KLIC - Earnings call transcript Q1 2019 | Kulicke and Soffa Industries, Inc.

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Operator

Greetings, and welcome to the Kulicke and Soffa 2019 First Fiscal Quarter Results Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] It is now my pleasure to introduce your host, Joseph Elgindy, Director of Investor Relations and Strategic Initiatives for Kulicke & Soffa. Joseph, you may begin.

Joseph Elgindy

Jeremy. you, Thank Kulicke call. to first fiscal quarter Welcome, and conference XXXX everyone, Soffa's

Joining Fusen and today Chief call us the on are and Wong, Officer. Executive Lester Chen, General Financial Counsel Chief Officer; and President

those section results, release presentation of at today's are our you copy latest in available as the have received website as not For a of the of both the well investor who Investor investor.kns.com. Relations

results. Reform today's statements, events addition will statements statements relating statements historical future the Private future XXXX. In to of and our within contain remarks These forward-looking Act are the to meaning Securities of Litigation

Our in may those actual differ condition indicated statements. is what results forward-looking financial materially and from

results risks with ended Fusen? refer of Fusen a please now Chen for Soffa filings, and to go call discussion our For business turn recent future Please XXXX. to the XX, Kulicke like year financial associated ahead. the complete to XX-K for the overview. SEC condition, that the would and I specifically September our could the affect over

Fusen Chen

Thank to quarterly this in able sustainable through Our near-term targets despite believe remains achieve pure organization focused to we business We extremely long-term enhancements you, entire and demand, which revenue current softer were the nature, our are drive growth. market Joe. headwinds, again a

of unit adoptions we within volume our three benefit our and packaging. primary semiconductor the from plan, expect higher ongoing growths to fundamental core Specifically, areas; execution optimization of then offerings, advanced

additional organizational renewed provided are Today, current million near-term priorities, on also business announced already fundamental a we vectors the environment, prospects. business shareholder detail new fourth some our very Lester authorization. we and and our allocation aggressive excited supported capital the have We $XXX also through will activity approach repurchase and Despite growth. a provide have positions past shortly. two to our share repurchase made more which our of change about years, set including improvement over strengthened meaningful a the returns of and improvements to

and IoT adoption, technology Our pipeline product opportunities. portfolio electric vehicle development inception and expansion, several advanced capacity aligned LED, providing packaging new and NAND autonomous is firmly and

to is The rapidly exiting our expand to more strengthen to term this and organization stronger, markets. entire profitable our as near continues develop and new team committed served competitive diversified a organization. development Our tools more positions period

the Compared at $X.XX. XX.X% Looking aggressive but of helped of to cost the profitability. our million, a we our $XX.X back the enable year revenue of gross of and of to flexibility $XXX.X by is at nearly combined efforts. XX%, EPS non-GAAP increasing This of profit December a margin the allows Product higher , control temporary prudent, headcounts consistent for reduced the December the our a which of end ago, quarters, gross workforce global guidance, these gross of million, development levels with fixed added mix delivered margin while quarter facilitated performance. through have we mix our and rate

Automotive Over Outsource Chinese LED, demand specifically business. customers experienced end and softness in regional ball and standpoint, from Packaging, of Industrial sequential well quarter the Semiconductor as of the in markets, Assembly, whereas Advanced many increased as sales, stemmed Memory a including and bonding demand, and General December OSAT our From a reduction sequentially. demand our largest Semi our

are remind years to our broader of absorbing semiconductor additions being simply of both incremental increased trade combined the to the this similar the capacity in three contributing We China over world. ball the the share years. tensions investors the China over very past over our capacity believe few that majority has aggressive past with equipment that has years, share softness. equipment in bonding China it's of our to shipment to other While market market important parts is

business by overwhelmingly bonding In positively we the our addition tool customer growth the to of long-term are choice. benefited has the OSAT where of dynamic, ball emerging our base, China

over term, you customers generally the many operational that, well in as With the grown they the fab-light have long growth pattern have know, fabless flex the our model, of through variable industry industry’s faster OSAT capacity. as the improved and As ordering as due OSATs generally efficiency. provide than to also most the

Our services, and automotive Overall, demand, Wedge term was sequentially bonding aligned with automotive increased. industrial trends, flat equipment demand, which the including sequentially. long is more and industrial effectively

represents and APS, from X% revenue improved Moving decreased Product by sequentially. on XX% to of to gross margin only segment and Aftermarket our sequentially. XX.X% Service APS total XX.X%

committed the on long are to Lester? to our this strategy growing cover would term. long-term overview continue will who base APS quality make financial detail. of over progress to turn high quarter's revenue call now in Lester I the We greater this and recurring Wong, a to into business like

Lester Wong

gross our My exceeded you, unless was $XX.X GAAP quarter due profit. to of of margins for the Strong Thank product APS. capital $XXX.X margin Fusen. Net remarks revenue refer of equipment prior will mix XX.X% generated to XX.X% today Gross results, noted. gross between expectations million million. and

tax of Jobs quarterly to of $X.X target Cuts expenses forward. a booked to associated this of XX% around variable an maintaining near long-term quarterly is We discretionary related came additional over also headcount expense target long existing and the tax tax tied roughly controls and our to Fusen term. the maintain target of spending to net term, rate the of operating in of $XX continue to lower expense million mentioned. Act expenses, revenues. on expenses XXXX. Tax X% margin going In million tight fixed than We Operating of and we provision million $XX.X plan XX% our to effective expected plus reductions, effect of due on as continue with X%

new on Specifically, this XXXX. guidance related issued of was to the U.S. provision additional Treasury XX, by Department November

September million basis. investment the and a $XXX.X $X.XX Turning with of quarter to the sheet. on total per balance ended a position We or cash share

At our additional paid December and million shares to X.X the We share also the increase today's authorization. repurchase quarter, $XX.X During had to return have and repurchase capital release. approximately million average repurchase million dividend. Since the total of of million quarter, our we happy we under press our the remaining repurchased deployed and $XXX asset an $XX.XX. continued to end shares growth $X.XX deployed We recent initial quarter, share through $XXX.X $XX XXXX earlier December a were repurchased to August of price second million have investors. in existing we to our authorization at in authorization, million announce XX.X

enhances efforts increase delivery to additional process. value an gains fundamental markets share repurchase served organically potential creation, ongoing our and the the provides greatest our share Our value at towards activity sustainable expand and lever

we our to that under many U.S. on remind tax of entity balances want the continue availability U.S. to near movement investors of global the create operate outside cash. jurisdictions the and cash constraints also structure term of We This

decrease a XXX sales from Working less days accounts as most opportunistically We capital the continue to repurchase days. a are quarter. From several term the alternatives a September million the per authorization quarter our outstanding a receivable way. currently with reviewing closed book by short in perspective, $XX.XX, $XXX.X to December execute $X.XX of defined million. us day we decreased payable to share $XX.X DSO from slight value accounts decreased allow XXX existing On funding to efficient to basis, plus inventory

portion call. days. to day payable accounts will Fusen and our This days discussion Our XXX days outlook. business financial the XX now review the March from increased inventory for to to to concludes of turn sales back increased the XXX days to I XX days quarter

Fusen Chen

Thanks Lester.

We driving the the two correction number of visibility near-term a has and our do of material factors: term due the competitive Year. material of longer-term the positions content more to New semiconductor only increasing aggressive industry. packaging consumer reduced Chinese the is market Automotive, that growth a stems not of on solid believe years; value ahead fairly any and new advanced believe memory that to from effect in in the capacity softness, of tension this any a and seasonal connected continue past trends We capacity headwind global soft trade rate ongoing adoption product hesitation of rest on electronics, demand the over effect the environment of state a or short and additions addition

million As a recovery the $XX general minus be press mentioned revenue or quarter. in anticipate $XXX into June today's and anticipating release, are to demand in million we plus

the a softer challenge, of we into long-terms; the core fundamental market continue offering adoption areas specific near three creates term plan, environment execution from Although semiconductor and higher-volume will of optimization benefiting to packaging. our our benefit advanced the growth unit

and ownership share parts a the There with our in strategy shareholders through our business high dedicated APS those our more and improved be business effort, recurring equipment and grow within fundamental and performance-based core service, APS our in offerings. packaging. advanced more volume compensation, First, mix businesses organization, profitability both incentive the to also is sizable of and opportunities core opportunity continue of to to accountability is parallel aligned spare software gain This very facilitated being structured goals. and corporate development a rapid and also optimization

have ball fundamental the This will key demand in gross we content for have are central those automotive. bonding in positions. memory connected LED our strong of trends, of adoption growth as drive lighting, businesses and and continue in solid core global semiconductor share semiconductor the all consumable such electronics, to increase market and to significant the wedge of the continue leadership where Secondly, of be and majority unit and and enabling leading the gains businesses. state will already These areas

and in Finally, replacement to and we provide anticipated gains. packaging the new advanced growing access share help a technological where our investment market,

in produced their high-bandwidth announced the future memory packaging a months, few applications, technique package niche a utilized most advanced Over logic packaging lot in [Indiscernible] the seen architecture. of future major the packaging is past processors, a true being in and XXXX, promising. graphic semiconductor utilizing advanced advanced we the have currently IDM are recently

portfolio anticipate We material packaging year XXXX several that from contribution AP to continue for revenue our of calendar and we qualification to products a into continue XXXX. our more view advanced

additional high a our accuracy, applications. high throughput, memory in currently logic for As several qualification tool qualification Katalyst, we brief preparing are one for targets and high-density two and which flip-chip update, are

very performance are equipment happy our the both We productivity in accuracy market. industry-leading this and in with

in previously package. major We logical several We years. a OSAT flip-chip application utilized traditional are tool APAMA production supporting a anticipate shipments at additional that coming our the also with a over thermo-compression

markets, major customers wide IC micro packaging our application addition development view, end we is the array obstacle mini In the evolving supported are to opportunity commercial adoption provides opportunities advanced of and well. limiting pursuing the supporting the market. This and pick our traditional our the technology our believe aggressively LED up tool display and efficient also We opportunities potential In a place the is directly and of and being speed X by solution production. this times few faster is to LED existing than as evaluated potential for this combination a no that addresses that customers. and it’s necessary has there of challenge tool currently is accuracy progressing

volume near orders can extremely leverage on focus anticipate confident will deliver toward the entire this by on business our of are to to We on and organization through potential continue as higher operating this with value broadening growth very updating the portfolio, strategic ongoing of to our a this and significant balance Considering progress tremendous exit remains XXXX be customer of years. fiscal continue multi-faceted the investors further business drive the The we fundamentals into to XXXX. initial execution combined adoption we acceptance We future end you period softness. enhanced strategy and look thoughtful prospects over several forward model development and allocation, tool. the sheet, executing profitability term coming the our our and focused This capital

Operator, we we appreciate take to remarks. happy be your This concludes will support. ongoing As our the always, questions. now prepared

Operator

line first Instructions] [Operator your from proceed of question Please comes question. Sankar Cowen. Our from with Krish

Krish Sankar

taking I Thanks of question. few them. for my have

margin the look gross going First for you and color, March kind of to guidance are OpEx If be or breakeven are guys operating going one or loss quarter? I Fusen is Lester. be at in you to like your

Lester Wong

midpoint million, we so a on March think the focused would would think I on be for the our around Krish, have very loss. guidance I of based cost very, $XXX breakeven the Well, small we're and quarter

Krish Sankar

think demand. because on there Thank a you now? when New markets that is orders are high based that you levels not you March Or new questions. right come other helpful, that's in And right into of Year similar dynamic of the place you One the customers, on after going end is, get inventory you might or past as and Lester. visibility beyond typically, on quarter your back dynamic customers two do kind Chinese to then Do based this think around? the time see slow

Fusen Chen

One Krish, as two-folds. experience. this downturn has actually memory cycle is anybody

because of actually a are revenue more I memories of of China the revenue. pronounced our has event and impact, XX% impact positive - our call the and more So part dynamic, big a to China and other we has us is

believe And little current potentially bit so, due tension, few the to the actually think into [indiscernible] and I softness revenue quarters next is translate our before we a trade less can competitors. than for visibility

Krish Sankar

final Fusen just like buyback. question you a guys upping then are you. looks And It for the

aggressive You there have M&A? Thank capital about or about is seeing you. think because like other interesting assets been buyback we allocation pretty Kind to regards you're curious, with it. of over not how out that do any

Lester Wong

there. of answer I share Krish, the why we think see out in interesting don't authorization buyback increase the opportunities don't means don't that. I the

funding or share a growth and opportunities. well as dividend, as very as capital looking we well allocation between buyback program know, - for as you M&A As organic balanced have

I I that. comes focused softness investment market M&A, that and well as visibility, we're is that now, opportunity good not that is an not also up think, will return in of of we guess does that but do as adjacent the it's interesting on a not right the lack Given really mean

Fusen Chen

maybe I a say can Krish, little bit. So,

year our it make and we multiple So for multiple want sure believe is a we We successful. XXXX to products penetration. good our products, is our introduce

preparation we believe to So in for in is seriously of was action XXXX. we be going and terms

of and focus new So market to we in also going year penetration share this are products. actually gain the

need over growth. quality the to M&A, of believe provide target we the future terms In

So it a complementary is cause have need to needs few to is criteria. industry it to Number gross margin a have the in be or internal adjacent and cultural synergy. one going to comparable and

criteria few have are these a to also product position. So and an leading needs industry

few So criteria. there are

short you, and then, Number but and growth portfolios. the not our just careful. number make giving one, gross two, term and are want successful we to will very also So want is match make up, on a to we I of have assure to culture new are sure target the product sure to we focusing be going quality margin K&S

Operator

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

Craig Ellis

and bit better expense those operating and lower. terms were the thought be congratulations the that the little into questions, of follow-up there the Lester, program. detail just as a look those quarter? is what the taking line margins a Gross it around we more for know reason while what those margins Thanks you and XXX wanted execution continuation basis items, the into parameters of start. I capital on of to strong longer-term margin Can points, than some on in we I not - materially return going and to was drove wouldn't two positive why March persist target, target changing the variances either you're was

Lester Wong

gross Craig, the depends as mix, know, - our you lot I think growth right. on product a margin

was on the market, LED capital mix less for quarter and product equipment has higher IC margins. which actually in the So the more

APM and our So of also the they the guess, did in accounts are margin wedge guess, gross for businesses, are actually very and In I segments December bonder businesses the, that well variance. quarter margin, high the addition, I

have far the well cost we in we're as variance, as as discretionary as both manufacturing Fusen As so flexible OpEx model. on very very said, a careful control, spending

in anticipated. came two based items, those OpEx lower the So on than we

we going cost will far and far continue quarter, depends the the to mix is into As that the upon obviously as I as at as March concerned, think look customers.

where to because X% to $XX the sticking we're it's as that think end to we probably - up. I going that think million be X% - think I will plus

Craig Ellis

an it's question question. of more next term intermediate the you and is Fusen, for

visibility some I another there's weeks. hearing the from think in a back-end for Lunar near-term after lack that that clear companies clearly, we're So, potentially to of couple companies, of starts of Year New

is reason As their talk and needs, your the half, capacity capacity [indiscernible] how the such the gain has profile we and wouldn't that see technology the similar they're about on you see in nice of we business, on a seasonal to for typical needs something the half second the as typically half? business profile think thinking half think customers where that some you half, about situation question potential the for I typical if increase half their second see we a strong would this, to

Fusen Chen

Craig, your thank for questions.

So if we we middle I look think at in it, of are a the slowdown. still

right. supply right So efficiency - look in now, three And about slowdown I quarters, if last it you at the the much, chain is much higher. believe previous XXXX,

calendar if the So saw in of [softening] we year we [ph] half back, XXXX. second look

three back. March So already including quarters the is quarter

weakness, become the current next also of can there annual couple you a quarters in unit rate look revenue The if possibility. growth positive. So annual still the of weakness forecast the - part is semiconductor current some and at

right for answer industry. we me a let better everyone we So can the view now whatever profile see revenue for

like the better. June we our be mentioned growth. to in lower the for stage, contribute also offset So APE the And quarter, also quarter, are - LED portfolio [indiscernible] I LED also can can kind - the initial of in feel and in

in short half. second in think, are first confident than I the summary, So more we half in

wish feels most way. industry answered your I questions. think of I our this I

Craig Ellis

macro-driven prices six going had it's over than - the return this It's that's the queue. the and get the regarding into significant and a the final stock large former one I I'll last on and back program, then capital months. the the little part through four clearly, pressure a to the - have then it's question bit in industry And different correction industry is

the versus how of more a we new Thanks, which As program, more can it any to $XXX there of executed about of the provide the certain with over which tend is would be we you about period just levels ratable might million at terms guys. pacing be timing think think in lower you choosing to approach would opportunistic the and degree time? color

Lester Wong

stock and and is an in - why have authorized Board the in the Craig, we in we is our why growth million future have which believe of $XXX repurchase confidence very which certainly our initiatives, additional undervalued a lot program. - share

of as to tax we part there we on U.S. in sufficient some have we both but As share continue restrictions that mean dividend the buyback. as concerned, the are based our well terms I overall believe is of structure, be for opportunistic. the cash will to funds cadence

So I factors. think the cadence macroeconomic will lot the a on depend

Operator

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

David Duley

Yes. from think your what talk A couple now? bonders wire fleet rate of questions you you is your Could me. of about utilization

Lester Wong

David. Sure, we're ball Based probably on it's I what think bonder, seeing, the XX%. around for

David Duley

bonder wedge the similar similar and the in other is And - equipment range?

Lester Wong

I bonder higher think probably is as NPI. wedge the bit a well little

David Duley

I have of trouble then And think - prepared the some comments. hearing I

the you just you a as Just And so, just could I'm if weakest the were end the markets you or about talked guess? review clarification. wondering I during outlook weak, being could repeat, which China quarter

Fusen Chen

preparation, - And years, few So in customers that would think mentioned a the OSAT actually I really I China. in we China additional as in they in past use my script the actually for capacity OSAT know, you whole. can provide

So now in right seeing we that's customers. OSAT weakness are the the

David Duley

customer imagine in And but service, of others? those other cryptocurrency there's stand impact, end in than then markets there China, is weaker that markets any as a I out OSAT it's

Fusen Chen

in us probably be segment. growing - a beyond anticipate should actually the very small second actually can and be of stage - this is lot have but year will already in half actually initial this better. not XG We fab know fastest strong, better Everybody memory

I strong think use as So, segment. - there but we know, can some also are you

David Duley

us big would would far just you bonder be you it year stab how a And the whole 'XX for goes, take think if what think understand XXXX could wire do could you you the market at be was? then, as And help great? in overall as that

Fusen Chen

accounting we call we One see, a I don't But are the market, we in force. guidance actually as that, going has you David, this semiconductor, one is provide mentioned the beyond through memory cycle in true quarter. cycle. as

focus. The But bit mega, little think, XXXX, difficult to we I from is probably XXXX to grow XX%. other a one, it's a

quickly. change can it So

fundamental but new a provide So cannot in we for I medical, have in think, control memory there am actually our and can this trade very either I focus production control cost that feel focus do do and that product and recovery, the for we strong, for is that forward. futures depends move The the structure better we us or we company. including positive cannot bit a the overall believer lot on will the industry to talk, but we we the or event, technology there a including a future and us right we having of done, can firm

David Duley

year me combined I've from, or talked question Observation for range. your to in I down XX%, think in volumes, the of fleet growing about is, let's XX% you range unit the wire that I rates utilization forecasts think of X% with bonder seen X% say XX% this being

the If of forward for you column if bonder other the to Chen in that us ball One in as OSAT in be also customers. there quite can mentioned, some - for already one are that Fusen believe and think we terms areas snapback wire in to you bonder look have have grow. growth the June would us your in is units, in moving I or So, is like two overall? I label we quarter you think September LED business grow feel and the low you wouldn't it stand benefit is sometime

in our customers. XX, Just I to think mention but utilization vary that the are rates

is customer our just talking internal customers positive. additional stronger there some want about some capacity I are actually remind capacity customers you is revenue that very So and for overall and - capacity,

great the bonder we we so and for coming know, and for And company. feel to move So, direction product the you overall, cash back. strategy also, business low ball start as have the about multiple a this and our we believe new is quite volume forward us situation introduction,

Operator

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

Tom Diffely

normal that time of at weak year, how the getting utilization the XX%. of year, this say So to for kind back does of the I When rate the compare you part utilization to XX%? of look rate was

Lester Wong

goes we XX% everyone again I a is I think and of Southeast China low, and a indicated, mean due to because in a bit utilization as indicated little think it, rest as rate of Chinese New the down the overcapacity. obviously bit quarter, Fusen that in this again but knows But Year, softness little Asia. the bit lower. of I little market

Fusen Chen

And Tom, as they weakening can in we've OSAT we right. can actually so in ordering the China, discussed, pattern But quickly, seen change the particularly quickly turn enough.

I issue think be to depend the will that strongly also OSAT from believe this this moment hopefully on results mega be that. this and similar we and will

Tom Diffely

Is I know still range, order customers in the got same to basis? XX% past when started capacity again. rates when average dynamic an up on the to utilization for buys the that's it

Lester Wong

as indicated right, XX% the customer. average Yes. earlier, again so, across We but Fusen believe is all

pockets are customers is XX%. that there very probably there some So of are above frankly that low.

to buying, So, for doesn't it have above be XX%, definitely customers. will I it XX% as all they think, but reached

Fusen Chen

now also, But trade also may as I to we allow think talk. Tom, Chinese, the mentioned, they

So, hopefully, vis-à-vis this, things can turn quickly, lot assurance. of no a

Tom Diffely

are I to build the and question the revenue? about think would your to grab it get now? lead wants So the what right we how guess take you ship So times is, next order, pickup, long the business

Lester Wong

inventory actually and hold kind do of strategy change a more we've Tom, Well, back we production while now. our

So in can to we ramp, there it a quickly. event react is we very, the believe very that

Tom Diffely

is material market what you big your Is the How guess a drivers market XX% if the well, term that first been still margin talked significantly it memory. impact - of I all, my And on near structure? for nice question, like today? ramp And something - potentially look range? without LED at to you around to LED to having the you things finally around about when

Fusen Chen

actually, So, we I a sorry, I'm think little bit. you up break Tom, hear

is question your So, the LED?

Tom Diffely

Yes.

Fusen Chen

year bit, So, beyond feel in little positive basically result, LED LED initial bit are a I a are our see and script, we pick believe There probably LED little and we March XXXX. I discussion LED we and that is addition, mini and LED in low can of qualification about my micro we think for - LED. up mentioned the mini think be and the we I quite say quarter, better can this are and we micro several more can a

Tom Diffely

we've the would about set up know you is in mini different? LED micro What what talked the the past there, there? LED, about do how I is the

Fusen Chen

micro g deal. and lighting there LED, in can the are one lighting actually we save and general parts, two this LED So is battery life OLED to and actually alternative LED back greater and provides a actually into are which mini in the

So bigger technology will probably can in spread, for we OLED this initial alternative is and to another than - see longer have the adoption see XXXX.

Operator

[Operator Our Capital Instructions] Craig-Hallum Group. next of from Christian with from question. Schwab question line the proceed comes Please your

Christian Schwab

was out slide kind in your surprise you 'XX. Fusen, website there target that the of on year left your long-term model fiscal for

a March code, going of to - here the zip where get million recover are to in that quarter to in from please? you remotely walk Can to us business XXXX. right million we roughly $XXX be how could the for know $XXX You through start

Fusen Chen

our have in and industry the we XX%, and the is end last XXXX XXXX about up semiconductor actually, think So Christian, I think actually when I - grew year July grew in actually XX%. we model in

We chip we product and including I portfolio, a our is, that with a the rates. the TCB AP, So believe AP growth the also we positive. actually and and sustainable. is think it's our use - free really still XX% - China, really a we - can this But long can economy mega but in you quickly. in know not everybody piece is are in also have at of control, relook term If is least

XXXX. I think

Christian Schwab

that of? trajectory. see growth to Could the that there? type us clarity generic get begin resolved in of to baseline quarter and need we to give a order would the market point track return what to two in to At that you or needs to get keep Chinese next Is something

Fusen Chen

the positive see we calendar half second year. momentum think in I the

I to chance think we should have big achieve that.

Operator

We end the to management the And back closing I will question-and-answer for now turn of over have session. reached remarks. call the

Joseph Elgindy

Jeremy. you, Thank

in several participating XX. inform well you upcoming March time as we City Susquehanna in closing, all for that the Technology investors be wanted the Thank road York New in will Before shows, as to Conference today. we

As directly up feel Jeremy, to additional any always, call. concludes free day. our this Good please questions. with follow

Operator

today's conference, lines your concludes Thank This and participation. disconnect you for may time. at your you this

Kulicke and Soffa Industries (KLIC) 31 Jan 192019 Q1 Earnings call transcript