$3.6 B

CREE Mkt cap, 15-Oct-2018

$1.5 B

Cree Revenue FY, 2018
Cree Gross profit (FY, 2018)407.6 M
Cree Gross profit margin (FY, 2018), %27.3%
Cree Net income (FY, 2018)-279.9 M
Cree EBIT (FY, 2018)-329.1 M
Cree Cash, 24-Jun-2018118.9 M
Cree EV3.7 B

Cree Revenue Breakdown

Embed Graph

Cree revenue breakdown by business segment: 22.0% from Wolfspeed, 39.9% from LED Products and 38.1% from Lighting Products

Cree revenue breakdown by geographic segment: 14.0% from Europe, 26.0% from China, 46.0% from United States and 14.0% from Other

Cree Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2018

Revenue

1.6b1.6b1.6b1.5b

Revenue growth, %

(1%)(1%)

Cost of goods sold

1.1b

Gross profit

407.6m

Gross profit Margin, %

27%

R&D expense

164.3m

General and administrative expense

283.5m

Operating expense total

736.7m

EBIT

134.3m(72.5m)(10.5m)(329.1m)

EBIT margin, %

8%(4%)(1%)(22%)

Pre tax profit

(82.9m)(317.4m)

Income tax expense

(18.9m)(37.5m)

Net Income

124.2m(64.1m)(21.5m)(279.9m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

425.5m435.8m366.9m321.3m347.0m341.5m360.4m728.3m1.1b

R&D expense

43.5m42.0m41.9m28.5m28.1m41.5m41.9m81.6m121.9m

General and administrative expense

131.0m201.3m

Operating expense total

140.4m125.7m113.6m96.5m102.2m106.0m114.4m233.3m600.5m

EBIT

(8.7m)9.4m(4.5m)(10.1m)8.7m(19.9m)(14.1m)(40.4m)(308.5m)

EBIT margin, %

(2%)2%(1%)(3%)3%(6%)(4%)(6%)(28%)

Pre tax profit

(31.5m)17.4m(3.8m)(10.3m)3.9m(10.0m)(15.2m)(14.7m)(292.5m)

Income tax expense

(7.9m)3.5m(4.0m)(7.4m)5.0m89.0m4.7m(8.6m)(45.8m)

Net Income

30.5m35.7m28.2m11.1m12.2m651.0k(23.6m)14.0m152.0k566.0k6.2m(99.0m)(19.9m)(6.1m)(246.7m)

Cree Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2018

Cash

286.8m139.7m166.2m118.9m

Accounts Receivable

225.2m186.2m165.6m153.9m

Prepaid Expenses

28.3m

Inventories

284.8m280.6m303.5m296.0m

Current Assets

1.8b1.3b1.2b890.1m

PP&E

605.7m635.1m599.7m661.3m

Goodwill

616.3m616.3m618.8m620.3m

Total Assets

3.3b3.0b2.8b2.6b

Accounts Payable

734.0k151.3m

Short-term debt

Current Liabilities

306.7m254.8m223.0m248.3m

Long-term debt

200.0m160.0m292.0m

Non-Current Liabilities

47.6m233.3m175.2m317.2m

Total Debt

200.0m160.0m292.0m

Total Liabilities

354.2m488.0m398.2m

Common Stock

127.0k

Additional Paid-in Capital

2.2b2.3b2.4b2.5b

Retained Earnings

788.6m174.9m(482.7m)

Total Equity

2.5b2.4b2.1b

Debt to Equity Ratio

0.1 x0.1 x0.1 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x

Financial Leverage

1.2 x1.2 x1.3 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

187.9m269.4m268.8m196.3m200.0m204.7m83.4m90.6m115.6m127.8m137.1m117.1m152.1m169.7m101.2m

Accounts Receivable

209.3m213.5m222.3m237.0m219.0m216.2m193.8m183.1m178.6m146.1m121.8m149.5m154.9m153.0m143.3m

Inventories

217.3m234.5m251.2m310.8m332.5m299.4m289.1m280.8m297.9m291.5m281.7m291.1m277.9m273.2m309.9m

Current Assets

1.7b1.7b1.8b1.8b1.5b1.4b1.3b1.2b1.2b1.5b1.5b1.1b1.1b1.1b909.5m

PP&E

550.1m569.2m575.9m635.3m652.9m654.2m635.8m623.3m612.1m373.2m360.2m574.3m594.7m612.1m641.4m

Goodwill

616.3m616.3m616.3m616.3m616.3m616.3m618.8m618.8m618.8m518.1m518.1m618.8m618.8m618.8m617.7m

Total Assets

3.2b3.3b3.4b3.4b3.2b3.1b2.9b2.8b2.8b2.8b2.7b2.6b2.7b2.7b2.7b

Current Liabilities

258.8m275.0m263.7m292.9m244.9m200.3m251.8m235.6m218.0m210.9m214.6m207.4m229.4m245.7m243.3m

Long-term debt

45.0m150.0m150.0m207.0m205.0m225.0m187.0m170.0m153.0m141.0m124.0m316.0m

Non-Current Liabilities

53.6m72.7m67.9m89.9m190.9m188.6m250.4m224.5m242.7m199.6m193.0m219.5m212.6m185.6m342.5m

Total Debt

45.0m150.0m150.0m207.0m205.0m225.0m187.0m170.0m153.0m141.0m124.0m316.0m

Additional Paid-in Capital

2.1b2.1b2.2b2.2b2.2b2.3b2.3b2.3b2.3b2.4b2.4b2.4b2.4b2.5b2.5b

Retained Earnings

803.0m830.2m858.3m745.4m491.5m422.4m81.7m33.5m10.0m(35.7m)(92.3m)(196.9m)(222.6m)(208.9m)(449.5m)

Total Equity

2.4b2.4b2.4b2.3b2.3b2.2b2.2b2.3b2.1b

Debt to Equity Ratio

0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x0.2 x

Debt to Assets Ratio

0 x0 x0 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x0 x0.1 x

Financial Leverage

1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.3 x

Cree Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2018

Net Income

124.2m(64.1m)(21.5m)(279.9m)

Depreciation and Amortization

163.0m172.3m159.1m153.9m

Accounts Receivable

(33.0m)37.9m21.8m(4.8m)

Inventories

(87.0m)3.5m(23.0m)11.0m

Accounts Payable

14.3m

Cash From Operating Activities

319.3m181.3m203.3m167.4m

Purchases of PP&E

(178.6m)(206.2m)(120.0m)(185.7m)

Cash From Investing Activities

(242.3m)(16.1m)(7.9m)(423.9m)

Long-term Borrowings

(523.0m)

Cash From Financing Activities

19.5m(311.4m)(167.9m)242.7m

Net Change in Cash

(13.7m)

Interest Paid

1.0m3.1m6.1m

Income Taxes Paid

10.3m28.8m14.7m1.2m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

30.5m66.2m94.3m11.1m23.3m23.9m(23.6m)(9.7m)(10.9m)566.0k6.8m(92.2m)

Depreciation and Amortization

39.5m79.6m120.2m43.3m87.1m130.4m41.2m81.4m119.9m35.9m62.6m113.5m37.4m74.6m113.2m

Accounts Receivable

(16.6m)(21.0m)(29.8m)(12.0m)5.6m7.6m(6.4m)3.9m8.6m(9.2m)13.6m16.1m(6.0m)(4.2m)5.7m

Inventories

(19.8m)(36.6m)(53.5m)(25.7m)(47.7m)(15.1m)(8.4m)(514.0k)(17.5m)(10.8m)1.3m12.1m7.0m11.3m(4.6m)

Cash From Operating Activities

69.2m168.0m228.2m13.3m28.1m93.7m46.8m123.8m138.8m18.1m119.7m163.2m54.1m105.8m125.4m

Purchases of PP&E

(33.7m)(83.4m)(119.6m)(63.4m)(113.4m)(158.3m)(49.9m)(81.8m)(99.7m)(19.3m)(35.2m)(56.9m)(36.4m)(85.2m)(128.4m)

Cash From Investing Activities

(106.0m)(176.9m)(257.3m)(107.7m)33.2m36.7m(42.6m)(55.0m)(50.7m)(48.2m)(67.7m)(108.2m)(34.3m)(97.7m)(393.8m)

Cash From Financing Activities

34.4m87.8m107.8m4.2m(147.6m)(211.6m)(59.8m)(116.8m)(111.2m)(8.2m)(80.4m)(103.6m)(831.0k)28.6m236.3m

Cree Ratios

USDY, 2018

EV/EBIT

-11.4 x

EV/CFO

22.3 x

Revenue/Employee

237.4k

Debt/Equity

0.1 x

Debt/Assets

0.1 x

Financial Leverage

1.3 x
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Cree Operating Metrics

Cree's Backlog was reported to be $181.7m in FY, 2016.
FY, 2014FY, 2015FY, 2016

Backlog

$193.20 m$238.40 m$181.70 m

Patents (US)

1.33 k1.58 k1.82 k

Patents (foreign)

2.34 k2.73 k2.98 k
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