CMC Materials, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the CMC materials first quarter fiscal 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today, Colleen Mumford, Vice President of Communications and Marketing. Please go ahead, Ms. Mumford.

Thank you, Carol. Good morning, everyone. With me today are David Lee, President and CEO, and Scott Beamer, Vice President and CFO. Last night, we reported results for our first quarter of fiscal year 2021, which ended December 31st, 2020. We encourage you to review the slides and remarks document made available under our quarterly results section of the Investor Relations Center on our website, cmcmaterials.com. A webcast of today's conference call and the script of this morning's remarks and question and answer session will also be available on our website shortly after this live conference call. You may request any of the information by calling our Investor Relations Office at 630-499-2600. Please remember that our discussions today may include forward-looking statements that involve a number of risks, uncertainties, and other factors that could cause actual results to differ maturely from these forward-looking statements. These risk factors are discussed in our SEC filings, including our Form 10-K for the fiscal year ended September 30, 2020, and our Form 10-Q for the quarter ended December 31, 2020, and which we expect to file by February 9, 2021. We assume no obligation to update any of this forward-looking information. Also, our remarks this morning reference certain non-GAAP financial measures. Our earnings release and slide presentation include a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure. Additionally, data reflects rounded values throughout the discussion and in the accompanying slide presentation. As you can see, we are using a new format to convey our earnings results to allow for more questions and conversation. We hope that everyone finds this useful and we look forward to receiving your feedback. I will now turn the call over to Dave.

Thanks, Colleen. Good morning, everyone. As Colleen mentioned, this is a new approach to convey our results this quarter. So my remarks will be brief, and then we look forward to taking the questions. As announced last night, we achieved record revenue for our first quarter of fiscal year 2021, driven primarily by strength in our electronic materials business. We are proud of our performance, which we believe demonstrates the strength of our innovation, execution, and close customer partnerships. To date, we have not seen a meaningful impact from the COVID-19 pandemic on our supply chain. And I would like to take this opportunity to again express my gratitude and appreciation to our teams globally for their efforts to keep our employees safe and to manufacture and deliver solutions to our global customers without interruption. In terms of outlook, as announced, we are really encouraged by the continued strength and demand we are seeing for our solutions, particularly CNP slurries, given our technology leadership and advantage positions in the logic, memory, and foundry segments. Looking ahead, we see continued growth above this record quarter, driven again by strength in our electronic materials segment. We are also encouraged by the continued signs of stabilization we are seeing for our performance materials solutions, particularly for our pipeline and industrial materials products. I'd also like to highlight that we have also raised our guidance for full fiscal year 2021 adjusted EBITDA to be between $367 million and $387 million, demonstrating our confidence in our growth prospects and strong profitability. Our robust results demonstrate the quality of our portfolio and leadership positions of our respective businesses. They also reflect our ability to execute against an uncertain macroeconomic backdrop. We are optimistic about the trends we are seeing in the semiconductor industry and are confident in our ability to capitalize on these trends given our advantage positioning across logic, foundry, and memory. With that, I'll turn the call over to the operator as we prepare to take your questions.