TTM Technologies Inc (TTMI) 2018 Q2 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the TTM Technologies, Inc.

歡迎來到迅達科技有限公司

Second Quarter Earnings Call.

第二季財報電話會議。

At this time, I would like to turn the call over to Sameer Desai, Senior Director of Corporate Development and Investor Relations.

現在，我想將電話轉給公司發展和投資者關係高級總監 Sameer Desai。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

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.

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 TTM 未來業務前景相關的陳述。

Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the factors explained in our most recent annual report on Form 10-K and our other filings with the Securities and Exchange Commission.

由於一種或多種風險和不確定性，實際結果可能與這些前瞻性陳述有重大差異，包括我們最新的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件中解釋的因素。

These forward-looking statements are based on management's expectations and assumptions as of the date of this presentation.

這些前瞻性陳述是基於管理階層截至本簡報發布之日的預期和假設。

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.

TTM 不承擔公開更新或修改任何這些聲明的義務，無論是由於新資訊、未來事件或其他情況（法律要求除外）。

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.

請參閱有關可能影響 TTM 的風險的揭露，這些資訊可以在表格 10-K、10-Q、8-K 的報告、表格 S-4 的註冊聲明以及公司其他 SEC 備案文件中找到。

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

我們也會在本次電話會議上討論某些非公認會計準則財務指標，例如調整後的 EBITDA。

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

此類措施不應被視為替代根據 GAAP 準備和提出的措施，我們會指導您對公司新聞稿中包含的非 GAAP 與 GAAP 措施進行協調，該新聞稿已向 SEC 備案並可獲取請訪問TTM 網站www.ttm.com。

I would now like to turn the call over to Tom Edman, TTM's Chief Executive Officer.

我現在想將電話轉給 TTM 執行長 Tom Edman。

Please go ahead, Tom.

請繼續，湯姆。

Thank you, Sameer.

謝謝你，薩米爾。

Good afternoon, and thank you for joining us for our second quarter 2018 conference call.

下午好，感謝您參加我們的 2018 年第二季電話會議。

I'll begin with a review of our business strategy, including highlights from the quarter, followed by a discussion of our second quarter results.

我將首先回顧我們的業務策略，包括本季的亮點，然後討論我們第二季的業績。

Todd Schull, our CFO, will follow with an overview of our Q2 2018 financial performance and our Q3 2018 guidance.

我們的財務長 Todd Schull 隨後將概述我們 2018 年第二季的財務表現和 2018 年第三季的指導。

We will then open the call to your questions.

然後我們將開始電話詢問您的問題。

First of all, I would like to thank all of our employees for their achievements in the second quarter in 2018 for TTM Technologies.

首先，我要感謝所有員工在 2018 年第二季為 TTM Technologies 所取得的成就。

This was the first quarter that we included Anaren's results, and I was very pleased with their contribution.

這是我們納入 Anaren 成果的第一季度，我對他們的貢獻非常滿意。

We achieved the highest revenues for a second quarter in the history of the company, and non-GAAP EPS was above the high end of guidance despite some challenging seasonal trends.

我們第二季度實現了公司歷史上最高的收入，儘管存在一些具有挑戰性的季節性趨勢，但非公認會計原則每股收益仍高於指導上限。

We continue on our path toward diversification of our end markets and differentiation of our capabilities.

我們繼續走終端市場多元化和能力差異化的道路。

The last several months have validated many of the elements of the strategy, which we have communicated over the past 2 years and further elaborated on during our Analyst Day presentation in May.

過去幾個月驗證了該策略的許多要素，我們在過去兩年中對此進行了溝通，並在 5 月的分析師日演講中進一步闡述了這些要素。

First, the diversification of our end markets helped to reduce quarterly volatility and grow total company revenues in what was a challenging quarter in one of our end markets.

首先，我們終端市場的多元化有助於減少季度波動，並在終端市場充滿挑戰的季度增加公司總收入。

Specifically, growth in our aerospace and defense, automotive, computing and medical/industrial/instrumentation end markets helped to offset difficult conditions in the cellular end market.

具體來說，我們的航空航太和國防、汽車、計算和醫療/工業/儀器終端市場的成長有助於抵消蜂窩終端市場的困難狀況。

Second, we continue on our path towards differentiation in the automotive and aerospace and defense end markets.

其次，我們繼續在汽車、航空航太和國防終端市場上邁向差異化。

The automotive end market continues to be a core growth driver due to increasing electronics content as well as the adoption of advanced technologies.

由於電子含量的增加以及先進技術的採用，汽車終端市場仍然是核心成長動力。

We see 4 key megatrends driving automotive PCB content growth: one, vehicle safety and autonomous driving; number two, increasing adoption of hybrid and electric vehicles; number three, advanced infotainment; and number four, increased connectivity.

我們看到推動汽車PCB含量成長的4個關鍵大趨勢：一是車輛安全和自動駕駛；第二，越來越多地採用混合動力和電動車；第三，先進的資訊娛樂系統；第四，增強連通性。

Estimates of $62 in PCB content per vehicle in 2016 are expected to grow to $75 by 2020.

2016 年每輛車的 PCB 含量估計為 62 美元，預計到 2020 年將增加至 75 美元。

Some hybrid and electric vehicles currently employ well over $150 of PCBs per vehicle.

目前，一些混合動力和電動車每輛車使用的 PCB 成本遠遠超過 150 美元。

Despite concerns of trade wars, automotive sales for the first half of 2018 have been solid.

儘管貿易戰擔憂，2018 年上半年汽車銷售依然穩健。

China unit sales were up 5.6%, with sales of electric vehicle and hybrid cars more than doubling.

中國銷量成長 5.6%，其中電動車和混合動力汽車銷量成長了一倍以上。

NIO, a Chinese-based electric car company, filed in May to go public.

蔚來是一家中國電動車公司，於五月申請上市。

Byton, another Chinese electric vehicle start-up, raised $500 million in the second quarter.

另一家中國電動車新創公司拜騰第二季融資 5 億美元。

Waymo plans to buy 62,000 minivans from Fiat Chrysler, dramatically increasing its driverless fleet.

Waymo 計劃從菲亞特克萊斯勒購買 62,000 輛小型貨車，大幅增加其無人駕駛車隊。

In the automotive market, customer engagement begins well before product ramp.

在汽車市場，客戶參與早在產品上市前就開始了。

The growth we are seeing in 2018 is being driven by design wins in 2016 and 2017, with both larger, more established automotive suppliers and OEMs as well as smaller, newer high-growth companies.

我們在2018 年看到的成長是由2016 年和2017 年的設計勝利所推動的，既有規模更大、更成熟的汽車供應商和原始設備製造商，也有規模較小、較新的高成長公司。

This year, we expect product ramps with 12 of these high-growth OEMs in the autonomous vehicle, electric vehicle and sensor areas.

今年，我們預計其中 12 家高成長 OEM 廠商將在自動駕駛汽車、電動車和感測器領域推出產品。

In total, we registered more than 170 new design wins in 2017.

2017 年，我們總共贏得了 170 多項新設計。

In the first quarter of 2018, we won 37 new designs.

2018年第一季度，我們贏得了37個新設計。

And in the second quarter, we won 62 new designs.

第二季度，我們贏得了 62 個新設計。

Finally, we are in qualification with 5 new automotive radar accounts, which brings the total radar customers under qualification to 15.

最後，我們獲得了 5 個新的汽車雷達客戶資格，這使得獲得資格的雷達客戶總數達到 15 個。

The Anaren acquisition represents another critical step in our differentiation strategy.

收購 Anaren 是我們差異化策略的另一個關鍵步驟。

The addition of Anaren will increase our presence in the aerospace and defense end market and greatly enhance our focus on the high-growth radar and satellite portions of that market.

Anaren 的加入將增加我們在航空航太和國防終端市場的影響力，並大大增強我們對該市場高成長雷達和衛星部分的關注。

Anaren's wireless components are also leveraged to the adoption of 5G technology, which will lead to a substantial increase in our future addressable market for these components.

Anaren 的無線組件也可用於 5G 技術的採用，這將導致我們未來這些組件的潛在市場大幅成長。

The process of integrating Anaren into TTM is proceeding on track.

將 Anaren 整合到 TTM 的過程正在按計劃進行。

While our second quarter results reported Anaren as a separate business unit, starting in Q3, Anaren's businesses will be integrated into our existing businesses.

雖然我們第二季的業績報告將 Anaren 作為一個獨立的業務部門，但從第三季開始，Anaren 的業務將整合到我們現有的業務中。

We have already begun the process of identifying revenue synergy opportunities, which will accelerate TTM's future growth.

我們已經開始尋找收入協同機會，這將加速迅達未來的成長。

As I've mentioned before, the major goal of this acquisition is to add to TTM's revenue growth.

正如我之前提到的，此次收購的主要目標是增加 TTM 的收入成長。

The addition of Anaren moves TTM higher up in the value chain, allowing us to engage with customers earlier in the design cycle.

Anaren 的加入使迅達在價值鏈中處於更高的位置，使我們能夠在設計週期的早期與客戶互動。

Our customers can now rely on TTM to deliver a completely designed RF solution to meet their needs.

我們的客戶現在可以依靠 TTM 提供完整設計的射頻解決方案來滿足他們的需求。

In addition, as previously discussed, we have identified $15 million in annualized run rate cost synergies, and we have firm plans to continue executing on these synergies over the 2-year time period following the closure of the acquisition.

此外，如前所述，我們已經確定了 1500 萬美元的年運行率成本協同效應，並且我們有堅定的計劃在收購結束後的 2 年內繼續執行這些協同效應。

Now I'd like to review our end markets.

現在我想回顧一下我們的終端市場。

For TTM, the aerospace and defense end market represented 24% of total second quarter sales compared to 17% of Q2 2017 sales and 18% of sales in Q1 2018.

對迅達來說，航空航太和國防終端市場佔第二季總銷售額的 24%，而 2017 年第二季銷售額為 17%，2018 年第一季銷售額為 18%。

Anaren accounted for approximately 7 points of Q2 revenues, and we saw meaningful upside from Anaren in the second quarter due to strength in RF subassemblies for military applications.

Anaren 約佔第二季度收入的 7 個百分點，由於軍事應用射頻組件的實力，我們在第二季度看到了 Anaren 的顯著增長。

For our core A&D business, year-over-year growth was 16% and reached a record high, driven by our larger defense customers.

在我們較大的國防客戶的推動下，我們的核心 A&D 業務年增 16%，創下歷史新高。

Core A&D program backlog rose to $292 million from $269 million last quarter, which is also a record level for TTM.

核心 A&D 專案積壓從上個季度的 2.69 億美元增至 2.92 億美元，這也是 TTM 的創紀錄水準。

Including Anaren, total program backlog at the end of Q2 was $450 million versus what would have been $427 million in Q1 on a pro forma basis.

包括 Anaren 在內，第二季末的計畫積壓總額為 4.5 億美元，而以預計計算，第一季為 4.27 億美元。

We expect sales in Q3 from this end market to represent about 22% of our total sales.

我們預計第三季該終端市場的銷售額將占我們總銷售額的 22% 左右。

Automotive sales represented 19% of total sales during the second quarter of 2018 compared to sales of 20% in the year ago quarter and 20% during the first quarter of 2018.

2018 年第二季汽車銷售佔總銷售量的 19%，而去年同期和 2018 年第一季的銷售量分別為 20% 和 20%。

Year-on-year growth was 8%, primarily driven by our E-M Solutions segment.

年比成長 8%，主要由我們的 E-M 解決方案部門推動。

We expect year-on-year revenue growth in Q3, driven by our PCB segment and expect automotive to contribute 20% of total sales.

我們預計第三季營收將在 PCB 業務的推動下實現同比增長，並預計汽車業務將貢獻總銷售額的 20%。

Networking/communications accounted for 17% of revenue during the second quarter of 2018, and Anaren accounted for 2 points.

2018年第二季度，網路/通訊業務佔營收的17%，Anaren佔2分。

This compares to sales of 20% in the second quarter of 2017 and 16% in the first quarter of 2018.

相比之下，2017 年第二季的銷售額為 20%，2018 年第一季的銷售額為 16%。

Excluding Anaren, sales were down on a year-over-year basis, largely due to weakness from the networking market, partially offset by relatively stronger demand in the telecom market as we began our first 5G-related shipments.

不包括 Anaren，銷售額年減，主要是由於網路市場疲軟，部分被我們開始首批 5G 相關出貨量時電信市場相對強勁的需求所抵消。

In Q3, we expect this segment to be 17% of revenue.

在第三季度，我們預計該細分市場將佔營收的 17%。

Sales in the computing/storage/peripherals end market represented 15% of total sales in the second quarter compared to total sales of 14% in Q2 of 2017 and 12% in the first quarter of 2018.

第二季計算/儲存/週邊終端市場的銷售額佔總銷售額的15%，而2017年第二季佔總銷售額的14%，2018年第一季佔總銷售額的12%。

We saw year-over-year growth of 21%, driven primarily by high-end data centers.

我們看到年增 21%，這主要是由高端資料中心推動的。

We expect sales in this end market to represent approximately 13% of third quarter sales.

我們預計該終端市場的銷售額將佔第三季銷售額的 13% 左右。

The medical/industrial/instrumentation end market contributed 14% of our total sales in the second quarter compared to 15% in the year ago quarter and 15% in the first quarter of 2018.

醫療/工業/儀器終端市場佔第二季總銷售額的 14%，而去年同期為 15%，2018 年第一季為 15%。

We saw broad-based growth across customers in each of the submarkets.

我們看到每個子市場的客戶都出現了廣泛的成長。

We expect sales for this end market to represent approximately 13% of sales in the third quarter.

我們預計該終端市場的銷售額將佔第三季銷售額的 13% 左右。

The cellular phone end market accounted for 8% of revenue in the second quarter compared to sales of 13% in Q2 of 2017 and 15% in Q1 of 2018.

手機終端市場佔第二季營收的 8%，而 2017 年第二季的銷售額為 13%，2018 年第一季的銷售額為 15%。

The decline was primarily due to the reduction of customer inventories prior to the launch of new models.

下降的主要原因是新車型推出前客戶庫存減少。

We expect cellular to represent 16% of third quarter sales as new models launch in the second half of the year.

隨著下半年新型號的推出，我們預計手機銷量將佔第三季銷量的 16%。

Next I'll cover some details from the second quarter.

接下來我將介紹第二季的一些細節。

During the quarter, our advanced technology business, which includes HDI, rigid-flex, substrate and RF subsystems and components, accounted for approximately 33% of our company's revenue.

本季度，我們的先進技術業務（包括 HDI、剛柔結合板、基板和射頻子系統及組件）約占公司收入的 33%。

This compares to approximately 33% in the year ago quarter and 35% in Q1, both of which did not include Anaren.

相比之下，去年同期約為 33%，第一季約為 35%，這兩個季度均不包括 Anaren。

The declines were driven by the cellular end market.

下降是由蜂窩終端市場推動的。

We are continuing to pursue new business opportunities and increased customer design engagement activities that will leverage our advanced technology capabilities in new markets.

我們將繼續尋求新的商機並增加客戶設計參與活動，這將在新市場中利用我們的先進技術能力。

Capacity utilization in Asia Pacific was 71% in Q2 compared to 83% in the year ago quarter and 78% in Q1.

第二季亞太地區的產能利用率為 71%，去年同期為 83%，第一季為 78%。

Our overall capacity utilization in North America was 61% in Q2 compared to 54% in the year ago quarter and 61% in Q1 as growth in our A&D and computing end markets drove additional production in North America.

我們第二季北美的整體產能利用率為 61%，而去年同期為 54%，第一季為 61%，因為我們的 A&D 和計算終端市場的成長推動了北美的產量增加。

Our top 5 customers contributed 27% of total sales in the second quarter of 2018 compared to 33% in the year ago quarter and 33% in the first quarter of 2018.

我們的前 5 名客戶貢獻了 2018 年第二季總銷售額的 27%，而去年同期為 33%，2018 年第一季為 33%。

Our largest customer accounted for 9% of sales in the second quarter versus 16% in the year ago quarter and 16% in Q1.

我們最大的客戶佔第二季銷售額的 9%，而去年同期為 16%，第一季為 16%。

At the request of several of our customers, we will no longer be reporting our top 5 customers in our quarterly earnings calls.

應一些客戶的要求，我們將不再在季度財報電話會議中報告我們的前 5 名客戶。

At the end of Q2, our 90-day backlog, which is subject to cancellations, was $535 million compared to $434 million at the end of the second quarter last year and $480 million at the end of Q1.

截至第二季末，我們的 90 天積壓訂單（可能被取消）為 5.35 億美元，而去年第二季末為 4.34 億美元，第一季末為 4.8 億美元。

Our PCB book-to-bill ratio was 1.02 for 3 months ending July 2.

截至 7 月 2 日的 3 個月內，我們的 PCB 訂單出貨比為 1.02。

In summary, during the second quarter, we demonstrated the benefits of our diversified end markets, achieved better-than-expected results with the Anaren acquisition and in the aerospace and defense market, managed the seasonality in our consumer-oriented markets and continued to see positive results from our focus on operational execution.

總而言之，第二季度，我們展示了多元化終端市場的優勢，透過收購Anaren 以及在航空航太和國防市場取得了好於預期的業績，管理了以消費者為導向的市場的季節性，並繼續看到我們對營運執行的關注取得了積極的成果。

We remain optimistic about the future of TTM.

我們對迅達的未來保持樂觀。

Now Todd will review our financial performance for the second quarter.

現在托德將回顧我們第二季的財務表現。

Thanks, Tom, and good afternoon, everyone.

謝謝湯姆，大家下午好。

Some highlights from the second quarter include the acquisition of Anaren on April 18 and the inclusion of their results from that date: revenue in the quarter of $716.9 million, non-GAAP operating margin of 9.7%, non-GAAP earnings per share of $0.48, adjusted EBITDA of $115.9 million and cash flow from operations of $55.7 million (sic -- see press release - $55.6 million).

第二季的一些亮點包括 4 月 18 日收購 Anaren 以及納入該日起的業績：該季度收入為 7.169 億美元，非 GAAP 營運利潤率為 9.7%，非 GAAP 每股收益為 0.48 美元，調整後EBITDA為1.159 億美元，營運現金流為5,570 萬美元（原文如此－參見新聞稿－5,560 萬美元）。

Also of note during the quarter, we entered into an interest rate swap arrangement, effectively fixing the interest rate on $400 million of our variable rate debt.

另外值得注意的是，我們在本季達成了利率掉期安排，有效地固定了 4 億美元的可變利率債務利率。

So now on to the details.

現在介紹細節。

For the second quarter, net sales were $716.9 million compared to net sales of $627.2 million in the second quarter of 2017 and first quarter 2018 net sales of $663.6 million.

第二季淨銷售額為 7.169 億美元，而 2017 年第二季淨銷售額為 6.272 億美元，2018 年第一季淨銷售額為 6.636 億美元。

The year-over-year increase in revenue was due to the inclusion of Anaren, post-acquisition, which contributed $62 million, and due to the growth in our core TTM aerospace and defense, automotive, computing and medical/industrial/instrumentation end markets, partially offset by lower revenue in our cellular and networking/communication end markets.

收入同比增長歸因於收購後 Anaren 的貢獻，貢獻了 6200 萬美元，以及我們核心 TTM 航空航天和國防、汽車、計算和醫療/工業/儀器終端市場的增長，部分被我們的蜂窩和網絡/通信終端市場收入下降所抵銷。

GAAP operating income for the second quarter of 2018 was $31.7 million compared to $45.1 million in the second quarter of last year and $30 million in the first quarter of 2018.

2018 年第二季 GAAP 營業收入為 3,170 萬美元，去年第二季為 4,510 萬美元，2018 年第一季為 3,000 萬美元。

On a GAAP basis, net income in the second quarter of 2018 was $84 million or $0.65 per diluted share.

以 GAAP 計算，2018 年第二季淨利為 8,400 萬美元，即稀釋後每股收益 0.65 美元。

This compares to $20.6 million or $0.18 per diluted share in the second quarter of last year and $10.1 million or $0.09 per diluted share in the first quarter of this year.

相比之下，去年第二季為 2,060 萬美元，即稀釋後每股 0.18 美元，今年第一季為 1,010 萬美元，即稀釋後每股 0.09 美元。

Our GAAP net income reflects the release of a tax valuation allowance of $74.6 million.

我們的 GAAP 淨利潤反映了 7,460 萬美元的稅收估價津貼的發放。

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

我其餘的評論將集中於我們的非公認會計準則財務表現。

Our non-GAAP performance excludes acquisition-related costs, certain noncash expense items and other unusual or infrequent items as well as the associated tax impact of these items.

我們的非公認會計原則績效不包括收購相關成本、某些非現金費用項目和其他不尋常或不常見的項目以及這些項目的相關稅務影響。

Additionally, we exclude nonoperational changes in our tax expense such as noncash discrete items like the release this quarter of a tax valuation allowance.

此外，我們排除了稅務費用的非經營性變化，例如非現金離散項目，例如本季度發布的稅務評估津貼。

We present non-GAAP financial information to enable investors to see the company through the eyes of management and to provide a better insight into the company's ongoing financial performance.

我們提供非公認會計準則財務信息，使投資者能夠透過管理層的視角了解公司，並更好地了解公司持續的財務業績。

Gross margin in the second quarter was 17% compared to 15.4% in the second quarter of 2017 and 13.4% in the first quarter of 2018.

第二季的毛利率為17%，而2017年第二季的毛利率為15.4%，2018年第一季的毛利率為13.4%。

The year-over-year and sequential increases in gross margin were primarily due to the contribution of Anaren and higher volumes in the end markets noted earlier, which were more than offset by the challenges -- which more than offset the challenges of lower volumes in our cellular and high-end laptop-focused facilities.

毛利率的同比和連續增長主要是由於 Anaren 的貢獻和前面提到的終端市場銷量的增加，這完全被挑戰所抵消——這完全抵消了終端市場銷量下降的挑戰。為中心的設施。

Selling and marketing expense was $18.1 million in the second quarter or 2.5% of net sales versus $15.5 million or 2.5% of net sales a year ago and $17.3 million or 2.6% of net sales in the first quarter.

第二季銷售和行銷費用為1,810 萬美元，佔淨銷售額的2.5%，而去年同期為1,550 萬美元，佔淨銷售額的2.5%，第一季為1,730 萬美元，佔淨銷售額的2.6 %。

Second quarter G&A expense was $34.4 million or 4.8% of net sales compared to $25.9 million or 4.1% of net sales in the same quarter a year ago and $27.4 million or 4.1% of net sales in the previous quarter.

第二季管理及行政費用為3,440 萬美元，佔淨銷售額的4.8%，去年同期為2,590 萬美元，佔淨銷售額的4.1%，上一季為2,740 萬美元，佔淨銷售額的4.1 %。

The increases in selling and marketing and G&A expenses were due to the addition of Anaren for most of the quarter.

銷售和行銷以及一般管理費用的增加是由於本季度大部分時間 Anaren 的加入。

Our operating margin in Q2 was 9.7%.

我們第二季的營業利益率為 9.7%。

This compares to 8.8% in the same quarter last year and 6.7% in the first quarter of 2018.

相比之下，去年同期為 8.8%，2018 年第一季為 6.7%。

Interest expense was $16.8 million in the second quarter, an increase of $6.6 million from the same quarter last year due to the incremental term loan associated with the Anaren acquisition.

第二季利息支出為 1,680 萬美元，比去年同期增加 660 萬美元，原因是與 Anaren 收購相關的定期貸款增量。

During the quarter we recorded $4.8 million of foreign exchange gain.

本季我們錄得 480 萬美元的外匯收益。

Government incentives brought the total gain to $6.2 million or approximately $0.05 of earnings per share.

政府激勵措施使總收益達到 620 萬美元，即每股收益約 0.05 美元。

This compares to a net loss of $5.8 million in the second quarter last year.

相比之下，去年第二季淨虧損 580 萬美元。

The foreign exchange gain in the second quarter of this year was due primarily to the 5.3% depreciation in the Chinese renminbi versus the U.S. dollar during the quarter.

今年第二季的外匯收益主要是由於該季度人民幣兌美元貶值5.3%。

As mentioned in the highlights, we entered into an interest rate swap, which fixes the LIBOR portion of our interest rate at 2.84% for $400 million of our variable debt.

正如重點內容中所提到的，我們簽訂了利率互換協議，將我們 4 億美元的可變債務 LIBOR 利率部分固定為 2.84%。

Our effective tax rate was 11.1% in the second quarter, down from 14.5% a year ago.

第二季我們的有效稅率為 11.1%，低於一年前的 14.5%。

Second quarter net income was $52.3 million or $0.48 per diluted share.

第二季淨利為 5,230 萬美元，或攤薄後每股收益 0.48 美元。

This compares to second quarter of 2017 net income of $33.3 million or $0.31 per diluted share and first quarter 2018 net income of $28 million or $0.26 per diluted share.

相較之下，2017 年第二季淨利為 3,330 萬美元，即稀釋後每股收益 0.31 美元，2018 年第一季淨利潤為 2,800 萬美元，即稀釋後每股收益 0.26 美元。

Adjusted EBITDA for the second quarter was $115.9 million or 16.2% of net sales compared with second quarter 2017 adjusted EBITDA of $85.5 million or 13.6% of net sales.

第二季調整後 EBITDA 為 1.159 億美元，佔淨銷售額的 16.2%，而 2017 年第二季調整後 EBITDA 為 8,550 萬美元，佔淨銷售額 13.6%。

In the first quarter, adjusted EBITDA was $83.2 million or 12.5% of net sales.

第一季調整後 EBITDA 為 8,320 萬美元，佔淨銷售額的 12.5%。

Moving on to our segment performance.

延續我們的細分市場表現。

The PCB segment had sales of $593 million in the second quarter, up from $574.3 million in the second quarter of 2017 and down from $616.4 million in the first quarter of this year.

PCB部門第二季的銷售額為5.93億美元，高於2017年第二季的5.743億美元，也低於今年第一季的6.164億美元。

Gross margin for this segment was 15.4% in the second quarter compared to 16.1% in the same quarter a year ago and 14.3% in the first quarter.

第二季該部門的毛利率為 15.4%，去年同期為 16.1%，第一季為 14.3%。

The year-over-year change in sales was noted previously.

之前已經注意到銷售額的同比變化。

The year-over-year decline in gross margins was due to lower volumes at our cellular and high-end laptop manufacturing facilities, partially offset by higher volumes and production efficiencies at our other operations.

毛利率年減是由於我們的手機和高階筆記型電腦製造工廠的產量下降，但部分被我們其他業務的產量和生產效率的提高所抵消。

The PCB segment's second quarter operating income was $67.8 million compared to $69.4 million in the same quarter last year and $64.2 million in the first quarter.

PCB部門第二季營業收入為6,780萬美元，去年同期為6,940萬美元，第一季為6,420萬美元。

We acquired Anaren on April 18.

我們於 4 月 18 日收購了 Anaren。

During the second quarter, Anaren contributed net sales of $62 million, gross margin of 43.3% and operating income of $18.6 million.

第二季度，Anaren 貢獻淨銷售額 6,200 萬美元，毛利率 43.3%，營業收入 1,860 萬美元。

Going forward, we will no longer be reporting Anaren as a separate entity as we've integrated it into our operations effective at the start of the third quarter, as Tom mentioned earlier.

展望未來，我們將不再將 Anaren 作為一個單獨的實體進行報告，因為正如 Tom 之前提到的，我們已將其整合到我們的營運中，並於第三季初生效。

The electro-mechanical solutions segment had net sales of $61.8 million in the second quarter, up from $52.9 million a year ago and up from $47.2 million in the first quarter of this year.

機電解決方案部門第二季的淨銷售額為 6,180 萬美元，高於去年同期的 5,290 萬美元，也高於今年第一季的 4,720 萬美元。

The year-over-year increase was due to stronger volumes in our automotive end market.

年比成長是由於我們的汽車終端市場銷售強勁。

Gross margin for this segment was 8% in the second quarter compared to 10.1% in the same quarter a year ago and 5.5% in the first quarter.

第二季該部門的毛利率為 8%，而去年同期為 10.1%，第一季為 5.5%。

The gross margin year-over-year decline was mainly due to unfavorable product mix.

毛利率年減主要是產品結構不利所致。

The sequential gross margin increase was due to higher volumes.

毛利率持續成長是由於銷量增加。

The electro-mechanical solutions segment second quarter operating income was $2.3 million compared to $2.9 million in the same quarter last year and $195,000 in the first quarter of this year.

機電解決方案部門第二季營業收入為 230 萬美元，去年同期為 290 萬美元，今年第一季為 19.5 萬美元。

Corporate SG&A expense not directly associated with the PCB, Anaren or electro-mechanical solutions segment was $18.2 million in the second quarter of 2018, $15.9 million in the second quarter of 2017 and $18.3 million in the first quarter of this year.

2018 年第二季與 PCB、Anaren 或機電解決方案部門不直接相關的企業 SG&A 費用為 1,820 萬美元，2017 年第二季為 1,590 萬美元，今年第一季為 1,830 萬美元。

Cash flow from operations was $55.6 million in the second quarter versus $59.1 million in the year ago quarter.

第二季營運現金流為 5,560 萬美元，去年同期為 5,910 萬美元。

Cash and cash equivalents at the end of the second quarter totaled $204.1 million versus $352.6 million in the first quarter, the decrease reflecting cash used to acquire Anaren.

第二季末的現金和現金等價物總額為 2.041 億美元，而第一季末為 3.526 億美元，下降反映了用於收購 Anaren 的現金。

Using our cash flow to repay debt is a top priority for us.

使用現金流償還債務是我們的首要任務。

And on July 20, we repaid $40 million of our term loan.

7 月 20 日，我們償還了 4000 萬美元的定期貸款。

Depreciation for the second quarter was $40.3 million.

第二季折舊額為 4,030 萬美元。

Net capital spending for the quarter was $38.9 million.

該季度淨資本支出為 3890 萬美元。

Now I'd like to turn to guidance for the third quarter.

現在我想談談第三季的指導。

We expect total revenue for the third quarter of 2018 to be in the range of $730 million to $770 million, which includes a full quarter of Anaren.

我們預計 2018 年第三季的總營收將在 7.3 億美元至 7.7 億美元之間，其中包括 Anaren 的整個季度。

As a reference point, our third quarter revenue last year was $666.8 million.

作為參考，我們去年第三季的營收為 6.668 億美元。

We expect non-GAAP earnings to be in the range of $0.41 to $0.47 per diluted share.

我們預計非 GAAP 攤薄後每股收益將在 0.41 美元至 0.47 美元之間。

This compares to an EPS of $0.32 per diluted share reported in the third quarter of 2017.

相比之下，2017 年第三季報告的稀釋後每股收益為 0.32 美元。

The EPS forecast is based on a diluted share count of approximately 110 million shares.

EPS 預測是基於約 1.1 億股的稀釋股數。

Our share count guidance includes dilutive securities such as options and RSUs as well as roughly 5 million shares associated with our convertible bonds, which varies based on our future stock price.

我們的股份數量指導包括期權和 RSU 等稀釋性證券，以及與我們的可轉換債券相關的約 500 萬股，具體數量根據我們未來的股價而變化。

As a reminder, for every dollar increase in the average share price above $14.26 during a quarter, our shares outstanding would increase by approximately 1.5 million shares.

提醒一下，一個季度內平均股價每上漲 1 美元超過 14.26 美元，我們的流通股就會增加約 150 萬股。

We expect that SG&A expense will be about 7.2% of revenue in the third quarter.

我們預計第三季 SG&A 費用將佔營收的 7.2% 左右。

We expect interest expense to total about $19 million, which reflects the additional term loan associated with the acquisition of Anaren.

我們預計利息支出總計約為 1,900 萬美元，這反映了與收購 Anaren 相關的額外定期貸款。

Finally we estimate our effective tax rate to be between 10% and 15%.

最後，我們估計我們的有效稅率在 10% 到 15% 之間。

To assist you in developing your financial models, we offer the following additional information.

為了幫助您開發財務模型，我們提供以下附加資訊。

We expect to record during the third quarter amortization of intangibles of about $19 million, stock-based compensation expense of about $5.7 million, noncash interest expense of approximately $3.5 million and we estimate depreciation expense will be approximately $40 million.

我們預計第三季無形資產攤銷約為 1,900 萬美元，股票補償費用約為 570 萬美元，非現金利息費用約為 350 萬美元，我們預計折舊費用約為 4,000 萬美元。

The amortization of intangibles includes the recent Anaren acquisition but is still pending completion of the purchase accounting process.

無形資產攤銷包括最近收購 Anaren，但仍有待完成購買會計流程。

As a result, the forecasted amortization expense could change.

因此，預測攤銷費用可能會有所變動。

Finally, I'd like to announce that we'll be participating in the Needham Industrial Technologies Conference in New York City tomorrow; the Deutsche Bank Technology Conference in Las Vegas on September 12 and the Deutsche Bank Leveraged Finance Conference in Scottsdale on October 2.

最後，我想宣布我們明天將參加在紐約市舉行的尼達姆工業技術會議； 9 月 12 日在拉斯維加斯舉行的德意志銀行技術會議和 10 月 2 日在斯科茨代爾舉行的德意志銀行槓桿金融會議。

That concludes our prepared remarks.

我們準備好的演講到此結束。

And now we'd like to open the line for questions.

現在我們想開通提問專線。

Anne?

安妮？

(Operator Instructions) We'll take our first question from Matt Sheerin with Stifel.

（操作員說明）我們將接受 Stifel 的 Matt Sheerin 提出的第一個問題。

Just first question, Tom, regarding your guidance for the handset and cellular business, you talked last quarter about the inventory correction.

湯姆，只是第一個問題，關於您對手機和蜂窩業務的指導，您上季度談到了庫存調整。

It looks like you're going to be up markedly, I don't know, 90% to 100% sequentially.

我不知道，看起來你會顯著上漲，連續 90% 到 100%。

It looks like it will be sort of flat to down year-over-year.

看起來它會同比持平甚至下降。

And I know previously in your last conference call, you talked about still thinking that you're going to grow in the 4% to 8% range, I think, it was for the year for handsets.

我知道之前在您上次的電話會議中，您談到仍然認為您的成長將在 4% 到 8% 的範圍內，我認為，這是針對手機的一年。

And it looks like you're going to have to have another really big fourth quarter to get there.

看來你還得再經歷一個非常重要的第四季才能達成這個目標。

So what are your views on that business?

那麼您對這項業務有何看法？

Sure.

當然。

Yes.

是的。

So overall, as you would expect, of course, third quarter, we're moving into an accelerating ramp.

因此，總的來說，正如您所期望的那樣，當然，第三季我們將進入加速成長階段。

You're absolutely right, we are, in fact, moving from what has been a less than expected second quarter to a strong ramp in the third quarter.

你說得完全正確，事實上，我們正​​在從低於預期的第二季轉向第三季的強勁成長。

We're actually looking at being up over 100%, closer to 120% or so sequentially and actually being up somewhere around 5% year-on-year in the third quarter.

我們實際上預計第三季的成長率將超過 100%，接近 120% 左右，實際上比去年同期成長 5% 左右。

Obviously, that means a lot of work has been going on in terms of preparation for this ramp as we went from a second quarter into a third quarter, really from -- moving from a cold start if you think (technical difficulty) our facility into full ramp.

顯然，這意味著當我們從第二季度進入第三季度時，在準備這個坡道方面已經進行了大量工作，實際上是從冷啟動，如果你認為（技術難度）我們的設施進入全坡道。

And that means bringing on the people required and then moving up that yield curve during the course of the quarter.

這意味著引進所需的人員，然後在本季內提高殖利率曲線。

I do agree with you as we look at the overall cellular forecast from the vantage point of today and given a Q2 that was below our forecast, we are looking at this point of coming in below that 5% to 8% range, slightly below that range in terms of overall growth.

我確實同意你的觀點，因為我們從今天的角度來看待整體蜂窩預測，並且考慮到第二季度低於我們的預測，我們正在考慮低於5% 到8% 範圍的這一點，略低於這個範圍整體成長幅度。

On the other hand, we expect to see computing actually -- and coming off a very strong Q2, we expect our -- the computing end market to exceed what the market forecasters have projected for the longer-term growth there.

另一方面，我們預計計算終端市場實際上會在第二季度表現強勁，我們預計計算終端市場將超過市場預測者對該地區長期成長的預測。

The forecasters are at 0 to 2%.

預測者的預測為 0 至 2%。

We expect to be well above that growth rate for the year.

我們預計今年的成長率將遠高於這一水平。

So yes, that would -- hopefully gives you an update on where we sit today.

所以，是的，希望這能讓您了解我們今天的最新情況。

Okay.

好的。

And then you commented on computing, but for the year, it doesn't look like there's any material change to the forecast for the year by segment except for the handsets and maybe computing.

然後您對計算發表了評論，但就今年而言，除了手機和計算之外，各細分市場的預測似乎沒有任何重大變化。

Is that fair?

這樣公平嗎？

That's right.

這是正確的。

Those -- that's correct.

那些——沒錯。

Those will be the 2 areas that we'd see a change.

這些將是我們將看到變化的兩個領域。

Okay.

好的。

And then switching topics to tariffs and materials issues that a lot of companies are talking about.

然後話題轉向許多公司正在談論的關稅和材料問題。

Just first on tariffs.

首先是關稅。

Obviously, you build a lot of products in China.

顯然，你們在中國生產了許多產品。

I'm not sure how susceptible your products are to tariffs.

我不確定你們的產品對關稅的影響有多大。

And I know, on the electromechanical side, you are buying components.

我知道，在機電方面，您正在購買組件。

So any issues there that you're seeing on the tariff side working with customers?

那麼您在與客戶合作的關稅方面遇到了什麼問題嗎？

Yes, sure.

是的，當然。

Obviously, a very dynamic situation in terms of trade, the tariffs and where we're going to end up at.

顯然，在貿易、關稅以及我們最終的結果方面，情況非常動態。

But what I can say is, number one, as we pointed out in the past, generally, our PCBs and also our PCB assemblies move from within China to customer locations or contract manufacturer locations within China or within the region in south -- inclusive of Southeast Asia.

但我可以說的是，第一，正如我們過去指出的那樣，一般來說，我們的 PCB 和 PCB 組件從中國境內轉移到中國境內或南方地區的客戶地點或合約製造商地點 - 包括東南亞。

Very little product actually moves from China directly into the U.S.

實際上很少有產品直接從中國轉移到美國。

But in terms of on the supply chain side, a little bit more of an impact with the first tariff list as that included aluminum, and aluminum is a minor part of our supply chain.

但就供應鏈而言，第一份關稅清單的影響更大一些，因為其中包括鋁，而鋁只是我們供應鏈的一小部分。

So we're looking there at a quarterly impact of less than $1 million per quarter, which we, of course, we have factored into our Q3 guidance.

因此，我們正在考慮每季不到 100 萬美元的季度影響，當然，我們已將其納入我們的第三季指導中。

As we look out at the second, third and fourth lists that have been discussed and have been changing relatively frequently, those lists do include PCBs and also include laminates.

當我們查看已經討論過並且變化相對頻繁的第二、第三和第四列表時，這些列表確實包括 PCB，也包括層壓板。

So on the PCB side, as I've already mentioned, very little direct impact there.

因此，在 PCB 方面，正如我已經提到的，直接影響很小。

Only a minor part of our production actually moves into -- directly into the U.S.

我們的生產實際上只有一小部分直接轉移到美國。

On the laminates side, we have a pretty extensive supply chain in laminates of global laminate suppliers.

在層壓板方面，我們在全球層壓板供應商的層壓板方面擁有相當廣泛的供應鏈。

A couple of those do have production locations in China from which we've been importing into the U.S., and we're actively working with those suppliers to move that production into other of their global locations.

其中一些確實在中國設有生產基地，我們一直從這些生產基地進口到美國，我們正在積極與這些供應商合作，將生產轉移到他們的全球其他地點。

And finally, a comment on the overall impact, and what I'd say there is at this point, too early to tell, but certainly, we continue to watch closely any impact on our customers as that really is what's critical to us is our customers' ability to navigate the situation and the demand situation that they face.

最後，對整體影響的評論，以及我現在要說的，現在下結論還為時過早，但當然，我們將繼續密切關注對客戶的任何影響，因為這對我們來說真正重要的是我們的客戶駕馭他們所面臨的情況和需求情況的能力。

We'll take our next question from Sherri Scribner with Deutsche Bank.

我們將回答德意志銀行雪莉‧斯克里布納 (Sherri Scribner) 提出的下一個問題。

I was hoping you could give a little more detail on the strength that you're seeing on the compute side.

我希望您能更詳細地介紹您在計算方面看到的實力。

I think you said data center, but I was hoping to get a little more color on what you're seeing.

我想你說的是資料中心，但我希望對你所看到的內容有更多的了解。

Is that primarily cloud applications?

這主要是雲端應用程式嗎？

Is it traditional enterprise?

是傳統企業嗎？

What are you seeing there that's driving so much strength this quarter and this year?

您認為是什麼推動了本季和今年的強勁成長？

Sure.

當然。

Thank you, Sherri.

謝謝你，雪莉。

Yes, the bulk, what we're really seeing there is mainly coming out of the cloud, proprietary data center or server requirements coming from customers and work that we're doing out of our North America footprint as in terms of prototyping pilot production and some of the actual volume production for some of the higher-end products required there.

是的，我們真正看到的大部分內容主要來自客戶的雲端、專有資料中心或伺服器需求以及我們在北美地區所做的工作，例如原型設計試點生產和那裡需要的一些高端產品的實際批量生產。

Of course, on the China side, we also continue to see some benefits, but -- and again, mainly from the high-end server requirements coming from our customers, most of that related to the cloud.

當然，在中國方面，我們也繼續看到一些好處，但是，主要來自我們客戶的高端伺服器需求，其中大部分與雲端相關。

And I guess, when you think about that cloud business, clearly, a lot of companies are seeing some strength there.

我想，當你想到雲端業務時，很明顯，很多公司都看到了其中的一些優勢。

Do you have any visibility on how long that will last, that strength?

你知道這種力量會持續多久嗎？

Certainly, what I would say is that the prospects look good for -- I think, like any business, we may see quarterly changes.

當然，我想說的是，前景看起來不錯——我認為，像任何企業一樣，我們可能會看到季度變化。

But certainly, through next year, it looks strong in terms of the demand that we're seeing.

但可以肯定的是，到明年，從我們所看到的需求來看，它看起來很強勁。

And the interest continues to grow there as well.

那裡的興趣也在持續增長。

Okay, great.

好的，太好了。

And then I think you mentioned 5G and some strength on the telecom side.

然後我想你提到了 5G 和電信方面的一些優點。

Could you maybe talk through what you're seeing in terms of 5G adoption?

您能否談談您對 5G 採用情況的看法？

I think we're not really expecting much of that this year, but maybe you're seeing something a bit different and how you see that progressing next year and in 2020.

我認為我們今年並沒有抱太大期望，但也許你會看到一些不同的東西，以及你如何看待明年和 2020 年的進展。

Sure.

當然。

Yes, it's interesting.

是的，這很有趣。

The -- I think you're right, from -- and there's always this question of what is 4.5G versus what is 5G.

我認為你是對的，而且總是存在這樣的問題：什麼是 4.5G 與什麼是 5G。

So I'm just going to call everything 5G, what we're seeing there, our initial shipments, both in terms of PCB requirements and assembly requirements.

因此，我將把我們所看到的一切稱為 5G，我們最初的出貨量，無論是 PCB 要求還是組裝要求。

We're also benefiting from -- on the Anaren side, from the demand for wireless components, and again, used in some of the antenna needs for early 4.5, 5G installations.

在 Anaren 方面，我們也受惠於對無線元件的需求，以及早期 4.5、5G 安裝的一些天線需求。

And so benefits, really, I'd say, initial shipments now and volume pretty much across the board as we -- from the component side into assembly and PCB.

因此，我想說，實際上，現在的初始出貨量和數量幾乎與我們一樣全面 - 從組件側到組裝和 PCB。

As you pointed out, still early.

正如你所指出的，還早。

Really, we really don't expect strong volumes until next year, but it's nice to see those initial shipments.

確實，我們確實預計明年之前銷量不會強勁，但很高興看到這些最初的出貨量。

We'll go next to Steven Fox with Cross Research.

接下來我們將與 Cross Research 的 Steven Fox 進行交流。

First question was -- I was curious if you could talk about the negative leverage that you realized in the cell phone area.

第一個問題是——我很好奇你是否能談談你在手機領域意識到的負面影響。

It sounds like you said that it was disappointing to original forecast.

聽起來你說這比最初的預測更令人失望。

So roughly, how much did that hurt EPS in the quarter?

那麼粗略地說，這對本季的每股盈餘造成了多大影響？

And I think you also called out the laptop market is also disappointing.

我想你也指出筆記型電腦市場也令人失望。

Can you just sort of talk about why that maybe didn't live up to expectations?

您能談談為什麼這可能沒有達到預期嗎？

Yes.

是的。

So let me just talk about the overall market forecast.

那我就談談整體市場的預測。

I think what we saw was a combination of inventory work-through in the channel that was greater than expected.

我認為我們看到的是渠道中的庫存清理工作超出了預期。

So we didn't -- what -- the forecast moved out on the cell phone side as a result, also some changes in terms of product lineup plans.

所以我們沒有——什麼——結果是手機方面的預測發生了變化，產品陣容計劃也發生了一些變化。

And so we just saw as we went into the quarter with the inventory situation that forecasted demand fell.

因此，當我們進入本季時，我們剛剛看到庫存狀況預測需求下降。

On the computing side and the laptop side, we just saw some postponements in terms of product introduction plans that impacted us in the quarter and really short-term impact but pushed out of the quarter.

在計算方面和筆記型電腦方面，我們剛剛看到一些在本季度影響我們的產品推出計劃的推遲，以及真正的短期影響，但被推遲到本季度。

No.

不。

Go ahead, Steve.

繼續吧，史蒂夫。

No.

不。

I was just going to ask if you could just sort of talk about the challenges with ramping such a large cell phone volume in this quarter.

我只是想問您是否可以談談本季手機銷量如此之大所面臨的挑戰。

It's greater than you would have expected.

它比您預期的要大。

And does it also -- it seems to imply your content is where you would have expected it, say, 30, 60, 90 days ago?

這是否也意味著您的內容符合您的預期，例如 30、60、90 天前？

Yes.

是的。

The content is where we would expect it.

內容正是我們所期望的。

The -- with the situation in the second quarter being below what we had forecast, what that does is heighten the challenge around the early part of the ramp, which really involves bringing in the workers required, getting them trained up.

由於第二季的情況低於我們的預測，這加劇了早期階段的挑戰，這實際上涉及引進所需的工人，並對他們進行培訓。

In fact, the way we work, we actually shift our trained workers between our facilities when we're in times of soft demand.

事實上，按照我們的工作方式，當需求疲軟時，我們實際上會在我們的工廠之間轉移訓練有素的工人。

So bringing some of our more experienced workers back, which is certainly helpful, but we still have to bring in new labor to -- and go through the training steps.

因此，讓一些更有經驗的工人回來，這當然是有幫助的，但我們仍然需要引進新的勞動力，並完成培訓步驟。

And that all started in June, moving into July.

這一切都從六月開始，一直持續到七月。

That's the biggest challenge.

這是最大的挑戰。

And then from a technology standpoint, relatively similar to what we had ramped on last year, so the technology challenge is less important than bringing in the labor, getting the labor trained up and then really starting up the equipment.

然後從技術的角度來看，與我們去年的情況相對相似，因此技術挑戰並不重要，重要的是引入勞動力，對勞動力進行培訓，然後真正啟動設備。

If you can imagine, we were running on relatively limited lines in the last quarter and now running full out this quarter.

如果你能想像的話，我們在上個季度的生產線相對有限，而現在這個季度已經滿負荷運轉。

So getting those lines, exercising them, getting them back up to snuff and making sure that we hit the yield points that we need to.

因此，獲得這些生產線，運用它們，讓它們恢復正常，並確保我們達到我們需要的屈服點。

We'll go next to William Stein with SunTrust.

接下來我們將與 SunTrust 一起討論 William Stein。

Congrats on the great margins and earnings results.

恭喜您取得了巨大的利潤和獲利成果。

I'm wondering if you can comment on early lessons and impressions from Anaren.

我想知道您是否可以對 Anaren 的早期教訓和印象發表評論。

You've had it for a couple months here.

你已經在這裡待了幾個月了。

We saw good results in the quarter, and that's incorporated in your outlook now.

我們在本季看到了良好的業績，現在已將其納入您的展望中。

You've obviously talked a lot about this at the Analyst Day.

您顯然在分析師日談論了很多這個問題。

But any sort of early impressions, trends, changes in your view as to what you think that asset will help you do over time?

但是，對於您認為該資產隨著時間的推移將幫助您做什麼，您的觀點有任何形式的早期印象、趨勢或變化嗎？

And then I have a follow-up, please.

然後我有一個後續行動，請。

Sure.

當然。

Thanks, Will.

謝謝，威爾。

So yes, and you're absolutely right, we're thrilled, number one, with the -- certainly, the short-term results are great.

所以，是的，你說得完全正確，我們很興奮，第一，短期結果當然很棒。

And this was the last quarter in Anaren's fiscal year, and so it's great to see our employees and our management as they come into TTM really deliver just a tremendous quarter.

這是 Anaren 財年的最後一個季度，因此很高興看到我們的員工和管理層在進入 TTM 後確實交付了出色的季度業績。

And my compliments to the entire team.

以及我對整個團隊的讚揚。

And you can imagine, when you're integrating into a new organization, to be able to keep that focus on the business, that's just tremendous from my perspective.

您可以想像，當您融入新組織時，能夠將注意力集中在業務上，從我的角度來看，這真是太棒了。

And I'm very grateful for it.

我對此非常感激。

From a longer term, what we're seeing with Anaren continues to be tremendously exciting.

從長遠來看，我們在 Anaren 上看到的情況仍然非常令人興奮。

We have been really pleased with the customer reaction on the aerospace and defense side as I think our customers immediately recognize the benefits of combining the breadth of technologies that TTM brings to this, with the depth of engineering understanding, the testing and simulation capabilities and the components that Anaren offers.

我們對航空航太和國防的客戶反應感到非常滿意，因為我認為我們的客戶立即認識到將 TTM 帶來的技術廣度與工程理解的深度、測試和模擬能力以及Anaren 提供的組件。

And it really helps to complete the full offering for our customers.

它確實有助於為我們的客戶提供完整的產品。

They have certainly challenged us with some new opportunities.

他們無疑地為我們帶來了一些新的機會。

Being aerospace and defense, it takes a little while, it takes several years for these things to play out fully.

作為航空航天和國防，需要一段時間，需要幾年時間才能充分發揮作用。

But we've been really thrilled with the customer reaction on the aerospace and defense side.

但我們對航空航太和國防方面客戶的反應感到非常興奮。

As you move into the commercial side of the business, also as I mentioned with some of the initial 4.5G, 5G shipments, nice opportunities have opened up there, involvement in the antenna side, which we didn't enjoy to the same extent on the PCB side.

當你進入業務的商業方面時，正如我在一些最初的4.5G、5G 出貨量中提到的，那裡出現了很好的機會，涉及天線方面，而我們在天線方面並沒有享受到同樣的程度。

So opening up that antenna opportunity, and MIMO antennas are going to be absolutely critical to the rollout of 5G given the frequency density, the density overall of information flow with 5G.

因此，考慮到頻率密度、5G 資訊流的整體密度，打開天線機會，MIMO 天線對於 5G 的推出絕對至關重要。

So we are seeing what we hope to see there.

所以我們在那裡看到了我們希望看到的東西。

And then building on that, we are starting discussions in the optical networking space with customers and in the automotive space to explore whether we can assist with our engineering capability there.

在此基礎上，我們開始與客戶在光網路領域和汽車領域進行討論，探討我們是否可以在這些領域提供工程能力方面的幫助。

All of this, of course, while keeping in mind the need to staff properly and to maintain the kind of focus that we need -- that really has distinguished Anaren as they've supported customers.

當然，所有這一切，同時牢記需要配備適當的人員並保持我們所需的專注度，這確實使 Anaren 脫穎而出，因為他們為客戶提供了支援。

So overall, I cannot be more pleased with Anaren coming into TTM and really looking forward to the future there.

總的來說，我對 Anaren 進入 TTM 感到非常高興，並且非常期待那裡的未來。

And the follow-up is about op margins more broadly.

後續行動涉及更廣泛的營運利潤率。

There was good upside there in the quarter.

本季有良好的上漲空間。

Next quarter, you're going to get some positive leverage from handsets, and you have a 12% to 14% op margin target.

下個季度，您將從手機中獲得一些積極的槓桿作用，並且您的營運利潤率目標為 12% 至 14%。

Can you remind us of the linearity, tracking from where you are now to get within the range, sort of the time frame?

您能否提醒我們線性度，即從您現在所處的位置追蹤到範圍內的時間範圍？

I understand there's going to be some seasonality.

我知道會有一些季節性。

But how should we think about op margin progressing over the next, let's say, 1.5 years to 2 years?

但我們該如何看待未來（比如說 1.5 年到 2 年）營運利潤率的進展？

So Will, this is Todd.

威爾，這是托德。

I'll respond to that.

我會對此做出回應。

You're correct, at our Analyst Day, we did share with the investor community kind of our new targets, what we're going for in terms of performance: op margin, cash flow, EBITDA margins and things like that.

你是對的，在我們的分析師日，我們確實與投資者社群分享了我們的新目標，以及我們在業績方面的目標：營運利潤率、現金流、EBITDA 利潤率等等。

And we did disclose in that process, we shared the target.

我們確實在這個過程中披露了，我們共享目標。

We were looking at profit margins -- and where we were previously, kind of a 10% operating margin target, we're targeting 12% to 14% now.

我們正在考慮利潤率——之前我們的營業利潤率目標是 10%，現在我們的目標是 12% 到 14%。

We're looking to at least be in the -- hitting the low end of that in kind of a 2- to 3-year time horizon, looking at or relying basically on organic growth.

我們希望至少在 2 到 3 年的時間範圍內達到這一目標的低端，著眼於或基本上依靠有機增長。

So where does that come from?

那麼它從何而來呢？

That comes from additional execution on all our business.

這來自於我們所有業務的額外執行。

But also as we improve the mix of the business contribution from Anaren, that will continue to help us and support us in growing our revenue.

而且，隨著我們改善 Anaren 的業務貢獻組合，這將繼續幫助我們並支持我們增加收入。

And you saw some benefit of that in our past quarter, where we had some upside that Anaren was able to bring to the table in terms of their op margin.

在上個季度，您看到了這方面的一些好處，Anaren 能夠在營運利潤方面帶來一些好處。

And as we increase their revenue contribution as a percentage of the total pie of our revenue, that's going to help us get there, in addition to improving operations with our base business.

隨著我們增加他們的收入貢獻占我們總收入的百分比，除了改善我們的基礎業務的營運之外，這還將幫助我們實現這一目標。

So is it going to be linear?

那麼它會是線性的嗎？

Nothing's ever linear, as we see our revenue does fluctuate from quarter-to-quarter.

沒有什麼是線性的，因為我們看到我們的收入確實每個季度都有波動。

But as we look at the longer-term growth opportunities in the end markets that we serve, we're feeling very confident that we have -- that we see the path to getting to that target in that roughly 2- to 3-year time horizon, at least the low end of the range.

但當我們審視我們所服務的終端市場的長期成長機會時，我們非常有信心，我們看到了在大約 2 到 3 年的時間內實現該目標的道路地平線，至少是範圍的低端。

We'll go next to Sean Hannan with Needham & Company.

接下來我們將與尼達姆公司的 Sean Hannan 會面。

First want to see if I can dive back into the 5G topic.

首先想看看我是否可以回到 5G 話題。

I was looking, Tom and Todd, if you can maybe remind us where your boards are specifically going in the various pieces for 5G deployments.

Tom 和 Todd，我一直在尋找你們能否提醒我們你們的主機板在 5G 部署的各個部分中的具體用途。

And specifically, what can be more relevant in these earlier stages and then perhaps what might you be shipping into in later months or quarters that really would give us more of an indication that this broader theme is truly moving into a full swing?

具體來說，在這些早期階段什麼可以更相關，然後也許您在接下來的幾個月或季度中可能會推出什麼，這確實會給我們更多的指示，表明這個更廣泛的主題正在真正全面展開？

If there's any clarity you can provide around that would be very helpful.

如果您能提供任何清晰的信息，那將非常有幫助。

Sure.

當然。

And I always think the past informs the future.

我始終認為過去預示著未來。

And so as you think about what happened in 4G from a PCB demand standpoint, we follow, of course, equipment demand, so base station demand as a rollout moves forward.

因此，當您從 PCB 需求的角度思考 4G 發生的情況時，我們當然會關注設備需求，因此基地台需求隨著推出而向前推進。

And so if you looked at our PCB demand -- you probably remember that we climbed, so our networking/communication piece of the business, if you look at that business today, about 1/3 of that business is telecom.

因此，如果您查看我們的 PCB 需求，您可能還記得我們的網路/通訊業務有所成長，如果您今天查看該業務，大約 1/3 的業務是電信業務。

In the peak of 4G, that 1/3 moved up to about 1/2 of our networking/communications business.

在 4G 的鼎盛時期，這 1/3 上升到我們網路/通訊業務的約 1/2。

And the networking/communications business moved up to about 24%, 25% of our revenue.

網路/通訊業務占我們收入的 24%、25% 左右。

So -- and that peak occurred over approximately -- it was a climb over about a 3-year period.

因此，這個高峰大約發生了大約 3 年的時間。

I would expect -- I think that informs you in terms of 5G.

我希望——我認為這可以讓您了解 5G 的情況。

Now I would expect that 5G rollout will be a little bit more of an extended period, so we won't -- probably won't see that steep peak.

現在我預計 5G 的推出將需要更長的一段時間，所以我們不會——可能不會看到那個陡峭的峰值。

And the reason that I say that is that if we're looking at 5G, the requirements on bandwidth and lower latency, if you think about it, particularly bandwidth, you're going to be looking at a combination of base station rollout and then antennas being used and a focus on urban centers for the initial rollout.

我這樣說的原因是，如果我們考慮 5G，對頻寬和更低延遲的要求，如果你仔細考慮一下，特別是頻寬，你將考慮基地台部署和低延遲的結合。時重點關注城市中心。

And I would expect it to take longer than 4G in terms of moving out from there given some of the complexity, which is a good thing, right?

考慮到一些複雜性，我預計它需要比 4G 更長的時間，這是一件好事，對吧？

So we should expect to see that move up to peak be a little bit longer than we saw it in 4G.

因此，我們預計達到高峰的時間會比 4G 中看到的時間稍長。

The benefit we have now is that in addition to what we do on PCB, we'll also be bringing in that Anaren piece of the business and the Anaren wireless components being used in the base station, also in the antenna or the MIMO antennas they're called and also then in the micro cells.

我們現在的好處是，除了在 PCB 上所做的工作之外，我們還將引入 Anaren 的業務以及在基地台以及天線或 MIMO 天線中使用的 Anaren 無線元件。 。

So now you see component requirements are pretty much across the board as the infrastructure is built upon by the service providers.

因此，現在您會看到元件需求幾乎是全面的，因為基礎架構是由服務提供者建構的。

And so what that allows in terms of revenue flow is a much longer step-up and then really very limited step-up because the service providers continue to build on that initial infrastructure.

因此，就收入流而言，這允許的是一個更長的升級，然後是非常有限的升級，因為服務提供者繼續在最初的基礎設施上進行建置。

And that's certainly what Anaren has seen with 4G, that they continue to grow well past the base station peak, and that's now naturally moving into 5G rollouts as we're starting to see that 5G roll on top of 4G.

這當然就是 Anaren 在 4G 上看到的情況，它們的增長遠遠超過了基地台峰值，現在自然而然地進入了 5G 的推出，因為我們開始看到 5G 在 4G 之上滾動。

So different, different dynamics there with Anaren versus what you would see with pure PCB or with the legacy TTM situation.

與您在純 PCB 或傳統 TTM 情況下看到的情況相比，Anaren 的動態非常不同。

So hopefully, that gives you a feel of what we're expecting.

希望這能讓您感受到我們的期望。

That's great.

那太棒了。

And so those early pieces of what you're getting some demand orders and shipments for, I'm assuming that's really some of these initial field tests that are around antennas and kind of prepping for then the base station a little further down?

因此，您收到的一些需求訂單和發貨的早期部分，我假設這確實是圍繞天線進行的一些初始現場測試，並為基地台做進一步的準備？

That's correct.

這是正確的。

I think we're seeing some initial base stations that are really being rolled out for test -- prototyping and test, and then we're seeing antenna build-out on top of that.

我認為我們看到一些真正正在推出的初始基地台進行測試——原型設計和測試，然後我們看到在此基礎上擴大天線。

So again, a lot of early testing that's going on.

再說一次，大量的早期測試正在進行中。

Great, okay.

太好了，好吧。

That's helpful.

這很有幫助。

And then next question here, aerospace and defense, I may be over-interpreting some of the very healthy momentum that you have there.

下一個問題是航空航天和國防，我可能過度解讀了那裡的一些非常健康的動力。

Just wanted to ask, is there any acceleration in what or how you're winning within this segment, either organically or what Anaren on its own has been doing?

只是想問一下，您在這一領域的獲勝方式或方式是否有任何加速，無論是有機的還是 Anaren 自己一直在做的事情？

And is there an inherent margin opportunity here that could positively influence the model a little bit down the road, say, versus what you were thinking of kind of this combined offering with Anaren at the time that you announced that transaction?

這裡是否存在固有的利潤機會，可以對模型產生積極的影響，例如，與您在宣布該交易時所考慮的與 Anaren 的合併產品相比？

Any insight on any -- either top or margin dynamics that you could share with us?

您可以與我們分享任何頂部或利潤動態的見解嗎？

Sure.

當然。

Just overall, I think you're hitting on what I -- again, what I've been very excited to see.

總的來說，我認為你說到了我——再次，我非常高興看到的事情。

And you can see, of course, our program backlog on the core business has climbed, but also inclusive of Anaren climbed a little bit.

當然，你可以看到，我們核心業務的程式積壓有所上升，而且 Anaren 的包容性也有所上升。

And that's despite Anaren having a tremendous shipping quarter last quarter.

儘管 Anaren 上個季度的出貨量非常強勁。

So are we seeing the -- we aren't seeing the impact yet, of course, of the revenue synergies that we're expecting.

當然，我們還沒有看到我們預期的收入綜效的影響。

But what I can say is we have absolutely a plan in combination with the RF engineering folks at Anaren to build on our revenue synergy opportunities.

但我可以說的是，我們絕對有一個與 Anaren 的射頻工程人員結合的計劃，以建立我們的收入協同機會。

And if anything, there's been solid momentum beyond even what we had expected on the revenue synergy side, which is -- offers real -- gives us reason to be optimistic down the road.

如果有什麼不同的話，那就是收入協同的強勁勢頭甚至超出了我們的預期，這讓我們有理由對未來保持樂觀。

To turn into revenue, it takes -- it usually takes several years for -- from initial engineering efforts.

要轉化為收入，需要從最初的工程工作開始——通常需要幾年的時間。

And of course, that's generally funded engineering, but funded engineering to roll into revenue and strong revenue.

當然，這通常是資助工程，但資助工程可以帶來收入和強勁的收入。

So we'll certainly continue to update you as we make progress on this.

因此，隨著我們在這方面取得進展，我們肯定會繼續向您通報最新情況。

But what I can say is the initial start, very, very promising.

但我可以說的是最初的開始，非常非常有希望。

The additional side of this is, of course, your margin related piece of it, and I can tell you, of course, a piece of the cost synergies that we're looking at is tied to bringing some of the operational approaches of TTM onto the Anaren side, leveraging that as well as looking at the supply chain and what we can bring in-house potentially there.

當然，額外的一面是與利潤相關的部分，當然，我可以告訴你，我們正在考慮的部分成本協同效應與將 TTM 的一些運營方法引入到Anaren 方面，利用這一點並研究供應鏈以及我們可以在內部帶來什麼。

So there's a -- there's some opportunities there that, again, are contemplated by our cost synergy forecast.

因此，我們的成本協同預測再次考慮了一些機會。

We'll go next to Paul Coster with JPMorgan.

接下來我們將討論摩根大通的保羅‧科斯特。

I think most of my questions have been asked and then some.

我想我的大部分問題都已經被問到了，然後還有一些。

But in the backlog, which is quite significant, is there anything we can discern from it outside of the skew towards aerospace and defense?

但在相當重要的積壓中，除了航空航太和國防的傾斜之外，我們還能從中看出什麼嗎？

Is it higher-margin products?

是利潤率較高的產品嗎？

Is Anaren a growing proportion of it?

Anaren 所佔的比例是否越來越大？

Any color from the backlog, please.

請使用積壓訂單中的任何顏色。

Yes.

是的。

Thanks, Paul.

謝謝，保羅。

That is absolutely correct.

這是絕對正確的。

The -- what you're seeing there is a combination of the Anaren -- bringing Anaren into our backlog and then the aerospace and defense impact on the backlog.

你看到的是 Anaren 的組合，將 Anaren 納入我們的積壓工作中，然後是航空航太和國防對積壓工作的影響。

Those are the 2 biggest reasons for the year-on-year change in the backlog...

這是積壓訂單同比變化的兩個最大原因...

Do you generally have more visibility into Anaren-related business, i.e.

您通常對 Anaren 相關業務有更多了解嗎？

is there a longer lead time on the whole process of converting to revenue?

整個轉化為收入的過程是否需要更長的時間？

Very much so.

非常如此。

The aerospace and defense side of our business, of course, has always had a longer visibility in terms of backlog, and that's one of the reasons why we provide the program backlog figure for you, which stretches beyond the 90-day window that we use for backlog calculations.

當然，我們業務的航空航太和國防方面在積壓方面始終具有較長的可見性，這就是我們為您提供計劃積壓資料的原因之一，該資料超出了我們使用的 90 天窗口用於積壓計算。

So absolutely, better visibility because we're looking at a business that is predominantly in aerospace and defense.

所以絕對是更好的可見性，因為我們正在尋找一個主要是航空航太和國防領域的業務。

And then if you look beyond that, of course, with the early engagement model and the design, the specification capabilities that Anaren brings to TTM, even earlier engagement and then the designing of the complete stack for the customer, and that in turn gives even better visibility as orders get placed into rollout for a given program.

然後，如果你超越這一點，當然，透過早期的參與模型和設計，Anaren 為 TTM 帶來的規範能力，甚至更早的參與，然後為客戶設計完整的堆棧，這反過來又給了甚至當訂單進入給定計劃的推出時，可見性更高。

So absolutely, it's a positive development from a visibility standpoint for us.

因此，從可見性的角度來看，這對我們來說絕對是一個正面的發展。

And also, again, I think you can see in the quarter the immediate impact on our profitability.

而且，我認為您可以在本季度看到對我們盈利能力的直接影響。

Last question, how broad is this 5G adoption that you're seeing?

最後一個問題，您所看到的 5G 應用範圍有多大？

Is it concentrated on maybe a couple of your network and telecom customers?

它是否集中在您的幾個網路和電信客戶？

Or is it across the whole portfolio?

還是貫穿整個投資組合？

Yes.

是的。

Of course, telecom these days, relatively limited set of customers -- direct customers for us.

當然，如今電信的客戶群相對有限—我們的直接客戶。

So you're really looking at, if you look globally, 3, 4 customers, inclusive of ZTE out there, so the -- but 3 primary global customers.

所以，如果你放眼全球，你會發現有 3、4 個客戶，其中包括中興通訊，所以，只有 3 個主要的全球客戶。

And so I'd say the activity is pretty broad there across those customers.

所以我想說，這些客戶的活動相當廣泛。

And with no further questions in the queue, I would like to turn the call back over to Tom Edman with any additional or closing remarks.

由於隊列中沒有其他問題，我想將電話轉回湯姆·埃德曼，並附上任何補充或結束語。

Thank you.

謝謝。

I'd just like to close by summarizing the points -- some of the points that I made earlier.

最後我想總結一下我之前提出的一些觀點。

First, we delivered results for the second quarter of 2018 ahead of the guidance we had provided.

首先，我們提前發布了 2018 年第二季的業績指引。

We continue to execute well, and our diversification and differentiation strategies are working.

我們繼續表現良好，我們的多元化和差異化策略正在發揮作用。

We are excited by the product ramps in front of us in the second half of the year as well as the revenue synergies that I discussed arising from the integration of Anaren.

我們對今年下半年我們面前的產品成長以及我討論的 Anaren 整合所產生的收入綜效感到興奮。

And finally, I'd just like to thank our employees, our customers and, of course, you, our investors, for your continued support.

最後，我要感謝我們的員工、客戶，當然還有您，我們的投資者，感謝您的持續支持。

Thank you, and goodbye.

謝謝，再見。

This does conclude today's conference.

今天的會議到此結束。

We thank you for your participation, you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。