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To: slacker711 who wrote (10414)	8/19/2021 10:50:44 AM
From: slacker711	1 Recommendation Recommended By Lou Weed Respond to of 10660

Also, this from the 10k. Capex is much larger than they are indicating. sec.gov For fiscal 2022, we target approximately $475.0 million of net capital investment, which is primarily related to capacity and infrastructure projects to support longer-term growth and strategic priorities. This target is highly dependent on the timing and overall progress on the construction of our new silicon carbide fabrication facility in New York and is net of approximately $300.0 million of expected reimbursements from the State of New York Urban Development Corporation under the GDA.

To: slacker711 who wrote (10414)	8/21/2021 11:15:55 AM
From: EvanG	Read Replies (1) \| Respond to of 10660

Reynolds straight out says that the $1.5 billion revenue guide is now low. 2021 has turned out to be a massive growth year for SiC. Yole majorly revised up their 2021 estimates but they didn't revise later years. 2024 has yet to be revised up, it doesn't make sense that it just fizzles out. Infineon SiC revenue will be up 100% in its FY21. STMicroelectronics SiC revenue will be up at least 80% in its FY21. If you back out II-VI SiC revenue from their transcripts, SiC revenue was up at least 50% in their just reported FY21. Growth in just those 3 companies combined for over 70% of Cree yearly revenue, pretty significant. Yole estimate from Q2 2021: Yole estimate from Q1 2020: