Teradyne, Inc. (TER) Q2 2023 Earnings Call Transcript

For the period ending July 2, 2023

July 27, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the Teradyne Second Quarter 2023 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Andy Blanchard, Vice President of Investor Relations. Thank you, Andy. You may begin.

Andy Blanchard

Thank you, operator. And good morning, everyone, and welcome to our discussion of Teradyne’s most recent financial results. I’m joined this morning by our CEO, Greg Smith; and our CFO, Sanjay Mehta.

Following our opening remarks, we’ll provide details of our performance for 2023’s second quarter, along with our outlook for the third quarter. Press release containing our second quarter results was issued last evening. We’re providing slides on the Investor page of the website that may be helpful to you in following the discussion. Replays of this call will be available via the same page after the call ends.

The matters that we discuss today will include forward-looking statements that involve risk factors that could cause Teradyne’s results to differ materially from management’s current expectations. We encourage you to review the Safe Harbor statement contained in the earnings release, as well as our most recent SEC filings.

Additionally, those forward-looking statements are made as of today, and we take no obligation to update them as a result of developments occurring after this call. During today’s call, we’ll make reference to non-GAAP financial measures. We’ve posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measure were available on the Investor page of the website.

Looking ahead, between now and our next earnings call, Teradyne expects to participate in technology or industrial-focused investor conferences hosted by KeyBanc, Jefferies, Deutsche Bank, Goldman Sachs, Citi and Evercore ISI.

Now let's get on with the rest of the agenda. First, Greg will comment on our recent results and the market conditions as we enter the third quarter. Sanjay will then offer more details on our quarterly results along with our guidance for the third quarter. We'll then answer your questions. This call is scheduled for one hour. Greg?