IPGP - Earnings call 3 2023 | IPG Photonics Corporation

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Operator

Good morning, and welcome to IPG Photonics Third Quarter 2023 Conference Call. Today's call is being recorded and webcast. At this time, I'd like to turn the call over to your host, Eugene Fedotoff, IPG Senior Director, Investor Relations, for introductions. Please go ahead with your conference.

Eugene Fedotoff

Thank you, Rob, and good morning, everyone. IPG Dr. is today me Photonics CEO, With Eugene Mammen. Senior Vice CFO, Tim President and Scherbakov; and

XX-K remind detailed such that the file period the results company's for me by statements. of forward-looking risks Exchange IPG's call section Form risks those or these IPG in Let and obtained me from and with on may of the to of statements. filings that website. and of the predictions the could are projected are December reports discuss differ in this website These course XXXX, uncertainties forward-looking forward-looking materially Securities XX, management's subject future Commission. or ended Copies that Investors SEC's visiting actual be or the company's Photonics' These our statements expectations statements intentions, the are made to the during the cause

the of the Any no or call this or release any any are forward-looking revisions and XXXX expectations XX, updates to as made such statements company to October publicly statements. company's predictions obligation on assumes today,

our details financial on reported data Investor posted please earnings press refer on release, and earnings we're additional For the website. Relations the to call presentation results,

completion call. remarks prepared the will post also We these website of following on the this

over With call I'll that, now turn to Scherbakov. Eugene the

Eugene Scherbakov

everyone. Good morning,

customers further revenue declines market applications. the Our reduced revenue a in welding in in and decline demand applications from and and third e-mobility was markets sales industrial quarter Lower negatively cutting, impacted softer by amount industrial a in drove China. of demand

in market China. the see strong complication cutting We addition in in soft to also demand to continued [indiscernible]

our high with at delivered quarter and margin even earnings per of lower gross pleased the our performance operating this we guidance. and But with revenue, improvement share end are

for behind and spending, Europe, customer positions. While remains the a this is laser significantly less laser competitive these equipment high-power America continue Japan market and on China [indiscernible] uncertainty weigh North increasingly We adoption in in cutting. believe geographies strong and economic conditions capital to that uses in market

in We're automotive provides also seeing well technology across markets industrial join high-speed building materials. geographies. ability as welding accuracy all and general many and ] dissimilar and [ as precision the adoption of heat input to laser Laser

] [ adjustable complementary in Welding measurement [indiscernible] great many a broad technology applications lasers welding provides and solutions across is for and different real-time the mode reliable for system a that beam a of fast range Our industries. welding IPG

related investment revenue We growth investment We fluctuate Emerging in capacity total past AMB EV in accounted e-mobility a quarter-to-quarter. lower due the to is likely applications to decree quarter. laser that the on saw XX% product sales third in and in battery decline for of demand pulsed said China. power the battery to high EV

services. Our in some e-mobility production expansion can very provide our and large lumpiness size projects in be

better others. As a result, may years some be quarter, than even

However, IPG the to we X a the next investment expect continue in to cycle [indiscernible] great opportunity years. for X

to the still storage sales. North to support Europe and capacity may energy batteries the even require is vehicles need and will future. potentially higher growing manufacturers to battery [indiscernible] support sustainable to China, additional America, Also, grow more transition a build for Energy and

extensive Our continued the a [indiscernible] Xx speed Europe of sales in driven in and [indiscernible] further holders LIBOR grow, handheld by welder rollout up requirement traditional to training.

the We demonstration FABTECH this live the are the this the [indiscernible] seeing of as satisfy simultaneous to in and interest interest. community year welding high show at device

and [indiscernible] light [indiscernible] curve continue still other on weld in adoption also We in and U.S. market promote geographies. to

can potentially and been training a But had ] the like technology devices. XD that in consumer lasers [indiscernible] seems anticipated. seeing further many XD a and shown that of is for applications. printing manufacturing reports drive significant increase Industry adoption. metal there printing is has being also suggest it Both technology are We new tested that catalyst [

higher AM XD mode laser We can market, providing a multi mode strong structure lasers Xx melt single rates. printing to additive position parts are with [indiscernible] mode from [indiscernible] a powder metal recently and the output or in this and is [indiscernible] using especially a stability This new to high-quality [indiscernible] to create laser cast move build was for design, to higher up to manufacturing. introduced

system Finally, be inventory quarter. fibers you continues which sales and large gold after are considering driven improved our the as the the by medical standard by in in prior in adoption our to applications. in expected medical business Growth reduction of customer laser [indiscernible] consumable

our We to significantly are gain lasers technology [indiscernible] and a advanced larger replacing in is market our also older seeing used to much market growth which And is compared medical by traditional is share technology. aesthetic applications, more this laser aesthetic goal fiber applications. in strong the

We to opportunities so to medical sales. new are and business becomes broaden meaningful contributor IPG further our [indiscernible] more the to portfolio it grow

revenue In summary, long driven diversification in I IPG remain our optimistic the continued term. products of about for the and growth

our customers. product and eco-lasers have reduce this cleaning for and high-efficiency laser new our year We for help our impact a ramifications promote environment that the introduced

thank and turn employees over call to the for will in the Tim to I to ] contributor would financial now I our like discuss strong [ the highlights. quarter,

Timothy P.V. Mammen

earnings the presentation, Eugene, Thank available will I Slide our financial website. is generally with review Investor start morning, X. you, on follow everyone. good which My and Relations will comments on the

$XXX was XX% year-over-year. quarter million, third a the decline of in Revenue

other revenue decreased by nearly reduced flat. applications approximately year-over-year, from headwinds revenue XX% currency X%. Revenue from Foreign applications processing while was growth materials

basis, in as as as sequential managing year-over-year, was margin inventory manufacturing points and revenue an GAAP increase and on costs which focus basis provisions costs driven inventory and improving margin an of was improvement as reduced shipping lower a efficiency. we on lower On improve reducing by XXX absorption a XX.X%, gross tariffs continued sales. to costs, manufacturing gross percentage of of well

margins ability operations reduced and our a support investments. financial to with the ample and I improve spending from equipment generate our the revenue headwinds to pleased current operating and challenging to worldwide, and future to resilience to am flow continue Despite environment, of the from cash model capital company's

also X would as be to been $X year FX rates quarter. higher U.S. impact expected million exchange we revenue headwinds a had the dollar gross higher. million to in the be and negative profit ago, to same If the relative $X had have

operating income XX.X%. the or XX% was GAAP discrete was $XX margin was was share. operating quarter in $XX Net benefited per million certain effective from income rate million, diluted $X.XX items. and The tax and

small foreign share. income Foreign and related $X.XX on currency exchange remeasuring to liabilities operating assets transaction to a of impact had $XXX,XXX rates per gains or period-end positive currency

like $XX the on $X.XX share gain business. per to that or diluted from transmission year's benefited results I'd sale million of remind you telecom last the

operating transaction and recovery the expenses resources a as nearly business of related gain year-over-year. charge and invested we in Sequentially, future to asset increased as sales primarily while sale our Russian were Excluding growth gain, still expenses the restructuring marketing impairments to last telecom operations development on the of currency well and [indiscernible] unchanged drive in as expenses. research year, and controlling

Moving in demand CW high-power laser revenue and of in power to XX% The of cutting flat Slide decreased approximately applications to China of in was lower total decline primarily CW kilowatts of ultra-high sales. Sales lasers Sales X. due total lasers revenue. represented represented Europe. X high-power XX% and sheet XX% above

and technology, demand delaying China adopting We reducing been of the laser uncertainty with by impacted customers has inventories. economic outside continue but purchasing to see OEMs

year-over-year, in year-over-year, applications. sales due laser year-over-year decreased decline laser to marketing X% sales a increased sales sales offsetting down telecom applications. in X%, X% systems. laser growth and advanced XD in driven solar and cell increased System in Medium to other decreased in lower due and Pulsed and applications. increased printing in with non-laser by power XX% LightWELD sales QCW lower welding demand were sales higher product sales revenue

XX%. performance growth in as saw a America well welding Slide on region and higher sales. Revenue Looking at in and cleaning our strong North as by parts X. service We decreased applications

and by However, cutting, was sales allocations. growth lower advanced offset more telecom this in than medical,

by customers. the region declined well OEM applications, In Europe, increased weak cutting, destocking and weak some the and driven in by marking given industrial impacted was to -- applications. by Revenue semiconductor and X% sales demand Revenue which macroeconomic perform environment. welding growth cleaning continued were and

decreased Revenue in cutting, industrial XX% marking. including as most demand across welding and year-over-year China declined applications,

impacted applications projects demand delayed in by lower -- revenue and competition the in and sheet e-mobility products market negatively to battery new expansions. decline cutting Additionally, capacity a in due was flat

summary cash, cash of with sheet the and and investments Moving equivalents our to balance flow a cash $X.X quarter ended We billion on of X. debt. short-term Slide no and

period sequentially, million and which buildings Our last $XX and fourth operations decrease in target expenditures year-to-date, expenditures in inventories in continue We the to same $XX million million were million quarter. X under the $XX the quarter. inventories was in means well are quarter, during provided capital $XX year. reductions realizing proceeds, Cash below net the sold capital just we by further

shareholders While spent of in we significant approximately quarter this returning through repurchases. year. opportunistic the maintaining $XXX repurchases $XX and We share share a been sheet, to million strong a amount million third balance have on capital

Moving to X. on our Slide outlook

trending X the regions. manufacturing indicators quarter was Leading and Europe manufacturing Third resulting all major lowest a project in the orders since macroeconomic uncertainty reduced book-to-bill level to with delays in in XXXX below are recession.

market in demand and in XX% the overall Chinese to the are stimulus. is recovery While economic some believe down remains despite China of mixed, XX%, cutting we timing indicators an government uncertain

manufacturers Chinese from remains Competition stiff.

outlook. related to capacity to battery the expansion in provide project delays China Additionally, further uncertainty

should continue restart several of to the fourth believe limited next XXXX the as in in have sales outside beyond to stages and increase well. electric we China China in should the battery continue Although visibility is increase. as into in capacity battery we vehicle years early Investments investment in orders quarter,

and benefits spending some expect onshoring the also industrial from We U.S. activities benefit in government to activity

XX%. $XXX diluted between For XX $XXX delivering estimate the of of $X.XX expect earnings deliver The diluted share of in shares XX% to margin gross to revenue -- approximately fourth $X.XX XXXX, million with per we the million. quarter quarter outstanding. fourth anticipate range and is million common we We

earnings market the today's in discussed press risks with guidance outlined rates release, harbor referenced and subject and upon is based earnings of company's passage in reports to release current is our our expectations conditions SEC. safe the the exchange and in assumes harbor the press safe As

we'll your questions. happy be that, take to With

Operator

[Operator Our first question Stifel. from Instructions] with Roy comes Ruben

Ruben Roy

on that I because that mentioned visibility. Dr. wanted restart to I said to China. there's potentially sure sounds a XXXX. was I start point, lot less should investment like Scherbakov, Tim understanding it Tim just at right commentary battery in that And make wanted this

little certainty. lot positive like of I think thought some we sounds days investment in your probably when that's weekend in XX was call a on catch-up of and get and you there's a tone would ago China. terms less the commentary batteries XX ago, it your from days And a more for

you half would for maybe [indiscernible], be if that just thinking about first maybe you're through that the how XXXX could So helpful. walk us of

Eugene Scherbakov

clear. have I are for course, days, you But it's now for your XX temporary, increase the applications. And in saturated, Thank a forecast, And many next forecast, [indiscernible] in And the discuss first applications. little for is account half. questions. China be will of is potential and about year, definitely and question it's better opinions our manufacturing of [indiscernible] main lower production will that year it half second total forecast customers the and not visibility existing course, bit these during with also e-mobility but of our the XXX%

of it's course, Of and EV the about China. we environment conditions, kind applications total definitely in on total, optimistic so strongly -- the for in in so on. will But the political it activity situations depend not what

Ruben Roy

XX% mentioned the down Well, aggregate. Okay. helpful. you market cutting then, that's think XX% was And I to Tim, in

exposure I cutting think than is that. a your China lot lower in

sure had helpful. us I And actual that number, an can you if would give that make right. to actual wanted be Just --

Timothy P.V. Mammen

is cutting by think XX% I And companies public about Chinese market, QX. some the to XX% talk that in right? we of that's who Chinese been the reported in numbers [indiscernible] overall the So have shown other decline

total below our Our sheet sales. consolidated still sales China well cutting flat are XX% of

has on basis, seen really quarter, didn't was stable still But and on really, the This strengthen up in in side. as weaker QX, that softened quarter a QX. QX down it a some cutting the of original the guidance showing demand relatively it's performance at EV our all. reflected and year-over-year really, bit the But in China little during having in

I'd totally, that of covers say kind it. So

Ruben Roy

here. and run lower question with holding Yes, see absolutely. a gross the of rate in great lieu margin And if I the to last could sneak the even revenue in guidance. up It's

gross revenues getting new Germany that there, the don't have didn't utilizations could some inputs to yet factories talked an the with in you too do, next just Tim, as And medium-term the year? much potentially or recover about, here from factory up. I us of maybe Maybe margin thinking of you start walk expanded think some through factory on to

Timothy P.V. Mammen

Yes.

of terms lighter so -- trying down think XX% I've weaker in a my put may total in I used XX%. margin because your to number bit primarily -- I'd is gross the little QX. a quarter, I be to range inventory X so we're top I bit on guidance to That's right little percent in still into of a in of provisions coming be a bit inventory below conservative get little end absorption mean QX, a bit at meaningfully addition of the but and that. that not more the

QX the see think above range if particularly, XX% recovery and they're levels And XX% trajectory that revenue the into to is back though closer. I to evidence at. that and is you XX% in get from ability a coming

margin, -- time. interestingly So achieved quarters lower we've each of actually gross improvement on revenue on on X sequential

yield Poland, have volume we the increased quarter the that of favor down. come has to making to a want started block, total of example, them quite over price some at not the and contribution. produced seeing are meaningful but certainly for product we be It's still there's costs in target of third So a

that done well do has total very wanted Italy So initial level of that cost manufacturing to the an we their their improvement. getting to and some be them so. would in

But out cost or higher of significant product of the there's to on cost on initiatives on months the the power next new take going moment in of X other so, lasers some work generations diodes. -- at

was the had a terms [ of is revenue, pricing medical quarter well. Korea we help of more rates But related it that weaker mix stuff, total of as good with and ] the applications other a total strong lot being mix the of welding some revenue, terms resilient margins share but to can Japan in in where -- in a

I really haven't walked get there's things in that But can away is there. lot from that than we you. margin back that shows a into XX% what gross of higher this go So you think that

Operator

with next Our question James comes Ricchiuti & Company. Needham from

James Ricchiuti

to in I to like vendors is to the more I'm more for Had area guys seeing, hardware about -- at And coming be XD space. the have up bit hearing is And these this that's seem more? you're talking a printing the wondering year. positively seeing been past electronics demand mainly we consumer about bit you're would over primarily from China? little a applications, follow in It's an you are least the what what

Timothy P.V. Mammen

through think good coming demand electronic vendors of of quarters, China. There first in additive the terms in hardware stuff was couple moment. flattish out had is I QX. there's has the -- visibility European Jim, the sort The the been any it in of fairly of at consumer good Nobody

large China stuff it got the saw Dr. Scherbakov on of lot a in So visit, very -- XX a still is is actually his with lasers? at system aerospace.

Eugene Scherbakov

as is large lasers metal. XX far simultaneously as of growing part very

Timothy P.V. Mammen

any the has anybody potential visibility don't have electronics we don't So into think demand. yet. I consumer

James Ricchiuti

try And to my wondering, years but the was activity did size quite notes, ago to I'm find the activity bit you business. you in guys were seeing are I XD a back, it Tim, relation while it you at a where have peak printing few a to when on? in early of encouraging where And somewhere

Eugene Scherbakov

the position has very much industrial course, a strong but absolutely position, must to realistic for they also it market. now, a applications. strong Definitely for more is use a was, And power additive some And kind why? product very also distribution. a of very means was -- parts, be laser market. this this for to from X Chinese definitely But kind stable, operations. stable some in was it [indiscernible] This stable or then a it's technology such this this of done. manufacturing. continuous at of in Because think was Up view, I more customers than And ago, overestimated is have now not the And laser our we a well the point very application use XD of why beam because activity years time, have month such [indiscernible]. have for course, on it our of laser estimation of only the printing to future it IPG

-- we couldn't introduce laser such improve of not And in kind -- XXX this only not more they solution this optimal to power you laser. optimal lasers It's stable. a very if they when is evaporate productivity [indiscernible], and mode, increase to in Only application. use metal. because many it's maximum [indiscernible] important. This using using And quality you they're [indiscernible] using power. increase [indiscernible] AM our watts, with possible. much parallel can solution. working this adjustable for new especially adjustable to -- only [indiscernible] by And They're increase have but power the stable power they're of technology, lasers case, important, simultaneous very opportunity couldn't why It's usually, XXX,

James Ricchiuti

And regions? I it was question bit being and vary Tim, bit on did Or the in book-to-bill, that emerging final a all is could the weaker? And major was certain stronger. little similar just just your clarify maybe, a if regions Obviously, the then on it business. follow-up in

up? momentum. about in in are And Excluding we the general, printing should which how the getting some XD just e-mobility, seeing medical, picked And sustainability you're emerging clearly, going you forward? think

Timothy P.V. Mammen

that their even is [indiscernible]. say though a bookings of I reasonable. PMIs performing qualitatively beginning book-to-bill sure I'm in at it. believe been not have around was say challenges has softened actually certainly of cutting was been well year, their think the the quite very -- Europe massively it's China some have down. got struggle. slowed I'd I is terms it weaker, mean I Europe Yes. through probably at The revenue whether to has but QX business not

very Japan, had positive [indiscernible]. actually -- again, more in in stuff Some of Korea good was the

actually I'd North of order of behind terms but Some as stronger expected, American that very for some it, it's to the America, static medical than at huge a of amount the product say, North in a economy it's was a Yes. right, moment traction [ large outperform bit probably got not Europe ] is is continues Europe.

qualitatively, that be [indiscernible] on my would that. So

growth a you things of the some couple has rebounded. the of I medical On highlighted think emerging like products,

on we to it basis. was that positive, that we some do with of total network got out Take more [indiscernible] actually rollout to of expand would to that versions continue and LightWELD work distribution particularly was well, LightWELD in a as and And looking As the up, of cost we've the said on so product. the global it. new product for

Some of the actually, also the well. applications semiconductor -- advanced some of performed

in grew that the pulsed, there. quite cleaning cleaning [indiscernible] actually Europe. revenues of Within stronger of Some some -- weaker, but high-power was was well

pretty even products well. well, revenue. emerging lines XX% above product And growth perform nice we're So didn't that the still particularly performed was within still some of there

I there. got positive. think them were I all That

Operator

[Operator Bank Instructions] Our Feniger with of Michael next question America. comes from

Michael Feniger

the some Tim, side, you inventory made nice improvement.

And sequentially. that? if of takes that. early fourth get think on how quarter? in about you'll out think fourth demand quarter done out focusing them at XXXX [indiscernible] you really we this that took Do most I you to be think stay the by thinking the able talked you're kind You Or Curious you're about of you do level?

Timothy P.V. Mammen

a see that at, this going to days level get No. still We're we running is of the quarters in activity. to I -- level right? high given it terms the take level take it to down several to mean, like at continue to of

So to on it at. to down level it it's continue to want QX. continue in bring to the going we that to several though, going quarters, take to It's -- be working we're

related there's down an when certainly part. extremely from have inventory, Some that's made were of started and inventory electronic of those lot it's tighten down. that though come -- components run that produced to parts supply not as was purchase a that purchases slow to chain They will in commitments internally you as

third-party are -- impact on control them consume purchase rather it's purchased as -- immediate you from a get third a produced component. So like party running an because you that internally than components absorption electronic down that wouldn't running to lead as the under

it's and of -- so a pleased to at going progress. in several quarters to with stabilize to it the far continue the in right least it. is kind moving direction. I'm inventory work yes, we've managed But way do to

Michael Feniger

know the I -- just of there's China. on EV lot focus in build a And asset

there Ford seeing, because sure the already? seems how there be on there $XX headlines U.S. were pushing of on Tesla, going GM happening the just could Just in Tim, curious with you're are you bit Just little right like demand that side, plant about you've a exposed right some a CapEx U.S. seen, a are on billion also I'm there's out to strikes It some based now around there. pause EV now. with of

you're more that So you How to just seeing curious forward? anything that rather a than of what you're And critical seeing going there? pause indicative more is now? if

Timothy P.V. Mammen

level, more several to the Our the reach meaningful starting of next if of have will our on view that have couple much start continue improvement and of for going mean to total view to I see is that. looking pick that the announcements come 'XX even that year, there some vehicles, 'XX, capacity at investments and up. half bit should second they're have a transition is But right? to towards pause, is weeks. electric a a see last the You if in is

Our some exposure be quite can in North high. it America quarters, on

significant needed And was 'XX, it we but clearly happen. to us, that and guidance. I we've for happen revenue You've welding to investment in that with will got mean, projects EV of rebound America in EV in a not do some capacity in North for isn't in delivered a -- our totally a that's and But for 'XX EV There's driver equipment dependent need it's where hopefully, in EV. 'XX. upon QX North business view other amount a America meaningful

Eugene Scherbakov

us is requirements because or not components. some only interesting it's for only America, lasers And for on not for applications

to start also customers We to supply our system. complete a

already clean for stage, additional new of this. in product, pipeline the orders manufacturers applications to one start to was biggest for ship For use some applications, our example, EV and cleaning a are

us, our very technologies. new to important it's For demonstrate

Timothy P.V. Mammen

is thing Sorry, other are we Mike, expanding application. the the that

drying come in for The coatings different of that first whether it's So for where some or the from applications EV, even bunch the drying will of can even be very just QX. the -- drying, is -- laser across more by -- market the used amount that the on areas. feedback meaningful way, [indiscernible] revenue not on whole overall

So that we're looking at within The and set as specialized. some is on battery with as well applications to other are customers us working different applications more cutting are continuing application expand, well.

Michael Feniger

that That's helpful seems color. some think I guess curious you that, drive production. are kind expanding if since growth the It maybe ways shift? at taking following gross you the to of a in curious would margin down, you how or guys how more Tim, that got on was growth like you if that, you the big of that progress if pricing up margin lever, changes maybe some side, picture, range reinvigorate with higher would historically? of in Just that the made of a on [indiscernible] making on think least unlock I'm application though, given about type kind set. the

Timothy P.V. Mammen

faster. the and significant highlighted non-EV We LightWELD welding [ when LDD integrated customers, right? side, overall systems even applications, In for a lot on is investment. returns huge [indiscernible] price benefit compared the with it on I driving the of delivery you EV think Xx of the [indiscernible] to lasers of and really these, ] even combine productivity amount a drives on end beam

that the down you're Chinese is than going to last has overall years. think X try come not with the dramatically issue the magnitude and cost over and price like on to I the lasers So that of X the XX% a greater very pricing reduction. It's compete it's don't

of a isn't we the of of continues issue, couple cost out be So proposition be said around to bit we quarters at a overall to Having be the of of decreases lasers, value pricing actually lot the next as aggressive we more and this able technology some over those cost achieve think don't whilst higher increasing are looking a the taking margin really power significant. well. pricing if we will very that,

Eugene Scherbakov

we start very to be initiatives, important. standard, cost manufacturing to quarters [indiscernible] mean, I really introduce It lasers the the will standard market. but course, of introduce next Of reduction such also new -- kind cutting of initiatives and But for lasers X, a cost that for for not a will cost the very applications. reduction platform it's -- technological significant we new are in and important X

Operator

next Our Benchmark Mark from question comes Company. the Miller with

Mark Miller

Just wondering in sequential sales? what the other improvement are

Timothy P.V. Mammen

advanced main drivers, Rebounds business medical X the quite in semiconductor around be of some and would probably strong. the the then other are Those applications Mark.

Mark Miller

continue there. to well [indiscernible], green well of lasers else do what products? And is doing terms in

Timothy P.V. Mammen

Sorry, in which products?

Mark Miller

[ lasers products. Green still are strong ] Emission there?

Timothy P.V. Mammen

whole bit for quarter, Actually, but a new green weaker of was we're on a little working bunch this projects green.

within very medical, was was it though So in a advanced applications, strong the the quarter even hopefully did cleaning see well. LightWELD general, on weaker some the a well. pulse again performed welding. recovery. high-power And strong was performance emerging of bit on Welding

Operator

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

Eugene Fedotoff

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

participating day, great quarter. you in everyone. looking with speaking And number Have events a investor to this forward soon. be will of We a again

Operator

concludes This conference. today's

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

IPG Photonics (IPGP) 31 Oct 232023 Q3 Earnings call transcript