Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced
financial results for the third quarter ended September 30, 2015.
The company reported third quarter sales of $130.8 million
compared with $136.8 million in the second quarter of 2015 and
$143.1 million in the third quarter of 2014. Net income was $16.4
million or $0.40 per diluted share. Non-GAAP adjusted net income
was $21.1 million or $0.51 per diluted share. A reconciliation of
non-GAAP adjusted net income and earnings per share is provided in
the tables below. The company ended the quarter with $199.0 million
in cash and marketable securities, a sequential increase of $15.8
million.
“Near record sales to semiconductor applications drove our
strong profitability and cash generation in the third quarter,”
said Yuval Wasserman, President and CEO of Advanced Energy. “We
expect the fourth quarter slowdown in the semiconductor capital
equipment market to be slightly offset by sales to our industrial
applications. With the wind down of the inverter business nearly
complete, we are excited at the opportunities ahead for our
industry-leading technology in an expanding number of Precision
Power applications.”
Results Excluding the Inverter Business
Excluding the inverter business, sales were $107.9 million in
the third quarter of 2015, above the second quarter’s sales of
$104.6 million and up 18.3% from $91.2 million in the third quarter
of 2014. Sales to the semiconductor market increased sequentially,
while industrial sales were roughly flat.
Non-GAAP operating income for the business excluding inverters
was $32.4 million, or 30.1% of sales.
Inverters
Closing out the third quarter, inverter sales were $22.9
million, down from $32.2 million in the second quarter, and down
55.8% from $52.0 million in the third quarter of 2014.
Non-GAAP operating loss for Inverters was $7.5 million.
Restructuring and Tax Charges
During the quarter, the company incurred $13.2 million in
charges related to the wind down of the inverter business that was
announced on June 29, 2015. These include:
- Restructuring charges of $13.9 million consisting of $8.0
million for contract settlement costs, $5.6 million for severance
and related costs and $0.3 million for facility closure costs;
- An inventory write-down of $3.4 million that is included in
cost of sales; and
- Recovery of previously impaired accounts receivable of $4.1
million that is included in Selling, General and
Administrative.
The remainder of the restructuring plan is expected to be
substantially complete by year end. Total year restructuring, tax
and other charges related to the wind down are anticipated to be
within the expected range of $260 million to $290 million. Cash
costs for the wind down are expected to be $20 million to $30
million in 2015. The total year 2015 GAAP tax expense is currently
anticipated to range from zero to a slight tax benefit.
Net Income (Loss)
Net income for the third quarter of 2015 was $16.4 million or
$0.40 per diluted share, compared with a net loss of $232.5 million
or $5.68 per diluted share in the second quarter, and net income of
$12.3 million or $0.30 per diluted share in the third quarter
2014.
On a non-GAAP basis, adjusted net income for this quarter was
$21.1 million or $0.51 per diluted share as compared to $17.7
million or $0.43 per diluted share in the second quarter of 2015,
and $16.9 million or $0.42 per diluted share in the same period
last year.
Fourth Quarter 2015
Guidance
Based on the company’s current view, guidance for the fourth
quarter of 2015 is within the following
ranges:
|
|
Non-GAAP* |
|
Total
Company |
Inverters |
Business Excluding Inverters |
Revenues |
$88M
to $102M |
$8M to
$12M |
$80M
to $90M |
Non-GAAP* Operating
income |
$10M
to $12M |
($6M)
to ($8M) |
$16M
to $20M |
Non-GAAP* Operating
income as % of revenue |
|
|
20% to
22% |
Non-GAAP EPS |
$0.20
to $0.30 |
|
|
|
|
|
|
*Non-GAAP Operating Income excludes restructuring charges, stock
based compensation, amortization of intangibles and tax release
items.
Third Quarter 2015 Conference Call
Management will host a conference call tomorrow morning,
Tuesday, November 3, 2015, at 8:30 a.m. Eastern Time to discuss
Advanced Energy's financial results. Domestic callers may access
this conference call by dialing 855-232-8958. International callers
may access the call by dialing 315-625-6980. Participants will need
to provide the operator with the Conference ID Number 51521886,
which has been reserved for this call. For a replay of this
teleconference, please call 855-859-2056 or 404-537-3406 and enter
Conference ID Number 51521886. The replay will be available for one
week following the conference call. A webcast will also be
available on the Investor Relations web page at
http://ir.advanced-energy.com.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative
power and control technologies for high-growth, precision power
solutions for thin films processes and industrial applications.
Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more
information, go to www.advanced-energy.com.
This release includes GAAP and non-GAAP income and per-share
earnings data. Advanced Energy’s non-GAAP measures exclude
restructuring charges, acquisition-related costs, stock based
compensation and amortization of intangibles and tax release items.
For the fourth quarter ending December 31, 2015 guidance, the
company expects stock based compensation of $0.8 million,
amortization of intangibles of $1.1 million and restructuring
charges ranging between $15 million and $20 million in the inverter
business as the company continues to wind down the segment. 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 regarding financial and business trends relating to its
financial condition and results of operations. 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. Management uses these
non-GAAP measures to evaluate business performance and for planning
purposes. While some of the excluded items may be incurred and
reflected in the company’s GAAP financial results in the
foreseeable future, the company believes that the items excluded
from certain non-GAAP measures do not accurately reflect the
underlying performance of its continuing operations for the period
in which they are incurred. The use of non-GAAP measures has
limitations in that such measures do not reflect all of the amounts
associated with the company’s results of operations as determined
in accordance with GAAP, and these measures should only be used to
evaluate the company’s results of operations in conjunction with
the corresponding GAAP measures.
Please refer to the Form 8-K regarding this release furnished
today to the Securities and Exchange Commission.
Forward-Looking Statements
The company’s guidance with respect to anticipated financial
results for the fourth quarter and year ending December 31, 2015,
estimates of future costs related to the inverter business,
estimates regarding the timing of completion of the wind-down of
the inverter business, expectations regarding future market trends
and the company’s future performance within specific markets and
other statements that are not historical information are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not
limited to: (a) the effects of global macroeconomic conditions upon
demand for our products; (b) the volatility and cyclicality of the
industries the company serves, particularly the semiconductor
industry; (c) the delays of renewable energy projects; (d) expected
decreases in customer orders and sales and potential disruptions in
operations, supplier relationships and employee relations given the
decision to wind down the Solar Inverter business; (e) the
company's ability to identify and execute upon a sale of the assets
or license of intellectual property (if any) of the inverter
business; (f) unanticipated developments that may prevent or
delay wind down or sale activities; (g) the company's ability to
realize on its plan to avoid costs as it winds down the Solar
Inverter business; (h) the accuracy of the company's estimates and
assumptions on which its financial statement projections are based,
including estimates and assumptions related to the wind down of the
Solar Inverter business; (i) the impact of price changes
resulting from a variety of factors; (j) the timing of orders
received from customers; (k) the company’s ability to realize
benefits from cost improvement efforts including avoided costs,
restructuring plans and inorganic growth; (l) the company’s ability
to obtain materials and manufacture products; and
(m) unanticipated changes to management's estimates, reserves
or allowances. These and other risks are described in Advanced
Energy's Form 10-K, Forms 10-Q and other reports and statements
filed with the Securities and Exchange Commission (the “SEC”).
These reports and statements are available on the SEC's website at
www.sec.gov. Copies may also be obtained from Advanced Energy's
investor relations page at http://ir.advanced-energy.com or by
contacting Advanced Energy's investor relations at 970-407-6555.
Forward-looking statements are made and based on information
available to the company on the date of this press release.
Aspirational goals and targets discussed on the conference call or
in the presentation materials should not be interpreted in any
respect as guidance. The company assumes no obligation to update
the information in this press release.
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)(in thousands, except per
share data)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
SALES |
$ |
130,800 |
|
|
$ |
143,147 |
|
|
$ |
136,791 |
|
|
$ |
408,709 |
|
|
$ |
430,380 |
|
COST OF SALES |
77,763 |
|
|
95,204 |
|
|
96,513 |
|
|
255,650 |
|
|
277,230 |
|
GROSS PROFIT |
53,037 |
|
|
47,943 |
|
|
40,278 |
|
|
153,059 |
|
|
153,150 |
|
|
40.5 |
% |
|
33.5 |
% |
|
29.4 |
% |
|
37.4 |
% |
|
35.6 |
% |
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Research and development |
11,696 |
|
|
15,074 |
|
|
14,047 |
|
|
39,985 |
|
|
44,952 |
|
Selling, general and
administrative |
16,484 |
|
|
20,223 |
|
|
40,546 |
|
|
78,784 |
|
|
62,782 |
|
Amortization of intangible
assets |
1,267 |
|
|
2,238 |
|
|
1,894 |
|
|
5,052 |
|
|
6,339 |
|
Restructuring charges |
13,930 |
|
|
1,183 |
|
|
168,393 |
|
|
182,323 |
|
|
1,427 |
|
Total operating expenses |
43,377 |
|
|
38,718 |
|
|
224,880 |
|
|
306,144 |
|
|
115,500 |
|
OPERATING INCOME
(LOSS) |
9,660 |
|
|
9,225 |
|
|
(184,602 |
) |
|
(153,085 |
) |
|
37,650 |
|
OTHER
(EXPENSE) INCOME, NET |
(867 |
) |
|
(618 |
) |
|
154 |
|
|
354 |
|
|
(689 |
) |
Income (loss) before
income taxes |
8,793 |
|
|
8,607 |
|
|
(184,448 |
) |
|
(152,731 |
) |
|
36,961 |
|
(Benefit) provision for
income taxes |
(7,639 |
) |
|
(3,695 |
) |
|
48,012 |
|
|
42,020 |
|
|
(702 |
) |
NET INCOME
(LOSS) |
$ |
16,432 |
|
|
$ |
12,302 |
|
|
$ |
(232,460 |
) |
|
$ |
(194,751 |
) |
|
$ |
37,663 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average
common shares outstanding |
41,027 |
|
|
39,998 |
|
|
40,946 |
|
|
40,905 |
|
|
40,450 |
|
Diluted
weighted-average common shares outstanding |
41,319 |
|
|
40,470 |
|
|
40,946 |
|
|
40,905 |
|
|
41,102 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER
SHARE |
$ |
0.40 |
|
|
$ |
0.31 |
|
|
$ |
(5.68 |
) |
|
$ |
(4.76 |
) |
|
$ |
0.93 |
|
DILUTED EARNINGS PER
SHARE |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
$ |
(5.68 |
) |
|
$ |
(4.76 |
) |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADVANCED ENERGY INDUSTRIES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
September 30, |
|
December 31, |
|
2015 |
|
2014 |
ASSETS |
UNAUDITED |
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
184,296 |
|
|
$ |
125,285 |
|
Marketable securities |
14,708 |
|
|
3,083 |
|
Accounts receivable, net |
90,755 |
|
|
124,150 |
|
Inventories, net |
71,712 |
|
|
95,082 |
|
Deferred income tax assets |
13,767 |
|
|
14,011 |
|
Income taxes receivable |
5,955 |
|
|
5,555 |
|
Other current assets |
12,224 |
|
|
9,588 |
|
Total current
assets |
393,417 |
|
|
376,754 |
|
|
|
|
|
Property and equipment,
net |
12,519 |
|
|
28,976 |
|
|
|
|
|
Deposits and other |
1,540 |
|
|
2,052 |
|
Goodwill and
intangibles, net |
80,078 |
|
|
250,403 |
|
Deferred income tax
assets |
26,107 |
|
|
26,384 |
|
Total assets |
$ |
513,661 |
|
|
$ |
684,569 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
50,117 |
|
|
$ |
53,040 |
|
Other accrued expenses |
92,622 |
|
|
59,530 |
|
Total current
liabilities |
142,739 |
|
|
112,570 |
|
|
|
|
|
Long-term
liabilities |
95,553 |
|
|
97,034 |
|
|
|
|
|
Total liabilities |
238,292 |
|
|
209,604 |
|
|
|
|
|
Stockholders'
equity |
275,369 |
|
|
474,965 |
|
Total liabilities and
stockholders' equity |
$ |
513,661 |
|
|
$ |
684,569 |
|
|
|
|
|
* December 31, 2014 amounts are derived from the December 31,
2014 audited Consolidated Financial Statements.
ADVANCED ENERGY INDUSTRIES, INC.SEGMENT
INFORMATION (UNAUDITED)(in thousands)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2015 |
|
2014 |
SALES: |
|
|
|
|
|
|
|
|
|
Precision Power Products |
$ |
107,851 |
|
|
$ |
91,192 |
|
|
$ |
104,610 |
|
|
$ |
318,300 |
|
|
$ |
255,896 |
|
Inverters |
22,949 |
|
|
51,955 |
|
|
32,181 |
|
|
90,409 |
|
|
174,484 |
|
Total Sales |
$ |
130,800 |
|
|
$ |
143,147 |
|
|
$ |
136,791 |
|
|
$ |
408,709 |
|
|
$ |
430,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME (LOSS): |
|
|
|
|
|
|
|
|
|
Precision Power
Products |
$ |
30,600 |
|
|
$ |
22,882 |
|
|
$ |
28,632 |
|
|
$ |
90,335 |
|
|
$ |
64,455 |
|
Inverters |
(7,010 |
) |
|
(12,474 |
) |
|
(44,841 |
) |
|
(61,097 |
) |
|
(25,378 |
) |
Total segment operating
income (loss) |
23,590 |
|
|
10,408 |
|
|
(16,209 |
) |
|
29,238 |
|
|
39,077 |
|
Restructuring
charges |
(13,930 |
) |
|
(1,183 |
) |
|
(168,393 |
) |
|
(182,323 |
) |
|
(1,427 |
) |
Other (expense) income,
net |
(867 |
) |
|
(618 |
) |
|
154 |
|
|
354 |
|
|
(689 |
) |
Income (loss) before
income taxes |
$ |
8,793 |
|
|
$ |
8,607 |
|
|
$ |
(184,448 |
) |
|
$ |
(152,731 |
) |
|
$ |
36,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2015 |
|
2014 |
|
2015 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
Gross Profit, as
reported |
$ |
53,037 |
|
|
$ |
47,943 |
|
|
$ |
40,278 |
|
|
$ |
153,059 |
|
|
$ |
153,150 |
|
Operating expenses, as
reported |
43,377 |
|
|
38,718 |
|
|
224,880 |
|
|
306,144 |
|
|
115,500 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Restructuring charges |
(13,930 |
) |
|
(1,183 |
) |
|
(168,393 |
) |
|
(182,323 |
) |
|
(1,427 |
) |
Acquisition-related costs |
— |
|
|
(60 |
) |
|
— |
|
|
— |
|
|
(790 |
) |
Stock-based compensation |
(803 |
) |
|
(1,488 |
) |
|
(853 |
) |
|
(2,245 |
) |
|
(4,747 |
) |
Amortization of intangible
assets |
(1,267 |
) |
|
(2,238 |
) |
|
(1,894 |
) |
|
(5,052 |
) |
|
(6,339 |
) |
Nonrecurring inventory
impairment |
(3,375 |
) |
|
— |
|
|
(14,994 |
) |
|
(18,369 |
) |
|
— |
|
Nonrecurring accounts receivable
impairment, net of recoveries |
4,068 |
|
|
— |
|
|
(17,661 |
) |
|
(13,593 |
) |
|
— |
|
Nonrecurring executive
severance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(867 |
) |
Non-GAAP operating
expenses |
28,070 |
|
|
33,749 |
|
|
21,085 |
|
|
84,562 |
|
|
101,330 |
|
Non-GAAP operating
income |
$ |
24,967 |
|
|
$ |
14,194 |
|
|
$ |
19,193 |
|
|
$ |
68,497 |
|
|
$ |
51,820 |
|
Reconciliation
of Non-GAAP measure - income excluding certain items |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
Income (loss), net of
tax, as reported |
$ |
16,432 |
|
|
$ |
12,302 |
|
|
$ |
(232,460 |
) |
|
$ |
(194,751 |
) |
|
$ |
37,663 |
|
Adjustments, net of
tax |
|
|
|
|
|
|
|
|
|
Restructuring charges |
12,927 |
|
|
1,102 |
|
|
167,063 |
|
|
179,990 |
|
|
1,327 |
|
Acquisition-related costs |
— |
|
|
56 |
|
|
— |
|
|
— |
|
|
718 |
|
Stock-based compensation |
746 |
|
|
1,385 |
|
|
792 |
|
|
2,085 |
|
|
4,309 |
|
Amortization of intangible
assets |
1,175 |
|
|
2,084 |
|
|
1,757 |
|
|
4,687 |
|
|
5,778 |
|
Nonrecurring tax items |
(9,499 |
) |
|
— |
|
|
50,272 |
|
|
40,773 |
|
|
— |
|
Nonrecurring accounts receivable
impairment, net of recoveries |
(3,775 |
) |
|
— |
|
|
16,389 |
|
|
12,614 |
|
|
— |
|
Nonrecurring inventory
impairment |
3,132 |
|
|
— |
|
|
13,914 |
|
|
17,046 |
|
|
— |
|
Nonrecurring executive
severance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
800 |
|
Non-GAAP
income, net of tax |
$ |
21,138 |
|
|
$ |
16,929 |
|
|
$ |
17,727 |
|
|
$ |
62,444 |
|
|
$ |
50,595 |
|
*Note: The impact of the
non-tax deductible goodwill impairment recorded in our second
quarter exaggerated our income tax rate resulting in significant
book tax expense as compared to our pre-tax book loss.
Therefore for preparation of our non-GAAP information we have
applied an estimated normalized tax rate of 7.2%, which is
consistent with our pre-restructuring Q1 tax rate in order to tax
effect the non-GAAP items above. Additionally, we assessed the tax
impact of this one-time event by applying this estimated tax rate
to our “book operating income excluding restructuring” in order to
arrive at our Q3 estimated non-GAAP non-recurring tax add-back of
($9.5 million) and 2015 YTD estimated non-GAAP non-recurring tax
add-back of $40.8 million shown above. |
Reconciliation
of Non-GAAP measure - per share earnings excluding certain
items |
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
$ |
(5.68 |
) |
|
$ |
(4.76 |
) |
|
$ |
0.92 |
|
Add back: |
|
|
|
|
|
|
|
|
|
per share impact of Non-GAAP
adjustments, net of tax |
0.11 |
|
|
0.12 |
|
|
6.11 |
|
|
6.27 |
|
|
0.31 |
|
Non-GAAP per share
earnings |
$ |
0.51 |
|
|
$ |
0.42 |
|
|
$ |
0.43 |
|
|
$ |
1.51 |
|
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER SELECTED DATA (UNAUDITED)
Based on the decision by the Company to exit the inverter
segment in a wind-down of operations commencing effective June 29,
2015 we have ceased allocating corporate overhead to the inverter
segment as of that date. These costs include allocated costs which
have historically been shared between the inverter segment and the
precision power segment but which going forward will burden solely
our single reporting segment, the precision power
business. For comparability to assist the reader with
understanding how our results would have been reported had we not
had the inverter segment we have prepared the following Non-GAAP
presentation. The following non-GAAP tables present historical
comparative periods presented on a consistent basis with this
forward looking presentation approach with respect to internal
costs. We have eliminated from the historical GAAP segment
presentation for inverters the corporate overhead expenses
previously allocated to inverters and these costs have been
reflected as burdening the Precision Power segment (reflected below
in the column "Non-GAAP results excluding inverter amounts").
Reconciliation
of Non-GAAP measure - Revenue & operating income excluding
certain items |
Three months endedSeptember
30, 2015 |
|
Nine months endedSeptember
30, 2015 |
|
As reported |
|
Amounts related to Inverter |
|
Amounts excluding Inverter |
|
As reported |
|
Amounts related to Inverter |
|
Amounts excluding Inverter |
Revenues |
$ |
130,800 |
|
|
$ |
22,949 |
|
|
$ |
107,851 |
|
|
$ |
408,709 |
|
|
$ |
90,409 |
|
|
$ |
318,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
as reported |
$ |
9,660 |
|
|
$ |
(20,940 |
) |
|
$ |
30,600 |
|
|
$ |
(153,085 |
) |
|
$ |
(239,934 |
) |
|
$ |
86,849 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
13,930 |
|
|
13,930 |
|
|
— |
|
|
182,323 |
|
|
182,323 |
|
|
— |
|
Acquisition-related costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock-based compensation |
803 |
|
|
66 |
|
|
737 |
|
|
2,245 |
|
|
326 |
|
|
1,919 |
|
Nonrecurring tax items |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Nonrecurring inventory
impairment |
3,375 |
|
|
3,375 |
|
|
— |
|
|
18,369 |
|
|
18,369 |
|
|
— |
|
Nonrecurring accounts receivable
impairment, net of recoveries |
(4,068 |
) |
|
(4,068 |
) |
|
— |
|
|
13,593 |
|
|
13,593 |
|
|
— |
|
Amortization of intangible
assets |
1,267 |
|
|
169 |
|
|
1,098 |
|
|
5,052 |
|
|
1,755 |
|
|
3,297 |
|
Non-GAAP Operating
income (loss) |
$ |
24,967 |
|
|
$ |
(7,468 |
) |
|
$ |
32,435 |
|
|
$ |
68,497 |
|
|
$ |
(23,568 |
) |
|
$ |
92,065 |
|
Reconciliation
of Non-GAAP measure - Revenue & operating income excluding
certain items |
Three months endedSeptember
30, 2014 |
|
Nine months endedSeptember
30, 2014 |
|
As reported |
|
Amounts related to Inverter |
|
Amounts excluding Inverter |
|
As reported |
|
Amounts related to Inverter |
|
Amounts excluding Inverter |
Revenues |
$ |
143,147 |
|
|
$ |
51,955 |
|
|
$ |
91,192 |
|
|
$ |
430,380 |
|
|
$ |
174,484 |
|
|
$ |
255,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
as reported |
$ |
9,225 |
|
|
$ |
(11,394 |
) |
|
$ |
20,619 |
|
|
$ |
37,650 |
|
|
$ |
(19,616 |
) |
|
$ |
57,266 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
1,183 |
|
|
1,183 |
|
|
— |
|
|
1,427 |
|
|
1,372 |
|
|
55 |
|
Acquisition-related costs |
60 |
|
|
— |
|
|
60 |
|
|
790 |
|
|
— |
|
|
790 |
|
Stock-based compensation |
1,488 |
|
|
327 |
|
|
1,161 |
|
|
4,747 |
|
|
1,054 |
|
|
3,693 |
|
Amortization of intangible
assets |
2,238 |
|
|
883 |
|
|
1,355 |
|
|
6,339 |
|
|
3,108 |
|
|
3,231 |
|
Nonrecurring executive
severance |
— |
|
|
— |
|
|
— |
|
|
867 |
|
|
— |
|
|
867 |
|
Non-GAAP Operating
income (loss) |
$ |
14,194 |
|
|
$ |
(9,001 |
) |
|
$ |
23,195 |
|
|
$ |
51,820 |
|
|
$ |
(14,082 |
) |
|
$ |
65,902 |
|
CONTACTS:
Tom Liguori
Advanced Energy Industries, Inc.
970.407.6570
Tom.liguori@aei.com
Annie Leschin
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
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