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    Advanced Energy Reports Third Quarter 2024 Results

    10/30/24 4:01:00 PM ET
    $AEIS
    Industrial Machinery/Components
    Technology
    Get the next $AEIS alert in real time by email
    • Revenue was $374.2 million, above the mid-point of guidance
    • GAAP loss per share was $0.38, mainly due to closure of China production site
    • Non-GAAP EPS was $0.98, above the mid-point of guidance
    • Cash flow from continuing operations was $35.4 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 third quarter ended September 30, 2024.

    "In the third quarter, we delivered results above the midpoint of guidance due to higher demand in the semiconductor and data center computing markets," said Steve Kelley, president and CEO of Advanced Energy. "We remain focused on developing new products and technologies, working with customers to secure design wins, and streamlining our factory footprint. We believe that these priorities will drive market share gains and meaningful improvement in gross margin."

    Quarter Results

    Revenue was $374.2 million in the third quarter of 2024, compared with $364.9 million in the second quarter of 2024 and $410.0 million in the third quarter of 2023.

    GAAP net loss from continuing operations was $14.1 million, or a loss of $0.38 per share in the quarter, compared with GAAP net income of $15.6 million or $0.41 per diluted share in the prior quarter, and GAAP net income of $33.7 million or $0.89 per diluted share a year ago. GAAP net loss reflected the impact of a $28.5 million restructuring charge as part of the company's previously announced manufacturing consolidation.

    Non-GAAP net income was $37.0 million or $0.98 per diluted share in the third quarter of 2024. This compares with $32.0 million or $0.85 per diluted share in the second quarter of 2024, and $48.5 million or $1.28 per diluted share in the third quarter of 2023.

    Advanced Energy generated $35.4 million in cash flow from continuing operations during the quarter, paid $3.9 million in quarterly dividends, and repurchased $1.8 million of stock at an average price of $93.58 per share.

    In the third quarter of 2024, Advanced Energy amended its credit agreement to increase the capacity of the senior unsecured revolving facility by $400 million to a total of $600 million and concurrently repaid in full the $345 million aggregate principal amount outstanding under the senior unsecured term loan facility, leveraging cash on hand to reduce net interest expense. The amended structure preserved the terms of the existing credit agreement and increased overall financing capacity and flexibility to fund growth, repurchase shares, and meet other corporate needs.

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

    Fourth Quarter 2024 Guidance

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

     

    Q4 2024

    Revenue

    $392 million +/- $20 million

    GAAP EPS from continuing operations

    $0.47 +/- $0.29

    Non-GAAP EPS

    $1.08 +/- $0.25

    Conference Call

    Management will host a conference call today, October 30, 2024, at 4:30 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 the Investors page of the company's website 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.

    Advanced Energy 2024 Analyst Day

    Advanced Energy will host its 2024 Analyst Day on Tuesday, November 19, 2024 starting at 1:00 p.m. Eastern Time in New York City. President and CEO Steve Kelley, executive vice president and CFO Paul Oldham and other senior executives will update the company's strategic growth initiatives, review its markets, and refresh its long-term financial goals.

    This in-person event will include lunch and live demonstrations of the Company's products. Participants who wish to join remotely can access a live webcast, which will be available at the time of the event on the Investors page of the company's website at ir.advancedenergy.com in the Events & Presentations section.

    To view full event information and to register to attend, please click the link below:

    https://www.advancedenergy.com/en-us/analyst-day-registration/

    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 measures, such as non-GAAP net income and non-GAAP earnings per share ("EPS") that are not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Management uses non-GAAP net income and non-GAAP EPS to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives and make business decisions, including developing budgets and forecasting future periods. In addition, management's incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not prepared in accordance with U.S. GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.

    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, and restructuring expenses, 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.

    Forward-Looking Statements

    This press 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 press release or the conference call 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," and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions. These forward-looking statements are based upon information available as of the date of this press release and management's current estimates, forecasts, and assumptions. Although we believe that our expectations reflected in or suggested by these forward-looking statements are reasonable, we may not achieve the results, performance, plans, or objectives expressed or implied by such forward-looking statements. Forward-looking statements involve risks and uncertainties, which are difficult to predict and many of which are beyond our control.

    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

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241030348629/en/

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      Advanced Energy Industries, Inc. (NASDAQ:AEIS), a global leader in highly engineered, precision power conversion, measurement and control solutions, today announced the appointment of David Reed to its board of directors. "We are pleased to welcome David to the Advanced Energy board of directors," said Grant Beard, chairman of the board of Advanced Energy. "David brings extensive experience and expertise that are complementary to the board, and I look forward to his contributions as we continue to grow in our served markets." "David is joining the Advanced Energy board at an opportune time as we accelerate our development of new precision power products and technologies and scale our manu

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    • SEC Form SD filed by Advanced Energy Industries Inc.

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      5/29/25 11:54:52 AM ET
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    • Amendment: SEC Form SCHEDULE 13G/A filed by Advanced Energy Industries Inc.

      SCHEDULE 13G/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Subject)

      5/12/25 10:24:40 AM ET
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    • Advanced Energy Industries Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Termination of a Material Definitive Agreement, Financial Statements and Exhibits

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    • SEC Form SC 13G/A filed by Advanced Energy Industries Inc. (Amendment)

      SC 13G/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Subject)

      2/14/24 11:19:57 AM ET
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      Industrial Machinery/Components
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    • SEC Form SC 13G/A filed by Advanced Energy Industries Inc. (Amendment)

      SC 13G/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Subject)

      2/13/24 4:55:57 PM ET
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    • SEC Form SC 13G/A filed by Advanced Energy Industries Inc. (Amendment)

      SC 13G/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Subject)

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    • Amendment: SEC Form 4 filed by Director Ball Frederick

      4/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Issuer)

      5/6/25 8:02:35 PM ET
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    • Amendment: Director Ball Frederick converted options into 2,655 shares (SEC Form 4)

      4/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Issuer)

      5/6/25 8:00:10 PM ET
      $AEIS
      Industrial Machinery/Components
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    • Amendment: SEC Form 4 filed by Director Ball Frederick

      4/A - ADVANCED ENERGY INDUSTRIES INC (0000927003) (Issuer)

      5/6/25 7:58:51 PM ET
      $AEIS
      Industrial Machinery/Components
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