Cabot Microelectronics Corporation (NASDAQ:CCMP) Q3 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET

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Cabot Microelectronics Corporation (NASDAQ:CCMP) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Cabot Microelectronics Third Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to one of your speakers for today, Colleen Mumford, Vice President of Communication and Marketing. Please go ahead, Ms. Mumford.

Executive
Colleen E. Mumford

Great. Thanks, Carol. Good morning. With me today are David Li, President and CEO; and Scott Beamer, Vice President and CFO. Last night, we reported results for our third quarter of fiscal 2020, which ended June 30, 2020. Whether you're joining us online or over the phone, we encourage you to review the investor slide presentation we made available under the Quarterly Results section of the Investor Relations center on our website, cabotcmp.com.

A webcast of today's conference call and the script of this morning's prepared comments will also be available on our website shortly after this live conference call. You may request any of the information by calling our Investor Relations office at 630-499-2600.

Please remember that our discussions today may include forward-looking statements that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements. These risk factors are discussed in our SEC filings, including our Form 10-K for the fiscal year ended September 30, 2019, and our Form 10-Q for the quarter ended June 30, 2020, to be filed by August 10, 2020. We assume no obligation to update any of this forward-looking information.

Also, our remarks this morning reference certain non-GAAP financial measures. Our earnings release and slide presentation include a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure. Additionally, these reflects rounded values throughout this discussion and in the accompanying slide presentation.

I will now turn the call over to Dave.

Executive
David H. Li

Thanks, Colleen. Good morning, everyone. Last night, we announced strong results for our third quarter of fiscal 2020. We are pleased with our performance, which we believe demonstrates the strength and resiliency of our high-value specialty materials business and our ongoing strong execution, especially in light of the continuing unprecedented global business environment.

To date, we have not observed a meaningful impact from COVID-19 on our ability to manufacture and deliver products to our customers. And our most important focus remains continuing to keep our employees safe. We have also been encouraged by continued strong demand for our semiconductor products, which represents approximately 80% of our revenue as technology continues to play a critical role in the transition to remote working and learning environments that is occurring globally.

We are also encouraged by the recovery in demand we have started to see from our oil and gas pipeline customers and remain confident in the long-term growth potential of our pipeline performance business. I also want to take this opportunity to comment on the recent social justice protests we have witnessed across multiple cities around the world, fueled by concerns about racial inequality.

At CMC, we value diversity and