IPGP - Earnings call transcript Q1 2022 | IPG Photonics Corporation

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Operator

Good morning, and welcome to IPG Photonics' First Quarter 2022 Conference Call. Today's call is being recorded and webcast. At this time, I’d like to turn the call over to Eugene Fedotoff, IPG's Director of Investor Relations, for introductions. Please go ahead sir.

Eugene Fedotoff

Thank you Rob and good morning everyone. IPG Dr. is today us Photonics CEO, With Eugene Mammen. Senior Vice CFO, Tim President and Scherbakov; and during course predictions made the are Statements the statements. company's management's that forward-looking intentions, or discuss expectations or of future of the this call and These cause that differ from the to such in to could those results uncertainties projected forward-looking actual forward-looking subject statements materially are risks company's statements. Securities detailed XX, and XX-K for file ended December XXXX, These other Form with Commission. risks the Exchange Photonics' the and at IPG uncertainties on and are reports period Copies contacting obtained section of by visiting of IPG's filings may these be directly. the website the Investors or by company

You The this SEC's call the assumes publicly to company may May updates predictions website. on company's the statements today, expectations no or revisions statements. obligation made copies such also any to are any find release as only. Any or XXXX, on of forward-looking X,

results, on website. financial release, and call details presentation our additional on For investor refer posted reported press earnings to earnings workbook our excel-based the the please data relations

We turn will this I'll remarks that, relations investor to With call. completion the now following on the call Scherbakov. website of over Eugene post the these prepared

Eugene Scherbakov

Good morning, everyone.

of X% quarter in start We with guidance. first year a top America and revenue North our Europe, year-over-year, increased end are above strong to Revenue benefiting the from the demand pleased report to the higher Japan.

emerging We are particularly all across applications many geographies. was see major that by pleased to driven growth

outside our China and marking, a showing welding, progress total such grew geographic in sustainability, our first miniaturization this as driving medical systems, including As we renewable In to which sales applications. efficiency and trends strong printing, saw energy focus business. can of demand. in we the stand semiconductor balance and EV, cleaning, automation better our macro achieving increased revenue, we well XX% in several energy as of back, as Sales XD identify the quarter, on are

high for opportunities revenue China. important in power outgrowing almost as by and manual laser offset materials, handheld Laser as strong Our in at automotive was traditional MIG primarily demand of quarter and more our in welding. the we manufacturing, adoption marking weld printing applications and a including highly welding, become difficult or range to China, the high cutting impossible has and which faster, of cutting, even welding reflective our power are driven the electric well TIG thin and revenue as This foils welding and applications. copper for like welding as general precise expected nearly lower The are some applications welding laser regions with in in from as medical level. drop batteries increasing it vehicle foil cutting XD enables saw a device in materials record a aluminum, we wide that was in applications that or and production pursuing, stabilized growth in applications for

Europe now and applications a ago. As we revenues global and Markets innovative manufacturers manufacturing in commitment reliability to applications local are that cutting our of adoption focus. in quality, redirect global IPG's as increase lasers automation in and of and chains processes. support customer applications value supply application investments for in technology, elsewhere. compared different adoption North power our high increasing of America, year dynamic the smaller In portion much to a a result, China There a cutting in is same see accounted

Many and stability sales were require of cutting, in lasers, pulsed are primarily by high These power energy these In emerging lasers as growth stability total cell semiconductor revenue. customers. in seeing known quality which which -- We the applications. in benefiting automation, demand and as as solar macro of energy lasers, used growth by are driven of printing, foil medium efficiency. with are manufacturing, applications. are well sustainability, and emerging that we miniaturization focus first pleased characteristics quarter, on XD manufacturing the are for These are well trends as renewable higher products devices applications and beam from product global reliable our as such IPG's XX% electronics

Our manufacturing lasers vehicles. are in of widely electric used

We are welding seeing highly many and beam complex to this customized growth engineered increasing lasers, capabilities and manufacturing provide solution a continue together high monitoring to challenges demand address see worldwide in e-mobility investments and in strong adjustable process. by mode automakers in pulsed our for can that lasers suppliers and power real-time

We e-mobility expect the continue. to in investments

inflation. return increasing improvements Additionally, spending provide productivity investment. Lasers to a manufacturers are automation great on wage significant labor on and can and of shortages address

increasing easy This for compares is TIG training welder. for We only to demand training inexperienced and use hours a it are seeing of and to welder. MIG an typical for requires months LightWELD, of because

At into use launched reduce more capabilities for efficiency a materials. device, laser that have costs our of time, applications the high power are of of provide in and generation efficiency applications. cleaning We greater consumption diverse extended ECO that and focus an range of interest well XX% than meaningfully welding third demand including high on in can toxic can increased materials. driving sustainability energy wall-plug energy cleaning the lasers energy and same and premium plays The reduce

a aid with the update we To Tim, peaceful financial from the an all employers to help call turn provide soon. me hope refugees million Before to allocated to the Ukraine. $X.X will on our come from in crisis, let who to conflict help resolution which impacts I humanitarian Ukraine provide IPG

the In stopped all of some already to temporary proud projects. existing opened response and in employers terminated homes refugees that to are food and We investments Russia hear and IPG new our clothes, situation, the to have many current their housing. provided

increasing United we Europe. Italy. and second shifts manufacturing X, US, production we executing on our quarter, increased of components March and Western plans, first additional on contingency announced are allocating the we In the started workspace and As employers, and in hiring inventories critical for in Germany States running

quarter significantly reduce for components. suppliers on Russian during second reliance certain third-party by components These this activities, qualifying and would accelerate will been also have year-end. year, which IPG's We third the

the We critical and escalation yields on productivity. a as have potentially new sanctions automation introduce We currently on to operation many that this of an would an situation significant the increase because the large capacity are opportunity Russia. our our risks for as rely recognize production impact in using of region and components is business to technologies lasers of in

the decisions, employees to to we making we our the doing protect discuss over I'll to Tim the financial call of quarter. highlights these As their are our best are and turn families. in interest

Tim Mammen

call lines year follow website. X% available Revenue on year Thank you, most to $XXX revenue up Eugene million, start and the earnings good presentation the and and on over financial will quarter review from X% sequentially applications year year X. mainly X%. is My our the comments due other and first with generally key investor from geographies, will relations of in slide in revenue driven product which increased morning, X% I applications over everyone. processing was in increased increased China. higher by growth materials Revenue our

inventory quarter offset expenses gross product over year, XX.X%, higher decrease of basis as of partially reduced was charges, First and sold increased of a margin a manufacturing due shipping XXX sales. GAAP cost to percent reserves, higher by points year

was and rate higher operating gains, $X.XX sales million the expenses marketing, tax XX.X%. currency $XX income GAAP support year effective XX%. operating in to or revenues. year, was share. $XX foreign Net increased over per primarily operating The was million Excluding income was slightly diluted in margin and quarter

the related same one quarter, higher. dollar. as and Russian gross depreciation relative to would to of If Dollar the have year million compared be as the a million During had $X exchange ago, sheet profit primarily of gain recognized Euro be $XX $X we the exchange of rates the we as and expected been Ruble to balance foreign revenue impact million the US the higher to to US a result

LightWELD. total and power demand increased XD to X. sales growth increased XX% sales XX% and were increased CW growth driven sales laser Moving in power year-over-year. in systems semiconductor lasers medical, QCW above slightly revenue. sales. lasers XX% applications. continued X% CW sales approximately lower total increased in X% year-over-year lasers high represented higher decreased used manufacturing in power year-over-year, EV high power year-over-year Sales battery driven XX% with which six growth cleaning XX% welding, applications. lasers and of offset applications. in down increased of ultra-high laser Medium higher product Systems kilowatt power slide advanced sales Other electronics in and represented high sales were Pulsed on in pulsed sales printing, sales by by laser of and laser by of telecom of Sales

of applications. We welding, across about in China Europe result to cutting medical growth in as securing advanced systems. in on by growth in quarter. Looking region including supply. applications, the increased X% increased and Sales cleaning, believe X, welding demand cell this by attributed many X% as slide as at in and increased of Revenue from points that pull higher a the was XX of strong and North driven demand different We saw forward revenue America our quarter second customers percentage were cutting, region, applications manufacturing in as solar well revenue revenue decreased year-over-year. revenue XX% this performance

quarter. and high in in foil in benefited saw we increased in in growth sales cutting China. at marking printing Korea strong Asia power expected, As growth and Other good stabilized applications welding, this revenue but XD lower applications level, Japan in cutting, from a cutting

to $XX electronic a the balance ended was of constraints sheet during million total equivalents, of to of inventory increase a provided $X.X our and generation we investments components and strategic in the quarter. capital million. $XX billion summary expenditures on Cash and for operations to impacted was ongoing $XX outside of and further optical with the X, inventories chain Russia. quarter Moving of components offset supply short-term quarter cash were quarter in by first cash, critical slide by during million Cash debt the build negatively

support capital Russia of to chain. the year. Europe in our now on full be and and XXXX expect capacity for supply components budgeted million critical $XXX CapEx expenditures be the spent the spent in capacity $XXX facilities to in for XXXX will includes US. to internal will to range investments expenditure de-risk million previously be additional CapEx We

shares a thousand the XXX,XXX of number for $XX During for the repurchased record quarterly quarter, for additional we we repurchase $XX quarter, share company. repurchased a over have million. the XXX shares million, end of the total Since

nine. our outlook slide to on Moving

quarter the driven in was First delivery requested the by we're orders regions, quarter. which And dates placing -- order with above beyond book-to-bill days customers with all flow extend pleased across was that part second X.

also the While chain on a the trade control restrictions to financial material to to In spread constraints our risk are US. Russia risk quarter, are and worldwide first Western impacted China, our company, in of resulted our impact in a components assess, sanctions may the and on in COVID-XX or there economic of capacity impact The that ship restrictions represent economic was there. that and probability ability customers. full results downside us the not built embargo new ongoing outbreaks to we products supply outlook. a COVID-XX the weaker There of in which is critical operations continues general operations until Europe for and of the Russia, cannot have

higher While negatively expect margins. as duties shipping we we are to elevated source affect managing costs components, Russian tariffs as through and well on the situation, ongoing current our import

have business long-term indicated from opportunities feel XXXX, said, in earnings LightWELD battery $X.XX XX medium and the saw in Looking our makes remains automation, trends, With delivering uncertainties, second million. medical growth IPG environment, our trends, The indicators approximately created benefit from and to despite we to at manufacturing, optimistic, we common macro product restrictions quarter challenging major moderating including from geopolitical revenue, as the such that million and company and miniaturization strong quarter global competition on the been the indicators with PMI contraction. continue global tax expects events, diluted subject shares be $XXX forecasting rate sanctions, range electric sales. environment of term significant Europe, vehicle from and sustainability, share And China commitments. and the that as growth binding quarter business That globally. March revenue macroeconomic drives to $X.XX trade economic guidance in from impact we the of growth US the the the by XX%. million of emerging IPG $XXX demand COVID-XX, diluted second outstanding. per the order lack to anticipates expects second In to of

the is discussed release earnings Safe that, to and referenced is assumes Harbor release, the questions. outlined passage press SEC. be take market conditions you. As reports With Thank press earnings upon our based your guidance risks in of in our in subject company's to and current exchange today's the expectations, rates with happy we'll

Operator

you. first be proceed question a question. Todorov Instructions] with question-and-answer session. Nik comes conducting [Operator At your this Please from Longbow we’ll Thank time, Research. with Our

Nik Todorov

Hi. Can you hear me guys. Thanks.

from Maybe help has what can portion China on where today? Congrats XX% And become going where been on great the now and think, on? here there. the heard I a all China. EV in but the that. like comments high-power over sounded sales I about know do headwinds business, It are traction historically you you given uncertainty some China. larger bit out your gained sales A sales Sorry, and -- I have is maybe that currently understand of coming China of of there suggesting us from results your a that -- it percentage are significant little question cutting? see it

Tim Mammen

given number down It's level. exclude foil cutting, we on that. specialty traditional a down cutting XX% Nik, meaningfully from you come it's come haven't specific when the the Yes. that -- fairly

good growth from the being other is additive to real applications performance areas emerging EV in see consumer continue demand cleaning So driven and and even electronics these the China or such areas. as by other

very business the the there. of pleased diversification we're So with

Nik Todorov

some given And us is the second cost. maybe the gross think Tim, about with impact sense to that with Because XX% implied getting a guidance? as the in And help and quarter and we're takes out can know the situation I products margin what from getting the inventory And I XX%. the and puts secured in of headwinds us talked gross higher the is follow-up you of Okay. you Russia? question full give you understand anywhere have to margin the duties also logistics there. of

and XQ have China you do to from So you to may rebuild and headwinds Russia potentially States inventory into from anticipate Europe? see as incremental -- into United

Tim Mammen

Yes.

used in crisis actually to into on increased Nik X ongoing high but of account the and relatively inventory time end slightly on It does presentation They've import is held takes amount inventory over has through US, the had. continued, they the the that given It at sort duties we're see increased tariffs. bake we've So supply guidance than Europe. range that COVID. not into have you strategic in the have and the provisions XX% holding gross some so of, top slide been through higher of in margin that the XX% chain you this account

away other costs can improve in into better So be some near-term as the potential time in as second gross It not the we go margin and in components depend duties increase yields, walking And we duties what of little struggling continue happens saw bit. consistently higher power, -- more on handle your account would we though Europe. XX% in the making relatively related high of QX to from your target to least even quality go In the inventory up. all automation, provisions because QX, transition some these near-term we're Over of does We're costs. we're the our will to obviously not bring it tariffs bake that getting America to quarter. import outside down. at likely XX% tariffs that. more It But does Europe components in and upon with then of also takes into shipping costs? though near-term, North in of into overall and salaries a import

Nik Todorov

it. Okay. guys. Appreciate Got it. Thanks, Helpful.

Operator

Please Grenga with your question comes with & next Chris Company. proceed Needham Our question. from

Chris Grenga

any margins able about Congrats during quarter. Russian connection the and types you the Are reducing morning quantify workaround quarter you're on taking talk costs? the And with my thanks that you in headwind and the measures manufacturing Good to could question. on for operations? gross Hi. of the associated taking

Tim Mammen

costs There are elevated impact quarter, and QX related in the the were first margin at Europe and by but overtaken for those much gross deal fuel Scherbakov elevated QX are are that certain But margin beginning plans provisions. derisk were were were moving of contingencies QX kind side starting at of that's shipping it partly discuss the the to challenges cost of implement this different into in is from ameliorate gross product really related To then some We supply all cost due year to costs the example faced. being strategies and where Russia. challenges impact the look On that side the main that. constraints been the the I'll shipping We implemented. with to Dr. on the can and the coming would some out of to even inventory logistics – right? to degree, on US of The to and the of hoping that logistics that. shipping COVID, a of wasn't of

some about production, our of can terms of In and shifting how progressing there. the contingency we're Dr. planning Scherbakov talk

Eugene Scherbakov

First of still United States. in Germany we're the or all, starting

components Additional very only street. kind some course, for us, third of but shift places production second this in important also for of not and also street

also the For fiber of for to But components. I'm our a talking component cost. introduce it not components some increased old these some for blacks but isolators. our labor It's plan, complete all course example of and first clear. we'll about according production

in like this independent fiber absolutely year. will our increase we countries. and third inventories will I some now course, think block and of in in of this after working of for be But we definitely. reduce the are be hard think less I And fourth different to light Russia quarter end to companies

see But seem results. we are final the are what You'll optimistic.

Chris Grenga

in disruptions there your gross the margins for quarter? China, the in lockdowns, vis-a-vis of Got the seeing impact in what QX? are in there terms what expectations and And light are COVID-related it. you revenue from And of

Eugene Scherbakov

high will because some to to it's approximately one in But it China I month lasers the lockdown. China. situation definitely now any cost What be our processing is uncertain any government? But The low don't be and difficult we'll in activity Shenzhen. next some from the make using action and cases say forecast, very completely today. but – be predictions not same in also the the production situation them same It's exactly. difficult the will know

Tim Mammen

of there assumed overall robust demand the sort In shipping forecast and fallout terms the factors It continue pervasive. And activity even the come a did actually standstill. our wasn't wasn't given in could guidance, the We shutdowns the end the end of was like revenue is assuming of fairly right? by to that factored range. they China more uncertainty it top become of expected bottom a get catastrophic a range and that's low-end that number of of to some of there. the kind into But

Chris Grenga

then book-to-bill helpful? one queue. just And hop in it. But region for me you. the any would by color Got last I'll and on the back be Thank

Tim Mammen

Yeah.

the strong. into there's to different I terms give think a mentioned QX really second, got us at flow. number that order We that in of visibility orders which in was the interesting third were actually that fourth of we've look bookings very source quarter of and

significantly percentage of North really a thing order bookings the in up much bookings. percentage little of in this relatively bookings lower year was compared of of So higher. total quarter total as the and America, out to bit But higher a were where the of And good you the that's of the China and a was out was that it if kind sort revenue, of countries. flow ago was it speaking, change the China Asian Europe structural other first on made

medical in some as should America business example, quite which the applications. some quarter orders application the from recovery then processing It very processing And in third second you strong for business was telecom, order had the good help We've It's across a solar They applications. bookings cell North bit the well. different Europe. materials is really Japan. for flow to diverse. broadly that little got and see had the of the some with all always some about applications, strong materials in Korean So good in on

the ship was to received of So that diversity backlog well. as world the in really would and second I and third of diversity quarter thought really like I the a it in the the was real rest booked that the positive. start and

Chris Grenga

very you much. Very Great. Thank helpful.

Operator

with Our question next Davidson. Diffely D.A. Please with from is Tom question. proceed your

Tom Diffely

little the that maybe for of R&D about a your the I of what to to Russia, Thanks and total morning. some ability question. regions talk hoping other move efforts Good time? could was over you is effort Yes. bit activity the the in percentage there

Eugene Scherbakov

in outside United Italy have and strong States and some Russia, a course we About very of places. the Europe team and LNG other

in depends Of it have different comparison now but course, we very all our activity to in is some small independence products.

products in Our developing United the applications now emerging main and States. in for are we mainly Europe

example, United particular. For Germany good very in kind pulse lasers we development and made LightWELD, the results. such in also States High-power demonstrated in develop in Europe,

potential big now important early in again, also $XXX to point example, XXX, in it's not And us countries. but other the view in main Europe. outside It's our States Russia, about are For one activity laser year very also this type United would a but XXX Russia development about from I of underline of one like this in give this very can have train again China, mainly power only we million average in pulse revenue.

Tom Diffely

or Okay. long-term the and driver the Tim, getting perhaps look time, When a cutting back double-digit That's very a look bigger question. helpful. few then years I growth appreciate you of is at growth? maybe to you that welding when that. over out growth And

Tim Mammen

it other think going So of at the really additive rates, processing and look the optimistic of can like, we're like very – applications, issues welding has. it that on you market, growth in materials things cleaning, if solve to you're terms have I the some to

in in interesting, the very very tools market, the be cutting of market similar higher very cutting actually rest of it – in historic even that in sold and be and And implies think terms to the you systems quite right there for is rest of cutting unit it's growth of are whilst at the that resides growth that do the in than cutting the the rates though volumes, I think in grown market. the total that the is number expect has in very of so dramatically I when cutting world, because China it are look particularly underpenetrated is some of against is so to a if plasma used world we still There bunches legacy way machine to world, systems going runway China. even. considerable similar the of a in terms rest usage cutting a the

interesting you So see rest potentially, tipping there dynamic more laser of that there's could an you where on market more if point of get cutting a the world to adoption, expand actually meaningfully. the

Tom Diffely

the color, the question. again and thanks Appreciate for

Operator

Miller [Operator Company. Mark question with Instructions] question. from Our proceed with your next Benchmark Please comes

Mark Miller

Thank the you question. for

margin quarters. last the expectations for June what's quarter? lower I'm below of midpoint Your driving couple margins least projection is in the at wondering, the

Tim Mammen

Sure Yes. that. Mark. about the call We of little bit mentioned beginning a

to provisions import elevated pressures higher a costs. would higher the and see some the component bit the shipping tariffs costs basic Those America, in as account would impact into related They – got have inflationary continued to taking level guidance into imported be to and number. around QX in headwinds drivers have little So be well. duties product continuing expect inventory major North

different So there's there. a number challenges of out

Mark Miller

attributing of the are follow-up question, products quarter? introduced sales you what percent last Just recently a

Tim Mammen

was last It XX% quarter.

Mark Miller

you. Thank

Operator

comes question your next Michael Feniger with America. from Please with Our question. of Bank proceed

Michael Feniger

missed I if apologize, earlier. I question. my taking this for Thanks Yeah.

second at do And the ramp producing the – still in when what quarter? rate that down? to you utilization So at today? that Are your when facilities capacity does expect Russian we is that

Eugene Scherbakov

components. Our production what again, it kind of depends

and this main outside. For it some components, produce But realized quarter. in to we our health of components will end decrease definitely, will year, third second the as

are also, small for which looking are We additional for and on. components, we our suppliers some now And will outside produce outside. power rates from so we in using example

third to kind products. any important now, have are in not quarter. in rate we fourth producing components of, to Up to our decrease Our and we they such projections have some Russia again,

from producing our customers. to yes, requirements Some they're components satisfy

Michael Feniger

your -- And year-over-year. which they a record it. were inventories mean Got up had I XX%

stock. a Your recognize revenue I was up you're building X%. of lot

us think help to these you levels? we inventories about the the demand comfortable buildup will and build to these throughout Like Do that with continue are inventory understand accelerate? to how this we upon Just us understand of year? help because Tim, think levels

Tim Mammen

So, to that different aspects a question. lot of

and both on think -- it's the faced parts. I numerous that external there's the and issues supply -- right components of challenges the all, and particular PC PC and internal has side electronic opportunity chain external board company different in so, first boards

relate external see we relates when So, look inventory our some that the in of inventory increase analyze area investments chain and to you of and can that would to supply issues.

then So, that some can enable we've the that And meet chain from derisk building for built them supply inventory demand and we components customers. locally and Russia a we're example ensure our to to of for products inventory in of optical China. chips diode continue diode of to that produce lot the other

deal that trying is person. that to that think we're that's if actually and opportunity course, ,with at like that inventory point two, this much financial from this at a very But you can perspective of that way. investment say justified you only So, don't turns around it as the look in in and the needed time financial warranty are that much you purely at a that risk is look I if cost I below you not very and a think

we're that most pretty more intent well. managing that's think contingencies the I also and it's and doing within looking that like how we're and it our the at behind important planning So,

even But the worth of we to COVID time where product issue quarter we couldn't chain if dollars' managed the well. had through go I chain of whole think rest due we ship one the supply that supply issue a you COVID I few think back right, -- through on we supply pretty million chain.

look risk to kind significant opportunity inventory. you on it. at period to very So, this. the until provisions time that is I over downside difficult of get The it's quantify is a potentially The higher risk benefit through of basis on going very that That's some how benefit. inventory you're run

there's onto and Of like see course operational very this much operation -- inventory but as a to an a lower, as I'd well. risk CFO, an

Eugene Scherbakov

the to from delay is But Yes. product our in point of course, our all, of this to of customers minimize first time. risk to CEO, guarantee we our shipment why

with one two a up please about -- increased dramatically to some to in typical customer. -- stable we have would six some customer This that times. stock our these like remind for could are come we up after would cases, imagine? typical guarantee also years I these XX% XX some Can order. components if to up In it necessary In placing year. our is and our buying we weeks increased take the components you to keep to for components components. way, would for shipment like one three all after they or why Our four That mind to production. we some in we like to XX% chips companies mainly for support shipment. this during only to price But our Other

other -- keep to an No have this way. We inventory. inventory

Michael Feniger

And Europe, that. makes That for sense. just obviously strong. Europe lastly on you really Thank was

high customers demand, you to felt for also supply. you just mentioned but forward cure Tim mentioned You some pull

pull April, in just was that maybe forward. seeing you're like, what a that curious you told Just

just of implications on You're curious, terms there and sector seeing seeing right kind headlines markets Germany some in auto truck European the I'm about you're Russia/Ukraine. sector and with Germany, now? your what in of

Tim Mammen

to inventory, mean, chains us People and ensure like secure. pull the right? I bit a it's are their So components supply more device some want forward, of building

bit we but around weaker, What fundamental rest We of pretty shift it are mean order I European Asia related tone. American we maybe is much was flow I we're in after In and fairly haven't relatively the massively in a the amount. strong of mentioned at still China -- The any thought wasn't time. that. remains this general it to seen is Europe, quarter? point seeing in some little -- sort Yeah. like, So, tone globe okay. North or a seeing of significant

supply and challenges around of the some that. all things to referring So energy other the issues like

the looking going at machine In because what right? the dramatically, I in of laser. is in IPG, benefit other there's most efficient term you're out of Europe one there over longer terms fact the energy cost sources potentially of and fiber And tools up think electricity

Operator

comments. of We've back Fedotoff, turn the to over now the to session. I'd reached the closing like end Eugene question-and-answer for call

Eugene Fedotoff

Thank you interest this for IPG. morning us for and in continued joining your

looking of this a coming everyone. speaking number you, forward with Have weeks. quarter a participating investor be over will the and events to We in great day

Tim Mammen

you. Thank

Eugene Scherbakov

Thank you.

Operator

today's concludes This conference.

for You participation. may disconnect And thank time. lines your you your at this we

IPG Photonics (IPGP) 3 May 222022 Q1 Earnings call transcript