II-VI Incorporated Reports Q4 and Full-Year Fiscal 2022 Results
*Amounts may not recalculate due to rounding.
| (1) | EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. |
| (2) | Adjusted EBITDA excludes non-GAAP adjustments for share-based compensation, certain one-time transaction expense, the impact of restructuring and related items, and the impact of foreign currency exchange gains and losses. |
| (3) | During fiscal year 2022, restructuring, transaction expenses and other, primarily represent expenses incurred in relation to the Coherent acquisition as well as integration and restructuring charges from the Finisar acquisition, and various one-time adjustments. During fiscal year 2021, transaction costs primarily represent acquisition and integration costs related to the Ascatron and Innovion acquisitions, as well as customer settlements from acquired liabilities of previous acquisitions. |
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Table 6 |
|
GAAP Earnings Per Share Calculation |
|
$ Millions |
|
(Unaudited) | |
Three Months Ended | | |
Year Ended |
| | |
Jun 30, | |
Mar 31, | |
Jun 30, | | |
Jun 30, | |
Jun 30, |
| | | |
2022 | | | |
2022 | | | |
2021 | | | | |
2022 | | | |
2021 | |
|
Numerator | | | | | | | | | | | |
| Net earnings | | $ | 43.6 | | | $ | 49.0 | | | $ | 82.3 | | | | $ | 234.8 | | | $ | 297.6 | |
| Deduct Series A preferred stock dividends | | | (6.9 | ) | | | (6.9 | ) | | | (6.9 | ) | | | | (27.6 | ) | | | (27.1 | ) |
| Deduct Series B dividends and deemed dividends | | | (10.4 | ) | | | (10.2 | ) | | | (10.0 | ) | | | | (40.6 | ) | | | (10.1 | ) |
|
Basic earnings available to common shareholders | | $ | 26.3 | | | $ | 31.9 | | | $ | 65.4 | | | | $ | 166.5 | | | $ | 260.3 | |
| | | | | | | | | | | | |
| Effect of dilutive securities | | | | | | | | | | | |
| Add back interest on II-VI Convertible Notes (net of tax) | | $ | 0.6 | | | $ | 0.6 | | | $ | 3.1 | | | | $ | 2.2 | | | $ | 12.3 | |
|
Diluted earnings available to common shareholders | | $ | 26.9 | | | $ | 32.4 | | | $ | 68.5 | | | | $ | 168.8 | | | $ | 272.6 | |
| | | | | | | | | | | | |
|
Denominator | | | | | | | | | | | |
| Weighted average shares | | | 106.5 | | | | 106.3 | | | | 105.0 | | | | | 106.2 | | | | 104.2 | |
| Effect of dilutive securities: | | | | | | | | | | | |
| Common stock equivalents | | | 3.0 | | | | 3.3 | | | | 3.9 | | | | | 3.0 | | | | 3.6 | |
| II-VI Convertible Notes | | | 7.3 | | | | 7.3 | | | | 7.3 | | | | | 7.3 | | | | 7.3 | |
|
Diluted weighted average common shares | | | 116.8 | | | | 116.9 | | | | 116.2 | | | | | 116.5 | | | | 115.0 | |
| | | | | | | | | | | | |
|
Basic earnings per common share | | $ | 0.25 | | | $ | 0.30 | | | $ | 0.62 | | | | $ | 1.57 | | | $ | 2.50 | |
| | | | | | | | | | | | |
|
Diluted earnings per common share | | $ | 0.23 | | | $ | 0.28 | | | $ | 0.59 | | | | $ | 1.45 | | | $ | 2.37 | |
