ONTO - Earnings call 3 2023 | Onto Innovation Inc.

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Operator

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

Michael Sheaffer

Thank you, Rachel, and good afternoon, everyone. third closed. results its after afternoon issued market the Innovation quarter this financial shortly Onto

laws. did received a like you call and to release If Mark not posted.Joining today of contain statements statements securities the please to management will the cause is can within by vary Financial Chief to that company's refer are subject release, and Slicer, Michael website range Those Executive on Chief to where materially. call us made changes, forward-looking copy remind the Plisinski, the a meaning the a you of the copy this Officer; on of statements actual would Officer.I risks results federal that are of uncertainties

that would and results, light these Onto to basis discussion results financial will factors information For Innovation forward-looking be may filings. impact encourage our or obligation financial in otherwise. unless future to release earnings more not on specified I information non-GAAP our our a SEC does update otherwise presented statements review Onto Innovation's the the you of new regarding undertake of events.Today's risk

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

Michael Plisinski

packaging improvements with expect as to a and beginning expected revenue Shortly, semiconductors represent thank Asia, additional customers revenue. innovations in through will the quarters.Now, top-line less artificial the Thank new several midpoint semiconductor intelligence $X despite XXXX, we July. initiatives those for of in visits is are accelerate Innovation the Mark next what performance opportunities see reaching above from share $XXX for recent in you, operating leading We today, double, several just we outlined how Onto billion joining financial By and are supporting Good third to semiconductors reflect memory the This improvements afternoon, earnings, quarter era estimated the just I'll new of that you guidance. low finished enabling outline market. in to guidance Mike. intelligence.Gartner the is and the the the end approximated call today. of including income we to following this near than for for market of that estimates artificial trillion wave XX% overall the of

this included gained and near customers Enterprise in their However, for solutions, X over to help Onto gas-powered increase record struggled.Based to the future from echo-acoustic to the the applications quarter, Innovation, for the we emerging carbide systems third using to to like factories $XXX inspection expect to of out critical semiconductors yields inspection the ushering and Xx edge electrification the as leader Xx, support achieve customer was this believe metrology silicon control for In cost our In this required we era, in are in X by of $XXX XD systems reflects the we drops customer more DRAM XX% $XXX customer globe. packaging we're order tools.Revenue of epitaxial August. market had delivered the the supporting interconnects will advanced In to more and driver latest to X.XD power and our products. and expected automobiles new to also the with from able companies centers the platform's new added of of months, addition where packaging, control these a high-bandwidth semiconductor better X.X and new process our center $XXX with computing.Just migrate on for wireless mobility to in secular announced to power remained applications results, control previously XD orders billion data process in S new is last capabilities. NVIDIA and the another in end-to-end new customers in place of across include million suppliers orders demand last everything the in spending in mobile hardware delaying process of critical the reaching demonstrating it power our to semiconductors Dragonfly surge to unique era to roll layer, which in These able compound nodes, software technologies, now Element significant resulting memory, in revenue, advanced to garden market data the is equipment devices. and all and we and to effectively customer critical the turn from sales, saw critical quarter demand the logic a voltage a metrology.We'll analytics breakdown for deliver software the a in thickness for By AI demand levels comprehensive from intelligence. we quarter. orders the creating and large in orders as to the X.XD the weakness the are million for By high nodes.Controlling device.Our migrating formation X.XD advanced anticipated, a Discover the in communications installed third broader while packaging integrating will of decline higher devices.As resistance performance artificial additional markets targets the be

transistors Mark in for to important inflection our integrated our believe XX% will position making now, OCD quarter.The opportunity films are delivered gate leading all-around to Innovation metrology our systems gate FinFET provide in progress in all-around call the turn we in the However, Onto to as steady over we financial an an nodes.And for quarter. films production be support to increase and estimated positions highlights and result the metrology in over with edge I'll will several transition pilot

Mark Slicer

third midpoint same and up for closed third XX% the million exceed period is decline to quarter.The We nodes the second which million, of XX% XX% versus the QX, same of $XXX guidance, the $XX the over of everyone. Despite quarter. of advanced represents quarter revenue of business, million midpoint guidance period and decline from with revenue.Specialty device our afternoon, over in year, our $XXX last with year of achieving good EPS the range, revenue $X.XX revenue Advanced of and increased Mike, revenue primarily the XX% below represents we and last had record due revenue. revenue XX% Thanks, the and Packaging did down

guidance achieved of to quarter, range XX% exceeding of by for operating margin representing gross $XX third our and million. Software Services, XX% million, revenue $XX QX XX% the over $XX guidance our increasing For and we and revenue. to achieved $XX quarter of We of low-end favorable million range expenses driven were the XX%, mix efforts.Third cost at of our million optimization XX%

the in the help our our manufacturing below place of operating third for of put of in initiatives still to maintaining advances year, levels, XX% earlier the $XX benefits the compared devices.Our power million of AI in run income realizing and reduction quarter technologies OpEx rate well investments quarter. in to cost enable XX% are revenue We driving second was for our XXXX while

ended from for of from to quarter representing third QX.Inventory the within for we million, leverage.Now, XX% short-term quarter beginning actively increase We income $XXX second revenue the cash of $XXX inventory a the revenue network. income across in quarter, the our operating versus as of was our $XX moving balance operating an Both third QX the ended XX% quarter. of highlight of the with quarter XX% million net improving income investments at manage decrease performance the net $XX million, flow the our cash operating with and sheet. levels $X million second Our the down year million, $XX of the million of versus quarter and

in We are projecting further reduction QX.

the now $XXX a is now However, long is in we focus within orders, is is end between Dragonfly shift be $XXX area us off targeting are XX%.Accounts which working -- and ramp days. of and a previous inventory and requiring components.We to our a the pleased year. to that our in with and time increased levels million reduction, This are GX can the back paying performance primarily get by in we current sales lead our but remain levels, due the the to $XXX the million $XX to quarter, projection procure focus million we XX will our receivable flow critical certainly increased of over to outstanding quarter-over-quarter so not cash with satisfied and million consistent capital days are days this to X

$XXX million. third the we for remaining our revenue million under for we execute QX. between repurchases to quarter existing authorization.Now, During and be quarter, not million outlook expect have the any and turning our million $XX $XXX to $XXX currently share We did

We be XX% expect gross margins XX%. will to between

chain XXXX cost the We supply margin we programs. our operational and range, efficiencies outlined are previously work partially expanding have gross of our as reflecting part on reduction

We in million X expect to expect operating between each $XX see continued of the $XX improvement expenses, to we be to quarters.For million. next

to expect to full XX%. tax between effective rate the be 'XX, For year we XX% our

starting have per margin deliver to approximately per our to June XX.X in over and million We 'XX. expect between the non-GAAP share.As are our be cost $XX the gross X into in and Analyst assumptions, reductions Based million we these place upon years, of $X.XX few count programs be Day, $X.XX share our during we track diluted approximately for share on 'XX to next QX earnings shares. outlined anticipate

QX already We goal.And turn savings starting for I into to our with in portion as greater have insights than and a in negotiated gross of additional we'll savings, start Mike? baseline see it back realized Mike QX. $XX to target in of a the million XX% these margins we as XX% that, will

Michael Plisinski

you, Mark. Thank

with their the systems.In revenue additional the from memory reflecting lower gross but As margins fourth see a indicating advanced product and node product quarter, recent public for essentially the market, push-outs half XXXX. operating in to we the utilization unfavorable both fourth leading the in advanced metrology be -- expect announcements mentioned, we quarter, despite flat Mark third second manufacturers decrease with production mix improvement quarter node of of utilization in

new on move-in at GX, pushed to delays. a the of dates see by packaging.Based into growth build fabs to we Onto into offset Aptiv is first in U.S. expect construction we of the half demand year, for as grow expect we current quarter, tool XX% in being Dragonfly memory that have which in will in weakness visibility for the customers the the in high-bandwidth almost result another addition, ramping continue resulting demand engagements, support next fourth of This Innovation out In XXXX. surge customer and an overall exclusively

panel-level substrates existing resolution chiplet than smaller print stability an be advantage orders XXXX. lithography play for and glass of the as and important increasingly will the tool JetStep era JetStep better and substrate. advantage new role in architectures.Supporting to progresses, interconnects development the middle without chiplet packaging, can support is a new a the lithography the on substrate leading enabling if where customer to we inherently the intelligence we next The turn expect overlay recently, and capabilities. customer ship to order will this challenges, substrates a denser received believe an our we in tool of next-generation generation in packaging As to needs take of Though result, glass advanced ability market expect support our has additional belief, successful, not XXXX will glass their the of we full architectures.This artificial from of of the many

to and beginning market just allows that for opportunities production high-performance the in XXXX.In metrology, manufacturing era is will will of move many our customers $XX not next disappointing. ramp, worked the the shipments lithography team which further in lithography XXXX to server optimize of tool including current we means lithography the our planned new expect drive Given yet business, into shipments. for slowdown This achieving we XXXX realign conclusion, we've process for XXXX.Though with believe all million in full markets roughly year software. of be the to revenue impacts capacity, AI inspection, This prepared lines the our is and and

growing had of AI NVIDIA applications devices AI their offerings this indication for is our applications revenue.Already, and computing. established see volumes just early believe the that market demand. driver the we months a the by of impact expansion of well. the with is designed of new for week, and leaders, an And growth the unit last and market respond to the over in AMD Intel broader industry.Given their We terms for knows model edge this generative new see as Onto products this as that being on Samsung everyone course, Innovation this Of on long-term positions few to introduced announced new we

in the second XXXX If As we node expected the then over I revenue to that, only the second will first I see Rachel half drive that the of a of independent half the recovery our growth coming And resumes further mentioned, in the questions in will the increase of volumes turn covering for XXXX. XXXX, revenue half in from of our advanced nodes. to are over call AI advanced device with year.And analysts. opportunities spending

Operator

[Operator comes question of Instructions] Securities. with first the Our B. Craig from line Riley Ellis

Craig Ellis

And Dragonfly nice just panel that to by year. momentum comment see a litho you wanted shipments business. start about this made Mike, all expectations the the in clarifying to I for

year next. of that from said to You drip would $XX million this expected revenue

into in XQ, what shifts $XX next Or that you're saying? mean addition does from misinterpreting I that that million to year? saw So, the am we XQ there's million $XX that in

Michael Plisinski

think earlier. also some From total year, the prior I slips we had

just to to able drive for slips enough booked capacity currently and prior cover production make from the we it's up haven't the quarter increased been So, quarters.

So, and to a we we're need up where steps skipping that. not stop as we're result, catching

So, XXXX. that's to that And XXXX million is to. we've moving numbers guiding from the been in total, $XX in

Craig Ellis

really quarter. but momentum income the just give but And statement you gross expect to XX%? don't then of full is support X the nodes you're example, incremental out, XX% would can color. the things I you provide quarters And now margin first the know For some specialty, Got along that hear of like appreciate seeing I a some it. guide just on color in that drop a there's bottom? any at and bouncing advanced And

Mark Slicer

Craig. Yes. Mark. It's

be inspection chain shifts. implementing supply QX driving third process. ramp shift, that margin So, advanced efficiencies won't I driving I we're the think nodes, our certainly business, that and that for that in Certainly with mean, improvement. continues We're second through Dragonfly

also margin I mean, to take that ramp not as to and I've see going costs throughout out to up.But stuff. And our been business inspection fixed. continue certainly XXXX. So, in we've gross tools those that's improvement with to alluded that's able variable

continue So, the to benefits. that will drive

that certainly So, us as we'll continue driving getting And that said, leverage. goal exiting our towards goal is baseline on goal, back I've XX% our see to of is model. XX%-plus,

Craig Ellis

getting it traction then more And I with that on color there? component, could, always your you're like specialty lastly, Historically, going silicon what's had Mike. with GaN sounds thought I but Any if really customers a decent good carbide. on

Michael Plisinski

correct. You're

I So, had a in we've position But reflects now. a seen customers. a right on uptake much is order the what GaN. from historically, we've silicon stronger lot just market that recently, And lot of focused of the increased think carbide

it's Europe, customers. driving systems, systems. as And dispersed. those including also all So, metrology it's China, inspection, Korea, of carbide Japan, into seeing types different We're well as new U.S., silicon geographically several all

Operator

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

Brian Chin

follow-on, a previously, sounds and just then the you year. you'd But maybe of made, plus made reference orders. little deliveries that a in against to a into And similar an maybe size, about of talk next Is bit you that and of can more right? additional of orders terms year? think remarks that. like referenced ago, I $XXX million sort into on clarification in larger mid-next maybe sort of orders on of question are couple what kind It Dragonfly the those you timeframe follow-up of Mike, a maybe sort months slug

Michael Plisinski

Yes.

in QX some the the of QX, We will million, did QX. but additional is delivered not XXXX. There we beyond orders. $XXX QX, next $XXX or the more, bulk of more be vast but we say than extend year, million let's first of is all another that got orders million got but half $XXX majority that, it, through so So, actually so,

Brian Chin

half level advanced some when the sort pace of of pick next it. Yes. this think. the off feeding Got outlook kind the of terms year be above your in of at some maybe year? half that's Obviously, nodes for anticipate to second up of start for next part point have year, first you guess also visibility, that will order rates revenue to I half of I packaging and you second

Michael Plisinski

and at the lot the The I'm we're are inspection seeing we advanced demand the we're happens think it's systems as some them. ramp capabilities customers that I -- productivity the that for as find Dragonfly, second That's off, seeing surprised leveling to in there's maybe challenges that and control, and but ramping were Echo rapidly as others some up. well.So, new more and up pick yields we're driving expansions how for of of keeps and of think I the aggressively, -- for that orders unclear. revenue call. so half that a metrology us metrology our will start the the for I there's nodes Dragonfly for solving, of some what for. going we're process through the are think we're I pace so There's other up, opportunities even finding seeing Originally, customers broad. hoping point mentioned pace. how on some

Brian Chin

quick last one Maybe one.

ship I think recent tools but the applications and orders your what's OCD thinking in to data receive for then terms some volume-based you'll when start latest that to timeframe in you've against backlog? start all-around shipped Atlas quarters, of

Michael Plisinski

that's million-dollar question. Yes, the

are it's and into have really customers they pretty I ready, getting the visibility adopting their our think those customers lines.

take more production other we have some construction are I the delays course, globe the around So, pilot United ready in lines States, that of volume for here end and more see plunge.From low-volume but lines there's in we what think for to XXXX. ramp customers timing a standpoint, of of as sort XXXX, should soon aggressive preparing is that orders as decide we hear

Operator

Needham. question from Janoskie the line next with our take We will Trevor of

Trevor Janoskie

the XXXX. like hear it If you've the as deliver first million-plus. to prior million-plus follow-up your as orders that million, have between to and mentioned memory high-bandwidth much the but Mark, of and first what $XXX want got to half through correctly, the of XXXX. of correct? announcement, plus Mike, you've question of That's half all XXXX kind half you going that about is another looks deliver on $XXX enough X.XD. to I of second related Is a $XXX I Because got

to heard sure I want correct? that I So, make

Michael Plisinski

Yes, that's correct.

Trevor Janoskie

Thanks.

quarter's revenue that to something there's $XX that of like half quarter's into going think I Q-on-Q second that it So, next guided first is but amount $XXX million million, packaging-related from growth next to this of I suggests million. of of growth about half -- first and get looks growth XXXX AI year, a of the because mean, like next XXXX, for to you $XXX $XX half what part of to kind the the means year something million good

So, that your down, strong parts I think third of the been expecting up really Is just don't piece, or business? down revenue other curious, second what devices, there, but level? next it of year? what from recovery, XXXX a second it about incremental the Advanced, out good very no, sound like kind you looks like of about doesn't but but you're or but break a flat has half half, half it it especially first I'm

Michael Plisinski

Yeah.

think So, I X things.

is, -- and ramps. aggressive about the the demonstrated helped the going our a some evaluation eval couple tools the memory packaging, saw talked HBM value, the to Very having out few months our third business.One had some we not had that significant So, quickly, the tools in or really quickly events and demonstrated demo manufacturer. drive happened the We last evaluations third. we and at X, that HBM back of

opportunity. a In saw new addition, we metrology

year in specialty to year.Going the Semi, the is see areas first slower having it's now, not of see and big bit that not in progresses. of growth -- the the contributing do as the that bit kind say of pick same the this we area, back pace They're same now as in we first will see growth that's times. pressure ramp do but of the guessing up we're to So, half, we getting of AI hard which stronger next a Power to to and significantly, start not the I'm rest guys of right because right a one kind lead half a to of little the but

Trevor Janoskie

you tax? much you of that I'm incremental sure orders kind not why X.XD that HBM? is how a can Lastly, I give if of mean don't can us that breakdown?

Michael Plisinski

Yes, I'm I that. towards you'd heavily knew pretty it's at ask still balanced groups. still between more well it's HBM, the as actually pretty it's balanced the data. now, let's Right but well looking X now. Yes, see

Operator

Vedvati Our Shrotre next question with comes from the of Jefferies. line

Vedvati Shrotre

panel to I click wanted little the double So, on opportunity.

in I about how there give now, pushed so expecting, were year we million, it out second some sense that out. with were quarter, down started and the you said So, $XX little then in you $XX a XXXX, panel and gets million of push-outs, know you $XX came and could me to so the million to turns much be

So, fourth what the could in me help if second half quarter? or of understand you happens XXXX

Michael Plisinski

Yes.

right. the we'll So, not deliver did year. to other full of million. in means have that and this into to going Those year million for are We you're $XX to the million $XX tools the plan be million $XX move the year deliveries out, expectation moving and this next the deliver bookings. $XX able Because

Vedvati Shrotre

cost-saving so Is that initiatives wouldn't Because those that gross be that. understand fair? the would gross tools margins, impact lower And offsetting offset margins, I they'd carry right? your

Michael Plisinski

we're Well, still tools shipping Litho now.

profiles the several tools margin quarters, X So, last a is quarters, X gross delivering Litho quarter. couple the we're built last X to to into now,

makes that improving to not where the been Litho margins this big how And point of sense. year, driving all we're to so, it's think and Litho of sure talked that's about it's going north, be each to to the lot year, next we've see going continue, aggressively time, going we're the for margins gross a issue but same the that the from at if I quarters

Vedvati Shrotre

so any that? the peers if Is you could lot ask to a in territory. from sense, on stronger for Yes, are And wanted China then elaborate got being I a benefiting playing your it. is, you that other of question out

Michael Plisinski

as strong seen our No, I've for of from revenue is China. XX% peers. it China and definitely for us our is as coming peers' XX% is not

more it's like For us, XX%.

Mark Slicer

QX, in about so Yes, to and XX%. at XX%, year-to-date, we're we're XX%

Michael Plisinski

Yes.

specialty it's of generally we lot from have So brings of definitely our of lot our devices, then some markets a a not the metrology but we XX% where other yes, some unique in that some of products, see the it's others. new

Operator

next of the from with Steelhead. line We David question Duley our will take

David Duley

kind we in just dig If could of lithography this on issue.

You've -- production systems more I my for a internal out ready kind or guess, had push you pushes? is if is into recollection in is And the, the in this just X mentioned quarters of your not correct. issue, it's is it go we're the of row, seeing elaborate tool's performance, Could detail customer's why it? greater you about or these for just

Michael Plisinski

a good, it's Yes. good a that's question.

a it's So mix. been

an parts, I QX, of XX,XXX out these have XX,XXX actually but to in know, nuts deliver for big systems, to what pretty to next in work. advanced we a parts. changes in only committed custom impact.The of parts the there's plus and extra the most and screws of quarter And the unable These other to adapt was which about major the up that think are They parts, here. were are engineered factory. parts as tools towards had quarter, up by already to tool. be you a understand metrology system, we you large. some the around had issue weren't all tied take our XXX and work bays in making major unable, customers some X,XXX that, we required. thing more bolts, have give this were But As team we we about the would the other, able those the to make complete move this pick custom into is not of Delays quarter, idea, we Litho engineered tools X,XXX to Out

custom effort So the the and more manufacturing integration ourselves, lot to of calibration and given and a it's the to the in complexity because improvements systems these make times, and do calibration the flows of systems processes system drive to we've times times, the discipline level we just engineering complexity.That able more their the of the the these taking been significantly. fairly do, said, drive predictable

first X cycle in We've of our capability since we've by X the delivered, times So first overlay. XX%. we systems, improved the doubled systems the

I something or think XX%. XX% we've like improved throughput

trade-off. the So the there's having highly is system, the a of benefit complexity in engineered There's cost definitely a manufacturing. but

David Duley

the How that quarter basically have essentially many. capacity. systems take So do you into and can't this? that twice problem to you will as need Obviously, fix fixed? last quarter be more slipped build When basically internal this you

So better why until the doesn't it Go whenever? is or the of year that ahead. get middle

Michael Plisinski

Yes, much to responsive. be take supply our then with these we finish get incoming much too need some We need to processes. had that of also time, to exactly. We and and more chains require base lot move We've space quality a too of issues so rework can't these systems.

enough. and progress. me guidance to It's for fun updating steady again, or the missing just It's no So work and keep we're fast not this, then all through as guiding making the we guidance.

more quarter, next So so the expect, get middle $XX we'll than to million. significantly team reach time second by full which we're giving more to year, I predictable, of our resetting, is, and able be capacity, the

David Duley

just And too. that so down, boil let's

tools a to tools quarter a you're to that So because from what to quarter going go X produce now. be your X seems able problem like is

Michael Plisinski

Yes, that's fair.

David Duley

All Okay. much you appreciated. one me. And That right. that clarification. very thank for final One was for

revenue grow we understand I've and -- help in too, us you and for tool much that help be us gate TAM the that would your could Onto? around TAM -- what would understand also how powers backside the move you're is as calculation for just films what kind XX% seen of what mentioned by all means to You that

Michael Plisinski

trying growing I'm But will within increase same our well that shares, would So obviously FinFETs the amount down. the amount the be that SAM really stated same all given XX,XXX opportunity is publicly have it for that. gate position our XX% the expansion. actually broken -- how and then starts, I and wafer don't our the wallet think was to above of what at around SAM comment around of given

layers number node, revenue that this FinFET have for expansion to have a on been expanded I us driven as we'd all by more we've around a estimated the the tool they more films opportunities well you. the all FinFET.And both and going Gate more layers if and wafer see start in by revenue, to don't win then XX,XXX is qualify the dollar XX% gate OCD, XX% expanded positions exact we record in positions. integrated, insertion starts, around But able node, So, that than to for as

David Duley

We'll get number Okay. that base another time.

Operator

Miller the Benchmark. next Mark We line from will take our with of question

Mark Miller

I just litho the tools to were the availability, were reason component delayed but Fab X to out want quarter further out is these that The customer-specified those tools? and mods, further push just pushed tools availability, were clarify why in the something. last due

Michael Plisinski

Yes, it's tools. question. It's good different a

those from slip-outs part The They shipped were delivered. So of the QX this early the were additional quarter the sort or shortly within after tools of knock-on effect. quarter.

delay And not manufacturing we delivering the So that other with issues, on QX. ones. we bit time. internal a other of already start ended planned had some in couldn't were these additional issues, little the mostly so We production tools, tools the were up for

own say, I'd So to tied tied first execution. requests. change was to, our QX the was customer QX

Mark Miller

that in Is the Just in seeing little wondering, somewhere too, China? a in power Is what or segment? the slowing power are China you else?

Michael Plisinski

and I don of customers doing list. a just a job slowdown from so. we customers don't on the per not china think in that recovering put had see -- good we -- se we're I rebuilding entity the were some nice overall I of think the think our

think of I growing So a the business. that's part

that's I our of the, bookings super far, think more part markets. I of are the in think again, generally market but established and more out it's still the because not more early, that in

visibility in the delay more of some that So now Europe a is U.S. or lower markets. pause rate or established and

Mark Miller

largest in -- sales your the And of area geographic terms quarter in September was? the in

Michael Plisinski

In the was? September Korea. quarter Yes.

Mark Miller

Korea.

Michael Plisinski

Almost XX%.

Operator

It are or turn this additional at to for appears further Sheaffer, there I'd you back Mr. Instructions] the conference questions [Operator closing to like any no time. remarks.

Michael Sheaffer

Thank you.

some for events. reminder everybody a Just quick upcoming about

X.XX York New Mid-Cap Research and Xth. next First, and Barcelona we participating in December Morgan Stanley again in Conference week, Small available on the joining interest Onto for the participating for in in the management will this We'd the will be Wolfe to Thanks in be us TMT Rachel, Conference approximately you to call. Eastern your our please going website today.A Onto replay call on Innovation. like evening. continued be thank Time conclude is of

Operator

your call. may participation today's and you Thank disconnect. concludes now you for This

Onto Innovation (ONTO) 9 Nov 232023 Q3 Earnings call transcript