IPG Photonics CorporationNASDAQ: IPGP

Third Quarter 2026 Financial Data Workbook

· Issued by IPG Photonics Corporation

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About
Financial Data Workbook
Third Quarter 2026
September 30, 2026
(Unaudited)
Contact:
Eugene Fedotoff
Senior Director, Investor Relations
efedotoff@ipgphotonics.com
(508) 597-4713
The financial data in this workbook should be read in conjunction with, and is qualified by reference to, IPG's consolidated financial statements and
related notes thereto, and the "Management's Discussion and Analysis of Financial Condition and Results of Operation" included in the Forms 10-K
and Forms 10-Q corresponding to the financial data in this workbook. The Forms 10-K and Forms 10-Q can be found at sec.gov or on the investor
relations section of the company's website at investors.ipgphotonics.com.
September 30, 2026

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mailto:efedotoff@ipgphotonics.com
Income Statement
IPG Photonics Corporation FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26
Consolidated Statements of Income
(unaudited, in thousands, except per share data) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
Net sales $ 249,242 $ 296,411 $ 318,441 $ 336,630 $ 1,200,724 $ 345,585 $ 371,658 $ 379,150 $ 364,467 $ 1,460,860 $ 369,979 $ 377,023 $ 349,006 $ 333,539 $ 1,429,547 $ 347,174 $ 339,971 $ 301,401 $ 298,893 $ 1,287,439 $ 252,009 $ 257,645 $ 233,143 $ 234,337 $ 977,134 $ 227,793 $ 250,721 $ 250,792 $ 274,471 $ 1,003,777 $ 265,497 $ 278,580 $ 287,500 $ 831,577
Cost of sales 146,366 159,962 165,649 $ 189,751 661,728 181,594 191,130 193,276 $ 198,462 764,462 198,158 204,679 198,582 272,715 874,134 200,236 192,280 168,499 184,726 745,741 154,473 $ 161,459 179,054 143,993 638,979 137,981 157,148 151,787 $ 175,398 622,314 165,998 166,056 170,446 502,500
Gross profit 102,876 136,449 152,792 146,879 538,996 163,991 180,528 185,874 166,005 696,398 171,821 172,344 150,424 60,824 555,413 146,938 147,691 132,902 114,167 541,698 97,536 96,186 54,089 90,344 338,155 89,812 93,573 99,005 99,073 381,463 99,499 112,524 117,054 - 0 329,077
Operating expenses:
Sales and marketing 18,683 17,326 17,332 17,242 70,583 18,883 19,193 20,688 19,416 78,180 20,374 19,010 19,383 17,876 76,643 21,088 20,187 22,243 22,161 85,679 22,998 22,487 22,233 21,864 89,582 24,430 25,552 23,771 24,109 97,862 24,534 23,818 23,934 72,286
Research and development 31,838 31,584 31,710 31,766 126,898 33,339 35,191 34,277 36,766 139,573 33,450 30,608 25,436 26,620 116,114 22,770 23,512 24,708 27,714 98,704 29,381 27,487 27,177 25,738 109,783 28,336 29,937 30,358 28,771 117,402 33,309 31,004 31,335 95,648
General and administrative 27,124 26,399 29,038 27,444 110,005 30,092 31,066 32,557 32,167 125,882 30,664 33,411 33,813 33,365 131,253 30,128 29,660 30,958 35,003 125,749 31,158 31,602 32,660 28,893 124,313 32,808 34,882 35,092 40,358 143,140 36,092 36,545 37,502 110,139
Goodwill impairment - 0 - 0 44,589 - 0 44,589 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Loss (Gain) on divestitures and sale of assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 (21,748) (10,098) (31,846) - 0 - 0 - 0 - 0 - 0 (6,776) (674) 197,651 - 0 190,201 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Impairment charges - 0 671 - 0 - 0 671 - 0 - 0 - 0 - 0 - 0 - 0 - 0 919 79,030 79,949 - 0 - 0 1,237 - 0 1,237 - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 - 0 - 0 - 0 17,574 231 17,805
Restructuring charges (recoveries), net - 0 494 12 - 0 506 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 9,697 9,697 181 963 (1,501) 69 (288) - 0 - 0 - 0 - 0 - 0 - 0 - 0 425 176 601 - 0 - 0 - 0 - 0
Loss (gain) on foreign exchange (19,565) 12,766 (11,302) 5,186 (12,915) (7,165) 2,826 (3,634) (7,147) (15,120) (5,810) 17,640 (541) (7,186) 4,103 (2,655) 1,306 (449) 442 (1,356) 1,675 3,244 1,148 (543) 5,524 2,411 3,098 1,504 2,341 9,354 (200) (782) 3,275 2,293
Settlement of litigation matters 13,500 (166) - 0 13,334
Total operating expenses 58,080 89,240 111,379 81,638 340,337 75,149 88,276 83,888 81,202 328,515 78,678 100,669 57,262 149,304 385,913 71,512 75,628 77,196 85,389 309,725 78,436 84,146 307,435 76,392 546,409 87,985 93,469 91,150 95,755 368,359 107,235 107,993 96,277 - 0 311,505
Operating income (loss) 44,796 47,209 41,413 65,241 198,659 88,842 92,252 101,986 84,803 367,883 93,143 71,675 93,162 (88,480) 169,500 75,426 72,063 55,706 28,778 231,973 19,100 12,040 (253,346) 13,952 (208,254) 1,827 104 7,855 3,318 13,104 (7,736) 4,531 20,777 - 0 17,572
Other income (expense), net:
Interest income (expense), net 3,073 1,856 1,168 173 6,270 (495) (407) (288) (649) (1,839) (70) 1,177 3,625 7,888 12,620 7,533 9,264 11,569 13,369 41,735 14,177 12,778 11,103 7,409 45,467 7,444 8,001 7,283 7,129 29,857 6,922 7,110 7,688 21,720
Other income (expense), net 191 449 (59) 182 763 253 28 (211) 367 437 (236) 618 301 548 1,231 331 285 545 6 1,167 325 194 (271) 651 899 1,344 166 516 109 2,135 1,833 900 (50) 2,683
Total other income (expense) 3,264 2,305 1,109 355 7,033 (242) (379) (499) (282) (1,402) (306) 1,795 3,926 8,436 13,851 7,864 9,549 12,114 13,375 42,902 14,502 12,972 10,832 8,060 46,366 8,788 8,167 7,799 7,238 31,992 8,755 8,010 7,638 - 0 24,403
Income (loss) before provision for income taxes 48,060 49,514 42,522 65,596 205,692 88,600 91,873 101,487 84,521 366,481 92,837 73,470 97,088 (80,044) 183,351 83,290 81,612 67,820 42,153 274,875 33,602 25,012 (242,514) 22,012 (161,888) 10,615 8,271 15,654 10,556 45,096 1,019 12,541 28,415 41,975
Provision for income taxes 11,294 11,148 6,992 15,920 45,354 20,378 22,196 26,788 19,253 88,615 23,209 16,139 20,390 12,851 72,589 23,155 19,291 12,826 725 55,997 9,503 4,858 (8,920) 14,197 19,638 6,857 1,666 8,191 (2,714) 14,000 (565) 7,299 8,142 14,876
Net income (loss) 36,766 38,366 35,530 49,676 160,338 68,222 69,677 74,699 65,268 277,866 69,628 57,331 76,698 (92,895) 110,762 60,135 62,321 54,994 41,428 218,878 24,099 20,154 (233,594) 7,815 (181,526) 3,758 6,605 7,463 13,270 31,096 1,584 5,242 20,273 27,099
Less: net income (loss) attributable to noncontrolling interests 363 140 (74) 337 766 95 (123) (703) 181 (550) 56 363 434 - 0 853 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Preferred stock Accretion & Beneficial Conversion Feature - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net income (loss) attributable to IPG Photonics Corporation $ 36,403 $ 38,226 $ 35,604 $ 49,339 $ 159,572 $ 68,127 $ 69,800 $ 75,402 $ 65,087 $ 278,416 $ 69,572 $ 56,968 $ 76,264 $ (92,895) $ 109,909 $ 60,135 $ 62,321 $ 54,994 $ 41,428 $ 218,878 $ 24,099 $ 20,154 $ (233,594) $ 7,815 $ (181,526) $ 3,758 $ 6,605 $ 7,463 $ 13,270 $ 31,096 $ 1,584 $ 5,242 $ 20,273 $ - 0 $ 27,099
Net income (loss) attributable to IPG Photonics Corporation per share:
Basic $ 0.69 $ 0.72 $ 0.67 $ 0.92 $ 3.00 $ 1.27 $ 1.31 $ 1.41 $ 1.22 $ 5.21 $ 1.32 $ 1.10 $ 1.48 $ (1.91) $ 2.17 $ 1.26 $ 1.32 $ 1.16 $ 0.89 $ 4.64 $ 0.52 $ 0.45 $ (5.33) $ 0.18 $ (4.09) $ 0.09 $ 0.16 $ 0.18 $ 0.32 $ 0.73 $ 0.04 $ 0.12 $ 0.48 $ 0.64
Diluted $ 0.68 $ 0.71 $ 0.66 $ 0.92 $ 2.97 $ 1.26 $ 1.29 $ 1.40 $ 1.21 $ 5.16 $ 1.31 $ 1.10 $ 1.47 $ (1.91) $ 2.16 $ 1.26 $ 1.31 $ 1.16 $ 0.89 $ 4.63 $ 0.52 $ 0.45 $ (5.33) $ 0.18 $ (4.08) $ 0.09 $ 0.16 $ 0.18 $ 0.31 $ 0.73 $ 0.04 $ 0.12 $ 0.47 $ 0.63
Weighted average shares outstanding:
Basic 53,075 53,040 53,098 53,187 53,186 53,541 53,472 53,387 53,222 53,410 52,810 51,687 51,629 48,720 50,761 47,542 47,316 47,237 46,533 47,154 45,960 44,918 43,837 42,652 44,336 42,605 42,481 42,199 42,101 42,345 42,245 42,470 42,531 42,416
Diluted 53,676 53,530 53,664 53,865 53,785 54,201 53,999 53,834 53,626 53,930 53,100 51,795 51,737 48,720 50,925 47,776 47,453 47,388 46,656 47,320 46,175 45,012 43,837 42,781 44,451 42,832 42,577 42,556 42,620 42,650 42,912 42,913 42,840 42,904
Gross margin 41.3% 46.0% 48.0% 43.6% 44.9% 47.5% 48.6% 49.0% 45.5% 47.7% 46.4% 45.7% 43.1% 18.2% 38.9% 42.3% 43.4% 44.1% 38.2% 42.1% 38.7% 37.3% 23.2% 38.6% 34.6% 39.4% 37.3% 39.5% 36.1% 38.0% 37.5% 40.4% 40.7% 39.6%
Operating margin 18.0% 15.9% 13.0% 19.4% 16.5% 25.7% 24.8% 26.9% 23.3% 25.2% 25.2% 19.0% 26.7% -26.5% 11.9% 21.7% 21.2% 18.5% 9.6% 18.0% 7.6% 4.7% -108.7% 6.0% -21.3% 0.8% 0.0% 3.1% 1.2% 1.3% -2.9% 1.6% 7.2% 2.1%
S&M % of total revenue 7.5% 5.8% 5.4% 5.1% 5.9% 5.5% 5.2% 5.5% 5.3% 5.4% 5.5% 5.0% 5.6% 5.4% 5.4% 6.1% 5.9% 7.4% 7.4% 6.7% 9.1% 8.7% 9.5% 9.3% 9.2% 10.7% 10.2% 9.5% 8.8% 9.7% 9.2% 8.5% 8.3% 8.7%
R&D % of total revenue 12.8% 10.7% 10.0% 9.4% 10.6% 9.6% 9.5% 9.0% 10.1% 9.6% 9.0% 8.1% 7.3% 8.0% 8.1% 6.6% 6.9% 8.2% 9.3% 7.7% 11.7% 10.7% 11.7% 11.0% 11.2% 12.4% 11.9% 12.1% 10.5% 11.7% 12.5% 11.1% 10.9% 11.5%
G&A % of total revenue 10.9% 8.9% 9.1% 8.2% 9.2% 8.7% 8.4% 8.6% 8.8% 8.6% 8.3% 8.9% 9.7% 10.0% 9.2% 8.7% 8.7% 10.3% 11.7% 9.8% 12.4% 12.3% 14.0% 12.3% 12.7% 14.4% 13.9% 14.0% 14.7% 14.3% 13.6% 13.1% 13.0% 13.2%
Tax rate 23.5% 22.5% 16.4% 24.3% 22.0% 23.0% 24.2% 26.4% 22.8% 24.2% 25.0% 22.0% 21.0% -16.1% 39.6% 27.8% 23.6% 18.9% 1.7% 20.4% 28.3% 19.4% 3.7% 64.5% -12.1% 64.6% 20.1% 52.3% -25.7% 31.0% -55.4% 58.2% 28.7% 35.4%
Net margin 14.6% 12.9% 11.2% 14.7% 13.3% 19.7% 18.8% 19.9% 17.9% 19.1% 18.8% 15.1% 21.9% -27.9% 7.7% 17.3% 18.3% 18.2% 13.9% 17.0% 9.6% 7.8% -100.2% 3.3% -18.6% 1.6% 2.6% 3.0% 4.8% 3.1% 0.6% 1.9% 7.1% 3.3%
NOPAT
ADJUSTED OPERATING INCOME (LOSS)(1) 25,231 59,975 30,111 70,427 185,744 81,677 95,078 98,352 77,656 352,763 87,333 89,315 71,792 57,018 305,458 72,952 74,332 54,993 29,289 231,566 15,424 16,661 3,281 15,851 51,217 7,731 6,864 12,432 16,346 43,373 9,253 23,866 26,534 59,653
PROVISION (BENEFIT) FOR INCOME TAXES USING ADJUSTED TAX RATE 5,929 13,503 4,951 17,092 41,476 18,786 22,970 25,961 17,689 85,406 21,833 19,620 15,077 12,992 69,522 20,281 17,570 10,400 504 48,755 3,488 3,332 33 7,291 12,804 1,587 961 3,357 2,615 8,675 2,776 6,921 6,103 15,800
TOTAL 19,302 46,472 25,160 53,335 144,268 62,891 72,108 72,391 59,967 267,357 65,500 69,695 56,715 44,026 235,936 52,671 56,762 44,593 28,785 182,811 11,936 13,329 3,248 8,560 38,413 6,144 5,903 9,075 13,731 34,698 6,477 16,945 20,431 43,853
Adjusted Net Income 21,436 48,118 26,160 53,266 148,980 62,610 71,943 72,727 59,568 266,848 65,214 70,733 59,382 52,721 248,050 58,349 64,054 54,416 41,930 218,749 23,159 23,615 13,992 12,878 73,644 13,128 12,930 14,841 19,715 60,614 12,581 25,078 26,268 63,927
Return on equity 6.0% 10.0% 9.7% 9.1% 3.3% 2.9%
Return on invested capital 5.7% 9.9% 9.1% 7.6% 1.7% 1.7%
Return on invested capital, excluding cash 11.5% 21.3% 18.9% 14.9% 3.3% 2.9%
Adjusted EBITDA(1) 40,270 39,367 27,878 37,288 144,776 32,681 31,549 36,958 41,230 142,418 35,230 48,502 51,517 135,249
Adjusted EPS(1) 0.50 0.52 0.32 0.30 1.66 0.31 0.30 0.35 0.46 1.42 0.29 0.58 0.61 1.49
Adjusted Gross Margin(1) 38.9% 37.5% 36.2% 38.8% 37.9% 40.0% 37.8% 39.8% 37.6% 38.7% 37.8% 40.7% 41.0% 39.9%
Adjusted Tax Rate(1) 22.6% 20.0% 1.0% 46.0% 25.0% 20.5% 14.0% 27.0% 16.0% 20.0% 30.0% 29.0% 23.0% 24.0%
(1) Refer to Press Release and Investor Presentation for reconciliation of US GAAP to non-GAAP adjustments

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Balance Sheet
IPG Photonics Corporation FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26
Consolidated Balance Sheets
(unaudited, in thousands) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
ASSETS
Current assets:
Cash and cash equivalents $ 570,058 $ 747,859 $ 763,920 $ 876,231 $ 876,231 $ 896,741 $ 754,199 $ 794,904 $ 709,105 $ 709,105 $ 642,517 $ 771,788 $ 869,274 $ 698,209 $ 698,209 $ 521,137 $ 573,071 $ 528,284 $ 514,674 $ 514,674 $ 496,452 $ 720,540 $ 883,871 $ 620,040 $ 620,040 $ 363,046 $ 359,184 $ 346,026 $ 403,790 $ 403,790 $ 480,761 $ 399,225 $ 710,688 $ - 0
Short-term investments 625,085 501,040 537,696 514,835 514,835 548,196 743,210 724,103 805,400 805,400 774,161 462,865 365,409 479,374 479,374 548,473 523,341 605,207 662,807 662,807 643,655 343,363 135,444 310,152 310,152 563,832 540,414 524,359 435,538 435,538 332,144 472,094 215,304 - 0
Accounts receivable, net 200,646 203,568 240,352 264,321 264,321 252,877 250,669 272,699 262,121 262,121 257,464 246,877 195,194 211,347 211,347 236,575 231,125 229,597 219,053 219,053 184,012 176,153 163,541 171,131 171,131 176,909 201,038 166,384 181,734 181,734 192,437 181,960 191,150 - 0
Inventories 363,383 367,166 370,344 364,993 364,993 368,149 404,547 435,070 460,747 460,747 484,971 556,747 555,537 509,363 509,363 506,149 491,301 479,829 453,874 453,874 431,899 400,839 320,723 284,780 284,780 287,623 303,841 323,934 313,416 313,416 319,006 330,801 337,890 - 0
Components and raw materials 195,170 191,612 193,765 190,775 190,775 190,376 224,486 247,929 270,146 270,146 288,752 350,015 384,471 322,506 322,506 308,357 295,166 279,309 263,652 263,652 249,123 226,305 170,905 150,257 150,257 150,651 153,341 156,637 155,412 155,412 154,685 158,274 157,433 - 0
Work in-process 28,728 39,630 46,714 47,251 47,251 38,066 32,449 33,335 32,506 32,506 36,806 43,780 49,630 18,911 18,911 39,603 58,546 62,414 47,997 47,997 43,380 44,051 30,013 28,973 28,973 33,247 38,510 44,116 44,525 44,525 45,935 51,589 52,059 - 0
Finished goods 139,485 135,924 129,865 126,967 126,967 139,707 147,612 153,806 158,095 158,095 159,413 162,952 121,436 167,946 167,946 158,189 137,589 138,106 142,225 142,225 139,396 130,483 119,805 105,550 105,550 103,725 111,990 123,181 113,479 113,479 118,386 120,938 128,398 - 0
Prepaid income taxes 50,840 62,778 60,436 69,893 69,893 70,421 64,810 34,482 36,990 36,990 40,888 52,912 49,496 40,934 40,934 47,054 50,748 32,538 26,038 26,038 24,530 30,208 27,115 17,592 17,592 16,955 28,813 27,847 43,196 43,196 51,203 39,423 33,145 - 0
Prepaid expenses and other current assets 64,514 68,115 58,905 57,804 57,804 65,877 73,157 63,917 73,320 73,320 82,833 79,662 84,177 47,047 47,047 56,199 54,482 45,005 38,208 38,208 49,071 46,849 39,720 27,300 27,300 35,022 40,866 45,963 45,766 45,766 57,587 55,269 54,460 - 0
Total Current Assets 1,874,526 1,950,526 2,031,653 2,148,077 2,148,077 2,202,261 2,290,592 2,325,175 2,347,683 2,347,683 2,282,834 2,170,851 2,119,087 1,986,274 1,986,274 1,915,587 1,924,068 1,920,460 1,914,654 1,914,654 1,829,619 1,717,952 1,570,414 1,430,995 1,430,995 1,443,387 1,474,156 1,434,513 1,423,440 1,423,440 1,433,138 1,478,772 1,542,637 - 0 - 0
Long-term investments - 0 - 0 - 0 30,166 76,533 76,533 70,567 32,693 - 0 - 0
Deferred income taxes, net 32,801 30,544 38,616 43,197 43,197 41,276 45,751 49,008 47,761 47,761 49,942 60,563 69,323 75,152 75,152 59,089 69,644 79,583 88,788 88,788 84,452 88,865 106,254 115,031 115,031 109,232 114,268 119,552 123,889 123,889 120,934 116,831 122,235 - 0
Goodwill 81,627 81,911 37,731 41,366 41,366 38,764 39,000 38,705 38,609 38,609 39,741 39,285 37,963 38,325 38,325 38,388 38,494 38,265 38,540 38,540 38,351 38,278 38,484 67,241 67,241 68,617 71,763 71,650 71,735 71,735 70,913 70,480 70,281 - 0
Intangible assets, net 70,832 67,995 64,999 62,114 62,114 61,768 59,070 55,786 52,678 52,678 50,017 46,866 36,171 34,120 34,120 32,104 30,086 28,056 26,234 26,234 24,802 23,423 22,054 55,376 55,376 54,297 54,653 52,226 49,933 49,933 47,171 44,893 42,777 - 0
Property, plant and equipment, net 580,980 585,644 576,398 597,527 597,527 600,911 612,420 624,576 635,302 635,302 625,366 680,321 661,510 580,561 580,561 594,273 609,344 581,970 602,257 602,257 585,751 593,136 589,559 588,375 588,375 603,271 621,352 622,122 637,516 637,516 636,242 641,916 648,326 - 0
Other assets 39,368 42,116 45,535 43,419 43,419 37,971 39,679 50,660 48,507 48,507 50,569 50,883 38,466 28,848 28,848 31,715 24,781 24,530 28,425 28,425 35,461 33,777 28,365 32,246 32,246 38,544 43,256 50,734 41,234 41,234 42,677 38,982 45,787 - 0
Total assets 2,680,134 2,758,736 2,794,932 2,935,700 2,935,700 2,982,951 3,086,512 3,143,910 3,170,540 3,170,540 3,098,469 3,048,769 2,962,520 2,743,280 2,743,280 2,671,156 2,696,417 2,672,864 2,698,898 2,698,898 2,598,436 2,495,431 2,355,130 2,289,264 2,289,264 2,317,348 2,379,448 2,380,963 2,424,280 2,424,280 2,421,642 2,424,567 2,472,043 - 0 - 0
LIABILITIES AND EQUITY
Current liabilities:
Revolving line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Current portion of long-term debt 3,757 3,775 3,792 3,810 3,810 3,828 3,846 18,788 18,126 18,126 17,459 32,225 16,328 16,031 16,031 15,734 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Accounts payable 39,648 42,261 37,375 25,748 25,748 44,704 50,714 52,428 55,839 55,839 46,481 57,276 55,072 46,233 46,233 40,902 37,418 33,126 28,618 28,618 26,675 26,232 39,578 35,385 35,385 37,923 41,522 40,225 39,288 39,288 54,724 42,879 48,782 - 0
Accrued compensation 45,679 53,533 57,265 62,785 62,785 53,690 68,858 81,078 94,857 94,857 62,287 75,212 73,324 78,251 78,251 60,311 64,369 64,060 67,053 67,053 55,322 60,722 55,814 56,568 56,568 53,873 73,259 79,008 81,943 81,943 66,094 78,435 88,332 - 0
Customer deposits and deferred revenue 62,499 54,587 57,034 71,246 71,246 69,526 80,366 80,694 89,659 89,659 94,418 87,155 81,868 80,068 80,068 82,903 75,785 66,961 69,219 69,219 60,171 57,452 52,271 56,454 56,454 61,776 60,615 54,893 66,209 66,209 67,791 59,194 59,544 - 0
Current portion of accrued warranty 24,057 23,845 23,971 24,345 24,345 24,056 25,116 25,650 26,204 26,204 26,815 27,331 26,800 28,504 28,504 28,813 28,428 27,280 27,283 27,283 25,916 24,754 23,261 21,398 21,398 20,492 20,304 19,110 17,348 17,348 16,986 17,103 16,752 - 0
Other liabilities 16,436 16,261 18,202 18,364 18,364 15,503 17,824 21,493 20,106 20,106 20,059 21,115 17,644 15,941 15,941 17,759 15,574 16,216 17,795 17,795 21,602 18,301 19,442 17,628 17,628 16,688 16,612 18,017 19,349 19,349 33,978 37,726 40,246 - 0
Income taxes payable 3,356 1,024 3,806 8,280 8,280 3,446 9,181 12,709 8,642 8,642 12,317 15,588 24,752 9,618 9,618 3,100 6,613 12,066 4,893 4,893 2,441 3,022 3,816 17,586 17,586 6,282 4,640 2,128 9,900 9,900 7,603 3,986 3,858 - 0
Total Current Liabilities 195,432 195,286 201,445 214,578 214,578 214,753 255,905 292,840 313,433 313,433 279,836 315,902 295,788 274,646 274,646 249,522 228,187 219,709 214,861 214,861 192,127 190,483 194,182 205,019 205,019 197,034 216,952 213,381 234,037 234,037 247,176 239,323 257,514 - 0 - 0
Other long-term liabilities and deferred income taxes 91,750 90,073 87,296 92,854 92,854 94,335 92,102 94,897 93,855 93,855 94,650 92,516 86,223 83,274 83,274 83,109 69,680 69,204 68,652 68,652 65,589 51,578 46,336 59,774 59,774 59,872 57,944 62,770 62,113 62,113 58,671 58,066 59,581 - 0
Long-term debt, net of current portion 37,022 36,071 35,117 34,157 34,157 33,193 32,225 16,328 16,031 16,031 15,734 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Total Liabilities 324,204 321,430 323,858 341,589 341,589 342,281 380,232 404,065 423,319 423,319 390,220 408,418 382,011 357,920 357,920 332,631 297,867 288,913 283,513 283,513 257,716 242,061 240,518 264,793 264,793 256,906 274,896 276,151 296,150 296,150 305,847 297,389 317,095 - 0 - 0
Redeemable Noncontrolling Interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
IPG Photonics Corporation equity:
Common stock 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 - 0
Treasury stock, at cost (278,446) (293,960) (303,614) (303,614) (303,614) (306,662) (345,345) (381,685) (438,503) (438,503) (517,260) (750,109) (821,388) (938,009) (938,009) (1,051,103) (1,051,040) (1,097,537) (1,161,505) (1,161,505) (1,251,121) (1,373,525) (1,447,984) (1,505,321) (1,505,321) (1,505,216) (1,535,525) (1,551,924) (1,555,629) (1,555,629) (1,555,629) (1,555,629) (1,558,277) - 0
Additional paid-in capital 788,568 811,559 828,796 854,301 854,301 868,097 883,546 894,264 908,423 908,423 917,693 930,950 939,040 951,371 951,371 957,103 969,889 978,331 994,020 994,020 1,002,600 1,014,094 1,025,268 1,035,285 1,035,285 1,040,264 1,053,080 1,063,762 1,077,172 1,077,172 1,075,709 1,086,949 1,097,673 - 0
Notes receivable from stockholders - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Retained earnings 2,065,022 2,103,248 2,138,852 2,188,191 2,188,191 2,256,318 2,326,118 2,401,520 2,466,607 2,466,607 2,536,179 2,593,147 2,669,411 2,576,516 2,576,516 2,636,651 2,698,972 2,753,966 2,795,394 2,795,394 2,819,493 2,839,647 2,606,053 2,613,868 2,613,868 2,617,626 2,624,231 2,631,694 2,644,964 2,644,964 2,646,548 2,651,790 2,672,063 - 0
Accumulated other comprehensive gain (loss) (220,081) (184,501) (193,827) (146,065) (146,065) (178,257) (159,407) (174,753) (189,951) (189,951) (229,369) (134,778) (206,560) (204,524) (204,524) (204,132) (219,277) (250,815) (212,530) (212,530) (230,258) (226,852) (68,731) (119,367) (119,367) (92,238) (37,240) (38,726) (38,383) (38,383) (50,839) (55,938) (56,517) - 0
Total IPG Photonics Corporation equity 2,355,069 2,436,352 2,470,213 2,592,819 2,592,819 2,639,502 2,704,918 2,739,352 2,746,582 2,746,582 2,707,249 2,639,216 2,580,509 2,385,360 2,385,360 2,338,525 2,398,550 2,383,951 2,415,385 2,415,385 2,340,720 2,253,370 2,114,612 2,024,471 2,024,471 2,060,442 2,104,552 2,104,812 2,128,130 2,128,130 2,115,795 2,127,178 2,154,948 - 0 - 0
Noncontrolling interests 861 954 861 1,292 1,292 1,168 1,362 493 639 639 1,000 1,135 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Total equity 2,355,930 2,437,306 2,471,074 2,594,111 2,594,111 2,640,670 2,706,280 2,739,845 2,747,221 2,747,221 2,708,249 2,640,351 2,580,509 2,385,360 2,385,360 2,338,525 2,398,550 2,383,951 2,415,385 2,415,385 2,340,720 2,253,370 2,114,612 2,024,471 2,024,471 2,060,442 2,104,552 2,104,812 2,128,130 2,128,130 2,115,795 2,127,178 2,154,948 - 0
Total liabilities and equity $ 2,680,134 $ 2,758,736 $ 2,794,932 $ 2,935,700 $ 2,935,700 $ 2,982,951 $ 3,086,512 $ 3,143,910 $ 3,170,540 $ 3,170,540 $ 3,098,469 $ 3,048,769 $ 2,962,520 $ 2,743,280 $ 2,743,280 $ 2,671,156 $ 2,696,417 $ 2,672,864 $ 2,698,898 $ 2,698,898 $ 2,598,436 $ 2,495,431 $ 2,355,130 $ 2,289,264 $ 2,289,264 $ 2,317,348 $ 2,379,448 $ 2,380,963 $ 2,424,280 $ 2,424,280 $ 2,421,642 $ 2,424,567 $ 2,472,043 $ - 0 $ - 0
- 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
INVESTED CAPITAL
Contingent purchase consideration - 0 - 0 - 0 1,963 1,963 1,343 1,529 1,406 1,371 1,371 1,615 1,460 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Revolving line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Current portion of long-term debt 3,757 3,775 3,792 3,810 3,810 3,828 3,846 18,788 18,126 18,126 17,459 32,225 16,328 16,031 16,031 15,734 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Long-term debt, net of current portion 37,022 36,071 35,117 34,157 34,157 33,193 32,225 16,328 16,031 16,031 15,734 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Redeemable Noncontrolling Interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Total equity 2,355,930 2,437,306 2,471,074 2,594,111 2,594,111 2,640,670 2,706,280 2,739,845 2,747,221 2,747,221 2,708,249 2,640,351 2,580,509 2,385,360 2,385,360 2,338,525 2,398,550 2,383,951 2,415,385 2,415,385 2,340,720 2,253,370 2,114,612 2,024,471 2,024,471 2,060,442 2,104,552 2,104,812 2,128,130 2,128,130 2,115,795 2,127,178 2,154,948 - 0
Total 2,396,709 2,477,152 2,509,983 2,634,041 2,634,041 2,679,034 2,743,880 2,776,367 2,782,749 2,782,749 2,743,057 2,674,036 2,596,837 2,401,391 2,401,391 2,354,259 2,398,550 2,383,951 2,415,385 2,415,385 2,340,720 2,253,370 2,114,612 2,024,471 2,024,471 2,060,442 2,104,552 2,104,812 2,128,130 2,128,130 2,115,795 2,127,178 2,154,948 - 0 - 0
Total, excluding cash and short-term investments 1,201,566 1,228,253 1,208,367 1,242,975 1,242,975 1,234,097 1,246,471 1,257,360 1,268,244 1,268,244 1,326,379 1,439,383 1,362,154 1,223,808 1,223,808 1,284,649 1,302,138 1,250,460 1,237,904 1,237,904 1,200,613 1,189,467 1,095,297 1,094,279 1,094,279 1,133,564 1,204,954 1,234,427 1,288,802 1,288,802 1,302,890 1,255,859 1,228,956 - 0 - 0
Days Sales Outstanding 73 62 69 72 66 61 66 66 63 60 51 58 61 62 70 67 66 62 65 67 70 73 61 61 65 59 61
Days Inventory Outstanding 226 209 206 177 182 193 207 214 220 248 257 172 227 233 262 226 254 226 165 182 188 176 196 164 173 181 182
Days Payable Outstanding 25 24 21 12 22 24 25 26 21 25 26 16 18 18 18 14 16 15 20 23 25 24 24 21 30 23 26
Cash Conversion Cycle 275 247 254 237 226 230 248 254 262 282 283 215 270 277 314 279 305 273 209 227 233 225 233 205 209 217 217 - 0

&G

Cash Flows Cumulative
IPG Photonics Corporation FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26
Consolidated Statements of Cash Flows (Cumulative)
(unaudited, in thousands) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
Cash flows from operating activities:
Net income (loss) $ 36,766 $ 75,132 $ 110,662 $ 160,338 $ 160,338 $ 68,222 $ 137,899 $ 212,598 $ 277,866 $ 277,866 $ 69,628 $ 126,959 $ 203,657 $ 110,762 $ 110,762 $ 60,135 $ 122,456 $ 177,450 $ 218,878 $ 218,878 $ 24,099 $ 44,253 $ (189,341) $ (181,526) $ (181,526) $ 3,758 $ 10,363 $ 17,826 $ 31,096 $ 31,096 $ 1,584 $ 6,826 $ 27,099 $ 27,099
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 24,099 47,350 71,188 94,554 94,554 23,819 47,976 72,127 96,330 96,330 23,435 47,104 69,852 90,564 90,564 17,889 35,343 52,678 69,621 69,621 16,214 31,506 46,623 61,443 61,443 15,341 31,167 46,799 66,854 66,854 15,892 31,415 47,377 47,377
Goodwill impairment - 0 - 0 44,589 44,589 44,589 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Impairment charges - 0 671 671 671 671 - 0 - 0 - 0 - 0 - 0 - 0 - 0 919 79,949 79,949 - 0 - 0 (486) (486) (486) - 0 - 0 26,566 27,006 27,006 - 0 - 0 - 0 - 0 - 0 - 0 17,574 17,805 17,805
Deferred income taxes (935) 1,591 (10,122) (12,813) (12,813) 3,944 (1,856) (4,757) (6,885) (6,885) (3,397) (11,204) (21,550) (27,575) (27,575) 16,106 5,065 (4,835) (13,789) (13,789) 4,044 720 (18,763) (25,660) (25,660) 6,476 (1,961) (7,238) (13,680) (13,680) 2,177 5,473 (345) (345)
Stock-based compensation 8,430 17,653 26,394 35,472 35,472 8,815 18,678 28,536 37,864 37,864 9,994 20,439 29,201 38,302 38,302 9,576 19,249 27,392 39,502 39,502 9,738 18,282 29,378 37,070 37,070 10,754 22,048 32,793 42,947 42,947 10,249 20,532 31,554 31,554
Unrealized losses (gains) on foreign currency transactions (19,589) (8,737) (21,759) (19,935) (19,935) (7,800) (1,728) (4,313) (8,560) (8,560) (2,393) 12,584 8,355 (592) (592) (1,877) (1,816) (4,322) (4,334) (4,334) (708) (487) (118) 1,161 1,161 42 2,788 3,378 (822) (822) (672) (1,489) (3,001) (3,001)
Loss (Gain) on divestiture and sale of asset, net - 0 - 0 - 0 (21,748) (31,846) (31,846) - 0 - 0 - 0 - 0 - 0 - 0 - 0 190,201 190,201 190,201 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other 1,015 2,635 6,823 8,642 8,642 1,462 3,571 5,828 8,618 8,618 2,368 3,760 4,195 1,654 1,654 (4,244) (8,883) (12,997) (19,908) (19,908) (12,931) (18,523) (12,835) (13,695) (13,695) (2,476) (5,713) (7,814) (9,048) (9,048) (329) (1,150) (3,127) (3,127)
Provisions for inventory, warranty & bad debt 13,486 24,484 42,559 70,572 70,572 16,685 32,654 50,364 68,441 68,441 16,142 38,644 58,990 153,652 153,652 17,214 31,846 43,889 61,058 61,058 14,761 30,365 76,434 90,377 90,377 11,876 22,080 31,766 43,314 43,314 9,348 20,556 33,594 33,594
Changes in assets and liabilities that (used) provided cash: - 0
Accounts receivable 34,492 33,011 2,308 (13,022) (13,022) 7,360 12,525 (12,281) (2,091) (2,091) 2,621 1,560 42,517 34,100 34,100 (24,642) (23,876) (25,026) (10,395) (10,395) 32,305 38,460 51,884 46,827 46,827 (4,113) (23,001) 11,373 (4,761) (4,761) (11,843) (1,737) (9,703) (9,703)
Inventories (10,429) (15,160) (34,213) (39,900) (39,900) (20,084) (61,220) (105,384) (149,754) (149,754) (50,951) (99,233) (148,959) (189,013) (189,013) (8,989) (12,103) (20,736) 1,823 1,823 1,498 17,041 29,760 47,725 47,725 (8,967) (23,837) (52,005) (52,918) (52,918) (19,417) (42,086) (60,189) (60,189)
Prepaid expenses and other current assets (9,119) (2,193) (2,065) (3,802) (3,802) (1,052) (2,187) (8,823) (23,697) (23,697) 3,052 4,922 6,584 22,545 22,545 (10,419) (15,480) (5,504) (2,025) (2,025) (7,343) (7,143) (4,501) 6,527 6,527 (6,087) (8,516) (11,589) (11,050) (11,050) (11,434) (8,035) (4,521) (4,521)
Accounts payable 6,054 13,245 8,819 (1,942) (1,942) 18,980 24,879 26,296 30,997 30,997 (8,448) 3,131 (2,837) (12,174) (12,174) (4,600) (7,472) (10,231) (16,319) (16,319) 274 1,276 4,272 (1,526) (1,526) 5,491 8,940 7,414 4,334 4,334 17,281 5,548 11,238 11,238
Accrued expenses and other liabilities (6,477) (15,590) (17,492) (14,752) (14,752) (17,961) 595 7,963 24,715 24,715 (31,448) (35,842) (40,327) (43,547) (43,547) (19,120) (27,736) (39,646) (44,693) (44,693) (26,230) (28,265) (36,743) (37,355) (37,355) (6,965) 3,788 (1,024) 10,267 10,267 (4,960) (18,894) (12,921) (12,921)
Income and other taxes payable (21,012) (43,836) (28,345) (23,337) (23,337) (14,847) (8,596) 37,002 35,856 35,856 (14,180) (17,663) (17,823) (14,132) (14,132) (9,749) (12,647) 12,298 17,053 17,053 (1,125) (19,431) (18,705) (679) (679) (11,685) (26,917) (25,144) (31,189) (31,189) (13,339) (2,204) 3,671 3,671
Net cash (used in) provided by operating activities 56,781 130,256 200,017 285,335 285,335 87,543 203,190 305,156 389,700 389,700 16,423 95,161 171,026 212,649 212,649 37,280 103,946 189,924 295,986 295,986 54,596 108,054 174,112 247,896 247,896 13,445 11,229 46,535 75,344 75,344 (5,463) 32,329 78,531 78,531
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment (17,801) (37,370) (61,871) (87,696) (87,696) (27,421) (54,344) (93,857) (123,108) (123,108) (25,177) (59,903) (84,552) (110,141) (110,141) (33,404) (59,139) (85,256) (110,483) (110,483) (28,052) (52,270) (75,358) (98,524) (98,524) (24,818) (40,176) (60,907) (78,798) (78,798) (16,311) (37,024) (54,437) (54,437)
Purchase of intangible assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from sales of property, plant and equipment 139 460 689 889 889 130 258 859 1,409 1,409 428 645 837 26,862 26,862 1,600 1,740 30,425 31,241 31,241 25,262 28,274 28,538 28,578 28,578 183 563 605 922 922 812 1,006 2,204 2,204
Purchases of short-term investments (308,195) (421,321) (732,729) (1,111,555) (1,111,555) (513,564) (1,014,033) (1,437,193) (1,940,605) (1,940,605) (475,435) (583,828) (914,598) (1,117,022) (1,117,022) (343,820) (583,347) (898,455) (1,232,863) (1,232,863) (226,521) (301,541) (423,176) (713,151) (713,151) (333,009) (579,814) (866,402) (943,323) (943,323) (32,870) (286,742) (360,732) (360,732)
Purchases of long-term equity investments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (8,000) (8,000)
Proceeds fromsales of short-term and long-term investments 186,024 422,912 697,816 1,099,224 1,099,224 480,163 785,023 1,226,445 1,647,537 1,647,537 505,818 925,657 1,355,883 1,446,355 1,446,355 279,499 549,879 789,844 1,073,993 1,073,993 252,890 633,993 966,214 1,083,464 1,083,464 83,206 357,859 633,731 755,421 755,421 143,538 297,335 663,124 663,124
Acquisition of businesses, net of cash acquired - 0 - 0 - 0 (429) (429) - 0 - 0 - 0 - 0 - 0 (2,000) (2,000) (2,000) (2,000) (2,000) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (66,738) (66,738) - 0 - 0 - 0 505 505 - 0 - 0 - 0 - 0
Proceeds from the sale of business, net of cash sold - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 52,141 52,941 52,941 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (25,324) (25,324) (25,324) - 0 - 0 - 0 - 0 - 0 - 0 2,000 2,000 2,000
Other investing 79 115 17 (7) (7) (2) (547) (1,078) (1,515) (1,515) (1,164) (350) (246) (43) (43) 107 326 446 558 558 157 188 385 427 427 52 52 69 43 43 77 85 111 111
Net cash (used in) provided by investing activities (139,754) (35,204) (96,078) (99,574) (99,574) (60,694) (283,643) (304,824) (416,282) (416,282) 2,470 280,221 407,465 296,952 296,952 (96,018) (90,541) (162,996) (237,554) (237,554) 23,736 308,644 471,279 208,732 208,732 (274,386) (261,516) (292,904) (265,230) (265,230) 95,246 (23,340) 244,270 244,270
Cash flow from financing activities:
Proceeds from line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Payments on line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Cash contributed by noncontrolling interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds on long-term borrowings - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Principal payments on long-term borrowings (928) (1,862) (2,798) (3,740) (3,740) (946) (1,896) (2,851) (3,810) (3,810) (964) (1,932) (17,829) (18,126) (18,126) (298) (16,031) (16,031) (16,031) (16,031) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Exercise of employee stock options and issuances under employee stock purchase plan (5,498) 8,271 16,767 33,194 33,194 4,981 10,567 11,427 16,258 16,258 (724) 2,088 2,353 5,583 5,583 (3,844) (731) (432) 3,147 3,147 (1,158) 1,792 1,870 4,195 4,195 (5,775) (4,253) (4,316) (1,060) (1,060) (11,712) (10,755) (11,053) (11,053)
Purchase of treasury stock net of excise tax, at cost (12,716) (28,230) (37,884) (37,884) (37,884) (3,048) (41,731) (78,071) (134,889) (134,889) (78,757) (311,606) (382,885) (499,506) (499,506) (113,094) (113,031) (159,528) (223,496) (223,496) (89,616) (212,020) (286,479) (343,816) (343,816) 105 (30,204) (46,603) (53,132) (53,132) - 0 - 0 (2,648) (2,648)
Purchase of non-controlling interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 (2,500) (2,500) (2,500) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from public offering, net of offering expenses - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Distributions to shareholders - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other (1,650) (1,650) (1,650) (1,650) (1,650) (2,624) (2,624) (2,624) (2,625) (2,625) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net cash (used in) provided by financing activities (20,792) (23,471) (25,565) (10,080) (10,080) (1,637) (35,684) (72,119) (125,066) (125,066) (80,445) (311,450) (400,861) (514,549) (514,549) (117,236) (129,793) (175,991) (236,380) (236,380) (90,774) (210,228) (284,609) (339,621) (339,621) (5,670) (34,457) (50,919) (54,192) (54,192) (11,712) (10,755) (13,701) (13,701)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (6,878) (4,523) 4,692 19,888 19,888 (7,024) (8,217) (11,862) (17,800) (17,800) (5,036) (1,249) (17,461) (5,948) (5,948) (1,098) (8,750) (20,862) (5,587) (5,587) (5,780) (604) 8,415 (11,641) (11,641) 9,617 23,888 23,274 27,828 27,828 (1,100) (2,245) (1,727) (1,727)
Net increase (decrease) in cash, cash equivalents and restricted cash (110,643) 67,058 83,066 195,569 195,569 18,188 (124,354) (83,649) (169,448) (169,448) (66,588) 62,683 160,169 (10,896) (10,896) (177,072) (125,138) (169,925) (183,535) (183,535) (18,222) 205,866 369,197 105,366 105,366 (256,994) (260,856) (274,014) (216,250) (216,250) 76,971 (4,011) 307,373 307,373
Cash and cash equivalents - Beginning of period 682,984 682,984 682,984 682,984 682,984 878,553 878,553 878,553 878,553 878,553 709,105 709,105 709,105 709,105 709,105 698,209 698,209 698,209 698,209 698,209 514,674 514,674 514,674 514,674 514,674 620,040 620,040 620,040 620,040 620,040 403,790 403,790 403,790 403,790
Cash, cash equivalents and restricted cash - End of period 572,341 750,042 766,050 878,553 878,553 896,741 754,199 794,904 709,105 709,105 642,517 771,788 869,274 698,209 698,209 521,137 573,071 528,284 514,674 514,674 496,452 720,540 883,871 620,040 620,040 363,046 359,184 346,026 403,790 403,790 480,761 399,779 711,163 711,163
Less: restricted cash included in other current assets and other assets 2,283 2,183 2,130 2,322 2,322 - 0 - 0 - 0 - 0 - 0
Cash and cash equivalents - End of period $ 570,058 $ 747,859 $ 763,920 $ 876,231 $ 876,231 $ 896,741 $ 754,199 $ 794,904 $ 709,105 $ 709,105 $ 642,517 $ 771,788 $ 869,274 $ 698,209 $ 698,209 $ 521,137 $ 573,071 $ 528,284 $ 514,674 $ 514,674 $ 496,452 $ 720,540 $ 883,871 $ 620,040 $ 620,040 $ 363,046 $ 359,184 $ 346,026 $ 403,790 $ 403,790 $ 480,761 $ 399,779 $ 711,163 $ 711,163
Supplemental disclosure of cash flow information:
Cash paid for interest $ 447 $ 1,061 $ 1,650 $ 2,234 $ 2,234 $ 703 $ 1,388 $ 1,932 $ 2,714 $ 2,714 $ 857 $ 1,600 $ 2,766 $ 3,214 $ 3,214 $ 525 $ 947 $ 1,110 $ 1,284 $ 1,284 $ 4 $ 94 $ 95 $ 277 $ 277 $ 5 $ 8 $ 136 $ 226 $ 226 $ 3 $ 7 $ 54 $ 54
Cash paid for income taxes $ 29,865 $ 53,670 $ 65,895 $ 85,861 $ 85,861 $ 21,340 $ 41,809 $ 35,982 $ 62,998 $ 62,998 $ 25,423 $ 61,715 $ 83,771 $ 113,200 $ 113,200 $ 19,203 $ 58,178 $ 55,001 $ 62,916 $ 62,916 $ 8,005 $ 34,165 $ 38,905 $ 40,632 $ 40,632 $ 10,574 $ 32,918 $ 44,258 $ 57,008 $ 57,008 $ 7,689 $ 3,408 $ 9,273 $ 9,273
Cash paid for excise tax on net share repurchases $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 1,893 $ 1,893 $ - 0 $ - 0 $ - 0 $ 3,113 $ 3,113 $ - 0 $ - 0 $ - 0 $ - 0
Share repurchase program: $ - 0
Shares Repurchased 109 240 302 302 302 15 200 400 744 744 601 2,983 3,802 5,101 5,101 999 999 1,448 2,117 2,117 958 2,362 3,346 4,088 4,088 - 0 491 705 753 753 - 0 - 0 35 35
Weighted Average Price $ 116.85 $ 117.53 $ 125.59 $ 125.59 $ 125.59 $ 204.48 $ 208.41 $ 195.30 $ 181.20 $ 181.20 $ 131.02 $ 104.46 $ 100.69 $ 97.91 $ 97.91 $ 112.29 $ 112.29 $ 109.21 $ 104.68 $ 104.68 $ 92.73 $ 88.92 $ 84.79 $ 83.30 $ 83.30 $ - 0 $ 61.10 $ 65.63 $ 66.36 $ 66.36 $ - 0 $ - 0 $ - 0 $ - 0
Purchase of treasury stock net of excise tax, at cost $ 12,716 $ 28,230 $ 37,884 $ 37,884 $ 37,884 $ 3,048 $ 41,731 $ 78,071 $ 134,889 $ 134,889 $ 78,757 $ 311,606 $ 382,885 $ 499,506 $ 499,506 $ 113,094 $ 113,031 $ 159,528 $ 223,496 $ 223,496 $ 89,616 $ 212,020 $ 286,479 $ 343,816 $ 343,816 $ (105) $ 30,204 $ 46,603 $ 53,132 $ 53,132 $ - 0 $ - 0 $ 2,648 $ 2,648
Dollar Value of Shares that May Yet Be Purchased $ 71,552 $ 256,038 $ 246,384 $ 246,384 $ 246,384 $ 243,336 $ 204,653 $ 168,313 $ 111,495 $ 111,495 $ 232,738 $ - 0 $ 228,745 $ 112,153 $ 112,153 $ 0 $ 200,000 $ 153,966 $ 90,518 $ 90,518 $ 301,694 $ 180,484 $ 106,781 $ 50,000 $ 50,000 $ 50,000 $ 20,000 $ 3,708 $ 0 $ 0 $ 100,000 $ 100,000 $ 96,478 $ 96,478

&G

Cash Flows
IPG Photonics Corporation FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26
Consolidated Statements of Cash Flows (Quarterly)
(unaudited, in thousands) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
Cash flows from operating activities:
Net income (loss) $ 36,766 $ 38,366 $ 35,530 $ 49,676 $ 160,338 $ 68,222 $ 69,677 $ 74,699 $ 65,268 $ 277,866 $ 69,628 $ 57,331 $ 76,698 $ (92,895) $ 110,762 $ 60,135 $ 62,321 $ 54,994 $ 41,428 $ 218,878 $ 24,099 $ 20,154 $ (233,594) $ 7,815 $ (181,526) $ 3,758 $ 6,605 $ 7,463 $ 13,270 $ 31,096 $ 1,584 $ 5,242 $ 20,273 $ 27,099
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 24,099 23,251 23,838 23,366 94,554 23,819 24,157 24,151 24,203 96,330 23,435 23,669 22,748 20,712 90,564 17,889 17,454 17,335 16,943 69,621 16,214 15,292 15,117 14,820 61,443 15,341 15,826 15,632 20,055 66,854 15,892 15,523 15,962 47,377
Goodwill impairment - 0 - 0 44,589 - 0 44,589 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Impairment charges - 0 671 - 0 - 0 671 - 0 - 0 - 0 - 0 - 0 - 0 - 0 919 79,030 79,949 - 0 - 0 (486) - 0 (486) - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 - 0 - 0 - 0 17,574 231 17,805
Deferred income taxes (935) 2,526 (11,713) (2,691) (12,813) 3,944 (5,800) (2,901) (2,128) (6,885) (3,397) (7,807) (10,346) (6,025) (27,575) 16,106 (11,041) (9,900) (8,954) (13,789) 4,044 (3,324) (19,483) (6,897) (25,660) 6,476 (8,437) (5,277) (6,442) (13,680) 2,177 3,296 (5,818) (345)
Stock-based compensation 8,430 9,223 8,741 9,078 35,472 8,815 9,863 9,858 9,328 37,864 9,994 10,445 8,762 9,101 38,302 9,576 9,673 8,143 12,110 39,502 9,738 8,544 11,096 7,692 37,070 10,754 11,294 10,745 10,154 42,947 10,249 10,283 11,022 31,554
Unrealized losses (gains) on foreign currency transactions (19,589) 10,852 (13,022) 1,824 (19,935) (7,800) 6,072 (2,585) (4,247) (8,560) (2,393) 14,977 (4,229) (8,947) (592) (1,877) 61 (2,506) (12) (4,334) (708) 221 369 1,279 1,161 42 2,746 590 (4,200) (822) (672) (817) (1,512) (3,001)
Loss (Gain) on divestiture and sale of asset - 0 - 0 (21,748) (10,098) (31,846) - 0 - 0 - 0 - 0 - 0 - 0 - 0 190,201 - 0 190,201 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other 1,015 1,620 4,188 1,819 8,642 1,462 2,109 2,257 2,790 8,618 2,368 1,392 435 (2,541) 1,654 (4,244) (4,639) (4,114) (6,911) (19,908) (12,931) (5,592) 5,688 (860) (13,695) (2,476) (3,237) (2,101) (1,234) (9,048) (329) (821) (1,977) (3,127)
Provisions for inventory, warranty & bad debt 13,486 10,998 18,075 28,013 70,572 16,685 15,969 17,710 18,077 68,441 16,142 22,502 20,346 94,662 153,652 17,214 14,632 12,043 17,169 61,058 14,761 15,604 46,069 13,943 90,377 11,876 10,204 9,686 11,548 43,314 9,348 11,208 13,038 33,594
Changes in assets and liabilities that (used) provided cash: - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Accounts receivable 34,492 (1,481) (30,703) (15,330) (13,022) 7,360 5,165 (24,806) 10,190 (2,091) 2,621 (1,061) 40,957 (8,417) 34,100 (24,642) 766 (1,150) 14,631 (10,395) 32,305 6,155 13,424 (5,057) 46,827 (4,113) (18,888) 34,374 (16,134) (4,761) (11,843) 10,106 (7,966) (9,703)
Inventories (10,429) (4,731) (19,053) (5,687) (39,900) (20,084) (41,136) (44,164) (44,370) (149,754) (50,951) (48,282) (49,726) (40,054) (189,013) (8,989) (3,114) (8,633) 22,559 1,823 1,498 15,543 12,719 17,965 47,725 (8,967) (14,870) (28,168) (913) (52,918) (19,417) (22,669) (18,103) (60,189)
Prepaid expenses and other current assets (9,119) 6,926 128 (1,737) (3,802) (1,052) (1,135) (6,636) (14,874) (23,697) 3,052 1,870 1,662 15,961 22,545 (10,419) (5,061) 9,976 3,479 (2,025) (7,343) 200 2,642 11,028 6,527 (6,087) (2,429) (3,073) 539 (11,050) (11,434) 3,399 3,514 (4,521)
Accounts payable 6,054 7,191 (4,426) (10,761) (1,942) 18,980 5,899 1,417 4,701 30,997 (8,448) 11,579 (5,968) (9,337) (12,174) (4,600) (2,872) (2,759) (6,088) (16,319) 274 1,002 2,996 (5,798) (1,526) 5,491 3,449 (1,526) (3,080) 4,334 17,281 (11,733) 5,690 11,238
Accrued expenses and other liabilities (6,477) (9,113) (1,902) 2,740 (14,752) (17,961) 18,556 7,368 16,752 24,715 (31,448) (4,394) (4,485) (3,220) (43,547) (19,120) (8,616) (11,910) (5,047) (44,693) (26,230) (2,035) (8,478) (612) (37,355) (6,965) 10,753 (4,812) 11,291 10,267 (4,960) (13,934) 5,973 (12,921)
Income and other taxes payable (21,012) (22,824) 15,491 5,008 (23,337) (14,847) 6,251 45,598 (1,146) 35,856 (14,180) (3,483) (160) 3,691 (14,132) (9,749) (2,898) 24,945 4,755 17,053 (1,125) (18,306) 726 18,026 (679) (11,685) (15,232) 1,773 (6,045) (31,189) (13,339) 11,135 5,875 3,671
Net cash (used in) provided by operating activities 56,781 73,475 69,761 85,318 285,335 87,543 115,647 101,966 84,544 389,700 16,423 78,738 75,865 41,623 212,649 37,280 66,666 85,978 106,062 295,986 54,596 53,458 66,058 73,784 247,896 13,445 (2,216) 35,306 28,809 75,344 (5,463) 37,792 46,202 - 0 78,531
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment (17,801) (19,569) (24,501) (25,825) (87,696) (27,421) (26,923) (39,513) (29,251) (123,108) (25,177) (34,726) (24,649) (25,589) (110,141) (33,404) (25,735) (26,117) (25,227) (110,483) (28,052) (24,218) (23,088) (23,166) (98,524) (24,818) (15,358) (20,731) (17,891) (78,798) (16,311) (20,713) (17,413) (54,437)
Purchase of intangible assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from sales of property, plant and equipment 139 321 229 200 889 130 128 601 550 1,409 428 217 192 26,025 26,862 1,600 140 28,685 816 31,241 25,262 3,012 264 40 28,578 183 380 42 317 922 812 194 1,198 2,204
Purchases of short-term investments (308,195) (113,126) (311,408) (378,826) (1,111,555) (513,564) (500,469) (423,160) (503,412) (1,940,605) (475,435) (108,393) (330,770) (202,424) (1,117,022) (343,820) (239,527) (315,108) (334,408) (1,232,863) (226,521) (75,020) (121,635) (289,975) (713,151) (333,009) (246,805) (286,588) (76,921) (943,323) (32,870) (253,872) (73,990) (360,732)
Purchases of long-term equity investments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (8,000) (8,000)
Proceeds fromsales of short-term and long-term investments 186,024 236,888 274,904 401,408 1,099,224 480,163 304,860 441,422 421,092 1,647,537 505,818 419,839 430,226 90,472 1,446,355 279,499 270,380 239,965 284,149 1,073,993 252,890 381,103 332,221 117,250 1,083,464 83,206 274,653 275,872 121,690 755,421 143,538 153,797 365,789 663,124
Acquisition of businesses, net of cash acquired - 0 - 0 - 0 (429) (429) - 0 - 0 - 0 - 0 - 0 (2,000) - 0 - 0 - 0 (2,000) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (66,738) (66,738) - 0 - 0 - 0 505 505 - 0 - 0 - 0 - 0
Proceeds from the sale of business, net of cash sold - 0 - 0 52,141 800 52,941 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (25,324) - 0 (25,324) - 0 - 0 - 0 - 0 - 0 - 0 2,000 - 0 2,000
Other investing 79 36 (98) (24) (7) (2) (545) (531) (437) (1,515) (1,164) 814 104 203 (43) 107 219 120 112 558 157 31 197 42 427 52 - 0 17 (26) 43 77 8 26 111
Net cash (used in) provided by investing activities (139,754) 104,550 (60,874) (3,496) (99,574) (60,694) (222,949) (21,181) (111,458) (416,282) 2,470 277,751 127,244 (110,513) 296,952 (96,018) 5,477 (72,455) (74,558) (237,554) 23,736 284,908 162,635 (262,547) 208,732 (274,386) 12,870 (31,388) 27,674 (265,230) 95,246 (118,586) 267,610 - 0 244,270
Cash flow from financing activities:
Proceeds from line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Payments on line-of-credit facilities - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Cash contributed by noncontrolling interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds on long-term borrowings - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Principal payments on long-term borrowings (928) (934) (936) (942) (3,740) (946) (950) (955) (959) (3,810) (964) (968) (15,897) (297) (18,126) (298) (15,733) - 0 - 0 (16,031) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Exercise of employee stock options and issuances under employee stock purchase plan (5,498) 13,769 8,496 16,427 33,194 4,981 5,586 860 4,831 16,258 (724) 2,812 265 3,230 5,583 (3,844) 3,113 299 3,579 3,147 (1,158) 2,950 78 2,325 4,195 (5,775) 1,522 (63) 3,256 (1,060) (11,712) 957 (298) (11,053)
Purchase of treasury stock net of excise tax, at cost (12,716) (15,514) (9,654) - 0 (37,884) (3,048) (38,683) (36,340) (56,818) (134,889) (78,757) (232,849) (71,279) (116,621) (499,506) (113,094) 63 (46,497) (63,968) (223,496) (89,616) (122,404) (74,459) (57,337) (343,816) 105 (30,309) (16,399) (6,529) (53,132) - 0 - 0 (2,648) (2,648)
Purchase of non-controlling interests - 0 - 0 - 0 - 0 - 0 - 0 - 0 (2,500) - 0 (2,500) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from public offering, net of offering expenses - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Distributions to shareholders - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other (1,650) - 0 - 0 - 0 (1,650) (2,624) - 0 - 0 (1) (2,625) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net cash (used in) provided by financing activities (20,792) (2,679) (2,094) 15,485 (10,080) (1,637) (34,047) (36,435) (52,947) (125,066) (80,445) (231,005) (89,411) (113,688) (514,549) (117,236) (12,557) (46,198) (60,389) (236,380) (90,774) (119,454) (74,381) (55,012) (339,621) (5,670) (28,787) (16,462) (3,273) (54,192) (11,712) 957 (2,946) - 0 (13,701)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (6,878) 2,355 9,215 15,196 19,888 (7,024) (1,193) (3,645) (5,938) (17,800) (5,036) 3,787 (16,212) 11,513 (5,948) (1,098) (7,652) (12,112) 15,275 (5,587) (5,780) 5,176 9,019 (20,056) (11,641) 9,617 14,271 (614) 4,554 27,828 (1,100) (1,145) 518 (1,727)
Net increase (decrease) in cash, cash equivalents and restricted cash (110,643) 177,701 16,008 112,503 195,569 18,188 (142,542) 40,705 (85,799) (169,448) (66,588) 129,271 97,486 (171,065) (10,896) (177,072) 51,934 (44,787) (13,610) (183,535) (18,222) 224,088 163,331 (263,831) 105,366 (256,994) (3,862) (13,158) 57,764 (216,250) 76,971 (80,982) 311,384 307,373
Cash and cash equivalents - Beginning of period 682,984 572,341 750,042 766,050 682,984 878,553 896,741 754,199 794,904 878,553 709,105 642,517 771,788 869,274 709,105 698,209 521,137 573,071 528,284 698,209 514,674 496,452 720,540 883,871 514,674 620,040 363,046 359,184 346,026 620,040 403,790 480,761 399,779 403,790
Cash, cash equivalents and restricted cash - End of period 572,341 750,042 766,050 878,553 878,553 896,741 754,199 794,904 709,105 709,105 642,517 771,788 869,274 698,209 698,209 521,137 573,071 528,284 514,674 514,674 496,452 720,540 883,871 620,040 620,040 363,046 359,184 346,026 403,790 403,790 480,761 399,779 711,163 - 0 711,163
Less: restricted cash included in other current assets and other assets 2,283 2,183 2,130 2,322 2,322 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Cash and cash equivalents - End of period $ 570,058 $ 747,859 $ 763,920 $ 876,231 $ 876,231 $ 896,741 $ 754,199 $ 794,904 $ 709,105 $ 709,105 $ 642,517 771,788 869,274 698,209 $ 698,209 $ 521,137 573,071 528,284 514,674 $ 514,674 $ 496,452 720,540 883,871 620,040 $ 620,040 363,046 359,184 346,026 403,790 $ 403,790 480,761 399,779 711,163 - 0 $ 711,163
- 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Supplemental disclosure of cash flow information:
Cash paid for interest $ 447 $ 614 $ 589 $ 584 $ 2,234 $ 703 $ 685 $ 544 $ 782 $ 2,714 $ 857 $ 743 $ 1,166 $ 448 $ 3,214 $ 525 $ 422 $ 163 $ 174 $ 1,284 $ 4 $ 90 $ 1 $ 182 $ 277 $ 5 $ 3 $ 128 $ 90 $ 226 $ 3 $ 4 $ 47 $ 54
Cash paid for income taxes $ 29,865 $ 23,805 $ 12,225 $ 19,966 $ 85,861 $ 21,340 $ 20,469 $ (5,827) $ 27,016 $ 62,998 $ 25,423 $ 36,292 $ 22,056 $ 29,429 $ 113,200 $ 19,203 $ 38,975 $ (3,177) $ 7,915 $ 62,916 $ 8,005 $ 26,160 $ 4,740 $ 1,727 $ 40,632 $ 10,574 $ 22,344 $ 11,340 $ 12,750 $ 57,008 $ 7,689 $ (4,281) $ 5,865 $ 9,273
Cash paid for excise tax on net share repurchases $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ 1,893 $ 1,893 $ - 0 $ - 0 $ - 0 $ 3,113 $ 3,113 $ - 0 $ - 0 $ - 0 $ - 0
Share repurchase program:
Shares Repurchased 109 131 61 - 0 302 15 185 200 345 744 601 2,382 819 1,299 5,101 999 - 0 450 669 2,117 958 1,404 984 741 4,088 - 0 491 214 48 753 - 0 - 0 35 35
Weighted Average Price $ 116.85 $ 118.09 $ 157.05 $ - 0 $ 125.59 $ 204.48 $ 208.72 $ 182.15 $ 164.84 $ 181.20 $ 131.02 $ 97.76 $ 86.99 $ 89.78 $ 97.91 $ 112.29 $ - 0 $ 102.37 $ 94.86 $ 104.68 $ 92.73 $ 86.32 $ 74.90 $ 76.59 $ 83.30 $ - 0 $ 61.10 $ 75.99 $ 77.14 $ 66.36 $ - 0 $ - 0 $ - 0 $ - 0
Purchase of treasury stock net of excise tax, at cost $ 12,716 $ 15,514 $ 9,654 $ - 0 $ 37,884 $ 3,048 $ 38,683 $ 36,340 $ 56,818 $ 134,889 $ 78,757 $ 232,849 $ 71,279 $ 116,621 $ 499,506 $ 113,094 $ (63) $ 46,497 $ 63,968 $ 223,496 $ 89,616 $ 122,404 $ 74,459 $ 57,337 $ 343,816 $ (105) $ 30,309 $ 16,399 $ 6,529 $ 53,132 $ - 0 $ - 0 $ 2,648 $ 2,648
Dollar Value of Shares that May Yet Be Purchased $ 71,552 $ 256,038 $ 246,384 $ 246,384 $ 246,384 $ 243,336 $ 204,653 $ 168,313 $ 111,495 $ 111,495 $ 232,738 $ - 0 $ 228,745 $ 112,153 $ 112,153 $ 0 $ 200,000 $ 153,966 $ 90,518 $ 90,518 $ 301,694 $ 180,484 $ 106,781 $ 50,000 $ 50,000 $ 50,000 $ 20,000 $ 3,708 $ 0 $ 0 $ 100,000 $ 100,000 $ 96,478 $ 96,478

&G

Key Metrics
IPG Photonics Corporation FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26
Key Metrics
(unaudited, in thousands) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
Revenue by region:
North America $ 67,339 $ 53,901 $ 52,732 $ 72,217 $ 246,189 $ 73,384 $ 66,134 $ 81,605 $ 93,861 $ 314,984 $ 77,225 $ 88,151 $ 82,119 $ 91,218 $ 338,713 $ 76,080 $ 78,220 $ 71,349 $ 88,337 $ 313,986 $ 63,964 $ 76,905 $ 57,294 $ 60,725 $ 258,888 $ 56,372 $ 73,895 $ 62,046 $ 74,870 $ 267,183 $ 71,523 $ 72,200 $ 82,612 $ 226,335
Germany 17,411 17,634 16,163 14,438 65,646 26,260 21,748 26,832 26,898 101,738 27,417 22,792 20,622 14,660 85,491 19,833 28,962 23,423 15,808 88,026 20,019 $ 20,809 25,787 21,185 87,800 24,703 22,299 24,499 33,659 105,160 23,019 27,678 27,563 78,260
Other Europe 57,232 46,547 54,907 60,854 219,540 58,593 74,339 79,777 76,427 289,136 80,000 75,407 72,332 66,742 294,481 80,420 72,865 71,946 66,105 291,336 59,497 53,722 41,485 42,448 197,152 32,166 34,239 38,194 33,944 138,543 36,000 31,637 34,362 101,999
Total Europe 74,643 64,181 71,070 75,292 285,186 84,853 96,087 106,609 103,325 390,874 107,417 98,199 92,954 81,402 379,972 100,253 101,827 95,369 81,913 379,362 79,516 74,531 67,272 63,633 284,952 56,869 56,538 62,693 67,603 243,703 59,019 59,315 61,925 180,259
China 68,599 145,216 148,049 140,414 502,278 139,833 159,075 137,211 112,229 548,348 129,748 137,380 117,952 94,846 479,926 101,287 98,567 84,408 71,059 355,321 62,730 64,875 61,769 55,622 244,996 67,858 74,174 74,135 75,738 291,905 83,795 95,731 98,459 277,985
Japan 13,685 14,672 12,884 11,939 53,180 10,877 10,322 14,286 18,592 54,077 12,886 14,741 11,220 19,018 57,865 21,618 16,749 15,829 18,137 72,333 16,698 10,215 14,495 20,944 62,352 11,663 15,803 18,187 20,716 66,369 14,354 11,885 14,108 40,347
Other Asia 22,823 16,874 31,227 32,861 103,785 33,110 37,654 35,844 32,540 139,148 38,675 33,695 39,130 40,873 152,373 43,654 38,062 29,741 30,921 142,378 24,978 27,643 29,470 31,141 113,232 33,175 26,793 29,797 32,040 121,805 30,338 31,071 26,370 87,779
Total Asia 105,107 176,762 192,160 185,214 659,243 183,820 207,051 187,341 163,361 741,573 181,309 185,816 168,302 154,737 690,164 166,559 153,378 129,978 120,117 570,032 104,406 102,733 105,734 107,707 420,580 112,696 116,770 122,119 128,494 480,079 128,487 138,687 138,937 406,111
Rest of World 2,153 1,567 2,479 3,907 10,106 3,528 2,386 3,595 3,920 13,429 4,028 4,857 5,631 6,182 20,698 4,282 6,546 4,705 8,526 24,059 4,123 3,476 2,843 2,272 12,714 1,856 3,518 3,934 3,504 12,812 6,468 8,378 4,026 18,872
Total revenue $ 249,242 $ 296,411 $ 318,441 $ 336,630 $ 1,200,724 $ 345,585 $ 371,658 $ 379,150 $ 364,467 $ 1,460,860 $ 369,979 $ 377,023 $ 349,006 $ 333,539 $ 1,429,547 $ 347,174 $ 339,971 $ 301,401 $ 298,893 $ 1,287,439 $ 252,009 $ 257,645 $ 233,143 $ 234,337 $ 977,134 $ 227,793 $ 250,721 $ 250,792 $ 274,471 $ 1,003,777 $ 265,497 $ 278,580 $ 287,500 $ 831,577
- 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Revenue by region (% of total):
North America 27.0% 18.2% 16.6% 21.5% 20.5% 21.2% 17.8% 21.5% 25.8% 21.6% 20.9% 23.4% 23.5% 27.3% 23.7% 21.9% 23.0% 23.7% 29.6% 24.4% 25.4% 29.8% 24.6% 25.9% 26.5% 24.8% 29.5% 24.7% 27.3% 26.6% 26.9% 25.9% 28.7% 27.2%
Germany 7.0% 5.9% 5.1% 4.3% 5.5% 7.6% 5.9% 7.1% 7.4% 7.0% 7.4% 6.0% 5.9% 4.4% 6.0% 5.7% 8.5% 7.8% 5.3% 6.8% 7.9% 8.1% 11.1% 9.0% 9.0% 10.8% 8.9% 9.8% 12.3% 10.5% 8.7% 9.9% 9.6% 9.4%
Other Europe 23.0% 15.7% 17.2% 18.1% 18.3% 17.0% 20.0% 21.0% 21.0% 19.8% 21.6% 20.0% 20.7% 20.0% 20.6% 23.2% 21.4% 23.9% 22.1% 22.6% 23.6% 20.9% 17.8% 18.1% 20.1% 14.1% 13.7% 15.2% 12.4% 13.8% 13.6% 11.4% 12.0% 12.3%
China 27.5% 49.0% 46.5% 41.7% 41.8% 40.5% 42.8% 36.2% 30.8% 37.5% 35.1% 36.4% 33.8% 28.4% 33.6% 29.2% 29.0% 28.0% 23.8% 27.6% 24.9% 25.2% 26.5% 23.7% 25.1% 29.8% 29.6% 29.6% 27.6% 29.1% 31.6% 34.4% 34.2% 33.4%
Japan 5.5% 4.9% 4.0% 3.5% 4.4% 3.1% 2.8% 3.8% 5.1% 3.7% 3.5% 3.9% 3.2% 5.7% 4.0% 6.2% 4.9% 5.3% 6.1% 5.6% 6.6% 4.0% 6.2% 9.0% 6.4% 5.1% 6.3% 7.3% 7.5% 6.6% 5.4% 4.3% 4.9% 4.9%
Other Asia 9.2% 5.7% 9.8% 9.8% 8.6% 9.6% 10.1% 9.5% 8.9% 9.5% 10.5% 8.9% 11.2% 12.3% 10.7% 12.6% 11.2% 9.9% 10.3% 11.1% 9.9% 10.7% 12.6% 13.3% 11.6% 14.6% 10.7% 11.9% 11.7% 12.1% 11.4% 11.2% 9.2% 10.6%
Rest of World 0.9% 0.5% 0.8% 1.2% 0.8% 1.0% 0.6% 0.9% 1.1% 0.9% 1.1% 1.3% 1.6% 1.9% 1.4% 1.2% 1.9% 1.6% 2.9% 1.9% 1.6% 1.3% 1.2% 1.0% 1.3% 0.8% 1.3% 1.5% 1.2% 1.3% 2.4% 3.0% 1.4% 2.3%
Total revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Revenue by application:
Industrial Solutions $ 212,180 $ 265,201 $ 282,444 $ 290,130 $ 1,049,955 $ 303,078 $ 328,536 $ 333,758 $ 308,441 $ 1,273,813 $ 326,572 $ 329,726 $ 293,049 $ 285,112 $ 1,234,459 $ 301,297 $ 304,472 $ 259,359 $ 256,244 $ 1,121,372 $ 222,177 $ 222,957 $ 203,997 $ 189,134 $ 838,265 $ 188,016 $ 204,880 $ 214,697 $ 230,955 $ 838,548 $ 227,590 $ 237,043 $ 239,548 $ 704,181
Advanced Solutions 37,062 31,210 35,997 46,500 150,769 42,507 43,122 45,392 56,026 187,047 43,407 47,297 55,957 48,427 195,088 45,877 35,499 42,042 42,649 166,067 29,832 34,688 29,146 45,203 138,869 39,777 45,841 36,095 43,516 165,229 37,907 41,537 47,952 127,396
Total revenue $ 249,242 $ 296,411 $ 318,441 $ 336,630 $ 1,200,724 $ 345,585 $ 371,658 $ 379,150 $ 364,467 $ 1,460,860 $ 369,979 $ 377,023 $ 349,006 $ 333,539 $ 1,429,547 $ 347,174 $ 339,971 $ 301,401 $ 298,893 $ 1,287,439 $ 252,009 $ 257,645 $ 233,143 $ 234,337 $ 977,134 $ 227,793 $ 250,721 $ 250,792 $ 274,471 $ 1,003,777 $ 265,497 $ 278,580 $ 287,500 $ 831,577
Revenue by application (% of total):
Industrial Solutions 85.1% 89.5% 88.7% 86.2% 87.4% 87.7% 88.4% 88.0% 84.6% 87.2% 88.3% 87.5% 84.0% 85.5% 86.4% 86.8% 89.6% 86.1% 85.7% 87.1% 88.2% 86.5% 87.5% 80.7% 85.8% 82.5% 81.7% 85.6% 84.1% 83.5% 85.7% 85.1% 83.3% 84.7%
Welding and Brazing 15.4% 20.2% 28.7% 36.1% 36.5% 35.2%
Cutting 48.2% 43.1% 34.6% 27.6% 20.6% 16.8%
Marking and Engraving 7.0% 7.0% 6.7% 5.6% 6.9% 6.7%
Other Industrial 16.9% 16.9% 16.4% 17.7% 21.8% 24.8%
Advanced Solutions 14.9% 10.5% 11.3% 13.8% 12.6% 12.3% 11.6% 12.0% 15.4% 12.8% 11.7% 12.5% 16.0% 14.5% 13.6% 13.2% 10.4% 13.9% 14.3% 12.9% 11.8% 13.5% 12.5% 19.3% 14.2% 17.5% 18.3% 14.4% 15.9% 16.5% 14.3% 14.9% 16.7% 15.3%
Medical 2.6% 2.9% 4.9% 5.6% 6.2% 7.4%
Other Advanced 10.0% 9.9% 8.7% 7.3% 8.0% 9.1%
Total revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Revenue by product:
Lasers and Components 219,418 264,434 291,732 298,794 1,074,378 310,209 331,152 334,404 305,314 1,281,079 320,587 322,150 292,764 268,060 1,203,561 288,835 292,931 248,221 236,567 1,066,554 207,247 202,861 188,651 191,174 789,933 187,343 196,175 202,182 218,126 803,826 213,652 219,814 226,037 659,503
Systems 29,824 31,977 26,709 37,836 126,346 35,376 40,506 44,746 $ 59,153 179,781 49,392 54,873 56,242 65,479 225,986 58,339 47,040 53,180 62,326 220,885 44,762 54,784 44,492 43,163 187,201 40,450 54,546 48,610 56,345 199,951 51,845 58,766 61,463 172,074
Total revenue $ 249,242 $ 296,411 $ 318,441 $ 336,630 $ 1,200,724 $ 345,585 $ 371,658 $ 379,150 $ 364,467 $ 1,460,860 $ 369,979 $ 377,023 $ 349,006 $ 333,539 $ 1,429,547 $ 347,174 $ 339,971 $ 301,401 $ 298,893 $ 1,287,439 $ 252,009 $ 257,645 $ 233,143 $ 234,337 $ 977,134 $ 227,793 $ 250,721 $ 250,792 $ 274,471 $ 1,003,777 $ 265,497 $ 278,580 $ 287,500 $ 831,577
Revenue by product:
Lasers and Components 88.0% 89.2% 91.6% 88.8% 89.5% 89.8% 89.1% 88.2% 83.8% 87.7% 86.7% 85.4% 83.9% 80.4% 84.2% 83.2% 86.2% 82.4% 79.1% 82.8% 82.2% 78.7% 80.9% 81.6% 80.8% 82.2% 78.2% 80.6% 79.5% 80.1% 80.5% 78.9% 78.6% 79.3%
Systems 12.0% 10.8% 8.4% 11.2% 10.5% 10.2% 10.9% 11.8% 16.2% 12.3% 13.3% 14.6% 16.1% 19.6% 15.8% 16.8% 13.8% 17.6% 20.9% 17.2% 17.8% 21.3% 19.1% 18.4% 19.2% 17.8% 21.8% 19.4% 20.5% 19.9% 19.5% 21.1% 21.4% 20.7%
Total revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Total backlog of orders
Orders with firm shipment dates $ 376,032 $ 487,337 $ 500,900 $ 401,100 $ 371,100 $ 399,000
Frame agreements 297,649 241,729 310,100 290,300 265,100 232,500
Total backlog of orders $ 673,681 $ 729,066 $ 811,000 $ 691,400 $ 636,200 $ 631,500
% revenue from five largest customers (quarter data is cumulative) 21% 22% 25% 24% 24% 24% 23% 21% 19% 19% 20% 19% 16% 15% 15% 19% 17% 14% 13% 13% 13% 13% 12% 13% 13% 14% 15% 15% 16% 16% 20% 19% 20%
Foreign exchange impact on results (1)
Revenue $ (5,400) $ (8,000) $ 4,200 $ 11,700 $ 2,500 $ 16,900 $ 22,900 $ 9,100 $ (3,000) $ 45,900 $ (9,670) $ (18,390) $ (25,980) $ (24,990) $ (79,020) $ (15,311) $ (8,774) $ (5,717) $ (5,085) $ (34,890) $ (7,801) $ (5,931) $ 514 $ (2,409) $ (15,630) $ (4,572) $ 3,501 $ 3,351 $ 5,835 $ 8,120 $ 8,984 $ 4,872 $ 3,265
Gross profit (2,600) (4,100) 2,900 7,500 3,700 10,000 12,800 5,600 (1,400) 27,000 $ (4,360) $ (10,080) $ (13,720) $ (16,240) (46,480) $ (8,219) $ (4,937) $ (4,360) $ (3,631) $ (21,240) $ (4,695) $ (2,834) $ (706) $ (1,037) $ (9,180) $ (2,011) $ 1,200 $ 1,133 $ 217 $ 1,510 $ 3,356 $ 2,285 $ 2,231
Operating expenses (900) (2,300) (1,300) (1,700) (6,200) (600) 1,300 500 (200) 1,000 $ (2,660) $ (160) $ (460) $ 8,800 8,990 $ (192) $ (1,905) $ (1,168) $ (1,655) $ (4,920) $ (1,899) $ (1,306) $ 88 $ (900) $ (3,780) $ (1,086) $ 934 $ 1,083 $ 1,713 $ 2,650 $ 3,233 $ 1,604 $ (292)
Constant currency results (1)
Revenue $ 254,642 $ 304,411 $ 314,241 $ 324,930 $ 1,198,224 $ 328,685 $ 348,758 $ 370,050 $ 367,467 $ 1,414,960 $ 379,649 $ 395,413 $ 374,986 $ 358,529 $ 1,508,577 $ 362,485 $ 348,745 $ 307,118 $ 303,978 $ 1,322,326 $ 259,810 $ 263,576 $ 232,629 $ 236,746 $ 992,761 $ 232,365 $ 247,220 $ 247,441 $ 268,636 $ 995,662 $ 256,513 $ 273,708 $ 284,235
Revenue growth (year over year) -19% -16% -5% 6% -9% 32% 18% 16% 9% 18% 10% 6% -1% -2% 3% -2% -8% -12% -9% -8% -25% -22% -23% -21% -23% -8% -4% 6% 15% 2% 13% 9% 13%
Gross profit 105,476 140,549 149,892 139,379 535,296 153,991 167,728 180,274 167,405 669,398 176,181 182,424 164,144 77,064 601,893 155,157 152,628 137,262 117,798 562,938 102,231 99,020 54,795 91,381 347,335 91,823 92,373 97,872 98,856 379,953 96,143 110,239 114,823
Gross margin 41.4% 46.2% 47.7% 42.9% 44.7% 46.9% 48.1% 48.7% 45.6% 47.3% 46.4% 46.1% 43.8% 21.5% 39.9% 42.8% 43.8% 44.7% 38.8% 42.6% 39.3% 37.6% 23.6% 38.6% 35.0% 39.5% 37.4% 39.6% 36.8% 38.2% 37.5% 40.3% 40.4%
Operating profit 46,496 49,009 37,213 56,041 188,759 78,242 80,752 96,886 86,003 341,883 94,843 81,595 106,422 (63,440) 224,970 83,453 75,095 58,898 30,754 248,293 21,896 13,568 (252,552) 14,089 (202,854) 2,752 (162) 7,805 4,814 14,244 (7,859) 3,850 18,254
Operating margin 18.3% 16.1% 11.8% 17.2% 15.8% 23.8% 23.2% 26.2% 23.4% 24.2% 25.0% 20.6% 28.4% -17.7% 14.9% 23.0% 21.5% 19.2% 10.1% 18.8% 8.4% 5.1% -108.6% 6.0% -20.4% 1.2% -0.1% 3.2% 1.8% 1.4% -3.1% 1.4% 6.4%
Long-lived assets by region
United States $ 362,395 $ 390,255 $ 388,111 $ 384,088 $ 375,757 $ 363,038
Germany 86,980 89,017 111,726 132,218 167,867 229,636
Other 162,573 170,193 90,427 97,426 61,176 66,499
Total long-lived assets by region $ 611,948 $ 649,465 $ 590,264 $ 613,732 $ 604,800 $ 659,173
Long-lived assets by region (% of total):
United States 59% 60% 66% 63% 62% 55%
Germany 14% 14% 19% 22% 28% 35%
Other 27% 26% 15% 16% 10% 10%
Total long-lived assets by region 100% 100% 100% 100% 100% 100%
Employees by function
Research and development 660 676 500 590 410 436
Manufacturing operations 4,728 5,062 4,950 4,720 3,550 3,591
Sales, service and marketing 345 330 340 380 380 389
General and administrative 483 455 440 490 400 420
Total employees 6,216 6,523 6,230 6,180 4,740 4,836
Employees by region
United States 2,286 2,202 2,190 2,310 1,940 2,068
Germany 1,315 1,261 1,370 1,490 1,630 1,654
Other 2,615 3,060 2,670 2,380 1,170 1,114
Total employees 6,216 6,523 6,230 6,180 4,740 4,836
Total devices and customers
Devices shipped >39,000 >51,000 >49,000 >42,400 >32,400 >37,800
(1) Assumes exchange rates in current period were the same as the year-ago period

&G

GAAP to non-GAAP Reconciliation
IPG Photonics Corporation FY'24 FY'25 FY'26
GAAP to non-GAAP Reconcilitation
(in thousands, except per share data) Quarter Ended Yr Ended Quarter Ended Yr Ended Quarter Ended Yr Ended
31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec
Adjusted Gross Profit/Margin
Gross Profit 97,536 96,186 54,089 90,344 338,155 89,812 93,573 99,005 99,073 381,463 99,499 112,524 117,054 329,077
Gross Margin 38.7% 37.3% 23.2% 38.6% 34.6% 39.4% 37.3% 39.5% 36.1% 38.0% 37.5% 40.4% 40.7% 39.6%
Special Inventory Provisions - 0 - 0 29,884 - 0 29,884 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Amortization of acquisition-related intangibles 488 440 441 631 2,000 1,016 1,061 851 849 3,777 852 788 720 2,360
Acquisition and integration charges - 0 - 0 - 0 - 0 - 0 222 260 - 0 - 0 482 - 0 - 0 - 0 - 0
Restructuring Charges - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 3,168 3,168 - 0 - 0 - 0 - 0
Adjusted Gross Profit 98,024 96,626 84,414 90,975 370,039 91,050 94,894 99,856 103,090 388,890 100,351 113,312 117,774 - 0 331,437
Adjusted Gross Margin 38.9% 37.5% 36.2% 38.8% 37.9% 40.0% 37.8% 39.8% 37.6% 38.7% 37.8% 40.7% 41.0% 39.9%
Adjusted Operating Expenses
Operating expenses 78,436 84,146 307,435 76,392 546,409 87,985 93,469 91,150 95,755 368,359 107,235 107,993 96,277 311,505
Less:
Amortization of acquisition-related intangibles 937 937 937 1,122 3,933 1,486 1,533 1,551 1,443 6,013 1,237 1,233 1,231 3,701
Restructuring charges - 0 - 0 - 0 - 0 - 0 - 0 - 0 425 176 601 66 285 149 500
Acquisition and integration charges - 0 - 0 - 0 249 249 769 808 246 5,051 6,874 906 (70) 151 987
Long-lived asset impairments - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 - 0 - 0 - 0 17,574 231 17,805
(Gain) Loss on Foreign Exchange 1,675 3,244 1,148 (543) 5,524 2,411 3,098 1,504 2,341 9,354 (200) (782) 3,275 2,293
(Gain) Loss on Disposal of Assets/Divestiture (6,776) - 0 197,651 - 0 190,875 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Settlement of litigation matters - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 14,128 307 - 0 14,435
Adjusted Operating Expenses 82,600 79,965 81,133 75,124 318,822 83,319 88,030 87,424 86,744 345,517 91,098 89,446 91,240 - 0 271,784
Adjusted Operating Income/Loss
Income (loss) from Operations 19,100 12,040 (253,346) 13,952 (208,254) 1,827 104 7,855 3,318 13,104 (7,736) 4,531 20,777 17,572
Special inventory provisions - 0 - 0 29,884 - 0 29,884 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Amortization of acquisition-related intangibles 1,425 1,377 1,378 1,753 5,933 2,502 2,594 2,402 2,292 9,790 2,089 2,021 1,951 6,061
Restructuring charges - 0 - 0 - 0 - 0 - 0 - 0 - 0 425 176 601 66 285 149 500
Acquisition and integration charges - 0 - 0 - 0 249 249 991 1,068 246 5,051 7,356 906 (70) 151 987
Goodwill and intangible asset impairments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Long-lived asset impairments - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 3,168 3,168 - 0 17,574 231 17,805
(Gain) Loss on Foreign Exchange 1,675 3,244 1,148 (543) 5,524 2,411 3,098 1,504 2,341 9,354 (200) (782) 3,275 2,293
(Gain) Loss on Disposal of Assets/Divestiture (6,776) - 0 197,651 - 0 190,875 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Settlement of litigation matters - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 14,128 307 - 0 14,435
Adjusted Income (loss) from Operations 15,424 16,661 3,281 15,851 51,217 7,731 6,864 12,432 16,346 43,373 9,253 23,866 26,534 - 0 59,653
Adjusted EBITDA
Net income 24,099 20,154 (233,594) 7,815 (181,526) 3,758 6,605 7,463 13,270 31,096 1,584 5,242 20,273 27,099
Interest (income), net (14,177) (12,778) (11,103) (7,409) (45,467) (7,444) (8,001) (7,283) (7,129) (29,857) (6,922) (7,110) (7,688) (21,720)
(Benefit) provision for income taxes 9,503 4,858 (8,920) 14,197 19,638 6,857 1,666 8,191 (2,714) 14,000 (565) 7,299 8,142 14,876
Depreciation 13,927 13,309 13,106 12,057 52,399 11,556 12,172 12,392 16,637 52,757 12,747 12,714 12,986 38,447
Amortization 2,287 2,010 2,012 2,762 9,044 3,785 3,654 3,240 3,418 14,097 3,145 2,809 2,976 8,930
EBITDA 35,639 27,553 (238,499) 29,422 (145,912) 18,512 16,096 24,003 23,482 82,093 9,989 20,954 36,689 - 0 67,632
Special inventory provisions - 0 - 0 29,884 - 0 29,884 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Goodwill and intangible asset impairments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Long-lived asset impairments - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 - 0 - 0 - 0 17,574 231 17,805
Stock Based Compensation 9,732 8,570 11,128 7,720 37,150 10,767 11,287 10,780 10,180 43,014 10,341 10,234 11,022 31,597
Restructuring charges - 0 - 0 - 0 - 0 - 0 - 0 - 0 425 176 601 66 285 149 500
Acquisition and integration charges - 0 - 0 - 0 249 249 991 1,068 246 5,051 7,356 906 (70) 151 987
(Gain) Loss on Foreign Exchange 1,675 3,244 1,148 (543) 5,524 2,411 3,098 1,504 2,341 9,354 (200) (782) 3,275 2,293
(Gain) Loss on Disposal of Assets/Divestiture (6,776) - 0 197,651 - 0 190,875 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Settlement of litigation matters - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 14,128 307 - 0 14,435
Adjusted EBITDA 40,270 39,367 27,878 37,288 144,776 32,681 31,549 36,958 41,230 142,418 35,230 48,502 51,517 - 0 135,249
Adjusted Net Income/EPS
Net income attributable to IPG Photonics Corporation common stockholders 24,099 20,154 (233,594) 7,815 (181,526) 3,758 6,605 7,463 13,270 31,096 1,584 5,242 20,273 27,099
Special inventory provisions - 0 - 0 29,884 - 0 29,884 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Goodwill and intangible asset impairments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Long-lived asset impairments - 0 - 0 26,566 440 27,006 - 0 - 0 - 0 3,168 3,168 - 0 17,574 231 17,805
Amortization of acquisition-related intangibles 1,425 1,377 1,378 1,753 5,933 2,502 2,594 2,402 2,292 9,790 2,089 2,021 1,951 6,061
Restructuring charges - 0 - 0 - 0 - 0 - 0 - 0 - 0 425 176 601 66 285 149 500
Acquisition and integration charges - 0 - 0 - 0 249 249 991 1,068 246 5,051 7,356 906 (70) 151 987
(Gain) Loss on Foreign Exchange 1,675 3,244 1,148 (543) 5,524 2,411 3,098 1,504 2,341 9,354 (200) (782) 3,275 2,293
(Gain) Loss on Disposal of Assets/Divestiture (6,776) - 0 197,651 - 0 190,875 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Settlement of litigation matters - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 14,128 307 - 0 14,435
Certain Discrete Tax Items 1,997 (85) (1,981) 3,132 3,063 4,614 275 3,414 (2,390) 5,913 (1,119) 284 949 84
Tax Impact of Non-GAAP adjustments 739 (1,075) (7,060) 32 (7,364) (1,148) (710) (613) (4,193) (6,664) (4,873) (119) (711) (5,337)
Adjusted Net income (loss) 23,159 23,615 13,992 12,878 73,644 13,128 12,930 14,841 19,715 60,614 12,581 24,742 26,268 - 0 63,927
Adjusted Net earnings per diluted share 0.50 0.52 0.32 0.30 1.66 0.31 0.30 0.35 0.46 1.42 0.29 0.58 0.61 1.49
Weighted average diluted shares outstanding 46,175 45,012 43,837 42,781 44,336 42,832 42,577 42,556 42,620 42,650 42,912 42,913 42,840 42,904
Non-GAAP Effective Tax Rate
GAAP Tax Rate 28% 19% 4% 64% -12% 65% 20% 52% -26% 31% -55% 58% 29% 35%
Discrete Tax Items -6% 0% -1% -14% 2% -43% -3% -22% 23% -13% 110% -5% -3% 0%
Net Impact of Non-GAAP Adjustments 1% 1% -2% -4% 35% -1% -3% -3% 19% 2% -25% -24% -3% -11%
Non-GAAP Tax Rate 23% 20% 1% 46% 25% 21% 14% 27% 16% 20% 30% 29% 23% 24%

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