Message Font: Serif | Sans-Serif
 
No. of Recommendations: 15
Cree's Balance Sheet was skimpy and Cash Flow statement non-existant so there are a lot of holes in the spreadsheet.

Comments follow.

Cree Inc.
Qtr. Ending Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 FY99 FY00
TTM Revenue 70.983 81.759 95.252 108.562 125.343 62.401 108.562
TTM Net Income 14.636 17.432 23.017 30.520 38.621 12.448 30.520
TTM NOPAT 12.459 15.261 18.557 23.888 29.165 10.493 23.888
TTM FCF -20.721 -21.634 -27.402 -15.803 -21.266 -15.803

Per Share Data
Earnings / Share $ 0.14 $ 0.17 $ 0.25 $ 0.32 $ 0.34 $ 0.41 $ 0.87
NOPAT / Share $ 0.13 $ 0.16 $ 0.17 $ 0.24 $ 0.25 $ 0.34 $ 0.68
FCF / Share $(0.07) $(0.13) $ (0.36) $ 0.11 $(0.70) $(0.45)
TTM Earnings / Share $ 0.44 $ 0.52 $ 0.63 $ 0.87 $ 1.03
TTM NOPAT / Share $ 0.38 $ 0.45 $ 0.51 $ 0.68 $ 0.78
TTM FCF / Share $(0.62) $(0.64) $ (0.75) $ (0.45)

Quarterly Growth
Revenue 4.1% 18.9% 19.0% 13.0% 12.8%
Receivables 5.0% 9.3% 33.0% -49.5% 61.1%
Inventory 1.9% 13.5% 53.7% 31.6% 13.3%
Payables -30.3% 13.4% 14.0% 103.3%
Earnings/Share 8.4% 22.6% 45.6% 31.6% 4.3%
NOPAT/Share 25.1% 24.7% 7.2% 42.1% 5.3%
FCF/Share -72.5% 78.3% 186.9% -130.3%

Annual Growth
Revenue 69.9% 76.8% 84.1% 66.4% 80.4% 41.9% 74.0%
Receivables 44.5% 52.6% 75.5% -22.9% 18.3% 53.6% -22.9%
Inventory 25.0% 35.5% 82.5% 133.8% 160.2% 56.7% 133.8%
Payables 8.8% 49.6% 44.4% 83.1% 38.6% 83.1%
Earnings/Share 52.6% 60.3% 113.2% 154.6% 144.9% 89.9% 111.9%
NOPAT/Share 50.6% 74.1% 74.1% 137.6% 100.1% 88.7% 96.7%
FCF/Share -35.8% 3.5% 43.4% -142.6% 435.6% -35.8%

Profitibility
Gross Margin 45.4% 54.9% 57.6% 54.5% 54.6% 45.3% 51.8%
Operating Margin 30.6% 32.5% 31.9% 38.6% 38.5% 25.9% 33.9%
NOPAT Margin 19.9% 21.1% 20.7% 25.1% 25.1% 16.8% 22.0%
Net Margin 21.8% 22.8% 30.4% 34.0% 33.6% 19.9% 28.1%
OCFM 36.0% 36.8% 38.2% 105.0% 32.6% 58.0%
TTM OCFM 37.6% 40.1% 38.8% 58.0%
Cash King Margin -11.1% -16.9% -44.4% 11.5% -34.1% -14.6%
TTM Cash King Margin -29.2% -26.5% -28.8% -14.6%
ROE 13.1% 13.2% 11.1% 10.5% 10.2% 9.5% 6.6%
-Net Margin 0.206 0.213 0.242 0.281 0.308 0.199 0.281
-Asset Turnover 0.563 0.557 0.418 0.347 0.312 0.428 0.223
-Leverage Factor 1.13 1.11 1.09 1.07 1.06 1.11 1.05
ROA 11.6% 11.9% 10.1% 9.8% 9.6% 8.5% 6.3%
ROIC 15.9% 17.1% 18.1% 19.8% 11.9% 14.9%

Financial Strength
Flowie 1.96 1.70 1.34 1.17 2.19 1.17
WCC 47 36 26 10 68 13
DSO 74 68 76 34 48 94 42
DIO 33 38 52 56 56 43 65
DPO 43 50 51 85 83 99
CCC 63 56 77 5 54 8
Total Debt to Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash to Debt No Debt No Debt No Debt No Debt 101.86 No Debt
Net Cash 44.953 43.872 308.611 304.111 48.212 304.111

A/R looks unusually high. I think they're including interest receivables in that line. I'll ask Fran.

Inventory growth looks like it's under control finally.

Dilution hurt a bit more than I expected this quarter. Sequential growth in Revenue, Net Income and NOPAT were 12.8%, 11.4% and 12.6% respectively. EPS and NOPAT/share sequential growth were 4.3% and 5.3% because diluted shares outstanding grew ~7%.

Marv
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.