Company Quick10K Filing
Laser Photonics Corp
Price132.83 EPS5
Shares54 P/E27
MCap7,155 P/FCF37
Net Debt-540 EBIT355
TEV6,614 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-05
10-K 2020-12-31 Filed 2021-02-22
10-Q 2020-09-30 Filed 2020-11-03
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-06-30 Filed 2020-08-19
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-10-30
8-K 2020-09-21
8-K 2020-09-16
8-K 2020-08-18
8-K 2020-08-04
8-K 2020-06-10
8-K 2020-05-28
8-K 2020-05-05
8-K 2020-04-22
8-K 2020-03-25
8-K 2020-02-19
8-K 2020-02-13
8-K 2019-10-29
8-K 2019-09-06
8-K 2019-08-06
8-K 2019-07-30
8-K 2019-05-30
8-K 2019-04-30
8-K 2019-03-05
8-K 2019-02-15
8-K 2019-02-12
8-K 2019-01-25
8-K 2018-11-05
8-K 2018-10-30
8-K 2018-10-05
8-K 2018-07-31
8-K 2018-06-05
8-K 2018-05-01
8-K 2018-02-27
8-K 2018-02-22
8-K 2018-02-16

IPGP 10Q Quarterly Report

Part I - Financial Information
Item 1. Unaudited Interim Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311q12021.htm
EX-31.2 ex312q12021.htm
EX-32 ex32q12021.htm

Laser Photonics Corp Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
2.82.21.71.10.60.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File Number 001-33155
ipgp-20210331_g1.jpg
IPG PHOTONICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
04-3444218
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)
Identification Number)
50 Old Webster Road, Oxford, Massachusetts
01540
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (508373-1100
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareIPGPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of May 4, 2021, there were 53,578,610 shares of the registrant's common stock outstanding.



TABLE OF CONTENTS
 
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Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. UNAUDITED INTERIM FINANCIAL STATEMENTS
IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,December 31,
20212020
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents$896,741 $876,231 
Short-term investments548,196 514,835 
Accounts receivable, net252,877 264,321 
Inventories368,149 364,993 
Prepaid income taxes70,421 69,893 
Prepaid expenses and other current assets65,877 57,804 
Total current assets2,202,261 2,148,077 
Deferred income taxes, net41,276 43,197 
Goodwill38,764 41,366 
Intangible assets, net61,768 62,114 
Property, plant and equipment, net600,911 597,527 
Other assets37,971 43,419 
Total assets$2,982,951 $2,935,700 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$3,828 $3,810 
Accounts payable44,704 25,748 
Accrued expenses and other current liabilities162,775 176,740 
Income taxes payable3,446 8,280 
Total current liabilities214,753 214,578 
Deferred income taxes and other long-term liabilities94,335 92,854 
Long-term debt, net of current portion33,193 34,157 
Total liabilities342,281 341,589 
Commitments and contingencies (Note 12)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,672,783 and 53,623,865 shares issued and outstanding, respectively, at March 31, 2021; 55,461,246 and 53,427,234 shares issued and outstanding, respectively, at December 31, 2020.
6 6 
Treasury stock, at cost, 2,048,918 and 2,034,012 shares held at March 31, 2021 and December 31, 2020, respectively.
(306,662)(303,614)
Additional paid-in capital868,097 854,301 
Retained earnings2,256,318 2,188,191 
Accumulated other comprehensive loss(178,257)(146,065)
Total IPG Photonics Corporation equity2,639,502 2,592,819 
Non-controlling interests1,168 1,292 
Total equity2,640,670 2,594,111 
Total liabilities and equity$2,982,951 $2,935,700 
See notes to condensed consolidated financial statements.
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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
20212020
(In thousands, except per share data)
Net sales$345,585 $249,242 
Cost of sales181,594 146,366 
Gross profit163,991 102,876 
Operating expenses:
Sales and marketing18,883 18,683 
Research and development33,339 31,838 
General and administrative30,092 27,124 
(Gain) on foreign exchange(7,165)(19,565)
Total operating expenses75,149 58,080 
Operating income88,842 44,796 
Other (expense) income, net:
Interest (expense) income, net(495)3,073 
Other income, net253 191 
Total other (expense) income(242)3,264 
Income before provision for income taxes 88,600 48,060 
Provision for income taxes20,378 11,294 
Net income68,222 36,766 
Less: net income attributable to non-controlling interests 95 363 
Net income attributable to IPG Photonics Corporation common stockholders$68,127 $36,403 
Net income attributable to IPG Photonics Corporation per common share:
Basic$1.27 $0.69 
Diluted$1.26 $0.68 
Weighted average common shares outstanding:
Basic53,541 53,075 
Diluted54,201 53,676 
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31,
20212020
(In thousands)
Net income$68,222 $36,766 
Other comprehensive income, net of tax:
Translation adjustments(32,479)(73,417)
Unrealized gain on derivatives68 36 
Total other comprehensive (loss)(32,411)(73,381)
Comprehensive income (loss)35,811 (36,615)
Less: comprehensive (loss) income attributable to non-controlling interests(124)144 
Comprehensive income (loss) attributable to IPG Photonics Corporation$35,935 $(36,759)
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
20212020
(In thousands)
Cash flows from operating activities:
Net income$68,222 $36,766 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization23,819 24,099 
Deferred income taxes3,944 (935)
Stock-based compensation8,815 8,430 
Unrealized gain on foreign currency transactions(7,800)(19,589)
Other1,462 1,015 
Provisions for inventory, warranty and bad debt16,685 13,486 
Changes in assets and liabilities that provided (used) cash, net of acquisitions:
Accounts receivable7,360 34,492 
Inventories(20,084)(10,429)
Prepaid expenses and other assets(1,052)(9,119)
Accounts payable18,980 6,054 
Accrued expenses and other liabilities(17,961)(6,477)
Income and other taxes payable(14,847)(21,012)
Net cash provided by operating activities87,543 56,781 
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment(27,421)(17,801)
Proceeds from sales of property, plant and equipment130 139 
Purchases of short-term investments(513,564)(308,195)
Proceeds from short-term investments480,163 186,024 
Other(2)79 
Net cash used in investing activities(60,694)(139,754)
Cash flows from financing activities:
Principal payments on long-term borrowings(946)(928)
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards4,981 (5,498)
Purchase of treasury stock, at cost(3,048)(12,716)
Payment of purchase price holdback from business combination(2,624)(1,650)
Net cash used in financing activities(1,637)(20,792)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(7,024)(6,878)
Net increase in cash, cash equivalents and restricted cash18,188 (110,643)
Cash, cash equivalents and restricted cash — Beginning of period878,553 682,984 
Cash and cash equivalents — End of period$896,741 $572,341 
Supplemental disclosure of cash flow information:
Cash paid for interest$703 $447 
Cash paid for income taxes$21,340 $29,865 
Non-cash transactions:
Demonstration units transferred from inventory to other assets$1,109 $1,086 
Inventory transferred to machinery and equipment$727 $1,294 
Changes in accounts payable related to property, plant and equipment$863 $6,983 
Leased assets obtained in exchange for new operating lease liabilities$409 $830 
See Note 4 for reconciliation of cash, cash equivalents and restricted cash between the condensed consolidated balance sheets and condensed consolidated statements of cash flows.
See notes to condensed consolidated financial statements.
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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended March 31,
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive (Loss) IncomeNon-
controlling Interest
Total Stockholders' Equity
(In thousands, except share data)SharesAmountSharesAmount
Balance, January 1, 202153,427,234 $6 (2,034,012)$(303,614)$854,301 $2,188,191 $(146,065)$1,292 $2,594,111 
Exercise of stock options and vesting of RSUs and PSUs211,537 — — — 4,981 — — — 4,981 
Purchased common stock(14,906)— (14,906)(3,048)— — — — (3,048)
Stock-based compensation— — — — 8,815 — — — 8,815 
Net income— — — — — 68,127 — 95 68,222 
Foreign currency translation adjustments— — — — — — (32,260)(219)(32,479)
Unrealized gain on derivatives, net of tax— — — — — — 68 — 68 
Balance, March 31, 202153,623,865 $6 (2,048,918)$(306,662)$868,097 $2,256,318 $(178,257)$1,168 $2,640,670 
Balance, January 1, 202053,010,875 $5 (1,732,352)$(265,730)$785,636 $2,028,734 $(146,919)$717 $2,402,443 
Exercise of stock options and vesting of RSUs and PSUs225,125 1 — — (5,498)— — — (5,497)
Purchased common stock(108,819)— (108,819)(12,716)— — — — (12,716)
Stock-based compensation— — — — 8,430 — — — 8,430 
Recently adopted accounting standards— — — — — (115)— — (115)
Net income— — — — — 36,403 — 363 36,766 
Foreign currency translation adjustments— — — — — — (73,198)(219)(73,417)
Unrealized gain on derivatives, net of tax— — — — — — 36 — 36 
Balance, March 31, 202053,127,181 $6 (1,841,171)$(278,446)$788,568 $2,065,022 $(220,081)$861 $2,355,930 
See notes to condensed consolidated financial statements.
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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation — The accompanying unaudited condensed 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 condensed consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation. These condensed 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 December 31, 2020.
In the opinion of the Company's management, the 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 condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year.
Accounts Receivable and Allowance for Doubtful Accounts — The Company maintains an allowance for doubtful accounts to provide for the estimated amount of accounts receivable that will not be collected. The allowance is based upon an estimate of expected credit losses over the life of outstanding receivables. The estimate involves an assessment of customer creditworthiness, historical payment experience, an assumption of future expected credit losses, and the age of outstanding receivables.
Activity related to the allowance for doubtful accounts was as follows:
Three Months Ended March 31,
20212020
Balance, beginning of period$2,156 $2,547 
Provision for bad debts, net of recoveries188 (187)
Foreign currency translation(37)(225)
Balance, end of period$2,307 $2,135 
Subsequent Events — The Company has considered the impact of subsequent events through the filing date of these financial statements. There were no events through the filing date of these financial statements required to be disclosed.
2. RECENT ACCOUNTING PRONOUNCEMENTS
Adopted Pronouncements
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Simplifying the Accounting for Income Taxes" ("ASU 2019-12"), which modifies ASC 740 to simplify the accounting for income taxes. The Company adopted ASU 2019-12 as of January 1, 2021. The impact from adopting this standard was immaterial.
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which adds an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance for its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity by decreasing the number of credit impairment models that entities use to account for debt instruments. The Company adopted ASU 2016-03, along with its subsequent clarifications, as of January 1, 2020. The cumulative effect of the changes made to the Company's condensed consolidated January 1, 2020 balance sheet for the adoption of ASU 2016-13 was as follows:
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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(In thousands, except share and per share data)
Balance atAdoption ofBalance at
December 31, 2019ASU 2016-13January 1, 2020
Balance Sheet
Accounts receivable, net$238,479 $(148)$238,331 
Deferred income taxes, net31,395 33 31,428 
Retained earnings2,028,734 (115)2,028,619 

Other Pronouncements Currently Under Evaluation —
In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848)" ("ASU 2020-04"), which offers optional expedients related to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04, along with its subsequent clarifications, is effective from March 12, 2020 through December 31, 2022. The Company is currently evaluating the standard but does not expect that it will have a material effect on its condensed consolidated financial statements, if adopted.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Sales are derived from products for different applications: fiber lasers, diode lasers, systems and accessories for materials processing; fiber lasers, diodes and amplifiers for advanced applications; fiber amplifiers and transceivers for communications applications; and fiber lasers, systems and fibers for medical applications.
The following tables represent a disaggregation of revenue from contracts with customers:
Three Months Ended March 31,
20212020
Sales by Application
Materials processing$317,241 $218,074 
Other applications28,344 31,168 
Total$345,585 $249,242 

Sales by Product
 High Power Continuous Wave ("CW") Lasers $170,482 $119,316 
 Medium Power CW Lasers 15,882 11,253 
 Pulsed Lasers 55,395 31,839 
 Quasi-Continuous Wave ("QCW") Lasers 13,666 9,873 
 Laser and Non-Laser Systems 27,116 18,634 
 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 63,044 58,327 
Total$345,585 $249,242 

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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(In thousands, except share and per share data)
Three Months Ended March 31,
20212020
Sales by Geography
North America$73,384 $67,339 
Europe:
Germany26,260 17,411 
Other including Eastern Europe/CIS58,593 57,232 
Asia and Australia:
China139,833 68,599 
Japan10,877 13,685 
Other33,110 22,823 
Rest of World3,528 2,153 
Total$345,585 $249,242 

Timing of Revenue Recognition
Goods and services transferred at a point in time$332,532 $233,436 
Goods and services transferred over time13,053 15,806 
Total$345,585 $249,242 
One of the Company's customers accounted for 22% and 21% of the Company's net accounts receivable as of March 31, 2021 and December 31, 2020, respectively.
The Company enters into contracts to sell lasers and spare parts, for which revenue is generally recognized upon shipment or delivery, depending on the terms of the contract. The Company also provides installation services and extended warranties. The Company frequently receives consideration from a customer prior to transferring goods to the customer under the terms of a sales contract. The Company records customer deposits related to these prepayments, which represent a contract liability. The Company also records deferred revenue related to installation services when consideration is received before the services have been performed. The standalone selling price for installation services is determined based on the estimated number of days of service technician time required for installation at standard service rates. The Company recognizes customer deposits and deferred revenue as net sales after control of the goods or services has been transferred to the customer and all revenue recognition criteria are met. The Company bills customers for extended warranties upon entering into the agreement with the customer, resulting in deferred revenue. The Company recognizes revenue over time on contracts for the sale of robotics systems. The timing of customer payments on these contracts generally differs from the timing of revenue recognized. If revenue recognized exceeds customer payments, a contract asset is recorded and if customer payments exceed revenue recognized, a contract liability is recorded. Contract assets are included within prepaid expense and other current assets on the condensed consolidated balance sheets. Contract liabilities are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Certain deferred revenues related to extended warranties in excess one year from the balance sheet date are included within deferred income taxes and other long-term liabilities on the condensed consolidated balance sheets.
The following table reflects the changes in the Company's contract assets and liabilities for the three months ended March 31, 2021 and 2020:
March 31,December 31, March 31,December 31,
20212020Change20202019Change
Contract assets
Contract assets$7,670 $8,999 $(1,329)$8,646 $9,645 $(999)
Contract liabilities
Contract liabilities - current69,526 71,246 (1,720)62,499 59,531 2,968 
Contract liabilities - long-term2,549 2,189 360 2,377 1,820 557 
During the three months ended March 31, 2021 and 2020 the Company recognized revenue of $30,378 and $14,995, respectively, that was included in contract liabilities at the beginning of each period.
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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(In thousands, except share and per share data)
The Company has elected the practical expedient in ASC 606-10-50-14, whereby the performance obligations for contracts with an original expected duration of one year or less are not disclosed. The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of March 31, 2021:
Remaining Performance Obligations
2021 (a)
2022202320242025ThereafterTotal
Revenue expected to be recognized for extended warranty agreements$3,385 $1,493 $842 $589 $263 $27 $6,599 
Revenue to be earned over time from contracts to sell robotic systems15,350 1,405     16,755 
Total$18,735 $2,898 $842 $589 $263 $27 $23,354 
(a) For the nine-month period beginning April 1, 2021.
4. RESTRICTED CASH
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows.
March 31,December 31,
2021202020202019
Cash and cash equivalents$896,741 $570,058 $876,231 $680,070 
Restricted cash included in prepaid expenses and other current assets 2,283 2,322  
Restricted cash included in other assets   2,914 
Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows$896,741 $572,341 $878,553 $682,984 
During the first quarter of 2021, the Company released $2,127 of restricted cash held back related to the Company's acquisition of the submarine networks division (SND) of Padtec SA, for indemnities provided by the seller.
5. FAIR VALUE MEASUREMENTS
The Company's financial instruments consist of cash equivalents, short-term investments, accounts receivable, accounts payable, drawings on revolving lines of credit, long-term debt, interest rate swaps and contingent purchase consideration.
The valuation techniques used to measure fair value are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company classifies its financial instruments according to the prescribed criteria.
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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(In thousands, except share and per share data)
The following table presents fair value information related to the Company's assets and liabilities measured at amortized cost on the condensed consolidated balance sheets with the exception of the interest rate swap and contingent purchase consideration, which is measured at fair value:
 Fair Value Measurements at March 31, 2021
TotalLevel 1Level 2Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits$306,431 $306,431 $ $ 
Commercial paper173,324  173,324  
Municipal bonds7,998  7,998  
Corporate bonds47,703  47,703  
Short-term investments:
Corporate bonds56,323  56,323  
Commercial paper475,818  475,818  
Certificates of deposit3,000 3,000   
U.S. Treasury and agency obligations13,000  13,000  
Total$1,083,597 $309,431 $774,166 $ 
Liabilities
Long-term debt$37,296 $ $37,296 $ 
Interest rate swap514 514 
Contingent purchase consideration1,343   1,343 
Total$39,153 $ $37,810 $1,343 

 Fair Value Measurements at December 31, 2020
TotalLevel 1Level 2Level 3
Assets
Cash equivalents:
Money market fund deposits and term deposits$218,984 $218,984 $ $ 
U.S. Treasury and agency obligations6,999  6,999  
Commercial paper162,749  162,749  
Corporate bonds29,010  29,010  
Short-term investments:
U.S. Treasury and agency obligations49,996  49,996  
Municipal bonds7,997  7,997  
Corporate bonds88,171  88,171  
Commercial paper368,665