$IPGP
IPG PHOTONICS CORP

2016 Q4 Form 10-Q Financial Statement

#000111192816000274 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $280.1M $266.0M $243.5M
YoY Change 25.26% 9.23% 21.98%
Cost Of Revenue $124.8M $121.2M $110.2M
YoY Change 22.83% 9.97% 21.73%
Gross Profit $155.3M $144.8M $133.3M
YoY Change 27.28% 8.62% 22.2%
Gross Profit Margin 55.45% 54.43% 54.74%
Selling, General & Admin $29.80M $27.26M $22.40M
YoY Change 27.35% 21.7% 3.36%
% of Gross Profit 19.18% 18.83% 16.8%
Research & Development $22.10M $20.54M $16.22M
YoY Change 24.16% 26.64% 20.63%
% of Gross Profit 14.23% 14.19% 12.17%
Depreciation & Amortization $13.90M $13.90M $10.90M
YoY Change 23.01% 27.52% 17.2%
% of Gross Profit 8.95% 9.6% 8.18%
Operating Expenses $51.90M $50.71M $43.74M
YoY Change 26.28% 15.92% 38.86%
Operating Profit $103.4M $94.09M $89.56M
YoY Change 27.79% 5.05% 15.43%
Interest Expense $2.300M $373.0K -$40.00K
YoY Change 9.52% -1032.5% 900.0%
% of Operating Profit 2.22% 0.4% -0.04%
Other Income/Expense, Net $600.0K $567.0K $92.00K
YoY Change -220.0% 516.3% -41.77%
Pretax Income $106.3M $94.65M $89.65M
YoY Change 28.85% 5.58% 15.32%
Income Tax $31.10M $25.43M $26.90M
% Of Pretax Income 29.26% 26.86% 30.0%
Net Earnings $75.13M $69.24M $62.79M
YoY Change 23.77% 10.26% 13.75%
Net Earnings / Revenue 26.82% 26.03% 25.78%
Basic Earnings Per Share $1.42 $1.30 $1.19
Diluted Earnings Per Share $1.39 $1.29 $1.18
COMMON SHARES
Basic Shares Outstanding 53.11M shares 53.07M shares 52.68M shares
Diluted Shares Outstanding 53.76M shares 53.39M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $830.6M $772.5M $651.2M
YoY Change 20.53% 18.63% 33.58%
Cash & Equivalents $623.9M $645.6M $651.2M
Short-Term Investments $206.8M $127.0M
Other Short-Term Assets $75.40M $98.90M $74.40M
YoY Change 27.15% 32.93% 24.83%
Inventory $239.0M $242.4M $197.6M
Prepaid Expenses
Receivables $155.9M $162.7M $154.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.301B $1.276B $1.078B
YoY Change 17.99% 18.41% 24.88%
LONG-TERM ASSETS
Property, Plant & Equipment $379.4M $367.5M $286.5M
YoY Change 31.45% 28.26% 5.61%
Goodwill $19.83M $20.14M $508.0K
YoY Change 3826.34% 3864.96% 11.65%
Intangibles $28.79M $28.37M $12.74M
YoY Change 141.84% 122.63% 29.42%
Long-Term Investments
YoY Change
Other Assets $18.60M $19.44M $21.13M
YoY Change -7.42% -8.0% -31.55%
Total Long-Term Assets $489.0M $450.8M $330.1M
YoY Change 39.39% 36.55% 2.48%
TOTAL ASSETS
Total Short-Term Assets $1.301B $1.276B $1.078B
Total Long-Term Assets $489.0M $450.8M $330.1M
Total Assets $1.790B $1.727B $1.408B
YoY Change 23.16% 22.66% 18.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.05M $17.90M $20.86M
YoY Change 6.59% -14.2% 9.98%
Accrued Expenses $102.5M $96.38M $76.91M
YoY Change 35.44% 25.31% 15.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $200.0K
YoY Change -100.0% -91.3%
Long-Term Debt Due $3.188M $3.188M $2.000M
YoY Change 59.4% 59.4% -82.86%
Total Short-Term Liabilities $158.3M $155.6M $148.9M
YoY Change 11.63% 4.55% 16.28%
LONG-TERM LIABILITIES
Long-Term Debt $37.64M $38.43M $18.17M
YoY Change 113.02% 111.55%
Other Long-Term Liabilities $36.37M $30.22M $25.30M
YoY Change 9.18% 19.44% 22.4%
Total Long-Term Liabilities $74.00M $68.66M $43.47M
YoY Change 45.17% 57.94% 110.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.3M $155.6M $148.9M
Total Long-Term Liabilities $74.00M $68.66M $43.47M
Total Liabilities $232.3M $224.3M $192.3M
YoY Change 20.5% 16.62% 29.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.094B $1.019B $772.7M
YoY Change 31.29% 31.88% 44.48%
Common Stock $651.0M $635.8M $597.8M
YoY Change 7.13% 6.35% 7.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.946M $3.483M
YoY Change
Treasury Stock Shares 102.8K shares 41.80K shares
Shareholders Equity $1.558B $1.503B $1.215B
YoY Change
Total Liabilities & Shareholders Equity $1.790B $1.727B $1.408B
YoY Change 23.16% 22.66% 18.8%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $75.13M $69.24M $62.79M
YoY Change 23.77% 10.26% 13.75%
Depreciation, Depletion And Amortization $13.90M $13.90M $10.90M
YoY Change 23.01% 27.52% 17.2%
Cash From Operating Activities $101.9M $87.50M $93.20M
YoY Change 64.35% -6.12% 97.46%
INVESTING ACTIVITIES
Capital Expenditures -$27.00M -$29.10M -$18.20M
YoY Change 39.9% 59.89% -37.02%
Acquisitions
YoY Change
Other Investing Activities -$80.50M -$100.0K $0.00
YoY Change -24.55% -100.0%
Cash From Investing Activities -$107.5M -$29.30M -$18.10M
YoY Change -14.82% 61.88% -36.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K -3.700M -900.0K
YoY Change -83.33% 311.11%
NET CHANGE
Cash From Operating Activities 101.9M 87.50M 93.20M
Cash From Investing Activities -107.5M -29.30M -18.10M
Cash From Financing Activities 700.0K -3.700M -900.0K
Net Change In Cash -4.900M 54.50M 74.20M
YoY Change -91.83% -26.55% 301.08%
FREE CASH FLOW
Cash From Operating Activities $101.9M $87.50M $93.20M
Capital Expenditures -$27.00M -$29.10M -$18.20M
Free Cash Flow $128.9M $116.6M $111.4M
YoY Change 58.55% 4.67% 46.39%

Facts In Submission

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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", "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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