August 5, 2019 - 4:04 PM EDT
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Advanced Energy Announces Second Quarter 2019 Results

FORT COLLINS, Colo.

  • Q2 Revenue was $134.8 million
  • Q2 GAAP EPS from continuing operations was $0.61
  • Q2 Non-GAAP EPS was $0.45

Advanced Energy Industries, Inc. (Nasdaq: AEIS) today announced financial results for the second quarter ended June 30, 2019.

“Our strong operating performance in the face of continued market weakness enabled us to deliver solid results in the quarter. Also, we continued to see strong adoption of our technologies into our customers’ next-generation manufacturing processes,” said Yuval Wasserman, president and CEO. “Further, we believe the pending acquisition of Artesyn Embedded Power will provide a platform for more balanced and steady growth going forward. Despite the current market slowdown, we are executing our strategy to deliver strong long-term earnings growth."

Second Quarter Results

Sales were $134.8 million in the second quarter of 2019 compared with $140.7 million in the first quarter of 2019 and $196.0 million in the second quarter of 2018.

GAAP net income from continuing operations was $23.4 million or $0.61 per diluted share, compared with $15.4 million or $0.40 per diluted share in the prior quarter, and $46.4 million or $1.17 per diluted share in the second quarter of 2018.

Non-GAAP net income was $17.2 million or $0.45 per diluted share in the second quarter of 2019. This compares with $22.4 million or $0.58 per diluted share in the first quarter of 2019, and $49.4 million or $1.25 per diluted share in the second quarter of 2018. A reconciliation of non-GAAP measures is provided in the tables below.

The company generated $11.5 million of operating cash from continuing operations in the quarter.

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 are available in the company’s 2018 Annual Report on Form 10-K.

Third Quarter 2019 Guidance

Based on the company’s current view, beliefs and assumptions, guidance for the third quarter of 2019 is within the following ranges.

 

 

Q3 2019

Revenues

 

$128M +/- $5M

GAAP EPS from continuing operations

 

$

0.18

 

-

 

$

0.28

Non-GAAP EPS

 

$

0.28

 

-

 

$

0.38

Conference Call

Management will host a conference call on Tuesday, August 6, 2019 at 6:30 a.m. Mountain Time/ 8:30 a.m. Eastern Time to discuss Advanced Energy’s financial results. Domestic callers may access this conference call by dialing 855-232-8958. International callers may access the call by dialing +1 315-625-6980. Participants will need to provide the operator with Conference ID Number 9380226, which has been reserved for this call. A webcast will also be available on the company’s Investor Relations web page at ir.advanced-energy.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 semiconductor and industrial manufacturing applications. 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 more than three decades to perfecting power for its global customers and is headquartered in Fort Collins, 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. The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Advanced Energy believes that these non-GAAP measures provide useful information to management and investors to evaluate business performance without the impacts of certain non-cash charges and other 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 for the third quarter ending September 30, 2019, potential future growth and profitability, our future business mix, expectations regarding future market trends and the company’s future performance within specific markets, the anticipated closing of the acquisition of Artesyn Embedded Power 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 pending acquisition of Artesyn Embedded Power all as more fully outlined in our Form 8-K filed on May 15, 2019; (e) the accuracy of the company’s estimates related to fulfilling solar inverter product warranty and post-warranty obligations; (f) the company’s ability to realize its plan to avoid additional costs after the solar inverter wind-down; (g) the accuracy of the company’s assumptions on which its financial statement projections are based; (h) the impact of product price changes, which may result from a variety of factors; (i) the timing of orders received from customers; (j) the company’s ability to realize benefits from cost improvement efforts including avoided costs, restructuring plans and inorganic growth; (k) the company’s ability to obtain in a timely manner the materials necessary to manufacture its products; (l) unanticipated changes to management’s estimates, reserves or allowances; (m) changes and adjustments to the tax expense and benefits related to the U.S. tax reform that was enacted in late 2017; and (n) the effects of U.S. government trade and export restrictions, Chinese retaliatory trade actions, and other governmental action related to tariffs upon the demand for our, and our customers’, products and services and the U.S. economy. 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.advanced-energy.com or by contacting Advanced Energy’s investor relations at 970‑407‑6555. Forward-looking statements are made and based on information available to the company on the date of this press release. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. The company assumes no obligation to update the information in this press release.

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

 

 

2019

 

2018

 

2019

 

2019

 

2018

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

106,193

 

$

169,235

 

$

112,112

 

$

218,305

 

$

340,444

 

Service

 

 

28,617

 

 

26,797

 

 

28,631

 

 

57,248

 

 

51,205

 

Total sales

 

 

134,810

 

 

196,032

 

 

140,743

 

 

275,553

 

 

391,649

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

56,113

 

 

80,953

 

 

60,801

 

 

116,914

 

 

160,759

 

Service

 

 

14,571

 

 

13,844

 

 

14,202

 

 

28,773

 

 

26,010

 

Total cost of sales

 

 

70,684

 

 

94,797

 

 

75,003

 

 

145,687

 

 

186,769

 

Gross profit

 

 

64,126

 

 

101,235

 

 

65,740

 

 

129,866

 

 

204,880

 

 

 

 

47.6

%

 

51.6

%

 

46.7

%

 

47.1

%

 

52.3

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

21,840

 

 

19,195

 

 

21,289

 

 

43,129

 

 

36,832

 

Selling, general and administrative

 

 

27,612

 

 

24,758

 

 

29,014

 

 

56,626

 

 

53,406

 

Amortization of intangible assets

 

 

1,874

 

 

1,264

 

 

1,973

 

 

3,847

 

 

2,521

 

Restructuring expense

 

 

1,795

 

 

 

 

1,673

 

 

3,468

 

 

 

Total operating expenses

 

 

53,121

 

 

45,217

 

 

53,949

 

 

107,070

 

 

92,759

 

Operating income

 

 

11,005

 

 

56,018

 

 

11,791

 

 

22,796

 

 

112,121

 

Other income (expense), net

 

 

15,545

 

 

(485

)

 

743

 

 

16,288

 

 

(459

)

Income from continuing operations before income taxes

 

 

26,550

 

 

55,533

 

 

12,534

 

 

39,084

 

 

111,662

 

Provision (benefit) for income taxes

 

 

3,177

 

 

9,133

 

 

(2,853)

 

 

324

 

 

18,892

 

Income from continuing operations, net of income taxes

 

 

23,373

 

 

46,400

 

 

15,387

 

 

38,760

 

 

92,770

 

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

 

 

8,324

 

 

5

 

 

(9

)

 

8,315

 

 

145

 

Net income

 

 

31,697

 

 

46,405

 

 

15,378

 

 

47,075

 

 

92,915

 

Income from continuing operations attributable to non-controlling interest

 

 

11

 

 

44

 

 

8

 

 

19

 

 

75

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

31,686

 

$

46,361

 

$

15,370

 

$

47,056

 

$

92,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

38,274

 

 

39,349

 

 

38,198

 

 

38,236

 

 

39,484

 

Diluted weighted-average common shares outstanding

 

 

38,462

 

 

39,603

 

 

38,426

 

 

38,443

 

 

39,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.61

 

$

1.18

 

$

0.40

 

$

1.01

 

$

2.35

 

Diluted earnings per share

 

$

0.61

 

$

1.17

 

$

0.40

 

$

1.01

 

$

2.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.22

 

$

 

$

 

$

0.22

 

$

 

Diluted earnings per share

 

$

0.22

 

$

 

$

 

$

0.22

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.83

 

$

1.18

 

$

0.40

 

$

1.23

 

$

2.35

 

Diluted earnings per share

 

$

0.82

 

$

1.17

 

$

0.40

 

$

1.22

 

$

2.33

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

June 30,

 

December 31,

 

2019

 

2018

 

Unaudited

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

 

359,070

$

 

349,301

Marketable securities

 

746

 

2,470

Accounts and other receivable, net

 

93,045

 

100,442

Inventories, net

 

92,740

 

97,987

Income taxes receivable

 

4,578

 

2,220

Other current assets

 

12,776

 

10,173

Current assets of discontinued operations

 

67

 

5,855

Total current assets

 

563,022

 

568,448

 

 

 

 

 

Property and equipment, net

 

34,692

 

31,269

Operating lease right-of-use assets

 

52,465

 

 

 

 

 

 

Deposits and other assets

 

11,404

 

6,874

Goodwill and intangibles, net

 

159,880

 

156,810

Deferred income tax assets

 

40,464

 

47,099

Non-current assets of discontinued operations

 

3,841

 

5,984

Total assets

$

 

865,768

$

 

816,484

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

$

 

37,281

$

 

39,646

Other accrued expenses

 

48,832

 

65,377

Current portion of operating lease liability

 

9,572

 

Current liabilities of discontinued operations

 

812

 

5,286

Total current liabilities

 

96,497

 

110,309

 

 

 

 

 

Non-current liabilities of continuing operations

 

110,866

 

88,158

Non-current liabilities of discontinued operations

 

2,356

 

10,715

Long-term liabilities

 

113,222

 

98,873

 

 

 

 

 

Total liabilities

 

209,719

 

209,182

 

 

 

 

 

Advanced Energy stockholders’ equity

 

655,518

 

606,790

Noncontrolling interest

 

531

 

512

Stockholders’ equity

 

656,049

 

607,302

Total liabilities and stockholders’ equity

$

 

865,768

$

 

816,484

December 31, 2018 amounts are derived from the December 31, 2018 audited Consolidated Financial Statements.

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

 

 

Six Months Ended June 30,

 

2019

 

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net income

$

 

47,075

 

$

 

92,915

 

Income from discontinued operations, net of income taxes

 

8,315

 

 

145

 

Income from continuing operations, net of income taxes

 

38,760

 

 

92,770

 

 

 

 

 

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

8,396

 

 

5,917

 

Stock-based compensation expense

 

4,136

 

 

6,437

 

Provision for deferred income taxes

 

4,509

 

 

(96

)

Gain on sale of central inverter service business

 

(14,804

)

 

Net loss on disposal of assets

 

90

 

 

158

 

Changes in operating assets and liabilities, net of assets acquired

 

(22,757

)

 

(17,282

)

Net cash provided by operating activities from continuing operations

 

18,330

 

 

87,904

 

Net cash used in operating activities from discontinued operations

 

(1,914

)

 

(2,450

)

Net cash provided by operating activities

 

16,416

 

 

85,454

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of marketable securities

 

 

(91

)

Proceeds from sale of marketable securities

 

1,742

 

 

4

 

Acquisitions, net of cash acquired

 

 

(9,072

)

Issuance of notes receivable

 

(2,800

)

 

Purchases of property and equipment

 

(8,866

)

 

(9,426

)

Net cash used in investing activities from continuing operations

 

(9,924

)

 

(18,585

)

Net cash used in investing activities from discontinued operations

 

 

Net cash used in investing activities

 

(9,924

)

 

(18,585

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Purchase and retirement of common stock

 

 

(38,059

)

Net payments related to stock-based award activities

 

(1,042

)

 

(2,576

)

Net cash used in financing activities from continuing operations

 

(1,042

)

 

(40,635

)

Net cash used in financing activities from discontinued operations

 

 

Net cash used in financing activities

 

(1,042

)

 

(40,635

)

EFFECT OF CURRENCY TRANSLATION ON CASH

 

(932

)

 

(1,160

)

INCREASE IN CASH AND CASH EQUIVALENTS

 

4,518

 

 

25,074

 

CASH AND CASH EQUIVALENTS, beginning of period

 

354,552

 

 

415,037

 

CASH AND CASH EQUIVALENTS, end of period

 

359,070

 

 

440,111

 

Less cash and cash equivalents from discontinued operations

 

 

7,112

 

CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period

$

 

359,070

 

$

 

432,999

 

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,

 

2019

 

2018

 

2019

 

2019

 

2018

Semiconductor equipment

$

65,086

$

127,291

$

67,514

$

132,600

$

263,301

Industrial technology equipment

 

41,107

 

41,944

 

44,598

 

85,705

 

77,143

Service

 

28,617

 

26,797

 

28,631

 

57,248

 

51,205

Total

$

134,810

$

196,032

$

140,743

$

275,553

$

391,649

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geographic Region

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2019

 

2018

 

2019

 

2019

 

2018

North America

$

61,393

$

101,942

$

58,506

$

119,899

$

209,839

Asia

 

50,962

 

70,165

 

58,435

 

109,397

 

136,329

Europe

 

22,092

 

23,815

 

23,426

 

45,518

 

45,264

Other Countries

 

363

 

110

 

376

 

739

 

217

Total

$

134,810

$

196,032

$

140,743

$

275,553

$

391,649

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,

 

2019

 

2018

 

2019

 

2019

 

2018

Gross profit from continuing operations, as reported

$

 

64,126

 

$

 

101,235

 

$

 

65,740

 

$

 

129,866

 

$

 

204,880

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

55

 

 

149

 

 

233

 

 

288

 

 

500

 

Facility expansion and relocation costs

 

150

 

 

249

 

 

170

 

 

320

 

 

249

 

Non-GAAP gross profit

 

64,331

 

 

101,633

 

 

66,143

 

 

130,474

 

 

205,629

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

53,121

 

 

45,217

 

 

53,949

 

 

107,070

 

 

92,759

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

(1,874

)

 

(1,264

)

 

(1,973

)

 

(3,847

)

 

(2,521

)

Stock-based compensation

 

(883

)

 

(1,794

)

 

(2,966

)

 

(3,848

)

 

(5,937

)

Acquisition-related costs

 

(1,531

)

 

(255

)

 

(1,511

)

 

(3,042

)

 

(605

)

Facility expansion and relocation costs

 

 

(13

)

 

(74

)

 

(74

)

 

(489

)

Restructuring charges

 

(1,795

)

 

 

(1,673

)

 

(3,468

)

 

Non-GAAP operating expenses

 

47,038

 

 

41,891

 

 

45,752

 

 

92,791

 

 

83,207

 

Non-GAAP operating income

$

 

17,293

 

$

 

59,742

 

$

 

20,391

 

$

 

37,683

 

$

 

122,422

 

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,

 

2019

 

2018

 

2019

 

2019

 

2018

Gross profit from continuing operations, as reported

47.6

%

51.6

%

46.7

%

47.1

%

52.3

%

Adjustments to gross profit:

 

 

 

 

 

 

Stock-based compensation

0.1

 

0.2

 

0.1

 

 

0.1

 

Facility expansion and relocation costs

0.1

 

0.1

 

0.1

 

0.1

 

 

0.1

 

Non-GAAP gross profit

47.7

 

51.8

 

47.0

 

47.3

 

 

52.5

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

39.4

 

23.1

 

38.3

 

38.9

 

 

23.7

 

Adjustments:

 

 

 

 

 

 

Amortization of intangible assets

(1.4

)

(0.6

)

(1.4

)

(1.4

)

 

(0.6

)

Stock-based compensation

(0.7

)

(1.1

)

(2.0

)

(1.4

)

 

(1.6

)

Acquisition-related costs

(1.1

)

(0.1

)

(1.1

)

(1.2

)

 

(0.2

)

Facility expansion and relocation costs

(0.1

)

 

(0.1

)

Restructuring charges

(1.3

)

(1.2

)

(1.3

)

 

Non-GAAP operating expenses

34.9

 

21.3

 

32.5

 

33.6

 

 

21.2

 

Non-GAAP operating income

12.8

%

30.5

%

14.5

%

13.7

%

31.3

%

Reconciliation of Non-GAAP measure - income excluding certain items

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2019

 

2018

 

2019

 

2019

 

2018

Income from continuing operations, less noncontrolling interest, net of income taxes

$

23,362

 

$

46,356

 

$

15,379

 

$

38,741

 

$

92,695

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

1,874

 

 

1,264

 

 

1,973

 

 

3,847

 

 

2,521

 

Acquisition-related costs

 

1,531

 

 

255

 

 

1,511

 

 

3,042

 

 

605

 

Facility expansion and relocation costs

 

150

 

 

262

 

 

244

 

 

394

 

 

738

 

Restructuring charges

 

1,795

 

 

 

1,673

 

 

3,468

 

 

Tax Cuts and Jobs Act Impact

 

 

 

 

 

1,853

 

Central inverter services business sale

 

(14,804

)

 

 

 

(14,804

)

 

Tax effect of Non-GAAP adjustments

 

2,536

 

 

(238

)

 

(851

)

 

1,685

 

 

(547

)

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

 

16,444

 

 

47,899

 

 

19,929

 

 

36,373

 

 

97,865

 

Stock-based compensation, net of taxes

 

722

 

 

1,477

 

 

2,463

 

 

3,185

 

 

4,937

 

Non-GAAP income, net of income taxes

$

17,166

 

$

49,376

 

$

22,392

 

$

39,558

 

$

102,802

 

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

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2019

 

2018

 

2019

 

2019

 

2018

Diluted earnings per share from continuing operations, as reported

$

 

0.61

 

$

 

1.17

$

 

0.40

$

 

1.01

$

 

2.33

Add back (subtract):

 

 

 

 

 

 

 

 

 

 

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

 

(0.16

)

 

0.08

 

0.18

 

0.02

 

0.25

Non-GAAP per share earnings

$

 

0.45

 

$

 

1.25

$

 

0.58

$

 

1.03

$

 

2.58

Reconciliation of Q3 2019 Guidance

 

 

 

 

 

 

 

 

Low End

 

High End

 

 

 

 

 

 

 

Revenue

 

$123 million

 

$133 million

 

 

 

 

 

 

 

Reconciliation of Non-GAAP earnings per share

 

 

 

 

 

 

GAAP earnings per share

 

$

 

0.18

 

 

$

 

0.28

 

Stock-based compensation

 

 

0.06

 

 

 

0.06

 

Amortization of intangible assets

 

 

0.05

 

 

 

0.05

 

Restructuring and other

 

 

0.01

 

 

 

0.01

 

Tax effects of excluded items

 

 

(0.02

)

 

 

(0.02

)

Non-GAAP earnings per share

 

$

 

0.28

 

 

$

 

0.38

 

 

Brian Smith
Advanced Energy
(970) 407‑6555
[email protected]


Source: Business Wire (August 5, 2019 - 4:04 PM EDT)

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