Cree, Inc. (NASDAQ:CREE) Q3 2018 Earnings Conference Call - Preliminary Transcript

Apr 24, 2018 • 05:00 pm ET


Cree, Inc. (NASDAQ:CREE) Q3 2018 Earnings Conference Call - Preliminary Transcript


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Good day, ladies and gentlemen, and welcome to the Cree Incorporated Third Quarter 2018 Earnings Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Later, we will conduct a question-and-answer session and instructions will follow at that time.I'd now like to introduce your host for today's conference, Mr. Raiford Garrabrant, Director of Investor Relations. Sir, please go ahead.

Raiford Garrabrant

Thank you, Liz, and good afternoon. Welcome to Cree's third quarter fiscal 2018 conference call. Today, Gregg Lowe, our CEO and Mike McDevitt, our CFO, will report on our results for the third quarter of fiscal year 2018.

Please note that we will be presenting non-GAAP financial results during today's call and a reconciliation to the corresponding GAAP measures is in our press release and posted in the Investor Relations section of our website.

Today's presentations include 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. During the Q&A session, we ask that analysts limit themselves to one question and one followup so that each participant has the opportunity to ask a question within our allotted time of one hour. If you have additional questions, please contact us after the call.

Now, I'd like to turn the call over to Gregg.

Gregg Lowe

Thanks, Raiford and good afternoon, everyone. For today's call, I'll briefly discuss our financial results, after which Mike will provide more detail regarding Q3 and our Q4 outlook. After that, I'll provide a quick recap of the strategic plan we presented at our Investor Day in February along with some color on how each business is performing against that plan.

Our results for Q3 were an initial step in the right direction as we execute on our strategy. Revenues and gross margins were at the top end of our range and EPS exceeded the top end of our range, with each business showing progress versus our targets. While we're in the very early stages of our new strategic plan, it is encouraging to see the three businesses coming out of the gates with positive momentum. I'll now turn the call over to Mike to provide more details on the quarterly results and the outlook for next quarter.

Mike McDevitt

Thank you, Gregg. I will be providing commentary on our financial statements on a non-GAAP basis which is consistent with how management measures Cree's results internally. However, 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 of the non-GAAP information to the corresponding GAAP measures for all periods mentioned on this call is posted on our website or provided in our press release along with historical summary of