TTM Technologies Inc (TTMI) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies First Quarter 2022 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, May 4, 2022.

下午好，女士們，先生們。謝謝你的支持。歡迎參加迅達科技 2022 年第一季度財務業績電話會議。 （操作員說明）作為提醒，本次會議將於 2022 年 5 月 4 日今天錄製。

Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

TTM 企業發展和投資者關係副總裁 Sameer Desai 現在將審查 TTM 的披露聲明。

Thank you, Danielle. Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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 factors explained in our most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission.

謝謝你，丹妮爾。在開始之前，我想提醒大家，今天的電話會議包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括與迅達未來業務前景相關的陳述。由於一項或多項風險和不確定性，包括我們最近提交給證券交易委員會的 10-K 表格年度報告和其他文件中解釋的因素，實際結果可能與這些前瞻性陳述存在重大差異。

These forward-looking statements are based on management's expectations and assumptions as of the date of this presentation. TTM does not undertake any obligation to publicly update or revise any of these statements whether as a result of new information, future events or other circumstances, except as required by law. Please refer to the disclosures regarding the risks that may affect TTM, which may be found in the reports on Form 10-K, 10-Q, 8-K, the registration statement on Form S-4 and the company's other SEC filings.

這些前瞻性陳述基於管理層截至本演示文稿之日的預期和假設。 TTM 不承擔任何義務公開更新或修改任何這些聲明，無論是由於新信息、未來事件或其他情況，除非法律要求。請參閱有關可能影響 TTM 的風險的披露，這些披露可在表格 10-K、10-Q、8-K 的報告、表格 S-4 的註冊聲明和公司的其他 SEC 文件中找到。

We will also discuss on this call certain non-GAAP financial measures such as adjusted EBITDA. Such measures should be considered -- should not be considered as a substitute for the measures prepared and presented in accordance with GAAP, and we direct you to the reconciliation of the non-GAAP to GAAP measures included in the company's press release, which was filed with the SEC and is available on TTM's website at www.ttm.com. We have also posted on our website a slide deck, which we will refer to during our call.

我們還將在本次電話會議上討論某些非公認會計原則財務措施，例如調整後的 EBITDA。應考慮此類措施 - 不應視為替代根據 GAAP 準備和提出的措施，我們指導您對公司新聞稿中包含的非 GAAP 與 GAAP 措施進行核對，該新聞稿已提交與 SEC 合作，可在 TTM 的網站 www.ttm.com 上獲取。我們還在我們的網站上發布了一個幻燈片，我們將在通話期間參考。

I will now like to turn the call over to Tom Edman, TTM's Chief Executive Officer. Please go ahead, Tom.

我現在想把電話轉給迅達的首席執行官湯姆·埃德曼。請繼續，湯姆。

Thank you, Sameer. Good afternoon, and thank you for joining us for our first quarter fiscal year 2022 conference call.

謝謝你，薩米爾。下午好，感謝您加入我們的 2022 財年第一季度電話會議。

I'll begin with a review of our business highlights from the quarter and a discussion of our first quarter results, followed by a summary of our business strategy. Todd Schull, our CFO, will follow with an overview of our Q1 2022 financial performance and our Q2 2022 guidance. We will then open the call to your questions.

我將首先回顧我們本季度的業務亮點並討論我們的第一季度業績，然後是我們的業務戰略摘要。我們的首席財務官 Todd Schull 將隨後概述我們 2022 年第一季度的財務業績和 2022 年第二季度的指導。然後，我們將打開您的問題的電話。

The quarter's highlights are also referenced in Slide 3 of the investor presentation posted on TTM's website. In the first quarter of 2022, TTM delivered revenues at the high end of guidance and non-GAAP EPS above the midpoint of guidance despite a challenging supply chain and labor environment, and the continued impact that COVID-19 is having on our operations. Revenues were up 10.4% year-on-year as commercial end markets performed better than we expected. Our employees did an excellent job of maximizing production despite ongoing operational headwinds, including supply chain constraints for ourselves and our customers, inflationary pressures and continued labor challenges in North America.

TTM 網站上發布的投資者演示文稿的幻燈片 3 中也引用了本季度的亮點。儘管供應鍊和勞動力環境充滿挑戰，而且 COVID-19 對我們的運營產生持續影響，但在 2022 年第一季度，迅達實現了指引的高端收入和高於指引中點的非公認會計原則每股收益。由於商業終端市場表現好於我們預期，收入同比增長 10.4%。儘管存在持續的運營逆風，包括我們自己和我們的客戶的供應鏈限制、通貨膨脹壓力和北美持續的勞動力挑戰，我們的員工在最大限度地提高產量方面做得非常出色。

During the first quarter, we mitigated virtually all of the material price increases through additional cost savings, adjustments in mix and product price adjustments. Last quarter, we discussed the pay adjustments that we plan to make during the first quarter of this year in North America to increase our competitiveness. Since then, we have seen a general improvement in our ability to attract and retain talent, though the continued tight labor conditions remain challenging. The price increases that will offset these higher compensation costs are still anticipated to have a positive impact on our margins through the balance of the year.

在第一季度，我們通過額外的成本節約、組合調整和產品價格調整，幾乎緩解了所有材料價格的上漲。上個季度，我們討論了我們計劃在今年第一季度在北美進行的薪酬調整，以提高我們的競爭力。從那時起，我們看到我們吸引和留住人才的能力普遍提高，儘管持續緊張的勞動力條件仍然充滿挑戰。預計將抵消這些較高補償成本的價格上漲仍將對我們今年餘下的利潤產生積極影響。

I would also like to update you on our COVID situation. COVID-19 impacted our employee base with increased rates in North America earlier in the year. During the quarter, the higher infection rates experienced by employees in our facilities naturally resulted in higher levels of employee quarantines, which along with the general labor shortages, contributed to production inefficiencies and capacity constraints in North America. In Asia Pacific, we saw similar COVID-related disruptions in two of our smaller facilities in Hong Kong and Shanghai, but this was more than offset by stronger growth from our larger Asia Pacific facilities in Southern China.

我還想向您介紹我們的 COVID 情況。今年早些時候，COVID-19 影響了我們的員工群，北美的員工人數有所增加。在本季度，我們設施中員工的感染率較高自然導致員工隔離水平較高，再加上普遍的勞動力短缺，導致北美生產效率低下和產能受限。在亞太地區，我們在香港和上海的兩個小型設施中看到了類似的與 COVID 相關的中斷，但這被我們在華南的大型亞太地區設施的強勁增長所抵消。

Our long-term strategy remains unchanged. TTM is on a journey to transform our business to be less cyclical and more differentiated. As part of this strategic transition, on April 18, we announced the acquisition of Telephonics for $330 million in cash. Over the past several years, TTM has consistently emphasized that a key part of our strategy is to add value to product solutions that we deliver to our customers, particularly in the aerospace and defense market.

我們的長期戰略保持不變。 TTM 正在將我們的業務轉變為更少週期性和更具差異化的旅程。作為這一戰略轉型的一部分，我們於 4 月 18 日宣布以 3.3 億美元現金收購 Telephonics。在過去的幾年裡，迅達一直強調我們戰略的一個關鍵部分是為我們提供給客戶的產品解決方案增加價值，特別是在航空航天和國防市場。

In 2018, we closed the acquisition of Anaren, which broaden TTM's product portfolio into highly engineered RF components and subassemblies as well as adding critical RF engineering capability and resources. Telephonics builds on Anaren, and TTM's customer-driven culture and disciplined approach to manufacturing. By further broadening TTM's aerospace and defense product offering vertically into higher-level engineered system solutions and horizontally into surveillance and communication markets while strengthening our position in radar systems. The transaction is expected to close by the end of the second quarter of 2022 and is expected to be immediately accretive to non-GAAP EPS.

2018 年，我們完成了對 Anaren 的收購，這將 TTM 的產品組合擴大到高度工程化的射頻組件和子組件，並增加了關鍵的射頻工程能力和資源。 Telephonics 建立在 Anaren 和 TTM 以客戶為導向的文化和嚴謹的製造方法之上。通過進一步擴大迅達的航空航天和國防產品供應，垂直進入更高級別的工程系統解決方案，並橫向進入監視和通信市場，同時加強我們在雷達系統中的地位。該交易預計將在 2022 年第二季度末完成，預計將立即增加非公認會計準則每股收益。

Adding another element of our differentiation strategy, on March 1, we announced that we will open a new state-of-the-art, highly automated PCB manufacturing facility in Penang, Malaysia. The decision to build this new factory is a direct response to our customers' increasing concerns about supply chain resiliency and regional diversification, and in particular, the need for advanced multilayer PCB sourcing options in regions outside of China.

添加我們差異化戰略的另一個元素，3 月 1 日，我們宣布我們將在馬來西亞檳城開設一個新的最先進、高度自動化的 PCB 製造工廠。建立這家新工廠的決定是對我們客戶對供應鏈彈性和區域多元化日益關注的直接回應，特別是對中國以外地區對先進多層 PCB 採購選擇的需求。

The new facility in Malaysia will assist customers in our commercial markets, such as networking, telecom, data center computing and medical, industrial and instrumentation. I have the pleasure of attending the groundbreaking ceremony on April 25, where I had an opportunity to thank the local and national governments in Malaysia for their support and our customers for recognizing the long-term value of this facility in improving supply chain resiliency.

馬來西亞的新設施將協助我們商業市場的客戶，例如網絡、電信、數據中心計算以及醫療、工業和儀器儀表。我很高興參加 4 月 25 日舉行的奠基儀式，感謝馬來西亞地方和國家政府的支持，感謝我們的客戶認識到該設施在提高供應鏈彈性方面的長期價值。

Now I'd like to review our end markets, which are referenced on Page 4 of the investor presentation on our website. The aerospace and defense end market represented 30% of total first quarter sales, compared to 35% of Q1 2021 sales and 30% of sales in Q4 2021. We continue to experience a positive defense climate, with our A&D program backlog at $768 million, compared to $694 million a year ago. The solid demand in the defense market is a result of a positive tailwind in defense budgets and our strong strategic program alignment and key bookings for ongoing franchise programs.

現在我想回顧一下我們網站上投資者介紹的第 4 頁提到的終端市場。航空航天和國防終端市場佔第一季度總銷售額的 30%，而 2021 年第一季度銷售額和 2021 年第四季度銷售額分別為 35% 和 30%。我們繼續經歷積極的國防環境，我們的 A&D 計劃積壓為 7.68 億美元，與一年前的 6.94 億美元相比。國防市場的強勁需求是國防預算的積極順風以及我們強大的戰略計劃調整和正在進行的特許經營計劃的關鍵預訂的結果。

The fiscal year 2022 Omnibus Appropriations Bill was signed into law on March 15 and provides for approximately 4.5% year-on-year growth in defense spending. In addition, the White House request for fiscal year '23 defense spending shows growth of approximately 4% over the fiscal year 2022 enacted budget and is the largest proposed budget to date.

2022 財年綜合撥款法案於 3 月 15 日簽署成為法律，規定國防開支同比增長約 4.5%。此外，白宮對 23 財年國防開支的要求顯示，比 2022 財年頒布的預算增長了約 4%，是迄今為止最大的擬議預算。

During the quarter, we saw significant bookings for the AN/TPS-80 Ground/Air Task-Oriented Radar, or G/ATOR, and the [RSS Skynet] programs. We expect sales in Q2 from this end market to represent about 31% of our total sales. This does not include any contribution from Telephonics as the acquisition has not yet closed.

在本季度，我們看到了 AN/TPS-80 地面/空中任務導向雷達或 G/ATOR 和 [RSS 天網] 計劃的大量預訂。我們預計該終端市場第二季度的銷售額將占我們總銷售額的 31% 左右。這不包括 Telephonics 的任何貢獻，因為收購尚未完成。

The medical/industrial/instrumentation end market contributed 21% of our total sales in the first quarter, compared to 17% in the year ago quarter and 19% in the fourth quarter of 2021. The MI&I market set a new quarterly record as it was up 33% year-on-year, exceeding $100 million in revenue for the fourth quarter in a row and performing much better than expectations, as we saw broad-based strength across all segments. For the second quarter, we expect MI&I to be 19% of revenues with a continued strong demand environment.

醫療/工業/儀器終端市場在第一季度貢獻了我們總銷售額的 21%，而去年同期為 17%，2021 年第四季度為 19%。MI&I 市場創下了新的季度記錄同比增長 33%，連續第四季度收入超過 1 億美元，表現遠好於預期，因為我們看到所有領域的廣泛實力。對於第二季度，我們預計 MI&I 將佔收入的 19%，需求環境持續強勁。

Automotive sales represented 20% of total sales during the first quarter of 2022, compared to 18% in the year ago quarter and 19% during the fourth quarter of 2021. Automotive grew 21% year-over-year and also exceeded $100 million. There continues to be strong demand for automotive PCB, but the combined impact of supply chain disruptions caused by COVID, the Ukraine-Russia conflict and semiconductor shortages are all impacting automotive OEM production. In the near term, demand remains above our available capacity, particularly in the second quarter, as our largest automotive PCB facility production levels will be slightly impacted by new equipment installations and downtime for scheduled facility maintenance. As a result, we expect our automotive PCB business to contribute 18% of total sales in Q2.

2022 年第一季度，汽車銷售額佔總銷售額的 20%，而去年同期為 18%，2021 年第四季度為 19%。汽車銷售額同比增長 21%，也超過 1 億美元。對汽車 PCB 的需求持續強勁，但 COVID 引起的供應鏈中斷、烏克蘭-俄羅斯衝突和半導體短缺的綜合影響都在影響汽車 OEM 生產。在短期內，需求仍高於我們的可用產能，特別是在第二季度，因為我們最大的汽車 PCB 設施生產水平將受到新設備安裝和定期設施維護停機時間的輕微影響。因此，我們預計我們的汽車 PCB 業務將在第二季度貢獻總銷售額的 18%。

Sales in the data center computing end market represented 16% of total sales in the first quarter, compared to 14% in Q1 of 2021 and 15% in the fourth quarter of 2021. This end market was up 27% year-on-year, due primarily to growth from our data center customers. We expect revenues in this end market to represent approximately 17% of second quarter sales as strong data center demand continues to drive year-on-year growth.

數據中心計算終端市場的銷售額佔第一季度總銷售額的 16%，而 2021 年第一季度為 14%，2021 年第四季度為 15%。該終端市場同比增長 27%，主要是由於我們的數據中心客戶的增長。由於強勁的數據中心需求繼續推動同比增長，我們預計該終端市場的收入將約佔第二季度銷售額的 17%。

Networking/communications accounted for 13% of revenue during the first quarter of 2022. This compares to 15% in the first quarter of 2021 and 16% of revenue in the fourth quarter of 2021. We saw relative strength on a year-on-year basis in networking as compared to telecom as we continue to allocate capacity for high layer count boards to our data center computing and networking customers. In the second quarter, we expect this end market to be 14% of revenue as networking continues to grow.

網絡/通信佔 2022 年第一季度收入的 13%。相比之下，2021 年第一季度為 15%，2021 年第四季度為 16%。我們看到同比增長相對強勁與電信相比，我們在網絡基礎上繼續為我們的數據中心計算和網絡客戶分配高層計數板的容量。在第二季度，隨著網絡繼續增長，我們預計該終端市場將佔收入的 14%。

Next, I'll cover some details from the first quarter. This information is also available on Page 5 of our earnings presentation. During the quarter, our advanced technology business, which includes HDI, rigid flex and RF subsystems and components, accounted for approximately 33% of our revenue. This compares to approximately 31% in the year ago quarter and 31% in the fourth quarter. We are continuing to pursue new business opportunities and increased customer design engagement activities that will leverage our advanced technology capabilities in new programs and in new markets.

接下來，我將介紹第一季度的一些細節。此信息也可在我們的收益報告的第 5 頁上找到。本季度，我們的先進技術業務（包括 HDI、剛撓性和射頻子系統及組件）約占我們收入的 33%。相比之下，去年同期約為 31%，第四季度約為 31%。我們將繼續尋求新的商業機會並增加客戶設計參與活動，這將在新項目和新市場中利用我們的先進技術能力。

Capacity utilization in Asia Pacific was 85% in Q1, compared to 80% in the year ago quarter and 88% in Q4. Our overall capacity utilization in North America was 46% in Q1, compared to 55% in the year ago quarter and 50% in Q4. This lower rate was caused by the additional plating capacity that we added in North America during the quarter and the challenges posed by COVID-19 absences and direct labor shortages. The quarterly decline in capacity utilization in Asia was due to the Chinese New Year holiday.

第一季度亞太地區的產能利用率為 85%，而去年同期為 80%，第四季度為 88%。第一季度我們在北美的整體產能利用率為 46%，而去年同期為 55%，第四季度為 50%。這一較低的比率是由於我們在本季度在北美增加了額外的電鍍能力以及 COVID-19 缺勤和直接勞動力短缺帶來的挑戰。亞洲產能利用率的季度下降是由於農曆新年假期。

Our top 5 customers contributed 33% of total sales in the first quarter of 2022, compared to 32% in the fourth quarter of 2021. We had one customer above 10% in the quarter. At the end of Q1, our 90-day backlog, which is subject to cancellations, was $605.3 million, compared to $540.5 million at the end of the first quarter last year and $597.2 million at the end of Q4. Our PCB book-to-bill ratio was 1.14 for the 3 months ending April 4. Our backlog is higher than our revenue forecast due to uncertainty around both labor and supply chain challenges for our customers and ourselves.

我們的前 5 名客戶在 2022 年第一季度貢獻了總銷售額的 33%，而 2021 年第四季度為 32%。本季度我們有一個客戶的銷售額超過 10%。在第一季度末，我們的 90 天積壓訂單（可能會被取消）為 6.053 億美元，而去年第一季度末為 5.405 億美元，第四季度末為 5.972 億美元。截至 4 月 4 日的 3 個月，我們的 PCB 訂單出貨比為 1.14。由於我們的客戶和我們自己面臨勞動力和供應鏈挑戰的不確定性，我們的積壓訂單高於我們的收入預測。

I'd like to conclude by again highlighting the significant strategic moves that we made in the quarter, with the announced investment in Malaysia and the Telephonics acquisition, both of which will further differentiate TTM. I also want to thank our employees for continuing to contribute to TTM and our critical mission of inspiring innovation for our customers. Despite the inflationary pressures and labor-related challenges we are facing, our business performed better than we expected as a direct result of our employees' and our supply chain partners' concerted efforts to support TTM and our customers.

最後，我想再次強調我們在本季度做出的重大戰略舉措，宣佈在馬來西亞投資和收購 Telephonics，這兩者都將進一步區分迅達。我還要感謝我們的員工繼續為迅達做出貢獻，並感謝我們為客戶激發創新的關鍵使命。儘管我們面臨通脹壓力和與勞工相關的挑戰，但由於我們的員工和供應鏈合作夥伴齊心協力支持迅達和我們的客戶，我們的業務表現比我們預期的要好。

Now Todd will review our financial performance for the first quarter. Todd?

現在托德將審查我們第一季度的財務業績。托德?

Thanks, Tom, and good afternoon, everybody. I'll be reviewing our financial results for the first quarter that are also shown in the press release distributed today as well as on Slide 6 of our earnings presentation, which is posted on our website.

謝謝，湯姆，大家下午好。我將審查我們第一季度的財務業績，這些業績也顯示在今天發布的新聞稿以及我們網站上發布的收益演示文稿的幻燈片 6 中。

For the first quarter, net sales were $581.3 million, compared to $526.4 million in the first quarter of 2021. The year-over-year increase in revenue was due to strong growth in virtually all of our commercial end markets, which more than offset a decline in our aerospace and defense market due to commercial aerospace softness and production challenges in North America.

第一季度，淨銷售額為 5.813 億美元，而 2021 年第一季度為 5.264 億美元。收入同比增長是由於我們幾乎所有商業終端市場的強勁增長，這足以抵消由於北美商業航空航天的疲軟和生產挑戰，我們的航空航天和國防市場下滑。

GAAP operating income for the first quarter of 2022 was $25.9 million, compared to $19.8 million in the first quarter of 2021. On a GAAP basis, net income in the first quarter of 2022 was $17.2 million or $0.17 per diluted share. This compares to a net loss of $3.2 million or $0.03 per diluted share in the first quarter of last year. The remainder of my comments will focus on our non-GAAP financial performance.

2022 年第一季度的 GAAP 營業收入為 2590 萬美元，而 2021 年第一季度為 1980 萬美元。按公認會計原則計算，2022 年第一季度的淨收入為 1720 萬美元或稀釋後每股收益 0.17 美元。相比之下，去年第一季度淨虧損 320 萬美元或每股攤薄收益 0.03 美元。我的其餘評論將集中在我們的非公認會計原則財務業績上。

Our non-GAAP performance excludes nonroutine tax items, M&A-related costs, restructuring costs, certain noncash expense items and other unusual or infrequent items. We present non-GAAP financial information to enable investors to see the company through the eyes of management and to facilitate comparisons with expectations in prior periods.

我們的非公認會計準則業績不包括非常規稅務項目、併購相關成本、重組成本、某些非現金費用項目和其他不尋常或不常見的項目。我們提供非公認會計準則財務信息，以使投資者能夠通過管理層的眼光看待公司，並便於與前期預期進行比較。

Gross margin in the first quarter was 15.9%, compared to 16% in the first quarter of 2021. The year-on-year decline was largely due to labor and production challenges in North America, partially offset by revenue growth in our commercial businesses. During the quarter, we did experience significant material cost increases but we were able to mitigate the profit impact of those increases through manufacturing efficiencies and other price increases. Selling and marketing expense was $17.6 million in the first quarter or 3% of net sales versus $15.6 million or 3% of net sales a year ago. First quarter G&A expense was $29.8 million or 5.1% of net sales, compared to $26.6 million or 5% of net sales in the same quarter of last year.

第一季度毛利率為 15.9%，而 2021 年第一季度為 16%。同比下降主要是由於北美的勞動力和生產挑戰，部分被我們商業業務的收入增長所抵消。在本季度，我們確實經歷了材料成本的顯著增加，但我們能夠通過提高製造效率和其他價格上漲來減輕這些增加對利潤的影響。第一季度的銷售和營銷費用為 1760 萬美元，占淨銷售額的 3%，而一年前為 1560 萬美元，占淨銷售額的 3%。第一季度的 G&A 費用為 2980 萬美元，占淨銷售額的 5.1%，而去年同期為 2660 萬美元，占淨銷售額的 5%。

In the first quarter of 2022, R&D was $5.3 million or 0.9% of revenue, compared to $4.4 million or 0.8% in the year ago quarter. Our operating margin in the first quarter was 6.8%. This compares to 7.2% in the same quarter last year. Interest expense was $10.8 million in the first quarter, unchanged from the same quarter last year. During the quarter, there was a positive $0.1 million of foreign exchange impact below the operating line. Government incentives and interest income increased this to $1 million or a $0.01 impact to EPS. This compares to a $1.8 million or $0.02 impact in Q1 of last year. Our effective tax rate was 15% in the first quarter, resulting in tax expense of $4.5 million. This compares to a rate of 12% or tax expense of $3.4 million in the prior year.

2022 年第一季度，研發為 530 萬美元或占收入的 0.9%，而去年同期為 440 萬美元或 0.8%。我們第一季度的營業利潤率為 6.8%。相比之下，去年同期為 7.2%。第一季度的利息支出為 1080 萬美元，與去年同期持平。本季度，在運營線以下產生了 10 萬美元的正外匯影響。政府激勵措施和利息收入將其增加到 100 萬美元或對每股收益產生 0.01 美元的影響。相比之下，去年第一季度的影響為 180 萬美元或 0.02 美元。我們第一季度的有效稅率為 15%，導致稅收支出為 450 萬美元。相比之下，上一年的稅率為 12% 或稅費為 340 萬美元。

First quarter net income was $25.3 million or $0.24 per diluted share. This compares to first quarter net income in 2021 of $25.3 million or $0.23 per diluted share. Adjusted EBITDA for the first quarter was $62 million, compared with first quarter 2021 adjusted EBITDA of $61 million. Depreciation for the quarter was $21.5 million. Net capital spending for the quarter was $23.4 million, and cash flow from operations was $36 million.

第一季度淨收入為 2530 萬美元或每股攤薄收益 0.24 美元。相比之下，2021 年第一季度的淨收入為 2530 萬美元或每股攤薄收益 0.23 美元。第一季度調整後 EBITDA 為 6200 萬美元，而 2021 年第一季度調整後 EBITDA 為 6100 萬美元。本季度折舊為 2150 萬美元。本季度的淨資本支出為 2340 萬美元，運營現金流為 3600 萬美元。

During the fourth quarter, we repurchased 2.4 million shares of our common stock under our previously announced $100 million stock repurchase program at an average price of $12.74, for a total of $30.2 million. As of today, we have completed the $100 million stock buyback program and have repurchased a total of 7.5 million shares of our stock.

在第四季度，我們根據之前宣布的 1 億美元股票回購計劃以平均 12.74 美元的價格回購了 240 萬股普通股，總計 3020 萬美元。截至今天，我們已經完成了 1 億美元的股票回購計劃，並回購了總共 750 萬股我們的股票。

Our balance sheet and liquidity positions remain very strong. Cash and cash equivalents at the end of the first quarter of 2022 were $519.1 million. And our net debt divided by last 12 months EBITDA was 1.5. We plan to fund the $330 million acquisition of Telephonics from our cash balance, which would increase our net leverage to 2.5x, above our target of 2x. We will likely not increase the stock buyback authorization until our leverage comes back down below 2x.

我們的資產負債表和流動性狀況仍然非常強勁。 2022 年第一季度末的現金和現金等價物為 5.191 億美元。我們的淨債務除以過去 12 個月的 EBITDA 為 1.5。我們計劃從我們的現金餘額中為收購 Telephonics 提供 3.3 億美元的資金，這將使我們的淨槓桿率增加到 2.5 倍，高於我們 2 倍的目標。在我們的槓桿率回落到 2 倍以下之前，我們可能不會增加股票回購授權。

Now I'd like to turn to guidance for the second quarter. In the second quarter, we expect stronger revenue globally and improving operating conditions in North America. We expect total revenue for the second quarter of 2022 to be in the range of $580 million to $620 million, and we expect non-GAAP earnings to be in the range of $0.30 to $0.36 per diluted share. This guidance does not include any contribution from the previously announced acquisition of Telephonics as we are awaiting regulatory approvals prior to closing.

現在我想轉向第二季度的指導。在第二季度，我們預計全球收入將增加，北美運營狀況將有所改善。我們預計 2022 年第二季度的總收入將在 5.8 億美元至 6.2 億美元之間，我們預計非 GAAP 收益將在每股攤薄收益 0.30 美元至 0.36 美元之間。本指南不包括先前宣布的 Telephonics 收購的任何貢獻，因為我們在交易完成前正在等待監管部門的批准。

The EPS forecast is based on a diluted share count of approximately 103 million shares, which includes dilutive securities such as options and RSUs. We expect SG&A expense to be about 8% of revenue in the second quarter and R&D to be about 0.9% of revenue. We expect interest expense to total approximately $10.8 million. And finally, we estimate our effective tax rate to be between 12% and 18%.

每股收益預測基於約 1.03 億股的稀釋股數，其中包括期權和 RSU 等稀釋性證券。我們預計 SG&A 費用將佔第二季度收入的 8% 左右，研發費用將佔收入的 0.9% 左右。我們預計利息支出總額約為 1080 萬美元。最後，我們估計我們的有效稅率在 12% 到 18% 之間。

To assist you in developing your financial models, we offer the following additional information. During the second quarter, we expect to record amortization of intangibles of about $9.7 million, stock-based compensation expense of about $4.1 million, noncash interest expense of approximately $0.5 million, and we estimate depreciation expense will be approximately $21.6 million.

為了幫助您開發財務模型，我們提供以下附加信息。在第二季度，我們預計無形資產攤銷約為 970 萬美元，股票補償費用約為 410 萬美元，非現金利息費用約為 50 萬美元，我們估計折舊費用約為 2160 萬美元。

Finally, I'd like to announce that we'll be participating in several conferences over the next several weeks, starting with the Barclays High Yield Bond and Syndicated Loan Conference on May 24; the JPMorgan Global Technology, Media and Communications Conference on May 25; the Craig-Hallum Institutional Investor Conference on June 1; the UBS Global Industrials and Transportation Conference on June 7; the Baird Global Consumer Technology and Services Conference on June 8; and the Stifel Cross Sector Insight Conference on June 9.

最後，我想宣布，我們將在接下來的幾週內參加幾場會議，從 5 月 24 日的巴克萊高收益債券和銀團貸款會議開始； 5 月 25 日摩根大通全球技術、媒體和傳播會議； 6 月 1 日的 Craig-Hallum 機構投資者會議； 6月7日瑞銀全球工業和交通會議； 6 月 8 日的 Baird 全球消費者技術和服務會議；以及 6 月 9 日的 Stifel 跨部門洞察會議。

That concludes our prepared remarks. And now I'd like to open the line for questions. Danielle?

我們準備好的發言到此結束。現在我想打開電話提問。丹妮爾？

(Operator Instructions) We'll take our first question from the line of Jim Ricchiuti.

（操作員說明）我們將從 Jim Ricchiuti 的台詞中提出第一個問題。

A couple of questions. Just first on gross margins. I know there's moving parts here, but is it fair to characterize the Q1 gross margin as a trough here because we've got -- it sounds like a little better mix coming up in Q2 with a higher A&D, the volume, and I don't know if the COVID pressures that you alluded to have continued in areas like China. But I'm wondering how we might think about gross margins.

幾個問題。首先是毛利率。我知道這裡有一些變動的部分，但是將第一季度的毛利率描述為一個低谷是否公平，因為我們已經得到了——這聽起來像是在第二季度出現了更好的組合，更高的 A&D、數量，我不不知道您提到的 COVID 壓力是否在中國等地區持續存在。但我想知道我們如何看待毛利率。

Well, all things being equal, and that's a big qualifier, right? But generally speaking, in a cycle now when you look at our seasonality, Q1 is always going to be a very challenging quarter primarily because of Chinese New Year. And so that always puts pressure on revenue and costs to try to work our way through that holiday season.

好吧，所有事情都是平等的，這是一個很大的限定詞，對吧？但總的來說，在現在的周期中，當您查看我們的季節性時，第一季度總是會是一個非常具有挑戰性的季度，主要是因為農曆新年。因此，這總是會給收入和成本帶來壓力，以努力度過那個假期。

This year, that is a little more pronounced because of the strategy that we implemented regarding compensation in North America, to increase our competitiveness and stabilizing our workforce and attracting new workers into our business. And so as I indicated last quarter when we had this call, we were expecting a pretty significant short-term hit in Q1 because we're implementing these costs. And I've estimated those costs to be around 130 basis point margin hit in Q1.

今年，由於我們在北美實施了有關薪酬的戰略，以提高我們的競爭力、穩定我們的勞動力並吸引新員工進入我們的業務，這一點更加明顯。正如我在上個季度接到這個電話時所說的那樣，我們預計第一季度會有相當大的短期打擊，因為我們正在實施這些成本。我估計這些成本在第一季度達到了大約 130 個基點的利潤率。

We also mentioned that we've taken actions to mitigate those costs through price adjustments back in December. But it will be a timing issue before those adjustments actually begin to show up in our P&L as a result of pretty significant backlogs. And so we have to work through those backlogs before the new pricing really takes effect.

我們還提到，我們已在 12 月採取行動通過價格調整來降低這些成本。但由於大量積壓，在這些調整真正開始出現在我們的損益表中之前，這將是一個時間問題。因此，我們必須在新定價真正生效之前解決這些積壓的問題。

So Q1 is definitely a low mark, you see our Q2 coming back. And absent some dramatic shifts in the economy, we would expect to regain and improve as we go through the year as a result of these price increases starting to take effect more in the second half of the year.

所以第一季度肯定是一個低分，你會看到我們的第二季度回來了。如果經濟沒有發生一些戲劇性的變化，由於這些價格上漲在下半年開始發揮作用，我們預計會在今年恢復和改善。

Got it. And a question on the new facility going into Malaysia. First off, I may have missed it. I'm sure you mentioned it, but when do you expect that to be up and running? And -- but the bigger question that I had is just as it relates to the new facility, you've talked in the past about introducing more automation into your facilities, and I'm wondering if there's anything you're doing differently. I know that you still have benefit from low labor costs there. But if there's anything you're doing differently in terms of the type of equipment, the automation that you might be incorporating in this facility.

知道了。還有一個關於進入馬來西亞的新設施的問題。首先，我可能錯過了它。我確定您提到過它，但是您希望它何時啟動並運行？而且 - 但我遇到的更大問題與新設施有關，您過去曾談到在您的設施中引入更多自動化，我想知道您是否正在做任何不同的事情。我知道您仍然可以從那裡的低勞動力成本中受益。但是，如果您在設備類型方面所做的任何事情有所不同，那麼您可能會在該設施中加入自動化。

Yes. Sure, Jim. Yes. So the facility in the Malaysia will be starting its ramp in the second half of next year. And then we'll be gradually ramping that capacity, so by the end of 2024, we should be close to full capacity. We do have room for an additional 25% or so of additional Phase 2 capacity in the planned building. But first things first, we're going to bring this up throughout -- latter half of '23 into -- through '24, should be at full in the end of 2024 or early 2025, and then we'll be looking at what to do going forward.

是的。當然，吉姆。是的。因此，馬來西亞的工廠將於明年下半年開始投入使用。然後我們將逐步提高產能，因此到 2024 年底，我們應該接近滿負荷。我們確實有空間在計劃中的建築中增加 25% 左右的額外第二階段容量。但首先，我們將在整個 23 年下半年到 24 年提出這個問題，應該在 2024 年底或 2025 年初全面完成，然後我們將看看什麼繼續前進。

From an automation standpoint, absolutely right, we have been automating our facilities over time. But that's -- in that case, we're actually going back and incorporating automation into the facilities versus being able to start from a greenfield approach. So what you'll see in this facility, it's a single floor. You're looking at a facility that's a little bit more than 700,000 -- it's about 750,000 square feet. So a very large single-floor facility. We're going to be optimizing production flow.

從自動化的角度來看，絕對正確，隨著時間的推移，我們一直在自動化我們的設施。但那是 - 在這種情況下，我們實際上是在回歸併將自動化整合到設施中，而不是能夠從綠地方法開始。所以你會在這個設施中看到，它是一個單一的樓層。您正在尋找一個超過 700,000 人的設施——大約 750,000 平方英尺。所以一個非常大的單層設施。我們將優化生產流程。

And then the automation -- and when we use the term automation, we're talking not just about robotic loading, we're talking about robots being incorporated into the equipment itself. The plating equipment being a great example. But we're going to be taking a -- it's going to be a great opportunity to incorporate automation from the front of the line to the back of the line as well as Industry 4.0 practices from the standpoint of how we share the data, bring the data in from the various platforms, and then use that data to optimize our production and our yields.

然後是自動化——當我們使用自動化這個詞時，我們談論的不僅僅是機器人裝載，我們談論的是機器人被整合到設備本身中。電鍍設備就是一個很好的例子。但我們將採取 - 從我們如何共享數據的角度來看，這將是一個將生產線前端到後端的自動化以及工業 4.0 實踐結合起來的絕佳機會，帶來來自各種平台的數據，然後使用這些數據來優化我們的生產和產量。

So yes, we're going to be taking a -- this is a facility, you can -- yes, certainly located in Southeast Asia, but we're looking at optimizing that revenue per employee in the facility through the use of automation.

所以，是的，我們將採取 - 這是一個設施，你可以 - 是的，當然位於東南亞，但我們正在考慮通過使用自動化來優化設施中每個員工的收入。

We'll take our next question from the line of Mike Crawford.

我們將從邁克克勞福德的行中提出下一個問題。

Just further to Malaysia, how much of the capacity of that facility, once it's fully ramped up around the end of 2024, is expected to be shifted from some of your Southern China operations versus any new business won from customers? And then ancillary to that is, what are you looking for that would then reload your China capacity?

再到馬來西亞，該設施的產能在 2024 年底左右全面提升後，預計將從您的一些華南業務轉移，而不是從客戶那裡贏得任何新業務？然後附帶的是，您在尋找什麼可以重新加載您的中國產能？

Yes. So -- and of course, that's -- it's difficult to say, Mike, for sure, right, because we have programs that are ongoing in China that almost certainly will stay in China. We have programs that may be early in life where the customers are going to say, "Okay, let's put that program into Southeast Asia, combine with China." And then we'll -- we may see a little bit of transfer from China into Malaysia, but that will be pretty insignificant. I mean I think as we looked at it, somewhere, if you're looking at a facility the size of about $180 million in revenue, looking at 10%-ish of that being potentially transfer, but again, not a bad thing because it's going to help us with the start-up efforts but something that -- as we talk to our customers and as they go through their program planning, we're expecting to be relatively insignificant.

是的。所以——當然，那是——很難說，邁克，肯定是對的，因為我們有在中國進行的項目，幾乎肯定會留在中國。我們有一些可能在生命早期的項目，客戶會說，“好吧，讓我們把這個項目放到東南亞，與中國結合。”然後我們會 - 我們可能會看到從中國到馬來西亞的一點點轉移，但這將是微不足道的。我的意思是我認為當我們看到它時，在某個地方，如果您正在查看一個收入規模約為 1.8 億美元的設施，則考慮其中 10% 的潛在轉讓，但同樣，這不是一件壞事，因為它是將幫助我們進行啟動工作，但是當我們與客戶交談以及他們進行計劃規劃時，我們預計相對而言微不足道。

The critical advantage here for our customers is that if they'll be able to cross-qualify programs, so put a piece of a program into Southeast Asia or at least a qualification effort in Southeast Asia and know that they have an option outside of our China facilities and vice versa. You do the same thing in terms of placing business into Southeast Asia with the option of ramping either in Southeast Asia or in China. So that's the real opportunity here from a customer standpoint.

對於我們的客戶來說，這裡的關鍵優勢是，如果他們能夠交叉認證項目，那麼將一個項目放入東南亞或至少在東南亞進行認證工作，並知道他們在我們之外還有其他選擇中國設施，反之亦然。在將業務推向東南亞方面，你做同樣的事情，可以選擇在東南亞或中國進行擴張。所以從客戶的角度來看，這是真正的機會。

Okay. And then just switching gears slightly. You mentioned the new equipment being installed to support your automotive efforts because you're at capacity now. So what kind of lift in capacity will you get from that? And then I guess I'm going to go ancillary to that question as well as, wouldn't automotive be one of the main verticals that would lead you to continue your search for additional regional capacity in Europe?

好的。然後只是稍微換檔。您提到了正在安裝的新設備來支持您的汽車工作，因為您現在已經滿負荷運轉。那麼你會從中獲得什麼樣的能力提升呢？然後我想我會輔助回答這個問題，汽車不是會導致您繼續在歐洲尋找更多區域產能的主要垂直領域之一嗎？

So the answer on the first side is actually part of an effort that we have in upgrading the facility, so you're not going to see huge incremental capacity. We'll see a moderate level of capacity increase and you can think about that as on the order over time of approximately $20 million. But the real important aspect of the equipment that we're putting into our automotive facility is that we are upgrading that facility and also incorporating more automation as we do so. And then it replaces equipment that is out of date, if you will, or equipment that is less optimal. So that's what we're doing there. And of course, as you install equipment, it's a little bit disruptive to production flow. So that's where we lose a little bit of the incremental capacity for a quarter and we'll be right back at it next quarter.

所以第一方面的答案實際上是我們在升級設施方面所做的努力的一部分，所以你不會看到巨大的增量容量。我們將看到產能適度增長，您可以將其視為隨著時間的推移大約 2000 萬美元的訂單。但我們投入汽車設施的設備的真正重要方面是我們正在升級該設施並在我們這樣做的同時加入更多的自動化。然後它會替換過時的設備（如果您願意的話）或不太理想的設備。這就是我們在那裡所做的。當然，當您安裝設備時，它會對生產流程造成一點干擾。所以這就是我們在一個季度失去一點增量容量的地方，我們將在下個季度重新開始。

Europe was the other question, right? So yes, as we -- certainly from a quick turn standpoint, we continue to be on the watch for what we might be able to do in Europe to support automotive, but also medical/industrial/instrumentation customers in Europe. That's an area that we've been making some progress on. And so as we look at our product mix, our European business continues to grow. It's MII, automotive and actually a little bit of aerospace and defense. As we look at continuing to build out our footprint, that's sort of the one area that we haven't yet got the right facility for, and so we'll continue to look there.

歐洲是另一個問題，對吧？所以是的，正如我們 - 當然從快速轉變的角度來看，我們繼續關注我們在歐洲可能能夠做些什麼來支持歐洲的汽車以及醫療/工業/儀器客戶。這是我們一直在取得一些進展的領域。因此，當我們審視我們的產品組合時，我們的歐洲業務繼續增長。它是 MII、汽車，實際上還有一點航空航天和國防。當我們著眼於繼續擴大我們的足跡時，這是我們尚未獲得合適設施的一個領域，因此我們將繼續關注那裡。

Certainly with Southeast Asia coming on in a year, that's going to be a big area. That's the real focus for us in terms of volume manufacturer and -- while our automotive customers are satisfied with our capacity in China and looking to even see us build on that over time. It's really our other customer sets in data center, networking and medical/industrial/instrumentation that where they're looking for that supply chain resiliency piece.

當然，隨著東南亞在一年內出現，這將是一個很大的領域。就批量製造商而言，這是我們真正關注的重點，而我們的汽車客戶對我們在中國的產能感到滿意，甚至希望看到我們隨著時間的推移在此基礎上再接再厲。實際上，我們在數據中心、網絡和醫療/工業/儀器儀表領域的其他客戶群正在尋找供應鏈彈性部分。

(Operator Instructions) We'll take our next question from the line of Travis Bucknall.

（操作員說明）我們將從 Travis Bucknall 的行中提出下一個問題。

I'm calling on behalf of Will Stein today. I know you've touched this earlier, you touched on how COVID has impacted your operations. Could you please also tell us if or how you're seeing any supplier demand disruptions from the ongoing war in Ukraine?

我今天代表 Will Stein 打電話。我知道您之前已經談到過這一點，您談到了 COVID 如何影響您的運營。您能否也告訴我們，您是否或如何看到烏克蘭正在進行的戰爭導致供應商需求中斷？

So supply chain disruptions from the COVID situation?

那麼，COVID 情況會導致供應鏈中斷嗎？

Well, I'm wondering also...

嗯，我也想知道...

Sorry, Ukraine, Russia. Okay, I understand. So yes, so in terms of the Ukraine-Russia conflict, the biggest -- there really haven't been direct impacts in terms of the supply chain. What we're seeing are more what I'd call indirect. And that indirect impact has been on metal pricing, particularly if you look at palladium pricing and copper pricing. Bouncing all over the place is one way to put it, but we did see increases early in the quarter as the conflict began. Lately, we've seen that shifting a bit.

對不起，烏克蘭，俄羅斯。好吧，我明白。所以是的，所以就烏克蘭與俄羅斯的衝突而言，最大的衝突——在供應鏈方面確實沒有直接影響。我們所看到的更多的是我所說的間接。這種間接影響一直在影響金屬定價，特別是如果你看一下鈀價和銅價的話。到處彈跳是一種說法，但隨著衝突的開始，我們確實在本季度初看到了增長。最近，我們看到這種情況發生了一些變化。

We are expecting an impact in terms of our costing as the copper pricing, in particular, flows into laminate. But those increases we contemplated the potential continuing inflationary impacts as we looked at the price adjustments that we had to make back in December. So our view is that we'll be able to absorb those at least short term. And again, watching what is a pretty volatile metal pricing environment to see if there's any real structural cost changes that flow through. So far, I think we're in fairly good shape there.

我們預計，隨著銅定價特別是流入層壓板，我們的成本計算會受到影響。但是，當我們查看我們在 12 月必須進行的價格調整時，我們考慮了潛在的持續通脹影響。所以我們的觀點是，我們至少能夠在短期內吸收這些。再一次，觀察一個非常不穩定的金屬定價環境，看看是否有任何真正的結構性成本變化流過。到目前為止，我認為我們在那裡的狀態相當不錯。

Okay. And then I have a similar follow-up. I'm curious if you've been seeing that this war -- has it triggered any accelerated design or production activity in your military end market?

好的。然後我有一個類似的跟進。我很好奇你是否已經看到這場戰爭——它是否在你的軍事終端市場引發了任何加速的設計或生產活動？

So yes, interesting question. We have some historical content there with some several programs that have been impacted where inventories are being drawn down. It does take a while. As you know, when budgets are passed, it usually takes a year, 1.5 years for the budget to then impact us in terms of actual program release. In this case, as you watch inventories come down, you can sort of take the same view. It's going to be something that over the course of the year, we'll probably start hearing about from customers and it would have a positive impact on us. But again, relatively small, but certainly a positive development in terms of demand as we look through the sort of the back half of this year into next year.

所以，是的，有趣的問題。我們在那裡有一些歷史內容，其中一些項目受到了影響，這些項目正在減少庫存。確實需要一段時間。如您所知，當預算通過時，預算通常需要一年，1.5 年的時間才能影響我們的實際計劃發布。在這種情況下，當您看到庫存下降時，您可以採取相同的觀點。在這一年中，我們可能會開始從客戶那裡聽到這件事，這將對我們產生積極影響。但同樣，相對較小，但在需求方面肯定是一個積極的發展，因為我們從今年下半年到明年。

(Operator Instructions) There are no further questions at this time. Mr. Edman, I'd like to turn the conference back to you for any additional closing remarks.

（操作員說明）目前沒有其他問題。埃德曼先生，我想把會議轉回給你，讓你做任何額外的閉幕詞。

Thank you, Danielle, and thank you all for joining us. Just wanted to emphasize some of the points that I made earlier.

謝謝你，丹妮爾，謝謝大家加入我們。只是想強調我之前提出的一些觀點。

First, we delivered revenues at the high end and earnings above the midpoint of guidance. We did that in the face of production and labor inefficiencies in North America and global inflationary pressures. Second, our end market diversification allowed us to again experience solid year-on-year revenue growth of 10.4%. Third, we used our cash generation to continue to repurchase our stock. And fourth, we continue to take major steps in moving our strategy forward with differentiation, with the expansion into Malaysia as well as the Telephonics acquisition.

首先，我們實現了高端收入和高於指導中點的收益。面對北美的生產和勞動力效率低下以及全球通脹壓力，我們這樣做了。其次，我們的終端市場多元化使我們再次實現了 10.4% 的穩健收入同比增長。第三，我們利用我們的現金產生繼續回購我們的股票。第四，我們繼續採取重大步驟推進我們的差異化戰略，向馬來西亞擴張以及收購 Telephonics。

I'd just like to close by thanking all of you again for joining this call, and we look forward to your continued support as we move into next quarter. Thank you very much.

最後，我想再次感謝大家加入本次電話會議，我們期待在我們進入下個季度時繼續獲得您的支持。非常感謝你。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。