COHERENT CORP
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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)
| Three Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Net earnings (loss) | $24,861 | $(67,534) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
| Depreciation | 65,882 | 65,698 |
| Amortization | 71,862 | 72,661 |
| Share-based compensation expense | 34,960 | 45,957 |
| Amortization of debt issuance costs | 5,484 | 3,567 |
| Non-cash restructuring charges | 18,352 | 319 |
| Loss on disposal of property, plant and equipment | (22) | (101) |
| Unrealized losses (gains) on foreign currency remeasurements and transactions | 21,491 | (14,462) |
| Loss (earnings) from equity investments | (392) | 243 |
| Deferred income taxes | (42,655) | (39,627) |
| Increase (decrease) in cash from changes in (net of effect of acquisitions): | ||
| Accounts receivable | 22,583 | 116,295 |
| Inventories | (54,781) | (16,709) |
| Accounts payable | 44,644 | 41,985 |
| Contract liabilities | (9,273) | (9,769) |
| Income taxes | (13,606) | (2,806) |
| Accrued compensation and benefits | (15,465) | 7,482 |
| Other operating net assets (liabilities) | (20,945) | (4,396) |
| Net cash provided by operating activities | 152,980 | 198,803 |
| Cash Flows from Investing Activities | ||
| Additions to property, plant & equipment | (91,984) | (62,197) |
| Proceeds from the sale of business | 27,000 | — |
| Other investing activities | (750) | (1,978) |
| Net cash used in investing activities | (65,734) | (64,175) |
| Cash Flows from Financing Activities | ||
| Payments on existing debt | (117,859) | (18,683) |
| Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan | 24,405 | 14,947 |
| Payments in satisfaction of employees' minimum tax obligations | (31,990) | (13,876) |
| Other financing activities | (219) | (268) |
| Net cash used in financing activities | (125,663) | (17,880) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 31,189 | (9,458) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (7,228) | 107,290 |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 1,789,686 | 837,566 |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $1,782,458 | $944,856 |
| Supplemental Information | ||
| Cash paid for interest | $63,434 | $67,320 |
| Cash paid for income taxes | $33,899 | $14,810 |
| Additions to property, plant & equipment included in accounts payable | $60,050 | $39,264 |
| 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.
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $1,019,648 | $935,221 |
| Restricted cash, current | 51,417 | 5,860 |
| Restricted cash, non-current | 711,393 | 3,775 |
| Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $1,782,458 | $944,856 |
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