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IIVI Ii-Vi

II-VI, Inc. engages in the development, refinement, manufacturing, and marketing of engineered materials and opto-electronic components and devices for precision in the field of industrial materials processing, optical communications, aerospace and defense, consumer electronics, semiconductor capital equipment, life sciences, and automotive applications and markets. It operates through the following segments: Photonic Solutions and Compound Semiconductors. The Photonic Solutions segment manufactures crystal materials, optics, microchip lasers and optoelectronic modules for use in optical communication networks and other diverse consumer and commercial applications, pump lasers, optical isolators, and optical amplifiers and micro-optics for optical amplifiers, for both terrestrial and submarine applications within the optical communications market. The Compound Semiconductors segment designs, manufactures and markets optical and electro-optical components and materials, infrared optical components and high-precision optical assemblies for aerospace and defense, medical and commercial laser imaging applications, semiconductor lasers and detectors for optical interconnects and sensing applications, unique engineered materials for thermoelectric and silicon carbide applications servicing the semiconductor, aerospace and defense and medical markets. The company was founded Carl J. Johnson in 1971 and is headquartered in Saxonburg, PA.

Company profile

Ticker
IIVI, IIVIP
Exchange
Website
CEO
Vincent Mattera
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
251214948

IIVI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Feb 21
17 Apr 21
30 Jun 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jun 20 Jun 19 Jun 18 Jun 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Ii-Vi earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Mar 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 72.221 2,639 190.59K 394,387
16 Mar 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 71.6906 5,861 420.18K 397,026
24 Feb 21 Koeppen Christopher Common Stock Sell Dispose S No Yes 89.145 200 17.83K 23,525
24 Feb 21 Koeppen Christopher Common Stock Sell Dispose S No Yes 88.075 600 52.85K 23,725
24 Feb 21 Koeppen Christopher Common Stock Sell Dispose S No Yes 86.915 200 17.38K 24,325
24 Feb 21 Koeppen Christopher Common Stock Sell Dispose S No Yes 84.5975 400 33.84K 24,525
24 Feb 21 Koeppen Christopher Common Stock Sell Dispose S No Yes 83.18 100 8.32K 24,925
16 Feb 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 91.8916 5,704 524.15K 402,887
16 Feb 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 90.9902 2,796 254.41K 408,591

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

95.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 391 319 +22.6%
Opened positions 98 47 +108.5%
Closed positions 26 63 -58.7%
Increased positions 105 126 -16.7%
Reduced positions 126 80 +57.5%
13F shares
Current Prev Q Change
Total value 9.87B 4.03B +144.8%
Total shares 100.03M 99.36M +0.7%
Total puts 572.3K 580.29K -1.4%
Total calls 1.52M 747.54K +102.8%
Total put/call ratio 0.4 0.8 -51.4%
Largest owners
Shares Value Change
Wellington Management 12.17M $924.81M -10.4%
BLK Blackrock 11.88M $902.67M +4.9%
FMR 11.8M $896.59M -4.4%
Vanguard 9.89M $751.44M +2.8%
ATAC Neuberger Berman 3.45M $261.87M +16.5%
STT State Street 3.14M $238.3M +4.3%
Pictet Asset Management 2.81M $213.12M +53.8%
Robecosam 2.44M $184.96M -16.6%
WDR Waddell & Reed Financial 2.11M $160.42M +1.5%
Alliancebernstein 2.03M $154.39M -16.0%
Largest transactions
Shares Bought/sold Change
Wellington Management 12.17M -1.41M -10.4%
Norges Bank 1.2M +1.2M NEW
Pictet Asset Management 2.81M +981.33K +53.8%
BEN Franklin Resources 0 -658.54K EXIT
BLK Blackrock 11.88M +553.67K +4.9%
FMR 11.8M -545.02K -4.4%
ATAC Neuberger Berman 3.45M +489.2K +16.5%
Robecosam 2.44M -485K -16.6%
Robeco Institutional Asset Management B.V. 480K +480K NEW
MARSHALL WACE ASIA 451.23K +451.23K NEW

Financial report summary

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Risks
  • Investments in future markets of potential significant growth may not result in the expected return.
  • Our competitive position depends on our ability to develop new products and processes.
  • Widespread health crises, including the global novel coronavirus (COVID-19) pandemic, could materially and adversely affect our business, financial condition, and results of operations.
  • Global economic downturns, including any downturn related to COVID-19, may adversely affect our business, operating results, and financial condition.
  • Some systems that use our products are complex in design, and our products may contain defects that are not detected until deployed, which could increase our costs, reduce our revenues, cause us to lose key customers, and may expose us to litigation related to our products.
  • Foreign currency risk may negatively affect our revenues, cost of sales, and operating margins, and could result in foreign exchange losses.
  • Our competitive position may still require significant investments.
  • We may be unable to successfully implement our acquisitions strategy or integrate acquired companies and personnel with existing operations.
  • Although II-VI continues to expect that its acquisition of Finisar will result in cost savings, synergies, and other benefits, the combined company may not realize those benefits, or be able to retain those benefits even if realized.
  • Our future success depends on continued international sales, and our global operations are complex and present multiple challenges to manage.
  • We are subject to complex and rapidly changing import and export regulations which could limit our sales and decrease our profitability.
  • Changes in trade policies, such as increased import duties, could increase the costs of goods imported into the United States or China.
  • Any inability to access financial markets from time to time to raise required capital, finance our working capital requirements or our acquisition strategies, or otherwise support our liquidity needs could negatively impact our ability to finance our operations, meet certain obligations, or implement our growth strategy.
  • We may not be able to settle conversions of our convertible senior notes in cash or repurchase the notes in accordance with their terms.
  • Our credit agreement restricts our operations, particularly our ability to respond to changes or to take certain actions regarding our business.
  • We may fail to accurately estimate the size and growth of our markets and our customers’ demands.
  • We may encounter increased competition and we may fail to accurately estimate our competitors’ or our customers’ willingness and capability to backward integrate into our competencies and thereby displace us.
  • There are limitations on the protection of our intellectual property and we may from time to time be involved in costly intellectual property litigation or indemnification.
  • A significant portion of our business is dependent on cyclical industries.
  • Our global operations are subject to complex legal and regulatory requirements.
  • Changes in laws and regulations governing data privacy and data protection could have a material adverse impact on our business.
  • Data breach incidents and breakdown of information and communication technologies could disrupt our operations and impact our financial results.
  • We have entered into supply agreements that commit us to supply products on specified terms.
  • We depend on highly complex manufacturing processes that require feeder materials, components, and products from limited sources of supply.
  • Increases in commodity prices may adversely affect our results of operations and financial condition.
  • We use and generate potentially hazardous substances that are subject to stringent environmental regulations.
  • We have a substantial amount of debt, which could adversely affect our business, financial condition, or results of operations and prevent us from fulfilling our debt-related obligations.
  • Unfavorable changes in tax rates, tax liabilities, or tax accounting rules could negatively affect future results.
  • Natural disasters or other global or regional catastrophic events could disrupt our operations, give rise to substantial environmental hazards, and adversely affect our results.
  • Our success depends on our ability to attract, retain, and develop key personnel and requires continued good relations with our employees.
  • We contract with a number of large end-user service providers and product companies that have considerable bargaining power, which may require us to agree to terms and conditions that could have an adverse effect on our business or ability to recognize revenues.
  • We may be adversely affected by climate change regulations.
  • We depend on large purchases from a few significant customers, and any loss, cancellation, reduction, or delay in purchases by these customers could harm our business.
  • The manufacturing of our products may be adversely affected if we are unable to manufacture certain products in our manufacturing facilities.
  • Failure to accurately forecast our revenues could result in additional charges for obsolete or excess inventories or noncancellable purchase commitments.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Our stock price has been volatile in the past and may be volatile in the future.
  • Provisions in our Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and Amended and Restated By-Laws (the “By-Laws”) and the Pennsylvania Business Corporation Law (the “BCL”) may delay or prevent our acquisition by a third party, which could also reduce the market price of our capital stock.
  • Because we do not currently intend to pay dividends, holders will benefit from an investment in our common stock only if it appreciates in value and by the intended anti-dilution actions of our share-buyback program.
  • Our ability to declare and pay dividends on our capital stock may be limited, including by the terms of our existing Credit Agreement.
  • The Mandatory Convertible Preferred Stock may adversely affect the market price of our common stock.
  • Our common stock is subordinate to our existing and future indebtedness; the Mandatory Convertible Preferred Stock, when issued; and any other preferred stock we may issue in the future. Our Mandatory Convertible Preferred Stock ranks junior to all of our and our subsidiaries’ consolidated liabilities.
  • Our board of directors can issue, without approval of the holders of our common stock, preferred stock with voting and conversion rights that could adversely affect the voting power of the holders of our common stock, the rights of holders of shares of our capital stock, or the market price of our capital stock.
  • Reports published by securities or industry analysts, freelance bloggers and credit rating agencies, including projections in those reports that exceed our actual results, could adversely affect our share price and trading volume.
  • Regulatory actions may adversely affect the trading price and liquidity of the Mandatory Convertible Preferred Stock.
  • Holders of Mandatory Convertible Preferred Stock have no voting rights with respect to the Mandatory Convertible Preferred Stock, except under limited circumstances.
  • We depend on our subsidiaries for cash to fund our operations and expenses, including future dividend payments with respect to the Mandatory Convertible Preferred Stock.
Management Discussion
  • The Company aligns its organizational structure into the following two reporting segments for the purpose of making operational decisions and assessing financial performance: (i) Compound Semiconductors and (ii) Photonic Solutions. The Company is reporting financial information (revenue and operating income) for these reporting segments in this Annual Report on Form 10-K.
  • Revenues. Revenues for the year ended June 30, 2020 increased 75% to $2,380.1 million, compared to $1,362.4 million for the prior fiscal year. The increase in revenues is primarily attributed to the acquisition of Finisar, which contributed $938.4 million of revenues for the fiscal year ended June 30, 2020. In addition to the acquisition of Finisar, the increase in revenues within Photonic Solutions was driven by increased demand from customers in the optical communication market, ROADM and other optical communication products addressing the growing deployment of 5G optical networks. Compound Semiconductors recorded a 13% revenue increase during the current fiscal year, which in addition to revenues from Finisar, was driven by strengthening demand for SiC substrate products addressing RF electronics and high-power switching systems. This segment also realized increased revenues from its aerospace and defense products addressing strengthening demand from customers in the intelligence, surveillance and reconnaissance markets.
  • Gross margin. Gross margin for the year ended June 30, 2020 was $819.6 million, or 34.4%, of total revenues, compared to $521.3 million, or 38.3% of total revenues, for the same period last fiscal year. Gross margin as a percentage of revenues decreased 380 basis points compared to the prior fiscal year despite the 75% increase in revenues during this same period. Gross margin was negatively impacted by additional cost of goods sold of $87.7 million related to the fair value adjustment of the acquired Finisar inventory, and as the result of product mix relating to Finisar's Transceiver product line which has a lower gross margin profile than the Company's historical margins.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: air, cleaning, comparison, consecutive, contact, deliver, efficacy, filtering, foot, high, ownership, preceding, sharp, step, strict, sustained, thereof, touch, tracing, traffic
Removed: ability, absorb, account, approval, arrangement, beneficiary, capitalization, classify, comprising, data, depreciation, disproportionate, entity, fiber, finalized, finance, granted, holding, influence, modified, nonconsolidated, optic, order, power, restated, retrospective, ROADM, RSU, sensing, strategic, transceiver, transition, unused, VCSEL, voting

Patents

GRANT
Utility
High power cavity package for light emitters
6 Apr 21
An emitter package can include: a body having a bottom member, side members extending from the bottom member, and a top surface, wherein the body defines a cavity formed into the top surface and located between the bottom member and side members; the cavity having top side walls extending from the top surface to optic shelves, middle side walls extending from the optic shelves to contact shelves, and bottom side walls extending from the contact shelves to a base surface; electrical conductive pads on the base surface in the cavity; emitter chips on the electrical conductive pads, each emitter chip having one or more light emitters; shelf contact pads on the contact shelves; and electrical connector wires connected to and extending between the emitter chips and the shelf contact pads.
APP
Utility
Protective Conduit for High-power Laser Applications In Light Guide Cables
1 Apr 21
A protective conduit for high power laser applications in light guide cables and provides a protective conduit that surrounds a light guiding fiber for high-power laser applications in light guide cables, wherein the protective conduit includes at least one plastic laser safety layer filled with at least one allotrope of carbon or filled with cork, chipped wood, wood, or wood powder, wood particles.
APP
Utility
DFB with Weak Optical Feedback
1 Apr 21
A distributed feedback plus reflection (DFB+R) laser includes an active section, a passive section, a low reflection (LR) mirror, and an etalon.
APP
Utility
Two-kappa DBR Laser
1 Apr 21
A two-kappa DBR laser includes an active section, a HR mirror, a first DBR section, and a second DBR section.
APP
Utility
Isolator-free Laser
1 Apr 21
An isolator-free laser includes an etalon, an active section, and a low reflection (LR) mirror.