II-VI Incorporated Reports Fiscal 2020 Second Quarter Results


                           
Table 5                          
Reconciliation of Operating Income (Loss) to Adjusted EBITDA, EBITDA, and Net Earnings (Loss)            
$ Millions                                              
(Unaudited)  Three Months Ended      Six Months Ended  
                                              
   Dec 31,     Sept 30,     Dec 31,       Dec 31,     Dec 31,  
    2019     2019     2018       2019     2018  
                                                     
Operating income (loss)   $   (78.6 )   $   (18.5 )   $   39.6       $   (97.1 )   $   76.8  
Depreciation and amortization       82.2         26.9         22.3           109.1         44.5  
Preliminary fair value adjustment on acquired inventory       80.6         7.1         -           87.7         -  
Stock based compensation expense       19.3         5.4         5.0           24.7         -  
Transaction expenses related to acquisitions       8.0         5.6         8.6           13.6         10.5  
Other income (expense), net       (0.6 )       (5.0 )       0.7           (5.6 )       1.4  
One-time costs related to the Finisar acquisition       -         26.6         -           26.6         -  
Severance and related - Stock based compensation       -         10.7         -           10.7         -  
Severance and related - Other compensation       -         7.7         -           7.7         -  
Special items - Other income (expense), net       -         4.3         -           4.3         -  
Adjusted EBITDA (1)   $   111.0     $   70.9     $   76.2       $   181.7     $   133.2  
Adjusted EBITDA margin (1)       16.7 %       20.8 %       22.2 %         18.0 %       20.3 %
                                                     
Preliminary fair value adjustment on acquired inventory       (80.6 )       (7.1 )       -           (87.7 )       -  
Stock based compensation expense       (19.3 )       (5.4 )       (5.0 )         (24.7 )       -  
Transaction expenses related to acquisitions       (8.0 )       (5.6 )       (8.6 )         (13.6 )       (10.5 )
One-time costs related to the Finisar acquisition       -         (26.6 )       -           (26.6 )       -  
Severance and related - Stock based compensation       -         (10.7 )       -           (10.7 )       -  
Severance and related - Other compensation       -         (7.7 )       -           (7.7 )       -  
Special items - Other income (expense), net       -         (4.3 )       -           (4.3 )       -  
EBITDA (2)   $   3.1     $   3.5     $   62.6       $   6.4     $   122.7  
EBITDA margin (3)       0.5 %       1.0 %       18.3 %         0.6 %       18.7 %
Interest expense   $   28.3     $   7.0     $   5.6       $   35.3     $   11.2  
Depreciation and amortization       82.2         26.9         22.3           109.1         44.5  
Income taxes       (9.2 )       (4.5 )       6.0           (13.8 )       12.2  
Net Earnings (Loss)   $   (98.2 )   $   (26.0 )   $   28.7       $   (124.2 )   $   54.8  
  1. Adjusted EBITDA excludes non-GAAP adjustments for share-based compensation, acquired intangibles amortization expense, certain one-time transaction expense and the impact of and restructuring and related items.
  2. EBITDA is defined as earnings before interest, income taxes, depreciation and amortization.
  3. EBITDA margin is defined as earnings before interest, incomes taxes, depreciation and amortization divided by revenues.

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