Wolfspeed, Inc.

I invite your host, Tyler Gronbach, Vice President, External Affairs, to begin. Tyler, please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to WolfSPEED's first quarter fiscal 2024 conference call. Today, WolfSPEED CEO, Greg Lowe, and WolfSPEED CFO, Neil Reynolds, will report on the results for the first quarter of fiscal year 2024. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provides useful information to our investors. 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. Lastly, I would also like to note that during the quarter we announced our intent to sell our RF business to MACOM. The results of our RF business will now be classified as discontinuing operations and all discussions today will be on a continuing operations basis. During the Q&A, we would ask that you limit yourself to one question 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. It is an exciting time at Will Speed. With the pending sale of the RF business, we are now the world's only pure play vertically integrated silicon carbide company. We are uniquely positioned to drive the industry transition from silicon to silicon carbide from both a materials and a device perspective. As we continue to scale our operations, we have overcome our fair share of challenges along the way, and I remain very confident around our long-term trajectory for three reasons. First, we've demonstrated the capability to consistently produce enough high-quality, high-yielding 200-millimeter wafers in Building 10 ahead of the needs of the Mohawk Valley Fab. Second, we've assembled a team comprised of internal silicon carbide experts, including one of our co-founders, and external advisors from our tool manufacturers to ensure that we will achieve 20% utilization at Mohawk Valley in the June quarter of 2024. And we've seen notable progress this quarter. And finally, customers continue to partner with Wolfspeed as we secured our third highest quarterly total of device design ends at 2.2 billion. And we converted more than a billion dollars of design wins this past quarter as well. In addition, We've also posted record revenue for our 150-millimeter substrates in the first quarter, which is an indication that demand remains robust for our high-quality substrates. Our first quarter results demonstrate the initial returns on our capacity expansion investments that will pave the way for the rest of the fiscal year and beyond. Revenue, non-GAAP gross margin, and non-GAAP EPS all came in at the high end of our guidance range, turning to Mohawk Valley, where we continued to ramp production. This quarter, we generated $4 million in revenue from the fab, which compares to $1 million that was delivered in the previous quarter. In the coming quarter, we expect to more than double the output from the fab as we continue to ramp device production. Because of the complex nature of silicon carbide technology, As we ramp the FAB further, we are collaborating even more closely with our tool vendors to ensure maximum uptime, the best yields, and the most efficient use of all of our tools. We've worked closely with them to develop optimal operating protocols, and as a result, we're seeing good improvement in the FAB. I was just up in the FAB last week meeting with the leadership team, walking the floor to talk with our technicians, and seeing the progress firsthand that we're making in some of our bottleneck areas. We've now doubled the number of products qualified in the last 90 days, and all of those MOSFETs achieve qualification on the first pass through the FAB, which is a strong indication of the underlying capability of the FAB. Finally, those products we have already qualified have sufficient demand to more than satisfy our short-term 20 percent utilization target. I am especially proud of this incredible effort by our team. It speaks to the advanced silicon carbide technical device capability we have assembled and the focused and detailed execution of our engineering and quality teams to ensure that we are more than ready to produce high quality automotive devices at 200 millimeters, something nobody else in the world is currently doing. As I mentioned, we are head of land in our ramp of Building 10 crystal growth for 200 millimeter substrates. By the end of this quarter, we will be producing enough material to support 15% utilization at Mohawk Valley, putting us nicely on track for our goal of 20% utilization by June of 2024. Turning to the JP, construction continues and is on schedule. We expect to be producing material in the first half of fiscal 2025. And we've already hired and began training more than 100 people that will work at that facility. On the demand side, as I said, we recorded $2.2 billion of design-ins, the third largest amount of any quarter in our history, and had a record design wins of $1.4 billion, illustrating our customers' willingness to move into volume production on projects that we've won over the past few years. Our design win record for the first quarter represents more than 230 projects, many of which are converting sooner than our original expectations. Most of these projects serve the automotive end market, and we are steadily ramping our design ends to design win with major OEMs and tier ones. We remain confident that the demand from automotive customers will remain strong. while we are seeing some softness in the industrial and energy space, primarily in China and Asia. Additionally, we had a record quarter for 150 millimeter wafer revenue, a strong signal that the demand for materials remains solid. Wolfspeed is the first mover to 200 millimeter wafer volume production, which will be the silicon carbide industry's most advanced technology. As a result, We are well positioned to be the only company producing 200 millimeter at scale for the next few years and believe this competitive advantage will further extend our leadership position well into the future. Wolfspeed, as the undisputed leader in silicon carbide, will continue to play an industry critical role in the coming years as a supplier of merchant materials to leading power device makers. Demands for our materials remain strong, and we have extended some of our agreements with existing wafer customers and added new agreements like the one with Renesas. That being said, we're not content with being the leading material supplier to the market. We also expect to be one of the top silicon carbide device suppliers in the years to come. In 2018, the silicon carbide device market was estimated to be about $400 million. Five years later, The market size is pegged at $6 billion, and the projected TAM for the end of the decade is north of $20 billion and continues to grow. This is part of the reason we announced and are now in the process of completing the sale of our RF business to Macon, which we expect to close by the end of the calendar year. We've always said that the growth of Woolspeed will come from our leadership in silicon carbide and power devices, And this marks a definitive milestone in allocating all of our investments, research and development, and technology into these business areas. There is a long road ahead of us here, which is why we invested the time and capital to develop the world's only purpose-built silicon carbide device fab. We're keenly focused on execution and firmly believe we're doing this right. Doing this at scale at 200 millimeter from the outset will result in gaining and sustaining significant market share in the coming decades. It is rewarding to see the pieces of our long-term strategy become reality, albeit on a longer timeline than we originally anticipated. The remainder of this fiscal year, and particularly the second half, will prove the conviction that we've always had in our strategy, in our products, and in our team. It is extremely exciting to see what's on that horizon. I'll now turn it over to Neil, who will provide an overview of our financial results and outlook. Neil?