Entegris (ENTG) 31 Jul 242024 Q2 Earnings call transcript

Welcome to the Entegris Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Bill Seymour, Vice President of Investor Relations. Please go ahead, sir.

Good morning, everyone. Earlier today, we announced the financial results for our second quarter of 2024.

would some remind forward-looking I comments that begin, include today statements. we like listeners to our Before These statements projected involve and statements. actual a number of could materially risks differ from those in forward-looking results the and uncertainties,

also in information call, to most annual to we by the the our refer have information Additional contained with we the reports slide subsequent recent these on uncertainties report Regulation risks measures is the regarding financial SEC. this in as quarterly SEC filed the and will G. presentation. that On and Please non-GAAP disclaimer refer defined and

You IR can reconciliation page today's in our website as our news entegris.com. at release find a of on well as tables

your reference, and that call as Linda QX QX call Bertrand. divestitures LaGorga, our We P&Ls a and our the consolidated for With we Bertrand to exclude I'll the on and finally, XXXX. XXXX today quarters in of reminder, are hand X over for Loy, that, in the -- all of included divisional And presentation have earnings CFO. slide CEO;

line guidance non-GAAP points in divisions. EBITDA increased sequentially benefit and were margin year-on-year, Gross and that the EPS pleased team the million and industry our expectations, excluding Sales and were continues am second X transition, execution morning. be I quarter recent strong over sequentially $XXX in were that better another were divestitures within or divestitures XXX than up all Thank you, our in in Bill, guidance with our of showing performance and and basis results in up good was semi delivered line of with to the range. strong Entegris guidance. above our with

performance, Second chemistries. in filtration product for X% our revenues, increased at were closely and divestitures. Sales sequentially sales unit-driven pads, quarter CMP and sales and most were areas more etching across slurries particularly up liquid Looking strong our year-over-year, excluding XX% sales

true like CapEx was well products gas quarter. filtration. also related in gas like Handling revenue and sequentially rebounded for Our purification products facilities-based and groups the This WFE CapEx-driven as for Fluid CapEx as

business Science announced of Let other & direct in the few new building under manufacturing to CHIPS million Colorado. we our up me funding support proposed are cover Last preliminary a Act a a month, to award facility highlights. $XX in we

honored are be the supplier the validating this funding importance initiative, do and be ecosystem. We of as industry we what to enabler first key to material federal a the awarded semiconductor its of through

receive installments next achievement to the expect over We and the X years. tied funding the to several milestones of

this membrane project of will our the include and liquid The of FOUPs first proprietary photoresist production phase business. used in

facility this facility generated to our continue approximately a QX, up from of ramp Initial XXXX. in expected we We new to this in the and are pleased XXXX. to our facility to from in great $XX first be generated that continues from on expect generate half to in revenue revenue second track sales the milestone report team be our Tiwan, also million I'm year for new full this kaohsiung for local to facility production.

significant the both continuing are Corrado, R&D significant make expect manufacturing coming ahead to provide that in the and that Taiwan On we to to are growth us. investments we support Our years. will critical investments note, the of opportunities capturing growth capacity in many

XXXX. in our we this, expect of R&D will support spending In increase XX%

customers. road making maps expertise innovation for ever achieve and is Our to process to technology of performance. material increasingly science these process The road purity incremental yields, an maps new and are our compounding complexity materials greater customers valuable in calling materials optimal device purity our

providing of our expected us and as solidifying with making new critical key to growth road a nodes, new platforms product us are research into we further going maps, forward. investments the translate The excellent enabler wins are in fundamental customers' opportunities in technology

Moving semiconductor recent quarter cycle continues on improving. are for the bottom Industry to XXXX in of a be the that normalizing, balance of the inventories the the transition trends the our validate reached year broadly outlook rates this to market. These are industry for of and year. the year. fab utilization first

the expect continue the gradually to recover this of We in will year accelerate entering second and will market half XXXX.

outlook we X our expect back $X.X half modest in business, slightly of billion. divested the XXXX This primarily approximately the in For our year PIM impact exchange versus including we XXXX, market of of foreign slower-than-expected assumptions. recovery will original negative our now be months which sales in sales reduction the the and reflects March,

approximately both second from XX% the half year. year XXXX, full versus versus this growth line our of divestitures X% XXXX XXXX Excluding half first growth the in to and top approximately guidance amounts and

We be $X.XX. approximately continue we approximately XX% revenue and XXXX, EPS to of in expect in to non-GAAP expect now to be EBITDA

the turn now call over me Let Linda? to Linda.

morning, you Good and thank Bertrand.

million, in above year-over-year and our the divestitures sequentially, basis, impact including prior up up sales sales X% second XX% were up an sequentially. year-over-year X% down from periods. $XXX were On Our and the XX% guidance at of as-reported quarter our

GAAP guidance by primarily compared QX or QX negatively expenses basis QX. The in margin in execution higher within Operating second $XXX range. exchange was a by Gross million range. the improved our million QX. XX.X% to revenue $XX Foreign on reflects impacted PIM and revenue million the GAAP million. basis non-GAAP guidance QX was a $XXX were and XX.X% in plant Operating $X were EBITDA million on on Adjusted year-over-year in basis margin $XXX and focused a of quarter within utilization, non-GAAP sequentially expenses divestiture. our in

Net for were were and sequentially, our was Sales in our second million. quarter. EPS the rate $X.XX the Sales divestitures. Non-GAAP XX%. X% The diluted GAAP MS tax $X.XX rate and interest We in GAAP non-GAAP QX. per EPS of million was X% was tax per the in was was approximately division share QX impact guidance in $XXX QX share up $XX expense range. excluding within

was we increase etching pads operating memory, in and The slurries for quarter. The adjusted coatings offset X% MS sequentially, up in XX.X% was R&D margin trends operating improving divestitures. for the MS benefited driven down by margin partially largest excluding sales contributors sales basis, volumes the increased as-reported was to On were sales an modest from sequentially. as increase chemistries. spending. margin specialty and CMP higher by Adjusted slightly were

by of was in higher Adjusted Our the in rebound driven were primarily up in AMH in for was The AMH CapEx driver division and FOUPs, sales XX.X% sales was solutions, XX% by $XXX the modest sensing sales of and volumes. handling QX increase The quarter. for operating control fluid million margin sequentially. the margin AMH largest increase products. our led sequential sequential

liquid by and division sales Our for Revenue gas driven decline in margin across $XXX of primarily modest Adjusted was operating sequentially. The MC including for in filtration. filtration was sequential had was up lines, record in XX.X% the The margin QX R&D. XX% million, increased product MC gas purification, quarter. investment most up

Moving on flow. to cash

Second cash free quarter was for flow quarter million. was CapEx million. the $XX $XX

We Colorado. to half facility continue million spending in portion our CapEx A spend to will in related the $XXX significant in XXXX. new total in second be of to approximately expect the incremental

total on since we debt the term And paid cash approximately on have hedged, down During from is of $XX acquisition. our close debt which date, fully portfolio The loan X.X%. in the the $X.X debt XXX% billion currently, debt the of to since means paid is hand, quarter, fixed. is interest million rate the CMC approximately down second of we blended

was debt the Xx net the was was leverage end XXXX. gross billion. on of $X.X debt QX, above end the committed X.Xx maximizing at market debt leverage and expect we of our Based At be gross repayment. net billion and and our pace to free remain X.Xx. the recovery, flow Gross to $X.X of approximately approximately cash leverage now slightly was We

Moving on to our QX outlook.

to million from sales $XXX to range expect million. We $XXX

and range EPS the $X.XX expect to XX.X% GAAP EBITDA to per expect per EPS be We to $X.XX we share. margin $X.XX share $X.XX to XX.X%. And be from non-GAAP to to

Let additional information me QX. for provide modeling

basis. $XXX million We $XXX million GAAP and on and of XX%, operating to million, non-GAAP XX% $XXX expenses million. operating both a expect gross margin GAAP of expenses of non-GAAP to to $XXX

tax also closing over to expect remarks. approximately some hand Net it approximately now of and depreciation I'll million We expense of XX%. a million. for Bertrand back rate interest of non-GAAP $XX $XX approximately

In pleased in half Linda. and strong the first team's this our I you, the execution performance with Thank closing, am of year.

Our second growth about is the And to XXXX. of of growth the performance year in drive fundamentals will promising. half feel market, into we of year Entegris above-market and and We expect double-digit to for semi improving date XXXX. the expect the the we good looking very next for all the accelerate growth setup

very More new importantly, well engagements nodes. investments earn positioning are and to in wins new us our customer

market significant our growth opportunities significant All per of ultimately this for translates wafer content and driving expanding Entegris, into outperformance.

operator, for With that, open the line let's questions.

from our thank We'll today you. Instructions] [Operator Sachs. Loy, Toshiya Goldman Hari take Mr. question at first

first my question the maybe Bertrand, is market outlook. on

in slower recovery half. a about market the talked You back

also Or a wafer slower On You on it about hoping Is that. it the first at bit I talked FX of could CapEx is a a both wafer being point rate. you starts? about expand recovering market your was and headwind. starts? more

have And then seems space quite edge have and by sort memory your seem the stronger bit from like said, customers the is, anything, commentary you're leading and the end application, said points if and data it little based and of a what on peers what storage constructive.

you outlook weaker can second half. the what's FX would curious helpful, impact, again, driving I'm into be contextualize So too. And if slightly that the the

Sure.

So let's industry. start with the

starts on little we're Right now, wafer wafer X%. lower up to a So expecting bit starts. about assumptions be

less the So we bit our when started a assumption little [indiscernible] than year.

a expect, mid-single We be in little the hand, CapEx stronger to the to bit on other low digit.

blend growth. you industry the to of -- that's X% gets So about that

I that terms starts. think outlook revised wafer that driving of is in what

driven is of and certainly year strength business, a in last of seeing better than Memory foundry as strength very a our advanced state logic. primarily, by the advanced that into our growing we advanced mentioned, result in a in you are as business So logic, AI that rapidly year. translates lot this

We NAND from are is still relatively and seeing in obviously, memory, in strength for inventories NAND demand but still suffering applications. is then most soft elevated high-bandwidth

DRAM memory, wafer in if you starts So both about think NAND. and in

not levels of In to of fact, wafer pre-COVID. the start we're back

deterioration So in is seeing have And as the forecast, And half you declining mainstream, original the recovery of and particular, and is been we customers our you automotive, then, certainly wafer course, QX, in we're in in the the that's of there of recovery, cut and production yes, but starts. of know. our and what than terms demand expect year. our industrial to worse driving slow many really business, second has

to that's So X% blend start that for the gets year. wafer the that you really outlook

bit buckets X remarks. X guidance. are So the that more in reduction to There cited you're me annual my color more on a I I preliminary asking think provide broadly, in the

so or million that's the the So $XX of recovery. market for the That accounts outlook. reduction slower for about annual

Foreign SIC. for the $XX last one about million, specific exchange is roughly. And accounts to

of So recovery, on what's behind the seen about half those in recovery a market I different movements from for in we that originally guidance. half the we numbers? again, area second the million. are today for -- $XX year seen lot set I I a think delayed, us. slower we've early Then first it still very expected is the and being the the year, the rates accounts the in original foreign exchange, mean SIC broad-based We've used that is talked growth and of to the what

had to grow the we is for than less starting very but the which ASIC year, original it our this good, business year. is business this XX% expectation expect growth We that XX%

that's context guidance. the So in reduction the annual our overall for

on Yes. And rate versus of your follow-up, maybe my broader outperformance market. as the then

like to you've into things level been I I in market . little bit, really moly all and X adoption outperform and potential come as gate you've of of there but saying then SIC around the broader that's it comment but your kind the your your think of in X in outperformance 'XX, you -- curious 'XX, and for to XD know of where your points the outperformance past, early, stand at X it's very in a What's to for talked ability confidence XX? end. Maybe given terms NAND. pertains about

Yes.

-- think of Toshiya. you think that you I all So numbers pretty I those well understand

And by comes also no have X when outperform the been for our mean to outperformance. outperformance I in very that that So it 'XX, limited major transitions you this know driver year. now, these to right are points. a transitions you know we expect

reasons NX of we We XXXX of expect around in in to advanced change expect lot to gate logic that architectures. excited terms in a significantly transition the to with and transition be what to

manufacturing in of terms NAND, of expectations and moly in And as a XXXX. you lot mentioned, the of XD high-volume adoption

again, So a that's have that year XXXX. of in transition, harder you of outperform exactly the facing we're we in when the always state said for us type and to it's are that industry

So a is, X% in least that outcome. of at context, good an my in outperformance opinion,

at Mizuho, question. Roberts John next you have our

had Do restrictions. you into outright here, leading-edge for or Any over We that a exports on then. topic? ago tariff stable some restrictions not risk products and applications since maybe as on just China been but potential have things a see thoughts restrictions year risk relatively further

Well, on won't speculate new We been regulations with we around and potential complying rules. with have rules China. existing obviously the trade

We have . million our of million per business, so revenue quantified on to $XX annual basis. quarter, $XX the which about impact lost an about is

well. really pleased reduction say in early that have to business our that We seen XXXX, been then, since And performing I'm China has late actually XXXX.

of in our steadily. Again, actually to very new in But with performance speculate we're of We China. I'm going as potential of international on customers mainstream lot not with of have very a business fabs have these a our in China. been There pleased And are now, business China. right growing lot restrictions. customers the

will Lodaya next question Capital Markets. come from at Our BMO Bhavesh

guide quarter full at third but reduced which the year much. look guide, If EBITDA not that and slightly was your I then

XX% You're seeing driving in what's order you confidence the Can almost Are fourth a quarter the on that? strong very Or you level the XX%, implying fourth ramp? quarter, that sequentially in higher versus touch what's gen for books? third. your

Thanks Linda. the it's question. Bhavesh, for

answer for Let me like frame the you.

XX%, all, the of we changed. first year of haven't guide approximately So full

the the with in business balancing we're control. year, investing the through cost the go we As

about so into year. thought took margin the for EBITDA the that And as we account full we

sales and go how operating of into and you gradual going expectation we're continued as some quarter, to we in think benefit and the that from recovery and the the are with Yes, into leverage. go the the quarter progress, fourth we overall about volume our growth margin EBITDA keys the get on might as fourth guidance both

combined to give fourth are us therefore, So the as those is stronger things the XX% a allow margin EBITDA X approximately for year. have and into the us going we go confidence to quarter in

low of can your with in And driving much shows The Got to not growth it. quarter third the the end talk factors low end then guide. the particular, you about respect the end, and guide, high sequentially.

quarter. as to we head the into So understand just factors trying the third

We very now, and forecast I various mean times industry and have you to different It's what that rates. a of with outlook are that details expected I know to in is at balance and level, than look, do discussion. customer-specific aggressively the manage level the customer And Bhavesh, hard I manager output in on I customer. generalize. But -- when can't to inventory really mean reduction almost by year, the we production would lot Yes, it's it's customer go fact give were in call. I specific a some putting expected. the this originally segments mean, at mean really think of a our are more that . And you right to it high say really for I has makes -- really the guidance difficult again, I different it's to our together very the mainstream, customers very QX recovering to it

pre-COVID. starts, wafer there's they other look memory. Again, nice still But the thing recovery. are when as then at you And earlier, mentioned a lot is of I below

expand able into are opposed of we working think the XXXX. question to HBM QX will that, we I is seeing in is as and see feverishly the is that how we encouraging. is in I much obviously which know to that be going But industry but limited. recovery, that capacity know a gradual to

about we guidance think for good QX. feel I the So

way And again, custom or really very another what would much is one specific.

Our the question of at next line will Deutsche Weathers come Melissa from Bank.

coming that your bit. I wanted CapEx little little I up say CapEx, to wafer understand did on is click start is commentary. down forecast industry bit, a your you CapEx the but coming double a

So that year? areas what's you that this any that? more particular there growing in can of you give strength Is faster talk . about confidence driving

Yes.

in WFE mid- growing seeing we're to single the high digit. seeing actually what is So we're

We expect flattish construction to staff relatively this year. remain

my business ties net our of X/X Remember parts construction, to ties about of is that really revenue fab of effect those to -- is WFE. our construction, the X/X So comment number. exposed more X CapEx cloud CapEx to the

Got troughed quarter. first it. in talk Kind flops could of along you those about having business? you lines, -- that business more I your think specifically about quarter, talked the last

about think FOUP unit-driven should the and So more business start XXXX? how we into . XXXX

Yes.

would X a for us. usually the it's products to FOUP reason those for the as is So business about customers use business CapEx CapEx our And years. X

So frequently did them XX% for to enough QX. you're consumable really glad product. us not FOUP sequentially the It well platform question eventually asking QX. the was because, but to get replaced fact, the I'm nearly QX they in deem in But up sequentially

guidance And has QX, to why we frankly, year. lumpy, reasons more we this business facing contract is notoriously FOUP of one is modest our business periods of been transition expect are in that especially that the in like sequentially QX

So XXXX going contract little to of expand to we that the is the overall a rapidly and strength then industry. expect business QX business in bit that in on grow continue to

at Needham. Charles

a on color QX. the into bit So of little product details you [indiscernible], provided

more color QX basis. a from to you want across to divisions, how give are little could Just sequential if on ask QX the a bit things trending X

if a all FOUP to more be QX, on wonder a for maybe makes I bit comment in but going color bit is you divisions. provide wonder little X me down Your little AM can

Sure.

right? the in of context the at looking think up at X look, you year. in in -- of QX prefer last And QX. you're like a I will mean XX% a strength I range, across all I see I quarter compared context, midpoint actually -- comparison, at year-on-year that guidance divisions our And So the look to to

be to in MC expect up We mid-single digits. the

mid-teens, to be be that's up Then We the excluding we expect in divestitures. in MS and AMH to mid-single the up expect digits.

question a about Maybe KSP.

to guys the track. just bit QX. Is But, building actually How Or bit congrats for say, get that started the that. rather revenue potential lighter? that compare? compared a us a consistent that you with I let's it's little facility? wonder, And is total little on the the facility, does in It's on or XXXX. think mentioned you ramp on -- this I revenue initial that you want in remind it it can time of what's color above.

I to how still additionally, questions node And advanced is is business get it facilities the on did that leading it by you're Taiwan? from getting the that? Or supported foundries leading Is about from really tied to think versus the demand foundry -- the elsewhere. in KSP from largely

Yes.

obviously, going So its needs other of today, our advanced the of it change, leading is is from filters. to especially right? Taiwanese all customer factories, and This comes to when supported ecosystem

Taiwanese their progress, for lot of transition focus next the work used the We will NX important around our filters foundry all making customers time, and full to We not So be expect to this -- important product bulk at come our of for ready for for and really, the of advanced we ecosystem. customers. on right? Taiwan, at a over it, year, year. $XXX from scale. potential It's their happen. maturity It's it good want also of . And qualifications, bulk the very needs is the that by ecosystem the but be but full to site there's are foundry million capacity our Cauchon the

year maximization. really this focus qualifications is the revenue as to for opposed about So product us

think Having million generated $X I I in said we as QX. that, about pleased, very said,

$XX the to the qualifications about facility. on generate of million basis the out of ahead by But conversion. now this to end year expect of product team is efforts bulk right a full again, We the

question today at comes line next from UBS. the Tim Our of Arcuri

kicked a got I Sorry, call the for out moment. of

news use the I'm they're you've restrict. asked. this Well, even and apologize to seen one the sure Bertrand, has reports I further FDPR expanding after but So today some can I and trying to about potentially expand equipment mean, use if of go been there But trying was FDPR company. do, the Chinese what they're even of of the to certainly we debate the

it's subsystem I per extending it and like this mean subsystems. but is -- too. So the it's se, but it's into world, not material seems

live pretty Do So I lot, I a know just materials swept see that and being of sort with world this the about but any the Commerce. into contact the close subsystems that potential as generally you it mean, asked I Department restrictions? you you in that you're of

decisions. Tim, we fair knowledge have commerce very, department question. mean, part with working outcome as it's the And been around any working we've I involved don't don't in but So the right? control know, also very of as specific that, you consortia, we semi a of the certainly those

you we understand, future. won't the So happen may I'm what speculate sure but in on

bullish about into question the Okay. least get year. sounds just seeing and then that. and and more are know about end don't I Yes. I The we're guess dropped forecasts the keep perspective, I but end from . certainly of And the shipments capacity next an I asked, year more the was going X this optimistic being equipment up. year. NX on relative is if mean, toward at certainly, TSMC there NX certainly of

a for was a bit key try us trying customer to Can seems before get to when at can nodes. of question square a consumption from -- there again? perspective that these your on speak be sort was upticking sort that you're So of to downticking largest you why you

Yes.

big expect transition with a entire expect, the we getting successful that know as ready XXXX. So year. ecosystem node We certainly And really -- our part the I'm actually, sorry, that. in to be This well is QX, business largest fastest node and our would QX going of customers is our for very a this NX you business.

And of that's impact guidance the frankly, bulk the is of expect at it in But for see in QX. in see to to some reflected expect that what implied QX. we XXXX. We end year of the this

Bertrand. Okay,

make I understand. sure to So just then

being up being in So taken that's down, if QX. taken

QX? offsetting is what that in So

be it XX%. again, I grow growing to mentioned, is think, ASIC at I business to going it the your but rate was Well, year-on-year, for XX% expectation as at about

So headwind that's that facing. we're X

obviously also in inventory coming their lot and witnessing are down mainstream and from their customers levels, demand applications fab adjusting activity, production really are a their are industrial customers reducing schedules both significant fab focusing because We our because a contraction automotive on is accordingly. of

that's overall, So that account revise second industry are we something the are outlook. as drivers. taking we mean the mean, main the I into X I half those

at Our next Capital Aleksey comes question from KeyBanc Yefremov Markets.

Ryan on for Alexia.

Just X from me. up. sequentially One is guys to margins kind of to little margins Obviously, to you a XQ? drill kind XQ guiding in are bit of some be from

a Just expect you and of wondering on segment come where from what's there? to basis, strength giving kind confidence . you that

Thanks, Ryan.

strength. really it's me, to So an overall

So there that see will continue leverage. revenue to as in we see. uptick, And see can to we you is as some uptick continue volume

about think number to bit. the also, you we QX QX As OpEx have coming a down

QX down of we're be go QX. into will the coming leverage as So percent through getting OpEx we as that a and revenue and OpEx

year going that that So the to ramp we're the Bertrand QX have general bit little focus pressure QX offsets as and we as we recovery in some it we the KSP, continue our to go throughout a Obviously, benefit as see of benefit as of to that from referenced qualifications. happens, margins. on

Yefremov Mr. further, Anything

. No all here. set

the Wolfe from final today line Parkinson at Chris Research. our . comes of question And

modeling be as and you Colorado about preliminary but bit . on well? any more term, Just little Great. a appreciated. greatly in talk about more the how not thoughts only just ramps thinking be any near we Taiwan color Can about would should

Sure.

we're of capacity, as our the have qualifications in all going that we know, So as in focusing the on we're and to building therefore, building plants industry, the advance capacity, revenue. we're

I way is on margin year-over-year gross points. XXXX XX is the the So basis KSP, about headwind think about would

up Colorado we will ramp This about some facility we 'XX, yet. the pressure into 'XX service speak year, it go into the and is margin We're as have as revenues. in not building we

revenues year. As we mentioned of in the half will earlier, come second Colorado for the

point facilities in the think how So time. this X that's about I at

just And real follow-up. a Great. quick

balance projected outlook last on Can process. sheet, you're on remind well conversion as balance given just Just years. preliminary second cash your just 'XX, the a us, half from forth. Obviously, the a in it's the what hearing flow the for about cash and you're update journey thinking so the how of on bit uses free just as been deleveraging and sheet, few your of you shareholders, any so for

sheet, what And could pleased used divestitures to debt. proceeds the debt, to with I'm we're date very cash pay what's what So our control. done down us pay balance controlling we've down we from flow using free we've to is and

to using We debt. to free on pay focused that will stay continue down cash flow

with we We are absolutely balancing acquisition down. continuing year, as paid of through have the go the CMC, want still debt. But leverage. billion committed to pay $X.X to our to reduce business make down debt Since we this we the of sure we're investing in

committed comes slightly of still X.Xx expect coming be further? of all on but leverage leverage north we to the that of and mentioned we recovery the the this in, down timing as timing So based to together, that I the very getting cash flow earlier, year remain

mean, could. in we very commitment has we're Having we made quickly as last focused, spite able the doing mean, again, down would be that, I'm I been very, the in this look, bring this of I very to team that, honoring on to This year the year. our what obviously, I say, industry. and as that, year proud success, investing transition critical CapEx make been invest continuing that to significantly would R&D. required strategic to and a year the Yes. investments for said to of future leverage in we've of the all is,

XX% think about R&D I the mentioned year-on-year. I increase of in

really, is of that of all And for future to success. really important set

in that for So and redundant will all advantage manufacturing capacity into those ultimately technology, translate capabilities, significant investments in competitive Entegris. of

model and of do Day our target glad all we presented this that that on of the I'm during the target year. to able model that operate So we're actually within Analyst in January

So to navigate think really performing the well. I overall, but is year team a tough

to back queue Bill like question final any our Mr. in for was the remarks. that additional to today. closing or floor I'd the And turn Seymour

All right. reach very you Please if Have Thank today. day. call a directly . me for any much. to have out joining Thank you follow-ups. our you good

gentlemen, Ladies today's QX participation. conference Entegris thank 'XX conclude We does call. this and for you your

You Thanks. may now your lines. disconnect