II-VI Incorporated Reports Q4 and Full-Year Fiscal 2022 Results
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Table 4 |
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Reconciliation of GAAP Measures to non-GAAP Measures (Continued) |
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$ Millions |
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(Unaudited) | |
Three Months Ended | | |
Year Ended |
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Jun 30, | |
Mar 31, | |
Jun 30, | | |
Jun 30, | |
Jun 30, |
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2022 | | | |
2022 | | | |
2021 | | | | |
2022 | | | |
2021 | |
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Interest and other (income) expense, net on GAAP basis | | $ | 65.3 | | | $ | 43.7 | | | $ | 3.9 | | | | $ | 132.5 | | | $ | 49.5 | |
| Foreign currency exchange losses | | | (19.8 | ) | | | (1.1 | ) | | | (1.2 | ) | | | | (16.2 | ) | | | (5.5 | ) |
| Gain on investments | | | — | | | | — | | | | 10.9 | | | | | — | | | | 17.9 | |
| Debt extinguishment expense (2) | | | — | | | | — | | | | — | | | | | — | | | | (24.7 | ) |
| Gain on preferred equity forward sale agreement | | | — | | | | — | | | | — | | | | | — | | | | 11.4 | |
| Restructuring, transaction expenses and other (1) | | | (38.3 | ) | | | (33.3 | ) | | | — | | | | | (79.0 | ) | | | — | |
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Interest and other (income) expense, net on non-GAAP basis | | $ | 7.2 | | | $ | 9.3 | | | $ | 13.6 | | | | $ | 37.3 | | | $ | 37.2 | |
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Income taxes on GAAP basis | | $ | 5.3 | | | $ | 14.0 | | | $ | 11.0 | | | | $ | 47.0 | | | $ | 55.0 | |
| Tax impact of non-GAAP measures | | | 22.6 | | | | 19.8 | | | | 6.8 | | | | | 63.9 | | | | 37.6 | |
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Income taxes on non-GAAP basis | | $ | 27.9 | | | $ | 33.8 | | | $ | 17.8 | | | | $ | 110.9 | | | $ | 92.6 | |
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Net earnings on GAAP basis | | $ | 43.6 | | | $ | 49.0 | | | $ | 82.3 | | | | $ | 234.8 | | | $ | 297.6 | |
| Share-based compensation | | | 13.5 | | | | 18.2 | | | | 18.5 | | | | | 73.1 | | | | 78.9 | |
| Amortization of acquired intangibles | | | 19.9 | | | | 19.4 | | | | 20.6 | | | | | 79.7 | | | | 82.2 | |
| Start-up costs (3) | | | 6.4 | | | | 14.6 | | | | — | | | | | 32.3 | | | | — | |
| Foreign currency exchange losses | | | 19.8 | | | | 1.1 | | | | 1.2 | | | | | 16.2 | | | | 5.5 | |
| Gain on investments | | | — | | | | — | | | | (10.9 | ) | | | | — | | | | (17.9 | ) |
| Debt extinguishment expense (2) | | | — | | | | — | | | | — | | | | | — | | | | 24.7 | |
| Restructuring, transaction expenses and other (1) | | | 53.0 | | | | 46.6 | | | | 12.2 | | | | | 132.3 | | | | 26.9 | |
| Tax impact of non-GAAP measures | | | (22.6 | ) | | | (19.8 | ) | | | (6.8 | ) | | | | (63.9 | ) | | | (37.6 | ) |
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Net earnings on non-GAAP basis | | $ | 133.7 | | | $ | 129.0 | | | $ | 117.0 | | | | $ | 504.6 | | | $ | 460.2 | |
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| Per share data: | | | | | | | | | | | |
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Net earnings on GAAP basis | | | | | | | | | | | |
| Basic Earnings Per Share | | $ | 0.25 | | | $ | 0.30 | | | $ | 0.62 | | | | $ | 1.57 | | | $ | 2.50 | |
| Diluted Earnings Per Share | | $ | 0.23 | | | $ | 0.28 | | | $ | 0.59 | | | | $ | 1.45 | | | $ | 2.37 | |
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Net earnings on non-GAAP basis | | | | | | | | | | | |
| Basic Earnings Per Share | | $ | 1.09 | | | $ | 1.05 | | | $ | 0.95 | | | | $ | 4.11 | | | $ | 4.06 | |
| Diluted Earnings Per Share | | $ | 0.98 | | | $ | 0.95 | | | $ | 0.88 | | | | $ | 3.72 | | | $ | 3.73 | |
