Company Quick10K Filing
Quick10K
IPG Photonics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$117.92 53 $6,267
10-Q 2019-09-30 Quarter: 2019-09-30
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 2019-10-29 Earnings, Exhibits
8-K 2019-08-06
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 2019-03-05 Amend Bylaw, Other Events, 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
MRVL Marvell Technology Group 15,996
STM Stmicroelectronics Nv 15,736
LSCC Lattice Semiconductor 2,518
AMKR Amkor Technology 2,063
OIIM O2Micro 1,753
FORM Formfactor 1,253
UCTT Ultra Clean Holdings 452
NPTN Neophotonics 281
KOPN Kopin 87
QUIK Quicklogicoration 36
IPGP 2019-09-30
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 ex311q32019.htm
EX-31 ex312q32019.htm
EX-32 ex32q32019.htm

IPG Photonics Earnings 2019-09-30

IPGP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents
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 September 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 November 4, 2019, there were 53,070,044 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
September 30,December 31,
20192018
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents$580,329  $544,358  
Short-term investments498,508  500,432  
Accounts receivable, net252,926  255,509  
Inventories417,163  403,579  
Prepaid income taxes50,693  43,782  
Prepaid expenses and other current assets65,896  57,764  
Total current assets1,865,515  1,805,424  
Deferred income taxes, net23,415  19,165  
Goodwill109,954  100,722  
Intangible assets, net85,561  87,139  
Property, plant and equipment, net596,138  543,068  
Other assets50,321  18,932  
Total assets$2,730,904  $2,574,450  
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$3,722  $3,671  
Accounts payable30,466  36,302  
Accrued expenses and other current liabilities151,431  154,640  
Income taxes payable19,944  51,161  
Total current liabilities205,563  245,774  
Deferred income taxes and other long-term liabilities105,772  80,734  
Long-term debt, net of current portion38,909  41,707  
Total liabilities350,244  368,215  
Commitments and contingencies (Note 12)
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 54,662,933 and 53,035,843 shares issued and outstanding, respectively, at September 30, 2019; 54,371,701 and 52,941,607 shares issued and outstanding, respectively, at December 31, 2018
5  5  
Treasury stock, at cost, 1,627,090 and 1,430,094 shares held at September 30, 2019 and December 31, 2018, respectively.
(250,919) (224,998) 
Additional paid-in capital772,152  744,937  
Retained earnings2,033,184  1,848,500  
Accumulated other comprehensive loss(174,311) (162,896) 
Total IPG Photonics Corporation equity2,380,111  2,205,548  
Non-controlling interests549  687  
Total equity2,380,660  2,206,235  
Total liabilities and equity$2,730,904  $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 September 30,Nine Months Ended September 30,
2019201820192018
(In thousands, except per share data)
Net sales$329,138  $356,346  $1,007,954  $1,129,823  
Cost of sales176,280  161,162  525,948  496,303  
Gross profit152,858  195,184  482,006  633,520  
Operating expenses:
Sales and marketing18,969  13,479  58,907  41,531  
Research and development32,160  30,909  99,528  91,268  
General and administrative26,776  25,245  82,526  74,857  
Loss (gain) on foreign exchange808  1,688  7,495  (1,489) 
Total operating expenses78,713  71,321  248,456  206,167  
Operating income74,145  123,863  233,550  427,353  
Other income, net:
Interest income, net3,734  3,884  11,737  4,925  
Other (expense) income, net(520) 423  129  1,252  
Total other income3,214  4,307  11,866  6,177  
Income before provision for income taxes 77,359  128,170  245,416  433,530  
Provision for income taxes(20,232) (27,418) (60,852) (104,827) 
Net income57,127  100,752  184,564  328,703  
Less: net (loss) income attributable to non-controlling interests (126) 235  (120) 235  
Net income attributable to IPG Photonics Corporation$57,253  $100,517  $184,684  $328,468  
Net income attributable to IPG Photonics Corporation per share:
Basic$1.08  $1.88  $3.48  $6.12  
Diluted$1.07  $1.84  $3.43  $5.97  
Weighted average shares outstanding:
Basic52,928  53,571  53,073  53,677  
Diluted53,622  54,696  53,864  54,995  
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
(In thousands)
Net income$57,127  $100,752  $184,564  $328,703  
Other comprehensive income, net of tax:
Translation adjustments(30,371) (15,047) (11,413) (67,072) 
Unrealized gain (loss) on derivatives3  (5) (2) (3) 
Effect of adopted accounting standards      10  
Total other comprehensive loss(30,368) (15,052) (11,415) (67,065) 
Comprehensive income26,759  85,700  173,149  261,638  
Comprehensive (loss) income attributable to non-controlling interests(165) 196  (138) 196  
Comprehensive income attributable to IPG Photonics Corporation$26,924  $85,504  $173,287  $261,442  
See notes to condensed consolidated financial statements.

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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20192018
(In thousands)
Cash flows from operating activities:
Net income$184,564  $328,703  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization72,531  58,894  
Deferred income taxes(4,214) 2,954  
Stock-based compensation25,571  21,443  
Unrealized loss (gain) on foreign currency transactions7,033  (1,779) 
Other854  (1,936) 
Provisions for inventory, warranty & bad debt38,748  30,582  
Changes in assets and liabilities that (used) provided cash:
Accounts receivable(7,562) (26,058) 
Inventories(51,032) (122,051) 
Prepaid expenses and other assets11,087  (4,925) 
Accounts payable(8,137) (1,319) 
Accrued expenses and other liabilities(26,113) (20,095) 
Income and other taxes payable(49,748) 15,838  
Net cash provided by operating activities193,582  280,251  
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment(107,540) (133,355) 
Proceeds from sales of property, plant and equipment348  755  
Purchases of short-term and long-term investments(557,674) (566,498) 
Proceeds from short-term investments568,501  286,346  
Acquisitions of businesses, net of cash acquired(15,115) (4,423) 
Other243  307  
Net cash used in investing activities(111,237) (416,868) 
Cash flows from financing activities:
Proceeds from line-of-credit facilities15  255  
Payments on line-of-credit facilities(15) (255) 
Principal payments on long-term borrowings(2,747) (2,696) 
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards1,644  12,115  
Cash contributed by non-controlling interests  378  
Purchase of treasury stock, at cost(25,921) (111,926) 
Net cash used in financing activities(27,024) (102,129) 
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(16,561) (23,548) 
Net increase (decrease) in cash, cash equivalents and restricted cash38,760  (262,294) 
Cash and cash equivalents — Beginning of period
544,358  909,900  
Cash, cash equivalents and restricted cash — End of period (Note 2)$583,118  $647,606  
Supplemental disclosure of cash flow information:
Cash paid for interest$1,655  $2,402  
Cash paid for income taxes$97,172  $94,801  
Non-cash transactions:
Demonstration units transferred from inventory to other assets$8,892  $3,787  
Inventory transferred to machinery and equipment$8,250  $2,114  
Changes in accounts payable related to property, plant and equipment$2,721  $(3,337) 
Leased assets obtained in exchange for new operating lease liabilities$11,944  $  
See notes to condensed consolidated financial statements.
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IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended September 30,
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, June 30, 2019  53,182,910  $5  (1,446,470) $(227,282) $761,936  $1,975,931  $(143,943) $714  $2,367,361  
Exercise of stock options and vesting of RSU's and PSU's  33,553    —  —  1,676  —  —  —  1,676  
Purchased common stock  (180,620)   (180,620) (23,637) —  —  —  —  (23,637) 
Stock-based compensation  —  —  —  —  8,540  —  —  —  8,540  
Net income  —  —  —  —  —  57,253  —  (126) 57,127  
Foreign currency translation adjustments—  —  —  —  —  —  (30,371) (39) (30,410) 
Unrealized gain on derivatives, net of tax  —  —  —  —  —  —  3  —  3  
Balance, September 30, 2019  53,035,843  $5  (1,627,090) $(250,919) $772,152  $2,033,184  $(174,311) $549  $2,380,660  
Balance, June 30, 2018  53,724,445  $5  (592,847) $(99,997) $729,082  $1,672,424  $(129,357) $  $2,172,157  
Exercise of stock options and vesting of RSU's and PSU's  45,287    —  —  1,484  —  —  —  1,484  
Purchased common stock  (371,228)   (371,228) (60,862) —  —  —  —  (60,862) 
Stock-based compensation  —  —  —  —  7,719  —  —  —  7,719  
Net income  —  —  —  —  —  100,517  —  235  100,752  
Foreign currency translation adjustments—  —  —  —  —  —  (15,047) (39) (15,086) 
Unrealized gain on derivatives, net of tax  —  —  —  —  —  —  (5) —  (5) 
Non-controlling interest of acquired company  —  —  —  —  —  —  —  649  649  
Balance, September 30, 2018  53,398,504  $5  (964,075) $(160,859) $738,285  $1,772,941  $(144,409) $845  $2,206,808  
Nine Months Ended September 30,
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, 2019  52,941,607  $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  259,749    —  —  (2,321) —  —  —  (2,321) 
Common stock issued under employee stock purchase plan  31,483    —  —  3,965  —  —  —  3,965  
Purchased common stock  (196,996)   (196,996) (25,921) —  —  —  —  (25,921) 
Stock-based compensation  —  —  —  —  25,571  —  —  —  25,571  
Net income—  —  —  —  —  184,684