$IPGP
IPG PHOTONICS CORP

2017 Q1 Form 10-Q Financial Statement

#000111192817000098 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $285.8M $280.1M $207.2M
YoY Change 37.92% 25.26% 4.17%
Cost Of Revenue $128.6M $124.8M $92.84M
YoY Change 38.5% 22.83% 1.87%
Gross Profit $157.3M $155.3M $114.4M
YoY Change 37.46% 27.28% 6.11%
Gross Profit Margin 55.02% 55.45% 55.2%
Selling, General & Admin $28.55M $29.80M $21.94M
YoY Change 30.17% 27.35% 7.91%
% of Gross Profit 18.16% 19.18% 19.17%
Research & Development $22.78M $22.10M $17.49M
YoY Change 30.25% 24.16% 22.9%
% of Gross Profit 14.48% 14.23% 15.29%
Depreciation & Amortization $14.50M $13.90M $11.39M
YoY Change 27.3% 23.01% 16.95%
% of Gross Profit 9.22% 8.95% 9.96%
Operating Expenses $55.79M $51.90M $44.39M
YoY Change 25.67% 26.28% 72.02%
Operating Profit $101.5M $103.4M $70.02M
YoY Change 44.93% 27.79% -14.63%
Interest Expense $308.0K $2.300M $192.0K
YoY Change 60.42% 9.52% -204.35%
% of Operating Profit 0.3% 2.22% 0.27%
Other Income/Expense, Net -$221.0K $600.0K $199.0K
YoY Change -211.06% -220.0% -301.01%
Pretax Income $101.3M $106.3M $70.22M
YoY Change 44.21% 28.85% -14.29%
Income Tax $26.33M $31.10M $20.89M
% Of Pretax Income 26.0% 29.26% 29.75%
Net Earnings $74.95M $75.13M $49.33M
YoY Change 51.94% 23.77% -14.0%
Net Earnings / Revenue 26.22% 26.82% 23.8%
Basic Earnings Per Share $1.40 $1.42 $0.93
Diluted Earnings Per Share $1.38 $1.39 $0.92
COMMON SHARES
Basic Shares Outstanding 53.37M shares 53.11M shares 52.90M shares
Diluted Shares Outstanding 54.37M shares 53.62M shares

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $862.8M $830.6M $740.0M
YoY Change 16.59% 20.53% 36.66%
Cash & Equivalents $697.8M $623.9M $613.7M
Short-Term Investments $165.0M $206.8M $126.3M
Other Short-Term Assets $86.10M $75.40M $84.20M
YoY Change 2.26% 27.15% 28.35%
Inventory $261.9M $239.0M $226.9M
Prepaid Expenses
Receivables $180.2M $155.9M $146.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.391B $1.301B $1.198B
YoY Change 16.15% 17.99% 28.64%
LONG-TERM ASSETS
Property, Plant & Equipment $395.9M $379.4M $309.2M
YoY Change 28.02% 31.45% 12.79%
Goodwill $19.83M $19.83M $502.0K
YoY Change 3850.4% 3826.34% -3.28%
Intangibles $27.89M $28.79M $11.07M
YoY Change 152.05% 141.84% -25.8%
Long-Term Investments
YoY Change
Other Assets $20.93M $18.60M $19.80M
YoY Change 5.72% -7.42% -13.12%
Total Long-Term Assets $511.6M $489.0M $352.5M
YoY Change 45.14% 39.39% 10.76%
TOTAL ASSETS
Total Short-Term Assets $1.391B $1.301B $1.198B
Total Long-Term Assets $511.6M $489.0M $352.5M
Total Assets $1.903B $1.790B $1.550B
YoY Change 22.74% 23.16% 24.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.39M $28.05M $20.28M
YoY Change 25.21% 6.59% 27.4%
Accrued Expenses $105.7M $102.5M $70.99M
YoY Change 48.95% 35.44% 14.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.188M $3.188M $2.000M
YoY Change 59.4% 59.4% -84.62%
Total Short-Term Liabilities $157.7M $158.3M $150.7M
YoY Change 4.69% 11.63% 22.37%
LONG-TERM LIABILITIES
Long-Term Debt $36.84M $37.64M $17.17M
YoY Change 114.59% 113.02% -10.43%
Other Long-Term Liabilities $41.73M $36.37M $35.26M
YoY Change 18.32% 9.18% 33.35%
Total Long-Term Liabilities $78.57M $74.00M $52.43M
YoY Change 49.84% 45.17% 14.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.7M $158.3M $150.7M
Total Long-Term Liabilities $78.57M $74.00M $52.43M
Total Liabilities $236.3M $232.3M $203.1M
YoY Change 16.35% 20.5% 20.36%
SHAREHOLDERS EQUITY
Retained Earnings $1.171B $1.094B $882.7M
YoY Change 32.69% 31.29% 36.1%
Common Stock $668.0M $651.0M $616.2M
YoY Change 8.41% 7.13% 6.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.49M $8.946M
YoY Change
Treasury Stock Shares 210.5K shares 102.8K shares
Shareholders Equity $1.666B $1.558B $1.346B
YoY Change
Total Liabilities & Shareholders Equity $1.903B $1.790B $1.550B
YoY Change 22.74% 23.16% 24.08%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $74.95M $75.13M $49.33M
YoY Change 51.94% 23.77% -14.0%
Depreciation, Depletion And Amortization $14.50M $13.90M $11.39M
YoY Change 27.3% 23.01% 16.95%
Cash From Operating Activities $50.82M $101.9M $64.90M
YoY Change -21.69% 64.35% 24.78%
INVESTING ACTIVITIES
Capital Expenditures $21.88M -$27.00M $24.96M
YoY Change -12.36% 39.9% 77.94%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $47.00K -$80.50M -$46.00K
YoY Change -202.17% -24.55% -23.33%
Cash From Investing Activities $20.37M -$107.5M -$44.68M
YoY Change -145.6% -14.82% 137.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.54M $0.00
YoY Change
Debt Paid & Issued, Net $797.0K $500.0K
YoY Change 59.4% -39.98%
Cash From Financing Activities -$3.736M 700.0K $2.135M
YoY Change -274.99% -83.33% -67.04%
NET CHANGE
Cash From Operating Activities $50.82M 101.9M $64.90M
Cash From Investing Activities $20.37M -107.5M -$44.68M
Cash From Financing Activities -$3.736M 700.0K $2.135M
Net Change In Cash $67.46M -4.900M $22.35M
YoY Change 201.85% -91.83% -43.7%
FREE CASH FLOW
Cash From Operating Activities $50.82M $101.9M $64.90M
Capital Expenditures $21.88M -$27.00M $24.96M
Free Cash Flow $28.95M $128.9M $39.94M
YoY Change -27.52% 58.55% 5.15%

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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, 2016</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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