$IPGP
IPG PHOTONICS CORP

2017 Q4 Form 10-Q Financial Statement

#000111192817000158 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $361.1M $392.6M $266.0M
YoY Change 28.89% 47.59% 9.23%
Cost Of Revenue $152.3M $168.1M $121.2M
YoY Change 22.04% 38.63% 9.97%
Gross Profit $208.8M $224.6M $144.8M
YoY Change 34.41% 55.09% 8.62%
Gross Profit Margin 57.83% 57.19% 54.43%
Selling, General & Admin $35.00M $34.88M $27.26M
YoY Change 17.45% 27.95% 21.7%
% of Gross Profit 16.76% 15.53% 18.83%
Research & Development $26.60M $25.54M $20.54M
YoY Change 20.36% 24.33% 26.64%
% of Gross Profit 12.74% 11.37% 14.19%
Depreciation & Amortization $18.20M $16.70M $13.90M
YoY Change 30.94% 20.14% 27.52%
% of Gross Profit 8.72% 7.44% 9.6%
Operating Expenses $61.60M $64.33M $50.71M
YoY Change 18.69% 26.88% 15.92%
Operating Profit $147.2M $160.2M $94.09M
YoY Change 42.3% 70.29% 5.05%
Interest Expense $1.200M -$125.0K $373.0K
YoY Change -47.83% -133.51% -1032.5%
% of Operating Profit 0.82% -0.08% 0.4%
Other Income/Expense, Net $100.0K $334.0K $567.0K
YoY Change -83.33% -41.09% 516.3%
Pretax Income $148.4M $160.6M $94.65M
YoY Change 39.6% 69.63% 5.58%
Income Tax $46.10M $44.96M $25.43M
% Of Pretax Income 31.06% 28.0% 26.86%
Net Earnings $52.96M $115.6M $69.24M
YoY Change -29.52% 66.96% 10.26%
Net Earnings / Revenue 14.67% 29.44% 26.03%
Basic Earnings Per Share $0.99 $2.16 $1.30
Diluted Earnings Per Share $0.96 $2.11 $1.29
COMMON SHARES
Basic Shares Outstanding 53.62M shares 53.44M shares 53.07M shares
Diluted Shares Outstanding 54.70M shares 53.76M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.116B $1.046B $772.5M
YoY Change 34.38% 35.39% 18.63%
Cash & Equivalents $909.9M $880.3M $645.6M
Short-Term Investments $206.3M $165.7M $127.0M
Other Short-Term Assets $92.90M $87.40M $98.90M
YoY Change 23.21% -11.63% 32.93%
Inventory $307.7M $282.5M $242.4M
Prepaid Expenses
Receivables $237.3M $226.8M $162.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.754B $1.643B $1.276B
YoY Change 34.82% 28.68% 18.41%
LONG-TERM ASSETS
Property, Plant & Equipment $460.2M $441.5M $367.5M
YoY Change 21.31% 20.14% 28.26%
Goodwill $55.83M $51.14M $20.14M
YoY Change 181.58% 153.91% 3864.96%
Intangibles $51.22M $49.67M $28.37M
YoY Change 77.93% 75.06% 122.63%
Long-Term Investments
YoY Change
Other Assets $19.01M $20.67M $19.44M
YoY Change 2.18% 6.34% -8.0%
Total Long-Term Assets $613.2M $603.5M $450.8M
YoY Change 25.4% 33.88% 36.55%
TOTAL ASSETS
Total Short-Term Assets $1.754B $1.643B $1.276B
Total Long-Term Assets $613.2M $603.5M $450.8M
Total Assets $2.367B $2.246B $1.727B
YoY Change 32.25% 30.03% 22.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.11M $34.27M $17.90M
YoY Change 25.17% 91.47% -14.2%
Accrued Expenses $144.4M $134.3M $96.38M
YoY Change 40.92% 39.33% 25.31%
Deferred Revenue $46.51M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.604M $3.576M $3.188M
YoY Change 13.05% 12.17% 59.4%
Total Short-Term Liabilities $198.9M $182.2M $155.6M
YoY Change 25.67% 17.07% 4.55%
LONG-TERM LIABILITIES
Long-Term Debt $45.38M $46.30M $38.43M
YoY Change 20.57% 20.46% 111.55%
Other Long-Term Liabilities $30.22M
YoY Change 19.44%
Total Long-Term Liabilities $45.38M $46.30M $68.66M
YoY Change -38.68% -32.57% 57.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $198.9M $182.2M $155.6M
Total Long-Term Liabilities $45.38M $46.30M $68.66M
Total Liabilities $344.9M $287.0M $224.3M
YoY Change 48.5% 27.95% 16.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.444B $1.391B $1.019B
YoY Change 31.97% 36.5% 31.88%
Common Stock $704.7M $693.3M $635.8M
YoY Change 8.26% 9.05% 6.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.93M $35.86M $3.483M
YoY Change 446.98% 929.49%
Treasury Stock Shares 378.3K shares 318.6K shares 41.80K shares
Shareholders Equity $2.022B $1.959B $1.503B
YoY Change
Total Liabilities & Shareholders Equity $2.367B $2.246B $1.727B
YoY Change 32.25% 30.03% 22.66%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $52.96M $115.6M $69.24M
YoY Change -29.52% 66.96% 10.26%
Depreciation, Depletion And Amortization $18.20M $16.70M $13.90M
YoY Change 30.94% 20.14% 27.52%
Cash From Operating Activities $108.5M $163.8M $87.50M
YoY Change 6.48% 87.2% -6.12%
INVESTING ACTIVITIES
Capital Expenditures -$27.30M -$55.60M -$29.10M
YoY Change 1.11% 91.07% 59.89%
Acquisitions
YoY Change
Other Investing Activities -$50.20M -$82.40M -$100.0K
YoY Change -37.64% 82300.0%
Cash From Investing Activities -$77.50M -$138.0M -$29.30M
YoY Change -27.91% 370.99% 61.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.600M 30.60M -3.700M
YoY Change -1328.57% -927.03% 311.11%
NET CHANGE
Cash From Operating Activities 108.5M 163.8M 87.50M
Cash From Investing Activities -77.50M -138.0M -29.30M
Cash From Financing Activities -8.600M 30.60M -3.700M
Net Change In Cash 22.40M 56.40M 54.50M
YoY Change -557.14% 3.49% -26.55%
FREE CASH FLOW
Cash From Operating Activities $108.5M $163.8M $87.50M
Capital Expenditures -$27.30M -$55.60M -$29.10M
Free Cash Flow $135.8M $219.4M $116.6M
YoY Change 5.35% 88.16% 4.67%

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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