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IIVI Ii-Vi

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, materials processing, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, U.S.A., the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support its customers.

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

7 May 21
2 Aug 21
30 Jun 22
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 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 Jul 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 70.6558 1,825 128.95K 360,387
16 Jul 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 70.0589 6,675 467.64K 362,212
28 Jun 21 Bashaw Walter Robert Ii Common Stock Sell Dispose S No Yes 73.2854 100 7.33K 40,059
28 Jun 21 Bashaw Walter Robert Ii Common Stock Sell Dispose S No Yes 72.5075 1,711 124.06K 40,159
28 Jun 21 Bashaw Walter Robert Ii Common Stock Sell Dispose S No Yes 71.8309 3,189 229.07K 41,870
28 Jun 21 Bashaw Walter Robert Ii Common Stock Option exercise Aquire M No No 18.73 5,000 93.65K 45,059
28 Jun 21 Bashaw Walter Robert Ii Option Common Stock Option exercise Dispose M No No 18.73 5,000 93.65K 3,800
16 Jun 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 70.2844 900 63.26K 368,887
16 Jun 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 69.539 3,301 229.55K 369,787
16 Jun 21 Mattera Vincent D JR Common Stock Sell Dispose S No Yes 68.7069 4,299 295.37K 373,088

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

91.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 440 392 +12.2%
Opened positions 107 99 +8.1%
Closed positions 59 26 +126.9%
Increased positions 122 106 +15.1%
Reduced positions 143 125 +14.4%
13F shares
Current Prev Q Change
Total value 6.59B 9.8B -32.7%
Total shares 96.43M 100.1M -3.7%
Total puts 1.34M 572.3K +134.6%
Total calls 1.8M 1.52M +18.7%
Total put/call ratio 0.7 0.4 +97.6%
Largest owners
Shares Value Change
BLK Blackrock 12.56M $858.73M +5.7%
Wellington Management 12.14M $829.99M -0.3%
Vanguard 10.21M $698.04M +3.2%
FMR 8.11M $554.33M -31.3%
Pictet Asset Management 4.13M $282.44M +47.2%
STT State Street 3.09M $211.18M -1.5%
WDR Waddell & Reed Financial 2.43M $166.34M +15.2%
Alliancebernstein 1.8M $122.91M -11.6%
Geode Capital Management 1.78M $121.88M +11.4%
ATAC Neuberger Berman 1.68M $114.96M -51.2%
Largest transactions
Shares Bought/sold Change
FMR 8.11M -3.7M -31.3%
Robecosam 565K -1.87M -76.8%
ATAC Neuberger Berman 1.68M -1.76M -51.2%
Pictet Asset Management 4.13M +1.33M +47.2%
Norges Bank 0 -1.2M EXIT
JPM JPMorgan Chase & Co. 1.38M +1.14M +471.8%
Carillon Tower Advisers 0 -756.97K EXIT
Channing Capital Management 0 -696.92K EXIT
BLK Blackrock 12.56M +676.58K +5.7%
Atreides Management 590.8K +590.8K 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. senior Bad
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Removed: Australia, Likewise, satisfy, sufficient

Patents

APP
Utility
Thermoelectric Contrast Therapy Device
29 Jul 21
This disclosure provides an apparatus for a thermoelectric (TE) contrast therapy device and related methods.
APP
Utility
High Isolation Optical Splitter
29 Jul 21
A high isolation optical splitter for the field of optical communications may include an integrated structure of an input fiber, a first output fiber, an input splitting/combining device, a first output splitting/combining device, an input rotation device, a first output rotation device, a first lens, an isolator core, a second lens, a second output rotation device, a second output splitting/combining device, and a second output fiber.
APP
Utility
Optical Isolator with Optical Fibers Arranged on One Single Side
22 Jul 21
An optical isolator has optical fibers arranged on a single side.
APP
Utility
Mems-based Variable Optical Attenuator Array
22 Jul 21
The present disclosure provides a MEMS-based variable optical attenuator (VOA) array, sequentially including an optical fiber array, a micro-lens array, and a MEMS-based micro-reflector array to form a VOA array having several optical attenuation units.
APP
Utility
Wafer Fixture For Testing And Transport
8 Jul 21
A wafer handling fixture is used to transport a finished semiconductor wafer from one post-fabrication procedure to another (e.g., testing, inspection, cleaning, dicing, or shipping) in a manner that maintains the wafer in its “flattened” form and eliminates the possibility for a wafer to later spring back into a bowed form.