Wolfspeed, Inc. (NYSE:WOLF) Q1 2023 Earnings Conference Call October 26, 2022 5:00 PM ET

Company Participants

Tyler Gronbach – Vice President-Investor Relations

Gregg Lowe – President and Chief Executive Officer

Neill Reynolds – Chief Financial Officer

Conference Call Participants

Harsh Kumar – Piper Sandler

Brian Lee – Goldman Sachs

Jed Dorsheimer – William Blair

Samik Chatterjee – JPMorgan

Colin Rusch – Oppenheimer

Blake Friedman – Bank of America

Gary Mobley – Wells Fargo

Edward Snyder – Charter Equity

Matt Ramsay – Cowen

Ambrish Srivastava – BMO Markets

David O’Connor – BNP Paribas

Operator

Hello, and welcome to the Wolfspeed, Incorporated First Quarter Fiscal Year 2023 Earnings Call. My name is Harry, and I'll be your coordinator today. [Operator Instructions]

It is now my pleasure to hand you over to Gregg Lowe, CEO, to begin. Please go ahead.

Tyler Gronbach

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's First Quarter Fiscal 2023 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the first 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. 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 Gregg.

Gregg Lowe

Thanks, Tyler, and good afternoon, everyone. The growth in demand for our power device product line is greatly outpacing anything we would have anticipated only a year ago. At our last Investor Day, we said Wolfspeed was well positioned to capitalize on the increasing demand for EVs, industrial and 5G. We described 2022 and 2023 as an inflection point in the adoption of silicon carbide with accelerated growth beginning in 2024.