Nova Ltd. (NASDAQ:NVMI) Q1 2023 Earnings Conference Call May 11, 2023 8:30 AM ET

Company Participants

Miri Segal - Chief Executive Officer-MS-IR

Gabi Waisman - President & Chief Executive Officer

Dror David - Chief Financial Officer

Conference Call Participants

Vedvati Shrotre - Jefferies

Mark Miller - The Benchmark Company

Operator

Good morning, and welcome to Nova's Ltd. First Quarter 2023 Results Conference Call and Webcast. All participants will be in a 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 Miri Segal, CEO of MS-IR. Please go ahead.

Miri Segal

Thank you, operator, and good day everybody. I would like to welcome all of you to Nova's first quarter 2023 financial results conference call. With us on the line today are Mr. Gabi Waisman, President and CEO; and Mr. Dror David, CFO.

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements and the safe harbor statement outlined in today's earnings release, also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website. Gabi will begin the call with a business update, followed by Dror with an overview of the financials. We will then open the call for the question-and-answer session.

I'll now turn the call over to Mr. Gabi Waisman, Nova's President and CEO. Gabi please go ahead.

Gabi Waisman

Thank you, Miri, and thank you all for joining our call today. I'm excited to hold this call with you for the first time in my new role as Nova's CEO, and I want to thank you all for your continued trust in Nova and its leadership team.

Let me begin the call by speaking briefly about our first quarter performance highlights. Following my commentary, Dror will review the quarter's financial results in detail. Nova's performance in the first quarter demonstrates the growing resilience of our business model, amidst a volatile and dynamic industry environment. Our revenues surpassed the midpoint of the guidance, reflecting our focus on continued execution against our long-term strategic goals.

At the same time, our solid profitability outcome, driven by software revenues and a favorable product mix, attests to the exceptional value of our portfolio and the agility of our operational model. As our industry charts a path forward framed by global industry and geopolitical challenges, we remain focused on our strategic plans to enable long-term growth, while diligently working to increase our operational efficiency. We are operating in a complicated environment, with lower visibility, which increases the business complexity for many semiconductor industry players.