0001111928-24-000120.txt : 20240730 0001111928-24-000120.hdr.sgml : 20240730 20240730080138 ACCESSION NUMBER: 0001111928-24-000120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240730 DATE AS OF CHANGE: 20240730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IPG PHOTONICS CORP CENTRAL INDEX KEY: 0001111928 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 043444218 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33155 FILM NUMBER: 241154440 BUSINESS ADDRESS: STREET 1: 377 SIMARANO DRIVE CITY: MARLBOROUGH STATE: MA ZIP: 01752 BUSINESS PHONE: 5083731100 MAIL ADDRESS: STREET 1: 377 SIMARANO DRIVE CITY: MARLBOROUGH STATE: MA ZIP: 01752 8-K 1 ipgp-20240730.htm 8-K ipgp-20240730
FALSE000111192800011119282024-07-302024-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 30, 2024
 Date of Report (Date of earliest event reported)

IPG PHOTONICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 (State or Other Jurisdiction
 of Incorporation)
 
 
001-33155
 (Commission File No.)
04-3444218
 (IRS Employer
 Identification No.)
377 Simarano Drive
Marlborough, Massachusetts 01752
(Address of Principal Executive Offices, including Zip Code)

(508) 373-1100
(Registrant’s telephone number)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareIPGPNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition
On July 30, 2024, IPG Photonics Corporation (the "Company") announced its financial results for the quarter ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits

Exhibit 99.1 relating to Item 2.02 shall be deemed to be furnished, and not filed:
Exhibit NumberExhibit Description
Exhibit 99.1
Exhibit 104Inline XBRL for the cover page of this Current Report on Form 8-K.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned thereunto duly authorized.
 
IPG PHOTONICS CORPORATION
July 30, 2024By:/s/ Timothy P.V. Mammen
Timothy P.V. Mammen
Senior Vice President and Chief Financial Officer


 EX-99.1 2 ipgp6302024exhibit991.htm EX-99.1 Document
Exhibit 99.1

 image1.jpg

IPG PHOTONICS ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS
Prioritizing Investment in Innovation Pipeline While Optimizing Business for Cash Generation

MARLBOROUGH, Mass. – July 30, 2024 - IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the second quarter ended June 30, 2024.
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data and percentages)20242023Change20242023Change
Revenue$257.6 $340.0 (24)%$509.7 $687.1 (26)%
Gross margin37.3 %43.4 %38.0 %42.9 %
Operating income$12.0 $72.1 (83)%$31.1 $147.5 (79)%
Operating margin4.7 %21.2 %6.1 %21.5 %
Net income attributable to IPG Photonics Corporation$20.2 $62.3 (68)%$44.3 $122.5 (64)%
Earnings per diluted share$0.45 $1.31 (66)%$0.97 $2.57 (62)%

Management Comments
"IPG's second quarter results reflect a challenging demand environment, particularly across industrial and e-mobility markets. Our focus on financial execution allowed the company to generate strong cash flow from operations and significantly reduce inventory, while continuing to work on significant product cost reductions," said Dr. Mark Gitin, IPG Photonics' Chief Executive Officer. "The Company has a very strong innovation pipeline and we are making great progress diversifying our business by focusing on complete solutions to customers in welding, cleaning, medical and other applications, while fortifying our position and strong customer relations in the cutting OEM business. These moves will best position us for improved performance as the global demand environment recovers."
Financial Highlights
Second quarter revenue of $258 million decreased 24% year over year. Changes in foreign exchange rates reduced revenue by approximately $6 million or 2%. By region, sales decreased 2% in North America and were down 34% in China, 27% in Europe and 39% in Japan on a year-over-year basis. While materials processing sales accounted for 88% of total revenue and decreased 28% year over year, other sales increased 24% year over year due to higher revenue in medical and advanced applications. The decline in materials processing was primarily due to lower revenue in cutting and welding applications as a result of soft demand from industrial and e-mobility customers.
Emerging growth products sales accounted for 46% of total revenue, which was an improvement from the prior quarter, driven by higher sales in handheld welding, medical and advanced applications.
Gross margin of 37.3% decreased 610 basis points year over year due to reduced absorption of manufacturing expenses and increased inventory reserves, partially offset by lower tariffs and shipping costs. Earnings per diluted share (EPS) of $0.45 decreased 66% year over year. Foreign exchange transaction loss decreased operating income by $3 million and earnings per share by $0.05 while the gain on sale of assets increased operating income by $1 million and increased diluted EPS by $0.01 in the second quarter. The effective tax rate in the quarter was 19%. During the second quarter, IPG generated $53 million in cash from operations and spent $24 million on capital expenditures and $122 million on share repurchases.
1
Exhibit 99.1
Business Outlook and Financial Guidance
“Our book-to-bill was below one for the second quarter, reversing the sequential improvement we saw in the prior quarter. Uncertainty across all major geographies, which is impacting industrial and e-mobility markets, is likely to weigh on demand through the remainder of the year," concluded Dr. Gitin.
For the third quarter of 2024, IPG expects revenue of $210 million to $240 million, gross margin between 34% and 37%, and operating expenses of $82 million to $84 million. The Company expects the third quarter tax rate to be approximately 25%, including certain discrete items. IPG anticipates delivering earnings per diluted share in the range of $0.00 to $0.30.
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, product demand, order cancellations and delays, competition, tariffs, currency fluctuations 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 0.93, Russian ruble 86, Japanese yen 161 and Chinese yuan 7.13, respectively.
Supplemental Financial Information
Additional supplemental financial information is provided in the unaudited Financial Data Workbook and Second Quarter 2024 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, July 30, 2024 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.
Contact
Eugene Fedotoff
Senior Director, Investor Relations
IPG Photonics Corporation
508-597-4713
efedotoff@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 develop innovative laser solutions making the world a better place. 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. IPG is headquartered in Marlborough, Massachusetts and has more than 30 facilities worldwide. For more information, visit www.ipgphotonics.com.
2
Exhibit 99.1
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 potential for improved performance as global demand environment recovers, uncertainty weighing on demand through the remainder of the year, revenue, gross margin and operating expenses outlook, tax rate and earnings guidance, and the impact of the U.S. dollar on our guidance for third quarter of 2024. 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 21, 2024) 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.
3
Exhibit 99.1
IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands, except per share data)
Net sales$257,645 $339,971 $509,654 $687,145 
Cost of sales161,459 192,280 315,932 392,516 
Gross profit96,186 147,691 193,722 294,629 
Operating expenses:
Sales and marketing22,487 20,187 45,485 41,275 
Research and development27,487 23,512 56,868 46,282 
General and administrative31,602 29,660 62,760 59,788 
Gain on sale of assets(674)— (7,450)— 
Restructuring charges, net
— 963 — 1,144 
Loss (gain) on foreign exchange3,244 1,306 4,919 (1,349)
Total operating expenses84,146 75,628 162,582 147,140 
Operating income12,040 72,063 31,140 147,489 
Other income, net:
Interest income, net12,778 9,264 26,955 16,797 
Other income, net194 285 519 616 
Total other income12,972 9,549 27,474 17,413 
Income before provision of income taxes25,012 81,612 58,614 164,902 
Provision for income taxes4,858 19,291 14,361 42,446 
Net income attributable to IPG Photonics Corporation$20,154 $62,321 $44,253 $122,456 
Net income attributable to IPG Photonics Corporation per share:
Basic$0.45 $1.32 $0.97 $2.58 
Diluted$0.45 $1.31 $0.97 $2.57 
Weighted average common shares outstanding:
Basic44,918 47,316 45,439 47,429 
Diluted45,012 47,453 45,601 47,618 

4
Exhibit 99.1
IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
June 30,December 31,
20242023
(In thousands, except share and 
per share data)
ASSETS
Current assets:
Cash and cash equivalents$720,540 $514,674 
Short-term investments343,363 662,807 
Accounts receivable, net176,153 219,053 
Inventories400,839 453,874 
Prepaid income taxes30,208 26,038 
Prepaid expenses and other current assets46,849 38,208 
Total current assets1,717,952 1,914,654 
Deferred income taxes, net88,865 88,788 
Goodwill38,278 38,540 
Intangible assets, net23,423 26,234 
Property, plant and equipment, net593,136 602,257 
Other assets33,777 28,425 
Total assets$2,495,431 $2,698,898 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$26,232 $28,618 
Accrued expenses and other current liabilities161,229 181,350 
Income taxes payable3,022 4,893 
Total current liabilities190,483 214,861 
Other long-term liabilities and deferred income taxes51,578 68,652 
Total liabilities242,061 283,513 
Commitments and contingencies
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,584,223 and 44,225,282 shares issued and outstanding, respectively, at June 30, 2024; 56,317,438 and 46,320,671 shares issued and outstanding, respectively, at December 31, 2023.
6 6 
Treasury stock, at cost, 12,358,941 and 9,996,767 shares held at June 30, 2024 and December 31, 2023, respectively.
(1,373,525)(1,161,505)
Additional paid-in capital1,014,094 994,020 
Retained earnings2,839,647 2,795,394 
Accumulated other comprehensive loss(226,852)(212,530)
Total IPG Photonics Corporation equity2,253,370 2,415,385 
Total liabilities and equity$2,495,431 $2,698,898 

5
Exhibit 99.1
IPG PHOTONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
Six Months Ended June 30,
20242023
(In thousands)
Cash flows from operating activities:
Net income$44,253 $122,456 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization31,506 35,343 
Provisions for inventory, warranty & bad debt30,365 31,846 
Other(8)13,615 
Changes in assets and liabilities that provided (used) cash, net of acquisitions:
Accounts receivable and accounts payable39,736 (31,348)
Inventories17,041 (12,103)
Other(54,839)(55,863)
Net cash provided by operating activities108,054 103,946 
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment(52,270)(59,139)
Proceeds from sales of property, plant and equipment28,274 1,740 
Purchases of short-term investments(301,541)(583,347)
Proceeds from short-term investments633,993 549,879 
Other188 326 
Net cash provided by (used in) investing activities
308,644 (90,541)
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 awards1,792 (731)
Purchase of treasury stock, at cost(212,020)(113,031)
Net cash used in financing activities(210,228)(129,793)
Effect of changes in exchange rates on cash and cash equivalents(604)(8,750)
Net increase (decrease) in cash and cash equivalents
205,866 (125,138)
Cash and cash equivalents — Beginning of period514,674 698,209 
Cash and cash equivalents — End of period720,540 573,071 
Supplemental disclosures of cash flow information:
Cash paid for interest$94 $947 
Cash paid for income taxes$34,165 $58,178 

6
Exhibit 99.1
IPG PHOTONICS CORPORATION
SUPPLEMENTAL SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (UNAUDITED)
 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Amortization of intangible assets:
Cost of sales$440 $564 $928 $1,128 
Sales and marketing937 1,457 1,874 2,914 
Total amortization of intangible assets$1,377 $2,021 $2,802 $4,042 


7
Exhibit 99.1
IPG PHOTONICS CORPORATION
SUPPLEMENTAL SCHEDULE OF STOCK-BASED COMPENSATION (UNAUDITED)
 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Cost of sales$2,191 $2,515 $4,266 $5,161 
Sales and marketing1,455 1,390 2,957 2,683 
Research and development2,451 2,045 5,082 3,841 
General and administrative2,473 3,757 5,997 7,633 
Total stock-based compensation8,570 9,707 18,302 19,318 
Tax effect of stock-based compensation(1,847)(2,148)(3,987)(4,244)
Net stock-based compensation$6,723 $7,559 $14,315 $15,074 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Excess tax (detriment) benefit on stock-based compensation
$(244)$22 $(3,893)$(1,686)
8
 EX-101.SCH 3 ipgp-20240730.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 ipgp-20240730_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Central Index Key Entity Central Index Key Entity File Number Entity File Number Entity Address, State or Province Entity Address, State or Province Security Exchange Name Security Exchange Name Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Soliciting Material Soliciting Material Entity Address, Postal Zip Code Entity Address, Postal Zip Code Cover [Abstract] Written Communications Written Communications Local Phone Number Local Phone Number Title of 12(b) Security Title of 12(b) Security City Area Code City Area Code Document Period End Date Document Period End Date Entity Tax Identification Number Entity Tax Identification Number Amendment Flag Amendment Flag Trading Symbol Trading Symbol Entity Registrant Name Entity Registrant Name Pre-commencement Tender Offer Pre-commencement Tender Offer Document Type Document Type Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 ipgp-20240730_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 6 image1.jpg GRAPHIC begin 644 image1.jpg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�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htm IDEA: XBRL DOCUMENT v3.24.2
Document and Entity Information
Jul. 30, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001111928
Document Type 8-K
Document Period End Date Jul. 30, 2024
Entity Registrant Name IPG PHOTONICS CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-33155
Entity Tax Identification Number 04-3444218
Entity Address, Address Line One 377 Simarano Drive
Entity Address, City or Town Marlborough
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01752
City Area Code 508
Local Phone Number 373-1100
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol IPGP
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.24.2 html 1 22 1 false 0 0 false 0 false false R1.htm 0000001 - Document - Document and Entity Information Sheet http://www.ipgphotonics.com/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports ipgp-20240730.htm ipgp-20240730.xsd ipgp-20240730_lab.xml ipgp-20240730_pre.xml http://xbrl.sec.gov/dei/2024 true false JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "ipgp-20240730.htm": { "nsprefix": "ipgp", "nsuri": "http://www.ipgphotonics.com/20240730", "dts": { "inline": { "local": [ "ipgp-20240730.htm" ] }, "schema": { "local": [ "ipgp-20240730.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.sec.gov/dei/2024/dei-2024.xsd" ] }, "labelLink": { "local": [ "ipgp-20240730_lab.xml" ] }, "presentationLink": { "local": [ "ipgp-20240730_pre.xml" ] } }, "keyStandard": 22, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 2, "http://xbrl.sec.gov/dei/2024": 2 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 23, "unitCount": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2024": 22 }, "report": { "R1": { "role": "http://www.ipgphotonics.com/role/DocumentandEntityInformation", "longName": "0000001 - Document - Document and Entity Information", "shortName": "Document and Entity Information", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "c-1", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "ipgp-20240730.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "ipgp-20240730.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "AmendmentFlag", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Amendment Flag", "label": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "CityAreaCode", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "City Area Code", "label": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "DocumentPeriodEndDate", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Document Period End Date", "label": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "DocumentType", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Document Type", "label": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressAddressLine1", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Address Line One", "label": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressCityOrTown", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, City or Town", "label": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Postal Zip Code", "label": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, State or Province", "label": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityCentralIndexKey", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Central Index Key", "label": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r1" ] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Emerging Growth Company", "label": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r1" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityFileNumber", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity File Number", "label": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Incorporation, State or Country Code", "label": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityRegistrantName", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Registrant Name", "label": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r1" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Tax Identification Number", "label": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r1" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "LocalPhoneNumber", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Local Phone Number", "label": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Pre-commencement Issuer Tender Offer", "label": "Pre-commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r3" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "PreCommencementTenderOffer", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Pre-commencement Tender Offer", "label": "Pre-commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r5" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "Security12bTitle", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Title of 12(b) Security", "label": "Title of 12(b) Security", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r0" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "SecurityExchangeName", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Security Exchange Name", "label": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r2" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "SolicitingMaterial", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Soliciting Material", "label": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r4" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "TradingSymbol", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Trading Symbol", "label": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "WrittenCommunications", "presentation": [ "http://www.ipgphotonics.com/role/DocumentandEntityInformation" ], "lang": { "en-us": { "role": { "terseLabel": "Written Communications", "label": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r6" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14a", "Subsection": "12" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" } } } ZIP 16 0001111928-24-000120-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001111928-24-000120-xbrl.zip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end XML 17 ipgp-20240730_htm.xml IDEA: XBRL DOCUMENT 0001111928 2024-07-30 2024-07-30 false 0001111928 8-K 2024-07-30 IPG PHOTONICS CORP DE 001-33155 04-3444218 377 Simarano Drive Marlborough MA 01752 508 373-1100 false false false false Common Stock, par value $0.0001 per share IPGP NASDAQ false