ICHR - Earnings call transcript Q4 2021

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Operator

Good day, ladies and gentlemen, and welcome to the Ichor's Fourth 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] 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. ahead. go Please

Claire McAdams

afternoon, quarter Good you joining for Thanks, fiscal and year fourth and XXXX today's Shumali. thank conference call.

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

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

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

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

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

Jeffrey Andreson

QX to midpoint and X% Claire, you, of QX the our QX welcome call. below from $XXX revenues just Thank up earnings were and million, guidance.

improvement these facing Omicron challenges the margin but it for had the variant, IMG XXXX challenges, XX.X% QX the million by was Despite guidance. not in also predicted QX, brought with not supply, quarter, we strong gross a when chain only to to QX. we provided end constraints which labor supply COVID revenue progressively the of incremental in $X in acquisition the additional added worsened While industry has been component the of

the $X.XX by $X.X by record share. XX%. in billion and and gross we For basis revenue on XX% margin grew of income full-year, growth XXX year-over-year per sales earnings increased in points achieved a a We net

You calls in industry in fab the a well To of now component we supply which wafer XXXX the earnings equipment increase environment quarter levels many point mid-year, we the we XXXX us range factor now supply support about WFE result XXXX, affecting in we incremental increased year. to XX% from the they quarter growth a XX% as but heard earnings to up percentages visibility, manage in which X% to output than around a our reported of for and expect XXXX have have in widened are year demand. we impact this XXXX. stemming in the billion Omicron, through through chain. the at current business customer freight in shortages are recently continued robust seeing increased or to the high-teens IMG unprecedented of from incredibly to revenues not industry. are will account have Expectations chiefly in result we to probably fourth $XXX and and challenges we materials, challenges, demand, shutdowns another chain components be working to these of and increasing X% ways, sequentially, by affected least many forecasting for the XX% XX% of have initially higher be QX in revenues the uncertainties on With another quarter we worsened have support certainly in of revenues, levels electronic ago a supply billion. of full half the and to $XXX annual record expect growth though from factory challenges each continued, of quarter only issues labor revenue as the steadily sequential the will At same chain with particularly logistics supply shifting time, to rest first at the as along of Nonetheless, our this

demonstrate environment, In we We revenue per for capacity catch Ichor this of with growth also increase run to of to output growth our to this demand expect in order strong of plans demand quarter our and that we in sometime increase increasing revenue in $XXX the with excess current supply by XXXX, brought our quarterly share. given bodes we sequentially operating CapEx rates continue through year. in our talked to tight cycle, outperform industry each improvements upon percentages, our in Earlier the visibility customers enable leverage to also WFE the expect current to WFE added incremental the expect up XXXX. about million. growth longevity finally achieve expectations conditions The to to well revenue supply XXXX. And add margins, high-teens gross will in expecting will earnings

in support we ensure see the next in continue right demand have level two years. the will the that of that We to we invest XXXX to capacity to

ahead. We are making the investments in incremental and company's the infrastructure R&D to also in growth support

our growth more the and I'll initiatives. in IMG Now our of in discuss acquisition progress strategic detail other benefits

content have our increasing M&A machining gross larger focused well. address capabilities our They we a is of a Our precision what channels. the that strategy very IP sales to this strategy existing today. fits which business, versus IMG accretive also the format on strong while margins is leveraging have

accretive margin it and So gross it our to is instantly earnings. and complementary, be will

IMG basis our press our perspective, to to for operating higher a for which as than just team management a capable at their currently, XX a has points brings release, bit group their indicated margin with results. and currently but strong XXXX compares least strong to margin favorably months. customer machining-based relationships. was business And very the XXX of Ichor's deals closed around being and is we basis two From we have points time, multiple with expect a engineering for we other been to acquisition add November leadership gross fiscal XX, over impressed in EBITDA team The IMG that As completed It been transactions. valuation well. in

IMG bit We is integration they and aerospace are defense. applications to revenues process. portion of diversification recurring, revenue brings expecting serve and growth a a exciting and our their also smooth in medical, that a of also

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

is beta process year quarter. up of mid-year. this In process to recently our in phase by delivery qualification completed qualification customer this to for is America additional customer are gas to on QX, next-generation tool. currently business, expected to evaluation chemical panel configuration now beginning We The ship shipping a first take an second system complete. the expect to their our a after we Our to production designing working North and chemical beta delivery the system the a

the the half We this production expect this period of qualification year. unit second to extend for into

first and unit this expect I year, orders will first begin quarter. unit this shipped see which our evaluation subsystem our for first qualification to to production additional of liquid qualification application, of Additionally, of proprietary the by We phase beta Japanese earlier completed customer, mid-year. delivery the an another we a

last which this processing scale but call, opportunity important penetrating on market, of the noted the I As of wet is our the largest first step an SAM. portion small, in relatively Japanese is the

begin in on summary, the revenues are quote In continue our very the In there. increasing XXXX larger gross operating will panel are other team both be hard with business is scale. at demand opportunities this our qualifications that customer for several from machining content visibility, experiencing. precision revenues to to are And challenging ramp sequential in will the extremely and record-setting next in OEMs gas to quarters. we environment, margin We quarter accretive current address expecting see to These profile. two to we to qualifications the a proprietary first our business, report growth the working completed in a increase and our

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

Larry Sparks

Thanks, Jeff.

non-recurring call. First, helpful schedule These our measures. charges I items the like assets, to would discrete measures and exclude XX% Investors P&L website GAAP Fourth a and section non-GAAP There share-based up line non-GAAP summarizing including expenses, compensation X% for non-GAAP that higher for and of during this revenues than is reference QX XXXX. you today tax financial remind conference in the QX adjustments. and of very and operating metrics intangible acquired are $XXX individual impact expense, amortization the discussed SG&A, were results, our of from of the million, such quarter as R&D items

First revenues totaled billion. record a year $X.X

from points foreseeable cost from operating operations. expense $X.X to full-year, XX.X%, XX was are were on XX overall impacts IMG challenging QX the benefited we margin quarter gross points essentially month borrowings to of up basis fund $XX.X result increased IMG a of and and and $X Given of debt up gross from the XXX from last are to to basis increase in our gross of basis rate points reduction for $XX.X to operating with added expected the QX million, XX.X% the a continue Full-year the also continued pleased on was lower terms partial COVID-related million, from points margin around of of XX.X%, basis programs. new performance. XXXX. along to million reflecting the XX.X% compared Operating of margin addition XXXX. our with QX approximately quarter, QX million points with XX was under the acquisition. be margin up XXX margin just expenses persist future. and interest our flat margin guidance profitability our environment, QX increased as operating for for during QX gross basis the Interest IMG from the

outgrowing XX%, the was EPS revenue share in tax record per XX.X%. operating quarter The at the also QX $X.XX of and earnings guidance. million, with of count. our strong was net from from growth in higher resulted for of for leverage full-year XX% XX% XXXX, reflecting XXXX of rate the $XX We earnings tax up reported share the XXXX, rate Our mid-point

of the of on IMG will of late with newly in and I We turn to decline the sheet. million total total in $XXX million majority at of borrowing $XX revised incremental transaction and This million debt cash on credit drove to and $XXX investments agreement. of increase the the acquisition our price funded $XXX and revenue and quarter cash year Now end. prior conversion had hand November, million working customer the balance closed support cash for was we quarters. But purchase days $XXX million XX in approximately the the to demand given our inventory capital of continued the in QX. with late Based This compared upon were challenges, expected DSOs inventory our growth XX in year. in stronger in to at several the for guidance forecast output QX, to concurrent we increases and built days reduced the turns the QX, higher in to X.X next investments

Going expect free will in these ahead. strong generation in cash translate working capital XXXX, into XXXX the we to quarters investments flow

this the turn in our earnings At $X from revenue million to $X.XX $XXX guidance in mid-point approximately compared quarter guidance of million is will range guidance. to million, of of per I to $X.XX to QX. IMG With guidance, Now $XX million share. revenue our $XXX includes first the

the additional to we through but range quarter. quarter, factor also the chain level experiencing widened have guidance guidance the since constraints uncertainty persist same at supply Our we've industry been all the assumes in will the last

efforts. XX margin continued improvement QX, full are and quarter a about We gross improvement an of basis for expecting reflecting IMG in point cost

We drive to margin improvements our gross profile. continue to

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

other expect continued IMG important element an of through margin on mix our components, higher gross we XXXX. our as progress progress the margin we increasing improvement plans With of revenue acquisition,

and with Our the R&D, $XX.X supporting each due increase product supporting as development to company the to new along QX XXXX, new is system in bit increases. investments operating operations, continue make increase majority we expense to million with Through the quarter programs, we investments our forecast growth. incremental full expect the a quarter of IMG seasonal of ERP OpEx overall

our our interest lower acquisitions for rate. expense borrowing reflecting first We as million a approximately will in be expect quarter full of quarter, $X.X well the as the IMG borrowings

approximately to to we share increase million. rate count fully be given U.S.-based Our QX our XX.X approximately in tax and of XX.X% revenues, the will higher diluted mix estimate

the couple tax Our now tax geographical revenues. XX% mix expected of the range in and years rate of planning current of is the to over given policy XX% next

around Finally, investment we revenues higher which required expect CapEx support our X% reflects for to machining to business. be the levels XXXX, of precision of

free strong of are we deliver Please as we show take conversion to support to line. we ready expect XXXX to the flow cash metrics in We Operator, ahead. questions. performance improved compared in built inventory growth when open the cash XXXX

Operator

Thank you. our be with Davidson. Diffely we line will this of your the conducting first session. question. from Tom [Operator At with And question question-and-answer time, comes Please a D.A. Instructions] proceed

Thomas Diffely

afternoon. Yes. you and good Thank

level other there earnings level? is on that Larry, strictly the First, absorption? a based on to that just into $X.XX, question go that operating The overhead that leverage is range, the revenue Or factors $X.XX guidance.

Larry Sparks

is IMG in of Tom, will be improvement. so piece, a that biggest some for the the drives quarter, the Well, full

we the I'd volume change full from of get little the will quarter. leverage, that others, IMG is say The of bit a majority but

Thomas Diffely

I XX% guess much talking percentage about delta. I smaller for high range versus of from earnings the to low revenue end end was a range of the change more

Jeffrey Andreson

to bit little you'll – mid-point flex leverage. CapEx-light But of a the that see pretty the of again, of where From here. Yes. we're top, up kind most is

you tons of you get but get some, don't So it.

of most at past. that it incremental just revenue kind through had same we've relatively of the the flow will flow So through in rates the is that

Thomas Diffely

core or forward, forward? I does just different business? that with core business bring and use does create Or to too look some very be Okay. capacity it will out it your of growth separate extra going that curious, you kind Thanks, that the can the driver When – business it acquisition, IMG Jeff. have its for is going at own a help

Jeffrey Andreson

portions the capacity can do. that certain Yes. machining be of They have some do that we incremental utilized for

we've And three months. that that we so little components things machine, some already can of process. they take a the to That will and of do move to two the steps while started in

The the outsource. we is welding, which other is they thing they a do of also in portion e-beam businesses have

capacity so are on synergies in-source that the did the they as those working well, acquisition. have well. we that So can we the into reductions of and that as we're as kind part and seen cost that of And we've

Thomas Diffely

the just in recurring business? you remind the Okay. what percentage non-semi And can of there us business percentage of

Jeffrey Andreson

Yes. and where that services, to, do I'll parts supply kind the of some welding around service They call exposure have their primarily it, they operation, customers welding for parts.

kind my of I third so say, probably of it's And to so. off the head, want a top or

Thomas Diffely

shipping has question. had at you an permanent expenses model? the temporary more increased shipping, think of the your of of you And kind And Okay. do final especially a rate, what look some versus impact are that When these expenses on increase on increase? a

Larry Sparks

been operational initiatives if sort of a – in like you costs, look which our offset – own today, the now, it's It's don't shipping. increase is of pre-COVID general, improvement I'd think by a in impact But now freight activities Malaysia I around trucks, Well, of shipping I some the probably to from XX% Singapore we've right thing. that we environment. the that see lot good significant it's we've been in to the at with say – a kind COVID – of really bulk think seen,

this see in of right that ways the it least the mitigate looks, lot of think year, half now, to for issues. at And we'll to to for try be we look to that, a change first the business. of going same but facing continue some don't I we're creative

Jeffrey Andreson

Yes.

be getting particularly, think people it while. freight. will I supply I until think, that how a they increases I us the on for But are for creative air Tom, with freight, think attack air

with we've done others with and so partnering try on too of minimize us. some that the And consolidating effect to and

So...

Thomas Diffely

both Okay. time you today. Well, thank for your

Jeffrey Andreson

Thanks, Tom.

Operator

your Stifel. proceed Please And comes from Ho question. with question our line of with Patrick next the

Patrick Ho

Thank the parts costs have moving the know a on reductions Jeff, there's you supply I COVID-related chain, and very workforce occurred. of the been lot much. that

well, and maybe the quarter the pressure? you which chain creating As June you [rank], it aspects at and ones as most quarter the into guess, supply I are those that's probably March current the look can causing are it that, follow-up shortages, as a headwinds that kind the the area? maybe to multiple becoming one of to more are Or if greatest procure? component And today? components is there challenging just it is Is

Jeffrey Andreson

Patrick. Hey,

and to the recovering on some Ichor few of, wouldn't that the but – internal our I them, Omicron call and the have think So on growing and still kind that on that semiconductors, bit do an say and see and going are like the seen of It's components, like becoming start we outlook, challenged. are suppliers. so kind in some I bit. now. kind things component getting effect the and of October largely, did did plans little I shortages other of improvement we've think the late I'll of components, that. it to say like it little a that's affected much of in things I do obviously but much, a electronic sometime a would seeing better see a electronic I less that, we're future spike issue, that. much, peak biggest at things But

each to everything So we're a bit get that with hoping month, continues little better.

Patrick Ho

follow-up my as question. maybe And helpful. That's Great.

In terms year. of CapEx you of – about being talked this X% revenues

to to – of to four Or next to plans terms hypothetically, year just these looking planning expansion? over looking $X.X catch-up what next because is, let's so are or always revenue And of looking? long-term expand I'm plans we're say guess billion of strong But more capacity. for trying the of a What of a in are little of Are looking there Or continue the so? capacity three or looking the much are they year they you at – bit Are are I company. how the at when play type You for. these billion $X year demand? they're they forward are plans? some

Jeffrey Andreson

we end XXXX, stronger. XXXX long-term of talking mean, of and I much this the think about XXXX I up the started They're into probably towards ended and plans. then outlook going

two And off with years, largely one think you're the nipped side pretty that's in years that and we so sure. year everything which plans our fact the to by machining next has capacity higher towards for place, CapEx business, So to the driven on two not to seeing us end in increase that for the might of have place. I'm comfortable of it a kind is the number And and really I X%, raise continually of three our got CapEx level. the

So on of the to integration still X% side, that in kind it's X%.

So we're and multiple the view couple of that years, largely customers years. I with industry out aligned the certainly has think we're looking have for our the and next

Patrick Ho

much. very you Thank Great.

Jeffrey Andreson

bet. You

Operator

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

Robert Mertens

know the Thanks. Do have to markets March you in then I of Robert on of my is get more I some from question. that has end or defense little and bit typical of then breakdown the exposure. a one just Thanks question. mentioned This has And $XX detail the Mertens that IMG Hi. any Krish. And business there. you business on taking more you're I that if integration, aerospace to overall? just behalf seasonality the sort for quarterly grow wanted business of for sort revenue know million expecting

Jeffrey Andreson

believe I QX, that have to can little has bit add stronger. bit of some less of so functions, not, tremendous been seasonality, I we but of a a plans And an QX little little largely, but try some we think, not probably always make issue. say or kind a has synergies, revenue obviously it It would bit and step

sometimes and don't of As say heard And their around the I fourth slow through things the out semiconductor slowing I business, up some services you see vast go but is quarter, it's that go in all their of don't would the defense, some do defense say, I We little applications. the those, pieces you've would and majority business as that like that the of but semiconductor the but actually necessarily we a defense it. break they provide, but bit, of not business still of commercial commercial they semiconductor defense. address up

pretty that So robust it's dive, couple actually pretty years doing we the last of did deep through diligence stayed obviously, a on.

products of drivers if growth some a But get as new they strong And some products the get actually for have got kind applications, very year stages. them in base. next by those neat, this got could be adopted early qualified, So customer, year. really they've their some those into and it's that they beyond medical that good and they address are

So...

Robert Mertens

quick, WFE helpful. supporting bit very year? a we you you're growth growth next That's a a levels. inventory of the Are supply the this to just that sure And levels the real going more Great. few question expect then around buffer make the confident quarters? forward? Or should challenges – current Just above on following

Jeffrey Andreson

Yes.

been inventory I you've trying think from takes that a we've inbound you can shortage keep a no think – and industry, shipping there's constrain part it only something. seen across because I to this levels one's the

think and into don't down they'll And modulate greatly chain as and I from here. year, improves through if supply mid-year get becomes probably grow they'll actually. we next – So

Robert Mertens

me. all for That's Thank you. Okay.

Jeffrey Andreson

Thanks, Robert.

Operator

the [Operator Instructions] Please & proceed from with Bolton comes Quinn of your line Company. next Our question with question. Needham

Quinn Bolton

question, that include I you get going you're on clarification in Can probably the ask a points WFE? your does said or faster of a that roughly growth outlook acquisition organically? XXXX to IMG you for that Or guys. grow XXXX? where Is seven six Hey just through than

Jeffrey Andreson

whole right WFE. Yes, it you're corporation, about the talking does. that so growing approximately of Obviously, about X% above we're

the think IMG? on given out it. of where something reasonable exposures mean XXs adding we a would year be this kind can number think grow that had put I to then think I we like come and we or will of to I low – our I EUV a dep-etch estimate products

Quinn Bolton

Got it.

XXs that's inclusive So low IMG? of

Jeffrey Andreson

Yes.

Quinn Bolton

around component And Great. then just second it. availability. Got question

related any semiconductor valves are like are maybe that electronic or you're mass say, on, flow mostly Wondering, panel? less controllers it's that anything but components. sourcing seeing You critical or or or electronics, perhaps constraints that still there like of the else to gas manifolds mentioned it you're sounds other sort

Jeffrey Andreson

one mean specific, And any component, see we be that lot I – say but issues, of I would specific use obviously, the wouldn't I would to And semiconductors. have I there's demand some demand the suppliers say that don't and most that of for supplier there's support say these because I us on I want two of seeing. to but anywhere a these you know that are that of ability think we're or of chasing impacted the those ramp issues. that in the industry, still

– than want specific chain much the So to don't on but other supply challenges. more that, be I

Quinn Bolton

a you're if But because includes everybody the semiconductor that probably component that electronic it's of it. struggling is component or Got kind some source? short to on component,

Jeffrey Andreson

be a would characterization, yes. that good Yes,

Quinn Bolton

Got it. Understood. you. Thank

Jeffrey Andreson

bet. You

Operator

And Craig Please our Securities. from comes proceed question next your the Ellis with line B. of question. Riley with

Craig Ellis

appreciate And all IMG. transparency you're taking questions. around providing for the the Thanks Yes.

Larry, start a for question. So I'll you. just there, a and quantitative qualitative

portfolio commented early had bottom integration You for you more about feeling in for contribution the if the about you is as couple the to the just months? revenue the Can say the on talk the can qualitative how you're and XQ. But to it customer line? Jeff. And of we've business a reaction you, for accretive business four and

Jeffrey Andreson

and finish start can then up the Larry I'll financial. with

it, and already ERP integrated that. on organizationally to fine. it systems it's from to things like going kind We're So of we've going not rush so largely, an integration,

we're that excited. think I

of you pretty lot think trying that you the everybody and higher good. doing. on, As can we obviously, been of and in it. And group. leverage the own see of into do we're today And than – customer they do, capability it, their going some reaction their and the ramp as challenges a engineering but level very is manufacturing I much There's has can learning world automation a group to the we manage

those engineering So and a revenue regardless that's level all chain little seeing with. everybody constraints challenging take and this, in even some the support, because like will dealing – of synergies is of just and longer times require might with they dealing that just supply

them keep see So faster, grow and relatively they're would a growing that we – little but you new how the years. that. of last kind than of we'll win but say, do pretty for good in on And couple bit business, to it the are might some, is some applications overall semiconductor we posted I tied a

see that continuing I'll to So grow.

Larry Sparks

think I the accretive yes, question. And the Yes. – on

So net as points points accretive to XX on said, roughly points it we've margins. basis probably is on go so for think instantly operating basis about net, I around XX on you basis then it's – year-over-year. XXX line And the if margin, the year,

Craig Ellis

seeing today, Got customer of regard that, just of things because and things just or things just versus inputs and and is you're chain you revenue that to maybe end manufacturability that Ichor things about it the chain some issues Or helpful. some that to to Ichor? product And that I part your dead are issues, Is than we're that demand the that issue? it. issue the to gross is other broader make really slowing part hate building are the but internal supply then That's of beat necessary you're an you're are are sure the want talking with extent your external understand to expressing everything horse, margin? impacting as I what for cadence talk a and about I products really that. supply To

Jeffrey Andreson

Yes.

to on to parts suppliers' components impacting ability are our it's I us. basically – think it's that supply on

you're for was stuff but affecting pretty dealt we to things. mean with everybody things those and – talking us. think internally I other that would only, and a – was I us, labor-related, time and like affected if be not by significantly about that. is over That low Omicron level

in So just and most is timing flow. of of part it the predictability

Craig Ellis

have was particularly the million, million? because the talking the impact but would $X $XX $XX to on missed that of million Any quarter we may we're to I quantified calls, for scoping helpful? different $XX it And Yes. be million hopping and outlook, are

Jeffrey Andreson

would the chain is I would can say is that Yes. what No, in The we of for today, further the end the demand it. quantified high sure. we've say some number would need above recovery versus range. What and I supply we haven't range expanded see

Craig Ellis

Yes. And share you're demand anything all is above issues number, that, or that any at not but about Jeff? like concerned

Jeffrey Andreson

mean, same of situation. kind in I we're Well, all the obviously,

So shape like form. we don't I in we're unique about always worry that, think way, but any things or

we We the parts integration chain, have complex, obviously, a a of and size. things different components, There's like fairly of and that. suppliers so on different gas do suppliers, lot and different particularly supply lot manage panel a

– kind do much any the think with use think we're I issues not different people I'd are don't shape of but to hate I or but that. form most than unique generically in So – we're are that word facing, the way,

Craig Ellis

Got that industry you mid-XXs be evolve able than it. reason XX me, you respecting months, might the to last from can But proves your is the of hit for a prepared talk the spoke be or high-XXs well being and customers trends demand talked about in kind should one last your just we've think over you about, which quite question confidence your just Jeff. to higher just level? that I that low-XXs for And seen to the if remarks, that materially to that in number

Jeffrey Andreson

the healthy. healthier, to to going when if in gets to supply fact, and think that, the I grow chain industry chain will occur. handicap that, It's get hard think continues supply is the I

The year, the of they have middle – then going are still through at people that's I a most the And they demand in higher. fulfill. little environments. think that can the that constrained assumption underlying that we're $XXX believe may to to us think even this bit of be demand I has there the billion WFE think going least

Craig Ellis

very Thanks guys. Appreciate it. it. Got much

Jeffrey Andreson

Thank you.

Operator

end reached over session, the back have we question-and-answer I'll turn remarks. And now of closing the the for Jeff and call Andreson to

Jeffrey Andreson

industry. our environment Thank demand you customers next joining updating I'd strong our for call to support our look and to and the earnings forward historic this you their in execution suppliers on this for that on thank in May. call. for early quarter. Operator, semiconductor us concludes call We our like employees,

Operator

Thank you.

and a you, have at good line your disconnect day. may Thank time. You this

Ichor (ICHR) 9 Feb 222021 Q4 Earnings call transcript