Cree, Inc. (NASDAQ:CREE) Q4 2020 Earnings Conference Call - Final Transcript

Aug 18, 2020 • 05:00 pm ET


Cree, Inc. (NASDAQ:CREE) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Cree Fourth Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]

I'd now like to hand the conference over to your host today, Mr. Tyler Gronbach, Head of Investor Relations. Please go ahead, sir.

Tyler D. Gronbach

Thank you and good afternoon, everyone. Welcome to Cree's fourth quarter fiscal 2020 conference call. Today, Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the fourth quarter of fiscal year 2020 as well as how the company is navigating the ongoing COVID-19 pandemic.

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree'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 spread and 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 A. Lowe

Thank you, Tyler. Good afternoon, everyone and thank you for joining us today. Before I begin, I'd like to take a moment to thank all of our employees around the world. I'm extremely proud of their efforts and solid execution during this unprecedented time. As we continue to address the impact of the pandemic on our operations, the health and safety of our employees, customers and partners remains our top priority and we are committed to operating safely. As a designated essential business, our facilities remained open throughout the quarter and we are routinely executing stringent testing, cleaning and safety protocols at all of our locations.

We continue to closely monitor federal, state and local guidelines and adjust our business continuity plans as appropriate. Attendance in our factories has improved since the start of the pandemic, but is still below our normal operating level as we continue to operate with an abundance of caution requiring employees that have been possibly exposed to the virus to observe a mandatory quarantine period. In addition, we are also offering employees the flexibility to support the