Nova Ltd. (NASDAQ:NVMI) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET

Company Participants

Miri Segal – Chief Executive Officer-MS-IR LLC

Eitan Oppenhaim – President and Chief Executive Officer

Dror David – Chief Financial Officer

Conference Call Participants

Sachin Jain – Bank of America

Operator

Good day, and welcome to Nova's Third Quarter 2022 Results. Today's conference is being recorded. At this time, I would like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

Miri Segal

Thank you, operator, and good day to everybody. I would like to welcome all of you to Nova's third quarter 2022 financial results conference call. With us on the line today are Mr. Eitan Oppenhaim, President and CEO; and Mr. Dror David, Nova's CFO.

Before we begin, may I 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.

Eitan 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.

Now I'll turn the call over to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan, please go ahead.

Eitan Oppenhaim

Thank you, Miri, and welcome, everyone, to our third quarter financial results conference call. I will start the call today by speaking about our quarterly performance highlights and the market dynamics as they relate to Nova. Following my commentary, Dror will review the financial results in detail and present the guidance for the fourth quarter.

Nova reported another sequential gross quarter, advancing the agility and the expanding diversification we have built into our business model. Following the introduction of Nova's $1 billion plan and the strong execution of our targets throughout the year, we are confident in the company's long-term performance despite some near-term challenges.

Our achievements in the quarter and throughout the year were driven mainly by the unique value we consistently add to our customers and our growing position in the market.

Although, some of the traditional industry drivers like PC and mobile are showing some near-term weakness, we believe that long-term semiconductor demand will persist propelled by multiple evolving drivers, which are increasing the heterogeneity of the industry and its demand profile.