II-VI Incorporated发布2021财年第一季度业绩报告
时间：2020-12-28 10:12:56
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[导读]季度收入7.281亿美元GAAP季度营收1.011亿美元非GAAP季度营收1.389亿美元GAAP季度每股收益0.38美元非GAAP季度每股收益0.84美元2020年9月30日的净债务杠杆率为1.3倍
- 季度收入7.281亿美元
- GAAP季度营收1.011亿美元
- 非GAAP季度营收1.389亿美元
- GAAP季度每股收益0.38美元
- 非GAAP季度每股收益0.84美元
- 2020年9月30日的净债务杠杆率为1.3倍，低于2020年6月30日的3.8倍1
匹兹堡, Nov. 16, 2020 (GLOBE NEWSWIRE) -- II-VI Incorporated（Nasdaq：IIVI）（简称“II-VI”、“我们”或“公司”）今天公布了2021财年第一季度（截至2020年9月30日）业绩。
“面对新冠疫情，我们继续坚持不懈地专注于风险管理和员工安全，在2021财年第一季度取得了许多亮点。我们本季度成绩卓著，包括：多元化和广泛的产品组合持续占据领导地位；强劲的业绩彰显出我们在所有终端市场的扩张趋势；适应了新的贸易限制；在3D传感市场中所占的份额进一步增大等等。2020年9月24日是我们完成史上最大一笔收购12个月的纪念日，展示出我们在识别和扩展并购整合技能方面的能力。我们实现了收入的增长，提前实现了协同效应，毛利率提高了330个基点，并重新吸引到许多在交易获得批准之前处于观望状态的客户，我对此感到非常高兴。我们看到市场对于我们数据通信和电信产品的需求在不断攀升，因此这项及时的收购过去一直并且未来将继续与我们的战略保持一致，即依靠5G、云计算等世界上最大的大趋势实现可持续增长，”小Vincent D. (Chuck) Mattera博士表示。
Mattera博士继续说道：“我们在3D传感市场中所占的份额较去年增长了200%，尽管有新的贸易限制，我们仍然在整个季度取得强劲的业绩。在股东的热情支持下，我们成功融资9.2亿美元，巩固了资产负债表，将净债务杠杆率1 降至1.3倍，现金余额增至6.84亿美元。在Finisar整合过程中，随着对Ascatron和Innovion并购的完成，我们继续为II-VI寻求增值增长机会，将我们在SiC材料方面的专业知识扩展到模块和设备中，以满足运输电气化加速带来的电力市场需求的预期增长。”
____________
1 净债务杠杆率根据信贷协议的条款计算。
| Table 1 | |||||||||||
| Financial Metrics | |||||||||||
| $ Millions, except per share amounts and % | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Revenues | $ | 728.1 | $ | 746.2 | $ | 340.4 | |||||
| GAAP Gross Profit | $ | 286.6 | $ | 302.2 | $ | 123.1 | |||||
| Non-GAAP Gross Profit (2) | $ | 288.4 | $ | 315.7 | $ | 123.7 | |||||
| GAAP Operating Income (Loss) (1) | $ | 101.1 | $ | 67.4 | $ | (18.5 | ) | ||||
| Non-GAAP Operating Income (2) | $ | 138.9 | $ | 124.6 | $ | 49.0 | |||||
| GAAP Net Earnings (Loss) | $ | 46.3 | $ | 51.3 | $ | (26.0 | ) | ||||
| Non-GAAP Net Earnings (2) | $ | 100.4 | $ | 117.8 | $ | 35.8 | |||||
| GAAP Diluted Earnings (Loss) Per Share | $ | 0.38 | $ | 0.53 | $ | (0.39 | ) | ||||
| Non-GAAP Diluted Earnings Per Share (2)(3) | $ | 0.84 | $ | 1.18 | $ | 0.53 | |||||
| Other Selected Financial Metrics | |||||||||||
| GAAP Gross margin | 39.4% | 40.5% | 36.2% | ||||||||
| Non-GAAP gross margin (2) | 39.6% | 42.3% | 36.3% | ||||||||
| GAAP Operating margin | 13.9% | 9.0% | (5.4)% | ||||||||
| Non-GAAP operating margin (2) | 19.1% | 16.7% | 14.4% | ||||||||
| GAAP Return on sales | 6.4% | 6.9% | (7.6)% | ||||||||
| Non-GAAP return on sales (2) | 13.8% | 15.8% | 10.5% | ||||||||
| (1 | ) | GAAP营业收入（亏损）是指在扣除所得税、利息费用和其他费用前的营利（损失）或净收入。 |
| (2 | ) | 所有非GAAP金额均不包括针对股权激励的某些调整、获得的无形摊销费用、某些一次性交易费用、公允价值计量期间的调整以及重组和相关项目。有关GAAP指标与非GAAP指标的对账，请参阅表4。 |
| (3 | ) | 2019年9月30日期间按非GAAP计算的每股普通股摊销收益已从0.56美元加以更新，以计入2022年到期的0.25%可转换优先债券（“2022年可转换优先债券”）的稀释影响因素。 |
展望
预计第二财政季度（截至2020年12月31日）的收入为7.5至7.8亿美元，按非GAAP计算的每股摊薄收益为0.86至0.95美元。这是按照今天的汇率和今天的预计税收影响24％计算而成。这两者都可能发生变化。对于非GAAP每股收益，我们在GAAP税前收益中增加了2100万美元的摊销、1700万美元的股票补偿金以及200万美元的交易成本。非GAAP调整本质上高度不稳定，并且我们无法确知未来可能出现的波动范围。
电话会议和网络直播信息
公司将于 2020年11月5日星期四上午9点（东部时间）召开电话会议，讨论这些结果。想要参与网络直播的个人可以访问公司网站www.ii-vi.com或通过https://tinyurl.com/IIVIQ1FY21Earnings参加该活动。如果想要参加电话会议，美国境内用户请拨打+1 (877) 316-5288，美国境外用户请拨打+1 (734) 385-4977。要加入电话会议，请输入ID# 4349251，然后提供您的姓名和公司隶属关系。
电话会议会被录音，不能出席现场电话会议的感兴趣的各方可重播了解会议内容。这项服务将持续到晚上11:59。东部时间2020年11月9日星期一，美国境内用户请拨打+1 (855) 859-2056，美国境外用户请拨打+1 (404) 537-3406，然后输入ID# 4349251。
关于II-VI Incorporated
II-VI Incorporated是工程材料和光电子元件领域的全球领先企业，是一家垂直整合的制造公司，致力于为通信、材料加工、航空航天与国防、半导体资本设备、生命科学、消费电子产品和汽车市场的多样化应用开发创新产品。公司总部位于宾夕法尼亚州萨克森堡，在全球范围内设有研发、制造、销售、服务和分销机构。公司生产各种适合特定应用的光学和电子材料及组件，并以各种形式进行部署（包括与高级软件集成），以支持我们的客户。如需更多信息，请访问www.ii-vi.com。
前瞻性陈述
本新闻稿包含与未来事件和预期相关的前瞻性陈述，这些声明均基于特定假设和或有情况。这些前瞻性陈述根据《1995年美国私人证券诉讼改革法案》中的安全港条款作出，并且与公司未来的业绩有关。本新闻稿中的前瞻性陈述涉及风险和不确定性，实际结果、业绩或趋势可能与本新闻稿或之前披露的前瞻性陈述中所表达的内容存在重大差异。
公司认为，其在本新闻稿中所作的所有前瞻性陈述均具有合理的依据，但不能保证前瞻性陈述中所表达的管理层的期望、信念或预测将真实发生或证明是正确的。除了一般行业和全球经济状况之外，可能导致实际结果与本新闻稿前瞻性陈述中讨论的内容出现重大差异的因素包括但不限于：（i）上述任何一个或多个假设未能被证明是正确的；（ii）在截止2020年6月30日的公司财年报告（表10-K）中关于前瞻性陈述和其他“风险因素”讨论的风险；（iii）客户和最终用户的采购模式；（iv）新产品的及时发布，以及市场对这种新产品的接受度；（v）竞争对手推出新产品以及其他竞争对策；（vi）公司吸收最近收购业务的能力，以及与此类收购相关的风险、成本和不确定性；（vii）公司制定和执行战略以应对市场状况的能力；和（或）（viii）当下的新冠疫情以及可能出现的任何其他全球卫生流行病和疫情可能带来的商业与经济中断风险。公司不承担任何因新信息、未来事件或动向或者其他原因而需更新这些前瞻性陈述中所含信息的责任。
非GAAP财务指标的使用
公司在本新闻稿中披露了包含被视为非GAAP财务指标的财务信息的财务指标。尽管公司管理层会使用这些指标来辅助监控公司持续的财务表现，但这些指标并不能替代GAAP指标。非GAAP净收益、非GAAP每股收益、非GAAP营收、非GAAP毛利、非GAAP内部研发、非GAAP销售、行政管理费用、非GAAP利息和其他（收入）支出以及非GAAP所得税（收益）分别衡量收入和营收（亏损），但管理层认为超出公司标准运营范围的非经常性或异常项目以及某些非现金项目除外。EBITDA是经调整的非GAAP财务指标，管理层认为该指标在衡量行业内公司之间的盈利能力时很有用，它反映了公司的经营业绩，排除了非经营因素。非GAAP财务指标的使用存在局限性，包括由于计算方法之间的潜在差异，这些指标与其他公司使用的类似名称的指标可能不完全可比。因此，不能保证（i）非GAAP财务指标之外的项目未来会发生，或（ii）非GAAP财务指标之外的项目会产生现金成本。公司使用这些非GAAP财务指标作为GAAP财务指标的补充，并将非GAAP财务指标与最具可比性的GAAP财务指标进行调账，以弥补这些限制。投资者应将经调整的指标作为依据GAAP制定的财务业绩指标的补充，而不是让其替代或优先于这些指标。
| II-VI Incorporated and Subsidiaries | |||||||||||
| Condensed Consolidated Statement of Earnings (Loss) (Unaudited) | |||||||||||
| ($000 except per share data) | |||||||||||
| Three Months Ended | |||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Revenues | $ | 728,084 | $ | 746,290 | $ | 340,409 | |||||
| Costs, Expenses & Other Expense (Income) | |||||||||||
| Cost of goods sold | 441,520 | 444,153 | 217,269 | ||||||||
| Internal research and development | 78,248 | 100,489 | 36,120 | ||||||||
| Selling, general and administrative | 107,186 | 134,152 | 105,495 | ||||||||
| Interest expense | 17,214 | 25,521 | 6,968 | ||||||||
| Other expense (income), net | 24,339 | 1,264 | 5,079 | ||||||||
| Total Costs, Expenses, & Other Expense (Income) | 668,507 | 705,579 | 370,931 | ||||||||
| Earnings (Loss) Before Income Taxes | 59,577 | 40,711 | (30,522 | ) | |||||||
| Income Taxes | 13,311 | (10,550 | ) | (4,524 | ) | ||||||
| Net Earnings (Loss) | $ | 46,266 | $ | 51,261 | $ | (25,998 | ) | ||||
| Series A Mandatory Convertible Preferred Stock Dividends | 6,440 | — | — | ||||||||
| Net Earnings (Loss) available to the Common Shareholders | 39,826 | 51,261 | (25,998 | ) | |||||||
| Diluted Earnings (Loss) Per Share | $ | 0.38 | $ | 0.53 | $ | (0.39 | ) | ||||
| Basic Earnings (Loss) Per Share | $ | 0.39 | $ | 0.56 | $ | (0.39 | ) | ||||
| Average Shares Outstanding - Diluted | 105,247 | 102,142 | 65,969 | ||||||||
| Average Shares Outstanding - Basic | 102,809 | 91,517 | 65,969 | ||||||||
| II-VI Incorporated and Subsidiaries | |||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||
| ($000) | |||||||||
| September 30, | June 30, | ||||||||
| 2020 | 2020 | ||||||||
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and cash equivalents | $ | 683,985 | $ | 493,046 | |||||
| Accounts receivable | 577,127 | 598,124 | |||||||
| Inventories | 639,833 | 619,810 | |||||||
| Prepaid and refundable income taxes | 12,794 | 12,279 | |||||||
| Prepaid and other current assets | 78,003 | 65,710 | |||||||
| Total Current Assets | 1,991,742 | 1,788,969 | |||||||
| Property, plant & equipment, net | 1,218,575 | 1,214,772 | |||||||
| Goodwill | 1,254,338 | 1,239,009 | |||||||
| Other intangible assets, net | 757,770 | 758,368 | |||||||
| Investments | 75,188 | 73,767 | |||||||
| Deferred income taxes | 27,940 | 22,938 | |||||||
| Other assets | 145,066 | 136,891 | |||||||
| Total Assets | $ | 5,470,619 | $ | 5,234,714 | |||||
| Liabilities and Shareholders’ Equity | |||||||||
| Current Liabilities | |||||||||
| Current portion of long-term debt | $ | 62,050 | $ | 69,250 | |||||
| Accounts payable | 256,029 | 268,773 | |||||||
| Operating lease current liabilities | 24,142 | 24,634 | |||||||
| Accruals and other current liabilities | 302,672 | 310,236 | |||||||
| Total Current Liabilities | 644,893 | 672,893 | |||||||
| Long-term debt | 1,468,096 | 2,186,092 | |||||||
| Deferred income taxes | 55,031 | 45,551 | |||||||
| Operating lease liabilities | 99,566 | 94,701 | |||||||
| Other liabilities | 156,356 | 158,674 | |||||||
| Total Liabilities | 2,423,942 | 3,157,911 | |||||||
| Total Shareholders' Equity | 3,046,677 | 2,076,803 | |||||||
| Total Liabilities and Shareholders’ Equity | $ | 5,470,619 | $ | 5,234,714 | |||||
| II-VI Incorporated and Subsidiaries | |||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
| Three Months Ended | |||||||
| September 30, | |||||||
| 2020 | 2019 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net cash provided by (used in) operating activities | $ | 134,327 | $ | (25,615 | ) | ||
| Cash Flows from Investing Activities | |||||||
| Additions to property, plant & equipment | (33,792 | ) | (25,636 | ) | |||
| Purchases of businesses, net of cash acquired | (36,064 | ) | (1,036,609 | ) | |||
| Other investing activities | — | (1,940 | ) | ||||
| Net cash used in investing activities | (69,856 | ) | (1,064,185 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Proceeds from issuance of common shares | 460,000 | — | |||||
| Proceeds from issuance of preferred shares | 460,000 | — | |||||
| Proceeds from borrowings of Term A Facility | — | 680,000 | |||||
| Proceeds from borrowings of Term B Facility | — | 720,000 | |||||
| Proceeds from borrowings of Revolving Credit Facility | — | 160,000 | |||||
| Proceeds from borrowings under prior Credit Facility | — | 10,000 | |||||
| Payments on borrowings under prior Term Loan, Credit Facility and other loans | — | (172,780 | ) | ||||
| Payments on borrowings under Term A Facility | (15,513 | ) | — | ||||
| Payments on borrowings under Term B Facility | (714,600 | ) | — | ||||
| Payments on borrowings under Revolving Credit Facility | (25,000 | ) | — | ||||
| Debt issuance costs | — | (63,510 | ) | ||||
| Equity issuance costs | (36,092 | ) | — | ||||
| Proceeds from exercises of stock options | 1,083 | 2,975 | |||||
| Payments in satisfaction of employees' minimum tax obligations | (5,574 | ) | (9,418 | ) | |||
| Other financing activities | (1,329 | ) | (660 | ) | |||
| Net cash provided by financing activities | 122,975 | 1,326,607 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 3,493 | (2,128 | ) | ||||
| Net increase in cash and cash equivalents | 190,939 | 234,679 | |||||
| Cash and Cash Equivalents at Beginning of Period | 493,046 | 204,872 | |||||
| Cash and Cash Equivalents at End of Period | $ | 683,985 | $ | 439,551 | |||
| Table 2 | ||||||||||||||
| Segment Revenues, GAAP Operating Income (Loss) & Margins, and | ||||||||||||||
| Non-GAAP Operating Income (Loss) & Margins* | ||||||||||||||
| $ Millions, except % | ||||||||||||||
| (Unaudited) | Three Months Ended | |||||||||||||
| Sept 30, | Jun 30, | Sept 30, | ||||||||||||
| 2020 | 2020 | 2019 | ||||||||||||
| Revenues: | ||||||||||||||
| Photonic Solutions | $ | 497.7 | $ | 517.2 | $ | 141.4 | ||||||||
| Compound Semiconductors | 230.4 | 229.0 | 177.0 | |||||||||||
| Unallocated and Other | — | — | 22.1 | |||||||||||
| Consolidated | $ | 728.1 | $ | 746.2 | $ | 340.4 | ||||||||
| GAAP Operating Income (Loss): | ||||||||||||||
| Photonic Solutions | $ | 50.4 | $ | 49.1 | $ | 13.0 | ||||||||
| Compound Semiconductors | 50.7 | 19.6 | 26.5 | |||||||||||
| Unallocated and Other | — | (1.3 | ) | (58.0 | ) | |||||||||
| Consolidated | $ | 101.1 | $ | 67.4 | $ | (18.5 | ) | |||||||
| Non-GAAP Operating Income (Loss): | ||||||||||||||
| Photonic Solutions | $ | 78.2 | $ | 88.8 | $ | 17.9 | ||||||||
| Compound Semiconductors | 60.7 | 35.8 | 31.2 | |||||||||||
| Unallocated and Other | — | — | (0.2 | ) | ||||||||||
| Consolidated | $ | 138.9 | $ | 124.6 | $ | 49.0 | ||||||||
| GAAP Operating Margin: | ||||||||||||||
| Photonic Solutions | 10.1% | 9.5% | 9.2% | |||||||||||
| Compound Semiconductors | 22.0% | 8.6% | 15.0% | |||||||||||
| Unallocated and Other | NA | NA | NA | |||||||||||
| Consolidated | 13.9% | 9.0% | -5.4% | |||||||||||
| Non-GAAP Operating Margin: | ||||||||||||||
| Photonic Solutions | 15.7% | 17.2% | 12.7% | |||||||||||
| Compound Semiconductors | 26.4% | 15.6% | 17.6% | |||||||||||
| Unallocated and Other | NA | NA | NA | |||||||||||
| Consolidated | 19.1% | 16.7% | 14.4% | |||||||||||
| Table 3 | |||||||||||
| Reconciliation of Segment Non-GAAP Operating Income (Loss) to | |||||||||||
| GAAP Segment Operating Income (Loss) | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Non-GAAP Photonic Solutions Operating Income | $ | 78.2 | $ | 88.8 | $ | 17.9 | |||||
| Measurement period adjustment on long-lived assets | — | (1.9 | ) | — | |||||||
| Share-based compensation | (10.5 | ) | (17.9 | ) | (2.7 | ) | |||||
| Amortization of acquired intangibles | (17.3 | ) | (15.9 | ) | (2.1 | ) | |||||
| Restructuring and related expenses | — | (4.0 | ) | — | |||||||
| Photonic Solutions GAAP Operating Income (Loss) | $ | 50.4 | $ | 49.1 | $ | 13.0 | |||||
| Non-GAAP Compound Semiconductors Operating Income | $ | 60.7 | $ | 35.8 | $ | 31.2 | |||||
| Measurement period adjustment on long-lived assets | — | (7.2 | ) | — | |||||||
| Share-based compensation | (5.0 | ) | (6.1 | ) | (2.7 | ) | |||||
| Amortization of acquired intangibles | (2.9 | ) | (2.9 | ) | (2.0 | ) | |||||
| Transaction expenses related to acquisitions | (2.1 | ) | — | — | |||||||
| Compound Semiconductors GAAP Operating Income (Loss) | $ | 50.7 | $ | 19.6 | $ | 26.5 | |||||
| Non-GAAP Unallocated and Other Operating Income (Loss) | $ | — | $ | — | $ | (0.2 | ) | ||||
| Finisar results | — | — | 1.9 | ||||||||
| Transaction expenses related to acquisitions | — | (1.3 | ) | (5.4 | ) | ||||||
| Severance and related - Share-based compensation | — | — | (10.7 | ) | |||||||
| Severance and related - Other compensation | — | — | (7.7 | ) | |||||||
| Amortization of acquired intangibles | — | — | (2.0 | ) | |||||||
| Preliminary fair value adjustment on acquired inventory | — | — | (7.1 | ) | |||||||
| One-time costs related to the Finisar acquisition | — | — | (26.8 | ) | |||||||
| Unallocated and Other GAAP Operating Income (Loss) | $ | — | $ | (1.3 | ) | $ | (58.0 | ) | |||
| Total GAAP Operating Income (Loss) | $ | 101.1 | $ | 67.4 | $ | (18.5 | ) | ||||
| Non-GAAP Operating Income | $ | 138.9 | $ | 124.6 | $ | 48.9 | |||||
| * 由于四舍五入，金额可能不会重新计算。 | |||||||||||
| Table 4 | |||||||||||
| Reconciliation of GAAP Measures to non-GAAP Measures | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 (8) | |||||||||
| Gross profit on GAAP basis | $ | 286.6 | $ | 302.2 | $ | 123.1 | |||||
| Finisar results (1) | — | — | (6.5 | ) | |||||||
| Share-based compensation | 1.8 | 4.4 | — | ||||||||
| Fair value adjustment on acquired inventory (2) | — | — | 7.1 | ||||||||
| Measurement period adjustment on long-lived assets (3) | — | 9.1 | — | ||||||||
| Gross profit on non-GAAP basis | $ | 288.4 | $ | 315.7 | $ | 123.7 | |||||
| Internal research and development on GAAP basis | $ | 78.2 | $ | 100.5 | $ | 36.1 | |||||
| Share-based compensation (4) | (2.6 | ) | (6.1 | ) | (0.6 | ) | |||||
| Finisar results (1) | — | — | (2.9 | ) | |||||||
| Severance, restructuring and related costs (5) | — | (3.5 | ) | — | |||||||
| Internal research and development on non-GAAP basis | $ | 75.6 | $ | 90.9 | $ | 32.6 | |||||
| Selling, general and administrative on GAAP basis | $ | 107.2 | $ | 134.2 | $ | 105.5 | |||||
| Share-based compensation (4) | (11.1 | ) | (13.5 | ) | (4.8 | ) | |||||
| Transaction expenses related to acquisitions (3) | (2.1 | ) | (1.3 | ) | (32.4 | ) | |||||
| Finisar results (1) | — | — | (1.7 | ) | |||||||
| Severance, restructuring and related costs (5) | — | (0.5 | ) | (18.4 | ) | ||||||
| Amortization of acquired intangibles | (20.2 | ) | (18.8 | ) | (6.1 | ) | |||||
| Selling, general and administrative on non-GAAP basis | $ | 73.8 | $ | 100.2 | $ | 42.1 | |||||
| Operating income (loss) on GAAP basis | $ | 101.1 | $ | 67.5 | $ | (18.5 | ) | ||||
| Finisar results (1) | — | — | (1.9 | ) | |||||||
| Share-based compensation (4) | 15.5 | 24.0 | 5.4 | ||||||||
| Fair value adjustment on acquired inventory (2) | — | — | 7.1 | ||||||||
| Amortization of acquired intangibles | 20.2 | 18.8 | 6.1 | ||||||||
| Measurement period adjustment on long-lived assets (3) | — | 9.1 | — | ||||||||
| Severance, restructuring and related costs (5) | — | 4.0 | 18.4 | ||||||||
| Transaction expenses related to acquisitions (6) | 2.1 | 1.3 | 32.4 | ||||||||
| Operating income on non-GAAP basis | $ | 138.9 | $ | 124.6 | $ | 49.0 | |||||
| Table 4 | |||||||||||
| Reconciliation of GAAP Measures to non-GAAP Measures (Continued) | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 (8) | |||||||||
| Interest and other (income) expense, net on GAAP basis | $ | 41.5 | $ | 26.8 | $ | 12.0 | |||||
| Finisar results (1) | — | — | 0.3 | ||||||||
| Foreign currency exchange gains (losses), net | (4.7 | ) | (6.3 | ) | (1.1 | ) | |||||
| Additional interest expense related to Finisar acquisition (1) | — | — | (1.7 | ) | |||||||
| Debt extinguishment expense (5) (7) | (24.7 | ) | — | (3.9 | ) | ||||||
| Interest and other (income) expense, net on non-GAAP basis | $ | 12.1 | $ | 20.5 | $ | 5.6 | |||||
| Income taxes (benefit) on GAAP basis | $ | 13.3 | $ | (10.6 | ) | $ | (4.5 | ) | |||
| Tax impact of non-GAAP measures(8) | 13.1 | (2.6 | ) | 12.8 | |||||||
| Tax impact of fair value adjustments | — | (0.4 | ) | — | |||||||
| Income taxes (benefit) on non-GAAP basis | $ | 26.4 | $ | (13.6 | ) | $ | 8.3 | ||||
| Net earnings (loss) on GAAP basis | $ | 46.3 | $ | 51.3 | $ | (26.0 | ) | ||||
| Finisar results (1) | — | — | (1.6 | ) | |||||||
| Share-based compensation (4) | 15.5 | 24.0 | 5.4 | ||||||||
| Fair value adjustment on acquired inventory (2) | — | — | 7.1 | ||||||||
| Amortization of acquired intangibles | 20.2 | 18.8 | 6.2 | ||||||||
| Measurement period adjustment on long-lived assets (3) | — | 9.1 | — | ||||||||
| Transaction expenses related to acquisitions (6) | 2.1 | 1.3 | 32.4 | ||||||||
| Severance, restructuring and related costs (5) | — | 4.0 | 18.4 | ||||||||
| Foreign currency exchange (gains) losses, net | 4.7 | 6.3 | 1.1 | ||||||||
| Additional interest expense related to Finisar acquisition (5) | — | — | 1.7 | ||||||||
| Debt extinguishment expense (7) | 24.7 | — | 3.9 | ||||||||
| Tax impact of non-GAAP measures and fair value adjustments(8) | (13.1 | ) | 3.0 | (12.8 | ) | ||||||
| Net earnings on non-GAAP basis | $ | 100.4 | $ | 117.8 | $ | 35.8 | |||||
| Per share data: | |||||||||||
| Net earnings (loss) on GAAP basis | |||||||||||
| Diluted Earnings (Loss) Per Share | $ | 0.38 | $ | 0.53 | $ | (0.39 | ) | ||||
| Basic Earnings (Loss) Per Share | $ | 0.39 | $ | 0.56 | $ | (0.39 | ) | ||||
| Net earnings on non-GAAP basis | |||||||||||
| Diluted Earnings Per Share (9) | $ | 0.84 | $ | 1.18 | $ | 0.53 | |||||
| Basic Earnings Per Share | $ | 0.91 | $ | 1.29 | $ | 0.54 | |||||
| * 由于四舍五入，金额可能不会重新计算。 | |||||||||||
- Finisar业绩”包含收购日期期间（2019年9月24日至2019年9月30日）的Finisar合并运营，其中包括因收购融资而产生的额外利息费用和债务清偿费用。在截至2019年9月30日的三个月之后，Finisar业绩已合并到“光电解决方案”和“复合半导体”类目。
- 公允价值调整为710万美元，是对Finisar收购中所购存货的升值调整。
- 表示衡量期间调整对Finisar收购中所购长期资产的公允价值的折旧影响。
- 截至2019年9月30日的三个月里，股票补偿金支出总额包括1070万美元与遣散费相关的支出，如下方附注5所述。
- 重组和相关成本包括实现公司成本协同战略的费用。在收购Finisar方面，公司在截至2019年9月30日的三个月中记录了遣散费和挽留费1840万美元。这一数额中包括1070万美元的股票补偿金。
- 2020财年，交易成本主要代表与Finisar收购相关的收购和整合成本。
- 在截至2020年9月30日的三个月期间，公司记录了与B类贷款清偿相关的债务清偿费用2470万美元。
- 截至2019年9月30日的三个月的非GAAP财务指标已经过调整，以符合当期呈报。
- 2019年9月30日期间按非GAAP计算的每股普通股摊销收益已从0.56美元更新，将2022年到期的0.25%可转换优先债券（“2022年可转换优先债券”）的稀释影响考虑在内。
| Table 5 | |||||||||||
| Reconciliation of GAAP Net Income (Loss), EBITDA and Adjusted EBITDA | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Net earnings (loss) on GAAP basis | $ | 46.3 | $ | 51.3 | $ | (26.0 | ) | ||||
| Income taxes (benefit) | 13.3 | (10.6 | ) | (4.5 | ) | ||||||
| Depreciation and amortization | 64.7 | 73.8 | 26.9 | ||||||||
| Interest expense | 17.2 | 25.5 | 7.0 | ||||||||
| EBITDA (1) | $ | 141.5 | $ | 140.0 | $ | 3.5 | |||||
| EBITDA margin | 19.4 | % | 18.8 | % | 1.0 | % | |||||
| Fair value adjustment on acquired inventory | — | — | 7.1 | ||||||||
| Share-based compensation | 15.5 | 24.0 | 5.4 | ||||||||
| Transaction expenses related to other acquisitions | 2.1 | 1.3 | 32.4 | ||||||||
| Foreign currency exchange (gains) losses, net | 4.7 | 6.3 | 1.1 | ||||||||
| Severance, restructuring and related costs | — | 4.0 | 18.4 | ||||||||
| Debt extinguishment expense | 24.7 | — | 3.9 | ||||||||
| Special items - Other income (expense), net | — | — | 4.3 | ||||||||
| Adjusted EBITDA (2) | $ | 188.5 | $ | 175.6 | $ | 75.9 | |||||
| Adjusted EBITDA margin | 25.9 | % | 23.5 | % | 22.3 | % | |||||
| * 由于四舍五入，金额重新核算时或有出入。 | |||||||||||
| (1 | ) | EBITDA是指扣除利息、所得税、折旧和摊销前的收益。 |
| (2 | ) | 调整后EBITDA不包括股权激励、获得的无形资产摊销费用、某些一次性交易费用、重组及相关项目的影响、债务灭销费用和外币汇兑损益的影响等方面的非GAAP调整。 |
| Table 6 | |||||||||||
| GAAP Earnings Per Share Calculation | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Numerator | |||||||||||
| Net earnings (loss) | $ | 46.3 | $ | 51.3 | $ | (26.0 | ) | ||||
| Series A Mandatory Convertible Preferred Stock dividends | (6.4 | ) | — | — | |||||||
| Basic earnings available to common shareholders | $ | 39.8 | $ | 51.3 | $ | (26.0 | ) | ||||
| Effect of dilutive securities: | |||||||||||
| Add back interest on Convertible Senior Notes Due 2022 | $ | — | $ | 2.8 | $ | — | |||||
| Diluted earnings available to common shareholders | $ | 39.8 | $ | 54.1 | $ | (26.0 | ) | ||||
| Denominator | |||||||||||
| Weighted average shares (1) | 102.8 | 91.5 | 66.0 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Common stock equivalents | 2.4 | 3.2 | — | ||||||||
| 0.25% Convertible Senior Notes due 2022 | — | 7.3 | — | ||||||||
| Diluted weighted average common shares | 105.2 | 102.0 | 66.0 | ||||||||
| Basic earnings (loss) per common share | $ | 0.39 | $ | 0.56 | $ | (0.39 | ) | ||||
| Diluted earnings (loss) per common share | $ | 0.38 | $ | 0.53 | $ | (0.39 | ) | ||||
| * 由于四舍五入，金额重新核算时或有出入。 | ||
| (1 | ) | 截至2020年9月30日的三个月加权平均股份包括2020年7月因承销公开募股而发行的1070万普通股。 |
| Table 7 | |||||||||||
| Non-GAAP Earnings Per Share Calculation | |||||||||||
| $ Millions | |||||||||||
| (Unaudited) | Three Months Ended | ||||||||||
| Sept 30, | Jun 30, | Sept 30, | |||||||||
| 2020 | 2020 | 2019 | |||||||||
| Numerator | |||||||||||
| Net earnings on non-GAAP basis | $ | 100.4 | $ | 117.8 | $ | 35.8 | |||||
| Series A Mandatory Convertible Preferred Stock dividends | (6.4 | ) | — | — | |||||||
| Basic earnings available to common shareholders | $ | 94.0 | $ | 117.8 | $ | 35.8 | |||||
| Effect of dilutive securities: | |||||||||||
| Add back interest on Convertible Senior Notes Due 2022 | $ | 3.1 | $ | 2.8 | $ | 2.7 | |||||
| Add back Series A preferred stock dividends | 6.4 | — | — | ||||||||
| Diluted earnings available to common shareholders | $ | 103.5 | $ | 120.6 | $ | 38.5 | |||||
| Denominator | |||||||||||
| Weighted average shares (2) | 102.8 | 91.5 | 66.0 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Common stock equivalents | 2.4 | 3.2 | — | ||||||||
| 0.25% Convertible Senior Notes due 2022 | 7.3 | 7.3 | 7.3 | ||||||||
| Series A Mandatory Convertible Preferred Stock | 10.4 | — | — | ||||||||
| Diluted weighted average common shares | 123.0 | 102.0 | 73.3 | ||||||||
| Basic earnings (loss) per common share on non-GAAP basis | $ | 0.91 | $ | 1.29 | $ | 0.54 | |||||
| Diluted earnings (loss) per common share on non-GAAP basis(1) | $ | 0.84 | $ | 1.18 | $ | 0.53 | |||||
| * 由于四舍五入，金额重新核算时或有出入。 |
| (1) | 2019年9月30日期间按非GAAP计算的每股普通股摊销收益已从0.56美元加以更新，以计入2022年到期的0.25%可转换优先债券（“2022年可转换优先债券”）的稀释影响因素。 | ||
| (2) | 截至2020年9月30日的三个月加权平均股份包括2020年7月因承销公开募股而发行的1070万普通股。 | ||
| (3) | 截至2019年9月30日的三个月非GAPP每股收益已经过修订，以计入收购菲尼萨（Finisar）会计调整带来的税收影响，并使其符合本期列报方式。 |
联系方式：
Mary Jane Raymond
司库兼首席财务官
investor.relations@ii-vi.com
www.ii-vi.com/contact-us
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