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Advanced Energy Reports Fourth Quarter and Full Year 2023 Results

  • Q4 revenue was $405 million, in line with the mid-point of guidance
  • Q4 GAAP EPS from continuing operations was $1.01; Q4 Non-GAAP EPS was $1.24, above the mid-point of guidance
  • 2023 revenue was $1.66 billion, with sales in the Industrial and Medical market growing 11% to a record $474 million
  • 2023 GAAP EPS from continuing operations was $3.46; 2023 Non-GAAP EPS was $4.88
  • 2023 cash flow from continuing operations was a record $213 million

 

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 fourth quarter and year ended December 31, 2023.

“Fourth quarter earnings were above the mid-point of guidance, and we delivered record operating cash flow. Our full year results included record Industrial and Medical revenue, partially offsetting corrections in the semiconductor market,” said Steve Kelley, president and CEO of Advanced Energy. “While we see a sluggish market environment in the near-term, we expect demand to strengthen as the year progresses. With strong customer interest in our next-generation platforms and a solid design win pipeline, Advanced Energy is well positioned for strong earnings growth as the market recovers.”

Quarter Results

Revenue was $405.3 million in the fourth quarter of 2023, compared with $410.0 million in the third quarter of 2023 and $490.7 million in the fourth quarter of 2022.

GAAP net income from continuing operations was $37.9 million or $1.01 per diluted share in the quarter, compared with $33.7 million or $0.89 per diluted share in the prior quarter, and $45.3 million or $1.20 per diluted share a year ago. GAAP net income included a restructuring and impairment charge of $18.1 million as part of the factory and cost optimization plan and a tax benefit of $25.6 million as a result of the release of a deferred tax asset valuation allowance.

Non-GAAP net income was $46.7 million or $1.24 per diluted share in the fourth quarter of 2023. This compares with $48.5 million or $1.28 per diluted share in the third quarter of 2023, and $64.2 million or $1.70 per diluted share in the fourth quarter of 2022.

Advanced Energy generated a record $84.7 million in cash flow from continuing operations during the quarter and paid $3.8 million in quarterly dividends.

Full Year 2023 Results

2023 revenue was $1.66 billion, a 10% decrease from $1.85 billion in 2022.

GAAP net income from continuing operations was $130.7 million or $3.46 per diluted share in 2023, compared with $201.9 million or $5.35 per diluted share in 2022.

The company generated $213 million in cash flow from operating activities from continuing operations in 2023, repurchased $40.0 million of common stock and paid $15.2 million in dividends. Cash and equivalents at year end were $1.0 billion.

Also in 2023, Advanced Energy completed a private offering of $575 million aggregate principal amount of 2.50% Convertible Senior Notes due 2028.

Non-GAAP net income was $184.0 million or $4.88 per diluted share in 2023. This compares with $244.8 million or $6.49 per diluted share in 2022.

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

First Quarter 2024 Guidance

Based on the Company’s current view, beliefs, and assumptions, guidance is within the following ranges:

 

 

 

 

 

 

 

 

Q4 2023

Revenue

$350 million +/- $15 million

GAAP EPS from continuing operations

$0.29 +/- $0.20

Non-GAAP EPS

$0.70 +/- $0.20

Conference Call

Management will host a conference call today, February 6, 2024, at 2:30 p.m. Eastern Time to discuss the third 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 production, medical and life sciences, data center computing, networking, and telecommunications. 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. Trust.

Non-GAAP Measures

This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, restructuring, asset impairments, and other charges, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments. In addition, the tax effect also includes a discrete tax benefit associated with the release of a portion of our deferred tax asset valuation allowance.

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, inflationary pressures, economic downturns, and volatility and cyclicality of the industries we serve; (c) the impact of political and geographical risks, including trade and export regulations, other effects of 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 and lawsuits 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; and (n) changes and adjustments to the tax expense and benefits related to the U.S. tax law changes, 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

 

Year Ended

 

 

 

December 31,

 

September 30,

 

December 31,

 

 

 

2023

 

2022

 

2023

 

2023

 

2022

 

Revenue, net

 

$

405,271

 

$

490,740

 

$

409,991

 

$

1,655,810

 

$

1,845,422

 

Cost of revenue

 

 

262,405

 

 

312,926

 

 

262,650

 

 

1,063,412

 

 

1,169,916

 

Gross profit

 

 

142,866

 

 

177,814

 

 

147,341

 

 

592,398

 

 

675,506

 

Gross margin %

 

 

35.3

%

 

36.2

%

 

35.9

%

 

35.8

%

 

36.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

49,025

 

 

49,637

 

 

50,391

 

 

202,439

 

 

191,020

 

Selling, general, and administrative

 

 

54,932

 

 

57,407

 

 

55,131

 

 

221,034

 

 

218,463

 

Amortization of intangible assets

 

 

7,068

 

 

7,033

 

 

7,049

 

 

28,254

 

 

26,114

 

Restructuring, asset impairments, and other charges

 

 

18,071

 

 

5,636

 

 

4,709

 

 

26,977

 

 

6,814

 

Total operating expenses

 

 

129,096

 

 

119,713

 

 

117,280

 

 

478,704

 

 

442,411

 

Operating income

 

 

13,770

 

 

58,101

 

 

30,061

 

 

113,694

 

 

233,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

12,810

 

 

2,656

 

 

6,396

 

 

27,092

 

 

4,147

 

Interest expense

 

 

(7,198)

 

 

(2,442)

 

 

(3,780)

 

 

(16,566)

 

 

(7,325)

 

Other income (expense), net

 

 

(3,184)

 

 

(2,915)

 

 

1,848

 

 

(1,759)

 

 

11,824

 

Income from continuing operations, before income tax

 

 

16,198

 

 

55,400

 

 

34,525

 

 

122,461

 

 

241,741

 

Income tax provision (benefit)

 

 

(21,693)

 

 

10,055

 

 

874

 

 

(8,288)

 

 

39,850

 

Income from continuing operations

 

 

37,891

 

 

45,345

 

 

33,651

 

 

130,749

 

 

201,891

 

Loss from discontinued operations, net of income tax

 

 

(389)

 

 

(1,600)

 

 

(930)

 

 

(2,465)

 

 

(2,215)

 

Net income

 

 

37,502

 

 

43,745

 

 

32,721

 

 

128,284

 

 

199,676

 

Income from continuing operations attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

16

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

37,502

 

$

43,745

 

$

32,721

 

$

128,284

 

$

199,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,297

 

 

37,405

 

 

37,575

 

 

37,480

 

 

37,463

 

Diluted weighted-average common shares outstanding

 

 

37,585

 

 

37,683

 

 

37,854

 

 

37,750

 

 

37,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.02

 

$

1.21

 

$

0.90

 

$

3.49

 

$

5.39

 

Diluted earnings per share

 

$

1.01

 

$

1.20

 

$

0.89

 

$

3.46

 

$

5.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(0.01)

 

$

(0.04)

 

$

(0.02)

 

$

(0.07)

 

$

(0.06)

 

Diluted loss per share

 

$

(0.01)

 

$

(0.04)

 

$

(0.02)

 

$

(0.07)

 

$

(0.06)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.01

 

$

1.17

 

$

0.87

 

$

3.42

 

$

5.33

 

Diluted earnings per share

 

$

1.00

 

$

1.16

 

$

0.86

 

$

3.40

 

$

5.29

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

2023

 

 

2022

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,044,556

 

$

458,818

Accounts and other receivables, net

 

 

282,430

 

 

300,683

Inventories

 

 

336,137

 

 

376,012

Other current assets

 

 

48,771

 

 

53,001

Total current assets

 

 

1,711,894

 

 

1,188,514

 

 

 

 

 

 

 

Property and equipment, net

 

 

167,665

 

 

148,462

Operating lease right-of-use assets

 

 

95,432

 

 

100,177

Other assets

 

 

136,448

 

 

84,056

Goodwill and intangible assets, net

 

 

445,318

 

 

470,959

Total assets

 

$

2,556,757

 

$

1,992,168

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

141,850

 

$

170,467

Other accrued expenses

 

 

156,254

 

 

185,805

Current portion of long-term debt

 

 

20,000

 

 

20,000

Current portion of operating lease liabilities

 

 

17,744

 

 

16,771

Total current liabilities

 

 

335,848

 

 

393,043

 

 

 

 

 

 

 

Long-term debt

 

 

895,679

 

 

353,262

Other long-term liabilities

 

 

181,048

 

 

179,596

Long-term liabilities

 

 

1,076,727

 

 

532,858

 

 

 

 

 

 

 

Total liabilities

 

 

1,412,575

 

 

925,901

 

 

 

 

 

 

 

Total stockholders' equity

 

 

1,144,182

 

 

1,066,267

Total liabilities and stockholders’ equity

 

$

2,556,757

 

$

1,992,168

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

128,284

 

 

$

199,676

 

Less: loss from discontinued operations, net of income tax

 

 

(2,465

)

 

 

(2,215

)

Income from continuing operations, net of income tax

 

 

130,749

 

 

 

201,891

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

66,533

 

 

 

60,296

 

Stock-based compensation

 

 

31,001

 

 

 

19,849

 

Deferred income tax benefit

 

 

(33,940

)

 

 

(5,736

)

Loss (gain) on disposal and sale of assets

 

 

439

 

 

 

(3,962

)

Changes in operating assets and liabilities, net of assets acquired

 

 

18,143

 

 

 

(88,607

)

Net cash from operating activities from continuing operations

 

 

212,925

 

 

 

183,731

 

Net cash from operating activities from discontinued operations

 

 

(3,988

)

 

 

(144

)

Net cash from operating activities

 

 

208,937

 

 

 

183,587

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of long-term investments

 

 

(3,746

)

 

 

 

Purchases of property and equipment

 

 

(61,005

)

 

 

(58,885

)

Acquisitions, net of cash acquired

 

 

 

 

 

(149,387

)

Net cash from investing activities

 

 

(64,751

)

 

 

(208,272

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

575,000

 

 

 

 

Payment of fees for long-term borrowings

 

 

(13,880

)

 

 

 

Payments on long-term borrowings

 

 

(20,000

)

 

 

(20,000

)

Dividend payments

 

 

(15,222

)

 

 

(15,204

)

Payment for purchase of note hedges

 

 

(115,000

)

 

 

 

Proceeds from sale of warrants

 

 

74,865

 

 

 

 

Purchase and retirement of common stock

 

 

(40,000

)

 

 

(26,635

)

Net payments related to stock-based awards

 

 

(79

)

 

 

(26

)

Net cash from financing activities

 

 

445,684

 

 

 

(61,865

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(4,132

)

 

 

996

 

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

585,738

 

 

 

(85,554

)

CASH AND CASH EQUIVALENTS, beginning of period

 

 

458,818

 

 

 

544,372

 

CASH AND CASH EQUIVALENTS, end of period

 

$

1,044,556

 

 

$

458,818

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue by Market

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Semiconductor Equipment

 

$

191,375

 

$

232,455

 

$

185,033

 

$

743,794

 

$

930,809

Industrial and Medical

 

 

108,600

 

 

119,327

 

 

115,226

 

 

474,449

 

 

426,763

Data Center Computing

 

 

62,853

 

 

94,525

 

 

68,286

 

 

249,874

 

 

327,466

Telecom and Networking

 

 

42,443

 

 

44,433

 

 

41,446

 

 

187,693

 

 

160,384

Total

 

$

405,271

 

$

490,740

 

$

409,991

 

$

1,655,810

 

$

1,845,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenue by Geographic Region

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

2022

 

2023

 

2023

 

2022

North America

 

$

187,240

 

$

230,461

 

$

184,783

 

$

724,481

 

$

857,490

Asia

 

 

169,700

 

 

197,368

 

 

178,190

 

 

713,571

 

 

754,997

Europe

 

 

47,501

 

 

61,146

 

 

46,088

 

 

212,368

 

 

219,119

Other

 

 

830

 

 

1,765

 

 

930

 

 

5,390

 

 

13,816

Total

 

$

405,271

 

$

490,740

 

$

409,991

 

$

1,655,810

 

$

1,845,422

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

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

Gross profit from continuing operations, as reported

 

$

142,866

 

 

$

177,814

 

 

$

147,341

 

 

$

592,398

 

 

$

675,506

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

472

 

 

 

391

 

 

 

615

 

 

 

2,059

 

 

 

1,478

 

Facility expansion, relocation costs and other

 

 

1,146

 

 

 

1,162

 

 

 

171

 

 

 

2,334

 

 

 

5,295

 

Acquisition-related costs

 

 

44

 

 

 

73

 

 

 

44

 

 

 

238

 

 

 

(299

)

Non-GAAP gross profit

 

 

144,528

 

 

 

179,440

 

 

 

148,171

 

 

 

597,029

 

 

 

681,980

 

Non-GAAP gross margin

 

 

35.7

%

 

 

36.6

%

 

 

36.1

%

 

 

36.1

%

 

 

37.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

129,096

 

 

 

119,713

 

 

 

117,280

 

 

 

478,704

 

 

 

442,411

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(7,068

)

 

 

(7,033

)

 

 

(7,049

)

 

 

(28,254

)

 

 

(26,114

)

Stock-based compensation

 

 

(7,716

)

 

 

(4,450

)

 

 

(7,460

)

 

 

(28,942

)

 

 

(18,371

)

Acquisition-related costs

 

 

(1,372

)

 

 

(1,660

)

 

 

(611

)

 

 

(4,026

)

 

 

(8,637

)

Facility expansion, relocation costs and other

 

 

 

 

 

 

 

 

(189

)

 

 

(189

)

 

 

 

Restructuring, asset impairments, and other charges

 

 

(18,071

)

 

 

(5,636

)

 

 

(4,709

)

 

 

(26,977

)

 

 

(6,814

)

Non-GAAP operating expenses

 

 

94,869

 

 

 

100,934

 

 

 

97,262

 

 

 

390,316

 

 

 

382,475

 

Non-GAAP operating income

 

$

49,659

 

 

$

78,506

 

 

$

50,909

 

 

$

206,713

 

 

$

299,505

 

Non-GAAP operating margin

 

 

12.3

%

 

 

16.0

%

 

 

12.4

%

 

 

12.5

%

 

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

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

 

$

37,891

 

 

$

45,345

 

 

$

33,651

 

 

$

130,749

 

 

$

201,875

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

7,068

 

 

 

7,033

 

 

 

7,049

 

 

 

28,254

 

 

 

26,114

 

Acquisition-related costs

 

 

1,416

 

 

 

1,733

 

 

 

655

 

 

 

4,264

 

 

 

8,338

 

Facility expansion, relocation costs, and other

 

 

1,146

 

 

 

1,162

 

 

 

360

 

 

 

2,523

 

 

 

5,295

 

Restructuring, asset impairments, and other charges

 

 

18,071

 

 

 

5,636

 

 

 

4,709

 

 

 

26,977

 

 

 

6,814

 

Unrealized foreign currency gain

 

 

2,728

 

 

 

5,378

 

 

 

(1,604

)

 

 

(89

)

 

 

(7,645

)

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

 

 

 

 

 

(3,817

)

 

 

(1,516

)

 

 

(1,516

)

 

 

(8,417

)

Tax effect of non-GAAP adjustments, including certain discrete tax benefits

 

 

(28,030

)

 

 

(2,042

)

 

 

(1,101

)

 

 

(31,303

)

 

 

(3,008

)

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

 

 

40,290

 

 

 

60,428

 

 

 

42,203

 

 

 

159,859

 

 

 

229,366

 

Stock-based compensation, net of tax

 

 

6,387

 

 

 

3,776

 

 

 

6,299

 

 

 

24,181

 

 

 

15,444

 

Non-GAAP income, net of income tax

 

$

46,677

 

 

$

64,204

 

 

$

48,502

 

 

$

184,040

 

 

$

244,810

 

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

2022

 

2023

 

2023

 

2022

Diluted earnings per share from continuing operations, as reported

 

$

1.01

 

$

1.20

 

$

0.89

 

$

3.46

 

$

5.35

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.23

 

 

0.50

 

 

0.39

 

 

1.42

 

 

1.14

Non-GAAP earnings per share

 

$

1.24

 

$

1.70

 

$

1.28

 

$

4.88

 

$

6.49

 

 

Reconciliation of Q1 2024 Guidance

Low End

High End

 

Revenue

 

$335 million

 

$365 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.09

 

$

0.49

 

Stock-based compensation

 

0.24

 

 

0.24

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring, asset impairments, and other charges

 

0.06

 

 

0.06

 

Tax effects of excluded items

 

(0.08

)

 

(0.08

)

Non-GAAP earnings per share

$

0.50

 

$

0.90

 

 

Contacts

Andrew Huang

Advanced Energy Industries, Inc.

970-407-6555

ir@aei.com

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