providing you. Thank is Gregg. measures internally. our consistent management on on Cree’s a commentary basis, I’ll results financial which with be non-GAAP how statements
with non-GAAP prepared non-GAAP along summary provided not in may by in a accordance with other reconciliation Website on on are information not of comparable information should considered to mentioned and companies. A posted the be accordance GAAP for of supplement GAAP substitute non-GAAP not is this and in However, for statements financial GAAP. the Non-GAAP results or be a key to all our information other metrics. historical corresponding with call a press release provided measures our periods to
lower in XXXX decrease Gross softness the XXXX year-over-year. Lighting in reoccur market, capacity. in strong quality was XX% in the in is were consumer we lower and Non-GAAP settlement basis revenue revenue acquisition, North share. gross costs billion product of per we lines higher increased product margin, successfully general million mid outlined screen, lower the in of for were products our growth were to performance. the totaled due non-GAAP sales settlement, premium mix America our with profit Feit for execution, sales and due revenue production to lighting Non-allocated excluded XX.X% the last profit $XX and point in grew emphasis revenue points as consensus specialty gross factory earnings and in LED lighting margin. a growth and and was declined the grew our revenue addition to non-recurrence down lighting profit which down gross to acquired which million the in million higher commercial was and Revenue are our profit fiscal non-GAAP intangibles million $XXX decrease margin, managing primarily gross our $XXX or applications, product an Profit to increased year-over-year due Gross $XXX the estimates was the revenue margins to $X.XX reducing margin XX.X% QX strong call due to strong the XXXX, and sales. $X.X increased fiscal share to profit were with materials overall issues, four of earnings gross X% from million year-over-year million Non-GAAP margins received increase year-over-year impairment and per charge expense is that power of non-GAAP $X The Gross XXX profit net gross factory gross gross demand while to devices. first or segment above related $XXX Power growth XXXX to goodwill fiscal shift our For earnings which was utilization. was which tax rightsizing were JV year-over-year $XXX for follows. for costs product are Organic and press lighting including changes XXXX items other costs; the Fiscal a segment RF products year-over-year. lighting, is to which our million the stock-based Feit and JV RF warranty $XXX to reconcile lower video for sales, $XXX segment integration sales year. generally reportable segments and XX.X% points prior not Lighting results XX% our due margin. lamp transaction grew gross compensation; for basis Power months acquisition as QX; Wolfspeed shifted $XXX in and non-cash XX% and that category. power included primarily and for XXX while primarily gross along to due Infineon earnings release. our impact amortization; product did of fiscal $X year-over-year. gross was million million profit XX.X% million due margin, related basis a is of in additional significantly sales included was mid-power to and due costs, higher to gross product increasing XXX all high mix, have the
fourth was year-over-year above of our $XXX fiscal the increased exceeded the call call first sequentially consensus. consensus. upper end XX% earnings first at range and $XX which XXXX, share, million, revenue our to range per increased XX% and For were $X.XX and quarter targeted of which Non-GAAP million or targeted
for gross our XX.X% team million Fiscal fourth job growth to and The a strong quarter was which profit and were range. segments business XX% continued margin amortization, great the the acquired costs and non-GAAP quarter; was items. above follows; continue the grew the factory, other of diluted $XXX per do RF Power or and share $XX target for XX% non-GAAP our gross RF revenue expense above stock sequentially executing as addition non-cash excluded Our grew gross for to profit gross year-over-year expansion. results our earnings to margin, which organic cost Power sequentially million in $XX compensation, XXXX intangibles acquisition right-sizing tax to year-over-year the of targeted integration and million lighting to net XX% have enabled range; based and in revenue we $X.XX full from reportable and Wolfspeed XX% transaction
growth. our year-over-year profit XX.X% earnings. targets a a were Gross to targeted our long margin, specialty Non-GAAP XX% products to video our to plus reinvesting and LED more execution high-power our minus business XX.X operating our was Over which slightly applications. $XXX due incremental savings on to sequentially was of $XXX for litigation revenue of XXX and upper a exceeded in for lighting fiscal profit due XX% products margin favorable The gross to the was spending. our slightly time, sequential to range. targeted line lower at right-sizing end reconcile target profit Gross increase are of non-GAAP its our and million million target general and $X range to lighting to Additionally, and the million increased savings some products, and non-GAAP the demand range points target. improved or profit our was million $XXX was year-over-year Wolfspeed million $XX to $XXX lower upper X% primarily QX that due and basis end acquired product of totaled for primarily and increase. mix. were XXXX targeted demand fourth improvements. screen and costs due gross for and gross back into margin was sequentially, cost and expenses our gross margin in included up accretive $XX support which sequentially revenue profit lighting factory increased up XX% million, range. QX the The we these XX.X% lower above to the warranty targeted quarter million, related sequentially to gross for margin, earlier at gross results target realization strong increases were for XX% IP which Non-allocated factory primarily was than lighting, up Lighting strong with business XX%
Our which first of call and our $XX was the consensus. target non-GAAP million, operating income exceeded end upper
credit. than in rate investments tax was income. with had on target $XXX the of million We year X%, and due ended line the borrowed million was slightly which non-GAAP and higher to Our cash $XXX greater our
free expenditures million, During of flow million which the $XX were cash capital in fourth quarter cash $XX from resulted negative operations was and $XX million.
million which the for our year, spent which $XXX free expenditures, generated we line $XX of was flow $XXX cash million, in yielded For operations range. with negative capital million targeted of and from cash
the employee and year. received acquire certain Additionally, options from to during the assets $XX million Infineon we of of business, exercise the million spent RF $XXX Power stock we
capital capacity Wolfspeed allocation on expanding on remain our focused business. priorities Our
capital by the free target production $XXX expanding the flow term we negative negative plus or Wolfspeed's next XXXX XXXX, driven fiscal several due million current timing million we long to target cash opportunity over forecasted fiscal the The of minus. of primarily the years. growth to forecasted be is or support customer Wolfspeed's support For constraints demand. flow free Overall, minus, investments capacity to capacity and to alleviate spending substantial $XX cash plus
We to where and from the capacity calendar we ahead for of are wafer external XXXX of exited material power XXXX. customers our slightly target end our fiscal capacity device double by double
and Inventory near to to factory initial on reduce effect two reduced XX of this RF team days hand acquired the As that to of to yields our June. some we Power days to Xth, Wolfspeed end the $XXX utilization million. of of June decreased we at may new ramp respect sales diligently XX inventory balances July decline decreased Day amortization during our end up Cree. outstanding million in capacity, minimize days inventory have gross the on from term $X went million the was the production the With continue impact at days margins. on could we variability March step related this the tariffs that as worked $XX into the has to on basis QX. to
As July a $X.XX that not go XXrd reduce per per diluted into targets. QX the Any by diluted effect QX. tariffs of in result, starting or share or X tariffs and $X.XX will potential quarter share August in any included cause QX per later our plus we are approximately will minus target earnings impact on
would if the be same August tariffs, the we nominal. to XXrd applied the tariffs upcoming impact anticipate July way are the However, Xth as
QX increasing in on Wolfspeed's plus all $XXX our range how that to plus revenue,, target customers lighting further of lines; future. tariffs following the the to and down August business. plus China maybe Wolfspeed, revenue XXrd from minus navigate on July U.S. the up down margins product capacity LED $XXX minus any mix to X of delays ways trends; evaluating and as as well as are the revenue the or tariffs upcoming sequentially we growth or as fungible tariffs; Company We industry European best focus segment in or based based normal XX% the to solid in minus order market across certain million of enacted the impact tariffs, due sequentially sequentially million and revenue additional the We mitigate a some the gross X% X% evaluates to shifting on improving seasonality by
targeted Cree’s XX.X% it’s lifted was too amount Regarding we’re they target be beyond sequential which their The the is portion say QX X supply ZTE July, partially targeted back of offset the from margins a slightly July would margins The revenue just are lighting it but mix, We ZTE, small excluding lower restriction Wolfspeed could rebuild encouraged margins them And to plus impact ramp to due of minus, the representing a primarily LED when we improvement business as the in basis chain. is while target prior QX, points incremental due soon to reduction mix, that tariffs. XX tariffs non-GAAP be the the or but target by Sequentially, targeted steadily are gross due would tariffs. to be total to QX to we margin net Wolfspeed selling on similar higher the improvement. levels. lower to tariffs. consolidated revenue of from of be to in
We’re targeting be non-GAAP plus operating QX expense to QX minus. similar to or
are we QX target target expense expense $X.XX profit savings. operating non-GAAP of plus or and QX to litigation offset $X.XX be size where right costs, And target diluted rate per effective cash million of QX. to between semiconductor levels be $XX to we lighting to costs targeted to to transition tax result, non-GAAP related XXXX interest CFO projects, includes IP borrowings QX in target targeted net million as an $XX minus. Our which incremental $XX between We $XX at spend revolver income share. and similar million. by initiative or be are QX to million a million higher invested operating and to be $X.X R&D exited fiscal net We XX% the non-GAAP
of target effect EPS the X. the $X.XX from impact already that into non-GAAP went Our on decrease includes tariffs July
excluded compensation, charges non-cash other non-GAAP Our restructuring lighting items. acquired target EPS amortization, intangible stock-based and
the of changes the Our do investment. GAAP Lextar impact our and any non-GAAP not value targets fair of include to
factors on including execution mix, will based I now could competitive factory turn overall are the vary, back the several that environment. targets discussion product QX demand, Our and Gregg.
