Coherent (COHR) FY2022 results: revenue $3.3 billion, up 6.8% on the year

Coherent Corp. (COHR) reported revenue of $3.3 billion for fiscal 2022, the year ended 30 June 2022, up 6.8% on the year before. Net income was $235 million, down 21.1%, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 29 August 2022.

Revenue

$3.3 billion

+6.8% on the year

FY2015FY2022

Operating margin

12.5%

12.9% a year earlier

FY2015FY2022

Net income

$235 million

-21.1% on the year

FY2015FY2022

Diluted EPS

$1.45

-38.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,317	3,106	2,380	+6.8%
Cost of revenue	2,051	1,928	1,589	+6.4%
Gross profit	1,265	1,177	791	+7.5%
Gross margin	38.2%	37.9%	33.2%
Research and development	377	330	339	+14.2%
Selling, general and administrative	474	445	413	+6.5%
Operating income	414	402	39.5	+3.0%
Operating margin	12.5%	12.9%	1.7%
Interest expense	121	59.9	89.4	+102.4%
Pre-tax income	282	353	-63.9	-20.1%
Income tax	47.0	55.0	3.1	-14.5%
Effective tax rate	16.7%	15.6%	n/a
Net income	235	298	-67.0	-21.1%
Net margin	7.1%	9.6%	-2.8%
Diluted EPS	$1.45	$2.37	-$0.79	-38.8%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	413	574	297	-28.0%
Capital expenditure	314	146	137	+114.8%
Free cash flow	99.0	428	160	-76.9%
Free cash flow margin	3.0%	13.8%	6.7%
Cash from investing	-320	-173	-1,179
Cash from financing	863	676	1,174	+27.7%
Depreciation and amortisation	287	270	221	+6.2%
Share-based compensation	73.2	71.0	68.5	+3.2%
Buybacks	0.0	0.0	1.6
Dividends paid	34.5	20.3	0.0	+69.8%
Diluted shares, weighted	117m	115m	85m	+1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,616	3,406	2,077	+6.2%
Redeemable equity	767	726	0.0	+5.6%
Debt	2,300	1,375	2,255	+67.3%
Operating lease liabilities	110	126	94.7	-12.2%
Other liabilities	1,051	880	808	+19.5%
Total liabilities and equity	7,845	6,513	5,235	+20.5%
Goodwill	1,286	1,297	1,239	-0.8%
Intangible assets	635	718	758	-11.6%
Cash and equivalents	2,582	1,592	493	+62.2%
Receivables	700	659	598	+6.3%
Inventory	903	696	620	+29.7%
Other assets	1,738	1,551	1,526	+12.1%
Total assets	7,845	6,513	5,235	+20.5%

10-K for the year ended 30 June 2022, filed 29 August 2022: the filing.