Advanced Energy Announces Third Quarter 2021 Results

Nov 08, 2021 4:05 PM

  • Q3 revenue was $346 million, above the midpoint of guidance
  • GAAP EPS from continuing operations was $0.55
  • Non-GAAP EPS was $0.89, above the midpoint of guidance

DENVER--(BUSINESS WIRE)-- 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, 2021.

“Our third quarter results represent solid performance in a supply-constrained environment,” said Steve Kelley, president and CEO of Advanced Energy. “Demand for our highly engineered power delivery systems remains extremely robust. In addition, we are very pleased by the customer reaction to our new technologies and products, the drivers of AE’s future revenue and profit growth.”

Third Quarter Results

Sales were $346.1 million in the third quarter of 2021, compared with $361.3 million in the second quarter of 2021 and $389.5 million in the third quarter of 2020.

GAAP net income from continuing operations was $21.0 million or $0.55 per diluted share in the quarter, compared with $35.5 million or $0.92 per diluted share in the prior quarter, and $45.6 million or $1.18 per diluted share a year ago.

Non-GAAP net income was $34.0 million or $0.89 per diluted share in the third quarter of 2021. This compares with $48.1 million or $1.25 per diluted share in the second quarter of 2021, and $63.8 million or $1.66 per diluted share in the third quarter of 2020.

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

The company generated $18.3 million of cash flow from continuing operations during the quarter, repurchased $52.6 million of common stock at $86.93 per share, and paid $3.9 million in a quarterly dividend.

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 all purposes. Further financial detail regarding the amounts related to the discontinued inverter business is available in the company’s 2020 Annual Report on Form 10-K.

Fourth Quarter 2021 Guidance

Based on the company’s current view, beliefs and assumptions, guidance for the fourth quarter of 2021 is within the following ranges.

 

Q4 2021

Revenues

$355M +/- $20M

GAAP EPS from continuing operations

$0.62 +/- $0.25

Non-GAAP EPS

$0.92 +/- $0.25

Conference Call

Management will host a conference call today, November 8, 2021 at 4:30 p.m. Eastern Time to discuss Advanced Energy’s financial results. To participate in the live conference call, please dial (877) 407-0890 approximately five 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 company’s investors web page at ir.advancedenergy.com.

About Advanced Energy

Advanced Energy (Nasdaq: AEIS) is a global leader in the design and manufacturing of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. AE’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support around the globe, the company builds collaborative partnerships to meet technology advances, propel growth for its customers and innovate the future of power. Advanced Energy has devoted four decades to perfecting power for its global customers and is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.

Advanced Energy | Precision. Power. Performance.

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. Beginning in the second quarter of 2020, Advanced Energy’s non-GAAP measures exclude non-cash unrealized foreign currency gains or losses that result from remeasurement to functional currency long-term obligations related to pension and operating lease liabilities as the remeasurement does not represent current economic exposure and is unrelated to our overall operating performance. These long-term obligations were acquired in connection with the Artesyn acquisition and the company previously used derivatives to hedge the exposure; however, the company has determined it will no longer hedge these non-economic exposures. 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.

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, non-economic foreign currency remeasurements, and other cash 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, potential future growth and profitability, future business mix, expectations regarding future market trends, future performance within specific markets 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) supply chain disruptions and component shortages that may impact the company’s ability to obtain in a timely manner the materials necessary to manufacture its products; (b) the effects of global macroeconomic conditions upon demand for our products and services; (c) the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry; (d) delays in capital spending by end-users in our served markets; (e) the risks and uncertainties related to the integration of Artesyn Embedded Power including the optimization and reduction of our global manufacturing sites; (f) the continuing spread of COVID-19 and its potential adverse impact on our product manufacturing, research and development, supply chain, services and administrative operations; (g) the accuracy of the company’s estimates related to fulfilling solar inverter product warranty and post-warranty obligations; (h) the company’s ability to realize its plan to avoid additional costs after the solar inverter wind-down; (i) the accuracy of the company’s assumptions on which its financial statement projections are based; (j) the impact of product price changes, which may result from a variety of factors; (k) the timing of orders received from customers; (l) the company’s 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; (n) changes and adjustments to the tax expense and benefits related to the U.S. tax reform that was enacted in late 2017; and (o) the impact of political, economic and policy tensions and conflicts between China and the United States including, but not limited to, trade wars and export restrictions between the two countries, China’s national security law for Hong Kong, and China’s expansion of control over the South China Sea, 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 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

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Sales, net

 

$

346,093

 

 

$

389,521

 

 

$

361,311

 

 

$

1,059,024

 

 

$

1,044,857

 

Cost of sales

 

 

226,054

 

 

 

235,736

 

 

 

226,278

 

 

 

666,449

 

 

 

648,537

 

Gross profit

 

 

120,039

 

 

 

153,785

 

 

 

135,033

 

 

 

392,575

 

 

 

396,320

 

 

 

 

34.7

%

 

 

39.5

%

 

 

37.4

%

 

 

37.1

%

 

 

37.9

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

40,578

 

 

 

36,807

 

 

 

40,119

 

 

 

120,865

 

 

 

107,432

 

Selling, general, and administrative

 

 

48,373

 

 

 

51,481

 

 

 

48,110

 

 

 

143,214

 

 

 

145,646

 

Amortization of intangible assets

 

 

5,607

 

 

 

5,049

 

 

 

5,513

 

 

 

16,504

 

 

 

15,064

 

Restructuring expense

 

 

1,272

 

 

 

1,494

 

 

 

211

 

 

 

2,521

 

 

 

7,940

 

Total operating expenses

 

 

95,830

 

 

 

94,831

 

 

 

93,953

 

 

 

283,104

 

 

 

276,082

 

Operating income

 

 

24,209

 

 

 

58,954

 

 

 

41,080

 

 

 

109,471

 

 

 

120,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

495

 

 

 

(6,558

)

 

 

(3,662

)

 

 

(3,674

)

 

 

(11,655

)

Income from continuing operations, before income taxes

 

 

24,704

 

 

 

52,396

 

 

 

37,418

 

 

 

105,797

 

 

 

108,583

 

Provision (benefit) for income taxes

 

 

3,657

 

 

 

6,783

 

 

 

1,876

 

 

 

10,817

 

 

 

15,293

 

Income from continuing operations

 

 

21,047

 

 

 

45,613

 

 

 

35,542

 

 

 

94,980

 

 

 

93,290

 

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

 

 

(37

)

 

 

50

 

 

 

(102

)

 

 

171

 

 

 

(421

)

Net income

 

 

21,010

 

 

 

45,663

 

 

 

35,440

 

 

 

95,151

 

 

 

92,869

 

Income from continuing operations attributable to noncontrolling interest

 

 

6

 

 

 

36

 

 

 

31

 

 

 

70

 

 

 

35

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

21,004

 

 

$

45,627

 

 

$

35,409

 

 

$

95,081

 

 

$

92,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

38,183

 

 

 

38,325

 

 

 

38,389

 

 

 

38,296

 

 

 

38,322

 

Diluted weighted-average common shares outstanding

 

 

38,363

 

 

 

38,528

 

 

 

38,586

 

 

 

38,517

 

 

 

38,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.55

 

 

$

1.19

 

 

$

0.93

 

 

$

2.48

 

 

$

2.43

 

Diluted earnings per share

 

$

0.55

 

 

$

1.18

 

 

$

0.92

 

 

$

2.46

 

 

$

2.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(0.01

)

Diluted earnings (loss) per share

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.55

 

 

$

1.19

 

 

$

0.92

 

 

$

2.48

 

 

$

2.42

 

Diluted earnings per share

 

$

0.55

 

 

$

1.19

 

 

$

0.92

 

 

$

2.47

 

 

$

2.41

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

547,923

 

$

480,368

Marketable securities

 

 

2,833

 

 

2,654

Accounts and other receivable, net

 

 

220,112

 

 

235,178

Inventories

 

 

341,500

 

 

221,346

Income taxes receivable

 

 

19,005

 

 

4,804

Other current assets

 

 

32,984

 

 

35,899

Total current assets

 

 

1,164,357

 

 

980,249

 

 

 

 

 

 

 

Property and equipment, net

 

 

114,801

 

 

114,731

Operating lease right-of-use assets

 

 

104,179

 

 

103,858

Deposits and other assets

 

 

19,067

 

 

19,101

Goodwill and intangible assets, net

 

 

378,657

 

 

378,922

Deferred income tax assets

 

 

50,994

 

 

50,801

Total assets

 

$

1,832,055

 

$

1,647,662

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

190,228

 

$

125,224

Other accrued expenses

 

 

160,923

 

 

137,081

Current portion of long-term debt

 

 

20,000

 

 

17,500

Current portion of operating lease liabilities

 

 

16,137

 

 

16,592

Total current liabilities

 

 

387,288

 

 

296,397

 

 

 

 

 

 

 

Long-term debt

 

 

377,597

 

 

304,546

Non-current liabilities

 

 

225,379

 

 

231,379

Long-term liabilities

 

 

602,976

 

 

535,925

 

 

 

 

 

 

 

Total liabilities

 

 

990,264

 

 

832,322

 

 

 

 

 

 

 

Advanced Energy stockholders' equity

 

 

841,120

 

 

814,739

Noncontrolling interest

 

 

671

 

 

601

Total stockholders’ equity

 

 

841,791

 

 

815,340

Total liabilities and stockholders’ equity

 

$

1,832,055

 

$

1,647,662

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2021

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

95,151

 

 

$

92,869

 

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

 

 

171

 

 

 

(421

)

Income from continuing operations, net of income taxes

 

 

94,980

 

 

 

93,290

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

39,225

 

 

 

35,433

 

Stock-based compensation expense

 

 

12,819

 

 

 

9,666

 

Provision for deferred income taxes

 

 

(1,404

)

 

 

(7,849

)

Discount on notes receivable

 

 

(638

)

 

 

721

 

Loss on disposal of assets

 

 

923

 

 

 

678

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(39,495

)

 

 

3,093

 

Net cash from operating activities from continuing operations

 

 

106,410

 

 

 

135,032

 

Net cash from operating activities from discontinued operations

 

 

(523

)

 

 

(659

)

Net cash from operating activities

 

 

105,887

 

 

 

134,373

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Net proceeds from sale of marketable securities

 

 

 

 

 

3

 

Receipt (issuance) of notes receivable

 

 

802

 

 

 

(1,000

)

Proceeds from sale of property and equipment

 

 

1,537

 

 

 

103

 

Purchases of property and equipment

 

 

(22,721

)

 

 

(25,232

)

Acquisitions, net of cash acquired

 

 

(18,739

)

 

 

(1,127

)

Net cash from investing activities from continuing operations

 

 

(39,121

)

 

 

(27,253

)

Net cash from investing activities from discontinued operations

 

 

 

 

 

 

Net cash from investing activities

 

 

(39,121

)

 

 

(27,253

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

85,000

 

 

 

 

Payment of debt-issuance costs

 

 

(1,350

)

 

 

 

Payments on long-term borrowings

 

 

(8,750

)

 

 

(13,125

)

Dividend payments

 

 

(11,585

)

 

 

 

Purchase and retirement of common stock

 

 

(56,625

)

 

 

(11,579

)

Net payments related to stock-based awards

 

 

(3,136

)

 

 

(1,451

)

Net cash from financing activities from continuing operations

 

 

3,554

 

 

 

(26,155

)

Net cash from financing activities from discontinued operations

 

 

 

 

 

 

Net cash from in financing activities

 

 

3,554

 

 

 

(26,155

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(2,765

)

 

 

1,571

 

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

67,555

 

 

 

82,536

 

CASH AND CASH EQUIVALENTS, beginning of period

 

 

480,368

 

 

 

346,441

 

CASH AND CASH EQUIVALENTS, end of period

 

 

547,923

 

 

 

428,977

 

Less cash and cash equivalents from discontinued operations

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period

 

$

547,923

 

 

$

428,977

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Product Line

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Semiconductor Equipment

 

$

173,441

 

$

167,058

 

$

176,671

 

$

530,828

 

$

446,107

Industrial and Medical

 

 

80,800

 

 

87,013

 

 

83,197

 

 

242,412

 

 

219,877

Data Center Computing

 

 

62,231

 

 

87,741

 

 

69,458

 

 

190,843

 

 

257,240

Telecom and Networking

 

 

29,621

 

 

47,709

 

 

31,985

 

 

94,941

 

 

121,633

Total

 

$

346,093

 

$

389,521

 

$

361,311

 

$

1,059,024

 

$

1,044,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geographic Region

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

United States

 

$

139,089

 

$

152,503

 

$

139,525

 

$

410,212

 

$

389,007

North America (excluding U.S.)

 

 

24,708

 

 

38,126

 

 

26,112

 

 

77,067

 

 

115,712

Asia

 

 

135,838

 

 

180,660

 

 

148,803

 

 

434,232

 

 

462,388

Europe

 

 

44,838

 

 

17,886

 

 

44,491

 

 

129,751

 

 

76,070

Other

 

 

1,620

 

 

346

 

 

2,380

 

 

7,762

 

 

1,680

Total

 

$

346,093

 

$

389,521

 

$

361,311

 

$

1,059,024

 

$

1,044,857

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,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Gross profit from continuing operations, as reported

 

$

120,039

 

 

$

153,785

 

 

$

135,033

 

 

$

392,575

 

 

$

396,320

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

218

 

 

 

67

 

 

 

215

 

 

 

783

 

 

 

445

 

Facility expansion, relocation costs and other

 

 

1,357

 

 

 

1,095

 

 

 

1,997

 

 

 

5,192

 

 

 

3,608

 

Acquisition-related costs

 

 

3,259

 

 

 

 

 

 

84

 

 

 

3,351

 

 

 

5,356

 

Non-GAAP gross profit

 

 

124,873

 

 

 

154,947

 

 

 

137,329

 

 

 

401,901

 

 

 

405,729

 

Non-GAAP gross margin

 

 

36.1

%

 

 

39.8

%

 

 

38.0

%

 

 

38.0

%

 

 

38.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

95,830

 

 

 

94,831

 

 

 

93,953

 

 

 

283,104

 

 

 

276,082

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(5,607

)

 

 

(5,049

)

 

 

(5,513

)

 

 

(16,504

)

 

 

(15,064

)

Stock-based compensation

 

 

(3,456

)

 

 

(3,714

)

 

 

(3,229

)

 

 

(12,036

)

 

 

(9,221

)

Acquisition-related costs

 

 

(1,768

)

 

 

(5,214

)

 

 

(2,328

)

 

 

(6,124

)

 

 

(10,597

)

Facility expansion, relocation costs and other

 

 

(98

)

 

 

(415

)

 

 

(63

)

 

 

(212

)

 

 

(1,770

)

Restructuring charges

 

 

(1,272

)

 

 

(1,494

)

 

 

(211

)

 

 

(2,521

)

 

 

(7,940

)

Non-GAAP operating expenses

 

 

83,629

 

 

 

78,945

 

 

 

82,609

 

 

 

245,707

 

 

 

231,490

 

Non-GAAP operating income

 

$

41,244

 

 

$

76,002

 

 

$

54,720

 

 

$

156,194

 

 

$

174,239

 

Non-GAAP operating margin

 

 

11.9

%

 

 

19.5

%

 

 

15.1

%

 

 

14.7

%

 

 

16.7

%

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

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

 

$

21,041

 

 

$

45,577

 

 

$

35,511

 

 

$

94,910

 

 

$

93,255

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

5,607

 

 

 

5,049

 

 

 

5,513

 

 

 

16,504

 

 

 

15,064

 

Acquisition-related costs

 

 

5,027

 

 

 

5,214

 

 

 

2,412

 

 

 

9,475

 

 

 

15,953

 

Facility expansion, relocation costs, and other

 

 

1,455

 

 

 

1,510

 

 

 

2,060

 

 

 

5,404

 

 

 

5,378

 

Restructuring charges

 

 

1,272

 

 

 

1,494

 

 

 

211

 

 

 

2,521

 

 

 

7,940

 

Unrealized foreign currency (gain) loss

 

 

(2,092

)

 

 

3,540

 

 

 

885

 

 

 

(3,409

)

 

 

4,598

 

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

 

 

(79

)

 

 

625

 

 

 

899

 

 

 

907

 

 

 

625

 

Tax effect of non-GAAP adjustments

 

 

(1,036

)

 

 

(2,115

)

 

 

(2,043

)

 

 

(4,363

)

 

 

(6,080

)

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

 

 

31,195

 

 

 

60,894

 

 

 

45,448

 

 

 

121,949

 

 

 

136,733

 

Stock-based compensation, net of taxes

 

 

2,811

 

 

 

2,892

 

 

 

2,636

 

 

 

9,809

 

 

 

7,425

 

Non-GAAP income, net of income taxes

 

$

34,006

 

 

$

63,786

 

 

$

48,084

 

 

$

131,758

 

 

$

144,158

 

Reconciliation of non-GAAP measure - per share earnings excluding certain items

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Diluted earnings per share from continuing operations, as reported

 

$

0.55

 

$

1.18

 

$

0.92

 

$

2.46

 

$

2.42

Add back (subtract):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.34

 

 

0.48

 

 

0.33

 

 

0.96

 

 

1.32

Non-GAAP per share earnings

 

$

0.89

 

$

1.66

 

$

1.25

 

$

3.42

 

$

3.74

                               

Quarterly results may not sum to year to date due to rounding

Reconciliation of Q4 2021 Guidance

   

Low End

 

High End

             

Revenue

 

$335 million

 

$375 million

             

Reconciliation of non-GAAP earnings per share

 

 

 

 

 

 

GAAP earnings per share

 

$