Wolfspeed Reports Financial Results for the Third Quarter of Fiscal Year 2022
Wolfspeed, Inc. (NYSE: WOLF) reported a Q3 FY2022 revenue of $188.0 million, reflecting a 37% year-over-year increase and a 9% sequential increase. Despite revenue growth, the company posted a GAAP net loss of $66.5 million for the quarter, resulting in a loss per share of $0.54. The non-GAAP net loss improved to $14.3 million, yielding a loss per diluted share of $0.12. For Q4 FY2022, Wolfspeed anticipates revenue between $200 million and $215 million but expects a larger GAAP net loss of $78 million to $85 million.
- Revenue increased 37% YoY to $188.0 million.
- Non-GAAP net loss improved to $14.3 million from $24.7 million YoY.
- Fourth quarter revenue guidance of $200 million to $215 million indicates growth.
- GAAP net loss of $66.5 million in Q3 FY2022.
- Increased GAAP loss guidance for Q4 FY2022 of $78 million to $85 million.
"The opening of our new
Business Outlook:
For its fourth quarter of fiscal 2022,
Quarterly Conference Call:
The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit
Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on
About
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 that 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.
Change in Estimate:
As a result of the divestiture of the LED Products business and the Company's continued investment in 200mm technology, the Company evaluated the useful lives applied to certain machinery and equipment assets by considering industry standards and reviewing the assets' historical and estimated future use. In the first quarter of fiscal 2022, the Company increased the expected useful lives of these assets by two to five years to more closely reflect the estimated economic lives of those assets. This change in estimate was applied prospectively effective for the first quarter of fiscal 2022 and resulted in a decrease in depreciation expense of
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 Wolfspeed’s actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our plans to grow the business and our ability to achieve our targets for the fourth quarter of fiscal 2022 and beyond. Actual results could differ materially due to a number of factors, including but not limited to, risks relating to the ongoing COVID-19 pandemic, including the risk of new and different government restrictions and regulations that limit our ability to do business, the risk of infection in our workforce and subsequent impact on our ability to conduct business, the risk that our supply chain, including our contract manufacturers, or customer demand may be negatively impacted, the risk posed by vaccine resistance and the emergence of fast-spreading variants, the risk that the COVID-19 pandemic will lead to a global recession and the potential for costs associated with our operations during the fiscal 2022 fourth quarter and future quarters to be greater than we anticipate as a result of all of these factors; the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition in key markets; 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, lower yields 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; risks associated with our factory optimization plan and construction of a new device fabrication facility, including design and construction delays and cost overruns, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to our restructuring costs; 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 the economic and political uncertainty caused by the tariffs imposed by
|
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
(unaudited) |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
(in millions of |
|
|
|
|
|
|
|
||||
Revenue, net |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue, net |
124.0 |
|
|
93.3 |
|
|
347.3 |
|
|
259.0 |
|
Gross profit |
64.0 |
|
|
44.0 |
|
|
170.4 |
|
|
120.8 |
|
Gross margin percentage |
34 |
% |
|
32 |
% |
|
33 |
% |
|
32 |
% |
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||
Research and development |
48.1 |
|
|
46.0 |
|
|
148.2 |
|
|
132.7 |
|
Sales, general and administrative |
51.5 |
|
|
44.2 |
|
|
148.5 |
|
|
135.0 |
|
Amortization or impairment of acquisition-related intangibles |
3.4 |
|
|
3.7 |
|
|
10.6 |
|
|
10.9 |
|
(Gain) loss on disposal or impairment of other assets |
(0.6 |
) |
|
0.1 |
|
|
(0.3 |
) |
|
0.8 |
|
Other operating expense |
23.9 |
|
|
11.4 |
|
|
52.3 |
|
|
22.6 |
|
Total operating expense |
126.3 |
|
|
105.4 |
|
|
359.3 |
|
|
302.0 |
|
Operating loss |
(62.3 |
) |
|
(61.4 |
) |
|
(188.9 |
) |
|
(181.2 |
) |
Operating loss percentage |
(33 |
) % |
|
(45 |
) % |
|
(36 |
) % |
|
(48 |
) % |
|
|
|
|
|
|
|
|
||||
Non-operating expense, net |
3.8 |
|
|
8.1 |
|
|
35.7 |
|
|
18.9 |
|
Loss before income taxes |
(66.1 |
) |
|
(69.5 |
) |
|
(224.6 |
) |
|
(200.1 |
) |
Income tax expense (benefit) |
0.4 |
|
|
(3.0 |
) |
|
8.7 |
|
|
(4.0 |
) |
Net loss from continuing operations |
(66.5 |
) |
|
(66.5 |
) |
|
(233.3 |
) |
|
(196.1 |
) |
Net loss from discontinued operations |
— |
|
|
(41.6 |
) |
|
— |
|
|
(178.8 |
) |
Net loss |
(66.5 |
) |
|
(108.1 |
) |
|
(233.3 |
) |
|
(374.9 |
) |
Net income from discontinued operations attributable to noncontrolling interest |
— |
|
|
0.8 |
|
|
— |
|
|
1.4 |
|
Net loss attributable to controlling interest |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
||||
Basic and diluted loss per share |
|
|
|
|
|
|
|
||||
Continuing operations |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Net loss attributable to controlling interest |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
||||
Weighted average shares - basic and diluted (in thousands) |
123,597 |
|
|
112,891 |
|
|
118,917 |
|
|
112,330 |
|
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(unaudited) |
|||||
(in millions of |
|
|
|
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash, cash equivalents, and short-term investments |
|
|
|
|
|
Accounts receivable, net |
122.4 |
|
|
95.9 |
|
Inventories |
219.4 |
|
|
166.6 |
|
Income taxes receivable |
6.9 |
|
|
6.4 |
|
Prepaid expenses |
32.3 |
|
|
25.7 |
|
Other current assets |
169.3 |
|
|
27.9 |
|
Current assets held for sale |
1.6 |
|
|
1.6 |
|
Total current assets |
1,838.0 |
|
|
1,478.7 |
|
Property and equipment, net |
1,390.0 |
|
|
1,292.3 |
|
|
359.2 |
|
|
359.2 |
|
Intangible assets, net |
128.3 |
|
|
140.5 |
|
Long-term receivables |
2.5 |
|
|
138.4 |
|
Deferred tax assets |
0.9 |
|
|
1.0 |
|
Other assets |
33.8 |
|
|
35.5 |
|
Long-term assets of discontinued operations |
— |
|
|
1.2 |
|
Total assets |
|
|
|
|
|
|
|
|
|
||
Liabilities and Shareholders' Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable and accrued expenses |
|
|
|
|
|
Accrued contract liabilities |
31.4 |
|
|
22.9 |
|
Income taxes payable |
8.3 |
|
|
0.4 |
|
Finance lease liabilities |
0.5 |
|
|
5.2 |
|
Other current liabilities |
34.1 |
|
|
38.6 |
|
Current liabilities of discontinued operations |
— |
|
|
0.6 |
|
Total current liabilities |
322.6 |
|
|
448.8 |
|
|
|
|
|
||
Long-term liabilities: |
|
|
|
||
Convertible notes, net |
1,008.4 |
|
|
823.9 |
|
Deferred tax liabilities |
3.1 |
|
|
2.5 |
|
Finance lease liabilities - long-term |
9.7 |
|
|
10.0 |
|
Other long-term liabilities |
18.5 |
|
|
44.5 |
|
Long-term liabilities of discontinued operations |
— |
|
|
0.6 |
|
Total long-term liabilities |
1,039.7 |
|
|
881.5 |
|
|
|
|
|
||
Shareholders’ equity: |
|
|
|
||
Common stock |
0.2 |
|
|
0.1 |
|
Additional paid-in-capital |
4,204.6 |
|
|
3,676.8 |
|
Accumulated other comprehensive (loss) income |
(18.0 |
) |
|
2.7 |
|
Accumulated deficit |
(1,796.4 |
) |
|
(1,563.1 |
) |
Total shareholders’ equity |
2,390.4 |
|
|
2,116.5 |
|
Total liabilities and shareholders’ equity |
|
|
|
|
|
|
|||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(unaudited) |
|||||
|
Nine months ended |
||||
(in millions of |
|
|
|
||
Operating activities: |
|
|
|
||
Net loss |
( |
) |
|
( |
) |
Net loss from discontinued operations |
— |
|
|
(178.8 |
) |
Net loss from continuing operations |
(233.3 |
) |
|
(196.1 |
) |
Adjustments to reconcile net loss from continuing operations to cash used in operating activities: |
|
|
|
||
Depreciation and amortization |
97.9 |
|
|
88.6 |
|
Amortization of debt issuance costs and discount, net of non-cash capitalized interest |
12.9 |
|
|
26.1 |
|
Stock-based compensation |
45.2 |
|
|
40.3 |
|
Loss on extinguishment of debt |
24.8 |
|
|
— |
|
Loss on disposal or impairment of long-lived assets |
1.0 |
|
|
3.7 |
|
Amortization of premium/discount on investments |
4.5 |
|
|
4.9 |
|
Realized gain on sale of investments |
(0.3 |
) |
|
(0.3 |
) |
Gain on equity investment |
— |
|
|
(7.9 |
) |
Foreign exchange gain on equity investment |
— |
|
|
(3.4 |
) |
Deferred income taxes |
0.7 |
|
|
0.5 |
|
Changes in operating assets and liabilities: |
|
|
|
||
Accounts receivable, net |
(26.5 |
) |
|
(11.7 |
) |
Inventories |
(61.6 |
) |
|
(25.4 |
) |
Prepaid expenses and other assets |
(3.3 |
) |
|
(28.2 |
) |
Accounts payable, trade |
11.3 |
|
|
27.2 |
|
Accrued salaries and wages and other liabilities |
6.5 |
|
|
12.5 |
|
Accrued contract liabilities |
(3.2 |
) |
|
10.3 |
|
Net cash used in operating activities of continuing operations |
(123.4 |
) |
|
(58.9 |
) |
Net cash used in operating activities of discontinued operations |
— |
|
|
(16.6 |
) |
Cash used in operating activities |
(123.4 |
) |
|
(75.5 |
) |
Investing activities: |
|
|
|
||
Purchases of property and equipment |
(535.5 |
) |
|
(394.0 |
) |
Purchases of patent and licensing rights |
(4.2 |
) |
|
(3.6 |
) |
Proceeds from sale of property and equipment, including insurance proceeds |
2.7 |
|
|
0.2 |
|
Purchases of short-term investments |
(408.2 |
) |
|
(342.1 |
) |
Proceeds from maturities of short-term investments |
135.5 |
|
|
335.6 |
|
Proceeds from sale of short-term investments |
223.2 |
|
|
28.1 |
|
Reimbursement of property and equipment purchases from long-term incentive agreement |
83.5 |
|
|
— |
|
Proceeds from sale of business, net, including receipt of note receivable |
125.0 |
|
|
36.6 |
|
Net cash used in investing activities of continuing operations |
(378.0 |
) |
|
(339.2 |
) |
Net cash used in investing activities of discontinued operations |
— |
|
|
(0.3 |
) |
Cash used in investing activities |
(378.0 |
) |
|
(339.5 |
) |
Financing activities: |
|
|
|
||
Proceeds from long-term debt borrowings |
20.0 |
|
|
30.0 |
|
Payments on long-term debt borrowings, including finance lease obligations |
(20.4 |
) |
|
(30.3 |
) |
Proceeds from issuance of common stock |
11.7 |
|
|
530.1 |
|
Tax withholding on vested equity awards |
(26.1 |
) |
|
(31.7 |
) |
Proceeds from convertible notes |
750.0 |
|
|
— |
|
Payments of debt issuance costs |
(17.7 |
) |
|
— |
|
Cash paid for capped call transactions |
(108.2 |
) |
|
— |
|
Commitment fee on long-term incentive agreement |
(1.0 |
) |
|
(0.5 |
) |
Cash provided by financing activities |
608.3 |
|
|
497.6 |
|
Effects of foreign exchange changes on cash and cash equivalents |
— |
|
|
0.2 |
|
Net change in cash and cash equivalents |
106.9 |
|
|
82.8 |
|
Cash and cash equivalents, beginning of period |
379.0 |
|
|
448.8 |
|
Cash and cash equivalents, end of period |
|
|
|
|
|
Non-GAAP Measures of Financial Performance
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP,
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.
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
For its internal budgeting process, and as discussed further below,
Stock-based compensation expense. This expense consists of expenses for stock options, restricted stock, performance stock awards and employee stock purchases through its Employee Stock Purchase Program.
Amortization or impairment of acquisition-related intangibles.
Factory optimization restructuring. In
Severance and other restructuring. These costs relate to the Company's realignment of certain resources as part of the Company's transition to a more focused semiconductor company.
Project, transformation and transaction costs. The Company has incurred professional services fees and other costs associated with completed and potential acquisitions and divestitures, as well as internal transformation programs focused on optimizing the Company's administrative processes.
Factory optimization start-up costs. As part of the factory optimization plan, the Company has incurred and will incur start-up costs.
Non-restructuring related executive severance. The Company has incurred costs in conjunction with the termination of key executive personnel.
Transition service agreement costs. As a result of the sale of the Lighting Products business unit, the Company provided certain information technology services under a transition services agreement which will not be reimbursed.
Net changes in fair value of investment in ENNOSTAR. Prior to the Company liquidating its interests in ENNOSTAR in fiscal 2021, the Company's common stock ownership investment in ENNOSTAR, Inc. was accounted for utilizing the fair value option. As such, changes in fair value were recognized in income, including fluctuations due to the exchange rate between the New
Interest income on transaction-related note receivable. In connection with the completed sale of the LED Products business unit to SGH and its wholly owned acquisition subsidiary
Loss on debt extinguishment related to the conversion of 2023 Notes. In the second quarter of fiscal 2022, all outstanding
Accretion on convertible notes, net of capitalized interest. The issuance of the Company's convertible senior notes in
Loss on early payment of transaction-related note receivable. In the third quarter of fiscal 2022, the Company received an early payment for the Purchase Price Note. The principal amount of
Loss on Wafer Supply Agreement. In connection with the completed sale of the LED Products business unit to SMART, the Company entered into a Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), pursuant to which the Company supplies CreeLED with certain Silicon Carbide materials and fabrication services for up to four years.
Income tax adjustment. This amount reconciles GAAP tax (benefit) expense to a calculated non-GAAP tax (benefit) expense utilizing a non-GAAP tax rate. The non-GAAP tax rate estimates an appropriate tax rate if the listed non-GAAP items were excluded. This reconciling item adjusts non-GAAP net (loss) income from continuing operations to the amount it would be if the calculated non-GAAP tax rate was applied to non-GAAP (loss) income before income taxes.
|
|||||||||||
Reconciliation of GAAP to Non-GAAP Measures |
|||||||||||
(in millions of |
|||||||||||
(unaudited) |
|||||||||||
Non-GAAP Gross Margin |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
|
|
|
|
|
||||
GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin percentage |
34 |
% |
|
32 |
% |
|
33 |
% |
|
32 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
4.2 |
|
|
4.1 |
|
|
11.5 |
|
|
11.2 |
|
Factory optimization restructuring |
— |
|
|
— |
|
|
— |
|
|
1.0 |
|
Non-GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross margin percentage |
36 |
% |
|
35 |
% |
|
35 |
% |
|
35 |
% |
Non-GAAP Operating Loss |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
|
|
|
|
|
||||
GAAP operating loss |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
GAAP operating loss percentage |
(33 |
) % |
|
(45 |
) % |
|
(36 |
) % |
|
(48 |
) % |
Adjustments: |
|
|
|
|
|
|
|
||||
Stock-based compensation expense: |
|
|
|
|
|
|
|
||||
Cost of revenue, net |
4.2 |
|
|
4.1 |
|
|
11.5 |
|
|
11.2 |
|
Research and development |
2.3 |
|
|
2.1 |
|
|
7.3 |
|
|
6.7 |
|
Sales, general and administrative |
8.7 |
|
|
6.7 |
|
|
26.4 |
|
|
22.4 |
|
Total stock-based compensation expense |
15.2 |
|
|
12.9 |
|
|
45.2 |
|
|
40.3 |
|
Amortization or impairment of acquisition-related intangibles |
3.4 |
|
|
3.7 |
|
|
10.6 |
|
|
10.9 |
|
Factory optimization restructuring |
0.8 |
|
|
3.8 |
|
|
5.5 |
|
|
7.7 |
|
Severance and other restructuring |
0.5 |
|
|
0.6 |
|
|
0.5 |
|
|
3.4 |
|
Project, transformation and transaction costs |
0.6 |
|
|
3.7 |
|
|
6.9 |
|
|
6.7 |
|
Factory optimization start-up costs |
21.4 |
|
|
1.8 |
|
|
41.0 |
|
|
6.0 |
|
Non-restructuring related executive severance |
— |
|
|
2.8 |
|
|
— |
|
|
2.8 |
|
Transition service agreement costs |
— |
|
|
0.1 |
|
|
— |
|
|
5.0 |
|
Total adjustments to GAAP operating loss |
41.9 |
|
|
29.4 |
|
|
109.7 |
|
|
82.8 |
|
Non-GAAP operating loss |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Non-GAAP operating loss percentage |
(11 |
) % |
|
(23 |
) % |
|
(15 |
) % |
|
(26 |
) % |
Non-GAAP Non-Operating Income (Expense), net |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
|
|
|
|
|
||||
GAAP non-operating expense, net |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Adjustments: |
|
|
|
|
|
|
|
||||
Net changes in the fair value of ENNOSTAR investment |
— |
|
|
(1.1 |
) |
|
— |
|
|
(11.3 |
) |
Interest income on transaction-related note receivable |
(0.5 |
) |
|
— |
|
|
(2.7 |
) |
|
— |
|
Loss on debt extinguishment related the conversion of 2023 Notes |
— |
|
|
— |
|
|
24.8 |
|
|
— |
|
Accretion on convertible notes, net of capitalized interest |
3.9 |
|
|
8.0 |
|
|
12.9 |
|
|
26.1 |
|
Loss on early payment of transaction-related note receivable |
1.2 |
|
|
— |
|
|
1.2 |
|
|
— |
|
Loss on Wafer Supply Agreement |
0.5 |
|
|
0.1 |
|
|
1.4 |
|
|
0.1 |
|
Non-GAAP non-operating income (expense), net |
|
|
|
( |
) |
|
|
|
|
( |
) |
Non-GAAP Net Loss |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
|
|
|
|
|
||||
GAAP net loss from continuing operations |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Adjustments: |
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
15.2 |
|
|
12.9 |
|
|
45.2 |
|
|
40.3 |
|
Amortization or impairment of acquisition-related intangibles |
3.4 |
|
|
3.7 |
|
|
10.6 |
|
|
10.9 |
|
Factory optimization restructuring |
0.8 |
|
|
3.8 |
|
|
5.5 |
|
|
7.7 |
|
Severance and other restructuring |
0.5 |
|
|
0.6 |
|
|
0.5 |
|
|
3.4 |
|
Project, transformation and transaction costs |
0.6 |
|
|
3.7 |
|
|
6.9 |
|
|
6.7 |
|
Factory optimization start-up costs |
21.4 |
|
|
1.8 |
|
|
41.0 |
|
|
6.0 |
|
Non-restructuring related executive severance |
— |
|
|
2.8 |
|
|
— |
|
|
2.8 |
|
Transition service agreement costs |
— |
|
|
0.1 |
|
|
— |
|
|
5.0 |
|
Net changes in the fair value of ENNOSTAR investment |
— |
|
|
(1.1 |
) |
|
— |
|
|
(11.3 |
) |
Interest income on transaction-related note receivable |
(0.5 |
) |
|
— |
|
|
(2.7 |
) |
|
— |
|
Loss on debt extinguishment related the conversion of 2023 Notes |
— |
|
|
— |
|
|
24.8 |
|
|
— |
|
Accretion on convertible notes, net of capitalized interest |
3.9 |
|
|
8.0 |
|
|
12.9 |
|
|
26.1 |
|
Loss on early payment of transaction-related note receivable |
1.2 |
|
|
— |
|
|
1.2 |
|
|
— |
|
Loss on Wafer Supply Agreement |
0.5 |
|
|
0.1 |
|
|
1.4 |
|
|
0.1 |
|
Total adjustments to GAAP net loss from continuing operations before provision for income taxes |
47.0 |
|
|
36.4 |
|
|
147.3 |
|
|
97.7 |
|
Income tax adjustment - benefit (expense) |
5.2 |
|
|
5.4 |
|
|
29.3 |
|
|
20.6 |
|
Non-GAAP net loss from continuing operations |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
||||
Non-GAAP diluted loss per share from continuing operations |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Non-GAAP weighted average shares (in thousands) |
123,597 |
|
|
112,891 |
|
|
118,917 |
|
|
112,330 |
|
Free Cash Flow |
|||||||||||
|
Three months ended |
|
Nine months ended |
||||||||
|
|
|
|
|
|
|
|
||||
Net cash used in operating activities from continuing operations |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Less: PP&E spending, net of reimbursements from long-term incentive agreement |
(101.2 |
) |
|
(136.5 |
) |
|
(452.0 |
) |
|
(394.0 |
) |
Less: Patents spending |
(1.6 |
) |
|
(1.7 |
) |
|
(4.2 |
) |
|
(3.6 |
) |
Total free cash flow |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Business Outlook Unaudited GAAP to Non-GAAP Reconciliation
|
|
Three Months Ended |
(in millions of |
|
|
GAAP net loss outlook range |
|
( |
Adjustments: |
|
|
Stock-based compensation expense |
|
16 |
Amortization or impairment of acquisition-related intangibles |
|
3 |
Factory optimization restructuring and start-up costs |
|
34 |
Accretion on convertible notes, net of capitalized interest |
|
9 |
Severance and other restructuring |
|
1 |
Project, transformation, transaction and transition costs |
|
2 |
Total adjustments to GAAP net loss before provision for income taxes |
|
65 |
Income tax adjustment |
|
4 |
Non-GAAP net loss outlook range |
|
( |
Category: Investors
View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006014/en/
Vice President, Investor Relations
Phone: 919-407-4820
investorrelations@wolfspeed.com
Source:
FAQ
What were Wolfspeed's earnings for Q3 FY2022?
What is Wolfspeed's projected revenue for Q4 FY2022?
What is the GAAP net loss for Wolfspeed in Q3 FY2022?
How does Wolfspeed's non-GAAP loss compare year-over-year?