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CREE Cree

Cree, Inc. is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. It operates through the following segments: Wolfspeed, LED Products, and Lighting Products. The Wolfspeed segment products consists of silicon carbide (SiC) and gallium nitride (GaN) materials, power devices and RF devices based on silicon (Si) and wide bandgap semiconductor materials. The LED Products segment includes LED chips, LED components and SiC materials. The Lighting Products segment consists of LED lighting systems and bulbs for the commercial, industrial and consumer markets. The Power and RF Products segment includes power devices and RF devices. The company was founded by Calvin H. Carter Jr., John W. Palmour, F. Neal Hunter, Eric Hunter, and John Edmond in 1987 and is headquartered in Durham, NC.

Company profile

Ticker
CREE
Exchange
Website
CEO
Gregg Lowe
Employees
Incorporated
Location
Fiscal year end
Former names
CREE INC, CREE RESEARCH INC /NC/
SEC CIK
IRS number
561572719

CREE stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

29 Apr 21
27 Jul 21
27 Jun 22
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jun 20 Jun 19 Jun 18 Jun 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Cree earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 531.6M 531.6M 531.6M 531.6M 531.6M 531.6M
Cash burn (monthly) (positive/no burn) (positive/no burn) 23.17M 30.58M 16.53M 5.42M
Cash used (since last report) n/a n/a 92.3M 121.81M 65.87M 21.58M
Cash remaining n/a n/a 439.3M 409.79M 465.73M 510.02M
Runway (months of cash) n/a n/a 19.0 13.4 28.2 94.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 May 21 John B Replogle COMMON STOCK Sell Dispose S No Yes 99.55 1,722 171.43K 59,726
29 Apr 21 Jackson Darren R COMMON STOCK Grant Aquire A No No 98.53 329 32.42K 35,064
1 Apr 21 Reynolds Neill COMMON STOCK Payment of exercise Dispose F No No 115.23 8,868 1.02M 148,513
26 Feb 21 Le Duy Loan T COMMON STOCK Buy Aquire P No No 105.77 1,000 105.77K 17,311
19 Feb 21 Clyde Hosein COMMON STOCK Sell Dispose S No No 125.48 13,816 1.73M 48,369

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 411 383 +7.3%
Opened positions 78 101 -22.8%
Closed positions 50 44 +13.6%
Increased positions 142 121 +17.4%
Reduced positions 133 118 +12.7%
13F shares
Current Prev Q Change
Total value 12.8B 13.41B -4.6%
Total shares 118.39M 118.03M +0.3%
Total puts 1.37M 895.9K +52.9%
Total calls 1.78M 4.93M -64.0%
Total put/call ratio 0.8 0.2 +324.6%
Largest owners
Shares Value Change
BLK Blackrock 15.07M $1.63B +7.1%
Capital Research Global Investors 13.86M $1.5B +2.5%
Vanguard 10.82M $1.17B +6.6%
Capital International Investors 9.66M $1.04B +17.2%
Clearbridge Advisors 7.48M $809.32M -5.3%
JPM JPMorgan Chase & Co. 6.52M $705.47M +133.3%
STT State Street 2.84M $307.35M +1.3%
Primecap Management 2.58M $279.27M -20.3%
IVZ Invesco 2.54M $274.12M +4.5%
Whale Rock Capital Management 2.31M $249.48M -43.4%
Largest transactions
Shares Bought/sold Change
JPM JPMorgan Chase & Co. 6.52M +3.73M +133.3%
Norges Bank 0 -2.78M EXIT
Coatue Management 0 -1.93M EXIT
Whale Rock Capital Management 2.31M -1.77M -43.4%
Capital International Investors 9.66M +1.41M +17.2%
BLK Blackrock 15.07M +1M +7.1%
Light Street Capital Management 0 -795.43K EXIT
Vanguard 10.82M +667.11K +6.6%
Artisan Partners Limited Partnership 1.82M -655.95K -26.5%
Primecap Management 2.58M -655.9K -20.3%

Financial report summary

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Risks
  • Our financial condition and results of operations for fiscal 2021 and future periods may be adversely affected by the recent COVID-19 pandemic or other outbreak of infectious disease or similar public health threat.
  • Our operating results are substantially dependent on the acceptance of new products.
  • We face significant challenges managing our growth strategy.
  • Variations in our production could impact our ability to reduce costs and could cause our margins to decline and our operating results to suffer.
  • Our results of operations, financial condition and business could be harmed if we are unable to balance customer demand and capacity.
  • We operate in industries that are subject to significant fluctuation in supply and demand and ultimately pricing that affects our revenue and profitability.
  • If we are unable to effectively develop, manage and expand our sales channels for our products, our operating results may suffer.
  • The markets in which we operate are highly competitive and have evolving technical requirements.
  • We depend on a limited number of customers, including distributors, for a substantial portion of our revenue, and the loss of, or a significant reduction in purchases by, one or more of these customers could adversely affect our operating results.
  • We face risks relating to our suppliers, including that we rely on a number of key sole source and limited source suppliers, are subject to high price volatility on certain commodity inputs, variations in parts quality, and raw material consistency and availability, and rely on independent shipping companies for delivery of our products.
  • Our revenue is highly dependent on our customers’ ability to produce, market and sell more integrated products.
  • Our results may be negatively impacted if customers do not maintain their favorable perception of our brands and products.
  • If our products fail to perform or fail to meet customer requirements or expectations, we could incur significant additional costs, including costs associated with the recall of those items.
  • As a result of our continued expansion into new markets, we may compete with existing customers who may reduce their orders.
  • Global economic conditions could materially adversely impact demand for our products and services.
  • We are subject to risks related to international sales and purchases.
  • Our operations in foreign countries expose us to certain risks inherent in doing business internationally, which may adversely affect our business, results of operations or financial condition.
  • Our business may be adversely affected by uncertainties in the global financial markets and our or our customers’ or suppliers’ ability to access the capital markets.
  • We are subject to a number of risks associated with the sale of our LED Products segment, and these risks could adversely impact our operations, financial condition and business.
  • We are subject to a number of risks associated with the sale of the Lighting Products business unit, and these risks could adversely impact our operations, financial condition and business.
  • If we fail to evaluate and execute strategic opportunities successfully, our business may suffer.
  • We are exposed to fluctuations in the market value of our investment portfolio and in interest rates, and therefore, impairment of our investments or lower investment income could harm our earnings.
  • We may be subject to confidential information theft or misuse, which could harm our business and results of operations.
  • There are limitations on our ability to protect our intellectual property.
  • Litigation could adversely affect our operating results and financial condition.
  • Our business may be impaired by claims that we, or our customers, infringe the intellectual property rights of others.
  • We may be required to recognize a significant charge to earnings if our goodwill or other intangible assets become impaired.
  • The adoption of or changes in government and/or industry policies, standards or regulations relating to the efficiency, performance, use or other aspects of our products could impact the demand for our products.
  • Changes in our effective tax rate may affect our results.
  • Failure to comply with applicable environmental laws and regulations worldwide could harm our business and results of operations.
  • Our results could vary as a result of the methods, estimates and judgments that we use in applying our accounting policies, including changes in the accounting standards to be applied.
  • Regulations related to conflict-free minerals may force us to incur additional expenses.
  • Catastrophic events may disrupt our business.
  • In order to compete, we must attract, motivate and retain key employees, and our failure to do so could harm our results of operations.
  • Our stock price may be volatile.
  • We have outstanding debt which could materially restrict our business and adversely affect our financial condition, liquidity and results of operations.
  • Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, the state courts of North Carolina will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees or agents.
Management Discussion
  • •Revenue increased to $379.8 million for the nine months ended March 28, 2021 from $362.3 million for the nine months ended March 29, 2020.
  • •Gross profit decreased to $120.8 million for the nine months ended March 28, 2021 from $129.4 million for the nine months ended March 29, 2020. Gross margin was 31.8% for the nine months ended March 28, 2021 and 35.7% for the nine months ended March 29, 2020.
  • •Operating loss was $181.2 million for the nine months ended March 28, 2021 compared to $153.6 million for the nine months ended March 29, 2020.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
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Patents

GRANT
Utility
Super junction power semiconductor devices formed via ion implantation channeling techniques and related methods
27 Jul 21
Semiconductor devices include a silicon carbide drift region having an upper portion and a lower portion.
GRANT
Utility
Stepped field plates with proximity to conduction channel and related fabrication methods
27 Jul 21
A transistor includes a semiconductor layer structure, a source electrode and a drain electrode on the semiconductor layer structure, a gate on a surface of the semiconductor layer structure between the source electrode and the drain electrode, and a field plate.
GRANT
Utility
Wide bandgap semiconductor device
27 Jul 21
A metal-oxide-semiconductor field-effect transistor includes a wide bandgap substrate, a wide bandgap drift layer over the substrate, a number of junction implants in the drift layer, and a JFET region between the junction implants.
APP
Utility
Carrier-assisted Method for Parting Crystalline Material along Laser Damage Region
22 Jul 21
A method for removing a portion of a crystalline material (e.g., SiC) substrate includes joining a surface of the substrate to a rigid carrier (e.g., >800 μm thick), with a subsurface laser damage region provided within the substrate at a depth relative to the surface.
GRANT
Utility
Radio frequency transistor amplifiers and other multi-cell transistors having isolation structures
20 Jul 21
A multi-cell transistor includes a semiconductor structure, a plurality of unit cell transistors that are electrically connected in parallel, each unit cell transistor extending in a first direction in the semiconductor structure, wherein the unit cell transistors are spaced apart from each other along a second direction, and an isolation structure that is positioned between a first group of the unit cell transistors and a second group of the unit cell transistors and that extends above the semiconductor structure.