ONTO - Earnings call transcript Q4 2021

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Operator

Good day, ladies and gentlemen, and welcome to the Onto Innovation Fourth Quarter Earnings Release Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mike Sheaffer, Investor Relations. Please go ahead.

Michael Sheaffer

Thank you, Keith, and good afternoon, everyone. XXXX shortly and after its results year issued afternoon this the Innovation fourth full quarter financial Onto market closed.

not the a have please is you received of copy If the posted. refer to of company's copy where website the release a release,

on Michael Chief Joining and the Executive today Financial Chief Roth, Officer. call Officer; are us Plisinski, Steven

company's of Securities objectives, always, forward-looking time. need to facts, harbor this and based today matters Any company's estimates, not I remind historical safe products, As that or comments statements especially future the consist the within the at are expected Litigation whether performance the of meaning implied regarding regulations. currently forecasts Private and judgment you of These on plans, information Reform Act. are best expressed the

is to of the assumptions Within wide range that be these company a reasonable. believes

not with XX-K as well filings statements be a financial of discussion no December will report presented ended are factors Thus, to Onto can results impact results actual currently expressly be results these However, to the uncertainties specified. Onto Onto that that described any statements forward-looking basis it XXXX statements on SEC. non-GAAP range do that cautions for that materially. are Innovation performance. quarterly Innovation's other must Form so. Today's and as Innovation's the unless Risk does disclaims update of to of year obligation our company future these cause otherwise financial subject vary may recognized in a guarantees the are

go Mike? earnings to can between release. non-GAAP the call Plisinski. today's over be in a ahead reminder, As turn detailed results reconciliation and and a I will now Mike found GAAP

Michael Plisinski

margins. XX% and momentum to into with the end the year advanced slightly from for from XX% roughly maintain the team X% straight year quarter. with over consecutive over of high business revenue in at a the done by device to this challenges, total looking to high and represented specialty for Onto range. our quarter. up projections from quarter, let's synergies in before RF of Good our these year. Revenue revenue, manufacturers the a grew great packaging supply happy quarter nearly We're growth quarter compound in of The rapid off XX% XXX% disruptions end year our Despite quarter begin a end our healthy markets, very fourth and the it few with and the a first growing growth, But specialty to Mike. our pleased Thanks, guidance, our expansion exceeded equipment by and in increasing This reporting third fourth revenue was up quarter resulting and and new from which everyone. afternoon semiconductor operational by XX% fifth prior the the expect packaging growing start ongoing and at pandemic increased XXXX, was global the revenue highlights has chains. we and quarter even customers eighth of environment unlocking and our approximately low of guidance operating quarter starting the the of the job new

of demand. of analysis is strong this and control and process software delivering our levels combination powerful technology customers Our to process higher to contributed productivity

to increase an to increase We especially estimated a factory see in heterogeneous example, opportunities productivity output packaging leveraged XX%. similar by our recent customers, for packaging. advanced our an As customer solutions integrated

leading delivered panel packaging, used lithography solution devices. into In and software inspection, supplier we XG for to technology StepFAST our fourth level by StepFAST, of simultaneously example, technologies integrating a our we a call the solution yield. we improved high-performance productivity For complementary and quarter, fan-out third

as more customers provide of to opportunities JetStep acceleration we of XXXX deliver against universal begin backlog. a we In We expect additional packaging, to XXX uncover see parallel to solutions heterogeneous to productivity precise million submicron single our our to providing resolution resolution The Clearfind demand higher XD meets system. creating reliability strengths metrology inspection accurate interconnect a and inspection these for metrology, in industry new and systems. Dragonfly demands by platform

In leverage of provide critical the our to these but not data addition, streams we automate just software to data decisions. critical analysis

a the platform Dragonfly result, As over year. revenue XX% for increased our prior

Revenue increased our market quarterly from in to Turning advanced nodes record. another resulting this X%, customers.

can in measure especially platform complex Atlas measurement XD transistor to faster required from gate is be provide magnitude the everything platform, optical most We down speeds be of for all than see orders proving It X-ray powerful increasing structures and FinFET to sensitivity to Our a Atlas we such intensity base capital at planar films. as for metrology. advanced configured advanced advanced logic, for systems. where the structures transistor around common

the capacity delivers in logic metrology in multiple and the In again, new the in this and support a nodes growth the for optimistic strongest XXXX. customers modeling memory in We've solution to software fact, metrology shown aggregating hybrid this our fivefold XX% metrology continue increase in of Atlas XXXX, in times With for metrology of frac revenue our quarter resulting in that expansions for DRAM our from a large revenue advanced additional XX% for the sensitivity we're provides Asia. in The expansions several data with sources. platform, platform node. to integrated quarter year. improvements combination will was several growth integrated revenue the advanced represented forecasting memory increase sensitivity X-nanometer AI in Metrology from into by,

to over Steve? will for the Before we quarter. for turn discuss highlights call I outlook Steve our financial the review our to XXXX,

Steven Roth

QX will some the then for by and results and our afternoon, with XXXX. start guidance providing I follow details everyone. quarter Mike, on first of Thanks, good our

had quarter. we mentioned, Mike As another revenue record

quarter. had In records fact, we company several this financial

was the strength quarter software Breaking record down The power XX% in revenue with strong sales revenue XX% XX%. Our last by the The experiencing last as the markets, $XXX growth broad-based quarter from the sales of from the up specialty OSATs. represented increase XX% quarter inspection million, sales up continued the logic guidance, by quarter. quarter. with revenue weaker in the end being high offset advanced devices customers and increased and the the sales over and market. growth driven previous of period advanced fourth revenue of MEMS markets node XX% was well were was same and our foundry RF, memory metrology, above as over by packaging year. to and which partially That in all

slightly Finally, software increased and represented and of services revenue. XX%

were chain increases and stronger margins the in quarter. both at We logistic by in continue and Higher software fourth offset the strong supply cost sales to third quarters. XX% gross revenues, maintain including

quarter. primarily to an growth on to the continue programs support due new fourth and work of gross to increase from supply plan impact supply experiencing increase of we're expenses the We is chain million $XX.X sourcing onboarding on headcount operating quarter and programs was $X.X third the The The in million, margin. adjustments. million the from to our $XX.X product improvement compensation variable margin mitigate

operating record We continued of the well our and since run rate quarterly quarter published a operating basis. our quarterly margin within XX% improvements on fourth a model long-term each merger margin operating quarter with

$X income to share and at earnings model guidance. revenue $X operating share. just quarter of of a income after to north the per operating increased per margins was targets XX% in billion, the power that of with $X.X $X.XX the end ranges also of the we million high model. in high of share published new $X.XX fourth net XX% per We billion quarter revenue $XX.X third closed long-term $XX.X the or or and of Net quarter, and above million end In reported those

balance with position the million We a to Moving million, the ended $XX sheet. quarter up of QX. from cash $XXX

our revenue. for million flow the of Accounts or year, to XX% XX days. $XX $XXX cash sales declined days million outstanding of receivables in for decreased Our And free $XXX we free was quarter, cash the to flow. million QX generated and

inventory million supply a and hedge inventory our to in Our the acceleration for disruptions. against of supply deliveries continued on against -- planned chain quarter as higher XXXX, increased sales chain $XXX

fourth to the in and $XXX to increase first from turning the of Now currently We range expect million quarter million. $XXX be guidance. revenue quarter to the

have $X.XX in as our are noted shipping the The our effective end revenue. revenue a of Earnings those quarter, revenue from share awaiting unclear It be revenue the or recognized those end systems affected deferred $X.XX by reset are quarter diluted being the systems. currently shipped and by lithography last acceptance our and per for between of high XXXX. systems, have guidance customer. currently which in is rate the inclusion of tax per several and we expected with to whether are of of anticipates the will partially range accepted lithography QX, As new be share

be to between margins also our and We gross expect XX.X% XX.X%.

margins we on during throughout will previously put new manufacturing discussed, the our production some gross our XXXX to systems due as inefficiencies pressure As year. lithography we ramp our

QX expenses, be the for operating back as insight are of I'll For Therefore, our other currently million. we're to and anticipating call turn range to expenses have first growth XXXX. increase taxes in support and Mike the in hiring plans into operating we the quarter first our Mike? remainder quarter million will $XX.X to additional And higher payroll and that, compensation $XX.X the operating reset. of the with in typically and expenses aggressively

Michael Plisinski

Steve. you, Thank

guidance core spanning These end also estimate to door We ability market compute, addressable demand. Innovation, packaging. tailwinds in project independent chip as across deliver and enabled of revenue from and outlined, Looking in device markets. additional and memory industry devices their serve over first faster, additional power leaders smaller solutions a Onto needed broadly next advances increasing At years. accelerate several in maps to closely sensing. This to new quarter. increase growing to manufacturing provide just $XXX advances markets at high-performance road will partnerships we DRAM as in increase new semiconductor opening an NAND and of substrate, value by devices number the expanding in new million industry, semiconductor the end the for while projected into being we are quarter capacity technology for Steve future communication, markets need greener. are should and collaborating see the over end the our chain Zooming simultaneously markets wireless markets technology well These XX% to both strengthen with the make the customers the manufacturing by we fulfill of growth process

As of to providing we suite is integrated metrology important our value mentioned earlier, our customers.

contributing NAND improvement complete metrology customers OCD by CMP Atlas of XD one we're more our steps, is at example, films This speed for a and high-volume of and production. view aggregating aggregation deposition, etch with integrated an again, it's process providing suited largest yield As to data.

For to XXX devices. expansions for XXX the capacity be year, strong with we continuing NAND see to NAND layer

ramps We technology to also the see above increasing and during XXX year.

and XG devices demand from Xx adoption XX%, over several Simultaneously DRAM hungry our to the prior device packaging DRAM expect the also IDMs. believe of impact as from demand elevated work by as year. year a strength primarily pushing mobile is at strong handset for markets, The demand advanced over remain customer grow see expansions, levels cloud server increase our number continued memory similar top having through home specialty the driven packaging positive this which solutions reliable and is solid-state in expect AI the being applications. for We NAND the growing up well in creates from on trend and we generations, advanced is we workforce increase Within will in the markets by demand and drives. memory

compound traction solid after the quarter first sensor customers each the with spending in see the do leading last sites. in strongly first reduction so revenue we quarter. see addition, advanced X We In semiconductor from advanced in manufacturing from X in quarter a in and manufacturers market logic contributed image

Our the positive chain quarter outlook understanding by for best reflects global shortages our in the risks presented COVID. first supply of

the has these been through unpredictable nature of So far, challenges. Onto team the admirably managing

certainly ongoing However, we and challenges not remain to are risk. so an immune these they

and least the first supply entire uncertainty, We a possibly will continue year. of half expect this chain, XXXX factor especially the at the in through to be

end several equipment look spending we year, increase the robust. for the across semiconductor we across see if continue broadly be However, continues serve. markets estimates we In to markets to response, all industry of at more demand

we'll year markets our products growth we well from demand a And feel As positioned the double-digit the with for questions. core your we Keith? industry markets, see now the today growth. solid appears result, another our industry. to that, it XXXX be new and call outperform in open will served are we for With for

Operator

with We'll question Craig Instructions]. our [Operator take Securities. first from B. Ellis Riley

Craig Ellis

about And start helpful. color the on to believe ramp? XX% on strong manufacturing persist would Congratulations And bit part million that wanted of the if and in something Or term then on something is the Steve, with the the XX% panel have pacing question. that by a the in it commentary backlog. 'XX, question guys. the could I there's to where you we impact more margin, rev ship backlog period there. I little in in provide near a through would that's is, might quarter that in any million gross that of litho, that of how $XXX through really rec being range. $XXX is very just 'XX X-part performance the impacted the and backlog understanding outlook, a the initial product The in be

Steven Roth

Yes. Craig, answer one So that I'll first.

ship shipping to see a only manufacturing couple going of we're the to of quarter. we're we're each think systems the several systems, I impact throughout going I lot not year. So mean,

that that year I would things a then as we on going get downs and in of I systems that's through to this I continue kind engineering thing, as a event go XXXX, at maybe little the the I side XXXX, work ramp, going going and million, XXXX some of be it they driven $XXX as into side it we buys be obviously as than said, to grow. as building XXXX XXXX, as a obviously we some manufacturing the we from mean into half full so of is as now. And of think, well well might margin year we quantity like efficiencies The as cost and better say, less and through it and think

improving impact of think XXXX, litho for it's So I the XXXX, in impact going pretty to on see then throughout our be the good the you'll business and business.

Craig Ellis

then $X.X for either billion target I'm with And model, or in longer-term team executive or in and to Mike. those and think it. target is is at a the should $X.X models, and points. levels and billion But with better levels related you broader some that about to anchored the sure question if underlying time billion, this Got the combining specific for time attaining over not Were the period? the of we drivers way those points WFE? different of team which the Onto looking How $X

Michael Plisinski

Yes.

estimates for Craig, WFE. pretty So is what we look at conservative

model introduced potential bulk new the where their can drivers we that know as the product So introductions, the we well or through consider we the through SAM at some is what of are tailwinds industry will we on in solutions where and based look customers create demand growth we have through be. that growth either as and the recently pipeline, needs expansion, But contractions. of the

that but So a a let at market, really control our don't you time the last look would more based have more want guess that set of frame is or trying have in and either quickly X-year models, we on drive time, sense. X minus mostly model to in a timing, kind on to that this and relatively plus don't reasonable And side, the industry what you to of, of the a bit little play. could this but makes we if be we're we achieved combination if

Craig Ellis

Yes. $X the certainly, annualized robust earnings progress first guide model. Well, is the making the billion of towards quarter's very level

with takes on about gross said of But for gives things litho. some that the Steve good margin you. there some and clearly, are So based panel

hop queue. helpful, in Very Okay. it. And the appreciate again, congratulations I guys. I'll back

Operator

take question Quinn Needham. next our with from We'll Bolton

Quinn Bolton

you got and expect you WFE us thoughts in well at it advanced again litho, the or my if XXXX? of in if echo the in mean good above saw on metrology. also you've which number just you rank do I might in tailwinds industry, I on Wondering rates you've will your for good you 'XX, in XXXX. not and segments rank like outlook. guys order, congratulations in it do of tailwinds us give business looks order fastest be to got packaging, the growing but that lines think sounds product results Let guess, me like growing a the

on So a of of kind hitting cylinders. lot

So how 'XX? growth you would the drivers in rank

Michael Plisinski

So it's be starting obviously, would would a the litho such have percentage basis, because Quinn, from a small base. from -- top

interconnects, So are products, some the And see to frac behind side. the the of the far the products advanced in see leveraging support the to for and I'm market. think, bumps the and the going the with in advanced we on to software. see dense the strong technology for traction wafer metrology, initiatives starting products, with I of going opportunities of From to node Clearfind real a we're but share that core we and smaller gain hybrid put we also with advanced can approach solution that that mentioned demand the the do the we're inspection, that, more million demand to Not much, demand with very AI just strong for that per the the the we the we taking $XXX to metrology, and strongest we reliability the new the approach path call much primarily metrology have need Dragonfly that too seeing some packaging metrology in not support have. interconnects,

really the the are platform, quarters. several CIS, which seen in Dragonfly X there drivers nice the on last some So including traction we've

going expect back continue a to smaller quarters, that's XXXX. traction robust X from say, the So and metrology last, to the an pretty quarters, that's as overlay be Dragonfly would in been into third -- probably next. growth even But in the perspective, that our much semi, advanced be compound we the would and going inspection packaging has well software. market. And Then probably maybe as will be the bring our a X I'd

Quinn Bolton

question with up XXXX. Craig's gross you that most sounds to Great. of margins. pressure would for on I like expect I -- then mean, obviously, going be wanted And it's Steve, about you litho to follow

you logistics the gross costs increases in flat through think modest in So year? with out, sort other and growth a the trend of COVID-related following hopefully, lines trough cost gross QX would product the expect during margin relatively Or year be in do margins to you that might lower quarters?

Steven Roth

depends. it Yes,

guidance the they the we is guidance. end it mean litho that's probably there. range XX%, -- the at. of kind they So north of -- I if of Obviously, accepted, the kind my without high obviously that's QX, end all low have obviously, up tools if margin of several get right? what's tools, It's bound we're we're of my

going to the depend tools would around it's quarter. So been litho XX%. in how say But at on layer we've I each

obviously, So the that XX.X% going the if in spread. be XX.X% think lumpy, year, be XX.X% throughout the -- And room is is that will we it if there to end. probably all is litho level concern different we're gets the be, to more a If probably I in litho to anywhere have top of an evenly it will have effect. somewhere a year

Operator

our take we'll next with Brian Stifel. Chin question And from

Brian Chin

dynamic? Congratulations maybe against linear a beyond quarter fair that sort customer your the revenue for there in Is that place and why from maybe ask way just out, get in us thanks it a and QX. maybe or Maybe X shipments. But the to of the should execution Mike revenue was your and pretty letting to for that recognition happens much acceptances put you on just that results question be in the don't happens asked. a and QX nice Steve, fine-tuning questions. few

Michael Plisinski

sure. Yes. Yes. That's for

Brian Chin

sounds drive there litho you really to next, substrate over again, to that are margins on And sort that looping room replacing inspection focused on a the months But like XX Great. up. will blend? then around software lithium that some and point Is the the is focus, and tools say, more Okay. Firefly the margin the it opportunity, back bigger obviously drive good wrapping customers? higher-margin of XX for

Michael Plisinski

are is focus. the focus it's other other, both say X wouldn't above I --

have opportunities And see for we to thing. We're organization we the So than X aggressively more both pursuing both. do areas.

So one. that pass nobody gets the free on

Brian Chin

will significant of we're a technology given release, bonding, still broader bit maybe your but a of backlog kind hybrid interconnect intensity vis-a-vis systems industry now realize the from question, density. your in certainly hitting on the I enables hybrid can impact a And But you are have years out press bonding inspection describe ways And adoption. ahead? it that

Michael Plisinski

metrology across say, bonding going When inspection the requirements. to a not coplanarity make wafers mesh and wafers bring about that's let's just think you drive or you're them of good don't shift to you're I some significant they in interconnect X just when Yes, X and chips. a match and together, chip, and talking bond, don't tightly multiple expensive they these but destroying or, enough together interconnects

coplanarity challenges advanced, developing, advanced as address surface is advanced surface sensors, be so future seeing shape devices. will going compared interconnects but in -- hybrid developing of just see more fairly and larger to these logic the these able the not of the roughness for now image some bonding we're are And technology interconnects, what what moves also in critical. in that we compute to the other be of to we're the expect from and to process packaging but which CMOS We're larger

Operator

take next We'll Company. the Mark with Miller question Benchmark our from

Mark Miller

of you component pricing that? quarter. on pressures are just and from your wondering handling what you very are me congratulations another suppliers Let type how add strong terms seeing of I'm my in

Steven Roth

-- think Well, fourth I discussion I we've margins. quarter mentioned about the in started my

We increases are being some seeing price through. passed

for thing a us I critical -- lead is think purchase we components, for big -- long we obviously orders. relatively the have

XXXX think We've of to little far. sure. do everybody we've offset seen I continue But for able a to going revenues So to that. for -- bit to higher challenge all be obviously been that's a for that so

Mark Miller

of -- number fabs. Are you there's a new starting

fabs next see X or year any see next you to early them there's Are are ramping in you think least year. late to at expect orders that or I starting year? new the

Michael Plisinski

slotting amount approaching and seeing our we I through us XXXX, For taking better understand and some, are the are sure, we're of significant taking we in And but see think starting customers starting wanting to backlog. to reserve we're for visibility slots plans XXXX. to to orders and don't continue

visibility focus I But XXXX. is meet improving. really making see demand the sure, right is that we in I for right now, all think So we the wouldn't sure now on --

Operator

next Steelhead Securities. our take from David question We'll with Duley

David Duley

million of packaging I backlog, of Steve, these with you've balance is I that inspection understand ship XXXX the or bundling just adding $XXX help metrology in it opportunity think I'm that's had and me software backlog? the and Is things be that other understand I of a mentioned, maybe that $XXX opportunity? tools half Could might this the lithography couple. you're impacts systems. what guess the 'XX. you $XXX million? the under reference lithography since in with the Or to of to it the another assuming for help million me might just total how lithography Or year kind million $XXX less?

Michael Plisinski

Yes. That's a great question, David.

maybe And -- for proven panel-level cases clarity. use some fan-out. so I'll we've add The color or

software to as we've after market applications, solution, a nice combining the certain market, challenges different. be I fan-out. the panel issues going panel inherent together lithography fan-out a with different level and are The going level to and XXXX is very described, panel solve So inspection, integrated developed the substrate process

And better understanding of to apply, as to bear components to commentary we production well said and think -- we of So for provide are can capacity. what what increased is big feeling from They're several XX%. have ramp other a to productivity bring understand these order well, process and although challenges, we'll the that, they're have customers. in a begin certainly we -- the the and these need increase technologies sure, pressure deeply But solution in we pieces at that's systems the and more it our we're not doesn't tremendous they're directly not XXXX will. Yields below yield for install of and we portfolio customers. for

David Duley

you I million, for -- So how guess, how is substrate much versus the $XXX the can the are the, characterize markets? Or fan-out

Michael Plisinski

nearly XXXX. It's all

So substrate for it's nearly the market. all

David Duley

Okay.

how about how get device us I hard far if -- then mentioned to carbide and your to And to of remarks or your help revenue how And just into that worked total the goes, silicon market. specifically is prepared you've which markets exposure power And as product in lines you are the the you could drivers was the as Okay. understand maybe sector? power exposure big markets. your revenue and -- biggest wondering then

Michael Plisinski

goes, the They're I think into customers, carbide, broad power, with cetera. high smaller manufacturing GaN customers' exposure but we have obviously pretty So for for pretty exposure as et than much as silicon projections far other our growth.

-- as well IVS that product be the we And metrology in software, would several adopted. serving customers primary inspection as iVision have Dragonfly Our also lines those which X customers. power bring The together or ones our our are overlay the systems. then power

on share a is XXXX. basis market it's So opportunity be decent is gain projected in combination standpoint, pretty percentage power give little smaller, it overall, from specialty a do a technologies, of will us year, this we bit growth a a company that But have and And in compelling the devices we to strong AP. think market. and

David Duley

double one also market digits you would for you overall and think outperform mentioned I mentioned that. grow me Final Okay. I Great. you would WFE you thought the that that is, think

your WFE I the range. So the that you that what whatever a is revenue will I'm think figure of out, wondering should guess XX% is a kind market suggestion grow XXXX? grow bit is WFE above I'm in to faster. trying big

Michael Plisinski

vary Well, call change till now. last we've and we've the lot, a seen since estimates estimates seen

XX% X% range. So to was at point, that it

high XX%. estimates Now as as XX%, even we've XX%, seen

range. somebody in be that is -- that their So estimates, feel going if range we right somewhere would to in in where outperform is and confident we still

David Duley

Okay.

just to to, to that's of the rate down, just if but outperform think I you WFE don't just the XX%, say of pin market can grows? kind -- range you So you increased say, let's to -- that roughly what said. we've want and understand you where growth

Michael Plisinski

Correct.

Operator

We'll D.A. Instructions] our Hans from Davidson. with take next Chung [Operator question

Hans Chung

Congratulations on strong results and outlook.

a have I So couple of questions.

First, I on topic. up lithography want follow to related

is, right? then customer, So you million, the have clarified customer. the obviously, I think, $XXX as first already And third the for backlog for

what -- that forward? -- revenue the how kind a like benchmarked is be say, to second question. million Will opportunity the and going question my for of opportunity forward? good customer going That's that be is guess type of could I So third revenue $XXX

$XXX So that million within are actually. several customers,

So to it's production a manner market. the to our being of X ramp And timely capacity ability production not meet the all in needs by ramp really constrained to and we're customer.

of customers we I'd in to in up say, -- $XXX So X million, varying have, them. all they customers that to levels X yes, systems have that maybe and assigned X that bucket in to

Hans Chung

it. Got

million right? of rate like of basically, going business $XX type run sort So it's forward,

Michael Plisinski

depends. does pretty if years the forecast on of be disappointed would well aggressive it run be share above probably million now and We've get we seen that I a depending could was $XX out business several It what going XXXX rate. the overall that. how from

Hans Chung

Got about it. also color you the it. the right can now backlog And question provide is, versus the next a exiting lead and quarter time Got some ago? XXXX

Michael Plisinski

or Specific in to general? lithography the

David Duley

general? In

Michael Plisinski

and obviously, So lead way time we are it by wide chains product lead from supply range And the product have and a lines with times perspective, is, demand varies out. a of where of it line, course. pushing

the inventory that we customers been and their can we early trying meet we've on the ensure actually and purchase slots have hand get enough to build to demand. to orders the issue So

range, now years. I'd XXXX. at this rough to for So for We're it's a almost -- it's from litho, X X And booking over now up point, X say, months.

Operator

queue. Sheaffer would for I turn no further conference like to remarks. in back closing this or additional At any questions Mike the to time, the there's

Michael Sheaffer

forward up sure you it's everyone, appreciate a time Great. us joining the catching we'll for time some your Thank for we'll X, We to to busy over quarter. wrap conference we the earnings, you, many looking call and know throughout I'll Keith others today. with With Stanley that, be turn on the of really at up. catching I'm today. and it back be up Morgan to March to

Operator

Thank does your conclude you. this participation. We today's Ladies appreciate gentlemen, and conference.

You may now disconnect.

Onto Innovation (ONTO) 9 Feb 222021 Q4 Earnings call transcript