10-Q Filing

WOLFSPEED, INC. CIK: 895419 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000895419-14-000077`
Period End Date	20140930
Filing Date	20141022
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	cree-20140928.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 34 Cash Flow Statement 62 Comprehensive Income 12

Balance Sheet 78 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`	$190.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$196.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$286.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$875.64M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$908.54M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total cash, cash equivalents and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.10B	USD	Point-in-time
Total cash, cash equivalents and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.16B	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$236.99M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$225.16M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	120.11M	shares	Point-in-time
Inventories	`InventoryNet`	$284.78M	USD	Point-in-time
Inventories	`InventoryNet`	$310.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	119.42M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$29.41M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	120.11M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	119.42M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$29.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$74.37M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$72.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.77B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.76B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$635.34M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$605.71M	USD	Point-in-time
Goodwill	`Goodwill`	$616.35M	USD	Point-in-time
Goodwill	`Goodwill`	$616.35M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$332.12M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$336.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.16M	USD	Point-in-time
Total assets	`Assets`	$3.34B	USD	Point-in-time
Total assets	`Assets`	$3.35B	USD	Point-in-time
Accounts payable, trade	`AccountsPayableTradeCurrent`	$198.63M	USD	Point-in-time
Accounts payable, trade	`AccountsPayableTradeCurrent`	$202.29M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$50.53M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$43.27M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$14.85M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$11.85M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$38.99M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$39.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$306.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$292.88M	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$45.00M	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$15.83M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$12.17M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$29.08M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$35.40M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$89.91M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$47.57M	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 28, 2014 and June 29, 2014; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01; 3,000 shares authorized at September 28, 2014 and June 29, 2014; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at September 28, 2014 and June 29, 2014; 119,421 and 120,114 shares issued and outstanding at September 28, 2014 and June 29, 2014, respectively	`CommonStockValue`	$149.00K	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at September 28, 2014 and June 29, 2014; 119,421 and 120,114 shares issued and outstanding at September 28, 2014 and June 29, 2014, respectively	`CommonStockValue`	$148.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.19B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$2.21B	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.40M	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$788.58M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$745.39M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.99B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.97B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.34B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.35B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue, net	`SalesRevenueGoodsNet`	$427.67M	USD	1 Quarter
Revenue, net	`SalesRevenueGoodsNet`	$391.01M	USD	1 Quarter
Cost of revenue, net	`CostOfGoodsSold`	$291.85M	USD	1 Quarter
Cost of revenue, net	`CostOfGoodsSold`	$240.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$150.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$135.82M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$46.73M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$41.74M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$64.28M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$69.69M	USD	1 Quarter
Amortization or impairment of acquisition-related intangibles	`Amortizationorimpairmentofacquisitionrelatedintangibles`	$7.29M	USD	1 Quarter
Amortization or impairment of acquisition-related intangibles	`Amortizationorimpairmentofacquisitionrelatedintangibles`	$6.50M	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`	$-1.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$113.97M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$124.36M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$36.79M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$11.46M	USD	1 Quarter
Non-operating income, net	`NonoperatingIncomeExpense`	$2.82M	USD	1 Quarter
Non-operating income, net	`NonoperatingIncomeExpense`	$2.90M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$39.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.36M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.11M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.13M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	119.56M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	119.61M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	121.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	122.36M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$11.13M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$39.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$43.34M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.58M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$16.76M	USD	1 Quarter
Excess tax benefit from stock-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.45M	USD	1 Quarter
Excess tax benefit from stock-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`	$-1.45M	USD	1 Quarter
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-2.44M	USD	1 Quarter
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-2.41M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$12.02M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$16.61M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$25.67M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$19.78M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.18M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$37.00M	USD	1 Quarter
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$-2.16M	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`	$-17.32M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.28M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$69.24M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.68M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$63.45M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$171.07M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$196.31M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$126.96M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$116.51M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$43.00K	USD	1 Quarter
Proceeds from sale of short-term investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$12.29M	USD	1 Quarter
Proceeds from sale of short-term investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$4.67M	USD	1 Quarter
Purchases of patent and licensing rights	`PaymentsToAcquireIntangibleAssets`	$4.81M	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`	$-107.65M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromLongTermLinesOfCredit`	$60.00M	USD	1 Quarter
Payments on long-term debt borrowings	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payments on long-term debt borrowings	`RepaymentsOfLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromStockOptionsExercised`	$12.11M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromStockOptionsExercised`	$28.74M	USD	1 Quarter
Excess tax benefit from stock-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.67M	USD	1 Quarter
Excess tax benefit from stock-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.45M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$54.33M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.23M	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`	$-389.00K	USD	1 Quarter
Effects of foreign exchange changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$126.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-90.52M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.19M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$190.07M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$196.30M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$286.82M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$190.07M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$196.30M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$286.82M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$187.88M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Tax benefit/(expense) on net unrealized (loss)/gain on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$782.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.13M	USD	1 Quarter
Tax benefit/(expense) on net unrealized (loss)/gain on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$-339.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.50M	USD	1 Quarter
Currency translation (loss) gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.17M	USD	1 Quarter
Currency translation (loss) gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$259.00K	USD	1 Quarter
Net unrealized (loss)/gain on available-for-sale securities, net of tax benefit/(expense) of $339 and $(782), respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$1.26M	USD	1 Quarter
Net unrealized (loss)/gain on available-for-sale securities, net of tax benefit/(expense) of $339 and $(782), respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-511.00K	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.68M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.45M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$32.02M	USD	1 Quarter

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