Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Q3 2022 Earnings Conference Call October 26, 2022 4:45 PM ET

Company Participants

Rhonda Bennetto - SVP Investor Relations

Jim Scholhamer - CEO

Sheri Savage - CFO

Conference Call Participants

Quinn Bolton - Needham & Company

Steven Chin - Cowen and Company

Linda Weiser - D.A. Davidson

Tyler Burmeister - Craig-Hallum

Operator

Good day, and welcome to the Ultra Clean's Third Quarter 2022 Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ms. Rhonda Bennetto, Investor Relations. Please go ahead, ma'am.

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, 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.

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

Jim Scholhamer

Thanks, Rhonda, and thank you all for joining us today. I'm going to start with a brief review of our third quarter results and provide some insight into how we feel the rest of the year will play out. I'll also share our thoughts regarding 2023 and beyond and provide some additional commentary on our capital allocation strategy. After that, I'll turn the call over to Sheri for a financial review, and we will open up the call for questions.

Solid operational execution and modest supply chain improvements contributed to a strong third quarter. Although the supply chain continues to present challenges, enhanced collaboration amongst our global teams, our suppliers and our customers has alleviated most constraints and we expect to see incremental improvements in the coming quarters. While some customers continue to prioritize and reconfigure their delivery schedules, we have seen only limited cancellations relating to the new export regulation for U.S. semiconductor technology sold in China.