Good day, ladies and gentlemen. Thank you for standing by, and welcome to the ACM Research Q4 2022 Earnings Conference Call. Currently, all participants in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. I would now like to hand the conference over to your speaker today, Gary Dvorchak, Managing Director of The Blueshirt Group. Please go ahead. Thank you, Operator. Good morning, everyone. Thank you for joining us on today's call to discuss Q4 2022 results. We released results before the U.S. market opened today. The release is available on our website as well as from Newswire Services. There's also a supplemental slide deck posted to the investor portion of our website that we'll reference during our prepared remarks. On the call with me today are our CEO, Dr. David Wang, our CFO, Mark McKechnie, and Lisa Feng, the CFO of our operating subsidiary, ACM Shanghai. Before we continue, please turn to slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that can cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as the date of this call. ACM is not obliged to update you on any revisions to these forward-looking statements. Certain of the financial results we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and an unrealized gain loss in trading securities. For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and refer to slide 12. With that, let me now turn the call over to David Wang, who will begin with slide three. David? Thanks, Gary. Hello, everyone, welcome to ACM Research Q4 and fiscal 2022 earnings conference call. Starting with the Q4 results. Revenue was $108.5 million, compared to $95.1 million last year. Shipments were record $193 million, up 69% year-over-year. Gross margin was 49.6%, non-GAAP operating margin was 17.7%. As anticipated, as a result of U.S. export restriction, several customers reduced production at their advanced nodes facility. We also experienced some delay from our supplier due to supply chain constraints. Despite the impact to our Q4 revenue, we are pleased with our results. For the full year, 2022 marked another year of progress on our mission to become a major supplier to the global semiconductor industry. We delivered a 50% year-over-year top line growth during the COVID-19 related restriction, supply chain disruption, and increased trade regulations. This result demonstrate were driven in part by our multi-product portfolio strategy. Turn to slide 4. We are focused on deepening our position in cleaning our core product segment. In 2022, our cleaning product grew by 44% to $272.9 million, driven by our single wafer cleaning tools and continued penetration of a semi-critical Autobench tools. We expect the Autobench to play a key role for mature nodes development in China and going forward. We instilled several important new cleaning tools, including Bevel Etch tool, high temperature SPM single wafer cleaning tool, the high temperature IPA dry tool, and the supercritical CO2 dry tool for DRAM, which is important for our international efforts. ACM now has one of the broadest cleaning product portfolio in the industry, covering nearly 90% of all cleaning process steps. The ECP and furnace and other technologies, revenue more than doubled year-over-year to $77.5 million and represent 20% of our revenue mix. This was driven by significant contribution from our ECP plating tools with increased penetration at our top customer for both ECP map for front end and ECP ap for the back end. We expect a strong product cycle in 2023 from our furnace products. Our higher temperature Anneal and LPCVD furnace, including silicon nitride and poly and doped poly, have expanded to multiple customers. We expanded our furnace platform with the introduction of our thermal atomic layer deposition, ALD Ultra FnA furnace tool. We delivered the first ALD tool to a customer in September and second one to another customer in November 2022. Advanced package, not including ECP. Service and spare and other process tool grew slightly year-over-year. This segment includes a range of packaging tools including coater, developer, scrubber, PR stripper, and wet etcher. Also service and spare parts. ACM is only company that offers both a full set of wet tools and advanced plating tools. We believe advanced packaging will become more important as industrial looks for packaging innovation, such as 2.5D and 3D interposer, and fan-out to drive the higher performance, particularly in China. In Q4, we added two major product categories: Ultra LITH Track coater developer tool, and Ultra Pmax PECVD tool. We estimate these two new tools double our serviceable available market, or SAM, to $16 billion. This major new category reinforce ACM's position as a multi-product platform company. Our Ultra LITH Track coater developer tool is a natural evolution of our expertise in cleaning, coating, and developer systems, which we have built over the past decade. With our core competence in software and robotics, combined with our proven standalone coater developer tool performance, we are well-positioned to competing in the $3.7 billion TRACK market. We believe many global logic memory manufacturer are seeking a second TRACK supply source. Our proprietary architectural design enables Ultra LITH Track to process 400 or even more wafers per hour, which is required for the next generation of litho tool, specifically designed for memory manufacture customer. The tool has multiple feature that enhance performance across effectivity, throughput, and cost of ownership. We delivered the first Ultra LITH Track coater developer ARF tool to a domestic Chinese customer in the Q4 2022, and plan to deliver i-line model later this year. We have also begun development of our KrF model. Our Ultra Pmax PECVD tool marks ACM's entry into a new process area for front-end semiconductor manufacturing. We believe our proprietary design provides better film uniformity, reduced film stress, and improved particle performance. We target this product for global logic and memory manufacturing. We expect a good attraction for 28 nano and above logic customer, which we view as a major expansion opportunity in China. We believe this is aligned with China's focus on adding manufacturing nodes capacity. Adding mature nodes capacity to match domestic consumption. We expect to deliver our first PECVD tool to IC manufacturer soon. We also expect our Ultra Pmax PECVD tool to be used in creating process for memory fabrication. We look to those two new product category to provide another leg of growth to ACM in 2024 and beyond. ACM tools are used by nearly all of the China-based semiconductor manufacturers. Our sales and service team are constantly working gain better traction with each of our customer across each of our major product line. Our 2022 results demonstrated impressed growth for our core cleaning tools and good product cycle ECP. We expect a similar product cycle for furnace in 2023, and a long-term contribution from TRACK and PECVD. I will now provide the detail in our 2022 customers. Turn to slide 5. For 2022, we had 3 10% customers. The Hua Hong Group remain our top customer at 18% of sales. SMIC was the second largest at 15%. YMTC was our third at 10%. Six MT and SK hynix also contribute, but were less than 10% and 5% respectively. We had a stronger contribution from second and third tier semiconductor manufacturer, including power, analog, CMOS, image sensor, compound semiconductor, and other devices. Although none of them individually was a 10% customer, this customer group represent about total 20% of our full year sales. For 2023, we expect a growth from our China-based customer with a share gain in our core cleaning tool and ECP and furnace product cycle. We also anticipate initial sale to the U.S. and European market. We have 2 cleaning tool at a U.S. facility of a large U.S.-based manufacturer. The evaluation is going well, and we are optimistic it will lead to additional order from them in 2023. Today, we announced an order for our first evaluation tool to a top-tier European customer. The tool is planned for delivery in early Q4 this year, and we are beginning to hire service team to support it. We are optimistic this could lead to repeat orders of this product, orders for our other products, and open the door for other potential major customer in the region. Next, I want to detail our planned investment in new facility. Please turn to slide 6. Construction of Lingang production R&D center is nearly complete and remain on track for the initial production in the second half of this year. Our Lingang campus will including 1 million sq ft, including 2 R&D building, 2 factory building, and 1 accelerant factory. The accelerant factory will be equipped with a clean room R&D lab of the same grade as our customer IC production line to speed up R&D and product process verification. Upon completion, the Lingang campus is expected to have annual revenue production capacity over $1.5 billion. We are moving forward with the purchase of new full-owned headquarter for ACM Shanghai in Zhangjiang area, Shanghai, the Silicon Valley of China. We paid about $47 million for their building in the Q4, we're moving later this year. This is important addition for ACM that will provide stability for employees, help us attract new talent, and allow us to invest in world-class R&D center to speed up the development of our tools. Support our international expansion, we are increased our investment in Korea. This will serve as a second source of production capacity for business of continuity and will provide additional access to a greater pool of R&D talent. We already have a team of about 70 local R&D engineer who have co-developed our furnace, track, and PECVD product with our Shanghai R&D team. This facility will be in the proximity of several major semiconductor manufacturers, which we believe will help achieve greater traction. For 2023, we expect to spend about $80 million-$20 million CapEx. Our main project, including Lingang facility, capacity add in Korea, and new ACM Shanghai headquarters. Following this important investment, our major spending project will be complete for the next several years. We remain committed to our $1 billion revenue target. Please turn to slide 8. We remain bullish on the domestic China semiconductor market. We expect our China customers to continue to add or even speed up capacity adding mature nodes as made in China capacity is much lower than the local market consumption. Domestic demand for semiconductor will follow increased production of electrical vehicle and consumer electronics. The majority of our customer demand has been for mature nodes production site, including 20 nano and above logic devices, power devices, and IoT. We anticipate good growth for years to come. We believe we can achieve our $1 billion revenue target in near future from Mainland China alone. Our model is based on 55% market share in cleaning, 50% in ECP, 35% in furnace, and 15% each for track and PECVD. We see upside potential from international markets. We are making good progress with Korea, U.S., and European customer and expanding our global sales and supporting teams. We are also accelerating our R&D and production facility in Korea to be close to several major semiconductor player and provide a second site for supporting worldwide customers. I will now provide our outlook for the full year 2023. Please turn to slide 9. We reaffirm our 2023 revenue outlook to be in a range of $515 million-$585 million. The range of our outlook reflects, among other things, the potential impact from current U.S.-China trade policy and together with various expected spending scenario of key customer, supply chain constraint, and the timing of acceptance for first tool on the evaluation in the field, among other factors. In conclusion, we are proud of the progress we have made in 2022 and excited for the opportunity that align ahead in 2023. We remain committed to our mission to become a supplier to major global semiconductor manufacturers and to deliver innovative solution to our customers. Let me turn the call over to our CFO, Mark, who will reveal detail our Q4 results. Mark, please. Thank you, David. Good day, everyone. Please turn to slide 11. Unless I note otherwise, I'll refer to non-GAAP financial measures, which excludes stock-based compensation, unrealized loss on trading securities. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. I'll now provide financial highlights for the Q4. Revenue was $108.5 million versus $95 point million last year. Total shipments were $197 million versus $117 million shipped in the year ago period. Revenue for single wafer cleaning tools and semi critical cleaning was $74.6 million versus $61.9 million. Revenue for ECP furnace and other technologies was $20.2 million versus $19.5 million. Revenue for advanced packaging, excluding ECP services and spares, was $13.7 million, approximately flat versus last year. Gross margin was 49.7%, up from 47.9% in the prior year. This exceeded our normal expected range of 40%-45%. The increased gross margin versus the prior year period was primarily due to product mix and a positive impact due to the change in the renminbi to U.S. dollar currency rate. We expect gross margin to continue to vary from period to period due to the variety of factors such as sales volume, product mix, and currency impacts. Operating expenses were $34.8 million versus $25.1 million. We incurred higher R&D costs due primarily to increased personnel. Sales and marketing expense was higher due to promotional tools and personnel costs. Operating income was $19.2 million, representing 17.7% operating margin versus $20.4 million. Other expense net was $6.6 million. This was due primarily to the impact of the exchange rate changes on our payables and receivables for the period. Income tax expense was $2.7 million, compared to $3.2 million in the year-ago period. The effective tax rate for the full year 2022 has increased primarily due to the requirement for tax purposes to capitalize and amortize previously deductible research and experimental expenses under IRC Section 174. That was effective January first, 2022. Company's tax provision assumes the rule will not be overturned and is based on capitalization of all the R&D expenses for tax purposes. Net income attributable to ACM Research was $12.6 million versus net income of $18.1 million in the year-ago period. Net income per diluted share was $0.19 compared to net income per diluted share of $0.27 in Q4 2021. I will now review selected balance sheet items. Cash and cash equivalents, restricted cash, and time deposits were $420.9 million at the end of the Q4 versus $473.2 million at the end of the Q3. Total inventory was $393.2 million at year-end, up from $327.8 million at the end of last quarter. This included finished goods inventory of $146.9 million, work in process of $79.1 million, raw materials of $167.1 million. Net cash flow from operations was $1.3 million for the Q4. Net cash flow used in operations was $62.2 million for the full year. Capital expenditures for Q4 was $72.6 million, which included a $47.2 million payment for our new headquarters building in Zhangjiang and spending on our Lingang factory and other items. Capital expenditures for the full year was $91 million. That concludes our prepared remarks. Let us open the call for any questions that you may have. Operator, please go ahead. Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. We have a question from Mark Miller with The Benchmark Company. Your line is open. Congrats on another strong year and outlook. I had a question about the regional distribution of sales. Looks like China was down 20% sequentially. How much of that was due to the restrictions in China? Just wondering what produced that 20% sequential decline in China sales. Yeah. I mean, Mark, I think it's real hard to give you a precise number. Obviously, t here's a reduced investment in advanced nodes and that percentage, how much contribution, I don't have a number right now. However, I should say there, also we say there are still strong demand in the mature nodes, right? That's the way we think this year and our revenue continue to grow. Of course, also plus our new product, deployment, especially ECP and the furnace. In terms of other regions, that showed a nice uptick over prior quarter and year-over-year. Can you describe, is that coming from the U.S. or Taiwan, or I'm just wondering where the other region increase in revenues is coming from? Actually, we're expecting some revenue this year will come from outside Mainland China, right? Some revenue we expect from Korea and also some from U.S. Also expecting, probably not real revenue from TSMC, so from there in Taiwan, but they're actually expecting customer, right, probably breakthrough in Taiwan this year, but not revenue. Thank you. Yeah. Thanks, Mark. One moment for our next question. Our next question comes from Quinn Bolton with Needham & Company. Your line is open. Oh, sorry about that. I was on mute. Hey, guys, congratulations on the strong 2022 results and the, very strong 2023 outlook and the, tough WFE environment this year. I guess, a few questions. One, for David or Mark. Can you just give us some sense, at the 2023 guidance of $515 million-$585 million? Do you expect any, meaningful contribution from advanced nodes in China? Or have you effectively zeroed out the advanced memory and logic nodes in that guidance? Yeah, let me give a first shot. I think we still see some, properties still purchase going out, but obviously, quite a reduced, right, compared last year. So that's not that much counting in our projection, for our this year's I call the projection. However, we do see, and also there are some speed up for the customer, even some new customer, right, in China for mature nodes and also for their power devices. So that's that we see their our revenue growth from major from those customers, right? Plus, as I mentioned, and also other products spread out, right, ECP continue to gain market share. The furnace this year, we think we'll gain, more rapidly with the market share too. That is a probably factor, right? Next one is also including some international contribution sales from outside mainland China. I wanted to also ask just on the shipments, a very impressive number of $197 million. In the Q4, I know you don't guide to, shipments on a go-forward basis, but can you just talk about, was there anything special going on in the December? You know, was there any business sort of, either pulled out of the September quarter or perhaps pulled in from March? You know, you talked in a prepared script about some supply constraints. Hard to see, the impact of supply constraints when you're at nearly $200 million of shipments a quarter. Just trying to get some sense on, what's your outlook for shipments, perhaps qualitatively, since I know you don't give guidance for that number. You mean the future or talking about last quarter? Well, just yeah, the, maybe David just, talk about the strength in shipments in. Sure. the Q4 w as there anything unusual that led to such a strong number? Any, any comments you might be willing to make about, how you expect shipments to trend over the next few quarters. I see. Well, actually, last four quarter shipments, is also impact by constraint, right? If we are have no spell, supply chain constraint, maybe ship more. That's obviously there. Plus this, I call trade restriction also limit that shipment too. Anyway, I think our next few quarter, we still can see that there continue, I call there. I'm not saying I call higher than the, than the fourth quarter, right? I should say next year and this year, we'll see that continue increase our shipment, right? Excellent. Then, for you, Mark, obviously gross margin near 50%, well above your target range of 40%-45%. How much of the strength in the Q4 was due to that, higher shipment level? I assume you're getting pretty good factory utilization, at that kind of shipment level. Was that a big driver to gross margin, or was it really more just a function of the mix of tools that you shipped in December that led to that, near 50% margin? Yeah, Quinn, it's gonna be predominantly about the mix of products. The absorption helps a bit, but it's not a big portion. It's really about the mix. I said in the prepared remarks, we also had some benefit from the currency rates. It's mainly about mix, Quinn. Can you quantify the FX impact, Mark? I mean, my guess is your mix with furnace and ECP driving a lot of the growth in 2023. It sounds like your mix is gonna stay pretty healthy in 2023. We're not changing our 40%-45% gross margin, target, Quinn. It's, we're in a, it's a competitive industry in general, and we certainly wanna work well with our customers, but 40%-45% is the right target, longer term. Understood. Thank you, Mark. Thank you, David. Thank you. Thank you. We have a question from Christian Schwab with Craig-Hallum. Your line is open. Hey, guys. Congratulations on. Yeah. On strong execution and guidance. David, you're not alone in seeing tremendous strength out of the Chinese domestic market. You know, Applied Materials and their ICAPS business, spent half the call talking about it. When you look at China and your commentary about adding, mature node, the 28 nanometer, IoT, power, sensors, probably a smaller market. Saying that the capacity within China does not meet domestic demand, I think is the way you worded it. How many years of strong capital equipment spending do you think it would take for that to occur? Is that like a three to four, five, six-year adventure? You know, how long do you think that would take? Okay, good question. I should say still, I just mentioned, our electric vehicle, other consumer electronics, right? There's a lot of consumption rate in China for the 28 nano above chips. I look at customer or our new customer expansion plan. I would say probably this trend will continue to go another at least three year, right? I see there probably 3-year timeline. I mean, again, right, really depends on the real situation, but we see that trend going up. Great. We've also heard from, some different companies who sell into domestic China market that there seems to be a reinvigorated effort to buy from domestic Chinese suppliers versus international providers into the capital equipment marketplace if there is good and competitive markets and products available, which of course you have. Do you see your growth potential potentially benefiting from that over the next three years as well? Actually, I think for mature nodes is pretty the same, right? This moment, that all the restriction regulatory not limit the mature nodes, right? I see that it's still everybody can sell, we're not specific say they have to buy domestic whatever, we're doing. However, because of last two year, three year, the constrained supply and traveling and the people, that will make our R&D team in the Shanghai really make understanding, right? We still can't go in with service customer. Maybe that will give our custom kind of an advantage of our proximity on the center manufacture closing. I see that is a more big impact, right? I mean, I should say, I will say the customer still consider the faster tool pricing and also the, stability of tool as a major consideration and not just, have to select domestic. I think that's a real fair market. We want also to share that market with other player in domestic and also outside China. It's really, finally it's really, solution gain, right? Your cost, your service, your product, quality. I look at that as more major. Perfect. My last question regarding, initial sales to, a large U.S. company. I thought I heard you say you thought you would get acceptance of those two tools and additional orders from that customer this year. Did I hear that correct? Yeah. I think we did qualify that tool and hopefully, we're, they're continuing expansion plan and we got repeat order, right? That's what we're expecting. Great. is that, with the, with that customer, is that on some complex, stuff like gate-all-around or something like that? is there a, is there a technology shift, where it's opening up an opportunity for your products with that customer that maybe didn't exist, before? Well, Glenn, I really cannot talk too much about that, right? We do have NDA. You know, we even cannot talk, is the customer, is logic and memory, cannot talk either. I really cannot comment your question. Sorry. Okay, that's fair. I think in a conference call or 2 ago, you mentioned, but this is my last question, that you would expect sales, or shipments, I should say, outside of domestic China in calendar 2023, a target of about 10% of those shipments, outside of that market. Is that still the number we should be thinking about, or did I remember- Yeah. I should say probably five to 10. It's really hard to give you that fixed number now. Maybe by end of this year, I'll give you more detail. Okay. That's, target right now, five to 10. That's our goal. All right. Sounds perfect. Great. No other questions. Thank you. Thank you. Thanks, Christian. Our next question comes from Charlie Chan with Credit Suisse. Your line is open. This is Chaolien. Thank you, David and Mark. I have, my first question is that the revenue by region, is that based on ship to location or the customer headquarter region? We're saying that is, A, based on the... It's not by actually quarter. We'll talk about the, deliver to China territory, right? Final location, we'll talk about. Okay. that's more like shift to the location of the sale. Let me clear that. Well, let's say Hynix exclusion. Hynix, we don't have that sale actually to the China location. We'll consider as for Hynix, right? Hynix have both fab in China, also in Korea. Did I answer your question? Yes. Actually my last question is also relating to this important customer. I'm curious that, how much capacity, manufacturing capacity are we preparing for this and any other international customers by end of this year or next year? Okay. In Korea. The production capacity in Korea. Because I'm just thinking that if Yes. Okay. I think let me clear. Korean capacity or expansion and we're doing from now on, right? As I said, we're expanding investment, including increased capacity. That capacity at the moment, we can say some of them is still using for China market because, we have a co-development tool between Korea and Shanghai. Also that capacity also will be prepared for a secondary manufacture center and to supply customer outside China, right? That's a 2 function in there in Korea. I make sure, answer your question. Does that answer your question? Mm-hmm. Charlie? Yes. Yes. I'm just thinking that with the U.S. chip act, if any of our potential, I mean, U.S. or non-U.S. fab customer is going to expand in U.S., would they have to only purchase any, I mean, cleaning furnace or USP from our Korean production site instead of from our Shanghai production site in the next few years? Well, obviously, every customer need a, they call it business continuity, right? Even natural disaster. Always asking 2 site, even 3 site manufacturing. You know, you're asking customers, they prefer at least 2 location, and something happened, they still have a second source, can continue, providing the tool. That's exactly where we're designed here, as they call the business continuity and to really, make sure we can supply to all the customer in the world. Okay. Thank you. Next question. I'm not sure if I missed this earlier. Would you might give us an idea on the R&D ratio into 2023 after the major increase last year? Let Mark answer a question. He know more money. I don't know much money. He's better. Yeah, Charlie. In 2022, if you go through the numbers, the non-GAAP basis, it was about 15.3% from 12.7% in 2021. You know, we think that's about the level we'd expect in 2023, around, 15% or so. Okay. Understand. Thank you. Maybe my very last question is that I know previously some other analysts also ask about the very exciting revenue growth in 2023, and David discussed earlier that a portion of that will come from the tier 2, 3 fab customers in China. I'm still quite curious here because or if you look at the fab, the fab customer in China, tier 2, tier 3 fabs, how would you comment on your market share with these tier 2, 3 fabs in China last year versus the market share outlook for this year? Yeah. Actually, you look at the number, we just, see there are in the script, about 20% represented right now in last year, right? I continue to see that number will continue to increase because we see the new customer come out and also some second tier and third tier customers starting, some expansion too. It's we see that group occupation will increase. Yes. Another question, more on the revenue recognition side is that for the kind of advanced node restricted by the U.S. regulation, the U.S. October 7 re-regulation. For any tools, either the repeated tools or the new tools that we ship to any of these fab customers, are all those related revenues already up booked in the Q1? Let me this way. Well, there's obviously in the Q1 there's some revenue coming from there, right? There, I'm also expecting still some revenue contribution, even this year too. Obviously, we follow, strictly for the U.S. trade regulation, which is, no U.S. part and no U.S. technology involved, right? That's our baseline there. I still see some going on, but obviously has been reduced, as compared last year. Okay. Understand. Thank you, David. One moment for our next question. We have a question from Suji Desilva from ROTH. Your line is open. Hi, David. Hi, Mark. Congrats on the progress here. Expecting growth from some of the newer products to show up materially in 23 here. What is maybe the competitive landscape on the newer products, the furnace and the ECP MAP? How is that different from the traditional SAPS TEBO products? Yeah. Okay. Let's put it this way. We're growing, I think this year we're still continuously our new product in cleaning, right? I just mentioned in the script, we do have a Bevel Etch and also new drying technology, including supercritical CO2. Also, we see the opportunity, for even the single wafer SPM. It's still a lot of expansion our cleaning product, which is cover almost 90% of cleaning process step, right? Also, we see some of this differential technology when introduced to the international customer, right? Korea and the U.S., Europe. More than that is also we have the copper plating and furnace, right? Copper plating gain a lot of market share last year. We continue to see that trend continues going on. Also, we're expecting our copper plating will get into the market, in Korea and in Taiwan, even beyond, right? Europe. Another way in the furnace product, we do have, high temperature Anneal, oxidation, vacuum anneal, LPCVD, including nitride poly, depoly. As required, there has been expanded multiple customer in China. Also last year, we did also introduce, right, this two new ALD furnace product to the market. With also proprietary design of our ALD furnace, we see that there also penetration to the, market in China, also in the outside China, right? We see that these three product will be driving continuously our growth and, for 2023. Then, that's so far we say. Also, our two new digital products, PECVD and the track will take time. I think we need almost a year to evaluate at a customer site, maybe also put in multiple customer site. That revenue contribution will be probably 2024 and beyond. Okay. All right. Thanks, David. With the growth in China from the shipments, can you distinguish what's happening in China in the foundry logic market versus the memory market to understand the different dynamics there in support of your 23 forecast? Okay. Let's do it this way. I still say we're seeing a mature nodes grow, obviously mostly seen there, in the logic and the power device analog, maybe some of the, compound semiconductor, right? We see that trend, that total ratio will increase in China. I still say our memory, I still see some growth, but they're, relative ratio-wise, probably not grow faster as, you know, this mature nodes market, right? I think last year, we are about a market of 15%, right, come from memory? Close. Little bit more, maybe more than 15% come from memory market. This year, I should say, probably, maybe not range or maybe a little bit slightly lower. That's what we're looking right now. Hey, Mark, anything you wanna add on that? Yeah, no, I don't, I don't think I'd add anything, David. I think you covered it well. Yep. Okay, great. That's really helpful color, Dave. Thank you. Thanks, guys. Thank you. Thanks, Suji. Yep. Thank you. I'm showing no further questions in the queue. I'd like to turn the call back to Mr. David Wang for closing remarks. Okay. Question so fast. Just give me one second. Let me get it. Okay. Thank you, operator, and thank you all for participating on today's call and for your support. Before we close, Gary is going to mention our upcoming investor relations events. Gary, please. Hey, David. Thank you. On March 14th, we're gonna present at the 35th annual Roth Conference in Dana Point, California. Attendance of the conference is by invitation only for clients of Roth. If you're an interested investor, contact your Roth representative to register for the conference and request a one-on-one. This concludes the call. You may all now disconnect. This concludes today's conference call. Thank you for participating. You may now disconnect.