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EX - 99.1 2 exh_991.htm EXHIBIT 99.1 EXHIBIT 99.1 II - VI Incorporated Reports Fiscal 2021 Second Quarter Results • Record Quarterly Revenue of $ 786.6 million • Record Backlog of $ 1.08 billion • Record Cash from Operations of $ 221 million and Record Free Cash Flow $ 175.8 million¹ • • Quarterly GAAP Operating Income of $ 118.7 million and GAAP EPS of $ 0.73 Quarterly Non - GAAP Operating Income of $ 173.0 million and Non - GAAP EPS of $ 1.08 • December 31 , 2020 net debt leverage ratio of 0.9x , reduced from 1.3x at September 30 , 2020² PITTSBURGH , Feb. 09 , 2021 ( GLOBE NEWSWIRE ) -- II - VI Incorporated ( Nasdaq : IIVI ) ( " II - VI , " " We " or the " Company " ) today reported results for its fiscal 2021 second quarter ended December 31 , 2020 . “ This quarter's record results are a prime example of the successful execution of our strategy . Our book to bill ratio was 1.17 for the quarter and was 1.12 on a rolling twelve - month basis . Our revenue growth in Q2 FY21 was 18 % over Q2 FY20 . We continued to gain share in 3D sensing , growing our revenue over 200 % compared to last year and over 140 % sequentially . We increased our volume shipments into multiple end customers and applications , in front facing as well as world facing configurations , ” said Dr. Vincent D. ( Chuck ) Mattera , Jr. Dr. Mattera continued , “ We are well ahead of our plan to achieve our 3 - year , $ 150M total synergy target from the Finisar acquisition . Our run rate synergies already exceed $ 100M as a result of our integration work over the past 15 months . We are now on track to achieve our $ 150M total synergy target in 24 months , 12 months ahead of schedule , and we are now increasing our 3 - year total synergy target to $ 200M . This work is contributing to our strengthening margins and strong cash flow . Our cash flow from operations in Q2 was an all - time record at $ 221 million and our net debt leverage ratio reduced to 0.9x . With all of our target markets strengthening , we look forward to the exciting opportunities ahead of us in the second half of the FY21 and beyond . " 1 Free cash flow of $ 175.8M is defined as cash flow from operations of $ 221.3M less capital expenditures of $ 45.5M for the three months ended December 31 , 2020 . 2 The net debt leverage ratio is calculated in accordance with the terms of the Credit Agreement . Table 1 Financial Metrics $ Millions , except per share amounts and % ( Unaudited ) Dec 31 , 2020 Three Months Ended Sept 30 , 2020 Dec 31 , 2019 2020 Six Months Ended Dec 31 , Dec 31 , 2019 Revenues $ 786.6 $ 728.1 $ 666.3 $ 1,514.6 $ 1,006.7 GAAP Gross Profit $ 322.5 $ Non - GAAP Gross Profit ( 2 ) $ 330.6 $ 286.6 $ 288.4 $ 148.3 $ 241.3 $ 609.0 $ 271.5 618.9 $ 365.4 GAAP Operating Income ( Loss ) ( 1 ) $ 118.7 $ Non - GAAP Operating Income ( 2 ) $ 173.0 $ 101.1 $ 138.9 $ ( 78.6 ) $ 73.6 219.9 $ ( 97.1 ) $ EA 311.9 $ 122.7 GAAP Net Earnings ( Loss ) $ 87.9 $ Non - GAAP Net Earnings ( 2 ) $ 131.2 $ 46.3 $ 100.4 $ ( 98.2 ) 37.2 $ 134.2 $ ( 124.2 ) $ 231.6 $ 73.0 GAAP Diluted Earnings ( Loss ) Per Share $ 0.73 $ 0.38 $ ( 1.08 ) $ 1.12 $ ( 1.58 )