Valens Semiconductor Ltd. (NYSE:VLN) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET
Company Participants
Lisa Fortuna - Investor Relations
Gideon Ben-Zvi - Chief Executive Officer
Guy Nathanzon - Chief Financial Officer
Conference Call Participants
Suji Desilva - ROTH Capital
Brian Dobson - Chardan Capital Markets
Operator
Good morning. My name is Yoni and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor First Quarter 2024 Earnings Conference Call and Webcast. All participant lines have been placed in a listen-only mode. Opening remarks by Valens Semiconductor management will be followed by a question-and-answer session.
I will now turn the call over to Lisa Fortuna, Investor Relations for Valens Semiconductor. Please go ahead.
Lisa Fortuna
Thank you, and welcome, everyone to Valens Semiconductor first quarter 2024 earnings call.
With me today are Gideon Ben-Zvi, Chief Executive Officer; and Guy Nathanzon, Chief Financial Officer. Earlier today, we issued a press release that is available on the investor relations section of our website under investors.valens.com.
As a reminder, today's earnings call may include forward-looking statements and projections, which do not guarantee future events or performance. These statements are subject to the Safe Harbor language in today's press release. Please refer to our annual report on Form 20-F filed with the SEC on February 28, 2024, for a discussion of the factors that could cause actual results to differ materially from those expressed or implied. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy.
We will be discussing certain non-GAAP measures on this call, which we believe are relevant in assessing the financial performance of the business. And you can find reconciliations of these metrics within our earnings release.
In the coming weeks, we will be attending the Oppenheimer 9th Annual Emerging Growth Conference and the Oppenheimer 25th Annual Israeli Conference in Tel Aviv, Israel. If you are interested in meeting with us, please email us at investors@valens.com.
With that, I'll now turn the call over to Gideon.
Gideon Ben-Zvi
Hello everyone, and thank you for joining Valens Semiconductor’s first quarter 2024 earnings call. On our last call, we discussed the macroeconomic headwinds that would impact our business in 2024, and the first quarter operating environment was in line with our expectations. While we were pleased to report some upsides relative to our previously reported guidance, we continued to be impacted by ongoing slow inventory digestion in the audio-video market and in the automotive segment.