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Advanced Energy Reports Fourth Quarter and Full Year 2022 Results

  • Q4 revenue was $491 million, above the high end of guidance
  • Q4 GAAP EPS from continuing operations was $1.20; Q4 Non-GAAP EPS was $1.70, above the mid-point of guidance
  • 2022 revenue was a record $1.85 billion, with each end market up 20% or more
  • 2022 GAAP EPS from continuing operations was $5.35; 2022 Non-GAAP EPS was a record $6.49
  • 2022 cash flow from continuing operations was $184 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, 2022.

“We delivered strong financial results in the fourth quarter, taking advantage of improved component availability and solid manufacturing execution,” said Steve Kelley, president and CEO of Advanced Energy. “For the full year, we achieved record revenue and earnings, thanks to strong demand in all of our markets and improved execution across the company. Although we expect lower revenue in the near-term due to a downturn in the semiconductor equipment market, we anticipate a record level of design-in activity, leveraging our strong pipeline of technology-leading products.”

Quarter Results

Sales were $490.7 million in the fourth quarter of 2022, compared with $516.3 million in the third quarter of 2022 and $396.9 million in the fourth quarter of 2021.

GAAP net income from continuing operations was $45.3 million or $1.20 per diluted share in the quarter, compared with $74.9 million or $1.99 per diluted share in the prior quarter, and $39.7 million or $1.05 per diluted share a year ago.

Non-GAAP net income was $64.2 million or $1.70 per diluted share in the fourth quarter of 2022. This compares with $79.6 million or $2.12 per diluted share in the third quarter of 2022, and $51.5 million or $1.36 per diluted share in the fourth quarter of 2021.

Advanced Energy generated $70.7 million of cash flow from continuing operations during the quarter, repurchased $0.7 million of common stock and paid $3.8 million in a quarterly dividend.

Full Year 2022 Results

2022 revenue was a record $1.85 billion, a 27% increase from $1.46 billion in 2021.

GAAP net income from continuing operations was a record $201.9 million or $5.35 per diluted share in 2022, compared with $134.7 million or $3.51 per diluted share in 2021.

Non-GAAP net income was a record $244.8 million or $6.49 per diluted share in 2022, compared to $183.2 million or $4.78 per diluted share in 2021.

The company generated $183.7 million of operating cash from continuing operations in 2022, repurchased $26.6 million of common stock and paid $15.2 million in dividends. Cash and equivalents including long-term marketable securities at ended the year were $460.9 million.

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

First Quarter 2023 Guidance

Based on the Company’s current view, beliefs, and assumptions, guidance for the first quarter of 2023 is within the following ranges:

 

Q1 2023

Revenues

$415 million +/- $20 million

GAAP EPS from continuing operations

$0.76 +/- $0.25

Non-GAAP EPS

$1.10 +/- $0.25

Conference Call

Management will host a conference call today, February 8, 2023, at 4:30 p.m. Eastern Time to discuss the fourth quarter and full year 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. 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, 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2022

 

 

2021

 

 

Sales, net

 

$

490,740

 

 

$

396,930

 

 

$

516,274

 

 

$

1,845,422

 

 

$

1,455,954

 

 

Cost of sales

 

 

312,926

 

 

 

257,183

 

 

 

325,056

 

 

 

1,169,916

 

 

 

923,632

 

 

Gross profit

 

 

177,814

 

 

 

139,747

 

 

 

191,218

 

 

 

675,506

 

 

 

532,322

 

 

Gross margin %

 

 

36.2

 

%

 

35.2

 

%

 

37.0

 

%

 

36.6

 

%

 

36.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

49,637

 

 

 

40,966

 

 

 

49,760

 

 

 

191,020

 

 

 

161,831

 

 

Selling, general, and administrative

 

 

57,407

 

 

 

48,784

 

 

 

56,716

 

 

 

218,463

 

 

 

191,998

 

 

Amortization of intangible assets

 

 

7,033

 

 

 

5,556

 

 

 

7,049

 

 

 

26,114

 

 

 

22,060

 

 

Restructuring expense

 

 

5,636

 

 

 

2,231

 

 

 

121

 

 

 

6,814

 

 

 

4,752

 

 

Total operating expenses

 

 

119,713

 

 

 

97,537

 

 

 

113,646

 

 

 

442,411

 

 

 

380,641

 

 

Operating income

 

 

58,101

 

 

 

42,210

 

 

 

77,572

 

 

 

233,095

 

 

 

151,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

(2,701

)

 

 

704

 

 

 

8,940

 

 

 

8,646

 

 

 

(2,970

)

 

Income from continuing operations, before income taxes

 

 

55,400

 

 

 

42,914

 

 

 

86,512

 

 

 

241,741

 

 

 

148,711

 

 

Provision for income taxes

 

 

10,055

 

 

 

3,187

 

 

 

11,639

 

 

 

39,850

 

 

 

14,004

 

 

Income from continuing operations

 

 

45,345

 

 

 

39,727

 

 

 

74,873

 

 

 

201,891

 

 

 

134,707

 

 

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

 

 

(1,600

)

 

 

(98

)

 

 

(697

)

 

 

(2,215

)

 

 

73

 

 

Net income

 

 

43,745

 

 

 

39,629

 

 

 

74,176

 

 

 

199,676

 

 

 

134,780

 

 

Income from continuing operations attributable to noncontrolling interest

 

 

 

 

 

(26

)

 

 

9

 

 

 

16

 

 

 

44

 

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

43,745

 

 

$

39,655

 

 

$

74,167

 

 

$

199,660

 

 

$

134,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,405

 

 

 

37,672

 

 

 

37,379

 

 

 

37,463

 

 

 

38,143

 

 

Diluted weighted-average common shares outstanding

 

 

37,683

 

 

 

37,866

 

 

 

37,630

 

 

 

37,721

 

 

 

38,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.21

 

 

$

1.06

 

 

$

2.00

 

 

$

5.39

 

 

$

3.53

 

 

Diluted earnings per share

 

$

1.20

 

 

$

1.05

 

 

$

1.99

 

 

$

5.35

 

 

$

3.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

(0.04

)

 

$

 

 

$

(0.02

)

 

$

(0.06

)

 

$

 

 

Diluted earnings (loss) per share

 

$

(0.04

)

 

$

 

 

$

(0.02

)

 

$

(0.06

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.17

 

 

$

1.05

 

 

$

1.98

 

 

$

5.33

 

 

$

3.53

 

 

Diluted earnings per share

 

$

1.16

 

 

$

1.05

 

 

$

1.97

 

 

$

5.29

 

 

$

3.51

 

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

458,818

 

$

544,372

Accounts and other receivable, net

 

 

300,683

 

 

237,227

Inventories

 

 

376,012

 

 

338,410

Other current assets

 

 

53,001

 

 

42,225

Total current assets

 

 

1,188,514

 

 

1,162,234

 

 

 

 

 

 

 

Property and equipment, net

 

 

148,462

 

 

114,830

Operating lease right-of-use assets

 

 

100,177

 

 

101,769

Other assets

 

 

84,056

 

 

66,911

Goodwill and intangible assets, net

 

 

470,959

 

 

371,596

Total assets

 

$

1,992,168

 

$

1,817,340

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

170,467

 

$

193,708

Other accrued expenses

 

 

185,805

 

 

140,645

Current portion of long-term debt

 

 

20,000

 

 

20,000

Current portion of operating lease liabilities

 

 

16,771

 

 

15,843

Total current liabilities

 

 

393,043

 

 

370,196

 

 

 

 

 

 

 

Long-term debt

 

 

353,262

 

 

372,733

Other long-term liabilities

 

 

179,596

 

 

202,915

Long-term liabilities

 

 

532,858

 

 

575,648

 

 

 

 

 

 

 

Total liabilities

 

 

925,901

 

 

945,844

 

 

 

 

 

 

 

Advanced Energy Industries, Inc. stockholders' equity

 

 

1,066,267

 

 

870,851

Noncontrolling interest

 

 

 

 

645

Total stockholders’ equity

 

 

1,066,267

 

 

871,496

Total liabilities and stockholders’ equity

 

$

1,992,168

 

$

1,817,340

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

199,676

 

 

$

134,780

 

Less: income (loss) from discontinued operations, net of income taxes

 

 

(2,215

)

 

 

73

 

Income from continuing operations, net of income taxes

 

 

201,891

 

 

 

134,707

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

60,296

 

 

 

52,893

 

Stock-based compensation expense

 

 

19,849

 

 

 

15,739

 

Provision for deferred income taxes

 

 

(5,736

)

 

 

1,326

 

Discount on notes receivable

 

 

 

 

 

(638

)

(Gain) loss on disposal and sale of assets

 

 

(3,962

)

 

 

1,496

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(88,607

)

 

 

(64,609

)

Net cash from operating activities from continuing operations

 

 

183,731

 

 

 

140,914

 

Net cash from operating activities from discontinued operations

 

 

(144

)

 

 

(669

)

Net cash from operating activities

 

 

183,587

 

 

 

140,245

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Receipt of notes receivable

 

 

 

 

 

3,050

 

Purchases of property and equipment

 

 

(58,885

)

 

 

(28,817

)

Acquisitions, net of cash acquired

 

 

(149,387

)

 

 

(21,535

)

Net cash from investing activities

 

 

(208,272

)

 

 

(47,302

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

 

 

 

85,000

 

Payment of debt-issuance costs

 

 

 

 

 

(1,350

)

Payments on long-term borrowings

 

 

(20,000

)

 

 

(13,750

)

Dividend payments

 

 

(15,204

)

 

 

(15,385

)

Purchase and retirement of common stock

 

 

(26,635

)

 

 

(78,125

)

Net payments related to stock-based awards

 

 

(26

)

 

 

(1,762

)

Net cash from financing activities

 

 

(61,865

)

 

 

(25,372

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

996

 

 

 

(3,567

)

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(85,554

)

 

 

64,004

 

CASH AND CASH EQUIVALENTS, beginning of period

 

 

544,372

 

 

 

480,368

 

CASH AND CASH EQUIVALENTS, end of period

 

$

458,818

 

 

$

544,372

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Market

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Semiconductor Equipment

 

$

232,455

 

$

179,346

 

$

266,600

 

$

930,809

 

$

710,174

Industrial and Medical

 

 

119,327

 

 

98,764

 

 

119,587

 

 

426,763

 

 

341,176

Data Center Computing

 

 

94,525

 

 

80,081

 

 

87,542

 

 

327,466

 

 

270,924

Telecom and Networking

 

 

44,433

 

 

38,739

 

 

42,545

 

 

160,384

 

 

133,680

Total

 

$

490,740

 

$

396,930

 

$

516,274

 

$

1,845,422

 

$

1,455,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geographic Region

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

North America

 

$

230,461

 

$

178,200

 

$

238,115

 

$

857,490

 

$

665,479

Asia

 

 

197,368

 

 

163,598

 

 

215,401

 

 

754,997

 

 

597,830

Europe

 

 

61,146

 

 

49,305

 

 

61,456

 

 

219,119

 

 

179,056

Other

 

 

1,765

 

 

5,827

 

 

1,302

 

 

13,816

 

 

13,589

Total

 

$

490,740

 

$

396,930

 

$

516,274

 

$

1,845,422

 

$

1,455,954

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,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Gross profit from continuing operations, as reported

 

$

177,814

 

 

$

139,747

 

 

$

191,218

 

 

$

675,506

 

 

$

532,322

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

391

 

 

 

(19

)

 

 

454

 

 

 

1,478

 

 

 

764

 

Facility expansion, relocation costs and other

 

 

1,162

 

 

 

997

 

 

 

1,662

 

 

 

5,295

 

 

 

6,189

 

Acquisition-related costs

 

 

73

 

 

 

234

 

 

 

66

 

 

 

(299

)

 

 

3,585

 

Non-GAAP gross profit

 

 

179,440

 

 

 

140,959

 

 

 

193,400

 

 

 

681,980

 

 

 

542,860

 

Non-GAAP gross margin

 

 

36.6

%

 

 

35.5

%

 

 

37.5

%

 

 

37.0

%

 

 

37.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

119,713

 

 

 

97,537

 

 

 

113,646

 

 

 

442,411

 

 

 

380,641

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(7,033

)

 

 

(5,556

)

 

 

(7,049

)

 

 

(26,114

)

 

 

(22,060

)

Stock-based compensation

 

 

(4,450

)

 

 

(2,939

)

 

 

(5,568

)

 

 

(18,371

)

 

 

(14,975

)

Acquisition-related costs

 

 

(1,660

)

 

 

(679

)

 

 

(1,150

)

 

 

(8,637

)

 

 

(6,803

)

Facility expansion, relocation costs and other

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

(229

)

Restructuring charges

 

 

(5,636

)

 

 

(2,231

)

 

 

(121

)

 

 

(6,814

)

 

 

(4,752

)

Non-GAAP operating expenses

 

 

100,934

 

 

 

86,115

 

 

 

99,758

 

 

 

382,475

 

 

 

331,822

 

Non-GAAP operating income

 

$

78,506

 

 

$

54,844

 

 

$

93,642

 

 

$

299,505

 

 

$

211,038

 

Non-GAAP operating margin

 

 

16.0

%

 

 

13.8

%

 

 

18.1

%

 

 

16.2

%

 

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

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

 

$

45,345

 

 

$

39,753

 

 

$

74,864

 

 

$

201,875

 

 

$

134,663

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

7,033

 

 

 

5,556

 

 

 

7,049

 

 

 

26,114

 

 

 

22,060

 

Acquisition-related costs

 

 

1,733

 

 

 

913

 

 

 

1,216

 

 

 

8,338

 

 

 

10,388

 

Facility expansion, relocation costs, and other

 

 

1,162

 

 

 

1,014

 

 

 

1,662

 

 

 

5,295

 

 

 

6,418

 

Restructuring charges

 

 

5,636

 

 

 

2,231

 

 

 

121

 

 

 

6,814

 

 

 

4,752

 

Unrealized foreign currency (gain) loss

 

 

5,378

 

 

 

(134

)

 

 

(6,169

)

 

 

(7,645

)

 

 

(3,543

)

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

 

 

(3,817

)

 

 

(3,093

)

 

 

(4,685

)

 

 

(8,417

)

 

 

(2,186

)

Tax effect of non-GAAP adjustments

 

 

(2,042

)

 

 

3,017

 

 

 

855

 

 

 

(3,008

)

 

 

(1,346

)

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

 

 

60,428

 

 

 

49,257

 

 

 

74,913

 

 

 

229,366

 

 

 

171,206

 

Stock-based compensation, net of taxes

 

 

3,776

 

 

 

2,233

 

 

 

4,697

 

 

 

15,444

 

 

 

12,042

 

Non-GAAP income, net of income taxes

 

$

64,204

 

 

$

51,490

 

 

$

79,610

 

 

$

244,810

 

 

$

183,248

 

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,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Diluted earnings per share from continuing operations, as reported

 

$

1.20

 

$

1.05

 

$

1.99

 

$

5.35

 

$

3.51

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.50

 

 

0.31

 

 

0.13

 

 

1.14

 

 

1.27

Non-GAAP earnings per share

 

$

1.70

 

$

1.36

 

$

2.12

 

$

6.49

 

$

4.78

 

 

Reconciliation of Q1 2023 Guidance

Low End

High End

 

Revenue

 

$395 million

 

$435 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.51

 

$

1.01

 

Stock-based compensation

 

0.17

 

 

0.17

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring and other

 

0.04

 

 

0.04

 

Tax effects of excluded items

 

(0.06

)

 

(0.06

)

Non-GAAP earnings per share

$

0.85

 

$

1.35

 

 

Contacts

Andrew Huang

Advanced Energy Industries, Inc.

970-407-6555

ir@aei.com

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