Earnings call transcript Q3 2022

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Operator

Good day, everyone, and welcome to the Entegris Q3 2022 Earnings Release Call. Today’s call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Bill Seymour, VP of Investor Relations. Please go ahead, sir.

Bill Seymour

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

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

refer reports information to presentation. the annual report recent regarding our in most with the on these Additional information filed subsequent the risks that quarterly disclaimer contained SEC. the have and Please uncertainties is in we and slide

this to SEC as On call, financial we G. Regulation refer will the non-GAAP by also defined measures and

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

today Graves, Bertrand and are CEO; our our call Greg Loy, On CFO. the

I’ll hand to Bertrand. over it With that,

Bertrand Loy

good Thank to you, Bill, and all. morning

growth Let’s in growing overall and execution turn were semi the the results. market. our in considering uncertainty quarter, to especially Sales the solid

For down sales the were year-on-year quarter, on sequentially. XX% and basis, up sequentially. up a X% year-on-year sales XX% XX% basis, reported up were On a pro forma and

margins on EBITDA was as-reported the XX% expense. year-over-year, with in in down increase reflecting interest an mostly the basis non-GAAP and were our guidance, line in EPS quarter,

on make me our few Let additional a comments performance. sales

third filtration, the was formulated growth solutions quarter, liquid In in cleans by consumables. led unit-driven our and CMP

CapEx-driven many investments. our technology Growth fab also maps. of our which remained to road are the which customers’ Solutions, in quarter growing importance in to of are strong new solutions, linked

sustained as purification gas in and to and So has construction meaningful and slowdown growth far any products. in fluid see helped fab yet solutions projects, filtration well this handling we new this wafer as have year, strong

slightly underperformance the this of sales the of in to materials our quarter. and range, our the especially we foreign below the closer impact of while pipeline said, the were midpoint guidance, of the sales I the industrial quarter, performance in divest would solid business, been to business they softness. exchange industry And have emerging light overall the As and was excluding expect

to on CMC on an integration. Moving the update

recent are we As fronts. said we largely the pre-close. we’ve the planning have The cost track And was targets achieve fast integration meeting, to we finalized progress analyst many during on in meeting, during migration be early synergies other to been critical of org changes organizational our impact summer synergy on by structure well laid the analyst shortly to after out our platform ERP our as achievement the common by will cost XXXX. of driven be synergies as the expected making realized

we the a industry, various relates our of capabilities the of and strategic The are integration offering time. We would Materials will progress it over the integration believe our is synergies Entegris believe been the share the the ultimately like module and customers with CMP component This portfolio. critical the final CMC time technology combined best-in-class fit will I to of here discuss unique provide revenue on drive for to of extended yield. parts next optimum of market in assessment across and to well. gains point has realization offering The made our our our lot as of

the entered October on definitive million. Industrial we for note, we $XXX announced Pipeline for into to Infineum that business a XX, agreement that Materials acquire On and

this million is for EBITDA PIM the expected be year. reference, to For approximately $XX

the To of transaction your we help The reported currently and [ph] division. CMC the business As SCEM with to the provide to in closes. close later is PIM this acquisition was as historical year. analysis, a is the expected part PIM expect reminder, financials, transaction required excluding after

analyst we of down. priorities meeting, laid were the not debt divestitures our our sale deleveraging our included emphasize to at Entegris. like is targets other pay would recent debt additional in while accelerate sales that could one PIM And reduction near-term highest out and I in

Going forward, other divestitures potential will appropriate. as provide on updates we

shipments We guidance that United in you is export reduce the been by compliance the and companies QX, have States new with QX focused our impacted year. will for $XX on for $XX As these teams announcement, the and certain ensuring our new these ceased regulations government services China. sales controls and semiconductor required. this as announced know, approximately have in to million the in and restricting Since reflected technology estimate sales to full of million rules our

is most transitioning discuss cautious the to the quarter the taking up will guidance more market the quarter, semi while just our more export fourth well, mentioned. and our products the holding we the fourth are U.S. impact on I given Now softening restrictions of for outlook. in a of But demand government in Greg detail. view

approximately basis, Given forma XXXX than revenue basis. more billion year and of Entegris XX% a a on that, we be very expect for to now $X.X $X.X XXXX billion approximately representing is basis, strong reported XXXX. in on pro a growth forma on pro outperformance another This in in

combined EBITDA is approximately to in the space. uncertainty semi also recognize and of pro increased We expect XX% company XXXX. of in there be continue the We revenue to the forma in overall calendar economy

not the our drivers secular However, have positive growth of changed. business

expanding the crossroads wafer enablers as the believe Entegris. on market materials capabilities technology critical for maps. content translating customers’ now for $X you quickly material are the to are science semiconductor way And most These growth poised at by core purity. the And Entegris per above a most these healthy and growth operating trends electronic and becoming level road a of of extension, long-term our by trillion two to rapidly XXXX. the continue the materials squarely industry’s portfolio, offers know, comprehensive We to is industry

and forward pleased we up, full are it the Wrapping year. results our solid for delivering performance this year, far with to so we look

our Looking ahead, is to revenue to of participants. our driven, should prove relative with be unit now industry platform approximately XX% resilient other

ahead and as into to year, growth going make debt the all of adjustments to business the and be potential necessary investments paydown capture flexible to continuing us. pragmatic the ready while flow also expect next make can in full our You cash prioritizing us to long-term needed,

a moment Finally, to our the confidence work Entegris, I commitment. thank they around their again to and place want and our customers the in incredible trust for teams world and thank once take for

the let Greg. Now turn call Greg? me to

Greg Graves

Thank and you, Bertrand, good morning, everyone.

to in Our approximately strengthening the QX forma an down up sequential sales sales in third largely million basis, a $XXX On on FX due negative were XX% and to pro year-over-year a September. in U.S. dollar in million, quarter sequentially had X% the impact a net $XX basis.

in quarter. XX% was third margin gross GAAP the

selling accounting margin million that fair $XX on negatively with gross expected, balance inventory a or related essentially at sheet the CMC inventory of to was As impacted value markup it came came as purchase our price. the market by to

margin adjustment gross in lower approximately QX. inventory in Non-GAAP driven by margins an Gross expected was were and AMH. than lower valuation XX% primarily volumes

a gross FX, to XX.X% both on margin in I’d lower and volumes, The lower decline are in are be higher-margin margin lower the volumes gross basis expect and the note approximately mix, QX. the products. unfavorable We of – GAAP drivers sequential non-GAAP in expected that

of non-GAAP integration deal-related costs. payments, amortization GAAP in of $XXX $XXX intangible $XX contractual costs, costs were of control million operating and deal-related of $XX in million million included expenses change $XX of integration including items, million million expenses of transaction QX, million operating assets, GAAP $XX

our expectations. in in line million, expenses with were QX operating Non-GAAP $XXX

XX% to million to income revenue. operating QX $XXX operating non-GAAP $XXX of GAAP be expenses million approximately expect GAAP to or to million. approximately We $XXX in million. $XXX and million QX million was was operating income be $XX $XXX expenses operating Non-GAAP

with worth EBITDA XX% the also result income It’s our higher noting and with on line as or will transaction, depreciation CMC normalized operating Adjusted basis valuation points that $XXX impacted be million approximately revenue, asset negatively higher guidance. was basis. a of go-forward associated by of a related in XX

impact reflecting the below quarter full interest CMC of the almost $XX million, the for was Looking the acquisition. in used third line, the debt quarter expense

We expect expense quarter. be interest fourth the approximately $XX million in to

or FX to expense did the While other $X.XX QX, a the impact as EPS. FX expense in QX in gross $XX line approximately on had quarter, impacted in third non-GAAP income resulting it million in minimal margin

entity valued balance reflects month, the and QX. revaluation loss during each foreign Our this on sheets are the

rate QX, rate tax The GAAP XX%. tax non-GAAP the was and X% in was

X% fourth was quarter QX and expense, GAAP a count. a XX% On share of share by than per EPS $XX rate $X.XX year-over-year and diluted was per down basis. higher non-GAAP driven negative more on in down approximately increase XX% non-GAAP to $X.XX share. our GAAP rate expect We be EPS and tax a tax the the reported higher basis, sequentially, interest million combined

a structure. our move on I bit the into divisional Before performance capital

will we bridge debt. I XXX-day On During now $XXX down bridge between million remainder would and of the $XX we quarter, continue the most the is loan. to the our of note, that expensive anticipate million also pay year-end. down The that bridge loan loan paid

of As $X announced of billion. This cost for ratio and times forma net our the of the gross equates of X.X pro the leverage a end debt billion, synergies. was our and debt times quarter, net leverage was gross X.X to $X.X

put after of reminder, outstanding. is account the approximately place, debt a the expected As our XX% taking be into in rate at we beginning total to hedge XXXX variable of

are very focused As said, we deleveraging. Bertrand on

liquidity be position Our continues excellent. to

QX, $XXX in end had credit facility million million of our over cash of As revolving of we addition, undrawn. hand, on the $XXX was

division. by Turning performance to our

SCEM are and I on a last am divisions. and QX APS $XXX ease for sales here the pro For forma year million up sequentially. of MC analysis, for comparisons X% of basis up XX% from the were referencing

all gas gas Growth product MC, year-over-year including liquid was and purification, strong across lines in filtration, filtration. major

The versus quarter, Adjusted primarily product was operating $XXX the overall XX% the sequentially. up strongest year AMH, The by sales of lower up decline for strong last sales was was fluid growth XX% expected and QX and favorable increase was the and in decline AMH execution sales million of were COVID solutions. margin X% distribution of for handling the Aramus year-on-year in mix. which was for MC the down margin driven sales significant Year-on-year in bag, driver biggest of and vaccine. given wafer sequential sequentially. the

margin in by was margin driven sciences. life operating AMH in primarily year-over-year sequentially. decline down slightly decrease down Adjusted volumes the for was XX%, and The

sales year-over-year deposition solutions, million of surface materials. down slightly advanced and specialty QX and XX% driven growth were by $XXX coatings preparation up SCEM, Year-on-year for was primarily sequentially.

million for XX% including growth was and and SCEM products, CMP CMP primarily operating X% were pads, up by for year-on-year, Adjusted down slurries. APS, sequentially. up CMP post of for year-over-year and sales Year-on-year $XXX the CMP X% the sequentially. driven was QX consumable quarter, cleans approximately down

sales The of exposed sequential CMP the was memory biggest the APS particularly are consumable to driver products, which decline market. in

sequentially. Adjusted approximately the and was operating margin quarter, XX% for up for APS year-on-year

bringing basis. $XXX reported a million million, for year-to-date quarter CapEx the to on our $XXX was CapEx

spend a to reported CapEx expect $XXX in approximately We on million year full basis. the for

percent a to as outlined Meeting, our CapEx As XX% sales in to starting in Analyst will run rate drop longer-term X% of of expect we a XXXX.

flow cash quarter million, million. $XXX Third was free from and cash operations flow was $XX

cash For transaction the context, in CMC approximately our was and million deal costs $XX free flow normalized quarter. excluding

During QX, million quarterly we paid $XX dividends. in

Now, company. combined our for QX for outlook the

which related to expect impact to We range the the $XXX China sales million sales $XXX includes to from restrictions. negative million, trade

be expect We XX%. to EBITDA margin approximately

EPS to to to per expect $X.XX $X.XX We non-GAAP share. to $X.XX $X.XX and EPS be GAAP per be share

execution quality integration. In on our driving our closing, of complex while strong we a focus a to customer are ability the maintain pleased with all the and

integration deliver the synergies. cost on we to of and are Our million efforts well track progressing are $XX

$XX down downs. and are the in We debt further pay committed paid to quarter million of

be Entegris future. in platform. secular our a prevailing the on in strong effectively investing focusing have managing in while conviction We will the growth the And the we of uncertainty, industry

will we for questions. now up Operator, open

Operator

you. Bank. ahead. go Instructions] And Deutsche we’ll our take first Ho Thank Sidney with from Please [Operator question

Sidney Ho

everyone. morning, Good you. Thank

companies us? learned memory a for both that maybe CAGR China you these of MSI for So range between restrictions this impact Day, point and that what to XXXX at CapEx is X% you can and CapEx, up mentioned? be thinking we Analyst about MSI, share and about XXXX MSI and to XXXX only you How given, are to specific for from with three-year guys there And the you flat. be at talked the

Bertrand Loy

Hi, Sidney.

we that a give quantification to in headed it’s drivers. for evidence into us XXXX. a obviously, downturn too early are the various So growing there is But industry of much

the very dynamic. unclear. remains I at remain this would permanent impact downturn I situation of point, That depth new controlled think and statement export make a to duration the restrictions. similar the the it And comes when of the

We have some do. to homework

We’re the from clarification U.S. government. waiting

about early well. little the XXXX that So it’s a too comment bit to on of us for impact as

do all of early sometime We our February. we that QX when will in report earnings

Sidney Ho

Okay. follow-up question Maybe margin. on gross my is the

guidance And of much – gross would QX margin. margin various gross a normalized look underearning are you current a QX, revenue you can your in are at great? think impacting that think So you the can how there seems us XX.X%, Thank be of if to be components understand be If could cross the at you. you do talk gross level? lot the you QX you I level about margin impact what that help

Greg Graves

Yes, the lot comment any when margin hi I say to is the longer-term are of going basis. on about an time, currents, on basis, the at Sidney, not What a mean, some experiencing it’s the front look I of think I Greg. point mean, will logistics because a board sort that I’m But strategic done raw as of long if higher at don’t – term beyond we’ve you fundamentals the of trend. look, higher materials, pricing not well QX, are out, gross I very currents. margin mean, and clearly there we the on you the on cross across the have I over business, same concern gross cross I costs.

look higher said, the like – when fact to So really the outlook margin don’t that our it I for weakness our I When particular we’re that boils I longer-term be at of products. tends in the margin, the about experiencing have down to I business some the think any in concern. QX, fundamentally

what so obviously, volumes And essentially into the the is well. in that as QX. it And play lower drives dip

Sidney Ho

you. thank Okay,

Operator

with Kieran And ahead. Mizuho. next [Operator Instructions] de take question we’ll go our Please Brun from

Kieran de Brun

you of reallocating begin controls, some there export geographies? is I on then wondering And kind U.S. more that’s segment if end maybe how the morning. being up of Hi, getting a do from particular sales to those export think Thank was you. does the good it controls? impacted in about just permanent, different

Bertrand Loy

particular China the impacted of I really it’s the where would rules. so that. market. question, by to expect controlled exposure speculating say greater we But the to I want that historical us too is your see to because impact, When don’t new to that. export will part I on of do in the divisions comes early for biggest second be it elaborate and be to would Yes, each the APS mostly

Kieran de Brun

follow-up has Great, XXXX, from bit I that on you. you. the how regards mean thank the demand just then maybe a for And I how anecdotally we’ve little and kind fourth the heard quick different in just industry maybe quarter memory, preliminary what APS, changed of lines. product but it’s think a could participants know XQ been Thank CMP outlook XXXX? to I maybe weaker. XQ, from backdrop you discuss to about and you’re into from thinking

Bertrand Loy

in what I I be QX. so into QX trends go terms to short-term that won’t see of we to can expect but seeing then are and certainly Yes, XXXX, helpful we try in the in

anticipated is estimate export million If from QX new And would sequential to quarter. China with control you explaining be really as about we when think high factor about guidance, the the larger I $XX comply the rules. the it decline the it of we for that loss comes to the level, to $XX top million at say that revenue line

is million the a factor over impact of $XX that business, of expected expect QX. close second in negative the fact the late we divestiture The of sequentially have about PIM November, to which will and QX impact in

in MSI. in be decline industry to mid-single overall the the expect And the the we industry sequential last the factor sequentially is And expected CapEx digit. and down

So by terms exposure of the expect if said, the would simply those I about to I APS the division, be think various factors I most divisions, think and in memory their China. impacted because as you to of it

would say and that AMH be I to think industry about the MC, expect down to all QX, you when well flat essentially SCM impact and including I headwinds. as China again, the modestly or of factors, would as So the

Kieran de Brun

Great. Thank much. very you

Operator

take Suisse. will from go our We Roberts open. line next John your Credit with is John, question Please ahead.

side. muted You your on may be

John Roberts

you. thank Yes, Sorry.

we into any million will inventory there was the that million XX in that the all Is driven muted. exacerbating really bigger consumption XXXX? it I quarter? and as are Sorry, go Are get December to then effects XX

Bertrand Loy

don’t I Look, we mean, think so.

not that, the to think dynamic ready said, the to restrictions U.S. situation that in as working impact XXXX. the the further I with remains quite I’m quantify those rules. mean, we’re get I clarifications government and pretty of currently I on

China to with we’re working are We all new our customers rules. of certifications get operationalizing course, and internally on of working those

So, work long-term understand of the we as we as better have and the do you complete work we we will impact new those rules. update to and

John Roberts

And more are additional any now portfolio, there the months that to had that you’ve divestments are review envisioned? a few

Bertrand Loy

for we Analyst then how said analysis the have questions now And most to when have portfolio. those the recent the around the Call, the that decisions. is completing some we we execute of that of and During on part really

details going when into update that to just you So that commit not you any I’m and than go more appropriate. to we will

John Roberts

Thank you.

Operator

We’ll Harrison Partners. take question next ahead. with Mike Please our go Seaport from Research

Mike Harrison

their you technology means Maybe on of the Hi, that your seen that node roadmaps? give forward that a us next customers they’re announce delays few plans. as some of in pulling kind just good years? their in there back expenditure bit generally Are number a what expansions? a of capacity happening those are Are reducing little sense look capital morning. for transitions We’ve of

Bertrand Loy

the months. And projects, understanding good because that some obviously, It's a in focused projects. are the as next be to remains not our of good question. driver will very now, for seeing construction that's as new But primary CapEx that we any XX right and slowdown XX It's of major customers an over expect, decisions you those we're our important question. would on making fab

we steady most the more going memory our customers the segment. where in More enjoy true likely That memory downturns, by competitive advantage. leading be shift and continue enjoy seen to particularly activity to greater to we in is Typically, potentially greater broadly, focus in transitions margins they edge have node XXXX. a to expect

are that I and incentives think downturns additional to early we operating that’s will memory aggressively typically we an to transition assumption the current report when QX customers so I you change, results. So think again, for our to new our nodes, in February subject update

Mike Harrison

question leverage. right. market if reduce over cash expect year plans impact you two was to impact All your flow cash to demand flow. on the next therefore, I balance other or my sheet would slower then is your And and wondering

Greg Graves

downturns, off Yes I’ll One the going those impact has a not all result if and reductions got flow. I in impact also should declines prior mean the a make been cash significantly the of profitability two downturn Those highlight flow obviously, comments as might on what items in come the I that that. major we’ve We cash is, well. as would our to high-quality that’s in expect obviously, balance a sheet. help you because downturn, receivables. see inventory But

we inevitable there the would debt. in some make we it’s other you impacts outstanding transaction would PIM as point I be reduction quarter, that as of we’ll have highest because the our the but as capital. think think would closes So debt later working I the to bridge the relates do And when it’s I great it that of cost that expect decline, intend to the don’t is pay of balance loan is down

right terms will a to We’ll near-term I probably a liquidity shouldn’t debt. allow in word, off, probably little us aggressive little carry probably bit down obligation more that the aggressive I our is with of – which not – be pay we’ll that’s will say, additional really also mean levels, lower paid bit only

Operator

take our We’ll go from Please question Timothy ahead. with next UBS. Arcuri [Operator Instructions]

Timothy Arcuri

thanks. to Hi, I wanted on China. Bertrand, ask

quarter, coming $X inside for on out what over less shipping them some based revenue, already fourth there’s of mean, their of with it billion equipment can mean paper the companies QX. I equipment I wafer that’s but the have about of, of sort shipments deferred So said of clearly fab

businesses. China and really surprised is a in impact APS much that I’m inside so spread hear more fact, in across And of not And the little the you even from said as to AMH.

you as I it to And but talk that? even high-margin is gross because gross I guess relatively think your down, is you you relates can because a margin, I So APS that I comment lower also mean, said to wanted businesses business. clarify low-margin about margin are Greg,

you just So Thanks. clarify can that?

Bertrand Loy

of comment comes Tim, with business, equipment impacting those our – I impacting it’s direct is significant by actually OEM that, fab with our we short-term I customers. the the Having simply now some it your to our the customers, are and sell business that China pretty right impacting typically should assessment think Yes, Entegris said there restrictions AMH components I made have And we indirectly business that, how in the impact is It’s when export backlog would I our because of think actually the earlier restrictions makers. to stand a the of that particular. moderate to correct.

So making QX again, was a in the of to impact and comment I context the QX.

Greg Graves

of Yes. be Tim, as in within on it I gross the a by the dispersion relates we’re of each that volumes think in well, divisions, – and products. our losing comment I’ll terms products, relatively some my margin margins margin, would of various stand comment my so to highest wide there’s gross the

Timothy Arcuri

Cool. And Okay. me. guess, for last then Great. I

you and on XX% AMH, going to the AMH year, we be get know seen CapEx be China driven. is XXXX, still So like XXXX. to is probably as it of XX% sounds WFE next impact is inside AMH from down that

it AMH. Thanks. to is of you fair of guidance impact low fact it take is the mean down coming not into also CapEx sort is and account year, within mid-teens that when the assume haven’t from I you probably full like that, the even like fair? China So that AMH felt down next it’s I’m of maybe is firm half but maybe for kind to down asking you

Bertrand Loy

most is that a that half to also their is on of the proceeding not could division remember still our right exposed is remember This right projects. about as relates most But now, those construction But this Look, I fab construction specifically have – few true exposure comment new customers. won’t with that customers the it’s so And now, industry we again, one XXXX, as from change. of received indications of projects. of the our AMH but are things to CapEx.

it’s that early drivers, those in industry of will quantify the February. impact us to for we of too So really many do

Timothy Arcuri

Thank Bertrand. Okay, you.

Bertrand Loy

you. Thank

Operator

[Operator go Markets. Instructions] with Capital ahead. Please Loop Kapsch Chris We’ll take from question next our

Chris Kapsch

And Yes, just comments on sequential good one follow-up morning. the higher-margin the about weaker and products. trends

know I just to the So make want or I if fair then being tungsten I’m accurate memory. slurries I that higher sure to understand to And CCMP, margin. in assuming within that, to about you’re – weakness extrapolate the it’s mean having covered talking

higher But that. but – feeling are it growth to if those Or you’re nodes. to it will, affecting more if in architectures your in progression the in you seeing higher technology die, are the the density – memory, also want weakness per of therefore, that, So confirm slowdown is advanced your nodes? is SCEM content your advanced across have I slowing products Thanks. – and nodes, more they in just pronounced are curious some that that technology the you in

Bertrand Loy

Yes.

that, So and And has Chris, in certain as contraction that’s series SCEM. And in take highlight that APS turn repeat it’s is we’ve a I and to, SCEM memory and to see part know a and in And part, of – our we our two one impact a exposure as HDD great that’s actually QX to both saw on would applications second significant back that The of division implications. compared But the to I’ll want the Greg in have seen then sequential of QX. the in that contraction business. did expect product well. decline a first, to APS reasons lines or that of I pronounced we maybe first I’ll more things segment. we seen APS margin

going-forward customers productions have typically I leading edge NAND XD greater our customers the as where they On earlier, to DRAM migrate more a a we advantage. and said competitive to expect basis, wafer

of So and again, a takes. are there puts lot

ready so but to an of Entegris an per leading we on on that but Then expect the numbers margin do of all in from Greg, few months, growing into at some put content front We to if offset standpoint, headwind anything... you call we’re try that terms expect, edge, again a know wafer I today. don’t in not industry the have this the we

Greg Graves

divisions, comment the mean, tends as made I I more are going also the lower that would we’re higher would degradation it say, as products. be be which losing would I I’m comment their observations to there is specifics are within be higher there we’re be say those the divisions. the margins on in I tend just that relates historical volume losing the Chris, exposed the say products other to Bertrand into to – in And SCEM. your No. your the around accurate. to of mean to seeing But of than margin higher I Yes. would volumes volumes and CCMP and tend that which by each margin the to memory get were well. in dispersion not around both But to of

Chris Kapsch

past Okay. tool then a the next-gen more have sort for time products. of opportunity I downturns Thanks industry provided in topic, different qualify guess, for an to that. And

at might lead share that point? synergy two innovation top that so that looking the observations you’re you anything programs? businesses just And – this around any about willing most programs or evidence programs to any Thanks. just some may just about excited ideas cross-fertilization it curious you’re to too through any innovation but excited if might that the line be early, about be the and/or of what Any cycle evidence

Bertrand Loy

at tell downturns you’re I’m many glad actually customers likely our that can achieve time you’re platform. potential expanded asking that as the question in level, are the provide them and customers. help And partner opportunities I actually is faster this right, both a to a of the Entegris the Chris that emerging device and performance understand our also engage as that partner that most greater yield. way you are, emerging can must-have but They seeing today, with to you

excitement internally validated have, of excitement hypothesis a we as with some well, the opportunity of the So an us with provide we of really our have and we engage downturn with Day. our recent for that lot Analyst customers, and of lot which a the to seeing the are development during teams you lot with will customers, shared a

way I won’t I us Day, are solutions. co-optimize mentioned So methods think best I known fin I what there there already for to for Analyst And from many of to for solution desire think the longer composition CMP post-CMP then a end-to-end cleaning. term, beyond number that but us customers within really our to all during to opportunities solutions the the of a module is provide go polishing

will provide many sets our them. to of time will us tool have opportunities many that for downturn the solution to those customers validate many, use So the actually

again, is a lining. there always So silver

Chris Kapsch

very you much. Thank

Bill Seymour

Yes.

Thank much. That reach and questions, have Thank Operator. you, have for everyone, good you, you Please if joining any today. the final a the call question. was Okay. very out day. Thank you

Operator

today’s This call. Thank you participation. concludes for your

You now may disconnect.

Entegris (ENTG) 2 Nov 222022 Q3 Earnings call transcript