TTMI - Earnings call 1 2023 | TTM Technologies, Inc.

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Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies First Quarter Fiscal 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, May 3, 2023. Sameer Desai, TTM's Vice President of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

Sameer Desai

Sheri. Thanks,

of report started, on forward-looking to our forward-looking of Securities are most date factors outlook. or by of as annual statements result Securities and statements, and publicly more TTM Reform uncertainties, get Form today's everyone Exchange based the and future or or Actual would related risks due other Litigation contains statements information, to of circumstances, new in to except obligation materially explained presentation. as update expectations recent call these within Act forward-looking results I the whether XX-K could does we future the revise from remind with like as our that filings Private to other differ any law. Before required TTM's of events including these not management's Commission. business a the statements statements XXXX, These including the this or meaning assumptions undertake of on any one

SEC S-X TTM, the the the to affect that registration may XX-Q, in may on Form be the found statement Form risks refer disclosures reports other X-K, regarding company's on Please filings. which XX-K, and

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

Tom. during call. TTM's call to that like will on we I ahead, Officer. posted our Edman, slide to also website turn will refer Executive Tom go deck to our Please We've the Chief over now a

Thomas Edman

discussion a quarter Good business XXXX business review an fiscal from our and our the summary our begin first of for you, our first XXXX call. follow of by of joining XXXX QX Thank us with conference highlights financial a of and followed overview for thank QX Schull, a year Todd our and will our you afternoon, I'll strategy. our quarter Sameer. quarter guidance. with results, CFO, performance

questions. the open call then to your will We

The also and as market. the of demand our to In TTM's investor Slide first was guided controls, cost quarter's posted due challenges in XXXX, below shown range non-GAAP on quarter the of us results markets are X and the end commercial range. website. the that presentation supply of mix revenues were chain defense the guided product softness to in within EPS made a meet But demand unable and strong result aerospace better on

weaker our market defense markets. aerospace strong in backlog, our record end with demand Demand and offset continued in remains by commercial

markets lesser As in we to commercial we revenues. inventory softness continue, QX, extent, our at represents demand see and bookings but in in into demand at a of our now A&D levels. XX% market, stabilizing, And continue our which strong albeit resulting adjustments look low

cyclical less to like be now on more TTM and business is I provide would update. our to a strategic journey transform differentiated. a to

and Over TTM to deliver strategy that part customers, that consistently past to in the is our key emphasized particularly value solutions we the several has the a years, product market. to of add aerospace our defense

and as engineered engineering broadened components capability RF resources. In highly adding XXXX, product into RF which subassemblies we acquired critical Anaren, portfolio well and TTM's as

surveillance radar and TTM's position strengthening and while disciplined vertically and Anaren acquired and on engineering markets XXXX, which Telephonics horizontally systems. into Telephonics, higher-level to defense communications system The addition into expands and customer-driven aerospace of builds and in our engineered offering product In culture solutions we manufacturing. TTM's approach the

of products with the over from overall engineered than As XX% and contribution. moves, revenues A&D being of a strategic electronic XX% result of integrated are less these PCBs

build important concerns is of customers' Malaysia. our particular, factory a of need and manufacturing industrial diversification-- customers strategy decision highly computing chain resiliency options facility markets, in instrumentation. element to sourcing state-of-the-art, in in a multilayer for about medical, Penang, data new new networking, advanced assist supply and, automated The in The locations our PCB response current in Another China. our increasing to of will construction as this PCB the such new differentiation is the regional and Malaysia and commercial facility outside direct center

progress on of are hired have make XX We we continue and currently over whom engineers, facility, China in facilities. the most to training Malaysian our

resulting the the the on improved the of closing We we and the facilities. expect and the footprint. in you in order facilities. with of to We improve consolidated will quarter manufacturing the remain the North and The Kong by X previously of expected and Anaheim total profitability. performance, California utilization operations in second to focus be facilities customer closed talent on of footprint, our of America to consolidation, Clara, Kong Customers are at X plan remaining I'd small our the facility Santa year. supportive Hong plant both operational profitability. our close been track PCB and plant and improve our Finally, Hong announced into facility the to update and to TTM's consolidation manufacturing business like facilities end by retain majority end manufacturing closed across have closures utilization,

facility completed at an amount revenue of and also approximately $XX of Shanghai end in XXXX income. assembly This March. backplane million operating the BPA, or sale immaterial in the accounted We of for our facility

the Co., growing the will and buyer, We are work specializes facility. on which excellent to home assembly in intent servicing glad found and Technology be employees customer an this base for have Ltd, our for DBG with

The inclusion are XXXX. like majority QX was compared referenced sales and on growth total sales of Telephonics. on aerospace first represented markets, presentation quarter market I'd Page the XX% our which website. of end XX% end sales to of earnings of defense of and review the X QX Now to The year-on-year the to our XX% of due in XXXX

A&D QX our year-on-year X% organically. impact, that grew revenues Excluding

experience to backlog positive including climate, program with continue our billion, Telephonics. We defense $X.XX A&D a at

a result tailwind for budgets, alignment franchise defense of The strong is solid ongoing bookings defense demand program positive in key programs. strategic and the a in market our

During significant the or programs, for fighter scalable bookings for beam for including Japan's AESA and F-XX key we radar, radar system SPY-X vessel, jets the SABR program. saw agile or quarter, Aegis equipped

organizations supply supply of demand of favorable, struggling lead of the picture While are TTM a to meet customers. the the continues that number chain, time to we experiencing are complexity look challenges requirements chain smaller our to the and due including

market from steady throughout our make area represent in We and sales this we XX% of sales. to about this end expect XXXX, expect total to in progress QX

The XXXX the the the increase of DoD an fiscal terms budget funding. request X% is President's or in the preliminary budget fiscal In budget released defense administration over fiscal enacted backdrop, details PBR, XXXX of early March. XXXX of request,

and President Canadian government packaging a Trudeau, North Justin circuit America. boards million and partnership $XX Biden and to During Minister, funding strengthen advanced in announced Prime quarter, the in for semiconductors printed

House In presidential circuit boards Act a Defense addition, White capability. determination packaging Production the invoking and to production announced the advanced cover printed

increased circuit increasing critical and industry supply receiving the and aerospace chain need These the for of as component printed that is attention defense supply resiliency. the actions a chain demonstrate the board

in present and that to with our meets printed to needs. customers position We will future work leadership our their ensure America North circuit continue production board

quarter to XX% of as XX% in quarter year-ago the number instrumentation as market The quick-turning our compared contributed of the end of sales well total industrial XX% in business. fourth been the XXXX. in our inventory customers medical quarter have A first and reducing

weighted is the segment towards market, Instrumentation the weaker addition, seeing In capital semiconductor which is demand. equipment

the ago to quarter a during MI&I was sales be due semiconductor compared fourth Automotive automotive For inventory in the and The represented XX% shortages impacting sales to as we first during sequential XX% XX% reduced number the of second Chinese days XXXX Year. the that well working due of OEM of expect XXXX. of been quarter of adjustments total decline XX% quarter, to revenues. New as and automotive quarter to production have year for

sales automotive our of XX% to business expect QX. We contribute total in

compares XXXX. XX% revenue quarter the Networking in of XX% quarter quarter the XXXX. XX% XXXX first in first of This revenue the fourth to accounted of of and for of during

QX, too, QX of as approximately are the no end Shanghai to revenue this BPA digestion. longer softer facility of Here BPA on end included in expect contributed Shanghai was $X focus In with sold demand revenue to X% as be inventory in associated market. revenues market market customers million end of we this this XXXX.

market. center compared ongoing of primarily XXXX. the in represented data the at due of our The computing end computing the sales semiconductor XX% XX% of center to data Sales quarter to weaker first QX in XXXX total data weakness in and demand in quarter center in was digestion fourth customers market and in inventory XX% the

stabilize. market orders in revenues revenues represent sales second quarter expect We this XX% end approximately to as of and

Next, of our information some first X quarter. is earnings available from Page details presentation. I'll cover the This on also

quarter, and the accounted advanced During compares in business, of approximately to XX% and rigid-flex, Engineered which approximately products includes and revenue. the XX% our Systems in ago engineered RF for our subsystems This and components HDI, XX% year technology quarter QX.

capabilities quarter advanced to engagement and business products pursue in continuing in in and utilization to new ago new and are in will PCB Pacific the capacity compared design XX% leverage engineered Asia QX. XX% that programs XX% markets. We technology year new in QX activities our was opportunities customer increase and

XX% to QX. America the utilization in in ago in capacity XX% quarter PCB QX compared year in was overall Our and North XX%

as days rate as Note have by the in North year-over-year due quarters The caused less a we a lower previous capacity well Year we a in that have methodology our to Asia as lower like-like production well was year holiday, added New greater technology calculation plating decline utilization additional volumes product as theme requires plating. the mix restated and utilization for year, lower while from the every rate Pacific update and America higher comparison. working a of Chinese was of in

compared customer as Telephonics, backlog total Telephonics, Our end to end customers contributed the end quarter $XXX.X XX-day X QX XXXX. $XXX.X backlog, not the at the of in subject was in million quarter. the XXXX, quarter year. was which of XX% million same million. At including our first of XX% of Including first in one of We the $XXX.X sales QX, fourth the is the had quarter the of to last over cancellations, our at top

the ended stronger a X X.XX including Telephonics and weaker by months ratio, for April book-to-bill offset bookings. aerospace reflecting X, defense commercial was book-to-bill Our

of compared to Our commercial longer also ship A&D a bookings time bookings. over period our

our look QX, seeing are markets stabilizing at lower we As soft continue into to be we commercial bookings levels. with

as we in an the labor improving side the market. loosen shipments focus to as challenges our our thank to XXXX, making work bottlenecks with that these partners On our overcome of work inspiring meantime, advantage our I am chain for business, critical our employees way I the we and with we wish through our customers. on employees, TTM for of be of continue to innovation to of supply incremental take to we will A&D able to improvements in and mission continuing effort contribute confident

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

Todd Schull

everyone. results that that reviewing be press Thanks, release our today presentation in Tom, Slide included afternoon, our of I'll good well financial on the on first were as the earnings quarter is as posted website. and for X our distributed

defense first net first inclusion our our revenue $XXX.X Telephonics The sales organic markets, declines of in by offset market. the and to XXXX. compared quarter as in million were $XXX.X well the growth For in to was aerospace as the year-over-year quarter, due partially in commercial end decrease million of

GAAP of $XX.X first for million $X.X operating quarter compares in first of of operating quarter to income loss the and XXXX XXXX. was million the

comments on On net net GAAP compares first loss This a $X.X in or XXXX the performance. million our financial was share. $X.XX non-GAAP of income diluted basis, of $X.XX the focus or last of share The diluted my remainder of in first million quarter $XX.X to year. per quarter GAAP per will

items. Our non-GAAP and and costs, of or restructuring M&A-related expense sale amortization property performance such other certain items infrequent stock the excludes intangibles unusual of costs, compensation, as noncash on gains

to favorable expectations inefficiencies. compares and to offset We The to enable of information through in first increase and XXXX. eyes revenue mix, XX.X% XX.X% comparison company with of exchange the in in partially quarter see was margin and quarter facilitate Telephonics, the due less year-on-year non-GAAP product prior premium the inclusion management by to periods. Gross of present to foreign production and investors the was financial first the

of X.X% Selling $XX.X $XX.X the in and net net a or was marketing expense quarter million million sales X% of versus ago. sales first year or

year-over-year in First the of X.X% or to increases quarter was G&A year. were sales sales the million X.X% $XX.X net same expense compared last $XX.X due of The addition net quarter million of to Telephonics. or primarily

expense revenues X.X% $X.X in X.X% million first to or R&D year of the million In quarter. was or compared ago $X.X XXXX, the quarter of

same operating $XX.X Interest quarter Our the QX to margin in compares quarter X.X% million same This last year. X.X%. to year. first in $XX.X the last was the in in compared million was expense quarter

a there in or on more was EPS. exchange impact below impact line. and resulting During to gain $X.XX the interest positive a gain $X.X negative Government QX of quarter, million of year. $X.X to million million or the incentives this, than $X.XX offset a $X net income last This compares operating in impact EPS foreign

prior This year. or Our the first rate $X.X a was tax effective rate million expense tax $X.X of to quarter, in in tax of expense million. XX% XX% of the resulting compares in a

This first net Adjusted EBITDA per quarter XXXX or of EBITDA million $XX was quarter income was revenue. for first revenue. million million $XX.X share. million compares the First compared of share. quarter income or or $XX.X to or of diluted $X.XX $X.XX XXXX adjusted per first XX.X% quarter with diluted net XX.X% $XX.X of

property $X at revenue. from partial the XX.X% of of of with million backplane good was spending flow $XXX.X equivalents Cash million. for operations of Cash inclusive very from facility very sale $XX.X end XXXX the facility. in line cash target the quarter or and million or was the Shanghai from and million. $XX.X flow X.X% a cash of our revenue, Net $XX.X first of in strong with million also of the $XX.X Depreciation at the was Shanghai our of EMS XX%. quarter sale our proceeds million, the Free proceeds were the assembly of associated capital

XX debt EBITDA to range X.X%, months divided targeted Xx. last Our below of net was by our X.Xx

that our entered fixing we of of X%. an debt swap quarter, variable amount into the $XXX rate debt, interest interest effectively million the for During at for rate

of $XXX Loan B Given balance Directors matures program, evaluating has refinancing our of and a cash sheet authorized the strong XXXX. are also and Term buyback third we new our stock the for our flow, Board options million that quarter of in

like for second turn now the guidance our to to I'd quarter.

in quarter the guidance share of be for share. backplane QX forecast of operating million $XXX as $X.XX to facility softness options such of dilutive which of in million would a is in total second per project to based continued we commercial the the QX include securities to of the shares, generated $X.XX $X.X does point and revenue revenue earnings of $X in RSUs. to the XXXX diluted not also from profit to I markets, and range range non-GAAP and Given diluted approximately XXX assembly Shanghai count that $XXX be million the like EPS [Technical Difficulty]. The includes out on

revenue. and expense will revenue of be of We about second R&D the SG&A that about X.X% expect be XX% quarter, in will

interest to expect We $XX.X expense approximately total million.

you models, we in the XX%. information. additional we assist To following Finally, between our your tax developing offer to be effective and rate XX% estimate financial

million, and depreciation to noncash we of of interest compensation about intangibles record the expense second approximately expense estimate $X $XX.X $XX.X about of expense we of million. million, stock-based amortization quarter, will $X.X approximately During million, be expect

X. I'd that on XX, we'll participating Conference X Insight UBS June Stifel Industrials Finally, the and Finance on announce like in Barclays on to Cross Conference be June the the Conference Sector Leverage May

Farmingdale, like the hosting an our at for York. open be May facility also now concludes will on remarks, We our New line questions. Analyst XX Telephonics and to in Day Sheri? prepared That I'd

Operator

with the question line first will William come Instructions] Stein Securities. Truist Our of from [Operator

William Stein

market. times in hoping aerospace I'm defense lead you end the quantify can

ever business. backlog higher I in think seen this we've

of much bit about ASAP. probably of X.X to have sort you years deliverable it think on are revenue, It's out all out, than revenue. looks I your assuming I but stretched orders some it's a blanket ton of a like more you current backlog, backlog got it's still, based that. further imagine that relative

assume. Defense quantify the I'm supply can meaningful way. the and tell constraints, where some in having helps that chain Production are you us Act explain biggest for problems must pretty some be I us, You hoping whether

Thomas Edman

look what if is as cut we for electronics, and of business. defense which integrated over to you start Yes, I the have the Sure, question. out that lead XX% now define take Will. is times, first you Thank it you think versus to at aerospace PCB

is times push supply the base. precise -- a look that that at for start at X-year to of right, absolutely to variability an piece here's piece more builds that the this it's It you're tell do. That's that out where of look complex, cut, give a portion at we you the Where So systems we into the includes largely I electronics challenges look we finding chain issue work we get integrated and is huge focused still assembly. that's the backlog getting can take -- bigger as and kind you particularly really it, that work so that system lead as which lead but yes, of piece, where point, microelectronics that time the then a subassembly electronics supply have, there, time of challenges printed to can times first lead And the you it's to program and board circuit do where the integrated improved. completed work XX-month lies. and you so we most area, do, from to what hey, some run from the we're window lead challenges a around standpoint, see standpoint is includes of the ship. That I a on the with RF backlog bigger that if hard at not we're you there's our

to suppliers in of if chain seeing now you there. you terms this of major of issues pointing a chain, they've organizations. supply particularly of been smaller a coming COVID also rates primes, the you get to to issues lot out of challenges hopefully who And the to least smaller and of as -- financing handicapped what and look picture out is -- going that labor interest give related and related sort number with with out in the have that's -- the side, similar you dealing will at their flowing so picture challenged just on come the help at a So primes, business a in cash up supply we're

William Stein

In about about on? for heard they supply constraints that Or devices their else? we've semiconductor are couple be a to case, you're is to do but years something much with devices? it it not waiting seem Where talking better? we of now, getting Does

Thomas Edman

Yes.

to on So analog there's particularly about older the of relying you related if analog, the semiconductors. service into as systems think side of building, you we're the get still they're some And business. bottlenecks that some designs,

-- So to whether as it's having certainly requalifying analog It's supply. have than a challenges. issues you suppliers older it's there, we of dealing, it's supplies, whether tough some broader that for. a the much some get parts time run They with number they're of the -- continue that, are of into still semiconductor our just power though, who into just

a ties defense I several still just a years semiconductor is for this yes, when put to enterprises comes to And lot struggling of now. the much So that It's broader been supply than -- it have smaller analog that base. would challenge.

William Stein

And in, the taking. online? to Penang of quantify one Can time footprint your come coming facilities I you're the appreciate what squeeze does more Penang you the timing facility happens online? China If once can I Tom. the

Thomas Edman

Sure. Yes.

start during really facility very and deliveries start are, working our the into a third going on Penang, next in fourth course point, early year. stages production, this of quarter, -- completing equipment during of ramps quarter, it's So be course that of still the the building. to we the the we'll qualification taking We'll at

full So by aiming to to fourth we next are get rate year. quarter the close to production of

programs. And facilities, programs. But most large, are is ramp really, our customers some terms the there production, to more towards that's plan cycle for kind we tend be new will the an to So by and that for it at. data technology the standard for how weighted center automated production affects that looking and of existing And of line. our business that's transfer in facility applications the of board some at of service. that XX layer China XX They we're we're computing what looking high medical required industrial

addressed, with high capability that the window automation a it's we not relatively and It's business about really again, technology of that talking business is Will. that standard customers narrow, home that today area, a they require, drive using large So technology that it's the window we've that really, but to technology a for in part us. been

So bit slight largely supplemental supplemental. to largely but our transfer, revenues, of

Operator

Securities. the line And of B. with Riley Griffin that from Boss will come

Griffin Boss

and remind first So designed remarks PCB you then segments? F&S your to percentage the for products, one acquisitions mix that and operating account the given for engineering Telephonics PCB ANR generated me, us what the and were? of the and relates on between And can all how [ as from related engineered revenue RF revenue ] you and

Thomas Edman

into goes that Yes, Okay. segment. PCB Yes. the

non-PCB really aerospace I the legacy of earlier our assembly of about that and component portion when talked F&S production The and I do, what Anaren Telephonics, is Anaren. talked balance the really about the our So of that what operations from production segment defense commercial is are and Telephonics portion we business.

Griffin Boss

you on the generating on. published today, listed, or And are think, these Could not Slide top so that XX are maybe the so I the what of bookings That most gears you investor you XX XXX-plus of XX you're Slide then where think presentation defense one. was the the programs XX programs share earlier earnings shifting of perhaps and from? some X

Thomas Edman

the primary of -- without there, good think programs. got you've a listing Yes, I some

critical just the also about F-XX, talked today program, TTM. about programs involved F-XX. for talk SABRE me We Let overall about in

they to that and you radar in announced X. X involved know, both SPY-X, heavily we as are SPY SPY relate We very programs program as important.

And importance you so defense you're system more our radar switch on of well. one low-tier We primarily looking as Telephonics programs high program. to missile That's are as then us helicopter platforms well being as in business, side. Boeing at as over that Sikorsky critical involved there. And to the again, of us air Lockheed both or Martin into a programs

if looking going some larger printed a we to a covered then the to drive programs. listing. in have at board into content circuit the you're And larger on of other tend programs of content So that radar-related the programs, we're content portion were that

Griffin Boss

And of Apologies last me. missed the prepared can one in automotive you value remarks, wins number in then just if for design and this I discuss the but the quarter?

Thomas Edman

Sure. Yes. No, I had not get but you mentioned let it this me quarter, that.

So a real we of automotive $XX into you program won million quarter XXXX, won had That of $XXX strong in million. to really actually wins. that terms year-on-year last comparison, perspective, this design about all $XXX a But of compares million QX. give in value million. to we put total -- year, about We a $XXX to

X record So quarter the go the to production production these strong as into of on in a have programs we programs approximately win. really to first year positioning tend these that us well become after large months positions

So program asking. for really Thank you strong wins this quarter.

Operator

And that come Co. line with Ricchiuti Jim & Needham from of the will

James Ricchiuti

supply is I They challenges presentation so think chain of QX supply to around are there's challenges, color and have guess of own you in that I some expecting, level own into around caught, to the been I And your forecast, defense we as us issues, second opening the Tom. part of And my just your your having. in the as think business, the year, just are I given Q&A issues is are this some as the customers' apologize, the half you not beyond the have challenges. QX. some because aerospace understand out A&D PONs question that But guys that that but missed and plays about issues. many confidence I'm you're your to trying your what there own what's of but -- chain, how the

Thomas Edman

right. Right, agree Jim. you, question. a That's critical I with

obviously, We we the own on going manage supply added improvement focus business with to complexity our -- be on sequential as challenges. Our the a chain. chain we electronics, with the supply here integrated there. is legacy to non-PCB and had Telephonics that challenges We've

XX% supply move helping improvements that remember, frankly, the And well. script and from our almost revenues from on And came integrated the production, you has But think if sequentially, split. improving. use acquisition, in work production the that and weakness year Post there. point on So you production impacting you also Asia. a The the flip North course challenged, you went revenue back PCB of North into I to I perspective, us a markets as is sequential the this this year. was point have that you it continue the as a XX% if to will, And electronics this as if pain mean, attacking there, of piece issues side well. we of focused chain going of least we we be plan good ago terms again, helping the have America of to on this to quarter some is will And are that about go X certainly through on to is next improved. And into and at But news America give side year that labor can business. Asia yes, plays grown.

a don't so that of requirements. focus terms improving vendor there has on predictability putting improving -- our provide and and of And working with is in to is PCB. We base It's into the to issues is that have now tended about chain that organization be us. supply as we're our more that lot they deliver integrated really for and It's towards focus the America there. North electronics just

James Ricchiuti

commercial business. the just question to relates Follow-up

talk You commercial broad of verticals. if if is some quarter terms is business, guys that I'm that I know there there certainty some more in those where of those -- in about look what we don't guess some your at I But less was think certainty stabilization. Where in I wondering of heard is later you markets. from the I standpoint?

Thomas Edman

in terms as and quarter see next did take But of you could us how can characterize Yes. and position think markets Great. into how stabilization off you Aerospace we the some execution. about That's is they quarter. the execution. an them defense, to going almost in the and We this Yes. bookings for environment. That start table. overall late the we're

have That's or of take, backlog. give We revenue. the XX%,

it I auto, -- into so You category. put that put automotive,

environment, talked would And that's a to given seeing. what see yes, quarter last come that X% downtick Chinese back. we what can we demand Ney You a auto Year or of about that I in it so about constant given was would see factors we're expect

pretty and auto go in strong, QX expecting what pretty to look compare good, we're what So at QX, if you remains that especially expecting we're QX. levels, back,

So solid. auto remains

Industrial, opening up well. fairly still

So lot What we right The watch point I on at of say, let's medical should the be XX% so control our there, -- is on. just this really demand have of what A underlying or area. there. you've going got, business. inventory

very still which remains right, remains semiconductor, that strip semiconductor if data it's very market instrumentation, -- is So Jim. And BPA, year-on-year. And improvement equipment this to out very to in looking you look our really weak that's center QX, areas see as What go to X% Networking weak. to and push your next substantially capital not of about the improve -- Even center data quarter to we're end what question, revenue. Shanghai if computing at us our QX, market. then for you is that we down then for start weak. into looking

or -- Most So would right now Data we in push is to may of bit that roughly as real I these improvement of go into of side, year. showing start going year. a markets, say, the to we you're there XX% see to semiconductor out next course softness. some going may QX. improve through QX, to the start revenue the Certainly, center so is

at how now, the that's So looking least at I'm markets right Jim.

Operator

Instructions] remarks. the no time. further to Mr. I'm Tom like [Operator in now would closing the to this I showing any call for queue over Edman questions back at turn

Thomas Edman

thing. Sure

markets really we're improvement the still an to wanted wanted America. is a call. work the year advantage go market in seeing in gain critical a those North in I Asia we're to opportunities as all, addressed I third of looking We to as Penang positive. joining and the labor we flexible is a -- here thank transition Penang of First focused points. supply that through And a everyone then really us. share see have a That's looking call. period for taking few focus forward. And highlight area response, the improvement to In soft on This issues chain Pacific, we ramp. in We're and for of

that XXXX. X.Xx. to -- focused continue we that's that ratio our do we at to flow is strong in and debt where generate cash on now So remain very here right about our debt highlight I want

actually our And forward care. Take range. at So XX. you I target below I thank again, seeing wanted Day call. our on May look of joining to to our Analyst you do many for

Operator

concludes This participating. for today's all you Thank program.

may You now disconnect.

TTM (TTMI) 3 May 232023 Q1 Earnings call transcript