Tower Semiconductor Ltd. (NASDAQ:TSEM) Q2 2024 Earnings Conference Call July 24, 2024 10:00 AM ET

Company Participants

Noit Levi - Senior Vice President of Investor Relations and Corporate Communications
Russell Ellwanger - Chief Executive Officer
Oren Shirazi - Chief Financial Officer, Senior Vice President of Finance

Conference Call Participants

Cody Acree - Benchmark
Richard Shannon - Craig Hallum
Mehdi Hosseini - SIG
Lisa Thompson - ZACKS Investment Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor Second Quarter 2024 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, July 24, 2024. 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 Levi, Senior Vice President of Investor Relations and Corporate Communications. Ms. Levi, please go ahead.

Noit Levi

Thank you, and welcome to Tower financial results conference call for the second quarter of 2024.

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 and 6-K filed with the Securities and Exchange Commission as well as filing with the Israeli Securities Authority. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements.

Please note that the second quarter of 2024 financial results have been prepared in accordance with U.S. GAAP. The financial tables and data in today’s earnings release and in the earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements established with the Securities and Exchange Commission. The financial tables include a full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

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

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

Russell Ellwanger

Thank you, Noit. Welcome, everyone. Thank you for joining our second quarter 2024 earnings conference call. It was a quarter in which we delivered strong financial performance and in which we received substantial increases in customer forecasts short-to-midterm, affirming the value of our strategic focus.