Duksan Jang: Understood. And then a longer term question. I know you’re going to have an Investor Day in July and potentially you’re going to update the numbers, but at least in the latest presentation, you’re still rooting for the $1.3 billion model in 2025. And that essentially assumes an 18%, 19% year-over-year growth, whereas mature node wafer fab equipment market, it’s likely going to be flattish. So what would be the drivers of this outperformance? Thank you.
Jamie Coogan: So we currently believe there’s a path to $1.3 billion in the 2025 timeframe. Again, it’s going to depend on the market conditions. So continued strength in power in China combined with a memory – recovery in the mature markets in memory are some of the key factors that will impact this timing. But we have said in the past as the markets recover, there will be multiple paths through to achieving this goal. So like you said, we’re going to give more of an update at for our long-term goals at the July 11 Investor Days. But what’s going on in the business, we are seeing higher demo activity, we are seeing multiple evaluation units in the field successfully completing, and there is a high demand for the Purion products. So we are continuing to see at business be strong and continue to grow as well.
Duksan Jang: Got it. Thank you.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Jack Egan of Charter Equity Research. Your line is now open.
Jack Egan: Hey guys. Thanks for taking the questions. So for your strategic priorities over the past few quarters, you’ve mentioned expanding outside of ion implant. And I was just hoping to get a better idea of how you’re thinking about that situation. So would this be the sort of thing where you’re looking to expand into a process step that kind of adds to your core strengths, like in the implant intensive markets like power and sensing? Or would it be potentially a way for you to kind of diversify your revenue base maybe into more advanced logic or memory or general boundary? I know you mentioned some initiative to grow your share and advance logic. So I don’t know, maybe some additional color on whether that includes inorganic growth. That would be helpful.
Jamie Coogan: Yes. Jack, thanks for the question. As we think about the inorganic strategy, we’re looking at a broad spectrum of potential opportunities for us to continue to find those other vectors of growth here to support our long-term initiatives. It’s always tricky commenting on those types of processes as we’re in the middle of going through doing our analysis and making decisions one way or another. So probably not going to get into any real specifics here on this call. As we get closer to coming forward with opportunity sets, by all means, we’ll make the necessary and proper disclosures associated with that in due time. But we do continue. What I can say is, we do continue to work through our evaluation process and trying to identify opportunities that will provide long-term value creating opportunities for Axcelis.
So we’re being very thoughtful, very deliberate as we undertake that. And then finally, there is still a very significant amount of opportunity for organic growth inside of the business. And so we’re making the necessary investments, as we noted in our prepared remarks, and the people, technology, and our facilities to be able to capture those organic growth opportunities as well.
Jack Egan: Got it. Okay, that makes sense. And so it sounds like China is going to be the big contributor for power again, but it sounds like that mix might lean a bit more towards silicon carbide than silicon than it did last year. So are you seeing a slower build out of silicon power relative to where it was last year in China?
Russell Low: So this is Russell. So we are still seeing a lot of strength in China. I think, as Doug mentioned, we have many customers in silicon carbide in China. We have actually a broad base, and a lot of these customers have in recent years moved through the pilot phase, the R&D phase into the higher volume phase. You probably see, you’ve heard us talk a little bit about people start with a Purion M silicon carbide tool, and then as they move into high volume production, they start to take the Purion XE silicon carbide and the Purion H200 silicon carbide. And we’re seeing a good uptake of those tools as well as people going to high volume manufacturing. And the great news is they’re highly specialized and they’re highly differentiated as well from our competition. So that’s actually, another big opportunity for Axcelis. But, yes, very strong in China. They have many, many reasons to, want to continue to develop silicon carbide chips.
Jack Egan: Got it. So the silicon side, though, I mean, because I know we’ve heard a lot of talk about the expansion of some of that lagging edge technology, maybe just in the general, the analog, the power side on that. And so the silicon carbide, yes, that’s pretty strong. But is China’s – the silicon business for some of that lagging edge power that may be slowing down a bit?
Jamie Coogan: Well, so overall, year-on-year, I think we kind of said that we are approximately flat on power year-on-year but the silicon carbide probably grew about 20%, and then you would have obviously seen the offsetting reduction silicon. So silicon power is certainly not nearly as strong as the silicon carbide power.
Doug Lawson: Yes. So, Jack, one thing to understand is that is being driven by our customers customer, and ultimately automakers and energy companies and so forth. So Axcelis is very well positioned for both silicon and silicon carbide. So if they shift and there’s more need because of hybrids for silicon IGBT, Axcelis is very well positioned to take that. If costs continue to come down on silicon carbide and that continues to be the dominant choice, then Axcelis is well positioned there.
Jack: Got it. Okay, thanks. That’s helpful.
Operator: Thank you. Please stand-by for our next question. Our next question comes from the line of Jed Dorsheimer of Craig-Hallum, I’m sorry, of William Blair. Your line is now open.
Jed Dorsheimer: Hi. Thanks for squeezing me in. So I guess first question, a lot have been answered, but first question, are bookings generally aligned with revenue from a geographic distribution?
Jamie Coogan: Yes, they’re definitely aligned. Quote activity bookings and revenue are quite well aligned.
Jed Dorsheimer: Yes. Okay. And then you talk a lot about China, and I’m just curious, you haven’t highlighted Japan specifically for silicon carbide there’s large investments being made there. Historically, Tokyo Electron, I think, has been stronger as a local supplier in logic. I’m just wondering, what are your – does silicon carbide change things for you in the Japanese market and what can you talk about in terms of activity there?
