The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian Lee - Goldman Sachs Financial, Inc. - Analyst
: I know you kind of walked through some of this, but maybe just wanted to ask point blank. I know the dust hasn't even settled on
the election results and sort of this potential Red sweep, but can you speak to what that means for the chipset broadly and then
your status with the PMT? And just maybe walk us through the next steps here as you think about the implications of last night. And
then I had a follow-up.
Question: Brian Lee - Goldman Sachs Financial, Inc. - Analyst
: Okay. Awesome. Appreciate those thoughts. And then just second question related to some of your customer, one of your customer
comments on a recent call, I think Renesas was talking about maybe pulling back on wafer commitments with you. I don't know if
that is true? Or maybe you can provide some details, maybe speak to the latest status there as well with Renesas. And whether that's
specific to 200-millimeter or 150 or both? And then if there are any implications for their deposit with you.
Question: Joseph Cardoso - JPMorgan Chase & Co. - Analyst
: This is Joe Cardoso on for Samik. I was wondering if you could provide a bit more color on how you guys are envisioning the magnitude
and timing relative to the revenue ramp down of the Durham device fab and the impact to your top line through the next year. And
as you talk to customers around transitioning the capacity that you're currently running out of Durham to Mohawk, what's your
sense on the appetite to transition this capacity versus perhaps customers potentially being more reluctant to do so? Basically, just
curious if there's any concerns around not being able to capture all of that as you try to transition it from Durham to Mohawk.
Question: Colin Rusch - Oppenheimer & Co. Inc. - Analyst
: Can you talk a little bit about the competitive environment with your customers on the material side around moving to 200 millimeters
on those wafers? And how much of the wafer and materials business is going to migrate into the larger diameter here over the next
12 months?
Question: Jonathan Dorsheimer - William Blair & Co. LLC - Analyst
: I guess two questions. So first one, maybe, Neill, just going back to the previous question. I'm not sure if you or I didn't hear it. But if
Mohawk Valley is doing 50 to 70, did you mention what Durham would be in the devices for the quarter out of that 150 to 200 guide?
And then I have a follow-up.
Question: Jonathan Dorsheimer - William Blair & Co. LLC - Analyst
: Got it. And then just as a follow-up, just regarding the '26 converts and the raise of the $300 million, is that to retire those? Or is your
plan to restructure those converts?
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Question: George Gianarikas - Canaccord Genuity Corp. - Analyst
: On the recent call, you did around the CHIPS Act, you had mentioned some operational milestones that you had to meet in order
to qualify for subsequent tranches. Can you just give us a little bit of color on what those milestones are and your confidence in
achieving them given the situation that your fundamentals occur?
Question: Joshua Buchalter - TD Cowen - Analyst
: This is Lanny on for Joshua. I have two questions for you. My first one, it sounds like you're guiding your materials business down
high single digits quarter-over-quarter based on the devices guidance of low 90s. Can you talk about the puts and takes there? Any
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timing issues as far as recognition goes or perhaps demand from your customers who are also probably likely seeing similar weaknesses
in industrial and energy revenue? And I have a follow-up.
Question: Joshua Buchalter - TD Cowen - Analyst
: Yes, that makes sense. And then just housekeeping question for Neill regarding some of the recent capital raises that you've done
with, the consortium. Could you walk us through how you see interest expense evolving over the next year or so kind of given the
change in terms?
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