Coherent Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Coherent Corp. has filed its Q3 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

COHERENT CORP. (COHR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Coherent Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's former name was II-VI Inc., with a name change effective July 3, 1992. Coherent Corp. is incorporated in Pennsylvania and operates in the Optical Instruments & Lenses industry. The filing includes financial data related to various preferred stock and loan facilities.

Why It Matters

For investors and stakeholders tracking COHERENT CORP., this filing contains several important signals. This filing provides investors with the latest financial performance data for Coherent Corp., crucial for assessing its current health and future prospects. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding COHR.

Risk Assessment

Risk Level: medium — COHERENT CORP. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not inherently signal significant positive or negative events beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify any material changes in revenue, profitability, or debt levels that could impact the stock price.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 06-30 — Fiscal Year End (FISCAL YEAR END)
• 375 SAXONBURG BLVD — Business Address (STREET 1)
• SAXONBURG — Business City (CITY)
• PA — Business State (STATE)
• 16056 — Business Zip (ZIP)

Key Players & Entities

• COHERENT CORP. (company) — FILER
• II-VI INC (company) — FORMER COMPANY
• PA (location) — STATE OF INCORPORATION
• 0000820318 (company) — CENTRAL INDEX KEY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE

FAQ

Industry Context

Coherent Corp. operates in the Optical Instruments & Lenses industry, which involves the design, manufacturing, and sale of advanced optical components and systems.

Regulatory Implications

As a publicly traded company, Coherent Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue trends and profitability metrics.
3. Examine the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Comparative data from previous filings will be needed for a full analysis.

Key Financial Figures

• $000 — solidated Balance Sheets (Unaudited) ($000) March 31, 2024 June 30, 2023 Assets

Filing Documents

• iivi-20240331.htm (10-Q) — 1689KB
• ex1003-coherentcorprevised.htm (EX-10.03) — 160KB
• ex1004-formofparticipation.htm (EX-10.04) — 206KB
• ex3101-ceocertificationxfy.htm (EX-31.01) — 9KB
• ex3102-cfocertificationxfy.htm (EX-31.02) — 9KB
• ex3201-ceosoxxfy24q3.htm (EX-32.01) — 5KB
• ex3202-cfosoxxfy24q3.htm (EX-32.02) — 5KB
• image.jpg (GRAPHIC) — 15KB
• image1.jpg (GRAPHIC) — 9KB
• image_0.jpg (GRAPHIC) — 7KB
• 0000820318-24-000009.txt (&nbsp;) — 9746KB
• iivi-20240331.xsd (EX-101.SCH) — 54KB
• iivi-20240331_cal.xml (EX-101.CAL) — 80KB
• iivi-20240331_def.xml (EX-101.DEF) — 352KB
• iivi-20240331_lab.xml (EX-101.LAB) — 677KB
• iivi-20240331_pre.xml (EX-101.PRE) — 527KB
• iivi-20240331_htm.xml (XML) — 1500KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets – March 31, 2024 and June 30, 2023 (Unaudited) 3 Condensed Consolidated Statements of Earnings (Loss) – Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows – Nine Months Ended March 31, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Equity and Mezzanine Equity – Three and Nine Months Ended March 31, 2024 and 2023 (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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 5. Other Information 38 Item 6. Exhibits 39 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) March 31, 2024 June 30, 2023 Assets Current Assets Cash and cash equivalents $ 898,578 $ 821,310 Restricted cash, current 183,611 12,023 Accounts receivable - less allowance for doubtful accounts of $ 10,605 at March 31, 2024 and $ 8,005 at June 30, 2023 955,644 901,531 Inventories 1,291,703 1,272,333 Prepaid and refundable income taxes 18,971 28,271 Prepaid and other current assets 201,727 216,530 Total Current Assets 3,550,234 3,251,998 Property, plant & equipment, net 1,851,383 1,782,035 Goodwill 4,493,225 4,512,700 Other intangible assets, net 3,586,302 3,814,684 Deferred income taxes 39,485 37,748 Restricted cash, non-current 710,270 4,233 Other assets 289,513 307,735 Total Assets $ 14,520,412 $ 13,711,133 Liabilities, Mezzanine Equity and Equity Current Liabilities Current portion of long-term debt $ 75,469 $ 74,836 Accounts payable 593,504 405,308 Accrued compensation and benefits 177,399 175,564 Operating lease current liabilities 38,321 38,271 Accrued income taxes payable 116,455 74,488 Other accrued liabilities 309,480 310,281 Total Current Liabilities 1,310,628 1,078,748 Long-term debt 4,082,656 4,234,962 Deferred income taxes 748,453 780,307 Operating lease liabilities 138,305 140,748 Other liabilities 201,240 247,402 Total Liabilities 6,481,282 6,482,167 Mezzanine Equity Series B redeemable convertible preferred stock, no par value, 5 % cumulative; issued - 215,000 shares at March 31, 2024 and June 30, 2023; redemption value - $ 2,397,885 and $ 2,309,966 , respectively 2,333,361 2,241,415 Shareholders' Equity Series A preferred stock, no par value, 6 % cumulative; issued - 0 and 2,300,000 shares at March 31, 2024 and June 30, 2023, respectively — 445,319 Common stock, no par value; authorized - 300,000,000 shares; issued - 167,990,097 shares at March 31, 2024; 154,719,413 shares at June 30, 2023

View Full Filing

View this 10-Q filing on SEC EDGAR