Onto Innovation Inc. (ONTO) Q2 2023 Earnings Call

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WEBVTT 00:00:00.049 -- 00:00:04.632 RCC filings. Onto Innovation does not undertake the obligation to update these forward-looking 00:00:04.632 -- 00:00:08.035 statements in light of new information or future events. 00:00:08.035 -- 00:00:11.698 Today's discussion of our financial results will be presented on a non-GAAP financial 00:00:11.698 -- 00:00:16.902 basis unless we specify otherwise. As a reminder, a detailed reconciliation between 00:00:16.902 -- 00:00:20.624 GAAP and non-GAAP results can be found in today's earnings release. 00:00:20.624 -- 00:00:24.687 I'll now go ahead and turn the call over to our CEO, Mike Pleszinski. 00:00:24.687 -- 00:00:26.687 Mike? 00:00:27.850 -- 00:00:32.818 Thank you, Mike. Good afternoon, everyone, and thank you for joining our call today. 00:00:32.818 -- 00:00:37.641 I'll begin with the shift in timing of shipments for three lithography tools, which impacted 00:00:37.641 -- 00:00:40.883 our second quarter results and third quarter guidance. 00:00:40.883 -- 00:00:45.526 All three tools were for a specific customer and scheduled to ship near the end of the 00:00:45.526 -- 00:00:50.548 second quarter. During the quarter, we accepted a customer request 00:00:50.548 -- 00:00:55.595 for a specific enhancement package to be added to the tools and manufacturing. 00:00:55.595 -- 00:00:59.978 We estimated this could be installed and tested in the quarter, but ultimately the full 00:00:59.978 -- 00:01:05.162 verification took longer than planned. The customer has since approved this new functionality 00:01:05.162 -- 00:01:08.905 and the tools are included in our outlook for the third quarter. 00:01:08.905 -- 00:01:13.709 In aggregate, the second quarter revenue and third quarter outlook remains consistent 00:01:13.709 -- 00:01:18.613 wit...