Company: IPGP
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001111928-25-000069
Chunk: 67

Company: IPG PHOTONICS CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 in the Company's Condensed Consolidated Statements of Operations as the key indicators in assessing the enterprise’s performance and allocating resources. In evaluating Net income, the CODM also reviews gross profit as well the Company's income before foreign exchange and other segment items to set and evaluate performance targets. The following table presents the break-down of Net income, including significant segment expenses. Three Months Ended March 31, 20252024 (In thousands, except per share data)Net sales$227,793 $252,009 Cost of product sold (a)103,332 113,422 Manufacturing, service and other operations salaries, bonus, and benefits, including contractor costs65,147 72,666 Other manufacturing expenses (b)30,866 35,497 Capitalized labor and overhead(61,364)(67,112)Cost of sales137,981 154,473 Gross profit89,812 97,536 Sales and marketing, research and development and general and administrative (c)85,574 83,537 Income before foreign exchange and other segment items4,238 13,999 Loss on foreign exchange(2,411)(1,675)Interest income, net7,444 14,177 Provision for income taxes(6,857)(9,503)Other segment items (d)1,344 7,101 Net income$3,758 $24,099 (a) Includes cost materials, shipping costs, scrap, and inventory reserves.(b) Includes depreciation and amortization, service, warranty, and other manufacturing expenses.(c) Sales and marketing, research and development and general and administrative expenses are disclosed by period in the Company's Condensed Consolidated Statements of Operations.(d) Other segment items include gain on sale of assets and other income, net.

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Table of ContentsIPG PHOTONICS CORPORATIONNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)(In thousands, except share and per share data)

16. SUBSEQUENT EVENTS

On April 4, 2025, the Company entered into an amendment to the Credit Facility Second Amended and Restated Loan Agreement dated March 25, 2020, with Bank of America, N.A., to extend the term of its existing U.S. revolving line of credit (the "Credit Facility Agreement"). The term of the Credit Facility Agreement has been extended to June 30, 2025,