Company Quick10K Filing
Cree
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 107 $5,877
10-Q 2020-01-30 Quarter: 2019-12-29
10-Q 2019-10-31 Quarter: 2019-09-29
10-K 2019-08-21 Annual: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-Q 2019-01-31 Quarter: 2018-12-30
10-Q 2018-10-17 Quarter: 2018-09-23
10-K 2018-08-20 Annual: 2018-06-24
10-Q 2018-04-25 Quarter: 2018-03-25
10-Q 2018-01-24 Quarter: 2017-12-24
10-Q 2017-10-18 Quarter: 2017-09-24
10-K 2017-08-23 Annual: 2017-06-25
10-Q 2017-04-26 Quarter: 2017-03-26
10-Q 2017-01-25 Quarter: 2016-12-25
10-Q 2016-10-19 Quarter: 2016-09-25
10-K 2016-08-25 Annual: 2016-06-26
10-Q 2016-04-27 Quarter: 2016-03-27
10-Q 2016-01-20 Quarter: 2015-12-27
10-Q 2015-10-21 Quarter: 2015-09-27
10-K 2015-08-27 Annual: 2015-06-28
10-Q 2015-04-22 Quarter: 2015-03-29
10-Q 2015-01-21 Quarter: 2014-12-28
10-Q 2014-10-22 Quarter: 2014-09-28
10-K 2014-08-27 Annual: 2014-06-29
10-Q 2014-04-23 Quarter: 2014-03-30
10-Q 2014-01-22 Quarter: 2013-12-29
10-Q 2013-10-23 Quarter: 2013-09-29
10-K 2013-08-28 Annual: 2013-06-30
10-Q 2013-01-23 Quarter: 2012-12-30
10-Q 2012-10-17 Quarter: 2012-09-23
10-K 2012-08-21 Annual: 2012-06-24
10-Q 2012-04-18 Quarter: 2012-03-25
10-Q 2012-01-19 Quarter: 2011-12-25
10-Q 2011-10-20 Quarter: 2011-09-25
10-K 2011-08-17 Annual: 2011-06-26
10-Q 2011-04-20 Quarter: 2011-03-27
10-Q 2011-01-19 Quarter: 2010-12-26
10-Q 2010-10-21 Quarter: 2010-09-26
10-K 2010-08-18 Annual: 2010-06-27
10-Q 2010-04-21 Quarter: 2010-03-28
10-Q 2010-01-20 Quarter: 2009-12-27
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 Other Events, Exhibits
8-K 2018-08-20 Officers, 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 2019-12-29
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
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-31.1 cree12292019ex311.htm
EX-31.2 cree12292019ex312.htm
EX-32.1 cree12292019ex321.htm
EX-32.2 cree12292019ex322.htm

Cree Earnings 2019-12-29

CREE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DQ 7,786 855 330 0 0 0 0 7,828 0%
QRVO 7,686 5,926 1,589 3,173 1,253 203 849 8,075 39% 9.5 3%
IPGP 7,138 2,737 370 1,365 691 304 516 6,648 51% 12.9 11%
FSLR 6,900 7,138 2,003 2,484 305 24 66 6,059 12% 92.1 0%
IDTI 6,645 1,378 706 929 557 109 171 6,358 60% 37.2 8%
MLNX 6,377 1,822 359 1,185 771 0 112 5,768 65% 51.7 0%
MPWR 6,041 868 164 606 335 106 130 5,844 55% 45.0 12%
CREE 5,877 2,817 776 1,347 453 -375 -219 4,826 34% -22.1 -13%
SIMO 5,029 673 140 0 0 0 0 4,722 0%
SLAB 4,962 1,603 552 841 509 32 52 4,773 61% 92.6 2%

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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 December 29, 2019
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 January 24, 2020, was 108,071,430.


Table of Contents
CREE, INC.
FORM 10-Q
For the Quarterly Period Ended December 29, 2019
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) December 29, 2019June 30, 2019
Assets
Current assets:
Cash and cash equivalents$382.6  $500.5  
Short-term investments568.9  550.9  
Total cash, cash equivalents and short-term investments951.5  1,051.4  
Accounts receivable, net137.2  128.9  
Inventories165.3  187.4  
Income taxes receivable1.1  0.2  
Prepaid expenses24.5  23.3  
Other current assets12.8  19.7  
Current assets held for sale0.2  1.9  
Total current assets1,292.6  1,412.8  
Property and equipment, net692.4  625.2  
Goodwill530.0  530.0  
Intangible assets, net187.7  197.9  
Other long-term investments50.7  39.5  
Deferred tax assets6.0  5.6  
Other assets23.4  5.9  
Total assets$2,782.8  $2,816.9  
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses$176.7  $200.9  
Income taxes payable2.4  3.0  
Accrued contract liabilities 44.4  45.8  
Other current liabilities25.0  18.5  
Total current liabilities248.5  268.2  
Long-term liabilities:
Convertible notes, net480.5  469.1  
Deferred tax liabilities  2.0  
Other long-term liabilities57.3  36.4  
Total long-term liabilities537.8  507.5  
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at December 29, 2019 and June 30, 2019; none issued and outstanding
    
Common stock, par value $0.00125; 200,000 shares authorized at December 29, 2019 and June 30, 2019; 108,031 and 106,570 shares issued and outstanding at December 29, 2019 and June 30, 2019, respectively
0.1  0.1  
Additional paid-in-capital2,919.5  2,874.1  
Accumulated other comprehensive income9.7  9.5  
Accumulated deficit(938.1) (847.5) 
Total shareholders’ equity1,991.2  2,036.2  
Non-controlling interest5.3  5.0  
Total equity1,996.5  2,041.2  
Total liabilities and shareholders’ equity$2,782.8  $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 endedSix months ended
 December 29, 2019December 30, 2018December 29, 2019December 30, 2018
(in millions of U.S. Dollars, except share data)
Revenue, net$239.9  $280.5  $482.7  $554.7  
Cost of revenue, net178.0  177.0  346.6  352.9  
Gross profit61.9  103.5  136.1  201.8  
Operating expenses:
Research and development47.3  40.2  91.0  76.5  
Sales, general and administrative52.8  49.2  110.4  93.1  
Amortization or impairment of acquisition-related intangibles3.6  3.9  7.2  7.8  
Loss on disposal or impairment of other assets0.8    1.8  0.4  
Other operating expense13.8  0.2  21.0  3.2  
Operating (loss) income(56.4) 10.0  (95.3) 20.8  
Non-operating (income) expense, net(5.1) 5.6  (6.7) 15.3  
(Loss) income before income taxes(51.3) 4.4  (88.6) 5.5  
Income tax expense1.2  4.6  1.7  6.5  
Net loss from continuing operations(52.5) (0.2) (90.3) (1.0) 
Net loss from discontinued operations  (2.3)   (12.6) 
Net loss(52.5) (2.5) (90.3) (13.6) 
Net income attributable to noncontrolling interest0.3    0.3    
Net loss attributable to controlling interest($52.8) ($2.5) ($90.6) ($13.6) 
Basic and diluted loss per share
Continuing operations attributable to controlling interest($0.49) $  ($0.84) ($0.01) 
Net loss attributable to controlling interest($0.49) ($0.02) ($0.84) ($0.13) 
Weighted average shares - basic and diluted (in thousands)107,925  102,871  107,519  102,396  
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 endedSix months ended
(in millions of U.S. Dollars)December 29, 2019December 30, 2018December 29, 2019December 30, 2018
Net loss($52.5) ($2.5) ($90.3) ($13.6) 
Other comprehensive loss:
Currency translation loss  (0.9)   (0.5) 
Net unrealized (loss) gain on available-for-sale securities(0.3) 1.1  0.2  0.8  
Comprehensive loss (52.8) (2.3) (90.1) (13.3) 
Net income attributable to non-controlling interest0.3    0.3    
Comprehensive loss attributable to controlling interest($53.1) ($2.3) ($90.4) ($13.3) 
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  
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 Stock
Additional
Paid-in
Capital
Accumulated Deficit
Accumulated
Other
Comprehensive
Income
Total Equity - Controlled InterestNon-controlling InterestTotal Equity
(in millions of U.S. Dollars, except share data)
Number
of Shares
Par 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) —  (0.9) 
Unrealized gain on available-for-sale securities—  —  —  —  1.1  1.1  —  1.1  
Comprehensive loss(2.3) —  (2.3) 
Tax withholding on vested equity awards—  —  (1.1) —  —  (1.1) —  (1.1) 
Repurchased shares—  —  —  —  —  —  —  —  
Stock-based compensation—  —  13.6  —  —  13.6  —  13.6  
Exercise of stock options and issuance of shares553  —  14.6  —  —  14.6  —  14.6  
Balance at December 30, 2018103,073  $0.1  $2,703.6  ($486.0) $0.8  $2,218.5  $5.0  $2,223.5  
The accompanying notes are an integral part of the consolidated financial statements

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CREE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six months ended
(in millions of U.S. Dollars)December 29, 2019December 30, 2018
Operating activities:
Net loss from continuing operations($90.3) ($1.0) 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization59.3  60.9  
Amortization of debt issuance costs and discount11.4  7.2  
Stock-based compensation29.9  21.0  
Loss on disposal or impairment of long-lived assets1.8  0.7  
Amortization of premium/discount on investments0.1  1.6  
(Gain)/loss on equity investment(9.9) 8.6  
Foreign exchange (gain) loss on equity investment(1.3) 0.5  
Deferred income taxes(2.4) (4.6) 
Changes in operating assets and liabilities:
Accounts receivable, net(8.2) (0.3) 
Inventories23.0  (18.7) 
Prepaid expenses and other assets7.8  2.3  
Accounts payable, trade(14.5) 0.5  
Accrued salaries and wages and other liabilities(26.9) 11.9  
Accrued contract liabilities8.4  19.2  
Net cash (used in) provided by operating activities of continuing operations(11.8) 109.8  
Net cash provided by operating activities of discontinued operations  17.9  
Cash (used in) provided by operating activities(11.8) 127.7  
Investing activities:
Purchases of property and equipment(101.0) (63.2) 
Purchases of patent and licensing rights(3.3) (3.8) 
Proceeds from sale of property and equipment1.7  0.2  
Purchases of short-term investments(295.3) (210.7) 
Proceeds from maturities of short-term investments212.6  83.8  
Proceeds from sale of short-term investments64.8  26.7  
Net cash used in investing activities of continuing operations(120.5) (167.0) 
Net cash used in investing activities of discontinued operations  (11.8) 
Cash used in investing activities(120.5) (178.8) 
Financing activities:
Proceeds from long-term debt borrowings