Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced
financial results for the fourth quarter and year ended December
31, 2016. The company reported fourth quarter sales of $135.3
million. Fourth quarter GAAP income from continuing operations was
$40.4 million, or $1.01 per diluted share. Non-GAAP income from
continuing operations was $42.6 million, or $1.06 per diluted
share.
“AE had an exceptional 2016. Our powerful model generated
impressive results across the board, driving significant
profitability,” said Yuval Wasserman, president and CEO of Advanced
Energy. “Our Semiconductor and Service revenues reached new highs,
more than offsetting the fourth quarter decline in Industrial
applications. We continue to expand our presence as a critical
enabler by capitalizing on the build-out and expansion of important
semiconductor technologies. We enter 2017 with a healthy outlook, a
strong balance sheet and a variety of opportunities that we believe
will take AE to the next level and move us closer to our new
aspirational goals.”
Fourth Quarter Results
Sales were $135.3 million compared with $126.6 million in the
third quarter of 2016 and $86.9 million in the fourth quarter of
2015.
GAAP income from continuing operations was $40.4 million or
$1.01 per diluted share in the fourth quarter of 2016 compared with
$29.0 million or $0.73 per diluted share in the third quarter, and
$11.5 million or $0.28 per diluted share in the fourth quarter of
2015.
Non-GAAP income from continuing operations was $42.6 million or
$1.06 per diluted share in the fourth quarter of 2016 compared with
$30.8 million or $0.77 per diluted share in the third quarter, and
$12.9 million or $0.32 per diluted share in the same period last
year. A reconciliation of non-GAAP measures is provided in the
tables below.
The company generated $44.4 million of operating cash from
continuing operations.
Full Year 2016
Sales were $483.7 million compared with $414.8 million in
2015.
GAAP income from continuing operations was $116.9 million or
$2.92 per diluted share, compared with $83.5 million or $2.03 per
diluted share in 2015.
Non-GAAP income from continuing operations was $124.6 million or
$3.11 per diluted share compared with $89.3 million or $2.17 per
diluted share in 2015. A reconciliation of non-GAAP measures is
provided in the tables below.
The company generated $126.5 million in cash from continuing
operations and ended the year with $286.7 million in cash and
marketable securities.
Discontinued Operations
The company’s financial statements for all periods presented
reflect results for the continuing precision power business, with
the discontinued inverter business included in discontinued
operations for both the balance sheet and income statement. Further
financial detail regarding the amounts related to the discontinued
inverter business are available in the company’s 2015 Annual Report
on Form 10-K.
First Quarter 2017 Guidance
Based on the company's current view, beliefs and assumptions,
guidance for the first quarter of 2017 is within the following
ranges:
|
Q1 2017 |
Revenues |
$141M - $151M |
GAAP operating margins
from continuing operations |
26% -
29% |
GAAP EPS from
continuing operations |
$0.84
- $0.94 |
Non-GAAP operating
margins from continuing operations |
29% -
31% |
Non-GAAP EPS from
continuing operations |
$0.90
- $1.00 |
|
|
Fourth Quarter 2016 Conference Call
Management will host a conference call tomorrow morning,
Tuesday, January 31, 2017 at 8:30 a.m. Eastern Time to discuss
Advanced Energy's financial results. Domestic callers may access
this conference call by dialing 855-232-8958. International callers
may access the call by dialing 315-625-6980. Participants will need
to provide the operator with the Conference ID Number 53480474,
which has been reserved for this call. For a replay of this
teleconference, please call 855-859-2056 or 404-537-3406 and enter
Conference ID Number 53480474. The replay will be available for one
week following the conference call. A webcast will also be
available on the company’s Investor Relations web page at
http://ir.advanced-energy.com.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative
power and control technologies for high-growth, precision power
solutions for thin films processes and industrial applications.
Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more
information, go to www.advanced-energy.com.
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, amortization of
intangible assets and restructuring costs, as well as acquisition
related costs and other non-recurring items. For the first quarter
ending March 31, 2017 guidance, the company expects stock based
compensation of $2.0 million and amortization of intangibles of
$1.0 million. 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. Advanced
Energy believes that these non-GAAP measures provide useful
information to management and investors to evaluate business
performance without the impacts of certain non-cash charges and
other charges which are not part of the company’s usual operations.
The company uses 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, the company believes that these
non-GAAP measures, in combination with its financial results
calculated in accordance with GAAP, provide investors with
additional perspective. While some of the excluded items may be
incurred and reflected in the company’s GAAP financial results in
the foreseeable future, the company believes that the items
excluded from certain non-GAAP measures do not accurately reflect
the underlying performance of its continuing operations for the
period in which they are incurred. The use of non-GAAP measures has
limitations in that such measures do not reflect all of the amounts
associated with the company’s results of operations as determined
in accordance with GAAP, and these measures should only be used to
evaluate the company’s results of operations in conjunction with
the corresponding GAAP measures. Please refer to the Form 8-K
regarding this release furnished today to the Securities and
Exchange Commission.
Forward-Looking Statements
The company’s guidance with respect to anticipated financial
results for the first quarter ending March 31, 2017, potential
future progress towards our new aspirational goals, expectations
regarding future market trends and the company’s future performance
within specific markets (e.g., statements regarding anticipated
semiconductor and industrial market growth) and other statements
that are not historical information are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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) the effects of
global macroeconomic conditions upon demand for our products and
services; (b) the volatility and cyclicality of the industries the
company serves, particularly the semiconductor industry; (c) delays
in capital spending by end-users in our served markets; (d) the
accuracy of the company’s estimates related to fulfilling solar
inverter product warranty and post-warranty obligations; (e) the
company’s ability to realize its plan to avoid additional costs
after the solar inverter wind-down; (f) the accuracy of the
company's assumptions on which its financial statement projections
are based; (g) the impact of price changes, which may
result from a variety of factors; (h) the timing of orders
received from customers; (i) the company’s ability to realize
benefits from cost improvement efforts including avoided costs,
restructuring plans and inorganic growth; (j) the company’s ability
to obtain in a timely manner the materials necessary to manufacture
its products; and (k) unanticipated changes to management's
estimates, reserves or allowances. 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
http://ir.advanced-energy.com or by contacting Advanced
Energy's investor relations at 970-407-6555. Forward-looking
statements are made and based on information available to the
company 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. The
company assumes 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 |
|
Twelve Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
Product |
$ |
115,885 |
|
|
$ |
71,564 |
|
|
$ |
107,650 |
|
|
$ |
410,580 |
|
|
$ |
350,834 |
|
Service |
19,458 |
|
|
15,327 |
|
|
18,902 |
|
|
73,124 |
|
|
63,977 |
|
Total
sales |
135,343 |
|
|
86,891 |
|
|
126,552 |
|
|
483,704 |
|
|
414,811 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
Product |
54,710 |
|
|
35,049 |
|
|
49,835 |
|
|
192,694 |
|
|
164,889 |
|
Service |
9,115 |
|
|
9,158 |
|
|
10,594 |
|
|
37,863 |
|
|
33,052 |
|
Total
cost of sales |
63,825 |
|
|
44,207 |
|
|
60,429 |
|
|
230,557 |
|
|
197,941 |
|
Gross profit |
71,518 |
|
|
42,684 |
|
|
66,123 |
|
|
253,147 |
|
|
216,870 |
|
|
52.8 |
% |
|
49.1 |
% |
|
52.2 |
% |
|
52.3 |
% |
|
52.3 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research
and development |
11,121 |
|
|
9,437 |
|
|
11,293 |
|
|
44,445 |
|
|
39,551 |
|
Selling,
general and administrative |
20,864 |
|
|
16,121 |
|
|
19,421 |
|
|
77,678 |
|
|
66,097 |
|
Amortization of intangible assets |
987 |
|
|
1,070 |
|
|
1,048 |
|
|
4,167 |
|
|
4,368 |
|
Restructuring (benefit) expense |
— |
|
|
(117 |
) |
|
— |
|
|
— |
|
|
198 |
|
Total
operating expenses |
32,972 |
|
|
26,511 |
|
|
31,762 |
|
|
126,290 |
|
|
110,214 |
|
Operating income |
38,546 |
|
|
16,173 |
|
|
34,361 |
|
|
126,857 |
|
|
106,656 |
|
Other
income, net |
81 |
|
|
(1,661 |
) |
|
(55 |
) |
|
1,219 |
|
|
(1,214 |
) |
Income from continuing
operations before income taxes |
38,627 |
|
|
14,512 |
|
|
34,306 |
|
|
128,076 |
|
|
105,442 |
|
Provision for income
taxes |
(1,809 |
) |
|
3,022 |
|
|
5,268 |
|
|
11,128 |
|
|
21,960 |
|
Income from continuing
operations, net of income taxes |
40,436 |
|
|
11,490 |
|
|
29,038 |
|
|
116,948 |
|
|
83,482 |
|
Income (loss) from
discontinued operations, net of income taxes |
3,845 |
|
|
24,775 |
|
|
1,323 |
|
|
10,506 |
|
|
(241,968 |
) |
Net income
(loss) |
$ |
44,281 |
|
|
$ |
36,265 |
|
|
$ |
30,361 |
|
|
$ |
127,454 |
|
|
$ |
(158,486 |
) |
|
|
|
|
|
|
|
|
|
|
Basic weighted-average
common shares outstanding |
39,699 |
|
|
40,270 |
|
|
39,681 |
|
|
39,720 |
|
|
40,746 |
|
Diluted
weighted-average common shares outstanding |
40,029 |
|
|
40,601 |
|
|
39,967 |
|
|
40,031 |
|
|
41,077 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.02 |
|
|
$ |
0.29 |
|
|
$ |
0.73 |
|
|
$ |
2.94 |
|
|
$ |
2.05 |
|
Diluted
earnings per share |
$ |
1.01 |
|
|
$ |
0.28 |
|
|
$ |
0.73 |
|
|
$ |
2.92 |
|
|
$ |
2.03 |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share |
$ |
0.10 |
|
|
$ |
0.62 |
|
|
$ |
0.03 |
|
|
$ |
0.26 |
|
|
$ |
(5.94 |
) |
Diluted
earnings (loss) per share |
$ |
0.10 |
|
|
$ |
0.61 |
|
|
$ |
0.03 |
|
|
$ |
0.26 |
|
|
$ |
(5.94 |
) |
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ |
1.12 |
|
|
$ |
0.90 |
|
|
$ |
0.77 |
|
|
$ |
3.21 |
|
|
$ |
(3.89 |
) |
Diluted earnings (loss) per share |
$ |
1.11 |
|
|
$ |
0.89 |
|
|
$ |
0.76 |
|
|
$ |
3.18 |
|
|
$ |
(3.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
|
|
|
December 31, |
|
December 31, |
|
2016 |
|
2015 |
ASSETS |
Unaudited |
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
281,953 |
|
|
$ |
158,443 |
|
Marketable securities |
4,737 |
|
|
11,986 |
|
Accounts receivable, net |
75,667 |
|
|
54,959 |
|
Inventories, net |
55,770 |
|
|
52,573 |
|
Income taxes receivable |
1,482 |
|
|
9,040 |
|
Other current assets |
9,324 |
|
|
7,868 |
|
Current
assets of discontinued operations |
9,401 |
|
|
27,608 |
|
Total current
assets |
438,334 |
|
|
322,477 |
|
|
|
|
|
Property and equipment,
net |
13,337 |
|
|
9,645 |
|
|
|
|
|
Deposits and other |
1,835 |
|
|
1,729 |
|
Goodwill and
intangibles, net |
70,196 |
|
|
76,870 |
|
Deferred income tax
assets |
32,197 |
|
|
36,217 |
|
Non-current assets of
discontinued operations |
15,630 |
|
|
15,565 |
|
Total assets |
$ |
571,529 |
|
|
$ |
462,503 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
46,256 |
|
|
$ |
27,246 |
|
Other accrued expenses |
35,372 |
|
|
40,243 |
|
Current
liabilities of discontinued operations |
13,419 |
|
|
36,481 |
|
Total current
liabilities |
95,047 |
|
|
103,970 |
|
|
|
|
|
Non-current liabilities of continuing operations |
63,252 |
|
|
67,651 |
|
Non-current liabilities of discontinued operations |
21,157 |
|
|
27,302 |
|
Long-term
liabilities |
84,409 |
|
|
94,953 |
|
|
|
|
|
Total liabilities |
179,456 |
|
|
198,923 |
|
|
|
|
|
Stockholders'
equity |
392,073 |
|
|
263,580 |
|
Total liabilities and
stockholders' equity |
$ |
571,529 |
|
|
$ |
462,503 |
|
|
|
|
|
December 31, 2015 amounts are derived from the December 31, 2015
audited Consolidated Financial Statements.
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS(in thousands)
|
|
|
Years Ended December 31, |
|
2016 |
|
2015 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net
income (loss) |
$ |
127,454 |
|
|
$ |
(158,486 |
) |
Income
(loss) from discontinued operations, net of income taxes |
10,506 |
|
|
(241,968 |
) |
Income
from continuing operations, net of income taxes |
116,948 |
|
|
83,482 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
7,813 |
|
|
8,832 |
|
Stock-based compensation expense |
6,332 |
|
|
2,810 |
|
Provision
for deferred income taxes |
3,570 |
|
|
3,498 |
|
Non-cash
reserve for potential bad debts |
— |
|
|
5,967 |
|
Net loss
(gain) on disposal of assets |
319 |
|
|
(1,019 |
) |
Changes
in operating assets and liabilities, net of assets acquired |
(8,461 |
) |
|
20,651 |
|
Net cash
provided by operating activities from continuing operations |
126,521 |
|
|
124,221 |
|
Net cash
used in operating activities from discontinued operations |
(7,857 |
) |
|
(19,413 |
) |
Net cash
provided by operating activities |
118,664 |
|
|
104,808 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases
of marketable securities |
(763 |
) |
|
(30,172 |
) |
Proceeds
from sale of marketable securities |
7,884 |
|
|
21,095 |
|
Acquisitions, net of cash acquired |
— |
|
|
(128 |
) |
Purchases
of property and equipment |
(6,821 |
) |
|
(4,014 |
) |
Net cash
provided by (used in) investing activities from continuing
operations |
300 |
|
|
(13,219 |
) |
Net cash
used in investing activities from discontinued operations |
— |
|
|
(46 |
) |
Net cash
used in investing activities |
300 |
|
|
(13,265 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Purchase
and retirement of common stock |
— |
|
|
(50,000 |
) |
Proceeds
from exercise of stock options |
2,170 |
|
|
4,476 |
|
Excess
tax from stock-based compensation deduction |
623 |
|
|
(99 |
) |
Other
financing activities |
(4 |
) |
|
(4 |
) |
Net cash
provided by (used in) financing activities from continuing
operations |
2,789 |
|
|
(45,627 |
) |
Net cash
used in financing activities from discontinued operations |
(29 |
) |
|
(14 |
) |
Net cash
provided by (used in) financing activities |
2,760 |
|
|
(45,641 |
) |
EFFECT OF
CURRENCY TRANSLATION ON CASH |
(1,927 |
) |
|
(1,467 |
) |
INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS |
119,797 |
|
|
44,435 |
|
CASH AND CASH
EQUIVALENTS, beginning of period |
169,720 |
|
|
125,285 |
|
CASH AND CASH
EQUIVALENTS, end of period |
289,517 |
|
|
169,720 |
|
Less cash and
cash equivalents from discontinued operations |
7,564 |
|
|
11,277 |
|
CASH AND CASH
EQUIVALENTS FROM CONTINUING OPERATIONS, end of period
|
$ |
281,953 |
|
|
$ |
158,443 |
|
|
December 31, 2015 amounts are derived from the December 31, 2015
audited Consolidated Financial Statements.
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 |
|
Twelve Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit from
continuing operations, as reported |
$ |
71,518 |
|
|
$ |
42,684 |
|
|
$ |
66,123 |
|
|
$ |
253,147 |
|
|
$ |
216,870 |
|
Operating expenses from
continuing operations, as reported |
|
32,972 |
|
|
|
26,511 |
|
|
|
31,762 |
|
|
|
126,290 |
|
|
|
110,214 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
— |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
|
(197 |
) |
Stock-based compensation |
|
(2,033 |
) |
|
|
(897 |
) |
|
|
(1,301 |
) |
|
|
(6,332 |
) |
|
|
(2,810 |
) |
Amortization of intangible assets |
|
(987 |
) |
|
|
(1,070 |
) |
|
|
(1,048 |
) |
|
|
(4,167 |
) |
|
|
(4,368 |
) |
Non-GAAP operating
expenses from continuing operations |
|
29,952 |
|
|
|
24,661 |
|
|
|
29,413 |
|
|
|
115,791 |
|
|
|
102,839 |
|
Non-GAAP operating
income from continuing operations |
$ |
41,566 |
|
|
$ |
18,023 |
|
|
$ |
36,710 |
|
|
$ |
137,356 |
|
|
$ |
114,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Non-GAAP measure - income excluding certain items |
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations, net of income taxes, as reported |
$ |
40,436 |
|
|
$ |
11,490 |
|
|
$ |
29,038 |
|
|
$ |
116,948 |
|
|
$ |
83,482 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
— |
|
|
|
(117 |
) |
|
|
— |
|
|
|
— |
|
|
|
197 |
|
Stock-based compensation |
|
2,033 |
|
|
|
897 |
|
|
|
1,301 |
|
|
|
6,332 |
|
|
|
2,810 |
|
Amortization of intangible assets |
|
987 |
|
|
|
1,070 |
|
|
|
1,048 |
|
|
|
4,167 |
|
|
|
4,368 |
|
Tax
effect of Non-GAAP adjustments |
|
(881 |
) |
|
|
(406 |
) |
|
|
(608 |
) |
|
|
(2,854 |
) |
|
|
(1,589 |
) |
Non-GAAP income from
continuing operations, net of income taxes |
$ |
42,575 |
|
|
$ |
12,934 |
|
|
$ |
30,779 |
|
|
$ |
124,593 |
|
|
$ |
89,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Non-GAAP measure - per share earnings excluding certain
items |
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share from continuing operations, as reported |
$ |
1.01 |
|
|
$ |
0.28 |
|
|
$ |
0.73 |
|
|
$ |
2.92 |
|
|
$ |
2.03 |
|
Add back: |
|
|
|
|
|
|
|
|
|
per share
impact of Non-GAAP adjustments, net of tax |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.19 |
|
|
|
0.14 |
|
Non-GAAP per share
earnings from continuing operations |
$ |
1.06 |
|
|
$ |
0.32 |
|
|
$ |
0.77 |
|
|
$ |
3.11 |
|
|
$ |
2.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Q1 2017 Guidance |
|
|
|
|
|
|
Low End |
|
High End |
|
|
|
|
|
Revenue |
|
$141 million |
|
$151 million |
|
|
|
|
|
Reconciliation
of Non-GAAP operating margin |
|
|
|
|
GAAP operating
margin |
|
26 |
% |
|
29 |
% |
Stock-based compensation |
|
2 |
% |
|
1 |
% |
Amortization of intangible assets |
|
1 |
% |
|
1 |
% |
Non-GAAP
operating margin |
|
29 |
% |
|
31 |
% |
|
|
|
|
|
Reconciliation
of Non-GAAP earnings per share |
|
|
|
|
GAAP earnings per
share |
|
$ |
0.84 |
|
|
$ |
0.94 |
|
Stock-based compensation |
|
0.05 |
|
|
0.05 |
|
Amortization of intangible assets |
|
0.03 |
|
|
0.03 |
|
Tax
effects of excluded items |
|
(0.02 |
) |
|
(0.02 |
) |
Non-GAAP
earnings per share |
|
$ |
0.90 |
|
|
$ |
1.00 |
|
|
CONTACTS:
Tom Liguori
Advanced Energy Industries, Inc.
970.407.6570
Tom.liguori@aei.com
Annie Leschin
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
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