CAMT - Earnings call 4 2023

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Kenny Green

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's Results Zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. All participants other than the presenters are currently muted.

Following the formal presentation, I'll provide some information and instructions for participating in the live question-and-answer session. remind the this on recording from to being call Camtek's like tomorrow. and recorded, will would everyone conference that is website I be available

of not, received have me website.With CEO; call Mr. press by Mr. should have the it now then we Amit, market Ramy will You of open release. the an overview the all Camtek's trends. results Rafi by on If recent discuss will Rafi please today, company's COO. CFO; Camtek's Langer, and the and Camtek's summarize Moshe Mr. financial view on a Moshe results providing Camtek's quarter. Eisenberg,

China, call Rafi, update statements and obligation cause to otherwise.Investors Moshe, unless result the or a otherwise results information contained, undertakes result countries, and in internal a certain This significant that, these including to timing future the change of to expected of expects I'd of concentration in Camtek's only company from statements to call changing customers be available specified. no Korea, deviations like for increased subject passes. the of forward-looking our may from contain are but materially demand these of differ of and to particularly forward-looking and that size products may industry well revenues Taiwan significant may the its those reduced or the the as portion filings also which that in in timely from are answer of as today SEC.Please Harbor -- countries this generate any in market, made effects your of for new foreseeable on contents Camtek that forward-looking and changes, services as reminded remind economic from also statements and of and business expectations, a market risks everyone whether Following risks related are information, results, time information information. regarding Statements and in uncertainties to or countries, expectations certain and other due of as future, orders that including are the their price risks of identified are today's as events Ramy company we new risks conditions, competition industry actual to as call development conference of predictions projected, trends, note certain the These services with the the Safe begin, the and estimates, questions.Before that also company's will on and statements call. the by this release this to provided products, adoption reductions, covers general portion

certain this like forecast reconciliation CEO. Amit, make to GAAP call management results, company's ongoing company's presentation to sorry, non-GAAP are non-GAAP included now today's earnings non-GAAP financial Rafi, evaluate In ahead. financial A go of measures decisions, call, for Camtek the performance. in the future measures prospects used be hand of full and These strategic financial Rafi future. core of and -- to discussed. useful are to understanding by and measures believes to addition, investors during assessment will Management future the are that please Camtek's release.I'd the operations the over

Rafi Amit

remaining quarter earlier revenue record customers so in in in of from to due substantial we margin in of This orders year. of coming Kenny. bringing and our fourth is revenue the was as between process Packaging XX% record indicated afternoon, applications and XXXX Sales we full-year to gross came Thanks, AI Yet improvement XXXX. portion of applications. with revenue QX started had XXXX.The quarter HPC-related second and the came devices from to continued previous devices, a products in and a came due HBM the higher position predictably primarily for margin XX.X%. HBM significant of a increased in $XXX from million. quarters first sales operating product demand Interconnect which guidance, XX% XX.X%, that the sales, XXXX than good manufacture quarter Okay. a after year strong power divided experienced half semiconductors also morning control with end The year, Good of XX% in chiplet ended in our Tier modestly is modules. Camtek The CIS, increase showed our Advanced applications. this for chiplet compound achievement in over upper our at in X everyone. or to an the who at million improvement $XX

this expect has demand beyond and current to as We backlog, XXXX and into flow, our been pipeline. order continue reflected in it

XXXX expect taking from even sales of contribution a FRT. We account the to record year be before into

growth Our revenue like I would which an overview million to the environment. guidance last for business of around is represent XX% over million, QX first of the quarter to $XX year.Now give $XX

to our a As cornerstones at analysts player and products in chiplet annual mentioned, will continue they coming that of consensus Camtek These the strong in we among have a X an modules. and the HBM this HPC growing engine are the of main XX%. years are segment. rate growth there is XX% is

being and integration dies customer customers and and X our metrology metrology of inspection the of to invest we Tier addition performance new and to The solutions. add the resources customers are these to that, in the more R&D and provide high-yield ramp inspection to by and capability to inspection a all feature asked and This at to production. of present chiplet needs.In high-volume large HBM known the requirement number frequently are drives lot meteorology HPC increase require We steps. a good

of our example, an metrology year. new major we As tens over inspection customers, at and last have steps one developed the of

receiving the announced recently first applications HPC-related for half mainly have for delivery XXXX. orders We of significant in

but their receive second important the market of I expected are FRT, to amount to Korea, orders the our change territories. between customers production XXXX. the that end belong number OSAT from and official additional the that different of increase HPC field. will the share from increase the our an is for of distributions not business the estimate capacity. substantial who also do to coming We will U.S.A. demand an high getting China the closing years.Regarding orders Taiwan, still of in HPC for the our now A customers great of October are continue also initial indications at us, was coming continue half.We in sales

We are very acquisition. with pleased this

FRT regarding expectation will our are and XXXX. profit that We sales for meet confident

preparing this expect our to in the established completed that for last us year. feel are and in in grow based based Today, integration, be coming is later post-merger power will potential our meteorology XXXX rapidly well quarter markets. to first year on you assessment a indeed XXXX, meet in devices FRT that We on believe be in year. are for years.Regarding increasing our to demand FRT in estimate halfway sales. the will we XXXX for we we record even meeting, be stronger We pipeline, FRT the the backlog orders we process of and through heard a record certain applications and the carbide, these and which has silicon are HPC

Moshe to Moshe? the XXXX.And it too will about financial review is the early accurate expected prediction However, give result. now, growth in

Moshe Eisenberg

and improvement our in to non-GAAP million in quarter income summary a reported QX improvement XX.X% the the due a Cash from explains million results the to of record fourth have of cash quarter income marketable the The million.Turning previous an issued and long-term similar accounting or first FRT-related quarter the XXXX The increase with compared previous our $XXX.X fourth at financial compared was from Total revenue slight to $XX geographic basis. increase million Europe for million Rafi. and deposits sheet the between I in to diluted third per as of treatment was support cash in increased X% was the cash the done in diluted quarter increase table the purchase million in In remaining significantly part of $XX.X is as the of the was million million split the the quarter. quarters.Operating and I of and The compared and non-GAAP net was sales and quarter revenues, despite balance.Net third $XX.X good million flow anticipate in the last trend $XX.X the were respectively.Financial the know with in at and this of ahead, on with coming and came This last was share collection and December collection. the is $X.XX in results primarily transaction FRT the gross cash XX%.Gross in year. the Asia the to appear of and the level or as addition a the XX% fourth the inventory.Accounts U.S. margin with a $XX.X the increase million $XXX.X you, of my year efforts the was gross the well XX.X%, the XX% we the throughout was the year was the will This on quarters, a reconciliations. for a million of of for third quarter.Operating shares that the This in fourth securities to an we result the today.The non-GAAP million quarter and which expenses, $XX.X fourth FRT. $XX.X last increased end of receivable quarter $XXX the as previous The year. quarter decreased in the $XX.X were increase of equivalents, the is FRP over the than the included to $XX XX, revenue million. and at quarter in of acquisition quarter short- -- for cash at our gradual The Thank FRT.We of quarter back the increase is million. due as XXXX. profit margin in the fourth in revenue from The this the the profit. revenue first from addition the is rates growth This relates reported for year on The million, expenses and the number in of of coming for $X.XX in million, an of higher we of last earlier XX.X the from quarter. interest quarter made the follows: XX.X% last anticipated in higher $XX.X months quarter, end some of quarter year quarter XXXX release to XX.X%, continue the X quarter. strong generated improvement previous the the million the of in third XXXX, quarter million. end to quarter million operations and quarter including to Inventory quarter. $XX.X increase for provide mostly for $X.X decrease as Operating time balance included result results the for the XXXX. of a compared $XX.X of to reconciliation $XX.X compared metrics. are was compared $X.X time income million per the increase profit to of $XX.X share. and high-level quarter Revenue in level GAAP press the

sales decreased Our XX outstanding, to days. days DSO,

questions. in we that, the between revenue and I and before, Ramy, of open to year said $XX that growth forward first expect a million will take $XX XXXX.And to your million with Rafi of be we As quarter, in look Rafi, and Kenny?

Kenny Green

now Moshe. Needham. go first will [Operator the from ahead Our Charles Instructions] start session. you be Thank Charles, of and Shi question-and-answer We'll can you, question talk.

Yu Shi

flow. I have orders the order -- question, X-part a

probably got your last was in time starting when talk systems I you order. that you third about earnings, quarter the 'XX, think from XXX mid-November, you in report So

the close is number systems. Now, second you the half XXX said 'XX, order that entire to

you So But of Where a the of the would you can part first take little this in expect Year in multipart the do initial think new of in orders then what mean there's Understand order to any they intake half bit second or you to give expect clarify, half you but question to taking kind you XX? great. this prepared a January really from Or second thing, more 'XX? trend of deliver and said -- part half you I coming orders 'XX? what's 'XX. in Want and on color? the the do applications?The the incremental ask in general right, second taking months, orders to are in in question, is, talked but February? Lunar remarks, indications of between, color new New in about third you be those new second What's the you

Ramy Langer

Charles, this Ramy. is

on So, flow think all, older But first lately, outstanding There's came came itself. nothing the the of of I yes, most continues the orders OSAT linearly. from the more world. flow the addition that

was half. think we the the is it second a And so think New where is question weeks see or was coming we pipeline about the discussions discussions, X definitely, -- regarding the to the up, closed. the And HBM. change don't starting of specifically from I year, less activities.I it's So, the orders, see the was the HBM. about we're Year had Asia Chinese less long the But any in beginning more definitely, and

So, all in I deliveries let's in already year. Rafi coming expecting in half say, second yes, mentioned we we're the it weeks, are the orders prepared we are discussed, this orders of notes, the talking, and think seeing and we

we a are the for The customers a we the second with shipments -- positive trend. So second and of year. up for backlog half HBM half in discussions building including definitely, customers, very see we're machines of in is the

Yu Shi

half. for I color. great want to maybe in come the delivery expecting ask Maybe see a -- HBM more from the that's for second Moshe question. to customers Ramy, to a over orders are you Glad --

looks the new non-GAAP after reconciliation inventory of wrote-off your the year. Some FRT last close you in some like items of the

some of update actually the talked to Any a of same? inventory that that time what's to more going write-off?Maybe because upside not the outlook FRT Is you close number the XXXX. related on at revenue as provide write-off the inventory rationale chose I but this So, some can million-ish FRT from now you you're $XX the -- maybe seeing some the likely you're Any expect details about you for why guess maintained number? it's of would -- the year? you remains question. sell, Because acquisition, you're from behind less the in

Moshe Eisenberg

Okay. I'll and address both want. Rafi and will add if questions Ramy they

acquisition. profitability. it we expectation from change are we FRT, very in press it the of and in revenue regarding pleased So with said the XXXX terms also to in our release, as relates No FRT

is in the by efforts, are are integration put such plan be we midst to business and already FRT to FRT an it of to part of separately trying the of to of is We the already report that post-merger the We day process. results. together some -- integral the going Camtek, have end the not some in done

FRT a as impact is what write-off our products will will the as become product us The part in some revenue, part revenue.So inventory of we our the small put of this resulted offering offering, see find of amount of that some And in well a could end between a Some $XXX,XXX. have positive of also together new together that so to in write-off. small specifically, of this. inventory product on amount you result FRT. and on a out walk also It's that's we their a product

product are not but we -- off FRT-related lines. shutting any So

Kenny Green

Thanks, Charles.

Chin may Brian Stifel. ahead of to ask. go and from question next is going Our be Brian, you

Brian Chin

me hear there. Hi, Can okay? you

Moshe Eisenberg

you hear we Yes, very well.

Rafi Amit

Yes.

Brian Chin

Great.

comprise growth that predominant I account XX%-plus or had year-to-year. of HBM revenue that of for Heterogenous you would maybe also a think Integration amount incrementally in maybe Rafi, XXXX. the previously, And expectations and noted now half? expectations could XX% sort with order second improved Or year? for be higher see those be do still you fill right see of those for percentages year? for you this this Do Could the to

Rafi Amit

we expected will and strong products in I growth and demand, this expectation think grow Integration, position of our that these will probably the customers to we believe field. are of the to in we XX%. our customer general, still growth I Heterogenous of other and the meets OSAT be regarding since XX% HBM, very very the rate -- assuming But chiplet in terms a our type similar that in analyst, of not level have to have the demands

it's this with we an So and number. of be it's -- very cannot to going eventually the not this, in aggregate be accurate point,

why, this I or more believe So sure wait be be is growth have few more the that accurate rate. we to months to to about

Brian Chin

enough. Yes, Okay. fair

Moshe Eisenberg

just let just I further what Let thing. question. And one add to think me me to thing. Rafi on and I add said Brian, based want your one

and this in -- this be this that the of we meetings of call will believe is business slightly case. So, the is the our is we but high-performance calls chiplet, see section in our least be we for range the computing what HBM I how this even XX% XXXX. that numbers, and in higher, said previous at It business these going of may business 'XX.

Brian Chin

I And a the of represent going Ahead represent quantify percent of calendar did your 'XX? could the good could even exposure activity of are from to you that China sort you China company. to more see what the business historically you of the think significant is areas been XXXX? sort see a that wafer-level heard for other of in embedded XX-F, growth in sales packaging, has your for And thinking starting way rate and China some about Okay. are or maybe if in might outstrip you any traditional China? HBM out of or in And chiplet contribution of

Ramy Langer

No.

and manufacturers primarily Intel. it's chiplet -- talk not the players the the the related it, So when are you HBM it's arena. a X TSMC in business, And business. about this Chinese HBM These all, definitely first of to and it's and

the China. things Whether this the we is about to be of So it's capacity definitely business talk you the business XXXX. -- China, OSAT about it's the it's it's in in i.e., number, will talk When driver I about there main say this that similar early to is that talk a -- for we is there easy out China, it. I range would being we give business, think growth to mid-XX% -- there. when And in built

Brian Chin

the talk you think to a Moshe, advanced that. player maybe in that's still cross some China and gross mid-year? And to QX? on I material maybe last add back maybe for be maybe there pursue this? some margins -- for company XX%, revenue well? and cost Okay. of as some but the capacity, mix that Appreciate where any product helpful. particular above it. margins do is to DRAM starting track there's is that's to And of achieve Got question, Or Yes, by normalizing then expect more reflective And is needed gross maybe level

Moshe Eisenberg

right. All

gross previous we I as And have gross said margin. the in the efforts calls, several the So, last to the in tremendous improve year, year XXXX, we will improved margin. repeat this said we expect indeed, the quarters, have we And and improvement. made mean, gradual I beginning of we in gradually year it, that

and definitely XXXX, believe We target expect beyond. at number are the and we we this now achieve in throughout XX.X%, margin. that to we for to gross will QX And XX% continue improve

Kenny Green

Thanks, Brian.

ask. you Tom may Barclays. from be O'Malley will question Tom, Next ahead go from and

Thomas O'Malley

you're away just Could looks QX it's the one order I Or there? If color announcing you nice from slowed you're a that function me you some of a see rate and you slightly, just you that little when little is napkin rates Do give of those bit guys what order math the a more run saying these give results? could just mix do orders side. you but here clarity, side. guys on another like is it reported from the in slowing? had -- HBM QX, and I the has

Ramy Langer

first all, the When a so a it's main need our make So decisions at make they decision capacity. from the of least, they Tom, the they question of customers. that decisions, customers,

months of order in healthy it's surge But and the just the a the ago. X we discussed ahead or a that healthy no is still, at and is -- And X bit very when business, there gave. we Rafi cases, the and very flow doubt a months the little as usually many orders the good, of there definitely, announce have only a order, So orders. but a in in the indications was flow time, pipeline big show about discussion

Thomas O'Malley

us mix are customers they as Helpful. little Or the Any you shipping a are need bit you And closer check business or your "Hey, orders customers you in update still you're those sort side your they the to bit health right Are customers terms get starting on a would super of the into what side. on capacity? then with where and we're signals is follow-up, lower the some you HBM little be to you everything Could take mentioned a new give hand-to-mouth communications now?" on get? of a color are think of can status getting of to where kind on trying from what like, we a HBM just helpful.

Ramy Langer

Okay.

I mention, make they us capacity. didn't I customers all, telling of are the case. first indication not This any our that enough is don't want that So have to

was aside customers businesses we going get for customers, from HBM. orders, orders the rather And think mention our getting or XX% are I the chiplet even that and think a a the second say and half going businesses side There is from is additional this it's to XX% the to XXXX. yes, little that more yes, of in healthy shipment there important.Regarding are it, and important in in for are on previous and next that, than and to the this of did orders we're last the the received We another lot business, many clear that details indications getting of the discussions this now reason and very these HBM, OSAT came I other more of discussed were from what important, the is we are bit HBM business year. business orders calls. and I be

came the that previous for discussed most orders if the of fact first half. in the So we calls,

is So the a going and orders not update this today 'XX. that be the that an of of give case, only half we there to second continuation can is installations in

Kenny Green

Tom. Thanks,

next question to be Craig Craig, ahead Riley. you Our Ellis from go B. and may ask. going of is

Craig Ellis

of on follow-up to and wanted earlier orders commentary I the some you're what seeing. regarding

So since X. talking versus covers potential HBM duration these customer look just the of be is you mix with we're and from customer half toward HBM at about as and about saying the recent you're the back to to benefit and mix that clarify, the OEMs really you expect may look getting any what half like HPC-related from OSAT Can in the sounds be year, And from the year. you'd the maybe the it's technology the end you more non-HPC, transitions? volume transitions HBM, by tech as you just back in back benefit talk HBM year, XE from activity to the it might trends at with what's coming even coming of of

Ramy Langer

All right, Craig.

we step step all that So let's understand. go by make just and clear

we additional too I the So with of view, in call that are will a the the be half to XX% are talked to coming high comprises orders understand we come there now, What for HBMs. customers, concern point second year HBM and and capacity, the we least understand have well.So year. track talking from there much the think few overflow, an of of we orders is think a computing, half those orders them. there from are performance there which is quite the of at do I for our first update we from had chiplets of on the for And the what the in what of shipments as the view, color saying chiplets point of and going business previous in whether HBM we was chiplets and is that we today calls, of

of of rest from XX% way. the business and seen pipeline, from this orders there we is and of What the applications will this the OSATs the hand have So we've see capacity, on this continued fulfilled addition that of very the we on is other side that that what be we the we the and have, part healthy. is business confident are the

Craig Ellis

been And of has job market that's benefit Does sales really percentage shipments could today. come starting include for there that doing intensive. than the have it time smartphone a done interesting market that back but positioning Ramy. a the and more to that things Android any with much smartphone was like phenomenal a The team APU there some XX% market? signs And from which was is MediaTek when capability, helpful, HPC, inspection and bigger the leading be is are AI-related manufacturers

revenues? So you the what of organic calendar are things that record one is you And about seeing it out 'XX market? end has of that excited

Ramy Langer

coming into OSATs. from hard most And OSAT And So seeing the capacity come my positive, world the is see. just that's the business is we the will definitely, this And it's to HBM the remark. end exactly here business. we customers are of will capacity the from more I OSAT on additional know actually for what side That chiplets who is application, of the reason and us overall the business. for That's and orders that mentioned that reason but the the not it's strong. OSAT the in and came growth pretty last the was where

Craig Ellis

product the XQ, and very through of calendar will for digging operating Got And other as into XXXX. near lastly, just of some how about think as in FRT. should go of arc And quarter investing there you're growth? and the you're programs as full a supporting we things we through increasingly from include the look financial expense about then Moshe, term you new dynamics it. as which talk diverse just expectations Can helpful. year, That's we

Moshe Eisenberg

Okay.

next we growth slightly expenses continue -- when below more operating much of were activity, in invest and terms R&D, it dynamics, our terms working the heavily trying go performed to is in revenue we order in with show to will and more able of and marketing in line operating in the model. result was the structure and the first this year.In we direct definitely all, sales cost pretty to are this to nicely -- grow of R&D, So QX than expenses improve of

In QX dynamic Indeed, consolidation terms include the of will expenses. the of FRT XXXX, this full will continue.

So lean as that to expenses the and of business.And of will modest finally, slightly, the mean. G&A much obviously, the is to we level trying trying proportionally keep keep entity go this as we pretty up can areas one are and to

you see major the So G&A. increase a won't in

So an XXXX whole the a operating we overall, in in XXXX expect expenses in year. improvement versus

Kenny Green

America. may your be to Our next is Duckson, questions. from of go Bank you going ahead Duckson question [ Yang and of ] ask

Unknown Analyst

behalf I'm have of competitive question [ Zakalik I the on just on ]. landscape. a

this all in year. have orders You these coming

You said expectations What OSATs. packaging your chiplet HPC, difference in market versus is share year XX% this competitor? against in main HBM there wafer-level OSAT? XX% And a your are

Ramy Langer

first would look all, say, in it at basically we need X areas. to I of

most an HPC XD metrology, market, major are dominant. On we just is world the standard. And I our not -- the using And that's the would area the across that market our the industry of that technology equipment. say very in are the the players

It main is have inspection, technologies. our is range. market share the an very to our competitive very, area competitor. think similar we Regarding XD that's in that the And I

vast variety a Here, there of is applications.

here number. are XX% a It's is little higher. a XX% can the the we very to range have to and say share little market put I to and So definitely harder that very it's a a bit hard But competitive share. bit But judge. we even in market therefore, very, significant

Unknown Analyst

growth you this expectation an potentially year? share have of Do Understood.

Rafi Amit

growth. Share

Moshe Eisenberg

Market share.

Ramy Langer

especially expecting say, year think of But notes. prepared we in course, Rafi I little this it Well, the into HPC complicated the is I a And market works all increase general, advanced world bit the all would time. here, that developing go we more, is and packaging steps our and in The this and discussed to this changing the market the way are the share. time. new

very, are less ones new get on not new from is steps our Tier say, we that. Rafi trying take long-term This and many a the it's I obviously, is together that were and customer. So of our from would are a less lot looking Tier to with we a certain tens from take at are customer and have the develop step are the that ones very a just of develop competitor customer, case. of can do certain competitors. X relationship taking.Here, the a we will steps, doing the we intimate as efforts, mentioned here backwards, in able or steps X we successful we customer the all customers, we and to This a what we and will with what and players of And win that is

winning a are this be I in that reasons the of steps So increasing lot of the will business we and and main one for think beyond. 'XX

Kenny Green

Duckson. Thanks,

ahead Our ask next Richard from question is question. your going Gus, Gus of go to you and may Northland. be

Auguste Richard

Yes.

but end follow-on, you what much a you Just was backside wondering a applications, some color if TAM had tens sense just did on of general? you specific, mention I you new of for give this not inspections. sort Is for got, or how it in of is expansion could power? us

Ramy Langer

be careful advanced are very have to information those can in customers. the packaging that because disclose world. I from steps say cannot we we Well,

Auguste Richard

of it single-digit? is tens opportunity, TAM machines,

Ramy Langer

this here this why large. about new no. tens customer The are and potential And No, you It's in focused we very is steps. are on so places, no, at other is winning of machines. talking

Auguste Richard

And through to Are if in people we in inventory next? you bit of into Got you of it. sort your supply to supply ramping That's your what constraints super sequential of orders terms revenue -- little constraints, can customers any your the there helpful. deliver? constraints, ability as accelerate, of go slotting. the and continue sort us year a -- of growth in just terms give Could color then on, supply

Ramy Langer

previous $XXX we we and mentioned operational a that think, we've I space say, I at our in I calls, in revenues. would already, from clean capabilities and ago, couple years say, million our, I of So around, increased would discussed to think capacity room least

we longer, building the longest itself from have say, the So room basic enough space and time, capacity. I clean lead would is which the the

Now if grew done, during back I in have inventory to XX%, we were closely. you And work what able we meet increased to the year potential think to the order when XXXX also we up very growth. go our we

we to they enough with grow We grow beyond our certainly if excellent to subcontractors, have capacity have our need expectations. relationship

all and are there. grow, are will So all requirements we we we supply that very capabilities that out the have the able to to confident be

Kenny Green

Gus. Thanks,

may Alon going of Our ask Alon, next from your question is question. you Dash. and to be Last ahead Meitav go

Alon Last

we only the orders, back the to about first expect machines? due what projection XXX are would to quarters? Going details could What revenue and of What are you provide of the please current orders? in some second to the implications kind -- those

Moshe Eisenberg

second I half in -- received in say, that were them, Okay. have half. XXX orders to the delivered XX% most Alon, But we the machines in the mainly XXXX, second the the year. of of half delivered the of within first be close will partially in would

Our machines is ASP around million. $X for the

So And that's million. this again, the but is our general number, the of a orders. $X magnitude ASP is

$XX a So big be magnitude of the million. these will guidance talking million in delivered the our portion first are of million we already orders $XXX of of orders within quarter. And to $XX

Alon Last

the another contributed at question. the -- doesn't I to it at form I If Okay. seem mean, factor lot expenses, the the a look And expenses. operating

you could quarter? factor some the revenues please of also during the and to about contribution details form provide forma this what's OpEx So pro

Moshe Eisenberg

the they the to details and into form level So can't share only. obviously, we get FRT. they contribute But in between expenses did Camtek months operating X of the -- of their

I I a provide Also, as direct and distribution. said, as contribution number more we Next quarter, expenses harder because, sales more going it's the be to to said, exact bit higher. an will terms in little of the are

salespeople, what of to general, that to marketing are that that expenses down.But is of So say in coming what to new FRT sell into the lines. when both will that I Technical as both legendary our well will products. business, fully our support there will as Camtek product, sales team integrate a plan level the operating combined part is the product the the -- say plan are plan the support we -- we level be expenses FRT and important -- our, sales team

be XXXX. within So integrated everything will

Alon Last

the Okay. in about from me. likely during the stable in we Are or What's a And half that see the projection mentioned to from decline they Applied it Chinese during or last year? expect pullback China orders demand? question second your XXXX. had certain

Moshe Eisenberg

see We China. out a coming demand of stable

think a little I bit fabs, first world, comparison the think say, on OSAT because of the I I But a that think is of here we would is the I Trailing serving. which not are And edge, misleading. markets. these course, serve, all, Camtek bit of misleading segment little And main there are the is Applied are with these therefore, is growing comparison Applied very China. small the applications. fast

Kenny Green

Alon. you, Thank

ask question Joey go you is may Management. to Chai Century from going ahead Next your be Joey, and question. of Analog

Joey Chai

you hear me? Can guys

Kenny Green

We can. Yes.

Rafi Amit

We hear you, Joey.

Joey Chai

Yes.

I housecleaning question have more a of So here.

on like company track, December So orders today, since on I XXX orders. the there was XX, around But management another reported and think QX, based so like my XX. XXX like reported

suppose I machines. So on release, like there's XXX public like

Like XXX it is run that just I'm to to trying and the the a machines, XXX for was XXs single-digit on rounded rounded or So ask on base? is you there XXX? was here, I guys to the that it discrepancy between like, the XXX see XXX then around example,

Ramy Langer

single in the far rounded single... on layer So a up so it's

Joey Chai

Understood.

Okay.

Ramy Langer

is discussed not if call, counting we're what look, And mentioned the since we've of But end quarter. machines, them the got we have orders. correctly. and we Correct. remember XXX in mention the the until already I additional last orders, have did We

XXXX, announced and the them will getting orders, the some during And those XXX from order, question, the on time, of be we we I to shipped significant we In had second general, of our it we answer by it's discussed XXX a we end half orders as daily course, it orders make of in And we portion Did of Joey? -- XXXX. time a receive were some are time about when a basis. during speak, additional calls. XXX of we So your a shipped large machines, that's special announcement.

Joey Chai

I more XXX%. follow-up. have one Yeah,

XX% the going the going like management HBM for it between XXXX, Because most So part is the split can is HBM of be like comment forward. HPC, which seems comments, based of what's these is comment X? of the revenue it from management to from on kind and in like

Ramy Langer

cannot distinction, in But I the and Joey, just here chiplets general, of really don't the high front we So the computing. the It it and of I HBMs. performance me. about have comprises make talk in

Joey Chai

Sorry. split chiplets How be and what between would the the the about the HBM? so --

Ramy Langer

I don't have them in front.

Joey Chai

Okay. No worries.

Ramy Langer

today and eventually, growth the around it. segment less HBMs them they need engine chiplets bundled this together the most more of just because is -- we or eventually really So is the that these

Joey Chai

Understood, understood. clarification. And another

is last this Sorry, one. the

I Can half the So, And orders seeing also case? much that's the XXXX. yes, for you the I assume have saying, XXXX. clear also assume second visibility indication guys guys in better you into of more

Ramy Langer

the not that's No, case.

Joey Chai

Okay.

Ramy Langer

but a visibility. is I understand far have beyond think backlog, enough still that little real still when to the we XXXX the you market, a horizon. we is the come this cannot we bit is -- understand trends, We the this

Kenny Green

Thanks, Joey.

session. Q&A the ends that So

coming Camtek's at hours, it over just call with of Before your the call. ahead I to the Rafi, in like for website for statement. that know on I a will be available like And this I'd Investor everybody would back camtek.com. of everyone the please to statements. concluding upload Relations closing go thank hand Rafi, let this to and recording joining

Rafi Amit

team thank look like To to I to thank would business. support. Okay. for your to next in investor, Thank with performances. you I I the interest you for our employees continued our you I especially tremendous the thank long-term and for management you, talking your and again all quarter. want goodbye. forward my

Camtek (CAMT) 20 Feb 242023 Q4 Earnings call transcript