AI English summary of an SEC filing — figures as filed
Coherent COHRThe company said revenue for the 3 months ended December 31, 2023 decreased 17% to $1,131 million. Revenue for the same period last year was $1,370 million, and revenue declined in all 4 markets, with the largest drop in the electronics market at $111 million (56%).
Key points
AI summaryThe company said revenue for the 3 months ended December 31, 2023 decreased 17% to $1,131 million. Revenue for the same period last year was $1,370 million, and revenue declined in all 4 markets, with the largest drop in the electronics market at $111 million (56%).
Gross margin for the 3 months was $351 million, or 31% of revenue, compared with $411 million (30%) a year earlier, the company said. It said that, excluding the lower Merger-related fair value adjustment on acquired inventory of $112 million, gross margin declined 570 basis points.
The company said Denso Corporation and Mitsubishi Electric Corporation invested a combined $1 billion in Silicon Carbide LLC on December 4, 2023. As a result, the company's stake in the Class A Common Units fell to approximately 75%, and it said the funds will be used to fund future capital expansion at Silicon Carbide.
The company said operating cash flow for the 6 months ended December 31, 2023 was $266 million ($300 million a year earlier), and financing cash flow was $859 million. Financing activities included $1.0 billion in capital contributions from noncontrolling interests, and of the restricted cash of $964 million as of December 31, $959 million can be used only by Silicon Carbide LLC.
Key figures
Quarter ended December 31, 2023
- Revenue
- $1.1B
- Operating income
- $32M
- Net income
- −$27M
- EPS
- −$0.38
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Quarterly revenue down 17%, all 4 markets lower
The company said revenue for the 3 months ended December 31, 2023 decreased 17% to $1,131 million. Revenue for the same period last year was $1,370 million, and revenue declined in all 4 markets, with the largest drop in the electronics market at $111 million (56%).
Source · Based on the MD&A text of the filing
Gross margin 31% and Merger-related items
Gross margin for the 3 months was $351 million, or 31% of revenue, compared with $411 million (30%) a year earlier, the company said. It said that, excluding the lower Merger-related fair value adjustment on acquired inventory of $112 million, gross margin declined 570 basis points.
Source · Based on the MD&A text of the filing
Silicon Carbide LLC attracts $1 billion investment
The company said Denso Corporation and Mitsubishi Electric Corporation invested a combined $1 billion in Silicon Carbide LLC on December 4, 2023. As a result, the company's stake in the Class A Common Units fell to approximately 75%, and it said the funds will be used to fund future capital expansion at Silicon Carbide.
Source · Based on the MD&A text of the filing
Cash flow and restricted cash for 6 months
The company said operating cash flow for the 6 months ended December 31, 2023 was $266 million ($300 million a year earlier), and financing cash flow was $859 million. Financing activities included $1.0 billion in capital contributions from noncontrolling interests, and of the restricted cash of $964 million as of December 31, $959 million can be used only by Silicon Carbide LLC.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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