Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Q1 2023 Earnings Conference Call April 26, 2023 4:45 PM ET

Company Participants

Jim Scholhamer - CEO

Sheri Savage - CFO

Rhonda Bennetto - SVP IR

Conference Call Participants

Trevor Janoskie - Needham

Christian Schwab - Craig-Hallum Capital Group

Robert Mertens - Cowen

Operator

Good day, and welcome to the Ultra Clean First Quarter 2023 Earnings Call and Webcast. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Ronda Bennetto, Investor Relations. Please go ahead.

Rhonda Bennetto

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are Jim Scholhamer, Chief Executive Officer; and Sheri Savage, Chief Financial Officer. Jim will begin with some prepared remarks about the business, and Sheri will follow with the financial review. 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 Web site.

And with that, I'd like to turn the call over to Jim. Jim?

Jim Scholhamer

Thank you, Rhonda, and good afternoon, everyone. Thank you for joining us for our first quarter 2023 conference call and webcast. I'll start with a high level overview of the first quarter that Sheri will expand on in her comments and follow that with the steps we are taking to manage through this downturn and conclude with our view on the longer term prospects of our industry.

As expected, industry demand remained under pressure in the first quarter, as OEM customers continue to cancel or push out orders against a backdrop of inventory surplus and ongoing geopolitical and macroeconomic uncertainty. End market demand remains weak. Therefore, UCT's revenue is likely to remain constrained in this environment.

Pulling from our playbook from the last downturn, we are focused on aligning our operational efficiencies and cost structure with the prevailing business environment. Our objective is twofold; to mitigate the impact of the downturn as much as possible, and prepare to outperform the market again during the next expansion phase.