Operator: Thank you. [Operator Instructions]. We will take our next question, and the question comes from the line of Christian Schwab from Craig-Hallum Capital. Please go ahead. Your line is open.
Christian Schwab: Great. Hey, Mark, can you just walk us through the puts and takes on your original top-line revenue guidance on why your guidance for the year is near the low end versus the high end?
Mark McKechnie: Yes, actually David, do you want to take that? I could probably go next.
David Wang: You have to take it first. I will hold for that.
Mark McKechnie: Okay, I’ll go ahead and take that then. So Christian, thanks for the question. I think there’s a couple of things here kind of from the beginning of the year. I’d say first is, if you just think about the overall China market, we’re not necessarily market readers, but based on some third-party data, it does sound like the China market as a whole is down year-on-year versus our expected flat. Still great spending on mature nodes, but the market may be a little less strong than we had anticipated. I would say despite that, our year-to-date revenue was up 37%. Our midpoint of our outlook is up 36%. So, our product cycles and our new customer activity is contributing. The third point is, we did, I think David talked about a little bit.
Certain customers, we saw maybe a slight delay, one to two-quarter delay, either due to their facilities, just kind of a timing thing for them to get their tools installed, or just almost a digestion where some of our bigger customers may have seen a large number of tools shipped, and they’re just kind of working to get those deployed. The last thing I’d say on that is also, Christian, a lot of our shipments this year have been first tools, to new customers or newer products. And so, for those ones, we’ll get more revenue next year. So, kind of a combination of things there. I mean, we’re still pleased with the growth. We would have liked, obviously to be at the higher end, but this is where things stand right now. David, anything to add?
David Wang: Yes, that’s fine. I mean, perfect. I don’t have any to add on that.
Christian Schwab: Yes, and you guys look to calendar 2024, would you expect the aggregate TAM in China to be flat, to be up, to be down, and what specifically would cause you to outperform the TAM growth inside of China once again?
David Wang: Okay, good question. So actually you’re looking their third-party data and next year China is the upper right. And we also feel they’re good year, next year for China. And because I think China market is still in their early or middle stage of the capacity expansion, especially this matures in 28, 45, also EV market, right for their power devices continue to grow. And then also they have our new product, our furnace as I mentioned, end of last year, we have three customer, end of this year we’re part of the 10 customer. So expanding quite rapidly with the customer in the furnace product, right? We have all LPCVD high-temperature plus our new ARD product. So we’ll see their revenue contribution, right and for their year 2024.
And plus other, also other new cleaning product, you mentioned that as other semi-critical CO2. And also our Tahoe product, I mention that is the, we see next year, our multiple repeat order will come in for our Tahoe tool. Also, Tahoe has offered 40%, probably to 70%, so [indiscernible] compared to their single SPM tool. And we see their big interaction from not only logic customer, also from their memory customer, also not only domestic, I mean only China also, we see the customer outside China interests for this Tahoe product. We believe this real revolutionary cleaning tool, offer real environment their friendly process, for saving those sulfuric acid. Next one, I’ll see that, 2024, we see the international market penetration, they become more of a, I call materialized, and we see their property pickup and their international sell.
