Coherent Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Coherent Corp. has submitted its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and position.</b>

AI Summary

COHERENT CORP. (COHR) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Coherent Corp. filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. Coherent Corp. was formerly known as II-VI Inc. and changed its name on July 3, 1992. The filing includes data related to various financial instruments and stock types.

Why It Matters

For investors and stakeholders tracking COHERENT CORP., this filing contains several important signals. This 10-Q filing provides investors and analysts with updated financial information, including balance sheets, income statements, and cash flow statements, crucial for assessing the company's current health and future prospects. Understanding the details within this report is essential for making informed investment decisions regarding Coherent Corp. (COHR).

Risk Assessment

Risk Level: — COHERENT CORP. shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to identify trends in revenue, profitability, and debt levels.

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-06 — Filing Date (FILED AS OF DATE)
• 1992-07-03 — Name Change Date (DATE OF NAME CHANGE)
• 3827 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• COHERENT CORP. (company) — FILER
• II-VI INC (company) — FORMER COMPANY
• PA (location) — STATE OF INCORPORATION
• 0000820318-24-000004 (filing_id) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240206 (date) — FILED AS OF DATE

FAQ

Industry Context

Coherent Corp. operates in the optical instruments and lenses industry (SIC 3827). This filing provides insights into a company within this sector.

Regulatory Implications

The filing is a standard 10-Q report, adhering to SEC regulations for quarterly financial disclosures.

What Investors Should Do

1. Analyze the company's revenue streams and profitability by segment.
2. Examine the company's debt structure and liquidity position.
3. Review any disclosed risk factors or legal proceedings.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, following the previous fiscal year-end report.

Key Financial Figures

• $000 — solidated Balance Sheets (Unaudited) ($000) December 31, 2023 June 30, 2023 Asset

Filing Documents

• iivi-20231231.htm (10-Q) — 1581KB
• ex1005-formofcoherentcorpx.htm (EX-10.05) — 131KB
• ex1006-psuagreementcoheren.htm (EX-10.06) — 145KB
• ex1007-psuagreementcoheren.htm (EX-10.07) — 152KB
• ex1008-coherentcorprevised.htm (EX-10.08) — 167KB
• ex1009-coherentcorprevised.htm (EX-10.09) — 20KB
• ex3101-ceocertificationxfy.htm (EX-31.01) — 9KB
• ex3102-cfocertificationxfy.htm (EX-31.02) — 9KB
• ex3201-ceosoxxfy24q2.htm (EX-32.01) — 5KB
• ex3202-cfosoxxfy24q2.htm (EX-32.02) — 5KB
• image_0.jpg (GRAPHIC) — 109KB
• image_0b.jpg (GRAPHIC) — 7KB
• 0000820318-24-000004.txt (&nbsp;) — 9989KB
• iivi-20231231.xsd (EX-101.SCH) — 55KB
• iivi-20231231_cal.xml (EX-101.CAL) — 80KB
• iivi-20231231_def.xml (EX-101.DEF) — 352KB
• iivi-20231231_lab.xml (EX-101.LAB) — 746KB
• iivi-20231231_pre.xml (EX-101.PRE) — 527KB
• iivi-20231231_htm.xml (XML) — 1435KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets – December 31, 2023 and June 30, 2023 (Unaudited) 3 Condensed Consolidated Statements of Earnings (Loss) – Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows – Six Months Ended December 31, 2023 and 2022 (Unaudited) 7 Condensed Consolidated Statements of Equity and Mezzanine Equity – Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 5. Other Information 37 Item 6. Exhibits 38 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Coherent Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ($000) December 31, 2023 June 30, 2023 Assets Current Assets Cash and cash equivalents $ 856,255 $ 821,310 Restricted cash, current 177,077 12,023 Accounts receivable - less allowance for doubtful accounts of $ 11,039 at December 31, 2023 and $ 8,005 at June 30, 2023 856,098 901,531 Inventories 1,291,634 1,272,333 Prepaid and refundable income taxes 23,578 28,271 Prepaid and other current assets 216,961 216,530 Total Current Assets 3,421,603 3,251,998 Property, plant & equipment, net 1,849,119 1,782,035 Goodwill 4,566,010 4,512,700 Other intangible assets, net 3,704,692 3,814,684 Deferred income taxes 47,787 37,748 Restricted cash, non-current 787,358 4,233 Other assets 286,311 307,735 Total Assets $ 14,662,880 $ 13,711,133 Liabilities, Mezzanine Equity and Equity Current Liabilities Current portion of long-term debt $ 74,569 $ 74,836 Accounts payable 504,052 405,308 Accrued compensation and benefits 186,739 175,564 Operating lease current liabilities 37,788 38,271 Accrued income taxes payable 112,357 74,488 Other accrued liabilities 272,268 310,281 Total Current Liabilities 1,187,773 1,078,748 Long-term debt 4,137,009 4,234,962 Deferred income taxes 813,970 780,307 Operating lease liabilities 143,123 140,748 Other liabilities 234,781 247,402 Total Liabilities 6,516,656 6,482,167 Mezzanine Equity Series B redeemable convertible preferred stock, no par value, 5 % cumulative; issued - 215,000 shares at December 31, 2023 and June 30, 2023; redemption value - $ 2,368,075 and $ 2,309,966 , respectively 2,302,168 2,241,415 Shareholders' Equity Series A preferred stock, no par value, 6 % cumulative; issued - 0 and 2,300,000 shares at December 31, 2023 and June 30, 2023, respectively — 445,319 Common stock, no par value; authorized - 300,000,000 shares; issued - 167,307,654 shares at December 31, 2023; 154,719,413 shares a

View Full Filing

View this 10-Q filing on SEC EDGAR