COHERENT, INC. COHR Cash Flow

Coherent, inc. (COHR)

CashFlow / Quarterly

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10
Cash flows from operating activities:
Net income (loss)
5,793	624	-3,099	20,750	35,550	73,185	66,970	65,302	41,901	73,752	61,117	41,845	30,408	30,785	18,650	17,781	20,286	27,302	13,264	18,413	17,430	19,097	12,999	15,307	11,703	20,515	16,685	15,002	14,153	12,548	17,208	16,155	17,051	31,380	19,022	23,723	19,113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
13,156	13,463	13,772	13,774	13,916	14,607	13,336	12,844	12,555	12,113	11,618	10,963	8,995	6,495	6,527	6,498	6,385	6,362	6,017	6,226	6,210	6,602	6,482	6,825	6,699	6,970	6,599	6,679	6,108	6,064	5,673	5,678	5,828	5,686	5,136	4,950	4,767
Amortization of intangible assets
12,300	13,760	18,600	14,000	15,100	14,439	15,200	15,300	15,100	16,253	15,452	16,763	12,088	2,249	2,032	2,077	2,092	2,068	1,976	2,020	2,180	2,312	2,402	2,434	2,445	2,454	2,724	3,408	1,181	1,436	1,723	1,611	1,636	-14,285	1,851	2,257	2,095
Gain on business combination
-	-	-	-	-	-	-	-	-	0	0	0	5,416	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-1,911	-6,721	-3,756	-2,948	-1,505	-1,773	4,301	958	13,121	-21,716	7,584	-6,911	1,291	-6,414	2,297	-2,161	-3,492	-4,474	-1,171	-505	6,988	-5,070	-1,037	-457	-1,621	-882	2,475	-2,425	-275	-2,668	-2,186	618	-527	4,840	9,070	83	8,096
Amortization of debt issuance cost
826	837	1,248	1,274	1,288	1,314	1,030	3,406	3,815	4,232	1,263	1,107	600	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit from employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48	-1,295	1,543
Loss on disposal of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	328	-411	-156
Stock-based compensation
7,792	9,931	9,655	9,004	7,876	8,669	8,583	8,410	7,076	7,194	6,892	6,683	5,503	5,336	5,689	5,387	3,745	4,495	4,565	4,782	4,390	4,690	4,667	4,672	4,868	4,615	4,640	4,642	4,994	4,005	4,127	4,161	4,022	3,442	3,437	3,162	2,922
Excess tax benefits from stock-based compensation arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,451	122	912	1,681	743	1,121	1,569	1,678
Non-cash restructuring charges
599	488	11,798	247	76	282	525	9	430	2,044	82	-46	4,359	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Lease, Right-of-Use Asset, Amortization
4,104	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash expense
-229	-2,077	1,274	1,225	-1	753	-102	285	-377	1,644	366	-111	-456	1,350	-399	-153	165	534	376	-24	-360	988	354	-10	32	130	-783	822	-522	-332	252	-1,263	1,151	188	-120	58	-58
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable
-34,320	3,012	-44,530	-16,925	-23,635	19,500	33,305	-7,004	1,219	28,997	20,721	7,215	-4,417	13,330	-1,138	1,687	3,646	-5,538	22,078	-3,681	-2,760	10,940	-7,323	21,328	-19,754	-11,207	12,894	13,539	-19,452	1,336	15,496	-2,525	-9,161	-1,387	6,678	22,416	-1,522
Inventories
867	-16,086	-4,368	-6,852	9,501	-6,744	25,189	43,550	16,128	15,486	895	1,651	-6,613	12,081	22,564	17,350	3,713	-4,043	4,103	-1,399	-4,715	-3,372	3,120	4,845	2,297	-4,336	1,159	1,030	-2,113	-1,954	6,760	7,632	-2,671	7,810	8,886	12,765	9,109
Prepaid expenses and other assets
3,418	-5,747	1,665	-8,793	-1,199	-1,017	2,519	-1,171	6,364	465	268	75	3,559	46	-48	1,306	3,551	-19,145	7,272	5,271	8,650	-23,533	3,759	-1,117	9,256	-20,064	-282	5,937	4,281	-15,887	11,102	2,758	7,321	-15,278	8,861	12,072	2,443
Other long-term assets
3,471	2,210	639	32	-2,332	2,323	1,616	388	3,365	-557	1,027	1,209	1,083	975	2,561	-3,031	1,047	-1,472	1,252	-1,240	658	775	647	-51	2,118	-569	1,473	-1,604	666	1,363	-856	-1,151	497	-2,911	652	1,442	2,011
Accounts payable
789	-9,942	-4,416	-5,538	4,736	-13,220	-10,103	8,911	4,676	1,741	-2,137	7,233	1,439	-89	2,308	11,768	-4,252	359	84	5,915	-5,358	1,560	-1,785	3,588	-5,658	-4,371	490	10,442	-445	-9,343	214	3,401	-4,715	-4,991	-242	2,385	2,687
Income taxes payable/receivable
-2,447	-4,516	-86,221	-7,350	-21,842	-9,246	-11,095	-8,936	29,751	38,501	15,465	14,282	-1,428	10,143	-8,738	1,404	4,575	5,041	-1,929	-2,594	-7,277	2,435	-9,334	-113	-4,361	3,226	-23,703	313	-410	5,258	6,188	-10,158	-8,210	-6,458	4,714	7,330	-1,314
Increase (Decrease) in Operating Liabilities
-3,877	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other current liabilities
-7,856	3,582	3,934	14	-20,685	26,814	-28,059	-2,239	-39,336	7,609	-7,197	29,135	17,911	26,142	698	8,949	-5,128	-13,554	-2,717	14,749	7,145	-20,524	5,614	9,080	5,250	-20,087	-91	4,937	4,056	-17,597	10,758	4,589	-3,110	-12,394	248	19,608	1,250
Other long-term liabilities
3,968	13,957	2,180	440	-832	36	2,024	-125	2,588	-2,415	3,678	721	1,330	1,887	3,144	-2,922	1,843	-1,376	1,412	-732	816	1,178	1,028	-600	3,301	277	1,577	-773	821	1,526	-728	-767	676	-1,618	1,752	-22	2,431
Cash flows from discontinued operations
-	-	-	-	-	-	-	-	2	-3,973	383	-18	-1,283	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
60,041	46,037	9,041	75,012	51,311	103,118	194	67,819	64,980	98,834	90,923	111,718	82,641	50,678	9,067	31,292	14,262	55,623	-11,579	49,363	31,051	26,482	20,479	15,741	28,677	48,763	-3,665	23,101	47,323	21,060	10,965	16,611	16,135	32,442	18,390	5,875	29,969
Cash flows from investing activities:
Purchases of property and equipment
11,496	22,772	18,986	18,388	23,137	24,767	21,039	21,268	23,683	18,422	15,809	14,153	15,390	21,017	12,054	11,491	4,765	5,976	3,977	7,072	5,138	5,528	3,867	7,203	6,792	6,622	4,874	6,591	3,901	5,438	11,038	11,436	8,139	9,669	11,206	11,113	5,129
Proceeds from dispositions of property and equipment
695	66	897	4,331	0	1,667	2,648	64	26	951	858	21	123	133	242	130	50	-685	874	406	568	168	-83	318	182	1,351	37	94	0	280	0	-26	26	17	305	33	0
Purchases of available-for-sale securities
0	0	119	6,433	5,000	119	21,485	17,944	14,894	32,449	0	0	0	0	96,213	34,478	50,151	37,760	97,128	133,924	43,780	119,228	71,280	42,676	47,224	57,925	53,419	53,257	63,630	55,644	42,043	133,906	12,593	58,273	71,341	30,285	71,093
Proceeds from sales and maturities of available-for-sale securities
120	1,995	9,464	-28	121	-1	58,590	18,486	9,711	105	5	0	25,108	188,092	65,496	28,216	51,254	76,015	94,608	98,066	77,370	46,145	60,939	34,741	51,605	38,709	43,247	34,879	128,526	25,924	43,906	40,682	30,188	73,028	74,233	28,803	19,506
Acquisition of businesses, net of cash acquired
0	0	0	0	18,881	0	0	45,448	0	0	0	0	740,481	0	0	0	0	-	-	-	-	-	-	-	-	0	0	0	67,289	3,687	0	0	0	-	-	-	-
Investment at cost
0	0	0	0	3,423	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of discontinued operation
-	-	-	-	-	0	0	0	25,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	68
Cash flows from discontinued operations
-	-	-	-	-	-	-	-	-	-106	-333	-163	-153	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-10,681	-20,711	-8,744	-20,518	-50,320	-23,220	24,964	-65,640	-3,840	-49,921	-15,279	-14,295	-730,793	167,208	-42,529	-17,623	-3,612	22,294	-5,623	-42,524	29,020	-78,443	-14,291	-14,820	-2,229	-24,487	-15,009	-24,875	-6,294	-38,565	-9,175	-104,686	9,482	5,564	-7,364	-27,083	-56,784
Cash flows from financing activities:
Short-term borrowings
12,144	-	18,630	20,300	68,124	-	28,143	34,318	2,354	-	672	3,010	3,920	-	20,000	17,632	17,160	-	4,869	7,943	11,542	-	9,159	15,614	21,154	-	6,341	3,199	0	-	0	4,476	4,786	-	687	579	285
Repayments of short-term borrowings
12,238	43,074	20,485	21,759	26,476	25,033	28,763	36,333	622	1,579	540	4,780	23,920	0	5,000	17,632	12,160	14,375	4,869	7,943	11,542	16,408	8,323	15,614	21,154	11,177	6,341	3,199	0	0	0	4,476	4,786	793	687	579	285
Proceeds from long-term borrowings
-	-	-	-	-	-	-	-	-	0	0	0	740,685	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of long-term borrowings
1,956	1,851	1,884	1,895	1,907	2,307	2,373	76,550	90,363	90,754	52,477	34,178	2,171	0	0	0	0	-	-	-	-	0	0	0	2	4	5	4	4	4	4	3	4	3	5	5	5
Issuance of common stock under employee stock option and purchase plans
5,747	0	6,107	0	5,704	0	5,675	0	4,899	0	4,245	0	3,866	600	3,563	165	3,521	52	3,555	264	3,437	172	3,475	228	6,810	833	3,402	7,594	4,712	1,751	3,817	3,152	4,568	2,288	6,463	8,638	17,331
Net settlement of restricted common stock
13,175	12	26	298	14,843	28	42	604	35,646	27	15	420	15,255	29	70	27	5,317	7	60	35	5,200	18	104	31	7,658	7	117	0	4,046	23	83	18	4,413	27	90	1,103	2,086
Excess tax benefits from stock-based compensation arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,451	122	912	1,681	743	1,121	1,569	1,678
Cash dividend paid on common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	24,040	-	0	0	0	-	-	-	-
Repurchase of common stock
0	-10	26,004	25,905	25,501	0	100,000	0	0	-	-	-	-	-	-	-	-	50,018	0	7,711	17,298	0	0	0	0	-	-	-	-	0	4,334	0	20,665	58,699	14,541	27,397	0
Debt issuance costs
-	-	-	-	-	-	-	-	-	0	475	68	25,824	2,672	393	2,137	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-9,478	-32,397	-23,662	-29,557	5,101	-3,091	-97,360	-79,169	-119,378	-89,471	-48,590	-37,252	681,301	-2,981	18,980	-1,999	3,204	-49,973	3,495	-7,482	-19,061	-658	4,207	197	-850	822	3,280	7,590	-23,378	273	-482	4,043	-18,833	-55,698	-7,052	-18,298	16,918
Effect of exchange rate changes on cash, cash equivalents and restricted cash
4,035	-4,037	2,661	-2,802	-1,799	960	-5,083	761	943	11,754	12,787	11,887	-13,504	-	-	-	-2,118	-475	1,764	-13,696	-2,807	-5,732	-1,078	758	2,333	4,035	3,101	-208	2,584	2,413	-4,792	2,434	-6,183	-14,928	-4,410	12,108	-7,968
Net increase in cash, cash equivalents and restricted cash
43,917	-11,108	-20,704	22,135	4,293	77,767	-77,285	-76,229	-57,295	-28,804	39,841	72,058	19,645	214,940	-17,769	14,833	11,736	27,469	-11,943	-14,339	38,203	-58,351	9,317	1,876	27,931	29,133	-12,293	5,608	20,235	-14,819	-3,484	-81,598	601	-32,620	-436	-27,398	-17,865
Cash paid during the year for:
Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15	64	4	3	51	44	2	11
Income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,333	2,635	16,969	25,818	1,085	4,775	7,458	3,973
Cash received during the year for:
Income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	800	1,001	392	9,662	-335	198	1,479	3,908
Non-cash investing and financing activities:
Unpaid property and equipment purchases
7,770	-579	-366	-731	6,082	823	1,991	-491	3,853	1,247	-772	-1,362	4,084	954	-1,262	2,301	1,499	484	113	21	807	-	-	-	-	-	-	-	-	-580	-2,166	1,844	1,933	352	-1,846	1,939	889
Use of previously owned equity shares in acquisition
-	-	-	-	-	-	-	-	-	0	0	0	20,685	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-