Company: IPGP
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001111928-25-000069
Chunk: 46

Company: IPG PHOTONICS CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 of new products, the need to ensure access to adequate manufacturing capacity and the continuing market acceptance of our products. In the near term, we will incur capital expenditures related to the expansion of capacity outside of Russia and Belarus. As of March 31, 2025, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.

The following table presents our principal sources of liquidity:

March 31,December 31, 20252024(In thousands)Cash and cash equivalents$363,046 $620,040 Short-term investments563,832 310,152 Unused credit lines and overdraft facilities78,384 78,115 Working capital (defined as current assets excluding cash, cash equivalents and short-term investments, minus current liabilities)319,475 295,784 

Included in cash and cash equivalents is $2.2 million of cash located in Belarus, as of March 31, 2025. 

Short-term investments at March 31, 2025 consist of liquid investments including commercial paper, corporate bonds, U.S. Treasury and agency obligations and term deposits with original maturities of greater than three months but less than one year. See Note 4, "Fair Value Measurements" in the notes to the Condensed Consolidated Financial Statements for further information about our short-term investments. 

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The following table details our line-of-credit facilities as of March 31, 2025: 

DescriptionTotal FacilityInterest RateMaturitySecurityU.S. Revolving Line of Credit (1)$75.0 millionSOFR plus 0.9% to 1.6%, depending on our performanceJune 2025UnsecuredEuro Credit Facility (Germany) (2)Euro 5.0 million ($5.4 million)€STR rate plus 0.97%December 2028Unsecured, guaranteed by parent companyEuro Facility (3)Euro 1.5 million($1.6 million)Euribor plus 1.25%July 2025Common pool of assets of Italian subsidiary

(1)  This facility is available to certain foreign subsidiaries in their respective local currencies. At March 31, 2025, there were no amounts drawn on this line; however, there were $2.1 million of guarantees issued against the line which reduces total availability. 

(2)  This