$IPGP
IPG PHOTONICS CORP

2015 Q1 Form 10-Q Financial Statement

#000111192815000070 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $199.0M $170.6M
YoY Change 16.64% 20.25%
Cost Of Revenue $91.13M $81.29M
YoY Change 12.11% 22.78%
Gross Profit $107.8M $89.28M
YoY Change 20.77% 18.04%
Gross Profit Margin 54.2% 52.34%
Selling, General & Admin $20.33M $20.08M
YoY Change 1.23% 13.59%
% of Gross Profit 18.85% 22.49%
Research & Development $14.23M $12.78M
YoY Change 11.31% 45.31%
% of Gross Profit 13.2% 14.32%
Depreciation & Amortization $9.743M $8.102M
YoY Change 20.25% 12.26%
% of Gross Profit 9.04% 9.07%
Operating Expenses $25.81M $31.50M
YoY Change -18.07% 21.16%
Operating Profit $82.02M $57.79M
YoY Change 41.93% 16.4%
Interest Expense -$184.0K -$139.0K
YoY Change 32.37% 162.26%
% of Operating Profit -0.22% -0.24%
Other Income/Expense, Net -$99.00K $195.0K
YoY Change -150.77% 1047.06%
Pretax Income $81.92M $57.98M
YoY Change 41.29% 16.75%
Income Tax $24.58M $17.45M
% Of Pretax Income 30.0% 30.1%
Net Earnings $57.36M $40.53M
YoY Change 41.52% 15.38%
Net Earnings / Revenue 28.83% 23.76%
Basic Earnings Per Share $1.09 $0.78
Diluted Earnings Per Share $1.08 $0.77
COMMON SHARES
Basic Shares Outstanding 52.49M shares 51.97M shares
Diluted Shares Outstanding 53.27M shares 52.72M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $541.5M $480.6M
YoY Change 12.67% 35.11%
Cash & Equivalents $541.5M $480.6M
Short-Term Investments
Other Short-Term Assets $65.60M $66.40M
YoY Change -1.2% 36.07%
Inventory $174.1M $170.6M
Prepaid Expenses
Receivables $149.8M $107.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $931.0M $825.1M
YoY Change 12.83% 27.07%
LONG-TERM ASSETS
Property, Plant & Equipment $274.1M $249.4M
YoY Change 9.94% 13.87%
Goodwill $519.0K $455.0K
YoY Change 14.07% -86.03%
Intangibles $14.91M $9.018M
YoY Change 65.37% -20.98%
Long-Term Investments
YoY Change
Other Assets $22.79M $7.032M
YoY Change 224.05% 2.24%
Total Long-Term Assets $318.2M $271.9M
YoY Change 17.05% 11.94%
TOTAL ASSETS
Total Short-Term Assets $931.0M $825.1M
Total Long-Term Assets $318.2M $271.9M
Total Assets $1.249B $1.097B
YoY Change 13.88% 22.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.92M $18.62M
YoY Change -14.52% 27.75%
Accrued Expenses $62.21M $63.87M
YoY Change -2.6% 27.38%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $2.300M
YoY Change -78.26% -76.53%
Long-Term Debt Due $13.00M $1.333M
YoY Change 875.24% -12.82%
Total Short-Term Liabilities $123.1M $103.3M
YoY Change 19.22% 17.21%
LONG-TERM LIABILITIES
Long-Term Debt $19.17M $11.00M
YoY Change 74.25% -12.18%
Other Long-Term Liabilities $26.44M $21.42M
YoY Change 23.46% 16.42%
Total Long-Term Liabilities $45.61M $32.42M
YoY Change 40.69% 4.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.1M $103.3M
Total Long-Term Liabilities $45.61M $32.42M
Total Liabilities $168.7M $135.7M
YoY Change 24.35% 14.0%
SHAREHOLDERS EQUITY
Retained Earnings $648.6M $431.3M
YoY Change 50.38% 59.67%
Common Stock $580.9M $544.4M
YoY Change 6.72% 5.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.079B $961.3M
YoY Change
Total Liabilities & Shareholders Equity $1.249B $1.097B
YoY Change 13.88% 22.95%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $57.36M $40.53M
YoY Change 41.52% 15.38%
Depreciation, Depletion And Amortization $9.743M $8.102M
YoY Change 20.25% 12.26%
Cash From Operating Activities $52.01M $43.39M
YoY Change 19.86% -482.67%
INVESTING ACTIVITIES
Capital Expenditures $14.03M $11.46M
YoY Change 22.44% -35.44%
Acquisitions $4.958M $0.00
YoY Change -100.0%
Other Investing Activities -$60.00K -$32.00K
YoY Change 87.5% -91.47%
Cash From Investing Activities -$18.79M -$11.31M
YoY Change 66.25% -50.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $833.0K $333.0K
YoY Change 150.15% -79.7%
Cash From Financing Activities $6.477M $871.0K
YoY Change 643.63% -89.15%
NET CHANGE
Cash From Operating Activities $52.01M $43.39M
Cash From Investing Activities -$18.79M -$11.31M
Cash From Financing Activities $6.477M $871.0K
Net Change In Cash $39.69M $32.96M
YoY Change 20.43% -226.03%
FREE CASH FLOW
Cash From Operating Activities $52.01M $43.39M
Capital Expenditures $14.03M $11.46M
Free Cash Flow $37.98M $31.94M
YoY Change 18.93% -209.8%

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CY2015Q1 us-gaap Product Warranty Accrual Noncurrent
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CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
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2695000 USD
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CY2014Q4 us-gaap Stockholders Equity
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6501000 USD
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6494000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
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6494000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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0 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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754000 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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781000 shares
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51970000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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52486000 shares
CY2015Q1 us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared by IPG Photonics Corporation, or "IPG", "we", "our", "its" or the "Company". Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of the Company's management, the unaudited financial information for the interim periods presented reflects all adjustments necessary for a fair presentation of the Company's financial position, results of operations and cash flows. The results reported in these consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC.</font></div></div>

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