Wolfspeed, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Cree First Quarter Fiscal Year 2021 Earnings Conference Call. At this time, all participant lines are in listen-only mode, so if you require operator assistance, please press star, then zero. 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 one, on your telephone keypad. I'd now like to hand the conference over to your host today, Mr. Tyler Bronbach, Vice President of Investor Relations. Please go ahead, sir.

Thank you, and good afternoon, everyone. Welcome to Cree's first quarter fiscal 2021 conference call. Today, Cree CEO Greg Lowe and Cree CFO Neil Reynolds will report on the results for the first quarter of fiscal year 2021. 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 GAAP measures is in our press release and posted on 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 mention 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 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. I hope you and your families are staying safe and healthy during these uncertain times. The COVID-19 situation continues to evolve, and I'm extremely proud of our team's effort to deliver for our customers. Despite the short-term headwinds of the pandemic, we are pleased to see a sequential improvement in our business compared to the fourth quarter, and we remain focused on our long-term strategic goals. Turning to our first quarter performance, our revenue and non-GAAP EPS are We're both at the high end of our guidance. While we have continued with our stringent protocols to ensure the safety of our team and keep our facilities operational, our results demonstrate how silicon carbide is building momentum across key end markets. We believe we remain well positioned to execute on our growing wool speed pipeline. Importantly, we accomplished a critical milestone in our transformational journey with the recent announcement of a definitive agreement to sell Cree LED to Smart Global Holdings for a total consideration of up to approximately $300 million. This includes $50 million in cash, a $125 million seller note maturing in August of 2023, and up to another $125 million in earn-out, depending on the performance of the LED business in the four quarters post-close. This divestiture establishes Cree as a pure play global semiconductor powerhouse with a strong financial profile and positions us well to continue to lead the industry transition from silicon to silicon carbide. This transaction sharpens our focus exclusively on our innovative wool speed business and will allow us to deliver long-term value for our shareholders. We're very excited about the future of Cree. and the tremendous opportunity we have ahead of us. The conversations we're having with our customers reaffirm the need for our technology and underscore our commitment to our strategy. Our capacity expansion plans remain on track and will help us in our overall effort to drive the industry transition from silicon to silicon carbide and GaN. I'll now turn it over to Neil, who will provide an overview of our financial results and an outlook for the second quarter of fiscal 2021. Neal.