Short answer
Coherent Corp (COHR) filed its Q3 2019 10-Q quarterly report on Nov 12, 2019 for the quarter ended Sep 30, 2019.
Coherent Corp Q3 2019 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $340.4M, up 8% YoY from $314.4M, including $22.1M from Finisar
- Gross margin 36.2% vs 39.5% YoY, pressured by $7.1M Finisar inventory fair-value adjustment
- Best segment Compound Semiconductors: operating income $26.5M, up 25% YoY; worst Photonic Solutions: income $13.0M, down 18%
- Operating cash flow $(25.6)M vs $19.0M YoY, with $1,037M Finisar acquisition spending and $1,570M borrowings
- Headwinds: silicon carbide and 3D Sensing demand delays, product mix and pricing pressure, higher 5G research investment
Risk Factors
- New acquisition risk: Finisar purchase price allocation remains preliminary, with potentially material revisions during the 12-month measurement period
- Regulatory and tax risk: Finisar acquisition added $24.2 million of uncertain tax positions under examination across U.S. and foreign jurisdictions
- Financial risk: New senior credit facilities created $1.4 billion of Term A and Term B borrowings, subject to 3.00:1.00 minimum interest coverage
- Liquidity risk: Approximately $560.1 million of Finisar notes were repurchased for $561.1 million cash on October 23, 2019
- Operational risk: Finisar contributed a $7.8 million net loss during the quarter, excluding severance-related costs
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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