$IPGP
IPG PHOTONICS CORP

2016 Q1 Form 10-Q Financial Statement

#000111192816000202 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $207.2M $199.0M
YoY Change 4.17% 16.64%
Cost Of Revenue $92.84M $91.13M
YoY Change 1.87% 12.11%
Gross Profit $114.4M $107.8M
YoY Change 6.11% 20.77%
Gross Profit Margin 55.2% 54.2%
Selling, General & Admin $21.94M $20.33M
YoY Change 7.91% 1.23%
% of Gross Profit 19.17% 18.85%
Research & Development $17.49M $14.23M
YoY Change 22.9% 11.31%
% of Gross Profit 15.29% 13.2%
Depreciation & Amortization $11.39M $9.743M
YoY Change 16.95% 20.25%
% of Gross Profit 9.96% 9.04%
Operating Expenses $44.39M $25.81M
YoY Change 72.02% -18.07%
Operating Profit $70.02M $82.02M
YoY Change -14.63% 41.93%
Interest Expense $192.0K -$184.0K
YoY Change -204.35% 32.37%
% of Operating Profit 0.27% -0.22%
Other Income/Expense, Net $199.0K -$99.00K
YoY Change -301.01% -150.77%
Pretax Income $70.22M $81.92M
YoY Change -14.29% 41.29%
Income Tax $20.89M $24.58M
% Of Pretax Income 29.75% 30.0%
Net Earnings $49.33M $57.36M
YoY Change -14.0% 41.52%
Net Earnings / Revenue 23.8% 28.83%
Basic Earnings Per Share $0.93 $1.09
Diluted Earnings Per Share $0.92 $1.08
COMMON SHARES
Basic Shares Outstanding 52.90M shares 52.49M shares
Diluted Shares Outstanding 53.62M shares 53.27M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $740.0M $541.5M
YoY Change 36.66% 12.67%
Cash & Equivalents $613.7M $541.5M
Short-Term Investments $126.3M
Other Short-Term Assets $84.20M $65.60M
YoY Change 28.35% -1.2%
Inventory $226.9M $174.1M
Prepaid Expenses
Receivables $146.5M $149.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.198B $931.0M
YoY Change 28.64% 12.83%
LONG-TERM ASSETS
Property, Plant & Equipment $309.2M $274.1M
YoY Change 12.79% 9.94%
Goodwill $502.0K $519.0K
YoY Change -3.28% 14.07%
Intangibles $11.07M $14.91M
YoY Change -25.8% 65.37%
Long-Term Investments
YoY Change
Other Assets $19.80M $22.79M
YoY Change -13.12% 224.05%
Total Long-Term Assets $352.5M $318.2M
YoY Change 10.76% 17.05%
TOTAL ASSETS
Total Short-Term Assets $1.198B $931.0M
Total Long-Term Assets $352.5M $318.2M
Total Assets $1.550B $1.249B
YoY Change 24.08% 13.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.28M $15.92M
YoY Change 27.4% -14.52%
Accrued Expenses $70.99M $62.21M
YoY Change 14.11% -2.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $500.0K
YoY Change -100.0% -78.26%
Long-Term Debt Due $2.000M $13.00M
YoY Change -84.62% 875.24%
Total Short-Term Liabilities $150.7M $123.1M
YoY Change 22.37% 19.22%
LONG-TERM LIABILITIES
Long-Term Debt $17.17M $19.17M
YoY Change -10.43% 74.25%
Other Long-Term Liabilities $35.26M $26.44M
YoY Change 33.35% 23.46%
Total Long-Term Liabilities $52.43M $45.61M
YoY Change 14.95% 40.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $150.7M $123.1M
Total Long-Term Liabilities $52.43M $45.61M
Total Liabilities $203.1M $168.7M
YoY Change 20.36% 24.35%
SHAREHOLDERS EQUITY
Retained Earnings $882.7M $648.6M
YoY Change 36.1% 50.38%
Common Stock $616.2M $580.9M
YoY Change 6.06% 6.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.346B $1.079B
YoY Change
Total Liabilities & Shareholders Equity $1.550B $1.249B
YoY Change 24.08% 13.88%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $49.33M $57.36M
YoY Change -14.0% 41.52%
Depreciation, Depletion And Amortization $11.39M $9.743M
YoY Change 16.95% 20.25%
Cash From Operating Activities $64.90M $52.01M
YoY Change 24.78% 19.86%
INVESTING ACTIVITIES
Capital Expenditures $24.96M $14.03M
YoY Change 77.94% 22.44%
Acquisitions $0.00 $4.958M
YoY Change -100.0%
Other Investing Activities -$46.00K -$60.00K
YoY Change -23.33% 87.5%
Cash From Investing Activities -$44.68M -$18.79M
YoY Change 137.76% 66.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $500.0K $833.0K
YoY Change -39.98% 150.15%
Cash From Financing Activities $2.135M $6.477M
YoY Change -67.04% 643.63%
NET CHANGE
Cash From Operating Activities $64.90M $52.01M
Cash From Investing Activities -$44.68M -$18.79M
Cash From Financing Activities $2.135M $6.477M
Net Change In Cash $22.35M $39.69M
YoY Change -43.7% 20.43%
FREE CASH FLOW
Cash From Operating Activities $64.90M $52.01M
Capital Expenditures $24.96M $14.03M
Free Cash Flow $39.94M $37.98M
YoY Change 5.15% 18.93%

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199000 USD
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28495000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
43000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
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30117000 USD
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85000 USD
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131000 USD
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129000 USD
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0 USD
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10000000 USD
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19272000 USD
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19796000 USD
CY2015Q4 us-gaap Product Warranty Accrual
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28210000 USD
CY2016Q1 us-gaap Product Warranty Accrual
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30242000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
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14871000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
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13501000 USD
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4549000 USD
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500000 USD
CY2015Q1 us-gaap Research And Development Expense
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14230000 USD
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CY2015Q1 us-gaap Selling And Marketing Expense
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7549000 USD
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8034000 USD
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4127000 USD
CY2016Q1 us-gaap Share Based Compensation
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4959000 USD
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106584000 USD
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126273000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
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2588000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
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3562000 USD
CY2015Q4 us-gaap Stockholders Equity
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1259528000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1345856000 USD
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1080519000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1260665000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1346998000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
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6494000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7579000 USD
CY2014 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
781000 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
723000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53267000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53621000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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52486000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52898000 shares
CY2016Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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", "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, 2015</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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