ICHR - Earnings call transcript Q3 2021

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Operator

Greetings, ladies and gentlemen, and welcome to the Ichor Third Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

Claire McAdams

Thank you, operator. you today's thank conference quarter and call. afternoon, for third joining XXXX Good

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

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

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

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

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

Jeff Andreson

X. guidance our million August the were million, $XX $XXX welcome on below Thank revenues you, of which end Claire, QX earnings to QX call. and low is provided

in to our workforce the fully other factory gas our to below impact in the sites weeks ability September. limitations to simple manufacture of and shutdown the X.X these the panel $XX in Unfortunately, panel low The panels Malaysia to In shifting output. our had end the weldment. combination equates rate on than that of of a While adjust to to capacity of anticipated. the X-week ship factored supply took run plan guidance guidance approximately included had integration terms, also longer at and the plans the direct in end recover continued gas business our gas the lost of impact low reduced forecasted our Malaysia, million

than for movement operate panel impacted we capacity, saw were to factory our assumed impact to our a As result, bit as near higher enhanced our the ramp sites. we take Kuala -- region a constraints, workforce government had of the Lumpur, through and between that July. much of In the more over built And a capacity. the an for this this output of decision offset more increasing to inventory revenues panel lost affected down to gas a guidance forecast. offset the internally in all were in X-week the We XX% businesses to those ahead, most mid-August. to in Malaysian and it. mid- that review We offset to the manufacturing lost our led to portion QX had past the able this and the us in high other range, back more of the prolonged some We but the initially shutdown several a rate the in which integration Malaysian our issues large XX%. the lost of issued facility. revenue aggressive to by the in Southern The the our XX% early limited of cases, and about end able COVID of weldments enabled not like our manufacture recovery output used months. I'd output cases of from about our COVID government's And to is facility portion a utilize government of order July. which step We this gas of shut sites detail control we majority early June, country,

very and vaccinated reduced of we over period of in capacity, well this are level XX%, so our backlog. continued Today, focus permitted do and critical meet During was their Malaysia to XXX% our we because to recover the with closely the to our of over at adding process working people additional do of continued to capacity is -- deliveries as workforce are XXX in operate customers capacity. our this

visibilities the working of and our have and demand to level same Malaysia as providing help maximize is ramp in of of extended we we all today, to With we to purchase period. address our chain to all X- One the aspect has constraints, no year, can and impacts together through we track industry revenues the supply are by customers us. our entire positive as strong this challenges There versus overall believe on to is manage over that to chain the a been are recovery demand the X-month constraints our suppliers in provide change to environment. customer XX% estimates experiencing to the to output supply levels. output recover QX regard we of our the QX about Given for chain supply are we range see orders our

In fact, continued it has to strengthen.

ahead to continued have expected into limitations had set to effect our the visibility and But demand of dampened expect a the from new record this prolonging lengthening we also previously have year challenges for the the XXXX. deliver what like QX. supply our quarter. strong We revenue in customers into growth what very, very for looks chain in to expectations chain The strong and our XXXX, sequential from of supply indicate continue and the QX

and efficiencies. up count. of over the per from impact gross margin track. report earnings spite even is shortfall quarter its share margin Our last higher our we in And the pleased were revenue to factory gross XX% a on on QX, $X.XX are the progress improvements same XX.X% year, on for of with Net share

by of we first grown have compared over of months income net the the first XXXX. to XXXX, X X months For XX%

that are for to underlying Companies about the increase apparent be our across very Now through of retrieve have CapEx Earlier and provided enable heightened expected in their we. demand future. With million. levels nearly continue to to at supply of foreseeable Ichor that visibility it pervasive fab the to device robust and continues to wafer are unprecedented we forecast. investments, or multiyear into put major working so increase the for that is year, excess into we $XXX XXXX, constraints to which plans order most the talked WFE, equipment, capacity levels to run manufacturers are rates these ever-increasing semiconductor in being capacity, support place and ongoing, are supply chain add demand quarterly the will in is

We a efforts ahead aggressively continue to drive XXXX. very these strong of

year of continue self-sufficiency. We are just AI, demand autonomous these cycle, to a in in all believe more into devices. that technologies to levels drivers of initiatives and multiyear domestic by recent in of of greater drivers applications focus high-performance increased computing of critical plays And for addition healthy is especially etch the such lithography conversions and the delivery Together, of investments the deposition on in for intensity capacity. the semiconductor industry for higher capital role, fab intensity resulting vehicles, Ichor EUV multiple second XXXX propelled supply as fluid support in the these growth and XG, extremely business leading-edge this semiconductor critical as our plays IoT, environment,

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

we as We continue delivery other progress overall make part have solution our this well of as next-generation R&D proprietary developed efforts. on as gas with to components our

first Our at The least expected months. and gas was shipped process this is to qualification next-generation X start configured take will quarter. fully qualification panel

the work a chemical the of our we WFE our to to delivery engineering robust systems North And customers. expect investments, to we system X shipped resources with delivery currently this American third period second quarter. in continue a demand In XXXX. on early We additional business, during their in customer beta given chemical beta current ship

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

unit a additional in Additionally, an the we application evaluation beta another first in for third delivery of XXXX. We subsystem the completed ship qualification our proprietary unit to quarter. Japanese customer expect early of our liquid to

in X this first that qualifications highlighted last are the the portion SAM our on is scale quote see relatively small web noted I opportunities begin the as to the quarter. to challenging operating is later the working quarters. return to both panel And on levels our the increase our qualifications are margin proprietary beginning fourth team a ramp to a our In at market, well scale. the the to customer continue profile. first precision in will for extremely revenue hard address penetrating an quarter very in we gross to important experiencing. last opportunity accretive business of machining we the forthcoming larger other business, largest record-setting OEMs summary, step the be as to gas which we of environment, and revenues content but call, in In demand expect Japanese processing As is These will

growth million to above indicates our and $XXX our achieve revenue new target for quarter $XXX Our a QX for fourth revenue expectation sequential guidance to million the company. record of

below high forecast midpoint anticipate in but continued supply our the will months XXXX. be not QX as growth. strong current X chain our we the move At WFE is challenges, sequential have a QX growth we growth for quarter at Given guidance, expected as we and into expected visibility least XXXX for ago, of quite as

consistently the XXXX. longer term outgrow have in we and expect However, to WFE WFE outperformed over

and are of revenue in -- further earnings margin discussions performance we and we to strong our We leverage which our the Larry's us look on pleased forecast Larry? financial details XXXX, as with the result improvements, expect continued of a brings outlook. our XXXX, as we also growth gross as margin on improvements gross to

Larry Sparks

Thanks, Jeff.

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

the QX, revenues overall output. and Jeff up XX% discussed these delivery supply challenges from to due limitations chain our quarter impact subsystem with a and Third gas the X% decline were had year-over-year $XXX resulting in million, Malaysia on

year. are impact to margin of primarily of margin of basis expenses flow-through factory operating costs XXXX, XX.X% labor we Operating inefficiencies and XX%. points challenging similar these were XXX quarter quarter profitability and margin higher to to offset gross Compared our points the points, are continue above COVID-related basis and of last increased $XX.X remains the The related in was incremental margin costs. the new favorable the Given and freight mix quarter. due below revenue margin of timing to QX QX logistics environment, margin last of XX gross was the forecast volume. to volumes programs above to the operating and gross cost-reduction purchases. was materials foreseeable points our and product on persist with gross higher and XXX for basis are future. Gross around product on million, our continued performance QX year-over-year the as engineering below expected impacts XX.X% basis were slightly lower by XX third the pleased due on

increased primarily same due the from points effective operating for margin slightly to lower For the period million, months last of X XXXX, was over overall Interest a year. QX has interest $X.X rate. expense XXX down basis QX,

$X.XX slightly decline income the tax geographic revenues very to a X% earnings U.S. reflecting and $X.XX, per for QX, rate lower XX% given lower XX%, operating of reported for in tax true-up year, of the Our We share mix. quarter result expected of below a the was similar as expected the a performance. rate and

period first last months same the the XXXX, net For of income XX% X increased year. compared to

outstanding $X was a with turn which past portion strong were higher $XXX million interest a $XXX I sheet. to turns a attributed facility decreased turns of the constrained. use the overall from result the resulting of QX ended credit new revolving in with total Now in days from cash savings cost of facility $XXX XX of X loan a completed date of to operations million. term cash our $XXX,XXX. The was days borrowing due the aligned This of million. Last our The as reduction XXXX for sales the have volume average decline $X quarter and existing debt used to in finished $XXX February $XX expansion million, of we to million was on our and October the industry, increase maturity to year. cash million of approximately compared to of investments million customer a credit QX around A million debt XXXX be inventory, in with for million. while from can refinancing the We quarter balance of will will a million, and QX, and million week, resulting the the from output shipments. late QX activity demand, slightly capacity increased higher $XXX $XX large quarter extended $XXX and a forecasted driven purchasing credit We which X.X facility. to agreement by inventory CapEx a $XXX of

and capital the now available our for acquisitions initiatives. Given have and refinancing strategic investments expansion, growth debt supporting we more

are million fourth Now guidance. With I $XXX guidance product roughly gross volume, In will to performance margin quarter expecting earlier revenue our turn a to to the benefit benefited QX we guidance mentioned margins we QX, higher range higher I mix share. the similar solid in in $X.XX revenue favorable per $X.XX from our these in $XXX revenue earnings at of volumes. gas will so our that of is QX. million, mix panels of offsetting see

We to margin to improvements profile. drive continue gross our

incremental share our IP within Our content cost-reduction proprietary and key strategies to growing components drive programs, gross higher-margin our businesses increasing within through our margin are of higher our products.

greater margin gross leverage continue on track our and XXXX. on we expect progress with are plans as to to margin We improvement deliver into

the to Our the this QX expense operating quarter. forecast majority due of million, is week with extra increase $XX.X the

We make additional and investments continue programs, compliant year. system product R&D costs with the associated in incremental development ERP to our supporting SOX new becoming this new

and quarter, come to expect to will approximately count We expense million our the diluted in million. XX% our tax to approximately be be $X.X our rate down interest fully fourth XX share

policy. to rate tax Our years of next be current given couple continues over planning range XX%, the of XX% to in tax the

demand CapEx, year we capacity of and stepping be as years Finally, support CapEx next forecast couple Jeff X% to XXXX. in expect free the cash are for spite up to expect the XXXX. of mentioned, around this investments to to deliver higher In the strong we strong flows X.X% revenues for of

specifically, also to strong generate working the capital to we improved line. cash from ready cash QX to are QX. and the Operator, P&L cash we Please show flow metrics flow conversion we expect generate take open For questions. from compared as

Operator

Ellis with Instructions] [Operator Our line comes of first the Craig B. question from Riley.

Craig Ellis

follow up And wanted to thanks detailed quarter. the items that. operating on on I the Jeff, the for affecting discussion

gotten with happened share impact view One regarding both share weldments panels. an is and market not or the what What's was of whether and any operationally clients company's from the occurred? from implications questions on gas implication for to what there market I've

Jeff Andreson

thanks. Craig, our Malaysia I appreciate Thanks for those on Well, comments update. that.

in largely nature, as they're I there's would shifts, and think around think our would see weldment shifts, customer would we any share say I temporary business. real you change If they any share strategies. say don't in I be about our

I lieu had that their I of million would the more some say weldment to just customers would $XX QX QX, to reposition support it coming And out than to of on constraints be and no of we $XX put looked or business, our have had a our number it, million so factory. if in at if was I'd

I of around So hope it. that a kind helps frame put

Craig Ellis

for some is great, to $XXX its as build constructive back The this nice think to That's the 'XX we'll just quarter, calendar through question the normal, we in Jeff. but growth fourth move is And 'XX? very company that above been ramped of to what's investing getting Yes. the year. capacity seeing that exit should although nice up given the then that about XX% to has hear just possible color. the calendar facilities specific Not is level how which you million, guidance, we're looking

how quite proceed color things So any on helpful. could be would

Jeff Andreson

Yes.

view is of or think year next in range. our I revenue to going -- -- be growth of the market XX%

growth we're So certainly going see to year-over-year.

from early I see of QX. part we year, think of steady we look into as at growth our kind QX next

of Some be we're by to that will begin may I But -- you that that seeing. the all lessen. hope supply muted would those constraints chain

we'll see think year. next growth I steady So into

yes. actually couldn't question fall a year is is, one answer but year, a But hopefully, I I would large into Now up probably does will quarter-to-quarter year? step it next -- function comes a after the steady that. lot as quarter, size. that of the shortfall throughout this but this of say see and we next this improvements the predict The the recover I don't of year first huge in portion expect continue into you

Craig Ellis

it. mix, if as high averse about gross is be we for to business yes. sequentially? volume levels continues going the throw we could gross we're just as staying next volume in And help really margin? it potential should despite through could year. to grow -- Or get help But Larry. margin one We'll how is go to gross if that margin. I Got on yes, at I we're Larry, -- And think

Larry Sparks

XX XX kind points I improvement we into think we’re modeling and XXXX. as expectations on to of basis go continue to

and side continue of to think to us I kind business, margin some machining our a you through will of think will gas the push as plan recapturing business. revenue, panel year. on in weldment an increase accretive know, overall absolute I as the as percentage is component those very go businesses the business have of our between of You the and higher be which, the precision help But we

and So we this think it I year. the do year, expectation next we did that will is

go as expecting kind march continue this in margin of we into we’re gross to So up XXXX.

Operator

Our next line of comes question with from Davidson. D.A. Diffely the Tom

Tom Diffely

incremental a just revenue obviously on But you So gross you natural which year, over -- impressive. up the Larry, last that. dollar basis? sounds incremental on say the margin had is what incremental is on would margin, It the quite of follow to like go-forward a transient XX%

Larry Sparks

around mix mix and at when improvements. XX%, cost of the think, the -- been you I combination look We've

Tom Diffely

Okay.

So over up to what year was that the big past drove difference it the XX%?

Larry Sparks

of the percentage of business combine a revenue profile. think I is if the the things. and overall had some piece the say biggest of really changing growing you one did But other machining One a precision Union a our things, driving there few initiatives that, say the a we was that our us is closing few better. and activities. with bit as cost City little -- few really We business there. a talked components cost that's profile materials and around cost-reduction we around of take I'd I'd about what's

Tom Diffely

XXXX? is Great. and do then, when you Jeff, in next-generation which to the going ultimately? is And panel Okay. bigger your driver driver delivery bigger you gas And system, which look be one at the liquid your think both

Jeff Andreson

fairly have. designed the new next think evaluations probably complete going And tool. on success we large for the that a they're us. chemical of of -- systems liquid ramp are I driver in up, delivery If those be those be module, generation wins the bigger and a some in year, to you're will delivery the

term, obviously, content longer effect more gas add gas more profitability company biggest panel next-generation as design. and we we and the profile panel that manufacture on have the its the onto will the I think and

Tom Diffely

the forward? your any permanent? finally, so on And then you level hiccups or permanent at Or more quarter inventory going over all? changes long-term Are a when the higher process changed manufacturing, Okay. more has might at with anything Great. like basis, look just last doing be keeping that you a that

Jeff Andreson

Yes.

– think learned from to but term hate I you’d XXXX hindsight, these the I events. think use I

respect inventory supply some up constraints. are we there that positionings that beef to other could some even the in think of I and

think look do I So differently. things at we will

We’re geographically also looking at as things well. differently

but is solidified We managing be through going definitely of considered this getting the bigger. industry as any haven’t kind those forward. only of phase, they’ll plans And we’re

why challenges. in to right of few we’ve it’s quarter be this had place pretty now. So kind It’s a hiccups a exciting

Operator

Our with Needham Quinn next of question & from line the comes Company. Bolton

Quinn Bolton

sort impact ask and the about through days Jeff lower guidance the Or mentioned potential is? integration? of coming Malaysia of million us to in that of to question? you wanted Did you Larry, fourth revenue relative the to affected $XX it I you from early October XX some quarter out ago. gas impact response could million that see still there to walk had Can shipments $XX weldment be lower share-shift some what panel that Craig's in

Jeff Andreson

higher we're run it's that muting some along already, some of Good it. and that I as we seeing challenges. at challenges chain really other rate What I'd you us which was very kind quarter, it, would example, say is tell factory I are Yes. But Malaysia other revenue there improvements chain a look say, versus, maybe we're would early mean, look October. at last operating, supply is confidence our I gives October the you in a supply question. fully on seeing of effect as little for

the we across supply of the some weldments, within recovery are industry pervasive suppliers that is other very think the as vast but These the that well. to in persuasive chain -- have majority related to issues sub-tier I and do heard. you've

Quinn Bolton

prompted coming broad-based anything gas chain? of or COVID a company. kind question effect they I the as was pretty it. second to any and Or you of or the It of And of to understand do do specific then Malaysia? weldments of wasn't audits in sort that in think in like just It's it this new and audits hasn't supply is integration, that that? this the Got reviews of across a country, review prompting disruption OEM you helpful. period through or customers kind any go is panel That's sort guess the

Jeff Andreson

No.

expand I a customers close And of time. on no, I'll think continuity customers. working we our I but is your the answer mean, with it. of our the work and with review all simple supply extremely there's always

So business. happen. That's a new there's nothing of that normal would course

wouldn't unique, COVID cases. but with portion we're hit I think Southern say XXX% I Malaysia hard of the was really

was few unique in number are a And suppliers, to the very Malaysia. a Malaysia so of whereas in here in Penang suppliers is the of it area, out you lot Northern that which

the us So a those bit to unique that Southern portion. operate of in

Quinn Bolton

it. of think calendar just that? Got Is hit last Or revenue a then plan? quick when something you capital achieve annual is And one for you that million investment you capacity, XXXX? Larry. The $XXX would in longer-term that

Larry Sparks

Well, plan. longer-term it's a

well have for capacity think, I ahead requirement. the we our -- be to of us, plan

Our longer investments. the to that, of capacity talking and see lead-time brick-and-mortar customers we're especially about want some

-- I that's into to 'XX mean we So up 'XX, talk and as I through and to go place. put growth have we think. year-over-year, we about fill in XX% that we'll continue that

Jeff Andreson

or that’s of think the Quinn, large think billion in can about what rate, way it’s estimating versus that’s, so is you And $X.X million increase now. at it, WFE. quite I a run Yes, that $XXX we’re say

have will support largely in But outgrow pockets or not of several good will that today and want plans several that, out. years, integration WFE. have them in think like machining I We’ll things years for investment pretty to So for continue we’re We to we brick-and-mortar side, continue. and if X. with X the shape this us

Operator

of with comes Our Sankar next Cowen. from line question Krish the

Steven Chin

delivery Jeff, typical what on liquid maybe low average first the today curious was compared products question Krish. like for like This your their to of behalf had think customized since cycle your X gas the calling Historically, those of I I to products inventory for times weeks? products. have very X are you products. Steven is gas on

Jeff Andreson

a I good mean, with are probably But I expanded some is, longer a lead what a under in they're times the That's than definitely week I customers our question. and mean, that typically, be would are our of environment, operating think X. we supply normal they given I if a mean, saying by month, or you're constraints.

Steven Chin

know forecast of question headcount now, headcount next Got in long-term related urgency the curious has I I to it. here year. you're to that you longer-term right plans any growth then color issue one last sort Got And growth of expectations quarter, the going the next line? it. your will that, sort provide a just will add guess, as to, not providing given could outgrow of If early Or into the recovering of WFE sort growing would couple just I but more other last it term from near year? be significantly terms like your rates helpful, of on years? what of be than the was like been little the sort greater in in be you're

Jeff Andreson

question, I not so to I’m I’ll it. the understand sure start answer

You tell me if I’m on the right track.

adding a heads little think First, I we’re fairly but getting we are It’s consistent. tougher now, don’t – that our biggest people. issue is

the most effect the that your so some keeps supply factories efficient. less chain is of it of of And

So that’s the add actually level kind need to of reduce that’s up, year. in – efficiency the going comes the to once people help rate-per-rate next

costs. a I of is give number, of X% kind content, you Our the generally low. specific area total below but it’s gas in delivery labor won’t pretty

So that on we outlook to it’s the Today, work. to have. advance – of coming like it are see we’ll but focus it not continue revenue hiring we standstill. it’s I back in faster, to would People don’t said like

Operator

Our the comes Ho line next Patrick from Stifel. question with of

Brian Chin

to higher about, and But level kind a of to in into of going gross kind year-end? could gross want year, margin half here Brian in sort mode year. tools in maybe gross conceptually, quantify. -- Maybe XQ, next Jeff, kind would you of start times, if roughly we can relative of the you maybe the you XX.X-ish be we're XX% beta of of look yes, of standpoint, from in think about you Can terms get qual of calling some and sort to dip initiatives this margins A Patrick. at the your gross second this growth talk about year? mix you helpful. commentary favorable relative gross of margins, margins you sort year-over-year of X-month may sort and XQ -- and that the that Where to assuming This still few directionally to, you're be margins what talked Any that about on like? first Could is those thinking questions. the thinking for

Jeff Andreson

I'll gross a that at Larry improvement at and end something. XX basically I see Because can relatively But between add area will margin kind flat talking basis margins. I of XX% if the gross of where points and said, you're QX basis. start, think XXXX. But given we missed about we're indicated quarterly XX be of on also today, Larry he the

So we the gross end didn't on certainly, the a XX we year. unhappy of would by be next have if margin

Brian Chin

I Okay. the right? about talking like Got just was full the year, not necessarily year-end, it.

Jeff Andreson

Okay. Yes.

Brian Chin

then levels That's of it flexibility number, to moving for in this of expected to it's And the helpful. people expect kind you the of the company talked terms of gives terms a pace hard higher the sort growth in on maybe And go additional environment suppliers obviously, and and this to forward. here to hitting and about Obviously, that it's year. next -- lot of quickly. in WFE keep a refi we're the don't house

moment. does there, the ripe some into kind are of mean, seeing I sort of moves of pretty at you've supplier vast for the of terms landscape? that of of out kind And recently? that consolidation landscape further the in So It's made play you the maybe

Jeff Andreson

margin that acquisition. right a what you of we’ve pretty content, And consistent been landscape is wouldn’t Well, now. anything you the looking do comment M&A beyond higher the that IP but know tell about specific, is I kind we’re type for that, higher would pretty active I

when the just the part good. was we rate obviously, So really it of was environment did refinancing,

up last coming wanted it know, and our on to refinance getting year don’t now of a We’re debt, between of next within say, year. X-year we I February and

but that, million This grown. in company flexibility doing going million. some – from $XXX has So $XXX to the added

there more to better M&A, M&A capacity it it fit the so be and does to do out do should And us us give flexibility opportunities larger-scale that us. for a gives

Operator

floor the like Andreson to closing back session. you. now comments. I Thank concludes and gentlemen, question-and-answer Ladies Jeff turn would this today's for to

Jeff Andreson

call and Thank In we you early thank for QX and you customers in UBS to one demand Summit the our concludes I’d next hope investor and to such CEO We this for Operator, for Davidson, as conferences, those February. updating like you the joining see look and us historic earnings Stifel. our their semiconductor on meantime, the by our call. our call suppliers employees, D.A. hosted to industry. SEMICON of execution this environment on that being strong quarter. forward in at at support our

Operator

your participation. you. gentlemen, thank Thank for Ladies you and

at You time. lines may your disconnect this

Ichor (ICHR) 3 Nov 212021 Q3 Earnings call transcript