Ultra Clean Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the UCT Report's first quarter 2026 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, April 28th of 2026. I would now like to turn the conference over to Rhonda Bineto, Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us. With me today are James Zhao, CEO, Sherry Savage, CFO, and Cheryl Knetler, VP Marketing. James will begin with some prepared remarks about the industry and highlight some of the opportunities ahead for UCT. 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. Also, beginning this quarter, our non-GAAP results now exclude the impact of unrealized gains and losses on foreign exchange, and our revised reference to prior periods was included in our fourth quarter earnings press release back in February. And with that, I'd like to turn the call over to James. James, please go ahead.

Thank you, Rhonda, and good afternoon, everyone. We appreciate you joining us for the Q1 2026 earnings call. In my prepared remarks, I will provide my thoughts on the near and the longer-term market drivers and highlight where UCT has a clear competitive advantage to capitalize on a variety of opportunities during this multi-year up cycle. Following that, Sherry will provide a financial update, and then we will open up the call for questions. We started the year out strong and delivered revenue and earnings above the midpoint of our guided range for the first quarter, driven by solid execution across a broad set of products, services, and customers. As you can see in our Q2 guidance, we're seeing momentum built across the semiconductor landscape, supported by growing industry-wide investments in AI-driven computing. I'd like to acknowledge our global teams for the sense of urgency, focus, and operational excellence they continue to demonstrate every day. Their commitment to our customers and to driving the continuous improvement is elevating our performance today and positioning UCT to compete and win in the next phase of AI-driven growth. The rapid expansion of AI infrastructure is fueling increased investment across the semiconductor ecosystem. With hyperscalers and cloud providers expect to deploy significant data center capacity by spending around $600 billion in 2026, driving demand sharply higher. Investment by memory companies to address the bottleneck will remove a major constraint for the overall server supply chain, increasing boundary unit demand to support this growth. AI data center growth is being fueled by the rapid adoption of generative and agentic AI, and we're now seeing the early impact of physical AI as well. This new wave is driving increased demand for AI memory and the leading-edge foundry logic, further accelerating FAB capacity investments. These investments are driving the surge in WFE spending, with notably strong demand in leading-edge foundry logic, high bandwidth memory, and advanced packaging, all critical enablers of AI workloads. Increasing device complexity is driving higher process and equipment intensity, especially in deposition and removal, sustaining the WFE cycle and expanding UCT's opportunity. Demand continues to build week by week, and we expect this momentum to increase as customers gain clarity on FAP timelines, delivery schedules, and ramp readiness. Long-term customer forecasts and capacity requests reinforce our confidence in continued WFE demand growth. With our services business directly tied to WaferStars, we are also seeing increasing wafer volumes across IDMs and foundries. Driven by AI demand and ongoing FAB expansions, with higher tool utilization creating a durable multi-year growth tailwind for our service business. We're aligned with our customers and industry sentiment that we're in the early stage of a multi-year cycle that should accelerate into the second half of this year and beyond. Strong demand is occurring alongside emerging supply-side constraints, including cleanroom capacity and the time required to bring new fabs online. As a result, today's environment is driven not only by demand, but also by the industry's ability to scale efficiently. By executing on our UCT 3.0 growth strategy, we are strategically positioning to win in this environment. Ramp readiness remains a top priority under UCT 3.0. We are executing with urgency and a customer-first mindset. Align our teams, systems, and supply chain to deliver with speed, quality, and consistency. We see the AI-driven ramp as a meaningful opportunity to drive growth and expand margins through improved utilization and more efficient operations and infrastructure. In parallel, we're advancing our MPX strategy, new product introduction, development, and transition, to accelerate time to market through our global centers of excellence. By co-annotating earlier with customers, compressing MPI cycles, and strengthening responsiveness and the supply chain resilience. We are enabling faster ramps to high volume production near our customers. This positions us to execute at speed and scale, supporting incremental share gains as customers prioritize development velocity and ramp speed. While driving UCT's operating leverage and margin expansion to higher volumes, improved mix, and greater efficiency. Supporting ramp readiness and NPX, we're making strong progress on our third UCT 3.0 initiative, digital transformation. We are upgrading our systems, processes, and data infrastructure with AI-compatible solutions to improve visibility. reduce cycle times, and increase productivity while enabling faster customer response. These efforts are strengthening our foundation for AI-enabled operations, increasing agility, driving productivity gains, and transforming UCT into a more scalable enterprise aligned to capture growth in this multi-year AI-driven industry upturn. Our global footprint supports around $3 billion in revenue today and can scale up to $4 billion with modest incremental capital investment. Assuming continued progress in workforce development, strategic supply chain, and operational scaling, we do not expect infrastructure capacity to be our constraint. As volumes ramp, This should allow UCT to drive stronger operating leverage, improve profitability, and create sustainable values. In closing, while the long-term outlook remains strong, the near-term environment remains dynamic with variability across customer spending, potential supply chain constraint, and geopolitics. In this environment, disciplined execution will define the winners with our trusted partnership with key customers, strong ramp readiness, and a global footprint that enables speed, agility, and skill. We believe we are well positioned to capture an outsized portion of the opportunities ahead of us. I will now turn the call over to Sherry who will summarize our first quarter results and update you with our second quarter guidance. I look forward to your questions following the financial summary.