Tower Semiconductor Ltd. (NASDAQ:TSEM) Q3 2023 Earnings Conference Call November 13, 2023 10:00 AM ET

Company Participants

Russell Ellwanger - Chief Executive Officer

Oren Shirazi - Chief Financial Officer

Noit Levy - SVP of Investor Relations and Corporate Communications

Conference Call Participants

Cody Acree - Loop Capital

Richard Shannon - Craig Hallum

Natalia Winkler - Jefferies

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Third Quarter 2023 Financial Results conference call. All participants are currently in a listen-only mode. Following management's prepared statements, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, November 13, 2023.

Joining us today are Mr. Russell Ellwanger, Tower's CEO; and Mr. Oren Shirazi, CFO. I would now like to turn the conference over to Ms. Noit Levy, Senior Vice President of Investor Relations and Corporate Communications. Ms. Levy, please go ahead.

Noit Levy

Thank you, and welcome to Tower Semiconductor's financial results conference call for the third quarter of 2023.

Before we begin, I would like to remind you that some statements made during this call may be forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected. These uncertainties and risk factors are fully disclosed in our Form 20-F, F-4, F-3 and 6-K filed with the Securities and Exchange Commission, as well as filings with the Israeli Securities Authority, they also available on our website. Tower assumes no obligation to update any such forward-looking statements.

Please note that the third quarter of 2023 financial results have been prepared in accordance with US GAAP. The financial tables and data in today's earnings release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirement as established with the Securities and Exchange Commission. The financial tables include full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

In today's call, we have a supporting slide deck that complements our conference call. This presentation is accessible on our company's website and is also integrated into the webcast for your convenience.

Now, I'd like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead.

Russell Ellwanger

Welcome, everyone, and thank you for joining our call today. Being the first financials release call we are holding since November 2021, we will include in today's call a longer-term financial model stating the reasons for and the margins resulting from the new capacity agreements that we have announced in the past years. An important aspect of our growth strategy is manufacturing efficiency and scale. Increasing capacity in an accretive cost-efficient manner is a competitive edge.