Risks and uncertainties to which our forward-looking statements are subject include, but are not limited to: volatility and business fluctuations in the industries in which we operate; our ability to achieve design wins with new and existing customers; our ability to accurately forecast and meet customer demand; risks related to global economic conditions, such as the impact of escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, or recession; risks inherent in our international operations, including the effect of trade and export controls, political and geographical risks, the impact of tariffs on our supply or products, and fluctuations in currency exchange rates; concentration of our customer base; risks associated with breach of our information security measures; our loss of or inability to attract and retain key personnel; disruptions to our manufacturing operations or those of our customers or suppliers; risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products; our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions; quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves; our ability to enforce, protect and maintain our proprietary technology and intellectual property rights; our ability to achieve cost savings, profitability, and gross margin goals; changes to tax laws and regulations or our tax rates; changes in federal, state, local and foreign regulations, including with respect to privacy and data protection, and environmental regulation; the effect of our debt obligations and restrictive covenants on our ability to operate our business; customer price sensitivity; risks related to our unfunded pension obligations; restructuring and severance activities; legal matters, claims, investigations, and proceedings; our estimates of the fair value of intangible assets; and the potential impact of dilution related to our convertible debt, hedge, and warrant transactions.
Actual results could differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Factors that could contribute to these differences or prove our forward-looking statements, by hindsight, to be overly optimistic or unachievable include, but are not limited to, the risks and uncertainties listed above and 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 or provide the reasons why our actual results may differ.
ADVANCED ENERGY INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
|||||
Revenue, net |
|
$ |
374,217 |
|
|
$ |
409,991 |
|
|
$ |
364,947 |
|
|
$ |
1,066,639 |
|
|
$ |
1,250,539 |
|
|
| Cost of revenue |
|
|
240,149 |
|
|
|
262,650 |
|
|
|
237,206 |
|
|
|
692,001 |
|
|
|
801,007 |
|
|
| Gross profit |
|
|
134,068 |
|
|
|
147,341 |
|
|
|
127,741 |
|
|
|
374,638 |
|
|
|
449,532 |
|
|
| Gross margin % |
|
|
35.8 |
|
% |
|
35.9 |
|
% |
|
35.0 |
|
% |
|
35.1 |
|
% |
|
35.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Research and development |
|
|
53,561 |
|
|
|
50,391 |
|
|
|
52,335 |
|
|
|
155,732 |
|
|
|
153,414 |
|
|
| Selling, general, and administrative |
|
|
56,237 |
|
|
|
55,131 |
|
|
|
55,013 |
|
|
|
166,374 |
|
|
|
166,102 |
|
|
| Amortization of intangible assets |
|
|
6,772 |
|
|
|
7,049 |
|
|
|
6,800 |
|
|
|
20,519 |
|
|
|
21,186 |
|
|
| Restructuring, asset impairments, and other charges |
|
|
28,546 |
|
|
|
4,709 |
|
|
|
625 |
|
|
|
29,416 |
|
|
|
8,906 |
|
|
| Total operating expenses |
|
|
145,116 |
|
|
|
117,280 |
|
|
|
114,773 |
|
|
|
372,041 |
|
|
|
349,608 |
|
|
| Operating income (loss) |
|
|
(11,048 |
) |
|
|
30,061 |
|
|
|
12,968 |
|
|
|
2,597 |
|
|
|
99,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Interest income |
|
|
11,018 |
|
|
|
6,396 |
|
|
|
12,119 |
|
|
|
35,782 |
|
|
|
14,282 |
|
|
| Interest expense |
|
|
(6,378 |
) |
|
|
(3,780 |
) |
|
|
(6,956 |
) |
|
|
(20,461 |
) |
|
|
(9,368 |
) |
|
| Other income (expense), net |
|
|
(8,139 |
) |
|
|
1,848 |
|
|
|
638 |
|
|
|
(6,122 |
) |
|
|
1,425 |
|
|
| Income from continuing operations, before income tax |
|
|
(14,547 |
) |
|
|
34,525 |
|
|
|
18,769 |
|
|
|
11,796 |
|
|
|
106,263 |
|
|
| Income tax provision (benefit) |
|
|
(400 |
) |
|
|
874 |
|
|
|
3,165 |
|
|
|
4,552 |
|
|
|
13,405 |
|
|
| Income (loss) from continuing operations |
|
|
(14,147 |
) |
|
|
33,651 |
|
|
|
15,604 |
|
|
|
7,244 |
|
|
|
92,858 |
|
|
| Loss from discontinued operations, net of income tax |
|
|
(758 |
) |
|
|
(930 |
) |
|
|
(575 |
) |
|
|
(1,904 |
) |
|
|
(2,076 |
) |
|
| Net income (loss) |
|
$ |
(14,905 |
) |
|
$ |
32,721 |
|
|
$ |
15,029 |
|
|
$ |
5,340 |
|
|
$ |
90,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Basic weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,575 |
|
|
|
37,474 |
|
|
|
37,455 |
|
|
|
37,541 |
|
|
| Diluted weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Earnings (loss) per share attributable to Advanced Energy Industries, Inc: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Basic earnings (loss) per share |
|
$ |
(0.38 |
) |
|
$ |
0.90 |
|
|
$ |
0.42 |
|
|
$ |
0.19 |
|
|
$ |
2.47 |
|
|
| Diluted earnings (loss) per share |
|
$ |
(0.38 |
) |
|
$ |
0.89 |
|
|
$ |
0.41 |
|
|
$ |
0.19 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Basic loss per share |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
| Diluted loss per share |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Basic earnings per share |
|
$ |
(0.40 |
) |
|
$ |
0.87 |
|
|
$ |
0.40 |
|
|
$ |
0.14 |
|
|
$ |
2.42 |
|
|
| Diluted earnings per share |
|
$ |
(0.40 |
) |
|
$ |
0.86 |
|
|
$ |
0.40 |
|
|
$ |
0.14 |
|
|
$ |
2.40 |
|
|
| ADVANCED ENERGY INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) |
||||||
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
||
|
|
|
2024 |
|
|
2023 |
|
| ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
657,288 |
|
$ |
1,044,556 |
| Accounts receivables, net |
|
|
259,399 |
|
|
282,430 |
| Inventories |
|
|
377,740 |
|
|
336,137 |
| Other current assets |
|
|
51,281 |
|
|
48,771 |
| Total current assets |
|
|
1,345,708 |
|
|
1,711,894 |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
181,875 |
|
|
167,665 |
| Operating lease right-of-use assets |
|
|
86,003 |
|
|
95,432 |
| Other assets |
|
|
134,948 |
|
|
136,448 |
| Goodwill and intangible assets, net |
|
|
444,326 |
|
|
445,318 |
| Total assets |
|
$ |
2,192,860 |
|
$ |
2,556,757 |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
| Accounts payable |
|
$ |
133,006 |
|
$ |
141,850 |
| Other accrued expenses |
|
|
140,142 |
|
|
156,254 |
| Current portion of long-term debt |
|
|
— |
|
|
20,000 |
| Current portion of operating lease liabilities |
|
|
18,360 |
|
|
17,744 |
| Total current liabilities |
|
|
291,508 |
|
|
335,848 |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
564,000 |
|
|
895,679 |
| Other long-term liabilities |
|
|
172,960 |
|
|
181,048 |
| Long-term liabilities |
|
|
736,960 |
|
|
1,076,727 |
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,028,468 |
|
|
1,412,575 |
|
|
|
|
|
|
|
|
| Total stockholders' equity |
|
|
1,164,392 |
|
|
1,144,182 |
| Total liabilities and stockholders’ equity |
|
$ |
2,192,860 |
|
$ |
2,556,757 |
| ADVANCED ENERGY INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Nine Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
2023 |
|
||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
| Net income |
|
$ |
5,340 |
|
|
$ |
90,782 |
|
| Less: loss from discontinued operations, net of income tax |
|
|
(1,904 |
) |
|
|
(2,076 |
) |
| Income from continuing operations, net of income tax |
|
|
7,244 |
|
|
|
92,858 |
|
|
|
|
|
|
|
|
|
||
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
||
| Depreciation and amortization |
|
|
51,824 |
|
|
|
49,764 |
|
| Stock-based compensation |
|
|
34,303 |
|
|
|
22,813 |
|
| Amortization of debt issuance costs and debt discount |
|
|
3,036 |
|
|
|
378 |
|
| Deferred income tax benefit |
|
|
305 |
|
|
|
(996 |
) |
| Other |
|
|
1,041 |
|
|
|
394 |
|
| Changes in operating assets and liabilities, net of assets acquired |
|
|
(47,503 |
) |
|
|
(36,971 |
) |
| Net cash from operating activities from continuing operations |
|
|
50,250 |
|
|
|
128,240 |
|
| Net cash from operating activities from discontinued operations |
|
|
(2,191 |
) |
|
|
(3,307 |
) |
| Net cash from operating activities |
|
|
48,059 |
|
|
|
124,933 |
|
|
|
|
|
|
|
|
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
| Purchases of long-term investments |
|
|
(2,698 |
) |
|
|
(3,447 |
) |
| Purchases of property and equipment |
|
|
(44,045 |
) |
|
|
(46,782 |
) |
| Acquisitions, net of cash acquired |
|
|
(13,762 |
) |
|
|
— |
|
| Net cash from investing activities |
|
|
(60,505 |
) |
|
|
(50,229 |
) |
|
|
|
|
|
|
|
|
||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
| Proceeds from long-term borrowings |
|
|
— |
|
|
|
575,000 |
|
| Payment of fees for long-term borrowings |
|
|
(105 |
) |
|
|
(12,985 |
) |
| Payments on long-term borrowings |
|
|
(355,000 |
) |
|
|
(15,000 |
) |
| Dividend payments |
|
|
(11,529 |
) |
|
|
(11,422 |
) |
| Payment for purchase of note hedges |
|
|
— |
|
|
|
(115,000 |
) |
| Proceeds from sale of warrants |
|
|
— |
|
|
|
74,865 |
|
| Purchase and retirement of common stock |
|
|
(1,770 |
) |
|
|
(40,000 |
) |
| Net payments related to stock-based awards |
|
|
(6,029 |
) |
|
|
(1,254 |
) |
| Net cash from financing activities |
|
|
(374,433 |
) |
|
|
454,204 |
|
|
|
|
|
|
|
|
|
||
| EFFECT OF CURRENCY TRANSLATION ON CASH |
|
|
(389 |
) |
|
|
(1,795 |
) |
|
|
|
|
|
|
|
|
||
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(387,268 |
) |
|
|
527,113 |
|
| CASH AND CASH EQUIVALENTS, beginning of period |
|
|
1,044,556 |
|
|
|
458,818 |
|
| CASH AND CASH EQUIVALENTS, end of period |
|
$ |
657,288 |
|
|
$ |
985,931 |
|
| ADVANCED ENERGY INDUSTRIES, INC. SUPPLEMENTAL INFORMATION (UNAUDITED) (in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Revenue by Market |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|||||
| Semiconductor Equipment |
|
$ |
197,497 |
|
$ |
185,033 |
|
$ |
188,321 |
|
$ |
565,721 |
|
$ |
552,419 |
| Industrial and Medical |
|
|
76,837 |
|
|
115,226 |
|
|
79,104 |
|
|
239,359 |
|
|
365,849 |
| Data Center Computing |
|
|
80,653 |
|
|
68,286 |
|
|
72,964 |
|
|
195,519 |
|
|
187,021 |
| Telecom and Networking |
|
|
19,230 |
|
|
41,446 |
|
|
24,558 |
|
|
66,040 |
|
|
145,250 |
| Total |
|
$ |
374,217 |
|
$ |
409,991 |
|
$ |
364,947 |
|
$ |
1,066,639 |
|
$ |
1,250,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Revenue by Geographic Region |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|||||
| North America |
|
$ |
175,691 |
|
$ |
184,783 |
|
$ |
172,794 |
|
$ |
482,564 |
|
$ |
537,241 |
| Asia |
|
|
163,212 |
|
|
178,190 |
|
|
151,955 |
|
|
467,110 |
|
|
543,871 |
| Europe |
|
|
34,892 |
|
|
46,088 |
|
|
39,813 |
|
|
115,258 |
|
|
164,867 |
| Other |
|
|
422 |
|
|
930 |
|
|
385 |
|
|
1,707 |
|
|
4,560 |
| Total |
|
$ |
374,217 |
|
$ |
409,991 |
|
$ |
364,947 |
|
$ |
1,066,639 |
|
$ |
1,250,539 |
| 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 |
|
Nine Months Ended |
||||||||||||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
| Gross profit from continuing operations, as reported |
|
$ |
134,068 |
|
|
$ |
147,341 |
|
|
$ |
127,741 |
|
|
$ |
374,638 |
|
|
$ |
449,532 |
|
| Adjustments to gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Stock-based compensation |
|
|
1,046 |
|
|
|
615 |
|
|
|
1,056 |
|
|
|
2,931 |
|
|
|
1,587 |
|
| Facility expansion, relocation costs and other |
|
|
868 |
|
|
|
171 |
|
|
|
161 |
|
|
|
2,337 |
|
|
|
1,188 |
|
| Acquisition-related costs |
|
|
— |
|
|
|
44 |
|
|
|
(57 |
) |
|
|
(13 |
) |
|
|
194 |
|
| Non-GAAP gross profit |
|
|
135,982 |
|
|
|
148,171 |
|
|
|
128,901 |
|
|
|
379,893 |
|
|
|
452,501 |
|
| Non-GAAP gross margin |
|
|
36.3 |
% |
|
|
36.1 |
% |
|
|
35.3 |
% |
|
|
35.6 |
% |
|
|
36.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Operating expenses from continuing operations, as reported |
|
|
145,116 |
|
|
|
117,280 |
|
|
|
114,773 |
|
|
|
372,041 |
|
|
|
349,608 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Amortization of intangible assets |
|
|
(6,772 |
) |
|
|
(7,049 |
) |
|
|
(6,800 |
) |
|
|
(20,519 |
) |
|
|
(21,186 |
) |
| Stock-based compensation |
|
|
(10,868 |
) |
|
|
(7,460 |
) |
|
|
(10,328 |
) |
|
|
(31,372 |
) |
|
|
(21,226 |
) |
| Acquisition-related costs |
|
|
(1,581 |
) |
|
|
(611 |
) |
|
|
(1,934 |
) |
|
|
(4,781 |
) |
|
|
(2,654 |
) |
| Facility expansion, relocation costs and other |
|
|
(488 |
) |
|
|
— |
|
|
|
— |
|
|
|
(488 |
) |
|
|
— |
|
| Restructuring, asset impairments, and other charges |
|
|
(28,546 |
) |
|
|
(4,898 |
) |
|
|
(625 |
) |
|
|
(29,416 |
) |
|
|
(9,095 |
) |
| Non-GAAP operating expenses |
|
|
96,861 |
|
|
|
97,262 |
|
|
|
95,086 |
|
|
|
285,465 |
|
|
|
295,447 |
|
| Non-GAAP operating income |
|
$ |
39,121 |
|
|
$ |
50,909 |
|
|
$ |
33,815 |
|
|
$ |
94,428 |
|
|
$ |
157,054 |
|
| Non-GAAP operating margin |
|
|
10.5 |
% |
|
|
12.4 |
% |
|
|
9.3 |
% |
|
|
8.9 |
% |
|
|
12.6 |
% |
| ADVANCED ENERGY INDUSTRIES, INC. SELECTED OTHER DATA (UNAUDITED) (in thousands, except per share data) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Reconciliation of Non-GAAP measure - Income excluding certain items |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
| Income (loss) from continuing operations, less non-controlling interest, net of income tax |
|
$ |
(14,147 |
) |
|
$ |
33,651 |
|
|
$ |
15,604 |
|
|
$ |
7,244 |
|
|
$ |
92,858 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Amortization of intangible assets |
|
|
6,772 |
|
|
|
7,049 |
|
|
|
6,800 |
|
|
|
20,519 |
|
|
|
21,186 |
|
| Acquisition-related costs |
|
|
1,581 |
|
|
|
655 |
|
|
|
1,877 |
|
|
|
4,768 |
|
|
|
2,848 |
|
| Facility expansion, relocation costs, and other |
|
|
1,356 |
|
|
|
171 |
|
|
|
161 |
|
|
|
2,825 |
|
|
|
1,188 |
|
| Restructuring, asset impairments, and other charges |
|
|
28,546 |
|
|
|
4,898 |
|
|
|
625 |
|
|
|
29,416 |
|
|
|
9,095 |
|
| Unrealized foreign currency loss (gain) |
|
|
3,993 |
|
|
|
(1,604 |
) |
|
|
(1,545 |
) |
|
|
691 |
|
|
|
(2,817 |
) |
| Other costs included in other income (expense), net |
|
|
3,665 |
|
|
|
(1,516 |
) |
|
|
— |
|
|
|
3,665 |
|
|
|
(1,516 |
) |
| Tax effect of non-GAAP adjustments, including certain discrete tax benefits |
|
|
(4,172 |
) |
|
|
(1,101 |
) |
|
|
(498 |
) |
|
|
(5,292 |
) |
|
|
(3,273 |
) |
| Non-GAAP income, net of income tax, excluding stock-based compensation |
|
|
27,594 |
|
|
|
42,203 |
|
|
|
23,024 |
|
|
|
63,836 |
|
|
|
119,569 |
|
| Stock-based compensation, net of tax |
|
|
9,412 |
|
|
|
6,299 |
|
|
|
8,993 |
|
|
|
27,099 |
|
|
|
17,794 |
|
| Non-GAAP income, net of income tax |
|
$ |
37,006 |
|
|
$ |
48,502 |
|
|
$ |
32,017 |
|
|
$ |
90,935 |
|
|
$ |
137,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Reconciliation of Non-GAAP measure - Weighted-average common shares adjusted for stock awards |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
| Diluted weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
| Dilutive effect of stock awards |
|
|
360 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Non-GAAP diluted weighted-average common shares outstanding |
|
|
37,892 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Reconciliation of non-GAAP measure - per share earnings excluding certain items |
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
||||||
| Diluted earnings (loss) per share from continuing operations, as reported |
|
$ |
(0.38 |
) |
|
$ |
0.89 |
|
$ |
0.41 |
|
$ |
0.19 |
|
$ |
2.45 |
||||
| Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Per share impact of non-GAAP adjustments, net of tax |
|
|
1.36 |
|
|
|
0.39 |
|
|
0.44 |
|
|
2.22 |
|
|
1.18 |
||||
| Non-GAAP earnings per share |
|
$ |
0.98 |
|
|
$ |
1.28 |
|
$ |
0.85 |
|
$ |
2.41 |
|
$ |
3.63 |
||||
| ADVANCED ENERGY INDUSTRIES, INC. SELECTED OTHER DATA (UNAUDITED) |
||||||||
|
|
|
|
|
|
|
|
||
| Reconciliation of Q4 2024 Guidance |
||||||||
| Low End |
High End |
|||||||
| Revenue |
|
$372 million |
|
$412 million |
||||
| Reconciliation of non-GAAP earnings per share |
|
|
|
|
||||
| GAAP earnings per share |
$ |
0.18 |
|
$ |
0.76 |
|
||
| Stock-based compensation |
|
0.31 |
|
|
0.30 |
|
||
| Amortization of intangible assets |
|
0.19 |
|
|
0.18 |
|
||
| Restructuring, asset impairments, and other charges |
|
0.29 |
|
|
0.21 |
|
||
| Tax effects of excluded items |
|
(0.14 |
) |
|
(0.12 |
) |
||
| Non-GAAP earnings per share |
$ |
0.83 |
|
$ |
1.33 |
|
||
