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Advanced Energy Announces Second Quarter 2021 Results and $200 Million Share Repurchase Authorization

08/04/2021
  • Q2 revenue was $361 million, meeting the guidance midpoint and up 6% from last year
  • GAAP EPS from continuing operations was $0.92
  • Non-GAAP EPS was $1.25, at midpoint of guidance and above year-ago EPS of $1.18
  • Share repurchase authorization increased to $200 million

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 second quarter ended June 30, 2021.

“We achieved year-over-year revenue and earnings growth in Q2,” said Steve Kelley, president and CEO of Advanced Energy. “Although the near-term supply chain and operating environment remains challenging, demand continues to strengthen across all our markets, and we have solid visibility into 2022. We are winning with our highly-engineered, proprietary power solutions, positioning the company to deliver long-term profitable growth.”

Second Quarter Results

Sales were $361.3 million in the second quarter of 2021, compared with $351.6 million in the first quarter of 2021 and $339.9 million in the second quarter of 2020.

GAAP net income from continuing operations was $35.5 million or $0.92 per diluted share in the quarter, compared with $38.4 million or $0.99 per diluted share in the prior quarter, and $29.3 million or $0.76 per diluted share a year ago.

Non-GAAP net income was $48.1 million or $1.25 per diluted share in the second quarter of 2021. This compares with $49.7 million or $1.29 per diluted share in the first quarter of 2021, and $45.4 million or $1.18 per diluted share in the second quarter of 2020.

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

The company generated $33.8 million of operating cash flow from continuing operations during the quarter, made debt principal payments of $4.4 million, repurchased $6.5 million of common stock at $90.34 per share, paid $15.1 million for the acquisition of Tegam, Inc., and paid $3.9 million in a quarterly dividend.

New Share Repurchase Authorization

On July 29 the Board of Directors increased the company’s stock repurchase authorization to $200 million.

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.

Third Quarter 2021 Guidance

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

 

Q3 2021

Revenues

$340M +/- $15M

GAAP EPS from continuing operations

$0.52 +/- $0.20

Non-GAAP EPS

$0.80 +/- $0.20

Conference Call

Management will host a conference call today, August 4, 2021 at 8:30 a.m. Eastern Time to discuss Advanced Energy’s financial results. To register for the call please use this link (www.directeventreg.com/registration/event/3998884). 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) 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 risks and uncertainties related to the integration of Artesyn Embedded Power including the optimization and reduction of our global manufacturing sites; (e) the continuing spread of COVID-19 and its potential adverse impact on our product manufacturing, research and development, supply chain, services and administrative operations; (f) 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; (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

 

Six Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2021

 

2020

 

Sales, net

 

$

361,311

 

$

339,880

 

$

351,620

 

$

712,931

 

$

655,336

 

Cost of sales

 

 

226,278

 

 

209,576

 

 

214,117

 

 

440,395

 

 

412,801

 

Gross profit

 

 

135,033

 

 

130,304

 

 

137,503

 

 

272,536

 

 

242,535

 

 

 

 

37.4

%

 

38.3

%

 

39.1

%

 

38.2

%

 

37.0

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

40,119

 

 

35,855

 

 

40,168

 

 

80,287

 

 

70,625

 

Selling, general, and administrative

 

 

48,110

 

 

48,174

 

 

46,731

 

 

94,841

 

 

94,165

 

Amortization of intangible assets

 

 

5,513

 

 

5,009

 

 

5,384

 

 

10,897

 

 

10,015

 

Restructuring expense

 

 

211

 

 

5,790

 

 

1,038

 

 

1,249

 

 

6,446

 

Total operating expenses

 

 

93,953

 

 

94,828

 

 

93,321

 

 

187,274

 

 

181,251

 

Operating income

 

 

41,080

 

 

35,476

 

 

44,182

 

 

85,262

 

 

61,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

(3,662)

 

 

(1,587)

 

 

(507)

 

 

(4,169)

 

 

(5,097)

 

Income from continuing operations, before income taxes

 

 

37,418

 

 

33,889

 

 

43,675

 

 

81,093

 

 

56,187

 

Provision (benefit) for income taxes

 

 

1,876

 

 

4,610

 

 

5,284

 

 

7,160

 

 

8,510

 

Income from continuing operations

 

 

35,542

 

 

29,279

 

 

38,391

 

 

73,933

 

 

47,677

 

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

 

 

(102)

 

 

(151)

 

 

310

 

 

208

 

 

(471)

 

Net income

 

 

35,440

 

 

29,128

 

 

38,701

 

 

74,141

 

 

47,206

 

Income from continuing operations attributable to noncontrolling interest

 

 

31

 

 

(16)

 

 

33

 

 

64

 

 

(1)

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

35,409

 

$

29,144

 

$

38,668

 

$

74,077

 

$

47,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

38,389

 

 

38,294

 

 

38,328

 

 

38,359

 

 

38,326

 

Diluted weighted-average common shares outstanding

 

 

38,586

 

 

38,458

 

 

38,583

 

 

38,589

 

 

38,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.93

 

$

0.77

 

$

1.00

 

$

1.93

 

$

1.24

 

Diluted earnings per share

 

$

0.92

 

$

0.76

 

$

0.99

 

$

1.91

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

 

$

 

$

0.01

 

$

0.01

 

$

(0.01)

 

Diluted earnings (loss) per share

 

$

 

$

 

$

0.01

 

$

0.01

 

$

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.92

 

$

0.76

 

$

1.01

 

$

1.93

 

$

1.23

 

Diluted earnings per share

 

$

0.92

 

$

0.76

 

$

1.00

 

$

1.92

 

$

1.23

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

June 30,

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

507,176

 

$

480,368

Marketable securities

 

 

2,828

 

 

2,654

Accounts and other receivable, net

 

 

243,353

 

 

235,178

Inventories

 

 

296,739

 

 

221,346

Income taxes receivable

 

 

15,075

 

 

4,804

Other current assets

 

 

38,815

 

 

35,899

Total current assets

 

 

1,103,986

 

 

980,249

 

 

 

 

 

 

 

Property and equipment, net

 

 

115,160

 

 

114,731

Operating lease right-of-use assets

 

 

101,419

 

 

103,858

Deposits and other assets

 

 

18,646

 

 

19,101

Goodwill and intangible assets, net

 

 

385,125

 

 

378,922

Deferred income tax assets

 

 

51,896

 

 

50,801

Total assets

 

$

1,776,232

 

$

1,647,662

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

206,723

 

$

125,224

Other accrued expenses

 

 

137,633

 

 

137,081

Current portion of long-term debt

 

 

17,500

 

 

17,500

Current portion of operating lease liabilities

 

 

15,540

 

 

16,592

Total current liabilities

 

 

377,396

 

 

296,397

 

 

 

 

 

 

 

Long-term debt

 

 

296,045

 

 

304,546

Non-current liabilities

 

 

226,185

 

 

231,379

Long-term liabilities

 

 

522,230

 

 

535,925

 

 

 

 

 

 

 

Total liabilities

 

 

899,626

 

 

832,322

 

 

 

 

 

 

 

Advanced Energy stockholders' equity

 

 

875,941

 

 

814,739

Noncontrolling interest

 

 

665

 

 

601

Total stockholders’ equity

 

 

876,606

 

 

815,340

Total liabilities and stockholders’ equity

 

$

1,776,232

 

$

1,647,662

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

2021

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

74,141

 

$

47,206

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

 

 

208

 

 

(471)

Income from continuing operations, net of income taxes

 

 

73,933

 

 

47,677

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

25,744

 

 

23,196

Stock-based compensation expense

 

 

9,145

 

 

5,885

Provision for deferred income taxes

 

 

(1,663)

 

 

(1,439)

Discount on notes receivable

 

 

 

 

721

Loss on disposal of assets

 

 

446

 

 

231

Changes in operating assets and liabilities, net of assets acquired

 

 

(19,539)

 

 

(8,711)

Net cash from operating activities from continuing operations

 

 

88,066

 

 

67,560

Net cash from operating activities from discontinued operations

 

 

(377)

 

 

(586)

Net cash from operating activities

 

 

87,689

 

 

66,974

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of marketable securities

 

 

 

 

(167)

Issuance of notes receivable

 

 

 

 

(1,000)

Proceeds from sale of property and equipment

 

 

29

 

 

69

Purchases of property and equipment

 

 

(14,232)

 

 

(13,391)

Acquisitions, net of cash acquired

 

 

(18,686)

 

 

Net cash from investing activities from continuing operations

 

 

(32,889)

 

 

(14,489)

Net cash from investing activities from discontinued operations

 

 

 

 

Net cash from investing activities

 

 

(32,889)

 

 

(14,489)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Payments on long-term borrowings

 

 

(8,750)

 

 

(8,750)

Dividend payments

 

 

(7,728)

 

 

Purchase and retirement of common stock

 

 

(6,503)

 

 

(7,248)

Net payments related to stock-based awards

 

 

(3,258)

 

 

(1,392)

Net cash from financing activities from continuing operations

 

 

(26,239)

 

 

(17,390)

Net cash from financing activities from discontinued operations

 

 

 

 

Net cash from in financing activities

 

 

(26,239)

 

 

(17,390)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

(1,753)

 

 

(899)

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

26,808

 

 

34,196

CASH AND CASH EQUIVALENTS, beginning of period

 

 

480,368

 

 

346,441

CASH AND CASH EQUIVALENTS, end of period

 

 

507,176

 

 

380,637

Less cash and cash equivalents from discontinued operations

 

 

 

 

CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period

 

$

507,176

 

$

380,637

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

Net Sales by Product Line

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Semiconductor Equipment

 

$

176,671

 

$

145,424

 

$

180,716

 

$

357,387

 

$

279,049

Industrial and Medical

 

 

83,197

 

 

70,886

 

 

78,415

 

 

161,612

 

 

132,865

Data Center Computing

 

 

69,458

 

 

83,316

 

 

59,154

 

 

128,612

 

 

169,499

Telecom and Networking

 

 

31,985

 

 

40,254

 

 

33,335

 

 

65,320

 

 

73,923

Total

 

$

361,311

 

$

339,880

 

$

351,620

 

$

712,931

 

$

655,336

 

Net Sales by Geographic Region

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

United States

 

$

139,525

 

$

119,808

 

$

131,598

 

$

271,123

 

$

236,505

North America (excluding United States)

 

 

26,112

 

 

29,952

 

 

26,247

 

 

52,359

 

 

77,586

Asia

 

 

148,803

 

 

170,753

 

 

149,591

 

 

298,394

 

 

281,728

Europe

 

 

44,491

 

 

19,048

 

 

40,422

 

 

84,913

 

 

58,184

Other Countries

 

 

2,380

 

 

319

 

 

3,762

 

 

6,142

 

 

1,333

Total

 

$

361,311

 

$

339,880

 

$

351,620

 

$

712,931

 

$

655,336

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,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Gross profit from continuing operations, as reported

 

$

135,033

 

$

130,304

 

$

137,503

 

$

272,536

 

$

242,535

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

215

 

 

156

 

 

350

 

 

565

 

 

378

Facility expansion, relocation costs and other

 

 

1,997

 

 

970

 

 

1,838

 

 

3,835

 

 

2,513

Acquisition-related costs

 

 

84

 

 

215

 

 

8

 

 

92

 

 

5,356

Non-GAAP gross profit

 

 

137,329

 

 

131,645

 

 

139,699

 

 

277,028

 

 

250,782

Non-GAAP gross margin

 

 

38.0%

 

 

38.7%

 

 

39.7%

 

 

38.9%

 

 

38.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

93,953

 

 

94,828

 

 

93,321

 

 

187,274

 

 

181,251

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(5,513)

 

 

(5,009)

 

 

(5,384)

 

 

(10,897)

 

 

(10,015)

Stock-based compensation

 

 

(3,229)

 

 

(2,681)

 

 

(5,351)

 

 

(8,580)

 

 

(5,507)

Acquisition-related costs

 

 

(2,328)

 

 

(2,978)

 

 

(2,028)

 

 

(4,356)

 

 

(5,383)

Facility expansion, relocation costs and other

 

 

(63)

 

 

(539)

 

 

(51)

 

 

(114)

 

 

(1,355)

Restructuring charges

 

 

(211)

 

 

(5,790)

 

 

(1,038)

 

 

(1,249)

 

 

(6,446)

Non-GAAP operating expenses

 

 

82,609

 

 

77,831

 

 

79,469

 

 

162,078

 

 

152,545

Non-GAAP operating income

 

$

54,720

 

$

53,814

 

$

60,230

 

$

114,950

 

$

98,237

Non-GAAP operating margin

 

 

15.1%

 

 

15.8%

 

 

17.1%

 

 

16.1%

 

 

15.0%

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

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

 

$

35,511

 

$

29,295

 

$

38,358

 

$

73,869

 

$

47,678

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

5,513

 

 

5,009

 

 

5,384

 

 

10,897

 

 

10,015

Acquisition-related costs

 

 

2,412

 

 

3,193

 

 

2,036

 

 

4,448

 

 

10,739

Facility expansion, relocation costs and other

 

 

2,060

 

 

1,509

 

 

1,889

 

 

3,949

 

 

3,868

Restructuring charges

 

 

211

 

 

5,790

 

 

1,038

 

 

1,249

 

 

6,446

Unrealized foreign currency (gain) loss

 

 

885

 

 

1,058

 

 

(2,202)

 

 

(1,317)

 

 

1,058

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

 

 

899

 

 

 

 

87

 

 

986

 

 

Tax effect of Non-GAAP adjustments

 

 

(2,043)

 

 

(2,595)

 

 

(1,284)

 

 

(3,327)

 

 

(3,965)

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

 

 

45,448

 

 

43,259

 

 

45,306

 

 

90,754

 

 

75,839

Stock-based compensation, net of taxes

 

 

2,636

 

 

2,170

 

 

4,362

 

 

6,998

 

 

4,533

Non-GAAP income, net of income taxes

 

$

48,084

 

$

45,429

 

$

49,668

 

$

97,752

 

$

80,372

 

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

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2021

 

2020

 

2021

 

2021

 

2020

Diluted earnings per share from continuing operations, as reported

 

$

0.92

 

$

0.76

 

$

0.99

 

$

1.91

 

$

1.24

Add back (subtract):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.33

 

 

0.42

 

 

0.30

 

 

0.62

 

 

0.85

Non-GAAP per share earnings

 

$

1.25

 

$

1.18

 

$

1.29

 

$

2.53

 

$

2.09

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

Reconciliation of Q3 2021 Guidance

Low End

High End

 

Revenue

 

$325 million

 

$355 million

 

Reconciliation of Non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.32

$

0.72

Stock-based compensation

 

0.11

 

0.11

Amortization of intangible assets

 

0.13

 

0.13

Restructuring and other

 

0.08

 

0.08

Tax effects of excluded items

 

(0.04)

 

(0.04)

Non-GAAP earnings per share

$

0.60

$

1.00

 

For more information, contact:
Brian Smith
Advanced Energy
(970) 407‑6555
brian.smith@aei.com

Source: Advanced Energy Industries, Inc.

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