ICHR - Earnings call transcript Q1 2021

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Operator

Good day, ladies and gentlemen, and welcome to Ichor's First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

Claire McAdams

operator. you, Thank thank Conference and joining First today's Good you XXXX Call. Quarter afternoon for

read uncertainties release a are both Report As statements. listen earnings statements include cause of the our you press which These laws. could risks results conference within differ These actual in our risks SEC. meaning with such forward-looking please press year in and federal and statements XX-K subsequent spelled many securities control those to and which the subject and described fiscal earnings call, recognize those of forward-looking materially to and in beyond on that out to described our from those contain are the for of number this filings XXXX, release, you as our Form Annual uncertainties,

should those of in consider and other statements all You and uncertainties. light forward-looking risks

financial this we certain during conference will measures non-GAAP call. providing be Additionally,

website to release Our their and press IR measures GAAP financial these most earnings a supplement comparable to financial the posted reconciliation non-GAAP measures. of our each financial provide

me additional Jeff? guidance. our I'll provide now Andreson. over call And begin on of today After with business update Jeff will turn review CEO; and Andreson, open with Jeff outlook. Larry Jeff Sparks, an details results line quarter the quarter On questions. for Larry, our call a and the will results our our and we'll our and of second first the prepared remarks, CFO. the to are then,

Jeffrey Andreson

and we financial and with you and quarter healthy are increased Claire, revenue net million XX Ichor, revenue hope points, Call. to margin all at Thank $XXX from points, basis the XX% and reported earnings by of compared results quarter I sequential operating of quarter and income record of eighth staying and strong for up to QX Earnings of X% revenues families a another welcome QX both end you, of guidance. safe. XX Gross Today, QX growth. margin marked QX. Revenues our our your that were basis straight high grew increased

continued XX%. a Our our evident of million, net flow the strong operational in Compared same model growth in increase of million gross ago, revenue earnings XX%. are of to income year-over-year $XX our we EPS have net of on period improvements business on margin $XX year by revenue a through to increased a leverage and

flow quarter We $XX also cash million. with flow cash had another of strong free

continued XXXX, in far underlying has wafer strengthen. for WFE the So equipment to demand or fab

the to the At visibility of the to led which major logic put unprecedented as in players foundry year. heightened same market the investments be have in in levels we progress healthy time, provided in memory support several weeks, sector have Over conditions multi-year demand improvements memory for levels investments, and past into capital place further their will of semiconductors. through

in expectations a the growth range. have WFE current growth evident our XXXX QX units. QX to our business our and with among strengthening demand to about As XX% from early since in customers witnessed and of XX% expectations of of February of each is our upticks increased The last environment key date among result, call, in steadily guidance, demand in XX% results earnings to in in each XXXX

growth million range another or QX $XXX at Our $XXX to midpoint. is in revenue a the guidance million revenue X% of sequential

of process, in propelled as in growth take the IoT, and as related a industry computing. from be. electronics them from In and drivers, in industry second historical be of XX as on I'll XXXX and six breaking NAND, is begin wafer of step At about customers, first the within first for devices. technology to and technology industry vehicles, will semiconductor home very a good, industry place fab that focus with extending growth, share months our markets for time sometimes of strategic The to is key to multiple confidence for other supplier a supply to out focus so, EUV now the our equipment is that nearly the our the provided than our cash along industry second deposition, drivers but due In market more global to are each having these XXX% secular revenues capacity. XXX-layer which remains the I'll growth which work half. great growth are or performance backdrop WFE. cyclical that in the With from etch are being half in to by of these layers drivers. us fab Semiconductor higher growth strong industry industry the and markets and the outpacing words, and progression to visibility strongest of a convergence high stronger all turn expectations appear continue With with market AI, our secular Our the of such are multi-year key beyond will technology well in widespread levels XG, to another to the there that another More we is some operating layer WFE adding XXX increased cycle, semiconductor overall years. deposition. drivers. of deliver on the flows. all growth the to technology outlook in intensity of an provides of turn investing Together, self-sufficiency growth domestic essential and XXXX, products with outperform leverage year the autonomous and investment overall XX strategies of etch, as and investment three layers strong lithography, resulting the be by for multiple year recently, capital the semiconductor of to outlook in for

the we taller node fill and Similarly, these more recent and to and In become are number geometries markets. each an X-beta, technology In in rates, You gases fluid advancements faster may for been of and advanced the used DRAM, then in as control deposition intensity, more and as deposition, system. takeaway a more X-alpha as The delivery more both X a required processes. it's this is has transitions and there is technology subsystems more earnings to to DRAM, and and for selectivity, call complex relates to precise etch well these of better especially have deposition to stacks. as and heard on to that XY requiring delivery. increase from as leading that's equipment XZ case with etch several more these continue etch fluid mostly nanometers for delivery logic, of complex, key also are more nodes need it the the X logic There into control past of the provider DRAM etch material require drives Ichor we and nanometers of fluid the logic, the years. over need case, geometries per go that precise in these content and

than gas strong Our witnessing key rates all future run a to overall rate increase more all transitions which sales system at to device markets. increased continue is and other EUV share opportunity types each growth share the is the in key driver XXXX, steady lithography, five year. total, a is expected outperforming our exceeding market key This increase in three growth of and for we X.X% as at for ago is driving foreseeable or these spend. to In EUV key WFE from our growing overall our delivery of industry industry three X.X% are are across Annual rates industry our such in increased technology revenue of double-digit years shipments our for of XX% increases growth. well each

and also of gains of global and is WFEs continued complementary due increasing the the our accretive product share enable acquisition customer share footprint. our expansion that to Our and further market offerings

on Before I'd are our other making in we to growth you panel product update like initiatives, plans. the I our you generation gas and our development next capacity and regional update program on product progress

industry growth cycle, and year forecasting with in in leading of noted I the year second earlier, of we analysts a As are OEMs XXXX. multi-year growth another

success X% capacity are already achieve On of we $XXX be Given range businesses. and to of highlighted the would in be X% last panel our to of X% run CapEx machining integration, and this we our in are weldment and our enable investments revenues new of Ichor adding gas rates our call, or XXXX. to support for in our capacity These that above the excess expenditures quarterly revenue million. range outlook in typical year X% actively in product initiatives, will this to

result well capabilities to in to and of model the on has team develop the our as made products Now, expansion that operating new markets, levels will you profitability. our as I'll our update leverage of progress drive portfolio of served IP engineering share on our longer-term strategy towards increased the

We have module American first quarter made we a ship In and to expect ship over delivery beta we'll late progress our unit third beta to the solution a with liquid our in the proprietary customer. very quarter, next-generation good last May. unit delivery gas North

We expect with the in year this qualification period first to revenues occurring extend XXXX. through

of both in stages and on part third gas machining quarter. accretive. be panel in the our first see precision qualifications content margin will two final qualifications completing proprietary quarter expect the increase revenues to in These we're second Additionally, the a and will

impacts in delivered capacity support in our with qualification delay still job in we summary, opportunity business a historic to of qualifications. continue earlier, Korean we systems of QX our these but we and team full-court several large COVID-related phenomenal both our press. be visits, move and our from limit the a customer. to to past noted delivery will expansion operations address Ichor. in geographic this to revenue initiatives, customer in ramping OEMs is a have Mexico In and liquid stages increasing we a very active the for In major Minnesota of limitations, travel the levels the with and the resulting the in once as But at for I As of dialog associated putting revenue the us, machining a Asia, continue these two on did demand are customers quarter again record the final

half midpoint from revenue QX is of half grow of to XXXX first XX% QX XX% continued sequential be growth very to XXXX half the XX% QX expected XX% expectation XXXX. and second the year. guidance, At above quarter strong and growth indicates from versus year-over-year last of second of the first the up Our guidance our of for

making We brings our in us financial are environment, towards also to Larry? performance very continued on driving we as business margin which our healthy a gross incremental outlook. steadfastly progress and focused of and our on meaningful further target discussion margin model are continued improvements Larry's and operating details

Larry Sparks

Thanks, Jeff.

discussed metrics are nonrecurring unless I helpful GAAP items P&L There summarizing I for would measures These SG&A, based. and intangible our as conference non-GAAP amortization GAAP the in expense, discrete the today is like remind the including First, measure to tax financial R&D compensation very reference items expenses, adjustments. section line during and results, as schedule call. operating impact you and for that exclude of Investors identify and assets, the measures non-GAAP a share-based individual of charges, acquired this the such our website non-GAAP of

during First a operations demand QX excellent $XXX X% and to environment. of to million, customer responding in job our and strengthen conditions an from did a teams challenging XXXX. quarter the revenues operating were Business up QX record from up strong continued XX% quarter

guidance, at the our achieved and in we end quarter revenue high As revenue of a growth. new sequential straight came quarter, delivered record of a eighth revenue result,

basis by health achieved margin basis margin, the QX better COVID-related costs global than in and margin, margin XXXX. of higher of quarter operating higher also and from up gross for the basis XX.X%, from and forecast Gross impacts XX margin to income. costs points on points in are at up about came gross mostly our impact safety points. sequential COVID We workforce, related and continue QX to increases XXX gross XX costs. freight ensuring net

we further expect for persist we drive future, impacts continue increases these to as through the our to XXXX. progress to gross margins are improvements incremental expected and While foreseeable

IP as margin cost Our products. growing incremental higher in bit within higher-margin through than strategies our within lower share gross primarily X% The and came an increases million, programs, components are well in increase expenses businesses, proprietary $XX.X sequential costs, payroll a from our increasing spending. was in at were expenses project increase drive our and our seasonal taxes, an QX. Operating of increase operating forecast of to key R&D in due reduction to audit as content legal which

over and XXXX, given $XX to the this OpEx for R&D product the programs. system, remainder quarterly additional associated to incremental Operating to and audit increase with our related our SOX associated rate XX.X% new points and the margin to level expect improved of ERP is share additional new costs accounting offering. support per shares million below evident XXXX. operating over We run of given percent QX in This spending of the higher XX Interest QX growth over the expenses facility. range compliant becoming year, expense fees development from of basis December of our for XXX of million the strong quarter basis the leverage XX% million, for on credit the and even stock points after year-ago $X period through earnings growth, the flow our paydown revenue $XX revolving our declined XX%

expected guidance the XXXX range revenues planning to our of at high share over XX% the dilutive of end in end the Shares of and that the operating of quarter. expenses the of range. favorable continues stock next of XX%, a end in high earnings to be to years forecast, couple impact average rate $XX.X XX% with $X.XX at the be forecast, of of the With outstanding higher above near was range. rate tax Our were and margin to and given gross the price million high were per

from cash turn will down to $XX quarter to $XXX flow debt million, $XX a ended million to $XX million. of revolver. sheet. Now, with last and I of million the declined pay million our We balance free decrease $XXX in generated We Total used quarter. the cash

QX and compared continued compared cash by our outstanding we XX have sales of favorable flows total, cash million XXXX, In to cash of reduction. by position X.X X.X $XX through free increased inventory strong as flows, well another million our position QX days increased million issuance, and by in higher days, equity of $XX as were QX, last helped in cash to strong net quarter. turns $XXX debt of net Our

generation environment cash flow We in a demand expect continued healthy continued free in XXXX.

are mentioned, years of XXXX. to couple up X% to for we Jeff next and CapEx revenues As this expect in year range X% investments strong forecast the demand capacity of be the stepping support to of for the

margin will the to turn share in to increase an of for This $X.XX our gross Interest operating million down QX the increase quarter. With the around and of second will guidance guidance revenue the our margin expected approximately seventh guidance. $X.XX million, points $XX of I reflects per basis of to expenses XX quarter range straight be expense expected $XXX Now, earnings $XXX million. revolver. $XXX,XXX, equates by to operating in in given about paydown on an

Our be questions. take diluted are XX%, to is fully and expected million. Please we is expected Operator, to our line. XX.X be count tax approximately rate open to again ready the share

Operator

please questions. moment Thank for you. we One poll [Operator Instructions] while

The go first question Please Quinn Bolton is Needham & from from Company. ahead.

Quinn Bolton

WFE. grow outlook. Hey, Jeff, of results Jeff faster your and to the about in efforts congratulations and nice you talking script your most Larry, on spent

you grow capacity, guess there And why some is able XX%, is there talked that so, that or You this faster to -- any year? you this my think to but be wouldn't about I your restrain question anything XX% reason would constrain year? is growth to need WFE add than is if

Jeffrey Andreson

No.

Our by going in late They to capacity those place we additions, mid-year. -- are QX. large very be portion a started them of in

difficult I growing Obviously, have, deposition capacity. of overall how be we've etch give will certainly EUV, given any the continue we plus higher exact so the an seen So to than issues our with industry of there to are expectations rise, think be average. customers and some outperformance, won't those we range to it's and levered but WFE you

plus above another share grow on meaningful it, of market we'll we'll layer that you tell amount would that gain. So

can't is lead outperform believe there that to would So that growth. me nothing we once again industry

Quinn Bolton

what gain second you way contribute could mentioned machining revenue starts Great. share to couple is? just, there size opportunity that in question you My two QX. for QX any a is those of to that in qualifications opportunities, Is

Jeffrey Andreson

of not good another gains. We're if share I a for the market we last bigger large adding are of similar the reasons, tell the amount. I did significant, they job of pretty specifically very would come Obviously, size Well, we've as year say, but of obviously fairly that amount What and smaller targeting and a or is gets still would take a the bigger gate total, meaningful. those out about percentage same but they market of already you are pretty quickly. kind competitive

in support kick-in other one, other Some that in the our I the nature, we've these you're smaller the in seeing again, half the business of to side the and will of we're million [ph], integration marketplace, growth are ones out the impact would [ph] business gains had second million these second of be And and a million then the over out in just seeing year this the entering ones things $XXX now in there going half. to pushing $XXX number as but range, very optimistic well. about And closing have low is some probably was to very, been, [ph]. and $XXX in there then up that we're capacity, that of our some legacy say, the assembly something of

to capacity opinion. my of several plenty growth, support have next years' we and year's in the this growth So

Quinn Bolton

the you, Thank in back I'll Great. queue. get

Jeffrey Andreson

Thanks.

Operator

go from next The question Tom Diffely Please D.A. ahead. is of Davidson.

Tom Diffely

how specialty timely reaching facilities that or and a actually there capacities certain Are play the then headcount good you time Yes, it's at look the at the Jeff, difficulties how and look now? certain in hire same employees new follow-up in at manner? does to same just need welders, place Maybe the and afternoon. of some in quick on COVID a restricted the you capacity. when being

Jeffrey Andreson

job. we've really challenge continue to but good hire, done a always a It's to

network for areas. a particular We have good good a those team and

the think good in a job think of most the we're environment doing and I it's COVID pretty welders. some advanced I

of we're I that, approach taking bit think hiring we've hiring out good in good job. that little some operation that of don't further impede have different spacing job they We've quarter, others, that every like we've way a doing done a believe apart. us, I of a of Malaysia, done some bigger But and pretty so added more little US will in a things productivity and the and get obviously a Obviously, It's not those there. more basically than really so. a training today compressed. -- we capacity are sites to Their on is a a find lot basis.

So operational we're pretty pleased our with performance.

Tom Diffely

the you Do of spacing made going are a to post COVID? think some Okay. of changes point you've from be view maintained

Jeffrey Andreson

back each That's go at Tom. making time. the of hope We point I would question, a some particular monitor we them at can and total sites to the regard good communities around that with are progress normality our in vaccinations. obviously to

It's so, that difficult go very go to to And will in think business did are a say we I January, we September, stage. but prior. once the back way to normal October, back restrictions we'll is the relaxed,

Tom Diffely

And appears parts Okay, for see and follow-up just We're the more with be to you of in the for foundries, DRAM of the the a your what a super business? cycle middle question. both but of NAND the what great. then do broad-based cycle here just a

Jeffrey Andreson

of that long completely done. through transitioned business think to we vertical the NAND period from I so time that's Well, planar, where obviously a went

demand. to going just growth it's with now bit So grow

bit it's that both growths look year-over-year. growth our people to you percentage growth I for by DRAM see at most NAND, something. -- little sizable has -- very is of higher still think served somewhere we a but for be DRAM around demand, -- than them as forecasting memory outlook probably that XX% are

foundry seeing and we're memory, strength logic. well as in in So as

Tom Diffely

kind next being into then People I XXXX, the do look extendable you on memory are the ball memory foundry but about of markets talking crystal beyond, into any year? well see into possibly front? what guess, And lastly,

Jeffrey Andreson

you look continue think you'll we adds wafer to think will I Korean healthy of half, any said and year, there saw NAND can't strengthen. XD see at in Yes, largely still wafer again, our the precision. But a in with you ball, those NAND first a lot I see when or technology so is both this operation. I you starts continue think going We I demand and transitions, obviously crystal some -- environment tell and on DRAM through very memory,

and was it So staying QX it's strong QX. strong pretty in in

Tom Diffely

Great. Thanks, Jeff.

Jeffrey Andreson

You bet.

Operator

from from go is The Patrick next Stifel. Please question ahead. Ho

Patrick Ho

congrats you I the customers, first in can, on nice trying really on collaborative maybe and years on outlook. given hard of how effort quarter over are customers of introductions very much, I the the work much work is your as as know fluid those the guess, next-generation you for systems, delivery it's and exact and new discuss delivery catch your Jeff, the How you. gas inflections coming to about development tool Thank I -- several up specifics new your well? of that side catch things, so next with they're to well. with guess, tools you timing but

Jeffrey Andreson

I new I careful you to have either a revision product or discussions a that, get tool Yes, transition, definitely like a or with to but in obviously, say connect have platform of tool. qualified, a to and about new of be the -- type would things timing

tools, new engagements of these tools. will said for having a that, of our So looking couple be we're things revision where instead. platform, the to not connected are But a newer most a

Patrick Ho

in. How to growth new of year? maybe of gross the capacity guess, margins, my given I through half higher times follow-up cost you're tend facility how you're on ramps to gross adding the or margins some have that the that's you ramps capacity you coming the going And you -- standpoint of are the some have improvements balancing get of and and from the duplicate a just lower question Larry, structure to margins year see gross as the of new lot online costs in second balancing Great. the are because for people some new continued margins' the the

Larry Sparks

Thanks, Patrick.

are term. the the to expectations the in for the investments very I is, we're linked making incremental think of short many first these revenue sites, thing

equipment, equipment delivering quickly that put So will immediately. adding almost start be into very service revenue and as we're

at have So months. the we but I just next six we continue a think, doing to have online, general, when keep in and of sense ahead we'll We're capacity I the that, good watch bring we these look visibility need. pretty obviously to customers and we what over think things of

match our the think capacity of of to offset to the addition good a I we've ability then got increase, capacity manage and with the which I So of that timing will sense that cost can revenue, any and visibility think the pretty through it.

Jeffrey Andreson

Yes, Patrick, and that's highest I margins, support just add and getting to we that would capacity time, obviously, were of I they machining would better. you, add some you then know, that tell gross the as drive when still our incremental product to accretive over that guys opportunities, so margin

the as the we're helps mix well capacity. of that as where So adding just

Patrick Ho

Great. very Thank much. you

Jeffrey Andreson

You bet.

Operator

from Craig go is Securities. from question B. next Ellis The Please Riley ahead.

Craig Ellis

Yes, guys, thanks for execution. taking strong the congratulations question, and the on

not and your or color not would the the on in clear? prepared Q-on-Q So got some third The of half-on-half to to fourth so in down fact growth a with would sequential on wanted be, what half. clarification quarter in growth helpful. to both half that's any quarter you half-on-half have whether remarks just see on XQ second the Can visibility yet see Jeff, follow-up or the start provide you second how real large was alternatively if you or I the you've growth,

Jeffrey Andreson

around, And next on do growth as step half that. to is look a that depending front that big The is say, don't it's I I at think the change, visibility the would about second each and we'll through it, function timing smaller have in from the little want we I can a that think we're the larger than things we to there good. half, don't give be shift pretty back will a sequential of quarter think that to unreasonable getting not but year end indication the Yes, bit quarter. half. I no, how confidence see think that I

their customers has our working together. think of outlook I through communication and pandemic greatly the improved very and period with well this ramp

you growth, to but make So will that's commitment but an we couldn't what I that sequential think see today, probably that absolute see. I

Craig Ellis

helpful. ask wanted longer-term to question I a I then, just That's is The this. question over to flip And longer-term Larry. before

see it X.X%. gain the share So within five-year helpful WFE of was to X.X% example from to

be to time there imply we potential. most if in expect the about we'd The a percent were growth, billion five-year or at would or X.X% need how you when question years looking that that level of billion thing in did that execute $X.X WFE If minus, would would the the this funnel same So XXX what from I at think point? of to people over so five terms this. business revenue the increase, next of to is at M&A get and is M&A plus

Jeffrey Andreson

acquisitions of of X.X% product and Yes, continued to two of kind out we three well that lines period there, time, gain significance to our definitely would share. the X.X%, at build during we added need M&A to or get because organic when as look as some you

for at there of into a time it's Things M&A when people So you I It's to now. we that component were of to to will if kind that, be right is Obviously, these an are decide levels, valuation the pipeline think sure. but there our get good building we're business on The of component sell do exactly myself products that IP want. least and pipeline, few a you pretty with looking staff, strategy that opportunities get key you a beyond our of business. that have always lot to my are longer-term couldn't I fit for higher today. what update we focus, a active. putting that, hard of

Craig. So specific, be that, other than I more couldn't

Craig Ellis

Jeff. to Thanks, real last you I so the call the Larry, It's think margins it's you, mentioned through rise helpful. for gross the on potential over helpful, flipping to year.

the plus minus, of was mute it anything or year we [ph] expansion would on we can is the year, capacity somewhere think but the some the exit gross that is that or expectation go year? that still margin XX comes up through I that basis points, around the there happening with when

Larry Sparks

we accretive us product that have I which Yes, the finishing site. of higher us XX as points of new Union some have sight quarter. companies percentage mentioned. that -- that range increases to -- cost components QX to some our that as of City the the business, add we're a impacting seeing other do still see, We is line closing and cost as do think on we wins well. reduction have will effects And help our COVID That's some of we're margins. programs. We the mentioned, of in will of basis components in freight are of Jeff

WFE as So, we're deal mix grows for and right now, business. we pretty look do component But can the side points the to have foreseeable quarter-on-quarter that panels do the XX that much trying basis pretty relative future. confident the we that the we gas to how at with of grows,

Craig Ellis

before back That's Thanks, of me million, that. great. debt be color for the Larry. the nice and job paying debt $XX question expectation any calendar queue, of hop loan, is from and half down the on our second the The reduction back should then I in in top further And What then other term year? the this. lastly quarter, some reduction on

Jeffrey Andreson

that maybe think Yes, I'll I it. take

Craig Ellis

Sure.

Jeffrey Andreson

like do to we M&A. obviously, would accretive some mean, I

don't know, So, -- I now, right our obviously EBITDA -- X.X is, multiple we around

Larry Sparks

X.X.

Jeffrey Andreson

X.X, quite comfortable down quite down level of bit. debt, a

So if we'll it around, revisit M&A come again. doesn't accretive

continuity, companies is as this in -- all -- revolvers back on last you rates anything than case year, in that paid but in business down it we so more quarter drawing a were leverage good its level If of down, are was, most remember, difficult shape. and just QX

debt revisit just accretive we through then to level. and continue that, our CapEx once go we'll to and prefer M&A, then we So get R&D,

Craig Ellis

sense. Makes Thanks, Jeff. Thanks, Larry.

Jeffrey Andreson

bet. You

Larry Sparks

Thanks.

Operator

The Please ahead. of Cowen is Krish go next from and Sankar question Company.

Krish Sankar

Larry. them for couple of taking Yes, for question, and thanks a Jeff or

First component one, where I'm out, right you Do it? now, that all supply customer figure just chain trying think your are see levels think can't do they building guys you from inventory [ph] to doing you or or are away the far inventory you are? the

Jeffrey Andreson

out. running we're of is would inventory there stocking. these the panel side full the not kind I gas that business, types of tell Generally in you ramps, in of pretty

there. the much precision growth number. we consignment really but on or some and weldments machining, not there's it's think of level seen don't big We've in inventory I that a consignment -- carry So

those in Larry turns As up. go inventory see actually actually sometimes a talked environment, you down, our ours went rising about,

impacted that an I think don't build. by being So inventory we're

a I seeing think of natural of kind demand. flow we're

Krish Sankar

increased? understand, that's six they remember Got then the very or the What And are right, have the side, four Are If to the I it's levels customized. Jeff, times it, past. I weeks were times in they've customers cycle gas today? delivery on helpful. usually little similar inventory your at cycle because

Jeffrey Andreson

said You --

Larry Sparks

times. Lead

Jeffrey Andreson

Our lead times?

Krish Sankar

times. Cycle

Jeffrey Andreson

five weeks probably our and something And range but but not is build ship goes four for tool, ahead lead lead our it's cycle that that five it on of to a a more of -- to in it, like months delivery. obviously, about times customers, order a I before tools like weeks. everything month process months in before unit, say or goes revenue our the time couple but from is customers. five a that from tool revenue month EUV months about would which Yes, time to We total in from our and

Krish Sankar

Got it. AMAT, then And final a your ASML, much was of DRAM, How percentage revenue? question. a as

Jeffrey Andreson

on you don't was in yes, it's quarterly provide But wouldn't think see what -- that Yes, -- last drastic from all we our change I Krish, can I would basis. from XX-K you probably we don't year. is it a tell no

Krish Sankar

you, right. All Thank you. Thanks, Thank Larry. Jeff.

Jeffrey Andreson

Yes, thanks.

Operator

closing I back This to would for turn concludes over remarks. the Andreson the question-and-answer session. call Jeff like to

Jeffrey Andreson

support call us one the our our environment earnings in thank call. next our execution again Cowen, call in for hope to meantime, the this Stifel, as our on Thank you in Needham, for demand you for June. strong you conferences quarter. suppliers, CEO historic in of August. to concludes see the at we including early updating In industry. like as by hosted our forward annual the well technology semiconductor Operator, their conferences to investor that employees, joining Summit QX, We this look customers virtual on and and and I'd

Operator

This conference concludes call. you. Thank today's

your participation. disconnect this may Thank your you You lines time. at for

Ichor (ICHR) 5 May 212021 Q1 Earnings call transcript