ACLS - Earnings call transcript Q3 2017 | Axcelis Technologies, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company’s Results for the Third Quarter of 2017. My name is Brian, and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

We will be facilitating a question-and-answer session towards the end of this conference. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. to call, presentation CEO Mary Technologies. like host to of now today’s for Puma, would turn over the your Axcelis I President and proceed, Please ma’am.

Mary Puma

President is Thank President Vice Marketing Brewer, me Brian. Corporate and today Strategy. you, Executive Lawson, With of Vice and and Executive CFO; Doug Kevin

press our copy described not available revenues, are under Please described Playback in release service These expectations release. also in statements our be expectations issued to in on These earlier management’s which made risks our you harbor have provision. detail our current report you results annual of available website. urge Form filings, forward-looking review. If in statements today, our profits our and SEC as website are forward-looking on our seen a comments the and business. about SEC’s based we to other on that press it the is other are are note subject XX-K safe and inherent will today future for risks

quarter financial with may $XX.X Revenues actual as operating million reported current not per do of strong in We earnings Today, to share from quarter at forward-looking any materially $X.XX, gross explained obligation third margins XXXX Our at expectations. press assume update the Axcelis million, our for these differ were profit results $XXX.X statements. results. release. XX%, and non-GAAP our

process XX% quarter the mature Our XX% was in and systems memory. mix technology

provided was of and shipments with Korea, continued Taiwan, accounted X%; during XX%. of Although sensor combined This quarter in for Korea. significant Europe, U.S. China towards in XX%; memory, especially image shipments. both activity the image market segments and the weighted a sensor our remaining market robust, our the remain which saw mix the we activity, XX% systems geographic strength in

profit of fourth XX% Our of any $XXX $XX EPS impact to $X.XX non-GAAP excluding revenues operating are million; ASU $XX.X margins to million; approximately of gross business to In remains forecasting XXXX-XX. we and positive. $XXX XX%; outlook of quarter, $X.XX, the of million to million

systems to end favor XX% we million, was systems All to mature follow-on XXXX also for two in both implant million quarter approximately $X of We the share $XXX weighted footprint XX% foundry/logic exceed be revenues to XX% accounted and continued total now XX% market the and expect a We technology momentum. with to evaluations while an products to mix We received expect narrowing grow. XX.X% of will of our customers. cash. both the of fourth mature In memory. from quarter orders Systems process revenue. billion. based year Purion our gain on approximately quarter, Purion high anticipate the technologies, TAM and revenue of mature implant between memory for The Purion during the continued energy H segment. In process QX, and market in closed the strong $XXX

VXE The used advanced a sensor Purion devices. first was image for

eight this manufacturer. H customers customer, in H in Purion The now a qualified at by was different Purion is With production DRAM second XX fabs. a new

We devices for strong custom have carbide logic power the devices into have continues continue fourth not especially been segment. strength technology this this The Axcelis been process cycle and of XXXX. suggest The penetrations conditions of applications silicon expect strongest strong. new have quarter. indicators also very H the Internet Image Things market grow. Purion the remain will mature in additional drivers Market in segments. and industrial Overall changed. Automotive to sensors,

behavior both continues DRAM Memory All This This in levels in supply, DRAM and is for wafer NAND is expected XXXX, storage of good XD for into demand. heavily spending healthy. XD and good are customers industry their metering connected the Axcelis. analytics. these demand requiring This and continue and CapEx thus driving generating investing massive and outstrip to devices are data to starts. flows keeping strength is NAND and additional

many XXXX. continued business market Axcelis’ our these capacity model and in are as outlined Purion’s Additionally, talking trends support already investments success presentation. about memory significant in investor target customers

We Purion have achieve count our existing a next the continuing target to three to business model customers, plan footprint over following: includes to years. achieving at grow two This plan our recipe years the and DRAM, products including projects; the and NAND increasing leading-edge penetrating Chinese customers in memory placing successfully memory memory; share in XD nonvolatile reentering Japanese in both our market; new and new foundry/logic. multiple

once critical Before to which to again quarter would this financials, our reiterate Kevin of key I the third for four year. success our our like objectives XXXX, reviews details been have

First, we of customers penetrations NAND investing expanding CapEx China with customer opportunity, are new Axcelis. number prospects focusing has XD IoT, broadened for Purion. The providing in the on and new

first were During QX, added has Purion products the three Axcelis new customers. new we fabs, quarter of XXXX. Purion of XX six new since customer these fabs with penetrated now

recipes share grow tools are our existing as We customers. now of existing as they We’ve customers existing to in Purion their well expanding to products in Second, number multiple additional we business systems. types driving as the of also of on successful increase Purion at have XXXX. capacity customers with XX been selling

and marketing product our resources additional engineering Third, we on developing extensions. Purion are on focusing and enhancing

gross And from sensor fourth, market. quarter, the against are the programs. we improvement significant Purion detailed revenue executing VXE image margin This recognized we in

Our percentage rolling average. systems since XXXX margins a X-quarter points XX.X have improved on QX

to our to to like I’d it turn over discuss Kevin financials. Now

Kevin Brewer

in strong results operating quarter above QX. Thank and We finishing another profit revenue, you, with highs total cash delivered of Mary. financial XX-year set

revenue the solid accounted fab XX% guided $XX.X in new consensus of our QX providing compared during strength ship financial Axcelis We the supply in full customers are $XXX.X we million establish top is in XXXX. Purion XX in of penetrations million continued QX. sales Gross to expectations. engineering, about $XX.X compared QX compared fourth to margins broader our market $XX.X have QX XX% I review semiconductor an above basis the $XXX.X mix firmly finished and six progress continuing QX compared versus VXE at compared on current improvement to quarter revenue in systems bookings for $XX.X to and CS&I sales CS&I in QX. results. system the quarter finished X,XXX gross by million of of total increased margins we across Purion business, million Purion XXXX, a Quarterly by close Purion manufacturing launch opportunity a closed also DRAM a million rolling ahead the closure to to captured on to QX. remains now were sensors. product be with during at influenced our will tools evaluation H were customers in to million We overall $XX.X continue base. the will plans tools initiatives. were guidance revenue standard image XX% the evaluation and $XX.X driven revenue customer in have million priority guidance, additional the Margin within QX, line the to for revenue for and cost-out X-quarter points make average. or with and QX Since these a number above. additional of eval QX. to and QX third in top margins out, two system of a at shipments. line of and chain, have of mix finished of Purion two the QX a The systems million quarter estimates sales system mix our above systems:

margin was million combined the Backlog in SG&A X.X $XX.X book-to-bill ratio fourth line and at QX. continue QX $XX.X In invest new and QX, quarter, we XX%, has to X.XX QX. penetrations. updating Variable at SG&A $XX.X spending at our higher any we systems be was to are $XX.X gross we is XX% to by be of existing to in the XX%, with year. in R&D QX in adding million to spending number been to compared million. margins core other forecast. the In both gross XX% quarter QX to year versus million, also this Our million finished $XX.X QX. infrastructure $XX forecasted approximately business with Purion and and to impacted fab which shipments, SG&A full guidance, in customers are QX. flat R&D compared in compensation QX million R&D to be in million quarter as higher in adjusted approximately than $XX.X expect finished revenue support projecting and support and H

us diluted share. EPS. of per credits diluted GAAP second the requires Purion $X.XX. initiatives But in are compared over quarter. in by that quarter, have of increase align QX per These to closely reflect QX. net per margins exercised our diluted income or the depending lowered profit quarter, $X.XX by in expense to $XX.X expected or Purion $XX.X which million the $X.X planned million, share results report QX million $XX.X million and income income in XE with our of XXXX-XX, We compared net to was increased was third to tax the this earnings H it in or our to QX the impact the in options time. more on income In reducing tax margin $X.XX Operating number million Net standard ASU net improvement $XX.X a share,

in to generated in timing QX compared to compared million cash $XX.X have inventory receivables QX compared in shipments. $XXX.X standard, million in receipts. cash finished we QX this million in ended finished third been additional QX million Excluding quarter, an would $X.XX turns, evaluations, $XX.X share payable million million $XXX.X of or million net $X.XX $XXX.X $X.X $XX.X total of – quarter. Inventory X.X share, due were In of $XX.X million of the compared in of in option to exercises. from the at and comparison or to million $XXX.X $X.X XX.X the were operations to million the the excluding the per from Accounts effect to for second income at in million due at timing diluted QX. QX compared to $XX.X to QX X.X QX. QX. per $XX.X quarter million cash

We million. cash expect am very I QX $XXX in our at QX. total approximately finish with to financial performance pleased

line a invest resulting to across are the the in sheet execution allowing balance us and strong in bottom business Solid top and growth. business,

number comments. the the and expand, penetrations, for continues Mary of by call key our higher evidenced new Purion will now Our to back her customer achieving closing targets. I is footprint and to revenue fab us to as turn

Mary Puma

introduction was Thank these between a you, the cycle semiconductor of In to major be rare The the periods. search similarities PC drove like advent Kevin. of time prolonged in to have late the is is millions well the last good late engine. comparable browser XXs. and the This two period the This with industry. time with this. surge as XXs, It a requirements. in connectivity upgrades adding as of in and growth a storage are steady were communication There the web people

we family In market provides order not into before to being driving analytics Purion advanced next Now witnessing in competitive are we billions, a the gains. and favorable in to with to trillions, and being that customers offer cycle conditions, ion We that implantation year connected. on product Data our in opportunity accumulated of these the beyond. Axcelis devices alternative will is profitability focus is is a seen, be and capitalize leadership. in growth, market growth AI. revenue believe now potentially along market proportions expected result share continue share that extend strong is development on never if and sustained of The highly to

been laid With robust executing several end are we goals financial execution, on steadily closing ago our market the and to business is have We years and clear achieving within reach. markets target our against. strong model and out and share in now path

our the and like thank up year This I’d open take their not continually dedication. questions. Before satisfy work to great Brian? who it that, hard tirelessly improve employees I customers to like our be work With products. would our for closing, would and opportunity to without to possible

Operator

the from B. line your now Instructions] Craig open. Riley. Ellis Your from line is [Operator of comes question first Sir,

Peter Peng

Peter actually Craig for is calling Peng this Hi, Ellis. in

First off, is just but what system may mix this, the breakdown I for have missed QX?

Mary Puma

or regions customers... The terms the shipments of in

Peter Peng

Just foundry. between and memory mature

Mary Puma

XX% XX%. was technologies and mature process Memory was

Peter Peng

coming kind the tracking from? Great. some for And the XX% share like looking seems is at then where share, market just range it you color Could year. towards just you’re provide on the of your gain

Mary Puma

So the from coming number share places. gain is a actually of

customers new new a split If we’ve customers we’ve and fabs. even between penetrations customers XX had new XXXX. Purion look, you This the come. exactly between penetrations this and a customers since existing new – even where it’s new an XX have had take terms first It’s the in fab. tool It’s year an about of quarter the mix had into existing putting XX penetrations and and again, a a new the placements, but about of we’ve alone, split

X/X majority If the have you would process penetrations from high other mature medium this we’ve year penetrated, take high memory. of split between come And where a those X/X energy, from penetrations and about say from the look at come from I with technology, current. have new of remainder current a coming the

Peter Peng

one into queue. the And before Great. last back hop question I

Some XXXX industry for and profile growth. with digit then to about growth high peers talking digit calendar of are half-on-half mid-single your of a that’s single

line half with Is growth over reason second be half XXXX. Axcelis there any So that? in that first won’t

Mary Puma

much it. But on gaining remember, not on only market our very strong share. we no markets, with is there’s again, No, wouldn’t story but line in it’s predicated be reason

year, be this XX%, up to expect about we year. XX% and last between XX% So from

If at then that target share. XX% you business take market models share in market presentation, a represent our are and XX% our they look investor

February into happen full to some what perspective give the is market share model. XX% we’ll the at market to expect And to report year, our from goal likely, when revenues So also quarter, on gain the or in XXX we’ll the grow we insight growth will to and model, our we at the – get. we a and and continue XX% XXX get in believe when February share XXXX we

Peter Peng

on thank congratulation execution. you. the And strong Great,

Kevin Brewer

Thank you.

Mary Puma

Thanks.

Operator

next Our Mok your the Company. line comes is from & Sir, now line question Edwin of Needham open. from

Arthur Su

initial provide Hey, question your Arthur versus is the a also for Edwin. guidance quantitative perspective? taking actually you to is drove upside on quarter. questions for so And for half want how congrats what just just for I second that on your XXXX, views our This I Thanks for XXXX. the the understand and guidance. targets the XXXX don’t has from know first any to prior the want on but shaped qualitative great

Mary Puma

DRAM. were has So actually technology in Well, to NAND think about mature we XX% strengthened year, share the markets the talked at been memory, our from that talking area exiting I market XX%. getting XD as seeing. throughout look we’re taking talked well if the at and been And share of that about And of year, to both I XX% think it’s those we’ve gains segments. process we’ve about back what the year, we’re as kicker now about the guess, to we’ve come all in the a gains share. I both midyear, mean, both you we actually real at XX%, so

Arthur Su

Got it, okay.

about into How systems mix And that weighted think foundry/logic. so, talked mature how in was shift Mary, XXXX mix you you you do go might mostly as for XXXX?

Mary Puma

that our most and I we’re customers with interactions remain we to – seeing From see are shift to because of that we of have as any of of those don’t market will they’re think expect at continue expected for the the markets XXXX, share half least strong. gain both both will that. that we think of strength. projects first segments And as well to part planning

Doug Lawson

the weighted far center we’ve been – weighting – for quarter the be last the this weighted. QX, was so of year, the which too point to in it’s going off more Arthur, is but it’s not But mature, over couple general in towards what years. likely, it particular seeing heavily

Arthur Su

it’s impacted my the know fourth about corporate margin to and gross shipments. gross I margins. accretive? a have it, I on Purion just kind I to just mature partially be, of H you would mentioned of XX%, what you Purion Purion that improvement Can strong margin to question margin we scale Got and that and that initiatives talk you call, to be on some – Kevin, And H gross be think is by – to where enough between the just of quarter last XX% point on okay. H, is expect guess have the you gross at need

Kevin Brewer

margin progress terms make overall, H. to what I’ll XE, three the the solid the M so we’re continuing say in of and gross products: across Yes,

this in more we accretive. If what’s revenues year-end a exits had changed what’s significantly versus changed look up portion at when very on system talking predicted the than since you higher And really year is and quarter which are about started, margin. gross mix are we fourth originally much bigger CS&I, were systems now

the the well But and projects that on QX – that’s I Obviously, this one more from uptick faster we’ve several So pressure putting as got big the good cost-out warranty a on coming volume volume-related. helping. projects this any not engineering the thing help time-based and of thing, uptick are some is probably Purion is volume does certainly improvements. those we mean, in and they as H. And thing than are have really that’s install is underway

to while So some is getting volume, way of other great, of things additional the these work are their just we need benefit which through.

than year work – – weighted different the kind mix much H, ahead we’re supply there’s is we than where So and the heavily of your To more of it’s year-end still a on the when question started year, The it’s chain. is we systems itself. on particular little it thought service. a towards of certainly we’d lot is bit be

as newest at the parts more We’re in getting becomes we’re we’ve the mature. slide pitch, there. our of low-cost release if that had H product And in the terms supply investor into you but The chain look the in volume, our product. still the is moving Purion

XE the that’s that – H we little focused kind it’s more think the and has or get that understand XX been somewhere showed to stay the Slide to we vicinity parity there around I But with a need VXE. the lagging M that and in that bit. of

So come those as that volume-related this margins together, projects I the not time-related, through, – point, the but work closer these H. between you’ll much, their that more XE, think way at are are two higher see than which

Arthur Su

again, Got the it. great and quarter on so congrats much Thanks guys.

Kevin Brewer

Yes, thank you.

Operator

the Christian Our Schwab your of Capital. line open. next comes now question from from Craig-Hallum is Sir, line

Christian Schwab

another What for congratulations great is your China XXXX current Hey, and guys’ on XXXX? in quarter. outlook

Mary Puma

a beginning prepared to XXXX. in up to projects ramp see for we be So – number to equipment take now of

that. for planning are We

We have opened offices. added FSEs, field people, new service some

earlier are in Kevin talk And able some making in to to that even starting actually the alluded customers about be to projects We’re investments his script to furthermore, business. that support XXXX.

at and expect strong, and we into share projects. get So to least our fair be those XXXX XXXX expect we of to

Christian Schwab

And an what us or nonleading-edge is working Can the memory mix of idea whether you’re leading-edge? that, it’s of what give you or on?

Mary Puma

working It’s we’re in memory those areas. on of projects mix a process. Yes, mature both of and

DougLawson

Yes, right process more Christian, towards technologies. it’s weighted now, mature

goes, As really we’ll we too out it’s see the on. the really start far XXXX come as mix will be. to get And stuff far XXXX, start into to judge what to as memory

Christian Schwab

Okay. the new Can aggregate give projects you number? you believe an that you’re you have aggregate to – in an us China on into, sell fab number opportunity that of

Mary Puma

all No. them right we’re working of I now. mean, on

I’m exactly So the not going to be. conjecture will on number what

Christian Schwab

Thanks. Okay, perfect. All questions. right. I’ve no

Doug Lawson

Thanks, Christian.

Operator

line Stifel. comes Our the is Sir, open. your of line from next from now question Ho Patrick

Brian Chin

Chin for questions. couple This good Hi, Brian of for Thanks calling afternoon. is Patrick. me letting after in

a is mix on congratulations relative I or to power maybe the though, mature sensor activity out kick half much next perhaps tilt in year? second much discuss in of or things and upside the appear was with the like the image you is Can of products. it what’s previously that How somewhat memory flipped expected, delay am system from stronger transpiring this any in does First into what kind versus results towards here? quarter. QX curious

Doug Lawson

as the in were process mature activity, sensor. There’s very activity on is manufacturers in actually, We Memory think image it country No, similar There a additional been energy in continues Korea sensor has in increased of just the the of been to one memory. is mix high what a activity product more expecting. be of extensions the highlighted of which specifically makes that strong. time, to some Korea. we Brian, where the technologies. lot image activities, especially there’s with VXE, Most large people

be revenue, – so We’ve of range. XX lot it And and to market been be Chinese it said be year a – XX% has there, right also there’s activity of that the continues would that all and somewhere between this strong. to along in continued XX% been our and

Brian Chin

is Was I And mature. heard memory, and just it mix right? sort XX% in Okay. QX, make sure sounds the is, correctly, to QX like similar that of in XX%

Mary Puma

I of towards QX. was said shift we in it a was XX-XX... mature It going think more more to

Brian Chin

And – mix. of the thought more maybe was in Okay. expectation be an memory I would it that stronger

I’m sorry, question gross ahead. go – Another on margin

Doug Lawson

closer Yes, quarter to going is mature. the be fourth to XX-XX

For too the off but far it’s year, pretty equal. towards weighted from not be going to mature, they’re

similar last it So to but close it’s year-over-year, the varies it when we’ve a down Quarter-to-quarter, it’s the quite over bit, at seen years. what middle. you relatively few very the look split been

Mary Puma

we’ve is I everybody understand key think, just it’s these only when look and company, a you at expanded Axcelis take very significantly, takeaway footprint think is continue statistics not our the memory important and that people to have to many continues a that think, area Yes, that to we slightly to for footprint equivalent or in memory as our higher added overall get process technology new of our add year. the said, percentage business memory mature a a really and Doug more lot to recipes the customers of at to point where, customers. existing some But it’s the

Brian Chin

on Sure. is really a just – margins, product question gross on impressive. service that the question more quick side. on side, not A the Yes, on

But sales. We is the year-to-date on pretty drag margin’s they of is gross overall QX, that a of little were gross it than the This XX% margin. less tracking bit what below your noticed far and clearly have last year. a service in overall

what year dynamic or of sort that that normalize can explain and this kind is that is something could I’m if So you change next curious of if year.

Kevin Brewer

service the and tools talk accretive. really our gets up continues that fluctuate a mix be financials, that’s that forth. happening business you’re parts, broke of kind around impact the Yes, where but really lot the out, about bit service year, The isn’t overall, But the creating also that the overall to from. doing we made business. does thing year field. stuff the And CS&I, driving But the and I It it’s now. of used part, this of are which And spare is only terms little a very are an pure upgrades, part we of is that is CS&I is consumables, – service, we just to right labor, because the that higher mean, is which picking drive – on of side, in the have down and this the what where things more back which share in the do business. the what a drag on developing obviously, in margin coming system side on upgrades investment side that is of we talk upgrades the the business really about we of we’re new is of growth the lion’s and a the lot

higher So things CS&I here additional that which even to over we’re the includes space. doing only but certainly gain up the side service margins some revenue prop around not

Brian Chin

memory it queue. looking you this back on a doubling going logic/foundry year. like execution And up penetration of At China was but there, various least, amount good gains in discontinuation advanced products. mature just on, Axcelis-specific as the potential Sure. share Throwing But including I the on new maybe maybe it’s customers, at lastly, of trends the market have question a that think of the also seem the well initiatives in and at as customers, China earlier strong tailwinds. sort the there on industry – does

for be think biggest various the next you those company what do growth all driver at Looking year? initiatives, will incremental the

Mary Puma

forget growth business the that’s Japanese piece reentering our model. don’t market, of our the big fourth to Well, achieve really strategy target

in that. share grow of year, some as lot new think the right biggest expect we a There is said, driver to see the additional ourselves existing now. at is China. that customers. to I add to our China we’re to going win share would But probably be activity And fair mix footprint I and next of continue

think biggest probably I So the XXXX, going to that’s be driver. for

Brian Chin

Appreciate Okay. it. Thanks, Mary.

Operator

Securities. comes from Duley next your Instructions] Steelhead line open. Our [Operator from question Sir, of David is line now the

David Duley

my for Thanks taking question.

Kevin Brewer

Hey, Dave.

David Duley

wondering size the take at was I market the year. what going implant stab think a be of next you you to if might overall is

Doug Lawson

going It’s around be to $X billion.

million to continue mean for this and continue where market’s a see we long focus So billion way. plus $XXX to it I we’ll is. of $X that share our $X time, been billion. gain minus And – That’s or that

David Duley

been to share Okay. or addresses? the And – that you do up, overall guess, the the I part about market XX% talked market. of in think XX% your the What you H big market of in ending you’ve able achieve the segment the

Mary Puma

H? What our share Purion to market do for be we expect

David Duley

give us baseline it Well, your trying yes, now? the maybe the think a part do you market the of what year. share is large of right, market, Or was part that you’re last to penetrate. What

Doug Lawson

It’s the than point. next this broken has penetrations gain with new customer significant this year share. We really pure more been out up honest share on To year. focused really setting haven’t at Dave, be really H you, market

exact haven’t we number. honestly, looked the at really So

really point. we’re with market the so all the products And full at this at looking

David Duley

in mentioning Okay. keep as go it seem you kind as you’ve and getting And a follow-on I guess both that And very and new you’re XXXX would there, customers outlined. on recipes number a focused of of new customers XXXX you new significant like and current new as had penetrating recipes customers. far

based gain wins? these all trajectory of there is market customer the to any that new changes share think your So on reason

Doug Lawson

No, the trajectory the is we – at look the you there. XX%, long-term within plans if model and at XX%

that the the plan and that to a achieve gain graph the in said two next we or So two years we script the have on We’ve share years, so... model. got

David Duley

is guess, of guess ramp up at. digging have as achieve I’m say, goals, in now I they hand kind to what I customers the those you ultimately

Doug Lawson

customers the to those to of more customers achieve lot a goals. still have There’s We had. be

is Japan China, leading-edge So coming crack. to of in open. we’ve new got There’s customers and a lot logic online

this at lot open, still of to So years. with a places two last in we’re of in and point XX we’ve a just customers but got doors XX fabs the lot

Kevin Brewer

But have more continue planned. because, we says, still year and right – outstanding into have those and to we we’ve go Doug evals after, evals got to next we’ll as

David Duley

Okay, final to see as question customer the is When targets there. would was you there do Japan, penetrating we to from memory me me – as progress that that is, guess, in when front? be or further as have should far I that on progress significant plans penetration

Mary Puma

we feel of we number Well, with like continue a customers Japan. And in we’re engage progress. to making

demos. We have run

additional results here We Beverly. and run in wafers continue get to

show in our would XXXX. So progress target some be to

David Duley

thank Okay, you.

Operator

And portion the Mary I now to this who few call Q&A call. concludes will closing will the the of Puma, remarks. back make a turn

Mary Puma

you, Brian. Thank

We’re both with our for and quarter third for year performance a the industry. prospects Axcelis pleased strong and

As want support thank coming see your always, in months. to you I hope you the and continued for to

Annual on for attending Growth York York XXXX City City New the We January be will New Xth on you. November we XX, and in Alpha on the the Craig-Hallum in back and XXXX. Needham and York X Conference Thank December will Select be Conference Summit New

Operator

your This participation in conference. presentation. concludes for the today’s Thank you

now disconnect. may You Good day.

Axcelis (ACLS) 3 Nov 172017 Q3 Earnings call transcript