Wolfspeed, Inc.

Good evening and thank you for standing by and welcome to the Wolfspeed Inc third quarter fiscal year 2023 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 External Affairs. So please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's third quarter fiscal 2023 conference call. Today, Wolfspeed CEO Greg Lowe and Wolfspeed CFO Neil Reynolds will report on the results for the third quarter of fiscal year 2023. 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 mentioned important factors that could cause actual results to differ materially. 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 to discuss our latest financial results. Now, before we dive into the details, I want to take a moment to express our gratitude to President Biden, Secretary Raimondo, Governor Cooper, and all of those who joined us at our Durham headquarters last month. As an American company, we share the administration's goal of driving US innovation and manufacturing. At Wolfspeed, we are a testament to the power of long range investments in complex technology. With silicon carbide being rapidly adopted across various industries, our company's mission aligns with the energy efficiency goals of governments across the world, and we are proud to be making a significant impact. In the last several years, we've gone from being a global leader in silicon carbide materials production to building a vertically integrated semiconductor powerhouse. That started with the expansion of our power devices capacity in the Durham Fab and then turning a field of mud in upstate New York into the world's first 200 millimeter silicon carbide device factory. I'm proud to share that we shipped our first product from the Mohawk Valley Fab in the third quarter. while it's a relatively small number of devices shipped to an industrial off-board charging customer. It's an important proof point that we are now producing product on 200-millimeter substrates. We have a meaningful head start in executing our strategy, and the learnings from ramping the new fab will be important as we continue to expand capacity to better support the industry transition from silicon to silicon carbide. Our focus on vertical integration positions Wolfspeed for a multi-decade growth opportunity. Customer demand is robust, as we secured $1.7 billion of design-ins in Q3. This total reflects a new quarterly record for non-automotive design-ins, which included a heat pump application and an EV off-board charger. Our cumulative total for design-ins secured since fiscal 2020 now totals approximately $18 billion. Demand is there, and we are continuing to lead the expansion of the silicon carbide market. My primary focus is on expanding our capacity, especially ramping materials production as it relates to wafer supply to feed Mohawk Valley. For most of our history, our growth was driven by supplying the market with silicon carbide wafers. Now we have a best in class fab and we need more materials to feed it. Producing more silicon carbide epiwafers out of our Durham facility will be the governor on our Mohawk Valley ramp in the short term. And our longer term outlook is supported by the ramp of the JP. Neil and I are leaning in directly to support capacity expansion efforts. We've realigned the team. with operations leaders now reporting directly to myself and Neil. Missy Stegall is overseeing devices and our wafer fabs, while Adam Milton will lead the materials production for the company. We believe this will provide greater visibility into the ramp of substrate, as well as our device footprint expansion. Our strategic vision and expectations for silicon carbide expansion have not changed. Wolfspeed has a deep moat in the industry with a decades-long runway. But the journey requires focus, persistence, and patience. We'll continue to make long-range investments in this complex technology, expanding our capacity footprint with purpose-built facilities for both materials and devices. We believe this is validated by customer demand and increasing investments in silicon carbide across the industry. The world needs more silicon carbide, and Willspeed will continue to lead the pack. Now I'll turn it over to Neil, who will provide an overview of our financial results and an outlook for the four quarter fiscal 2023 and fiscal 2024. Neil? Thank you, Greg, and good afternoon, everyone.