Russell Low: Hi, Jed, this is Russell. Good question. So there are domestic suppliers of ion implantation equipment in Japan and as you probably know that the Japanese would prefer to buy locally if they can. So with the rise up in power, both silicon and silicon carbide, it’s actually given us the opportunity to – to penetrate a number of customers in Japan because we have a full portfolio that nobody else has. So the Purion Power Series has actually been very well accepted and we now have the full portfolio in Japan and we’re serving multiple customers. So I think this inflection point in requiring specialized equipment to go into volume production for silicon carbide and silicon power really has helped us because we’ve been investing in this market for a long time and we have the right product portfolio, as I mentioned, and we continue to invest in R&D to make sure we stay ahead.
Jed Dorsheimer: That’s great. And then just last question. So as you go into the Analyst Day at SEMICON West, and it sounds like visibility has weakened a little bit in terms of there’s more puts and takes in the business, what are you looking at? Is this just a function of trying to drill down with your sales team to get better confidence around where you’ll be providing a longer term outlook? What are you looking for in terms of signals going into that Analyst Day?
Jamie Coogan: Well, so in terms of the longer term, that’s not going to change based on a near-term discussion with the sales guys. It’s much more going to be around the products enhancements that we’ll be making to support our positions in current markets of strength, how we’ll penetrate other markets, in terms, that’s what’s going to drive a two to three-year old model. In terms of, and updating any guidance for this year or things like that, we’ll be looking at close indicators as what’s happening with the customers. What we’re hearing as Russell and the rest of the executive team are with customers, we’ll be judging when they’re building. The visibility right now is probably like any upturn as it’s about to happen. Everybody can sense its happening, you know, memory is going to turn. You just don’t know which day, but you know, it’s going to happen on a day. And so that’s, all of that kind of activity is going on right now.
Jed Dorsheimer: Sorry, one last question. You’ve mentioned memory several times, Doug. Memory is relatively, like what do you – what could memory get to in a upturn? If I look historically, memory is still a relatively small component of the overall business. So, and I know it’s maybe basing out now, but is there an expectation that that could get to a $200 million to $300 million business annually?
Doug Lawson: Yes. I mean, we’re not going to, we don’t know what exactly the memory upturn will look like and how big it is. In the past we’ve talked about the fact there’s $180 million to $200 million worth of implant opportunity in 100,000 wafer start memory fab. So it kind of depends on the process flow they’re using at any given time and how big the fabs that they build and how much they add at any given time, that’s what’s going to determine. We have a good content of the implant business in memory.
Jed Dorsheimer: Got it. That’s helpful. Thank you.
Russell Low: Thanks.
Operator: Thank you. Please stand-by for our next question. Our next question comes from the line of Christian Schwab at Craig-Hallum Capital Group. Your line is now open.
Christian Schwab: Great. I just have two quick questions. First one is clarity. Are you implying that Q3 will be down quarter-over-quarter, and then Q4 will be ginormous?
Doug Lawson: No, no. What we’re suggesting is the second half uptick what weighted towards the fourth quarter, that’s all, but not with that level of specificity there, Christian.
Christian Schwab: Okay, perfect. And then a bigger picture question of getting to 1.3 next year. So, I guess, listening you would expect sustainability of Chinese domestic spending, whether it be IGBT or silicon carbide, to remain at lofty levels again in calendar 2024 and then some memory pickup. Am I hearing everything you’re trying to convey correctly?
Russell Low: Yes. I think the other thing that’s there would be the general mature, so across the world, China included, the general mature markets have been soft. We would expect those to pick up globally.
Christian Schwab: Okay. Okay. Perfect, no other questions. Thank you.
Russell Low: Thanks, Christian.
Operator: Thank you. Please stand-by for our last question of today’s call. Our last question comes from the line of Mark Miller of the Benchmark Company. Your line is now open.
Mark Miller: Thank you for the question. You indicated that you’ll be closing a number of evals in the second – you have closed, and you will be closing evals in the second quarter. In the second half of the year how many evals will you have in the field and what are they focused?
Russell Low: So, I think we’ve said that we’ve got like, upwards of about seven-evals in the field at this stage. We’re looking to close several of those by the mid-year. So that will reduce us down to the two to three type number. Those – so as we stand today, Mark, we basically have evaluations across all segments of our business, pretty much. So as these evals roll off, which actually we consider to be very successful, this builds a great relationship with the customer. It gets us qualified for a single application with a customer, and then we start to fan out. But as these ones are completed, we do actually have a list of evaluations we’re looking to start into the second half of this year, so we continue to use evaluations as a really good strategic tool to build our business.
