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No. of Recommendations: 49
Here's my spreadsheet updated w/ the 10-K info:

Company Name: Cree, Inc.
Units: $millions except for per share data
Qtr. Ending Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 FY98 FY99 FY00
Income Statement Metrics
Gross Margin 46.1% 47.1% 48.3% 48.9% 49.0% 54.9% 57.6% 54.5% 33.5% 45.3% 51.8%
Product Gross Margin 49.5% 50.2% 51.8% 47.0% 48.0% 54.5% 58.1% 57.4% 37.7% 49.5% 55.1%
Contract Gross Margin 22.6% 15.2% 23.0% 55.8% 56.5% 58.1% 54.0% 27.5% 17.4% 19.9% 24.2%
Operating Margin 27.4% 26.7% 27.1% 23.4% 30.6% 32.5% 31.9% 38.6% 18.4% 25.9% 33.9%
Net Margin 19.3% 20.3% 21.1% 19.2% 21.8% 22.8% 30.4% 34.0% 14.2% 19.9% 28.1%
EPS $0.09 $0.11 $0.12 $0.13 $0.14 $0.17 $0.25 $0.32 $0.22 $0.41 $0.87
TTM EPS $0.27 $0.32 $0.37 $0.44 $0.48 $0.55 $0.68 $0.87
Sequential EPS Growth 41% 17% 10% 10% 8% 23% 46% 32%
YoY EPS Growth 100% 91% 77% 99% 53% 60% 113% 155% 60% 90% 112%
Pro forma EPS after SFAS 123 $0.15 $0.29 $0.61

Balance Sheet Metrics
Cash to Debt Ratio 1.39 1.37 No Debt No Debt No Debt No Debt No Debt No Debt 2.12 101.86 No Debt
Net Cash 3.9 3.7 53.3 48.7 45.0 43.9 230.6 262.1 9.67 48.21 262.15
Acct. Receivables 11.7 12.1 14.0 16.3 16.9 18.5 24.6 15.8 10.5 6.1 15.8
Seq A/R Growth 12% 4% 16% 16% 4% 9% 33% -36% 36% -41% 158%
Inventories 3.2 3.4 3.9 4.0 4.1 4.6 7.1 9.3 2.5 4.0 9.3
Seq Inv Growth 28% 5% 14% 2% 2% 14% 54% 32% -36% 57% 134%
Acct. Payables 5.0 4.1 4.8 7.5 5.4 6.1 7.0 14.2 5.6 7.8 14.2
Seq A/P Growth -11% -18% 18% 55% -28% 13% 14% 103% 149% 39% 83%
Period Sales 12.3 14.0 16.0 20.0 20.9 24.8 29.5 33.4 44.0 62.4 108.6
Seq Revenue Growth -5% 14% 14% 25% 4% 19% 19% 13% 52% 42% 74%
YoY Revenue Growth 20% 39% 50% 54% 70% 77% 84% 66%
COGS 6.6 7.4 8.3 10.3 10.6 11.2 12.5 15.2 29 34 52
DSO 87 79 80 74 74 68 76 43 87 36 53
DIO 45 42 43 35 35 38 52 56 32 43 65
DPO 68 50 53 67 46 50 51 85 70 83 99
CCC 63 70 69 43 62 56 77 14 49 (4) 19
Foolish Flow Ratio 2.36 2.92 2.42 2.21 1.96 1.70 1.34 1.17 2.32 2.15 1.17

Cash Flow Statement Metrics
Op Cash Flow Margin 9.9% 11.5% 16.9% 14.4% 37.5% 20.8% 15.6% 32.3% 27.4% 32.6% 58.0%
TTM OCFM 23.4% 26.9% 25.4% 32.6% 37.6% 40.1% 38.8% 58.0%
Cash Net Flow Margin -23.4% -12.5% -17.3% -12.4% -11.6% -9.5% -18.1% 3.5% -8.6% -34.1% -14.6%
TTM CNFM -18.9% -14.4% -31.6% -34.1% -29.2% -26.5% -28.8% -14.6%

Return on Equity 14.1% 16.0% 14.4% 13.6% 13.2% 13.2% 11.1% 10.5%
Return on Invested Cap 13.0% 14.2% 14.5% 14.5% 15.1% 16.2% 17.3% 18.7%

Notes:

1. Cree included pro forma EPS in accordance w/ SFAS 123 for the first time to my knowledge. I've highlighted this to draw your attention to it. Everyone make sure to look at what the stock options are costing you, it's part of the cost of doing business these days.

2. The June 1999/2000 quarters and FY1999/2000 columns include the effect of the Nitres acquisition. Everything else doesn't, so there are some bumps in the metrics because of this.

3. Flowie and CCC have dropped considerably, this makes me a bit more comfortable w/ the rise in inventory. Biggest change in Q4 is the doubling of Payables. This is the largest contributor to driving the Flowie and CCC lower.

4. Positive FCF in Q4, haven't seen that in a while.

5. A/R in Q3 includes about $3 million in interest receivables whereas Q4 does not because Cree now separates trade receivables from interest receivables. So the drop from Q3 to Q4 is not as big as it appears.

6. ROE is still dropping as expected because of the secondary. ROIC has bumped up a bit though. I've defined ROIC as TTM NOPAT / Average (Tot. Assets - Cash & Equiv - Cur. Liab + ST Debt + Payables) because a lot, if not all, the cash has not been deployed in operations yet. It is being held to pay for the factory.

Marv
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