Company Quick10K Filing
Cree
Financials
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
Filings
10-Q 2020-03-29 Filed 2020-04-30
10-Q 2019-12-29 Filed 2020-01-30
10-Q 2019-09-29 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-21
10-Q 2019-03-31 Filed 2019-05-03
10-Q 2018-12-30 Filed 2019-01-31
10-Q 2018-09-23 Filed 2018-10-17
10-K 2018-06-24 Filed 2018-08-20
10-Q 2018-03-25 Filed 2018-04-25
10-Q 2017-12-24 Filed 2018-01-24
10-Q 2017-09-24 Filed 2017-10-18
10-K 2017-06-25 Filed 2017-08-23
10-Q 2017-03-26 Filed 2017-04-26
10-Q 2016-12-25 Filed 2017-01-25
10-Q 2016-09-25 Filed 2016-10-19
10-K 2016-06-26 Filed 2016-08-25
10-Q 2016-03-27 Filed 2016-04-27
10-Q 2015-12-27 Filed 2016-01-20
10-Q 2015-09-27 Filed 2015-10-21
10-K 2015-06-28 Filed 2015-08-27
10-Q 2015-03-29 Filed 2015-04-22
10-Q 2014-12-28 Filed 2015-01-21
10-Q 2014-09-28 Filed 2014-10-22
10-K 2014-06-29 Filed 2014-08-27
10-Q 2014-03-30 Filed 2014-04-23
10-Q 2013-12-29 Filed 2014-01-22
10-Q 2013-09-29 Filed 2013-10-23
10-K 2013-06-30 Filed 2013-08-28
10-Q 2012-12-30 Filed 2013-01-23
10-Q 2012-09-23 Filed 2012-10-17
10-K 2012-06-24 Filed 2012-08-21
10-Q 2012-03-25 Filed 2012-04-18
10-Q 2011-12-25 Filed 2012-01-19
10-Q 2011-09-25 Filed 2011-10-20
10-K 2011-06-26 Filed 2011-08-17
10-Q 2011-03-27 Filed 2011-04-20
10-Q 2010-12-26 Filed 2011-01-19
10-Q 2010-09-26 Filed 2010-10-21
10-K 2010-06-27 Filed 2010-08-18
10-Q 2010-03-28 Filed 2010-04-21
10-Q 2009-12-27 Filed 2010-01-20
Reports
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-04-21 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2020-04-16 Other Events, Exhibits
8-K 2020-04-16 Other Events, Exhibits
8-K 2020-04-02 Earnings, Exhibits
8-K 2020-03-27 Enter Agreement, Off-BS Arrangement, Enter Agreement
8-K 2020-01-29 Earnings, Exhibits
8-K 2020-01-27 Officers, Exhibits
8-K 2019-12-16 Enter Agreement, Exhibits
8-K 2019-11-20 Regulation FD, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-10-28 Shareholder Vote
8-K 2019-08-26 Officers, Exhibits
8-K 2019-08-20 Earnings, Exhibits
8-K 2019-06-11 Regulation FD, Exhibits
8-K 2019-05-13 M&A, Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-14 Enter Agreement, Regulation FD, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-12-10 Officers
8-K 2018-10-22 Shareholder Vote
8-K 2018-10-16 Earnings, Exhibits
8-K 2018-08-24 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2018-08-21 Enter Agreement, Off-BS Arrangement, Enter Agreement, Other Events, Exhibits
8-K 2018-08-20 Officers, Exhibits
8-K 2018-08-20 Other Events, Exhibits
8-K 2018-08-14 Earnings, Exhibits
8-K 2018-07-23 Officers, Regulation FD, Exhibits
8-K 2018-06-05 Officers, Regulation FD, Exhibits
8-K 2018-04-30 Officers, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-03-13 Officers
8-K 2018-03-06 Regulation FD, Exhibits
8-K 2018-03-06 Regulation FD, Exhibits
8-K 2018-02-26 Regulation FD, Exhibits
8-K 2018-01-23 Earnings, Exhibits

CREE 10Q Quarterly Report

Content
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 - Reportable Segments
Note 15 - Restructuring
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
Exhibits
EX-10.1 exhibit101-creexfiftha.htm
EX-31.1 cree3292020ex311.htm
EX-31.2 cree3292020ex312.htm
EX-32.1 cree3292020ex321.htm
EX-32.2 cree3292020ex322.htm

Cree Earnings 2020-03-29

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 29, 2020
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 24, 2020, was 108,160,061.

Table of Contents
CREE, INC.
FORM 10-Q
For the Quarterly Period Ended March 29, 2020
Table of Contents

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

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CREE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions of U.S. Dollars, except share data) March 29, 2020June 30, 2019
Assets
Current assets:
Cash and cash equivalents$323.0  $500.5  
Short-term investments529.9  550.9  
Total cash, cash equivalents and short-term investments852.9  1,051.4  
Accounts receivable, net161.0  128.9  
Inventories170.1  187.4  
Income taxes receivable6.1  0.2  
Prepaid expenses27.7  23.3  
Other current assets12.2  19.7  
Current assets held for sale0.2  1.9  
Total current assets1,230.2  1,412.8  
Property and equipment, net737.6  625.2  
Goodwill530.0  530.0  
Intangible assets, net183.6  197.9  
Other long-term investments31.5  39.5  
Deferred tax assets6.7  5.6  
Other assets18.3  5.9  
Total assets$2,737.9  $2,816.9  
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses$184.8  $200.9  
Accrued contract liabilities45.1  45.8  
Income taxes payable1.2  3.0  
Finance lease liabilities0.6  —  
Other current liabilities19.7  18.5  
Total current liabilities251.4  268.2  
Long-term liabilities:
Convertible notes, net486.3  469.1  
Deferred tax liabilities2.3  2.0  
Finance lease liabilities - long-term2.2  —  
Other long-term liabilities50.7  36.4  
Total long-term liabilities541.5  507.5  
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at March 29, 2020 and June 30, 2019; none issued and outstanding
—  —  
Common stock, par value $0.00125; 200,000 shares authorized at March 29, 2020 and June 30, 2019; 108,153 and 106,570 shares issued and outstanding at March 29, 2020 and June 30, 2019, respectively
0.1  0.1  
Additional paid-in-capital2,931.3  2,874.1  
Accumulated other comprehensive income7.8  9.5  
Accumulated deficit(999.7) (847.5) 
Total shareholders’ equity1,939.5  2,036.2  
Non-controlling interest5.5  5.0  
Total equity1,945.0  2,041.2  
Total liabilities and shareholders’ equity$2,737.9  $2,816.9  
The accompanying notes are an integral part of the consolidated financial statements
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CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 Three months endedNine months ended
 March 29, 2020March 31, 2019March 29, 2020March 31, 2019
(in millions of U.S. Dollars, except share data)
Revenue, net$215.5  $274.0  $698.2  $828.7  
Cost of revenue, net154.1  173.5  500.7  526.4  
Gross profit61.4  100.5  197.5  302.3  
Operating expenses:
Research and development46.7  40.7  137.7  117.2  
Sales, general and administrative49.7  50.6  160.1  143.7  
Amortization or impairment of acquisition-related intangibles3.7  3.9  10.9  11.7  
Loss on disposal or impairment of other assets0.3  5.3  2.1  5.7  
Other operating expense10.8  11.1  31.8  14.3  
Operating (loss) income(49.8) (11.1) (145.1) 9.7  
Non-operating expense, net14.5  8.4  7.8  23.7  
Loss before income taxes(64.3) (19.5) (152.9) (14.0) 
Income tax (benefit) expense(2.9) 2.8  (1.2) 9.3  
Net loss from continuing operations(61.4) (22.3) (151.7) (23.3) 
Net loss from discontinued operations—  (205.4) —  (218.0) 
Net loss(61.4) (227.7) (151.7) (241.3) 
Net income attributable to noncontrolling interest0.2  0.1  0.5  0.1  
Net loss attributable to controlling interest($61.6) ($227.8) ($152.2) ($241.4) 
Basic and diluted loss per share
Continuing operations attributable to controlling interest($0.57) ($0.22) ($1.41) ($0.23) 
Net loss attributable to controlling interest($0.57) ($2.20) ($1.41) ($2.35) 
Weighted average shares - basic and diluted (in thousands)108,115  103,659  107,718  102,807  
The accompanying notes are an integral part of the consolidated financial statements
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CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 Three months endedNine months ended
(in millions of U.S. Dollars)March 29, 2020March 31, 2019March 29, 2020March 31, 2019
Net loss($61.4) ($227.7) ($151.7) ($241.3) 
Other comprehensive loss:
Currency translation loss—  (0.3) —  (0.8) 
Net unrealized (loss) gain on available-for-sale securities(1.9) 2.0  (1.7) 2.8  
Comprehensive loss (63.3) (226.0) (153.4) (239.3) 
Net income attributable to non-controlling interest0.2  0.1  0.5  0.1  
Comprehensive loss attributable to controlling interest($63.5) ($226.1) ($153.9) ($239.4) 
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 InterestTotal 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—  —  —  (52.8) —  (52.8) 0.3  (52.5) 
Unrealized loss on available-for-sale securities—  —  —  —  (0.3) (0.3) —  (0.3) 
Comprehensive (loss) income(53.1) 0.3  (52.8) 
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  ($938.1) $9.7  $1,991.2  $5.3  $1,996.5  
Net (loss) income—  —  —  (61.6) —  (61.6) 0.2  (61.4) 
Unrealized loss on available-for-sale securities—  —  —  —  (1.9) (1.9) —  (1.9) 
Comprehensive (loss) income(63.5) 0.2  (63.3) 
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 SHAREHOLDERS' EQUITY

Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Equity - Controlled InterestNon-controlling InterestTotal Equity
(in millions of U.S. Dollars, except share data)Number of SharesPar Value
Balance at June 24, 2018101,488  $0.1  $2,549.1  ($482.7) $0.6  $2,067.1  $5.0  $2,072.1  
Net loss—  —  —  (11.1) —  (11.1) —  (11.1) 
Currency translation gain—  —  —  —  0.3  0.3  —  0.3  
Unrealized loss on available-for-sale securities—  —  —  —  (0.3) (0.3) —  (0.3) 
Comprehensive loss(11.1) —  (11.1) 
Tax withholding on vested equity awards—  —  (10.8) —  —  (10.8) —  (10.8) 
Stock-based compensation—  —  12.1  —  —  12.1  —  12.1  
Exercise of stock options and issuance of shares1,032  —  15.5  —  —  15.5  —  15.5  
Convertible note issuance—  —  110.6  —  —  110.6  —  110.6  
Adoption of ASC 606—  —  —  10.3  —  10.3  —  10.3  
Balance at September 23, 2018102,520  $0.1  $2,676.5  ($483.5) $0.6  $2,193.7  $5.0  $2,198.7  
Net loss—  —  —  (2.5) —  (2.5) —  (2.5) 
Currency translation loss—  —  —  —  (0.9) (0.9) —