10-Q Filing

WOLFSPEED, INC. CIK: 895419 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000895419-13-000066`
Period End Date	20130930
Filing Date	20131023
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	cree-20130929.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 34 Cash Flow Statement 56 Comprehensive Income 14

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$163.85M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$178.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$190.07M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$833.85M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$900.97M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total cash, cash equivalents and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.02B	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total cash, cash equivalents and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.09B	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$192.51M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$209.25M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$217.31M	USD	Point-in-time
Inventories	`InventoryNet`	$197.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	120.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	119.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	119.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	120.31M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$26.12M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$26.21M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$76.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$108.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.65B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.52B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$550.12M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$542.83M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$357.52M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$352.63M	USD	Point-in-time
Goodwill	`Goodwill`	$616.35M	USD	Point-in-time
Goodwill	`Goodwill`	$616.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$23.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$19.94M	USD	Point-in-time
Total assets	`Assets`	$3.05B	USD	Point-in-time
Total assets	`Assets`	$3.19B	USD	Point-in-time
Accounts payable, trade	`AccountsPayableTradeCurrent`	$148.51M	USD	Point-in-time
Accounts payable, trade	`AccountsPayableTradeCurrent`	$121.44M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$41.95M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$41.41M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.31M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$10.85M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$43.25M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$57.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$258.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$207.41M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$25.72M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$25.50M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$27.89M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.84M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$53.61M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$38.35M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.01; 3,000 shares authorized at September 29, 2013 and June 30, 2013; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01; 3,000 shares authorized at September 29, 2013 and June 30, 2013; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at September 29, 2013 and June 30, 2013; 120,315 and 119,623 shares issued and outstanding at September 29, 2013 and June 30, 2013, respectively	`CommonStockValue`	$149.00K	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at September 29, 2013 and June 30, 2013; 120,315 and 119,623 shares issued and outstanding at September 29, 2013 and June 30, 2013, respectively	`CommonStockValue`	$148.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.03B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.07B	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.77M	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$802.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$772.50M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.88B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.81B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.05B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.19B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue, net	`SalesRevenueGoodsNet`	$391.01M	USD	1 Quarter
Revenue, net	`SalesRevenueGoodsNet`	$315.75M	USD	1 Quarter
Cost of revenue, net	`CostOfGoodsSold`	$199.70M	USD	1 Quarter
Cost of revenue, net	`CostOfGoodsSold`	$240.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$150.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$116.05M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$37.55M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$41.74M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$52.65M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$64.28M	USD	1 Quarter
Amortization of acquisition-related intangibles	`AmortizationAcquiredIntangibleAssets`	$7.29M	USD	1 Quarter
Amortization of acquisition-related intangibles	`AmortizationAcquiredIntangibleAssets`	$7.67M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfAssets`	$-657.00K	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfAssets`	$-898.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$113.97M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$98.76M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$36.79M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.29M	USD	1 Quarter
Non-operating income, net	`NonoperatingIncomeExpense`	$3.38M	USD	1 Quarter
Non-operating income, net	`NonoperatingIncomeExpense`	$2.82M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.67M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$39.61M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.11M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.12M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	119.56M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	115.54M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	115.96M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	122.36M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$39.48M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.58M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$12.48M	USD	1 Quarter
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$42.00K	USD	1 Quarter
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$5.67M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfAssets`	$-657.00K	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfAssets`	$-898.00K	USD	1 Quarter
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-2.26M	USD	1 Quarter
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-2.44M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.05M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.61M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$19.78M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-9.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.03M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$37.00M	USD	1 Quarter
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$9.68M	USD	1 Quarter
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$22.96M	USD	1 Quarter
Accrued salaries and wages and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$37.69M	USD	1 Quarter
Accrued salaries and wages and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$11.89M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$69.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$85.69M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.68M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.60M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$179.60M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$196.31M	USD	1 Quarter
Proceeds from maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$116.51M	USD	1 Quarter
Proceeds from maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$78.50M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$47.00K	USD	1 Quarter
Proceeds from sale of available-for-sale investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$12.89M	USD	1 Quarter
Proceeds from sale of available-for-sale investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$12.29M	USD	1 Quarter
Purchases of patent and licensing rights	`PaymentsToAcquireIntangibleAssets`	$5.55M	USD	1 Quarter
Purchases of patent and licensing rights	`PaymentsToAcquireIntangibleAssets`	$4.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-105.96M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.31M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromStockOptionsExercised`	$28.74M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromStockOptionsExercised`	$5.29M	USD	1 Quarter
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.67M	USD	1 Quarter
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$42.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.33M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$34.41M	USD	1 Quarter
Effects of foreign exchange changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$126.00K	USD	1 Quarter
Effects of foreign exchange changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$262.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.03M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.19M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$163.85M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$178.88M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$190.07M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$163.85M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$178.88M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$190.07M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Tax expense on currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$110.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.12M	USD	1 Quarter
Tax expense on currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Tax expense on net unrealized gain (loss) on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$323.00K	USD	1 Quarter
Currency translation gain, net of tax expense of $0 and $110, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$182.00K	USD	1 Quarter
Currency translation gain, net of tax expense of $0 and $110, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$259.00K	USD	1 Quarter
Tax expense on net unrealized gain (loss) on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$782.00K	USD	1 Quarter
Net unrealized gain on available-for-sale securities, net of tax expense of $782 and $323, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$533.00K	USD	1 Quarter
Net unrealized gain on available-for-sale securities, net of tax expense of $782 and $323, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$1.26M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$715.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$32.02M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.84M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.