Cree Reports Financial Results for the Fourth Quarter and Fiscal Year 2017
For fiscal year 2017, Cree reported revenue of
"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
Business Outlook:
For its first quarter of fiscal 2018 ending
Quarterly Conference Call:
Cree will host a conference call at
The conference call will be available to the public through a live audio
web broadcast via the
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 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
Cree® is a registered trademark and
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except per share amounts and percentages) (unaudited) |
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Three Months Ended | Year Ended | |||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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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 | ||||||||||||||||
|
— | — | (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 |
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) |
( |
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Diluted loss per share |
( |
) |
( |
) |
( |
) |
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) | ||||||||||||
Shares used in diluted per share calculation | 97,548 | 100,663 | 98,487 | 101,783 | ||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
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2017 |
2016 |
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(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 | ||||||||
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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 | ||||||
FINANCIAL RESULTS BY OPERATING SEGMENT (in thousands, except percentages) (unaudited) |
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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 |
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Three Months Ended | ||||||||||||||||||
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Change | ||||||||||||||||
Lighting Products revenue | $ | 154,663 | $ | 198,418 |
( |
) | (22 | )% | ||||||||||
Lighting Products percent of revenue | 43 | % | 51 | % | ||||||||||||||
LED Products revenue | 143,445 | 143,283 | 162 | — | % | |||||||||||||
LED Products percent of revenue | 40 | % | 37 | % | ||||||||||||||
|
60,831 | 46,712 | 14,119 | 30 | % | |||||||||||||
|
17 | % | 12 | % | ||||||||||||||
Total revenue | $ | 358,939 | $ | 388,413 |
( |
) | (8 | )% | ||||||||||
Year Ended | ||||||||||||||||||
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|
Change | ||||||||||||||||
Lighting Products revenue | $ | 701,467 | $ | 889,133 |
( |
) | (21 | )% | ||||||||||
Lighting Products percent of revenue | 48 | % | 55 | % | ||||||||||||||
LED Products revenue | 550,302 | 551,156 | (854 | ) | — | % | ||||||||||||
LED Products percent of revenue | 37 | % | 34 | % | ||||||||||||||
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221,231 | 176,338 | 44,893 | 25 | % | |||||||||||||
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15 | % | 11 | % | ||||||||||||||
Total revenue | $ | 1,473,000 | $ | 1,616,627 |
( |
) | (9 | )% | ||||||||||
Three Months Ended | ||||||||||||||||||
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Change | ||||||||||||||||
Lighting Products gross profit | $ | 36,803 | $ | 51,168 |
( |
) | (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 | % | ||||||||||||||
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27,698 | 23,631 | 4,067 | 17 | % | |||||||||||||
|
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 |
( |
) | (13 | )% | ||||||||||
Consolidated gross margin | 27.3 | % | 29.1 | % | ||||||||||||||
Year Ended | ||||||||||||||||||
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|
Change | ||||||||||||||||
Lighting Products gross profit | $ | 196,218 | $ | 241,699 |
( |
) | (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 | % | ||||||||||||||
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103,465 | 94,622 | 8,843 | 9 | % | |||||||||||||
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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 |
( |
) | (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
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.
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
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
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
Transaction costs and termination fee associated with the terminated
sale of the
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.
Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share amounts and percentages) (unaudited) |
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Non-GAAP Gross Margin | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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GAAP gross profit |
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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 |
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Non-GAAP gross margin percentage | 28.0 | % | 30.8 | % | 30.2 | % | 31.1 | % | ||||||||||||||||
Non-GAAP Operating Income | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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GAAP operating loss |
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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 |
121 | 1,041 | 11,947 | 1,745 | ||||||||||||||||||||
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— | — | (12,500 | ) | — | |||||||||||||||||||
Total adjustments to GAAP operating loss | 16,220 | 26,332 | 74,686 | 112,182 | ||||||||||||||||||||
Non-GAAP operating income |
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Non-GAAP operating income percentage | 0.9 | % | 5.5 | % | 3.8 | % | 6.3 | % | ||||||||||||||||
Non-GAAP Non-Operating Income, net | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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GAAP non-operating income (loss), net |
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Adjustment: | ||||||||||||||||||||||||
Net changes in the fair value of Lextar investment | (7,607 | ) | (59 | ) | (10,203 | ) | 15,832 | |||||||||||||||||
Non-GAAP non-operating income, net |
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Non-GAAP Net Income | ||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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GAAP net loss |
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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 |
121 | 1,041 | 11,947 | 1,745 | ||||||||||||||||||||
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— | — | (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 |
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Income per share | ||||||||||||||||||||||||
Non-GAAP diluted net income per share |
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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 | |||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
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Cash flow from operations |
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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 |
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170822006118/en/
Director, Investor
Relations
Fax: 919-407-5615
investorrelations@cree.com
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