Earnings call transcript Q4 2022

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Operator

Good day, and thank you for standing by. Welcome to Axcelis Fourth Quarter and Full Year 2022 Conference Call. [Operator Instructions].

I would now like to hand the conference over to Mary Puma, President and CEO of Axcelis Technologies. Please go ahead.

Mary Puma

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

We difficulties. so call apologize in advance are like in technical would to remotely, any for all participating I this

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

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

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

and thank call. Good earnings for quarter XXXX you fourth us morning, year-end and for joining our

earnings result of annual strong the year Revenue team share for of XXXX for the revenues. demand we and million was a product quarter full million, with record quarterly with share the per $XXX.X per of by fourth $X.XX. family, record robust pleased Purion and are for Axcelis annual earnings the to execution announce As Revenue was $X.XX. $XXX

billion, over grow the result to both solid a and power expect As we $X.X and XXXX. continued market, revenue strong in a of backlog demand device record bookings customer in of earnings

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

expected over expected in is year full revenues wafer For decrease of year This billion. the by Axcelis represents fab XX%. a in revenue equipment growth to overall over to exceed which X% are $X XXXX,

strength we that $X.X continues be within next model shipments and to long-term foundry area and customers, logic The believe with X NAND. comprised with the Axcelis, revenue DRAM XX% of years. are to XX% mature advanced X% to market customers billion quarter we implant-only to introducing a system an of technology logic new X is X% Additionally, of of the achievable process for mature fourth customers going

X%; full the to logic shipments For advanced customers, foundry XX%; customers system becoming the distributed. to memory XX%; The XXXX, XX% U.S. of and customers NAND. to Europe, X%. XX% shipments and year X% the quarter, of rest of the went system of X% the comprised is and globally more Taiwan, In mature X% geographic XX%; represented DRAM fourth mix X%; Korea, logic our China world,

the of year X%. For the XX%, XX%; world, X% Europe, and X%; Japan, the Korea, U.S., X%; XXXX, Taiwan, the China was rest full XX%;

The Axcelis' power the be is high of this through rate driver growth to industry implant demand device market anticipated of the power market due intensity devices. rapid downturn to the and

from this X over applications dominated performance years. silicon that starts this several by by than next XX% Silicon estimate XX% of significantly silicon device provides growth electric with and to years, we the in double carbide over overall market, coming device system XX% vehicle rate expected automotive. revenue our is Currently, will silicon XXXX is grow wafer a power of We carbide every segment from the annual driven many expect which come to over for greater advantages revenue in system applications. carbide

implant facing the the have only their improve for as technical ramp device power coverage series series to customers automotive designed family volume their our challenges been is to customers. optimize products support power of for performance. company Purion products their power high for recipe applications. to fabs continuously of silicon device in deliver ion can customers to they carbide The allows manufacturing support Purion that all complete power full and high-volume Axcelis

HXXX XE carbide provide be productivity customers in we across and shift our silicon HXXX as family, Purion levels from systems to we to series Purion energy tool. high Purion Purion have in Since these and customers Purion adoption of implanters. EXE relatively recipe high and implants. addition high lower power silicon M of silicon ownership carbide and Purion dose seen their XXXX, The of mixes evenly types carbide carbide revenue particular, XXXX, increasing X to In cost to silicon expect our of spread

significant customer and device market. product customers customers complete is of providing satisfaction. market succeed best to this This product are manufacturing technology high-volume provides Axcelis means to exciting value this market fab our considered enabling risk to growing, path power to and in that large customer engaged for by device a base in product is power Axcelis manufacturing all the aggressive using the high-growth actively and supplier lowest be tools segment. choice, the The level a performance in family high providing ramp plans. the we capabilities. customers leader This a on Axcelis offering by provides and support advantage Axcelis significant of competitive with differentiated this placed required and

and operational like Now to model. our billion and to new it I'd our over turn capabilities to to $X.X discuss Kevin introduce financials

Kevin Brewer

Mary, and good you, Thank morning.

projected billion results with and XXXX financial pleased about very quarter in greater fourth to revenue our of are our full XXXX. excited than We year growth extremely are and $X

details to years. billion expectations today have $X.X We our next share found be to our investor implant model $X.X we to Page and around achievable for new opportunity the billion happy can presentation. believe with only the on our the model of you that X is over XXXX revenue X also Financial are X

total of revenue revenues $XXX.X to annual finished billion, above strength the and drove in systems total XX% well QX QX million, be million revenue in systems in than from In revenue we the Looking modeled XXXX. $XXX both XXXX to $X and of due to $X.X by of market. fourth million be continued $XX.X million device business record power revenue for our quarter, execution but quarter-to-quarter, CS&I and vary expect revenue XXXX, at model. will respectively. strong guidance billion for at greater $XXX.X CS&I driven additional CSI pull-in revenue combined to our quarterly approximately This should

and XXXX expected, QX margin, product very at or gross in with we less points at higher mix. higher XX.X% at a as margin pressured Looking basis material year, XX finished challenging costs. finished favorable Despite XX.X% higher supply than chain by costs a XXXX. gross

favorable margins material prior continuing to costs to We mix. to by approximately begin higher under in inventory product QX pressure expect We related in a will less remain recover still XX.X%. purchases

value of full In improvement a that margin we sourcing a number sales include shown on allow meaningful year, as more to a gross extensions target expect allows XX% of XX% in improvements mix. and Purion $X chain of through engineering We revenue to achieve costs margin second This, the product half supply and remain in a us margins laser-focused projects. model. year at $X.X should with greater the us than favorable gross model. This supply return combined a to in chain billion initiatives gross strategic of higher-value product billion

of R&D leverage around and of revenue markets expected revenue highlighting a approximately They Operating expenses. should our model. our billion slightly XX.X% XXXX to XX% reduced controlled and approximately account support half revenue of to the be in is expenses further technology into Turning in spending specialty in advanced lower markets for logic. in XX.X% a like solidify and advantage at our model. $X.X of were percent to X.X% in than of business well down at XXXX operating XXXX, as further the penetration

Additionally, capacity. logistics Mass summer we invest located infrastructure in headquarters. will our Axcelis' infrastructure just facility from in continue models. support and and flex state-of-the-art is logistics new scheduled financial provide example a of short Beverley, and manufacturing This open is growth our workforce to to to this and center One centralized walk investment

We our further manufacturing operation our ramp is grow. needs to also to plan

We $XXX.X operations ended of and equivalents of the cash $XXX million cash during with investments from XXXX generated million year. and short-term cash,

shareholders over share XXXX of repurchased of and repurchase since we XXXX, our returned through program. million During have million cash $XX.X $XXX to stock

a As delivered share of XX.X% XX.X% of XXXX, $X.XX and flow. Purion, with with has operating finished significantly. cash margins success control, we Axcelis' higher tight profitability per of free result of revenue gross profit cost the earnings of improved and In

Before the next summarize in for I'd our to to X like model business I new years. achievement close, targeted $X.X billion X implant-only

approximately We XX%. around at XX%. operating are at revenue than at free approximately modeling our $X.X gross greater billion, XX%, OpEx approximately flow cash and XX% margin at profit

and team during excited is about strong has also execution Axcelis rare the environment. outstanding device and in a growth for again, thank Axcelis entire in the in opportunity customers grow work continued to the for revenue product downturns. for next market their of in continuing several market and significant ion positioning to partners are opportunity power a thank industry supporting the challenging over significant want implant years. chain to performance. a This result also a confidence profitability want ability deliver. We our I I their hard our Once our their to supply Axcelis

Mary comments. the turn now I'll for call back closing to

Mary Puma

total next following the X greater XXXX the last Thank and years over has over representing market with on TAM. you, doubled First, supports billion is revenues the segments the the $X.X Kevin. than The XX% in Axcelis key which few the TAM of $X billion in business thesis, more years implant than in based few points: mature

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

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

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

result, a capture continue current and the evolve opportunities trend cycle, As we'll to that business through to are leverage to positioned down and lie grow the ahead. the we our well

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

Operator

Quinn [Operator show question comes of our Instructions]. from I first the Bolton line Needham. from And

Nathaniel Bolton

guess Kevin, your this the Mary just give QX as It expect quarter expectations versus pulled us the we TAM, Congratulations step on of and X you down very into quarters revenue first the and growth to through $X linearity the just strong through sort sequential from sounds a sequential maybe of about in 'XX. pulling or like year. into nice for would $X sense fourth strong the some so sort for the can billion I billion reaching guiding rest on QX, any year? think you're model the of the you due of but you execution, quarter results in

Kevin Brewer

out, back Yes. steps above QX the up Kevin, is billion to is Quinn, a of at QX, the as bit as we've would you the probably to I looking a rate pull-ins. than down this throughout this the come result hit and expect QX I'm What greater point got is little it's year in way flat it run year. The I now, mostly $X year. obviously think

based up it of in kind now. So throughout I year feel flattish stays the what I'm back on looking and at comes right QX

Nathaniel Bolton

margins, implies that getting for And the the Kevin, back What the just are Okay. more really it obviously, of the key as the some material margins must higher just lower XX% then, work. year the to drivers numbers of that the and income or to to product statement? to flow costs in on Is XX% sort half, improvement? premium high at through of get capturing the the XX.X% energy mix year costs starting be margin

Kevin Brewer

that. Yes, it's exactly

lot have some really team, done year. really a as mean, have at prices. some chain have good half material to back our of of the supply in second do the pre-bought starts out, supply working with We -- job the mentioned, a costs partners of which I hit higher along I The we

lower chips those the sourcing as lot shortages throughout of as come us our of parts X our some start going chips. well I Quinn, lot type of chip engineering, a and the So that those new older projects. are costs the cost, We is a value had most of have think of lower help pandemic and of qualified as lot issues, to at efforts there's is which strategic with actually through to suppliers a

situation. has that So with suppliers worked chips, our they're using get engineering with so up we same team designs newer our value that don't back come into

of helps. second will all then the to no issues chain that that shift to and going too. through, in I'm efficiency some lever high a flow us are pockets as And supply mix factory bit -- it's behind not be secret. say there's definitely energy the to to towards pointed of starts help but the So well. you the out, back other higher the efficiency biggest is as factory a that that biggest that going as improvement half, delivery There's be going

an investor it's Page think presentation. XX, I

We and the that products, high medium around can mix the relative you energy X have little current, moves standard high if and bit. what of the happens margins see current a

So things the I point in impact at about view, second full good cost chain year at and out. start on for a more of I the XX% mix that feel supply with will that we're us point assumptions the know half this based to making from

Douglas Lawson

Quinn, just other thing add product one side. the to on

And are The other is side as a will continue to in and through customers a margin swing see to starting thing the energy the volume. ramp that that's well. we're fabs goes bigger positive and as mentioned the in market, to ramp high their carbide to on silicon the Mary that current starting, on high as to much high year. script,

Kevin Brewer

Yes.

the I and base The that other we carry think have extension to than definitely about we silicon where product carbide things. better talk the tools. Quinn related product anywhere margins extensions are

So more high silicon now. moving has the base are Doug says, as current after carbide better right been we -- systems is than

Nathaniel Bolton

the gets which obviously model And to seems outside The in looks almost like pursue it very strong earnings M&A Great. it around share, strategic opportunity $X.X finally you're the give helpful. philosophy just $X sort term. dilutive you about is for to of looking implant earnings, then like per your to you deal, Mary. you company's M&A you you comments talking continue I and Can around the of billion growth but a Just transactions? dilutive consider M&A your be prospects sense, particularly, would any would your strategy, longer think, of at? thoughts would just us pursue How are presentation,

Mary Puma

the at really we're of this Quinn, journey. Yes. beginning

$X.X As year. strategy a the just last to on and model. And we you did beyond mid of M&A know, we Development to hired grow focus VP that Corporate billion

lie going nothing do lot something So on of can point ahead potentially we there's be near There's anything that a time term of probably would opportunities now us. say will understand else grow you to to would I really right the this we analysis of really moving any going take in with terms in to that share. what it share terms potential lines at the that beyond helping strategy some in implant, and implant having But to other our of further develop investors. along us us go it's with and business. time anything in of

Operator

comes from the I of B. line And next Ellis show from question Craig our Riley.

Craig Ellis

what's strong quarterly to billion. Congratulations by I on wanted the execution, Mary, $X.X very increase company understanding new in real tough just nice a the really looks the from environment. as billion, at the $X changing at start model

cetera, geographically to larger how logic, much a that et So advanced much with help be us just can Japan, in TAM, of due much how et like understand you progress to share gain is due be cetera? and might might how things

Mary Puma

Okay.

made specialty right really silicon we've we've any particularly significant in X obviously, markets, in not the we're investments and in I strategy. next carbide, you're years, now mean, power driving -- our is great Craig, which particularly think, made to to products, those we leader Purion major our is specialty to now changes going execute because I and in in devices and markets, the silicon carbide the over which as continue X driving growth. see progress

to continue to going focus focused the that we're So things on we've been on. all

things investor and over based to going on frame, that the economy. X-year our presentation in fluctuate significant to TAM really the at It isn't industry look will the in you time jumps. are any If make next X- going the on

to in any be So TAM. the significant there going changes aren't

the the power growth a of electrification about will continuing there the industry, market, silicon automotive in be talked because how and of in device example, lot for carbide. we've However,

So really that, major growth. to as we the going our is said for be in the script, driver

That continue We're markets. penetration going going and invest expand doing our We've focus to extensions. accounts. ion Japan. said, on We're product to were to partners to to going of we're those or to of implant. we existing with our continue lot we our lot in ways terms work into advanced a line continue can China improve to There's work to work the We're increase customers got our like things logic to actually JDPs. within trying share to customers do explore of use sort in continue of a novel with to that

from mature billion So to all said power from We've Japan continue contributions business and where model, significant that memory process recover. to growth capture really the be I increasing those technology think to image to the segment back going things continue. along, that to well the going will and will sensors, the from. in will all $X.X come very does be that's come we're and going It's is the true not advanced going positioned be be to logic, but it's there devices, when markets,

talked of number that but a against. So things things, about, all will execute continue to we we've

Douglas Lawson

to type that in start very, for And up speed Again, the And market volumes important much the to thing extensions to strategy. billion of as years, sensors and for of plan to optimizing become silicon I X will course second more contribute many devices. ramping our relative sensor to next those emphasize, is can customers the this their phones image that improves product again, sales and VXE and then XEmax the see more into the very economy to than year. image be And $X.X we'll Purion pick add that the XE and Craig, a tools little will X bit. I will over to X higher silicon HXXX the want Purion their if carbide carbide more

So.

Craig Ellis

Got sense, it. Mary. Those points both make

company getting and the at just follow-up $X.X the to linearity really billion there. wanted is understand looking I the target on how So of

for that there there be achieved are a demand company to different be that we geographic would than the puts and XXXX contributing then different growth. X-year contributing? And et -- if market to if in that attained average preclude about cetera, anything the that do ramp period aggressively? end or takes supply the one, were would being chain annual And X% over materials, able how there achievement areas with XXXX longer model time imply anything in in the be So would capacity, model think areas a target achieved different about to if frame, is were

Kevin Brewer

that, with add. start me let Doug So then can and and Mary

do business. time frame And billion a in don't that have to side capacity the model said, get on $X.X or lack we billion the expect X-year concerns side both that we the the or -- a in infrastructure R&D X- the so resources of Craig, making as have where the we to also going terms investment, I to getting the it's to of SG&A in business this of no we side of and to supply $X.X we're I problems are side. factory chain due business,

work of the capacity. done and both chain then have the add just years, last with We of a over things necessity improve out additional couple lot of supply to really and the

supply still stuff that just constraints other they chain all going are there there's as to on. So don't is that's are ramping been -- related I think the

we've and at supply with done taking So the factory. chain a chain add capacity supply as the as of everything to that capacity our well as partners recovers look

and capacity. worried going well about think not I'm we're to be -- I positioned. we're

even would that, say thing be is probably margins. for reason, longer. out one better gross would The dragged for That some I things

low-cost friend. when projects, always on when working and things, your new you're So on time is you're value bringing engineering partners

things line. impact a is margins, would models all right So to would input positive the my delayed what to if bottom you through which happen get to probably flow to only

Craig Ellis

ahead, makes And then Doug. That -- go sense.

Douglas Lawson

contribution and to second part your of just segments relative Craig, the say No, timing forth. question, the of to the and so the

think going to market. shifting, products big going of a see silicon a more the full going to I growth shifting driver. be said, as and the in to we're more to to to family It's be pretty steady going that's power I be carbide,

obviously, then achievement a objectives and I have $X.X little to think spending, what much on general more our some will -- advanced image how is a the timing of impact the little will how digested included logic quickly is that billion has have more the is dependent billion is and as probably impact the And inventory there. consumer the on that mature recovers and probably most bearing will probably the be sensors recovery on $X.X timing on start -- of more memory significant model. people of this in importantly, that, getting

Craig Ellis

It on Purion mix. makes the some up just would earlier to I could the if M&A. more nice Yes, follow question Mary, on that Dragon sense. be in get

further of opportunities, us particular might that if So in I starting as explore those your business been of areas with we've attributes to with sounded rise to couple comments are Board ion terms And timings. implantation what very areas for level last I'm the some with be? quarters you outside intent of and of color work there interest over the top that consistent the on wondering so, what but are can of the development you the give and company? hearing get do the

Mary Puma

Yes.

of So again, journey. begin I'll call we're the at of -- this beginning what the sort

quarterly. before, said going there's share we an the Board I with a of lot on. update research As

just soon some what's on. seem in to going there terms it's So of Internally, be loop of to too interest stages. are everyone early to But very But again, the things in us. is that anything. share

it work more there's that we'll need to we So -- do with externally. share before

Craig Ellis

that. hearing about you to Okay. forward Look

Operator

question show from of And I Mark our Benchmark. from the line the next comes Miller

Mark Miller

fantastic Congratulations very year positive. on is also a and outlook

from potential In evals? you I X if an number -- and you think the these -- us evals on evals, wondering just what's of was had update terms can give I a the

Mary Puma

Yes.

sensors. So evaluation DRAM are But new it was using a just second generation And have was H the at the X a leading Purion -- end there then Purion XEmax always always out. There's field the of going successfully their one One where and we manufacturer. evaluations. a ones ones to next company that image in the Recently, develop X of now. closed sensor they're then closing image Mark, we actually up

So in those QX. were

where of high as is which XEmax, we a new actually a an M and One penetration is for has are terms is a and customer, customer, Purion Purion energy X, Purion be us. sensor DRAM at have, other today, this In image this products. one customer the we would I mentioned,

a And then in X a there new XE are There's mature X technology penetration. Purion then is a a One high develop general current the and sixth the segment. be high that's logic, X Hs. new is the new would that second process is customer R&D for lab customer and And energy Axcelis and Purion at used X X devices. an some Dragon being advanced at then to Purion next-generation

now. I putting And So that's the go and in in are of we new out and systems field. closure where will in said, terms things as

Mark Miller

new just You've customers? of And from wondering within year XX these the the or you months if adding been new customers last could I'm you've customers. percent estimate sales on added

Mary Puma

There a I an don't tell you. number of exact customers. are you're for right. have you I lot will yes, that,

We base of have a diverse very customers. broad and

I safe so where the we've are the say to actually think that's significant manufacturing growth. process it's in and many technology customers mature them new power majority had devices the these of that area of are segment

Mark Miller

And and a wonderful great again, congratulations year on a outlook.

Operator

Steelhead Securities. of our David the show from line Duley next I And from comes question

David Duley

something commentary? Mary, hear I didn't you you about silicon prepared carbide of it. would just that in you think I think said I power repeat revenue, were that then mentioning could be remarks, your and XX%

Mary Puma

for our in that systems our XXXX half said to is I revenue that shipping be XX% of expected tools. revenue. And be silicon total actually ship carbide XX% would Yes. or of silicon carbide about

David Duley

CMOS times carbide then intensity, several understand I it's standard how that us mentioned could these of are you sensors. help power intensive silicon and do versus typical, devices think, and implant I know Okay. capital silicon think devices? more devices but you And you've image much

Douglas Lawson

more the devices. process implants around implants. lot are at are the number, power which XX-nanometer at peak and of standard Dave, image a Power least sensor and Moore's They logic Law, a number implants, at look large increase have when in implants but of high node. they the devices, have longer high-dose probably sensors lot Yes. image -- you when energy they the a more, have same

hence, so for for the overall overall as the customers for intensity see that to increasing. silicon the higher side. And and voltages efficiencies, add performances general implant the devices. higher better of higher for needs and optimize doses the especially And those The trend we on device the is carbide energies

So that's levels as low image very that energy intensive, very, energy where what allows high very comes sensors, as introduce On that's on contamination. which and to power. XEmax, us high Purion brought the for it's very metals well

So again, long implant these and of are a lot to the that's contributes implants, what implants and intensity.

David Duley

that? just carbide the to I base Okay. think silicon were And Could prepared do number wafer understand if that starts whatever on then you X per us a that somewhere you're is to, in starts you year referring said number think could wafer give start you remarks, going the just number wafer double every or are, years. or that what now. size of of month you the Or whatever kind X

Douglas Lawson

a XX again, But on in we're that X basically, based chart. So internal some estimates. wafer year, looking at outside some last as research year every doubling as probably around silicon investor XXX,XXX has years. essentially and presentation well the it's carbide And per starts Slide of

lot lot of players adding There's and watching and a that different there's capacity. monitoring and entrants estimates we're are so this out new a it. of And there,

external or our it's right get to now best it's to this X at But doubling that probably is so it. X is X years. a look best guess And estimates number about every

David Duley

I guess, be that the $X.X implant TAM current over the the Mary, next you I from think would me. mentioned billion. X question X flat Final years, Okay. is, at or relatively level,

the it? So of that going growth at look to billion $X.X we all suggests gains. billion that your is from $X be way Is to kind share that should

Mary Puma

things. One is X of it's area in growing are device, whole silicon an which the growing that that the is as think growing markets is area, part that are I we TAM. carbide that just power explained I

And all it. share yes, with to of we growing so secondly, And are the across we're gain segments market. really continuing

are true, things both Dave. So

Douglas Lawson

The to TAM there. overall I a that's in the Axcelis of the growing, here as -- spend plays for market lot just important, adding down, recover think the up is the XXXX, that. if it's a being And memory will within role TAM, or [indiscernible] in Dave. TAM really grow memory to XXXX And that, is that. shows at look power our estimates big it we starts with implant and because yet

beyond overall -- the segment it's almost very to And TAM so it's number growth just important at right look the now.

Operator

show I comes Christian next the Craig-Hallum. from our question from Instructions]. line of Schwab [Operator

Christian Schwab

quarter, guys. Great

I Mary, to want the last about half and on that memory the Doug, 'XX expectation in So 'XX comment 'XX. make that not recovery of the of in currently? recovers Is guidance kind 'XX, sure, your back memory is just current

Douglas Lawson

good Well, point when as the XX% it NAND happens. -- we're more coming -- But is our of than revenue as anybody XXXX. everybody's our to at guess to DRAM from anticipating is guess XX% this else's as for memory, exactly related

at think that start indicate definitely would guess. that this XX% more things I is point, back come to we so when And probably robustly,

Christian Schwab

we I But Kevin, a opportunity, correctly? kind billion fair. and couple or think Yes, And that the came the did sales do tools like it of was I came ways. then standpoint, from of a earlier, $X.X $X.X hear just orders different labor facility I that's answered the think on billion if could

Kevin Brewer

capacity the of point -- always our is think -- real to view, plans . we we ahead keep from of Yes. -- what we Yes. try a our We're need

I earlier, anticipate came it issues if from wouldn't Christian. that, yes, any So

Christian Schwab

we how like give how are some or have to to currently Okay. number? at think of selling Perfect. And silicon broad could we many ready years customers distinct X in and range of be we from potentially we to maybe many now, -- least carbide then at number X directional a least a

Kevin Brewer

say. I ready we're moving to something guess, think large number. no, to probably entrants. give a I a target, new an It's There's not exact of lot be would

selling them. tools with pretty much in with everybody process demoing discussions evaluation or engaged in tools absolutely are of We either industry the them the

and -- broad And growing. it so a this but it's base at is point customer very

Christian Schwab

greater XX? XX%, than greater than I mean Right, than greater right. XX%,

Kevin Brewer

Yes.

Christian Schwab

have... All I right. great. That's Yes. don't

Kevin Brewer

You've that's never seen me same the [indiscernible].

Christian Schwab

was right. that fabulous. no, No, All

Operator

like further the President for queue. back I'd closing no this to Mary and the showing conference in remarks. At Puma, turn over CEO, time, questions to I'm

Mary Puma

and everyone New continued Thank in Markets SIG us XXth you, will Tech support. of Conference, We thank participating Conference for for March, you at your hope see to today. like these events, Loop Annual thank you In Investor the joining X the to . both XXXX City. in Capital be and I'd we York

Operator

for you. today's call. Thank participating. concludes conference you This Thank

You disconnect. may now

Axcelis (ACLS) 9 Feb 232022 Q4 Earnings call transcript