Q3 2023 Onto Innovation Inc Earnings Call
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 Shaffer at Investor Relations. Please go ahead.
Thank you Rachel and good afternoon, everyone onto innovation issued its third quarter financial results. This afternoon. Shortly after the market close if you did not receive a copy of the release. Please refer to the company's website, where a copy of the release is posted.
Joining us on the call today are Michael Plucinsky, Chief Executive Officer, and Mark Schweitzer, Chief Financial Officer, I would like to remind you that the statements made by management on this call will contain forward looking statements within the meaning of federal Securities laws. Those statements are subject to a range of changes risks and uncertainties that can cause actual results to vary materially from what.
Information regarding the risk factors that may impact onto innovation results I would encourage you to review our earnings release interest you keep violence onto innovation does not undertake any obligation to update these forward looking statements in light of new information or future events.
Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified and as a reminder, a detailed reconciliation between GAAP and non-GAAP results can be found on today's earnings release I will now go ahead and turn the call over to our CEO, Mike Plucinsky Mike.
Thank you Mike.
Good afternoon, and thank you for joining the call today, we finished the third quarter just above the midpoint of guidance for operating income and earnings despite topline revenue near the low end of guidance. This financial performance is just beginning to reflect the improvements from the initiatives initiatives. We outlined in July shortly mark will outline how we.
We expect to accelerate additional improvements through the next several quarters.
Now I'll share what we see as a new wave of opportunities for onto innovation. Following recent visits with several customers in Asia, including those leaving the innovations in memory and packaging that are enabling this new era of artificial intelligence.
Gartner estimates that today semiconductor supporting Artefill. It artificial intelligence are estimated to represent less than 10% of the approximated 500 billion semiconductor market by 2030. The overall market for semiconductors is expected to double reaching one trillion in revenue however, semicon.
Ductus supporting AI are expected to increase six to eight times, reaching 300 to 500 billion in sales as applications and hardware migrate from data centers to edge computing.
Test is advanced packaging was critical to ushering in the mobility era, we believe it will be critical to this new era of artificial intelligence.
Using the latest three D in two and a half the packaging technologies companies like Nvidia or able to deliver the performance required by end markets, while delaying the higher cost of migrating to more advanced nodes controlling.
Controlling the formation of these three D. In two and a half D. Inc. Interconnects is critical to yields and creating a surge in demand for the dragonfly platforms comprehensive inspection and metrology capabilities.
The last two and a half months, we added over $110 million and new orders. In addition to the $120 million in orders announced last August. These new orders include all three suppliers of high bandwidth memory process control for two and a half D packaging and emerging applications for our unique EKO acoustic.
Nick Metrology.
Well now turn to another secular driver for onto innovation the market demand for power semiconductors to support the electrification of everything from automobiles to gas powered gardening tools revenue from power customers remained near record levels in the third quarter and included inspection metrology and software products.
In the quarter, we delivered a new element S systems to five silicon carbide customers to more effectively control the thickness of the epitaxial layer, which is critical for high voltage breakdown resistance of the device or.
Our software also gained a new customer in the compound semiconductor market with a significant order from a leader in wireless communications devices.
Demonstrating the power of integrating our discover enterprise process analytics with our equipment control solutions, we're able to help the customer achieve better process targets, where they were previously installed systems had struggled.
So on the results we expect this customer placed additional orders in the future and roll this out to factories across the globe.
The advanced nodes.
Customer spend I think it reflects the broader weakness in demand for data center and mobile devices.
As anticipated we saw large drops in DRAM and logic revenue, resulting in a 30% decline in the third quarter.
We are making steady progress with our films metrology and delivered several systems to support gate all around pilot production in the quarter.
The transition to gate all around transistors will be an important inflection for onto innovation as we believe our positions in OCD integrated and films Metrology will result in an estimated 30% increase in opportunity over our position in leading edge finfet nodes.
And now I'll turn over the call to Mark to provide financial highlights for the quarter.
Thanks, Mike and good afternoon, everyone.
It closed the third quarter with revenue of $207 million down 19% over the same period last year and up 10% versus the second quarter. Despite revenue below the midpoint of guidance, we did exceed the midpoint of our EPS guidance range, achieving 96 cents for the third quarter.
The revenue decline from the same period last year is primarily due to the decline in our advanced nodes business, which had revenue of $26 million and represents 13% of revenue spur.
Specialty device for advanced packaging with record revenue of $135 million increased 20% over Q2 and represented 65% of revenue for.
For software and services, we achieved revenue of $46 million, increasing 13% over Q2, and representing 22% of revenue.
We achieved 52% gross margin for the third quarter exceeding our guidance range of 50% to 51% driven by favorable mix and our cost optimization efforts.
Third quarter operating expenses were $57 million at the low end of our guidance range of $57 million to $59 million and.
We are realizing the benefits of our cost reduction initiatives put in place earlier in the year driving our opex run rate well below our 2022 levels.
Maintaining investments in technologies to help enable advances in manufacturing of AI and power devices.
Our operating income of $50 million was 24% of revenue for the third quarter compared to 21% for the second quarter.
Net income in the third quarter was 48 million, 23% of revenue versus 20% for the second quarter.
Both of our operating income and net income performance versus the second quarter highlight our improving operating leverage.
Now moving to the balance sheet, we ended the third quarter with cash and short term investments of $630 million in.
An increase of 82 million from the beginning of the year with operating cash flow of $29 million within the quarter, representing 14% of revenue for Q3.
Inventory ended the quarter at $346 million, a decrease of 6 million from Q2, as we actively manage down our inventory levels across the network.
We are projecting further reduction in Q4. However, we are now targeting to be between 300 and $320 million by the end of the year.
This is a shift in our previous projection and is primarily due to the ramp in our dragonfly Ge's reorders, which is requiring us to procure long lead time components.
We are pleased with we are pleased that our focus is now paying off within the quarter over quarter reduction, but we are certainly not satisfied with the current inventory levels and this will remain a critical working capital focus area until we can get back to consistent cash flow performance levels of over 20%.
Accounts receivable increased $22 million to $210 million in the quarter and our days sales outstanding increased two days to 92 days during.
During the quarter, we did not execute any share repurchases and we have $32 million remaining under our existing $100 million authorization.
Now turning to our outlook for Q4.
We currently expect revenue for the third quarter to be between $200 million and $216 million.
We expect expect gross margins will be between 51% to 53%.
We are expanding our gross margin range, partially reflecting the work on supply chain and operational efficiencies. We have previously outlined as part of our 2023 cost reduction programs.
We expect to see continued improvement in each of the next two quarters.
For operating expenses, we expect to be between 56 million to $58 million for the full year 'twenty three we expect our effective tax rate to be between 13% to 14% we.
We expect our diluted share count for Q4 to be approximately 49, $49 5 million shares.
Based upon these assumptions, we anticipate our non-GAAP earnings to be between <unk> 90 per share and $1 10 per share.
As outlined during our June 1st Analyst day. The programs. We have in place are on track to deliver approximately $25 million of gross margin cost reductions over the next few years starting in 'twenty four 'twenty five we.
We have already negotiated greater than 50% of the 25 million in savings and we'll start to see a portion of these savings realized in our gross margins starting in Q1, as we target 54% as a baseline goal.
And with that I will turn it back to Mike for additional insights into Q4, Mike.
Thank you Mark as Mark mentioned, we expect fourth quarter revenue to be essentially flat with the third quarter, but with improvement in both gross and operating margins. Despite the unfavorable product mix of lower advance node metrology systems.
In the fourth quarter, we see additional push outs in the advanced node market, reflecting recent public announcements from leading memory manufacturers, indicating that Kris and their product utilization production utilization for the second half of 2023. In addition to a move in date set new U S. Fabs are pushed out as a result of.
Construction delays.
This weakness is being offset by the surge in demand we see for the dragonfly G III, which we expect to grow another 50% in the fourth quarter.
Just exclusively in support of customers ramp things high bandwidth memory in two and a half day packaging based.
Based on current visibility and customer engagements, we expect that demand will continue to build into next year, resulting in overall growth for onto innovation in the first half of 'twenty 'twenty four.
As the era of artificial intelligence progresses, we believe the market will increasingly turn to panel level packaging, where we expect our jet step lithography tool play an important role in enabling the next generation of chip architectures supporting this belief recently received we received an order from a new jet step lithography.
Customer to support their development of advanced packaging on our glass substrate.
Though not without challenges the glass substrate is inherently better stability than existing substrates and then as a result can take full advantage of our leading resolution and overlay capabilities. The advantage will be the ability to print smaller and denser interconnects to support the needs of next generation chip led architectures.
This new tool will ship in the middle of 'twenty 'twenty four and if the customer is successful we expect many additional orders for glass substrates I'm trying 25.
Given the current slowdown in high performance server markets and our lithography production not yet achieving full capacity, we've worked with customers to realign tool shipments. This means for the year of roughly $30 million of planned lithography shipments in 2023 will move into 2024, so the impact to 2023 revenues did.
Appointing this allows our team to further optimize the manufacturing process and be prepared for the next market ramp, which we expect in 2025.
In conclusion, we believe the AI era that is just beginning will drive many new opportunities for all of our lines of business, including inspection metrology lithography and software of course, everyone knows the impact that Nvidia had on the market over the last few months in terms of unit volumes and revenue.
Already we see new products being announced by AMD and Intel to respond to this growing demand and just this week Samsung introduced their new generative AI model that is designed for AI applications on their devices for edge computing.
We believe this expansion of offerings and new applications is an early indication of the broader growth of the industry.
Given our established positions with the market leaders, we see this as a long term driver for onto innovation as well as I mentioned <unk> device volumes are expected to drive our revenue growth in the first half of 2024 over the second half of 2023 independent of a recovery in advance notes if the advanced node.
Spending resumes in the second half of 2024 and that will only further increase the revenue opportunities we see in the coming year.
And with that I will turn the call over to Rachel for questions from our covering analysts.
Thank you.
If you would like to ask a question.
Now by pressing star one on your telephone keypad.
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Thank you.
Please press star one to ask.
Good question.
Our first question comes from the line of Craig Ellis with B Riley.
Please go ahead.
Yeah.
Yeah. Thanks for taking the question and nice to see all the dragonfly momentum in the business Mike I wanted to start just by clarifying a comment that you made about our expectations for panel litho shipments this year.
Said that 30 million of expected revenue ramp from this year to next or does that mean that in addition to the 10 million that we saw in <unk>, There's 20 million from <unk> that shifts into next year.
Am I misinterpreting, what you're saying.
From the total yeah, I think we had some some slips also prior earlier. So it's just we haven't been able to drive enough increase production capacity to cover the currently booked quarter and make up for the slips from prior quarters. So as a result, we're not catching up.
Where we're skipping steps and we need to we need to stop that.
So in total <unk>.
$30 million is moving from 2023 to 2024 and that's in the numbers that you know that we've been guiding to.
Got it and then really like to hear the 54% gross margin in the first quarter and I know you don't.
Give a full income statement guide two quarters out but can you just provide some color on some of the things you're seeing that support that 54%. For example is is advance nodes are now at a trough and just bouncing along the bottom and I expect there's a incremental momentum out of <unk>.
Specialty but would appreciate any color.
Hi, Craig its mark yes, so I think certainly for Advair.
Advanced nodes I mean that that continues.
That won't be the ramp in Q1 driving that margin improvement.
Certainly with with Dragon fly in our inspection business.
We're implementing a second shift third shifts.
We're driving supply chain efficiencies through that process. So certainly going to continue to see gross margin improvement in our inspection business with those tools in that ramp up.
But we've also been able to take cost out as I've alluded to in the throughout 2023.
And those are that's fixed I mean that is not that's not variable stuff. So that will continue to drive the benefit. So we will continue to see that leverage.
And as I've said, our goal is certainly 54% as our baseline goal.
Driving towards that goal of exiting 55, plus getting us back on model.
Okay, and then lastly, if I could Mike.
Historically, I always thought that specialty had a decent gan component, but it sounds like you're really getting good traction with silicon carbide any more color on what's going on with your customers there.
Youre correct. So historically, we've had a much stronger position in the Gan, but recently, we've seen a lot of increased.
Order uptick for for from Silicon carbide customers in and I think that just reflects a lot of what the market is is focused on right now so.
It's including several different types of metrology systems as well as inspection all driving into those silicon new silicon carbide customers and it's also geographically dispersed.
We're seeing Europe U S, Japan Korea, China.
Al.
Okay systems.
Got it thanks guys.
Our next question comes from the line of Brian Chin with Stifel.
Hi, there.
I appreciate it.
Thanks wanted to ask a few questions.
Yeah, Mike maybe just.
<unk> on our remarks, you made and then maybe sort of a follow up question on that but.
I think previously you'd referenced a couple of months ago $100 million plus and dragonfly.
Orders into sort of mid next year.
Made a reference to maybe an additional follow on similar size, maybe a little larger slug of orders is that right and can you kind of talk more about that and sort of what timeframe against what the timeframe against those orders in terms of deliveries or into next year.
Yeah. So we did not more but we got another 110.
Million in orders, we actually got more than $110 million, but the bulk of it let's say $110 million or so will be delivered through the first half of next year. So Q2 of 2024. There is some some additional orders that extend beyond that but the vast majority is all.
Q Q4, Q1 Q2.
Got it got it obviously thats part of meeting some of you or your outlook for the first half revenue for next year to be above.
Second half of this year I think.
I guess also in terms of do you have the visibility you kind of anticipate that order rates will sort of level off.
Second half from packaging and maybe advanced nodes starts to pick up the pace at some point next year.
Okay.
I think advanced nodes as well as at some point pick up the pace.
That's that's a that.
That were hoping for.
The leveling off its unclear I'm surprised how rapidly we're seeing the expansions.
Hum.
Rod. So originally we were we are seeing a lot of demand for the dragonfly for inspection and some of the metrology capabilities and dragonfly, but as customers are ramping so aggressively we're finding new.
Challenges there.
That some of our other metrology systems are.
Solving and we're seeing orders for them I mentioned, the echo on the call Theres Theres, some others as well.
I think there is so that as the ramp happens and customers start driving yields and productivity up I think we're going to find that theres more opportunities for process control, maybe even through the second half that keeps that that pace of revenue for us.
Okay, maybe one last quick one I think you have ships in Atlas OCD tools forget all around applications in recent quarters, but.
What's your latest thinking in terms of the timeframe when youll start to receive volume based orders and then start to ship against that backlog.
Yeah, that's the million dollar question.
No I think.
Customers, our customers are getting pretty ready and it's really.
The visibility they have into the customer their customers adopting those lines.
So of course, you you know we have some construction delays here in the United States, but there's other pilot lines and low volume production lines around the globe that I think are more ready for volume as soon as customers decide to take that plunge.
From a timing standpoint, you know what we hear sort of end of 2024, we should see orders preparing for more aggressive ramp in 2025.
Okay, great. Thank you.
We will take our next question from the line of Charles <unk> with Needham. Please go ahead.
Hey, good afternoon.
Mike Mark I wanted to on the call.
So up on the question related to <unk>.
High bandwidth memory paths to fight the.
If I hear you correctly.
It looks like your.
<unk>.
In our orders as much as 210 million plus.
The labor.
Second half 'twenty, three and the first half 'twenty four is that correct.
Because.
Kind of mentioned about 100 million plus.
Private announcements by you got another 110.
And that's all of that is going to get the labor through the first half 'twenty before so I want to make sure I heard that correct.
Yes, that's correct.
Thanks.
So it looks like.
A good amount above.
And the.
Second half plenty of jewelry into first half blended for cause.
Think about what you've guided for I mean that this quarter's Q on Q growth of that product the AI packaging related revenue in the next quarters growth.
And as suggested something about 70 to 80 million bottlenecks that means next year.
Got to something like a first half next year 130 to 140.
That looks like the incremental revenue out there, but I just kind of curious what about the other part of your business.
Advanced no it doesn't sound like you're expecting a recovery, but the third piece I think you don't really break it down by the devices.
<unk> has been strong second half, but what about first half of next year.
Is it that.
Or up or down from the second half of 'twenty three.
Yeah, So I think.
Just two things so going back to the H B M. In the packaging a couple of.
A really significant events happened in the last few months that helped drive that business. One is we had talked about having some evaluations that I would add the third H.
HBM memory manufacturer, we had two not the third very quickly.
The demo in eval tools.
Demonstrated our the evaluation tools demonstrated our value and we quickly saw some aggressive ramps. In addition, we saw new metrology opportunities. So that's contributing to the stronger growth we see in the in the first half of next year.
Going back to power semi which is one of the big areas of growth in <unk>.
The specialty area.
We do see a bit and it's hard to say right now because we're not getting the same kind of lead times that not having the same kind of pressure to ramp as the as the AI guys right now, but we do see a little bit of a of a slowing slower pace in the first half but.
Not significantly and I'm guessing that that will start to pick up.
As the as the rest of this year progresses.
Luckily up can you give us a breakdown I mean that incremental 100, Paul Paul on orders I'm not sure what Bob was HBM, how much what Bob was appointed by the banks.
I knew you'd ask.
Yeah.
Right now it's.
It's more heavily towards H b.
Hmm, let's see now.
Yeah, its actually still pretty well balanced as I'm looking at the data.
Yes, it's still pretty well balanced between the two.
Groups.
Okay. Thanks, Mike.
Our next question comes from the line of <unk> <unk>.
<unk> with Jefferies.
Please go ahead.
Hi, Thanks for taking my question.
Wanted to double click on that Paul.
Got it.
Oh boy.
Thanks, Paul.
The second quarter.
Yeah.
Thank you.
Could you give me a sense of how much will come back.
You said 30.
First out.
Yeah, if you could help me understand.
Second half of 'twenty alright forthcoming.
So so you're right. We did have the plan and the expectation to be able to deliver $80 million. This year in the bookings.
Because of the $30 million and moving out that means we will deliver $50 million this year.
And and not the full 80 those those other tools are going to move into deliveries for next year.
And that impact.
Impact your gross margin I understand.
Yeah.
Scott I wanted to ask.
He'll be offsetting.
Yes.
Uh huh.
Yes.
Thanks Sam.
Well, we're still shipping.
Litho tools now so built into the gross margin profiles, where we're delivering now the last couple of quarters last several quarters is two.
Two to three to four litho tools are key.
<unk>.
And so that's going to continue but at the same time, we've talked a lot about how aggressively we're driving the litho margins north and I think each of the quarters next year, we're going to see improving gross margins from litho to the point, where it's not going to be.
The big issue that it has been for sure all of this year if that makes sense.
Got it.
The other question.
Okay.
Yes.
Chandler.
Yeah.
Thanks Joey.
Bethany Alex Slagle.
Thanks.
Please go ahead ma'am.
Now China.
China is definitely.
You know definitely not as strong for us as it is for our peers I've seen you know.
40% and 50% of our peers revenues coming from China for Us.
<unk>, yeah, so in Q and.
In Q3 were about 15% and year to date, we're at 18% to 19%.
Yes.
So it's a lot of specialty devices, you know a lot a lot of the new markets, where we have some.
Generally unique metrology that then brings in some of our other products.
But yeah, it's definitely not the 50% we see from some of our others.
Alright, Thank you and I have one more.
Thank you.
Okay.
Okay.
We will take our next question from the line of David Duley with steel.
Please go ahead.
Yes, Thanks for letting me ask a question.
We could just kind of dig in on the lithography issue.
You've had systems pushout for two quarters in a row I guess is my recollection is correct and is this more of the.
Just kind of go into.
You mentioned, it's your internal production issue is or is it the tools performance or is the customer is not ready for it could you just elaborate in greater detail about what we're seeing these pushes.
Yeah.
That's a good it's a good question. So it's been a mix as you know in Q2. The issue is tied more towards the customers, making some changes that we had to adapt to and werent able to complete all of the the work required but.
As we move those tools into the next quarter, we were unable which would be this quarter. We were unable to deliver what we had already committed for the quarter plus pick up some of this extra extra work you know these these tools are largely take or pays and the and the factory delays actually.
That's a pretty big impact.
The other.
I think the other thing to understand is in these systems.
We have about 3200 out of 17000 parts that major parts, not screws and nuts and bolts, but 17000 major parts to make a litho tool.
Out of that around 3200, our custom engineered parts by by the team here.
To give you an idea in our most advanced metrology system is only about 100 custom engineered parts. So the level of complexity of these systems and manufacturing flows.
Calibration times the integration times, it's just taking more.
More.
Effort to drive the discipline and the processes to make these systems more predictable given their complexity that said because we do do a lot of the custom engineering ourselves, we've been able to drive improvements in the system fairly significantly so in the first four systems since the first four.
Our systems, we delivered we've we've improved cycle times by 40%.
Doubled the capability of our overlay and I think we've improved throughput something like 30% or 20%. So there is definitely a trade off there is a benefit of having the highly engineered system, but the cost is the complexity in manufacturing.
And.
So essentially.
You can basically take the systems that slipped last quarter into this quarter and built.
Basically have to build twice as many.
How do you fix this problem when will that problem will be fixed obviously, you need more internal capacity.
So is that why it doesn't get better until the middle of it or whatever.
But yes, exactly it's we need to finish some of these processes, we need to get our supply chains to be more responsive. We've had a lot of issues with incoming quality that that also require then rework and take too much time and too much base space. So we can't move these systems so as we.
We work through all of this and again, we're making steady progress is just not fast enough. It's no fun for me to keep guiding and then.
Updating the guidance are missing the guidance, so where we're resetting, giving the time team to get more predictable than I expect.
Middle of next year, so by the second quarter, we will be able to reach our full capacity, which is significantly more than $80 million.
And so let's just put that down to so you're going to go from three tools a quarter to be able to produce six fourth quarter because that seems like what your problem is now.
Yeah, that's that's fair Yep, Okay, Alright, one final one for me. So thank you very much for that clarification I.
I appreciate it you mentioned.
For your field tool would grow by 30% as we move to gate, all around or absolute backside towers in that calculation too.
Could you just help us understand what the Tam is in.
And also help us understand what you're kind of.
What that means.
How much revenue that would be for onto.
Uh huh.
So that the Sam I don't have actually that that well broken down I'm.
I'm trying to think what our publicly stated Sam is for the Finfet that 10000 wafer starts and it would be obviously 30, 30% above that but the comment was really around.
Our growing position within gate, all around and then.
How that will increase our opportunity given the same amount of wallet shares given the same amount of expansion. So if they both expanded our finfet node a gate all around node expanded by 10000 wafer starts we'd see 30% more revenue estimate at 30% more revenue and that gate all around <unk>.
Spansion than the positions we have in Finfet and this is driven by.
More layers going to us on the OCD.
Insertion opportunities in integrated and then as well as the films layers that we've been able to start to win in.
Qualify for tool of record positions, but I don't have the exact dollar number for you.
Okay, we will get that base number or another time, thanks for answering my questions. Thanks.
Youre welcome.
We will take our next question from the line of Mark Miller with benchmark.
Please go ahead.
Thank you for the question I just wanted to clarify something.
The litho tools that were delayed last quarter were due to customer specified mods.
These tools are further push out as a component availability fab fab availability I'm just.
Why the further put out those two pools.
Yes, it's a good question, it's different tools, so those tools from Q2.
We are delivered they shipped.
Shortly after the quarter.
Within the early part of this quarter.
<unk>.
The additional slip outs, where sort of the knock on effect. So we had a little bit of delay in the other ones. It couldnt start the the additional tools.
The tools that were already planned for Q3 and with some other manufacturing production issues. So these were mostly internal issues, we ended up not delivering on time.
So the first Q2 was tied to I'd say, you know customer change requests Q3 was tied to our own execution.
Okay. Thank you.
Wondering to what what are you seeing in China is.
As the power.
A little slowing in the power segment is that a china or somewhere else.
Oh.
<unk>.
I don't think so I don't think or we see a slowdown in China per se overall, just not I think we're doing a nice job of rebuilding and recovering from some of the customers. The good customers. We had that were put on the entity list.
So I think that's a growing part of the business I think more of the and again, it's still early because.
Sure.
Bookings in that part of the market are not generally out super far but.
I think that's more in the more established markets, so some of that pause or delay or.
Lower visibility right now is more on the established Europe and U S markets.
And your largest area in terms of geographic sales.
September quarter was.
In the September quarter was Korea.
Korea.
Terrific.
19%.
Well.
Once again, if you would like to ask a question. Please signal by pressing star one on your telephone keypad.
It appears there are no further questions at this time, Mr. Schafer I'd like to turn the conference back to you for any additional or closing remarks.
Thank you just a quick reminder, for everybody about some upcoming events first onto management will be participating in the Morgan Stanley TMT Conference in Barcelona next week, and we will be participating in the Wolf research small and mid cap conference in New York on December six.
Thanks again for joining us today, a replay of the call is going to be available on our website approximately 730 eastern time. This evening, we'd like to thank you for your continued interest in onto innovation Rachel Please conclude the call.
This concludes today's call. Thank.
Thank you for your participation and you may now disconnect.
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Yes.
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