Tower Semiconductor Ltd. (NASDAQ:TSEM) Q3 2024 Results Conference Call November 13, 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

Mehdi Hosseini - SIG
Cody Acree - Benchmark
Richard Shannon - Craig Hallum
Nick Doyle - Needham & Company
Lisa Thompson - ZACKS Investment Research

Operator

Good morning, good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to today's Tower Semiconductor Financial Results for the Third Quarter of 2024 Conference Call. [Operator Instructions]. I must advise you that this conference is being recorded today. Joining us today are Mr. Russell Ellwanger, 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. Please go ahead.

Noit Levi

Thank you, and welcome to Tower financial results conference call for the third 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 Forms 20-F and 6-K filed with the Securities and Exchange Commission as well as filings 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 third 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 these earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as 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. And welcome, everybody. Thank you for joining our third quarter 2024 earnings conference call, a quarter in which we delivered a strong financial performance. During this quarter, our high-speed data center offerings reached a record revenue. We've seen an increase in our customers' short-term and midterm demand for this offering that should result in an incremental dollar growth unprecedented as compared to any other product offering in our history, mainly driven by our unique offerings fulfilling AI requirements.