– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Successful Diversification Across Geographies and Applications Drives Strong Demand, Enhanced by Solid Performance in Electric Vehicle Applications and Emerging Growth Products
OXFORD, Mass., May 03, 2022 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the first quarter ended March 31, 2022.
| Three Months Ended March 31, | |||||||||||
| (In millions, except per share data and percentages) | 2022 | 2021 | Change | ||||||||
| Revenue | $ | 370.0 | $ | 345.6 | 7 | % | |||||
| Gross margin | 46.4 | % | 47.5 | % | |||||||
| Operating income | $ | 93.1 | $ | 88.8 | 5 | % | |||||
| Operating margin | 25.2 | % | 25.7 | % | |||||||
| Net income attributable to IPG Photonics Corporation | $ | 69.6 | $ | 68.1 | 2 | % | |||||
| Earnings per diluted share | $ | 1.31 | $ | 1.26 | 4 | % | |||||
Management Comments
"We are pleased to report another solid quarter with growth driven by higher demand across many diverse applications in Europe, North America and Japan. Increased laser welding adoption, primarily in electric vehicle manufacturing, drove record welding revenue for IPG this quarter," said Dr. Eugene Scherbakov, IPG Photonics' Chief Executive Officer. "As we execute on growth opportunities that diversify our revenue across geographies and applications, such as electric vehicle production, handheld welding and medical products, China's share of revenue decreased to 35% this quarter. Given increased geopolitical risks, we are reducing our reliance on manufacturing in Russia and have stopped new investments in the region while increasing manufacturing capacity in North America and Western Europe."
Financial Highlights
First quarter revenue of $370 million increased 7% year over year. Materials processing sales accounted for 92% of total revenue and increased 7% year over year with higher sales in welding, marking, systems, cleaning and 3D printing, partially offset by lower revenue in cutting and solar cell manufacturing applications. Sales into Other applications increased 9% year over year, driven by the strength in medical, partially offset by lower sales in advanced applications and telecom. Emerging growth products sales accounted for 36% of total revenue.
Revenue in high power continuous wave (CW) lasers declined 2% year over year due to softer demand in high power cutting applications in China that was partially offset by strong growth in welding in the region as well as growth in welding and cutting across most other major regions. Sales of medium power and pulsed lasers improved significantly compared with the prior year, primarily driven by emerging growth products. By region, sales increased 27% in Europe, 5% in North America, and 18% in Japan, and decreased 7% in China on a year-over-year basis.
Earnings per diluted share (EPS) of $1.31 increased by 4% year over year. The effective tax rate in the quarter was 25%. During the first quarter, IPG generated $16 million in cash from operations. Capital expenditures were $25 million and stock repurchases were $79 million in the quarter.
Business Outlook and Financial Guidance
“First quarter book-to-bill was greater than one and while bookings were at a record level driven by strong demand for electric vehicle battery manufacturing, handheld welding and medical applications, we received several orders that we expect to ship after the second quarter. Our strategy of diversifying revenue sources and geographical exposure is providing us with confidence in the long-term growth strategy for the Company, despite a challenging operating environment. We believe that fiber laser adoption continues across many applications and geographies. To support quicker adoption of our lasers, we are focusing on meeting customers' demands and working on providing solutions with our commitment to quality, innovative technology, reliability and global customer support," concluded Dr. Scherbakov.
For the second quarter of 2022, IPG expects revenue of $355 to $385 million. The Company expects the second quarter tax rate to be approximately 26%. IPG anticipates delivering earnings per diluted share in the range of $0.95 to $1.25.
As discussed in more detail in the "Safe Harbor" passage of this news release, actual results may differ from this guidance due to various factors including, but not limited to, trade policy changes and trade restrictions with Russia, the COVID-19 pandemic, product demand, order cancellations and delays, competition, tariffs, and general economic conditions. This guidance is based upon current market conditions and expectations, and is subject to the risks outlined in the Company's reports filed with the SEC, and assumes exchange rates relative to the U.S. Dollar of Euro 0.90, Russian Ruble 84, Japanese Yen 122 and Chinese Yuan 6.35, respectively.
Supplemental Financial Information
Additional supplemental financial information is provided in the unaudited First Quarter 2022 Financial Data Workbook and Earnings Call Presentation available on the investor relations section of the Company's website at investor.ipgphotonics.com.
Conference Call Reminder
The Company will hold a conference call today, May 3, 2022 at 10:00 am ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company's website at investor.ipgphotonics.com.
Eugene FedotoffDirector of Investor Relations IPG Photonics Corporation 508-597-4713efedotoff@ipgphotonics.com
About IPG Photonics Corporation
IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The Company’s mission is to make its fiber laser technology the tool of choice in mass production. IPG accomplishes this mission by delivering superior performance, reliability and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end users to increase productivity and decrease costs. A member of the S&P 500® Index, IPG is headquartered in Oxford, Massachusetts and has more than 30 facilities worldwide. For more information, visit www.ipgphotonics.com.
Safe Harbor Statement
Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to our strategy of diversifying revenue sources and geographical exposure that is providing us with confidence in the long-term growth for the Company, fiber laser adoption across many applications and geographies, meeting customers' demands and working on providing solutions with our commitments to quality, innovative technology, reliability and global customer support, as well as revenue, tax rate and earnings guidance for second quarter of 2022. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of the business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; inability to manage risks associated with international customers and operations; changes in trade controls and trade policies; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 22, 2022) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
| IPG PHOTONICS CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales | $ | 369,979 | $ | 345,585 | ||||
| Cost of sales | 198,158 | 181,594 | ||||||
| Gross profit | 171,821 | 163,991 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 20,374 | 18,883 | ||||||
| Research and development | 33,450 | 33,339 | ||||||
| General and administrative | 30,664 | 30,092 | ||||||
| Gain on foreign exchange | (5,810 | ) | (7,165 | ) | ||||
| Total operating expenses | 78,678 | 75,149 | ||||||
| Operating income | 93,143 | 88,842 | ||||||
| Other (expense) income, net: | ||||||||
| Interest expense, net | (70 | ) | (495 | ) | ||||
| Other (expense) income, net | (236 | ) | 253 | |||||
| Total other expense | (306 | ) | (242 | ) | ||||
| Income before provision of income taxes | 92,837 | 88,600 | ||||||
| Provision for income taxes | 23,209 | 20,378 | ||||||
| Net income | 69,628 | 68,222 | ||||||
| Less: net income attributable to non-controlling interests | 56 | 95 | ||||||
| Net income attributable to IPG Photonics Corporation | $ | 69,572 | $ | 68,127 | ||||
| Net income attributable to IPG Photonics Corporation per share: | ||||||||
| Basic | $ | 1.32 | $ | 1.27 | ||||
| Diluted | $ | 1.31 | $ | 1.26 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 52,810 | 53,541 | ||||||
| Diluted | 53,100 | 54,201 | ||||||
| IPG PHOTONICS CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (In thousands, except share and per share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 642,517 | $ | 709,105 | ||||
| Short-term investments | 774,161 | 805,400 | ||||||
| Accounts receivable, net | 257,464 | 262,121 | ||||||
| Inventories | 484,971 | 460,747 | ||||||
| Prepaid income taxes | 40,888 | 36,990 | ||||||
| Prepaid expenses and other current assets | 82,833 | 73,320 | ||||||
| Total current assets | 2,282,834 | 2,347,683 | ||||||
| Deferred income taxes, net | 49,942 | 47,761 | ||||||
| Goodwill | 39,741 | 38,609 | ||||||
| Intangible assets, net | 50,017 | 52,678 | ||||||
| Property, plant and equipment, net | 625,366 | 635,302 | ||||||
| Other assets | 50,569 | 48,507 | ||||||
| Total assets | $ | 3,098,469 | $ | 3,170,540 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 17,459 | $ | 18,126 | ||||
| Accounts payable | 46,481 | 55,839 | ||||||
| Accrued expenses and other current liabilities | 203,579 | 230,826 | ||||||
| Income taxes payable | 12,317 | 8,642 | ||||||
| Total current liabilities | 279,836 | 313,433 | ||||||
| Other long-term liabilities and deferred income taxes | 94,650 | 93,855 | ||||||
| Long-term debt, net of current portion | 15,734 | 16,031 | ||||||
| Total liabilities | 390,220 | 423,319 | ||||||
| Commitments and contingencies | ||||||||
| IPG Photonics Corporation equity: | ||||||||
| Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,921,562 and 52,542,466 shares issued and outstanding, respectively, at March 31, 2022; 55,788,246 and 53,010,265 shares issued and outstanding, respectively, at December 31, 2021. | 6 | 6 | ||||||
| Treasury stock, at cost, 3,379,096 and 2,777,981 shares held at March 31, 2022 and December 31, 2021, respectively. | (517,260 | ) | (438,503 | ) | ||||
| Additional paid-in capital | 917,693 | 908,423 | ||||||
| Retained earnings | 2,536,179 | 2,466,607 | ||||||
| Accumulated other comprehensive loss | (229,369 | ) | (189,951 | ) | ||||
| Total IPG Photonics Corporation equity | 2,707,249 | 2,746,582 | ||||||
| Non-controlling interests | 1,000 | 639 | ||||||
| Total equity | 2,708,249 | 2,747,221 | ||||||
| Total liabilities and equity | $ | 3,098,469 | $ | 3,170,540 | ||||
| IPG PHOTONICS CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 69,628 | $ | 68,222 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 23,435 | 23,819 | ||||||
| Provisions for inventory, warranty & bad debt | 16,142 | 16,685 | ||||||
| Other | 6,572 | 6,421 | ||||||
| Changes in assets and liabilities that used cash, net of acquisitions: | ||||||||
| Accounts receivable and accounts payable | (5,827 | ) | 26,340 | |||||
| Inventories | (50,951 | ) | (20,084 | ) | ||||
| Other | (42,576 | ) | (33,860 | ) | ||||
| Net cash provided by operating activities | 16,423 | 87,543 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (25,177 | ) | (27,421 | ) | ||||
| Proceeds from sales of property, plant and equipment | 428 | 130 | ||||||
| Purchases of short-term investments | (475,435 | ) | (513,564 | ) | ||||
| Proceeds from short-term investments | 505,818 | 480,163 | ||||||
| Acquisitions of businesses, net of cash acquired | (2,000 | ) | — | |||||
| Other | (1,164 | ) | (2 | ) | ||||
| Net cash provided by (used in) investing activities | 2,470 | (60,694 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Principal payments on long-term borrowings | (964 | ) | (946 | ) | ||||
| 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 | (724 | ) | 4,981 | |||||
| Purchase of treasury stock, at cost | (78,757 | ) | (3,048 | ) | ||||
| Payment of purchase price holdback from business combination | — | (2,624 | ) | |||||
| Net cash used in financing activities | (80,445 | ) | (1,637 | ) | ||||
| Effect of changes in exchange rates on cash and cash equivalents and restricted cash | (5,036 | ) | (7,024 | ) | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (66,588 | ) | 18,188 | |||||
| Cash, cash equivalents and restricted cash — Beginning of period | 709,105 | 878,553 | ||||||
| Cash, cash equivalents and restricted cash — End of period | 642,517 | 896,741 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | 857 | $ | 703 | ||||
| Cash paid for income taxes | $ | 25,423 | $ | 21,340 | ||||
| IPG PHOTONICS CORPORATION | ||||||
| SUPPLEMENTAL SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (UNAUDITED) | ||||||
| Three Months Ended March 31, | ||||||
| 2022 | 2021 | |||||
| (In thousands) | ||||||
| Amortization of intangible assets: | ||||||
| Cost of sales | $ | 1,173 | $ | 1,241 | ||
| Sales and marketing | 1,848 | 2,016 | ||||
| Total amortization of intangible assets | $ | 3,021 | $ | 3,257 | ||
| IPG PHOTONICS CORPORATION | ||||||||
| SUPPLEMENTAL SCHEDULE OF STOCK-BASED COMPENSATION (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands) | ||||||||
| Cost of sales | $ | 3,058 | $ | 2,626 | ||||
| Sales and marketing | 1,209 | 1,160 | ||||||
| Research and development | 2,529 | 2,118 | ||||||
| General and administrative | 3,162 | 2,949 | ||||||
| Total stock-based compensation | 9,958 | 8,853 | ||||||
| Tax effect of stock-based compensation | (2,134 | ) | (1,878 | ) | ||||
| Net stock-based compensation | $ | 7,824 | $ | 6,975 | ||||
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| (In thousands) | |||||||
| Tax (detriment) benefit on stock-based compensation | $ | (1,713 | ) | $ | 5,596 | ||
Успешная Диверсификация по Географическим регионам и областям применения Стимулирует Высокий спрос, чему способствуют Высокие показатели в области Применения Электромобилей и Новых продуктов для роста
ОКСФОРД, Массачусетс, 03 мая 2022 года (GLOBE NEWSWIRE) -- Корпорация IPG Photonics (NASDAQ: IPGP) сегодня сообщила о финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
| Three Months Ended March 31, | |||||||||||
| (In millions, except per share data and percentages) | 2022 | 2021 | Change | ||||||||
| Revenue | $ | 370.0 | $ | 345.6 | 7 | % | |||||
| Gross margin | 46.4 | % | 47.5 | % | |||||||
| Operating income | $ | 93.1 | $ | 88.8 | 5 | % | |||||
| Operating margin | 25.2 | % | 25.7 | % | |||||||
| Net income attributable to IPG Photonics Corporation | $ | 69.6 | $ | 68.1 | 2 | % | |||||
| Earnings per diluted share | $ | 1.31 | $ | 1.26 | 4 | % | |||||
Комментарии руководства
"Мы рады сообщить об очередном уверенном квартале с ростом, обусловленным повышением спроса во многих различных областях применения в Европе, Северной Америке и Японии. Более широкое внедрение лазерной сварки, в первую очередь в производстве электромобилей, привело к рекордному доходу IPG от сварки в этом квартале", - сказал д-р Евгений Щербаков, главный исполнительный директор IPG Photonics. "Поскольку мы используем возможности роста, которые диверсифицируют наши доходы по географическим регионам и областям применения, таким как производство электромобилей, ручная сварка и медицинские товары, доля Китая в выручке в этом квартале снизилась до 35%. Учитывая возросшие геополитические риски, мы снижаем нашу зависимость от производства в России и прекратили новые инвестиции в регион, одновременно наращивая производственные мощности в Северной Америке и Западной Европе".
Основные финансовые показатели
Выручка за первый квартал в размере 370 миллионов долларов увеличилась на 7% в годовом исчислении. Продажи в области обработки материалов составили 92% от общей выручки и увеличились на 7% в годовом исчислении за счет увеличения продаж в области сварки, маркировки, систем, очистки и 3D-печати, что частично компенсировалось снижением выручки в области резки и производства солнечных элементов. Продажи в других приложениях выросли на 9% в годовом исчислении благодаря росту в медицине, что частично компенсировалось снижением продаж в передовых приложениях и телекоммуникациях. Продажи новых продуктов для роста составили 36% от общей выручки.
Выручка от производства мощных лазеров с непрерывной волной (CW) снизилась на 2% в годовом исчислении из-за снижения спроса на приложения для резки с высокой мощностью в Китае, что было частично компенсировано значительным ростом производства сварки в регионе, а также ростом производства сварки и резки в большинстве других крупных регионов. Продажи лазеров средней мощности и импульсных лазеров значительно улучшились по сравнению с предыдущим годом, в первую очередь за счет новых продуктов для роста. В разбивке по регионам продажи выросли на 27% в Европе, на 5% в Северной Америке и на 18% в Японии, а в Китае снизились на 7% в годовом исчислении.
Прибыль на разводненную акцию (EPS) в размере 1,31 доллара увеличилась на 4% в годовом исчислении. Эффективная налоговая ставка в этом квартале составила 25%. В течение первого квартала IPG получила от операций 16 миллионов долларов наличными. Капитальные затраты составили 25 миллионов долларов, а выкуп акций за квартал составил 79 миллионов долларов.
Перспективы бизнеса и финансовые рекомендации
“В первом квартале количество заказов превысило единицу, и, хотя заказы были на рекордном уровне, обусловленном высоким спросом на производство аккумуляторов для электромобилей, ручную сварку и медицинское применение, мы получили несколько заказов, которые, как мы ожидаем, будут отправлены после второго квартала. Наша стратегия диверсификации источников дохода и географического присутствия дает нам уверенность в долгосрочной стратегии роста Компании, несмотря на сложную операционную среду. Мы считаем, что внедрение волоконных лазеров продолжается во многих областях применения и регионах. Чтобы поддержать более быстрое внедрение наших лазеров, мы фокусируемся на удовлетворении требований клиентов и работаем над предоставлением решений с нашей приверженностью качеству, инновационным технологиям, надежности и глобальной поддержке клиентов", - заключил доктор Щербаков.
Во втором квартале 2022 года IPG ожидает выручку в размере от 355 до 385 миллионов долларов. Компания ожидает, что налоговая ставка во втором квартале составит примерно 26%. IPG ожидает, что прибыль на разводненную акцию составит от 0,95 до 1,25 доллара США.
Как более подробно обсуждается в разделе "Безопасная гавань" этого пресс-релиза, фактические результаты могут отличаться от этого руководства из-за различных факторов, включая, но не ограничиваясь ими, изменения торговой политики и торговые ограничения с Россией, пандемию COVID-19, спрос на продукцию, отмены и задержки заказов, конкуренцию, тарифы и общие экономические условия. Это руководство основано на текущих рыночных условиях и ожиданиях и подвержено рискам, изложенным в отчетах Компании, поданных в SEC, и предполагает обменные курсы по отношению к доллару США в размере 0,90 евро, 84 российских рубля, 122 японских иен и 6,35 китайских юаней соответственно.
Дополнительная Финансовая Информация
Дополнительная дополнительная финансовая информация представлена в неаудированном Отчете о финансовых данных за первый квартал 2022 года и в Отчете о прибылях и убытках, доступном в разделе по связям с инвесторами на веб-сайте Компании по адресу investor.ipgphotonics.com .
Напоминание о конференц-звонке
Компания проведет селекторное совещание сегодня, 3 мая 2022 года, в 10:00 утра по восточному времени. Чтобы получить доступ к звонку, пожалуйста, наберите 877-407-6184 в США или 201-389-0877 по всему миру. Прямая трансляция звонка также будет доступна и сохранена в архиве в разделе по связям с инвесторами веб-сайта Компании по адресу investor.ipgphotonics.com .
Евгений Федотов Директор по связям с инвесторами IPG Photonics Corporation 508-597-4713efedotoff@ipgphotonics.com
О корпорации IPG Photonics
Корпорация IPG Photonics является лидером в производстве мощных волоконных лазеров и усилителей, используемых в основном в обработке материалов и других разнообразных областях применения. Миссия компании состоит в том, чтобы сделать свою волоконно-лазерную технологию предпочтительным инструментом в массовом производстве. IPG выполняет эту задачу, обеспечивая превосходную производительность, надежность и удобство использования при более низкой общей стоимости владения по сравнению с другими типами лазеров и не-лазерных инструментов, что позволяет конечным пользователям повысить производительность и снизить затраты. Компания IPG, входящая в индекс S&P 500®, имеет штаб-квартиру в Оксфорде, штат Массачусетс, и более 30 филиалов по всему миру. Для получения дополнительной информации посетите www.ipgphotonics.com .
Заявление о безопасной гавани
Информация и заявления, предоставленные IPG и ее сотрудниками, включая заявления в настоящем пресс-релизе, которые касаются будущих планов, событий или результатов деятельности, являются прогнозными заявлениями. Эти заявления сопряжены с рисками и неопределенностями. Любые заявления в этом пресс-релизе, которые не являются констатацией исторических фактов, являются прогнозными заявлениями, включая, но не ограничиваясь, нашу стратегию диверсификации источников дохода и географического присутствия, которая дает нам уверенность в долгосрочном росте Компании, внедрение волоконных лазеров во многих областях применения и регионах, удовлетворение требования клиентов и работаем над предоставлением решений с учетом наших обязательств по качеству, инновационным технологиям, надежности и глобальной поддержке клиентов, а также прогнозов по доходам, ставкам налогов и прибыли на второй квартал 2022 года. Факторы, которые могут привести к существенному различию фактических результатов, включают риски и неопределенности, в том числе риски, связанные с сильными или слабыми условиями ведения бизнеса в отраслях и на географических рынках, которые обслуживает IPG, в частности, последствия спадов на рынках, которые обслуживает IPG; неопределенности и неблагоприятные изменения в общих экономических условиях рынков; неспособность управление рисками, связанными с международными клиентами и операциями; изменения в торговом контроле и торговой политике; способность IPG внедрять новые приложения для волоконных лазеров и увеличивать долю рынка; скорость принятия и проникновения продуктов IPG; колебания валютных курсов; высокий уровень постоянных затрат в результате вертикальной интеграции IPG; целесообразность производственных мощностей IPG для уровня спроса; факторы конкуренции, включая снижение средних отпускных цен; последствия приобретений и инвестиций; списание запасов; расходы на обесценение активов; иски о нарушении прав интеллектуальной собственности и судебные разбирательства; перебои в поставках ключевых компонентов; производственные риски; государственное регулирование и торговые санкции; и другие риски, выявленные в заявках IPG в SEC. Читателям рекомендуется ознакомиться с факторами риска, описанными в Годовом отчете IPG по форме 10-K (подан в SEC 22 февраля 2022 года), и отчетами IPG, поданными в SEC, если применимо. Фактические результаты, события и показатели могут существенно отличаться. Читателей предостерегают не полагаться на прогнозные заявления, которые относятся только к дате настоящего Документа. IPG не берет на себя никаких обязательств по обновлению прогнозных заявлений, которые могут быть сделаны для отражения событий или обстоятельств после даты настоящего Соглашения или для отражения наступления непредвиденных событий.
| IPG Photonics CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales | $ | 369,979 | $ | 345,585 | ||||
| Cost of sales | 198,158 | 181,594 | ||||||
| Gross profit | 171,821 | 163,991 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 20,374 | 18,883 | ||||||
| Research and development | 33,450 | 33,339 | ||||||
| General and administrative | 30,664 | 30,092 | ||||||
| Gain on foreign exchange | (5,810 | ) | (7,165 | ) | ||||
| Total operating expenses | 78,678 | 75,149 | ||||||
| Operating income | 93,143 | 88,842 | ||||||
| Other (expense) income, net: | ||||||||
| Interest expense, net | (70 | ) | (495 | ) | ||||
| Other (expense) income, net | (236 | ) | 253 | |||||
| Total other expense | (306 | ) | (242 | ) | ||||
| Income before provision of income taxes | 92,837 | 88,600 | ||||||
| Provision for income taxes | 23,209 | 20,378 | ||||||
| Net income | 69,628 | 68,222 | ||||||
| Less: net income attributable to non-controlling interests | 56 | 95 | ||||||
| Net income attributable to IPG Photonics Corporation | $ | 69,572 | $ | 68,127 | ||||
| Net income attributable to IPG Photonics Corporation per share: | ||||||||
| Basic | $ | 1.32 | $ | 1.27 | ||||
| Diluted | $ | 1.31 | $ | 1.26 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 52,810 | 53,541 | ||||||
| Diluted | 53,100 | 54,201 | ||||||
| IPG Photonics CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (In thousands, except share and per share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 642,517 | $ | 709,105 | ||||
| Short-term investments | 774,161 | 805,400 | ||||||
| Accounts receivable, net | 257,464 | 262,121 | ||||||
| Inventories | 484,971 | 460,747 | ||||||
| Prepaid income taxes | 40,888 | 36,990 | ||||||
| Prepaid expenses and other current assets | 82,833 | 73,320 | ||||||
| Total current assets | 2,282,834 | 2,347,683 | ||||||
| Deferred income taxes, net | 49,942 | 47,761 | ||||||
| Goodwill | 39,741 | 38,609 | ||||||
| Intangible assets, net | 50,017 | 52,678 | ||||||
| Property, plant and equipment, net | 625,366 | 635,302 | ||||||
| Other assets | 50,569 | 48,507 | ||||||
| Total assets | $ | 3,098,469 | $ | 3,170,540 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 17,459 | $ | 18,126 | ||||
| Accounts payable | 46,481 | 55,839 | ||||||
| Accrued expenses and other current liabilities | 203,579 | 230,826 | ||||||
| Income taxes payable | 12,317 | 8,642 | ||||||
| Total current liabilities | 279,836 | 313,433 | ||||||
| Other long-term liabilities and deferred income taxes | 94,650 | 93,855 | ||||||
| Long-term debt, net of current portion | 15,734 | 16,031 | ||||||
| Total liabilities | 390,220 | 423,319 | ||||||
| Commitments and contingencies | ||||||||
| IPG Photonics Corporation equity: | ||||||||
| Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,921,562 and 52,542,466 shares issued and outstanding, respectively, at March 31, 2022; 55,788,246 and 53,010,265 shares issued and outstanding, respectively, at December 31, 2021. | 6 | 6 | ||||||
| Treasury stock, at cost, 3,379,096 and 2,777,981 shares held at March 31, 2022 and December 31, 2021, respectively. | (517,260 | ) | (438,503 | ) | ||||
| Additional paid-in capital | 917,693 | 908,423 | ||||||
| Retained earnings | 2,536,179 | 2,466,607 | ||||||
| Accumulated other comprehensive loss | (229,369 | ) | (189,951 | ) | ||||
| Total IPG Photonics Corporation equity | 2,707,249 | 2,746,582 | ||||||
| Non-controlling interests | 1,000 | 639 | ||||||
| Total equity | 2,708,249 | 2,747,221 | ||||||
| Total liabilities and equity | $ | 3,098,469 | $ | 3,170,540 | ||||
| IPG Photonics CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 69,628 | $ | 68,222 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 23,435 | 23,819 | ||||||
| Provisions for inventory, warranty & bad debt | 16,142 | 16,685 | ||||||
| Other | 6,572 | 6,421 | ||||||
| Changes in assets and liabilities that used cash, net of acquisitions: | ||||||||
| Accounts receivable and accounts payable | (5,827 | ) | 26,340 | |||||
| Inventories | (50,951 | ) | (20,084 | ) | ||||
| Other | (42,576 | ) | (33,860 | ) | ||||
| Net cash provided by operating activities | 16,423 | 87,543 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (25,177 | ) | (27,421 | ) | ||||
| Proceeds from sales of property, plant and equipment | 428 | 130 | ||||||
| Purchases of short-term investments | (475,435 | ) | (513,564 | ) | ||||
| Proceeds from short-term investments | 505,818 | 480,163 | ||||||
| Acquisitions of businesses, net of cash acquired | (2,000 | ) | — | |||||
| Other | (1,164 | ) | (2 | ) | ||||
| Net cash provided by (used in) investing activities | 2,470 | (60,694 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Principal payments on long-term borrowings | (964 | ) | (946 | ) | ||||
| 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 | (724 | ) | 4,981 | |||||
| Purchase of treasury stock, at cost | (78,757 | ) | (3,048 | ) | ||||
| Payment of purchase price holdback from business combination | — | (2,624 | ) | |||||
| Net cash used in financing activities | (80,445 | ) | (1,637 | ) | ||||
| Effect of changes in exchange rates on cash and cash equivalents and restricted cash | (5,036 | ) | (7,024 | ) | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (66,588 | ) | 18,188 | |||||
| Cash, cash equivalents and restricted cash — Beginning of period | 709,105 | 878,553 | ||||||
| Cash, cash equivalents and restricted cash — End of period | 642,517 | 896,741 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | 857 | $ | 703 | ||||
| Cash paid for income taxes | $ | 25,423 | $ | 21,340 | ||||
| IPG Photonics CORPORATION | ||||||
| SUPPLEMENTAL SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (UNAUDITED) | ||||||
| Three Months Ended March 31, | ||||||
| 2022 | 2021 | |||||
| (In thousands) | ||||||
| Amortization of intangible assets: | ||||||
| Cost of sales | $ | 1,173 | $ | 1,241 | ||
| Sales and marketing | 1,848 | 2,016 | ||||
| Total amortization of intangible assets | $ | 3,021 | $ | 3,257 | ||
| IPG Photonics CORPORATION | ||||||||
| SUPPLEMENTAL SCHEDULE OF STOCK-BASED COMPENSATION (UNAUDITED) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands) | ||||||||
| Cost of sales | $ | 3,058 | $ | 2,626 | ||||
| Sales and marketing | 1,209 | 1,160 | ||||||
| Research and development | 2,529 | 2,118 | ||||||
| General and administrative | 3,162 | 2,949 | ||||||
| Total stock-based compensation | 9,958 | 8,853 | ||||||
| Tax effect of stock-based compensation | (2,134 | ) | (1,878 | ) | ||||
| Net stock-based compensation | $ | 7,824 | $ | 6,975 | ||||
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| (In thousands) | |||||||
| Tax (detriment) benefit on stock-based compensation | $ | (1,713 | ) | $ | 5,596 | ||
