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Cree (CREE) Q3 2021 Earnings Call Transcript

Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Cree third-quarter fiscal-year 2020 earnings conference call. [Operator instructions] Please be advised that today s conference may be recorded. [Operator instructions] I would now like to hand the conference over to your speaker today, Tyler Gronbach, vice president of investor relations. Please go ahead.
Tyler Gronbach
Vice President of Investor Relations
Thank you. And good afternoon, everyone. Welcome to Cree s third-quarter fiscal 2021 conference call. Today, Cree s CEO, Gregg Lowe; and Cree s CFO, Neill Reynolds, will report on the results for the third quarter of fiscal-year 2021.
Please note that we will be presenting non-GAAP financial results during today s call, which is consistent with how management measures Cree s results internally. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP ....

New York , United States , North Carolina , Canaccord Genuity , Craig Hettenbach , Craig Irwin , Jed Dorsheimer , Gary Mobley , Vivek Arya , Edward Snyder , Colin Rusch , America Merrill Lynch , Tyler Gronbach , Karl Ackerman Cowen , Jed Dorsheimer Canaccord Genuity , Karl Ackerman , Neill Reynolds , Jack Egan Charter , Craig Hettenbach Morgan Stanley , Ned Snyder , Jack Egan , Gregg Lowe , Morgan Stanley , Arrow Electronics , Vivek Arya Bank , European Commission ,

Cree completes sale of its LED business to SMART Global Holdings, Inc.

Cree completes sale of its LED business to SMART Global Holdings, Inc.
Date Announced: 04 Mar 2021
DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed
® business, today announced that it has completed the previously announced sale of its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. SMART will now license and incorporate the Cree LED brand name into the SMART portfolio of businesses, and Cree will change its corporate name to Wolfspeed later this year.

Under the transaction terms Cree will receive up to $300 million, which consists of a $50 million cash payment at close and a $125 million seller note to be paid upon maturity in 2023. Cree also has the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close, also pa ....

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