$CREE (Cree, Inc.)

$CREE {{ '2016-08-16T21:30:33+0000' | timeago}} • Webcast

$CREE said that during FY16, the company spent $150MM to purchase 5.8MM company shares. In 4Q16, the company did not repurchase any shares due to the Wolfspeed sale negotiations. During 4Q16, cash from operations was $65MM and CapEx was $24MM, including patents resulting in free cash flow of $41MM.

$CREE {{ '2017-05-19T17:23:52+0000' | timeago}} • Announcement

$CREE reaffirmed its 4Q17 revenue outlook of $340-360MM, net loss guidance of $16-22MM and non-GAAP net income estimate of $2-7MM. The company continues to expect 4Q17 loss per share of $0.16-0.23 and non-GAAP EPS of $0.02-0.07.

$CREE {{ '2017-05-19T17:21:54+0000' | timeago}} • Announcement

$CREE said Chairman, President and CEO Chuck Swoboda will step down from his executive positions and as a member of BoD following a transition period. Swoboda plans to stay on until successor is appointed, and thereafter will remain available as consultant. The BoD will retain a leading executive search firm to identify a successor.

$CREE {{ '2017-02-09T14:12:21+0000' | timeago}} • Announcement

$CREE and Infineon Technologies provided Wolfspeed sale transaction update. The parties believe the transaction in its current form is not likely to be approved by the Committee on Foreign Investment in the United States (CFIUS). The parties are exploring whether there are alternatives to modify the transaction.

$CREE {{ '2017-02-09T14:10:57+0000' | timeago}} • Announcement

$CREE provided an update regarding its definitive agreement to sell its Wolfspeed Power and RF division, which includes the silicon carbide substrate business for power, RF and gemstone applications, to Infineon Technologies AG.

$CREE {{ '2016-10-18T22:39:10+0000' | timeago}} • Webcast

On M&A, $CREE said it hasn't made any deals over the last few years. Assuming that it is able to get the Wolfspeed sale closed at the end of 2016, the company is continuing to build a pipeline of candidates. $CREE is looking to do some deals in 2H17 at the earliest, which will depend on the company finding the right candidates.

$CREE {{ '2016-10-18T22:01:40+0000' | timeago}} • Webcast

With respect to Wolfspeed, $CREE said the second request by some regulators is not outside the normal course. The company is on track to get this closed some time around the end of 2016.

$CREE {{ '2016-10-18T21:43:24+0000' | timeago}} • Webcast

For discontinued operations, $CREE targets 2Q17 revenue from Wolfspeed to be $50MM plus or minus, which is similar to 1Q17. The company targets Wolfspeed non-GAAP net income to be $9MMM plus or minus, including a $4MM net of tax or $0.04 benefit from the full impact of not including any depreciation or amortization expense from long-lived assets.

$CREE {{ '2016-10-18T21:37:53+0000' | timeago}} • Webcast

For FY17, $CREE targets Lighting and LED CapEx of $55MM plus or minus to support its continuing operations. The company will continue to invest capital to support the Wolfspeed business until the sale is complete. The company targets Wolfspeed CapEx to be $10MM plus or minus for 2Q17, which is in line with its previous guidance.

$CREE {{ '2016-10-18T21:35:18+0000' | timeago}} • Webcast

For 1Q17, $CREE generated $18MM of cash from combined operations and spent $21MM for combined CapEx, which yielded negative free cash flow of $3MM. The $21MM spent on combined CapEx includes $10MM spent for Wolfspeed. The company spent $36MM to repurchase 1.5MM shares at approx. $3MM for the year one earn-out achieved from the APEI acquisition.

$CREE {{ '2016-10-18T21:29:11+0000' | timeago}} • Webcast

$CREE's LED Products revenue was $137MM, and gross profit was $42MM or a 30.4% for 1Q17, all of which were at the upper end of the company's targeted range. Unallocated costs totaled $2MM for 1Q17 and are included to reconcile to the company's $89M non-GAAP gross profit, for a 27.7% gross margin.

$CREE {{ '2016-10-18T21:25:42+0000' | timeago}} • Webcast

$CREE's Lighting Products revenue declined 7% sequentially to $184MM in 1Q17, which was in the middle of the company's targets. Gross profit was within the company's target range at $49MM for a 26.8% gross margin, a 100 BP sequential increase. Both commercial and consumer gross margins improved in the quarter.

$CREE {{ '2016-10-18T20:33:15+0000' | timeago}} • Announcement

$CREE targets revenue from continuing operations in a range of $310-330MM for 2Q17. GAAP income from continuing operations is targeted at $2-5MM, or $0.02-0.05 per diluted share. Non-GAAP income from continuing operations is targeted in a range of $4-10MM, or $0.04-0.10 per diluted share.

$CREE {{ '2016-10-18T20:31:35+0000' | timeago}} • Announcement

For 2Q17, $CREE expects combined revenue, which includes both continued and discontinued operations, in a range of $360-380MM. Combined GAAP net income is targeted at $10-11MM, or $0.10-0.11 per diluted share. Combined non-GAAP net income is targeted in a range of $13-19MM, or $0.13-0.19 per diluted share.

$CREE {{ '2016-10-18T20:28:53+0000' | timeago}} • Announcement

$CREE posted net income of $0.57MM or $0.00 per share in 1Q17 compared to a net loss of $24.49MM or $0.24 per share last year. The result was helped by a narrower loss from continuing operations compared to the previous year. Revenue from continuing operations was $321.33MM, a decline of 16% from last year. Non-GAAP EPS was $0.15 in the quarter.

$CREE {{ '2016-10-06T18:00:45+0000' | timeago}} • Announcement

$CREE appointed Daniel Castillo as President, Lighting, effective Nov. 7, 2016. Castillo will report to Chuck Swoboda, Chairman and CEO  and will lead both the commercial and consumer lighting businesses.

$CREE {{ '2016-08-16T21:59:32+0000' | timeago}} • Webcast

Colin Rusch with Oppenheimer & Co. asks about the cycle time on the commercial lighting business. $CREE said the sell-through rate in commercial lighting is a function of winning a project. So the cycle time has been relatively similar to what it has been.

$CREE {{ '2016-08-16T21:49:18+0000' | timeago}} • Webcast

Vishal Shah of Deutsche Bank asks about M&A and share buyback. $CREE said the company's primary focus is to grow the business, so it will be looking at M&A as the first option. The company will continue to evaluate buyback and in the near term when Wolfspeed closes as expected, both buyback and M&A can be pursued in parallel.

$CREE {{ '2016-08-16T21:33:31+0000' | timeago}} • Webcast

$CREE said that for FY17, the company is targeting lighting and LED capital spending of $55MM plus or minus to support the continued operations. $CREE also stated that until the sale of Wolfspeed is completed, the company will continue to invest in capital to support the Wolfspeed business.

$CREE {{ '2016-08-16T21:30:33+0000' | timeago}} • Webcast

$CREE said that during FY16, the company spent $150MM to purchase 5.8MM company shares. In 4Q16, the company did not repurchase any shares due to the Wolfspeed sale negotiations. During 4Q16, cash from operations was $65MM and CapEx was $24MM, including patents resulting in free cash flow of $41MM.

$CREE {{ '2016-08-16T21:25:50+0000' | timeago}} • Webcast

$CREE said 4Q16 results were in the middle of the company's target range. LED products continued to execute well, despite the challenging competitive environment. Lighting products revenue grew 6% sequentially to $198MM, which was in line with $CREE's targets and commercial lighting revenue improved from 3Q16 with double-digit growth.

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