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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
Charles Swoboda
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

28 Jan 21
13 Apr 21
27 Jun 21
Quarter (USD)
Dec 20 Sep 20 Mar 20 Dec 19
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) 388.1M 388.1M 388.1M 388.1M 388.1M
Cash burn (monthly) (positive/no burn) 19.2M 4.8M 8.77M 2.19M
Cash used (since last report) n/a 68.59M 17.15M 31.32M 7.83M
Cash remaining n/a 319.51M 370.95M 356.78M 380.27M
Runway (months of cash) n/a 16.6 77.3 40.7 173.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
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
1 Feb 21 John B Replogle COMMON STOCK Sell Dispose S No Yes 103.6 1,722 178.4K 61,448
28 Jan 21 Jackson Darren R COMMON STOCK Grant Aquire A No No 104.74 310 32.47K 34,735

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 380 326 +16.6%
Opened positions 98 53 +84.9%
Closed positions 44 38 +15.8%
Increased positions 121 91 +33.0%
Reduced positions 118 122 -3.3%
13F shares
Current Prev Q Change
Total value 13.42B 7.3B +83.9%
Total shares 118.05M 114.51M +3.1%
Total puts 895.9K 745.2K +20.2%
Total calls 4.93M 1.23M +300.9%
Total put/call ratio 0.2 0.6 -70.0%
Largest owners
Shares Value Change
BLK Blackrock 14.07M $1.49B +8.0%
Capital Research Global Investors 13.52M $1.43B +0.6%
Vanguard 10.16M $1.08B +2.5%
Capital International Investors 8.25M $873.5M +46.1%
Clearbridge Advisors 7.9M $836.9M -5.6%
Whale Rock Capital Management 4.08M $431.74M +21.1%
Primecap Management 3.24M $342.97M -46.4%
STT State Street 2.81M $297.19M +4.2%
JPM JPMorgan Chase & Co. 2.8M $296.13M +1.2%
Norges Bank 2.78M $294.46M NEW
Largest transactions
Shares Bought/sold Change
Primecap Management 3.24M -2.81M -46.4%
Norges Bank 2.78M +2.78M NEW
Capital International Investors 8.25M +2.6M +46.1%
Alliancebernstein 1.56M -1.99M -56.0%
BLK Blackrock 14.07M +1.05M +8.0%
GS Goldman Sachs 1.02M +779.77K +318.8%
BAC Bank Of America 563.91K -718.82K -56.0%
Whale Rock Capital Management 4.08M +709.54K +21.1%
MARSHALL WACE ASIA 687.38K +687.38K NEW
American Century Companies 589.29K +589.29K NEW

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 outbreak 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.
Management Discussion
  • Revenue for the three months ended December 27, 2020 compared to the three months ended December 29, 2019 increased due to increases in the demand for power and RF devices.
  • Revenue for the six months ended December 27, 2020 compared to the six months ended December 29, 2019 decreased due to supply and demand factors relating to the COVID-19 pandemic and lower RF demand in China offset by increased demand and production capacity for our power applications.
  • The increase in gross profit and gross margin for the three months ended December 27, 2020 compared to the three months ended December 29, 2019 are primarily due to increased revenues in the current period and the impact of higher inventory reserves related to product originally manufactured for Huawei Technologies Co., Ltd. and its affiliates (collectively, "Huawei") in the prior period that the Company was prevented from selling to Huawei, partially offset by unfavorable product mix shift.
Content analysis
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Positive
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Legalese
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Readability
H.S. sophomore Good
New words: Biden, ceased, conveying, depreciation, modification, pending, proposed, suggested
Removed: allocated, allocating, assessing, derive, dispute, geography, identifiable, incremental, lowest, reconcile, reportable, shared, underutilization