Wolfspeed, Inc. (NYSE:WOLF) Q3 2022 Earnings Conference Call May 4, 2022 5:00 PM ET

Company Participants

Tyler Gronbach - VP, IR

Gregg Lowe - President, CEO & Director

Neill Reynolds - EVP & CFO

Conference Call Participants

Gary Mobley - Wells Fargo Securities

Jonathan Dorsheimer - Canaccord Genuity

Craig Irwin - ROTH Capital Partners

Ambrish Srivastava - BMO Capital Markets

Jack Egan - Charter Equity Research

Pierre Ferragu - New Street Research

Operator

Good evening. Thank you for standing by, and welcome to the Wolfspeed, Inc. Third Quarter Fiscal Year 2022 Earnings Call. [Operator Instructions]. Please note today's call is being recorded. I would like to now hand the conference over to your first speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead.

Tyler Gronbach

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Third Quarter Fiscal 2022 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 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.

[Operator Instructions]. 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. I hope you and your families are safe and healthy. I'm pleased to report that during the third quarter we continued to execute on our strategy, delivering strong results and non-GAAP diluted earnings per share despite some macroeconomic disruptions. Last month was an eventful one for the company as we cut the ribbon and opened Mohawk Valley, our fully automated 200-millimeter silicon carbide semiconductor wafer fab. Currently, we are running initial lots and will then transition to product and customer qualification, followed by production shipments. It's an exciting time for us as well as our customers as they can see a huge influx of capacity coming online, enabling them to transition their products from silicon to the more efficient silicon carbide chips. We're delighted to have had Lucid Motors join us for the ribbon-cutting, demonstrating their innovative Lucid Air and highlighting the advantage that they see using silicon carbide technology in their cars.