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10-Q quarterly report · filed Jan 31, 2019

Wolfspeed Inc (WOLF) Q4 2018 10-Q Quarterly Report

WOLF overviewOriginal on SEC EDGAR
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Wolfspeed Inc (WOLF) filed its Q4 2018 10-Q quarterly report on Jan 31, 2019 for the quarter ended Dec 30, 2018.

Wolfspeed Inc Q4 2018 10-Q analysis

AI summary of MD&A and risk factor updates

Management Discussion & Analysis

  • Revenue $413.0M, up 12% YoY from $367.9M, driven by Wolfspeed revenue of $135.3M, up 92%
  • Consolidated gross margin 32.7% vs 25.2% YoY, operating margin 1.8% vs (7.1)%
  • Best segment Wolfspeed: revenue $135.3M, gross margin 47.8%; worst revenue trend Lighting Products: $132.5M, down 8%
  • Cash, equivalents and short-term investments $724M vs $387M; operating cash flow $126.3M for six months
  • $575M Notes issuance, $292M line-of-credit repayment; fiscal 2019 capital investment target $220M
  • Headwinds: China tariff and trade uncertainty, North American commercial lighting softness; focus on higher-margin business

Risk Factors

  • New GDPR compliance risk, effective May 25, 2018, increasing exposure from cybersecurity incidents involving European personal data
  • Tariff and export-control risk, April 2018 ZTE export ban reduced near-term revenue and profit
  • Wolfspeed capacity constraint, demand exceeds production capacity, creating extended customer lead times
  • Acquisition integration risk, Infineon RF Power business integration adds personnel, supply-chain and systems complexity
  • Debt covenant risk, line-of-credit breaches could accelerate indebtedness and terminate further credit availability

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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