TTM Technologies Inc (TTMI) 2026 Q2 法說會逐字稿

Hello, and welcome to TTM Technologies' second quarter 2026 earnings conference call. Please note that this call is being recorded.

您好，歡迎參加 TTM Technologies 2026 年第二季財報電話會議。請注意，本次電話會議將被錄音。

I will now hand the call over to Sean Hannan, Vice President of Investor Relations at TTM. Mr. Hannan, please go ahead.

現在我將把電話交給 TTM 投資人關係副總裁 Sean Hannan。Hannan 先生，請開始。

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.

各位好。歡迎各位，並感謝今天加入我們。我是 Sean Hannan，TTM 投資人關係副總裁。與我一同參與電話會議的有：我們的總裁兼執行長 Edwin Roks，以及我們的執行副總裁兼財務長 Dan Boehle。

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.

在開始之前，我想提醒各位，今天的電話會議包含前瞻性陳述，包括與 TTM 未來業務展望相關的陳述。

Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the risk factors we provided in our filings with the Securities and Exchange Commission, which we encourage you to review.

由於一項或多項風險與不確定性，實際結果可能與這些前瞻性陳述存在重大差異，其中包括我們在向美國證券交易委員會提交的文件中所提供的風險因素；我們鼓勵各位加以查閱。

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

這些前瞻性陳述代表管理層基於目前可得資訊所作出的預期與假設。

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.

除非法律要求，TTM 不承擔公開更新或修訂任何前瞻性陳述的義務，無論係因新資訊、未來事件或其他情況所致。

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.

我們也將在本次電話會議中討論某些非 GAAP 財務衡量指標，例如調整後 EBITDA。此類指標不應被視為依 GAAP 編製與呈列之指標的替代；我們請各位參閱公司財報新聞稿中所載 GAAP 與非 GAAP 指標之間的調節表，該新聞稿可於 TTM 網站 investors.ttm.com 的投資人關係專區取得。

We have also posted on the website an earnings presentation that we will refer to during the call. Here is Edwin.

我們也已在網站上發布一份財報簡報，會在電話會議中引用。接下來請 Edwin 發言。

Thank you, Sean. Good afternoon, everyone, and thank you for joining us for our second quarter 2026 conference call.

謝謝你，Sean。各位下午好，感謝各位參加我們 2026 年第二季電話會議。

At TTM Technologies, we are focused on designing and manufacturing complex advanced interconnect products and printed circuit boards in addition to what we term up as up-the-chain products and solutions such as sophisticated RF modules, intricate subsystems and fully integrated mission systems.

在 TTM Technologies，我們專注於設計與製造複雜的先進互連產品與印刷電路板，此外也提供我們所稱的「上游鏈」（up-the-chain）產品與解決方案，例如高階 RF 模組、精密子系統以及完整整合的任務系統。

Core to the design of all our products and solutions as well as the key strategy to our business is innovative focus to satisfy next-generation needs for our customers and end markets, particularly regarding SWaP or size, weight and power.

我們所有產品與解決方案設計的核心，以及我們業務的關鍵策略，是以創新為重點，以滿足客戶與終端市場的下一代需求，特別是在 SWaP（尺寸、重量與功耗）方面。

We believe the future of electronics lies in speed to market, high reliability and efficient technology integration, and we consequently engaged early with our customers to ensure this alignment while also enabling optimal management of their complex supply chains.

我們相信電子產品的未來在於更快的上市速度、高可靠度與高效率的技術整合；因此我們及早與客戶合作以確保一致性，同時也協助其最佳化管理複雜的供應鏈。

From a demand standpoint, we remain excited about the key megatrends of artificial intelligence and defense, which have been strong drivers of our performance and new business activity at TTM.

從需求面來看，我們對人工智慧與國防這兩大關鍵巨型趨勢仍感到振奮，這些趨勢一直是推動 TTM 營運表現與新業務活動的強勁動能。

We previously stated that approximately 80% of our net sales are related to these two megatrends, and we believe this will continue to put us in a beneficial position for our investors for the foreseeable future.

我們先前表示，約 80% 的淨銷售額與這兩大巨型趨勢相關；我們相信在可預見的未來，這將持續使我們處於對投資人有利的位置。

We remain committed to thoughtful capital and resource investments at our facilities around the globe to take full advantage of these opportunities.

我們仍致力於在全球各地的廠區進行審慎的資本與資源投資，以充分把握這些機會。

And we also plan to continue the pursuit of opportunities that enhance our business and financial strength with additive products, capabilities and geographic offerings through thoughtful strategic acquisitions.

同時，我們也計畫透過審慎的策略性併購，持續尋求能以增量產品、能力與地理布局來強化我們業務與財務實力的機會。

We are tracking well ahead of our previously communicated plan to achieve at least $4 billion in net sales in 2026, and our earnings for 2026 are exceeding our prior expectations as well as Dan will share later in his comments.

我們目前的進度大幅領先先前對外溝通的計畫，即在 2026 年達成至少 40 億美元的淨銷售額；此外，2026 年的獲利也超出我們先前的預期，Dan 稍後將在他的評論中分享。

With the continued strong demand in both artificial intelligence and defense, we also remain confident in our ability to achieve 15% to 20% organic revenue growth for 2027 and 2028 as previously shared. We will also provide further clarity on these out years next quarter as we develop our updated long-term plan.

在人工智慧與國防兩大領域需求持續強勁的情況下，我們也仍有信心如先前所分享，在 2027 年與 2028 年達成 15% 至 20% 的有機營收成長。隨著我們制定更新的長期計畫，我們也將在下季就這些較遠年度提供更清楚的說明。

In our commercial segment, we are highly focused on supporting the demand wave of artificial intelligence in the data center and networking end market. In this market, technology demand has been robust across our diverse set of customers, and we are particularly excited for our growth momentum as we've initiated the early stage of our full production launch of N plus M, our asymmetrical interconnect printed circuit boards.

在商業部門方面，我們高度專注於支援資料中心與網路終端市場中人工智慧所帶來的需求浪潮。在此市場中，我們多元客戶群的技術需求一直相當強勁；同時，隨著我們啟動 N plus M（我們的非對稱互連印刷電路板）全面量產導入的早期階段，我們對成長動能尤其感到振奮。

We are also focused on evolving opportunities in the use of automation and AI in our medical, industrial and instrumentation end markets, while we remain strategically positioned in automotive for longer-term advanced technology cycles.

我們也聚焦於醫療、工業與儀器終端市場中自動化與 AI 應用的演進機會，同時在汽車領域維持策略性布局，以掌握較長期的先進技術週期。

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 electronics and up-the-chain solutions.

在航太與國防終端市場方面，我們憑藉在先進互連產品的領先地位持續表現出色，同時致力於擴大我們在整合式電子與上游鏈解決方案的產品供應。

We remain quite encouraged by our opportunities, and we are very actively working to secure additional future awards or orders for the Golden Dome program, multiple munition programs, and emerging technologies and companies.

我們對自身機會仍深受鼓舞，並正非常積極地爭取「Golden Dome」計畫、多項彈藥計畫，以及新興技術與公司所帶來的更多未來標案或訂單。

In the third quarter, we will begin the initial stages of ramping up volume for Ultra-HDI products at our new Syracuse facility. This plant is expected to continue into the fourth quarter and throughout 2027 to reach full capacity run rate at 2028.

在第三季，我們將在新的雪城（Syracuse）廠區開始 Ultra-HDI 產品的初期放量爬坡。預期該廠將在第四季及整個 2027 年持續提升產能，並於 2028 年達到滿載產能的運行水準。

Operationally, in A&D, we are also very pleased with our progress on targeted initiatives to implement better pricing structures, streamline our supply chain and drive manufacturing efficiencies, which should all enable margin improvements in the long run.

在營運方面，就航太與國防（A&D）而言，我們也對在特定目標計畫上的進展感到非常滿意，包括導入更佳的定價架構、精簡供應鏈並提升製造效率；這些措施長期而言都將有助於毛利率改善。

Toward the end of the second quarter, we announced our intentions to acquire two well-established companies in Europe, which are privately held Swiss Technology Group AG, or STG, in Switzerland; and ILFA GmbH, or ILFA, in Germany.

在第二季接近尾聲時，我們宣布有意收購歐洲兩家成熟企業，分別為瑞士的私營公司 Swiss Technology Group AG（STG），以及德國的 ILFA GmbH（ILFA）。

This transaction is expected to close in the third quarter. From a model standpoint, these businesses are expected to contribute less than 5% of incremental sales and to be moderately accretive on an adjusted EBITDA basis.

此交易預期將於第三季完成交割。從模型角度來看，預期這些業務對增量銷售額的貢獻將低於 5%，並在調整後 EBITDA 基礎上帶來溫和的增益（accretive）。

But most importantly, these strategic acquisitions will establish our initial footprint in Europe, adding healthy long-cycle businesses, primarily into medical and A&D end markets with strategic technology capabilities that reinforce our up-the-chain, value-add technology approach.

但更重要的是，這些策略性併購將建立我們在歐洲的初始據點，新增具健康長週期的業務，主要切入醫療與航太與國防終端市場，並帶來可強化我們上游鏈、價值加成技術策略的關鍵技術能力。

This will serve as a first step toward our long-term vision to become a significant competitor in this geography, and we expect to continue to be opportunistic in the future for businesses that simulate such criteria.

這將成為我們長期願景的第一步，即在該地區成為重要的競爭者；我們也預期未來將持續把握符合此類標準的業務機會。

I'll now begin with an overview of our business highlights from the quarter. Dan will follow up with a summary of our Q2 2026 financial performance and our Q3 2026 fiscal guidance. We will then open the call to your questions.

接下來我將先概述本季的業務重點。Dan 隨後將總結我們 2026 年第二季的財務表現，以及 2026 年第三季的財測指引。之後我們將開放提問。

We delivered an excellent second quarter of 2026 and as always, I would like to thank our employees for delivering these results. We achieved sales of $1 billion, our first quarterly result reaching that threshold, and non-GAAP EPS of $0.99 per diluted share, both above our guidance and both all-time quarterly highs.

我們在 2026 年第二季交出非常出色的成績；一如既往，我要感謝員工們促成這些成果。我們達成 10 億美元的銷售額，這是我們首次單季達到該門檻；稀釋後每股非 GAAP 盈餘為 0.99 美元，兩者皆高於我們的指引，且皆創下單季歷史新高。

Sales grew 37% year-on-year reflecting continued demand strength in our data center and networking end market driven by the requirements of AI while our medical, industrial and instrumentation, and aerospace and defense end markets also experienced very strong growth.

銷售額年增 37%，反映在 AI 需求帶動下，我們資料中心與網路終端市場的需求持續強勁；同時，我們的醫療、工業與儀器，以及航太與國防終端市場也都呈現非常強勁的成長。

The company's adjusted EBITDA margin was 16.6% in the second quarter of 2026, up 160 basis points year-on-year and 90 basis points sequentially, largely reflecting positive mix impacts. Non-GAAP EPS of $0.99 per diluted share was a 71% improvement year-on-year.

公司於2026年第二季的調整後EBITDA利潤率為16.6%，較去年同期上升160個基點，較前一季上升90個基點，主要反映產品組合帶來的正面影響。非GAAP每股盈餘（EPS）為每股稀釋後0.99美元，較去年同期改善71%。

The aerospace and defense end market represented 37% of second quarter 2026 sales. Sales in the aerospace and defense market grew 14% year-on-year in the second quarter while the vast majority of our facilities performing at very strong levels.

航太與國防終端市場占2026年第二季銷售額的37%。第二季航太與國防市場銷售額年增14%，同時我們絕大多數廠區的營運表現維持在非常強勁的水準。

The sales growth in the defense market continues to be a result of positive tailwinds in defense budgets, our strong strategic program alignment, and key bookings for new and ongoing programs. Our ability to support sustained longer-term growth is also very encouraging.

國防市場的銷售成長持續受惠於國防預算的正向趨勢、我們強勁的策略性專案對位，以及新案與既有專案的關鍵接單。我們支援長期且可持續成長的能力也令人相當振奮。

We have many product innovation initiatives on track within our internal road maps, including unique advancements in printed circuit board technologies for materials that enable high frequency in support of all our applications.

我們內部產品路線圖中有多項產品創新計畫正按進度推進，包括印刷電路板技術的獨特進展，針對可支援高頻的材料進行提升，以支援我們所有應用。

During the second quarter of 2026, we booked significantly aerospace and defense business related to APS-153 multi-mode maritime surveillance radar, the ATP Sensor System for targeting and surveillance, Golden Dome and a number of projected priority restricted programs.

在2026年第二季，我們在航太與國防業務方面取得顯著訂單，涵蓋APS-153多模式海上監視雷達、用於目標指示與監視的ATP感測器系統、Golden Dome，以及多項預期的優先級受限專案。

A&D book to bill was 1.3 for the quarter, which led to a total program backlog of $1.7 billion, up from $1.5 billion a year ago.

本季航太與國防（A&D）接單出貨比（book-to-bill）為1.3，使專案總積壓訂單達17億美元，高於一年前的15億美元。

We are also pleased to share that business proposals for this end market are at an all-time high with over $7 billion of potential business currently qualified in our strategic pipeline.

我們也很高興分享，該終端市場的業務提案量創歷史新高，目前在我們的策略管線中，已完成資格認定的潛在商機超過70億美元。

For the third quarter of 2026, we expect this end market to represent 32% of our total sales and continue delivering both year-on-year and sequential growth. For the full year 2026, we now expect sales in this end market to grow in the low to mid-teens year-on-year.

對於2026年第三季，我們預期該終端市場將占總銷售額的32%，並持續實現年增與季增。對於2026年全年，我們目前預期該終端市場銷售額將較去年同期成長低至中十位數百分比。

Sales in the data center and networking end market represented 40% of our second quarter 2026 sales. This end market experienced 91% year-on-year growth in the second quarter, above our growth expectations and reflecting continued demand strength from our data center and networking customers, building out the AI data centers.

資料中心與網路終端市場占我們2026年第二季銷售額的40%。該終端市場第二季年增91%，高於我們的成長預期，反映資料中心與網路客戶在建置AI資料中心方面的需求持續強勁。

For the third quarter of 2026, we expect this end market to represent 49% of net sales as early stages begin for the planned ramp-up to volume production of our N plus M asymmetrical printed circuit boards.

對於2026年第三季，我們預期該終端市場將占淨銷售額的49%，因我們的N加M非對稱印刷電路板計畫性擴產至量產的初期階段即將展開。

For the full year 2026, we now expect sales in this end market to more than double year-on-year. The medical, industrial and instrumentation end market represented 50% of our second quarter 2026 sales.

對於2026年全年，我們目前預期該終端市場銷售額將較去年同期增加一倍以上。醫療、工業與儀器終端市場占我們2026年第二季銷售額的50%。

This end market saw a year-on-year growth of 33% during the second quarter, primarily aided by healthy demand in medical, which is included support for major continuous glucose monitoring products and in instrumentation for automated test equipment supporting AI solutions.

該終端市場在第二季年增33%，主要受惠於醫療領域的健康需求（包括支援主要連續血糖監測產品），以及儀器領域中用於支援AI解決方案的自動化測試設備需求。

Year-to-date, TTM's top five medical customers' performance have more than doubled our internal expectations, and we expect growth in this submarket to continue to be driven by demand of innovative products such as surgical robots, electrophysiology and continuous glucose measuring solutions.

年初至今，TTM前五大醫療客戶的表現已超出我們內部預期一倍以上；我們預期該子市場的成長將持續由創新產品需求所帶動，例如手術機器人、電生理，以及連續血糖測量解決方案。

For the third quarter of 2026, we expect the medical, industrial and instrumentation end market to represent 13% of total sales, growing both sequentially and year-on-year. For the full year 2026, we now expect sales in this end market to grow 35% to 40% year-on-year.

對於2026年第三季，我們預期醫療、工業與儀器終端市場將占總銷售額的13%，並同時實現季增與年增。對於2026年全年，我們目前預期該終端市場銷售額將較去年同期成長35%至40%。

Automotive sales represented 8% of second quarter 2026 sales and was down marginally year-on-year. We continue to be very selective in this market to focus on higher value-add products that carry margin profiles consistent with our financial goals as we also believe long-term business cycles should migrate back towards our advanced capabilities.

汽車銷售占2026年第二季銷售額的8%，較去年同期小幅下滑。我們在此市場仍維持非常審慎的選擇策略，聚焦於附加價值較高、且利潤率結構符合我們財務目標的產品；同時我們也相信，長期產業循環應會回歸至更偏向我們先進能力的方向。

For the third quarter of 2026, we expect that automotive market to represent about 6% of total sales, which reflects slight pressure in supply chain materials availability as CCL producers attempt to shift away from lower complexity materials towards higher complexity products.

對於2026年第三季，我們預期汽車市場將約占總銷售額的6%，反映供應鏈材料可得性略有壓力，因CCL（覆銅板）供應商嘗試從較低複雜度材料轉向較高複雜度產品。

Given this dynamic, we are actively working with our supply chain partners to secure adequate supply that is in line with our customer demand. For the full year 2026, we continue to expect sales in this end market to decrease in the mid-single digits year-on-year.

鑑於此一動態，我們正積極與供應鏈夥伴合作，以確保足夠供應，並與客戶需求保持一致。對於2026年全年，我們仍預期該終端市場銷售額將較去年同期下降中個位數百分比。

The overall book to bill was 1.49 for the second quarter of 2026, with the commercial reporting segment at 1.63 and the A&D reporting segment at 1.3.

2026年第二季整體接單出貨比為1.49，其中商業報告部門為1.63，航太與國防（A&D）報告部門為1.3。

At the end of the second quarter of 2026, the 90 days backlog, which is subject to cancellations, was $901 million compared to $497 million a year ago, an 81% increase year-on-year.

截至2026年第二季末，90天積壓訂單（可被取消）為9.01億美元，較一年前的4.97億美元增加，年增81%。

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

接下來Dan將總結我們第二季的財務表現。Dan？

Thanks, Edwin, and good afternoon, everyone. I will review our financial results for the second quarter of 2026 that were included in the press release distributed today. Key financial highlights are also summarized in the earnings presentation posted on our website.

謝謝你，Edwin，各位下午好。我將回顧我們2026年第二季的財務結果，相關內容已包含在今天發布的新聞稿中。主要財務重點也已彙整於我們網站上發布的法說簡報中。

For the second quarter of 2026, net sales were $1.0 billion compared to $731 million in the second quarter of 2025.

2026年第二季淨銷售額為10億美元，較2025年第二季的7.31億美元增加。

The 37% year-over-year increase was due to continued strong growth in our data center and networking; medical, industrial and instrumentation; and aerospace and defense end markets, partially offset by a more modest than anticipated decline in our automotive end market.

年增37%主要來自資料中心與網路、醫療／工業／儀器，以及航太與國防終端市場的持續強勁成長；部分被汽車終端市場降幅較預期溫和所抵銷。

GAAP operating income for the second quarter of 2026 was $109.1 million compared to GAAP operating income for the second quarter of 2025 of $61.8 million.

2026年第二季GAAP營業利益為1.091億美元，較2025年第二季GAAP營業利益6,180萬美元增加。

During the second quarter, we also recognized a noncash pretax unrealized loss in the amount of $14 million from changes in the fair value of a deal contingent cross-currency swap we entered into in order to economically hedge the Swiss franc-denominated purchase price of the pending STG acquisition.

第二季期間，我們亦因一項交易或有的交叉貨幣交換（cross-currency swap）公允價值變動，認列1,400萬美元的非現金稅前未實現損失；該交換係為對沖尚待完成之STG收購案中以瑞士法郎計價的購買價款所進行的經濟性避險。

We could not use hedge accounting since the deal had not yet closed. Therefore, changes in the fair value of the swap were required to be recognized in our GAAP earnings. On a GAAP basis, net income in the second quarter of 2026 was $83 million or $0.77 per diluted share.

由於交易尚未完成，我們無法採用避險會計。因此，交換合約公允價值的變動必須反映於我們的GAAP盈餘中。以GAAP基礎計，2026年第二季淨利為8,300萬美元，或每股稀釋後0.77美元。

This compares to GAAP net income for the second quarter of 2025 of $41.5 million or $0.40 per diluted share.

相較之下，2025年第二季GAAP淨利為4,150萬美元，或每股稀釋後0.40美元。

The remainder of my comments will focus on our non-GAAP financial performance. Our non-GAAP performance excludes M&A-related costs, restructuring costs, certain noncash expense items such as amortization of intangibles, impairment of goodwill, stock-based compensation, gains on the sale of property, unrealized gains or losses on foreign exchange and other unusual or infrequent items.

我接下來的評論將聚焦於我們的非GAAP財務表現。我們的非GAAP表現排除併購相關成本、重組成本、若干非現金費用項目（如無形資產攤銷、商譽減損、股份基礎給付）、出售資產收益、外匯未實現損益，以及其他異常或非經常性項目。

We present non-GAAP financial information to enable investors to see the company through the eyes of management and to facilitate comparison with expectations and prior periods. Gross margin in the second quarter of 2026 was 21.9%, an increase of 100 basis points from 20.9% in the second quarter of 2025.

我們提供非GAAP財務資訊，旨在讓投資人能以管理階層的視角理解公司，並便於與市場預期及過往期間進行比較。2026年第二季毛利率為21.9%，較2025年第二季的20.9%提高100個基點。

The year-on-year increase was due primarily to higher sales volume and favorable product mix, particularly in the data center and networking, and aerospace and defense end markets.

年增主要是由於銷售量提高以及有利的產品組合所致，尤其是在資料中心與網路，以及航太與國防等終端市場。

Selling and marketing expense was $24.2 million in the second quarter of 2026 or 2.4% of net sales versus $20.3 million or 2.8% of net sales a year ago.

2026 年第二季銷售與行銷費用為 2,420 萬美元，約占淨銷售額的 2.4%，相較於一年前的 2,030 萬美元（約占淨銷售額的 2.8%）。

Second quarter general and administrative expense was $49.3 million or 4.9% of net sales compared to $44.3 million or 6.1% of net sales a year ago.

第二季一般及行政費用為 4,930 萬美元，約占淨銷售額的 4.9%，相較於一年前的 4,430 萬美元（約占淨銷售額的 6.1%）。

Our operating margin in the second quarter of 2026 was 13.8%, a 270 basis point improvement from 11.1% in the same quarter last year. The increase in the period was due both to the improvement in gross margin as well as operating leverage resulting from selling, general and administrative expense discipline.

我們 2026 年第二季的營業利益率為 13.8%，較去年同期的 11.1% 提升 270 個基點。本期增加同時來自毛利率改善，以及在銷售、一般及行政費用控管下所帶來的營運槓桿。

Interest expense was $9.9 million in the second quarter of 2026 compared to $10.6 million in the same quarter last year. Interest income was $1.9 million in the second quarter of 2026 compared to $2.2 million in the same quarter last year.

2026 年第二季利息費用為 990 萬美元，較去年同期的 1,060 萬美元下降。2026 年第二季利息收入為 190 萬美元，較去年同期的 220 萬美元下降。

Realized foreign exchange and other nonoperating income and expenses in the second quarter of 2026 totaled a net expense of $4.7 million as compared to net expense of $1.6 million in the same quarter last year.

2026 年第二季已實現外匯及其他非營業損益合計為淨費用 470 萬美元，相較於去年同期淨費用 160 萬美元。

The increased expense was driven by the weakening of the US dollar, which resulted in a $4.9 million foreign exchange loss in the second quarter of 2026 as compared to a $1.4 million loss in the same quarter last year.

費用增加主要由美元走弱所致，導致 2026 年第二季外匯損失 490 萬美元，相較於去年同期損失 140 萬美元。

Our effective tax rate was 15.0% in the second quarter of 2026, resulting in tax expense of $18.9 million. This compares to an effective tax rate of 15.0% or a tax expense of $10.7 million in the same quarter last year. Second quarter 2026 non-GAAP net income was $106.9 million or $0.99 per diluted share.

我們 2026 年第二季有效稅率為 15.0%，因此稅費為 1,890 萬美元。相較之下，去年同期有效稅率亦為 15.0%，稅費為 1,070 萬美元。2026 年第二季非 GAAP 淨利為 1.069 億美元，稀釋後每股盈餘為 0.99 美元。

This compares to second quarter of 2025 non-GAAP net income of $60.8 million or $0.58 per diluted share. Adjusted EBITDA for the second quarter of 2026 was $166.8 million or 16.6% of net sales compared with second quarter 2025 adjusted EBITDA of $109.7 million or 15.0% of net sales.

相較之下，2025 年第二季非 GAAP 淨利為 6,080 萬美元，稀釋後每股盈餘為 0.58 美元。2026 年第二季調整後 EBITDA 為 1.668 億美元，約占淨銷售額的 16.6%，相較於 2025 年第二季調整後 EBITDA 為 1.097 億美元（約占淨銷售額的 15.0%）。

Cash flow provided by operating activities was $96.4 million in the second quarter of 2026, which compares to cash flow provided by operating activities of $97.8 million in the same quarter last year.

2026 年第二季營業活動提供的現金流量為 9,640 萬美元，相較於去年同期營業活動提供的現金流量 9,780 萬美元。

Free cash flow in the second quarter of 2026 was $46.0 million as compared to free cash flow of $37.6 million in the second quarter of last year.

2026 年第二季自由現金流為 4,600 萬美元，相較於去年第二季的自由現金流 3,760 萬美元。

Now we will provide our financial guidance for the third quarter of 2026 and an update to our outlook for the full year 2026.

接下來我們將提供 2026 年第三季的財務指引，並更新我們對 2026 全年的展望。

We project net sales for the third quarter of 2026 to be in the range of $1.10 billion to $1.14 billion and non-GAAP earnings to be a range of $1.21 to $1.27 per diluted share. These estimates exclude any contribution or impact from pending acquisitions.

我們預估 2026 年第三季淨銷售額將介於 11.0 億至 11.4 億美元之間，非 GAAP 盈利預估為稀釋後每股 1.21 至 1.27 美元。上述估計不包含任何尚待完成之併購案的貢獻或影響。

In addition, considering the current demand dynamics reflected in our first half results and third quarter guidance, we believe that the net sales growth should continue with a sequential uptick in the fourth quarter. Consequently, we now expect full year 2026 sales of approximately $4.4 billion and non-GAAP earnings to approach $5 per diluted share.

此外，考量上半年業績與第三季指引所反映的當前需求動態，我們認為淨銷售成長應可延續，並在第四季出現季增上揚。因此，我們目前預期 2026 全年銷售額約為 44 億美元，非 GAAP 盈利接近稀釋後每股 5 美元。

These full year 2026 projections also exclude any contribution or impact from pending acquisitions. The third quarter 2026 non-GAAP diluted EPS forecast is based on a diluted share count of approximately 107.7 million shares, which includes the dilutive effect of outstanding stock options and other stock awards.

上述 2026 全年預估同樣不包含任何尚待完成之併購案的貢獻或影響。2026 年第三季非 GAAP 稀釋後 EPS 預估係以約 1.077 億股的稀釋後股數為基礎，其中包含流通在外員工認股權及其他股權獎酬的稀釋影響。

We expect SG&A expense to be approximately 7% of net sales in the third quarter and R&D expenditures to be approximately 1% of net sales.

我們預期第三季 SG&A 費用約占淨銷售額的 7%，研發支出約占淨銷售額的 1%。

We expect interest expense of approximately $11.3 million, interest income of approximately $2.5 million, and realized foreign exchange and other nonoperating expenses of approximately $5 million. We estimate our effective tax rate to be between 13% and 17%.

我們預期利息費用約 1,130 萬美元、利息收入約 250 萬美元，已實現外匯及其他非營業費用約 500 萬美元。我們估計有效稅率介於 13% 至 17% 之間。

Further, we expect depreciation expense of approximately $33.5 million, amortization of intangibles of approximately $9.2 million, stock-based compensation expense of approximately $18.8 million and noncash interest expense of approximately $0.7 million.

此外，我們預期折舊費用約 3,350 萬美元、無形資產攤銷約 920 萬美元、以股份為基礎之酬勞費用約 1,880 萬美元，以及非現金利息費用約 70 萬美元。

And finally, I'd like to announce that we will be participating in the Jefferies Semiconductor Conference in Chicago on August 26, The Jefferies Industrial Conference in New York on September 9 and the B. Riley TMT Conference in New York on September 10.

最後，我想宣布我們將參加 8 月 26 日於芝加哥舉行的 Jefferies 半導體研討會、9 月 9 日於紐約舉行的 Jefferies 工業研討會，以及 9 月 10 日於紐約舉行的 B. Riley TMT 研討會。

That concludes our prepared remarks, so I'll turn it back to you, Justin, for the Q&A session.

以上為我們事先準備的發言內容，接下來我把時間交還給你，Justin，進行問答環節。

(Operator Instructions) Jim Ricchiuti, Needham and Company.

(接線員指示) Jim Ricchiuti，Needham and Company。

Thank you. Good afternoon. First question, I wonder if you can talk a little bit about the impact you may be assuming on revenues and margins from the N plus M scale-up in Q3. If you can't provide specific numbers to it, I wonder if you could just speak about the impact qualitatively.

謝謝。下午好。第一個問題，我想請你談談你們在第三季對 N plus M 擴產（scale-up）可能對營收與毛利率所假設的影響。如果你無法提供具體數字，我也想請你從質化角度說明其影響。

Yeah, hi, Jim, yes, thank you for being on the call. Happy to start this answer and then hand it over to Dan. First of all, yes, the second half of the year is, of course, a very big thing for us. It will be -- as you know, the asymmetrical PCBs, the N plus M will kick in.

好的，嗨，Jim，是的，謝謝你參與這通電話。我先回答這個問題，然後再交給 Dan。首先，是的，下半年對我們而言當然非常重要。如你所知，非對稱 PCB、N plus M 將會開始放量。

So the good thing, Jim, is that we already delivered about tens of millions, and yields are looking really, really well.

所以好消息是，Jim，我們已經交付了約數千萬美元的產品，而且良率看起來非常、非常好。

But again, we have to do another -- about $600 million of that technology, which is a really nice technology. So that will help us in our margins, assuming that the rest will stay all the same. So this is a thing to look forward to.

但同樣地，我們還需要再做約 6 億美元的該項技術，這是一項非常好的技術。因此，在其他條件都維持不變的情況下，這將有助於提升我們的毛利率。所以這是值得期待的一點。

And so Jim, just to give a little bit more color. So Edwin just mentioned $600 million in the second half. About one-third of that's in Q3 and then 2/3 in Q4. So you see that ramp as we ramp production and then improve yields as well in the fourth quarter. So then the margin will kind of improve as well as those yields improve.

所以 Jim，再補充一些細節。Edwin 剛提到下半年有 6 億美元。其中約三分之一在第三季，三分之二在第四季。因此，隨著我們提升產量並在第四季進一步改善良率，你會看到這個爬坡（ramp）。因此，隨著良率改善，毛利率也會有所提升。

So it will -- I won't quantify exactly what it will have. It depends upon how quickly we come up those -- that yield curve. But it will improve the margins in both the third quarter and fourth quarter.

所以——我不會精確量化它會帶來多大影響。這取決於我們在良率曲線上爬升的速度。但它將在第三季與第四季都改善毛利率。

And of course, Jim, this is all building in our guidance for Q3. And since we guided also sort of for the year, you also had the Q4 numbers, correct?

當然，Jim，這些都已經納入我們對第三季（Q3）的指引之中。而且既然我們也大致對全年給了指引，你也有第四季（Q4）的數字，對嗎？

Yeah. We're talking about margins. That's our adjusted EBITDA margins.

是的。我們在談的是利潤率。也就是我們的調整後 EBITDA 利潤率。

Right. Okay. I wonder if you could talk to the number of 10% customers you may have had in the quarter. I know that the Q is -- it was just filed. I'm not sure if you disclosed it there, but I wonder if you can help on that score in terms of defense and the -- presumably the data center area.

對。好的。我想請你談談本季你們可能有多少個占比 10% 的客戶。我知道 10-Q——它剛提交。我不確定你們是否在那裡揭露了，但我想請你在國防以及——推測是資料中心領域——這方面提供一些協助。

Sure, sure, sure. And Jim, I'm always happy that, let's say, these 10% customers, which we disclosed in our 10-Q and 10-K, are largely distributed over the two reporting segments.

當然，當然，當然。Jim，我一直很樂於說明：我們在 10-Q 與 10-K 中揭露的這些占比 10% 的客戶，主要分布在兩個申報部門之中。

So one is, let's say, in our commercial businesses, yes and one is in our aerospace and defense businesses. And I must say, in the commercial business, it's getting a bit crowded, so there is another one, which is getting very close to the 10% customer. So we're in a pretty good spot.

其中一個在我們的商業業務，是的；另一個在我們的航太與國防業務。我必須說，在商業業務這邊開始有點擁擠，所以還有另一個客戶非常接近成為占比 10% 的客戶。所以我們目前處於相當不錯的位置。

It's good to have 10% customers. It's also good to have a good distribution of customers. As you know, the hyperscalers and the networking guys, we have about 10 plus of big, big companies in that field.

有占比 10% 的客戶是好事。同時，客戶分布良好也很重要。如你所知，在超大規模雲端業者（hyperscalers）與網通業者方面，我們在該領域大概有 10 家以上非常、非常大的公司。

And of course, you're very much aware, on the defense side, who our customers are, and that's also a nice balance. So again, one, I'm happy with these big guys, the 10% customers, nicely balanced over the two important segments.

當然，你也非常清楚，在國防端我們的客戶是誰，這也是很好的平衡。所以再說一次，我對這些大客戶、占比 10% 的客戶感到滿意，而且在兩個重要部門之間分布得很均衡。

We're also very happy with having these types of customers nicely distributed.

我們也非常高興能讓這類客戶有良好的分散分布。

Got it. One quick question and I'll jump back in the queue. It sounds like you're making progress in Penang. Are you pivoting now to producing product for the data center market from this facility?

了解。我再問一個快問快答，然後我就回到排隊序列。聽起來你們在檳城（Penang）有進展。你們現在是否轉向由這個廠區生產供資料中心市場的產品？

Yes, I'm extremely happy about Penang by the way. Penang is doing exactly what we told you guys half a year ago. It's -- we're getting to very decent revenue levels, very close to, let's say, a breakeven number, which we hope to get, let's say, late Q3, Q4. I think we are exactly on track.

是的，順帶一提，我對檳城非常滿意。檳城的表現完全符合我們半年前跟各位說的。我們——營收水準正達到相當不錯的程度，已非常接近損益兩平，我們希望大約在第三季末、第四季達成。我認為我們完全按計畫進行。

As I mentioned to you before, we are looking at the yields of some very important lead vehicles for our anchor customers.

如我之前提到的，我們正在觀察一些對我們主力（anchor）客戶而言非常重要的主力產品（lead vehicles）的良率。

These anchor customers are still the same. We added even a few. So they are very happy. Most of that business in Penang, Jim, is related to our MI&I business.

這些主力客戶仍然是同一批。我們甚至又新增了幾家。所以他們非常滿意。Jim，檳城的大部分業務都與我們的 MI&I 業務相關。

But also, if I talk about N plus M, which is one of the most difficult technologies we have in the company, I'm so happy that Penang is also doing N+M and indeed, supporting some of our data center and networking customers.

不過，如果我談到 N+M——這是我們公司裡最困難的技術之一——我非常高興檳城也在做 N+M，並且確實在支援我們的一些資料中心與網通客戶。

So a good mix, still mostly MI&I, medical, instrumentation, industrial, but also some of the data center guys.

所以是很好的組合，仍以 MI&I（醫療、儀器、工業）為主，但也有一些資料中心客戶。

Got it. Thank you. Congrats on the quarter, by the way.

了解。謝謝。順帶一提，恭喜本季表現。

Thank you.

謝謝。

Thank you, Jim. I was expecting that remark. Thank you.

謝謝你，Jim。我就知道會有這句話。謝謝。

(Operator Instructions) Stephen Fox, Advisors.

（接線員指示）Stephen Fox，Advisors。

Hi, good afternoon. I was wondering if you could dig in a little bit more into the sales pipeline you talked about in the aerospace and defense business. Any sort of gauge into how maybe your business either is changing or expanding? And what type of capability trends are you seeing that's needed there that maybe we haven't thought of yet? And then I had a follow-up.

嗨，午安。我想請你再更深入談談你在航太與國防業務中提到的銷售管線。是否能提供一些指標，說明你們的業務可能如何變化或擴張？以及你們看到那邊需要哪些能力趨勢，是我們可能還沒想到的？然後我還有一個追問。

Yeah. Thank you, Steve. Good question. As you know, our aerospace and defense business is basically split in two. It's our PCB business, which is using the Ultra-HDI, and you saw the opening of Syracuse Diamond, which is really good, so helping us on our Ultra-HDI.

好的。謝謝你，Steve。問得好。如你所知，我們的航太與國防業務基本上分成兩部分。一部分是我們的 PCB 業務，使用 Ultra-HDI；你也看到 Syracuse Diamond 的啟用，這非常好，有助於我們的 Ultra-HDI。

The other part of the business, let's say, everything we do up the chain. So using our interconnect technologies to making modules, mostly RF modules, subsystems and systems, even complete radar systems.

另一部分業務則是我們在產業鏈上游所做的一切。也就是運用我們的互連技術來製作模組，主要是 RF 模組、子系統與系統，甚至是完整的雷達系統。

So that business is very balanced. The business is doing very well on the PCB side but also very, very well on the interconnect -- sorry, in the electronics side. So that's going well on both ends.

所以這個業務非常均衡。在 PCB 端表現非常好，同時在互連——抱歉，是在電子端——也表現非常、非常好。因此兩端都進展順利。

If you look at the customers, let's say, they're very active on both sides. So if you look at the book to bill or if you look at the backlog, even better, at the $1.7 billion, that's a very solid number.

如果看客戶面向，他們在兩端都非常活躍。所以不論看出貨比（book-to-bill），或更好地看積壓訂單（backlog）達 17 億美元，這都是非常穩健的數字。

If I look at the pipeline, which we also review, of course, every month, we're getting over the $7 billion. And this is a qualified pipeline. So we see very nice things happening both on the munition side.

如果我看我們也會每月檢視的管線（pipeline），已超過 70 億美元。而且這是經過資格認定的管線。因此我們看到在彈藥（munition）端有非常好的進展。

Yes, that's probably the most urgent thing. That's mostly on PCBs by the way. And we see a lot of things happening on the Golden Dome side.

是的，那可能是最迫切的部分。順帶一提，那主要是在 PCB。而我們也看到在「Golden Dome」方面有很多進展。

That's a good mix between both of the businesses, and then all of the other things like communications and other applications. So Steve, a good mix in A&D, well positioned.

那在兩項業務之間是很好的組合，另外還有通訊以及其他應用等各種項目。所以 Steve，航太與國防（A&D）組合良好、定位也很到位。

I was on the Farnborough show just a few weeks ago. All these large players, they come with additional demand. And it looks like sometimes we are the only supplier in the US, so this is very helpful.

我幾週前去了范堡羅航展（Farnborough show）。這些大型業者都帶來額外需求。而且看起來有時候我們是美國唯一的供應商，這非常有利。

And also our international business, by the way, is growing very nicely, and we hope to grow that even further with the announcement of the two companies we addressed in our earnings release.

另外，順帶一提，我們的國際業務也成長得非常好；我們希望透過在財報新聞稿中提到的兩家公司之公告，進一步擴大成長。

Great. That's very helpful. And then just as a follow-up. I'm sorry if I missed this. But is there any update on the Wisconsin facility ramp and your latest thinking on that?

很好。這非常有幫助。接著追問一下。如果我漏聽了先說抱歉。威斯康辛廠的爬坡（ramp）進度，以及你們最新的看法，有沒有任何更新？

No, but I can give you an update on the Wisconsin facility. So first of all, Steve, we're not in a rush there. Yes? We are -- we always have to plan with Eau Claire. We will start some production there, and we will start an innovation center.

沒有，但我可以給你威斯康辛廠的最新狀況。首先，Steve，我們那邊不急。對吧？我們——我們一直都必須配合 Eau Claire 來規劃。我們會在那裡開始一些生產，並且會啟動一個創新中心。

Probably the last thing, the innovation center is the most important thing. We will demonstrate the newest technologies, very close to Chippewa Falls, where even today, I saw some very new milestones. That site is doing amazing. 20 minutes away from that site, we have Eau Claire. We have Wisconsin.

可能最後一點，創新中心是最重要的事情。我們將展示最新技術，地點非常靠近奇佩瓦瀑布（Chippewa Falls）；甚至就在今天，我也看到一些非常新的里程碑。那個據點表現非常出色。距離該據點 20 分鐘車程，我們有歐克萊爾（Eau Claire）。我們在威斯康辛州。

So it's very well positioned to do advanced R&D. The other thing, let's say, looking at the data centers and networking customers, they all have the opportunity to step in Eau Claire whenever they want. Yes? and of course, we will ask them a contribution there. But again, we are not in a rush.

因此它在進行先進研發方面的位置非常理想。另外，假設從資料中心與網路客戶的角度來看，他們都可以在任何時候到歐克萊爾來參與。對吧？當然，我們也會請他們在那裡做出一些貢獻。但再說一次，我們不急。

And they are not in a rush, which I understand. That also means that we have a bit more time also to think about our aerospace and defense business, but again, also here, we are not in a rush. The thing is we have the capacity available. We only paid less than $20 million for that site, so again, it's not a burden. So again, we'll take our time.

而他們也不急，這我理解。這也表示我們也多了一點時間來思考我們的航太與國防業務，但同樣地，在這裡我們也不急。重點是我們有可用的產能。我們買下那個據點只花了不到 2,000 萬美元，所以同樣地，這不是負擔。所以我們會慢慢來。

Great. Thanks and congrats on the quarter.

很好。謝謝，並恭喜本季表現。

Thanks, Steve.

謝謝你，Steve。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Thank you. I believe in your remarks, you addressed some CCL supply chain issues facing kind of lower end automotive products serving that vertical. But what about supply chain of T-glass and other materials needed for your most sophisticated printed circuit board serving the data center vertical? How is that supply chain looking?

謝謝。我相信在你的談話中，你提到了一些 CCL 供應鏈問題，主要影響到服務該垂直領域的較低階汽車產品。但那麼，用於你們最先進、服務資料中心垂直領域的印刷電路板所需的 T-glass 與其他材料的供應鏈呢？那條供應鏈狀況如何？

Yeah, so Mark, there's trend going in that direction, indeed, what you say. It is -- it looks like all the suppliers are a bit more focused on the higher end products, yes, on the high-end materials. So I understand that. They want to make some money there, so they do that.

是的，Mark，確實如你所說，趨勢正往那個方向走。看起來所有供應商都更聚焦在高階產品，是的，在高階材料上。所以我理解。他們想在那裡賺錢，所以就這麼做。

That also means that if we are suffering a bit with our supply chain, it is always in the somewhat lower end parts of our business, yes? So you pick an example here, automotive. Yes, it's not our most important business. We pick our battles there. We look for the higher end.

這也意味著，如果我們的供應鏈有些吃緊，通常都發生在我們業務中相對較低階的部分，對吧？你舉的例子是汽車。是的，那不是我們最重要的業務。我們會選擇要打的仗。我們會尋求更高階的。

We look for the higher margins. So if we have some supply chain issues with slightly longer lead times, it is in those businesses, protecting basically our higher end. So yes, I see that trend. Are the customers suffering on that? I don't think so.

我們追求更高的毛利。所以如果有一些供應鏈問題、交期稍微拉長，那會是在那些業務上，基本上是為了保護我們的高階業務。所以是的，我看到那個趨勢。客戶因此受苦嗎？我不這麼認為。

It's not happening. We still are able to get decent lead times. We still have the materials. But yes, the effect is more severe in the lower-end materials than in the higher-end materials.

並沒有發生。我們仍然能拿到不錯的交期。我們仍然有材料。但確實，低階材料受到的影響比高階材料更嚴重。

Thank you, Edwin. And then switching gears for my one follow-up. I think you said that the two proposed acquisitions would be less than $220 million. That's -- even that number is a bit higher than we estimated in our preview.

謝謝你，Edwin。接著我換個話題，做一個追問。我想你說過兩項擬議中的收購合計會低於 2.2 億美元。這個數字——即便如此——也比我們在前瞻中估的稍高一些。

But could you give any more firm economics over potential annualized revenue contribution once they close, what you're paying and also ability to expand in the footholds that you're gaining in Europe like whether within the existing facilities or adjacent to as you've done in Syracuse and elsewhere?

但你能否提供更明確的經濟性資訊：例如完成交割後，年化營收可能貢獻多少、你們支付的金額，以及在歐洲取得的據點上擴張的能力——例如是在既有廠房內擴充，或像你們在雪城（Syracuse）及其他地方那樣在旁邊擴建？

Yeah. No, Michael, let me cover this first and then hand it over to Dan. So first of all, I cannot be more excited about these two companies. I was there just a few weeks ago. This will be a great, great addition to TTM.

好的。不，Michael，我先回應這部分，然後再交給 Dan。首先，我對這兩家公司感到無比興奮。我幾週前才去過那裡。這將會是對 TTM 非常、非常好的補強。

Okay? If I both look at ILFA, I met the General Manager by the way, the CEO at the Farnborough show. He was already helping us with a lot of TTM stuff, so that's great. And also STG, I would almost feel that they are already part of TTM. So -- but still, we are in a quiet period.

好嗎？如果我看 ILFA，我順帶一提在范堡羅航展（Farnborough show）見到了總經理，也就是 CEO。他已經在很多 TTM 的事情上協助我們，所以這很棒。另外 STG，我幾乎覺得他們已經是 TTM 的一部分了。所以——但我們仍處於靜默期。

Yes? We still have the regulatory offices to give their guidance, and we wait for that and that, hopefully, they will conclude September or so and come with a good conclusion there.

對吧？我們仍需要監管機關給出指引，我們在等待；希望他們能在 9 月左右完成並給出好的結論。

The only thing I can say, and I said it in the -- we said it in the press release, that it is less than 5% and are happy with that because that also makes it for regulatory offices a bit more easy.

我唯一能說的是，而且我們在——我們在新聞稿中也說了，比例低於 5%，我們對此很滿意，因為這也讓監管機關的審查更容易一些。

I wish I could talk more about revenue. I wish I could talk more about what we paid for it or what we will pay for it, but I'm on -- really I cannot do that, Mike, unfortunately.

我希望我能多談一些營收。我希望我能多談我們為此支付了多少或將支付多少，但我真的——我不能這麼做，Mike，很抱歉。

But I can tell you, I'm very, very excited. And Dan, if you want to add something there.

但我可以告訴你，我非常、非常興奮。Dan，如果你想補充的話。

No, nothing more to add. We do expect them to close in the third quarter, and we'll provide all the related information at that time, including the impacts that it will have going forward.

沒有，沒有更多補充。我們確實預期會在第三季完成交割，屆時我們會提供所有相關資訊，包括對未來的影響。

Thank you very much.

非常感謝。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Thanks for taking my questions. First, I want to say congrats on the good results, a better outlook and a very strong implied Q4, which I think is what's giving the stock the relief now. So again, congrats on that. I'd like to ask about N plus M again a little bit and maybe a couple of questions about it.

很好。謝謝回答我的問題。首先，我想說恭喜你們有很好的結果、更好的展望，以及隱含的第四季非常強勁；我認為這也是現在股價獲得喘息的原因。所以再次恭喜。我想再問一下 N 加 M，並可能就此問幾個問題。

First, it would seem to me that this is the major contributor to the upside in Q4. Edwin, I think you talked about doing an incremental $1 billion of N+M revenue next year.

首先，在我看來，這似乎是第四季上修的主要貢獻來源。Edwin，我想你提到明年 N+M 營收將額外增加 10 億美元。

So I'm hoping you can comment whether I have that data point correct and whether there's a need for this technology outside of data center. And maybe you can talk us through why and what the expected impact would be on your margins. Thank you.

所以我希望你能評論一下：我是否理解正確，以及這項技術在資料中心之外是否也有需求。另外也請你帶我們了解一下原因，以及對你們毛利率的預期影響會是什麼。謝謝。

Yeah Sure, Will. First of all, we are extremely happy with N+M, not only with N+M but also what it opens up. N plus M is not just one process.

好的，Will。首先，我們對 N+M 非常滿意，不只是對 N+M 本身，也對它所開啟的機會感到非常滿意。N 加 M 不只是單一製程。

It's a family of different options. And this is only the first step. So I'm extremely happy with that. It supports multiple customers and again, not only data centers and networking customers but all other customers as well. So new opportunities are opening up, which is great.

它是一系列不同選項的家族。而這只是第一步。所以我對此非常滿意。它支援多個客戶，而且再說一次，不僅是資料中心與網路客戶，也包括所有其他客戶。因此新的機會正在開啟，這很棒。

Second thing is, yes, we are delivering now N+M. Yields are much better than we thought. And again, this is just ramping up, so this is great. Yes, we're planning to do a lot of business next year as well. What that exact number is, Will, is still a bit our work, let's say, a work in progress.

第二件事是，沒錯，我們現在正在交付 N+M。良率比我們原先預期好很多。而且再說一次，這只是正在爬坡中，所以這很棒。是的，我們也計畫明年做很多業務。至於確切數字是什麼，Will，這仍然算是我們的工作——可以說還在進行中。

We're still doing our planning for next year. We're still doing our strategic plan. By the way, our strategic plan goes out seven years. Okay? And our business plan is the first year of that.

我們仍在做明年的規劃。我們仍在制定我們的策略計畫。順帶一提，我們的策略計畫涵蓋七年。好嗎？而我們的營運計畫是其中的第一年。

So we're doing all these analysis to make sure that we are more accurate. You see that we are getting far more transparent to our analysts than we ever were, yes? So we give the guidance.

所以我們正在做所有這些分析，以確保我們更精準。你可以看到，我們對分析師的透明度比以往高得多，對吧？所以我們提供指引。

Of course, we give guidance on the quarter and also the EPS, but we're also adding now the full year, yes? This is the first year that we give guidance on the full year.

當然，我們會提供季度的指引，也會提供 EPS 的指引，但我們現在也加入全年指引，對吧？這是我們第一次提供全年指引。

And also since this quarter, you give guidance on the full year EPS. We plan to do that next year as well. So as soon as we did our exercise, and this is basically -- this is a bottom-up exercise, not only top down, working with all our customers, seeing how much they need on N plus M and how much they need on other technologies, we get back to you with a very, very accurate number, I would say. But I can tell you, Will, N plus M is really, really important for us, and it could be in the ballpark you mentioned.

而且從這一季開始，你們也提供全年 EPS 指引。我們也計畫明年繼續這麼做。所以一旦我們完成這個作業——基本上這是自下而上的作業，不只是自上而下——我們會與所有客戶合作，看看他們在 N+M 需要多少、在其他技術上需要多少，然後再回覆你一個非常、非常精準的數字，我會這麼說。但我可以告訴你，Will，N+M 對我們真的、真的很重要，而且可能會落在你提到的那個區間附近。

Great. As a follow-up, maybe I can ask about capacity constraints. I think the last time we spoke, you said that you're not facing any in data center, but if you had any additional capacity, you'd love it in the MI&I. Is that still the case? Or are -- have capacity additions allowed you to overcome those constraints?

很好。作為追問，我想問一下產能限制。我記得上次我們談到時，你說資料中心那邊沒有遇到任何問題，但如果有額外產能，你會很希望用在 MI&I。現在仍然是這樣嗎？或者——產能擴增是否已讓你克服那些限制？

Or are they still affecting you? And maybe compare this to what your customers are seeing broadly in the industry. Thank you.

還是它們仍在影響你們？也許也請你對比一下，你們的客戶在整個產業中普遍看到的情況。謝謝。

Good question, Will. The thing is -- and even, let's say, with the growth quarter-over-quarter -- so the year-over-year growth in MI&I is 33%.

好問題，Will。重點是——而且即便以季對季的成長來看——MI&I 的年對年成長是 33%。

Even with those growth numbers, we're still able to supply these customers. If we look at the whole capacity calculations, mostly China, China Plus One, but also US, we're still very, very comfortable. You see that we do -- we focus a lot on brownfield.

即使有這些成長數字，我們仍然能夠供應這些客戶。如果我們看整體產能的計算，主要在中國、中國加一（China Plus One），但也包括美國，我們仍然非常、非常從容。你會看到我們——我們非常聚焦在 brownfield。

That basically means existing facilities, which we are going to expand. We do that very well in China. During the Analyst Day, I remember we gave you a few examples how fast these things go. Remember in March was an empty hall, and in May, we have all these drill stations there. So that's how fast we can move in China, and that's still happening.

這基本上是指既有設施，我們將在其上擴建。我們在中國做得非常好。在分析師日（Analyst Day）時，我記得我們給了你幾個例子，說明這些事情推進得有多快。記得三月時還是一個空的廠房大廳，到了五月，我們就把所有這些鑽孔站都放進去了。所以這就是我們在中國能有多快的速度，而這仍在發生。

By the way, I just came from my Board meeting last week, and we approved another capital investment on the same thing. So that's going very well. On MI&I, that business is growing. We love it. That's also the reason for the acquisition of STG, by the way.

順帶一提，我上週剛從董事會會議回來，我們又核准了同樣事項的另一筆資本投資。所以進展非常順利。在 MI&I 方面，那個業務正在成長。我們很喜歡。順帶一提，這也是我們收購 STG 的原因。

We love that business, the medical business. When you're in, you're in. And the same thing, Will, on the A&D side. There, we are also expanding Sterling. We're expanding a lot of other sites where -- which are really relevant sites, and suddenly you make from $100 million site, you make a $200 million site.

我們喜歡那個業務，也就是醫療業務。一旦進入，就會一直在裡面。同樣地，Will，在航太與國防（A&D）方面也是如此。在那裡，我們也在擴建 Sterling。我們也在擴建許多其他據點——那些都是非常關鍵的據點——你會突然把一個 1 億美元的據點，做成 2 億美元的據點。

That's how it works. So I like that brownfield, and I like the expansion of existing sites. And that's helping us a lot, and the capacity is available immediately. So this is way forward.

就是這樣運作的。所以我喜歡 brownfield，我也喜歡擴建既有據點。這對我們幫助很大，而且產能可以立即到位。所以這就是前進的方向。

And Will, I'll just point out, just as Edwin just mentioned, we got approval to accelerate some of our capital expenditures. So if you look at the 10-Q disclosure, it will -- you'll see the expenditures expected for this year went up around $45 million at the top and bottom end of that range.

Will，我再補充一下，正如 Edwin 剛提到的，我們已獲核准加速部分資本支出。所以如果你看 10-Q 的揭露，你會看到今年預期的支出在該區間的上緣與下緣都上調了大約 4,500 萬美元。

Seeing as there are no more further questions in the queue, I will turn the call back to our President and CEO, Edwin Roks, for closing remarks. Mr. Roks, please go ahead.

由於隊列中沒有更多問題，我將把電話交回給我們的總裁兼執行長 Edwin Roks 作結語。Roks 先生，請開始。

Yeah. Thank you, Justin. I'd like to close by summarizing 3 key items. First, we are experiencing high healthy growth. We delivered strong sales growth in Q2 of 37% year-on-year, resulting in an all-time high of $1 billion for quarterly revenue, driven by increases in our data center and networking; medical, industrial and instrumentation; aerospace and defense end markets.

好的。謝謝你，Justin。我想用三個重點作結。第一，我們正經歷高且健康的成長。我們在第二季（Q2）實現了 37% 的年對年強勁銷售成長，使季度營收創下歷史新高達 10 億美元，主要由資料中心與網路；醫療、工業與儀器；航太與國防等終端市場的成長所帶動。

Second, our adjusted EBITDA for the second quarter of 16.6%, reflecting strong operating performance, leading to another all-time high record and quarterly non-GAAP EPS of $0.99. We expect to continue building on this operating performance in the second half of 2026.

第二，我們第二季調整後 EBITDA 利潤率為 16.6%，反映強勁的營運表現，帶來另一項歷史新高紀錄，以及季度非 GAAP 每股盈餘（EPS）0.99 美元。我們預期在 2026 年下半年將持續在此營運表現基礎上再接再厲。

And third, we continue to generate solid cash flows from operations, which enables us to invest in our projected continued growth while maintaining a healthy net leverage ratio of 0.9 times.

第三，我們持續產生穩健的營運現金流，這使我們能在維持健康的淨槓桿比率 0.9 倍的同時，投資於我們預期的持續成長。

In closing, as always, I would like to thank our employees of TTM, our customers, our suppliers and our shareholders for your continued support. Thank you very much, and goodbye.

最後，一如既往，我要感謝 TTM 的員工、我們的客戶、供應商以及股東持續的支持。非常感謝，再見。

Ladies and gentlemen, that concludes our conference call today. Hope you have a great rest of the week. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。祝各位本週剩餘時間一切順利。您現在可以掛線。