Coherent Corp. Files Q3 2024 10-Q
Ticker: COHR · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 820318
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Coherent Corp. 10-Q filed. Financials for Q3 2024 out.
AI Summary
Coherent Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the optical instruments and lenses sector. Specific financial figures and operational highlights are provided within the report.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of Coherent Corp., crucial for understanding its market position and future prospects.
Risk Assessment
Risk Level: medium — As a publicly traded company, Coherent Corp. faces inherent market, operational, and financial risks detailed in its SEC filings.
Key Numbers
- 3827 — Standard Industrial Classification (Optical Instruments & Lenses)
Key Players & Entities
- COHERENT CORP. (company) — Filer
- II-VI INC (company) — Former Company Name
- 20240930 (date) — Conformed Period of Report
- 20241106 (date) — Filed as of Date
FAQ
What is Coherent Corp.'s fiscal year end?
Coherent Corp.'s fiscal year ends on June 30.
What was the previous name of Coherent Corp.?
The former name of Coherent Corp. was II-VI INC, with a name change date of July 3, 1992.
What is the filing date for this 10-Q report?
This 10-Q report was filed on November 6, 2024.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
What is Coherent Corp.'s primary business classification?
Coherent Corp. is classified under Standard Industrial Classification 3827, which is Optical Instruments & Lenses.
Filing Stats: 4,708 words · 19 min read · ~16 pages · Grade level 16.6 · Accepted 2024-11-06 16:22:59
Key Financial Figures
- $000 — nsolidated Balance Sheets (Unaudited) ($000) September 30, 2024 June 30, 2024 As
Filing Documents
- iivi-20240930.htm (10-Q) — 1127KB
- ex3101-ceocertificationxfy.htm (EX-31.01) — 9KB
- ex3102-cfocertificationxfy.htm (EX-31.02) — 9KB
- ex3201-ceosoxxfy25q1.htm (EX-32.01) — 5KB
- ex3202-cfosoxxfy25q1.htm (EX-32.02) — 5KB
- 0000820318-24-000035.txt ( ) — 7434KB
- iivi-20240930.xsd (EX-101.SCH) — 48KB
- iivi-20240930_cal.xml (EX-101.CAL) — 74KB
- iivi-20240930_def.xml (EX-101.DEF) — 286KB
- iivi-20240930_lab.xml (EX-101.LAB) — 652KB
- iivi-20240930_pre.xml (EX-101.PRE) — 501KB
- iivi-20240930_htm.xml (XML) — 1018KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets – September 30, 2024 and June 30, 2024 (Unaudited) 3 Condensed Consolidated Statements of Earnings (Loss) – Three Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows – Three Months Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Equity and Mezzanine Equity – Three Months Ended September 30, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 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 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.
Controls and Procedures
Controls and Procedures 30
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 31 Item 1A.
Risk Factors
Risk Factors 31 Item 5. Other Information 31 Item 6. Exhibits 32 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) September 30, 2024 June 30, 2024 Assets Current Assets Cash and cash equivalents $ 1,019,648 $ 926,033 Restricted cash, current 51,417 174,008 Accounts receivable - less allowance for doubtful accounts of $ 8,625 at September 30, 2024 and $ 9,511 at June 30, 2024 819,712 848,542 Inventories 1,386,149 1,286,404 Prepaid and refundable income taxes 25,245 26,909 Prepaid and other current assets 328,116 398,203 Total Current Assets 3,630,287 3,660,099 Property, plant & equipment, net 1,875,314 1,817,259 Goodwill 4,595,643 4,464,329 Other intangible assets, net 3,514,687 3,503,247 Deferred income taxes 53,550 40,966 Restricted cash, non-current 711,393 689,645 Other assets 318,426 313,089 Total Assets $ 14,699,300 $ 14,488,634 Liabilities, Mezzanine Equity and Equity Current Liabilities Current portion of long-term debt $ 69,928 $ 73,770 Accounts payable 689,672 631,548 Accrued compensation and benefits 196,993 212,458 Operating lease current liabilities 41,890 40,580 Accrued income taxes payable 101,829 90,705 Other accrued liabilities 257,678 294,706 Total Current Liabilities 1,357,990 1,343,767 Long-term debt 3,918,841 4,026,448 Deferred income taxes 751,138 784,374 Operating lease liabilities 176,442 162,355 Other liabilities 226,290 225,411 Total Liabilities 6,430,701 6,542,355 Mezzanine Equity Series B redeemable convertible preferred stock, no par value, 5 % cumulative; issued - 215,000 shares at September 30, 2024 and June 30, 2024; redemption value - $ 2,458,208 and $ 2,427,860 , respectively 2,396,605 2,364,772 Shareholders' Equity Common stock, no par value; authorized - 300,000,000 shares; issued - 170,543,560 shares at September 30, 2024; 168,406,323 shares at June 30, 2024 4,913,672 4,857,657 Accumulated other comprehensive income (AOCI) 273,453 2,640 Retained earnings 658,997 664,940 5,846,122