20.5% in the fourth quarter of 2024. For the full year of 2025, gross margin was 21.3% and compares to 20.4% in 2024. The year-on-year improvement in both periods was due primarily to higher sales volume and favorable product mix, particularly in the Data Center Computing, Networking and Aerospace and Defense end markets as well as improved operational execution.

2025 年第四季的毛利率為 21.7%，而 2024 年第四季的毛利率為 20.5%。2025 年全年毛利率為 21.3%，而 2024 年為 20.4%。這兩個時期的同比改善主要歸功於更高的銷售量和有利的產品組合，尤其是在資料中心運算、網路和航空航太與國防終端市場，以及營運執行的改進。

Selling and marketing expense was $19.8 million in the fourth quarter or 2.6% of net sales versus $18.9 million or 2.9% of net sales a year ago. For the full year of 2025, selling and marketing expense was $80.8 million or 2.8% of net sales compared to $76.2 million or 3.1% of net sales in 2024. Fourth quarter general and administrative expenses was $43.1 million or 5.6% of net sales compared to $40.9 million or 6.3% of net sales in the same quarter a year ago.

第四季銷售和行銷費用為 1,980 萬美元，佔淨銷售額的 2.6%，而去年同期為 1,890 萬美元，佔淨銷售額的 2.9%。2025 年全年，銷售和行銷費用為 8,080 萬美元，佔淨銷售額的 2.8%，而 2024 年為 7,620 萬美元，佔淨銷售額的 3.1%。第四季一般及行政費用為 4,310 萬美元，佔淨銷售額的 5.6%，去年同期為 4,090 萬美元，佔淨銷售額的 6.3%。

For the full year of 2025, general and administrative expense was $168.3 million or 5.8% of net sales compared to $156.6 million or 6.4% of net sales in 2024. Our operating margin in the fourth quarter of 2025 was 12.7%, a 260 basis points improvement from 10.1% in the same quarter last year. For the full year of 2025, operating margin was 11.7% as compared to 9.6% in 2024. The increase in both periods was due to the improvement in gross margin as well as continued spending discipline in selling, general and administrative expenses.

2025 年全年，一般及行政費用為 1.683 億美元，佔淨銷售額的 5.8%，而 2024 年為 1.566 億美元，佔淨銷售額的 6.4%。2025 年第四季度，我們的營業利潤率為 12.7%，比去年同期的 10.1% 提高了 260 個基點。2025 年全年營業利益率為 11.7%，而 2024 年為 9.6%。兩個時期毛利率的成長均歸功於毛利率的提高以及銷售、一般及行政費用的持續嚴格控制。

Interest expense was $11.8 million in the fourth quarter of 2025 compared to $10.7 million in the same quarter last year. For the full year of 2025, interest expense was $43.2 million compared to $45.5 million in 2024. Interest income was $2.8 million in the fourth quarter of 2025 compared to $2.1 million in the same quarter last year. For the full year of 2025, interest income was $10.4 million compared to $10.9 million in 2024. Other nonoperating income and expenses in the fourth quarter of 2025 totaled a net expense of $3 million as compared to net income of $1.4 million in the same quarter last year.

2025 年第四季利息支出為 1,180 萬美元，而去年同期為 1,070 萬美元。2025 年全年利息支出為 4,320 萬美元，而 2024 年為 4,550 萬美元。2025 年第四季利息收入為 280 萬美元，而去年同期為 210 萬美元。2025 年全年利息收入為 1,040 萬美元，而 2024 年為 1,090 萬美元。2025 年第四季其他非經營性收入和支出總計淨支出 300 萬美元，而去年同期淨收入為 140 萬美元。

For the full year of 2025, other nonoperating income and expenses totaled a net expense of $4.8 million compared to net income of $3.5 million in 2024. Our effective tax rate was 13.2% in the fourth quarter of 2025, resulting in a tax expense of $11.4 million. This compares to an effective tax rate of 12.2% or a tax expense of $7.2 million in the same quarter last year.

2025 年全年，其他非經營性收入和支出總計淨支出 480 萬美元，而 2024 年淨收入為 350 萬美元。2025 年第四季度，我們的實際稅率為 13.2%，導致稅收支出為 1,140 萬美元。相較之下，去年同期實際稅率為 12.2%，稅收支出為 720 萬美元。

For the full year of 2025, the effective tax rate was 14.5%, resulting in tax expense of $43.9 million compared to an effective tax rate of 12.4% and tax expense of $25.2 million in 2024. Full quarter 2025 net income was $74.8 million or $0.70 per diluted share. This compares to fourth quarter 2024 net income of $51.4 million or $0.49 per diluted share. For the full year of 2025, net income was $259 million or $2.46 per diluted share compared to $177.5 million or $1.70 per diluted share in 2024.

2025 年全年實際稅率為 14.5%，導致稅金支出為 4,390 萬美元，而 2024 年實際稅率為 12.4%，稅項支出為 2,520 萬美元。2025 年第一季淨收入為 7,480 萬美元，即每股攤薄收益 0.70 美元。相比之下，2024 年第四季淨收入為 5,140 萬美元，即每股攤薄收益 0.49 美元。2025 年全年淨收入為 2.59 億美元，即每股攤薄收益 2.46 美元，而 2024 年為 1.775 億美元，即每股攤薄收益 1.70 美元。

Adjusted EBITDA for the fourth quarter of 2025 was $126.2 million or 16.3% of net sales compared to fourth quarter 2024 adjusted EBITDA of $95.7 million or 14.7% of net sales. For the full year of 2025, adjusted EBITDA was $456.3 million or 15.7% of net sales compared to $351.5 million or 14.4% of net sales in 2024.

2025 年第四季調整後 EBITDA 為 1.262 億美元，佔淨銷售額的 16.3%，而 2024 年第四季調整後 EBITDA 為 9,570 萬美元，佔淨銷售額的 14.7%。2025 年全年調整後 EBITDA 為 4.563 億美元，佔淨銷售額的 15.7%，而 2024 年為 3.515 億美元，佔淨銷售額的 14.4%。

I will now turn to our guidance for the first quarter of 2026. We project net sales for the first quarter of 2026 to be in the range of $770 million to $810 million and non-GAAP earnings to be in the range of $0.64 to $0.70 per diluted share. As a reminder, we expect first quarter profitability to be typically impacted by increased operating costs, particularly labor costs resulting from the Chinese New Year holiday. In addition, we expect our full year 2026 total net sales to increase in the range of 15% to 20% over 2025 total net sales.

接下來，我將介紹我們對 2026 年第一季的業績預期。我們預計 2026 年第一季淨銷售額將在 7.7 億美元至 8.1 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。再次提醒，我們預計第一季獲利能力通常會受到營運成本增加的影響，特別是春節假期帶來的勞動成本增加。此外，我們預計 2026 年全年淨銷售額將比 2025 年淨銷售額成長 15% 至 20%。

The first quarter 2026 EPS forecast is based on a diluted share count of approximately 106.7 million shares, which includes the dilutive effect of outstanding stock options and other stock awards. We expect SG&A expense to be about 8.5% of net sales in the first quarter and R&D expenditures to be about 1% of net sales. We expect interest expense of approximately $10.6 million, interest income of approximately $2.2 million and other nonoperating expense of approximately $2.7 million. We estimate our effective tax rate to be between 12% and 17%.

2026 年第一季每股收益預測是基於約 1.067 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。我們預計第一季銷售、一般及行政費用將佔淨銷售額的 8.5% 左右，研發支出將佔淨銷售額的 1% 左右。我們預計利息支出約 1,060 萬美元，利息收入約 220 萬美元，其他非營運支出約 270 萬美元。我們估計實際稅率在 12% 到 17% 之間。

Further, we expect to record depreciation of approximately $29.8 million, amortization of intangibles of approximately $9.2 million, stock-based compensation expense of approximately $11.5 million and noncash interest expense of approximately $0.5 million. And finally, I'd like to announce that we will be participating in the Citi Industrial Tech and Mobility Conference in Miami, Florida on February 19 and the J.P. Morgan Global Leveraged Finance Conference in Miami, Florida on March 3.

此外，我們預計將提列約 2,980 萬美元的折舊，約 920 萬美元的無形資產攤銷，約 1,150 萬美元的股份支付費用和約 50 萬美元的非現金利息支出。最後，我想宣布，我們將參加 2 月 19 日在佛羅裡達州邁阿密舉行的花旗工業科技與移動出行大會，以及 3 月 3 日在佛羅裡達州邁阿密舉行的摩根大通全球槓桿融資大會。

That concludes our prepared remarks. Now I'll turn it over for questions.

我們的發言稿到此結束。現在輪到我回答問題了。

(Operator Instructions) Jim Ricchiuti, Needham & Co.

（操作員說明）Jim Ricchiuti，Needham & Co.

Congrats on the quarter. First question is regarding capacity. And I wonder if you could talk about where you stand with respect to adding additional data center capacity in China as needed?

恭喜你本季取得佳績。第一個問題是關於容量的。我想請您談談，對於根據需求在中國增加資料中心容量，貴方持何種立場？

And second question is just where you stand with Syracuse in terms of the ramp of the new capacity there? And then I have a follow-up question on margins.

第二個問題是，就雪城大學新產能的提升而言，您持何種立場？然後我還有一個關於利潤率的後續問題。

Thank you very much, Jim. To answer your first question, we're making very good progress, both in China and the US on expanding our capacity. And remember that we guided, let's say, our growth 15% to 20% over the coming three years. That capacity will do the job, let's say.

非常感謝你，吉姆。關於你的第一個問題，無論是在中國還是在美國，我們在擴大產能方面都取得了非常好的進展。請記住，我們曾引導公司在未來三年內達到 15% 至 20% 的成長。假設這種容量能夠滿足需求。

It's -- and we have even more capacity to do even more depending on the demand, of course. But so capacity is not the issue. Also, the supply chain is not the issue. The equipment is not the issue.

當然，我們還有能力做得更多，這取決於需求。但由此可見，產能並不是問題所在。此外，供應鏈也不是問題所在。設備沒問題。

So we're well on track. We were there, let's say, last week in China. Things are going very, very, very smooth.

所以，我們一切進展順利。比如說，我們上週去了中國。一切進展得非常非常順利。

To answer your second question on Syracuse, same thing. Same thing. We have our lead customers there. The building is up, as you know. The equipment is in. We are basically doing the tile and snow. And as we said three months ago, we are exactly on track for the second half of this year, we will see first revenues coming from Syracuse Diamond, which is a really, really nice milestone.

關於你提出的第二個關於雪城大學的問題，答案也是一樣。一樣。我們的主要客戶都在那裡。如你所知，大樓已經建好了。設備已到位。我們主要負責鋪瓦和鏟雪。正如我們三個月前所說，我們正按計劃推進今年下半年的項目，我們將看到來自錫拉丘茲鑽石公司的首筆收入，這是一個非常非常好的里程碑。

The question just -- a final question for me is just on gross margins, the improvement you saw. You highlighted that it was volume-driven and mix. I wonder if you could also give us a sense of what the headwind was from Penang -- and was it more mix related or volume related in terms of A&D and data center?

最後一個問題是關於毛利率，你們看到的改善情況。你強調了這是由音量和混音驅動的。我想知道您能否也為我們介紹檳城面臨的不利因素——就航空航天與國防和資料中心而言，這種不利因素更多是與產品組合有關，還是與數量有關？

Jim, this is Dan. I'll take that one. So Q4, first to address your Penang question, Q4 at the gross profit level still had a headwind of about $180 million, and we had guided $160 million, so a little bit worse than expected there in Q4. But still, as you noted, improved gross margins. So that gross margin improvement was primarily mix in data center and Networking as well as we did have improved margins in A&D, those two in that order.

吉姆，這是丹。我選那個。首先回答您關於檳城的問題，第四季度毛利方面仍然面臨約 1.8 億美元的不利因素，而我們先前的預期為 1.6 億美元，因此第四季度的情況比預期略差。但正如你所指出的，毛利率仍然有所提高。因此，毛利率的提高主要歸功於資料中心和網路業務的組合優化，其次是航空航太和國防業務的毛利率提高，這兩個業務的毛利率依次提高。

So you're right on with that. But about 180 basis points on Penang that will improve throughout this year. And as we guided before, it will be about half of that by the end of the year.

你說得完全正確。但檳城股市約有 180 個基點的漲幅，預計今年將有所改善。正如我們之前預測的那樣，到今年年底，這個數字將約為目前的一半。

And maybe, Jim, some additional color on Penang. We basically doubled the revenues versus last quarter. So that's going in the right direction. Also, if I look at the yield numbers, and again, we look at these yield numbers every week on the lead vehicles, we see that it's going in the right direction. I will be there, let's say, in one week from now.

吉姆，或許還可以補充一些關於檳城的細節。我們本季的營收與上一季相比基本上翻了一番。所以這是朝著正確的方向發展。另外，如果我看一下收益率數據，我們每週都會查看領先車輛的收益率數據，我們會發現它正朝著正確的方向發展。我大概一周後會到那裡。

It is going really, really smooth in Penang. So I really hope we do better, let's say, than the 160 basis points that cut it in half for the end of the year, what we said before. We're making good progress. So I really hope to do a lot better. Thanks very much for that additional color.

檳城那邊一切進展得非常順利。所以我真心希望我們能做得更好，比如說，比之前所說的年底減半的 160 個基點好。我們進展順利。所以我真心希望自己能做得更好。非常感謝您提供的額外顏色。

Will Stein, Truist Securities.

威爾‧斯坦，Truist Securities。

Congratulations on the strong results and outlook. Edwin, a moment ago, you referred to capacity in the United States. I suspect you're talking about Eau Claire. Could you give us any update as to what the plans are to equip that facility and when we might see any revenue from it? Any longer-term plans you can tell us about Eau Claire?

祝賀你們取得優異的成績和良好的前景。艾德溫，剛才你提到了美國的產能。我猜你指的是歐克萊爾。能否告知我們該設施的設備配備計畫進度，以及我們何時能從中獲得收益？關於歐克萊爾市的未來規劃，您有什麼長期計畫可以透露嗎？

Yeah, absolutely, Bill. Pleasure to do that. First of all, I was referring to China and to the existing facilities in the US. But I'm happy to talk about Eau Claire. Eau Claire is an amazing site.

是的，沒錯，比爾。樂意效勞。首先，我指的是中國以及美國現有的設施。但我很樂意談談歐克萊爾。歐克萊爾是個很棒的地方。

It's the largest site, if I exclude some of the in-house activities of some of our customers. But if I look at the bigger scheme, it's the largest PCB site in the US. It's 750,000 square feet, and it's based on three different modules. I was there two weeks ago, and it is really, really big, well maintained. The previous owner, TDK, did a really good job.

如果排除我們一些客戶的內部活動，它是最大的網站。但從更宏觀的角度來看，它是美國最大的PCB生產基地。該項目佔地 75 萬平方英尺，由三個不同的模組組成。我兩週前去過那裡，它真的很大，維護得很好。前業主TDK做得非常出色。

It's well maintained. So what we are going to do in the coming 18 months and two years, let's say, we're going to tool up that facility. We are discussing right now, and this is a work in progress right now with our lead customers, both on the Commercial side and the Defense side.

維護得很好。所以，在接下來的18個月到兩年內，我們將對那個工廠進行設備升級。我們正在與我們的主要客戶（包括商業客戶和國防客戶）討論此事，目前這項工作仍在進行中。

So that's still a mix. They need the capacity. So I think we are in a good position there. But again, this is going hand in hand.

所以這仍然是一種混合。他們需要這種產能。所以我覺得我們在這方面處於有利地位。但話說回來，這兩件事是相輔相成的。

The thing is the facility is there. It will take us, let's say, 18 to 24 months to get first revenues, but it's going really, really smooth. And by the way, Eau Claire is not built in the capacity plans we described.

關鍵是，設施是有的。我們大概需要 18 到 24 個月才能獲得第一筆收入，但目前進展非常順利。順便說一句，歐克萊爾並不在我們之前描述的擴建計劃之內。

Okay. So it sounds like that's 18 to 24 months out in --

好的。聽起來好像還要等18到24個月。--

Eau Claire. Yeah, Eau Claire will be on follow. Yeah.

歐克萊爾。是的，我們會關注歐克萊爾。是的。

Got it. Maybe one other. The very large book-to-bill you had this quarter, it's clearly, there's a lot in defense, but even in the Commercial part of the business, it was strong. And yet you also disclosed the 90-day book-to-bill. So it sounds like this is not so much sort of rush orders for the next quarter, but it's providing you greater visibility.

知道了。或許還有另一個。本季訂單出貨比非常高，顯然國防業務佔了很大比例，但即使在商業業務方面，表現也很強勁。但你們也揭露了90天的訂單出貨週期。所以聽起來這與其說是下一季的緊急訂單，不如說是讓你更清楚地了解情況。

Any color on the orders by end market? Or sort of what's -- is that -- I guess I'm trying to ask whether that's driven by just trying to lock in capacity or if it's a matter of providing a commitment to TTM so that you can then commit to add capacity?

按終端市場劃分的訂單有顏色標註嗎？或者說，這到底是什麼？ ——我想問的是——這只是因為想要鎖定產能，還是因為要對 TTM 做出承諾，以便之後能夠承諾增加產能？

Yeah, yeah. Happy to do that. So if you look at our visibility, that didn't change, let's say, for the business, the ongoing business on the Commercial side, mostly data centers and Networking. That's still about six to nine months. Yes, that's our outlook which is a normal number.

是啊是啊。我很樂意這樣做。所以，如果你看看我們的業務可見性，你會發現它並沒有改變，比如說，對於商業方面的持續業務，主要是資料中心和網路業務。那大概還要六到九個月。是的，這是我們的預期，這是一個正常數字。

Over time, we will get, let's say, on some more strategic elements of these same customers, we get some more visibility, yes. But on the running business, it is about six to nine months, and that was the case, and that's still the case. On the defense side, it's, of course, a different story. There, the backlog we have, the $1.6 billion is a big number. The pipeline is even bigger. And as you know, this is going over multiple years.

隨著時間的推移，比如說，我們會對這些客戶的某些更具策略性的要素有更深入的了解，我們會獲得更多的可見性，是的。但就跑步業務而言，大約需要六到九個月，過去是這樣，現在仍然是這樣。當然，在防守方面，情況就完全不同了。那裡，我們積壓的訂單高達 16 億美元，這是一個很大的數字。這條管道甚至更大。如你所知，這件事已經持續好幾年了。

So in generally, let's say, two years or even 2.5 years, that's where we use this $1.6 billion for. So it's still in that same order in this case.

所以一般來說，比如說兩年甚至兩年半的時間，我們都會用這 16 億美元。所以這次的順序還是一樣。

And that will come from the line of Ruben Roy with Stifel.

而這將源自魯本·羅伊與史蒂費爾的合作系列。

This is [Shahid Shah] on for Ruben. Congrats on the quarter. I guess I want to ask about the CapEx and how fungible that is relative to Aerospace and Defense and data center and how you're thinking about that growth relative to the sort of updated long-term '27 targets you provided earlier?

替補魯本上場的是沙希德·沙阿。恭喜你本季取得佳績。我想問一下資本支出方面的問題，以及它相對於航空航天、國防和數據中心的可替代性如何，還有，您是如何看待這種增長與您之前提供的最新長期“2027 年目標”之間的關係的？

Yes. So we had also given some guidance before that for the data center and compute capacity that we're putting on in China, that will be an additional incremental capital expenditure of about $200 million to $300 million over the next two to three years. So that's above the 4% to 5% normal capital expenditures that we have.

是的。因此，我們之前也曾就我們在中國建設的資料中心和運算能力給予一些指導意見，這將在未來兩到三年內帶來約 2 億至 3 億美元的額外增量資本支出。所以這高於我們通常 4% 到 5% 的資本支出。

So frankly, going in from this year to next year, we'll probably see about almost the same level of CapEx. We'll disclose in our 10-K, the expected CapEx for 2026, which is in the range of $240 million to $260 million, and then that will grow into the following year as well.

坦白說，從今年到明年，我們可能會看到資本支出水準基本上保持不變。我們將在 10-K 文件中揭露 2026 年的預期資本支出，預計在 2.4 億美元至 2.6 億美元之間，並且這一數字在下一年還將繼續增長。

Okay. And in terms of the doubling in earnings, are you thinking of that really organically or inorganically? Like how are you thinking about M&A in this scenario?

好的。至於獲利翻番，您指的是完全依靠自身成長還是透過其他方式實現？在這種情況下，您是如何看待併購的？

Yes, Ruben, happy to answer that question. This is all organic growth. There's so much demand, and we are investing in our capacity. So based on that, let's say, and based on, let's say, the traction we make on yield and all the other operational elements, we think we can double the earnings in two years.

是的，魯本，我很樂意回答這個問題。這都是自然增長。市場需求非常旺盛，我們正在加大產能投入。因此，基於此，假設，基於我們在收益率和所有其他營運要素方面取得的進展，我們認為我們可以在兩年內將收益翻一番。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Just digging in deeper into the additional data center capacity you're putting in place in China. I believe the most advanced printed circuit boards you're making now are in Dongguan with maybe 87 layers, asymmetric designs. And is that -- are those processes being ported to these other facilities in China as well? And how long does that take?

我正在深入了解你們在中國部署的額外資料中心容量。我相信你們現在生產的最先進的印刷電路板是在東莞，可能有 87 層，採用非對稱設計。那麼，這些流程是否也正在轉移到中國的其他工廠？那需要多長時間？

Yeah. Mike, that's a good question. Indeed, everything, let's say, beyond the 60 layers, yes. So we hear numbers. We hear different numbers. The 78, not the 87.

是的。麥克，問得好。確實，比如說，超過 60 層的所有內容，是的。我們聽到的是數字。我們聽到的數字各不相同。是78，不是87。

The 78 layers is one of the boards we are working on, and that's going very smooth. But I can tell you that the numbers go up. If we speak with -- and of course, we speak with our customers on a daily basis, the demand is high, but the number of layers is going up. There are numbers, let's say, beyond the 100 layers already, which are required.

78 層電路板是我們正在研發的電路板之一，目前進展非常順利。但我可以告訴你，這些數字還在上升。如果我們與客戶交談——當然，我們每天都與客戶交談——需求很高，但層數卻在增加。假設已經有 100 層以上，那麼還需要一些額外的層數。

Of course, these systems become more and more and more compact that requires more layers and more complexity. So -- and we are well positioned. We are happy to see that because we are well positioned to do these multiple layers.

當然，這些系統會變得越來越緊湊，這就需要更多的層級和更大的複雜性。所以——我們處於有利地位。我們很高興看到這一點，因為我們有能力完成這些多層工作。

And Mike, I'll just add that you mentioned the sites. So Dongguan and Guangzhou, those two sites, both are where we do the artificial intelligence boards now. And the capital expenditures that we are doing out there are additional equipment and facilitization and optimization of those lines in those same factories. So it's not new factories. And so to your question, it will very easily and efficiently be able to get that new capacity up and running.

麥克，我補充一點，你提到了這些網站。所以，東莞和廣州這兩個地方，我們現在都在做人工智慧電路板。我們在這些工廠進行的資本支出包括為這些工廠的生產線添置設備、進行改造和優化。所以這裡不是新建工廠。所以，對於你的問題，我們可以非常輕鬆且有效率地啟動並運行這項新增產能。

Okay. And then a follow-up is regarding space. So historically, I think defense has been maybe 90% of your Aerospace and Defense business with maybe 5% space. But now there's talks of putting as many as a million data center satellites in low earth orbit.

好的。接下來還有一個關於太空的問題。所以從歷史上看，我認為國防可能佔航空航太和國防業務的 90%，而航太可能只佔 5%。但現在有傳言說，要將多達一百萬顆資料中心衛星送入近地軌道。

And so I would imagine those might have different properties required to the printed circuit boards going into such equipment. And is that something that you're working on now? Or is that another future opportunity?

因此，我認為這些電路板可能具有與此類設備中使用的印刷電路板不同的特性。這是你目前正在研究的內容嗎？或者，那又是另一個未來的機會？

Both, Mike. It is something we're working on right now. We have the technologies, but it is also -- space is absolutely one of our strategic directions and requiring more PCBs, but not only PCBs, also integrated modules, radiation heart and so on and so forth. So that's absolutely on our radar and absolutely in our strategic plan.

兩個都是，麥克。這是我們目前正在努力的方向。我們擁有這些技術，但太空也是我們絕對的戰略方向之一，需要更多的PCB，但不僅是PCB，還有整合模組、輻射心臟等等。所以這絕對是我們關注的重點，也是我們策略計畫中的重要部分。

Will Stein, Truist Securities.

威爾‧斯坦，Truist Securities。

Follow-up is a cost question on copper. Copper has traditionally been a significant expense for TTM. I think the price has been quite volatile and rising. I believe you hedge it, but can you just sensitize us what should we expect the impact of volatile copper prices to be on the P&L over the next few quarters?

後續問題是關於銅的成本。銅一直是TTM的一項重要支出。我認為價格波動較大，而且一直在上漲。我相信你們會進行對沖，但能否請你們簡要說明一下，未來幾季銅價波動會對損益表產生怎樣的影響？

Sure. Thanks for your question, Will. We don't expect any significant impacts from it. Generally, we build the volatility into our pricing, right? So if we see it going up, we're going to add that into our pricing. We're able to pass that through to our customers.

當然。謝謝你的提問，威爾。我們預計不會因此產生任何重大影響。通常情況下，我們會將波動性納入定價考量，對吧？所以如果我們看到價格上漲，我們會把這部分成本計入定價中。我們能夠將這些優勢傳遞給我們的客戶。

So we're quickly able to update our pricing models, right? And then to your point, we do hedge it, so that offsets and mitigates some of the risk as well. But most of -- the biggest mitigation is that we're able to price it in.

所以我們可以迅速更新我們的定價模型，對吧？正如您所說，我們確實會進行對沖，這也能抵銷和減輕部分風險。但最大的緩解措施是我們可以將其納入定價。

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

目前隊列中沒有其他問題了。現在我將把電話交給管理階層，請他們作總結發言。

Okay. Thank you, Sherry. So I'd like to close by summarizing three items. First of all, we are growing. We delivered strong sales growth in Q4 of 90% year on year, driven by increases in our Data Center Computing, Networking, Medical, Industrial and Instrumentation and Aerospace and Defense markets.

好的。謝謝你，雪莉。最後，我想總結三點。首先，我們正在發展壯大。第四季度，我們的銷售額年增 90%，這主要得益於資料中心運算、網路、醫療、工業和儀器儀表以及航空航太和國防市場的成長。

Second, our adjusted EBITDA for the first -- for the fourth quarter of 16.3% reflected strong operating performance, leading to an all-time high record quarterly non-GAAP EPS of $0.70 per diluted share.

其次，我們在第四季度調整後的 EBITDA 為 16.3%，反映了強勁的營運業績，從而創下了非 GAAP 每股收益 0.70 美元的歷史新高。

And third, we continue to generate solid cash flow from operations, which enables us to invest in our projected continued growth. In closing, I would like to thank all employees of TTM, our customers, our suppliers and our shareholders for their continued support. So thank you very much, and goodbye.

第三，我們持續從營運中產生穩定的現金流，這使我們能夠投資於我們預期的持續成長。最後，我要感謝TTM全體員工、我們的客戶、供應商和股東們一直以來的支持。非常感謝，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了。