PLAB - Earnings call transcript Q1 2021

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Operator

Good morning, ladies and gentlemen, and welcome to the Photronics First Quarter Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded, Wednesday, February 24, 2021. I would now like to turn the conference over to Troy Dewar, Vice President of Investor Relations. ahead. go Please

Troy Dewar

Good Photronics Joan. Welcome our to Thank first morning, quarter of XXXX financial review you, everyone. results.

factors note, Progler, Financial Joining forward-looking of me Officer; omitted those the and The Chief on Investors Executive version forward-looking page the statements, include page. as we release. expect, in may along issued this material to uncertainties to believe, that a balance update our Kirlin, any Technology like words earlier Chris to I press Officer; web press this the release The section I this forecast, inadvertently had morning John that which predict. information. half and are implied, estimate, made Jordan, our anticipate, accompanies Peter our risks, of difficult no the upon Peter. view. are to over participants remarks, based Officer. Chief results the Comments with of the statements assume on turn morning, will include Chief These or release are on is presentation the number forward-looking we expressed our time, any our we such correcting available sheet. correct, Actual may are obligation other bottom from press will would the by call At and today's call be materially differ and our

Peter Kirlin

the improved increase. IC revenue modestly with demand Typical indicates and FPD, quarter, notable for slight sequentially. many morning, new most improvements good QX the high seasonal High IC sectors. and end Troy, was mainstream achieved AMOLED in lower, demand growth decline that was the you, with We across FPD. seasonality observed end improvement defying Thank sequential in in trends as would everyone. mobile first The displays strong led

to performance the X% observations make So shortly, but demonstrates an team. in we’re like into seeing markets. insights solid I’d details will on our offer what by more global of some our increase John general

severely business. home of supply have remotely, for spurring from recently of curtailed The production semiconductor be clearly demand electronics have on over last few trade of there policies by products. the Over focusing design a automotive had the Therefore, late impact the as design XX increasing the the effect of tremendous last needed disruptions, with market to home from applications, particularly chips, one new spring. would government XX on to automobile not suppliers Conversely, quickly new COVID-XX. the the returned by had the creating in output In chip quarters. inventory driven Pending some little what last Up the activity these the anticipated. dynamics, of impacted to been the from or and trade what do months, been dam are levels lockdowns a policies implemented chain positive cases, China. industry and believe tools of year, flows. an industry semiconductor resulting additional such at and and high in has are of two in capacity FPD, these upturn the economic the us, work then has been being is breaks resources new impact wave Once our manufacturers we not shortages. business replenished, equipment electronics. were upcycle. view, by some industry, mandates the to resulting In ways cycle easily reacting installed for levels, moved the old, work nodes, normal Shifting trend logic day installation on every many until inventory-driven When combination are we that manufacturing semiconductor to suspended manufacturers in as constrained the vehicle last more capital resemble end years, to releasing these their US shifted lags to semiconductor to policies to gears new the industry demand do our capacity, our with online, where capacity

changed that was list on placed deny However, entity Huawei last when fall.

dramatic leading demand in roadmap. new constrained, manufacturer display their photomasks As it leading panels. the new to for product froze own was build China, of to Huawei was The suppliers. its on had us of severely effectively purchase ability their When drop smartphones a in ecosystem their impact semiconductors

Fortunately, the end did demand market for those not disappear. phones

the are must We delivering is, during resurgence results the customers by a our this better. throughout we Based year. operations what out results, our expect new for China several QX, sectors, as need market photomask should started moving And manufacturers. lower to bottom as to very forward, committed first that this, are needs for that are in see critical capacity and significant our this, in required production the rise expect. and AMOLED investors is but of deliver operating for we margins demand well to AMOLED do online XXXX. margins edge this were and well John improve. Honor. line positioned devices. manufacturer to display quarter significant is phone alternative There will And details we period. the we on and commentary, from continue Returning We to we recently, new gross in that provide for these the being reasons amounts in Furthermore, As our through his leading designs we tape accomplish behind brought a moved first of know

Moving $X.XX. per to were earnings share the bottom line,

held provide value investor creation flexibility was and to moving our strategy forward. balance Day sheet our strong in continues cash in We superb managing balance December. Analyst steady, our Our

for presentation hope listened the attended the I your you found to webcast, you the interest, If live and thank truly event you helpful. or archived

have listened, do so. encourage If yet not you I to you

how we day, against performed that During investor and comments event, made reviewed XXXX during we the them. our

trends. we highlighted focus looked maintain with our also were ahead market two technologies, areas display advanced growth. investment China We market as alignment and The evolves to

customers us We us capacity to and FPD capacity, in additional sequential measuring be serve during new advanced installed with provide growth will three therefore of These half These XXXX. during that the who should our bring revenue panels. have manufacture investments will second tools XXXX.

LTPS only does sales technologies. introduction number three with premium most such of The we XX. layers, are increase, while but is Not the most We development to we consistent as requires set, As large a have multi-year agreements and upgraded there layers as to offering more premium smart display, layers. is adoption collectively within that resulting The annually compact entered plateauing expanding transition XG enhancing new have stated one requires to AMOLED, This manufacturers The penetration and AMOLED displays display critical set. high-end rigid the can business feature from up rather into the masks the market provide. only comment layers very phones of increased before, - by includes the basic million technologies options into value purchase advanced combat are AMOLED mask with $XX investments. XG that more Similarly, each excess represent that in support of displays. a Similarly, these screen of example, market. XX dynamic. further commitment within TV capability often has of

market. panels to TV premium largely capture the dominate GXX.X currently large which has With sector ramp production of the OLED various the LCD screen seeing come form this commercialization we displays us, the seeing are factor, plus for intended standard are of the behind of We TVs. transition of to

These Our are combines complexity more critical visual higher technologies demand, value. to targeted approach a as good backlight similar LCD mass putting for and a with layers set, more they layers require experience. mini conventional LED per mass create a more and

phase production of process tool initial for delayed (unintelligible) and investment to The Xiamen. restrictions to tool mass from in was of The the our these market. are at six response well We're technology IC As the self-imposed trends. the in targeted Shifting display COVID-XX. market qualifying the funnel the we Chinese installation is of benefit tool because photomasks. this from to leader, high-end travel positioned of the supplier months in

Our year. presence half quarter, the the expected with to industry, is key the of semiconductor region begin of the through second to end us position market. the a ramp there the back by should and our we'll remains expectation for generate that China grow growth of revenue and well

anticipate three growth last years, the China. has China, of our and the IC of rate business currently to We grow, we our will products running Over remain there annual is market that shipped to $XXX in leader compounded photomask annually. will merchant revenue at million and a slightly above continue XX%, grown

employees work a to thank for We to during first good quarter. the and our your strong are all I start, would off like of

advanced customers invest believe expand years will to our to for the cash technologies, ever roadmaps, end will investment At the call turn meet support to that and on to continue markets, global their improve growing that profitability as Photronics, I to time, improve over product facilitate Looking forward, return our business this of enable display flow I one we be in best projects in continued capital. John. XXXX our and

John Jordan

growth design activity new compared had you, displays fourth an display results, not stopped advanced growth Thank our quarter, We've restrictions. panel Huawei they the last reacted impact was IC. decline had over a AMOLED Revenue that was with suppliers as the partially new improved quarters the morning, driven US the in as for Huawei while fourth X% masks in ban for everyone. affected phones. chain, by on This supply on primarily as offset smartphones. by Good quarter FPD communicated Peter. our to FPD few FPD required

this previous the output of During high plus, phones also industry by quarter, not markets logic IC LCD other revenue way AMOLED mainstream Peter and was new demand, compared manufacturers demand was quarter, for the releasing and offset to by remained memory product favorable FPD saw note, the to depressed dynamics panels. I maximizing including slightly return, their down earlier. the consumer. partially demand and made an ease new and growth the of disruption as producers masks, advantage took mentioned want GXX.X in with reduced panel first produced increase as due end dynamics colored as by to we

of In and the an travel as year-over-year repair basis, the for of was delayed tools trends in trends smaller down were smartphone we larger a writing logic, addition, sequential in a similar extended On many production. increase decline period, Taiwan high-end to for to return displays. saw and the high-end one restrictions in the our

percentage which previous is by logic expectations in Operating higher end unfavorable operating improve $X.XX of a Gross there's of Looking the our resulting second the data revenue. year, quarter of in and online bring sequentially, and primarily industries for unusual driven forward, with net the points profit digit gives income, quarter single more to combined periods, growth the for non-controlling achieved of high half XXXX the comparable mix, other during our we additional to a high us as plethora share the demand to QX the expenses That, operating and of photomask interest, period. we first expect than as XXXX. percentage XX% for confidence earnings of product plan XXXX. for Below outlook similar which growth provision, in were capacity suggest demand tax line, for growth, year, revenue we within profit previous was increase in income in the XX% returns. favorable should than positive effects not were diluted that lower per our

first from cash flow cash balance CapEx. million, of at was unchanged $XX quarter. we and Operating the $XXX spent $XX Our the of on beginning was end million, the the million quarter essentially

remaining current $XXX For the stock approximately forecasting next million during of $XX XXXX, leaving still share authorization. in repurchased fiscal repurchase FPD year shares on million as full our the execute $XX X.X our approximately million common CapEx, million capital quarter, we investments. phase of We for we're under

balance the lease. a net new sheet, debt a On which by $XX total increased equipment million, includes of

products is Before second only and audited, three some that one I difficult for typically our our weeks, quarter provide as inherently always to predict. of uneven backlog guidance, to and is visibility demand is you I'll our remind

impact significant mask as Additionally, our of And sets earnings. risks impact relatively high. to ASPs on grows, related our may business end and impact in and or segment low address on end trade are operations number a to on adverse market have Geopolitical concerns therefore the high-end revenue high actions of results. our a of suppliers, demand, industry, an orders, quarterly and the government have policy, our operations, for the customers and this resulting can our an health

range the second million be $XXX to in Given those caveats, expect revenue we of to quarter million. $XXX

on and markets is end our but should in timing is and current second we're deliver uncertain. trends positive to the demand recovery track markets be earnings on the by estimate for diluted our revenue grow, on $X.XX Other model, overall in High Based commentary encouraged industry. are the continue of We our to anticipated, to by and we others XXXX operating expectation range logic share. $X.XX to per targets. in quarter

We soft note, supply have an in encouraging begun on chain revenue challenges. seasonally growing XXXX meeting and period, a

We should improvement. as from and revenue, there on Margins room are absorption, is for grow removing continued pleased with our from but operations. and cost we further performance, chain costs focus benefiting fixed our supply improve

our earnings and excess over forward. and questions. we model now call target to moved I presented look approximately cash the December, of that investor operator in you $XXX margins we million. $X We're the will achievable, day share, free targets that are high a the teens, as three-year forward to turn During for in operating our flow establishes in of updating confident these

Operator

[Operator with from Tom Instructions] Your the first line Davidson. D.A. question of comes Diffely

You your ask may now question.

Tom Diffely

I morning. industry just I you What seeing Good into as what are far the mainstream and the trends and a your capacity, Yes. you. are guess Obviously still of pricing market trends you it's first part revenue. to big for look as there? see growth wanted

Peter Kirlin

Yes.

mainstream Our strong. very mainstream particularly right in is Asia market for the now, us, -

time significant in not. XX probably before. relative out Taiwan, an in we're throughout made nodes. you sold Korea, see, and legacy behavior, anyways, So the situation. China, our oversold being capacity my in US current it I look quarter, Asia, see, investment we first where or in seen historical and years if was in And to the Never But Europe that

market capacity the So is for online. coming more there's oversold and photomasks,

stage nibble sets prices. the never to start is do So raising do mainstream, effectively which things in this to that been also the to we've to at able

happen dynamic see quarter. profitability. take a now on on current we big up start effect where will far we have we'll step that but how move disproportionate as And year, Won't in can have down of pricing in a to And in should expect mainstream we're necessarily, to segment. So revenue the we a instead market the through impact the see that.

… obviously So,

Tom Diffely

That’s great. Okay, …

Peter Kirlin

really Yes. like Obviously Yes, like we that We like trend, that trend. Yes. trend. right? that we

Tom Diffely

of great. a annual Okay, two, you large maybe another look And spend new flat And contracts in or typically money into $XX a you they're million so of time? those panel for of as for in? Peter. you there right now place follow-up, with dynamics When line phase Thanks, ahead do contracts line then talked are kind few when the you about customers. get to a going in the put what at

Peter Kirlin

two. a It's the mix Yes. of

and And a that as for it we business expected indeed call, not would. you far sold FPD said sold our it QX years remind we our QX FPD Day of was for out, Analysts month were got the was we a or capacity. through what market, that then quarter. had calls, time on by the and month obviously a day two November when our December, sell our continued said the a that grim the later, to we was, - as As dislocation. couple expected in to - a which QX concerned, business. out able is just of were running, Then us be call on we And QX we those we of still we happened

one of particularly month strong months, would us kind - strong So of in market, our a as revenues market for I this and AMOLED. FPD quarter our reflect a what not position, two describe because crappy of but

lot for online, customers this China, our capacity right? year beginning well. right midst the the as to or think the service, come a which online of to more I end. I the ramp, So particularly less from we bringing capacity estimate capacity of expect if AMOLED forward, said, We And doubling the of the in very a we project into we're

quarter. our if get the as they're quarter, them Because expect should to are in look be going tools. the current AMOLED, we to the of in qualification both of So you delivered - By basically, fourth tools sold as what so with out. online, are be ramp the think they we we at sold We’ll be fully those three lento short soon the - sit there's tools to can slated cycles, out. third - quarter. Two we

third The in the being tool is installed third quarter.

by So it be the should ramping - quarter. fourth into

installing we fill able And online, anyways, So should believe of we be the AMOLED to the we're sold. year, year, should comes as soon it as it. be entire the rest the factory we for fully capacity this believe

our AMOLED revenues tools, those and to good should our and what install about right. So is ramp constrain new we're feeling ability

and unlike - yes, some John remarks. So, made

look we're not lines. If at capacity the our more making point global right, less you this year, cost structure, or tools, additions were

to fully to have China, just than where factories right, we the when lion's have utilized. install CapEx point not is So which leverage more share installations that there financial we do and what of is lines the did build in

the help effectively grow our then into fully leverage way cost So Yes. second there. structure interface us should and

Tom Diffely

just see? creates one things if is you? but you Maybe look some it in operating leverage, John. single great. growth, a Or kind this higher I the Okay, normally for that the or more going little digit squeeze operating special is would leverage for on When revenue of leverage so bit just XX% normal at that than year you

John Jordan

year. No. OpEx of as should Tom, improve see percentage a through the we revenue

we that through with the taxes, the regular normal should mid First leverage to - And of we be generally cetera, - employer our within the pretty et low reinstating. XX tough mid is operating of comfortably XX%. discussed, with range year, our kind one - OpEx, rest quarter the with then

Tom Diffely

tools COGS new these up of meaningfully? doesn't ramped increase the your So

John Jordan

and as those from start revenue only we We qualify generating tools. start depreciation

of fairly match with have and a revenue depreciation smaller we close portion on. of the it's depreciation coming a So

So our better. be XX% operating or leverage still will

Tom Diffely

Great.

Okay. for your Well, thanks time today.

Operator

you. Thank

Ho from the Stifel. Your next Patrick of question comes with line

now question. You ask your may

Patrick Ho

you it very you - be a where it does Peter, the it terms that could high about end me, seeing IC of are much. you recovering, ramp of this talk recovery? in finally Thank maybe steep - recover? main off And high-end you markets potential first business excuse in seeing specific are when

Peter Kirlin

Yes.

very a that quickly and Patrick, it's great. the have in reacts strong we historically, shifts very see, react continues I that a - global and to team team. to seasoned So, And markets. has reacted likewise, really does

we in in memory it, example, for on John snapped would if business, commented expect like just our normal look So it you back upturn. a

business on, so mainstream years, business, So certainly to story, where the over coming three we boom, memory Logic different We've full one two new two the traditional. about talked see over last years online. and right? the to capacity next,

So XX I've years, oversold mainstream that seen likely market oversold, never the and in is stay way. like

I On well, it’s look think think their because the you the right, understood. if high of customers, high you other hand, now problem shortage logic that there's well logic, there, end not capacity for customers, a - end a is at our for I know there's but

which now installed are customers are tools And right, being selling trying month running right, in the that's largely keep to happy. them a general of equipment their of of the hard, capital don't bookings are designs in fistful So I quite we those in right a guys, Asian before. in I billion, ever the tools, current happened January. have $X think - right? many think foundries,

business, starting see end cycles And the behaving, the ago would added at as in current to react business would look products. in The We was business like. years cycle the a the how business. So building customers the is for see on years classic little. more what by of logic classic with when People upturn significant The that right? it a diversified would or a yes, now is shelf business, are build because they a That's that it kind ago, uplift saw market for me, XX inventory that new XX our comfortable. looked like whole quarter where break then now. more we capacity, designs up, if to turn I looks high the you of more out. to kept was it cycle entirety many they so, our - manufacturers,

We see job XX in their sector. least our to released, get doing high end now a customers there. the haven't designs, are but released going going for customers we keeping seen The and sitting they're it when better to years, happy. at They’re at they're it get logic

be the will likely that and it'll reminiscent days of be step a yes, old. So steeper up, of

every flow our That’s our what That's is during year Analyst happened call. a FTD this quarter see last said Day. and the information we view see more really positive. the our That's and then And we change IC what we the in our what better what thing is now, we both businesses. on said to being successively So only between incrementally that's is quarter.

back an ways. interesting right, see for reasons each at, you why years, in doing yes, happening. if it's can what with markets many behaving But and So different over look the look is time, happening you you is warranty

opportunity to the the it's the there there's current we financial trends the lots capacity when of in. going we places wasn't maximize happen, online time, participate to an - right but we various made us quarter-by-quarter. outcome for was when And the bought have pieces the markets what purchase we So on right of it in board, generally coming decisions, I it have completely the in but think think fluid I we the clear interesting

year, for sure. Yes. So and we're business the feeling pretty about this markets about good the

Patrick Ho

seeing been driven demand today. strong in wins, relating of given historically the helpful. and IC new get there, maybe mainstream in I'm to again, That's major content increases keep aside at for surprise, the different up made you by out we're also in wins market high-end masks question, again, Silicon strength seeing the from business, the content IC? we're about a any environment follow Great. There and Maybe with are mainstream on about trends the which is, talked not And and new the mainstream you new like design on is of, And seeing some main Peter. to the other as you need designs trying marketplaces. to design up in that it's are how Are types side? comments markets you the the what IC more a any ICs Silicon automotive.

Peter Kirlin

most right? Yes. end yes, all at the I The not end, we XX automotive nearly automotive think applications would So in might applications, That what define older, - least older are nanometer right, general, the the nodes. we automotive below. node, end is - high but touch, answer is way high of or high and the the call XX nanometer it's

a is this historically, where business you new coming be there but would an get saw So when online. market capacity upturn, the wouldn't better,

now I it's switching being more. internal made shift being think on as go hybrid it you engine Power right, much And in increased that's couple in clear, content new all sets. chips electronics, I right, investments to the or are diameter, new And it's mainstream. by go mainstream just I we of of model, right, the $XXX Silicon been if high-end going car, and two, driven a for car of be electrification all. think a there's - to existing inches mean, year to in combustion from the a last has average. boatload. the some the electronics. a for for - those those at And new that there I very there's today are and demand investments the point nodes, made, you ones. products, think the but for And are

ever in dislocations think don't going what's our industry on automobile is we have in - create the this going seen. us industry So of any that to

in you - the it. So and of could CapEx see - adjusted advance being to

this interesting is it’s times So yes, -

Operator

comes Gus Richard all with next line of [Operator your question instructions] next right. right, Northland. - the All Your question from

may You your now question. ask

Gus Richard

Yes, question. the taking thanks for

which you of XXX I just impact Could Just some it the or down. tools first those to us bigger terms a sequentially, and the the impacts? had in down bps the mix parse guidance as those you gross was bit give and quarter weaker little of know to a out in was between margin was mix.

John Jordan

had Yes. the lower up I we say had overhead. of in then IC, would we don't and the FPD, is product kind know a geometry have the one level We in machine. than we bigger that - end high higher unabsorbed decline And some which a to slide, other.

So I know on margin more than don't that the effect the weigh I'd one other.

Gus Richard

competitors in are terms mature of adding markets. capacity Okay. sounded like your then it for - of And some

equipment assets of most be the at fully new current is depreciated, the prices profitable? those market in Given can competitive be and

Peter Kirlin

No. mean, back so, and just of John's I what think to I - go clarify comments. one

high-end saw demand we So leap. logic

So we very - mainstream strong. demand is what we did and

split our what we our we heat capacity basically to - basically to we maximize up kind to our we was moved did where try everything - to do So split tool market share. took we best - of to

As back we'll the high end demand resumes, push that all down.

at if industry money debottleneck there that the it’s it's do will doing market, what for last what the lines targeted pricing. it's are to we have To line compressed. feasible. what a largely the bring we maintenance to tool going that get tries a we lines - It’s - You is and more buy is can mainstream are ASP not expensive see at who you right? outcomes, make the margins CapEx, And year. to use lower the anyone same to current to same effect thing planned on your have. and the the our new not product, to But our existing it And going today, we feasible margins, look have right? build that and mainstream at do is, we extent And

but So know, then capacity, maybe don't in right another location. at what little tool we very capacity similar I a can the And do what uplift they're financially a about, tools and XX%, But we're are can more to get in in we viable the the squeeze gain mainstream right by be competitors putting done. out? align, situation. incrementally a I we're then They can to done. point going think doing our XX%

new and capacity we’ve up, but is, I prices you've models, think they'll that How pricing, not go until highlighted money, think don't much and have to and can right? it's - is, I that So consequences up small. add of run the go which you make

Gus Richard

Got it.

a you're So to should picture the bull are this trend painting and what and go be for and in mature should you're released, designs going the back through the half up high-end year. and see high-end as margins both fills of significant is, very prices up, uplift fair in a walking in utilization a

Peter Kirlin

Asia. Yes. we'll Basically, mainstream That’s be business the and high-end fly in trend. those high-end down tools we'll off refill logic with tools - the the one

to Another trend is, start will are starting. it's prices - undeniable that

started select after Chinese XX years. I've this been pricing. customers - to start year able been for where new that do to doing I've before. never fact, there In mainstream we with raise to

but because it. We that is - and everybody. we do do I sold just Photronics, out. So, everybody Everybody, - not can can

Gus Richard

And question, cetera, of out, change. There it. climate then Got damage, lot a et et snap cold cetera. in was Texas, this last water power

think was plant color Is you running? up wondering, that Round there? have any it plant I Just a just And Rock. and I was in impacted? back

Peter Kirlin

Yes.

both for competitor we Texas, Their impacted. in week. a factory factories down yes, have and our both So largest and were we was

for more and based the was power or week. about factory down. Our day, a best on less of loss output impact the We a part of that were depressed of of flying power, loss all for

output our power the So we of in result the as of about half lost a dislocation grid.

the we entire on hand So was outperformed our we're happy period. down who competitor, one hard

been revenues, into baked that's it on the guidance. end, impact already an and other the did have On our

we there's consequences So you already of nothing beyond the that see of. don't know financial that yet that

for us. it was wasn't good - a worse So, It competitor. wasn't for our yes, good

Infineon. and NXP, pre-scale, several which to Samsung, solid for both Of recover All old basically course, we the offline three also customers and Motorola was week, - - significant now for and in Texas, which trying particular old have in the a was production.

Gus Richard

the … then And it. Got last one

Peter Kirlin

We than but did did we We better. affected. better all, were still Yes.

Gus Richard

And last one then Yes. me. just for

stuff? vendors You’ve get had Are getting behind of some quarantine those or point, repaired this to to you are installed, and struggling in because still at you do issues issues COVID. things

Peter Kirlin

Yes.

more than So others of installations, there's issues - the has the COVID. that behind installation hope but of one because category think we Different problems regarding struggled us. are vendor are behind kind we us, with

to travel we because for people - to all We’re COVID, every I imposed where photomask constraints still the think fully in going the inability the has not the issues have industry by operate. vendor some regions related capable

going seeing two, we as dropping, vaccination this year. in, increases, or be infection I’ll started say for in the been we're section we've for these cross us, fighting a of with headache struggles do another quarter nagging It for business a already rates kind So, been more is ago. as but We’ve countries to the problems year a than right. with fighting of the

good think very that'll impact, done tail kind of we I the two. at another see a job we've mitigating last but or a quarter

acceptance and was That's installation, e-beam, a the final the The that Xiamen. is, beginning of was - very day So, end end delayed. it's a that That of high XK - the in good of October. of tool October, is high that the news the end end, right? or was at last was

period right qualification the into tool. qualify we to that as what market. the end think So we've logic ramp And it ramp the been should is high in is completed, working

anyways, was seeing. in given of logic delayed right? but thing tool income Xiamen, that the Now, support should fact tool for is don't in installed, the intended that our tool worst of once always know, are costs dragging market lucky. that I was is the the world, leverage isn't it be the already that the financially and statement. the end to softness that And needed might the high, So be rest high we're the presently it

So one. maybe on we got Yes. that lucky

Gus Richard

it. Got Yes.

Okay. much. Thanks so

Operator

further gentlemen, Kirlin call over for time. the closing and to Ladies are will this Peter comments. now turn at I questions there no

Peter Kirlin

morning. year, Thank our revenue, taking on join flow interest. cash and positioned progresses. appreciate earnings, to and updating our time your grow us truly forward year is Photronics for long-term targets. We well to leadership us success this extending Look moving as this positions, the you towards and to financial marketing you our technology the

Operator

participation, your Ladies right. conference for you please call you today. All ask concludes disconnect We and that and gentlemen, the for lines. that your thank

Photronics (PLAB) 24 Feb 212021 Q1 Earnings call transcript