Wolfspeed, Inc.

Good afternoon, thank you for standing by and welcome to the Whatspeed Inc Q4 full year 2022 earnings call. At this time, all participants are in a listen only mode. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star followed by the number two. We ask that you limit yourself to one question and one follow-up. Thank you. Please note today's call is being recorded. I would now like to hand the conference over to your first speaker today, Tyler Grombach, Vice President of Investor Relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's fourth quarter and full-year fiscal 2022 conference call. Today, Wolfspeed's CEO, Greg Lowe, and Wolfspeed CFO Neil Reynolds will report on the results for the fourth quarter and full year of fiscal 2022. Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Wolfspeed'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 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 mention important factors that could cause actual results to differ materially, including risks related to the 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.

Well, thanks, Tyler, and good afternoon, everyone. I'm pleased to share Wolfspeed's fourth quarter and full year 2022 results today. This year was a pivotal one for our company. We have achieved key milestones and made formidable progress in several areas. First, We made strides in adding to Wolfspeed's footprint and capacity when we opened our Mohawk Valley Fab in Marcy, New York in April of this year and continued with the expansion of our materials factories in North Carolina. The Mohawk Valley Fab is the world's first fully automated 200-millimeter silicon carbide fab. This was a major accomplishment, and I'd like to especially thank the entire team at Mohawk Valley for their exceptional work leading to the construction and operations of this wafer fab. Since the opening, we've continued to run initial lots through the fab and remain on track to complete initial qualifications and ship product by the end of this fiscal year. We've also had several large customers visit the site prior to signing agreements with us, which is translating into stronger demand than we originally anticipated. As a result, we now have initiated work to tool out the remaining portion of the fab. We are also expanding the materials capacity to support the increased production planned in Mohawk Valley. We believe this is the best course of action to stay ahead of what we see as a steepening demand for silicon carbide. Second, our hard work that continues in devices and materials led to a strong full-year 2022 result. annual revenues grew 42% year over year to 746 million, a significant acceleration of our growth compared to 2021. We also made progress in improving our gross margin with full year non-GAAP gross margin coming in at 35.6%, a 140 basis point improvement over the previous year. Lastly, We continue to see a clear path for wool speed to play an even bigger role as the world moves to greener energy sources and more efficient use of that energy. High voltage applications continue to migrate from traditional silicon to silicon carbide. Our device opportunity pipeline is evidence of this transition. The opportunity pipeline for silicon carbide has more than doubled to $35 billion in a single year. Our fiscal 22 design-ins totaled $6.4 billion, representing a 3x increase from our fiscal 2020 design-in total and a 119% increase compared to the prior year. We had another record-setting design-in performance of $2.6 billion in fiscal Q4. This included design-ins across automotive OEMs, auto Tier 1 suppliers, and industrial and energy customers, and we are looking forward to working with our new and existing customers in these markets. We now have secured approximately $11 billion of design-ins in just the last 12 quarters. As the market leader in silicon carbide technology, we are encouraged and excited by the growth in this market. I'll now turn it over to Neil, who will provide an overview of our financial results and our outlook for the first quarter of fiscal 2023. Neil.