Coherent (COHR) Q2 FY2022 earnings: revenue $807 million, up 2.6% on the year

Coherent Corp. (COHR) reported revenue of $807 million for Q2 FY2022, the quarter ended 31 December 2021, up 2.6% on the same quarter a year earlier as this quarter's filing gives it. Net income was $68 million, down 23.0% on the year as this quarter's filing gives it, and diluted earnings per share $0.44. The figures are the company's own, from the 10-Q it filed with the SEC on 9 February 2022.

Revenue

$807 million

+2.6% on the year · +1.5% on the quarter

Q3 FY2020Q2 FY2022

Operating margin

12.2%

15.1% a year earlier

Q3 FY2020Q2 FY2022

Net income

$68 million

-23.0% on the year · -9.1% on the quarter

Q3 FY2020Q2 FY2022

Diluted EPS

$0.44

-39.7% on the year · -12.0% on the quarter

Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Revenue	807	795	787	+1.5%	+2.6%
Cost of revenue	496	n/a	n/a
Gross profit	311	n/a	n/a
Gross margin	38.6%	n/a	n/a
Research and development	95.3	n/a	n/a
Selling, general and administrative	118	n/a	n/a
Operating income	98.2	95.0	119	+3.3%	-17.3%
Operating margin	12.2%	12.0%	15.1%
Interest expense	17.1	n/a	n/a
Pre-tax income	79.4	n/a	n/a
Income tax	11.7	n/a	n/a
Effective tax rate	14.7%	n/a	n/a
Net income	67.7	74.5	87.9	-9.1%	-23.0%
Net margin	8.4%	n/a	n/a
Diluted EPS	$0.44	$0.50	$0.73	-12.0%	-39.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Operating cash flow	188	n/a	n/a
Capital expenditure	54.1	n/a	n/a
Free cash flow	134	n/a	n/a
Free cash flow margin	16.6%	n/a	n/a
Cash from investing	-54.1	n/a	n/a
Cash from financing	947	n/a	n/a
Depreciation and amortisation	71.0	69.7	67.2	+1.9%	+5.7%
Share-based compensation	17.7	n/a	n/a
Dividends paid	6.9	n/a	n/a
Diluted shares, weighted	116m	116m	115m	+0.5%	+1.2%
Shares outstanding at period end	106m	106m	105m	+0.2%	+1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Shareholders' equity	3,537	3,458	3,237	+2.3%	+9.3%
Redeemable equity	746	n/a	n/a
Debt	2,321	1,376	1,471	+68.6%	+57.8%
Operating lease liabilities	120	n/a	n/a
Other liabilities	925	n/a	n/a
Total liabilities and equity	7,649	n/a	n/a
Goodwill	1,293	n/a	n/a
Intangible assets	676	n/a	n/a
Cash and equivalents	2,650	1,560	835	+69.8%	+217.5%
Receivables	604	n/a	n/a
Inventory	819	n/a	n/a
Other assets	1,607	n/a	n/a
Total assets	7,649	n/a	n/a

Questions

What was Coherent's revenue in Q2 FY2022?

Coherent (COHR) reported revenue of $807 million for Q2 FY2022, the quarter ended 31 December 2021, up 2.6% on the same quarter a year earlier as the company restated it.

How much did Coherent earn in Q2 FY2022?

Net income for Q2 FY2022 was $68 million, down 23.0% on the year, and diluted earnings per share $0.44.

When did Coherent report Q2 FY2022 results?

Coherent filed its 10-Q for the quarter ended 31 December 2021 with the SEC on 9 February 2022.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	807	828	887	1,345	1,370	1,240	1,205	1,053	1,131	1,209	1,314	1,348	1,435	1,498	1,529	1,581	1,686	1,806	2,046	2,370
Cost of revenue	496	506	561	901	959	820	862	746	781	842	882	888	925	970	983	1,002	1,063	1,126	1,258	1,443
Gross profit	311	322	326	444	411	420	343	307	351	366	432	460	509	528	546	579	623	680	787	928
Gross margin	39%	39%	37%	33%	30%	34%	28%	29%	31%	30%	33%	34%	36%	35%	36%	37%	37%	38%	38%	39%
R&D	95.3	96.9	95.9	121	129	126	123	113	111	127	127	132	144	151	156	155	166	186	216	237
SG&A	118	118	116	280	274	226	256	212	209	205	228	229	221	231	245	252	258	268	266	305
Operating income	98.2	107	114	42.5	8.2	67.4	-155	-21.3	31.9	22.3	63.2	19.3	128	9.9	-63.4	217	168	184	279	359
Operating margin	12%	13%	13%	3%	1%	5%	-13%	-2%	3%	2%	5%	1%	9%	1%	-4%	14%	10%	10%	14%	15%
Interest expense	17.1	43.5	48.5	61.9	70.9	75.2	78.9	73.3	74.7	72.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	79.4	63.0	49.0	-51.0	-66.4	-4.7	-233	-88.3	-37.4	-31.9	9.9	19.3	128	9.9	-63.4	217	168	184	279	359
Tax rate	15%	22%	11%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	575%	-29%	21%	82%	n/a	-4%	14%	1%	15%	-6%
Net income	67.7	49.0	43.6	-38.7	-45.1	2.5	-178	-67.5	-27.0	-13.2	-48.4	25.9	103	15.7	-95.6	226	147	191	241	385
Net margin	8%	6%	5%	-3%	-3%	0%	-15%	-6%	-2%	-1%	-4%	2%	7%	1%	-6%	14%	9%	11%	12%	16%
Diluted EPS	$0.44	$0.28	$0.23	-$0.56	-$0.58	-$0.24	-$1.55	-$0.65	-$0.38	-$0.29	-$0.52	-$0.04	$0.44	-$0.11	-$0.83	$1.19	$0.76	$0.97	$1.19	$1.90
Operating cash flow	188	35.9	137	79.6	220	152	182	199	67.2	117	162	153	187	163	130	46.0	57.9	-93.8	69.5	-92.7
Capital expenditure	54.1	94.3	118	139	107	97.1	93.1	62.2	91.5	93.2	99.9	92.0	106	112	131	104	154	290	556	776
Free cash flow	134	-58.4	19.0	-59.4	114	55.3	88.5	137	-24.3	24.2	62.4	61.0	81.7	51.1	-1.1	-58.0	-95.7	-383	-486	-868
Dividends paid	6.9	6.9	6.9	0.0	13.8	6.9	6.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	11.4	11.4	0.0	0.0	0.0	0.0
Shares outstanding	106m	106m	131m	139m	139m	139m	150m	151m	152m	152m	153m	155m	155m	155m	156m	157m	187m	196m	196m	197m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2021, filed 9 February 2022: the filing.