Wolfspeed, Inc.

Good day, ladies and gentlemen, and welcome to the Cree Fourth Quarter Fiscal 2020 Earnings Conference Call. At this time, all participant lines are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star, then 1 on your telephone keypad. Please be advised that today's conference may be recorded. If you require operator assistance, please press star, then 0. I'd now like to hand the conference over to your host today, Mr. Tyler Grombach. Head of Investor Relations. Please go ahead, sir.

Thank you, and good afternoon, everyone. Welcome to Cree's fourth quarter fiscal 2020 conference call. Today, Cree's CEO, Greg Lowe, and Cree's CFO, Neil Reynolds, will report on the results for the fourth quarter of fiscal year 2020, as well as how the company is navigating the ongoing COVID-19 pandemic. Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree's results internally. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to and not a substitute for financial statements prepared in accordance with GAAP. A reconciliation to the most directly comparable gap measures is in our press release and posted in the investor relations section of our website, along with a historical summary of other key metrics. Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mentioned important factors that could cause actual results to differ materially, including risks related to the spread and impact of the COVID-19 pandemic. During the Q&A session, we would ask that you limit yourself to one question and one follow-up so that we can accommodate as many questions as possible during today's call. If you have any additional questions, please feel free to contact us after the call. And now I'd like to turn the call over to Greg.

Thank you, Tyler. Good afternoon, everyone. and thank you for joining us today. Before I begin, I'd like to take a moment to thank all of our employees around the world. I'm extremely proud of their efforts and solid execution during this unprecedented time. As we continue to address the impact of the pandemic on our operations, the health and safety of our employees, customers, and partners remains our top priority, and we are committed to operating safely. As a designated essential business, our facilities remained open throughout the quarter, and we are routinely executing stringent testing, cleaning, and safety protocols at all of our locations. We continue to closely monitor federal, state, and local guidelines and adjust our business continuity plans as appropriate. Attendance in our factories has improved since the start of the pandemic, but it's still below our normal operating level. as we continue to operate with an abundance of caution, requiring employees that have been possibly exposed to the virus to observe a mandatory quarantine period. In addition, we are also offering employees the flexibility to support the needs of their families at this time, which can also impact attendance. Turning to our performance, we delivered fourth quarter results in line with our targets on revenue, gross margin, and APS, and are encouraged by the strengthening demand in the corridor to date, despite the continued headwinds presented by COVID-19. In addition, we are pleased to see silicon carbide gaining traction in the market, as evidenced by the recent announcement of Delphi's win for a new battery electric vehicle, and our partnership with Star Power and the Yutong Group for an electric bus that will use silicon carbide in the powertrain. Our opportunity pipeline is growing, driven by the outstanding work of our sales team, working seamlessly on our digital selling platforms to drive new business and remain in constant contact with our customers and distribution partners. Fiscal 2020 was a transition year for us, and we made good progress on becoming a global semiconductor powerhouse, while at the same time addressing the unexpected challenges associated with the pandemic and ongoing geopolitical concerns. While the operating environment remains fluid, we are confident in the long-term growth opportunity ahead of us and firmly believe that Cree is uniquely positioned to capitalize on the industry's transition from silicon to silicon carbide. Despite the market uncertainty, the excitement of our customers about the next generation of semiconductor technology remains high, and we are committed to our capacity expansion plans to meet this growing demand. I'll now turn it over to Neil, who will provide an overview of our financial results and an outlook for the first quarter of fiscal 2021. Neil.