$IPGP
IPG PHOTONICS CORP

2017 Q2 Form 10-Q Financial Statement

#000111192817000144 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $369.4M $252.8M
YoY Change 46.12% 7.51%
Cost Of Revenue $163.1M $115.1M
YoY Change 41.7% 8.13%
Gross Profit $206.3M $137.7M
YoY Change 49.81% 6.99%
Gross Profit Margin 55.85% 54.47%
Selling, General & Admin $32.01M $25.84M
YoY Change 23.88% 12.45%
% of Gross Profit 15.52% 18.77%
Research & Development $25.96M $18.41M
YoY Change 41.0% 21.82%
% of Gross Profit 12.58% 13.37%
Depreciation & Amortization $15.20M $12.30M
YoY Change 23.58% 17.14%
% of Gross Profit 7.37% 8.93%
Operating Expenses $65.15M $42.70M
YoY Change 52.6% 3.48%
Operating Profit $141.1M $95.01M
YoY Change 48.56% 8.65%
Interest Expense $468.0K $270.0K
YoY Change 73.33% -341.07%
% of Operating Profit 0.33% 0.28%
Other Income/Expense, Net $491.0K $411.0K
YoY Change 19.46% 738.78%
Pretax Income $141.6M $95.42M
YoY Change 48.43% 9.06%
Income Tax $37.53M $28.39M
% Of Pretax Income 26.5% 29.75%
Net Earnings $104.1M $67.06M
YoY Change 55.26% 9.39%
Net Earnings / Revenue 28.19% 26.53%
Basic Earnings Per Share $1.95 $1.26
Diluted Earnings Per Share $1.91 $1.25
COMMON SHARES
Basic Shares Outstanding 53.38M shares 53.07M shares
Diluted Shares Outstanding 54.47M shares 53.79M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $930.4M $714.1M
YoY Change 30.29% 24.95%
Cash & Equivalents $808.1M $587.3M
Short-Term Investments $122.3M $126.8M
Other Short-Term Assets $82.40M $90.40M
YoY Change -8.85% 28.77%
Inventory $260.7M $241.3M
Prepaid Expenses
Receivables $237.3M $151.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.511B $1.197B
YoY Change 26.19% 19.44%
LONG-TERM ASSETS
Property, Plant & Equipment $389.9M $350.4M
YoY Change 11.25% 21.44%
Goodwill $28.73M $20.46M
YoY Change 40.4% 3865.31%
Intangibles $32.29M $29.40M
YoY Change 9.86% 109.78%
Long-Term Investments
YoY Change
Other Assets $21.05M $18.33M
YoY Change 14.82% -15.1%
Total Long-Term Assets $519.8M $432.1M
YoY Change 20.3% 30.07%
TOTAL ASSETS
Total Short-Term Assets $1.511B $1.197B
Total Long-Term Assets $519.8M $432.1M
Total Assets $2.031B $1.629B
YoY Change 24.63% 22.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.00M $20.41M
YoY Change 42.04% -5.21%
Accrued Expenses $116.5M $80.53M
YoY Change 44.66% 17.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.188M $3.188M
YoY Change -62.74% 59.4%
Total Short-Term Liabilities $156.8M $135.0M
YoY Change 16.16% 7.32%
LONG-TERM LIABILITIES
Long-Term Debt $21.38M $39.23M
YoY Change -45.51% 110.15%
Other Long-Term Liabilities $31.94M
YoY Change 21.22%
Total Long-Term Liabilities $21.38M $71.17M
YoY Change -69.97% 58.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.8M $135.0M
Total Long-Term Liabilities $21.38M $71.17M
Total Liabilities $226.2M $206.1M
YoY Change 9.72% 20.7%
SHAREHOLDERS EQUITY
Retained Earnings $1.275B $949.7M
YoY Change 34.28% 33.79%
Common Stock $681.3M $629.7M
YoY Change 8.19% 6.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.06M
YoY Change
Treasury Stock Shares 301.3K shares
Shareholders Equity $1.804B $1.423B
YoY Change
Total Liabilities & Shareholders Equity $2.031B $1.629B
YoY Change 24.63% 22.09%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $104.1M $67.06M
YoY Change 55.26% 9.39%
Depreciation, Depletion And Amortization $15.20M $12.30M
YoY Change 23.58% 17.14%
Cash From Operating Activities $82.30M $43.40M
YoY Change 89.63% -12.15%
INVESTING ACTIVITIES
Capital Expenditures -$21.70M -$45.90M
YoY Change -52.72% 146.77%
Acquisitions
YoY Change
Other Investing Activities $46.10M -$47.10M
YoY Change -197.88% -47200.0%
Cash From Investing Activities $24.30M -$92.90M
YoY Change -126.16% 402.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.70M 28.30M
YoY Change -176.68% -743.18%
NET CHANGE
Cash From Operating Activities 82.30M 43.40M
Cash From Investing Activities 24.30M -92.90M
Cash From Financing Activities -21.70M 28.30M
Net Change In Cash 84.90M -21.20M
YoY Change -500.47% -180.0%
FREE CASH FLOW
Cash From Operating Activities $82.30M $43.40M
Capital Expenditures -$21.70M -$45.90M
Free Cash Flow $104.0M $89.30M
YoY Change 16.46% 31.32%

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, 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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