Earnings call transcript Q2 2023

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Claire McAdams

Good afternoon and thank you for joining today's Second Quarter 2023 Conference Call.

As you read our earnings press release and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal 2022 and those described in subsequent filings with the SEC.

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

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

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

call Jeff Jeff our additional On business, an on will Larry begin with for CEO; Swyt, Greg and today results. CFO; After we remarks, questions. the our and about our provide retiring with details our and me Greg then our and are the prepared Andreson, Sparks, incoming will open Larry CFO. update the will line

over I'll turn Jeff the now Andreson. Jeff? call to

Jeff Andreson

welcome Thank and to you, QX earnings Claire, call. our

and Our came end primarily end at expected, quickly our of declined due WFE second to upper currently the million are demand that the in of less in couple results the for a soft acceleration than expectations. quarter more of recovering customer markets $XXX Revenues were environment.

expenses performance higher exceeded interest And expectations of gross tax breakeven prior the with offsetting and ranges. a Our per share largely $X.XX operating quarter. more guidance of into operating also the expense, end our profit our margin, favorable of upper also fell earnings

XXXX as current continue see second expected trough through the We with the quarter during progress to the modest we Ichor's quarter downturn, as growth sequential year.

prior X%, Our stronger current our expectations X% growth minus, of or plus about the quarter. revenue third with difference second quarter of for being to outlook the to growth only compared indicate the XX%

that a build customer of quarter, there to were schedules. in full there While question our last at consistent seeing demand outlook this year with is no be variability time significant to continues we the for amount overall was what

QX a node, leading-edge by areas demand and logic being of in in pretty the demand areas offset are of at trailing of a the such logic investments we build in as of other also schedules memory. however, For same of as saw pockets in and lithography. couple equally softening strength, areas, These high-bandwidth example, increasing demand increased slower including degree time some from QX, upside, EUV witnessed

we So quarters, XXXX the witnessing our is some overall for unchanged. largely between while outlook are improvement

we the of front performance However, the half due in XX% XXXX than XX% QX. is stronger bit thought expected factors. revenue in given a Clearly, more to weighted overall is the step good previously decline market our year to several decline in a

about to inventory a as The for us and market seeing XX% spot their third to new First be and segments is customer year. quarter precision a for our We year this our deeper bright weighted our to of customers reduce represents wins, typically largely our fiscal cuts weldment down customer and which would component is lithography. towards parts machine that relative deposition side comprised deposition of least revenue, heavily estimate systems continue to customer which at XX% work more add business, etch and and definitely we XXXX. of of shipments which our compared expect is exposure, the are levels. growing this is etch and design customer within Furthermore,

we industry to of estimate we approximately XX%. estimate be are than that drove on to XXXX. exposure today the memory less by investments the We current for less exposed our environment end sales memory customers' also than our before. memory XX% revenues market, ever given And in WFE Based market our year-to-date,

demand for indicating resulting the for a potential just certainly of for is these the a year as strongly in broadly snapback sector, sometime begin given year All Ichor recovery factors, of demand XXXX, – the strong very which are as in industry are recent challenging and example, in to no which little assumes memory in XXXX next stabilization of the to pricing remainder the for to outlook expected our recovery rebound environment.

business profile to Our operating as increase. significant generate revenues and model financial tend leverage

estimate lead ramp future gross revenues. XX% of we revenue is improvement A growth in XXXX move the which flow-through we in of XXXX in why X% as continue which, significant business on could more remainder significant we once at our in very to a investments will critical make through we a increase operating our support be to again example, QX profit ahead, approximately look to earnings XX% as guidance, margin generate For the of in growth. midpoint

for on that focus our offerings proprietary in maintaining are long-term making technology we our period, gains roadmaps. and product our driving this new During share support investments customers'

new as that the products. share increase slowdown markets qualifications manufactured internally our to the complete products utilizing our content served will of both are of existing and well We as our

systems all our initial components We that gain of and qualifications processing of leveraging new on as chemical address well areas our make customer continue global components, delivery good our gas as new with year weldment development developed next-generation this for market. machining to focus additional qualifying proprietary the the our progress our internally wet share, panels footprint to

like I'd on an next-generation panel evaluations. with our start to update gas

customers. are with now engaged actively We four

the X the have applications. ship evaluation different qualification of we two now of completed units We for two

of production mid will move shipments Our begin now when will to into their evaluation is they customer as stage. estimate late best XXXX

also we into are a is milestones production for progress important market. complete as timeframe with introduced new quarter Additionally, the first and in product. pleased we the this are also very similar to making are These evaluation units will this with expect lead third a Ichor, tool our to that we

manufacture progressing panels our but margin be delivery at a incremental our we'll shipments business are machining than that will existing new We gas chemical this the our components pace we of later initial slower have The gains begin in product. will accretive. integrated quarter. and These qualification components, finalized gas today delivery and be in

this are strategy accelerate region. we result, a in As reviewing Japan to our results our

We components that to as also to developing this market in are XXXX well. expect new lease begin we for

shipping our first customer gas And production of last now call panels earnings qualification completed lastly, market carbide we reported silicon on have delivery for units. we the our and are that and

closely in to expect and our first We generation for the to with units QX. work evaluation them customer to early initial tools continue their next deliver sometime

environment tend everybody business both that internally focusing today of meantime, with through to more enables products remind by spending needs our revenues managing In when our align industry on developing here delivering demand and improving new I’ll QX solid as we products results recovers and financial revenue from sharply excess our are in model business growth. lower and customer's costs. that the summary, capabilities, In our for well earnings the technology levels, qualifying our the growth operational developed rebounds recover

for share met and organization and finance the the of his we our appreciation my over four is Swyt. Before the [ph] Larry, enterprise back his Greg our also to call leadership congratulate like turning I’d trace where the roots many retirement. and past Larry at I which across to on over years Applied elongated Both him to sincere Materials, years

seamless. and of remember Greg for where the from In he worked took over I the plus Nanometrics will in finance in fact, experience have and after miss so deep Larry. joined of me transition Ichor XX this might for our I together you last in his all him XXXX. majority business, years Greg’s operations knowledge we will But very and semiconductor make extensive Ichor’s equipment

with in great know Greg. hands also we’re We

to call Larry? QX details the provide further results turn financial around I’ll QX our outlook. Larry with to over to before that, our With recap Greg closing

Larry Sparks

I’ve greatly Ichor in getting Jeff. enjoyed investment years many of know to and so at four Thanks, last community. the you my

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

our just the increasing were to XX% $XXX million through and declined flow XX% end the decline under on XX.X% our of upper revenue of with revenues revenue. as Second towards expectations model XX% of margin of incremental on Gross margin our QX. was consistent from quarter compared expectations

$XX.X were given Operating operating gross QX also midpoint and above upside the and the revenue in margin of was X.X%. at expenses million both margin, guidance

to higher net increased of result million. interest rates, a interest expense As $X

benefit our was forecast for higher the at income tax quarter than also $XXX,XXX. non-GAAP a bit net While

for quarter As were a per net $X.XX earnings result, share. the

amortization, deferred Our U.S. recorded GAAP our customer volume. of U.S. the of not on in cumulative A net loss QX. three-year a included of result interest taken structure which stock-based tax a non-cash fixed our portion assets M&A, and $XX expense, loss is compensation valuation the million into cost does falling with of allowance change end a as as U.S., including our large profit

we grows, valuation our revenue our the As profitability recovers and allowance U.S. industry will requirement. reevaluate and

million Cash and sheet. increase turn I end to $XX $XX at Now balance QX. million, of totaled the will equivalents quarter from

million. $X $X of We by the $XX cash after flow CapEx, quarter cash flow million declined of for debt free generated from million. was million $XX total operations While and

working expected, capital current given demand the the in softness declined board, balances As the across environment. customer

and Accounts and $X million. were DSO million over inventory declined [Technical declined to turns bit receivable declined inventory by Difficulty] a XX X.X.

in especially cash down the in increases flow debt free interest we on is generation rate. currently the our of million and two available ratio pay currently our continual revolver portion We net $XX Given given times. have about coverage a revolver, our QX, to elected

our over QX to turn him to Greg? guidance. introduce pleased now about to the share I’m And and details Greg more call Swyt

Greg Swyt

Larry, names thank listening my for earlier that and introduction. are from call. Thanks Nanometrics familiar you the It’s know nice today’s Jeff space many to to

quarter modest sequential million range revenue expectations for our third Our million, $XXX the $XXX QX. of is indicates growth which the of guidance from in to

increasing we drive level. As flow gross high improvement Larry XX% which the expect margin approximately XXs to expectations margin on gross indicated, QX will our are through incremental revenues,

We or expect minus level $XXX,XXX. million plus operating to expenses manage the closely $XX.X

demand, critical will us R&D the environment continue further of investments support to to that recovers. we product prioritize As maintain quickly respond the our spending infrastructure to our programs in as customer and new enable

is of QX recover. QX midpoint can growth approximately profit, earnings revenue about revenue we of the $X achieve the sequential from to we operating of generate XX% would a volumes increase strong leverage demonstrating as which At guidance, million levels, expect

Interest again interest $X.X expected million expense approximately due to to higher increase is once to rates.

taxes expectation tax to benefit for Finally, to net recorded continue of be year. the our guidance reflect through a full the on we move XXXX as

in incurred the losses globally for the we Although expecting past. pre-tax are given year, the pre-tax income

We $X a net tax expect of a fiscal for – million tax in the million benefit to to $X recognize XXXX. range

bit and year-to-date. $X.X a that given recognized we quarter, than benefit forecasted a we’ve benefit is last of million the of This smaller

QX For modeling for approximately of benefit midpoint $XXX,XXX our purposes, you should for and guidance expected $X quarter of assume at of million QX. growth sequential another a forecasted the

XX% incur non-GAAP ahead purposes, to we each nominal look to for non-GAAP And you tax expect XXXX a to modeling effective tax a we should assume As ongoing expense on basis, rate. X% an quarter.

are Operator, line. Please we the ready take open to questions.

Operator

Thank you.

be your Please first will Instructions] question-and-answer a from of Krish [Operator conducting proceed We the TD question. now Sankar with session. line Our question Cowen. with comes

Krish Sankar

Larry, Thanks for career luck retirement. Hi. on on taking my question and congrats and an good Yes. your amazing

You're going to missed. be Greg, welcome. And

Larry Sparks

Thank you.

Krish Sankar

for too it? all trying visibility like like growth? thanks three quantify you is in what have two of like? gives is and be And comfort three that to then to I Or kind Jeff going any is your the have questions, given I said kind And quarter draw quarter and curious, And other growth. sequential to what is look December Jeff, the with are mentioned, inventory, color is sequential there QX maybe. questions. to going and your you it quantify you fact customers, how guidance, on your for that quarter what it's which you of can you and early way expect down the maybe limited I'm the a like, consistent ago, happened

Jeff Andreson

Yes.

good I question. think that's a

So to seeing what builds we're as is so of that in what seen get, working speak. to magnitude up, going some to is talked like our we we're movement, that. general, and as customers kind and visibility, holding our moving through seeing things gives of me you've we're the But are about that confidence that what this,

some going get at done. our to So of year I to what the take is you us this tell customers think correction I through would is inventory

nodes – moved visibility, same a around for in little advanced So but our the lagging but like year we've kind kind the think that quite honestly, nodes, bit visibility it's I seen. quarter-to-quarter held has of and of within and moved up

the just the so you're looking guidance. X% if of increase play you off probably X% kind a our numbers And QX at or of out, sequential midpoint

Krish Sankar

later Can [indiscernible] Got the you to going just you And given it. I'm question is a second Very exposure kind kind about quantify a question year? it? EUV. and XX%-plus their like like, that that customers exposures it's talk then how of you little last probably And bit helpful, of really to kind assuming had year that. Jeff. you're of help this to add going year. Or about into third mentioned us I then your [indiscernible] how what one next think and into this after

Jeff Andreson

Yes, generally don't content they're haven't much quantified products get gas other do on the transparent. that areas. EUV. we even But I how we think that We other per or delivery very

that know, We've in to the they're I tell quarter by some would general, they going it's seen of could their I And you difficult. above and of kind XX%. level you through or to down. if slowed of the it, very for going as kind near they've that's third it kind of because year, But so us. you And year. could some of still next end If stay say, they're cross second, was, tell of WFE be I builds the what fourth trickling below

I but see any they're think say, it giving four as beforehand. or going indication months it way we're a – five growth about would to to year-over-year, about So their is you

growth XXXX piece to So XXXX, we expect in see that of area. so still and year-over-year we'll have a would

Krish Sankar

it. think been it. like exposure seems helpful. market. like then guys you And my Jeff, really is that you opportunity Thank final gas silicon you. just us how It there's some gas to to a And next in frame like exposure? Very it my that terms have exciting where is or your what kind year silicon lot on question, your focus about of Got and is Can just of for into of understanding carbide. boxes, help carbide panels a exposure

Jeff Andreson

Yes.

initial easy would complex a customer. in it's it's a think pretty that one. relatively I box comparison an say I gas to

us we because of in we've the I half expect that high – because it of I'm would to digits with to kind to just to single of quantities this delivering tell pretty continue is only grow millions. would year, you I smaller in double as ASP. second year-over-year not QX. for And the expect much next been probably But and going year would So you tell the year I kind

market, for any you are that. but of and this growing a trying one it's there benefiting to at engage that kind this point, So it's areas that's from too at And other we're that also are early me to on customer. give with outlook

So…

Krish Sankar

Thanks congrats, Larry. Jeff, a and lot,

Larry Sparks

Thank you, Krish.

Jeff Andreson

Thanks, Krish.

Operator

Thank you.

the Our question. of line next comes from Chin Brian proceed Stifel. with Please question with your

Brian Chin

and those best of quals, Ichor Maybe Hi, on little well, design-in letting the there. go congratulations activity actually, Thanks another Can for of us of Jeff, kind forward? discuss all sort a the ask – kind if activity a maybe new and you also or going maybe or to two wins you, Larry. gas there from design can could out, Larry successful looking with around the combination proprietary on the were first of so cost, you these for questions a of also go to panels increased progressing further commentary to both? merits performance few question, kind nicely. Greg, And back content, how

Jeff Andreson

that's good Yes, a question.

the simple there advantage technology is how So initial of cost the gotten a customers. is advantage, attention and is answer a we've our which

eliminate can on lowers components controller so the done, new cost. around I some we've the particularly an some actually the flow think actually And which that apples-for-apples basis, of components,

good as cost as range reduction a enhancement, So wider they see a pretty performance of as well. well handles gases

assets. their would customer it, to sizing see through applications So like first move these I e-valve

one third well. has to as that The do

feel say, a apps they've their doing moved fourth tool. customer for so facility we'll their first lab the a how now they're out to from, the something quarter by maybe it And in good that end have of

Brian Chin

Okay…

Jeff Andreson

to more come. So

Brain. Sorry,

Brian Chin

right off Greg, Yes. still structure term? the measured That's revenue of near Larry lot you helpful. variable, just Jeff, over in Maybe structure, general a cost the somewhat of that's remains where for are be of here expense you or on the terms bottom resizing to growth want headcount, the and now

Jeff Andreson

Yes.

a we've temporaries labor of is stuff. I we direct we workforce lot carry variable and a pretty done where in think have what model

have similar, of quarters level right next So we is address the of an They're adequate all what you know. as several that we kind sized fairly to to demand. see

of OpEx that, going And in anything over kind or any that. scale. so growth is things structure, because can is The we've time to our and like to we a we the return company more continue uptick have to handle like of which R&D. and taken investments guarded approach

that scale like which can and then reductions, a temporary of we places it's – I some attrition critical where So PTO and and what kind unless call cost things we're so used is kind replacing we we've variable role. would not of

see approach if take start not XXXX in different we OpEx. So may we a to uptick,

Brian Chin

Okay, great. one question. Thanks. quick Maybe last sneaking

markets You are trailing better, know calendar end edge nodes. trailing incrementally saying durability were customers that your and What including some XXXX? of the about investment in sustainability

Jeff Andreson

is that positive think up, could is could our require we some lagging in of think on. remaining trying is I an don't that slow that can healthy. up. to well, right about things issues participate some It's there the there geopolitical I still curtail pretty for things have support that. Obviously, well. which that there's and customers the licenses pretty or opinion it We of slow kind nodes now, do But that as really more fairly but demand to

we're they now. pretty of think that internally, we working do seeing healthy on I help can market and So it's right and if still some them,

Brian Chin

Thanks Okay, color. for great. the

Jeff Andreson

bet. You

Operator

Thank you.

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

Quinn Bolton

programs of on niche up etch don't categorize Brian's too guys. systems, color know to volume your just guess how would of the channel. say, then in I much question these are next-gen Or but yet, dep to And see the first welcome. XXXX? more sort on you maybe kind you congratulations customers of your adopting get on retirement. classify wet feet I target starting platforms on higher performs Greg, you to follow you as XXXX, larger, or and sort platforms? major and channel of kind to would share of the Hi, three want sort gas wanted gas Jeff, Larry, for

Jeff Andreson

Yes.

lean they something films I think of the kind not application, or niche blanket more like that. so towards

larger then So that, get stack said not having can success that there and we smaller learn, But our the it of to they’re applications initially in cut They they out as are marketplace. kind insignificant. we it move teeth, have up. applications all

we’ve a need you as profile So margin manufactured of talked XX% from don’t about, that to kind XX% of the the needle procured XX% or of kind of move lot given us. internally for to wins shift

now we’re of the one our of of we third So – And going, the expect to their end kind a as bit a those customer to then little a move pretty process. qualifications excited. have by It’s qualification we’ve gotten quarter well.

So lead we production. we bit of to time still a got before move little

Quinn Bolton

I Got HBM also Ichor plays share, for or HBM. Is are in but you were the it. memory. And the [ph] strength could was where seeing applications other [ph] that nodes, then systems that demand really two for silicon of the and second if dep high wondering application? vias trailing just you on you’re think mentioned etch three areas just the I there bandwidth more question,

Jeff Andreson

certain of applications types But kind see of I bandwidth that do it. on focused the I there’s sell high packaging I that’s through know are where and I’ve Yes, of on tool everything. mean, the some Quinn, seen don’t

a it and it’s that it’s positive other I wouldn’t I see too. some So challenging would areas say market. a definitely memory gigantic, we but infer across

Quinn Bolton

quick me. just then one And it. for Got last

on try Could or in to you’re the market elaborate You taking? mentioned some actions change shift strategy Japanese what sort for you of accelerate penetration. to a

Jeff Andreson

boots two. I that’s out I too versus get don’t can ground of details. to But work reviewing, And we is you see combination the in been what We’re get and or on this and accelerated. some we’ve work want obviously, sort get trying much the trying do with partners the question if to mean, to partners we’re to with go

Quinn Bolton

Thank you. Understood.

Jeff Andreson

Quinn. Thanks,

Operator

Thank you.

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

Craig Ellis

I’ll congrats and aboard. Thanks Greg. for the question prior luck taking both echo Yes. welcome and Larry Good the and to

So Jeff, maybe I’ll start off with you.

So move been significant as saying, would expect movements seeing that when in, into think of you expecting we been to this one, more to expect The sounds And industry period acceleration some And any to you moderate is ago. surface? some you’re are those you’ve there have three emerge? happening? for like not, to are about things if some well start potential while what what months signs the question tracking is, to two, it would you out a that where those is

Jeff Andreson

So I’ll give you my view.

year this at. year. I and think at of we’ve next been it conferences talked we’ve memory, last of about as think view several I kind I middle the

I little I card. is wild foundry/logic of think think the bit a maybe

think I year trailing then a you fairly edge add of kind think stable. actually And well. carbide silicon on growth remain year the first our I as pretty when good that, opportunity driver is

to So wouldn’t political that’s economic deep lot a there’s both of change I well direction. going do But and that that right suspect challenges now held and relatively can think dive. foundry/logic up has I

a So to early bit tell. little too

Craig Ellis

Yes. Got it.

maybe to then switching And Greg. Okay. over

had generation we was for thinking expect XQ pay potential reduction? some second debt. did nice debt about What some are with So further and of you we that down cash and used generation in quarter to cash the how Greg,

Greg Swyt

we’ll as – evaluate debt. to down should so opportunistic, Craig, flow will that cash the to well that generate we this then expecting, the our where business flow So pay we’re free But in we generating address as debt we’re as flow the the expect at enough and cash some point, continue service quarter. cash our we

Jeff Andreson

reduction. inventory just that focused I’ll Craig and we’re Yes, add on

of saw little quarter bit little repayment. and reduction incremental a saw a you debt bit You this

to quarter. expect similar do process this a We

then rates with priority. that So is are, high pretty down. where interest bring debt obviously the repayment inventory hopefully they we can continue And to

Craig Ellis

a be beyond, generate out have quarter would fourth Yes. growth that digits, fair And down initiatives to see and debt be then we to able Jeff’s cash too around we given to sufficient earlier guys? up more? mid-single the pay that it think somewhere just Is far little would comments bit might that

Jeff Andreson

would We the move Yes. lower inventory as expect to to driver cash improved for primary our flow. continue

Craig Ellis

right. All for the help. Thanks

Jeff Andreson

Craig. Thanks,

Greg Swyt

Thanks, Craig.

Operator

you. Thank

Our Please Securities. your line of Dave comes question. next proceed question Steelhead from Duley with the with

Dave Duley

customers, taking questions. are Yes, and my inventory to wondering the far a is matching Are there thanks we levels I where it OEM there? we levels as your level with still was for long last? their as of would how significant there expect you demand now or inventory

Jeff Andreson

Dave. Good question. Hey

I last our on And the think don’t think different it’s of not that I the of different year. OEM they’re to they’re comment, component an side of customers. the the think business, it’s going where end and it’s the I through at. board across

all for and So it’s for one not one. all

So between I gas the to when get panels of we industry of going is the kind I component all drive the that longer, take think forecast, most this up forecast hung side think change. on

so that think is largely And us. behind I

business. working component really the it’s So through

Dave Duley

but far industry? grow will industry? it I could is outperform that think to you carbide two opportunities good or the allow answered it, kind outline ways in when in are what on outgrow starts think what example. think turn the to or as conference you I you’ll to just a But Okay. than biggest call, three areas you faster into, maybe the do you the you different then as, And Silicon this of understand industry

Jeff Andreson

a if add first carbide beyond customer. impact year think area qualified two, four. Silicon us gas new a or I I Well, we’re obviously and three have get we a on first horizon our can for a the we if three think, material take and focus of is panels our us, supporting can

to their think work This to there’s legs other has continuing And application for early on beyond too years call going I we I said several sure. what expand space, talk and is who I a as to we’re for we think is continue that talking an on customer I about with. opportunities some in the generation. for some We’re to EUV that. do just next are opportunities grow there can gas do think for delivery. But that us There’s to our little other opportunities

So when levered we’re there rebounds, are memory to where and of action the think we’re of that recovers, on. as the so think And outperform we’re I we’re segment as I dep because at, the overall areas industry that other market market just then and working well. going to

Dave Duley

final on incremental drop of XXXX, one which higher, from you assume this Okay. growth pencil rate revenue. can nice here? that we mentioned I what much will kind in a be me is Is And be XX% throughout will a would

Greg Swyt

I dependent a on Yes, start. all But of the kind I’ll we for product revenues to recognizing share us think XXXX to flow of critical part be little the mix drive it’ll gas comment, market The it’s some and components through expect gross in XX% new the that fair business, the is mentioned, Jeff in should maintaining to recovery. during the XX% allow product year. through XXXX, bit I’ll and – of growth gains pace which panel the revenue a achieve piece to our flow of as continue of margin. And continue

I just long a that’s as we mean, that see I it kind as I comes we market reasonable where think and plan of that. think for back, plan to a shooting the we’re good expectations. we’ve have execute today, So got

Dave Duley

No, I’m see baked sorry, of be just adopt you than into rate wouldn’t XX%? the a to kind gas would clarify, if you that think cake? the is Or broad newer higher drop panel,

Greg Swyt

depends the this a million at XX or I so. or would, it obviously of we stage. re-up it Dave, that our if before have different for outlook little XX needle, you But get some may getting think on XX initially might upside, XX the than magnitude it. success but model have change let’s it’s it example,

Dave Duley

much. very you Thank Okay.

Greg Swyt

Dave. you, Thank

Dave Duley

the in Back queue.

Operator

floor Difficulty]. time. over There are no Jeff like closing to Andreson [Technical to for further this remarks back questions the I’d turn at

Jeff Andreson

employees, our navigate and our Thank on dedication and quarter. continue us suppliers, customers for ongoing this support thank their dynamic like as to we you environment. to for joining highly call I’d this business

investor XX. the in Conference on and August Semiconductor activities Jefferies include held virtually Conference on upcoming Chicago being Our August Needham XX

early for to We also Operator, next forward earnings scheduled November. our look call. calls our that concludes quarterly

Ichor (ICHR) 8 Aug 232023 Q2 Earnings call transcript