TSEM - Earnings call 3 2023 | Tower Semiconductor Ltd.

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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].

conference recorded, this XX, reminder, a is November being XXXX. As

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

Noit Levi-Karoubi

call quarter of third you, welcome Tower to the and Semiconductor for Thank Financial Results conference XXXX.

Commission presentation The as our in the within and complements integrated information considered our earnings the financial financial. your with be Authority. The during of filings slide the and earnings forward-looking like that tables statements.Â Please a today's third assumes to such established call. been are and webcast FX, remind XXXX that this FX Before measures call under have and non-GAAP adjusted note a financial also tables financial full This and are X-K Commission. begin, this include related They non-GAAP in no GAAP. and call, made in may requirements release any supporting financial the to these be the that accordance explanation uncertainties results and could filed measures to in call the our of data Exchange I In well Israeli obligation with would to currently as different reporting is we with that from risk certain is U.S. and website. the Securities include our forward-looking fully available cause and company's GAAP factors that and uncertainties and results be the convenience. some these on subject also disclosed into also you XX-F, today's factors Forms update financial may G Exchange measures on those Regulation Tower prepared reconciliation of Securities deck for statements website to risk These as quarter accessible conference have are Securities expected. actual we

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

Russell Ellwanger

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

point at positive to primarily XX%, the market manufacturing the on for condition. the these utilization you year-over-year, to market opportunities are see, was Fab Fab excluding revenue XX% substantial are a revenue due efficiency end XX% lower present FabÂ X,Â XX-inch, areas X, ability X in data about themselves. had onetime to level, as upside X-inch to X-inch, we down utilizations and rational of we levels, forecast several experience a with customer inventory X-inch, Fab ramp operating in A return impact centers,Â Fab,X-inch about rebound. challenging about XX%.Â As to levels seeing $XXX our of Fab about profit. demonstrating to and XX%; Currently, Our relative X, about beginning reflective utilization present fab can capitalize weakness we million, customer the were XX%; this At have some quarter levels, up items, quickly about third operational X, market the at accretive X-inch,

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and our stakeholders. of creating active to sustainable value committed for are We all

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Oren Shirazi

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of model in OpEx follows: indicators revenue. an are below keeping effectiveness our increase as and revenue, XX% demonstrates one, Our showing we efficiency while key costs XX% several of of

to and which percentage run than and of of rate, net reported and from the are the planned $XXX call Mr. we CEO, million, our XX% our per annual baseline current our by annum quarter as And XXX% margins $X.X in operating billion In should and Russell billion XXX%. growth, in incremental profit revenue XX%, to our revenue net annual Our Ellwanger. result now back increasing the in about would million three, gross higher be margin. profit by by revenue profit like million added a I'd operating model XX% stated net our respectively, of in these summary, achieving turn $XXX per of targets should $XXX increase annum. by profit last $X.XX the XX%, profit operating

Russell Ellwanger

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Operator

is of Cody [Operator Acree first Benchmark. Instructions]Â The from question

Cody Grant Acree

all down the with think of I trends, right, that's start in flat locals, could we if Russell, Maybe, your utilization yes.

got revenue some among that your those to from of that revenue... is end directly? you concentration your going provide And the knowing utilized facility, could broadly that be per are of also markets of revenue you've the facilities magnitude specific more indicative contribution then discussion so if And

Russell Ellwanger

out moment. last bumbling what I you saying your really you're restate now. right the Could sentences? at few make You're can't

Cody Grant Acree

utilization revenue dedicated to more And that X I'm what board got focus on capacity last what just facilities per to down your the revenue that quarters. some more one would guess facility, I of you've rates Yes. across others? is contribute you the knowing that versus flat to the trying segments declining then are

Russell Ellwanger

I I mean it Yes. but certainly, of and I cheek, utilization. less that's tug market XX% this focus demand don't to mean attribute

it's if utilization I think are. very is indicative you in asked revenue. the what Obviously, much line revenue with of levels had

So the at markets that serve the market The very weak. moment. strong is we isn't

Newport and our been in seen very to that in have forecast, concentration, a seeing seen able are that in we as script, big it go upside.Â We the I to and mentioned silicon we've Fab tied data utilization the specifically and the gave I most know and realize revenue at predominantly And be rebounding obviously, I photonics. said silicon for platform general, are yet switches have, well, for weak the indicative center is Although Beach market and I germanium see is the and stated, for able silicon think customer QX predominantly into some to, advanced in germanium end orders clearly we revenue moment. flat utilization. specifically, shows X -- however, tuners activities, beyond, which I increases Beach forecast QX, markets, I But by in I within not the amplifiers, we'll doing in Newport of demand that's is that increases front-end -- within is as stated, The modules.

serving a And RF Henick. I of in good do and the of factory, if we'll So automotive. In asking that both, discrete BCD. activity for.Â InÂ Japan, Antonio, amount have in Migdal also a lot color San a factory that good we power of do McDole, lot of the you're amount we In SOI. XXX-millimeter think, adds XXX-millimeter a

Cody Grant Acree

can Oren, ST I know Intel your on wondering Intel are you Italian patterns. through you've helpful. outlays your walk spending and for your given But timing the fabs. Micro of plans what just Very the the more details just for properties?

Oren Shirazi

coming we still in can maybe, to already that want, in it model it may EUR X we just it don't the ago. amortize the you On that Intel, have because specific X.X of months you announced reminder, you the outlined XXX million linearly. paid years, if XXX details it you out we Yes. the Italy, And like million. of EUR said, I expect

equipment are forming the list. CapEx we now So

of exactly the EUR exact investment will done timing X, of coming that, the be obviously, But the it calculate spend we million. in the of should XXX years. Following the X.X

Cody Grant Acree

on Oren, assuming conference they're Intel, the I based wafer call, a different just price relationship maybe angle, with last your I and a different risk there But fat. this provided contribution with if is was assume technologies I if in costs. the some kind and this calendar guess it it's that set hit on hardware wafer different we factored or you, contribution the supply price asked STMicro from to your technology And it of of

So work? is waters those going to that I you to expect accretive how with guess margin process very to be revenues? And that and do gross these

Russell Ellwanger

Yes, Kodiak you.

It So in, I shows presented margin. of think -- is why XX% in column gross incremental in margins of the questions, type all this XX% presented model. exactly the because that the margin, the we right you a long-term model of is baked financial financial I these everything really operation

about XX% this margins of have. than growth. that margin we the And better is always Now operating the discussed course, current lower growth this and than that incremental organic we is

corridor This Agrate organic to and other these gives financial the Intel and you well of Intel are not a as see confidentiality. in answer as this incremental that results. the we But that course, of is it's the our the in the to cost model, the disclose this So is because is the existing pay cannot capacity mostly under, company. not growth while in is nice exact inter because incremental very is per of you wafer or It space.Now FTÂ Partnership from we not this because to contribution. because that

Operator

Shannon The next from Craig-Hallum. of question Please is go ahead. Richard

Richard Shannon

way. presentation, very want of to a It's see preface them quick detail. I in here congratulate to the also, marker here. some X I having know have with think do micro very particular, I it's did Thanks want years, the promotion. appropriate to to helpful we things over that this it promotions investor gotten for the And

directly center where a said of the bottoms on great we weakness. -- seeing in questions you're And not that question So is participants that. I'll hear here a strength a of here congratulations comments ask I necessarily seeing market guess of here. I data market I on With heard if improving have up though this lot think your few here, come upside mind. from correctly, bit even to that your and understand, be to word ramp is deal expect have more something spiky more in there left be you here? not, I if the the but of if then a help expect to when do you want still over ramps? inventory don't certainly any those visibility of use burned market. Maybe And know should do us I ratable or that Wondering some to that or that into And time. some dynamics seeing we

Russell Ellwanger

our Will X the me to in now It's we've XXXG many very Thank levels don't do far analyst That's the off activities back the or reports with space off at into come substantially for technologies customer have about reason it into that growth.Â Now we back, those the for in the you a and in inventory back. I center it they We hard are strong comes well case are but that be past and were that being serving it before to function. forecasted additionally, customers is by to the if is that is back not the and driving that particular, question. a down very very we're market I seeing part their believe steep the very just Every did are we the with our next data care the burned of where have, what now? state you XXXG on and and that levels fairly having quite to when take RF a and I experienced and in particularly that data XXXG. know. we're quarters, within function silicon recent mentioned lamp center served be And that data be week. time leaders seem really we'll that future. customers coming partnerships the say, will of photonics. would not predict. prepared market optimistic step within center adoption to of

cannot positive. photonics importance driving we with that that the our see as with I platforms. we state-of-the-art I very, solution the very silicon very of stated and Innolight on partnership So overstate have

pretty we're bullish with, So the we on that.Â If for the portable look example, about you that other at spoke optics. linear activities

many are doing, right those you is so new innovation of cost that If or and technological play one implemented cost now XXXG the relatively have coming have benefit We to very and quickly. of into build-out reduce And an fast. implemented that that of the things doing XXXG get reduction. ability a a have is upside the

So reason the extremely see believe a be leaders. that's because very strong where really rebound the would with part and we of we of that strong have will new technologies partnership that

increase add when that purchase than other but exactly come how don't don't that cannot silicon from But know. it that. your it prepared Well, have but I levels come. I it appears did orders, yet Hopefully, the in inventory will we're capitalize be, the and it comes. prepared seen presently, Richard. more we're state, very photonics, come, it color I have will we fairly exactly ramp should say. very really not steep question, rap to answers than So when, in I on shortly, to

Richard Shannon

helpful. very appreciate was and your visibility. position That We

you a thanks think important especially question I you've of your post for that we had through big the guess get, and think inventory in calendar Orin are but I the experienced. of think parts you Russell given is that questions portraying times one. as well cycle as markets we're for here I to So maybe the that here, seasonality typical going an in many I past some

seasonality. the think about quarter do we're big first think I question your getting is, how So we

guidance than more different little than you I down of kind seeing going a suggest but to first normal, are the You anything quarter a meaningfully it's sequentially that be typically would give in which quarter. is think don't out, bit

Russell Ellwanger

that this There's You as year. center is is the that where been is we've in I don't what quarter. phased QX other guidance has where one and but a longer strong give come that We at. center for year an we're against had specifically is with will be don't think having industry a seasonality mentioned I each entered years think honestly impact term faces active about But that satellite, X used be market Data very, will bigÂ marketÂ that been QX everyone strong provider. area. But are that very a is not itself a specifically, capitalize able that first-tier very than the correct. array few as I a got win the different it is with center, It's to that by data and design far expects offerings. a new it industry it's and experiencing. think seasonality. data into I

data addition application in data not into itself, that a we're it's strong tied what the same to as see but we silicon germanium. base. And So for center center rebound really doing somewhat with a tailwind is it

Richard Shannon

sensors, I more Obviously, and more picture, area? time even of So jump sliphatomics, going power of know, going say, really some to here. when one a years, the kind question characterize contributions some same comments them you say, in to display or probably these about a of to they'll big of much powerful others? you are had rank kind like, number than them? be queue frame don't How ask back the your any would will kind and X any pick revenue over Or But I markets. here. think you into of I missed But across interesting

Russell Ellwanger

catalyst probably What in very map we're I incremental major we're Mexico XXX-millimeter, doing BCD in our and platform. that growth New the doing a for road I the factory, as with will company. advanced advanced and BCD biggest that, be the XX-nanometer on what aggressive stated, think the

Operator

The is have Jefferies. question a couple. fromÂ NataliaÂ WinklerÂ of next I

Natalia Sukhotina Winkler

market the Silicon you're photonics. about seeing Obviously, in been different social you share dynamics seeing dynamics in or I'm leading if speak silicon Russell, the has on market because competitive Photonics. please could your you're is share curious any One just the similar in germanium

Russell Ellwanger

leaders mature one as a good its as We're silicon the photonics establishment answer there. that with don't trmanium. the far in Solan the question have It's as market the not as greatest you very because is and I is certainly for

market that I not market of give I you share have moment. I CFO a strong. expect if with think SIFO number very the quickly. market is as I at I what we know. ramps moving it's really but right as major and is. the you know bit But to exact I share very an a substantial, that we could do really tell this difficult couldn't. will beyond XXXG share what start our well not we're now positioned, the couldn't occur exact little

the at to belongs market share that think an I moment, major the IDM.

Natalia Sukhotina Winkler

kind we're if the is such additions model, additional another way the thinking we're thinking net to that on germanium are should coming any capacity the And with that may, on online? then capacity one? of Simon guess silicon kind of Intel, to how -- analogue? if the nonsolicilicon Or That's very as it is I we just a and in about margin mix And focus long-term applications about guys of you think about Understood. are if put kind there Agrate that's photonics long-term the I helpful. doing

Russell Ellwanger

good Agrate bulk very the at SOI RF the silicon doing BCD activities photonics, capacity Mexico, is mentioned That's I the expand New The say as before. to and for in question. increases both in XXX-millimeter not a in not we're and for XXX-millimeter. the That's reasons it's that of the driving to the CabXXX

biggest the power New for the We are. right and map as drivers that. But now the BCD road as RFSOI for XX an extendable was grade and on impetus Mexico growth and well management

Natalia Sukhotina Winkler

I on a if may, very follow-up And just helpful. is this. This quick

kind guys part On the the spoken you of Or is shipping? of already is future photonics, map? that road something XXX-millimeter that

Russell Ellwanger

We have shipped prototypes.

of yes, we roadmap. the it And future is So shipped. part yes, have

going now. exist some We doesn't that that do prototypes are something not out.. it's have So

Operator

question-and-answer the make concludes to session. concluding you Mr.Â Ellwanger, statement? This your would like

Russell Ellwanger

Yes. Thank you.

of everyone during to has much that appreciation Firstly, given again war. this well-wishing really period

far exciting ever Secondly, position believe more as in company, the a don't been are as we've I now. we than

weakness, will how we So shares partnerships. you in will higher had market has return the customer so We in in extremely we the platforms, and confident than much return, sit market. areas where market advancement been that the with technology advancement market outgrow that's there much in past. And

that appreciation, the factory can of here in everything everybody. So and for put to as the burdens Israel. we still up take factory to biggest the come our my can't And those that to come thank to stated presently they employees

So thank you very, much. very

Operator

concludes call. This conference you your Tower participation. Semiconductor you. Thank Thank for

and disconnect. ahead go may You

Tower Semiconductor (TSEM) 13 Nov 232023 Q3 Earnings call transcript