Axcelis (ACLS) 4 May 232023 Q1 Earnings call transcript

Good day, ladies and gentlemen. And welcome to Axcelis Technologies Call to discuss the Company’s results for the First Quarter. My name is Levi, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

We will be facilitating question and answer session towards the end of this conference.

conference recorded this replay reminder, a is for being purposes. As

of the now Mary to CEO proceed, like would presentation Puma, Technologies. ma’am to and call I today’s turn over Please for your President Axcelis host

and you, Lawson, Executive President Brewer, of Executive Vice of Vice and is Engineering & Marketing Executive Vice Global Low, President Levi. Customer With Strategy. Russell Operation; Thank today President Kevin me CFO; and Corporate Doug

it is our on If yesterday, you in press a service Playback of not our release. described available on have release available will seen copy as our be website. press our issued also website

statements that note risks which subject annual based current to Form under comments urge our inherent our revenues, future are on about results Statements and detail described filings, other business. forward-looking are Please XX-K the Harbor review. our are are expectations and for Safe to Forward-Looking SEC These management’s we made in other today SEC’s in risks expectations profits in you These report provision. and the

actual from expectations assume do not update our obligation statements. materially results to may we any these current forward-looking Our differ

Good morning our In quarter Anniversary for we joining and for call. XXth of earnings of thank celebrated the founding Axcelis. us March, the XXXX first you

place. As great I’m milestone leadership happy we the is and Russell, a passed this baton to Axcelis to as passed I in report that

an sheet, excellent solid a customers. balance strongest history, the employees, team of product our suppliers and have We in portfolio XX-year and

We and are profitability. positioned well growth for future

power for first million per first family $X.XX. silicon Purion share in $XXX high product remains Revenue with quarter extremely for the carbide especially the of of the the was earnings Exiting strong growth quarter demand XXXX, segment.

at driven billion and record with Purion Backlog power the quarterly $X.XX demand set market. $XXX at million, bookings strength in by a

expect of operating earnings $XXX roughly to we $X.XX. $XX between For and of gross million, of profit $X.XX XXXX, and per revenue million share XX%, margin $XXX quarter around of the second million

XXXX expected billion. year, this of beginning revenue we $X to the At exceed

We growth forecasting is beat decrease XX%. estimate to over wafer year by represents exceeding expected that approximately revenue $XX in of overall now a million, This equipment by which are XX% fab to $X.XX billion. in

second the mix of costs. with system process The mature area to Axcelis, expansion be shipments improved significant quarter to margin DRAM. technology half, customers XX% and stronger memory In in of entirely by strength revenues, and to market expect first customers mature driven XX% we continues addition composed going foundry logic an to of for

representative each shipments Korea geographic our the of geography. and and spending patterns be the the world quarter, accounted X% U.S. XX%. globally China The mix In in Europe Taiwan system X%, the distributed of of XX%, XX%, first XX%, continues rest to for

continues device drive to industry market The our during power this downturn. growth

segment, expanding customers actively from and winning customers footprint market high engaged new are at with growth our this We existing customers. in all business

expect revenue We from to applications. of silicon XXXX in over system from total revenue coming device come XX% carbide XX% greater with this power system than of our segment,

carbide silicon see significant HXXX to tool, Purion silicon and of carbide In for addition M silicon adoption pull we Purion also increasing systems. XE carbide our Purion

silicon we family. product Series be spread across expect carbide Purion from Power evenly As a result, relatively revenue customers the to

our carbide high for their have customers designed Purion the to automotive in been challenges technical of they silicon customers. products support support Power Series facing volume to ramp as

continuously and applications. customers deliver high complete allows products device Purion recipe Axcelis Series volume power family is for full power the optimize their their only ion-implant to The device coverage performance. Power company manufacturing all fabs that improve can to for of

to This family providing means the path manufacturer customers Axcelis required Axcelis places aggressive is differentiated tools of enabling manufacturing, succeed in by product satisfaction. support lowest capabilities. performance market, volume plans. power level a customers the Axcelis ramp and and fab and customer considered value exciting using supplier risk best the high to this choice, by product that, high be provides to our leader significant device technology providing to of on

Although Axcelis to bases them needs. their and to and close Advanced downturn, experiencing their manufacturing understand continues memory customers support to a are stay and our technology installed Logic

It opportunities is during Axcelis downturns customers is increased the during that, ability collaborate our next with there to an expand for upturn.

We systems our many designed in field the market evaluations these engagements have multiple segments. and in footprint increase customer to

This As combined the downturn, and beyond. and will experience Axcelis significant drive strength these in segments semiconductor growth Axcelis the will this power with mature our billion exits industry markets as traditional model continued to $X.X recover.

to it like I Now over turn would Kevin. to

Thank good morning. you, Mary, and

about with year-over-year results exceed representing growth XXXX pleased first is of which revenue, are We our financial now quarter XX%. $X.XX approximately billion, excited our full-year to and are expected

first systems revenue at $XXX.X finished was solid $XX.X at above Looking the well demand quarter, million. at revenue CS&I with guidance our continuing revenue strong QX for and execution $XXX through Purion. and million million

in our the Power supports continued the which this Strong revenue in at activity of perspective XX% come quoting greater expectation systems in will segment quarter, bookings XXXX. and than from for market

at for models. should CS&I margin finished gross QX percent XXXX be quarter-to-quarter, billion $XXX XX.X%, at $X.X being CS&I a lower million of fluctuate guidance, revenue total lower to will approximately million $XXX our and due slightly revenue modeled revenue. than but in

pressure QX, caused and XX% improve to still in higher remain mix. to by material costs margins expect under We but approximately

the move significant should our This achieve is improvement margin of forecasting us allow second more XX%. approximately year target product the a half in to gross mix. full-year gross are and to We improved favorable of cost margin we

laser of allows greater at This drive remain initiatives of extensions. target margin model. sales lower on We product Purion to $X.X gross billion improvement cost into XX% margins and us and numerous than have higher focused underway to goods the

ended at of operating XX.X% guidance. first better and to quarter expenses, our Turning the than revenue

XX%. flat OpEx expect in second We approximately the to quarter be at relatively

footprint markets. and the memory we always, support that specialty continue our and business of will Advanced slightly solidify advantage areas increase investing while Logic spending, technology in the to our As in growth, and control business market,

the Additionally, just infrastructure infrastructure walk Beverly our we employees of financial models. from will in to our achieve in example short our Logistics state-of-the-Art new is One headquarters. a our continue required to investment Mass in invest Center located

to scheduled open is provide and flex and centralized logistics manufacturing capacity. facility summer The this

plan to the needs operations underway point our But are Beverly have billion grow. at also as that we we further and support this a capacity We that comfortable initiatives ramp Korean model. $X.X

and quarter, We million ended growth. cash of QX shareholders, in returned XXX equivalent million $XX.X investments, repurchase million of generated cash, $XXX operations. our with of million cash $XX.X In we share from of stock and over account cash to have short-term curtailing while a

This result of to in profitability a power a and rare a strong opportunity revenue industry product device positioning during in strong has a environment. Axcelis grow downturn. and the challenging continued a market significant is execution

as also in the semiconductor We look and Advanced overall memory growth to Logic market recovers. forward continued

supporting I for supply for entire Axcelis work thank their again, hard the to chain want want their and in Once team our continuum thank for our I customers partners to confidence outstanding the performance. to Axcelis also deliver. Axcelis

now a for turn to comments. I closing back Mary a call will

Kevin. you, Thank

few points. based $X.X As will $X.XX end on call the last by five the I time, key It and billion is over thesis, in did outlining this XXXX I business revenues years. over the which in next billion following Axcelis’ supports

segments years the with market TAM few doubled First, of implant XX% the more has the greater last than representing mature than total in TAM.

implant highly nodes have are and intensive Second, peaking power general and intensity mature implant the increasing XX devices sensors at nanometer. image

to were and benefit product markets. high Purion in manufacturing, value extensions high process the technology image Third, positioning uniquely power designed from Axcelis device growth optimize sensor mature to

desire segments. device Axcelis in market relationships Purion these Fourth And fifth, win to growth our high implant product to fundamental specialty making differentiation cultural long-term customers customer a strong by has leadership we have propelled successful. and

worked will the I as continue closely with to Russell to have outlined. Axcelis I into and new the the rest team roles. I execute this executive and Russell and just transition develop execute our strategy of strategy,

capital I be hope will have I you supplier the into to that to and I continue your suppliers, industry. and for employees, the semiconductor leading past our will customers, that Axcelis support want continue that thank support to equipment great future. confidence investors a

to for With would it up that, like I questions. open

first [Operator line presenters. you Thank question Diffely the comes our Tom [DA And from Instructions] much Davidson]. so of

is line Your open. now

So go couple materials is and at are kind higher they business just prices level to levels back front, margin fact looking getting into a or we on that a or just years are the you ago a of were basis, the when pre-COVID gross on permanently forward of a new contracts at today?

So that is a question. good

better. they getting So certainly are

where think out. getting to are the in some I opportunity more opportunity commodity to back to more get little a is be cost example, things. is have some to we while and going difficult change the There for areas, others suppliers, some of level pre-pandemic there levels

costs is why hitting feel taking the on coming of in back on good news should are we basis a the starting think But which the QX, to end we about favorable right we margins us Tom, are - is which up the see material, XX%. full-year QX, start now, to back in year comfortable I in

which you in on what those based as high-cost chain have hitting inventory supply our back of comfortable feel some the had, on better quarters. mix seeing margins basis other in current two cost suggests got to full-year using we has with getting based know, to we And gross up XXX points that we get problem, margin. XXX that the we and And have last and and are been

to some on things where never costs even going were, are down of but opportunity a supply maybe there and go guess, is So back through they rationalization some I pieces chain it. to back quick is probably to get and summary better

just do when you model structure of just will going decrease summer, more are time? this a it as following they Okay. sure cost you the the efficiency up goes things on at opening making get expect forward or increased center impact on for far And to your and that there where as that logistics then that, ultimately be look cost is the material that go to increase on you

we so to cost models. mean, Yes, that have had in the I

there, about talk storing have we it. the the expense is buildings the it we lease over of of at which place when But we full-year cost gross that XX.X% operating is is, margins Tom. right has are reality random all lot now, material where in with So full-year approximately which a and

So, a open, period run as out. to six-month duplication, about going to leases but when the we locations as maybe some nine-months, other these over are initially have far we

an it from to is of both have going everything and of in net one So the ability from be point to impact favorable, efficiency the view location.

a is this this we up in to that scattered the and in going have around lot are exit to surrounding very Beverly campus, of material right sophisticated now, once and again, communities buildings we thing robotics new several are And going facility. handling running. So are

for would place analyst Sounds meeting. good an a be like it

give and will, It can it. we on ride you a

memory markets, non-power to the for When high-end recovery over you question Mary. how little happens and of about the couple next advantage industry the that at positioned when last non-mature and bit look a are years? in you The talk logic, the you can markets just take

Sure.

to existing at our past. now able make mentioned right particularly the work things be we are things headway as tools increase but additional expect customers doing right to that are with both right So the are and been business in where in do recipes. our additional with qualify we Obviously improve, to some memory I to script, customers the some closely working actually haven’t customers and we even new very leverage we Purion now as slow strong now, our

talked of this we Logic, about have terms Advanced at In length.

opportunities, Advanced major bring particularly in to cost is ongoing. we continue the that We improve that all performance Logic where differentiation their find to Purion bring where customers can their is ownership of with device them, to differentiated, work

into talked well. evaluation an have how customer that expect also we we is evaluation have Purion that that it Advanced about an dragon recently going placed extremely we system is And Logic is going, And a H to And expect grow in Purion- future we also Advanced we and for into an as have closed in Logic, result on the business additional business. that well. recently to more a for

of terms So but we and what on customer’s of challenges. requirements their are install meeting only also are focused has what, we on, technology focused changed just emerging really terms Tom, their not in of base, in terms manufacturing nothing in our

Tom will other model. so is, just And Mary one $X.X us is the billion that things to talking thing, that about the things note drive to are

are combined Logic, So us growth recovers, billion with model. make deeper we into to X.X penetrations as power continued Advanced and to markets mature that as memory drive the in what continue

it. Great. Thanks Doug. Thank appreciate you I three.

Tom. Thanks

you. Thank

Craig you question from Thank your of comes of so much. next Ellis B. line And Riley Securities. the

line open. Your is now

transition. the Yes. And Thanks congratulating Mary, just to this for on taking the question start you by want I morning.

in place a at a really had career have remarkable transitioning of where over spectacular terms is arc. You that in Axcelis

first that So with start said, just the me question. with let

a about through April, as and it the I automotive your movement addressed you coming uh, concern whether, you in as there seeing very was and of especially to really about may did that or date market, anything April they or uptake of through March the went March the any and lot EB you of any momentum. investors through like But with some were prepared just was be signals commentary talk slowing quarter, but out things a the talking So and potentially to seems related can order Company’s May of see early automotive else? even lot

has very been Craig. much Yes, pleasure you It thank you. a with working

power significant any changes all not mature particularly at devices. have to technology We in the process related area seen

readiness, here move basically in our for it asking haven’t more quickly. more. for minor always some asking and are are They fact, but fab cases And they they are mean, out. we if in on and anything, there, more anything depending asking seen are customers I for shifts

So I think a that positive very that sign. is

Russell that extremely really was fabs well. and a conversation there the I They on the gist going a customer new of player that being with that sorts major dinner announced are with for and are last devices are things who power capacity, looking night built. currently all going are produces additional and of things had

strong have in those particularly China that a there right That growing right an worry we So very area in that device indicate definitely China, issue any sometimes now, not for do points the area. but data I now know for is about power investment and people is particular is customers.

now, right seen fine, seems any everything So haven’t we significant changes.

question The new related to is really calendar billion That view plus really next the thank you. color, XXXX. helpful is for X.XX

imply we reporting question XQ’s qualitative the if you that color to some with sequential companies could the providing and trends wondering, larger how date. fit I the see guide, back flattish to quarter thanks from just and I’m of result update. year? The the half the could incorporate that season provide guidance, is of this have without providing some on heard So for seems back just this, you half in that first it

Well I will take that Craig.

right XX% will start we exceed we that now, there So, there, growth we is saying, as to I did I guess, by couldn’t mean so, X.XX, a say doesn’t expect year-over-year be more said. but

continued book-to-bill back X.XX. up also this our came in and about X.X the strong talked will just think quarter Mary demand. quarter I to I say last was

So it was one roughly.

for So, things are still on a positive Craig. us, side

at what best in, doesn’t more mean the but to it this that comfortable exceed are and to point So, there do backlog to want now be our pull have X.XX. we clamoring right is customers we there, to things we can’t that with this try record will

a prepared it of I related up then the with that some to Kevin, just and Great but gross that, will finish margins. back comments question to is on goes

from step inventory, of the to basis seem working but higher prior a here, cost out quarter at the to the means, it up XXX with that Is the suggest the acknowledging would than look would the XXX of issues rise third, point that given underlying in that cost things? just back to a fourth that more So in half are some play. way reasonable dynamics at be

A - Brewers Kevin

Yes.

XX%, be of a ourselves profiles bet good. right to but we which very quite starting back it whole, see incremental the the out going considering have, up obviously so We bit full-year QX, everything should a through on to in as in incremental we I close again, and the are will based have with comes it And now to improvement, mix, kind come we get say cost be half. will that we

other is make full-year always so always Axcelis well, I a that think gross point at quarter-to-quarter. tell, and And look people this on as I too, the basis, I can move much tell because on margins

we make are honestly look full-year look I things But a everything full-year, better, and programs always to with do at, we looking average. at at

you But a step though So be incremental. it bit to to little in it there. little up going QX have to will a get are

any numbers growth grow put probably we the there. out come prior your And question, revenue quarters would then It if as have on, be be same way. back things the incremental, the would to beyond

Kevin, on and it. execution. help, Got thank the very much for congratulations very strong you Mary, the

A Kevin - Brewers

Thanks Craig.

Thanks Craig.

so much. Thank you

of the Your comes Schwab line from next Craig-Hallum. Christian question of

Your line is now open.

mature on Hey the lot three investment going endeavor a significant guys, we talk congrats from we that be at of a looks to looking to have a [Lam] align and about and to domestic is production that others nodes, demand, gift obviously applied strategic least. in maybe on domestic another solid power, are Mary, of materials quarter. with at the which as China, kind four-year heard and

you the watching very optimistic are that guys it just So happy are with of or you strength market, today closely? about and type

are process are in very mature have have talked the we and and process technology talked And image we technology how sensors, true. implant, area, and mature seeing the we we in So leadership in times devices many area. happy have about we talked about with we power have that what right holds all about now

being are continue that Right We future. into we this is construction, will strength there believe on expect new now, a of capacity and There lot expansion, that there new announced. to still fabs continue is on. the

Things ask from to have is we me export we and continue a seen some flow and you us licensing to of the seen had regulations, control expected there. in standpoint. any actually I What about for not if export change anything control

And that extremely point continue be this will believe to will things that monitor to closely. continue at we that continue, situation And positive. that

about very are China, we now. right So bullish

Doug. is this Christian, Hey

make year cars new was to and programs over so opportunities like the electric forth vehicles. that largest is that country, XX% of EVs. have one would sold for of it were incentive pushed I last comment other represents Government The China

So with of a there supply the activity play which is where the we silicon chain, in lot devices. carbide is

the that few for to continue. very are So we years optimistic next over

and market, getting And on that Yes. to, in then, that, more add target China about is but every expect read strong so their or capacity are segue, of to ambitious somebody that to day else about a will. more if you funding from and I ship and only in delivered, large who the somebody great not automobile number more goals shipments cars they manufacturers to keep getting China, listening the extremely

of silicon from puts the doubling at say that could or are now three Is years conservative. that, and takes we years that look now wafers that every of three-years carbide and the too what was two probably from

we are now. that Well, you is know, still, we right data the have that got

of We will that lots that re-looking certainly, is at conservative one-on-ones in are being be people that. There tell there. we

But a of the XXX depending lot millimeter devices adoption on all numbers EV rate, the built, depending vary XXX. that of on there over, are on is versus depending variables the types depending the yields, ramp on of

is So a variables, there lot equation. into go Christian the that of

and very doubling are with the next will you the we know, revisit six-months. So over comfortable probably that every over, we three-years

That Alright. is you. questions. No Thank other great. Great.

Thanks.

Thank you.

question Thank next from your of Bolton line Needham. you Quinn of comes And the so much.

Your line is now open.

- for congrats success. continued Quinn and the on

first the market you coming where will to see some market Will power time to do inflection the for traditional point devices decline? device what years? still silicon Thanks. you shift auto segment impact or do an expect So on be for power growth more over the my and a it question, be that as carbide, silicon

better looking and of is places continue of to we -. and where So to solid do places lots lot grow state expect silicon lots the continue carbos, will silicon where a that to grow, is of deployed one. IGB The, than places take market power there I applications Quinn,

that So really is there technologies solid on application. the depend three

end carbide although to silicon applications the will silicon expect offshore we probably for what see there is be will in auto. So overtime, dominate

consideration. silicon carbide is energy, driven lots make of And lot then a will and to is areas always be example, lots so, And be comes to going other automotive a that side. by as in to down, silicon has going just volume that silicon is substrate. for a as start and some less - growth silicon in expensive the of always cost result then There

expect So we both. growth in

trends the very presentation, terms of If you currently have the implant you overtaking continues very, carbide see in look at is of strong. our amount to we be in silicon that guided tools, silicon but can

Thanks, helpful. very

signs And by sensor Is so provide market? through the I recovery consumer you demand guess mostly you the with question, your color for inventory this in driven ongoing image conversations customers, corrections any a could of my any second weakness segment? the are into and XEmax seeing

let the market, sensor so first of phones. the by that, me consumer image by in part is driven Yes, slowdown primarily certainly by the take

turns And whole so turns that would business a as that around. around, expect we as

XEmax on in thing right we got The out the is going evaluation. now have that is, there

We are already for are have devices prepping is phase. the more next got for and turnaround one the customers production. system they that advanced in The

strong image and The last of look other is be are the stuff have that piece piece for continues model you to and that that to be sensors is announced sensors in all that. week big at or the continues our folks a image the so, ADAS strong. When

would expect we around strong market the image sensors as turns that So, consumer pretty around. turn

if Thank you one more quick I and may. one

improvement color cost a there headwinds the would to how alleviation shift some versus of in any of margin So the a the additional high be function of second energy half much is helpful. mix

half. but year, to I problem you us would a going really is for that has Yes, I’m I constant year that break what tell and not supply chain a the been mean, up, last for

good that not it, a assuming is So, of it is probably chunk bad.

presentation, energy But know current. our high margins than from as better high you carry investor does

I mix So, talked guidance, a when about in did we of QX, example. the for bigger think high current, we

of So, that is part it.

of freight improvements freight. the The side things, seeing are is there well is with as other that we thing on in

air much into chain and brought As us it to shipments at containers back is shipments not getting getting to or doing and overnight allowed has continued recover, in supply cost the lower be stuff methods.

right were they where times, from they up or they were coming they are pandemic, probably they four Asia probably, I back for up two then shipments five are pre don’t even container times think from example, now. but And to are

So, there of is through. a to pieces coming, lot starting come

last thing that too we had of we of inventory. was And quite bit that last a had mentioned - the higher call priced really in the

So, to burning replace be through that is and with starting [Indiscernible].

all those a So percentage, giving without -. are

appreciate No I worries. the color.

Thanks. No problem.

so next you and Securities]. [Steelhead David Thank much comes of Duley question your line the from

now is open. line Your

Mary, thanks all for Congrats my taking morning, Craig’s we question. I wanted shareholders. on echo run just Good to comments. great very happy are and a

guess question from are at Kevin, margins XX.X% XX% out. works I First half in kind the the me the math you guiding first of to is That are of you math average the going gross out, XX.X% is have back to the half get way to works year. to the just

is, in gross question the for would in be any down that dip my Now, XXXX, back is have would reason starting margins? a think there point gross we to calendar that there margins

very we always mean, our is gross and right. out of $X.X we there accretive, kind billion I if CS&I Well, have say at model the you pieces margin, look of

grow which $X.X billion, pressure. will So to as fast, as aren’t faster little grow will grow reality, as CS&I if not that puts a CS&I, good margins in we as systems those

don’t Dave, prepared gross have model that anything, I’m at that as So $X.X XX% a I margins. we least billion suggests think, beyond

laser lot area say, years. made as margins continues a As an always on. of a improvements where It over we to gross on have be, the focused I

I got when margins. it think, business comes too into deep the have I hands to

how to find team things can So, make with better. constantly the I’m we for ways looking

But is get are So do for XX%. me back better, to now, if hard we trying even will to better. we do QX, for say, to And in right. we it can that

what going know do I is the don’t mixer necessarily, to right.

hold to where look going the full-year Don’t you we say to going are we a will we quarter-to-quarter, So that get. on get at say, full-year. is why but we are me to we basis,

that had then either you of increases? you a that or earlier And the up of comes ASP XX% XX% Okay. growth question, this have kind from last year, much how revenue on the increasing, that follow much revenue units and year, of how from as an comes to growth

is it all Well, units. mostly

extensions ASPs, all I is We right. are are it have which we the lot our I a have, guess been increases I But selling, like example, - for not asking, haven’t, if on mean, higher products we are product not margins. we as mean, helps we you have getting price getting

really, so simple systems, is it we we shipping it that So a are CS&I, shipping yes, more units is are is more and answer.

Okay.

we shipped year. had the in announced we mean, systems XXX earlier Purion the that I

And shipments here. certainly have so increased dramatically system

Yes.

Okay. backlog And goes, sequentially, or and a in the behind the What think there as both it far not then X.X that? is deferred revenue, actually up big times. backlog, as year-over-year reason the was like increase is I

lot investments are getting the sand, simple of The answer of end is we got a of cash prepayment quarter we short-term have the at million $XXX with included.

what prepayments. call a, amount will I of have a meaningful We

we are more there And So of piece it prepayment as is that biggest shipping moving install at probably the the tools and piece gets hung is the thing up Dave the increase on systems. is, complete. of is the fact revenue that balance a continues other until to

and over reason quarters then hung most that deferred say would it is the prepay significant popped revenue. I So coming in But is it why getting the is growing. up we is a last have through few

understand, these of you accounting the giving just the trying future - they, are I cost just full this, system? of And are so prepay secure customers they deposit the payments? nature Is capacity, to of the to, it the are a or

stuff. material are goes are the is some value so other of the look certain full a It money payment, typically could is tools, material, is requiring at be the of tool. the down. rest that but labor the in cases with And XX% in it all it Yes, we I cost customers, not and if the we of my

somebody want left the want we order, So hanging to don’t materials. they sure make don’t are with if decides want, we that not

sizable a is chunk money some in it So, of cases.

phoning customers, this haven’t is And not may And to kind down, ask money with that. we have a maybe may be particular isn’t, again, with had we putting and a of any want customers, don’t newer where strong us so. region, we problems this where relationship. They all for with this is customers they be in people

you. Thank Alright.

you, Thank Okay. Dave.

Dave. Thanks

Thank much. you so

Company. Your comes Miller line of the Mark from next Benchmark the from question

Your now line is open.

on to luck quarter. expect also through, position. the other year me Mary, the orders? just to additional any by and I congratulations Evals follow Eval and my good these to expect the Let add Do Evals wanted lead during H’ you do on exceptional to your closed performance you end you close of ‘Purion a the you new continued mentioned

will equipment, half where close think about Evals we take And into XXXX. And So other the they just the at of will we shipped a you out right them, that have of lot in is the Mark based with if field, and were the customers in of field. and also that they out look in on a of the I when six are doing are now. timing three types XXXX, the then bleed the development and

to period, Sometimes, prior can depending basically little that is, exception bleed rather than they the with the year XX-month then work close the over doing on are a which customer. a Evals we can a And rule. that either even bit

turn is we The additional business. into the to answer expect yes, Evals

to multiple do application a for turn types. Purion valuation that Purion at into we And business. have expect We under M DRAM additional a has that right now, customer

new And but other out also general high for Purion. should and is at a application, out of it One Purion that customer. Hs XEmax the an a one the Purion and customer there. Two a new has into a a also It high then, tools. is in right is new new energy penetration is that other new types of field a customer that out have type customer, now. turn have current We types are mature customer XE of They is Purion business. is

finally, then the Purion. is that earlier customer types multiple Advanced which for Logic. evaluation at the mentioned And is of at Dragon out Dragon, And for a has that I Purion

So to some of new, additional them these Purion adding customers actually customers most just but of types that their are of portfolio. are are products

expect out be are repeat the turn unit business. to if in mean, future All didn’t we into - really of wouldn’t and there them to evaluation put I it successful we

the for you color. Thank all

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Thank you.

Thanks.

Mark. Thanks

I Q&A will Thank of you make portion much. sir, Mary over closing time. the at this the call, Puma, back [Operator call Instructions] And is a now remarks. to few will turn ma’am, question so who no the this

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