Velodyne Lidar, Inc. (VLDR) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET

Company Participants

Jim Fanucchi - Darrow Associates

Ted Tewksbury - Chief Executive Officer

Mark Weinswig - Chief Financial Officer

Conference Call Participants

Raji Gill - Needham & Company

Colin Rusch - Oppenheimer

Sam Peterman - Craig-Hallum Capital Group

Operator

Good day everyone and welcome to the Velodyne Lidar Second Quarter 2022 Financial Results Call. All participants will be in listen-only mode. Please also note, today's event is being recorded for replay purposes. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Jim Fanucchi of Darrow Associates. Sir, please go ahead.

Jim Fanucchi

Thank you, operator. Good afternoon everyone and thank you for joining us. With me on the call today are Dr. Ted Tewksbury, Velodyne’s Chief Executive Officer and Mark Weinswig, Chief Financial Officer.

On today's call, we will discuss Velodyne’s second quarter fiscal financial results and provide an outlook for the third quarter. shortly after the market closed today, Velodyne issued a press release announcing its second quarter 2022 financial results. Velodyne also published an investor presentation. And you may access these documents in the Investor Relations section of velodynelidar.com.

Today’s discussion includes forward-looking statements. Please refer to our press release and our SEC filings, including our most recent 10-K and 10-Q for a discussion of factors that could cause the company’s actual results to differ materially from these forward-looking statements.

Please also note unless otherwise stated, all results and projections discussed in this call are non-GAAP. Management provides non-GAAP metrics because it uses them for budget-planning purposes and for making operational and financial decisions and believes that providing these non-GAAP financial measures to investors as a supplement to GAAP financial measures, help investors evaluate Velodyne’s core operating and financial performance and business trends consistent with how management evaluates such performance and trends.

In addition, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies. A full description and reconciliation of these non-GAAP measures versus GAAP is included in the company’s press release issued today.

Now, I’d like to turn the call over to Dr. Ted Tewksbury. Ted, please go ahead.

Ted Tewksbury

Thanks Jim, and thank you all for joining us today. Our second quarter of 2022 was one of solid execution in the face of continuing supply chain headwinds. Billings of $12.5 million and revenue of $11.5 million, both came in within our guidance range for the second consecutive quarter. Demand for our products remained robust and thanks to the tireless efforts of our team, we were able to procure adequate quantities of critical components to meet the majority of our customers' requirements.