MKSI - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to MKS Instruments Second Quarter Earnings Conference Call. At this time, all participants will be in a listen-only mode. [Operator Instructions] I'd now like to introduce to your host for today's conference, David Ryzhik, Vice President of Investor Relations. Sir, please go ahead.

David Ryzhik

Good morning, everyone. Senior President John Relations Chief Lee, and Bagshaw, Vice this I'm Executive Ryzhik, Chief Seth by and morning our our David of and Investor joined Officer; Financial I'm Officer. President Vice President and financial closed, of second are to our which www.mksinst.com. for our the Yesterday after website released results market posted we quarter XXXX

factors, as the expectations views may or Annual a including the the of of on comprise these XX- today forward-looking MKS reminder, prospects and for any result yesterday's in company's any not of as various As reports today, discussed Form to update date to most a disclaims Actual those remarks and differ statements statements. upon results represent press plans various should in as company about Company. quarterly subsequent only important Report Q future and representing expectations, as and obligation the XX-K materially the company's for statements. estimates and release Form on subsequent relied These recent be

the and discussing a measures, of our GAAP refer to results measures. financial information non-GAAP release non-GAAP reconciliation we be for During please press and regarding our financial our will non-GAAP call, financial

the to call Now, I will turn John. over

John Lee

range. range. share per and of end net Thanks revenue $X.XX delivered guidance above strong high earnings guidance us of the or David. second were also million diluted $XXX Good joining Non-GAAP everyone for the thank of our end quarter morning, $XX you today. MKS which million, high above

to earnings shelter-in-place revenue assumed on quarter negative noted impact guidance disruptions. QX our second COVID-XX our we As call, from a

Sales through suppliers were team very of by strong to remains relentless operations constraints fluid market to continue working will by able manage respond we factory COVID-XX COVID-XX eased The to all worldwide quarter driven business. necessary. results. our our throughout global challenges without I closely power by categories our with our and focus notably as how our compromising and its solutions to grew product impact and sequentially most serving on on our we our continue However, we am and proud our customers. pandemic but monitor semiconductor deliver the

the scaling. of our market business. and technical is and market in second proactively power to needs. address also delivered business see expertise on I ability challenges in our chamber solve deposition design surrounded tools. edge inflections leading broad our to strategy on our the technology advanced solutions strengths we we am strategically announce secured vertical measurement to Demand quarter we for to solutions ago critical the Several pressure One in invest of presented wins this several and horizon in etch order revenue to extreme that these and decided was years by happy record strong

Our gain plasma secured to gas which for we layer atomic leading ALD, in In wet deposition our traction at and a two portfolio plasma design of wins OEM. sources reactive advanced remote one win a key includes applications. and continues clean design

more becoming for also reactive semiconductor of for edge gas increasing applications We our leading design are which in important several dissolved winds secured an solutions, number manufacturing.

accordingly help applications. and And attractive lithography, world-class have Our an our are termed opportunity initiative in see optics. to components market. semiconductor across we optical We capability optical are and inspection strategic within metrology what a key our subsystems to strengthen critical growth we solve investing challenges

to already that design We we XX-months. are secured over announce pleased double-digit past the very wins have

on customers primarily strong remain environment a applications revenue semiconductor drilling a expect non-essential. our restrictions the offset demand we of were growth as industrial markets, As our advanced revenue as by we macro we third PCB look whose applications to quarter, semiconductor estimate softer Within And experience to businesses from increase result healthy. designated into lower sequentially. and in certain government we

As and a excited functionality. which and driver in manufacturing and to a given design about especially advanced our we Revenue across second of lasers, long-term key be trends application a strong advanced opportunity since and have within MKS demand a is more expectations and design drilling alone. key from several interest meaningful we second flex we In are in in for wins electronics our miniaturization Moreover, see introducing UV solutions strong we markets that PCB is increased the across of portfolio beneficiary systems. new enable optics, the a reminder, photonics, laser-based unique lasers with OEM precision exceeded continued systems. and a expertise key PCB our lasers secured advanced our our equipment secured laser-based quarter division quarter, than packaging first our solar these positioned customer XX for with in win the laser our applications. the picosecond processes motion XX-months display by led via

our continues these positioned leading And capacity and transitions we of and Vias well our to received with progress our new address positive requirements well of drive Testing critical customers. PCB edge volume as high interconnect for advanced smaller placed unit new such for PCB solution. as are beta specifications demand, feedback material density technology antennas. drilling transitions need have as are XG capstone important we drivers accurately believe the content from flex While to technology as more flex also tool planned. We

fact, we HDI successfully beta milestone tool key major that of validation to a of pleased customers MKS qualified and HDI our In are for our a our one has represents which announce technology.

tools will of generating we in revenue XXXX. year a optimistic meaningful reminder, begin focused and a qualification As XXXX beta on our are we remains

by project ability the second flex from expect the to quarter offset And our recovery overall in and systems in as revenue applications. markets during quarter. certain encouraged we stability PCB third this seasonal are our advanced in We the continue softness by industrial business we

effect changes May in on June. and rules export by which of recent turn over the like the went Before the to call I Seth, Department would I to announced during into comment Commerce,

global team ensure has the work completed to the new compliance rules. with Our

We our and financial on expect a not have significant we regulations impact these carefully currently results. them evaluated have do to

monitor to will We like to changes over And call any now environment regulatory in the Seth. the as necessary. to and to turn I'd continue respond

Seth Bagshaw

Thank detail you, up quarter and restrictions sequentially and our strength our performance on our cover managing John. worldwide results the throughout provide X% million, quarter exceptional in service semiconductor then efforts year-over-year. our Sales third strong quarter The I'll well in $XXX operations. shelter-in-place market, additional manufacturing for as guidance. reflects continued second second of as XX%

Sales consistent quarter. with $XXX were Markets year-over-year Advanced million the XX% the quarter, sequentially up were up reflecting $XXX and million, first X% For semiconductor second industry sales fundamentals. strong for

certain applications. mentioned John advanced flexible systems led applications our As lower electronics industrial PCB in drilling by strength manufacturing for by offset revenue from were demand

revenue to addition, first was market with demand have from were better In as the levels quarter research anticipated stabilized. consistent than appears our which we

advanced revenue the semiconductor and XX% was split the quarter, and the between respectively. For markets XX%

and focus revenue quarter of points higher guidance expenses being gross and a mix. the sequential a than was with Second our XX.X%, reflecting cost operating range on decrease a Non-GAAP midpoint basis million, due control product non-GAAP XXX margin were XX anticipated to basis sequential of above volumes. continued $XXX points increase volume higher favorable

for points, higher sequential strong of Second revenue second $XX for the a XXX million net quarter, of flex for mix quarter the guidance increase of end a quarter diluted leverage In was was model. per the by a quarter exceeded our non-GAAP were second range. non-GAAP $X.XX through reflects sequential drilling income which and basis solutions. tax share, of in margin and financial Division Equipment $X strong PCB million, a from via earnings increase was our or second Solutions reflecting operating high interest which taxable million, XX.X%. XX% the rate operating $XX Non-GAAP our XX.X%, Non-GAAP was U.S expense net demand our

the had higher target complete million flex We achieved drilling announced typical Equipment Division Last of the cost to by ESI sequentially annualized schedule. $XX third expect seasonal in product increased the revenue of our to quarter, mix acquisition gross basis quarter, non-GAAP of a market. volume. well from margin our in driven quarter, decline and the decrease in substantially ahead we we second energies Solutions' points sequentially and was that Equipment of Solutions XX.X% XX PCB reflecting integration

to pleased savings we've have realized are that exiting total of increased these a million $XX announce annualized this of We now quarter, synergies. cost

quarter, under requirements. to certain Now second turning the liquidity balance balance and short-term we sheet. line strong credit, incremental and maintain cash borrowing of to $XXX of $XXX million base million Exiting subject an asset-backed borrowing with sheet the investments of capacity

share. net ratio dividend and made or EBITDA cash $X.XX to to payment our we Also second Our ability leverage decreased the a million generate per X.Xx quarter, flow. strong in $XX highlighting of further

the in and second compared the for to million, a $XXX that or levels, revenue $XX outstanding terms quarter. working quarter Based our XX we third of business Operating revenue estimate sales was million days XX.X% on the turn for could inventory X.Xx of In end XX the non-GAAP quarter and $XXX first levels. reflecting of the compared XX% anticipated the $XXX of days the estimate to turns non-GAAP, were included at of current flow in revenue X.Xx margin from range record days also quarter from that were million record now could to the our XX.X%, flow third was quarter. end expenditures. million. cash outlook. capital to I'll our capital and first We range mix million to at third a gross cash quarter at quarter, our Free product of $XXX quarter

from $XXX $X from be our Non-GAAP to million to range approximately $XX and to be XX%. operating Third million. could expenses could million to from approximately $XX R&D expenses could million quarter to $XX $XX estimated $XX and expenses million; tax expense expected non-GAAP non-GAAP net range million rate million range SG&A

quarter per back share. could $X.XX now Given to non-GAAP to or net turn call to million the from operator million for $X.XX like these Q&A. earnings I'd $XXX the assumptions, $XX range third diluted

Operator

question first Stifel. comes [Operator Patrick line from Instructions] Our Ho the with

line now open. Your is

PatrickHo

complicated quarter. on Thank Can and etch more mentioned today? they John particularly you detail etches gains nice on in? first applications just like high seeing you you you've Power congrats the for the of applications. we're more color maybe they're the a made little ratio Solutions that the Business off, processes Are types etch very much some for and the of that aspect on

JohnLee

to happy be I'd that. Yes on comment Patrick. Hi,

think and at seeing that, I both in for also a conductor seeing ratio a we're combination had etch ratio meaningful a etch leadership addition is now. in strong processes dielectric for both. a but high in revenue But etch, Majority etch it's that's dielectric now aspect we've still continued. high so historically we're to aspect of

PatrickHo

variable obviously, that looking some Do guess industry having some industrial should out is specific maybe is the and economy that macro there or you eventually on specific helpful variables That's I only markets. a will Great. that's that pressure believe that on for? other or these the Market business we be Advanced cause the side, in turn of company

JohnLee

Yes.

thing I either think only worse. of would I point will could is the out, that other or ease up tensions any trade get Patrick, kind

that affected has the we past kind as noted in markets well. the of So had advanced

would always an that additional be one that we on. keep So an eye

PatrickHo

Seth quarter terms June the Great looks me and for continues in it It's final of in question OpEx. going be into like and managed for September. well it to been strong

where back of you starts and core of OpEx those of the to expenses How as to particularly picks nature. and probably that and normal some environment travel normalize that Now is less of do areas. somewhat things on part get conditions up also at again less you to travel look types

SethBagshaw

Patrick. question, Good Yes.

cost DNA what our managed part obviously we're the structure has So on. matter no pretty cycle diligently the of

higher because for quarter definitely also in quarter So the than there's your It's coming in we're the to compensation we the year. lower expected savings point performing some into better travel.

those think second well. and who as out I in net quarter So QX the are

pre-COVID a to in I would really a but travel more the they're little levels business. there'll to run not looking significant be current say So forward relative little rates numbers back

Operator

& from Our next question Cowen of Sankar Krish the Company. comes line from

is line open. Your

KrishSankar

taking them, question. for a had my Yes. thanks of couple I Hi, John.

seeing you're the on spending and to memory look industry from power said incrementally side follow on if up wanted etch at NAND. the supply, and conductor the Just is traction coming the you you

that probably extraction. kind So ties with of in the conductor

verify mix towards the trend to And true? want is that how memory business So that will your supply just if is true, power shifts as I DRAM? a;

JohnLee

Yes.

think I Krish. that is so true

equally to etch is goes But I share kind NAND. the driven conductor DRAM. effective customers of by those when also Some be think of have being or will it

large So I VNAN different DRAM, I between be expect think probably would and story. don't difference. a a Logic

KrishSankar

but do if it? be second know or you year you OEM think it's good clarity into Got either don't think a think build inventory might to side at I fair the about of they're And to be point you then just it. do in or safer you on going Well, enough. this, they're going more have semi customers this half your do pragmatic some

JohnLee

It's The in history doing quarters to multiple said the after Yes. way up that but can't moment, inventory their have are factories. it to ready getting don't and what tough at start say. has that to built tends sure right. on And people gets to as this I just OEMs they of that material enough always really our go up make comment

KrishSankar

the inflection recover. still you the And going it. if it you early John too is mainly business cyclical business laser just think you. squeeze of is laser Are is seeing non-semi industrial then the drilling it? or business the said in smartphone? you can question Thank a you And the September to other for demand on Got in to that's a applications? PCB then Do call side

JohnLee

peripheral would flex of driven Yes. drilling things past as commented smartphones, that that's and are also airpods the having but for really other content. flex like in devices types increasing we've by like I PCB by circuits and iPad mostly that still say is their driven and flex

So I also for have lasers. devices it. respect And in to driving as with recovery mostly lasers really smartphones talked about versus but think still it's other pulse we us about then it's fiber lasers, are

partners the that And very have We're And just OEM activity so changed. with current closely I things stabilized. think happy hasn't working there. we're still It's really status with stabilized.

Operator

Needham Our with next Co. & question comes Jim Ricchiuti from

line Your is open.

JamesRicchiuti

morning. Good Hi.

Just you're deceleration sounds like business, question on there. the equipment seeing some

sight to quarter again? we're start some pause Are maybe in that perhaps longer you seeing a or as had expect really in of that You've that quarters. you so? do a strong picking next of or kind the line up couple business bookings have look out What you of do signs you for beyond the

JohnLee

Yes. Jim, assume to it's referring you're John. right? market, semiconductor And the I

JamesRicchiuti

of in referring ESI I'm are you next couple be of John. sounds terms flex you and hearing the some look quarters? Yes. good quarter-to-quarter. I are like to at over business couple that seeing the fairly what quarters customers what know of But you It as can the volatile with in business, business from you've your had year the --

JohnLee

Yes.

you expected of this think discussion QX. in have I generally some as

quarter. and you up then You QX is and see some orders pick see of course some big the delivery

And think now. I seeing that's what so you're

then I cycle beyond usually smartphone today. QX, build expect what think you kind determined customers it's to if that of of look the at really whether it's picks up goes back really expectations down and our by

it of in it a the we are so go how really of actually in year. up will as That's going can of go the to models bit new up dependent some second start be popular little picking And back expect the or smartphones half whether on down. and phones general

JamesRicchiuti

been research little freeing looking of ex we've that the It the that you labs some challenging getting expecting of up a sounds well on from industrial. heard you recovery at a are into some and as anticipating little Got the bit in market others also business you the bit then semi-piece that because half? business more the like; the as side COVID. it. look Are out second And into it's this advanced of again

JohnLee

going did we kind full QX. research that a forward. to worth into which of that. of restrictions. we would worth expecting limitations quarter's stabilized of to were it quarters And on We expecting those kind getting be of it we relative saw research to We're stabilized in half see see respect With Yes. kinds have actually didn't a of QX labs

and up little opening take longer. start regions regions some may a Some

to we respect kind are it of on stable being with going forward. planning research So

Operator

question with following Our Bank. the Deutsche Ho comes from line Sidney of

Your open. line is

SidneyHo

that your or an now guys visibility My much of whatever Great. maybe times supply the normal see characterize maybe terms you the metrics disruptions for revenue Thank you range that operations indication in $XX that be of is the it's see the want questions. that more guidance very million. the much levels Is I of you the to levels lead that terms won't I is that question chain? an to for guidance how QX, versus back either first the your your there in related from just from backlog coverage or of would own impact of or you And pre-COVID share? feel

SethBagshaw

Yes.

back indication you're So, feel to Sidney, pre-COVID right. than certainly so third tighten you're quarter much this quarter. and shape entering did right the That's range we the chain supply more better operations now are second up levels we

as we well. overachieved that's the in why So quarter that's and

So say we'll lot I same so the house and very the light mean true in we division would I That's quarter. the side business similar. for well. turns of still motion turn that's semi a a statement. a in true Visibility, it's the are book and as

think visibility So similar the before. as was I now is it

and there prepared now with think would of. we be just of section. have pre-COVID that now level still COVID-XX than I aware of are remarks There's say uniquely out wasn't we'll be a nothing I a seeing in fluidity John's said But in cognizant right Yes, different. visibility to level. it we and

SidneyHo

demand that. there same you inventory talk by of ask consumption night maybe in do does built may you some some that now to the building your the the customers be two last QX Lee, sort about a because quarters customers your by or conversely is one reflecting demand? did follow think meet or inventory Great. question from to think customer to some reflect end the QX of shipment catch-up previous up Do

JohnLee

Yes, Sidney, it's that. John. take I could

OEM in a our so run talking about as lot we we've of we're as I QX front customers think today. kind shipped

will QX slightly more, more. even We ship expect that

building be to inventory little a innings goes there's seems of always equipment I as continues now build, versus comment early up the the bit in out. their the cycle. certainly this market can't right right on It a but earlier and we're really I inventory kind how getting So strong of market they're the still as said much and into of

SidneyHo

one Maybe for last your semi one guidance. the That's me, Great. with three third helpful. including first sticking maybe in quarter quarters the based side

this when year-over-year be but in a more between to memory. inventory is lot versus the Your growth some little outperformance kind of market about, XX% will ozone out maybe XX%-XX% before a to let's et product mean semi your market rate up growth the a ALB I power Is like or solutions products growth R share that's say year like was in XX%. way from business the whether new we've maybe market especially stronger seen existing guys there that parse WFE with talk that you bit stocking, for up XXXX that's cetera. and

Just understand and try think your how the the market growth. to difference to about Thanks. growth between

SethBagshaw

a at take that, Sydney. I'll Yes. Yes, stab

overachieving the market right outperformed that you're as So in ramp over we have inventory for in essential long And versus we so on all application. date John technology are the we The and next a is reasons is mentioned the mentioned. a nodes term far. year-to- semi environment. typically you provide pre-run technology WFE for the of But some the

industry. estimates term, or the we So do the in WFE long in actuals outperform the

quantify Just a hard kind cut. of that really to nine-month in

solutions again we really gains. WFE. long-term It's and it's a a little power a It's the share business bit ramp. in the So growth and market of build outperform

But those in to those factors of there hard what it's a nine-month quantify slice are are. a just kind So of pieces in there. number

Operator

Amanda the with next comes from line question Citi. of Our Scarnati

open. is line Your

AmandaScarnati

Good Hi. morning.

taking you ahead material signs sort demand have seeing department sort is I China I from any place? know of you're of themselves. customers little any and you a first were do you these seeing any on your said of think But The question of cautious regulations of commerce of regulations the approach. were a of pulling more taking a kind not impact bit of

JohnLee

We and customers We seen look not have always was lot all a certainly kind still a it's and at all direction. there the a kind that Yes, time think large for again move that but of pull to ordering of little time. we what in. talked the variation need any to in these they're Yes, they not of trying John. we

view China. our our for of kind that's in business today So

AmandaScarnati

September for understand and look Great business, how seasonality certainly chipsets of the smartphone for that be PCB about just of in quarter. we're and seeing then for transition help the quarter. business you're of the some calling But works quarter tends guidance that a you down suppliers We in for you just stronger this the in up me side coming PCB can you? typically the at that on business? Can that to side seasonal seasonally talk sort XQ

JohnLee

Yes.

explain. I think to it's easy

out parts parts to tools QX our customers who time tools, smartphone kind factories you think are I which frame, so PCB need course QX make makers people the our that have in the frame. means of and to make that have the in in those that pointed need time equipment of the as their that

sales of when for kind goes quarterized at PCB really revenue our the up goes difference we that's chip make Does up. that equipment smartphones chip So sense? how industry-wide look that versus between

AmandaScarnati

then some you and to seeing It there? the you know growth does any on question if growth I Are power get significant this Yes. could the maybe any to are from etch the it of I from you logic starting see I there is business. sort mentioned of boundary? there? conductor Is XXXX? that expected squeeze that for starting Is you're stuff have side last and

JohnLee

growth mentioned driven that's memory etch still point As at I I earlier question power this for us. is for conductor your the and think mostly

Operator

Joe Our next Wells Quatrochi line of the question with Fargo. comes from

open. is line Your

JosephQuatrochi

about XX few laser talk for timing a How results. revenue the if Yes. ramp next Thanks could we the had. kind should the the picosecond over congrats taking think that about you've first for wins of question the and those on you quarters? solid Maybe of of

JohnLee

that. I'll Joe, at crack take a Yes.

could on volume it's expect the of a and It the kind think turn turn hard a of time not can I like lasers X of where to within various for quickly be so These months. before kind lot you certainly see design it's revenue it frame wins these actually that actually. XX years to in into semi-design depends customers volume. couple quite the just wins can for but months

that's spot. kind think of I the sweet

could saw markets and longer be we were wanted we could little industrial say lasers. even in also the when some quicker. QX, Some be it it some that little clarify to a a I weak bit wasn't

business So has actually consistent strong. our very and laser been

JosephQuatrochi

semi That's maybe driving just last helpful. a an talked And optics on investment number the larger Can then that And forward around XX-months. you the think that wins area over side, securing of about of about what's you going we talk that? focus about should is on? a

JohnLee

Yes. for thanks question. Joe the

of I focus an is that think for us. area

wins last from because over those design we count we ones investments the before. all, So of or won that the made XX those that only we different XX-months were were the

we So but with was that design other had wins our previous technology.

invested actually process engineering we talents. capabilities in and new So new processes, technology

MKS of to track made very we they're keep like we investments at and so things. And specific

investment that these really is So wins. tracked towards design

capabilities that our expanding serve could really with able not so us. before we're basically so exciting for we so we were capability that's And to and those customers

Operator

comes Benchmark question next Miller Our from with Company. Mark

open. Your line is

MarkMiller

Congratulations basis and you wanted the margins. about to it's talk on came the points in I to about mix upside indicated by the just your XXX and margins a little volumes. impressive. guidance, The quarter guidance

In the margins? expected Was terms specifically drove it what higher power of than solutions? mix

SethBagshaw

of factor point margin a QX. factories more about margins. were in higher we because That's That's XX% see the we quarter constraints is your the flex one number COVID-XX. to lot than would expected. I division those of I this XX% remarks chain corporate prepared and E&S terms versus mentioned usually average. we big north volume To and XX% is the more in range in of market, The a in Mark, with variable say, we now normal through the are gross the then a think drive sequentially work supply the efficiently running a lot PCB margins general

kind example. in that's so mix about that talking one of And we're

division it's the a margin in well. efficiency strong E&S had it's volume, it's as real factories and quarter So

MarkMiller

Just the specifically? I'm interested from just kind where depressed. and this coming especially about smartphones drilling with that's PCB pursuing wondering strength of

JohnLee

is though Yes. some for more per flex Mark, depressed the of smartphones it's Even be significantly speaking the phones unit. content volumes can higher John. relatively advanced

that's this numbers of still needed so smartphone capacity what's numbers the so and but the though industry. kind driving large I depressed. in even think are It's And still is

per it's it's And that's that units the as though what a lot just fact unit as less just so those content well even people than two of drivers expected. had

MarkMiller

industry XG the what that to that starts As does phones, opportunities to you? transition for create

JohnLee

Yes.

in I be than could think opportunity in huge that's phone. we've for about for amount PCB the XG XX% drilling. a past. We think us of content phones amount certain in of flex talked more that XG the And a flex

trend going division processing are used E&S XG laser lot towards division; how XG displays. our both that the because light chip certainly drives division of PCB the types manufacturing because so and also CPUs So flex our we are motion XG memory phones chips. at look advanced division VNA in drives more we a our processes but to three business DRAM. It broadly it that and drives have that's XG that more also more content FLASH and It those of OLED drives and drives for of many certainly

have also We lot a of are that used manufacturing. lasers for

very the smartphones next just Some that components of generation the flex. aren't small within

MarkMiller

XG you year? expect see traction of Are some that or from later more coming to starting this

JohnLee

don't that phones ordering might XG guess hard year. somebody's certainly the We but tell because XG read we industry phones be XXX some some I where making we XG when units have phones assume and That's this million visibility. do a flex non- to they're like tool, something

good for a that's hit -- So tailwind us.

Operator

this time. any Lee not the turn to John remarks. any further at questions call Thank to showing And back you. I'm now I'd further for like

John Lee

Thanks everybody.

passion, XXXX So and thus proud challenges say of proud dedication our share the be MKS. not around of future has to I'm very the had world. could of I But of far. resilience Needless about the its employees excited more and

you in interest us So today and for joining your MKS. for thank

Operator

call. for this gentlemen, conference concludes and Ladies your Thank you today's participation.

You disconnect. may now

David Ryzhik	Vice President, Investor Relations
John Lee	President and Chief Executive Officer
Seth Bagshaw	Senior Vice President and Chief Financial Officer
Patrick Ho	Stifel
Krish Sankar	Cowen & Company
James Ricchiuti	Needham & Company
Sidney Ho	Deutsche Bank
Amanda Scarnati	Citi
Joseph Quatrochi	Wells Fargo Securities
Mark Miller	Benchmark Company

MKS Instruments (MKSI) 30 Jul 202020 Q2 Earnings call transcript