IPG Photonics Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IPG Photonics Corp. filed its Q1 2024 10-Q report detailing financial performance and operations.</b>

AI Summary

IPG PHOTONICS CORP (IPGP) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. IPG Photonics Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. IPG Photonics Corp. is incorporated in Delaware. The company's principal business address is 377 Simarano Drive, Marlborough, MA 01752.

Why It Matters

For investors and stakeholders tracking IPG PHOTONICS CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial results and operational updates for IPG Photonics Corp. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, performance trends, and potential future outlook.

Risk Assessment

Risk Level: low — IPG PHOTONICS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand IPG Photonics Corp.'s performance in Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• IPG PHOTONICS CORP (company) — FILER
• MARLBOROUGH (location) — CITY
• MA (location) — STATE
• DE (location) — STATE OF INCORPORATION

FAQ

Industry Context

IPG Photonics Corp. operates in the semiconductors and related devices industry.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS for Q1 2024.
2. Review the Management's Discussion and Analysis for insights into business trends and outlook.
3. Check for any new risk factors or significant updates disclosed in the report.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include annual reports (10-K) and potentially other quarterly reports.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share IPGP The Nasdaq Stock Market

Filing Documents

• ipgp-20240331.htm (10-Q) — 982KB
• ex311q12024.htm (EX-31.1) — 12KB
• ex312q12024.htm (EX-31.2) — 12KB
• ex32q12024.htm (EX-32) — 6KB
• ipgp-20240331_g1.jpg (GRAPHIC) — 52KB
• 0001111928-24-000068.txt (&nbsp;) — 5897KB
• ipgp-20240331.xsd (EX-101.SCH) — 40KB
• ipgp-20240331_cal.xml (EX-101.CAL) — 65KB
• ipgp-20240331_def.xml (EX-101.DEF) — 116KB
• ipgp-20240331_lab.xml (EX-101.LAB) — 497KB
• ipgp-20240331_pre.xml (EX-101.PRE) — 335KB
• ipgp-20240331_htm.xml (XML) — 890KB

Financial Information

Part I. Financial Information 1

Unaudited Interim Financial Statements

Item 1. Unaudited Interim Financial Statements 1 Condensed Consolidated Balance Sheets: March 3 1 , 202 4 and December 31, 20 23 1 Condensed Consolidated Statements of Income: Three Months Ended March 3 1 , 202 4 and 202 3 2 Condensed Consolidated Statements of Comprehensive Income: Three Months Ended March 3 1 , 202 4 and 202 3 3 Condensed Consolidated Statements of Cash Flows: Three Months Ended March 3 1 , 202 4 and 202 3 4 Condensed Consolidated Statements of Equity: Three Months Ended March 3 1 , 202 4 and 202 3 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

Other Information

Part II. Other Information 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

UNAUDITED INTERIM FINANCIAL STATEMENTS

ITEM 1. UNAUDITED INTERIM FINANCIAL STATEMENTS IPG PHOTONICS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (In thousands, except share and per share data) ASSETS Current assets: Cash and cash equivalents $ 496,452 $ 514,674 Short-term investments 643,655 662,807 Accounts receivable, net 184,012 219,053 Inventories 431,899 453,874 Prepaid income taxes 24,530 26,038 Prepaid expenses and other current assets 49,071 38,208 Total current assets 1,829,619 1,914,654 Deferred income taxes, net 84,452 88,788 Goodwill 38,351 38,540 Intangible assets, net 24,802 26,234 Property, plant and equipment, net 585,751 602,257 Other assets 35,461 28,425 Total assets $ 2,598,436 $ 2,698,898 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 26,675 $ 28,618 Accrued expenses and other current liabilities 163,011 181,350 Income taxes payable 2,441 4,893 Total current liabilities 192,127 214,861 Other long-term liabilities and deferred income taxes 65,589 68,652 Total liabilities 257,716 283,513 Commitments and contingencies (Note 10) IPG Photonics Corporation equity: Common stock, $ 0.0001 par value, 175,000,000 shares authorized; 56,521,438 and 45,566,746 shares issued and outstanding, respectively, at March 31, 2024; 56,317,438 and 46,320,671 shares issued and outstanding, respectively, at December 31, 2023. 6 6 Treasury stock, at cost, 10,954,692 and 9,996,767 shares held at March 31, 2024 and December 31, 2023, respectively. ( 1,251,121 ) ( 1,161,505 ) Additional paid-in capital 1,002,600 994,020 Retained earnings 2,819,493 2,795,394 Accumulated other comprehensive loss ( 230,258 ) ( 212,530 ) Total IPG Photonics Corporation equity 2,340,720 2,415,385 Total liabilities and equity $ 2,598,436 $ 2,698,898 See notes to condensed consolidated financial statements. 1 Table of Contents IPG PHOTONICS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 202

View Full Filing

View this 10-Q filing on SEC EDGAR