$IPGP
IPG PHOTONICS CORP

2021 Q2 Form 10-Q Financial Statement

#000111192821000145 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $371.7M $296.4M
YoY Change 25.39% -18.52%
Cost Of Revenue $191.1M $160.0M
YoY Change 19.48% -12.84%
Gross Profit $180.5M $136.4M
YoY Change 32.3% -24.29%
Gross Profit Margin 48.57% 46.03%
Selling, General & Admin $50.26M $43.73M
YoY Change 14.94% -11.13%
% of Gross Profit 27.84% 32.04%
Research & Development $35.19M $31.58M
YoY Change 11.42% -9.43%
% of Gross Profit 19.49% 23.15%
Depreciation & Amortization $24.18M $23.30M
YoY Change 3.76% -5.67%
% of Gross Profit 13.39% 17.08%
Operating Expenses $88.28M $89.24M
YoY Change -1.08% 0.1%
Operating Profit $92.25M $47.21M
YoY Change 95.41% -48.17%
Interest Expense -$407.0K $1.856M
YoY Change -121.93% -54.18%
% of Operating Profit -0.44% 3.93%
Other Income/Expense, Net -$379.0K $2.305M
YoY Change -116.44% -51.05%
Pretax Income $91.87M $49.51M
YoY Change 85.55% -48.31%
Income Tax $22.20M $11.15M
% Of Pretax Income 24.16% 22.51%
Net Earnings $69.80M $38.23M
YoY Change 82.6% -47.11%
Net Earnings / Revenue 18.78% 12.9%
Basic Earnings Per Share $1.31 $0.72
Diluted Earnings Per Share $1.29 $0.71
COMMON SHARES
Basic Shares Outstanding 53.47M shares 53.04M shares
Diluted Shares Outstanding 54.00M shares 53.53M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.497B $1.249B
YoY Change 19.9% 19.76%
Cash & Equivalents $754.2M $747.9M
Short-Term Investments $743.2M $501.0M
Other Short-Term Assets $130.9M $130.9M
YoY Change 0.02% 8.54%
Inventory $404.5M $367.2M
Prepaid Expenses
Receivables $250.7M $203.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.291B $1.951B
YoY Change 17.43% 4.69%
LONG-TERM ASSETS
Property, Plant & Equipment $612.4M $585.6M
YoY Change 4.57% -2.55%
Goodwill $39.00M $81.91M
YoY Change -52.39% -26.12%
Intangibles $59.07M $68.00M
YoY Change -13.13% -24.37%
Long-Term Investments
YoY Change
Other Assets $39.68M $42.12M
YoY Change -5.79% -18.62%
Total Long-Term Assets $795.9M $808.2M
YoY Change -1.52% -7.56%
TOTAL ASSETS
Total Short-Term Assets $2.291B $1.951B
Total Long-Term Assets $795.9M $808.2M
Total Assets $3.087B $2.759B
YoY Change 11.88% 0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.71M $42.26M
YoY Change 20.0% 11.17%
Accrued Expenses $192.2M $148.2M
YoY Change 29.64% -8.05%
Deferred Revenue $80.37M $54.59M
YoY Change 47.23% -11.25%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.846M $3.775M
YoY Change 1.88% 1.89%
Total Short-Term Liabilities $255.9M $195.3M
YoY Change 31.04% -12.12%
LONG-TERM LIABILITIES
Long-Term Debt $32.23M $36.07M
YoY Change -10.66% -9.47%
Other Long-Term Liabilities $2.856M
YoY Change
Total Long-Term Liabilities $32.23M $36.07M
YoY Change -10.66% -9.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $255.9M $195.3M
Total Long-Term Liabilities $32.23M $36.07M
Total Liabilities $380.2M $321.4M
YoY Change 18.29% -13.14%
SHAREHOLDERS EQUITY
Retained Earnings $2.326B $2.103B
YoY Change 10.6% 6.44%
Common Stock $883.6M $811.6M
YoY Change 8.87% 6.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $345.3M $294.0M
YoY Change 17.48% 29.34%
Treasury Stock Shares 2.234M shares 1.973M shares
Shareholders Equity $2.705B $2.436B
YoY Change
Total Liabilities & Shareholders Equity $3.087B $2.759B
YoY Change 11.88% 0.78%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $69.80M $38.23M
YoY Change 82.6% -47.11%
Depreciation, Depletion And Amortization $24.18M $23.30M
YoY Change 3.76% -5.67%
Cash From Operating Activities $115.7M $73.50M
YoY Change 57.4% 26.51%
INVESTING ACTIVITIES
Capital Expenditures -$26.94M -$19.60M
YoY Change 37.47% -63.36%
Acquisitions
YoY Change
Other Investing Activities -$196.0M $124.2M
YoY Change -257.81% -519.59%
Cash From Investing Activities -$222.9M $104.6M
YoY Change -313.14% -225.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.08M -2.700M
YoY Change 1162.37% -190.0%
NET CHANGE
Cash From Operating Activities 115.7M 73.50M
Cash From Investing Activities -222.9M 104.6M
Cash From Financing Activities -34.08M -2.700M
Net Change In Cash -141.3M 175.4M
YoY Change -180.58% -897.27%
FREE CASH FLOW
Cash From Operating Activities $115.7M $73.50M
Capital Expenditures -$26.94M -$19.60M
Free Cash Flow $142.6M $93.10M
YoY Change 53.21% -16.58%

Facts In Submission

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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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35000 USD
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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37284000 USD
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194000 USD
CY2020Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
93000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
70000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
237000 USD
CY2021Q2 us-gaap Comprehensive Income Net Of Tax
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ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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17653000 USD
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671000 USD
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1728000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Other Noncash Income Expense
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ipgp Provisions For Inventory Product Warranty And Bad Debt
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us-gaap Increase Decrease In Inventories
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15160000 USD
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2187000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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2193000 USD
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24879000 USD
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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ipgp Demonstration Units Transferred From Inventory To Other Assets
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1928000 USD
ipgp Change In Capital Expenditures Incurred But Not Yet Paid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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ipgp Stock Issued During Period Value Options And Equity Instruments Other Than Options Exercised
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ipgp Stock Issued During Period Value Options And Equity Instruments Other Than Options Exercised
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
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CY2020Q2 ipgp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
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ipgp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
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ipgp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
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128000 USD
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CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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1820000 USD
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16447000 USD
us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2021Q2 us-gaap Revenue Remaining Performance Obligation
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CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
33000 USD
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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RestrictedCashCurrent
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3079000 USD
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CY2021Q2 ipgp Finite Lived Intangible Asset Expected Amortization After Year Four
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CY2021Q2 us-gaap Product Warranty Accrual
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CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2021Q2 us-gaap Long Term Debt
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CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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130843000 USD
CY2021Q2 us-gaap Litigation Reserve
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0 USD
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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3143000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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11416000 USD
ipgp Unrecognized Tax Benefits Increase Decrease Resultingfrom Current Period Tax Positions
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2000000 USD
ipgp Unrecognized Tax Benefits Increase Decrease Resultingfrom Current Period Tax Positions
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700000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
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155000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
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565000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
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16861000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
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11551000 USD
CY2021Q2 us-gaap Net Income Loss
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69800000 USD
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38226000 USD
us-gaap Net Income Loss
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137927000 USD
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74629000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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53472000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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53040000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53548000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53083000 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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527000 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
490000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
597000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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545000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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53999000 shares
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53530000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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54145000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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53628000 shares
CY2021Q2 ipgp Basic Net Income Per Share Attributable To Parent
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1.31
CY2020Q2 ipgp Basic Net Income Per Share Attributable To Parent
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ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
2.58
ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
1.41
CY2021Q2 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
1.29
CY2020Q2 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
0.71
ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
2.55
ipgp Diluted Net Income Per Share Attributable To Parent
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1.39
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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356300 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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693300 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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314900 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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857200 shares
CY2021Q2 ipgp Decrease In Weighted Average Number Of Shares Outstanding Treasury Stock
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87541 shares
ipgp Decrease In Weighted Average Number Of Shares Outstanding Treasury Stock
DecreaseInWeightedAverageNumberOfSharesOutstandingTreasuryStock
51735 shares

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