Earnings call transcript Q2 2023

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Operator

Good afternoon. Thank you for standing by. And welcome to the Wolfspeed Incorporated Second Quarter Fiscal Year 2023 Earnings Call. Currently, all participants are in listen-only mode. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers’ the will question-and-answer be After yourself that one [Operator ask limit to Instructions] We follow-up. you asking one question and

you. go the call now Thank Gronbach, Vice first today’s recorded. Investor Tyler note would Relations. of I Please speaker is today, like over conference being hand President to ahead. our to Please

Tyler Gronbach

the Lowe; quarter results will call. Today conference Thank good everyone. afternoon, XXXX quarter Reynolds, second you, the Neill Welcome CEO, for fiscal and Gregg of and report XXXX. CFO, on to Wolfspeed’s second year Wolfspeed’s Wolfspeed’s fiscal

we to results accordance internally. in that with information companies. other non-GAAP Non-GAAP which note how will today’s consistent comparable not are with Please provided be by GAAP presenting financial is results results during and non-GAAP management may Wolfspeed’s measures be call, not

be release posted Non-GAAP other GAAP. accordance in supplement along comparable GAAP key in a statements our summary of not measures the directly metrics. with to Investor with financial for website a a of most and considered historical is information in press should the substitute Relations prepared section A to reconciliation and our

forward-looking Today’s are risks discussion about our Such make other to business subject statements forward-looking statements includes and the call. and uncertainties. we numerous during outlook forward-looking may statements

to and related press the could mention important impact cause noted the Our factors today the risks in of release pandemic. that materially, differ actual filings SEC the including release results COVID-XX to

call. questions limit that during to we possible one ask During question would accommodate so you yourself can as the session, many Q&A we today’s that follow-up one as and

call. contact additional us If free the feel any to you have questions, please after

to like turn call the And Gregg. over now, to I’d

Gregg Lowe

good and Tyler, afternoon, Thanks, everyone.

last Palmour Center remember Siler in John the the results carbide. quarter, The celebration that John our moment naming take like his of weekend, had for a and Palmour. City Manufacturing CTO, during we which life manufacturing announced founder dedicate memory, we a late we it I’d Before would into our to silicon We of get to facility

of will is knew and John, his nickname to efforts, for through its our so result largely facility The recognizing JP, carbide be He promote years a us world as worked and his for of silicon and XX the All potential. JP. advance the nickname over

is that believe of outlook our cusp carbide on silicon and on track. mass the We long-term adoption remains that

First, in auto auto electric in that [ph] Global year. despite headlines sales XX% EV the portfolio were vehicles calendar sales have represented the slowed. bright than more the spot in market grew year-over-year the many and of XX% XXXX,

at growing Rover with in as We as rapidly industry fundamentals take long-term our have point and the share and demand Jaguar positioned for partnerships the strength confident to such to demand. in out Wolfspeed, in seen our play best the this recent this leaders demand Land overwhelming and Mercedes-Benz the capitalize ability EVs on industry’s believe We remain to is Wolfspeed strong space.

billion our projects. the more in design-ins $X.X demand to design-ins To-date, converted representing quarter point our of Second, than our of power robust devices. have design-ins, X,XXX XX% to continued for

$XX billion record coming design-ins the a total years. of quarters three off design-ins more than We are with over of multiple last of

the variability We customers. will with decisions and manufacturing facilities, capacities anticipate agreements in that numbers from our on there marketplace. expand in of device will some new based course, we of Now quarter-to-quarter be by winning continue our as timing design-in new

business illustrates entry. intense materials, in with to of another which highest position materials the with of barriers We carbide. the expanded Third, carbide continue we our our leading silicon recently the agreement announced an the for business, silicon demand supplier aspect market leadership

is the clear generational Day, I technology be in silicon supply the I semis that has Investor over foreseeable the experienced given carbide It From have changed. case is where this we will remains future. in the like have to sit, in the and us constraint pace XX to for seen we growth opportunity industry not of view adoption remarked not At that this years last that and our the quarters. my few continue

materials silicon present strong challenges as While carbide power we across manufacturing customer way. discussed can previously, and and both production along devices, interest remains the

Our Durham carbide largest business our market. which supplies is of a entire factory, materials crystal currently operation, world’s device growth the share merchant and significant silicon the

massive to still However, that silicon not is carbide. for enough the support accelerating demand

well. comes intense With merchant and challenges wafers materials for output the in growing to both captive as growth our of demand

our We been yields. our in growth to have a and had in these operations continued processing taller in our grow managing ability recent breakthrough resulting bulls. have resolved initial challenges crystal to in higher back-end taller bulls refine The significantly

will a bulls. product improved to for by results return we before the through the these materials we months are normal few we makes have taller as encouraged schedule the to able but It these achieve take way that WIP, been with its production

well support Valley Palmour Mohawk both fab, Long-term, device John disconnect soon-to-be as Investor remain our September Construction The will during things Carbide critical groundbreaking on our at Manufacturing to Day. demand Silicon wafers. for the and supply-demand merchant footprint and Center The that well as is track JP is growing since in addressing last progressing as announced ever expanding updated the for of a we

said ramp to the a previously achieve. we progress XXXX. and We that in trajectory target, Mohawk of will wafers, that complete ability depend the the which half meet Regarding we the at believe fiscal and through supply second we Valley, qualifications will largely on XXX-millimeter to anticipate that fab flowing of our on remain we revenue

ready scaling in year. fiscal Valley continue test through recognizing Mohawk quarter we and begin us to from gives revenue fourth of run which this the successfully We Mohawk lots production are Valley, that confidence to

its Mohawk silicon purpose first carbide is produce As devices. to a next-generation kind built reminder, fab, Valley of a power

Mohawk top and priorities we We scaling on few are execute that to to is over in quarters ensure my prior the final stages production in the of one plan. next Valley that

to ability for strong confident shareholders. our strong have team in results in strategy and deliver a our place We and clear are

well qualify variability XXX-millimeter first we the world’s we the as device positioned some silicon silicon of through capitalize short-term on are growth be scale fab, XXX-millimeter and may first to production the decade. carbide the also there scaling this see While that carbide in while end we results our explosive wafers, of

to call the like to over Neill? our turn Neill results. to I’d discuss quarterly Now,

Neill Reynolds

Gregg, afternoon, everyone. you, and good Thank

XXXX of in decline fiscal approximately our XXXX, generated second the which $XXX growth the of $XXX.X XX% first represents the During million compared the year-over-year. revenue quarter of range, quarter guidance sequential to end of we million a at XX% fiscal of and low when

strong we see As Gregg demand mentioned, for silicon continue solutions. to carbide our

that equipment second issues our to continue ramp production cycle. while we through caused Durham quarter am work of we both part are last the have the XXX-millimeter made on in and revenue pleased progress significant quarter our limiting our output, currently spare processing the shortages through same chain they with to bulls. However, time, report variability quarterly at fab issues I discussed these our in supply taller the improvements we

of strong issue our terms ahead In quarter. resolving quarter XX% expectations performance of power we the last devices, parts mostly we approximately grew saw in discussed the our versus year, chain supply last spare which Durham

growth wafer full the fab. that perspective, we virtually device future from capacity directly for Valley power topline power and our have achieved we fab will believe devices supply Mohawk a in Durham all come now From

bulls. materials yields to are on our taller very improving These perspective, now yields we historical made a significant in shorter bulls. progress yields From comparable XXX-millimeter on our

times quarter in than recovered anticipated, QX our processing materials wafer later back-end However, the resulting cycle than revenues expected lower for in products.

times past cycle exited quarter trough shipping and believe the yields, will support the related this that of issue as We bottom quarter represents future all at revenue we the growth. revenue to materials this rates

demand weaker expect second saw related to in which secular expected RF also remain headwinds in we XG for of due for than RF revenue to This resulted weaker quarter, we the pullback with in During year. this recession devices, fiscal the half products demand. lower

XX.X% Non-GAAP last gross compared second XXX-basis-point the year the XX.X% representing in period, and decline XX.X%, was year-over-year. in prior to quarter margin quarter

margin Gross supply fab bulls due of the lower by previously mentioned lower taller output the and impacted to challenges. on chain negatively Durham yields XXX-millimeter was the the

forward, progress drag both see we on second While on quarter. they issues and the margin a to represented gross expect made quarter significant improvement during the in moving both

addition, In consolidated dilutive devices gross RF margin. our to be to continue

been our previously not the As as had planned. demand we footprint devices, we optimize we discussed, RF for manufacturing because of have the power to able immense

our few years. next RF our will margin gross line basis the expect We impact by negatively consolidated approximately product for [Audio points Gap]

period of a quarter, generated second As these result adjusted share to compared quarter same year. of ago items, earnings a last the in $X.XX per the we negative in $X.XX fiscal and negative negative $X.XX

quarter income tax. and adjusted non-repeatable in was impacted favorably other events of $X.XX this EPS approximately by Notably,

$X.XX Excluding an from loss these non-repeatable at we been our quarter. per would have earnings, approximately share during the items

with quarter while liquidity days hand balance a provide support plans. days, is balance our cash ended Before higher XX our our quick approximately of the was We to inventory QX. overview I will XXX on sheet of $X.X days, XX which was discuss position. days DSO and guidance, than sheet our growth on billion I

the flow million Free cash and capital of during net $XXX negative $XXX was $XX cash comprised million operating flow million, negative of expenditures. quarter of

we primarily Mohawk $XX million. the costs start-up fab quarter, Valley the incurred During to ramp, approximately related totaling

as for forward, our to release. costs Moving wind in these adjustment non-GAAP in and the Mohawk fab underutilization overall the Valley we earnings charges for startup a reconciliation down included table expect we startup ramp

us capacity we in for note have our funding. facility In We capital partners it a marketplace progress extremely terms and last sets our see largest the November, long-term encouraged in convertible to funding greenfield we secure and up were offering plan. expansion In further of spoke, by of BorgWarner. by one construction well the announced needs, we anchored successful since made securing great we strategic our believe demand

evaluating as United additional still the States the capital of and debt. Europe, including funding, and in as payments customer markets government are we well Additionally, avenues investments, funding upfront or other

previously, additional cost we potential mind and when of are us is of pursuing we As for stated top dilution capital capital.

to on outlook. moving our third quarter Now fiscal

of targeting revenue in million. are million range the $XXX to $XXX We

product well continued reflects in our offset supply materials Our as as power revenue both guidance strong improvement device RF and by demand, partially execution demand. continued softness lines, in

margin improvement we of in offset volumes. RF in both non-GAAP XX% by power QX due see to Our the gross to as materials to to is products, some expect device range be expected the and XX% lower weakness

expenses the fiscal for $XXX quarter million of XXXX. approximately expect to operating million We $XX third non-GAAP of

net non-operating to $XX and be million. We between expect $X QX to non-GAAP and approximately loss be loss million $XX million, operating

believe $X expect result we We between per be diluted a QX $X loss share benefits of diluted as approximately and net million to million to will or that $XX non-GAAP $X.XX $X.XX to tax per of million million non-GAAP share. a $XX and loss realize

factory outlined as in target items Our non-cash our transaction acquired non-GAAP project costs, release stock-based start-up and and and excludes transformation other press costs amortization, intangibles compensation, EPS today. underutilization

chain dynamics, factory supply based demand, environment. As QX are the competitive on could product and that our mix, vary overall including targets factors always, several greatly, productivity

me closing that, for back it Gregg pass With let to his remarks.

Gregg Lowe

Thanks, the Neill. silicon long-term for on demand our confident and pressures for trend we Despite semiconductor secular strong some market, the the carbide. macroeconomic silicon are in outlook

Our robust design-in pipeline billion. remains be a number and the $XX continues staggering opportunity to at

pipeline have including applications, design-ins of range of and industrial We across a a wide strong energy. automotive,

are increasingly share this and We necessary a in investing opportunity support to the of significant capture to positioned growth. infrastructure committed to well are our

soon. goes, focus infrastructure to Valley our given the scale XXX-millimeter should from materials have very scales. will our you will while ramping for learnings fab. as an on approach our better update have and how far We production, ramp allow those Valley us device us capacity our Mohawk also on our on next we The Mohawk plans a power of blueprint As construction

for captive JP, the game changer allow will build supply dramatically expanding for gives currently to materials factory compared what in and to is immense expand our Durham This will us further our be our levels and The decision confidence business increase both materials in footprint to materials a and The at merchant unprecedented demand the marketplace. us capacity.

by encouraged note plans we effectively further convertible and and our our our to in capital capacity offering are deploying November generate focused were We for expansion shareholders. on this returns

resolve we we them years and them challenges will forward. and ramp keep facilities, XX be progressing experience use new but our to attack of there quickly Now as our will

Operator questions. And over now, turn I’d to to for the like it

Operator

question first Our Instructions] Harsh Sandler. Piper Kumar [Operator is from with

Your line is now open.

Harsh Kumar

about Thanks for levels question. perhaps ask relative what quarter guys. letting into came we Gregg, Hey, were Yeah. ask I me a revenue thinking. to to the wanted -- that the I December

about of each that lot the of couple going talked you what you issues contribution exact were forward guidance from and about fab in older bull-related the Durham factors was these one bigger miss but there was about you what if noticed us than revenue back-end some equipment other? am is I was not business. also was, a about then the I splits, your the typically talked curious cadence in talked with also issues asking the And issues, that maybe or some you for maybe help smaller what could I than You -- things, think of there give. if materially materials a

Your conservative or Is issues million, higher. $X bigger because And get to guiding you you to follow-up. a want you use on are have sort that back go -- these midpoint million I $X is then only increases? being handle you of better a bigger before

Neill Reynolds

Harsh. is This Hey, Neill.

Let shot a -- here. a lot pieces me There’s moving you here there’s take a to start. of said, like

me based little are where little bit on about a a moving you there. of maybe comments Let think that bit some the just unpack then just forward and we headed made

very, strong say, let are And of being we as those demand across it overall, me to previously demand continuing be discussed, materials. see very areas going and more supply devices to all, much of of for situation a So, a first that’s than both rather we power both just situation.

you this on see we in what RF. bringing were just did I quarter, did out versus pushed RF the We is orders is see approximately critical mean, back some weakening to a focus what outlook decrease. XX% it’s if But quarter a in markets really the was back in So our quarter. there. supply QX weaker. the look

expectations into million prior in half are. and the revenue So as of back the what year, QX in you look QX our and about even a kind versus it’s $XX decrease of

from perspective demand So is and RF of a this. piece a weakening

taller pointed you One had quarter of is talked XXX-millimeter. on out issues the Now bulls We yield areas. two lower about. a we than the other the couple bulls last was XXX-millimeter and

As prepared we perspective. remarks, have the said those a been issues from yield in resolved

the little a cycle to and the longer bit throughput. to in took get It times quarter

a So of inventory. bit we built

at bit of that quarter a of we we end are So but and issue, way were the the shipping the We inventory, rates back essentially, the that are increased at saw little slower. in our on bottom up.

the just on The was there Durham last one fab.

fab Durham chain anticipated. the than in a better fab This and But for now, from all Durham So is purpose had perspective, supply actually we capped. intent some issues. came we

on up Mohawk annual start going We talked we until of we at Investor $XXX to be power out for coming Day million That’s about a devices. a Durham $XXX are about revenue and million fab capped that quarter, ramping Valley.

perspective about future revenue coming So from a going from I builds are Mohawk would device to ramping be think in power Valley. significant up

Gregg Lowe

we we through Harsh, an where And I at inflection now are would just right running material add Mohawk to are that, Valley. point

qualify revenue We product. fiscal we quarter in that as fourth are -- we factory planning of the as for this fourth coming out the year quarter of

this that, than being on The runs substantial they preproduction yields that do at give the we right in fact, confidence seeing now running anticipated us able to would higher have are and point. are in we

So with we are really, really that. happy

was in we substantial help are a which online, out to three substantial a And ago increase years see I capacity again, think of will obviously, ramp coming field that going facility, which, us that’s we satisfy just this recall, there. as demand mud,

Harsh Kumar

the into revenue helpful we good And it’s Very Valley some quarter Hey. from to is how quarter, so getting Mohawk about should there. of scaling investors for actually, already guys. fourth I a think revenue been happen the very ramp. on follow-up, have my questions pleased to which schedule, hear segue June

demand, you of Gregg, production, basically much guys I three of You and them. the have production the a industry two for lot relies got of are pent-up or guys two one on of actually, the think, vertical

that happen calendar rest year fab if possible, And the of the as on? about, scaling help so goes will for the how us think

Gregg Lowe

and more little then it off bit kick detail. a will can talk Neill I Well,

the revenue So and would of that kind we quarter that. are think in fab anticipating beyond it that in June of quarter millions from in single-digit then fourth ramping up be dollars of we the

to There’s be would We also are takes, supply process. wafers and probably ramp describe will XXX-millimeter and ramping the we it going up up same that time. the at a as the methodical it of some and I puts for

at turn once. not just it’s sort of on everything So

with right very really, are now. and pleased But both what’s process the with yield yields, are very, yields I as we the looking device happening good the mentioned, really

to eventually we anticipated. actually We earlier be case. that than expected the It’s happening

Neill Reynolds

ramp frame to around revenue, we QX have revenue, just probably in kind would substantial Gregg start And as single-digit said, of Yeah. up fab. of the in thought millions we of up even we kind more to and QX, maybe the growth

quarter about at push that out see point. will a this We

going it’s are Mohawk to for first, bringing the mentioned, Gregg the are time. Valley we the a the pieces. Look, But bringing of be up first as lot XXX-millimeter moving first up fab substrates, we

the lots. qualification in of are middle We

are in customer terms matching schedules that We of up with qualification.

So pieces. moving a lot of

variability where really this today, for have we create reality. we will cusp bringing that we forward. multiple of from But So on here and we probably on some the to bringing are sit it as working move project years been

Harsh Kumar

guys. you color. Wonderful, for Thank the

Gregg Lowe

Thanks, Harsh.

Operator

with Our comes from Brian next Goldman Sachs. Lee question

now Your open. line is

Brian Lee

minimal taking Harsh’s Hey, focus afternoon. question, just ramp. exact guys. lot Maybe because people out to, there’s of questions. alluded as fiscal the of the Valley ramping for push the a through a here, Thanks around XXXX. expecting I a March timing and follow-up Mohawk intense Neill, of said you back of in quarter half been bit think, then revenue are Good some the there’s you a on

Now it’s June.

processing outs? maybe and navigating Is as us like know you these the have the this. of about behind. a push how Maybe issues quarter kind a calls feel issue, bull it I then I you a a are, quarter, having are follow-up. even of repeating maybe is just for And pieces, frame sounds further not issues June longer? almost guess pinpointing taking it’s sense but it what back-end moving customer this So I there’s

Gregg Lowe

we kind would that Brian. say Thanks conservative way. type a ramping lot, this Yeah. of are I a in

first We silicon off, are XXX-millimeter bringing fab silicon on wafer carbide carbide together, first world’s first the wafers. world’s the XXX-millimeter

in lot a variability of here. there’s So

very work the are has zone. sort We thing the very, after fab we hard last end we of pleased the of three to do ball the side want with of results dropped as go into right now. what’s But the right years

very up to it So methodical a going are in we ramp way.

material factory got through the have running right now. We

mentioned, June it’s shipping anticipate few first good. dollars in really and We I this then revenue quarter. looking qualifying millions of As of it the

will for quarters up we lined customers ramping begin and be got the have well. as then will that in following and then We we --

think pretty point There’s going on to at pretty feel confident able still takes. we be will But I qualify. this So puts see we do today, we feel confident that. we the all have that. and in that some be We to data to based

Brian Lee

Okay. Fair you, enough. And follow-up then Gregg. for a

the I you number. of design-ins, kind conversion mentioned XX% it, think a I call

I terms of talking in you were think projects. about

I you of taking a pipeline framework So success units. that somewhat just kind provide am of of sort if going to metric whether in that’s guys. think something similar can to on design-in to its of that’s you and about the the revenue, cumulatively there in seen quarter the have conversion assume Is right terms design-ins Thank or you, forward?

Gregg Lowe

Sure, Brian.

we initial So that starting volume. we XX% the ship which are when of production that’s we the transitioned that design-in to design have, number, from to win, have talk XX% about design-ins means

the So dollars, percentage it’s of project. it’s the percentage of a it’s a of percentage a the not projects, total

transitioned have that I where a an into the So have phase percentage we think really have design-in to have projects than initial faster remains now anticipated. of production customers that astounding ramp, It’s would of which XX% lot as us given me. of won, a is it

seeing they projects, compared Most going have profile the we good well. ramp more automotive but to as a of to be ones automotive, traction on industrial-type shorter those are because are typically

how think that’s So that. about to

Brian Lee

the presumably were project project change, the so But on dollar scope at Okay. translate converting values, projects to pretty XX% a also similarly or unless the would basis?

Gregg Lowe

way then revenue, we overall a into And we have conservative we look a assuming pipeline start lot to on some design-ins. production that, when do going forecasting customers with, And obviously, with are happen all to project, Yeah. from and is, now from through, filter then. in we pretty make and what can going we the not the perspective of put opportunity at design-ins going to go a aren’t it between some projects things our

and of pretty to So confidence of design-ins gives we kind that us we there conservatism factor number terms on lot have framing on XX% compared have a of put had that. conservative a in what revenue the the in the of amount are

Brian Lee

Okay. guys. I Thanks a lot, will it on. pass

Gregg Lowe

Brian. Thanks,

Operator

Samik from comes Chatterjee question next JPMorgan. with Our

is line open. now Your

Samik Chatterjee

to Hi. of or second to fiscal December I more has XQ, your my difficult Thanks more saying quarter RF in moderated has about one Durham then your bit is question. a billion on exiting are longer I question a if maybe for that commentary that of one. when you demand the run right, a run getting you even roughly in I unchanged? revenue essentially of guidance there limited sequentially a maybe to $X more term guess devices. $X getting of that know June, sort are of the I rate it because higher was March terms power fiscal for billion moving have terms put quarter, think based from billion first rate gap near-term at is rate last that the revenue taking run of seems and Am a XQ it or on in the sort $X even in and the about and we of today, aside, follow-up. And of Mohawk sort saying bit it’s sounds terms like from scaling you sort then bit

Neill Reynolds

Yeah.

correct. mostly that’s think I

here. page it let just just kind maybe to frame all on me are we the a of up bit make So just same sure

back during kind this our and $X.XX QX. to we were looked maybe number rate looking yield taller and fab, October we revenue of quarter, at Durham of kind run supply that chain the meeting was at bull rate, the anticipation given sometime I the run be billion challenges billion think in as this issues, $X

in X.XX about that between as X.XX sometime X.XX think can -- and QX. you As

been a in drag about smaller has some some with is a we and has on million from pushed that and Valley, the RF revenue quarter quarter, that $XX out. did anticipate the now demand having Mohawk Now amounts potentially

you had as capped of kind would here, see say, essentially Durham what about timing we with lower. think staying to revenue in the So numbers start forward, now, going I we RF

little to off We rates benefit and are better of get of the in bit a going yields shipping materials.

So to it’s what we really function see here we going of and ramp will Mohawk be how a is Valley. when

and So that our margins will really be matter our Valley. for function Mohawk essentially a revenue even of the of timing

somewhat I it this that RF drive will outside sense. can that is So amount bringing Valley are of Mohawk supply -- of be and in limited we back in Mohawk in the lead until revenue to roads going from half on Valley of start timing think year the all we more

Samik Chatterjee

you Germany. And a plant their terms agreement my press I out of saw there in you have in with it. you that for announced the indicating new have Got release, press in Okay. follow-up, partnership your ZF and reports

have direct Tier it and approach more been the Just announcing BorgWarner more in Sort Thank market change you the of you. of seems in sort like suppliers really with of recently and on curious announcements. how of one, you some the versus I a the past? to yet Xs? a what confirmed made like ZF sort to your sort sort sort a that of capacity are maybe engagement OEMs given that tilting of Germany, with more towards haven’t wanted Tier Is of with X secondly, decision new to fab two of part, more you sort you is indicating go

Gregg Lowe

an the for question. Thanks with in early together we Mercedes. recently, And fact, Yeah. announcement in made January,

in both So Xs course, theme announcements. ZF, that Land we others of number Motors, General BorgWarner, Tier of announced of Tier Mercedes. been well. of consistent have Jaguar the have OEMs sort a been OEMs as of had and Xs, have Rover, terms

So in that. change there’s no

EV going I such engine pretty winning the combustion those. in have automotive of both makers, OEMs long-term think has with internal have transition from Xs, of consistent been see and a I agreements as a dramatic you the we been think, engagement Tier change and we both lot are to this the for to that

the next In fab, for at of of we that so strong XXXX timeframe. that our our have fab in Day place a the to kind terms Investor demand in we products ramping need our is new mentioned up

time that If factory. that of then you us subtract to and from would take it ramp the amount build

that It be we to place put says XXXX. need in thing in starting that to

And so is, kind tuned say for just of what I would that. stay

have work and We got make we going that, a comment to of on as it. there announcements on will able lot be we on

Samik Chatterjee

Thanks for questions. taking you. Thank my

Gregg Lowe

Yeah.

Operator

is next Mobley Wells Our Fargo. from question with Gary

is now open. line Your

Gary Mobley

venture, output all to too the build question. and a Hey, the a venture carbide it guys. I such relative facility, The that you from would probe wafer XXXX not Gregg, since of a processing joint And Valley? impact prior Thanks I for Mohawk your taking of it, that the remarks, brought year little take CapEx had not of my if would mean dissimilar would partner joint bit bulk BorgWarner the communication? on fiscal for follow-up a how potential will for new in facility silicon up deeper. prepared potential that with

Gregg Lowe

Yeah.

So, and of we into say would is, can’t get would be on kind just really of details say then clear. tuned stay a lot very, what I very I we on that. that can

Neill Reynolds

any of And And perspective, materials when Gary, there, see a I everything. plan again I that what as laid to need have we all October out laid we and as from facility. we we right I planning perspective a differently. second would fab point relates out from it We includes that have mean, just before, a includes now don’t of a the really capital at that will those knew CapEx, add mentioned and things CapEx

Gary Mobley

new internally. And will or view follow-up, was you that when all that my Has it. I be believe of Siler merchant the XXX-millimeter of would supply a for of it. shipments output trajectory of if at be the that LTSA maybe Got your consumed just on wafer announced these City, all these supporting of some you communication some Got changed then wafer-related LTSAs? us can you based agreements give sense And with that output? some

Gregg Lowe

Yeah.

doing are of ramp at And we we can are where can a we up that basically XXX early what millimeter perspective. to agreement makes of Valley ramping and long-term feed the also to the drive point phase decide that up can all we all sense from we at fab. and it Mohawk really and a commercialization So we cost the product doing are point the to

and the wanted will there if we point, of at the for XXX millimeter, like continued going majority The But, now to, XXX doing what we do vast majority to be this have could be at was run JP JP will we we of At going and do XXX-millimeter. if are that be to JP looking facility. The the is ability vast it’s XXX The in what yeah, need do so the there demand We to millimeter.

Operator

with Our Rusch next Colin Oppenheimer. question comes from

now line open. Your is

Colin Rusch

industry into some you Thanks Folks their terms getting some multiple are more times talk platforms around in little scaling at so of a in platforms. geographies? much. about auto mature the of the into multiple as bit cycle the seeing look these moving little vehicles design-ins and bit that you are Can they a of

Gregg Lowe

of different we I are seeing would couple things. say a

into a begins thinking of First that I production, when range, a in kind off, say. customer implementing the platform about goes it five-year would still to to new when cycle is from four-year that

range. startup kind be type bit faster, companies but Some of can of a the little that’s the more

are vehicle is vehicle platform to for say taking though, reusing are and would the X customers I going Y. use happening, they for is they that are it What

repeat kind And for so reapply platform cycle to dramatically obviously, same to shorter be just another vehicle. that and of the able for is the and rinse time

and just numerous I now two about, of now we seeing we many times we and our design all that think kind don’t design seen one wins, have for driving we steeper product. ramp demand in is seen And and that of some in know, of our we the across that wins, about the are of but platform have the where in four, were are I it’s

Colin Rusch

that terms horizon of and outside That’s the for XXXX demand real And are then about you applications, could for are overs of some new as terms there areas right. in automotive guys? seeing you that demand super All real helpful. Are on industrial the of highlights XXXX? anything we think accelerants of that in are fiscal

Gregg Lowe

Yeah.

basically applications. is We can a large. to That’s are and anything high a different they that’s They small carbide. move silicon of all lot energy -- be power converting tend be towards seeing voltage high making range at collectively a individually really

are systems. We that in seeing solar

the in thing same terms energy doing are server farms. systems of green Wind

it non-vehicle, equipment other We like landing -- takeoff have personal but into are watercraft got designing applications where another vertical is example transportation and customers people in. are design-ins and

seeing are of across a of kinds we yeah, large industrial applications. number So, different it

us penetrate it’s From And that we getting engage to really to exposure have That’s of really to be able Aero. with customers. a carbide. and the that sales relatively in that’s we their regard, in able perspective, limited the really terrific different a and they largest job across geographies this in by so go access to sales have silicon footprint after to to to done market Aero, sizes able a is led footprint world be footprint and all evangelize are customers the

Operator

Dorsheimer question William is next with Blair. from Jed Our

line now Your is open.

Jed Dorsheimer

of to how maybe of kind have worse this little Thanks. my first are Hey. XXX-millimeter, Gregg, a of that Hey, past are eve you I three you or am I in the kind asking when you -- in that as kind the have we second you Thanks -- announce that through there share kind lessons bit in that any follow-up question. have fab, want path, gets do terms years time process this I sort for as the over of taking but forging this question relative that the don’t can if and with terms you and to gone questions. things what And you of it to of better gauge to And have is then to have difficult sort of this in doing gone would, first hey, you, trivialize end fab? result? areas guys. on areas of of a line how one gone

Gregg Lowe

a couple say things. of would I

built quite expecting we are production. accomplished. years a we actually astounding, this mud team crisis the And that. think, It’s beginning has was we a field to nevertheless, it off, from of when today, during First I and three what fab weren’t

think forth, a thrown were. remember I guys we good did and they balls good balls really and So, all when probably through were adjustment curve so curve more and a that plan, importantly, but you those

it were say thing will automated to fully then and really solid. that well, is XXX-millimeter would things, at of the I side was convert XXX we maybe second The Originally, from and start super a saying, to XXX. it positive to we fully decision go go

such would that a been have think distraction. I

of two But to think. get point, in would a convert to think get to maybe think we did where did it And really been fab We it we I gosh, were because XXX. ago kind that oh, to was I difficult had to thank have goodness, that point we confident XXX-millimeter a years I XXX-millimeter.

the pretty has we us. the and process interacting for team these And be was been can think just forth, to the stunningly that has about don’t expectations with that I positive. humans brutal fact automation I yield and awesome wafers been talking really so have

would are positive -- I things. think the I that’s say those of So some all

clear I number experience team those to think different us the kind I obviously -- of the we as had think has a but well. allowed challenges the have challenges, of quickly of but

Jed Dorsheimer

the could are maybe a of -- think ramp by higher wondering ramp-up. taking are some sort in high we terms of it Got -- But you and it. That’s and sounds like if Neill. methodical as your approach harder you inventory very I or there’s for just still you the am And buffer and/or sounds helpful. ramp the it like broad about to build strategies strategy segue But and to kind margin fundamentally you crossover at vectors, near-term of about of the millimeters lower a but on unit think fixed how so help lower we a unit will those us if are would are be understand, the number, from a basis. basis, depreciation going have cost cost or you ramping I headwind and volume, think on which because going XXX taking a on a should to have

tailwind So where be kind utilization XX% or Thanks. accelerate things? little crossover is see headwind bit all that do a what you sort that to of a that might becomes a else where XX% really of or or of equal load

Gregg Lowe

over. I start to Yeah. it it kick off over Neill. I then will it and then and it will kick kick

And approach. the end really We are and it good more mentioned now got thing before, at nice definitely accelerator are as taking the kind of I now, yields in mess we up shape here. have a that last do right want and turn too we just to the methodical is are we hard looking really right

are mode do in we in let’s think step-by-step. let’s I this the of it take way, methodical So a

qualifying and with are are on We really pleased, turn this, will the and of step-by-step. then seeing product quarter fab we will in we yields be the kind customers to said, the I that the out fourth we shipping of

Neill Reynolds

Yeah.

-- cost I kind I going, of of from overall the first your question bringing for terms Jed, where just factory and on fixed Just absorption, think, it’s is the think cost time. in

exact First don’t of breaks even. of we I but the from recall Valley think, think kind I all, Day, Investor know Mohawk if number, you the I said

from cost that still fab cost Everything level, perspective XX% cash which we to yields to a think probably the seeing valid. wafer the of is from now overall structure all good. are kind looks kind of from of utilization least At pretty XX% I

I we think, do a will have manage we on we ramp what give I early start-up to forward, about cost back through that every move out kind is, quarter. talked stage we we of As that this this update have an before, currently

to also think then will an that adjustment will marked utilization start about we wind and fab inventory being we forward to get build down XX% about fab. the to underutilization as going the in We

you perspective, should is of start-up the a even there the utilization really fab people based now, view the when underutilization winding from a what good our we Durham, capability of over think, cost utilization lower you kind what low see kind that die having cost really see the down and XX% that just start numbers. right at give talk a peak So that’s fab I and is in than number of about of will time is level and relatively what current on lower it’s cost

of will be kind we manage So that. able to through

but -- think I will we in perspective there’s everything lot but seeing give We thus will quarter, far, update an confidence we think it we a up we see ramp as fab. a the I every margins that from on am the of cost

Operator

Our of with next question America. Vivek from Bank is Arya

now is Your open. line

Blake Friedman

This is Blake for Friedman Hi. on Vivek.

was that XG So the weakness just touching earlier. mentioned on

the there half? second expect to coming RF half, specific much with relative you curious second first how is quantify it’s in related be way Just continue you if in any to any and geography the weakness to sales to can half

Neill Reynolds

overall, Yeah. From choppiness we base. customer are of an I’d say, perspective, a the lot seeing RF across

customer each So is suppliers which of it on probably dealing depends with. the

some look weakness see So I different lot even I of we a do but don’t do -- -- we see market or industry. vectors see across across flattening the as

had the expected we work is will standpoint about revenue back -- see think per that quarter as we and drag a earlier I that from versus said what a see half continue through I the we we $XX to previously million year. and of

Blake Friedman

moving Thanks. to useful? there specifically be CapEx high kind Is the you any can your quickly benefits on that cadence just Got CHIPS then And and of just touching Act comments even forward. just would level or it. there size

Neill Reynolds

with things the pleased how are On we very progressed. CHIPS Act, have

very was kind plan started we the some when come out laid I but on We we like into all get, and of we regulations will that anticipated making not regulations said, -- final to think it’s are the with our clearly, October. came the waiting credit we Act but and with CHIPS out, will tax out, final that in will as of those last investment I we have line well along benefits positive come numbers already what

will with So no for on government changes additional relates funds. real continue to the and work as there regulations we the to applying it

Operator

Cowen. from with is question Matt Ramsay next Our

is now line Your open.

Matt Ramsay

Thank you guys. Good very much. afternoon,

make understood as to not pretty at XXX-millimeter transition talked I ask that for are an it, transition this business. RF come so that opportunity XXX-millimeter, headwinds demand things if call I things on clear. the going bit? be about the to bit making going the transition question, in down guys facilities not that making square a of me make and that was Thanks. you on wanted that But shut Analyst and to Is you we For to help in my reason now tight and the the just RF can first was then seeing circle were maybe that there that couldn’t you transition sort to There and devices. last Day, margin transition a were weakness the that from and cyclical was maybe now

Gregg Lowe

Yeah.

that transition. well bit so as make there’s not softer Just although facility to that that, still really there’s products our there’s on demand little that also power RF, -- and produces opportunity a recall not really

Matt Ramsay

Got it.

Okay.

a for that that shared rather than are flex you read any to it? device is making it’s way the facility silicon then, carbide side of transition, into Gregg, leaning So kind any the

Gregg Lowe

disturbance changing line creates our everything And can’t RF an of power we -- lot right. device do in out for we shared it customers. just afford for a a and that That’s facility, to

Matt Ramsay

sense. Got it. That makes Got it.

just to some to XXX-mil still on to on guys trying were sort XXX-mil list, Valley to just get checking click understanding Are variables the a there material -- on and side the about your as the -- wanted they discussion scale the side am I how of -- you feed Mohawk. double follow-up, priority Mohawk the to off are sort needed are of steps Gregg, to ramp? here to and on boxes side my you the the timing or in Valley and the of really ramping or call Mohawk I variables where of get beast of an there. the things do or devices wanted are have the thinking guess I materials - the As lot about had to really the we there on I scale

Gregg Lowe

definitely both. It’s

on the been we feel delay real working, And on we obviously, good A you I notwithstanding, inputs fab and there. what’s going itself pretty given we that’s so one got that quarter revenue, are have on about have -- going that, well.

our able to capacity are Valley. capacity to product into as we We be on campus more on additional more week and for turning this feed expanding Durham Mohawk speak

call some facilities We crystal took think, kind what basketball a expansion carbide that Building I operation -- growth and XX. a court XXX-millimeter it and over, of other are into silicon was in it we turned

in That to going are of And for is center with we going manufacturing big silicon increase expansion construction carbide by the Palmour the come The JP. increase than estimating course, more John then, The that of capacity XXx. or our dramatic to is

a the capacity September giant are and back thing off. made happy in it’s we decision So expansion kick super to that that we

in in very North to Carolina Friday on Monday. announcement from go We stuff here at The very, And knew we put made site quickly. needed earthmoving things kind to that following a of going decision we on perspective, Governor’s get we the Mansion and equipment had to

Operator

Our question from next Katya is Canaccord with Genuity. Evstratyeva

now line is open. Your

Katya Evstratyeva

Hi. U.S.? Gregg in design George. Neill, the do Thank for all and you Mercedes? if most in versus is compare you you. and coming given I of the Europe what’s Thank am and the demand your filling are happening in Tyler your from stick happening to if with coming announcement and that wins recent could you. contrast what’s tailwinds to maybe demand especially from, Where you see

Gregg Lowe

and the the U.S. in in both we of have are very I numbers don’t exact winning me. can Europe. I well in front say

North made GM or with We and the U.S.-based companies have announcements companies. BorgWarner, American-based

We have talked with about Rover, Jaguar European-based setup, -- company. Mercedes talked we Land a

the Tier those globe. across have Xs business of Some

I But we of So we would winning the markets breakout. winning But are globally Asian kind don’t I are nicely. in have pretty as well. exact say

Katya Evstratyeva

U.S. design-in, we in versus the there wins? $X.X if Gregg. automotive you is in has you, how much come the in of billion -- terms it could at Thank Europe of look assess are to And

Gregg Lowe

am would related sorry, be RF don’t think automotive have the XX% I say going as breakout right be last it pattern I is, that right of we quarters, it have now. XX% breakout forth. kind applications I it’s what over the if automotive couple regional the of But of type follows heavily handy. XX%, and that have pretty to so then I would and applications, industrial related, either seen don’t

Katya Evstratyeva

you. Thank

Operator

Edward Equity Our question Charter with next with Research. is Snyder

now line open. Your is

Edward Snyder

Thanks guys. lot, a

facility John. it’s I all, fantastic, First think, of you name after the

really, guys. couple A really things. it’s think of I great,

give a can of terms were us First versus that a Neill, can of general materials or in XX-XX this we yet, idea revenue of I breakdown devices get is? but the on you housekeeping, where not all, general of

Neill Reynolds

point of couple I Ed. me said, like Well, just a out let things,

now I So devices and capped. provides million said about power only the Durham is that that $XXX in year a facility number.

of our quarter out XX% Mohawk from So QX. RF about $XXX of start device from million seeing in we were perspective, back an Then a which on are device until about down revenue we more power capped kind peak, revenue Valley.

So represents million quarter. about that $XX a

you give should the that think there. pieces I So

Edward Snyder

or million million a is $XX $XX Down quarter? quarter a it

Neill Reynolds

previous $XX expectations. million where I $XX QX. our in roughly, back approximately were less think, That’s than million we than lower

Edward Snyder

Yeah.

Okay.

some of that can’t RF stop is line cannot be up I that can’t. down, And converted your the with capped, your move so capacity, imagine be an given the can’t given RTP. the RTP The it’s RF you way expand freeing you RF can converted all devices extra to and device, up and maybe you so capacity,

capped You for didn’t said got RTP, RTP that so have Durham devices, too, include has you right? right, out some coming but million, at $XXX of revenue

Gregg Lowe

Yeah.

going facility. some actually the have power Ed, through products RTP have we We do --

at utilizing now. have that no while working can, end for we out a some room the We as right of do been just basically much as but the of machines to there, little there’s

Edward Snyder

I imagine. could Yeah.

until then of wrong, far have me am plus you real out understand you bull I even though to the expect got ramp if at RTP, correct at just see growth capped get if going what now City come you million the to issue that and revenue get limited rather this so I would demand supply corrected are of which there, based point. in you on, Siler but materials, And we is ramp, materials, going I exceed could out $XXX on

single-digit guess am out looking but are a to be big Mohawk to for So reality it’s Neill, means, real June, revenue on here you that you just -- kind the Valley I up as guidance, view of just of revenue fair I picture XXXX. go millions check our growth to on we turn going I any not that probably in the Is said, of then fiscal ramp want all Valley going guess, assessment? for slightly in that, with Mohawk of kind most year. for flattish, of And a

Neill Reynolds

will some is some Mohawk what -- I Ed, capability better in are see think, off I longer modest pickup performance the think Valley that’s talking the is be get bull. of with we the right. here, as of reality, about materials capped, going to are to Durham as see size we just we In tremendous. we going

a like thing digital think Valley turns revenue on. device here. kind I it’s Valley something our XX% Mohawk capabilities, double already power utilization could Mohawk of

I turned very to that in if up revenue will up quickly kind until of kind the doesn’t, it to will on. pick maybe we stay of start we flattish get then growth think this we and start see seeing revenue modestly

But when of are a million going it does, see can north revenue be that billion the $X of a first $X we to for facility year.

roads said and are I that. cusp like we I on it’s -- tremendous think, are just doing the earlier, capability. all to Mohawk Valley So get got off got got leading -- ground we It’s the to of

Edward Snyder

will have Right on, are you the It’s XX% clear turn X function probably utilization, so XX% the Margins as then or decline because digital, going you [ph] that’s out, here. it going the, are like pointed you zero close to anywhere not unutilization. to you to

breaking you appreciate that out. I So

am over get come when the that with way provided trying Mohawk, to revenue of for off to them calibrated And you So then is is for -- idea the on recognize here customers it? rest where now and out you it a we and qualifying hand that get just year. for or to continues material I and point pay to because qualification qualify trying that off just Mohawk they the that the want of get am you the consensus was that are to concept to this of I product to I be to customer So so are have you Valley?

Gregg Lowe

doing have we and qualification kind We we risk about is after of talked Valley. to of qualify material what orders them customers out would qualifications done parallel Mohawk of we kind and have give

amount tremendous product. the a There’s demand of for

signed qualification So -- that like got many kind have process. they rapid they for have have be would first of up sort of we a to very would customers and

second hard Typically that one things. you pretty qualification -- the are that is customer where qualification pushing do to

raising quickly. right impact seeing so now relatively that their are hands please the they and are where anticipate up through saying, we opposite can go be customers that, first We would

Operator

Our with next Prisco is Matthew question from Evercore.

Your line now open. is

Matthew Prisco

guys. the Hey, for taking Thanks question.

bit wanted is in March gross of drill here. margins that up with down and on of behind guide issue little I guided a revenues to modestly. the surprised Just kind kind now bull the am

So can gross you Valley, said into and to understand talk levers in gross or accretive And before, the kind about your you be margins the margins when March immediately just of have June the you Thanks. for Mohawk that to when rent will you non-GAAP dilutive? quarter?

Neill Reynolds

Yeah.

the in that. as cycle the to to a match Yeah. yield, the had mentioned bulls. We times just on get transition in So one did an We the before, margins. Gregg quick have the in taller improvement

that as have been to subsequently able We do well.

of an a bit did we overhang But have there.

quarter So to the on we work got work will of some we just got through the to from WIP inventory through some have cycle. that last have

of be a drag. going that’s to So of kind a bit

taller performance, well the quarter. we for bulls, say, I’d where But the some issues last materials, had Durham underlying facility, both as the as

think will have improve. performance underlying these the I itself couple of over then and next So months start to worked through

think, say an I’d bit should underlying of overhang So from there improving. performance see I we but things, the overall, a those

just continue we to margins for what kind apples-to-apples look as it quarter give there Mohawk underutilization and like of is. will to an gross their will of the and as get quarter see we just adjustment that Valley, relates ramp can And to will -- updates to accretive then -- that view from a then every will will what perspective ensure we number an we non-GAAP as fab, make be to to we make fab

Matthew Prisco

$X still if for you half, a helpful. net first where spending it. the half, year, given for second in or us are Shell through think Got can fabs then that the the [ph]? going guys That’s year help CapEx as you and you maybe spending is in and And electric what stuff are equipment targeting follow-up, so billion the now for

Neill Reynolds

Yeah.

We correct. back year. that, There’s the in on that expansions pickup going yeah, So, before. we right $X in a about for that are should half now. billion talked have of That’s the see some Durham

turning Gregg talked XXX-millimeter. the of about on portions

and big and expand completed. That’s Durham. of campus now. addition that on the a around phase substrate We And will on next the piece in be facility capacity on the what’s going bringing in will getting City continue to Durham that, to working XXX-millimeter to we Siler

the I So pieces. bigger think would those be

invest to as On Mohawk top Valley of tools that, in continue and we quickly out tool that we can. in as continue to we will

of kind the pieces those are of to what going we big the I be year. spending So of back think in would be the half

Matthew Prisco

That’s Thanks, very guys. helpful.

Operator

Our next David with question Paribas. from is O'Connor BNP

Your line now open. is

David O'Connor

to up? follow-up on in trying Great. with that many have How $XXX why run to And here? rate Thanks that the just like meet of ramp expectations, uncertainty, the yields the risk XXXX exactly for million now help get kind where FY of take if in of and ramp to to finishing taking understand couple And a of the just June size I And kind quarter well, the cautious first that is we kind Mohawk guide? quarters would Just million line on related a where hit is my Valley your as lie a quarter. ahead understand so have the questions. it depreciation. more remaining maybe of to the does are the up and Valley on that is to language the given Mohawk that, ramp-up trying

Gregg Lowe

the David. for lot question, a Thanks

It’s are we taking a results the -- right that is much if issue exactly unexpected now. now. happy cause are that So on to an it approach we because jam we see try conservative with this, too too right in might a so we quickly,

So we methodical just want that. on to be

what it over unexpected to not it are we as going and issue. hard cause be don’t do to We makes sense, an but lazy I pushing on going as we it be to mean stress want is it. are

the right now. are with We pleased real results

I it think served Let’s and that. just we will well step-by-step take be by

Neill Reynolds

starts think Yeah. into it and do how the wafer we many nice at like we much it see -- in once from said, depends should timing a And -- can I ramp many get of perspective, you up pretty revenue. I that, how on a volume how kind fab and ramp-up

I fab, those think we have and of got into the it starts pieces the together, matter test the these performance pieces putting together. XXX-millimeter inspect the It’s all really just driving substrate all putting back-end ramped device for a things. -- of all power types and driving puzzle

schedules customer of variables in terms when have on and accept -- to going match that, are are all with up. they material, we So, those top what we watching got up of to

need but pull I just execution off -- of terms lot We there we relatively the ground. look, get to perspective, of an think pieces to there from goes variables. kind are there’s to together want of, in very to get be I a a that quickly, it So cautious think, lot of

the seeing, working but and fab I what we look think, get and technical of all at we that on running, seeing looks now, track. are the the right what we through are you if can that We if economics are of capability up

David O'Connor

And helpful. into still be should just of that we side talk from your could helpful? the modeling level would Is underutilization on earlier that Neill, some would -- utilization on non-GAAP costs you mean, around Mohawk on there depreciation non-GAAP? a the comment That’s on if the these in things? as And and the move be you more and we turn my excluding certain in Thank COGS that, where I you. line be reflected of just, the depreciation Okay. on How also Valley follow-up just now. charge,

Neill Reynolds

utilization for will a cost the of fixed depreciation XX% some about make quarter. the for adjust Yeah. adjustment and David, other number a we costs fixed fab that and then every

quarter last a right what had $XX we So now number. was million start-up

more start that the number get run as off will levels that the bring that fab about will think higher and bleed take we can of just decline up and you to into and So as of over running to start and we the utilization. rate fab, we of that inventory more to cost as time, will

other performance these will of through. I cycle think, things, yields, time any fall kind all other Now interested, everyone’s that

some is have just So the we related to visibility the performance of good of to as the fixed pretty costs excluding utilization. will fab, what the

Operator

the will remarks. no There further to closing team are for call back over pass management questions. I the

Gregg Lowe

many Well, including He’s our Stacy today. Smith many, marketing career welcome thank and is finance to semiconductor you addition. functions, roles. the sales like and joining industry operations for different got I’d years roles, roles that a Board. spans Stacy us great and spans to many in

look our of really locking as forward we going experience to them and we here. bring with as So team a he’s forward wealth to arms move to

We point and inflection first are XXX-millimeter and in the production the very at fab. of world’s near ramp wafer an world’s largest the

are time We to about excited you look forward forward continue driving that inflection to now it’s next with us chatting right look quarter. for taking and what point the much you you. with and Thank Thank doing forward. very

Operator

you Thank call. for your conference the concludes That participation.

You may…

Wolfspeed (WOLF) 25 Jan 232023 Q2 Earnings call transcript