TTM Technologies Inc (TTMI) 2026 Q3 法說會逐字稿

Good day, and welcome to TTM Technologies' third quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 TTM Technologies 2026 年第三季財報電話會議。(接線員指示) 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.

現在我想把會議交給今天的講者，投資人關係副總裁 Sean 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還有：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 everyone today that the 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。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有重大差異，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；我們鼓勵各位查閱。

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管理層基於目前可得資訊所做的預期與假設。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陳述的義務。

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 use 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。

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

我們也已在網站上發布本次財報簡報，並將在會議中引用。接下來交給 Edwin。

Thank you, Sean. Good afternoon, everyone, and thank you for joining us for our third quarter 2026 conference call. 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 to chain products and solutions such as sophisticated RF modules resulting in subsystems and fully integrated mission systems for communications and sensing purposes.

謝謝你，Sean。各位下午好，感謝各位參加我們 2026 年第三季電話會議。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，並提供我們所稱的「向上游延伸（up the chain）」的產品與解決方案，例如先進的 RF 模組，進而形成子系統以及用於通訊與感測用途的全整合任務系統。

Core to the design of all our products and solutions as well as the strategy of our business is the innovative focus to safely 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的設計核心，以及公司策略的核心，在於以創新為重點，安全地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 engage early with our customers often multiple times, multiple years in the plant as part of their program road maps 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，以及高效率的技術整合；因此我們會在早期就與客戶密切合作，往往在其計畫路線圖的多個階段、跨越多年多次互動，以確保一致性，同時也協助其更有效地管理複雜的供應鏈。

It continues to be a very successful year for TTM so far. Our third quarter sets another new record with over $1.2 billion in revenue and we expect to close out the year strong, aided by increased shipments of our N+M product offerings for data center and networking end markets in addition to continuing strong demand for TTM's aerospace defense business and product offerings.

截至目前，對 TTM 而言今年仍是非常成功的一年。我們第三季再創新高，營收超過 12 億美元；我們預期全年將以強勁態勢收尾，主要受惠於我們 N+M 產品組合在資料中心與網通終端市場的出貨增加，以及 TTM 航太與國防業務與產品持續強勁的需求。

Proposal activity in our aerospace and defense business remain at all-time highs with a record backlog of $2 billion. We already have visibility into roughly 65% of our projected A&D revenue for 2027. Our medical, industrial and instrumentation and automotive end markets also outperformed our expectation year-to-date, with all our business performing well in 2026 to date we are increasing our full year 2026 revenue guidance from $4.47 billion to $4.49 billion.

我們航太與國防業務的提案活動仍處於歷史高點，未交貨訂單（backlog）創紀錄達 20 億美元。我們已可掌握約 65% 的 2027 年預估航太與國防（A&D）營收能見度。我們的醫療、工業與儀器，以及汽車終端市場年初至今也優於預期；隨著 2026 年迄今各項業務表現良好，我們將 2026 全年營收指引由 44.7 億美元上調至 44.9 億美元。

Since our last quarterly earnings call, we have had many exciting developments here at TTM, and we continue to execute our long-term business strategy focused on projected value creation for our customers and shareholders.

自上次季度財報電話會議以來，TTM 出現了許多令人振奮的進展；我們也持續執行長期業務策略，聚焦為客戶與股東創造預期價值。

As we said at our Investor Day in May, TTM continues to invest in organic growth opportunities and technological advancements across our product offerings for all our end markets, in addition to strategic M&A to enhance our capabilities and add diversification and longer-term structural enhancements.

正如我們在 5 月投資人日所說，TTM 持續在各終端市場的產品組合上投資有機成長機會與技術進步，同時也透過策略性併購（M&A）強化能力、增加多元化，並帶來更長期的結構性提升。

To that end, we discussed three key strategic directives. First, investment in capacity and innovative technology for advanced interconnect. As previously disclosed in this area, we have invested or committed to invest over $1.3 billion in capacity expansion in the 2025-to-2029-time frame across both our data center and networking and aerospace and defense end markets.

為此，我們討論了三項關鍵策略方向。第一，投資先進互連的產能與創新技術。如先前所揭露，在此領域我們已投資或承諾在 2025 至 2029 年期間，於資料中心與網通以及航太與國防兩大終端市場的產能擴充上投入超過 13 億美元。

While our commercial segment is currently the primary target for these investments, our model has proven over time that our investments in our commercial technology advantages provide critical value to leverage into our A&D offerings as that end market continues to modernize.

雖然目前這些投資主要鎖定商業部門，但我們的模式長期以來已證明：在商業技術優勢上的投資，能提供關鍵價值並延伸運用到我們的航太與國防（A&D）產品，因為該終端市場正持續現代化。

Last week, we announced an additional $400 million client investments that is expected to begin in the fourth quarter of 2026, and continue into early 2028. And this would primarily support revenue production focused on the 2028 period. The basis of this initial investment provides critical commercial data center and networking end market customer support and their strong demand and road mapping requirements to utilize our unique and present product approach.

上週，我們宣布額外 4 億美元的客戶投資，預計將於 2026 年第四季開始，並持續至 2028 年初。此投資將主要支援聚焦於 2028 年期間的營收量產。這項初始投資的基礎，在於為商業資料中心與網通終端市場客戶提供關鍵支援，並滿足其強勁需求與路線圖規劃要求，以採用我們獨特且現行的產品方法。

Recall, the majority of our customer business in this market currently is with our industry-leading innovative established and [chemical AI] players.

請回想，目前我們在此市場的大部分客戶業務，來自於我們在業界領先、具創新能力且已建立的 [chemical AI] 參與者。

We remind investors that our fundamental business model has been -- continues to be what we discussed at the Investor Day, and that is to pursue a very disciplined risk-reduced brownfield expansion approach for internal organic investments with the expectations to fund these efforts from operating cash without any anticipated needs to access our borrowing facilities. These investments have been given substantial forecast, are perfectly aligned with our customers and not simply reactive to the strong demand environment.

我們提醒投資人，我們的基本商業模式一直是——並將持續是——我們在投資人日所討論的內容：對內部有機投資採取非常嚴謹、降低風險的棕地（brownfield）擴產方式，並預期以營運現金流支應這些投入，而不預期需要動用我們的借款額度。這些投資已獲得充分的需求預測支持，與客戶高度一致，並非僅對強勁需求環境的被動反應。

Our commitment to these investments is driven by our confidence in our projected cash flows supported by our visibility through the anticipated strong demand requirements of our differentiated and advancing technologies.

我們對這些投資的承諾，來自於我們對預期現金流的信心；此信心建立在我們對差異化且持續演進技術所帶來之強勁需求要求的能見度之上。

We are also in the early stages of investing in a new innovation center in the Eau Claire Wisconsin facility, very close to our existing technology center in Chippewa Falls, Wisconsin. This facility (technical difficulty) our intensifying R&D activities focused on pioneering technological advances such as mSAP, SAP, passives and advanced optics, among other technologies.

我們也正處於在威斯康辛州 Eau Claire 廠區投資新創新中心的早期階段，該地點非常接近我們位於威斯康辛州 Chippewa Falls 的既有技術中心。此設施（技術問題）將強化我們日益加速的研發活動，聚焦於開創性的技術進展，例如 mSAP、SAP、嵌入式被動元件（passives）與先進光學等多項技術。

Second, recall that we are extremely focused on our diversified business model and that as part of this, we've pursued our initial geographic expansion in the European region. In June, we announced our intention to acquire two well-established European companies: Swiss Technology Group and the ILFA to begin this effort.

第二，請回想我們極度重視多元化的商業模式；作為其中一環，我們已著手在歐洲地區進行初步的地理擴張。6 月，我們宣布有意收購兩家在歐洲深耕已久的公司：Swiss Technology Group 與 ILFA，以啟動這項布局。

We've since closed the Swiss Technology Group acquisition now called TTM GS Swiss and we believe we are nearing the close of ILFA. On Monday, we announced the planned acquisition of Ophir Optics, which established a presence in Israel and Romania. I'll share some additional comments on of Ophir Optics in a few moments.

此後，我們已完成 Swiss Technology Group 的收購，現更名為 TTM GS Swiss；我們也相信 ILFA 的交易接近完成。週一，我們宣布計畫收購 Ophir Optics，藉此在以色列與羅馬尼亞建立據點。稍後我會就 Ophir Optics 補充一些評論。

Additionally, we engaged last week in plans to acquire two small but strategic printed circuit board companies under the Merlin PCB Group Holding Company in the United Kingdom. We are excited that all these transactions are both strategic from a technology and capability standpoint and also in terms of adding international diversification to our business information model.

此外，上週我們也啟動計畫，擬收購英國 Merlin PCB Group Holding Company 旗下兩家規模較小但具策略性的印刷電路板公司。我們對這些交易感到振奮，因為它們不僅在技術與能力面具有策略意義，也能在我們的業務資訊模型上增加國際多元化。

Finally, our third strategic directive is investment in what we call up the chain of vertical product solutions with focus on communication and sensing. In line with this directive, we acquired Epiq Solutions, which is closed on September 30. We are excited to welcome the Epiq team members into TTM as we continue the integration activities. The announced plan to acquire Ophir Optics also supports the team of up to the chain, and both these companies bring a unique set of competencies that will deliver differentiated and high-value solutions to our end markets.

最後，我們第三項策略方向是投資於我們所稱的「向上游延伸（up the chain）」的垂直產品解決方案，聚焦通訊與感測。依循此方向，我們收購了 Epiq Solutions，並已於 9 月 30 日完成交割。在我們持續進行整合工作的同時，我們很高興歡迎 Epiq 團隊成員加入 TTM。已宣布的 Ophir Optics 收購計畫同樣支持我們的「向上游延伸」策略；這兩家公司都帶來一套獨特的核心能力，將為我們的終端市場提供差異化且高價值的解決方案。

I now provide a few additional comments on the proposed acquisition of Ophir Optics before we move on to discuss our operating results of the quarter. Ophir Optics is a global leader in precision infrared thermal imaging and laser optics solutions for defense, homeland security, and industrial applications with locations in Israel and Romania.

在我們接著討論本季營運成果之前，我現在就擬議收購 Ophir Optics 補充幾點說明。Ophir Optics 是精密紅外線熱成像與雷射光學解決方案的全球領導者，服務國防、國土安全與工業應用，據點位於以色列與羅馬尼亞。

With Ophir's market-leading advanced infrared and laser optical components, we can offer our customers solutions where we -- and we can combine these optics with our other in-house modalities and our interconnect capabilities. This applies for both A&D and industrial applications.

憑藉 Ophir 在先進紅外線與雷射光學元件方面的市場領先地位，我們可以為客戶提供解決方案；同時，我們也能將這些光學元件與我們其他內部技術模態以及互連能力加以整合。這同時適用於航太與國防（A&D）以及工業應用。

In A&D, we expect to have the opportunity to combine infrared optics and RF radar systems to offer customers a highly integrated and very small form factor mission subsystem for unmanned and counter-unmanned aerial systems, both difficult to organize defense priorities.

在航太與國防領域，我們預期將有機會把紅外線光學與 RF 雷達系統結合，為客戶提供高度整合且體積非常小的任務子系統，用於無人與反無人航空系統；這兩者都是難以整合的國防優先事項。

On top of that, Ophir Optics will add processing capabilities. Optics and processing are the key differentiators in any optical sensing system. Consequently, we expect the potential combined offerings of Epiq solutions and Ophir Optics can advance a common strategy moving up the defense value chain and bringing together complementary software-defined radios and infrared capabilities.

此外，Ophir Optics 也將帶來處理能力。在任何光學感測系統中，光學與處理都是關鍵差異化因素。因此，我們預期 Epiq 解決方案與 Ophir Optics 的潛在整合式產品，能推進一項共同策略：向上延伸國防價值鏈，並把互補的軟體定義無線電與紅外線能力整合在一起。

Both are keys to expanding our role in mission critical sensing modalities such as surveillance, reconnaissance, communications and electronic warfare. In Industrial, this proposed acquisition provides laser optical subsystems used for shaping laser beams in industrial cutting, welding and PCB drilling machines. We are very excited for the opportunities ahead.

這兩者都是擴大我們在監視、偵察、通訊與電子戰等任務關鍵感測模態中角色的關鍵。在工業領域，這項擬議收購將提供用於工業切割、焊接與 PCB 鑽孔設備中進行雷射光束整形的雷射光學子系統。我們對未來的機會感到非常振奮。

From a financial perspective, the proposed acquisition of Ophir Optics is projected to incrementally benefit our financial model by adding more high-margin long-cycle business to our mix.

從財務角度來看，擬議收購 Ophir Optics 預計將透過在我們的組合中增加更多高毛利、長週期業務，對我們的財務模型帶來增量效益。

Let me go through the financial highlights with you. We are acquiring Ophir Optics business for an all-cash purchase of $650 million as a carve-out from MKS. The transaction is expected to be funded through a combination of cash on hand and borrowings under TTM's existing revolving credit facility. And at this time, we believe it's important to compare to all our shareholders that we do not have any current incremental needs or plans to come to the financial markets to access capital.

我來帶各位快速回顧財務重點。我們將以 6.5 億美元全現金方式，從 MKS 分拆（carve-out）收購 Ophir Optics 業務。此交易預期將以手頭現金與在 TTM 現有循環信用額度下的借款組合來籌資。此外，此時我們認為有必要向所有股東說明：目前我們沒有任何新增資金需求或計畫前往資本市場籌資。

On timing, we expect to close this in the second quarter of 2027, subject to regulatory approvals and other customary closing provisions. Ophir Optics, experiencing strong revenue growth and margin expansion and the transaction is expected to be immediately accretive to our adjusted EBITDA margins and our non-GAAP diluted EPS.

就時程而言，在取得監管核准及其他慣常交割條件滿足的前提下，我們預期將於 2027 年第二季完成交割。Ophir Optics 目前正經歷強勁的營收成長與利潤率擴張，而本交易預期將立即增厚（accretive）我們的調整後 EBITDA 利潤率以及非 GAAP 稀釋後 EPS。

The transaction multiple is estimated to be roughly 10 times the expected Ophir Optics full-year 2027 adjusted EBITDA without synergies. TTM's net leverage at closing is expected to be less than 2 times adjusted last 12 months EBITDA and therefore, within our targeted leverage range. I'll now move on to an overview of our business highlights from the quarter. Then we'll follow up with a summary on our Q3 2026 financial performance, our Q4 and full-year 2026 guidance, and our initial preliminary guidance for 2027.

本交易的估值倍數估計約為 Ophir Optics 預期 2027 全年調整後 EBITDA（未計入綜效）的約 10 倍。TTM 在交割時的淨槓桿預期將低於調整後過去 12 個月 EBITDA 的 2 倍，因此仍在我們目標槓桿區間內。接下來我將概述本季的業務重點。之後我們會總結 2026 年第三季財務表現、2026 年第四季與全年指引，以及我們對 2027 年的初步前瞻指引。

From a demand standpoint, product developments with our partners, bookings and backlog and broader signals in both AI and defense remain strong and are expected to provide very healthy growth momentum for the remainder of this year and as we look in 2027.

從需求面來看，與合作夥伴的產品開發、接單與在手訂單（backlog），以及 AI 與國防兩大領域的更廣泛訊號仍然強勁，預期將為今年剩餘期間以及展望 2027 年提供非常健康的成長動能。

We interact very closely with our customers and strategic partners and jointly engaged in very diligent conversations to plan for the future with thoughtful investments and take a disciplined approach to vet our outlook, which we believe provides us with a lot of optimism as will be evidenced in the guidance that Dan will share shortly.

我們與客戶及策略夥伴互動非常緊密，並共同進行非常審慎的對話，以透過周全的投資規劃未來，同時以嚴謹的方式檢視我們的展望；我們相信這讓我們對未來抱持高度樂觀，而 Dan 稍後分享的指引也將印證這一點。

We delivered an excellent third quarter of 2026. And as always, I would like to thank our employees for delivering these results. We achieved a sales of $1.2 billion and non-GAAP EPS of $1.46 per diluted share, both above our guidance and both all-time quarterly highs.

我們交出 2026 年第三季的優異成績。一如既往，我要感謝員工們促成這些成果。我們達成 12 億美元的營收，以及每股稀釋後非 GAAP EPS 1.46 美元，兩者皆高於指引，且皆創下單季歷史新高。

Sales for consolidated TTM grew 60% year-on-year, reflecting demand strength in our data center networking and markets, driven by AI while our medical, industrial and instrumentation sales almost doubled from a year ago. And the aerospace and defense end markets experienced very strong double-digit growth.

TTM 合併營收年增 60%，反映在 AI 帶動下，我們資料中心網路與相關市場需求強勁；同時，我們的醫療、工業與儀器營收較去年幾乎翻倍。航太與國防終端市場也呈現非常強勁的雙位數成長。

The company's adjusted EBITDA margin was 20.1% in the third quarter of 2026, up an impressive 400 basis points year-over-year and over 350 basis points sequentially, reflecting positive mix impacts and operational excellence. Non-GAAP EPS of $1.46 per diluted share was 118% improvement year-on-year.

公司 2026 年第三季調整後 EBITDA 利潤率為 20.1%，年增達 400 個基點、季增超過 350 個基點，反映產品組合的正向影響與卓越的營運表現。每股稀釋後非 GAAP EPS 1.46 美元，較去年提升 118%。

The aerospace and defense end market represented 34% of third-quarter 2026 sales. Sales in the aerospace and defense market grew 21% year-on-year in the third quarter with the vast majority of our facilities performing at strong levels. The sales growth in the defense market continues to be the result of positive tailwinds in defense budgets our strong strategic program alignment and key bookings for new and ongoing programs.

航太與國防終端市場占 2026 年第三季營收的 34%。第三季航太與國防市場營收年增 21%，我們絕大多數廠區的表現都維持在強勁水準。國防市場的營收成長，持續受惠於國防預算的正向順風、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。

Our ability to support sustained long-term growth is also very encouraging and further enabled by our recent strategic acquisitions. Our focus on product innovation is tracking well against our internal road maps for many new capabilities, including unique advances in printed circuit board technologies for materials that enable high frequency in support for all our applications.

我們支撐長期持續成長的能力同樣令人鼓舞，且近期的策略性併購也進一步強化了這項能力。我們對產品創新的聚焦，正依照內部路線圖穩健推進多項新能力，包括在印刷電路板技術上的獨特進展，針對可支援高頻的材料，以滿足我們各項應用需求。

During the third quarter of 2026, our A&D team's effective execution continued in securing another strong bookings quarter. Executing business related to the surface ship surveillance by SPY-6 radar, the APS-143 maritime surveillance radar, Golden Dome, and a number of protected priority restricted programs. A&D's book-to-bill ratio was roughly 1.6% for the quarter, which led the total program backlog of $2 billion, a record level, up from just under $1.5 billion a year ago.

在 2026 年第三季，我們航太與國防（A&D）團隊的有效執行力，持續帶來另一個強勁的接單季度。執行與 SPY-6 雷達的水面艦監視、APS-143 海事監視雷達、Golden Dome，以及多項受保護的優先限制性專案相關的業務。A&D 本季的接單出貨比（book-to-bill）約為 1.6%，帶動總專案在手訂單達 20 億美元，創下新高，高於一年前略低於 15 億美元的水準。

Within our backlog, we are excited to report that we have strong momentum in securing new business from new primes as well as restricted programs. Expected programs are incredibly sticky and very difficult for competitors to try in this place.

在我們的在手訂單中，我們很高興報告：我們在爭取來自新主承包商（primes）的新業務以及限制性專案方面，動能強勁。預期中的專案黏著度極高，競爭對手很難在此領域取而代之。

For the fourth quarter of 2026, we expect this end market to represent approximately 31% of our total sales and continue to delivering both year-on-year and sequential growth. For the full year 2026, we now expect this end market to deliver approximately 20% growth compared to 2025, including contributions from acquired businesses or roughly [80%] on an organic basis.

對於 2026 年第四季，我們預期此終端市場約占總營收的 31%，並持續實現年增與季增。就 2026 全年而言，我們目前預期此終端市場相較 2025 年約成長 20%，其中包含併購業務的貢獻；若以有機基礎計算，約為 [80%]。

Sales in the data center and networking end market represented 41% of third-quarter 2026 sales. These end markets experienced 115% year-on-year growth in the third quarter, reflecting the strong ramp of our high-technology N+M asymmetric printed circuit boards and continued demand from data center and networking customers.

資料中心與網路終端市場占 2026 年第三季營收的 41%。第三季這些終端市場年增 115%，反映我們高科技 N+M 非對稱印刷電路板的強勁放量，以及資料中心與網路客戶需求持續。

For the fourth quarter of 2026, we expect this end market to represent approximately 49% of net sales as our most N+M Board continue to experience strong uptake at customers. For the full year 2026, we continue to expect sales in this end market to be more than double year-on-year.

對於 2026 年第四季，我們預期此終端市場約占淨營收的 49%，因為我們的 N+M 板在客戶端持續獲得強勁採用。就 2026 全年而言，我們仍預期此終端市場的營收將較去年增加一倍以上。

The medical, industrial and instrumentation end market represented 18% of the third-quarter 2026 sales. This end market saw year-on-year growth of 97% during the third quarter aided by price adjustments to fully capture the value add of our technology in addition to particular demand strength in instrumentation for automated test equipment supporting AI solutions.

醫療、工業與儀器終端市場占 2026 年第三季營收的 18%。在第三季，此終端市場年增 97%，受惠於價格調整以充分反映我們技術的附加價值，此外，支援 AI 解決方案的自動化測試設備（ATE）相關儀器需求亦特別強勁。

For the fourth quarter of 2026, we expect the medical, industrial, and instrumentation end market to represent approximately 14% of total sales, growing roughly 90% year on year. For the full 2026, we now expect sales in this end market to grow nearly 70% year on year.

對於 2026 年第四季，我們預期醫療、工業與儀器終端市場約占總營收的 14%，年增約 90%。就 2026 全年而言，我們目前預期此終端市場的營收年增接近 70%。

Automotive sales represented 7% of third-quarter 2026 sales and was up 11% 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.

汽車銷售占2026年第三季銷售額的7%，並較去年同期成長11%。我們在此市場仍持續採取非常審慎的策略，聚焦於附加價值較高、且其毛利結構符合我們財務目標的產品。

Given conversations with customers, we are seeing additional share opportunities as some competitors reduce their market participation while long-term business cycles are showing signs of migrating back towards our advanced capabilities.

根據與客戶的對話，我們看到額外的市占機會，因為部分競爭對手正在降低其市場參與度，而長期產業循環也顯示出回流至我們先進能力的跡象。

For the fourth quarter of 2026, we expect the automotive end market to represent about 6% of total sales, which reflects encouraging double-digit growth as we digitally push out the challenge of supply chain materials availability discussed last quarter.

就2026年第四季而言，我們預期汽車終端市場約占總銷售額的6%；隨著我們以數位化方式推進，以因應上季所討論的供應鏈材料可得性挑戰，這反映出令人鼓舞的雙位數成長。

For the full-year 2026, we now expect sales in this end market to improve mid-single digits versus our prior expectations for a mid-single-digit decline year-on-year.

就2026年全年而言，我們目前預期該終端市場的銷售將較先前預期改善，從原先預估的年減中個位數，轉為年增中個位數。

The overall book-to-bill was a remarkable 2.1% for the third quarter of 2026, with the commercial reporting segment at 2.5% and the A&D reporting segment at $1.6 billion. At the end of the third quarter of 2026, the 90-day backlog, which is subject to cancellations, was $1.3 billion compared to $610 million a year ago at 111% increase year-on-year.

2026年第三季整體接單出貨比（book-to-bill）達到顯著的2.1%，其中商業報告部門為2.5%，航太與國防（A&D）報告部門為16億美元。截至2026年第三季末，可能遭取消的90天在手訂單（backlog）為13億美元，較一年前的6.10億美元年增111%。

Now then, we'll summarize the financial performance in more detail. Dan?

接下來，我們將更詳細地總結財務表現。Dan？

Thanks, Edwin, and good afternoon, everyone. I'll review our financial results for the third 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年第三季的財務結果，相關內容已包含在今天發布的新聞稿中。主要財務重點也彙總於我們網站上發布的法說簡報中。

For the third quarter, net sales were $1.2 billion compared to $753 million in the third quarter of 2025. The 60% year-over-year increase was due to growth across all our end markets and most notably continued strength in data center and networking, medical, industrial and instrumentation, and aerospace and defense.

2026年第三季淨銷售額為12億美元，較2025年第三季的7.53億美元增加。年增60%主要來自我們所有終端市場的成長，尤其是資料中心與網通、醫療、工業與儀器，以及航太與國防持續強勁。

GAAP operating income for the third quarter of 2026 was $162.3 million compared to GAAP operating income for the third quarter of 2025 of $71.9 million. On a GAAP basis, net income in the third quarter of 2026 was $84.8 million or $0.79 per diluted share. This compares to GAAP net income for the third quarter of 2025 of $53.1 million or $0.50 per diluted share.

2026年第三季GAAP營業利益為1.623億美元，較2025年第三季GAAP營業利益7,190萬美元增加。以GAAP基礎計，2026年第三季淨利為8,480萬美元，或稀釋後每股0.79美元。相較之下，2025年第三季GAAP淨利為5,310萬美元，或稀釋後每股0.50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、重整成本、若干非現金費用項目（如無形資產攤銷、商譽減損、股權基礎薪酬）、處分資產收益、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.

我們提供非GAAP財務資訊，旨在讓投資人能以管理層的視角看待公司，並便於與市場預期及過往期間進行比較。

Gross margin in the third quarter of 2026 was 24.8%, an increase of 330 basis points from 21.5% in the third quarter of 2025. 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. In addition to execution improvements at our facility in Penang, which we continue to expect to approach breakeven in the fourth quarter of 2026.

2026年第三季毛利率為24.8%，較2025年第三季的21.5%提高330個基點。年增主要來自較高的銷售量與有利的產品組合，特別是在資料中心與網通，以及航太與國防終端市場。此外，我們在檳城廠的執行改善也有所貢獻；我們仍預期該廠將在2026年第四季接近損益兩平。

Selling and marketing expense was $23.2 million in the third quarter or 1.9% of net sales versus $20.5 million or 2.7% of net sales a year ago. Third quarter general and administrative expense was $57.3 million or 4.8% of net sales compared to $42.1 million or 5.6% of net sales a year ago. Third quarter research and development expense was $9.5 million or just under 1% of net sales compared to $6.9 million or just under 1% of net sales in the prior year.

第三季銷售與行銷費用為2,320萬美元，占淨銷售額1.9%，相較一年前為2,050萬美元，占淨銷售額2.7%。第三季一般與行政費用為5,730萬美元，占淨銷售額4.8%，相較一年前為4,210萬美元，占淨銷售額5.6%。第三季研發費用為950萬美元，占淨銷售額略低於1%，相較前一年為690萬美元，占淨銷售額同樣略低於1%。

Our operating margin in the third quarter of 2026 was 17.4%, a 510 basis point improvement from 12.3% 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.

2026年第三季營業利益率為17.4%，較去年同期的12.3%提升510個基點。本期增加同時來自毛利率改善，以及在銷售、一般與行政費用控管下所帶來的營運槓桿。

Adjusted EBITDA was $242.3 million in the third quarter of 2026, a record quarterly adjusted EBITDA margin of 20.1% and up 400 basis points year-over-year. This compares to adjusted EBITDA of $120.9 million in the third quarter of 2025 and with an associated adjusted EBITDA margin of 16.1%.

2026年第三季調整後EBITDA為2.423億美元，調整後EBITDA利潤率創下單季新高達20.1%，並較去年同期提升400個基點。相較之下，2025年第三季調整後EBITDA為1.209億美元，對應的調整後EBITDA利潤率為16.1%。

Interest expense was $12.1 million in the third quarter of 2026 compared to $9.9 million in the same quarter last year. Interest and other income was $3.1 million in the third quarter of 2026, compared to $2.5 million in the same quarter of last year. Realized foreign exchange loss in the third quarter of 2026 totaled $4.1 million as compared to $1.8 million in the same quarter last year, driven by the weakening of the US dollar.

2026年第三季利息費用為1,210萬美元，較去年同期的990萬美元增加。2026年第三季利息及其他收益為310萬美元，較去年同期的250萬美元增加。2026年第三季已實現外匯損失合計410萬美元，相較去年同期為180萬美元，主要受美元走弱所致。

Our effective tax rate was 19.5% in the third quarter of 2026, resulted in tax expense of $38.2 million. This compares to an effective tax rate of 15% or a tax expense of $12.5 million in the same quarter last year.

2026年第三季有效稅率為19.5%，對應稅費為3,820萬美元。相較之下，去年同期有效稅率為15%，稅費為1,250萬美元。

Third quarter 2026 non-GAAP net income was $157.8 million or $1.46 per diluted share. This compares to third quarter 2025 non-GAAP net income of $71 million or $0.67 per diluted share. Cash flow provided by operating activities was $154.7 million in the third quarter of 2026, which compares to cash flow provided by operating activities of $141.8 million in the same quarter last year.

2026年第三季非GAAP淨利為1.578億美元，或稀釋後每股1.46美元。相較之下，2025年第三季非GAAP淨利為7,100萬美元，或稀釋後每股0.67美元。2026年第三季營業活動提供的現金流量為1.547億美元，對比去年同期營業活動提供的現金流量為1.418億美元。

Free cash flow in the third quarter of 2026 was $74.8 million as compared to free cash flow of $42.6 million in the third quarter of last year.

2026年第三季自由現金流為7,480萬美元，相較去年第三季自由現金流為4,260萬美元。

Now, I'll provide our financial guidance for the fourth-quarter 2026, an update to our outlook for the full year of 2026 and an initial preliminary expectation for full-year 2027. We project net sales for the fourth quarter of 2026 to be in the range of $1.42 billion to $1.44 billion and non-GAAP earnings to be in the range of $1.77 to $1.83 per diluted share. These projected results include the contributions of recently closed transactions and associated financing. However, they exclude any contribution or impact from pending acquisitions.

接下來，我將提供我們對2026年第四季的財務指引、對2026年全年展望的更新，以及對2027年全年的初步預期。我們預估2026年第四季淨銷售額將介於14.2億至14.4億美元之間，非GAAP盈餘將介於稀釋後每股1.77至1.83美元之間。上述預估結果包含近期完成交易及其相關融資的貢獻。然而，並不包含任何尚在進行中的收購案所帶來的貢獻或影響。

Consequently, we now expect full-year 2026 sales of approximately $4.47 billion to $4.49 billion, and non-GAAP earnings in the range of $4.97 to $5.03 per diluted share. These full-year 2026 projections also include the contributions of recently closed transactions and associated financing, but exclude any contribution or impact from pending acquisitions.

因此，我們目前預期2026年全年銷售額約為44.7億至44.9億美元，非GAAP盈餘介於稀釋後每股4.97至5.03美元之間。上述2026年全年預估同樣包含近期完成交易及其相關融資的貢獻，但不包含任何尚在進行中的收購案所帶來的貢獻或影響。

The fourth-quarter 2026 non-GAAP diluted EPS forecast is based on a diluted share count of approximately 107.8 million shares, which includes the dilutive effect of outstanding stock options and other stock awards. Our expected full-year 2026 non-GAAP EPS forecast is based on a diluted share count of 107.5 million shares, similarly, including the effect of outstanding stock options and other stockholders.

2026年第四季非GAAP稀釋後每股盈餘（EPS）預估係以約1.078億股的稀釋後股數為基礎，包含流通在外員工認股權及其他股票獎酬所造成的稀釋效果。我們對2026年全年非GAAP EPS的預估係以1.075億股的稀釋後股數為基礎，同樣包含流通在外員工認股權及其他股東相關項目的影響。

We expect SG&A expense to be approximately 6.7% of net sales in the fourth quarter and R&D expenditures to be approximately 1% of net sales. We expect interest expense of approximately $33.9 million interest income of approximately $3.0 million and realized foreign exchange and other nonoperating expenses of approximately $4.7 million. We estimate our effective tax rate will be between 15% and 19%.

我們預期第四季的銷售、一般及行政（SG&A）費用約占淨銷售額的6.7%，研發（R&D）支出約占淨銷售額的1%。我們預期利息費用約為3,390萬美元、利息收入約為300萬美元，且已實現外匯損益及其他非營業費用約為470萬美元。我們估計有效稅率將介於15%至19%之間。

Further, we expect to record depreciation of approximately $39.7 million, amortization of intangibles of approximately $12.1 million stock-based compensation expense of approximately $18.7 million and noncash interest expense of approximately $0.9 million.

此外，我們預期將認列折舊約3,970萬美元、無形資產攤銷約1,210萬美元、以股份為基礎之酬勞費用約1,870萬美元，以及非現金利息費用約90萬美元。

Looking to the preliminary full year 2027 forecast, we are providing our initial net sales forecast to be in the range of approximately $6.5 billion to $6.75 billion, and non-GAAP net income is expected to be in the range of $8.10 and to $8.90 per diluted share based on a diluted share count of 108.1 million shares, including the effect of outstanding stock options and other stock awards.

展望2027年初步全年預測，我們提供的初始淨銷售額預測區間約為65億至67.5億美元；非GAAP淨利預期介於每股稀釋後8.10美元至8.90美元，係以稀釋後股數1.081億股為基礎，並包含流通在外股票選擇權及其他股票獎酬的影響。

Our initial 2027 full-year forecast includes contributions from recently closed acquisitions and associated financing costs, while excluding any contribution or impact from pending acquisitions.

我們的2027年初始全年預測包含近期完成收購的貢獻及相關融資成本，但不包含任何尚待完成之收購所帶來的貢獻或影響。

And finally, I'd like to announce that we are scheduled to participate in the Bank of America Leveraged Finance Conference in Boca Raton, Florida on December 1, and the UBS TMT Conference in Scottsdale, Arizona on December 2.

最後，我想宣布我們預計將於12月1日在佛羅里達州博卡拉頓（Boca Raton）參加美國銀行槓桿融資研討會（Bank of America Leveraged Finance Conference），並於12月2日在亞利桑那州斯科茨代爾（Scottsdale）參加瑞銀TMT研討會（UBS TMT Conference）。

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

以上為我們事先準備的發言。接下來我把時間交還給你，Sheree，進入問答環節。

(Operator Instructions) Steven Fox, Fox Advisors.

（接線員指示）Steven Fox，Fox Advisors。

I guess my first question, I was wondering if we could dig into N+M results to date and expectations going forward. Can you give us a sense for how much of the quarter was driven by the new product, where you think you are in terms of ramping yields, et cetera. And then how broad-based the product is expected to be used? I'm just trying to understand like how dominant this is becoming within your traditional PCB sales? And then I had a follow-up.

我想我的第一個問題是，我想知道我們是否可以深入探討截至目前的N+M成果以及未來的預期。你能否讓我們了解本季有多少是由新產品所帶動、你們在良率爬坡等方面目前進展到什麼程度？另外，預期該產品的使用範圍會有多廣？我只是想理解，在你們傳統PCB銷售中，這項產品正變得多麼主導？然後我還有一個追問。

Yeah. Steve, yes. Happy to do that. Our N+M program will be a substantial part of our data center networking group, as you know. Ramp-ups are going really well. It's currently about 30% of the data center and networking activities. And it will grow next year to about 50% of that group.

好的。Steve，是的。很樂意說明。如你所知，我們的N+M專案將成為資料中心網路事業群的重要組成部分。爬坡進展非常順利。目前它約占資料中心與網路相關活動的30%。明年將成長到該事業群約50%。

The ramp-up is going really well. We have three major programs, two of them are doing really well, one of them is, let's say, a bit moving to the right. This has nothing to do, by the way, with any technical issue, has nothing to do with our performance. It basically has to do with the program schedule of that customer, which is a normal thing with these way programs.

爬坡進展非常順利。我們有三個主要專案，其中兩個表現非常好，另一個可以說是稍微往後延。順帶一提，這與任何技術問題無關，也與我們的表現無關。基本上是因為該客戶的專案時程安排所致，對於這類專案而言這是正常情況。

So far, we're getting very, very positive feedback on our N+M program. There are more N+M programs coming. I mentioned before, this will be 5 to 10 programs all around. So that's going well. Yeah, Steve, there will always be a bit of fluctuation in these programs. These programs are so big, so there will always be a bit of fluctuation. There is also a bit of pull forward in Q3.

到目前為止，我們在N+M專案上獲得非常、非常正面的回饋。還會有更多N+M專案進來。我之前提過，整體會有5到10個專案。因此進展良好。是的，Steve，這些專案總會有些波動。這些專案規模很大，所以總會有些波動。第三季也有一些拉貨提前的情況。

I can tell you, some of the things are even enhanced. So that will be a fact. But again, currently, about 30% of the data center networking business going into next year to about 50%. So that technology is working really well.

我可以告訴你，其中有些事項甚至有所提升。所以這會是一個事實。但再次強調，目前約占資料中心網路業務的30%，明年將提升到約50%。因此這項技術運作得非常好。

Great. That's helpful. And then just to be crystal clear on all the M&A you've done and how you're planning to finance it. Can you talk about where this leaves you like what's the potential for more M&A once you close all these deals? And just big picture thoughts on balance sheet since you've been pretty active in the acquisition market in the last few months? Thanks.

很好。這很有幫助。接著，為了釐清你們做的所有併購以及你們打算如何為其融資，你能談談在完成所有這些交易後，你們還有多少進一步併購的空間嗎？以及從更宏觀的角度，鑑於你們過去幾個月在併購市場相當活躍，對資產負債表有何看法？謝謝。

Yeah, Steve, this is Dan. I'll take that. Thanks for the question. Yes, I think this will be the end of the big stuff for a while. There may be a few little things that we've announced a few that we need to close. And they're one of those medium size, the other smaller.

好的，Steve，我是Dan。我來回答。謝謝你的問題。是的，我認為這些大型交易暫時會告一段落。可能還會有一些小型事項；我們已公告了幾筆需要完成交割的交易。其中一筆屬於中型規模，另一筆較小。

So we'll focus on strengthening our balance sheet, getting our leverage back down now. We've got a lot of strong cash flow coming in next year. We'll have positive free cash flow to continue to fund our capital expenditures as well as start paying down that debt.

因此我們將專注於強化資產負債表，讓槓桿比率回落。明年我們將有大量強勁的現金流入。我們將有正向自由現金流，持續支應資本支出，同時開始償還債務。

But in our Q4 guide, so the difference between where we were last quarter and this quarter, we do have two of the businesses that have closed or expected to close in this period or closed right at the end of Q3 into Q4, will impact positively on our EBITDA, but we did raise significant debt for the purchase of Epiq as well as to finance the Ophir product that we just announced. So that has an increase of interest expense of about $20 million a quarter, so that drags on our EPS.

不過在我們第四季指引中，相較於上季與本季的差異，我們確實有兩項業務已在本期間完成交割、或預期在本期間完成交割，或是在第三季末至第四季初完成交割，將對我們的EBITDA帶來正面影響；但我們也為收購Epiq以及為我們剛宣布的Ophir產品融資而舉借了大量債務。因此利息費用每季增加約2,000萬美元，對每股盈餘（EPS）造成拖累。

And so you look at the change in EPS guidance from last quarter to where we are now, up from the transactions, but then offset by the debt.

因此你看從上季到目前的EPS指引變化，交易帶來提升，但隨後被債務所抵銷。

Will Stein, Truist.

Will Stein，Truist。

First, I want to recognize and say congratulations on the great results overall. But I want to also recognize that the data center networking end market came about 10% below your prior guidance in Q3. And so I'm hoping you can help us understand what happened there? Was it supply or like material availability or yield or something else?

首先，我想先肯定並恭喜你們整體表現非常出色。但我也注意到，第三季資料中心網路終端市場的表現比你們先前指引低了約10%。因此我希望你們能協助我們理解那裡發生了什麼？是供應問題、材料可得性、良率，或是其他原因嗎？

None of these things. These things basically have to do with project timing on the customer side. Again, these large customers, these big customers we have, they have multiple programs, and there are always fluctuations in these programs. Some of them move to the left, some of them move a bit to the right.

都不是這些原因。這些情況基本上與客戶端的專案時點有關。同樣地，這些大型客戶、我們的大客戶，他們有多個專案，而這些專案總會有波動。有些會提前，有些會稍微延後。

Again, there are no technical issues. Ramp is going well. Yield number yield numbers are where they should be. Again, they have always multiple suppliers. There's always a bit of, let's say, everybody has to be in that same window technology wise. So that's sometimes -- there's also a bit.

再次強調，沒有技術問題。爬坡進展良好。良率數據都在應有水準。同樣地，他們一向有多家供應商。總會有一些情況，例如大家必須在技術上處於同一個時間窗口。所以有時候——也會有一點。

But again, two out of these three programs we initially had are doing really well. The third one is ramping up now, that will be in ramp-up in the second half of Q4, fully in production in Q1. So that's going smooth. And it's like I said before, there are more N+M programs coming. But again, there will always be a fluctuation and we always try to be as accurate as possible in our guidance. But yeah, there are no major issues there.

但再次強調，我們最初的三個專案中，有兩個表現非常好。第三個現在正在爬坡，將在第四季下半段進入爬坡，並在第一季全面量產。因此進展順利。而且如我之前所說，還會有更多N+M專案進來。但同樣地，總會有波動，我們也一直努力讓指引盡可能精準。不過，是的，那裡沒有重大問題。

I appreciate that. As a follow-up, and when last quarter, I believe you told us that N+M would be approximately $200 million in and approximately $400 million in Q4. It sounds like in Q3 that might have been a little light, but not entirely sure. Maybe you can update both these numbers for us, please?

感謝你。接著追問一下，我記得你在上季告訴我們，N+M 在第三季約為 2 億美元、第四季約為 4 億美元。聽起來第三季可能稍微低了一點，但我不完全確定。能否請你更新一下這兩個數字？

Yeah, sure. In Q3, of the full data center networking business, it was about 30% of our business was based on N+M. So call it, let's say, 31% or $400 million, something like that. In Q4, we expect about the same percentage, about 30% out of, let's say, a $700 million data center networking forecast. So these are about the numbers. So the ramp-up is going well. Is it exactly the $200 million and the $400 million. No, probably not.

好的，當然。第三季在整體資料中心網路業務中，大約有 30% 來自 N+M。也就是說，大概 31% 或約 4 億美元，差不多是這樣。第四季我們預期比例差不多，約 30%，以大約 7 億美元的資料中心網路營收預測來看。所以大概就是這些數字。因此爬坡進展良好。是否精準就是 2 億美元和 4 億美元？不，可能不是。

It will be slightly more than $200 million and slightly below the $400 million. But again, like I said, next year, it's about 50% of the full data center networking business. So things I'm just fluctuating a bit. But again, no big deal there.

會略高於 2 億美元、略低於 4 億美元。但如我所說，明年它大約會占整體資料中心網路業務的 50%。所以數字會有些波動。不過，這不是什麼大問題。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Can you give some color on supply availability of key materials like [CCL and T glass]? And also how you match any increasing prices with quotes?

能否談談像是 [CCL 和 T glass] 等關鍵材料的供應可得性？另外，你們如何在報價中反映任何上漲的價格？

Sure, Mike. Lead times, let's say, are, let's say, in the order of, let's say, 12 weeks, sometimes a bit longer, sometimes 24 weeks, sometimes even a bit longer depending on the materials. So far, I think we are handling this very well. On the A&D side, I think everything is solid. On the data center networking side, we -- it's an ongoing activity. Yeah, lead times are going up, but we are also, let's say, these programs are getting bigger. So we have much more visibility on these things.

當然可以，Mike。交期方面，大致在 12 週左右，有時會更長；有時是 24 週，甚至依材料不同還可能更久。到目前為止，我認為我們處理得非常好。在 A&D 端，我認為一切都很穩健。在資料中心網路端，我們——這是一項持續進行的工作。是的，交期在拉長，但同時這些專案也在變得更大。因此我們對這些事情有更高的能見度。

If you look at the costs, yeah, the costs are going up. But so far, let's say, we are very transparent with our customers and the customers will take these price increases. And it's like I said, the N+M is having higher ASPs, so that's helping us a lot. So price increases, yes, the customers will absorb that.

如果看成本，是的，成本正在上升。但到目前為止，我們對客戶非常透明，而客戶也會接受這些漲價。而且如我所說，N+M 的 ASP 較高，這對我們幫助很大。所以價格上漲方面，是的，客戶會吸收。

Okay. And then just to follow up related. The higher ASPs for the N+M, we understand that, but would you say that's higher than corporate average gross margin. And I guess, related, where do you see gross and EBITDA margins progressing throughout 2027?

好的。那再追問一下相關問題。我們理解 N+M 的 ASP 較高，但你會說它高於公司平均毛利率嗎？以及相關地，你如何看待毛利率與 EBITDA 利潤率在 2027 年期間的走勢？

Yes. These ASPs are growing faster than our cost, and that has to do with the complexity of the Board. the complexity is increasing a lot for these boards. So basically, it's all about the value. I rather don't talk about cost and ASP. I'd rather think about the value taking much more value in these data centers and networking configurations. So that's helping us a lot.

是的。這些 ASP 的成長速度快於我們的成本，這與板子的複雜度有關。這些板子的複雜度正在大幅提升。所以基本上，重點在於價值。我寧可不談成本與 ASP；我更願意從價值的角度思考——在這些資料中心與網路配置中取得更多價值。這對我們幫助很大。

It's about a factor 4 if you compare it with, let's say, conventional architectures. And N+M is really adding a lot, let's say, in complexity. And of course, the customers are willing to pay for that.

如果與傳統架構相比，大約是 4 倍的因素。而 N+M 確實在複雜度上增加了很多。當然，客戶也願意為此付費。

Mike, maybe I'll just add. You mentioned about EBITDA. Our EBITDA margins will be increasing our gross margin on that N+M product is significantly higher than our corporate average. And so as that becomes more than [megas], our gross margin as well as our EBITDA margins will be increasing more than 200 basis points in the next year.

Mike，我補充一下。你提到 EBITDA。我們的 EBITDA 利潤率會上升，因為 N+M 產品的毛利率顯著高於公司平均。因此，隨著它成為更大一部分，我們的毛利率以及 EBITDA 利潤率在明年都將提升超過 200 個基點。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Edwin, I wanted to first follow up on Will's question on the N+M shift. If you think about Q4 and the guide there with $700 million of revenue for DC, How much is that coming from acceleration in customer demand versus maybe recovering some of the push to the right on (technical difficulty)?

Edwin，我想先延續 Will 關於 N+M 轉換的問題。如果看第四季以及你們對 DC 7 億美元營收的指引，其中有多少來自客戶需求加速， versus 可能只是把先前因（技術難度）而往後延的部分拉回來？

Yeah, these are indeed programs. And like I said, they move a bit. It's like I said, it's about 32% of the $670 million in commercial -- in CNC, what we call CNC data centers and networking is coming from N+M. Again, these programs are ramping up. These programs are doing well. And again, the feedback is very, very positive from these larger customers that basically that more N+M programs are coming in.

是的，這些確實是專案。如我所說，它們會有些移動。如我所說，在商用——在我們稱為 CNC 的資料中心與網路（CNC）中，約 6.7 億美元裡有大約 32% 來自 N+M。再次強調，這些專案正在爬坡。這些專案進展良好。而且，來自這些大型客戶的回饋非常、非常正面，基本上是有更多 N+M 專案正在進來。

Okay. And then on the $400 million capacity expansion, it sounds like that will be fully operational in '28. Can you talk about what customer volume visibility you have against that increased commitment and are customers committing to programs against that spend?

好的。再談到 4 億美元的產能擴充，聽起來會在 2028 年全面投產。你能談談針對這項增加的承諾，你們對客戶量的能見度如何？客戶是否正針對這筆支出承諾專案？

Yeah. Happy to do that. The $400 million is going on top of something we addressed earlier, a $1.2 billion expansion, let's say, over multiple years of 2029. The $400 million is, I would say, is more allocated to N+M. So I would say the $400 million is pure N+M, rounding numbers here, yeah. You have to think about our brownfield approach.

可以，很樂意說明。這 4 億美元是在我們先前提到的 12 億美元擴產之上，該擴產是跨多年、延伸到 2029 年的規劃。這 4 億美元我會說更多是配置在 N+M 上。所以我會說這 4 億美元幾乎是純 N+M（這裡是四捨五入的數字），是的。你必須從我們的棕地（brownfield）策略來理解。

So basically, what we're very good at, and you see it in China, and I gave several examples during the investor meetings is that we build our brownfield. So basically, buildings close to our existing plants, we are going to utilize for additional capacity. We do that very, very fast, and we can follow the market much, much more accurate. So that's basically all of that.

基本上，我們非常擅長的——你在中國也看得到，而且我在投資人會議中舉了好幾個例子——就是我們採用棕地擴建。也就是說，我們會利用靠近既有工廠的建築來增加產能。我們做得非常、非常快，也能更精準地跟隨市場。基本上就是這樣。

It's a lot of equipment, Ruben, which we are installing there to grow our N+M. It's like I said, CNC, our data center networking business, 50% of that will be N+M. So that's going really well. The technology is really doing what it should do.

Ruben，這裡主要是大量設備，我們正在安裝以擴大 N+M 產能。如我所說，CNC，也就是我們的資料中心網路業務，其中 50% 會是 N+M。所以進展非常順利。技術表現確實符合預期。

(Operator Instructions) Jim Ricchiuti, Needham.

（接線員指示）Jim Ricchiuti，Needham。

Hopefully, you can hear me okay? Great. So I wanted to just ask you about the preliminary 2027 guidance. Relative to your earlier expectations, the growth that you're expecting now for 2027, how much of that is due to perhaps higher N+M expectations or data center or possibly how much is due to higher organic growth in the A&D business?

希望你們聽得到我？很好。我想問一下你們對 2027 年的初步指引。相較於你們先前的預期，你們現在對 2027 年的成長預估，有多少是因為 N+M 或資料中心的預期更高？又有多少可能是因為 A&D 業務更高的有機成長？

Yeah. So if you look at -- starting to be the numbers, let's say, for this year, the $4.4 billion, $4.5 billion let's say, is a 48% growth year-over-year, yeah? This is a number we are going to repeat next year, yes. And again, next year, we will grow 50%.

是的。如果你看——先從今年的數字來看，約 44 億到 45 億美元，年增 48%，對吧？這個數字我們明年也會再達成，是的。而且，明年我們將成長 50%。

A substantial part of that growth will be N+M. The interesting thing, Jim, is that all the different end markets are growing. So if you look at our medical industrial instrumentation business, it's growing a lot, and it will continue to grow in next year.

其中相當大一部分成長將來自 N+M。有趣的是，Jim，各個終端市場都在成長。所以如果你看我們的醫療、工業儀器業務，它成長很多，而且明年也會持續成長。

If you look at our automotive business is growing year-over-year. And of course, our aerospace and defense business is growing a lot next year. So that's -- it is just a matter that data center network is growing so fast that it doesn't look like the others are growing, but I can tell you, it's growing over 20%. Yeah, that is -- these are big, big, big numbers. So yes, we are confident with the numbers we predicted for 2027.

如果你看我們的汽車業務，是逐年成長的。當然，我們的航太與國防業務在明年也會大幅成長。所以這就是——資料中心網路成長得太快了，以至於看起來其他業務好像沒有在成長，但我可以告訴你，它們也成長超過 20%。是的，這——這些都是非常、非常、非常大的數字。所以是的，我們對於我們為 2027 年所預測的數字很有信心。

Got it. Follow-up question relates to the M&A activity. So we have Epiq, other smaller M&A that you've done and the pending Ophir acquisition. If we look out to next year after Ophir closes, how much of's the A&D business is going to be non-PCB in nature now?

了解。追問一題，關於併購（M&A）活動。我們有 Epiq、其他一些較小的併購，以及尚在進行中的 Ophir 收購案。如果我們看向明年、在 Ophir 完成交割之後，航太與國防（A&D）業務中，非 PCB 性質的比重現在會是多少？

At the moment, if you look at our aerospace and defense business, about half of them is what we call up the chain. So our, let's say, sensing and communication activities. If we look at Epiq and Ophir -- by the way, they are very complementary. If you look at Epiq, let's say, that's more the processing. And Ophir, we're very happy with that one as well. That's more the optical side.

目前，如果你看我們的航太與國防業務，大約有一半是我們所謂的上游環節（up the chain）。也就是我們的——比方說——感測與通訊相關的活動。如果看 Epiq 和 Ophir——順帶一提，它們非常互補。如果看 Epiq，比方說，那更偏向處理（processing）。而 Ophir，我們對這個案子也非常滿意。那更偏向光學（optical）端。

If you have the optical side and, let's say, the processing under control and your sensor agnostic, you basically can make full sensing systems, which are very consistently used in complementary to our radar activity. So that's going well.

如果你把光學端以及——比方說——處理端都掌握住，而且你的感測器是平台無關（sensor agnostic）的，你基本上就能做出完整的感測系統，而這些系統會非常一致地、並且與我們的雷達業務形成互補地被使用。所以進展得很順利。

If you look at the numbers, all of our acquisitions, and of course, Ophir will only add, let's say, the second part of the year because we only closed it, let's say, hopefully, in Q2, at the end of Q2. So we have only one half year of that -- of Ophir. Then I would say if you add up all these acquisitions, it's about $0.5 billion in sales of the 6.75%, 6.5% for next year. So that's about ratio.

如果你看數字，我們所有的收購案，當然，Ophir 只會在下半年貢獻——因為我們大概只會在第二季、希望在第二季末完成交割。所以 Ophir 只有半年的貢獻。那我會說，如果把這些收購案全部加總起來，大約是 5 億美元的營收，對應到明年 6.75%、6.5% 的（成長/占比）。大概就是這樣的比例。

Will Stein, Truist.

Will Stein，Truist。

I wanted to ask about Ophir. When we look at the EBITDA multiples cited in your press release and in the [seller's] press release, one conclusion is that EBITDA is growing very significantly or you expect it to grow very significantly from '26 to '27. What's driving that? Is that backlog that's already in place? Or is that stuff that you expect to get design wins after the close?

我想問一下關於 Ophir。當我們看你們新聞稿以及[賣方]新聞稿中提到的 EBITDA 倍數時，一個結論是 EBITDA 正在非常顯著地成長，或者你們預期它會在 2026 年到 2027 年之間非常顯著地成長。是什麼在驅動這件事？是已經在手的訂單積壓（backlog）嗎？還是你們預期在交割後拿到設計導入（design wins）的那些案子？

Any color to sort of --

能否稍微補充一下——

Yes, it's a very good question. And yes, you get the answer yourself. The thing is, if we look at the bookings for 2027, Ophir is over 85% booked with new things coming in. By the way, they have a tendency that they always beat their forecast, by the way.

是的，這是個非常好的問題。而且是的，你自己其實已經說出答案了。重點是，如果我們看 2027 年的接單（bookings），Ophir 已經有超過 85% 是已預訂（booked）的，而且還有新的案子持續進來。順帶一提，他們一向都有超越自身預測的傾向。

So '27, 85%, booked. The 10.3% we addressed as being the multiple EBITDA over the price we pay is probably even a bit more conservative. We did -- I think it was a very, very, very nice deal for us around 10 times. So we're very happy with that. And it's, like I said, the synergies are not taking into the business case at all, but the synergies will be huge because this is giving us the optical system. We have the processing, we can be center agnostic. That basically means we can make a full optical system. So it's a very nice acquisition for us.

所以 2027 年，85% 已預訂。我們提到的 10.3%——也就是以我們支付的價格來看對應的 EBITDA 倍數——可能甚至還稍微保守了一點。我們做了——我認為這對我們來說是一筆非常、非常、非常好的交易，大約是 10 倍左右。所以我們對此非常滿意。而且就像我說的，協同效益完全沒有納入商業案例（business case）之中，但協同效益會非常巨大，因為這讓我們具備光學系統。我們有處理能力，我們可以做到感測器平台無關（sensor agnostic）。這基本上意味著我們可以做出完整的光學系統。所以這對我們來說是一項非常好的收購。

And then as a follow-up, you've now given us preliminary view on 2027. Normally, when you have guided revenue, you've given us some breakdown by end market. I wonder if you're willing to do that in this case for '27 how we should think about each end market as a percentage of revenues?

接著追問一下，你們現在已經給了我們對 2027 年的初步看法。通常在你們提供營收指引時，會按終端市場給一些拆分。我想知道在這次針對 2027 年，你們是否願意也這麼做，讓我們理解各終端市場占營收的百分比應該怎麼看？

It's a bit early for that, Bill. But of course, we will provide more color. Again, we -- again, only a few quarters ago, we gave only, let's say, forecast for the next quarter. Now let's say, we are giving a bit more guidance for the full year. you have an idea what our data center networking business is doing, how that will grow.

Bill，現在談這個還有點早。但當然，我們會提供更多細節。再說一次——再說一次，就在幾個季度前，我們其實只給——比方說——下一季的預測。現在我們是說，我們正在提供更多一點的全年指引。你也大概知道我們的資料中心網路業務在做什麼、以及它會如何成長。

Our Aerospace and Defense business will do better and better, let's say, looking at the munition side looking at the Golden Dome side, a lot of radar. So that will do better and better. It's a bit early to give that exact split. But we wanted to give some guidance for '27 and showing that we are maintaining that growth.

我們的航太與國防業務會越做越好——比方說，看彈藥（munition）端、看 Golden Dome 端，還有大量的雷達。所以那會越做越好。現在要給出精確的拆分還有點早。但我們想先提供一些 2027 年的指引，並顯示我們正在維持那樣的成長。

Yeah. Well, I think we've done that in the past in the fourth-quarter call. And so we'll strive to give that. We'll be able to get that in the next call.

是的。我想我們過去在第四季電話會議上曾經做過。所以我們會努力提供這個資訊。我們會在下一次電話會議上提供。

Thank you. I'm showing no further questions in the queue at this time. I'll turn the call back over to Mr. Edwin Roks for any closing remarks.

謝謝。目前我看到隊列中沒有其他問題。我把電話交回給 Edwin Roks 先生做結語。

Yeah. Thank you. It has been a good call. So I thank you, operator. Now let's say, summarize with a few items. First of all, we are seeing strong -- very strong growth. We delivered very strong sales growth in Q3 of about 60% year-on-year, resulting in an all-time high of $1.2 billion for quarter revenue, driven by increase in our data center networking, medical, industrial, instrumentation and aerospace and defense markets. Basically, all the markets help there.

好的，謝謝。這是一場很好的電話會議。所以我謝謝主持人。現在我用幾點來做個總結。首先，我們看到強勁——非常強勁的成長。我們在第三季交出約 60% 的年增銷售成長，使單季營收達到歷史新高的 12 億美元，主要由資料中心網路、醫療、工業、儀器設備以及航太與國防市場的成長所帶動。基本上，所有市場都有所貢獻。

Second, our adjusted EBITDA for the second quarter of 20.1% reflected strong operating improvements and overall performance, leading to another all-time high record in non-GAAP EPS. As a result, $1.46 per diluted share and expect to continue building on this operating performance in the coming quarters.

第二，我們第二季調整後 EBITDA 利潤率為 20.1%，反映出強勁的營運改善與整體表現，並帶動非 GAAP 每股盈餘（EPS）再創歷史新高，稀釋後每股 1.46 美元；我們預期在接下來幾個季度會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 is used to our source to invest in our organic operations and the support projected or continued growth. In closing, as I said it before, I would like to thank all our employees of TTM, our customers, our suppliers and our shareholders for continued support, and thank you very much. Goodbye.

第三，我們持續從營運中產生穩健的現金流，並將其作為資金來源，用於投資我們的有機營運並支援預期或持續的成長。最後，如同我之前所說，我要感謝 TTM 的所有員工、我們的客戶、供應商以及股東持續的支持，也非常感謝各位。再見。

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

感謝各位參與。今天的議程到此結束。您現在可以掛線。