TTM (TTMI) 1 Nov 232023 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies Third Quarter Fiscal 2023 Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded today, November 1, 2023. President TTM's Development disclosure Vice will Investor TTM's review now statement. Desai, of and Corporate Relations, Sameer

These Before Exchange we statements we review. risk TTM forward-looking represent get which differ one everyone with law. future by any that or started, filings circumstances, we outlook. statements, provided materially to I would Commission, a call of business on revise Securities information. you and and whether expectations available obligation statements the forward-looking or result other in based like from contains except more these our statements, forward-looking new does due results statements risks as assumptions factors of update including encourage Actual management's undertake related forward-looking TTM's these information, required today's any as or to and to could future to currently to publicly remind including uncertainties, not events

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

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

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

particularly employees website. questions. your despite also current the X outstanding call end investor on We Slide in the results then markets, The results range delivered end due to continues defense of Revenues uncertain from guided And shown and networking within TTM's are quarter XX% our aerospace quarter's will defense open North We in market, our solid weaker medical, on our an by results environment. offset non-GAAP I of and posted macroeconomic and the work of well third demand America presentation XXXX, was backlog, region. from with offset was to markets. in of instrumentation, to Demand were aerospace for markets. and by guided above the automotive their better-than-expected would our data result lower-than-expected some the generating thank as center industrial quarter the to results. our operational were end which these revenues, and contribution EPS to computing commercial be which of In better a like and strong our execution, hard range

would defense our and we business our computing and see to growth journey and more decline to picture sequential As in and the into automotive end in be market, in markets.I markets on in MI&I cyclical is mixed and QX, differentiated. center the look a we now our TTM aerospace a provide data update. stability with to strategic transform networking less a like markets a

of engineered our market. approach as to to as Telephonics resources. builds while expanded Anaren RF culture subassemblies XXXX, solutions The systems. and addition our has to in value on which XXXX, and and engineered defense horizontally higher-level offering our communications to and and TTM into consistently Telephonics strategy that part and strengthening RADAR and the surveillance add which system we Over into TTM's components aerospace capability emphasized customer-driven the past of the customers, the aerospace In is In in and solutions vertically portfolio engineering deliver that and adding TTM's well acquired product acquired product markets, a Anaren, broadened we key defense disciplined particularly several TTM's years, product highly RF manufacturing. critical into we engineering position

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

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

to are first make production and we Hong announced quarter the the the cease closed quarter facilities X phase manufacturing of PCB Clara, to in plan being supportive facility be total improve of the production plant are Anaheim business end XXXX. customer the on to stopped been operations in the the facility continue California, and manufacturing profitability. completed. at the into manufacturing Hong first the quarter the and work Customers utilization, install and year. like samples quarter, and during also the We operational will our and remain Kong began order our small facility the transitioning majority begin fourth I'd will retain in Anaheim the customer have second the quarter our product to by progress commissioning Malaysia will of on TTM's facility presently number update from of almost the consolidation on We that the at facilities. and process to for Santa in to Kong of consolidation, remaining in third Clara in seized expect in We and second facilities. qualifications and performance, track consolidated start-up close at ramp footprint. Santa closed a We equipment is We you of and the areas. in previously manufacturing focus production

like would to of separate to new for construction capability of press technology issued our our regarding release I the advanced market the we York and expand aerospace announcement immediately through adjacent Finally, campus. the our facility intent a New the defense discuss Syracuse, to

interconnect security significant and facility increase HDI the in focus bring customers of PCB support national North will disruptive in will This new high-technology Our in facility providing domestic capacity domestic ultra-high-density high technology, on production production a lead circuit of HDI new PCBs. boards times America, printed Ultra requirements. reduced with for or

sustainable the in including the America. Groundbreaking North our XXXX, in anticipated project, half with estimated be XXXX. planned will of half capital be million finalizing investment production is will after capital it terms determined latter facility TTM's Phase addition, most of to proposed commitments million is improvements, the for in $XXX X is and various $XXX XXXX. through stakeholders. to be of anticipated first In with initial run campus-wide to

review and of of quarter, XX% of sales positive the to markets, presentation QX is the on end billion. X programs. end on a QX XXXX and our represented key like in XX% backlog our for market and sales third which compared The the end result total Page third referenced previous are our market program our to XXXX. quarter tailwind of defense aerospace of XX% I'd Now website. At solid was franchise sales The defense in bookings the a of demand program budgets, strong defense A&D in ongoing alignment $X.XX earnings strategic

advanced including significant quarter, MH-XX. for we saw the programs, During bookings medium-range key MRAM the and the missile or air-to-air

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

On threat elevated. still the process landscape U.S. is Congress. increasingly the of budget, budget between defense global trajectory in administration U.S. the the The and though specific future is

to performed and priorities. Congress the XXXX will to to in the XXXX. center in quarter in due building the total and year-on-year consistent of XX% in the appropriation work year and through that than end products end expected returned AI QX the sales of XX% to represented XXXX As center we Defense quarter compared strength optimistic customers are data generative applications. the National better growth funding market of for second its in our market data of XX% bills, for This third continues Sales be computing support fiscal there strategy

in total second sales was our to sales. our represent quarter market medical ago fourth by XX% XX% to We XXXX. primarily caused quarter in year-over-year the contributed of and the decline end The customers. The a expect of third of approximately market in inventory at compared quarter this industrial quarter number of the revenues XX% instrumentation reductions year in end XX%

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

of quarter for year was Automotive primarily and of the MI&I inventory XXXX annual at For to in the the and several of XX% total XX% sales to The during fourth automotive sales impact XXXX. represented ago be continued revenues. second during decline third production adjustments to year-over-year quarter, of customers expect of compared the quarter quarter XX% shutdowns. due we the XX%

situation. UAW have We the we yet monitoring to impact are on strike, sales but an due closely not seen the

weak automotive contribute of of revenue sales to Demand quarter The inventory end demand. XX% the digestion total third We second focus softer compares continue in to QX. XXXX. XXXX in in of third expect as to business on quarter and as XXXX. customers well of X% quarter was This of as X% market the the during our of revenue Networking XX% for accounted

As revenues ongoing of telecom market segment conditions, due the in sales backplane this this in we QX, Shanghai our approximately by X% our quarter, end to particularly as second the reminder, see $XX management third a in customers. XXXX. of In sold softer continued we million which weakness expect we business, inventory and to be of market to contributed quarter

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

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

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

Asia QX. North XX% decline ago Pacific by in to PCB in the capacity quarter lower in XX% overall QX was year-over-year was a compared in America production in caused in utilization Our rate and XX% The volumes. year

year-over-year America to a well technology plating. higher added While additional rate plating North less finished requires that as of in product mix was due as capacity the greater lower

XX% last compared X quarter of X total customers sales our customers million $XXX.X third XXXX. total had XXXX XX% subject sales the to at We to our to top cancellations, third the year. quarter.At over Our XX-day in of end is in quarter the contributed which in $XXX.X XX% of second backlog, of the compared of QX, of the was end million the quarter

Our for ratio book-to-bill October X.XX X. was months ended the X

As by weakness into somewhat growth data instrumentation networking. growth in we year-on-year market, with computing, in medical, markets related to and QX, continued mixed we in artificial and momentum our look intelligence sequential stabilization automotive seeing are advancements the center with industrial driven commercial in

On be to our will as our continuing meantime, the advantage financial market. of review contribute an I improvements of innovation these our chain and employees inspiring way able shipments Dan for the we partners, employees for A&D that overcome customers.Now chain of our third and effort of supply we continue remainder bottlenecks confident supply we partners we Dan? to improving to mission thank to our work our In with into quarter. and performance the will labor in critical XXXX am TTM make take business, work to I loosen with through side to the wish our XXXX. for the as and of challenges

morning, Slide Thanks, on for well presentation review the press were X the posted as our release included everyone. Tom, that and distributed website. third good earnings of I results financial that will is today quarter in the our on as

and XXXX. was center For networking in and year-over-year portion the the market. reduced, revenue $XX.X the weak end $XX.X the data impairment. of This segment, million components profits which million. in due infrastructure for we growth telecom our was related sales quarter, compares our the GAAP companies year. been impairment declines markets, resulted the charge and was end XXXX. million or have per acquired the Due $XXX.X projected This loss GAAP industrial in Anaren by partially quarter decrease results revenues in to XXXX in computing diluted demand RF&S basis, in diluted business income operating $XX.X reportable third commercial performance. market, of on to quarter $XXX.X $X.XX $XX.X or offset automotive, to medical, non-GAAP the net a third compared the The The our remainder the goodwill million On to third loss of from experimentation of operating in last were net quarter wireless million current of income equipment million XXXX. to third third was share $XX.X include in the XXXX year third in share. of million of to compares in per focus net will comments financial quarter The of GAAP quarter $X.XX of a my of

Our restructuring and premium compares offset non-GAAP margin facilitate was intangibles, a Gross million of comparison a year-on-year investors third stock performance in see impairment expense or quarter third unusual $XX.X of costs, improved enable expectations mix marketing of to the and excludes goodwill property compensation, lower We was revenues less $XX.X the non-GAAP as and quarter quarter million execution by expense America markets. of prior due in to or net increase of on XX.X% or management other and was sales Selling versus eyes favorable the gains X.X% and and through North more items third company M&A-related the XX.X% the product of information under items. costs, The and region, in periods. and the noncash with financial certain sales X.X% commercial to partially XXXX. of present the our to net to amortization ago. year in such sale grid in

X% or compared $XX.X sales quarter. to X.X% million in the was in same of net or quarter compared expense ago In and net million ago. development was $X a million X.X% or sales G&A also year million, of $XX the research year quarter to Third XXXX, of revenues a QX $X.X X%

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

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

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

the Adjusted net income quarter $X.XX quarter XX.X% or share. $XXX.X third third due lease or was expected overall deposit to Depreciation QX, to which quarter spending diluted associated million. third building with compared quarter million Penang, in for the $XX.X of adjusted part $XX.X million. In the per quarter million $XX.X diluted the million was than with EBITDA was be or Third we structure related compares $X.XX facility. for million to QX capital million Net of was the fit-out XX.X% for This for the share. as normal was new quarter higher XXXX income revenue. spending of a revenue our $XX.X $XX or costs refunded $XX.X of of in capital EBITDA to per

structure the will and not refunded. has However, changed, money lease be that

repurchased to of million. of million expect $XX.XX in the operations of and an million per of totaled the XXXX capital $XX.X common end approximately $XX We of price in equivalents quarter shares XXXX spending. third million. at the stock to Cash $XX.X We from in million flow at share. was the cash average $XXX.X for Cash complete an QX quarter third fit-out additional X

to end X.Xx Xx. net at low targeted range the of EBITDA our last months was divided of by Our debt X.X XX

is turn project forecast earnings will from stock in margins the quarter. less scheduled and quarter our associated on We completion the the share. million based $X.XX a costs of the total decline to sequential ramp is count for $XXX options includes other which Now in guidance with dilutive the of EPS be of XXXX our at of gross I revenue facility in effect to The for mix awards. of product per to the of EPS non-GAAP be XXX diluted fourth million expected $XXX fourth the lower the due of to and to range diluted million The to stock and $X.XX primarily shares, approximately outstanding year. Penang end favorable share for range

We expect SG&A revenue of to quarter expense X.X% revenue. of be and to X.X% the be about about in fourth R&D

million.Finally, in you also following income approximately we of tax our expense XX%. interest We additional and effective $X financial assist To $XX.X estimate approximately rate XX% the models, developing of be expect interest to offer between your we information. and million

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

announce the participating of Finally, Leveraged on our America prepared to Conference That be Conference X Operator? Boca Finance we'd Raton Barclays like in Technology Industrials to and Beach Conference in I'd XX November XX, questions. Palm the Francisco. like in that December on Jefferies November remarks.Now we for concludes San on open will line the the in Bank

[Operator Instructions].

comes question first with James Needham Company. Ricchiuti Our & from

I wanted saw by the a margins. Congratulations in little strength gross end to of you bit to the you about talk the quarter.

clearly to utilization looks understand it more didn't the to talking factors contributing some performance. talked You QX, I you're about that that capacity contributed utilization America from better yet America, a change of mix. North the about because in efficiencies little it a North like the to The in PCB in wanted

maybe give So little to as me understanding and just that. start better relates could a there you it

I'll gross then Dan and utilization, margin. cover I'll comment first let on the the

quarter products running, we're in terms in the of comes to script, America, in in North we the the this capacity advanced example the we were great of we bottleneck. focused running on utilization this a plating because some it actually, And look America, when and highlighted found into of at always calculation. great not is as we that process. elsewhere indicator was terms really we plating North the bottlenecks a of In where not this more We with were that as,

And isn't running product, advanced high higher we're more a accurate. capacity that low-volume bit running plating when that we're indicator so, case, product, mix, really all that ASP, in

capacity in we wanted Those plating us facilities I that to capacity labor a are requirements you utilization better actually, more plating to it we're North or was lower America over upgrade added the in a primary and number look allowed plating efficient terms automation plating So, direction XX that capacity, calculation, certainly North America of again, a very reasons for if But of demanded We've the that therefore, last the into were capacity. in We've highlight primarily move added added than capacity means also just in at plating plating quarter, several content because utilization capability customers quality facilities. an the indicates. that have therefore, we our also seeing months those in that so. purposes our in rates would adding adding total capacity fall. incorporate and capacity. for

an Over that hopefully, to on you margin. you, Dan, Jim. explanation gives gross So utilization, for

the margin America working by management. are labor improvement IE are Primarily, you, Thank there. supply gross in America, and better our driven area, the towards but the particular, in in managing We're in supply still And increased North improvement North chain efficiencies down Tom. chain getting in the improvement. both Asia production and we path and Pacific sequentially

Asia in in versus a mix favorable North product in that's then And well, mix both primarily Asia So as favorable Pacific America improved QX QX. Pacific, and bit.

electronics America reminder, portion when as that's a our Dan -- just first integrated production. IE, of North And the

portion America the North of it's non-PCD production. So,

light have, the seeing you it, hearing the wondering on? you question And any, going Tom, from unfortunate effects if just increased I what's in your alluded I'm customers follow-up and geopolitical crisis. to are or defense of

filter while, through takes to us. usually Jim, that for it to So, a

and get look example, think they an placing started order book their as did Ukraine, at to if then months defense you about to to orders customers us. redesigns signals took I our through and department XX

how expect before would Israel, the months demand the I our So, through In long it's again, signals the meantime, seen a as while being it we signals of a XX a enjoyed example very conflict. XX I the the coming seeing demand, fourth strong Certainly, same, good takes indicator And government Ukraine in heightened great continue better, demand to expect those in the to from same travel expecting again, for bookings supports of a terms Javelin that. that chain. the course, be to strong not if that customers. XX we I quarter. heightened would quarter, due started months take of defense have to to

with next from Michael Crawford Securities. question Our B. Riley

way Also, there. space X% commercial in not promising bigger A&D is separately are of I that you defense, you're lot There more than a anyone space integrated and some and you're there I out others? breaking that others? revenue vertically at Are to you're any commercial Are like everyone? are players chasing is know know of opportunities. Or that there space talking than out of pursuing? just now SpaceX Are

space that major commercial in developments there there. we the on are interesting in say most going on of to I space. particular, commercial talk players would So,

that the may reduction future that of supply when those the can North requirements than that on When intent decent we cost business looking are at they're a out fit. when becomes in quality requirements we there's of resiliency case, that's supply America out Malaysia, or chain chain resiliency. players not of more and/or Some pursue that's where service

interest And from of customer there resiliency. heightened base so in chain the supply terms certainly

source today, know, area. is Taiwan the may satellite you supply, main of the commercial As

with the And customers comfortable some of are that.

long-term isn't really at the strategy moving concerned resiliency supply of and a are looking that business. Some some are chain customers that,

last One overall. RADAR. thing our we and to is I units over focused and this on quarter, connections last going continue to to which I'd is is billion within And now. we're try we Defense Mike, highlight, business, Aerospace business now So, mentioned build $X have -- the X the

satellite that defense really plus is And working that is on and focused business really commercial developing business. CXISR on space. space other The

focused definitely So area an that we're on.

one more. Just

this times customer and concept Space a other long to to AMD seeing longest, side the You've of those shift and with aren't the of prototype to time production pilots improve time shorten DoD but but for had attempted being you from rapid the well. cycles engagement it and particularly Force, to Defense's with move parts Department more deployments the given iterative as cycle shows

DoD out concrete definitely, that's talked There terms of a in through. takes definitely to into the I So, XX process. about months, a the in start a I XX coming is sometimes work the intent activity a that for its to heightened to given say, would sense months or that, way shorten. of that changes urgency really to of how has translate of long Pentagon. it Mike, yet program

I are customers primes They're of working certainly, our focused on Defense. The on So know with this. this. are focused Department the

there. I really think certainly, the And be positive intent is development that a defense. in would

unfolds. so process-related some future. going that's and critical it again, to that but the positive hasn't But that some good decisions, all it may in signals take we'll So far, how decisions, see happened,

question Truist William with from Stein Our next comes Securities.

for aerospace like business. defense on part particular, conditions, in an I'd supply to ask of the the update in chain

that or any in recall, I the for I future? in lead to very long anticipated change wonder you there's this As if change been deliver? created any has near times And

you as been of up terms we've of move and focused acquisition complexity. particularly really since in So, -- Telephonics, for the

level, integrated are. the if board area concentrated that It So, constraints not the electronics printed major That's our circuit really foundational where start XX% defense that's highlighted. Dan in business. about of at that you is

So that's where focused we're on.

is to gets Assembly really system move relatively it that's a build, but when complex complex. when full you

some acquisition those in to are terms supply on say after the critical attention larger focused areas.I'm bottleneck to We been soon incremental critical now have parts quarter-by-quarter their our glad arriving. made We of base that improvements. with orders decisions get on

So, lead think time. about that

docks. are So, it great. on to up up get showing year showing took to parts now. they we're and But bottlenecked those our looking that see a at essentially of That's number a them start

to on that improved, So, still I been the out, the suppliers still said, ramp off through have And constraints labor do decisions incremental business climate to year them I've continue year, of improvement, side to of able That's think decisions improved was, we now. We're a made next making we because the supply partly better made we'll those then we partly continue because chain and has end do on see constraints, but we that has starting going constraints, quarterly of pay into But work to a the than see they'll bit, it Will. carry have as to progress. key. early allowing the those but bit, our availability that. this to that

Or of you're like and be new, efficient where a have consolidating in build do the follow-up, that more you facility shifting the a building a about I'd that into address I this Syracuse. if I future? ask can. will factory? matter to new Is intended to more incremental in demand

where But I our as answer, go These Number miniaturization. are for So, obvious new driving X-part detail. requirements. into will. is this are can't customers is, world tell towards commercial future what program can requirements you reasons, in I one, absolutely, great

get signal space, faster speeds, a critical. components carrying Then to trying critical. footprint. to and smaller smaller So, more faster onto is speeds management That's handle and carry material critical, required those the to changes also thermal

future in footprint. This into It are while HDI is is are today is existing our are demand.So, ultra some demand. that And all program not rather we those demand. So, boards and of future of question program building that the second part yields ramped inefficient say the facets feeding I optimized.

demand some could So of overwhelm this a relatively you as small small today, because given volumes goodness, know, thank facility.

Syracuse will going with an we we HDI ultra boards in deals process to in build printed struggle bottleneck facility build are the circuit So, the that purpose-built that areas with be that efficient today. to

developing. at in capacity the we some not efficiently in struggling That able this as today building free them, facilities our of that's will will we're these but of smaller boards, bit a be the as So are looking how to build up future. successfully that to

Instructions]. [Operator

Chan Park with Stifel. from comes Our next question

I center just had one on business. data your

quarter. some nice in the saw You upside

could So, implies differentiate doing peers your you Asian guys QX sequential talk how And about compete a decline. the math of correctly, a competitors the guide some or versus little if I'm you bit you against?

So, of from 'XX customers? could you're AI you talk and about the the into some getting visibility some these sustainability your ramps of of

competition, we areas of really is So, application terms of on through true differentiation of -- this several those support engineering what differentiating commercial focus for our and customers. field our in is

the that in to responsibly proper the early that design and supporting a that commercial they're prototyping if developing our facilities. way allows in phase, So, and doing those then customers do for for design in production into and their design ramp prototyping manufacturer us

that's latest a gone we're product. coming with generative generally, from center generative data AI And now, XX% product, our area. that computing seeing AI that demand Fortunately, well of about right the and

in fourth strong You're year-on-year, still what's But correct improvement looking we're at that down being center. double-digit and happening sequentially, in slightly there. the quarter data

a So, things. few

we're seeing little customer On of the a bit spread positive better standpoint. side, a from a

anticipated tight as are supplies starting a an supplies, we that the in into supporting we course with happen areas see see here that's They're again the slight demand next our it. customers a are decline very understand bit seeing tight particularly strong of In up good then that's year. demand, in So of we and and chips the what little certain but pick through fourth meantime, of to expected dealing as to moving to and quarter. are

center. a XX% reminder, fantastic last growth as up were sequentially really situation. Also, this data short-term a we would view saw as I We quarter. just that So, a in

be quite that were early-stage our those their a that now little the fill product. ramp got natural as there'd of a and inventory the into orders we've demand down take place there to inventory So in for it's bit into in slowing customers, though also requirements requirements, customers that

in So that's really what we're seeing center. data

concludes time, would question-and-answer At to That like session. it the this I Edman closing remarks. Tom to for turn back

booked bookings I strong of to approximately automotive. $XX in cover about, area programs a in million. booked have usually second a That one $XXX to a year, know of of all automotive, quarter you a of $XXX is that And asked have lifetime this now to compares lifetime question quarter from let did we do second value booking we – year-to-date, program We of standpoint, a million. the want when year we terms which sorry, million. last program when value quarter booked

All of value we booked year, last million. a $XXX of

guided reiterate That finally, points. feed And thank was the Those course, revenues But to production we months for are year with Generally, wanted Number after a in of our critical good we've above EPS our joining in one, So years. that of due improved following well see record. to and success execution XX And registered the there. to range. then programs booking. of of momentum. were over everyone out multiple America few really kind us, non-GAAP strong to spread North delivered programs, range. the I those guided line into then just

from that flow operations repurchase strong enabled of at our Second, cash revenue maintain sheet. XX.X% stock and solid us to balance

Syracuse as to future and facility adjacent North excited Third, demand. new really our our you feeding circuit our defense facility I’m be able customers greenfield announce defense serve a to for that in existing advanced Syracuse, aerospace saw, intent, America to in effort build to to customers. we announced our printed board

of very really employees, and as So tremendous to thank all like of much. a course, our base our customers support. quarter. Thank your you supply I'd well you Again, for our

today's for does you your Thank program. This the participation in conclude conference.

You may now disconnect.