As of July 1, 2019, II-VI Incorporated (NASDAQ: IIVI) (“II-VI” or the “Company”) has realigned its organizational structure into two reporting segments: (i) Compound Semiconductors and (ii) Photonic Solutions, for the purpose of making operational decisions and assessing financial performance. The Company will report financial information under these new reporting segments in fiscal 2020.
This press release should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K.
Reclassified Select Segment Information
The following information includes segment revenues, segment operating income and operating margin and segment adjusted operating income and margin. Segment operating income is defined as earnings before income taxes, interest expense and other expense or income, net. All adjusted amounts exclude certain non-GAAP adjustments for share-based compensation, acquired amortization expense, certain one-time transaction expenses and the impact of the Tax Cuts and Jobs Act. The Book to Bill ratio is calculated by dividing orders the Company expects to convert to revenue within the next twelve months by revenues recognized during the period.
The following information represents the reclassified select segment information for the periods presented ($000, except for %).