Wolfspeed, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Cree, Inc. Second Quarter Fiscal Year 21 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I will now attend the conference. Your speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead, sir.

Thank you, and good afternoon, everyone. Welcome to Cree's second quarter fiscal 2021 conference call. Today, Cree CEO Greg Lowe and Cree CFO Neil Reynolds will report on the results for the second 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. The reconciliation to the most directly comparable GAAP 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 FCC 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 any additional questions, please feel free to contact us after the call. And now I'd like to turn the call over to Greg.

Thanks, Tyler, and good afternoon, everyone. Thank you for joining us today. I hope you and your families are staying healthy and safe as we begin the new year. Our team continues to do an exceptional job of building relationships with customers and winning new business. In the second quarter, we achieved revenue from continuing operations above the high-end guidance range, fueled by strong demand for our silicon carbide solutions. The momentum we're seeing in silicon carbide reinforces our competence and our growth strategy as we execute on our long term plan. In addition, we are making solid progress on the divestiture of our LED assets and expect to close this transaction during our fiscal third quarter. Once the divestiture of Cree's LED is complete, we will have achieved a major milestone in our transformational journey to establish our company as a pure play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide. Now, to further amplify this transition, we are changing the name of our company to Wolfspeed. We believe this is a natural progression that builds on our strong reputation of developing silicon carbide solutions over the last 30 years, while at the same time, capitalizing on the competitive positioning that the Wolfspeed brand has in the market. We'll have more to share on these efforts over the next several months and expect the name change to be complete sometime in the next few quarters. Our 200 millimeter team has made solid progress and in fact, has made substantial breakthroughs in 2020. As a result, we have decided to forego our original plan to initially open up the Mohawk Valley Fab at 150 millimeters. And instead, we'll begin ramping Mohawk Valley directly with 200 millimeter silicon carbide substrates in the first half of calendar 22, establishing the world's first 200 millimeter silicon carbide fab and further differentiating us from the competition. Based on these important developments, we are raising our fiscal 2021 CapEx spend to approximately $550 million, which reflects a greater percentage of completion of Mohawk Valley versus our previous CapEx plan, as well as increased investments in 200-millimeter wafer and epi capacity. The higher completion rate of the fab construction and fit-out this year and the increased investment in 200-millimeter capacity will give us the ability to ramp the fab solely at 200 millimeters in the first half of the calendar year 2022. We see this as better positioning the company to address what many are now expecting to be a steepening demand curve for silicon carbide beyond 2024. I'll turn it over to Neil, who will provide an overview of our financial results and an outlook for the third quarter of fiscal 2021. Neil?