Nova Ltd. (NASDAQ:NVMI) Q1 2022 Earnings Conference Call May 12, 2022 8:30 AM ET
Company Participants
Miri Segal - MS, Investor Relations
Eitan Oppenhaim - President & Chief Executive Officer
Dror David - Chief Financial Officer
Conference Call Participants
Jamie Zakalik - Bank of America
Quinn Bolton - Needham & Company
Mark Miller - The Benchmark Company
Patrick Ho - Stifel
Operator
Good day and welcome to Nova's First Quarter 2021 Results Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Miri Segal 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 first quarter 2022 financial results conference call. With us on the line today are Mr. Eitan Oppenhaim, President and CEO; and Mr. Dror David, 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 hand over the call to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan please go ahead.
Eitan Oppenhaim
Thank you, Miri and thank you all for joining our call today. Let me begin by speaking briefly about our first quarter performance highlights. Following my commentary, Dror will review the quarter's financial results in detail.
Nova delivered a strong opening for the year exceeding the high end of the revenue and profitability guidance and by that delivered another record quarter. This robust outcome marks eight consecutive quarters of revenue growth.
Our financial results for the March quarter reflect our upward business momentum, driven by our bargaining position across technology nodes, our expanding customer base, and the proliferation of our increasingly diverse portfolio.
As a result of our employees' solid execution, revenue grew 59% and non-GAAP profitability leaped 86% year-over-year. The outstanding quarter was also distinguished by record bookings and elevated yearly backlog, improving visibility for the rest of 2022, and cementing our confidence in our continuous profitable growth.
The momentum of the first quarter will continue also in the second quarter even as we navigate through a dynamic macro environment and a persistent supply chain challenge. These stout earnings demonstrate once again our consistent approach to meet customers' demand and delivery schedules without missing a beat.