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AEIS Advanced Energy Industries

Participants
Rhonda Bennetto Investor Relations
Yuval Wasserman President and Chief Executive Officer
Tom McGimpsey Interim Chief Financial Officer and General Counsel
Tom Diffely D.A. Davidson & Co.
Edwin Mok Needham & Company
Pavel Molchanov Raymond James & Associates, Inc.
Amanda Scarnati Citigroup
Brian Chin Stifel Financial Corp.
Call transcript
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Operator

Good day, ladies and gentlemen. Welcome to the Advanced Energy Industries Q1 2018 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] I would now like to introduce your host for today's conference call, Ms. Relations. Investor Bennetto, Rhonda

ma'am. begin, may You

Rhonda Bennetto

McGimpsey, Thank received you, first on to Energy's release issued now, CEO; everybody. call and was Interim General that Counsel. copy Good XXXX earnings of morning, By Tom and quarter President me should Yuval Welcome Vice conference President, are CFO have Advanced you Wasserman, operator. afternoon. Executive a call. today's earnings yesterday With the

this of release, please website our advancedenergy.com. copy visit at a For

today's Energy's begin, contained recent and call update Advanced that are and its subject will X-K until be XXXX, forward-looking performance, future outlook. April Form filings let forward-looking Advanced me XX-Q differ release. Information not current we products, them. on XX, the XX-K, our and business could assumptions management's these that Energy's call you Before and is results of after Form statements obligation to SEC. including performance. concerning contains materially updated quarterly to remind and estimates, assumed uncertainties uncertainties to actual risks are statements projections financial are no scheduled All view and of industry, guarantees based risks in cause These with next today's of Guidance statements Advanced as applications Energy most and not

Investor financial our our includes the available adjusted not release and materials goals press any Aspirational non-GAAP which or contained reconciliation Relations call Reconciliations respect advancedenergy.com. website call page and at in slides, are targets measures discussed interpreted are in should also earnings guidance. conference the presentation to on in of on in yesterday's this as GAAP Today's measures.

of to Conference on call turn TMT Investor And earnings at on Boston the look Cowen our Global June And New on Advanced that, at XX, Wasserman. Stifel Morgan will the to you Yuval few conference at Conference referring these slides Energy in to Sector as in be events. finally, well Cross forward the XX. the Relations to seeing will presenting be website. York May on as over many We J.P. May finally posted We with the like Yuval? XX, of I'd and section

Yuval Wasserman

Good first joining earnings And you conference for you, the call. quarter a thank Rhonda. start first of us our to well XXXX year. into for The us everyone. morning, momentum very Thank quarter, giving solid the carried

for demand performance levels. high solutions semiconductor again, AE's advanced applications, Continued power grew to in record

results also our resulting and of business and surged market Industrial through expanding growth revenue first XX% meeting total growth XX% Our year-over-year. the demonstrate in These of EPS solid on in our the technology innovation. execution needs quarter, and focus non-GAAP investment of strategy, ahead growth

key complementary our our and to in financial to acquisition year. the we we in voltage which addition we second have acquisition the Excelsys, power specialty of quarter. the high accomplished initiatives completed strong products during July We Trek, nine in addition closed months, performance, to adding the portfolio. last last technology electrostatic products In several is completed This

power our joining such roll-up life acquisitions strategy, our in science, as high implantation, position our is space, analytical plan and technology of the line with applications ion part As in and and Trek increasing the organic SAM high-tech general metrology voltage in and equipment. UltraVolt

have we few years, approach, with disciplined acquisitions profitability. all and significant last and we as six rigorous a exhibited made the Following them during are pleased growth the of

which in share we strategy repurchases. line capital with date, $XX.X nearly and year our is addition, million deployment to deployed In have in ongoing,

XX% wafer-fab equipment to AE's join to a In we leadership chip deepened tomorrow. overall an team, we have our memory semiconductors, forward. AE role again, has increased new processing were growth And role us strong which sequentially delivering need Paul as continues is precision him tools. new senior solutions importantly, XD by and and reached market by our and these engineered highly record by driven And etch excited investment, hiring supported was market for XX% Semi Oldham revenue processing instrumental play playing and a this Demand CFO. accelerating booming Paul a NAND, for year-over-year, quarter. Lastly, drove DRAM most will heavily propel critical in tool. strategy. the by the beginning power levels frontend

from a of OEMs also strength advanced ion implant contribution newer well devices makers chip high-voltage patterning. our as inspection. finally, dual capacity nodes we applications key this, and required contributed of saw logic XXX nanometers as as metrology that that generation Atop and sub-XX some migrate leading-edge quad towards for Next was And millimeter.

in Our ongoing continue power our manufacturing and next which the delivering reflect to with align control leadership research investment critical applications, device product development advancements innovative generation and in technology.

this outpaced and advanced products. design wins competition, primarily from quarter in applications advanced technology leadership the applications. DRAM Our in our wins came NAND etch our dual matching With frequency particularly

These due Trek performance. best-in-class applications, enable plasma our in acquired dynamic easy that metrology ion philosophy, advanced competitors Also capability. implantation and increased high increased in voltage high to and for advanced including this the applications. This our integration quarter, multiple processes we market and design content products from presence successfully our products speed require logic quarter, newly DRAM control demanding displaced and for semi

essential. nature, become success AE's clearly enabler of our position and is more customers' structures more even becoming in As as device more complex an

Our Plasma eV nodes. capabilities Source technology customers match pursuing in and Source our Remote solid-state for new are recently future new introduced technology, enabling our

content devices quarter's IoT record quarter continuing and We level. to anticipate near the Looking at remain infrastructure. in in second drive computing, growth first the of high-performance enterprise ahead, proliferation as expect revenues to DRAM and or cloud, edge, and we XD see consumer increased NAND AI the

growing XX% and business rapid advanced markets. year-over-year very industrial had clearly sequentially, of outstanding the quarter, Industrial the for an technology Our demonstrating XX% our adoption

our wins has of and industrial the industrial consumer as to this bipolar design and XXXX, AC bipolar markets, about power solutions electronics, key throughout year-over-year thin example, DMS solar area our Today, is growth almost advanced globally. power advanced DC our Ascent technology as domestically in half pulse markets. displays, rapidly a such business our manufacturing successful For adopted high being markets, element large in quarter. This PV within thin contributed both DMS technology glass cell we many talked pulse of our of strategy and film quadrupled film

low markets. Our our variety our and leading-edge of technology enables from us gain power to control of wins market-leading improved specialty Revenue products the solutions high due while margins. into to this design of adjacent and delivery power quarter, upholding expansion our new and a voltage portfolio significantly

power And are stable critical is the density to global as benefit improvements noise high which science demand serve. our become expansion modular in power to our small low rise The markets. medical robotics, products. materials, medical all from are for applications in of solutions together economy, the low geographic solutions fan-less standard and partnerships for we instrumentation seeing markets factor, the such highly continue and channel and expansion Our to in we that the provides and global the our solution lasers, contribute grow in to defense. to continue a us power and voltage in have regulated the some with Overall high output with we voltage our low presence allowing form life many of should market, of customized ripple increased

to add technologies new penetrate presence. innovation and and Our us strategy should expand enable to differentiating products our verticals and accelerate diversify,

products our years, our three revenue verticals. industrial last growth the XX% by wins in design diverse During grew are AE's industrial CAGR. many fueling

gained in This thin we In quarter share secured we wins and design across films, saw advanced of a and applications strong Europe coating variety performance very in industrial U.S. applications. the glass

we line we power, precipitator voltage project thermal, voltage power for In for wins by in panel consumer with electrostatic and market In critical In capacity displaced by in activity OLED specialty module support our users. and winning PV Asia. mobile We expand glass project And of flat increases coating, in broaden in winning upgrades presence our new cell also of the customers' continued. secured traceability. laser existing in products. electronic our for increased our and flat additional products our an as to the China in We slots solar in finally, application Europe purchases share continues. expanded high saw design presence high we as traction display, display our new presence gained with panel marking control competitors ramp ramps applications

We requires accurate expand to the applications, isolated which applications, verticals. of second electronic power also for to further temperature meet products and especially small penetrated non-contact equipment stringent configurability mobile our the In material and and laser to to product and medical the project customers products. our expect high processing and designs new market across to lines plan outputs into our film we these complementary thin We and Industrial in We enable steel, coatings, In compliance with because furnace designs of ongoing product. our a specialty business secured market, low won the OLED products and solutions standards. several measurements. voltage technology and heating strength reach modularity the quarter, footprint voltage, we our due our consumer adjacent to due add regulatory

our we beyond that to the and business new increase non-break/fix responsiveness growth of strong few This of we GDP customers years mid-teens. accelerated business, flexibility, recently our Singapore an business cost. competitive design response the OEMs our center. In evolve in repair a target several greater Following us we portion we The all grow increase we opened responsiveness, we regional and retrofits. particular, service in and increases In to provide break/fix. Asia, and our in gives our quarters plus from to service time investment by across reduces our growth activity are made in our have over a to includes business momentum increase turnaround improved aspire our as seeing the CAGR last stance competitive Industrial center

sequential due the revenue of upgrade quarter and service wins. project some a our pause we XX% saw our of this retrofit timing refurbishment increased While year-over-year, to

market continue adoption expect We the to in products QX. of in implementation see and increased to these non-break/fix see momentum service

customize remains we to deliver of our the opportunities to throughout continues prove entire favorable products. market strategy and each and value very the lifecycle service we out identify Our customers new pursue of as conditions to the

repair and and product see the high-single-digits. double-digit quarter, high we historically quarter, of CAGR revenues second by products and service semiconductor growing sequential Heading the enter product enabling gaining we replacing we into selling integration service solutions new diversify business grow we levels The offering the of and base, meaningful field. in are installed value-add across as For competitors' our serve. the a see service in at markets business continue opportunity share markets. our providing to different in and second adjacent is power our growing remain technical our in and into continuous aspire innovation the expect legacy and We our the lines, commitment revenue products driving our share, gain industrial at growth driven increase to we multiple synergies, our to to

combined our our progress over and performance $X.X capital $XXX $X performance in our QX our and billion our confidence in we than sheet, impressive to financial deployment non-GAAP and $X.X three-year QX returning of guidance increases generation. plan in greater further Our cash balance aspirational EPS with to revenue shareholders. between With million on value cumulative goals program, in strong toward execute

in quarter. our of We the aspire you the over our Tom? Tom and to their acquisition targets you have many during thank And employees of that, Thank like McGimpsey. for shareholders us. to are XXXX. our deals let I'd partners, With close encouraged we joining me additional support. actionable pipeline, upcoming turn by valued call seeing forward and number customers, look in to the for to we

Tom McGimpsey

Yuval. you, Thank

$XXX.X EPS to on bottom both in prior a growth to quarter increased revenue quarter Total our and from and rose $X.XX the record strong to start $X.XX was on year. inorganically, strategy first reached organically Non-GAAP X% year-over-year executed top XX% to XXXX and Energy. highs sequentially for We The the $X.XX and last line. Advanced and million.

Turning to quarter year. million, from Semiconductor and by last new XX.X% last sales market. up $XXX XX% from a the record of revenue reached again

year. close ongoing Industrial industry revenue for We $XX.X see OEM from and demand fourth shipments. million, power grew and XX.X% the strong from correlation last momentum quarter the with of continue precision to our up sales XX% from our products to

the have $XX.X our of expand advanced during adoption was projects increased decrease organically both came fourth inorganically XX% quarter We margin but this first to received new XX.X% a and our continued a last rate from record quarter for year. and We the compares up timing a sequential year-ago. and verticals service industrial highly Service of the the XX.X% of revenue our of the footprint. quarter, from products. delivering and into was increased The at engineered our mix in to quarter geographic the revenue due Gross decline technologies for quarter. X.X% installation with in million, prior to XX%,

benefited in support grow prior reminder, and costs, the unique a the warranty period. in for the As to were expenses quarter, quarter increased operating which GAAP by we our were diversify. strategy to first lower

In expand to the facilities acquisition also we of as penetrate addition we new to demand invested verticals. to meet to continue Trek, our and upgrade globally future

expand Additionally, associated we U.S. tax higher our with new seasonally expense. into related reform, our organization. CFO, operating expenses include decided related of tax to bonus and fees accounting Other deeper and performance-based higher program to factors the compensation cost the recruitment stock-based to

nature. in one-time are items these of Some

will Excelsys to forward. first operating positive have successful We of were quarter integration of the other all with global the or quarter, revenue in of our XX.X% expect margins million going in and of prior $XX realized in synergies and investments line model. expenses revenue. million on million impact XX% business and Non-GAAP This or a revenue a Trek, the from $XX.X $XX.X or our XX.X% compares year-ago,

call, to an reform. recognized our measurement to continue during additional $X.X evaluate million and we tax As the related our last accordingly in tax XX-month mentioned estimates U.S. period, earnings

As for at was a the result, XX.X%. first the tax quarter rate higher

drove be last margin quarter to EPS quarter last $X.XX in positive and per XXXX were the in loss $X.XX XX% $X.XX operating for We of fourth to compared and expect a of compared first to of mid-teens. earnings quarter to rate non-GAAP continue Non-GAAP GAAP year-ago. $X.XX a share $X.XX $X.XX tax a year. the our the for

million sheet. the included In support balance ended in and generated which to $XXX.X quarter, quarter securities. cash the million an of $XX Turning marketable and the working we operations, of cash capital first million with from $XX.X investment operations, net continuing in to

capital applications accelerating growth high of and This as in quarter strengthening we allocation repurchased stock acquired part our million our our Trek $XX.X voltage and of strategy.

our to of and of buyback continue year-to-date. We a total deployed for repurchase million the have shares $XX.X shares

a are to value we also creating we our healthy for solid plan our mentioned, making and our will working transition. welcome Paul turn our for Paul operator it Oldham interim and questions. to toward strategy Yuval been with balance execute growth our act CFO that, the to to my would forward shareholders. With pleasure to as It's working like to me As team. look ensure on Operator? sheet, to I progress smooth aspirational strategic let is with goals, continue I over

Operator

question first Tom D.A. from Our Instructions] comes [Operator Diffely with Davidson.

Tom Diffely

want I on morning. good Yeah, design in dig a wins. the little to

is talked the from the or seen at increases curious, really on You that point DRAM this space for the power on the and growth about if NAND you've increasing just the side, coming growth content in the supplies - unit and systems?

Yuval Wasserman

a it's Tom. think of all above, I combination the of

XX months Our design wins within high-volume normally XX will to manufacturing from go to now.

devices. the lot is So of for win generation next design activities

market, we end-use the customers and qualify and our their the of they go As products by customers. qualify after technology we talk with adoption product the about our

adoption is and there valuation. of So process the a

will manufacturing next in So, these by wins high-volume next generation logic. memory design and both be But generation the in some again, future. it's of devices in technology, driven

Tom Diffely

or - So is go with of the when time, on generation intensity we etch these the supplies of plenty changing versus at saturated last content have there systems like etch contents increasing market generation look and tool? growth feel over you've you you next tool units matching do to the still of capital the power

Yuval Wasserman

networks. power of power also like think of supplies but in the to both these speed a complexity complexity is very network. as power networks and on These complex become complex room for their very, performance controls and more drives device matching RF and in supplies matching the power the in more content, of of supplies adaptive capability control adjacent high drive terms processes the level distribution the grow number accessories of different of and I terms require there the to schemes process chamber,

Tom Diffely

Okay.

where of in you market number space. grow over stable a that etch could perhaps in the time you systems still So think stays

Yuval Wasserman

We believe so.

Tom Diffely

is quarter? service, saw of a based quick service on of it project just And follow-up that normal dip Okay. seasonality more the then you a is the business, this in

Yuval Wasserman

we believe quarter. specifically in know in drove because the the don't seasonality, what We dynamic

upgrade won business retrofit have few a We and deals.

upgrades deals, implementation customers booked but retrofits those in We have those of the and the QX. requested

So we what happened will is the that revenue in be not QX basically that. QX delivered in booked we're about concerned and

we world field. expect we in to We centers around orphan displace our continue to strong competitors' expand grow service offerings. gained our We backlog. the the have products as share our And and in business repair

Tom Diffely

time. your for Thanks Okay.

Operator

with Mok next question comes from Edwin & Needham Our Company.

Edwin Mok

questions. taking Great. Thanks my for

So much into into all quarter this to Trek is guidance first and did Industrial those just your or of part semi? a it housekeeping, how go is sales

Tom McGimpsey

Tom Edwin. McGimpsey. Hi, It's

think greater an can adding Trek million $XX I rate. at run look annual on than you

So in revenue. that we And QX we actually - did we was did guidance without million beat have Trek. above about were $X added in

you XXX finished without we Trek. XXX actually out plus at our and midpoint As recall, was

helpful. that's hopefully So,

Edwin Mok

Okay. Thanks on let's the that. semi. And Great, for thanks. clarifying focus then,

shipment I think stable. that, Based now. you quarter your do you be expect demand track the you I relatively you've think, to how Tom, got always shipment said And said half on business second the customers' generally that half second like have, might the might in second OEM - to call, side. It of constraint we think year? at us [let the your some softer] sounds [ph] customer about of

Yuval Wasserman

question. Edwin, this is So, great a

kind it's market kind we at point, of dynamic. from as it's flex the been our, of and right now So look our vantage

believe the point that assume I Samsung timing assumption. within some We plans investment, will volume our work to TSMC that current now in most We and growth half be our demand delays we vantage That's their the still important half. high second - news have the be of will thing quite about strong. first what XXXX. is continue are. recent continuing flattish Intel And about We market manufacturing, in underlying the the is from But the the the for believe that assumption. to and in market think our that's into right

the said past, by AI, quarter edge underlying growth. see we or As flatness continuing driven that we computing, the may bumps into is adoption by and of the there, demand demand future. in resurgence quarter see still the of IoT before we But

strong for a market the position. if fine. We're of adoption capacity, a takes breather very and So that's installation in

inorganically. organically We continued grow and to both

Some of also the acquired entities in semi. participate we to portfolio added our have

of voltage semi serves never portion the market business applications the a new with before. Trek high example, we had For

we're the So encouraged future. about

Edwin Mok

a that's great Great, Okay. color there.

Moving that guys on like historically the to plus? there. lumpy, you guys mid-teens the in have right? right? consumer that can gives your well guys think broadening growing I confidence the being about growth we electronic and little are wins Industrial, a continuing you about, also of more quite Are this seeing remember came than looks talk last grow from you year talked raise win rather to that of I kind now target we And that that you - more now you part GDP

Tom McGimpsey

sorry. about I'm you electronic didn't hear were asking Edwin, question. I consumer So, products? the whole

Edwin Mok

Yeah, sorry, question. sorry, guess, I two-part

versus - then your last in electronic year the group regarding, going pull this I sales in just be the that? product maybe offering, And the QX consumer year broadening Is it of was strong before you and second right? back? the electronic that in have thing now to and how still of First of kind is started guess, concentrated that win kind lumpy, consumer guys kind of holdings, versus

Yuval Wasserman

question. Sure, good very, very

them of growth. when Edwin, are that multiple them to combine slivers is are news industrial good that comprising So, of that niche The we see general, all market, lumpy. together continue all you in of business our

being products, also more investment capacity products. is excited generation consumer driven lumpy Granted but about electronic highly we're the the it like capital various not to applications, capacity, is other business about any very coating only used adding for required for this materials engineered Now, consumer a electronic that specifically that. are market, by next

our about driven So so, devices. also we haven't equipment, served new that we we presence to we're that the excited are expanding fact capacity, see in but to by new are in implemented that investment before capital driven More specific customers materials by space. application these

with hope is capacity, footprint, that both different customers growth serve geographically, helps. products. I materials the So broadening new consumer that our but new engineered electronic and

Edwin Mok

you guidance you costs, in the Tom, great. Okay, that range about I of least that your how new the improved Is some last some increase what over are the last is guided That's there you are that? talking that XX% in And XQ long-term think quarter. about your One the this range down do XXX OpEx mentioned How points - result question, think acquisitions. integrate these model? are basis also at there midpoint in model. that you of margin some as expect the you or we you costs XX% to now from mentioned

Tom McGimpsey

employees you've Edwin. for And do XX%, in invested our performance-based - non-GAAP XX% the non XX% expect we've it R&D, in through margins. is, to business, continue to for our to gross XX% Yes, range outlined as we've invested margins, we've plan. we certainly invested And operating in basically

I we're excited so, about think it. And pretty

can And a model. around of XX%, XX% or being us non-GAAP operating consistent so, see you the low-teens expenses percent business very with low-XXs, around our - revenue around as

Edwin Mok

I Okay, have. all Thank great. That's you.

Tom McGimpsey

you. Thank

Operator

from comes Molchanov James. Raymond with question Pavel next Our

Pavel Molchanov

In U.S. more of about my out this one announced question. solar cell the for the I curious that of quarter slides, as fab Section drivers second you, the source uplift? to a think capacity now extend industrial four by that is, identified taking about XXX Thanks of and a of are we're seeing as for and given into tariff what order you I'm newbuild to a in kind OEMs. that the announcements number row build in months

Yuval Wasserman

Pavel. Hi,

our very cells. solar manufacturing in the excited are of We presence about

changes to see the enjoyed opportunity market based and capacity and on growth, revenue very China. to continue PV the rest from and continue potential to additional solar. constructive PV significant will sustainable coming we manufacturing the market, allow see new We coming alluded have you of in adds as have adds as from on very, And growth the We technology basically the the in world business to. us regulations solar

Pavel Molchanov

of time think seems years flow. it has curious, Okay. because buyback, And And it's capital, in more split, you allocation M&A still kind ago two buyback XX% in as ago your the using certainly I or XX% years three of return capital cash was I'm that's like of free outlined maybe allocation that your of passed, been eyes right given noticeable is kind your the for late.

is still that you're with? it sticking So XX%, XX%

Yuval Wasserman

we evaluate in long-term continued yes. Pavel, strategy, general, our every quarter it Obviously, that we see and we split. said percent we historically XX/XX

However, we're in opportunistic of of very acquisition. need the changes when very cognizant do to, the have market. we we can active decision pipeline apply being We and a

year. just above the And to But influences see in we of to small spent acquisitions since have months. the more we two we a expect repurchased. Pavel, doing. we Year-to-date, the in million inception two our nine acquisitions million shares but all plan, what $XX.X $XXX.X shares reminder, of repurchase happened last during spent including this So are rather acquisitions ones,

the So obviously, market, and we us make we have and that helps have But changes. decisions the the to in strategic cognizant the be as we decision. guideline dynamic dynamic of market make our

Pavel Molchanov

I helpful. appreciate it, It's guys.

Operator

comes with Scarnati Amanda Citi. next from Our question

Amanda Scarnati

Hi, good morning.

content your on question in quick DRAM a NAND. versus Just

stronger? of there's impact towards from your in of DRAM growth have is your about NAND significantly And a that end how the customers does been going talking quarter. forward if Some shipment been to DRAM the shift

Yuval Wasserman

in within Amanda. between DRAM. different, logic content equipment and memory question, or in those difference actual there our our of NAND XD Obviously, and applications a customers between And the our presence is and is is devices equipment wafer-fab different. the customers for Thanks presence

looking content. drivers puzzle the So the all it complex is at in of

DRAM for content interesting wafer-fab increases that is equipment. thing one the processing the of the migration FEP equipment, front-end However, to us the is the

a see you some in content strong voltage presence really markets higher example, see content ion higher power implantation, that by will Luckily, RTP, For higher in are driven have we our in content these high supplies. metrology. through cases you

also, inspection market both DRAM Rapid where and it share tools. extremely We implantation control. growth a in are a drives supplier and critical and temperature to RTP, a process when we But really metrology ion high have measurement comes Thermal for called Processing,

etch, in to DRAM, cetera, So historical in the strength and growth has content voltage our our pyrometry business, high business. migration deposition, et Sekidenko to an our in increasing and addition

Amanda Scarnati

more then, market for can any share its conductor just conductor competition on in and remind fragment what you're And And Right. to is XX etch versus if mentioned starting months side XX that you etch? to us the you your dielectric see out?

Yuval Wasserman

our share And financial leader in we conversion supplies The is Advanced Energy that why bottom-line, end-use undisputed We we complex far bottom comes the power small and I different customers. performance. it remember leading don't presence in their revenue content different distribution. different mean, and that power share, the customer presence different leading with product, need disclose industry, and application. we At play shares, in, market they we OEM - and when the end-use to explains the we're not environment all customer. - about is have semiconductor leading solutions market thing one with technology, concerned well, to short-term by by and changes leading content, have for And on different based leading line have

an regions are and world across and customers. to continue enabler multiple so applications, We be

we - by So change change or driven share. as end-user be device the change a in mix change may change customer in looked or

position. are about We excited our

on to technology, about to increase generation And share. terms about We the based are even next excited are pipeline down opportunity being our leader. coming we the what of in excited

Amanda Scarnati

you. Thank Great.

Operator

with Patrick from comes question Stifel. next Our Ho

Brian Chin

the to just behind of for the perhaps anything or Patrick. not maybe the in wire the question for typical typically, guidance Chin range. Brian I it Hi, million, past. semi first markets? guess, letting Is into $XX revenue timing my your range quarter, questions. you're second other a few it's time, a this given is, on ask us $XX curious is at Thanks This if for anything just into million But reflection of there's than guidance read shipments industrial there. looking

Yuval Wasserman

X%, reflection and we the peer provided guidance noticed constantly a look that group by that best have group players, we offer as a our practice. We benchmarking. peer plus/minus It's of and at players adopted

Brian Chin

it. Got

there And still EPS range kind the $X.XX… of tight a Okay. it's is

Yuval Wasserman

we Yeah, Yeah, yeah. remain.

Brian Chin

just Q-on-Q, Also results, couple was filing pretty with conjunction enough. significantly at looking semis. a Fair Okay. the you that in of in up your your your top put rate growth above customer out multiples

outgrowth perhaps being you'd high process Just Or baseline penetration strength? the perhaps share if of in by curious just it's semi perhaps referenced? customers your to power, attribute that products shipment more of voltage if some driven of that indicative you gains

Yuval Wasserman

Okay. great It's question. a

since sharing seen afraid this we've with and is that. information, not biggest customer our of growth the So public we're

XX% XX% quarter-by-quarter. year-over-year grown and have We

Now Trek. it's coming things: incremental the product a revenue number applications. is of multiple in into semi brought Trek semi, one, has Trek also number high increase XX% an goes mix; from that and us voltage content combination of addition revenue about two, of

above growth, different customer they that we the inorganic all our have and others. growth, So largest because the fact obviously a than product very higher mix content content broad have of base with organic equipment simply of

Brian Chin

Okay. Thanks, Yuval. last question. Very helpful. I guess, one

overall Just of business again, industrial in going backlog you QX. back clearly the the there, lot a segment, built to in on discussion some of strength the

digestion capacity the that just there. little particular. then is– And Maybe think a last whether did also some just know too. you've in it's revenue - market that kind in - of of past bit on a Just shift bias bit little year you going your of the glass a I or moved that added kind you of of China, in what's a late that can bit dissect flesh curious, whether digestion out towards a coating in I Europe mentioned little - lines, and bit maybe

Yuval Wasserman

flows ebbs a film and see lot regions in general, in between business. you is industrial various we thin if look at market. of it changes, And the So lumpy and the a business,

periodically greenfield glass dynamic in with If look at this of you saw see the some Europe, coating, and more and comes lines pieces both that but this in investment comes basically capital served shift of other it's display market, flat us equipment And for and in glass upgrades retrofits we the of of we it to regional general driving the players panel are even the saw there installation the coating very Asia, and factories. and when we Also, in business. it that business. new matter, periodical periods, between Europe adoption Asia world. to In

the large expect display it either flat what because The comes it's or TV-type we're encouraged the devices when coating the lumpiness that is for we be that of for the should you about or call glass regardless exciting to things position example. market. panel flat handheld panel continuing investments. it the dynamic TVs us, the So adoption to of flat panel implementation to area could large of see is displays OLED And

these seasonal and be in will the continue strong and markets, a including investment in Asia, continuing and and by to of in to added handheld as devices driven especially serve see in said to lumpy In OLED area, the be So and we will of some volume player good Korea, growth both earlier, regional. this in Europe it it adoption we deposition are The general, is that and recently. we news market, side both our China.

Brian Chin

Okay. Thanks so much.

Operator

would further to Instructions] at to I the management questions the I'm [Operator showing And for this call any time. closing remarks. not back over turn like

Yuval Wasserman

had quarter. us. joining everybody, for We strong a Thanks,

performance confident fantastic program a comfortable against and have aspirational our our goal, and feel progress. very We we where with

deployed inception in mentioned the $XXX.X acquisitions to I returning we since during seeing million earlier, the cadence you looking much. to have our next forward continue value you share And we Thank quarter. many of shareholders. to so increase As of repurchase, and

Operator

gentlemen, this conclude presentation. and Ladies does today's

and You have a wonderful may day. now disconnect