IPG Photonics Corp. Files 10-Q for Q2 2024

TL;DR

IPG Photonics filed its Q2 2024 10-Q. Check financials.

AI Summary

IPG Photonics Corp. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Key financial data and operational updates are presented in this report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of IPG Photonics Corp., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific financial performance and market conditions detailed within can introduce varying levels of risk.

Key Numbers

• Q2 2024 — Quarterly Period (Reporting period for the 10-Q filing.)
• 2024-06-30 — End of Reporting Period (Specific date the financial data is reported up to.)

Key Players & Entities

• IPG PHOTONICS CORP (company) — Filer
• 0001111928-24-000122 (filing_id) — Accession Number
• 20240630 (date) — Period of Report
• 20240730 (date) — Filed as of Date
• MARLBOROUGH, MA (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• ipgp-20240630.htm (10-Q) — 1261KB
• ex311q22024.htm (EX-31.1) — 12KB
• ex312q22024.htm (EX-31.2) — 12KB
• ex32q22024.htm (EX-32) — 6KB
• ipgp-20240630_g1.jpg (GRAPHIC) — 52KB
• 0001111928-24-000122.txt ( ) — 6680KB
• ipgp-20240630.xsd (EX-101.SCH) — 40KB
• ipgp-20240630_cal.xml (EX-101.CAL) — 65KB
• ipgp-20240630_def.xml (EX-101.DEF) — 117KB
• ipgp-20240630_lab.xml (EX-101.LAB) — 515KB
• ipgp-20240630_pre.xml (EX-101.PRE) — 343KB
• ipgp-20240630_htm.xml (XML) — 1088KB

Financial Information

Part I. Financial Information 1

Unaudited Interim Financial Statements

Item 1. Unaudited Interim Financial Statements 1 Condensed Consolidated Balance Sheets: June 3 0 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income: Three and Six Months Ended June 3 0 , 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income: Three and Six Months Ended June 3 0 , 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows: Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Equity: Three and Six Months Ended June 30 , 2024 and 2023 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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

Other Information

Part II. Other Information 29

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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 June 30, December 31, 2024 2023 (In thousands, except share and per share data) ASSETS Current assets: Cash and cash equivalents $ 720,540 $ 514,674 Short-term investments 343,363 662,807 Accounts receivable, net 176,153 219,053 Inventories 400,839 453,874 Prepaid income taxes 30,208 26,038 Prepaid expenses and other current assets 46,849 38,208 Total current assets 1,717,952 1,914,654 Deferred income taxes, net 88,865 88,788 Goodwill 38,278 38,540 Intangible assets, net 23,423 26,234 Property, plant and equipment, net 593,136 602,257 Other assets 33,777 28,425 Total assets $ 2,495,431 $ 2,698,898 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 26,232 $ 28,618 Accrued expenses and other current liabilities 161,229 181,350 Income taxes payable 3,022 4,893 Total current liabilities 190,483 214,861 Other long-term liabilities and deferred income taxes 51,578 68,652 Total liabilities 242,061 283,513 Commitments and contingencies (Note 10) IPG Photonics Corporation equity: Common stock, $ 0.0001 par value, 175,000,000 shares authorized; 56,584,223 and 44,225,282 shares issued and outstanding, respectively, at June 30, 2024; 56,317,438 and 46,320,671 shares issued and outstanding, respectively, at December 31, 2023. 6 6 Treasury stock, at cost, 12,358,941 and 9,996,767 shares held at June 30, 2024 and December 31, 2023, respectively. ( 1,373,525 ) ( 1,161,505 ) Additional paid-in capital 1,014,094 994,020 Retained earnings 2,839,647 2,795,394 Accumulated other comprehensive loss ( 226,852 ) ( 212,530 ) Total IPG Photonics Corporation equity 2,253,370 2,415,385 Total liabilities and equity $ 2,495,431 $ 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 June 30, Six Mont

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View this 10-Q filing on SEC EDGAR