AEIS
$80.08
Advanced Energy
($.99)
(1.22%)
Earnings Details
2nd Quarter June 2022
Wednesday, August 03, 2022 4:05:00 PM
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Summary

Advanced Energy Guides In-line

Advanced Energy (AEIS) reported 2nd Quarter June 2022 earnings of $1.34 per share on revenue of $440.9 million. The consensus earnings estimate was $1.07 per share on revenue of $400.0 million. Revenue grew 22.0% on a year-over-year basis.

The company said it expects third quarter earnings of $1.00 to $1.60 per share on revenue of $410.0 million to $460.0 million. The current consensus earnings estimate is $1.29 per share on revenue of $415.91 million for the quarter ending September 30, 2022.

Advanced Energy Industries Inc offers power conversion products for direct current, pulsed DC mid-frequency, high voltage, and radio frequency power supplies, matching networks, RF instrumentation, and PCM as well as thermal instrumentation products.

Results
Reported Earnings
$1.34
Earnings Whisper
-
Consensus Estimate
$1.07
Reported Revenue
$440.9 Mil
Revenue Estimate
$400.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Advanced Energy Announces Second Quarter 2022 Results and Increased Share Repurchase Authorization

  • Total revenue was a record $441 million, above high end of guidance range
  • Semiconductor revenue was also a record and grew 30% from last year
  • GAAP EPS from continuing operations was $1.19
  • Non-GAAP EPS was $1.44, above the high end of guidance range
  • Increased share repurchase authorization to $200 million

DENVER--(BUSINESS WIRE)--Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced financial results for the second quarter ended June 30, 2022.

“Second quarter financial results surpassed our expectations, largely due to improved availability of key components and good operational execution,” said Steve Kelley, president and CEO of Advanced Energy. “Customer demand remains strong, and we are pleased by the level of customer interest in our new technologies and products, the foundation of our long-term profitable growth.”

Quarter Results

Sales were $440.9 million in the second quarter of 2022, compared with $397.5 million in the first quarter of 2022 and $361.3 million in the second quarter of 2021.

GAAP net income from continuing operations was $44.8 million or $1.19 per diluted share in the quarter, compared with $36.9 million or $0.98 per diluted share in the prior quarter, and $35.5 million or $0.92 per diluted share a year ago.

Non-GAAP net income was $54.3 million or $1.44 per diluted share in the second quarter of 2022. This compares with $46.7 million or $1.24 per diluted share in the first quarter of 2022, and $48.1 million or $1.25 per diluted share in the second quarter of 2021.

Advanced Energy generated $37.6 million of cash flow from continuing operations during the quarter, repurchased $17.0 million of common stock and paid $3.8 million in a quarterly dividend.

A reconciliation of GAAP to non-GAAP measures is provided in the tables below.

Increased Share Repurchase Authorization

The Board of Directors increased the Company’s existing share repurchase authorization to $200 million.

Third Quarter 2022 Guidance

Based on the Company’s current view, beliefs, and assumptions, guidance for the third quarter of 2022 is within the following ranges:

 

 

 

 

 

 

 

 

Q3 2022

Revenues

$435 million +/- $25 million

GAAP EPS from continuing operations

$0.92 +/- $0.30

Non-GAAP EPS

$1.30 +/- $0.30

Conference Call

Management will host a conference call today, August 3, 2022, at 4:30 p.m. Eastern Time to discuss the second quarter financial results. To participate in the live earnings conference call, please dial 877-407-0890 approximately ten minutes prior to the start of the meeting and an operator will connect you. International participants can dial +1-201-389-0918. A webcast will also be available on our investor web page at ir.advancedenergy.com in the Events & Presentations section. The archived webcast will be available approximately two hours following the end of the live event.

About Advanced Energy

Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support for customers around the globe, the company builds collaborative partnerships to meet technology advances, propels growth of its customers and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.

Advanced Energy | Precision. Power. Performance.

Non-GAAP Measures

This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. Advanced Energy’s non-GAAP measures exclude the impact of non-cash related charges such as stock-based compensation and amortization of intangible assets, as well as discontinued operations, and non-recurring items such as acquisition-related costs and restructuring expenses. The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures provide useful information to management and investors to evaluate business performance without the impacts of certain non-cash charges, non-economic foreign currency remeasurements, and other cash charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives, make business decisions, develop budgets, forecast future periods, assess trends, and evaluate financial impacts of various scenarios. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. Additionally, we believe that these non-GAAP measures, in combination with its financial results calculated in accordance with GAAP, provide investors with additional perspective. To gain a complete picture of all effects on our financial results from any and all events, management does (and investors should) rely upon the GAAP measures as well, as the items excluded from non-GAAP measures may contribute to not accurately reflecting the underlying performance of the company’s continuing operations for the period in which they are incurred. Furthermore, the use of non-GAAP measures has limitations in that such measures do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.

Forward-Looking Statements

This release and statements we make on the above announced conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," as well as statements that events or circumstances "will" occur or continue, indicate forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: (a) supply chain disruptions and component shortages that may impact our ability to timely manufacture products and deliver to customers; (b) the effects of global macroeconomic conditions upon demand for our products and services, including supply chain cost increases, other inflationary pressures, economic downturns, and volatility and cyclicality of the industries we serve; (c) the impact of political and geographical risks, including trade and other international disputes, war, terrorism, or geopolitical tensions; (d) managing backlog orders; (e) our ability to develop new products expeditiously and be successful in the design win process; (f) delays in capital spending by end-users in our served markets; (g) the risks and uncertainties related to the integration of acquired companies including SL Power Electronics; (h) the continuing spread of COVID-19 and its potential adverse impact on our operations; (i) our ability to avoid additional costs after the solar inverter wind-down; (j) the accuracy of our assumptions on which our financial statement projections are based; (k) the timing of orders received from customers; (l) our ability to realize benefits from cost improvement efforts including avoided costs, restructuring plans and inorganic growth; (m) unanticipated changes to management’s estimates, reserves or allowances; (n) changes and adjustments to the tax expense and benefits related to the U.S. tax reform that was enacted in late 2017, any of which could negatively impact our customers’ and our presence, operations, and financial results. These and other risks are described in Advanced Energy’s Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission (the “SEC”). These reports and statements are available on the SEC’s website at www.sec.gov. Copies may also be obtained from Advanced Energy’s investor relations page at ir.advancedenergy.com or by contacting Advanced Energy’s investor relations at 970-407-6555. Forward-looking statements are made and based on information available to us on the date of this press release. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. We assume no obligation to update the information in this press release.

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2022

 

2021

 

 

Sales, net

 

$

440,949

 

 

$

361,311

 

 

$

397,459

 

 

$

838,408

 

$

712,931

 

 

Cost of sales

 

 

278,791

 

 

 

226,278

 

 

 

253,143

 

 

 

531,934

 

 

440,395

 

 

Gross profit

 

 

162,158

 

 

 

135,033

 

 

 

144,316

 

 

 

306,474

 

 

272,536

 

 

Gross margin %

 

 

36.8

 

%

 

37.4

 

%

 

36.3

 

%

 

36.6

%

 

38.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

48,009

 

 

 

40,119

 

 

 

43,614

 

 

 

91,623

 

 

80,287

 

 

Selling, general, and administrative

 

 

55,022

 

 

 

48,110

 

 

 

49,318

 

 

 

104,340

 

 

94,841

 

 

Amortization of intangible assets

 

 

6,523

 

 

 

5,513

 

 

 

5,509

 

 

 

12,032

 

 

10,897

 

 

Restructuring expense (benefit)

 

 

(161

)

 

 

211

 

 

 

1,218

 

 

 

1,057

 

 

1,249

 

 

Total operating expenses

 

 

109,393

 

 

 

93,953

 

 

 

99,659

 

 

 

209,052

 

 

187,274

 

 

Operating income

 

 

52,765

 

 

 

41,080

 

 

 

44,657

 

 

 

97,422

 

 

85,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

3,249

 

 

 

(3,662

)

 

 

(842

)

 

 

2,407

 

 

(4,169

)

 

Income from continuing operations, before income taxes

 

 

56,014

 

 

 

37,418

 

 

 

43,815

 

 

 

99,829

 

 

81,093

 

 

Provision for income taxes

 

 

11,203

 

 

 

1,876

 

 

 

6,953

 

 

 

18,156

 

 

7,160

 

 

Income from continuing operations

 

 

44,811

 

 

 

35,542

 

 

 

36,862

 

 

 

81,673

 

 

73,933

 

 

Income (loss) from discontinued operations, net of income taxes

 

 

180

 

 

 

(102

)

 

 

(98

)

 

 

82

 

 

208

 

 

Net income

 

 

44,991

 

 

 

35,440

 

 

 

36,764

 

 

 

81,755

 

 

74,141

 

 

Income from continuing operations attributable to noncontrolling interest

 

 

21

 

 

 

31

 

 

 

(14

)

 

 

7

 

 

64

 

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

44,970

 

 

$

35,409

 

 

$

36,778

 

 

$

81,748

 

$

74,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,520

 

 

 

38,389

 

 

 

37,549

 

 

 

37,535

 

 

38,359

 

 

Diluted weighted-average common shares outstanding

 

 

37,710

 

 

 

38,586

 

 

 

37,770

 

 

 

37,754

 

 

38,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.19

 

 

$

0.93

 

 

$

0.98

 

 

$

2.18

 

$

1.93

 

 

Diluted earnings per share

 

$

1.19

 

 

$

0.92

 

 

$

0.98

 

 

$

2.16

 

$

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

 

 

$

 

 

$

 

 

$

 

$

0.01

 

 

Diluted earnings (loss) per share

 

$

 

 

$

 

 

$

 

 

$

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.20

 

 

$

0.92

 

 

$

0.98

 

 

$

2.18

 

$

1.93

 

 

Diluted earnings per share

 

$

1.19

 

 

$

0.92

 

 

$

0.97

 

 

$

2.17

 

$

1.92

 

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

372,685

 

$

544,372

Accounts and other receivable, net

 

 

270,839

 

 

237,227

Inventories

 

 

395,866

 

 

338,410

Other current assets

 

 

48,126

 

 

42,225

Total current assets

 

 

1,087,516

 

 

1,162,234

 

 

 

 

 

 

 

Property and equipment, net

 

 

126,793

 

 

114,830

Operating lease right-of-use assets

 

 

104,191

 

 

101,769

Deposits and other assets

 

 

29,644

 

 

19,669

Goodwill and intangible assets, net

 

 

482,663

 

 

371,596

Deferred income tax assets

 

 

47,267

 

 

47,242

Total assets

 

$

1,878,074

 

$

1,817,340

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

197,870

 

$

193,708

Other accrued expenses

 

 

154,240

 

 

140,645

Current portion of long-term debt

 

 

20,000

 

 

20,000

Current portion of operating lease liabilities

 

 

16,911

 

 

15,843

Total current liabilities

 

 

389,021

 

 

370,196

 

 

 

 

 

 

 

Long-term debt

 

 

363,001

 

 

372,733

Other long-term liabilities

 

 

201,172

 

 

202,915

Long-term liabilities

 

 

564,173

 

 

575,648

 

 

 

 

 

 

 

Total liabilities

 

 

953,194

 

 

945,844

 

 

 

 

 

 

 

Advanced Energy stockholders' equity

 

 

924,228

 

 

870,851

Noncontrolling interest

 

 

652

 

 

645

Total stockholders’ equity

 

 

924,880

 

 

871,496

Total liabilities and stockholders’ equity

 

$

1,878,074

 

$

1,817,340

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

81,755

 

 

$

74,141

 

Less: income from discontinued operations, net of income taxes

 

 

82

 

 

 

208

 

Income from continuing operations, net of income taxes

 

 

81,673

 

 

 

73,933

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

28,877

 

 

 

25,744

 

Stock-based compensation expense

 

 

8,986

 

 

 

9,145

 

Provision for deferred income taxes

 

 

(1,977

)

 

 

(1,663

)

Loss on disposal of assets

 

 

374

 

 

 

446

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(70,392

)

 

 

(19,539

)

Net cash from operating activities from continuing operations

 

 

47,541

 

 

 

88,066

 

Net cash from operating activities from discontinued operations

 

 

55

 

 

 

(377

)

Net cash from operating activities

 

 

47,596

 

 

 

87,689

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(25,476

)

 

 

(14,203

)

Acquisitions, net of cash acquired

 

 

(145,779

)

 

 

(18,686

)

Net cash from investing activities

 

 

(171,255

)

 

 

(32,889

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Payments on long-term borrowings

 

 

(10,000

)

 

 

(8,750

)

Dividend payments

 

 

(7,595

)

 

 

(7,728

)

Purchase and retirement of common stock

 

 

(23,578

)

 

 

(6,503

)

Net payments related to stock-based awards

 

 

(1,667

)

 

 

(3,258

)

Net cash from financing activities

 

 

(42,840

)

 

 

(26,239

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(5,188

)

 

 

(1,753

)

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(171,687

)

 

 

26,808

 

CASH AND CASH EQUIVALENTS, beginning of period

 

 

544,372

 

 

 

480,368

 

CASH AND CASH EQUIVALENTS, end of period

 

$

372,685

 

 

$

507,176

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Line

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Semiconductor Equipment

 

$

228,797

 

$

176,671

 

$

202,957

 

$

431,754

 

$

357,387

Industrial and Medical

 

 

104,951

 

 

83,197

 

 

82,898

 

 

187,849

 

 

161,612

Data Center Computing

 

 

69,161

 

 

69,458

 

 

76,238

 

 

145,399

 

 

128,612

Telecom and Networking

 

 

38,040

 

 

31,985

 

 

35,366

 

 

73,406

 

 

65,320

Total

 

$

440,949

 

$

361,311

 

$

397,459

 

$

838,408

 

$

712,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geographic Region

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2022

 

2021

 

2022

 

2022

 

2021

United States

 

$

174,293

 

$

139,525

 

$

158,742

 

$

333,035

 

$

271,123

North America (excluding U.S.)

 

 

31,824

 

 

26,112

 

 

23,979

 

 

55,803

 

 

52,359

Asia

 

 

180,181

 

 

148,803

 

 

162,047

 

 

342,228

 

 

298,394

Europe

 

 

49,851

 

 

44,491

 

 

46,665

 

 

96,516

 

 

84,913

Other

 

 

4,800

 

 

2,380

 

 

6,026

 

 

10,826

 

 

6,142

Total

 

$

440,949

 

$

361,311

 

$

397,459

 

$

838,408

 

$

712,931

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Gross profit from continuing operations, as reported

 

$

162,158

 

 

$

135,033

 

 

$

144,316

 

 

$

306,474

 

 

$

272,536

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

402

 

 

 

215

 

 

 

231

 

 

 

633

 

 

 

565

 

Facility expansion, relocation costs and other

 

 

1,187

 

 

 

1,997

 

 

 

1,284

 

 

 

2,471

 

 

 

3,835

 

Acquisition-related costs

 

 

64

 

 

 

84

 

 

 

(502

)

 

 

(438

)

 

 

92

 

Non-GAAP gross profit

 

 

163,811

 

 

 

137,329

 

 

 

145,329

 

 

 

309,140

 

 

 

277,028

 

Non-GAAP gross margin

 

 

37.1

%

 

 

38.0

%

 

 

36.6

%

 

 

36.9

%

 

 

38.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

109,393

 

 

 

93,953

 

 

 

99,659

 

 

 

209,052

 

 

 

187,274

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(6,523

)

 

 

(5,513

)

 

 

(5,509

)

 

 

(12,032

)

 

 

(10,897

)

Stock-based compensation

 

 

(4,656

)

 

 

(3,229

)

 

 

(3,697

)

 

 

(8,353

)

 

 

(8,580

)

Acquisition-related costs

 

 

(4,159

)

 

 

(2,328

)

 

 

(1,668

)

 

 

(5,827

)

 

 

(4,356

)

Facility expansion, relocation costs and other

 

 

 

 

 

(63

)

 

 

 

 

 

 

 

 

(114

)

Restructuring charges

 

 

161

 

 

 

(211

)

 

 

(1,218

)

 

 

(1,057

)

 

 

(1,249

)

Non-GAAP operating expenses

 

 

94,216

 

 

 

82,609

 

 

 

87,567

 

 

 

181,783

 

 

 

162,078

 

Non-GAAP operating income

 

$

69,595

 

 

$

54,720

 

 

$

57,762

 

 

$

127,357

 

 

$

114,950

 

Non-GAAP operating margin

 

 

15.8

%

 

 

15.1

%

 

 

14.5

%

 

 

15.2

%

 

 

16.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Income from continuing operations, less non-controlling interest, net of income taxes

 

$

44,790

 

 

$

35,511

 

 

$

36,876

 

 

$

81,666

 

 

$

73,869

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

6,523

 

 

 

5,513

 

 

 

5,509

 

 

 

12,032

 

 

 

10,897

 

Acquisition-related costs

 

 

4,223

 

 

 

2,412

 

 

 

1,166

 

 

 

5,389

 

 

 

4,448

 

Facility expansion, relocation costs, and other

 

 

1,187

 

 

 

2,060

 

 

 

1,284

 

 

 

2,471

 

 

 

3,949

 

Restructuring charges

 

 

(161

)

 

 

211

 

 

 

1,218

 

 

 

1,057

 

 

 

1,249

 

Unrealized foreign currency (gain) loss

 

 

(5,569

)

 

 

885

 

 

 

(1,285

)

 

 

(6,854

)

 

 

(1,317

)

Acquisition-related costs and other included in other income (expense), net

 

 

85

 

 

 

899

 

 

 

 

 

 

85

 

 

 

986

 

Tax effect of non-GAAP adjustments

 

 

(752

)

 

 

(2,043

)

 

 

(1,069

)

 

 

(1,821

)

 

 

(3,327

)

Non-GAAP income, net of income taxes, excluding stock-based compensation

 

 

50,326

 

 

 

45,448

 

 

 

43,699

 

 

 

94,025

 

 

 

90,754

 

Stock-based compensation, net of taxes

 

 

3,946

 

 

 

2,636

 

 

 

3,025

 

 

 

6,971

 

 

 

6,998

 

Non-GAAP income, net of income taxes

 

$

54,272

 

 

$

48,084

 

 

$

46,724

 

 

$

100,996

 

 

$

97,752

 

 

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP measure - per share earnings excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Diluted earnings per share from continuing operations, as reported

 

$

1.19

 

$

0.92

 

$

0.98

 

$

2.16

 

$

1.91

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share impact of non-GAAP adjustments, net of tax

 

 

0.25

 

 

0.33

 

 

0.26

 

 

0.52

 

 

0.62

Non-GAAP per share earnings

 

$

1.44

 

$

1.25

 

$

1.24

 

$

2.68

 

$

2.53

 

 

Reconciliation of Q3 2022 Guidance

Low End

High End

 

Revenue

 

$410 million

 

$460 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.62

 

$

1.22

 

Stock-based compensation

 

0.15

 

 

0.15

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring and other

 

0.11

 

 

0.11

 

Tax effects of excluded items

 

(0.07

)

 

(0.07

)

Non-GAAP earnings per share

$

1.00

 

$

1.60

 

 

Edwin Mok
Advanced Energy Industries, Inc.
970-407-6555
ir@aei.com

Source: Advanced Energy Industries, Inc.