Lester Wong: Dave, its Lester. We are definitely seeing over the last couple of months, you know, gradually improving order requests, as well as customer inquiries are accused. The deals are starting to come as we indicated, there’s one big deal starting to come in. We do see the utilization rates also creeping up, so that also is an indicator of higher volume purchases. And even in the weaker end-markets, we are starting to get some discussion with customers about their sort of future demand. So yes, I would say that we do believe that. As Fusen said earlier, the second half we bet in first half, but definitely early FY25 that’s when the ramp probably should kick-off.
Operator: Our next question comes from Tom Gyspy [ph] with DA Davidson. Please proceed with your question.
Unidentified Analyst: Yes, I appreciate the chance to ask question here. Fusen, on the Memory side, nice explanation of the Vertical Fan Out and the Thermocompression bonder. I am curious, are those all just focused on the DRAM market because historically, you’ve been stronger on the flash side or the NAND side? I’m curious if these technologies are looking at both Memory types or just DRAM?
Fusen Chen: Actually, thank you for the question, Tom. At this moment, our Memory market is recovering. At this moment, we believe our NAND is a little bit stronger now. But to go back to your question, this is a political thing [ph]. We are working with all the Memory customers, this is very exciting for all our Memory customer. And behind that actually is, bigger IDM company. We actually have the DRAM with all our Memory customers, but we also have a one NAND company working with us for a vertical panel. So to answer your questions, this vertical panel, we believe, is just at the initial stage. To start with low power TDR [ph]. And even then, I think it’s a good study for the development. In the future, it’s going to be applicable for our application, not only in Memory only. So I hope I answer your questions?
Unidentified Analyst: Yes. Perfect. And then a follow-up on the display side. I guess, 2-part question here. First is, how fungible are the — is the team going from display to TCB in Dispense? And then, with the exit of Project W, what is your outlook for display for your other sets of tools?
Fusen Chen: Okay. So let me answer your second question. I think, you know, the micro LED has been — is somewhat unclear due to the Project cancellation; the impact on the industry actually is really low. So, micro LED which we believe is a setback for the whole industry for few years; I am not sure 2 years or three years. But despite the change in micro LED, high speed pick and press transport system is as you needed you know for the mini LED in application. And this will be still a good opportunity for our Luminex [ph]. And at this moment, actually we are still targeting smaller pie size of mini LED for direct initiative, large format displays with a high volume opportunity for all Luminex [ph] in a second half of CY25. So the project is ongoing, but in terms of people actually, you know, it really depends on the capability of the people, right.
You know, either project are cancelled, for sure impacts some of the people. But for some people, if we can actually continue for them to contribute in the Company. I think mechanical engineer is a mechanical engineer, so we do also keep big part of the people in the useful project for the future.
Unidentified Analyst: Great, that’s very helpful. I appreciate your time today.
Operator: [Operator Instructions] Our next question comes from Ross Cole [ph] with Needham and Co. Please proceed with your question.
Unidentified Analyst: Thank you for taking my call on behalf of Charles Shi. So my question is, can you describe the significance of the 1000 system order from this fast growing assembly and test customer? What kind of ASP uplift should we be thinking about relative to your more standard Ball Bonder systems? Thank you.
Lester Wong: Ross, I guess this is one or more events [ph] on the system. It’s a China based customer. Again, it’s about 1000 machine order, and against serve mostly the general semi applications, consumers smartphones, PC. Again, this is some of our most leading technology; and again, the customer not only bought a similar amount of new bonders, they also upgraded their existing bonders with our new Pro-suite [ph], which is our advanced bonding looping software.
Unidentified Analyst: Great, thank you. And then could I ask a second question as well? What was the backlog like exiting the March quarter? Can you provide some directional color if you don’t want to quantify it?
Lester Wong: Sure. So I think the book-to-bill for the quarter was approximately 1 [ph] which has — pretty much it’s the normalized level, other than when you’re in a ramp or in a trough cycle. So we have seen bookings improved, backlog has come down, as we said, as we burned down some of the orders that was — that we received during the ramp. So I think it’s much more at a normalized level now similar to our lead times, which is about 8 to 12 weeks for Ball Bonder and about 12 to 16 for Wedge Bonder.
Unidentified Analyst: Great. Thank you.
Operator: There are no further questions at this time. I would now like to turn the floor back over to Joe Elgindy for closing comments.
Joseph Elgindy: Thank you, Maria, and thank you all for joining today’s call. Over the coming quarter, we’ll be presenting at conferences in Minneapolis, New York and San Francisco. As always, please feel free to follow-up directly with any additional questions. This concludes today’s call. Have a great day, everyone.
