(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Exhibit No. | Description | ||||
99.1 | |||||
104.0 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
COHERENT, INC. | ||||||||
Date: May 11, 2022 | ||||||||
By: /s/ Kevin Palatnik | ||||||||
Kevin Palatnik | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
May 11, 2022 | ||||||||
Press Release No. 1493 | ||||||||
For Immediate Release: |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
GAAP Results | |||||||||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||||||||
Net sales | $ | 370.2 | $ | 384.5 | $ | 374.0 | $ | 754.7 | $ | 700.0 | |||||||||||||||||||
Net income (loss) | $ | 33.7 | $ | 30.3 | $ | (158.2) | $ | 63.9 | $ | (158.1) | |||||||||||||||||||
Diluted EPS | $ | 1.35 | $ | 1.21 | $ | (6.49) | $ | 2.57 | $ | (6.50) | |||||||||||||||||||
Non-GAAP Results | |||||||||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||||||||
Net income | $ | 42.5 | $ | 57.7 | $ | 35.2 | $ | 100.2 | $ | 61.9 | |||||||||||||||||||
Diluted EPS | $ | 1.70 | $ | 2.32 | $ | 1.42 | $ | 4.02 | $ | 2.52 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
Net sales | $ | 370,204 | $ | 384,507 | $ | 373,982 | $ | 754,711 | $ | 700,035 | |||||||||||||||||||
Cost of sales(A)(B)(C)(D) | 215,670 | 216,943 | 232,957 | 432,613 | 439,014 | ||||||||||||||||||||||||
Gross profit | 154,534 | 167,564 | 141,025 | 322,098 | 261,021 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research & development(A)(B)(D) | 31,679 | 29,769 | 32,007 | 61,448 | 60,228 | ||||||||||||||||||||||||
Selling, general & administrative(A)(B)(D) | 66,517 | 93,774 | 72,662 | 160,291 | 146,890 | ||||||||||||||||||||||||
Merger and acquisition costs(E) | 1,044 | 977 | 231,996 | 2,021 | 231,996 | ||||||||||||||||||||||||
Amortization of intangible assets(C) | 563 | 565 | 596 | 1,128 | 1,193 | ||||||||||||||||||||||||
Total operating expenses | 99,803 | 125,085 | 337,261 | 224,888 | 440,307 | ||||||||||||||||||||||||
Income (loss) from operations | 54,731 | 42,479 | (196,236) | 97,210 | (179,286) | ||||||||||||||||||||||||
Other expense, net(B) | (5,729) | (6,185) | (2,526) | (11,914) | (4,815) | ||||||||||||||||||||||||
Income (loss) before income taxes | 49,002 | 36,294 | (198,762) | 85,296 | (184,101) | ||||||||||||||||||||||||
Provision (benefit) for income taxes (F) | 15,326 | 6,029 | (40,547) | 21,355 | (26,030) | ||||||||||||||||||||||||
Net income (loss) | $ | 33,676 | $ | 30,265 | $ | (158,215) | $ | 63,941 | $ | (158,071) | |||||||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||||||||
Basic | $ | 1.36 | $ | 1.23 | $ | (6.49) | $ | 2.60 | $ | (6.50) | |||||||||||||||||||
Diluted | $ | 1.35 | $ | 1.21 | $ | (6.49) | $ | 2.57 | $ | (6.50) | |||||||||||||||||||
Shares used in computations: | |||||||||||||||||||||||||||||
Basic | 24,708 | 24,542 | 24,389 | 24,625 | 24,326 | ||||||||||||||||||||||||
Diluted | 24,935 | 24,919 | 24,389 | 24,927 | 24,326 |
Stock-based compensation expense | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
Cost of sales | $ | 1,971 | $ | 1,731 | $ | 1,989 | $ | 3,702 | $ | 4,261 | |||||||||||||||||||
Research & development | 1,158 | 1,236 | 1,030 | 2,394 | 2,229 | ||||||||||||||||||||||||
Selling, general & administrative(1) | 5,914 | 28,940 | 6,073 | 34,854 | 14,787 | ||||||||||||||||||||||||
Impact on income (loss) from operations | $ | 9,043 | $ | 31,907 | $ | 9,092 | $ | 40,950 | $ | 21,277 |
Deferred compensation expense (benefit) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
Cost of sales | $ | (28) | $ | (6) | $ | 11 | $ | (34) | $ | 22 | |||||||||||||||||||
Research & development | (306) | (71) | 293 | (377) | 588 | ||||||||||||||||||||||||
Selling, general & administrative | (1,405) | (415) | 1,818 | (1,820) | 3,624 | ||||||||||||||||||||||||
Impact on income (loss) from operations | $ | (1,739) | $ | (492) | $ | 2,122 | $ | (2,231) | $ | 4,234 |
Amortization of intangibles | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
Cost of sales | $ | 267 | $ | 818 | $ | 1,855 | $ | 1,085 | $ | 3,872 | |||||||||||||||||||
Amortization of intangible assets | 563 | 565 | 596 | 1,128 | 1,193 | ||||||||||||||||||||||||
Impact on income (loss) from operations | $ | 830 | $ | 1,383 | $ | 2,451 | $ | 2,213 | $ | 5,065 |
Apr. 2, 2022 | Oct. 2, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash, cash equivalents, restricted cash and short-term investments | $ | 403,477 | $ | 458,061 | |||||||
Accounts receivable, net | 262,956 | 249,389 | |||||||||
Inventories | 417,275 | 392,241 | |||||||||
Prepaid expenses and other assets | 91,884 | 79,594 | |||||||||
Total current assets | 1,175,592 | 1,179,285 | |||||||||
Property and equipment, net | 305,916 | 302,613 | |||||||||
Other assets | 388,887 | 407,032 | |||||||||
Total assets | $ | 1,870,395 | $ | 1,888,930 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | 9,571 | $ | 18,395 | |||||||
Accounts payable | 106,071 | 104,539 | |||||||||
Other current liabilities | 238,321 | 259,281 | |||||||||
Total current liabilities | 353,963 | 382,215 | |||||||||
Long-term liabilities | 582,238 | 638,530 | |||||||||
Total stockholders’ equity | 934,194 | 868,185 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,870,395 | $ | 1,888,930 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Apr. 2, 2022 | Jan. 1, 2022 | Apr. 3, 2021 | Apr. 2, 2022 | Apr. 3, 2021 | |||||||||||||||||||||||||
GAAP net income (loss) | $ | 33,676 | $ | 30,265 | $ | (158,215) | $ | 63,941 | $ | (158,071) | |||||||||||||||||||
Stock-based compensation expense | 7,655 | 29,613 | 7,746 | 37,268 | 18,359 | ||||||||||||||||||||||||
Amortization of intangible assets | 699 | 1,190 | 2,159 | 1,889 | 4,429 | ||||||||||||||||||||||||
Restructuring charges (gains) and other | (1,768) | (7) | 3,059 | (1,775) | 7,532 | ||||||||||||||||||||||||
Non-recurring tax expense | 1,613 | 514 | 1,854 | 2,127 | 10,468 | ||||||||||||||||||||||||
Tax charge (benefit) from stock-based compensation expense | (184) | (4,630) | (598) | (4,814) | 13 | ||||||||||||||||||||||||
Merger and acquisition costs | 806 | 755 | 179,217 | 1,561 | 179,217 | ||||||||||||||||||||||||
Non-GAAP net income | $ | 42,497 | $ | 57,700 | $ | 35,222 | $ | 100,197 | $ | 61,947 | |||||||||||||||||||
Non-GAAP net income per diluted share | $ | 1.70 | $ | 2.32 | $ | 1.42 | $ | 4.02 | $ | 2.52 |
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Entity Information [Line Items]
Document Type
8-K
Document Period End Date
May 11, 2022
Entity Registrant Name
COHERENT, INC.
Entity Incorporation, State or Country Code
DE
Entity File Number
001-33962
Entity Tax Identification Number
94-1622541
Entity Address, Address Line One
5100 Patrick Henry Drive
Entity Address, City or Town
Santa Clara
Entity Address, State or Province
CA
Entity Address, Postal Zip Code
95054
City Area Code
408
Local Phone Number
764-4000
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common Stock, $0.01 par value
Trading Symbol
COHR
Entity Emerging Growth Company
false
Entity Central Index Key
0000021510
Amendment Flag
false
The NASDAQ Stock Market LLC
Entity Information [Line Items]
Security Exchange Name
NASDAQ
NASDAQ/NGS (GLOBAL SELECT MARKET)
Entity Information [Line Items]
Security Exchange Name
NASDAQ