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Financials : Capital Markets | Small Cap Value
Company profile

Goldman Sachs BDC, Inc. is a closed-end management investment company. The Company is a specialty finance company, which is focused on lending to middle-market companies. The Company’s investment objective is to generate current income and capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche loans, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. It also invests in investments, such as in large United States companies, foreign companies, stressed or distressed debt, structured products or private equity. It invests in various sectors, such as software, health care technology, diversified financial services, professional services, consumer services, media and services, health care equipment and supplies, entertainment and chemicals. Goldman Sachs Asset Management, L.P. is the investment advisor of the Company.

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Today's volume of 692,177 shares is on pace to be much greater than GSBD's 10-day average volume of 511,630 shares.


IPG Photonics Announces Second Quarter 2022 Financial Results

11:53 am ET August 2, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NASDAQ:IPGP), EQNX::TICKER_END Strong Performance in Electric Vehicle and Medical Applications Drives Sales

Company Announces New $300 million Stock Repurchase Program After Completing $312 million of Repurchases in the First Half of 2022

IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the second quarter ended June 30, 2022.

                                                      Three Months Ended June 30,            Six Months Ended June 30,
(In millions, except per share data and percentages)      2022           2021       Change       2022           2021       Change
Revenue                                               $   377.0      $   371.7      1   %    $   747.0      $   717.2      4   %
Gross margin                                              45.7  %        48.6  %                 46.1  %        48.0  %
Operating income                                      $   71.7       $   92.3       (22) %   $   164.8      $   181.1      (9)  %
Operating margin                                          19.0  %        24.8  %                 22.1  %        25.2  %
Net income attributable to IPG Photonics Corporation  $   57.0       $   69.8       (18) %   $   126.5      $   137.9      (8)  %
Earnings per diluted share                            $   1.10       $   1.29       (15) %   $   2.41       $   2.55       (5)  %

Management Comments

"Strong sales in North America and Japan drove our revenue growth as we focus on opportunities that diversify our revenue across key geographies and applications, including e-mobility and medical," said Dr. Eugene Scherbakov, IPG Photonics' Chief Executive Officer. "IPG's innovative solutions are generating increased laser adoption in welding applications, primarily in electric vehicle manufacturing, but also in general automotive and industrial applications with continued adoption of the LightWELD in handheld applications. We reached a significant milestone as revenue from welding applications surpassed high power cutting revenue in a number of key geographies. We are also seeing higher demand across many emerging growth products that help diversify our exposure across different applications, such as medical, battery welding and foil cutting applications."

Financial Highlights

Second quarter revenue of $377 million increased 1% year over year. Exchange rates were a meaningful headwind to revenue, reducing it by approximately $18 million on a constant currency basis. Materials processing sales accounted for 91% of total revenue and decreased 1% year over year with higher sales in welding and cleaning applications offset by lower revenue in cutting and solar cell manufacturing applications. Sales into Other applications increased 29% year over year, driven by the strength in medical. Emerging growth products sales accounted for 40% of total revenue.

Revenue in high power continuous wave (CW) lasers declined 14% year over year due to lower demand in high power cutting applications in China, which was partially offset by strong growth in welding and cutting applications in North America and Japan. Sales of pulsed lasers grew significantly compared with the prior year primarily driven by foil cutting, partially offset by lower sales into solar cell manufacturing. By region, sales increased 33% in North America, 43% in Japan, and 2% in Europe, and decreased 14% in China on a year-over-year basis.

Earnings per diluted share (EPS) of $1.10 decreased by 15% year over year. Foreign exchange transaction losses reduced operating income by $18 million or 4.7 percentage points and also reduced EPS by $0.28. The effective tax rate in the quarter was 22%, benefiting from certain discrete items. During the second quarter, IPG generated $79 million in cash from operations. Capital expenditures were $35 million and stock repurchases were $233 million in the quarter.

Business Outlook and Financial Guidance

"Second quarter book-to-bill was slightly below one and bookings declined from the record level last quarter on more moderate demand in Europe as well as currency headwinds. While the operating environment is uncertain, we believe that fiber laser adoption will continue to drive demand across many applications and geographies and will benefit from global trends including increasing automation, e-mobility, renewable energy and energy efficiency as energy costs rise globally," concluded Dr. Scherbakov.

For the third quarter of 2022, IPG expects revenue of $350 to $380 million. The Company expects the third quarter tax rate to be approximately 25%. IPG anticipates delivering earnings per diluted share in the range of $1.00 to $1.30. We estimate that the third quarter guidance range is reduced by approximately $15 million due to foreign currency translation headwinds that are primarily related to the strength of the U.S. dollar as compared to the Euro and Chinese Yuan.

As discussed in more detail in the "Safe Harbor" passage of this news release, actual results may differ from this guidance due to various factors including, but not limited to, trade policy changes and trade restrictions with Russia, the COVID-19 pandemic, product demand, order cancellations and delays, competition, tariffs, 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 0.96, Russian Ruble 51, Japanese Yen 136 and Chinese Yuan 6.71, respectively.

Authorization of New Stock Buyback Program

After completing previously authorized share repurchase programs during the quarter, the Board of Directors has authorized a new program to purchase up to $300 million of IPG common stock. In the first half of 2022, the Company repurchased $312 million of its common stock. Share repurchases may be made periodically in open-market or other transactions, and are subject to market conditions, legal requirements and other factors. The share repurchase program authorization does not obligate the Company to repurchase any dollar amount or number of its shares, and repurchases may be commenced or suspended from time to time without prior notice.

Supplemental Financial Information

Additional supplemental financial information is provided in the unaudited Second Quarter 2022 Financial Data Workbook and Earnings Call Presentation available on the investor relations section of the Company's website at

Conference Call Reminder

The Company will hold a conference call today, August 2, 2022 at 10:00 am ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company's website at


Eugene Fedotoff

Director of Investor Relations

IPG Photonics Corporation


About IPG Photonics Corporation

IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The Company's mission is to make its fiber laser technology the tool of choice in mass production. IPG accomplishes this mission by delivering superior performance, reliability and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end users to increase productivity and decrease costs. IPG is headquartered in Oxford, Massachusetts and has more than 30 facilities worldwide. For more information, visit

Safe Harbor Statement

Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to fiber laser adoption will continue to drive demand across many applications and geographies and global trends increasing automation, e-mobility, renewable energy and energy efficiency as energy costs rise globally, as well as revenue, tax rate and earnings guidance, and the impact of U.S. Dollar on our guidance for third quarter of 2022. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of the business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; inability to manage risks associated with international customers and operations; changes in trade controls and trade policies; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 22, 2022) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



                                                                   Three Months Ended June 30,      Six Months Ended June 30,
                                                                        2022          2021               2022          2021
                                                                   (In thousands, except per share data)
Net sales                                                          $    377,023  $    371,658       $    747,002  $    717,243
Cost of sales                                                           204,679       191,130            402,837       372,724
Gross profit                                                            172,344       180,528            344,165       344,519
Operating expenses:
Sales and marketing                                                     19,010        19,193             39,384        38,076
Research and development                                                30,608        35,191             64,058        68,530
General and administrative                                              33,411        31,066             64,075        61,158
Loss (gain) on foreign exchange                                         17,640        2,826              11,830        (4,339  )
Total operating expenses                                                100,669       88,276             179,347       163,425
Operating income                                                        71,675        92,252             164,818       181,094
Other income (expense), net:
Interest income (expense), net                                          1,177         (407    )          1,107         (902    )
Other income, net                                                       618           28                 382           281
Total other income (expense)                                            1,795         (379    )          1,489         (621    )
Income before provision of income taxes                                 73,470        91,873             166,307       180,473
Provision for income taxes                                              16,139        22,196             39,348        42,574
Net income                                                              57,331        69,677             126,959       137,899
Less: net income (loss) attributable to non-controlling interests       363           (123    )          419           (28     )
Net income attributable to IPG Photonics Corporation               $    56,968   $    69,800        $    126,540  $    137,927
Net income attributable to IPG Photonics Corporation per share:
Basic                                                              $    1.10     $    1.31          $    2.42     $    2.58
Diluted                                                            $    1.10     $    1.29          $    2.41     $    2.55
Weighted average shares outstanding:
Basic                                                                   51,687        53,472             52,111        53,548
Diluted                                                                 51,795        53,999             52,311        54,145



                                                                                                                                                                                                                                      June 30,             December 31,
                                                                                                                                                                                                                                           2022                 2021
                                                                                                                                                                                                                                      (In thousands, except share and
                                                                                                                                                                                                                                      per share data)
Current assets:
Cash and cash equivalents                                                                                                                                                                                                                              $    771,788         $    709,105
Short-term investments                                                                                                                                                                                                                                      462,865              805,400
Accounts receivable, net                                                                                                                                                                                                                                    246,877              262,121
Inventories                                                                                                                                                                                                                                           556,747              460,747
Prepaid income taxes                                                                                                                                                                                                                                        52,912               36,990
Prepaid expenses and other current assets                                                                                                                                                                                                                   79,662               73,320
Total current assets                                                                                                                                                                                                                                        2,170,851            2,347,683
Deferred income taxes, net                                                                                                                                                                                                                                  60,563               47,761
Goodwill                                                                                                                                                                                                                                           39,285               38,609
Intangible assets, net                                                                                                                                                                                                                                      46,866               52,678
Property, plant and equipment, net                                                                                                                                                                                                                          680,321              635,302
Other assets                                                                                                                                                                                                                                           50,883               48,507
Total assets                                                                                                                                                                                                                                      $    3,048,769       $    3,170,540
Current liabilities:
Current portion of long-term debt                                                                                                                                                                                                                      $    32,225          $    18,126
Accounts payable                                                                                                                                                                                                                                           57,276               55,839
Accrued expenses and other current liabilities                                                                                                                                                                                                              210,813              230,826
Income taxes payable                                                                                                                                                                                                                                        15,588               8,642
Total current liabilities                                                                                                                                                                                                                                   315,902              313,433
Other long-term liabilities and deferred income taxes                                                                                                                                                                                                       92,516               93,855
Long-term debt, net of current portion                                                                                                                                                                                                                      --                   16,031
Total liabilities                                                                                                                                                                                                                                           408,418              423,319
Commitments and contingencies
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 55,967,254 and 50,206,255 shares issued and outstanding, respectively, at June 30, 2022; 55,788,246 and 53,010,265 shares issued and outstanding, respectively, at December 31, 2021.       6                    6
Treasury stock, at cost, 5,760,999 and 2,777,981 shares held at June 30, 2022 and December 31, 2021, respectively.                                                                                                                                          (750,109  )          (438,503  )
Additional paid-in capital                                                                                                                                                                                                                                  930,950              908,423
Retained earnings                                                                                                                                                                                                                                           2,593,147            2,466,607
Accumulated other comprehensive loss                                                                                                                                                                                                                        (134,778  )          (189,951  )
Total IPG Photonics Corporation equity                                                                                                                                                                                                                      2,639,216            2,746,582
Non-controlling interests                                                                                                                                                                                                                                   1,135                639
Total equity                                                                                                                                                                                                                                           2,640,351            2,747,221
Total liabilities and equity                                                                                                                                                                                                                           $    3,048,769       $    3,170,540



                                                                                                                                                                Six Months Ended June 30,
                                                                                                                                                                    2022              2021
                                                                                                                                                                (In thousands)
Cash flows from operating activities:
Net income                                                                                                                                                      $   126,959       $   137,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                                                                                                       47,104            47,976
Provisions for inventory, warranty & bad debt                                                                                                                       38,644            32,654
Other                                                                                                                                                               25,579            18,665
Changes in assets and liabilities that used cash, net of acquisitions:
Accounts receivable and accounts payable                                                                                                                            4,691             37,404
Inventories                                                                                                                                                         (99,233  )        (61,220    )
Other                                                                                                                                                               (48,583  )        (10,188    )
Net cash provided by operating activities                                                                                                                           95,161            203,190
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment                                                                                                          (59,903  )        (54,344    )
Proceeds from sales of property, plant and equipment                                                                                                                645               258
Purchases of short-term investments                                                                                                                                 (583,828 )        (1,014,033 )
Proceeds from short-term investments                                                                                                                                925,657           785,023
Acquisitions of businesses, net of cash acquired                                                                                                                    (2,000   )        --
Other                                                                                                                                                               (350     )        (547       )
Net cash provided by (used in) investing activities                                                                                                                 280,221           (283,643   )
Cash flows from financing activities:
Principal payments on long-term borrowings                                                                                                                          (1,932   )        (1,896     )
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      2,088             10,567
Purchase of treasury stock, at cost                                                                                                                                 (311,606 )        (41,731    )
Payment of purchase price holdback from business combination                                                                                                        --                (2,624     )
Net cash used in financing activities                                                                                                                               (311,450 )        (35,684    )
Effect of changes in exchange rates on cash and cash equivalents and restricted cash                                                                                (1,249   )        (8,217     )
Net increase (decrease) in cash, cash equivalents and restricted cash                                                                                               62,683            (124,354   )
Cash, cash equivalents and restricted cash -- Beginning of period                                                                                                   709,105           878,553
Cash and cash equivalents -- End of period                                                                                                                          771,788           754,199
Supplemental disclosures of cash flow information:
Cash paid for interest                                                                                                                                          $   1,600         $   1,388
Cash paid for income taxes                                                                                                                                      $   61,715        $   41,809



                                         Three Months Ended June 30,  Six Months Ended June 30,
                                               2022     2021                2022     2021
                                         (In thousands)
Amortization of intangible assets:
Cost of sales                            $     1,055  $ 1,200         $     2,228  $ 2,441
Sales and marketing                            1,854    1,879               3,702    3,895
Total amortization of intangible assets  $     2,909  $ 3,079         $     5,930  $ 6,336



                                        Three Months Ended June 30,     Six Months Ended June 30,
                                            2022            2021            2022            2021
                                        (In thousands)
Cost of sales                           $   3,215       $   2,843       $   6,273       $   5,469
Sales and marketing                         1,309           1,247           2,518           2,407
Research and development                    2,374           2,472           4,903           4,590
General and administrative                  3,568           3,349           6,730           6,298
Total stock-based compensation              10,466          9,911           20,424          18,764
Tax effect of stock-based compensation      (2,251 )        (2,114 )        (4,385 )        (3,992 )
Net stock-based compensation            $   8,215       $   7,797       $   16,039      $   14,772
                                                     Three Months Ended June 30,  Six Months Ended June 30,
                                                          2022            2021         2022              2021
                                                     (In thousands)
Tax (detriment) benefit on stock-based compensation  $    (427 )     $    501     $    (2,140 )     $    6,097

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