Advanced Energy Industries, Inc. (Nasdaq:AEIS), today announced
financial results for the second quarter ended June 30, 2017. The
company reported second quarter sales of $165.9 million. Second
quarter GAAP income from continuing operations was $45.9 million,
or $1.14 per diluted share. Non-GAAP income from continuing
operations was $49.2 million, or $1.22 per diluted share.
“Building on our continuous innovation, early stage engagement
with customers and operational excellence led to outstanding
results this quarter,” said Yuval Wasserman, president and CEO.
“The complexity of advanced processing technologies is driving
increased power content, fueling our record semiconductor growth.
Our industrial business continues to grow, aided by new
applications and the expansion of our addressable market. With
strong cash generation, we are executing on our acquisition
strategy and making headway on our aspirational goals.”
Second Quarter Results
Sales were $165.9 million compared with $149.4 million in the
first quarter of 2017 and $118.8 million in the second quarter of
2016.
GAAP income from continuing operations was $45.9 million or
$1.14 per diluted share in the second quarter of 2017 compared with
$35.4 million or $0.88 per diluted share in the prior quarter, and
$27.3 million or $0.68 per diluted share in the second quarter of
2016.
Non-GAAP income from continuing operations was $49.2 million or
$1.22 per diluted share in the second quarter of 2017 compared with
$41.9 million or $1.04 per diluted share in the prior quarter, and
$29.2 million or $0.73 per diluted share in the same period last
year. A reconciliation of non-GAAP measures is provided in the
tables below.
The company generated $64.0 million of operating cash from
continuing operations.
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 2016 Annual Report
on Form 10-K.
Third Quarter 2017 Guidance
Based on the company's current view, beliefs and assumptions,
guidance for the third quarter of 2017 is within the following
ranges:
|
|
Q3 2017 |
|
|
|
Revenues |
|
$160M
- $170M |
GAAP operating margins
from continuing operations |
|
27% -
29% |
GAAP EPS from
continuing operations |
|
$1.02
- $1.12 |
Non-GAAP operating
margins from continuing operations |
|
30% -
32% |
Non-GAAP EPS from
continuing operations |
|
$1.10
- $1.20 |
Second Quarter 2017 Conference Call
Management will host a conference call tomorrow morning,
Tuesday, August 1, 2017 at 6:30 a.m. Mountain Time/ 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 42118693, 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 42118693. 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.
Advanced Energy and the Advanced Energy logo are trademarks of
Advanced Energy Industries, Inc. or one of its Affiliates in the
United States and elsewhere.
For more information, contact: |
|
|
|
Tom
Liguori |
|
Annie
Leschin |
Advanced
Energy Industries, Inc. |
|
Advanced
Energy Industries, Inc. |
(970)
232-8096 |
|
(970)
407-6555 |
Tom.Liguori@aei.com |
|
ir@aei.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 and amortization
of intangible assets, as well as non-recurring items such as
acquisition-related costs. For the third quarter ending September
30, 2017 guidance, the company expects stock based compensation of
$3.3 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 third quarter ending September 30, 2017, potential
future growth and profitability, our future business mix,
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 herein or made on the above-announced
conference call 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 |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
Product |
$ |
143,288 |
|
|
$ |
100,752 |
|
|
$ |
128,827 |
|
|
$ |
272,115 |
|
|
$ |
187,045 |
|
Service |
22,584 |
|
|
18,013 |
|
|
20,524 |
|
|
43,108 |
|
|
34,764 |
|
Total
sales |
165,872 |
|
|
118,765 |
|
|
149,351 |
|
|
315,223 |
|
|
221,809 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
Product |
66,491 |
|
|
47,334 |
|
|
60,117 |
|
|
126,608 |
|
|
88,149 |
|
Service |
12,240 |
|
|
9,385 |
|
|
10,403 |
|
|
22,643 |
|
|
18,154 |
|
Total
cost of sales |
78,731 |
|
|
56,719 |
|
|
70,520 |
|
|
149,251 |
|
|
106,303 |
|
Gross profit |
87,141 |
|
|
62,046 |
|
|
78,831 |
|
|
165,972 |
|
|
115,506 |
|
|
52.5 |
% |
|
52.2 |
% |
|
52.8 |
% |
|
52.7 |
% |
|
52.1 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research
and development |
14,610 |
|
|
11,266 |
|
|
12,503 |
|
|
27,113 |
|
|
22,031 |
|
Selling,
general and administrative |
23,790 |
|
|
19,377 |
|
|
22,098 |
|
|
45,888 |
|
|
37,393 |
|
Amortization of intangible assets |
974 |
|
|
1,074 |
|
|
962 |
|
|
1,936 |
|
|
2,132 |
|
Total
operating expenses |
39,374 |
|
|
31,717 |
|
|
35,563 |
|
|
74,937 |
|
|
61,556 |
|
Operating income |
47,767 |
|
|
30,329 |
|
|
43,268 |
|
|
91,035 |
|
|
53,950 |
|
Other
(expense) income, net |
(83 |
) |
|
836 |
|
|
(3,208 |
) |
|
(3,291 |
) |
|
1,193 |
|
Income from continuing
operations before income taxes |
47,684 |
|
|
31,165 |
|
|
40,060 |
|
|
87,744 |
|
|
55,143 |
|
Provision for income
taxes |
1,811 |
|
|
3,911 |
|
|
4,619 |
|
|
6,430 |
|
|
7,669 |
|
Income from continuing
operations, net of income taxes |
45,873 |
|
|
27,254 |
|
|
35,441 |
|
|
81,314 |
|
|
47,474 |
|
Income from
discontinued operations, net of income taxes |
179 |
|
|
3,277 |
|
|
2,094 |
|
|
2,273 |
|
|
5,338 |
|
Net
income |
$ |
46,052 |
|
|
$ |
30,531 |
|
|
$ |
37,535 |
|
|
$ |
83,587 |
|
|
$ |
52,812 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average
common shares outstanding |
39,849 |
|
|
39,672 |
|
|
39,738 |
|
|
39,793 |
|
|
39,750 |
|
Diluted
weighted-average common shares outstanding |
40,250 |
|
|
39,969 |
|
|
40,179 |
|
|
40,212 |
|
|
40,046 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.15 |
|
|
$ |
0.69 |
|
|
$ |
0.89 |
|
|
$ |
2.04 |
|
|
$ |
1.19 |
|
Diluted
earnings per share |
$ |
1.14 |
|
|
$ |
0.68 |
|
|
$ |
0.88 |
|
|
$ |
2.02 |
|
|
$ |
1.19 |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.00 |
|
|
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
Diluted
earnings per share |
$ |
0.00 |
|
|
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.16 |
|
|
$ |
0.77 |
|
|
$ |
0.94 |
|
|
$ |
2.10 |
|
|
$ |
1.33 |
|
Diluted earnings per share |
$ |
1.14 |
|
|
$ |
0.76 |
|
|
$ |
0.93 |
|
|
$ |
2.08 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
June 30, |
|
December 31, |
|
|
2017 |
|
2016 |
ASSETS |
|
Unaudited |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
358,937 |
|
|
$ |
281,953 |
|
Restricted cash |
|
17,732 |
|
|
— |
|
Marketable securities |
|
4,096 |
|
|
4,737 |
|
Accounts
receivable, net |
|
60,791 |
|
|
75,667 |
|
Inventories, net |
|
75,557 |
|
|
55,770 |
|
Income
taxes receivable |
|
2,047 |
|
|
1,482 |
|
Other
current assets |
|
9,930 |
|
|
9,324 |
|
Current
assets of discontinued operations |
|
8,058 |
|
|
9,401 |
|
Total current
assets |
|
537,148 |
|
|
438,334 |
|
|
|
|
|
|
Property and equipment,
net |
|
14,537 |
|
|
13,337 |
|
|
|
|
|
|
Deposits and other |
|
2,046 |
|
|
1,835 |
|
Goodwill and
intangibles, net |
|
71,405 |
|
|
70,196 |
|
Deferred income tax
assets |
|
32,328 |
|
|
32,197 |
|
Non-current assets of
discontinued operations |
|
15,631 |
|
|
15,630 |
|
Total assets |
|
$ |
673,095 |
|
|
$ |
571,529 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
49,430 |
|
|
$ |
46,255 |
|
Other
accrued expenses |
|
45,815 |
|
|
35,372 |
|
Current
liabilities of discontinued operations |
|
9,185 |
|
|
13,419 |
|
Total current
liabilities |
|
104,430 |
|
|
95,046 |
|
|
|
|
|
|
Non-current liabilities of continuing operations |
|
65,037 |
|
|
63,252 |
|
Non-current liabilities of discontinued operations |
|
18,240 |
|
|
21,157 |
|
Long-term
liabilities |
|
83,277 |
|
|
84,409 |
|
|
|
|
|
|
Total liabilities |
|
187,707 |
|
|
179,455 |
|
|
|
|
|
|
Stockholders'
equity |
|
485,388 |
|
|
392,074 |
|
Total liabilities and
stockholders' equity |
|
$ |
673,095 |
|
|
$ |
571,529 |
|
|
|
|
|
|
December 31, 2016 amounts are derived from the December 31, 2016
audited Consolidated Financial Statements.
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS(in thousands)
|
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net
income |
|
$ |
83,587 |
|
|
$ |
52,812 |
|
Income
from discontinued operations, net of income taxes |
|
2,273 |
|
|
5,338 |
|
Income
from continuing operations, net of income taxes |
|
81,314 |
|
|
47,474 |
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
4,219 |
|
|
4,045 |
|
Stock-based compensation expense |
|
7,254 |
|
|
2,998 |
|
Loss on
foreign exchange hedge |
|
3,489 |
|
|
— |
|
Net loss
on disposal of assets |
|
65 |
|
|
213 |
|
Changes
in operating assets and liabilities, net of assets acquired |
|
10,272 |
|
|
(6,646 |
) |
Net cash
provided by operating activities from continuing operations |
|
106,613 |
|
|
48,084 |
|
Net cash
used in operating activities from discontinued operations |
|
(6,396 |
) |
|
(4,563 |
) |
Net cash
provided by operating activities |
|
100,217 |
|
|
43,521 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Purchases
of marketable securities |
|
(19 |
) |
|
(745 |
) |
Proceeds
from sale of marketable securities |
|
723 |
|
|
6,921 |
|
Restricted Cash |
|
(17,732 |
) |
|
— |
|
Purchase
of foreign exchange hedge |
|
(3,489 |
) |
|
— |
|
Purchases
of property and equipment |
|
(3,408 |
) |
|
(2,865 |
) |
Net cash
(used in) provided by investing activities from continuing
operations |
|
(23,925 |
) |
|
3,311 |
|
Net cash
used in investing activities from discontinued operations |
|
— |
|
|
— |
|
Net cash
(used in) provided by investing activities |
|
(23,925 |
) |
|
3,311 |
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Proceeds
from exercise of stock options |
|
(1,877 |
) |
|
1,621 |
|
Other
financing activities |
|
3 |
|
|
(2 |
) |
Net cash
(used in) provided by financing activities from continuing
operations |
|
(1,874 |
) |
|
1,619 |
|
Net cash
used in financing activities from discontinued operations |
|
— |
|
|
(24 |
) |
Net cash
(used in) provided by financing activities |
|
(1,874 |
) |
|
1,595 |
|
EFFECT OF
CURRENCY TRANSLATION ON CASH |
|
1,216 |
|
|
(729 |
) |
INCREASE IN
CASH AND CASH EQUIVALENTS |
|
75,634 |
|
|
47,698 |
|
CASH AND CASH
EQUIVALENTS, beginning of period |
|
289,517 |
|
|
169,720 |
|
CASH AND CASH
EQUIVALENTS, end of period |
|
365,151 |
|
|
217,418 |
|
Less cash and
cash equivalents from discontinued operations |
|
6,214 |
|
|
8,145 |
|
CASH AND CASH
EQUIVALENTS FROM CONTINUING OPERATIONS, end of period |
|
$ |
358,937 |
|
|
$ |
209,273 |
|
|
|
|
|
|
|
|
|
|
December 31, 2016 amounts are derived from the December 31, 2016
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 |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit from
continuing operations, as reported |
|
$ |
87,141 |
|
|
$ |
62,046 |
|
|
$ |
78,831 |
|
|
$ |
165,972 |
|
|
$ |
115,506 |
|
Operating expenses from
continuing operations, as reported |
|
39,374 |
|
|
31,717 |
|
|
35,563 |
|
|
74,937 |
|
|
61,556 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(3,856 |
) |
|
(1,569 |
) |
|
(3,398 |
) |
|
(7,254 |
) |
|
(2,998 |
) |
Amortization of intangible assets |
|
(974 |
) |
|
(1,074 |
) |
|
(962 |
) |
|
(1,936 |
) |
|
(2,132 |
) |
Acquisition-related costs |
|
(150 |
) |
|
— |
|
|
— |
|
|
(150 |
) |
|
— |
|
Non-GAAP operating
expenses from continuing operations |
|
34,394 |
|
|
29,074 |
|
|
31,203 |
|
|
65,597 |
|
|
56,426 |
|
Non-GAAP operating
income from continuing operations |
|
$ |
52,747 |
|
|
$ |
32,972 |
|
|
$ |
47,628 |
|
|
$ |
100,375 |
|
|
$ |
59,080 |
|
Reconciliation
of Non-GAAP measure - operating expenses and operating income,
excluding certain items |
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit from
continuing operations, as reported |
|
52.5 |
% |
|
52.2 |
% |
|
52.8 |
% |
|
52.7 |
% |
|
52.1 |
% |
Operating expenses from
continuing operations, as reported |
|
23.7 |
|
|
26.7 |
|
|
23.8 |
|
|
23.8 |
|
|
27.8 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
(2.3 |
) |
|
(1.4 |
) |
|
(2.3 |
) |
|
(2.3 |
) |
|
(1.3 |
) |
Amortization of intangible assets |
|
(0.6 |
) |
|
(0.9 |
) |
|
(0.6 |
) |
|
(0.6 |
) |
|
(1.0 |
) |
Acquisition-related costs |
|
(0.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Non-GAAP operating
expenses from continuing operations |
|
20.7 |
|
|
24.4 |
|
|
20.9 |
|
|
20.9 |
|
|
25.5 |
|
Non-GAAP operating
income from continuing operations |
|
31.8 |
% |
|
27.8 |
% |
|
31.9 |
% |
|
31.8 |
% |
|
26.6 |
% |
Reconciliation
of Non-GAAP measure - income excluding certain items |
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations, net of income taxes, as reported |
|
$ |
45,873 |
|
|
$ |
27,254 |
|
|
$ |
35,441 |
|
|
$ |
81,314 |
|
|
$ |
47,474 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
3,856 |
|
|
1,569 |
|
|
3,398 |
|
|
7,254 |
|
|
2,998 |
|
Amortization of intangible assets |
|
974 |
|
|
1,074 |
|
|
962 |
|
|
1,936 |
|
|
2,132 |
|
Loss on
foreign exchange hedge |
|
— |
|
|
— |
|
|
3,489 |
|
|
3,489 |
|
|
— |
|
Acquisition-related costs |
|
150 |
|
|
— |
|
|
— |
|
|
150 |
|
|
— |
|
Tax
effect of Non-GAAP adjustments |
|
(1,629 |
) |
|
(711 |
) |
|
(1,396 |
) |
|
(3,025 |
) |
|
(1,366 |
) |
Non-GAAP income from
continuing operations, net of income taxes |
|
$ |
49,224 |
|
|
$ |
29,186 |
|
|
$ |
41,894 |
|
|
$ |
91,118 |
|
|
$ |
51,238 |
|
Reconciliation
of Non-GAAP measure - per share earnings excluding certain
items |
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share from continuing operations, as reported |
|
$ |
1.14 |
|
|
$ |
0.68 |
|
|
$ |
0.88 |
|
|
$ |
2.02 |
|
|
$ |
1.19 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
per share
impact of Non-GAAP adjustments, net of tax |
|
0.08 |
|
|
0.05 |
|
|
0.16 |
|
|
0.25 |
|
|
0.09 |
|
Non-GAAP per share
earnings from continuing operations |
|
$ |
1.22 |
|
|
$ |
0.73 |
|
|
$ |
1.04 |
|
|
$ |
2.27 |
|
|
$ |
1.28 |
|
Reconciliation
of Q3 2017 Guidance |
|
|
|
|
|
|
Low End |
|
High End |
|
|
|
|
|
Revenue |
|
$160 million |
|
$170 million |
|
|
|
|
|
Reconciliation
of Non-GAAP operating margin |
|
|
|
|
GAAP operating
margin |
|
27 |
% |
|
29 |
% |
Stock-based compensation |
|
2 |
% |
|
2 |
% |
Amortization of intangible assets |
|
1 |
% |
|
1 |
% |
Non-GAAP
operating margin |
|
30 |
% |
|
32 |
% |
|
|
|
|
|
Reconciliation
of Non-GAAP earnings per share |
|
|
|
|
GAAP earnings per
share |
|
$ |
1.02 |
|
|
$ |
1.12 |
|
Stock-based compensation |
|
0.08 |
|
|
0.08 |
|
Amortization of intangible assets |
|
0.03 |
|
|
0.03 |
|
Tax
effects of excluded items |
|
(0.03 |
) |
|
(0.03 |
) |
Non-GAAP
earnings per share |
|
$ |
1.10 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
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