August 13, 2020 I PDF
- Achieves Record Quarterly Revenues of $746.2M and Backlog of $957M
- Quarterly GAAP Operating Income of $67.4M and Non-GAAP Operating Income of $124.6M
- Quarterly GAAP EPS of $0.53 and Non-GAAP EPS of $1.18
- Record Full Year Cash Flow from Operations of $297.3M
- Record Full Year Free Cash Flow1 of $160.4M
- The Company’s early July FY21 equity raise improved its net debt leverage ratio2 from 3.8 to 2.0
II-VI Incorporated (Nasdaq:IIVI) (“II-VI,” “We” or the “Company”) today reported results for its fiscal 2020 fourth quarter and fiscal year ended June 30, 2020.
“In the fourth quarter, we remained and continue to remain vigilant and steadfast in ensuring the health and safety of our global workforce while striving to meet our customers’ growing expectations despite the continuation and acceleration of COVID-19. We also made great progress against our key business initiatives. The power of our vertically integrated and geographically diverse footprint and business model allowed our employees to deliver exceptional results, including record revenues and backlog,” said Dr. Vincent D. (Chuck) Mattera, Jr. “I am very pleased with the Finisar integration which continues ahead of expectations, as we accelerated our component strategy and are on track to exceed our first year synergy cost savings goals. Demand in the 3D-Sensing and communications market remains strong as the digital transformation continues, led by continued growth of 5G deployment and network infrastructure upgrades.”
Dr. Mattera continued, “Our financial fundamentals are strong. We achieved record cash flow from operations, undertook a very successful equity raise and delivered free cash flow at about $150M above the acquisition business case. Our cash balance now stands at $493M, an increase of $105M from the previous quarter, and our post-equity raise leverage ratio is approximately 2.0, down from 3.8 at March 31, 2020. Our backlog of just under $1.0B provides us with significant momentum as we enter fiscal year 2021.”
1. Free cash flow of $160.4M is defined as cash flow from operations of $297.3M less capital expenditures of $136.9M.
2. Reflects the July 2020 activity in which the Company used the net proceeds from the July 2020 equity raise to repay the remaining balance of $715 million under the Company’s Term B Loan Facility. The net debt leverage ratio is calculated in accordance with the terms of the Credit Agreement.