Ultra Clean Holdings, Inc.

Good day and welcome to the UCP third quarter 2021 earnings call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Rhonda Benetto. Please go ahead.

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are Jim Schulhammer, Chief Executive Officer, and Sherry Savage, Chief Financial Officer. Jim will begin with some prepared remarks about the business, and Sherry will follow with the financial review, and then we'll open up the call for questions. Today's call contains forward-looking statements that are subject to risks and uncertainties. For more information, please refer to the Risk Factors section in our SEC filings. All forward-looking statements are based on estimates, projections, and assumptions as of today, and we assume no obligation to update them after this call. Discussion of our financial results will be presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP can be found in today's press release posted on our website. And with that, I'd like to turn the call over to Jim. Jim?

Thank you, Rhonda, and thank you all for joining us today. I'm going to start with a review of our third quarter performance and share my thoughts on the industry and how UCT continues to raise the ceiling on performance and consistently outperform the markets we serve. After that, I'll turn the call over to Sherry for a financial review, and then we will open up the call for questions. UCT has demonstrated solid company-wide execution through this extended expansion of WFE growth over multiple quarters. Our Q3 results reflect the strength of our business and the tremendous demand we're seeing from customers worldwide. Revenue for the quarter of $553.7 million and earnings per share of $1.07 are the highest recorded in UCT's history. Using the midpoint of our fourth quarter guidance, we anticipate year-over-year revenue growth for 2021 of approximately 50% and EPS rising by 49%. The growth trajectory of our end markets is accelerating, our customer base is growing, and our opportunity pipeline is expanding. This is shaping up to be a truly extraordinary year of outperformance for UCT. Technology advances continue to drive the underlying shift in the need for semiconductors. Because the number of uses for chips has increased so significantly over the past few years and will continue to evolve, we see ongoing strength into 2022. We believe the long-term upward trajectory of the WFD market is sustainable and that high levels of demand for our products and services will continue for the foreseeable future. UCT's remarkable performance is a result of several competitive advantages, one of the most important being the broad diversification of our products and services. We indirectly touch many of the chips that go into a wide variety of electronic devices. We make the machines that make the next-generation technology and have a notable presence in the most critical elements of the semiconductor production process. UCT's exposure to the entire fab construction, equipment build-out, and production support ecosystems make us better able to navigate fluctuations within subsegments of the broader semiconductor ecosystem. Another important advantage is our ability to leverage our global manufacturing network to meet our customers' increasing requirements. With over two dozen locations worldwide, we are able to scale with our customers and are optimized for business continuity execution. The timing of our new vertically integrated manufacturing facility in Malaysia is extraordinary as it provides additional capacity at a crucial time for our product customers. Initial production began on time in early September, and we shipped our first products by late September. We are actively working with our customers to accelerate production and will continue to ramp output and revenue through 2022. We are also making other strategic investments to support our medium and long-term growth strategy. Semiconductor manufacturers worldwide have plans to break ground on at least 10 new high-volume fabs in 2022. to meet the accelerating demand for chips. UCT has never been more ideally situated to increase our capabilities, expand our presence, and play an even more vital role in our customers' success. The last accomplishment I want to highlight is our ability to deliver on time and under pressure. I would like to acknowledge our employees and specifically call out our dedicated procurement team for their ongoing engagement with our strategic partners who understand the unique requirements of low volume, high value, high complexity products. We actively engage with our suppliers using a collaborative planning and forecasting model that has enabled us to maximize our output capability and be recognized by our customers for our on-time delivery across key markets. In summary, it was a truly exceptional quarter for UCT on many levels. We are excited about the opportunity in front of us as semiconductors become even more strategically relevant. UCT's consistent ability to meet our customers' most urgent needs positions us very well for long-term, sustainable growth as the leading semiconductor manufacturer. I want to sincerely thank every one of our employees, suppliers, and partners for their partnership, commitment, and incredibly hard work, and we look forward to speaking with you again in a few months. And with that, I'll turn the call over to Sherry to review our financial activities and performance.