10-Q Filing

WOLFSPEED, INC. CIK: 895419 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-103831`
Period End Date	20110331
Filing Date	20110420
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	cree-20110327.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 72 Cash Flow Statement 66

Balance Sheet 73 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$290.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$397.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$346.96M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$410.41M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$662.68M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$668.97M	USD	Point-in-time
Total cash, cash equivalents, and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.07B	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total cash, cash equivalents, and short-term investments	`CashCashEquivalentsAndShortTermInvestments`	$1.07B	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$125.89M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$117.53M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$9.86M	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
Common stock, shares issued	`CommonStockSharesIssued`	108.00M	shares	Point-in-time
Inventories	`InventoryNet`	$112.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	109.44M	shares	Point-in-time
Inventories	`InventoryNet`	$169.61M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$19.39M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$18.82M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	109.44M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	108.00M	shares	Point-in-time
Prepaid expenses and other current assets	`OtherAssetsCurrent`	$43.08M	USD	Point-in-time
Prepaid expenses and other current assets	`OtherAssetsCurrent`	$40.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.44B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.36B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$533.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$419.73M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$106.11M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$103.21M	USD	Point-in-time
Goodwill	`Goodwill`	$326.18M	USD	Point-in-time
Goodwill	`Goodwill`	$313.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.16M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.39M	USD	Point-in-time
Total assets	`Assets`	$2.41B	USD	Point-in-time
Total assets	`Assets`	$2.20B	USD	Point-in-time
Accounts payable, trade	`AccountsPayableCurrent`	$74.89M	USD	Point-in-time
Accounts payable, trade	`AccountsPayableCurrent`	$63.83M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$26.25M	USD	Point-in-time
Accrued salaries and wages	`EmployeeRelatedLiabilitiesCurrent`	$23.03M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$14.38M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$25.22M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$123.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$120.09M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$39.40M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$39.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$23.82M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$51.04M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$63.22M	USD	Point-in-time
Preferred stock, par value $0.01; 3,000 shares authorized at March 27, 2011 and June 27, 2010; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at March 27, 2011 and June 27, 2010; 109,445 and 108,002 shares issued and outstanding at March 27, 2011 and June 27, 2010, respectively	`CommonStockValue`	$135.00K	USD	Point-in-time
Common stock, par value $0.00125; 200,000 shares authorized at March 27, 2011 and June 27, 2010; 109,445 and 108,002 shares issued and outstanding at March 27, 2011 and June 27, 2010, respectively	`CommonStockValue`	$136.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$1.51B	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$1.58B	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.24M	USD	Point-in-time
Accumulated other comprehensive income, net of taxes	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.17M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$635.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$508.31M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$2.22B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$2.03B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.20B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.41B	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Revenue, net	`Revenues`	$219.17M	USD	1 Quarter
Revenue, net	`Revenues`	$234.08M	USD	1 Quarter
Revenue, net	`Revenues`	$744.59M	USD	3 Qtrs
Revenue, net	`Revenues`	$602.69M	USD	3 Qtrs
Cost of revenue, net	`CostOfRevenue`	$127.77M	USD	1 Quarter
Cost of revenue, net	`CostOfRevenue`	$121.88M	USD	1 Quarter
Cost of revenue, net	`CostOfRevenue`	$322.63M	USD	3 Qtrs
Cost of revenue, net	`CostOfRevenue`	$401.52M	USD	3 Qtrs
Gross profit	`GrossProfit`	$280.05M	USD	3 Qtrs
Gross profit	`GrossProfit`	$112.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$91.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$343.07M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$20.37M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$31.02M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$84.98M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$59.87M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$28.95M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$37.60M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$100.17M	USD	3 Qtrs
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$78.11M	USD	3 Qtrs
Amortization of acquisition related intangibles	`AmortizationOfAcquisitionCosts`	$3.04M	USD	1 Quarter
Amortization of acquisition related intangibles	`AmortizationOfAcquisitionCosts`	$8.11M	USD	3 Qtrs
Amortization of acquisition related intangibles	`AmortizationOfAcquisitionCosts`	$2.69M	USD	1 Quarter
Amortization of acquisition related intangibles	`AmortizationOfAcquisitionCosts`	$9.13M	USD	3 Qtrs
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-3.29M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-3.69M	USD	3 Qtrs
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-405.00K	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-1.31M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$150.80M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$55.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$71.72M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$194.56M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$129.26M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$148.51M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$19.68M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$56.55M	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$107.00K	USD	3 Qtrs
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$135.00K	USD	3 Qtrs
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$106.00K	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$44.00K	USD	1 Quarter
Interest income, net	`InvestmentIncomeNet`	$2.12M	USD	1 Quarter
Interest income, net	`InvestmentIncomeNet`	$2.17M	USD	1 Quarter
Interest income, net	`InvestmentIncomeNet`	$5.74M	USD	3 Qtrs
Interest income, net	`InvestmentIncomeNet`	$6.36M	USD	3 Qtrs
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$154.97M	USD	3 Qtrs
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$135.13M	USD	3 Qtrs
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.95M	USD	1 Quarter
Income from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$58.72M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.09M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$35.69M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$28.28M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$3.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$99.44M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$44.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$126.69M	USD	3 Qtrs
Basic net income per share	`EarningsPerShareBasic`	$1.17	USD	3 Qtrs
Basic net income per share	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Basic net income per share	`EarningsPerShareBasic`	$0.99	USD	3 Qtrs
Basic net income per share	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Diluted net income per share	`EarningsPerShareDiluted`	$1.15	USD	3 Qtrs
Diluted net income per share	`EarningsPerShareDiluted`	$0.97	USD	3 Qtrs
Diluted net income per share	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
Diluted net income per share	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	108.34M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	108.95M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	106.37M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	100.71M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.01M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.32M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	102.91M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	108.60M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$99.44M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$44.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$126.69M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$66.87M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$78.46M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$28.29M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$17.43M	USD	3 Qtrs
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$16.78M	USD	3 Qtrs
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$10.15M	USD	3 Qtrs
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-3.29M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-3.69M	USD	3 Qtrs
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-405.00K	USD	1 Quarter
Loss on disposal or impairment of long-lived assets	`GainLossOnDispositionOfProperty`	$-1.31M	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-153.00K	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-919.00K	USD	3 Qtrs
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-5.77M	USD	3 Qtrs
Amortization of premium/discount on investments	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-11.71M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$22.64M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.62M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$56.79M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$27.91M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.01M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.30M	USD	3 Qtrs
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$18.05M	USD	3 Qtrs
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$21.52M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$9.91M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$12.70M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$186.92M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$155.63M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$127.84M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$189.23M	USD	3 Qtrs
Payment of COTCO contingent consideration	`PaymentsForProceedsFromPreviousAcquisition`	$57.05M	USD	3 Qtrs
Payment of LLF contingent consideration	`PaymentsForProceedsFromPreviousAcquisitionOfCompany`	$13.16M	USD	3 Qtrs
Payment of LLF contingent consideration	`PaymentsForProceedsFromPreviousAcquisitionOfCompany`	$8.77M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$581.53M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$309.47M	USD	3 Qtrs
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$79.08M	USD	3 Qtrs
Proceeds from maturities of investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$224.30M	USD	3 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$210.00K	USD	3 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00K	USD	3 Qtrs
Proceeds from sale of available-for-sale investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$9.80M	USD	3 Qtrs
Proceeds from sale of available-for-sale investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$78.26M	USD	3 Qtrs
Purchases of patent and licensing rights	`PaymentsToAcquireIntangibleAssets`	$7.37M	USD	3 Qtrs
Purchases of patent and licensing rights	`PaymentsToAcquireIntangibleAssets`	$8.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-693.48M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-218.13M	USD	3 Qtrs
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$33.62M	USD	3 Qtrs
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$577.84M	USD	3 Qtrs
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$434.00M	USD	Point-in-time
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$10.15M	USD	3 Qtrs
Excess tax benefit from share-based payment arrangements	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$16.78M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$594.62M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$43.77M	USD	3 Qtrs
Effects of foreign exchange changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$30.00K	USD	3 Qtrs
Effects of foreign exchange changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$420.00K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.98M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$56.80M	USD	3 Qtrs
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$290.15M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$397.43M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$346.96M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$410.41M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$290.15M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$397.43M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$346.96M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$410.41M	USD	Point-in-time

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