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Cree, Inc. (CREE) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, June 27, 2021

Cree Inc

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CIK: 895419 Ticker: CREE

Exhibit 99.1


 
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Cree Reports Financial Results for the Fourth Quarter of Fiscal Year 2021
DURHAM, N.C. August 17, 2021 -- Cree, Inc. (Nasdaq: CREE) today announced revenue from continuing operations of $145.8 million for its fourth quarter of fiscal 2021, ended June 27, 2021. This represents a 35% increase compared to revenue from continuing operations of $108.4 million reported for the fourth quarter of fiscal 2020, and a 6% increase compared to the third quarter of fiscal 2021. GAAP net loss from continuing operations for the fourth quarter of fiscal 2021 was $145.2 million, or $1.26 per diluted share, compared to GAAP net loss from continuing operations of $44.2 million, or $0.41 per diluted share, for the fourth quarter of fiscal 2020. On a non-GAAP basis, net loss from continuing operations for the fourth quarter of fiscal 2021 was $26.9 million, or $0.23 per diluted share, compared to non-GAAP net loss from continuing operations for the fourth quarter of fiscal 2020 of $28.9 million, or $0.27 per diluted share.
GAAP net loss for the fourth quarter of fiscal 2021 includes a $73.9 million expense related to a modification of Cree's long-range plan regarding a portion of its Durham, North Carolina campus originally intended for expanding Cree's LED production capacity that Cree had considered using to expand the manufacturing footprint for its silicon carbide materials product line. After Cree completes its current ongoing silicon carbide materials production capacity expansion in Durham, Cree now plans on further expansion of its silicon carbide materials production capacity outside of the Durham campus. As a result, the Company has decided it will no longer complete the construction of certain buildings on the Durham campus. The expense was recorded upon an updated valuation of the property.
Additionally, in the fourth quarter of fiscal 2021 subsequent to the sale of the LED Products business unit, Cree liquidated its approximately 3.3% common stock ownership interest in ENNOSTAR and received net proceeds of $66.4 million.
For fiscal year 2021, Cree reported revenue from continuing operations of $525.6 million, which represents a 12% increase when compared to revenue from continuing operations of $470.7 million for fiscal 2020. GAAP net loss from continuing operations was $341.3 million, or $3.04 per diluted share. This compares to a GAAP net loss from continuing operations of $197.6 million, or $1.83 per diluted share, for fiscal 2020. On a non-GAAP basis, net loss from continuing operations for fiscal year 2021 was $104.7 million, or $0.93 per diluted share, compared to non-GAAP net income from continuing operations of $76.6 million, or $0.71 per diluted share, for fiscal 2020.
“We delivered strong revenue during the quarter, as customers are ramping up production earlier and steeper than originally anticipated. We continued to grow and convert opportunities in our device pipeline, further establishing our industry leadership position in silicon carbide,” said Chief Executive Officer, Gregg Lowe. “We are on track to bring the world’s largest silicon carbide fab online in early calendar 2022, which uniquely positions us to capitalize on what we believe to be a multi-decade growth opportunity ahead."

Business Outlook:

For its first quarter of fiscal 2022, Cree targets revenue in a range of $144 million to $154 million. GAAP net loss is targeted at $78 million to $82 million, or $0.67 to $0.70 per diluted share. Non-GAAP net loss is targeted to be in a
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The following information was filed by Cree Inc (CREE) on Tuesday, August 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cree Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Property And Equipment (Details)
Business
Business - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Concentrations Of Risk
Concentrations Of Risk - Narrative (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities Classified As Discontinued Operations (Details)
Discontinued Operations - Financial Results (Details)
Discontinued Operations - Loss From Discontinued Operations, Net Of Income Taxes (Details)
Discontinued Operations - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Summary (Details)
Financial Statement Details
Financial Statement Details (Tables)
Financial Statement Details - Accounts Payable And Accrued Expenses (Details)
Financial Statement Details - Accounts Receivable, Net (Details)
Financial Statement Details - Accumulated Other Comprehensive Income (Details)
Financial Statement Details - Activity Of Allowance For Bad Debts (Details)
Financial Statement Details - Inventories (Details)
Financial Statement Details - Narrative (Details)
Financial Statement Details - Non-Cash Operating Activities (Details)
Financial Statement Details - Non-Operating Expense (Income), Net (Details)
Financial Statement Details - Other Operating Expense (Income) (Details)
Financial Statement Details - Property And Equipment (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Changes In Goodwill (Details)
Goodwill And Intangible Assets - Components Of Intangible Assets (Details)
Goodwill And Intangible Assets - Future Amortization Expense Of Intangible Assets (Details)
Goodwill And Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Giving Rise To Net Deferred Tax Assets (Liabilities) Included In Accompanying Consolidated Balance Sheet (Details)
Income Taxes - Components Of Income From Continuing Operations (Details)
Income Taxes - Components Of Income Tax Expense From Continuing Operations (Details)
Income Taxes - Effective Income Tax Rate And Amount Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Change In Uncertain Tax Positions (Details)
Income Taxes - Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of Deferred Tax Assets And Liabilities (Details)
Investments
Investments (Tables)
Investments - Contractual Maturities Of Marketable Investments (Details)
Investments - Investment Securities, Aggregated By Investment Type And Length Of Time (Details)
Investments - Marketable Investments By Type (Details)
Investments - Narrative (Details)
Leases
Leases (Tables)
Leases - Cash Flow Information (Details)
Leases - Future Minimum Rental Income (Details)
Leases - Lease Assets And Liabilities (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Weighted Average Remaining Lease Terms And Discount Rates (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Interest Expense (Details)
Long-Term Debt - Liability And Equity Component Of Convertible Notes (Details)
Long-Term Debt - Narrative (Details)
Loss Per Share
Loss Per Share (Tables)
Loss Per Share - Narrative (Details)
Loss Per Share - Summary (Details)
Quarterly Results Of Operations - Unaudited
Quarterly Results Of Operations - Unaudited (Tables)
Quarterly Results Of Operations - Unaudited - Summary (Details)
Restructuring
Restructuring - Narrative (Details)
Retirement Savings Plan
Retirement Savings Plan - Narrative (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregated Revenue From External Customers By Geographic Area (Details)
Revenue Recognition - Narrative (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Shares Reserved For Future Issuance (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Nonvested Shares Of Restricted Stock Awards And Restricted Stock Units Outstanding (Details)
Stock-Based Compensation - Other Information Pertaining To Stock-Based Awards Of Options (Details)
Stock-Based Compensation - Outstanding Option Awards (Details)
Stock-Based Compensation - Stock Options Outstanding And Exercisable (Details)
Stock-Based Compensation - Total Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Weighted-Average Assumptions Utilized To Value Stock Option Grants (Details)
Ticker: CREE
CIK: 895419
Form Type: 10-K Annual Report
Accession Number: 0000895419-21-000070
Submitted to the SEC: Wed Aug 18 2021 4:37:42 PM EST
Accepted by the SEC: Wed Aug 18 2021
Period: Sunday, June 27, 2021
Industry: Semiconductors And Related Devices

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