IPG PHOTONICS CORP
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
IPGP$69.49-1.7%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows: Nine Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net (loss) income | $(189,341) | $177,450 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 46,623 | 52,678 |
| Deferred income taxes | (18,763) | (4,835) |
| Stock-based compensation | 29,378 | 27,392 |
| Impairment of long-lived assets and restructuring charges (recoveries), net | 26,566 | (486) |
| Unrealized gain on foreign currency transactions | (118) | (4,322) |
| Net loss from divestiture and sale of assets | 190,201 | — |
| Provisions for inventory, warranty and bad debt | 76,434 | 43,889 |
| Amortization of premium/discount on investments | (15,676) | (17,761) |
| Other | 2,841 | 4,764 |
| Changes in assets and liabilities that provided (used) cash, net of acquisitions: | ||
| Accounts receivable | 51,884 | (25,026) |
| Inventories | 29,760 | (20,736) |
| Prepaid expenses and other assets | (4,501) | (5,504) |
| Accounts payable | 4,272 | (10,231) |
| Accrued expenses and other liabilities | (36,743) | (39,646) |
| Income and other taxes payable | (18,705) | 12,298 |
| Net cash provided by operating activities | 174,112 | 189,924 |
| Cash flows from investing activities: | ||
| Purchases of and deposits on property, plant and equipment | (75,358) | (85,256) |
| Proceeds from sales of property, plant and equipment | 28,538 | 30,425 |
| Purchases of short-term investments | (423,176) | (898,455) |
| Proceeds from short-term investments | 966,214 | 789,844 |
| Net cash outflow from divestiture | (25,324) | — |
| Other | 385 | 446 |
| Net cash provided by (used in) investing activities | 471,279 | (162,996) |
| Cash flows from financing activities: | ||
| Principal payments on long-term borrowings | — | (16,031) |
| 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 | 1,870 | (432) |
| Purchase of treasury stock, at cost | (286,479) | (159,528) |
| Net cash used in financing activities | (284,609) | (175,991) |
| Effect of changes in exchange rates on cash and cash equivalents | 8,415 | (20,862) |
| Net increase (decrease) in cash and cash equivalents | 369,197 | (169,925) |
| Cash and cash equivalents — Beginning of period | 514,674 | 698,209 |
| Cash and cash equivalents — End of period | $883,871 | $528,284 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $95 | $1,110 |
| Cash paid for income taxes | $38,905 | $55,001 |
| Non-cash transactions: | ||
| Demonstration units transferred from inventory to other assets | $4,384 | $3,872 |
| Inventory transferred to machinery and equipment | $1,816 | $2,215 |
| Additions to property, plant and equipment included in accounts payable | $3,037 | $1,692 |
| Leased assets obtained in exchange for new operating lease liabilities | $3,077 | $2,053 |
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