ONTO - Earnings call transcript Q4 2017

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Operator

Good afternoon. And welcome to the Nanometrics Fourth Quarter Financial Results Conference Call. [Operator Instructions] Please note that this conference call is being recorded today, February 06, 2018. At this time, I would like to turn the call over to your host Claire McAdams. Please begin.

Claire McAdams

afternoon, good and you, everyone. Thank Nanometrics Welcome conference XXXX result quarter to the call. financial fourth

today's Pierre afternoon. distributed Development; the Finance Speaking and are Senior conference supplemental results today call limited and on in Dr. Kevin will are Kocher, detailing that Officer; and including, of looking Vice margin, Financial President, believe, our shortly Also more and future available Heidrich, The Greg financial to, Senior the for our Principal Q&A Chief of President, Yves perspective and Swyt, forward. Rollin the financial use our and information will the Greg release VP, results, recap after words Corporate are but share. this and certain performance or performance. be events our Vice contains wire Today's open by towards revenue Officer. press may available over www.nanometrics.com. financial expressions and Executive President Sales and The our call similar website detail, results provide Marketing. per we at which for also release quarter statements earnings expect, including financial identified after a Shortly, was statements not profitability press services forward-looking on look call discuss Then, Pierre will Pacific up like and Lesaicherre, X expenses, operating Such PM Q&A.

on changes technology levels spending, factors, and including of the could industry the the in a file product of cautionary XX-K due materially in economic or our any product forward-looking set expectations statements customer statements processes, XXXX. new adoption year Although and Nanometrics operating and conditions, from forth our for to obligation of that efficiencies, Nanometrics are reasonable, reflected successfully changes disclaims believes differ to orders the in shift in actual of statement. in timing results contained company's risk expectations mix, information additional factors adoption forward-looking competitiveness ability the and any manufacturing in variety of to shipments, Form realize demand, product, industry timing fiscal general and the update

we according Accepted the financial I Please release refer tables to for measures, call, to to today's call explanation reasons such now will measures Generally today's GAAP calculated refer as to results. Accounting for as not non-GAAP measures During our to turn an well Principles. of our Yves. over reconciling these using also will Pierre press

Pierre Yves Lesaicherre

good call meet and And my a review you Today will quarter first details our to fourth call recent briefly full-year results, prepared the current in remarks, our our on then perspective afternoon, for It's up Thank everyone. pleasure I you, our review all looking earnings will of Claire. with and business give Greg Nanometrics. views opening forward. the on the financial before results Q&A. share environment, my

recognized already target XX% and our gross through achieving showing we of ahead volumes. at of are range flowing that would still XX%, in Our quarter. the being sign gross results Absence margin first $XX.X evaluation with revenue these set records. have were at of a favorable around customer the million been were all multiple above gross mix to expected our delayed guidance some upside of and sales exceeding unusual two a decided factors, depreciated in off along to a and upside to forecast. with QX also higher that XX% software model are our revenue high driving led factors margin from the range for fully guidance and these high-end to sales that that improvements than primary Revenues of quarter The were system QX the margin schedule revenue this margin

new set operating margin, gross share all records. five-year our margin, quarter the and per For margin earnings

straight full is of Looking four revenue at increasing XX% and straight XXXX, of in and has all year, of adjusted margins. to years process by four Since and sector capital of our growth double-digit net among its growth delivering highest distinguished annual organic Nanometrics the semiconductor the revenue through compound years the equipment gross performance peers XXXX in XX% growth rate our income. non-GAAP all revenue since flowed rate control incremental are operating

our XXXX this fab winning success company's over customers our of Samsung, share largest is new least performance of and by key end at by XX% of growth the largest the existing revenue five Intel indicative more We market XX% This XXXX. our with are equipment customer six and XX% Micron, Hynix, balanced who foundry, to contributed amongst memory accounts. XXXX had other product in SK both XX% also sales success gaining to segment, the indicative Toshiba wafer and in profile spenders and our logic revenue to of five market expanding Our our in and customer period position in applications. at accounts customers is of

will said vast taking industry specifically. equipment the incremental Now spending in in the is place turn memory looking beneficial of outlook with who that forward the majority I first XXXX our others is to Nanometrics. agree for segment to and which We growth

success share market growth in XD leading year XD domestic growth and is the in of XX%. We strong or today just continued firms position in annual adding dimension First headline. a an wafer NAND in the In a with We win NAND of expect China. China major NAND sustained this This enjoyed announced in the in winning revenues revenues NAND NAND our we our critical in slightly have growth in and already the exceeding follows multinational segment, the will manufacturer. our overall years segment in to share starts fueled XXXX, rate XXXX. to in be optical our by continue growth with metrology NAND in investments NAND four OCD increased part in year-over-year China

region at company production line. for and from both our robust wafer in metrology total, are drive automated this business positions customer integrated to expected total first tools, XXXX. the for volume to addition own In We OCD in this China NAND to contributor continued NAND record high in In with have sales this believe point revenue the substrate to XXXX relatively growth. six again first meaningful largest half year-over-year will in manufacturers our the in largest balanced of be second XD and a year, all revenues the we with half and early

sales the balance our rate flagship Strong a Turning because a expected spending positive XXXX. strategic to Atlas of receive our versus are which for DRAM Nanometrics which our in a DRAM at systems DRAM major XXXX metrology significantly the integrated contributor wafer spend become to win and starts. in manufacturer, competitive Today to DRAM we also in solutions for largest we strong full-year. a is year-over-year expect DRAM increases means went grow attach for for product higher second the of announced memory to

world's pipeline plan outlook in too which now. from expect foundry revenue front expect early in will we materials back XXXX, far for provide for the is formal weighted benefit to year more contribution increases from but to the It's characterization revenue silicon substrate out logic weighted the manufacturers. the half the we year to be largest strong business be an year, half a me will While and in incredibly capacity more right increase our also memory help balance by XXXX

million, adjusted which six revenue QX is growth have first quarter going level to it compared months. half $XX positive the similar into the drives to the expected be to the we the around revenue expected for together of For momentum QX first prior

again growth we I year, achieve believe full year-over-year. and margins operating and revenue can the increase double-digit gross margin For our

best summed there's So these are XXXX, the to much up for margins for year. seeing and this by trends expanding our outperformance revenue we are story more but

as part are our witnessed new growth our introductions the software strategy. NanoDiffract and analytics Last system, in of X. introduction new based the solutions two adoption new As Atlas important OCD new evidenced of SpectraProbe from an multiple successful as product product III and flagship of XXXX, products year well

walls. platforms We in new control targeting have technical and films These process where are OCD hitting metrology. and investing current and are technologies platforms been applications beyond tools also technologies new

year-on-year This we’ve hearing an two new development three program about past progress the XXXX. for major our quarters, key and platform a spending will increase platform new product leading-edge who in to customer during go launch has the XX% the in new development R&D us Over phase. entirely platform in for to been driver is us introduction with been XXXX. This a of developing a is collaborating closely

of increasing demand supplier data benefit in analytics process leading needed data the fabs and we to for As profitability. drive a the solutions, ramp platforms position and unique are to from rich to control

solutions call technology important revenue these hardware We the expand investments. business is tools be and increase of R&D an I pipeline a software expect focused help in growing investments to have analytics We of future. pace in new and in markets data that development in incremental base and believe an us above into will our part achieve investments our of am our well today, new industry announcing XXXX. served our in Which and the growth software why both

roughly for served meaningfully call total year-on-year, an plans to R&D Our about markets. of opportunities I'm these our increase in expand XX% of spending passionate ahead us

customer's new greatly most my this offering of going onboard aspects into solve are impressed our Since there Nanometrics exceeding that that two solutions months by me, ago, profitability have technology pressing our and about challenges. revenues Our couple expectations coming position.

relationships. customer collaborative the nature is First, our of

manufacturers relationships technical us worldwide industry's collaborate help We me we the access that to problems. have these very the enjoy challenges to with of of have me of same and them that’s impressed which solve the people entire strength with these customers our the as accounts the their semiconductor We technology solve brings how which key technology challenges, second the leadership our is the aspect and that leading suppliers come customer present to largest and team. to ask close highly complex teams all to can

products. semiconductor R&D in Nanometrics brings revenue require around our about in growth pioneer by model. developing years. time to investment As you solutions metrology working programs our industry. XXXX, and was me and today is in long relevance has I a with significant position And customers this development but aware, are of drive in passionate the a increase develop the opportunities our coming significant to a an all that financial to in new am will these the achieve optical for Nanometrics very unique But been

first XX% in now earlier I've and volumes. my guidance in our at gross margins investment in we're demonstrate fourth for XXXX. of XX% results these achieving increase noted our quarter remarks, target outlook just I provided year-over-year quarter As that XX% revenue R&D to

structure XX% our of business to infrastructure to also support of incremental SG&A other in margin about This factors. the of sales a We as the the to domestic two record distribution combine of a the our a increases, to related model of these target expenses. our revenue costs selling build-out and China, increase couple partners see result operating in added is When at is you above expect above of and some expenses is total One, model China XX% from the XXXX. these level fans. volumes serving be will XX% range

I'm in target we our committed achieving XXXX XXXX profitability benefits firmly the operating of our as investments. However, to reap

will this net expect benefit tax realize from we targets year. Our profitability also to some savings

Our non-GAAP tax effective rate in was XX.X%. XXXX

guided a previously we now we rate range. XX% to XXXX the rate expect be and to XX% that in For

completed will these support as move program investments the cash level, flows was $XX our we revenue of revenue million to cash cash of in strong new help due into while and flow ramp in revenue new in to model to the million million flow stock yesterday. record of this model target free XXXX. associated through strong an This cash of annualized repurchases to XXXX $XX the XX show flow we repurchase inventory expected our Finally, at approval before We end level XX% year of Board's start the levels shows results November. below this strong support additional and free

and performance the to expect to remarks quarter. Turning earlier fourth in $X first the guidance for that to unique my similar for the as our our quarter adjusting fourth million after revenue margin upside both QX margin in I from drove factors normalized be said the delay revenues we quarter, gross and

per XX% share approximately X%, by We expenses minus continue to to operating or $X.XX. gross for And turn continued these record of Greg? financial momentum the discuss of earnings $XXX,XXX and to $XX or more of $XX call Greg plus million be $X.XX over margin million, to memory now QX $XX levels going for million positive early shipping guidance largely environment will results and that, driven plus in strong our and spending. minus in to into detail. of guidance revenues with our I year is also see at the QX,

Greg Swyt

Pierre Thanks, Yves.

grew measure schedule non-GAAP to region, I'd supplemental market product from of which financial The costs P&L product, sales results the XXXX to and with Before that metrics by of to XX% segment discussed in logic costs, summarizes of revenues impact comprise The increased Starting summary of line segment of similar I were sales XXXX. the product website. this DRAM and revenues on and XX% and revenues I revenue and to while other were discrete identify of discussed The comprised and service a assets, revenues as call, like were million up in our substrates. of the $XXX.X product market end comprising end results XXXX for year. section available remind XX% measures severance in XX% memory as the foundry unless are down compared sales XX%, GAAP acquired Product as our exclude based. the XX% XX% conference IDM GAAP executive comments, of information in were revenue total again well sales from The search remaining non-GAAP measures a the intangible you Investors devices related overall full-year my XXXX. year, XX% product geographic of These increased segment is items. XXXX. market, XXXX. tax to for sales prior NAND while from XXXX, XX% with product By in begin amortization

were least customers the XX% total As our margin XXX Below totaled the our XXXX. Operating up revenues from basis the up X% from million commented, expenses year, revenues year. points at our which and XX for XX.X% to of five full-year. points was over over had Yves margin gross from together XX.X% the we they for year XXXX to contributed and year XX% Pierre the for increased the to for operating basis $XX.X topline, prior

non-GAAP $X.XX of sequential effective fourth share per was in year a per XX.X% reflected of earnings earnings our Our tax of improvement and share. rate

quarter Product of year period. $XX.X quarter quarter increase the quarter and $XX.X from XX% quarter, X% $XX.X an increase the million QX XX% fourth of an million declined and X% up the from revenues to revenues third revenues the from XX% fourth and XX% were of was third fourth Turning were million, from up year-over-year. of Service XXXX. ago from the

included devices approximately XX% million up fourth quarter earlier, discussed delayed due for approximately XX% the As end of to third contributor to largest than XX% product X% our last and were to comprised XX% were NAND fourth revenues product be of quarter and QX Adjusting results delay, recognition. By $X All revenue the same XX% from the this year. our the segment period higher DRAM market, sales product of logic sales were quarter from revenues continue revenues. products substrates sales revenues. other and at revenues. foundry of

and quarter customers Micron. in Samsung included fourth XX% Toshiba, the Our

of an margins margin margin XX.X% unique from Yves. been gross product XX%. gross Absent while fourth XX.X%, margins about quarter within due XXX high for as items margins of our to the third range previously increase basis targets by the gross end The gross the exceeded XXX and to the of margin gross would items quarter, quarter, at was discussed service third the XX%. have increased fact from our higher QX the drove Pierre points Our to basis points these

be or we normalized to quarter margin of level guiding first the minus X%. gross the QX For plus or XXXX, XX% of are to similar

track XXXX on for an to quarter year. year acceptance increased a revenue benefits OCD due our confidence from continue The up growth as full well of expenses and the XX% at to these profitability of of combination software these gross cost that meet target third our us of in X% solutions. the higher our and the initiatives, mix analytics based compensation of and variable as flagship the QX on the remain XXXX, to initial items range higher our margin improvement were systems achieved performance at gives to of model the our came guidance we see volumes. high-end XX% million higher For will projections $XX.X primarily and of overall operating we

For year will minus plus and of amount QX million by the $XX are XXXX incrementally million to of or the $XXX,XXX, we expenses half range step guiding this through second operating up the year. $XX the

year investments always, and business we'll accordingly. progress we our as we As our through will the closely monitor adjust outlook

for expense quarter was $X.X million pretax the or Our non-GAAP tax XX% fourth of income.

Our as a the impact the difference actual basis versus value, the the between equity on includes employee of as of with expense initial earnings settlement tax benefits the taxes associated transition the non-GAAP well Tax our income approximately for with share. the XXXX, On Act. Reform non-GAAP XX%. quarter expect was basis or tax associated fourth $XX.X per in the decrease we an million to Net rates ongoing $X.XX grant

product and flow end with over million. quarter. the from for questions. I'll the $X.X turn free the operations quarter million price fourth that, cash balance of an for call Turning of at XX% And in total share six $XX.X used Cash repurchased Inventory repurchase which XXX,XXX per quarter last a repurchase days. million of $X.XX or shares quarter stock program. the at up our reflects record weeks to $XX.XX to of to we days our shares price and average million outstanding Through sheet, an deliveries, Monday, of completion per bringing at an Because level $XX $X.X XX third to share from of share. million the the have to $XXX the February $X.X was X,XXX,XXX of investments days us was per of flow X additional to million $XX.XX decreased increased $XX sales and decreased average timing the Operator? cash million the XX

Operator

from question first Ho, Stifel. Patrick is The Instructions] [Operator

line Your is open.

Patrick Ho

to and Pierre welcome and forward. going good Congrats board luck Yves

in buy First two-part how one to to obviously production. support for place customers manufacturer. see of because starting you local there, of a the much win to are lot multinationals. And more do in guess about that is you a the infrastructure growing need the community of how terms the demand vendor will question in more meet talked But to that Do been with how local you I you guess see secondly, XXXX. Chinese do starting you market your of do that part environment, vendors emerge? China these I spending indigenous environment you

Pierre Yves Lesaicherre

Yes.

is the bit emerging really working to seeing manufacturers provide Kevin for provide of years of there. them with exactly to a a customers little what a So China related more who been maybe We has your local little Chinese question a building Inc. on definitely I’ll see color we’re but ask variety color more factories, to and bit variety

Kevin Heidrich

seeing sides shells the it, are two really fact there's and have in memory are There's put phase on to geographically in we shells the as China. well customers for of related that customers first to that new foundry that the in these for infrastructure we’re The China incremental as case. domestic the is going to new going out expansion across spread

the sales line, region. service factory a spending wise, the shell, we put to that build-up focus ramp. campuses infrastructure to Timing they do in shells new - and do pilot qualification local And that's and so new do the into the with and to obviously emergence have of need of

going is NAND think first be starting. these are we and to just domestic projects phase so for multiyear And projects the

So we next the see to I that of play years. out love think over couple

Patrick Ho

put of come a follow-up for your other are are question to R&D, or are hardware in bit the of that of support to portfolio? software, some you products you going this data it that I be Could kind development. And that solutions” “next-generation be hardware give going using the analytic increase they out for going be are they color understand are to of how is does of it product going need to of lot next-generation be items current little my R&D, in regarding

Pierre Yves Lesaicherre

of all in what just directions we’re you investing discussed. So

We investing in we're software, in hardware. in we’re analytics are investing investing data and

of analytics our the basis. of supports investment will principally a in the as software that but products, we’re a hardware product to on are far really platforms, have new us to entry the current factory. making new shift also to ability analytics hardware bit we looking platforms, where for software little the data working both a hardware introduce And platforms at yearly multiyear our as support data on other So the

in this want forward and So product an is with XXXX acceleration the to introduction as we of XXXX, that. introduced go XXXX, product new pipeline we

So longer are products time more a product. terms to take in international advanced will to some others some getting and deliver a of projects

new So, will all these we’re the that ability from XXXX fuel have - introductions way have really pipelining to growth product R&D the to our to the XXXX.

Operator

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

open. is line Your

Tom Diffely

when and the looking the suite that tool? marquee to Maybe just I'm the announced the what revenue just suite you going sell that kind Chinese is curious relative of of customer. you back OCD at on opportunity products versus

Kevin Heidrich

- that the of point right presentation we’ll investor we the to think intensity with. I the have familiar at that you’re table back

So there for well systems and they the versus choosing new incremental an for other positions between integrated relative so split. as standalone automated layers think of is in we And still - films we the as for I and in that standalone see OCD And obviously as we choose how amongst layers. opportunity benefit regardless customers develop CMP that split Atlas, platforms. integrated added we’re we the that see applications clearly themselves, both additionally

the point whole the to opportunity opportunity. you compromises table I’ll the intensity So think which NAND for XD really I

Tom Diffely

Is the that's it to same new to so trying customer? for up versus speak more ramps time these it's build mature the use the a same first if - customer do table you

Kevin Heidrich

little we’re window. ordering front terms loaded in ramp loaded front half - is the that bit obviously of on sorry a I think the timing - of

more opportunity, last wafer XXK pilot early the versus a that’s build out. the of phase So the they start in buy may phase shell of per the

first see in that the ramp factory that faster fab those some to and start hold up. early I wafer XXXK qualification. pilot We mature a may over think support So orders numbers

Tom Diffely

mean you now look that made, manufacturers? DRAM when you DRAM in all you the does at Kevin announcement tools the have major that And

Kevin Heidrich

No, opportunities for share organic force. growth integrated We and for win it’s incremental in gains DRAM. an still have

Tom Diffely

then that you And new been the has look to when last over and the then out high obviously software going some development, the business are when business. the look look the great driver where you biggest forward? couple areas fastest-growing What quarters finally think margin software you at its of are that of

Pierre Yves Lesaicherre

that. Maybe we’ll ask to Rollin answer

Rollin Kocher

Could you repeat more the one question time.

Tom Diffely

you of a curious Just and biggest software forward then think basis? business over biggest the going with you a what the more last be been is drivers lot the made XXXX driver know on few say quarters, in go has what software the do of to are

Rollin Kocher

XXXX things the in that the offer of the product new to was saw our on were that lines and features and able of you one to we announcement new SpectraProbe taken being right. enhancements, So focusing

the XXXX, So XXXX and we’re with on forward adoption that the continuing in been looking that and line. take with leveraging cases through particular at use able that develop and moving product to progress and

Operator

question Instructions] [Operator Tanaka next from Graham The Capital Management. is of Tanaka

open. Your is line

Graham Tanaka

a I just maybe view to or capacity the us how could will of of big you Thank sort thought this fab opportunity is? us end by by the how give next year, perhaps be of Chinese year you proportionally the just view the - of is. China adding that What of end picture you. do if what big of global bit think of a little share give kind potential

Kevin Heidrich

as all the out we we capacity do process goes don’t some color see know that I it’s focus of if driven have as think pilot right on mostly in much now. a line I where - companies

So fabs all and three need is DRAM in And there new going domestic China new production. CMOS NAND qualify in, is image factory in. new and sensor companies those Chinese of domestic their is going there there their qualify some fabs fabs new going XD to

the Additionally NAND foundry you’ll expansions. multinationals with and expansion capacity see adding XD

So we I that see think - maybe. opportunities

Pierre Yves Lesaicherre

what can versus our that hard is what represents is how estimate that have. to few they I with XXXX us the and Chinese from and will much tell announced in share XXXX. relative new you in and it But business we that in China adding doubling others very the these So a pilot wins capacity manufacturer have we've for China

growth this major So is for us.

Graham Tanaka

And year the what to size was last compares in China's China? that roughly what last year to - of

Pierre Yves Lesaicherre

our revenue. With XX% of

Graham Tanaka

XX%, Okay, thank you. great,

just kind Just of great also your doing shares strides give new the if products I'm what you what major years you. ahead markets wondering market what to gaining us even share, in the are rough estimate in curious it sounds years? might have of like you’re for you you're making two, a potential Thank able it to - few now. end in in and three upside next coming continue

Kevin Heidrich

share So think over and I segments in market we’re type Graham out segment. believe by leader of share but try we specifically OCD we the point to product don't and share overall with OCD XX% the

focus wins obviously but The other on share metrology, characterization other. is been of OCD other systems. the with is those materials the films segments along for gains and in orders for Additionally, we thin participate incremental recently

Pierre Yves Lesaicherre

position that very We reported that strong we’ve have would think and also in strongest be a our and position. NAND I XD

would Our strongest position DRAM. second in be

half first us year the DRAM to higher beneficial attach this in the in is in going to investments we particular the very rate be a have DRAM. increase of So because

of maybe So these other consider are some the response. in to some elements our

Operator

question of Twigg The from KeyBanc. next is Weston

Your open. is line

Weston Twigg

was services? what I it I for expectations bit are service the wondering give last might idea grew a year's. an if your what line quite of like you was XXXX, in growth look just wondering us

Greg Swyt

it comparable levels the to XX% is XXXX service So to expecting grow we’re for year-over-year. XX% about which to business the

Weston Twigg

I'm getting is off bit ask around million number a sort I I'm that up think OpEx, to XX%, missed around And a sure me XX% correct I wrong. numbers reason I wanted to right, this on I then and around up just here R&D a And said everything something? I XX make if seems was you the SG&A quarter. numbers if trying through I run the low, got you can to the leveling But that to do I year, too and of

Greg Swyt

that for first identified or our So is going first we $XX we million minus plus had the - range in half be half. my to around the had OpEx overall comments

$XX growing half million about to Second incrementally quarter. a

So R&D the do as get math able be if section, the the well SG&A to as you to you'll on total the overall.

Weston Twigg

say you did miss I that. around would or XX% Did R&D hear up be

Greg Swyt

year full the For XX%.

Weston Twigg

finally, mention customer. line in just a going is did then R&D out And to product or that tools new developing you

would think the wondering the be if last quarter story, that just or so there XXXX new be more I’m for that generator you between case product revenue I might suggested XXXX that still platform? a

Pierre Yves Lesaicherre

on the the if depending customer will end XXXX? It's the at customer, goes could in evaluation goes and the currently well I in evaluation it year, most but with how the be be of likely the of it think

Operator

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

line Your open. is

Tom Diffely

thoughts reuse XXXX in been give XXXX logic to a driver it's Just And a was on the talking years to whether with just going a there know of logic good it has but on a think past want are your now second about to logic side lot driver peers and half your in your nice be little lot pretty over Thanks. you a I I be of you to the XXXX. business, bit follow-up because of incremental going quick said know tools?

Pierre Yves Lesaicherre

increase to result year we as expect second in XXXX I’ll So high of logic and in and in the spending half start in driven the positions for a the months prior a referenced what leading in And half by relative a from balance us. time much is relatively my we're stronger prepared level this memory. to foundry our forecasting I at six remarks,

weighted others balanced the the second And between first expect first are foundry but and half relatively and who year more logic to in more a XXXX first half the less more weighted growth half between So backend half. balanced. see and the in maybe we can that half second the we are and

Tom Diffely

But did you year-over-year logic you, grew do for think?

Pierre Yves Lesaicherre

No, I it’s be don’t of growth a think major for to us. going element

Operator

[Operator further over I time. for remarks. are at turn no the closing Lesaicherre to There to Dr. this Instructions] back call questions like

Pierre Yves Lesaicherre

growth. for He I company. earnings what So before over call, at XX his for years appreciation the has the a Tim to want ending built strong very built Stultz this state foundation my

all focused excited at spending with joining very shareholder growth I'm value. of expansion. on next and several over profitably the us, to to create of remain you business executing today. this I, and and the Nanometrics be our growing our expect front of in leading to and support through next We achieve day-to-day Nanometrics phase years a employees call Thank robust to challenges in the for environment, responding incremental opportunities our of

Operator

Thank you. this concludes conference. Ladies today's and gentlemen,

disconnect. everyone. day Good now may You

Onto Innovation (ONTO) 6 Feb 182017 Q4 Earnings call transcript