- 季度收入為 7.281 億美元
- 季度 GAAP 營業收入為 1.011 億美元
- 季度非 GAAP 營業收入為 1.389 億美元
- 季度每股盈利為 0.38 美元
- 季度非 GAAP 每股盈餘為 0.84 美元
- 2020 年 9 月 30 日的淨債務槓桿比率為 1.3 倍,較 2020 年 6 月 30 日的 3.8 倍低1
匹茲堡, Nov. 16, 2020 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI)(下稱「II-VI 」、「我們」或「公司」)今天報告截至 2020 年 9 月 30 日的 2021 會計年度第一季財務業績。
Vincent D. (Chuck) Mattera, Jr. 博士表示:「在 21 財政年度第一季度,我們達到多個重點成就,同時在 Covid-19 疫情中繼續關注風險管理及員工安全。我們的多元化及廣泛產品組合持續保持領導地位,反映了我們所有終端市場走勢、新貿易限制的導航以及在 3D 感應市場佔有更大份額的成就,這些都只是本季度的其中幾項重大成就。2020 年 9 月 24 日是我們歷來達成最大宗收購的 12 個月週年紀念日,讓我們展示識別及擴展合併整合技能的能力。我很高興我們獲得了更多的收入,提前實現了協同增效,毛利率提高了 330 個基點,並在交易獲得批准之前迴避了許多處於觀望狀態的客戶。鑑於我們對數據和電訊產品的需求,我們及時收購並繼續遵循公司策略,以善用全球部分最大型趨勢,如 5G 和雲端運算,以實現可持續發展。」
Mattera 博士繼續說:「儘管有新的貿易限制,我們的 3D 感應份額達到 200% 的同比增長,而我們仍能為整個季度的業務帶來強勁的績效。在公司股東的大力支持下,我們成功為資產負債表增加了 9.2 億美元,使我們的淨債務槓桿比率1 下降至 1.3 倍,並增加我們的現金餘額至 6.84 億美元。在 Finisar 整合期間,隨著我們完成 Ascatron 和 Innovion 收購,我們繼續將 II-VI 的增長機會定位,以將 SiC 材料專業知識擴展到模組和裝置,在運輸業進行電氣化時可滿足電力市場預期出現的增長。」
____________
1 淨債務槓桿比率根據信用協議條款計算。
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 營業收入(虧損)定義為扣除所得稅、利息支出及其他支出或淨收入前的收入(虧損)。 |
(2 | ) | 所有非 GAAP 金額均不包括對共同補償的某些調整、獲得的無形攤銷費用、某些一次性交易費用、公允價值計量期間調整,以及重組及相關項目。有關 GAAP 指標與 GAAP 指標的對賬,請參閱表格 4。 |
(3 | ) | 根據非 GAAP 基礎, 2019 年 9 月 30 日期間的每股普通股攤薄收益已從 0.56 美元更新,以包括我們 2022 年到期的 0.25% 可轉換優先債券(「2022 可轉換優先債券」)的稀釋影響。 |
展望
截至 2020 年 12 月 31 日的第二財政季度展望是,收入為 7.5 億美元至 7.8 億美元,按非 GAAP 基礎計算的稀釋後每股收益為 0.86 至 0.95 美元。這是現今的匯率,而目前估計的稅收影響為 24%。兩者都將出現差異。對於非 GAAP 的每股收益,我們在 GAAP 的稅前收益中增加了 2,100 萬美元的攤銷,1,700 萬美元基於股票的報酬以及 200 萬美元的交易成本。非 GAAP 調整的性質可高度浮動,而且我們對未來可能出現變化範圍的可見度非常低。
電話會議和網絡直播資訊:
公司也將於 2020 年 11 月 5 日(星期四)美國東部時間上午 9:00 舉行會議。希望參與網絡直播的人士可瀏覽 www.ii-vi.com 或透過 https://tinyurl.com/IIVIQ1FY21Earnings 參與。如果您希望參與電話會議,請撥打電話:+1 (877) 316-5288(美國)電話:+1 (734) 385-4977(美國境外)以參與電話會議,請輸入 ID# 4349251,然後提供您的姓名和公司關聯。
電話會議將會錄影,以便無法參加現場電話會議但有興趣的各方人士可以重看。此服務提供時間為 2020 年 11 月 9 日(星期一)美國東部時間晚上 11:59,請致電:+1 (855) 859-2056(美國東部時間),+1 (404) 537-3406(美國境外),並輸入 ID:4349251。
關於 II-VI Incorporated
II-VI Incorporated 是工程材料及光電元件的全球領導者,是一家垂直整合的製造公司,致力開發適用於通訊、材料處理、航空及防禦、半導體資本設備、生命科學、消費者電子產品及汽車市場等多元化應用的創新產品。公司總部位於賓夕法尼亞州薩克堡,在全球擁有研究和開發、製造、銷售、服務和分銷等設施。公司生產各種特定的應用程式、電子材料及組件,並以各種形式進行部署,包括與高級軟件整合以支援公司客戶。如欲了解更多資訊,請瀏覽 www.ii-vi.com。
前瞻性陳述
本新聞稿包含與未來事件和預期有關的前瞻性陳述,這些陳述基於某些假設和意外情況。前瞻性陳述根據《1995 年美國私人證券訴訟改革法案》的安全港規定進行,並與公司在發展中的表現有關。本新聞稿中的前瞻性陳述涉及風險和不確定性,可能導致實際結果、表現或趨勢與本新聞稿或上一次披露中所表達的內容產生重大差異。
公司相信在本新聞稿中提供的所有前瞻性陳述都有合理的基礎,但無法保證管理層在前瞻性陳述中所表達的預期、信念或預測實際上或證明都是正確的。除了一般工業和全球經濟狀況之外可能導致實際結果與本新聞稿中的前瞻性陳述中討論的重大差異因素包括但不限於:(i) 上述任何一項或多項假設未能證明是正確的;(ii) 截至 2020 年 6 月 30 日止會計年度表格 10-K 中討論的前瞻性陳述和其他「風險因素」相關風險;(iii) 客戶及最終用戶的購買模式;(iv) 及時發佈新產品,並接受市場上的新產品;(V) 競爭對手及其他競爭對手回應引入新產品;(vi) 公司同化新近收購業務的能力,以及與此類收購相關的風險、成本和不確定性;(vii) 公司設計並執行應對市場狀況策略的能力;和/或 (viii) 與目前持續的 COVID-19 疫情以及任何其他可能發生的全球健康流行和疫情相關的商業和經濟破壞風險。公司不承擔因為新資訊、未來事件或其他原因而更新這些前瞻性陳述所載資訊的任何義務。
非 GAAP 財務指標的使用
公司在本新聞稿中披露了財務數據,提供非 GAAP 財務指標的財務資訊。這些測量並不是 GAAP 測量的替代品,但公司的管理層使用這些測量值作為監測公司持續財務業績的輔助工具。非 GAAP 淨收益、非 GAAP 每股收益,非 GAAP 營業收入、非 GAAP 毛利、非 GAAP 內部研發、非 GAAP 銷售、總務和行政人員、非 GAAP 利息及其他(收入)支出,以及非 GAAP 所得稅(收益)、衡量收益和營業收入(虧損),但管理層分別認為超出公司標準營運範圍的非經常性或不尋常項目除外,以及不包括某些非現金項目。EBITDA 是一項調整後的非 GAAP 財務指標;透過反映公司的營運業績(不包括非營運因素),在評估行業內公司之間的盈利能力時非常有用。非 GAAP 財務指標的使用存在局限性,包括不同計算方法之間有潛在差異,而此類指標可能無法與其他公司所用具有類似標題的指標完全相比。因此無法保證 (i) 將來會出現在非 GAAP 財務指標之內的項目,或 (ii) 將會出現與非 GAAP 財務指標不相關項目的現金成本。公司透過使用這些非 GAAP 財務指標作為 GAAP 財務指標的補充,並提供非 GAAP 財務指標與其最可比較的 GAAP 財務指標提供平衡,藉此彌補這些限制。投資者除了考慮根據 GAAP 制定的財務績效指標(不是替代或優於)外,而不是作為或優於的財務績效指標的替代品,還應考慮調整後的指標。
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 | |||||
*金額可能因四捨五入而無法重新計算。 | |||||||||||
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 | |||||
*金額可能因四捨五入而無法重新計算。 | |||||||||||
- 「Finisar 結果」包括收購日期(在 2019 年 9 月 24 日至 2019 年 9 月 30 日)期間的合併完成營運,其中包括因收購融資而導致的額外利息支出和債務清算費用。Finisar 的業績已在截至 2019 年 9 月 30 日的三個月後合併至 Photonics Solutions 和複合半導體界別。
- 公允價值調整為 710 萬美元,是對 Finisar 收購中獲取的庫存的逐步增值調整。
- 代表測量時間調整對最終收購中長期資產的公平價值產生的貶值影響。
- 截至 2019 年 9 月 30 日,三個月的共同補償開支包括下表 5 所述與遣散費相關費用的 1,070 萬美元。
- 重組及相關費用包括實現公司的成本協同策略的費用。關於收購 Finisar,公司截至 2019 年 9 月 30 日為止三個月的遣散費及保留費為 1,840 萬美元。此金額包含 1,070 萬美元的共用補償。
- 在 2020 財政年度,交易成本主要代表收購及與 Finisar 收購相關的整合成本。
- 公司在截至 2020 年 9 月 30 日為止三個月期間記錄了與 B 貸款融資減除相關的債務清算 2,470 萬美元。
- 截至 2019 年 9 月 30 日為止三個月的非 GAAP 財務指標已經過調整,以符合當前期間的呈報方式。
- 根據非 GAAP 基礎, 2019 年 9 月 30 日期間的每股普通股攤薄收益已從 0.56 美元更新,以包括我們 2022 年到期的 0.25% 可轉換優先債券(「2022 可轉換優先債券」)的稀釋影響。
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 | % | |||||
*金額可能因四捨五入而無法重新計算。 | |||||||||||
(1 | ) | EBITDA 定義為利息、所得稅、折舊和攤銷前的收益。 |
(2 | ) | 調整後的 EBITDA 不包括對共同補償的非 GAAP 調整、獲得的無形攤銷費用、某些一次性交易費用、重組和相關項目的影響、債務清算費用以及外幣匯兌損益的影響。 |
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 | ) | ||||
*金額可能因四捨五入而無法重新計算。 | ||
(1 | ) | 截至 2020 年 9 月 30 日為止三個月的加權平均股包括因承銷公開發行而於 2020 年 7 月發行的 1,070 萬股普通股。 |
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 | |||||
*金額可能因四捨五入而無法重新計算。 | ||
(1 | ) | 根據非 GAAP 基礎, 2019 年 9 月 30 日期間的每股普通股攤薄收益已從 0.56 美元更新,以包括我們 2022 年到期的 0.25% 可轉換優先債券(「2022 可轉換優先債券」)的稀釋影響。 |
(2 | ) | 截至 2020 年 9 月 30 日為止三個月的加權平均股包括因承銷公開發行而於 2020 年 7 月發行的 1,070 萬股普通股。 |
(3 | ) | 截至 2019 年 9 月 30 日為止三個月的非 GAAP 每股收益已修訂,以包括 Finisar 購買會計調整帶來的稅收影響,並符合當前期間的呈報方式。 |
聯絡人:
Mary Jane Raymond
財務總監及財務總監
investor.relations@ii-vi.com
www.ii-vi.com/contact-us