$IPGP
IPG PHOTONICS CORP

2022 Q1 Form 10-Q Financial Statement

#000111192822000073 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $370.0M $345.6M
YoY Change 7.06% 38.65%
Cost Of Revenue $198.2M $181.6M
YoY Change 9.12% 24.07%
Gross Profit $171.8M $164.0M
YoY Change 4.77% 59.41%
Gross Profit Margin 46.44% 47.45%
Selling, General & Admin $51.04M $48.98M
YoY Change 4.21% 6.92%
% of Gross Profit 29.7% 29.86%
Research & Development $33.45M $33.34M
YoY Change 0.33% 4.71%
% of Gross Profit 19.47% 20.33%
Depreciation & Amortization $23.44M $23.82M
YoY Change -1.61% -1.16%
% of Gross Profit 13.64% 14.52%
Operating Expenses $78.68M $75.15M
YoY Change 4.7% 29.39%
Operating Profit $93.14M $88.84M
YoY Change 4.84% 98.33%
Interest Expense -$70.00K -$495.0K
YoY Change -85.86% -116.11%
% of Operating Profit -0.08% -0.56%
Other Income/Expense, Net -$306.0K -$242.0K
YoY Change 26.45% -107.41%
Pretax Income $92.84M $88.60M
YoY Change 4.78% 84.35%
Income Tax $23.21M $20.38M
% Of Pretax Income 25.0% 23.0%
Net Earnings $69.57M $68.13M
YoY Change 2.12% 87.15%
Net Earnings / Revenue 18.8% 19.71%
Basic Earnings Per Share $1.32 $1.27
Diluted Earnings Per Share $1.31 $1.26
COMMON SHARES
Basic Shares Outstanding 52.81M shares 53.54M shares
Diluted Shares Outstanding 53.10M shares 54.20M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.417B $1.445B
YoY Change -1.95% 20.9%
Cash & Equivalents $642.5M $896.7M
Short-Term Investments $774.2M $548.2M
Other Short-Term Assets $113.9M $136.3M
YoY Change -16.45% 18.11%
Inventory $485.0M $368.1M
Prepaid Expenses
Receivables $257.5M $252.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.283B $2.202B
YoY Change 3.66% 17.48%
LONG-TERM ASSETS
Property, Plant & Equipment $625.4M $600.9M
YoY Change 4.07% 3.43%
Goodwill $39.74M $38.76M
YoY Change 2.52% -52.51%
Intangibles $50.02M $61.77M
YoY Change -19.02% -12.8%
Long-Term Investments
YoY Change
Other Assets $50.57M $37.97M
YoY Change 33.18% -3.55%
Total Long-Term Assets $815.6M $780.7M
YoY Change 4.48% -3.09%
TOTAL ASSETS
Total Short-Term Assets $2.283B $2.202B
Total Long-Term Assets $815.6M $780.7M
Total Assets $3.098B $2.983B
YoY Change 3.87% 11.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.48M $44.70M
YoY Change 3.98% 12.75%
Accrued Expenses $203.6M $162.8M
YoY Change 25.07% 9.49%
Deferred Revenue $94.42M $69.53M
YoY Change 35.8% 11.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.46M $3.828M
YoY Change 356.09% 1.89%
Total Short-Term Liabilities $279.8M $214.8M
YoY Change 30.31% 9.89%
LONG-TERM LIABILITIES
Long-Term Debt $15.73M $33.19M
YoY Change -52.6% -10.34%
Other Long-Term Liabilities $2.770M
YoY Change
Total Long-Term Liabilities $15.73M $33.19M
YoY Change -52.6% -10.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $279.8M $214.8M
Total Long-Term Liabilities $15.73M $33.19M
Total Liabilities $390.2M $342.3M
YoY Change 14.01% 5.58%
SHAREHOLDERS EQUITY
Retained Earnings $2.536B $2.256B
YoY Change 12.4% 11.22%
Common Stock $917.7M $868.1M
YoY Change 5.71% 10.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $517.3M $306.7M
YoY Change 68.67% 10.13%
Treasury Stock Shares 3.379M shares 2.049M shares
Shareholders Equity $2.707B $2.640B
YoY Change
Total Liabilities & Shareholders Equity $3.098B $2.983B
YoY Change 3.87% 11.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $69.57M $68.13M
YoY Change 2.12% 87.15%
Depreciation, Depletion And Amortization $23.44M $23.82M
YoY Change -1.61% -1.16%
Cash From Operating Activities $16.42M $87.54M
YoY Change -81.24% 54.18%
INVESTING ACTIVITIES
Capital Expenditures $25.18M $27.42M
YoY Change -8.18% 54.04%
Acquisitions $2.000M $0.00
YoY Change
Other Investing Activities $1.164M $2.000K
YoY Change 58100.0% -102.53%
Cash From Investing Activities $2.470M -$60.69M
YoY Change -104.07% -56.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $78.76M $3.048M
YoY Change 2483.89% -76.03%
Debt Paid & Issued, Net $964.0K $946.0K
YoY Change 1.9% 1.94%
Cash From Financing Activities -$80.45M -$1.637M
YoY Change 4814.17% -92.13%
NET CHANGE
Cash From Operating Activities $16.42M $87.54M
Cash From Investing Activities $2.470M -$60.69M
Cash From Financing Activities -$80.45M -$1.637M
Net Change In Cash -$66.59M $18.19M
YoY Change -466.11% -116.44%
FREE CASH FLOW
Cash From Operating Activities $16.42M $87.54M
Capital Expenditures $25.18M $27.42M
Free Cash Flow -$8.754M $60.12M
YoY Change -114.56% 54.24%

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ProductWarrantyAccrualWarrantiesIssued
5071000 USD
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
8403000 USD
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3707000 USD
CY2021Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7446000 USD
CY2022Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-882000 USD
CY2021Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1382000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
50346000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
45244000 USD
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
26815000 USD
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
26204000 USD
CY2022Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23531000 USD
CY2021Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23660000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
33193000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
34157000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
17459000 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
18126000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15734000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
16031000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
17162000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
16031000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
33193000 USD
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
127530000 USD
CY2022Q1 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
252000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4288000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
19209000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14706000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
249000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2022Q1 ipgp Unrecognized Tax Benefits Increase Decrease Resultingfrom Current Period Tax Positions
UnrecognizedTaxBenefitsIncreaseDecreaseResultingfromCurrentPeriodTaxPositions
500000 USD
CY2021Q1 ipgp Unrecognized Tax Benefits Increase Decrease Resultingfrom Current Period Tax Positions
UnrecognizedTaxBenefitsIncreaseDecreaseResultingfromCurrentPeriodTaxPositions
1000000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
541000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
182000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18919000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15524000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
69572000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
68127000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52809654 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53541270 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
289885 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
659912 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53099539 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54201182 shares
CY2022Q1 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
1.32
CY2021Q1 ipgp Basic Net Income Per Share Attributable To Parent
BasicNetIncomePerShareAttributableToParent
1.27
CY2022Q1 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
1.31
CY2021Q1 ipgp Diluted Net Income Per Share Attributable To Parent
DilutedNetIncomePerShareAttributableToParent
1.26
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
709531 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
277400 shares
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 USD
CY2022Q1 ipgp Decrease In Weighted Average Number Of Shares Outstanding Treasury Stock
DecreaseInWeightedAverageNumberOfSharesOutstandingTreasuryStock
262657 shares

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