II VI Incorporated : September, 2020 - Inverstor Presentation

II VI Incorporated : September, 2020 - Inverstor Presentation

Coherent Corp.

COHR

US19247G1076

Electronic Equipment & Parts

Company Profile

Analysts' Consensus

Coherent Corp.

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COHR

US19247G1076

Electronic Equipment & Parts

Latest news about Coherent Corp.

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Income Statement Evolution

Ratings for Coherent Corp.

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Quarterly earnings - Rate of surprise

Sector Electronic Component

EPS Revisions

Real-time Estimate Cboe BZX Other stock markets 01:45:40 2024-04-19 pm EDT			5-day change	1st Jan Change
49.53 ^USD	-2.88%		-7.08%	+14.42%

Apr. 17	Acconeer Wins $30 Million Radar Sensor Order from European Car Maker	MT
Apr. 16	Coherent Insider Sold Shares Worth $265,483, According to a Recent SEC Filing	MT

September 16, 2020 at 05:55 pm EDT

Investor Presentation

September 2020

Safe Harbor Statement

This presentation contains forward-looking statements relating to future events and expectations that are based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this presentation involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures.

The Company believes that all forward-looking statements made by it in this presentation have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections (including the Company's updated guidance for the fourth quarter of fiscal 2020 set forth in this presentation) as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this presentation include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other "Risk Factors" discussed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2019 and in the Company's other reports filed with the Securities and Exchange Commission; (iii) the purchasing patterns of customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; (vi) the Company's ability to assimilate recently acquired businesses, and risks, costs and uncertainties associated with such acquisitions; (vii) the Company's ability to devise and execute strategies to respond to market conditions; (viii) the anticipated use of the net proceeds from the proposed offerings; and/or (ix) the risks of business and economic disruption related to the currently ongoing Coronavirus outbreak and any other worldwide health epidemics and outbreaks that may arise. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.

All information in this presentation is as of June 29, 2020. This presentation contains non-GAAP financial measures and key metrics relating to the Company's past performance. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of those measures to the most directly comparable GAAP measures, which are available in the Appendix.

Page 2

Company Overview

II-VI at a Glance

"TWO SIX"	Vertically Integrated
Refers to groups II and VI of the	Model
Periodic Table of Elements

Core Competency

Engineered Materials

1971	22,000+	69
Year Founded	Employees	Locations

All data as of 6/31/2020 or quarter then ended

FY20 Revenue

$2.6B

Cash & Equivalents

$493M

FY20 Free Cash Flow

$160M

Countries

Page 4

Our Vision

A world transformed through innovative materials vital to a better

life today and the sustainability of future generations

Mobile

Intelligent

Electric

Proliferation of	Deployment of
5G Wireless
Cloud Services

Increased Data and	Adoption of	Growth in Electric &
Video Consumption	3D Sensing	Autonomous
		Vehicles

Page 5

Core Strategy

Core Competency

A Leader in engineered materials and optoelectronic devices
Differentiated lasers, optics, and integrated circuits
Enabling the convergence of communications, computing, and sensing

Innovation Strategy

Markets	Diversified per Platform
Infrastructure	Capital Intensive
Performance	Valued By Customers
Products	Process Intensive
Differentiation	Engineered Materials

Page 6

History of Insightful Targeting and Successful Integration of Strategic Acquisitions

10 Years of continuous revenue growth(1)

CAGR: 19%		$2,638



	$2,380

4 Transformative Acquisitions

2019

2016

2013

2010

InP Technology

Platform

$683 $742

$487 $516 $551

$1,362

$1,159

$972

$827

	Epitaxial Wafer
GaAs	and SiC
Electronic
Technology
Device Platform
Platform

Optical Network

& China Market

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY20PF (2)

Figures prior to FY2019 do not reflect the adoption of ASC 606.
Includes FY20 Q1 Pro forma: Three Months Ended 09/30/2019 for II-VI and Three Months Ended 10/28/2019 for Finisar.

Page 7

Thousands of Market Leading Customers Across Diverse Markets

Sampling of representative customers based on approvals for public release

Page 8

II-VI Has Managed COVID-19 Effectively To Date

Early Warning from

China Footprint

Swift Reaction to Rapidly Changing Situation

Minor Disruption to

Supply Chain

Early China impacts forced supply chain adjustment in fiscal Q3
Prepared early and company-wide contingency plans across global footprint
Manufacturing facilities essential and now all operating
Office work transitioned effectively
Safety procedures established for all active facilities
II-VIvertical integration enabled company to retain control of entire supply chain
No major impact to productivity across office footprint

Page 9

Q4 FY20 Overview

FY20 Revenue by Quarter ($M)	Q4 FY20 Revenue
	$746M

$746

$666

$599$627

$341			9%
			Revenue by


				End Market
			72%


Q1 Q1PF* Q2	Q3	Q4

Pro Forma Revenue
Three Months Ened 09/30/2019 for II-VI and Three Months

Ended 10/28/2019 for Finisar.

	48%
2%	Revenue by
7%
	Region

16%

27%

7% Aerospace & Defense

6% Consumer Electronics

5% Semiconductor Capital Equipment

2% Life Science

1% Other

Page 10

Rapid Revenue Growth at Scale

Strong Revenue Growth(1)

(Pre-Finisar Acquisition)

Growth 11%

18%

19%

18%

Finisar Acquisition	Continued Momentum
Bolstered Scale
$2,638

$1,362

$1,159

$972

$827

FY2016 FY2017 FY2018 FY2019

Note: Dollars in millions.

Figures prior to FY2019 do not reflect the adoption of ASC 606.
Prepared in accordance to ASC 805.

$1,362

FY2019

PF(2) FY2020

	$746
$627
Q3 FY20	Q4 FY20

Page 11

New U.S. Commerce Department Rulings Were Issued During August 2020

Restrictions on Huawei Based on Product and Equipment Technology

Effects on II-VI:

Most products scheduled to ship by 9/14 were shipped
Effects on Q1FY21 not expected to be material based on strong backlog and other demand
For Q2-Q4 FY21, Huawei expected to be 5% or less or revenue
Company expects overall revenue effects to be moderate due to backlog and demand and we will work to offset the variations

Page 12

Enabling Mobility & Electrification

Ramping silicon carbide substrate capacity 5-10x including 200mm as well as qualifying a SiC epitaxial platform over the next 5 years

POWER ELECTRONICS FOR ELECTRIC VEHICLES

RF ELECTRONICS FOR WIRELESS BASE STATIONS AND RADAR

100 and 150 mm diameter conductive substrates
2015: Believed to be world's first 200 mm conductive substrates
For SiC MOSFET and other power devices
About 10% more driving distance on the same charge

100 and 150 mm diameter semi-insulating substrates
2019: Believed to be word's first 200 mm semi-insulating substrates
For SiC-based GaN HEMT devices
GaN/SiC enables high-bandwidth 5G bands

GREEN ENERGY

Solar & Wind Energy

Smart Grid Power Switching

Page 13

Two Decades of SiC Materials Innovation

2'' Wafer													World First
Manufacturing				100 mm Wafer		150 mm Wafer		200 mm Wafer
	3'' Wafer				Demonstrated			Demonstrated			Demonstrated
	Manufacturing			High Quality Wafer		Manufacturing		4H n-Type	6H SI
						Manufacturing							Major Capacity Expansion

02	03	04	05	06	07	08	09	10	11	12	13	14	15	16	17	18	19

Advantages of Large Diameter Substrates

Large diameter substrate fabrication cost (per unit area) is reduced significantly
Large diameter wafer availability has helped move SiC-based devices from niche to mainstream
Existing 200 mm silicon wafer fab lines can be used for SiC devices manufacturing

Page 14

Vertically Integrated SiC Technology Platform

Vertical

Integration

SiC Modules

SiC Device

SiC Chips

SiC Epiwafers

SiC Substrates

GE Technology

Ascatron

GE Technology,

Ascatron, INNOViON

Ascatron

Legacy II-VI

Recent Strategic Activities:

II-VIlicenses technology for SiC from GE (6/29/20)
II-VIto acquire Ascatron (8/13/20)
II-VIto acquire the outstanding interests of the owners of the parent of INNOViON (8/13/20)

Significant SiC Market Opportunity(1)

($bn)$30+

$0.5

20202030

Internal company estimates. Includes module and device TAM.

Page 15

Addressing Multiple and Strong Growing Markets

RF and Power Electronics		Optical Communications

SiC \| GaN/SiC \| Diamond		GaAs \| InP \| LCoS
For electric vehicles, smart	For terrestrial, undersea,
power grids and 4G/5G RF	wireless optical infrastructure
antennas	and datacenters

3D Sensing & LiDAR

GaAs | InP

For 3D sensing in consumer

electronics & LiDAR in

automotive

Aerospace & Defense

GaAs | Sapphire

For F35, contested space,

directed energy and

hypersonics

CY25 Market

CY20-25

CAGR

$6.2B

24%

Source: Yole, Strategy Analytics, LightCounting (includes devices)

$22B

14%

Source: Ovum, LightCounting, Cignal AI, Internal Estimates

$7.5B

24%

Source: Morgan Stanley, Forbes, Yole, IDC

$14B

13%

Source: Internal estimates

Page 16

Growth Opportunities in 5G Mobile Infrastructure

Mobile subscribers quickly		Accelerated need to deploy new			Carriers rearchitecting their

	migrating to 5G		5G infrastructure worldwide			networks for 5G

	II-VI Finisar
			5G OPTICAL ACCESS	5G RADIO ACCESS

		Photonic Solutions Segment	Compound Semiconductors Segments

Backbone Network	Front- & Backhaul Network	Base Stations	Handsets

Coherent TRx

HPC WSS

LPC WSS

25G FH TRx

Bidi DWDM TRx

Line Cards	Amplifiers	OCM/OTDR	DWDM Filters	Subsystems	100G BH TRx	GaN/SiC RF	GaAs RF
		Copyright 2020, II-VI Incorporated. All rights reserved.			Page 17

Indium Phosphide Devices: Upside to TAM and Gross Margins

Hyperscale	5G Optical	Coherent

Datacenters	Infrastructure	Transmission

MARKET STRATEGY

Leveraging our existing sales channels in the transceiver market to drive InP component revenue
Leveraging our proven ability to successfully market both components and modules
Target the right mix of components and high speed modules to enhance gross margins

	Datacom Components		Telecom Components

 25G and 50G DFB Lasers		10G and 25G Tunable Lasers
	50G and 100G EML		InP IQ Modulators
	Lasers for Silicon Photonics	 Dual High-Speed Coherent Detectors

Externally Modulated Laser (EML)

Externally Modulated Tunable Laser

Page 18

3D Sensing & LiDAR

Market drivers
- Face biometrics, augmented reality, automotive in-cabin & LiDAR, machine vision
Two U.S. based compound semiconductor wafer fabs
- Warren, NJ:Shipped hundreds of millions of 3D sensing VSCEL arrays
- Sherman, TX: Completed qualification and begun shipping
- Vertically integrated: Epitaxial growth, device fabrication and automated wafer testing
- Broad portfolio of products: Lasers, optics & integrated circuits
- - Offers a roadmap to integration and miniaturization

GaAs VCSEL	940 GaAs	1550 InP	DUAL PASS	WIDE INCIDENCE
ARRAYS	EDGE-	EDGE-	BAND FILTERS	ANGLE MIRROR
	EMITTING	EMITTING
	LASERS	LASERS

Page 19

Lasers for Materials Processing & EUV

Strong demand for laser processing heads and EUV lithography

AUTOMATION	ELECTRIC VEHICLE BATTERY MANUFACTURING
	Remote laser welding heads

Laser processes adapted to most joining tasks
	assisted by machine vision software	on the cell, module, pack, and frame levels

FULL LINE SUPPLIER OF MATERIALS, COMPONENTS AND SUBSYSTEMS FOR HIGH POWER LASERS

CO2 LASER OPTICS

FUSED SILICA LASER OPTICS SAPPHIRE LASER OPTICS

DEFORMABLE MIRORS

LASER MODULES

LASER BARS

DIRECT DIODE LASERS

LASER LIGHT CABLES

CUTTING HEADS

WELDING HEADS

Page 20

Aerospace & Defense

Significant new opportunities ahead with strong channels to the market

STRONG ABILITY TO DIFFERENTIATE THE END SOLUTION

Advanced			Semiconductor	Electro-Optic

Materials			Lasers	Subsystems

MARKETS	PRODUCTS	DIFFERENTIATORS
Intelligence		IR sensors	Dedicated vertically integrated
Surveillance &		Windows and lenses	facilities
Reconnaissance		Sapphire enclosures

Contested Space		Telescopes	30+ year of design, fabrication,
		Imaging lenses	and launch of products

Directed Energy		Laser subsystems
		Beam directors
		Fiber amplifiers

Supplier of key laser weapons components and subsystems

Hypersonics		Nose cones	Qualified proprietary coatings	Phased Array Laser Optics
		Seeker optics	and patterning

Page 21

Life Sciences

BIOTECHNOLOGY MEDICALSCIENTIFIC

Gene Sequencing and Testing for COVID-19 with

Lasers, Optics, and Thermoelectrics

II-VI plays an important role in the supply chain for Polymerase Chain Reaction (PCR) Instruments that can determine the outcome of patient testing for COVID-19.

Page 22

COVID-19 Has Accelerated II-VI's Secular Tailwinds

Driving Increasing Demand for Connectivity and High-Performance Infrastructure

Video Conferencing

Life Sciences / Diagnostics

Content Streaming

Smart Power

Energy Efficiency

Work-From-Home

II-VI is enabling the convergence of

communications, computing, and sensing

Page 23

Financial Overview

Attractive and Increasing Gross and Operating Margins

Strong Execution and Synergy Realization Post Finisar Transaction Close Driving Margins

Non-GAAP Gross Margin(1)

Non-GAAP Operating Margin(1)

			42%
38%		38%
	31%
Last Quarter (2)	Last Quarter (2)	Q3 FY20	Q4 FY20
Before Close	Before Close

16%			17%

		13%
	9%
Last Quarter (2)	Last Quarter (2)	Q3 FY20	Q4 FY20
Before Close	Before Close

All non-GAAP amounts exclude certain adjustments for share-based compensation, acquired intangible amortization expense, certain one-time transaction expenses, fair value measurement period adjustments and restructuring and related items. See Appendix for reconciliation to most comparable GAAP measures
II-VIfigures are for the three months ended September 30, 2019 and Finisar figures are for the three months ended July 28, 2019.

Page 25

Significant Value Creation Potential from Synergies

			Annual Est Synergies	Yr 1 Annual Run Rate
			Synergies Achieved
			Within 36 months
			75% through Yr 1

Cost of	 Supply chain management - Procurement	~$85 M	~$35 M
	Infeed - Internal supply of enabling
Goods Sold
	materials and components

Research &	 More efficient R&D with scale
	Complementary engineering and
Development
	design teams

General &		Consolidation of overlapping	~$65 M	~$15 M
	corporate costs
Administration		Optimization of operating model

Sales &		Savings from scale
Marketing


		TOTAL	~$150 M	~$50 M

Annual Run Rate refers to total savings achieved in full 12 month period.

Page 26

Key Takeaways

1	One of the Largest Photonics and Compound Semiconductor Companies

Materials Expertise Drives Differentiation in Multiple Growing Markets

Vertically Integrated, Diverse Global Manufacturing Footprint

History of Insightful Targeting and Successful Integration of Strategic Acquisitions

Strong Execution: Finisar Integration and Synergies Realization Ahead of Plan

Page 27

Appendix	Transaction Overview

Copyright 2020, II-VI Incorporated. All rights reserved.	Page 28

II-VI Segment Revenue by End Markets for Q4FY20 QTD

						End Market Distribution of Q3FY20 QTD Revenue

			Q4FY20 Op	Q4FY20/	Pro Forma*
			Revenue		Fiber Optic &			Life Science,
Reported Segments	Q4FY19	Q4FY20	Margin -	Q4FY19	Industrial
Change	Wireless	Military	Semi Cap	Consumer,
Revenue	Revenue	GAAP / Non-	Revenue	(Automotive)
	FY20 Q4/	Comm.			Other
			GAAP	Growth
			FY19 Q4

Photonic Solutions	$178M	$517M	10% / 17%	190%		3%	95%	0%	1%	1%

Compound	$185M	$229M	9% / 16%	24%		24%	19%	20%	12%	25%
Semiconductors		(1%)


II-VI Consolidated	$363M	$746M	9% / 17%	106%	12%	9%	72%	6%	4%	9%
(0%)

* Pro Forma per FY20 Form 10-K.

Page 29

II-VI Segment Revenue by End Markets for Full Year FY20

				End Market Distribution of Full Year FY20 Revenue

Reported Segments	FY20	FYY20 Op Margin	FY20/FY19	Industrial	Fiber Optic &			Life Science,
- GAAP / Non-	Revenue	Wireless	Military	Semi Cap	Consumer,
Revenue	(Automotive)
	GAAP	Growth	Comm.			Other


Photonic Solutions	$1,537M	3% / 15%	141%	3%	94%	0%	1%	2%

Compound	$821M	8% / 12%	13%	29%	15%	21%	12%	23%
Semiconductors	(1%)


Unallocated	$22.1	N/A	N/A		98%			2%

II-VI Consolidated	$2,380M	2% / 14%	75%	12%	67%	7%	5%	9%
(0%)

Page 30

Reconciliation of GAAP Measures to Non-GAAP Measures

Finisar	Q1 FY20
Revenue	$285.0
GAAP Gross Profit	$85.3
Amortization of required technology	$0.5
Stock Compensation	$2.9
Impairment of long-lived/intangible assets	$1.7
Reduction in force costs	$0.0
Write off of discontinued product inventory	($1.8)
Non-GAAP Gross Profit	$88.6
Non-GAAP Gross Margin	31%

GAAP Operating Income (Loss)	($9.5)
Total cost of revenue adjustments	$3.4
Reduction in force costs and other restructuring	$0.1
Stock compensation	$12.8
Acquisition related costs	$1.1
Litigation settlements and resolutions and related costs	$0.0
Amortization of purchased intangibles	$0.2
Startup costs	$17.1
Non-GAAP Operating Income	$25.1
Non-GAAP Operating Margin	9%

Note: Dollars in millions. Q1 FY20 represents quarter ending October July 28, 2019.

Page 31

Reconciliation of GAAP Measures to Non-GAAP Measures

Note: Dollars in millions.

Page 32

Reconciliation of GAAP Measures to Non-GAAP Measures

Note: Dollars in millions.

Page 33

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II-VI Incorporated published this content on 16 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2020 21:54:07 UTC

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Coherent Corp. Establishes the Capability for 6-Inch Indium Phosphide	Mar. 25	CI
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Coherent Corp. Introduces Industry-First I-temp 100G ZR QSFP28-DCO Module for Expanded Application in Edge and Access Networks	Mar. 20	CI
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Coherent Corp. Introduces Wavemaker® and Waveshaper® Optical Solutions for Multi-Wavelength Transmissions	Mar. 19	CI
Biden warns Netanyahu against Rafah incursion	Mar. 19	RE
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Duration

Period

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Coherent Corp. is a vertically integrated manufacturing company. The Company develops, manufactures and markets engineered materials, optoelectronic components and devices, optical and laser subsystems and systems for use in the industrial, communications, electronics, and instrumentation markets. Its segments include Networking, Materials, and Lasers. The Networking segment designs, manufactures, and markets products, such as optical and electro-optical components and materials, infrared optical components, semiconductor lasers and detectors, engineered materials, and compound semiconductor epitaxial wafers. The Materials segment manufactures transceivers for data centers and telecom optical networks, pump lasers, optical amplifiers, crystal materials, optics, lasers and optoelectronic modules. The Lasers segment offers lasers and optics products that serve industrial customers in semiconductor and display capital equipment, precision manufacturing, and aerospace and defense.

Sector

Electronic Equipment & Parts

Calendar

2024-05-05 - Q3 2024 Earnings Release

More about the company

More financial data

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

51 USD

Average target price

65.54 USD

Spread / Average Target

+28.52%

Consensus

Estimates Revisions

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Electronic Component

Bi-Directional Converter/ Inverter/ Electric Motor

DC-DC Converter

Electric Charger / HV Battery

Beam-forming Antenna

Remote Radio Head