COHERENT CORP
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows –
Condensed Consolidated Statements of Cash Flows (Unaudited)
($000)
| Nine Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(111,739) | $(81,224) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 199,693 | 197,469 |
| Amortization | 216,420 | 280,667 |
| Share-based compensation expense | 97,752 | 123,674 |
| Amortization of discount on convertible debt and debt issuance costs | 13,256 | 13,690 |
| Non-cash restructuring charges | 4,858 | — |
| Loss on disposal of property, plant and equipment | 262 | — |
| Unrealized gains on foreign currency remeasurements and transactions | (3,852) | (945) |
| Loss (earnings) from equity investments | 523 | (435) |
| Deferred income taxes | (140,727) | (121,277) |
| Loss on debt extinguishment | — | 6,835 |
| Increase (decrease) in cash from changes in (net of effect of acquisitions): | ||
| Accounts receivable | (52,388) | 50,887 |
| Inventories | (21,256) | 75,096 |
| Accounts payable | 161,366 | (78,985) |
| Contract liabilities | (39,103) | 13,177 |
| Income taxes | 36,960 | 18,478 |
| Accrued compensation and benefits | 1,835 | (54,893) |
| Other operating assets and liabilities | 19,544 | 10,279 |
| Net cash provided by operating activities | 383,404 | 452,493 |
| Cash Flows from Investing Activities | ||
| Additions to property, plant & equipment | (246,909) | (342,999) |
| Purchases of businesses, net of cash acquired | — | (5,488,556) |
| Other investing activities | (2,114) | (2,261) |
| Net cash used in investing activities | (249,023) | (5,833,816) |
| Cash Flows from Financing Activities | ||
| Sale of shares to noncontrolling interests | 1,000,000 | — |
| Proceeds from borrowings of Term A Facility | — | 850,000 |
| Proceeds from borrowings of Term B Facility | — | 2,800,000 |
| Proceeds from borrowings of revolving credit facilities | 18,966 | 65,000 |
| Proceeds from issuance of Series B Preferred Shares | — | 1,400,000 |
| Payments on existing debt | (165,094) | (1,144,025) |
| Payments on borrowings under revolving credit facilities | (18,642) | (65,000) |
| Payments on convertible notes | — | (3,561) |
| Debt issuance costs | — | (126,516) |
| Equity issuance costs | (31,840) | (42,000) |
| Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan | 36,097 | 21,509 |
| Payments in satisfaction of employees' minimum tax obligations | (18,823) | (51,836) |
| Cash dividends paid | — | (20,700) |
| Other financing activities | (755) | (866) |
| Net cash provided by financing activities | 819,909 | 3,682,005 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 603 | 22,532 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 954,893 | (1,676,786) |
|---|---|---|
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 837,566 | 2,582,371 |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $1,792,459 | $905,585 |
| Supplemental Information | ||
| Cash paid for interest | $224,656 | $190,672 |
| Cash paid for income taxes | $53,803 | $63,485 |
| Additions to property, plant & equipment included in accounts payable | $66,040 | $45,425 |
| Non-Cash Investing and Financing Activities | ||
| Conversion of Series A preferred stock to common stock | $445,319 | $— |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows. At March 31, 2024, we had $894 million of restricted cash.
| March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $898,578 | $884,352 |
| Restricted cash, current | 183,611 | 16,676 |
| Restricted cash, non-current | 710,270 | 4,557 |
| Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $1,792,459 | $905,585 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.