Company Quick10K Filing
Cree
Price49.04 EPS-4
Shares108 P/E-13
MCap5,281 P/FCF94
Net Debt-994 EBIT-391
TEV4,288 TEV/EBIT-11
TTM 2019-09-29, in MM, except price, ratios
10-Q 2021-03-28 Filed 2021-04-29
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8-K 2021-02-18
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8-K 2018-02-26
8-K 2018-01-23

CREE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Basis of Presentation and New Accounting Standards
Note 3 - Revenue Recognition
Note 4 - Leases
Note 5 - Financial Statement Details
Note 6 - Investments
Note 7 - Fair Value of Financial Instruments
Note 8 - Goodwill and Intangible Assets
Note 9 - Long - Term Debt
Note 10 - Loss per Share
Note 11 - Stock - Based Compensation
Note 12 - Income Taxes
Note 13 - Commitments and Contingencies
Note 14 - Restructuring
Note 15 - Shareholders' Equity
Note 16 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 ex102purchasepricenote.htm
EX-31.1 cree3282021ex311.htm
EX-31.2 cree3282021ex312.htm
EX-32.1 cree3282021ex321.htm
EX-32.2 cree3282021ex322.htm

Cree Earnings 2021-03-28

Balance SheetIncome StatementCash Flow
3.42.72.01.40.70.02012201420172020
Assets, Equity
0.50.30.20.0-0.1-0.32012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 28, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 0-21154
__________________________________________ 
CREE, INC.
(Exact name of registrant as specified in its charter)
North Carolina 56-1572719
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
4600 Silicon Drive 
DurhamNorth Carolina27703
(Address of principal executive offices) (Zip Code)
(919) 407-5300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00125 par value CREEThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The number of shares outstanding of the registrant’s common stock, par value $0.00125 per share, as of April 23, 2021, was 115,470,771.


Table of Contents
CREE, INC.
FORM 10-Q
For the Quarterly Period Ended March 28, 2021
Table of Contents

2

Table of Contents
PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements (Unaudited)

3

Table of Contents
CREE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
in millions of U.S. Dollars, except share data in thousandsMarch 28, 2021June 28, 2020
Assets
Current assets:
Cash and cash equivalents$531.6 $448.8 
Short-term investments761.7 790.9 
Total cash, cash equivalents and short-term investments1,293.3 1,239.7 
Accounts receivable, net84.1 72.4 
Inventories147.5 121.9 
Income taxes receivable9.1 6.6 
Prepaid expenses23.8 26.2 
Other current assets38.5 8.7 
Current assets held for sale2.0 1.3 
Current assets of discontinued operations 116.0 
Total current assets1,598.3 1,592.8 
Property and equipment, net1,165.1 770.8 
Goodwill359.2 349.7 
Intangible assets, net144.6 156.9 
Long-term receivables137.8  
Other long-term investments67.2 55.9 
Deferred tax assets1.2 1.2 
Other assets33.0 33.6 
Long-term assets of discontinued operations1.3 270.1 
Total assets$3,507.7 $3,231.0 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses$319.5 $189.8 
Accrued contract liabilities24.5 14.2 
Income taxes payable 1.2 
Finance lease liabilities0.4 3.6 
Other current liabilities37.8 22.2 
Current liabilities of discontinued operations0.6 60.2 
Total current liabilities382.8 291.2 
Long-term liabilities:
Convertible notes, net813.7 783.8 
Deferred tax liabilities2.3 1.8 
Finance lease liabilities - long-term10.1 11.4 
Other long-term liabilities51.1 43.8 
Long-term liabilities of discontinued operations0.7 9.8 
Total long-term liabilities877.9 850.6 
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at March 28, 2021 and June 28, 2020; none issued and outstanding
  
Common stock, par value $0.00125; 200,000 shares authorized at March 28, 2021 and June 28, 2020; 115,425 and 109,230 shares issued and outstanding at March 28, 2021 and June 28, 2020, respectively
0.1 0.1 
Additional paid-in-capital3,658.9 3,106.2 
Accumulated other comprehensive income3.5 16.0 
Accumulated deficit(1,415.5)(1,039.2)
Total shareholders’ equity2,247.0 2,083.1 
Noncontrolling interest from discontinued operations 6.1 
Total equity2,247.0 2,089.2 
Total liabilities and shareholders’ equity$3,507.7 $3,231.0 
The accompanying notes are an integral part of the consolidated financial statements
4

Table of Contents
CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 Three months endedNine months ended
 March 28, 2021March 29, 2020March 28, 2021March 29, 2020
in millions of U.S. Dollars, except share data
Revenue, net$137.3 $113.9 $379.8 $362.3 
Cost of revenue, net93.3 72.6 259.0 232.9 
Gross profit44.0 41.3 120.8 129.4 
Operating expenses:
Research and development46.0 38.6 132.7 112.5 
Sales, general and administrative44.2 41.7 135.0 135.7 
Amortization or impairment of acquisition-related intangibles3.7 3.7 10.9 10.9 
Loss on disposal or impairment of other assets0.1 0.1 0.8 1.7 
Other operating expense11.4 5.2 22.6 22.2 
Operating loss(61.4)(48.0)(181.2)(153.6)
Non-operating expense, net8.1 14.7 18.9 8.1 
Loss before income taxes(69.5)(62.7)(200.1)(161.7)
Income tax benefit(3.0)(6.5)(4.0)(8.3)
Net loss from continuing operations(66.5)(56.2)(196.1)(153.4)
Net (loss) income from discontinued operations(41.6)(3.7)(178.8)1.7 
Net loss(108.1)(59.9)(374.9)(151.7)
Net income from discontinued operations attributable to noncontrolling interest0.8 0.2 1.4 0.5 
Net loss attributable to controlling interest($108.9)($60.1)($376.3)($152.2)
Basic and diluted loss per share
Continuing operations($0.59)($0.52)($1.75)($1.42)
Net loss attributable to controlling interest($0.96)($0.56)($3.35)($1.41)
Weighted average shares - basic and diluted (in thousands)112,891 108,115 112,330 107,718 
The accompanying notes are an integral part of the consolidated financial statements
5

Table of Contents
CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 Three months endedNine months ended
(in millions of U.S. Dollars)March 28, 2021March 29, 2020March 28, 2021March 29, 2020
Net loss($108.1)($59.9)($374.9)($151.7)
Other comprehensive loss:
Reclassification of currency translation gain to loss on sale of discontinued operations(9.5) (9.5) 
Net unrealized loss on available-for-sale securities(2.5)(1.9)(3.0)(1.7)
Comprehensive loss (120.1)(61.8)(387.4)(153.4)
Net income from discontinued operations attributable to noncontrolling interest0.8 0.2 1.4 0.5 
Comprehensive loss attributable to controlling interest($120.9)($62.0)($388.8)($153.9)
The accompanying notes are an integral part of the consolidated financial statements
6

Table of Contents
CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Equity - Controlled InterestNon-controlling Interest from Discontinued OperationsTotal Equity
(in millions of U.S Dollars, except share data)Number of SharesPar Value
Balance at June 28, 2020109,230 $0.1 $3,106.2 ($1,039.2)$16.0 $2,083.1 $6.1 $2,089.2 
Net loss— — — (184.4)— (184.4)0.3 (184.1)
Unrealized gain on available-for-sale securities— — — —   —  
Comprehensive loss(184.4)0.3 (184.1)
Tax withholding on vested equity awards— — (22.7)— — (22.7)— (22.7)
Stock-based compensation— — 16.2 — — 16.2 — 16.2 
Exercise of stock options and issuance of shares1,066 — 16.5 — — 16.5 — 16.5 
Balance at September 27, 2020110,296 $0.1 $3,116.2 ($1,223.6)$16.0 $1,908.7 $6.4 $1,915.1 
Net (loss) income— — — (83.0)— (83.0)0.3 (82.7)
Unrealized loss on available-for-sale securities— — — — (0.5)(0.5)— (0.5)
Comprehensive (loss) income(83.5)0.3 (83.2)
Tax withholding on vested equity awards— — (1.6)— — (1.6)— (1.6)
Stock-based compensation— — 18.6 — — 18.6 — 18.6 
Exercise of stock options and issuance of shares681 — 22.7 — — 22.7 — 22.7 
Balance at December 27, 2020110,977 $0.1 $3,155.9 ($1,306.6)$15.5 $1,864.9 $6.7 $1,871.6 
Net (loss) income— — — (108.9)— (108.9)0.8 (108.1)
Reclassification of currency translation gain to loss on sale of discontinued operations— — — — (9.5)(9.5)— (9.5)
Unrealized loss on available-for-sale securities— — — — (2.5)(2.5)— (2.5)
Comprehensive (loss) income(120.9)0.8 (120.1)
Tax withholding on vested equity awards— — (7.4)— — (7.4)— (7.4)
Stock-based compensation— — 19.5 — — 19.5 — 19.5 
Exercise of stock options and issuance of shares225 — 1.8 — — 1.8 — 1.8 
Issuance of shares under the at-the-market offering program, net of issuance costs4,223 — 489.1 — — 489.1 — 489.1 
Reclassification of noncontrolling interest to loss on sale of discontinued operations— — — — — — (7.5)(7.5)
Balance at March 28, 2021115,425 $0.1 $3,658.9 ($1,415.5)$3.5 $2,247.0 $ $2,247.0 
The accompanying notes are an integral part of the consolidated financial statements
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CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Equity - Controlled InterestNon-controlling Interest from Discontinued OperationsTotal Equity
(in millions of U.S. Dollars, except share data)Number of SharesPar Value
Balance at June 30, 2019106,570 $0.1 $2,874.1 ($847.5)$9.5 $2,036.2 $5.0 $2,041.2 
Net loss— — — (37.8)— (37.8)— (37.8)
Unrealized gain on available-for-sale securities— — — — 0.5 0.5 — 0.5 
Comprehensive loss(37.3)— (37.3)
Tax withholding on vested equity awards— — (14.3)— — (14.3)— (14.3)
Stock-based compensation— — 17.4 — — 17.4 — 17.4 
Exercise of stock options and issuance of shares1,127 — 18.6 — — 18.6 — 18.6 
Balance at September 29, 2019107,697 $0.1 $2,895.8 ($885.3)$10.0 $2,020.6 $5.0 $2,025.6 
Net (loss) income— — — (54.3)— (54.3)0.3 (54.0)
Unrealized loss on available-for-sale securities— — — — (0.3)(0.3)— (0.3)
Comprehensive (loss) income(54.6)0.3 (54.3)
Tax withholding on vested equity awards— — (0.4)— — (0.4)— (0.4)
Stock-based compensation— — 13.4 — — 13.4 — 13.4 
Exercise of stock options and issuance of shares334 — 10.7 — — 10.7 — 10.7 
Balance at December 29, 2019108,031 $0.1 $2,919.5 ($939.6)$9.7 $1,989.7 $5.3 $1,995.0 
Net (loss) income— — — (60.1)— (60.1)0.2 (59.9)
Unrealized loss on available-for-sale securities— — — — (1.9)(1.9)— (1.9)
Comprehensive (loss) income(62.0)0.2 (61.8)
Tax withholding on vested equity awards— — (1.5)— — (1.5)— (1.5)
Stock-based compensation— — 11.6 — — 11.6 — 11.6 
Exercise of stock options and issuance of shares122 — 1.7 — — 1.7 — 1.7 
Balance at March 29, 2020108,153 $0.1 $2,931.3 ($999.7)$7.8 $1,939.5 $5.5 $1,945.0 
The accompanying notes are an integral part of the consolidated financial statements
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CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Nine months ended
(in millions of U.S. Dollars)March 28, 2021March 29, 2020
Operating activities:
Net loss($374.9)($151.7)
Net (loss) income from discontinued operations(178.8)1.7 
Net loss from continuing operations(196.1)(153.4)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation and amortization88.6 73.7 
Amortization of debt issuance costs and discount, net of capitalized interest26.1 17.2 
Stock-based compensation40.3 36.9 
Loss on disposal or impairment of long-lived assets3.7 1.7 
Amortization of premium/discount on investments4.9 0.5 
Realized gain on sale of investments(0.3)(1.0)
(Gain) loss on equity investment(7.9)9.2 
Foreign exchange gain on equity investment(3.4)(1.2)
Deferred income taxes0.5 (0.8)
Changes in operating assets and liabilities:
Accounts receivable, net(11.7)(31.7)
Inventories(25.4)2.2 
Prepaid expenses and other assets(28.2)0.9 
Accounts payable, trade27.2 (6.3)
Accrued salaries and wages and other liabilities12.5 (18.7)
Accrued contract liabilities10.3 5.9 
Net cash used in operating activities of continuing operations(58.9)(64.9)
Net cash (used in) provided by operating activities of discontinued operations(16.6)25.4 
Cash used in operating activities(75.5)(39.5)
Investing activities:
Purchases of property and equipment(394.0)(166.9)
Purchases of patent and licensing rights(3.6)(2.8)
Proceeds from sale of property and equipment0.2 1.8 
Purchases of short-term investments(342.1)(421.2)
Proceeds from maturities of short-term investments335.6 342.5 
Proceeds from sale of short-term investments28.1 96.4 
Proceeds from sale of business, net36.6  
Net cash used in investing activities of continuing operations(339.2)(150.2)
Net cash used in investing activities of discontinued operations(0.3)(2.0)
Cash used in investing activities(339.5)(152.2)
Financing activities:
Proceeds from long-term debt borrowings