Company Quick10K Filing
Quick10K
IPG Photonics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$153.62 53 $8,160
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-30 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-15 Officers
8-K 2019-02-12 Earnings, Exhibits
8-K 2019-01-25 Exhibits
8-K 2019-01-25 Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Amend Bylaw, Exhibits
8-K 2018-10-05 Earnings, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-06-05 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-27 Officers
8-K 2018-02-22 Officers, Other Events
8-K 2018-02-16 Earnings, Exhibits
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BNGO Bionano Genomics 40
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BAYK Bay Banks of Virginia 0
WMG Warner Music Group 0
HMNY Helios & Matheson Analytics 0
IPGP 2019-06-30
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 ex311q22019.htm
EX-31.2 ex312q22019.htm
EX-32 ex32q22019.htm

IPG Photonics Earnings 2019-06-30

IPGP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
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
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)
(508373-1100
(Registrant’s telephone number, including area code)
__________________________________________ 
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  
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareIPGPNasdaq Global Select Market
As of August 5, 2019, there were 53,200,337 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
June 30,December 31,
20192018
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents$530,013 $544,358 
Short-term investments512,816 500,432 
Accounts receivable, net273,697 255,509 
Inventories425,996 403,579 
Prepaid income taxes49,885 43,782 
Prepaid expenses and other current assets70,675 57,764 
Total current assets1,863,082 1,805,424 
Deferred income taxes, net20,833 19,165 
Goodwill110,868 100,722 
Intangible assets, net89,906 87,139 
Property, plant and equipment, net600,977 543,068 
Other assets51,750 18,932 
Total assets$2,737,416 $2,574,450 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$3,705 $3,671 
Accounts payable38,016 36,302 
Accrued expenses and other current liabilities161,209 154,640 
Income taxes payable19,298 51,161 
Total current liabilities222,228 245,774 
Deferred income taxes and other long-term liabilities107,981 80,734 
Long-term debt, net of current portion39,846 41,707 
Total liabilities370,055 368,215 
Commitments and contingencies (Note 12)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 54,629,380 and 53,182,910 shares issued and outstanding, respectively, at June 30, 2019; 54,371,701 and 52,941,607 shares issued and outstanding, respectively, at December 31, 2018
5 5 
Treasury stock, at cost, 1,446,470 and 1,430,094 shares held at June 30, 2019 and December 31, 2018, respectively.
(227,282)(224,998)
Additional paid-in capital761,936 744,937 
Retained earnings1,975,931 1,848,500 
Accumulated other comprehensive loss(143,943)(162,896)
Total IPG Photonics Corporation equity2,366,647 2,205,548 
Non-controlling interests714 687 
Total equity2,367,361 2,206,235 
Total liabilities and equity$2,737,416 $2,574,450 
See notes to condensed consolidated financial statements.
1

Table of Contents
IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,Six Months Ended June 30,
2019201820192018
(In thousands, except per share data)
Net sales$363,769 $413,613 $678,816 $773,477 
Cost of sales183,532 178,638 349,668 335,140 
Gross profit180,237 234,975 329,148 438,337 
Operating expenses:
Sales and marketing20,663 14,536 39,938 28,052 
Research and development34,872 31,813 67,368 60,359 
General and administrative28,538 24,117 55,750 49,612 
Loss (gain) on foreign exchange5,074 2,118 6,687 (3,176)
Total operating expenses89,147 72,584 169,743 134,847 
Operating income91,090 162,391 159,405 303,490 
Other income, net:
Interest income, net4,051 729 8,003 1,041 
Other (expense) income, net658 386 649 829 
Total other income4,709 1,115 8,652 1,870 
Income before provision for income taxes 95,799 163,506 168,057 305,360 
Provision for income taxes(23,278)(41,889)(40,620)(77,409)
Net income72,521 121,617 127,437 227,951 
Less: net income attributable to non-controlling interests 249  6  
Net income attributable to IPG Photonics Corporation$72,272 $121,617 $127,431 $227,951 
Net income attributable to IPG Photonics Corporation per share:
Basic$1.36 $2.27 $2.40 $4.24 
Diluted$1.34 $2.21 $2.36 $4.14 
Weighted average shares outstanding:
Basic53,042 53,662 53,076 53,703 
Diluted53,848 54,992 53,915 55,111 
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30,Six Months Ended June 30,
2019201820192018
(In thousands)
Net income$72,521 $121,617 $127,437 $227,951 
Other comprehensive income, net of tax:
Translation adjustments13,800 (78,663)18,958 (52,025)
Unrealized (loss) gain on derivatives8  (5)2 
Effect of adopted accounting standards   10 
Total other comprehensive income13,808 (78,663)18,953 (52,013)
Comprehensive income86,329 42,954 146,390 175,938 
Comprehensive income attributable to non-controlling interests267  27  
Comprehensive income attributable to IPG Photonics Corporation$86,062 $42,954 $146,363 $175,938 
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
20192018
(In thousands)
Cash flows from operating activities:
Net income$127,437 $227,951 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization47,486 38,727 
Deferred income taxes2,628 6,097 
Stock-based compensation17,031 13,724 
Unrealized loss (gain) on foreign currency transactions4,185 (1,056)
Other170 (181)
Provisions for inventory, warranty & bad debt22,697 20,092 
Changes in assets and liabilities that (used) provided cash:
Accounts receivable(21,056)(9,491)
Inventories(40,789)(91,014)
Prepaid expenses and other assets8,616 (1,991)
Accounts payable(445)9,527 
Accrued expenses and other liabilities(9,320)(17,860)
Income and other taxes payable(56,861)14,026 
Net cash provided by operating activities101,779 208,551 
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment(86,492)(96,516)
Proceeds from sales of property, plant and equipment288 641 
Purchases of short-term and long-term investments(339,828)(289,830)
Proceeds from short-term investments334,680 161,618 
Acquisitions of businesses, net of cash acquired(15,115)(4,422)
Other209 188 
Net cash used in investing activities(106,258)(228,321)
Cash flows from financing activities:
Proceeds from line-of-credit facilities 255 
Payments on line-of-credit facilities (255)
Principal payments on long-term borrowings(1,827)(1,794)
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards(32)10,631 
Purchase of treasury stock, at cost(2,284)(51,064)
Net cash used in financing activities(4,143)(42,227)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(2,759)(31,111)
Net decrease in cash, cash equivalents and restricted cash(11,381)(93,108)
Cash and cash equivalents — Beginning of period
544,358 909,900 
Cash, cash equivalents and restricted cash — End of period (Note 2)$532,977 $816,792 
Supplemental disclosure of cash flow information:
Cash paid for interest$1,164 $1,672 
Cash paid for income taxes$73,855 $64,495 
Non-cash transactions:
Demonstration units transferred from inventory to other assets$6,572 $1,720 
Inventory transferred to machinery and equipment$6,444 $5,000 
Changes in accounts payable related to property, plant and equipment$1,959 $(1,683)
Leased assets obtained in exchange for new operating lease liabilities$10,698 $ 
See notes to condensed consolidated financial statements.
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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Common Stock Treasury Stock Additional Paid In Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Non-
controlling Interest
Total Stockholders' Equity 
(In thousands, except share data)SharesAmount Shares Amount 
Balance, January 1, 201952,941,607 $5 (1,430,094)$(224,998)$744,937 $1,848,500 $(162,896)$687 $2,206,235 
Exercise of stock options and vesting of RSU's and PSU's 166,606  — — (6,149)— — — (6,149)
Stock-based compensation— — — — 8,138 — — — 8,138 
Net income — — — — — 55,159 — (243)54,916 
Foreign currency translation adjustments— — — — — — 5,158 3 5,161 
Unrealized loss on derivatives, net of tax — — — — — — (13)— (13)
Balance, March 31, 2019 53,108,213 5 (1,430,094)(224,998)746,926 1,903,659 (157,751)447 2,268,288 
Exercise of stock options and vesting of RSU's and PSU's 59,590 — — — 2,152 — — — 2,152 
Common stock issued under employee stock purchase plan 31,483  — — 3,965 — — — 3,965 
Purchased common stock (16,376) (16,376)(2,284)— — — — (2,284)
Stock-based compensation— — — — 8,893 — — — 8,893 
Net income — — — — — 72,272 — 249 72,521 
Foreign currency translation adjustments— — — — — — 13,800 18 13,818 
Unrealized gain on derivatives, net of tax — — — — — — 8 — 8 
Balance, June 30, 2019 53,182,910 $5 (1,446,470)$(227,282)$761,936 $1,975,931 $(143,943)$714 $2,367,361 
Balance, January 1, 2018 53,629,439 $5 (378,269)$(48,933)$704,727 $1,443,867 $(77,344)$ $2,022,322 
Exercise of stock options and vesting of RSU's and PSU's 196,308  — — 3,113 — — — 3,113 
Purchased common stock (82,898) (82,898)(20,071)— — — — (20,071)
Stock-based compensation— — — — 6,415 — — — 6,415 
Recently adopted accounting standards — — — — — 606 10 — 616 
Net income — — — — — 106,334 — — 106,334 
Foreign currency translation adjustments— — — — — — 26,638 — 26,638 
Unrealized gain on derivatives, net of tax — — — — — — 2 — 2 
Balance, March 31, 2018 53,742,849 5 (461,167)(69,004)714,255 1,550,807 (50,694) 2,145,369 
Exercise of stock options and vesting of RSU's and PSU's 101,078  — — 5,230 — — — 5,230 
Common stock issued under employee stock purchase plan 12,198  — — 2,288 — — — 2,288 
Purchased common stock (131,680) (131,680)(30,993)— — — — (30,993)
Stock-based compensation— — — — 7,309 — — — 7,309 
Net income — — — — — 121,617 — — 121,617 
Foreign currency translation adjustments— — — — — — (78,663)— (78,663)
Balance, June 30, 2018 53,724,445 $5 (592,847)$(99,997)$729,082 $1,672,424 $(129,357)$ $2,172,157 
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
NOTES TO 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, 2018.
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.
In accordance with Accounting Standards Codification ("ASC") 842, "Leases," ("ASC 842" or the "new lease standard"), the following significant accounting policy has been adopted as of January 1, 2019.
Leases — The Company determines if an arrangement is a lease at inception. Operating leases are included in other assets, other current liabilities, and other long-term liabilities on our condensed consolidated balance sheets.
Right of use ("ROU") assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's leases do not provide an implicit rate, IPG uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The ROU assets also include any lease payments made and initial direct costs incurred and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component.
Reclassifications — Certain prior year amounts have been reclassified to conform with current period presentation. These reclassifications had no effect on the reported results of operations.
The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q with the SEC.
2. RECENT ACCOUNTING PRONOUNCEMENTS
Adopted Pronouncements
In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. The Company adopted ASC 842, as of January 1, 2019, using the modified retrospective approach as of the date of adoption. Under this approach, comparative periods have not been restated. In addition, IPG elected the package of three practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for the carry forward of the historical lease classification.
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IPG PHOTONICS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(In thousands, except share and per share data)
The cumulative effect of the changes made to the Company's condensed consolidated January 1, 2019 balance sheet for the adoption of ASC 842 related to operating leases was as follows:
Balance atBalance at
December 31, 2018Adoption of ASC 842January 1, 2019
Balance Sheet
Prepaid expenses and other current assets$57,764 $(324)$57,440 
Other assets18,932 19,463 38,395 
Accrued expenses and other current liabilities154,640 5,292 159,932 
Deferred income taxes and other long-term liabilities80,734 13,847 94,581 
In the first quarter of 2018, the Company adopted FASB ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"), which enhances and clarifies the guidance on the classification and presentation of restricted cash in the statement of cash flows and requires additional disclosure about restricted cash balances. The Company considers cash to be restricted when withdrawal or general use is legally restricted. The Company records restricted cash in other assets on the condensed consolidated balance sheets and determines classification based on the expected duration of the restriction.
The reconciliation of the Company's cash and cash equivalents in the condensed consolidated balance sheets to cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows is as follows:
Balance at
June 30, 2019
Cash and cash equivalents$530,013 
Restricted cash included in other assets2,964 
Cash, cash equivalents and restricted cash$532,977 

Other Pronouncements Currently Under Evaluation
In June 2016, the FASB issued 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 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. ASU 2016-03, along with its subsequent clarifications, is effective for fiscal years beginning after December 15, 2019. The Company does not expect this standard will have a material impact to net income.

3. REVENUE FROM CONTRACTS WITH CUSTOMERS
The following tables represent a disaggregation of revenue from contracts with customers:
Three Months Ended June 30,Six Months Ended June 30,
2019201820192018
Sales by Application
Materials processing$345,591 $392,001 $646,676 $731,215 
Other applications18,178 21,612 32,140 42,262 
Total$363,769 $413,613 $678,816 $773,477 

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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 June 30,Six Months Ended June 30,
2019201820192018
Sales by Product
 High Power Continuous Wave ("CW") Lasers $213,411 $266,075 $392,430 $496,649 
 Medium and Low Power CW Lasers 15,415 30,972 31,013 56,372 
 Pulsed Lasers 40,813 41,582 72,250 79,835 
 Quasi-Continuous Wave ("QCW") Lasers 15,967 20,092 30,133 36,292 
 Laser and Non-Laser Systems 39,383 13,428 72,014 22,899 
 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 38,780 41,464 80,976 81,430 
Total$363,769 $413,613 $678,816 $773,477 

Sales by Geography
North America$64,140 $47,766 $128,947 $86,943 
Europe:
Germany23,664 31,989 42,283 65,225 
Other including Eastern Europe/CIS61,131 76,347 130,331 159,325 
Asia and Australia:
China163,590 203,026 277,956 352,999 
Japan17,406 19,428 33,020 39,057 
Other28,929 33,314 60,667 67,521 
Rest of World4,909 1,743 5,612 2,407 
Total$363,769 $413,613 $678,816 $773,477 

Timing of Revenue Recognition
Goods and services transferred at a point in time$342,037 $412,241 $634,130 $771,094 
Goods and services transferred over time21,732 1,372 44,686 2,383 
Total$363,769 $413,613 $