Cree, Inc. (Nasdaq: CREE) today announced revenue of $359
million for its fourth quarter of fiscal 2017, ended June 25,
2017. This represents an 8% decrease compared to revenue of $388
million reported for the fourth quarter of fiscal 2016, and a 5%
increase compared to the third quarter of fiscal 2017. GAAP net
loss for the fourth quarter was $6 million, or $0.06 per diluted
share, compared to GAAP net loss of $11 million, or $0.11 per
diluted share, for the fourth quarter of fiscal 2016. On a non-GAAP
basis, net income for the fourth quarter of fiscal 2017 was $4
million, or $0.04 per diluted share, compared to non-GAAP net
income for the fourth quarter of fiscal 2016 of $19 million, or
$0.19 per diluted share.
For fiscal year 2017, Cree reported revenue of $1.5 billion,
which represents a 9% decrease compared to revenue of $1.6 billion
for fiscal 2016. GAAP net loss was $98 million, or $1.00 per
diluted share, compared to net loss of $22 million, or $0.21 per
diluted share, for fiscal 2016. On a non-GAAP basis, net income for
fiscal year 2017 was $50 million, or $0.50 per diluted share,
compared to $88 million, or $0.86 per diluted share, for fiscal
2016.
“We made progress in Q4, with good results in each business and
non-GAAP earnings per share that were in the middle of our target
range,” stated Chuck Swoboda, Cree Chairman and CEO. “We built a
solid foundation for growth in all three businesses over the last
year. In the near term, we will have some incremental spending to
expand capacity and are excited about the opportunity for Cree to
grow revenue and profits in the year ahead.”
Business Outlook:
For its first quarter of fiscal 2018 ending September 24,
2017, Cree targets revenue in a range of $353 million to $367
million. GAAP net loss is targeted at $20 million to $25 million,
or $0.20 to $0.25 per diluted share. Non-GAAP net income is
targeted in a range of $2 million to $6 million, or $0.02 to $0.06
per diluted share. Targeted non-GAAP income excludes $18 million of
pre-tax expenses related to stock-based compensation expense and
the amortization of acquisition-related intangibles. The GAAP and
non-GAAP targets do not include any estimated change in the fair
value of Cree’s Lextar investment.
Quarterly Conference Call:
Cree will host a conference call at 5:00 p.m. Eastern time today
to review the highlights of the fourth quarter and fiscal year 2017
results and the fiscal first quarter 2018 business outlook,
including significant factors and assumptions underlying the
targets noted above.
The conference call will be available to the public through a
live audio web broadcast via the Internet. For webcast details,
visit Cree's website at investor.cree.com/events.cfm.
Supplemental financial information, including the non-GAAP
reconciliation attached to this press release, is available on
Cree's website at investor.cree.com/results.cfm.
About Cree, Inc.
Cree is a leading innovator of lighting-class LEDs, lighting
products and wide bandgap semiconductor products for power and
radio frequency (RF) applications. Cree’s product families include
LED lighting systems and bulbs, blue and green LED chips,
high-brightness LEDs, lighting-class power LEDs, SiC materials,
power devices and RF devices. Cree’s products are driving
improvements in applications such as commercial and consumer
general illumination, video screens, electronic signs and signals,
motor drives, power supplies, EV charging, solar, traction,
transportation, radar, communications, telecommunication, data link
and broadband amplifiers.
For additional product and Company information, please refer to
www.cree.com.
Non-GAAP Financial Measures:
This press release highlights the Company's financial results on
both a GAAP and a non-GAAP basis. The GAAP results include certain
costs, charges and expenses which are excluded from non-GAAP
results. By publishing the non-GAAP measures, management intends to
provide investors with additional information to further analyze
the Company's performance, core results and underlying trends.
Cree's management evaluates results and makes operating decisions
using both GAAP and non-GAAP measures included in this press
release. Non-GAAP results are not prepared in accordance with GAAP
and non-GAAP information should be considered a supplement to, and
not a substitute for, financial statements prepared in accordance
with GAAP. Investors and potential investors are encouraged to
review the reconciliation of non-GAAP financial measures to their
most directly comparable GAAP measures attached to this press
release.
Forward Looking Statements:
The schedules attached to this release are an integral part of
the release. This press release contains forward-looking statements
involving risks and uncertainties, both known and unknown, that may
cause actual results to differ materially from those indicated in
the forward-looking statements. Actual results, including with
respect to our targets and prospects, could differ materially due
to a number of factors, including the risk that we may not obtain
sufficient orders to achieve our targeted revenues; price
competition in key markets; the risk that we or our channel
partners are not able to develop and expand customer bases and
accurately anticipate demand from end customers, which can result
in increased inventory and reduced orders as we experience wide
fluctuations in supply and demand; the risk that our commercial
Lighting results will suffer if new issues arise related to product
quality of supplied components for this business; the risk that we
may experience production difficulties that preclude us from
shipping sufficient quantities to meet customer orders or that
result in higher production costs and lower margins; our ability to
lower costs; the risk that our results will suffer if we are unable
to balance fluctuations in customer demand and capacity, including
bringing on additional capacity on a timely basis to meet customer
demand; the risk that longer manufacturing lead times may cause
customers to fulfill their orders with a competitor’s products
instead; product mix; risks associated with the ramp-up of
production of our new products, and our entry into new business
channels different from those in which we have historically
operated; the risk that customers do not maintain their favorable
perception of our brand and products, resulting in lower demand for
our products; the risk that our products fail to perform or fail to
meet customer requirements or expectations, resulting in
significant additional costs, including costs associated with
warranty returns or the potential recall of our products; the risk
that retail customers may alter promotional pricing, increase
promotion of a competitor's products over our products or reduce
their inventory levels, all of which could negatively affect
product demand; the risk that our investments may experience
periods of significant stock price volatility causing us to
recognize fair value losses on our investment; the risk posed by
managing an increasingly complex supply chain that has the ability
to supply a sufficient number of raw materials, subsystems and
finished products with the required specifications and quality;
ongoing uncertainty in global economic conditions, infrastructure
development or customer demand that could negatively affect product
demand, collectability of receivables and other related matters as
consumers and businesses may defer purchases or payments, or
default on payments; the risk we may be required to record a
significant charge to earnings if our goodwill or amortizable
assets become impaired; our ability to complete development and
commercialization of products under development, such as our
pipeline of improved LED chips, LED components and LED lighting
products; risks resulting from the concentration of our business
among few customers, including the risk that customers may reduce
or cancel orders or fail to honor purchase commitments; risks
related to our multi-year warranty periods for LED lighting
products; risks associated with acquisitions, divestitures, joint
ventures or investments generally; the rapid development of new
technology and competing products that may impair demand or render
our products obsolete; the potential lack of customer acceptance
for our products; risks associated with ongoing litigation; and
other factors discussed in our filings with the Securities and
Exchange Commission (SEC), including our report on Form 10-K for
the fiscal year ended June 26, 2016, and subsequent reports
filed with the SEC. These forward-looking statements represent
Cree's judgment as of the date of this release. Except as required
under the U.S. federal securities laws and the rules and
regulations of the SEC, Cree disclaims any intent or obligation to
update any forward-looking statements after the date of this
release, whether as a result of new information, future events,
developments, changes in assumptions or otherwise.
Cree® is a registered trademark and Wolfspeed™ is a trademark of
Cree, Inc.
CREE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
LOSS
(in thousands, except per share amounts
and percentages)
(unaudited)
Three Months Ended Year Ended June 25,
2017 June 26, 2016 June
25, 2017 June 26, 2016
Revenue, net $ 358,939 $ 388,413 $ 1,473,000 $ 1,616,627 Cost of
revenue, net 260,938 275,390
1,038,428 1,129,553 Gross profit 98,001
113,023 434,572 487,074 Gross margin percentage 27.3 % 29.1 % 29.5
% 30.1 % Operating expenses: Research and development 39,257
41,485 158,549 168,848 Sales, general and administrative 64,039
68,609 277,175 283,052 Amortization or impairment of
acquisition-related intangibles 6,792 7,290 27,499 28,732 Loss on
disposal or impairment of long-lived assets 980 430 2,521 16,913
Wolfspeed transaction termination fee — —
(12,500 ) — Total operating expenses
111,068 117,814 453,244 497,545 Operating loss (13,067 )
(4,791 ) (18,672 ) (10,471 ) Operating loss percentage (3.6 )% (1.2
)% (1.3 )% (0.6 )% Non-operating income (expense), net
9,057 1,040 14,008
(13,035 ) Loss from operations before income taxes (4,010 ) (3,751
) (4,664 ) (23,506 ) Income tax expense (benefit) 1,880
6,890 93,454 (1,970 ) Net
loss ($5,890 ) ($10,641 ) ($98,118 )
($21,536 ) Diluted loss per share ($0.06 ) ($0.11 ) ($1.00 )
($0.21 ) Shares used in diluted per share calculation 97,548
100,663 98,487 101,783
CREE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 25, 2017 June 26, 2016
(unaudited) ASSETS Current assets: Cash, cash
equivalents, and short-term investments $ 610,938 $ 605,305
Accounts receivable, net 148,392 165,611 Income tax receivable
8,040 6,304 Inventories 284,385 303,542 Prepaid expenses 23,305
26,810 Other current assets 23,390 44,788 Current assets held for
sale 2,180 4,347 Total current assets
1,100,630 1,156,707 Property and equipment, net 581,263 599,723
Goodwill 618,828 618,828 Intangible assets, net 274,315 302,810
Other long-term investments 50,366 40,179 Deferred income taxes
11,763 38,564 Other assets 12,702 9,249
Total assets $ 2,649,867 $ 2,766,060
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities:
Accounts payable, trade $ 133,185 $ 132,286 Accrued salaries and
wages 41,860 44,642 Other current liabilities 36,978
46,071 Total current liabilities 212,023 222,999
Long-term liabilities: Long-term debt 145,000 160,000
Deferred income taxes 49,860 943 Other long-term liabilities
20,179 14,294 Total long-term liabilities
215,039 175,237 Shareholders’ equity: Common stock 121 125
Additional paid-in-capital 2,419,517 2,359,584 Accumulated other
comprehensive income, net of taxes 5,909 8,728 Accumulated deficit
(202,742 ) (613 ) Total shareholders’ equity
2,222,805 2,367,824 Total liabilities and
shareholders’ equity $ 2,649,867 $ 2,766,060
CREE, INC.
FINANCIAL RESULTS BY OPERATING
SEGMENT
(in thousands, except
percentages)
(unaudited)
The following table reflects the results
of the Company's reportable segments as reviewed by the Company's
Chief Executive Officer, its Chief Operating Decision Maker or
CODM, for the three months and year ended June 25, 2017 and the
three months and year ended June 26, 2016. The CODM does not review
inter-segment transactions when evaluating segment performance and
allocating resources to each segment. As such, total segment
revenue is equal to the Company's consolidated revenue.
Three Months Ended June 25, 2017
June 26, 2016 Change Lighting Products revenue $
154,663 $ 198,418 ($43,755 ) (22 )% Lighting Products percent of
revenue 43 % 51 % LED Products revenue 143,445 143,283 162 — % LED
Products percent of revenue 40 % 37 % Wolfspeed revenue 60,831
46,712 14,119 30 % Wolfspeed percent of revenue 17 %
12 % Total revenue $ 358,939 $ 388,413
($29,474 ) (8 )%
Year Ended June 25, 2017
June 26, 2016 Change Lighting Products revenue $
701,467 $ 889,133 ($187,666 ) (21 )% Lighting Products percent of
revenue 48 % 55 % LED Products revenue 550,302 551,156 (854 ) — %
LED Products percent of revenue 37 % 34 % Wolfspeed revenue 221,231
176,338 44,893 25 % Wolfspeed percent of revenue 15 %
11 % Total revenue $ 1,473,000 $ 1,616,627
($143,627 ) (9 )%
Three Months Ended June 25,
2017 June 26, 2016 Change Lighting Products gross
profit $ 36,803 $ 51,168 ($14,365 ) (28 )% Lighting Products gross
margin 23.8 % 25.8 % LED Products gross profit 37,206 46,170 (8,964
) (19 )% LED Products gross margin 25.9 % 32.2 % Wolfspeed gross
profit 27,698 23,631 4,067 17 % Wolfspeed gross margin 45.5 % 50.6
% Contract manufacturer dispute related expenses — (2,108 ) 2,108
T8 product recall charges — (1,349 ) 1,349 Unallocated costs
(3,706 ) (4,489 ) 783 17 % Consolidated gross profit
$ 98,001 $ 113,023 ($15,022 ) (13 )% Consolidated
gross margin 27.3 % 29.1 %
Year Ended June 25,
2017 June 26, 2016 Change Lighting Products gross
profit $ 196,218 $ 241,699 ($45,481 ) (19 )% Lighting Products
gross margin 28.0 % 27.2 % LED Products gross profit 151,675
173,814 (22,139 ) (13 )% LED Products gross margin 27.6 % 31.5 %
Wolfspeed gross profit 103,465 94,622 8,843 9 % Wolfspeed gross
margin 46.8 % 53.7 % Contract manufacturer dispute related expenses
— (2,108 ) 2,108 T8 product recall charges — (1,349 ) 1,349
Unallocated costs (16,786 ) (19,604 ) 2,818 14
% Consolidated gross profit $ 434,572 $ 487,074
($52,502 ) (11 )% Consolidated gross margin 29.5 % 30.1 %
Reportable Segments Description
The Company's Lighting Products segment primarily consists of
LED lighting systems and lamps. The Company's LED Products segment
includes LED chips and LED components. The Company's Wolfspeed
segment includes power devices, RF devices and SiC materials.
Financial Results by Reportable Segment
The Company's CODM reviews gross profit as the lowest and only
level of segment profit. As such, all items below gross profit in
the consolidated statements of loss must be included to reconcile
the consolidated gross profit presented in the preceding table to
the Company's consolidated income before taxes.
The Company allocates direct costs and indirect costs to each
segment's cost of revenue. The allocation methodology is based on a
reasonable measure of utilization considering the specific facts
and circumstances of the cost being allocated.
Certain costs are not allocated when evaluating segment
performance. These unallocated costs consist primarily of
manufacturing employees' stock-based compensation, expenses for
profit sharing and quarterly or annual incentive plans and matching
contributions under the Company's 401(k) Plan.
Cree, Inc.Non-GAAP Measures of
Financial Performance
To supplement the Company's consolidated financial statements
presented in accordance with generally accepted accounting
principles, or GAAP, Cree uses non-GAAP measures of certain
components of financial performance. These non-GAAP measures
include non-GAAP gross margin, non-GAAP operating income, non-GAAP
non-operating income, net, non-GAAP net income, non-GAAP earnings
per diluted share and free cash flow.
Reconciliation to the nearest GAAP measure of all historical
non-GAAP measures included in this press release can be found in
the tables included with this press release. In this press release,
Cree also presents its target for non-GAAP expenses, which are
expenses less expenses in the various categories described below.
Both our GAAP targets and non-GAAP targets do not include any
estimated changes in the fair value of our Lextar investment.
Non-GAAP measures presented in this press release are not in
accordance with or an alternative to measures prepared in
accordance with GAAP and may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles. Non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with Cree's results of
operations as determined in accordance with GAAP. These non-GAAP
measures should only be used to evaluate Cree's results of
operations in conjunction with the corresponding GAAP measures.
Cree believes that these non-GAAP measures, when shown in
conjunction with the corresponding GAAP measures, enhance
investors' and management's overall understanding of the Company's
current financial performance and the Company's prospects for the
future, including cash flows available to pursue opportunities to
enhance shareholder value. In addition, because Cree has
historically reported certain non-GAAP results to investors, the
Company believes the inclusion of non-GAAP measures provides
consistency in the Company's financial reporting.
For its internal budgeting process, and as discussed further
below, Cree's management uses financial statements that do not
include the items listed below and the income tax effects
associated with the foregoing. Cree's management also uses non-GAAP
measures, in addition to the corresponding GAAP measures, in
reviewing the Company's financial results.
Cree excludes the following items from one or more of its
non-GAAP measures when applicable:
Contract manufacturer dispute related expenses. In fiscal 2016,
the Company recognized charges associated with a dispute with a
former Lighting Products contract manufacturer, whom Cree ceased
utilizing as of the end of 2014. Because these charges relate to
amounts from prior fiscal years, Cree does not consider these
charges to be reflective of ongoing operating results.
T8 product recall charges. In fiscal 2016, the Company
recognized charges associated with the product recall of its Linear
LED T8 Replacement Lamps and the associated discontinuance of this
product line. Because these charges relate to the exit from a
market segment, Cree does not consider these charges to reflective
of ongoing operating results.
Stock-based compensation expense. This expense consists of
expenses for stock options, restricted stock, performance stock
awards and employee stock purchases through its ESPP. Cree excludes
stock-based compensation expenses from its non-GAAP measures
because they are non-cash expenses that Cree does not believe are
reflective of ongoing operating results.
Amortization or impairment of acquisition-related intangibles.
Cree incurs amortization or impairment of acquisition-related
intangibles in connection with acquisitions. Cree excludes these
items because they arise from Cree's prior acquisitions and have no
direct correlation to the ongoing operating results of Cree's
business.
LED business restructuring charges or gains. In June 2015,
Cree’s board of directors approved a plan to restructure the LED
business. The restructuring, which was completed during fiscal
2016, reduced excess capacity and overhead in order to improve the
cost structure moving forward. The components of the restructuring
included the planned sale or abandonment of certain manufacturing
equipment, facility consolidation and the elimination of certain
positions. Because these charges relate to assets which have been
retired prior to the end of their estimated useful lives and
severance costs for eliminated positions, Cree does not consider
these charges to be reflective of ongoing operating results.
Similarly, Cree does not consider realized gains on the sale of
assets relating to the restructuring to be reflective of ongoing
operating results.
Changes in the fair value of our Lextar investment. The
Company's common stock ownership investment in Lextar Electronics
Corporation is accounted for utilizing the fair value option. As
such, changes in fair value are recognized in income, including
fluctuations due to the exchange rate between the New Taiwan Dollar
and the United States Dollar. Cree excludes the impact of these
gains or losses from its non-GAAP measures because they are
non-cash impacts that Cree does not believe are reflective of
ongoing operating results. Additionally, Cree excludes the impact
of dividends received on its Lextar investment as Cree does not
believe it is reflective of ongoing operating results.
Recognition of deferred IPO (Initial Public Offering) costs. In
fiscal 2016, the Company recognized an expense for previously
deferred IPO costs due to the delay in the anticipated timing of
the planned initial public offering of Wolfspeed, as required by
SEC guidance. Cree excludes the impact of this expense as Cree does
not consider this charge to be reflective of ongoing operating
results.
Transaction costs and termination fee associated with the
terminated sale of the Wolfspeed business. The Company has incurred
transaction costs in conjunction with the previously proposed sale
of its Wolfspeed business to Infineon. In addition, as a result of
the termination of the agreement to sell the Wolfspeed business,
Infineon paid a termination fee to the Company. Because these costs
were incurred, and the termination fee received, relative to a
portion of the business which was previously reported as
discontinued operations in fiscal 2017, Cree does not consider
these amounts to be reflective of ongoing operating results.
Income tax effects of the foregoing non-GAAP items. This
amount is used to present each of the amounts described above on an
after-tax basis consistent with the presentation of non-GAAP net
income. Non-GAAP net income is presented using a non-GAAP tax rate.
The Company’s non-GAAP tax rate represents a recalculation of the
GAAP tax rate reflecting the exclusion of the non-GAAP items.
Cree expects to incur many of these same expenses, including
income taxes associated with these expenses, in future periods. In
addition to the non-GAAP measures discussed above, Cree also uses
free cash flow as a measure of operating performance and liquidity.
Free cash flow represents operating cash flows less net purchases
of property and equipment and patent and licensing rights. Cree
considers free cash flow to be an operating performance and a
liquidity measure that provides useful information to management
and investors about the amount of cash generated by the business
after the purchases of property and equipment, a portion of which
can then be used to, among other things, invest in Cree's business,
make strategic acquisitions, strengthen the balance sheet and
repurchase stock. A limitation of the utility of free cash flow as
a measure of operating performance and liquidity is that it does
not represent the residual cash flow available to the company for
discretionary expenditures, as it excludes certain mandatory
expenditures such as debt service.
CREE, INC.
Reconciliation of GAAP to Non-GAAP
Measures
(in thousands, except per share amounts
and percentages)
(unaudited)
Non-GAAP Gross Margin Three Months Ended
Year Ended June 25, 2017 June
26, 2016 June 25, 2017
June 26, 2016 GAAP gross profit $98,001 $113,023
$434,572 $487,074 GAAP gross margin percentage 27.3 % 29.1 % 29.5 %
30.1 % Adjustments: Contract manufacturer dispute related expenses
— 2,108 — 2,108 T8 product recall charges — 1,349 — 1,349
Stock-based compensation expense 2,415 3,170 10,427
12,394 Non-GAAP gross profit $100,416 $119,650
$444,999 $502,925 Non-GAAP gross margin
percentage 28.0 % 30.8 % 30.2 % 31.1 %
Non-GAAP Operating
Income Three Months Ended Year Ended June
25, 2017 June 26, 2016 June 25,
2017 June 26, 2016 GAAP operating loss
($13,067 ) ($4,791 ) ($18,672 ) ($10,471 ) GAAP operating income
percentage (3.6 )% (1.2 )% (1.3 )% (0.6 )% Adjustments: Contract
manufacturer dispute related expenses — 2,108 — 2,108 T8 product
recall charges — 1,349 — 1,349 Stock-based compensation expense:
Cost of revenue, net 2,415 3,170 10,427 12,394 Research and
development 2,151 3,289 10,619 13,842 Sales, general and
administrative 4,741 7,952 26,679 32,492
Total stock-based compensation expense 9,307 14,411 47,725
58,728 Amortization or impairment of acquisition-related
intangibles 6,792 7,290 27,499 28,732 Costs associated with LED
business restructuring — 133 15 17,710 Recognition of deferred IPO
costs — — — 1,810 Transaction costs related to the terminated sale
of the Wolfspeed business 121 1,041 11,947 1,745 Wolfspeed
transaction termination fee — — (12,500 ) —
Total adjustments to GAAP operating loss 16,220 26,332
74,686 112,182 Non-GAAP operating income
$3,153 $21,541 $56,014 $101,711
Non-GAAP operating income percentage 0.9 % 5.5 % 3.8 % 6.3 %
Non-GAAP Non-Operating Income, net Three Months Ended
Year Ended June 25, 2017 June 26,
2016 June 25, 2017 June 26, 2016
GAAP non-operating income (loss), net $9,057 $1,040 $14,008
($13,035 ) Adjustment: Net changes in the fair value of Lextar
investment (7,607 ) (59 ) (10,203 ) 15,832 Non-GAAP
non-operating income, net $1,450 $981 $3,805
$2,797
Non-GAAP Net Income Three Months
Ended Year Ended June 25, 2017 June
26, 2016 June 25, 2017 June 26,
2016 GAAP net loss ($5,890 ) ($10,641 ) ($98,118 ) ($21,536
) Adjustments: Contract manufacturer dispute related expenses —
2,108 — 2,108 T8 product recall charges — 1,349 — 1,349 Stock-based
compensation expense 9,307 14,411 47,725 58,728 Amortization or
impairment of acquisition-related intangibles 6,792 7,290 27,499
28,732 Costs associated with LED business restructuring — 133 15
17,710 Recognition of deferred IPO costs — — — 1,810 Transaction
costs related to the terminated sale of the Wolfspeed business 121
1,041 11,947 1,745 Wolfspeed transaction termination fee — —
(12,500 ) — Net changes in the fair value of Lextar investment
(7,607 ) (59 ) (10,203 ) 15,832 Total adjustments to GAAP
net loss before provision for income taxes 8,613 26,273 64,483
128,014 Income tax effect * 1,102 3,286 83,353
(18,937 ) Non-GAAP net income $3,825 $18,918 $49,718
$87,541 Income per share Non-GAAP diluted net
income per share $0.04 $0.19 $0.50 $0.86 Shares used in
diluted net income per share calculation Non-GAAP shares used
97,548 100,663 98,487 101,783 *Estimated income tax effect
is based upon the Company's overall consolidated effective tax rate
for the given period.
Free Cash Flow Three Months
Ended Year Ended June 25, 2017 June
26, 2016 June 25, 2017 June 26,
2016 Cash flow from operations $52,746 $64,553 $215,900
$203,316 Less: PP&E spending (30,033 ) (20,326 ) (86,928 )
(120,018 ) Less: Patents spending (3,529 ) (3,409 ) (12,405 )
(14,443 ) Total free cash flow $19,184 $40,818
$116,567 $68,855
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170822006118/en/
Cree, Inc.Raiford Garrabrant, 919-407-7895Director, Investor
RelationsFax: 919-407-5615investorrelations@cree.com
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