Short answer
Wolfspeed Inc (WOLF) filed its fiscal 2017 10-K annual report with the SEC on Aug 23, 2017. It reported revenue of $772M and net income of −$98M.
- Top risk flagged: Conflict-minerals compliance: Dodd-Frank Act and SEC disclosure rules increased sourcing, verification and reporting costs
FY2017 key financial metrics · XBRL
- Revenue
- $772M
- Net income
- −$98M
- Operating margin
- -2.4%
- Gross margin
- 56.3%
- EPS (diluted)
- −$1.00
- ROE
- -4.4%
- Operating cash flow
- $216M
Source: XBRL data from the Wolfspeed Inc (WOLF) FY2017 10-K on SEC EDGAR. USD.
Wolfspeed Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: LED lighting systems, LED chips/components, and wide-bandgap SiC/GaN semiconductor products
- Wolfspeed sale termination restored the business as continuing operations and a separate reportable segment
- New Cree Venture LED joint venture with San’an, $5.1 million contribution for 51% ownership
- Backlog $453.7 million, up from $181.7 million, including $36.3 million in U.S. Government research contracts
- Fiscal 2017 employee count: 6,039 regular full- and part-time employees
Management Discussion & Analysis
- Revenue $1.473B, down $143.627M or 9% YoY, led by Lighting Products decline of $187.666M
- Gross margin 30% vs 30%; operating loss $18.672M vs $10.471M
- Best segment: Wolfspeed revenue $221.231M, up 25%, gross profit $103.465M, margin 47%; worst: Lighting revenue $701.467M, down 21%
- Operating cash flow $215.9M; repurchases $104M for 4.4M shares; capex $87M; fiscal 2018 capital investment target $220M
- Outlook: growth targeted across all three businesses; risks include intense competition, pricing pressure, demand uncertainty and technology shifts
Risk Factors
- Conflict-minerals compliance: Dodd-Frank Act and SEC disclosure rules increased sourcing, verification and reporting costs
- Brexit uncertainty: UK referendum threatened demand across European markets where Wolfspeed operated
- Sole-source suppliers: Alternative qualification could take six months or longer, risking production interruptions
- Competitive disruption: OLED technology could reduce demand for LED backlighting
- CEO succession: Charles M. Swoboda’s 2017 departure created uncertainty during the permanent CEO search
Generated from the filing text; verify against the original. How to read a 10-K
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