II-VI Incorporated Reports Fiscal 2020 Second Quarter Results


 

  
II-VI Incorporated and Subsidiaries  
Condensed Consolidated Statements of Cash Flows (Unaudited)  
($ 000 )  
                 
   Six Months Ended  
   December 31,  
   2019     2018  
Cash Flows from Operating Activities        
Net cash provided by operating activities $56,260  $88,206 
         
Cash Flows from Investing Activities        
Additions to property, plant & equipment  (80,288)  (74,368)
Purchases of businesses, net of cash acquired  (1,036,609)  (54,229)
Purchases of equity investments  -   (4,480)
Other investing activities  (1,102  116  
Net cash used in investing activities     (1,117,999 )     (132,961 )
                 
Cash Flows from Financing Activities                
Proceeds from issuance                
Proceeds from borrowings of Term A Facility     1,241,000       -  
Proceeds from borrowings of Term B Facility     720,000       -  
Proceeds from borrowings of Revolving Credit Facility     160,000       -  
Proceeds from borrowings under prior Credit Facility     10,000       120,000  
Payments on Finisar Notes     (560,112 )     -  
Payments on borrowings under prior Term Loan, Credit Facility and other loans     (176,596 )     (85,000 )
Payments on borrowings under Term A Facility     (15,513 )     -  
Payments on borrowings under Term B Facility     (1,800 )     -  
Payments on borrowings under Revolving Credit Facility     (66,000 )     -  
Debt issuance costs     (63,510 )     -  
Proceeds from exercises of stock options     3,077       6,222  
Payments on earnout arrangements     -       (3,540 )
Common stock repurchase     (1,626 )     -  
Payments in satisfaction of employees' minimum tax obligations     (15,031 )     (6,350 )
Other financing activities     (1,839 )     -  
Net cash provided by financing activities     1,232,050       31,332  
                 
Effect of exchange rate changes on cash and cash equivalents     1,657       (3,359 )
                 
Net increase (decrease) in cash and cash equivalents     171,968       (16,782 )
                 
Cash and Cash Equivalents at Beginning of Period     204,872       247,038  
Cash and Cash Equivalents at End of Period   $ 376,840     $ 230,256  
                 

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