Advanced Energy Reports Third Quarter 2024 Results
-
Revenue was
$374.2 million , above the mid-point of guidance -
GAAP loss per share was
$0.38 , mainly due to closure ofChina production site -
Non-GAAP EPS was
$0.98 , above the mid-point of guidance -
Cash flow from continuing operations was
$35.4 million
“In the third quarter, we delivered results above the midpoint of guidance due to higher demand in the semiconductor and data center computing markets,” said
Quarter Results
Revenue was
GAAP net loss from continuing operations was
Non-GAAP net income was
Advanced Energy generated
In the third quarter of 2024, Advanced Energy amended its credit agreement to increase the capacity of the senior unsecured revolving facility by
A reconciliation of GAAP and non-GAAP measures is provided in the tables below.
Fourth Quarter 2024 Guidance
Based on the Company’s current view, beliefs, and assumptions, guidance is within the following ranges:
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Q4 2024 |
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Revenue |
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GAAP EPS from continuing operations |
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Non-GAAP EPS |
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Conference Call
Management will host a conference call today,
Advanced Energy 2024 Analyst Day
Advanced Energy will host its 2024 Analyst Day on
This in-person event will include lunch and live demonstrations of the Company’s products. Participants who wish to join remotely can access a live webcast, which will be available at the time of the event on the Investors page of the company's website at ir.advancedenergy.com in the Events & Presentations section.
To view full event information and to register to attend, please click the link below:
https://www.advancedenergy.com/en-us/analyst-day-registration/
About Advanced Energy
Advanced Energy | Precision. Power. Performance. Trust.
Non-GAAP Measures
This release includes measures, such as non-GAAP net income and non-GAAP earnings per share (“EPS”) that are not prepared in accordance with accounting principles generally accepted in
The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments.
Forward-Looking Statements
This press release and statements we make on the above announced conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release or the conference call that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations, and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions. These forward-looking statements are based upon information available as of the date of this press release and management’s current estimates, forecasts, and assumptions. Although we believe that our expectations reflected in or suggested by these forward-looking statements are reasonable, we may not achieve the results, performance, plans, or objectives expressed or implied by such forward-looking statements. Forward-looking statements involve risks and uncertainties, which are difficult to predict and many of which are beyond our control.
Risks and uncertainties to which our forward-looking statements are subject include, but are not limited to: volatility and business fluctuations in the industries in which we operate; our ability to achieve design wins with new and existing customers; our ability to accurately forecast and meet customer demand; risks related to global economic conditions, such as the impact of escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, or recession; risks inherent in our international operations, including the effect of trade and export controls, political and geographical risks, the impact of tariffs on our supply or products, and fluctuations in currency exchange rates; concentration of our customer base; risks associated with breach of our information security measures; our loss of or inability to attract and retain key personnel; disruptions to our manufacturing operations or those of our customers or suppliers; risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products; our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions; quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves; our ability to enforce, protect and maintain our proprietary technology and intellectual property rights; our ability to achieve cost savings, profitability, and gross margin goals; changes to tax laws and regulations or our tax rates; changes in federal, state, local and foreign regulations, including with respect to privacy and data protection, and environmental regulation; the effect of our debt obligations and restrictive covenants on our ability to operate our business; customer price sensitivity; risks related to our unfunded pension obligations; restructuring and severance activities; legal matters, claims, investigations, and proceedings; our estimates of the fair value of intangible assets; and the potential impact of dilution related to our convertible debt, hedge, and warrant transactions.
Actual results could differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Factors that could contribute to these differences or prove our forward-looking statements, by hindsight, to be overly optimistic or unachievable include, but are not limited to, the risks and uncertainties listed above and described in Advanced Energy’s Form 10-K, Forms 10-Q and other reports and statements filed with the
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
|||||
Revenue, net |
|
$ |
374,217 |
|
|
$ |
409,991 |
|
|
$ |
364,947 |
|
|
$ |
1,066,639 |
|
|
$ |
1,250,539 |
|
|
Cost of revenue |
|
|
240,149 |
|
|
|
262,650 |
|
|
|
237,206 |
|
|
|
692,001 |
|
|
|
801,007 |
|
|
Gross profit |
|
|
134,068 |
|
|
|
147,341 |
|
|
|
127,741 |
|
|
|
374,638 |
|
|
|
449,532 |
|
|
Gross margin % |
|
|
35.8 |
|
% |
|
35.9 |
|
% |
|
35.0 |
|
% |
|
35.1 |
|
% |
|
35.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and development |
|
|
53,561 |
|
|
|
50,391 |
|
|
|
52,335 |
|
|
|
155,732 |
|
|
|
153,414 |
|
|
Selling, general, and administrative |
|
|
56,237 |
|
|
|
55,131 |
|
|
|
55,013 |
|
|
|
166,374 |
|
|
|
166,102 |
|
|
Amortization of intangible assets |
|
|
6,772 |
|
|
|
7,049 |
|
|
|
6,800 |
|
|
|
20,519 |
|
|
|
21,186 |
|
|
Restructuring, asset impairments, and other charges |
|
|
28,546 |
|
|
|
4,709 |
|
|
|
625 |
|
|
|
29,416 |
|
|
|
8,906 |
|
|
Total operating expenses |
|
|
145,116 |
|
|
|
117,280 |
|
|
|
114,773 |
|
|
|
372,041 |
|
|
|
349,608 |
|
|
Operating income (loss) |
|
|
(11,048 |
) |
|
|
30,061 |
|
|
|
12,968 |
|
|
|
2,597 |
|
|
|
99,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income |
|
|
11,018 |
|
|
|
6,396 |
|
|
|
12,119 |
|
|
|
35,782 |
|
|
|
14,282 |
|
|
Interest expense |
|
|
(6,378 |
) |
|
|
(3,780 |
) |
|
|
(6,956 |
) |
|
|
(20,461 |
) |
|
|
(9,368 |
) |
|
Other income (expense), net |
|
|
(8,139 |
) |
|
|
1,848 |
|
|
|
638 |
|
|
|
(6,122 |
) |
|
|
1,425 |
|
|
Income from continuing operations, before income tax |
|
|
(14,547 |
) |
|
|
34,525 |
|
|
|
18,769 |
|
|
|
11,796 |
|
|
|
106,263 |
|
|
Income tax provision (benefit) |
|
|
(400 |
) |
|
|
874 |
|
|
|
3,165 |
|
|
|
4,552 |
|
|
|
13,405 |
|
|
Income (loss) from continuing operations |
|
|
(14,147 |
) |
|
|
33,651 |
|
|
|
15,604 |
|
|
|
7,244 |
|
|
|
92,858 |
|
|
Loss from discontinued operations, net of income tax |
|
|
(758 |
) |
|
|
(930 |
) |
|
|
(575 |
) |
|
|
(1,904 |
) |
|
|
(2,076 |
) |
|
Net income (loss) |
|
$ |
(14,905 |
) |
|
$ |
32,721 |
|
|
$ |
15,029 |
|
|
$ |
5,340 |
|
|
$ |
90,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,575 |
|
|
|
37,474 |
|
|
|
37,455 |
|
|
|
37,541 |
|
|
Diluted weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings (loss) per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|||||
|
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|
|
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|
|||||
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings (loss) per share |
|
$ |
(0.38 |
) |
|
$ |
0.90 |
|
|
$ |
0.42 |
|
|
$ |
0.19 |
|
|
$ |
2.47 |
|
|
Diluted earnings (loss) per share |
|
$ |
(0.38 |
) |
|
$ |
0.89 |
|
|
$ |
0.41 |
|
|
$ |
0.19 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic loss per share |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
Diluted loss per share |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share |
|
$ |
(0.40 |
) |
|
$ |
0.87 |
|
|
$ |
0.40 |
|
|
$ |
0.14 |
|
|
$ |
2.42 |
|
|
Diluted earnings per share |
|
$ |
(0.40 |
) |
|
$ |
0.86 |
|
|
$ |
0.40 |
|
|
$ |
0.14 |
|
|
$ |
2.40 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
657,288 |
|
$ |
1,044,556 |
Accounts receivables, net |
|
|
259,399 |
|
|
282,430 |
Inventories |
|
|
377,740 |
|
|
336,137 |
Other current assets |
|
|
51,281 |
|
|
48,771 |
Total current assets |
|
|
1,345,708 |
|
|
1,711,894 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
181,875 |
|
|
167,665 |
Operating lease right-of-use assets |
|
|
86,003 |
|
|
95,432 |
Other assets |
|
|
134,948 |
|
|
136,448 |
|
|
|
444,326 |
|
|
445,318 |
Total assets |
|
$ |
2,192,860 |
|
$ |
2,556,757 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
133,006 |
|
$ |
141,850 |
Other accrued expenses |
|
|
140,142 |
|
|
156,254 |
Current portion of long-term debt |
|
|
— |
|
|
20,000 |
Current portion of operating lease liabilities |
|
|
18,360 |
|
|
17,744 |
Total current liabilities |
|
|
291,508 |
|
|
335,848 |
|
|
|
|
|
|
|
Long-term debt |
|
|
564,000 |
|
|
895,679 |
Other long-term liabilities |
|
|
172,960 |
|
|
181,048 |
Long-term liabilities |
|
|
736,960 |
|
|
1,076,727 |
|
|
|
|
|
|
|
Total liabilities |
|
|
1,028,468 |
|
|
1,412,575 |
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
1,164,392 |
|
|
1,144,182 |
Total liabilities and stockholders’ equity |
|
$ |
2,192,860 |
|
$ |
2,556,757 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Nine Months Ended |
||||||
|
|
2024 |
|
|
2023 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
5,340 |
|
|
$ |
90,782 |
|
Less: loss from discontinued operations, net of income tax |
|
|
(1,904 |
) |
|
|
(2,076 |
) |
Income from continuing operations, net of income tax |
|
|
7,244 |
|
|
|
92,858 |
|
|
|
|
|
|
|
|
||
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
51,824 |
|
|
|
49,764 |
|
Stock-based compensation |
|
|
34,303 |
|
|
|
22,813 |
|
Amortization of debt issuance costs and debt discount |
|
|
3,036 |
|
|
|
378 |
|
Deferred income tax benefit |
|
|
305 |
|
|
|
(996 |
) |
Other |
|
|
1,041 |
|
|
|
394 |
|
Changes in operating assets and liabilities, net of assets acquired |
|
|
(47,503 |
) |
|
|
(36,971 |
) |
Net cash from operating activities from continuing operations |
|
|
50,250 |
|
|
|
128,240 |
|
Net cash from operating activities from discontinued operations |
|
|
(2,191 |
) |
|
|
(3,307 |
) |
Net cash from operating activities |
|
|
48,059 |
|
|
|
124,933 |
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of long-term investments |
|
|
(2,698 |
) |
|
|
(3,447 |
) |
Purchases of property and equipment |
|
|
(44,045 |
) |
|
|
(46,782 |
) |
Acquisitions, net of cash acquired |
|
|
(13,762 |
) |
|
|
— |
|
Net cash from investing activities |
|
|
(60,505 |
) |
|
|
(50,229 |
) |
|
|
|
|
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from long-term borrowings |
|
|
— |
|
|
|
575,000 |
|
Payment of fees for long-term borrowings |
|
|
(105 |
) |
|
|
(12,985 |
) |
Payments on long-term borrowings |
|
|
(355,000 |
) |
|
|
(15,000 |
) |
Dividend payments |
|
|
(11,529 |
) |
|
|
(11,422 |
) |
Payment for purchase of note hedges |
|
|
— |
|
|
|
(115,000 |
) |
Proceeds from sale of warrants |
|
|
— |
|
|
|
74,865 |
|
Purchase and retirement of common stock |
|
|
(1,770 |
) |
|
|
(40,000 |
) |
Net payments related to stock-based awards |
|
|
(6,029 |
) |
|
|
(1,254 |
) |
Net cash from financing activities |
|
|
(374,433 |
) |
|
|
454,204 |
|
|
|
|
|
|
|
|
||
EFFECT OF CURRENCY TRANSLATION ON CASH |
|
|
(389 |
) |
|
|
(1,795 |
) |
|
|
|
|
|
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(387,268 |
) |
|
|
527,113 |
|
CASH AND CASH EQUIVALENTS, beginning of period |
|
|
1,044,556 |
|
|
|
458,818 |
|
CASH AND CASH EQUIVALENTS, end of period |
|
$ |
657,288 |
|
|
$ |
985,931 |
|
SUPPLEMENTAL INFORMATION (UNAUDITED) (in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue by Market |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
|
|
|
|
|
|||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|||||
Semiconductor Equipment |
|
$ |
197,497 |
|
$ |
185,033 |
|
$ |
188,321 |
|
$ |
565,721 |
|
$ |
552,419 |
Industrial and Medical |
|
|
76,837 |
|
|
115,226 |
|
|
79,104 |
|
|
239,359 |
|
|
365,849 |
Data Center Computing |
|
|
80,653 |
|
|
68,286 |
|
|
72,964 |
|
|
195,519 |
|
|
187,021 |
Telecom and Networking |
|
|
19,230 |
|
|
41,446 |
|
|
24,558 |
|
|
66,040 |
|
|
145,250 |
Total |
|
$ |
374,217 |
|
$ |
409,991 |
|
$ |
364,947 |
|
$ |
1,066,639 |
|
$ |
1,250,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue by |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
|
|
|
|
|
|||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|||||
|
|
$ |
175,691 |
|
$ |
184,783 |
|
$ |
172,794 |
|
$ |
482,564 |
|
$ |
537,241 |
|
|
|
163,212 |
|
|
178,190 |
|
|
151,955 |
|
|
467,110 |
|
|
543,871 |
|
|
|
34,892 |
|
|
46,088 |
|
|
39,813 |
|
|
115,258 |
|
|
164,867 |
Other |
|
|
422 |
|
|
930 |
|
|
385 |
|
|
1,707 |
|
|
4,560 |
Total |
|
$ |
374,217 |
|
$ |
409,991 |
|
$ |
364,947 |
|
$ |
1,066,639 |
|
$ |
1,250,539 |
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 |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Gross profit from continuing operations, as reported |
|
$ |
134,068 |
|
|
$ |
147,341 |
|
|
$ |
127,741 |
|
|
$ |
374,638 |
|
|
$ |
449,532 |
|
Adjustments to gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock-based compensation |
|
|
1,046 |
|
|
|
615 |
|
|
|
1,056 |
|
|
|
2,931 |
|
|
|
1,587 |
|
Facility expansion, relocation costs and other |
|
|
868 |
|
|
|
171 |
|
|
|
161 |
|
|
|
2,337 |
|
|
|
1,188 |
|
Acquisition-related costs |
|
|
— |
|
|
|
44 |
|
|
|
(57 |
) |
|
|
(13 |
) |
|
|
194 |
|
Non-GAAP gross profit |
|
|
135,982 |
|
|
|
148,171 |
|
|
|
128,901 |
|
|
|
379,893 |
|
|
|
452,501 |
|
Non-GAAP gross margin |
|
|
36.3 |
% |
|
|
36.1 |
% |
|
|
35.3 |
% |
|
|
35.6 |
% |
|
|
36.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses from continuing operations, as reported |
|
|
145,116 |
|
|
|
117,280 |
|
|
|
114,773 |
|
|
|
372,041 |
|
|
|
349,608 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortization of intangible assets |
|
|
(6,772 |
) |
|
|
(7,049 |
) |
|
|
(6,800 |
) |
|
|
(20,519 |
) |
|
|
(21,186 |
) |
Stock-based compensation |
|
|
(10,868 |
) |
|
|
(7,460 |
) |
|
|
(10,328 |
) |
|
|
(31,372 |
) |
|
|
(21,226 |
) |
Acquisition-related costs |
|
|
(1,581 |
) |
|
|
(611 |
) |
|
|
(1,934 |
) |
|
|
(4,781 |
) |
|
|
(2,654 |
) |
Facility expansion, relocation costs and other |
|
|
(488 |
) |
|
|
— |
|
|
|
— |
|
|
|
(488 |
) |
|
|
— |
|
Restructuring, asset impairments, and other charges |
|
|
(28,546 |
) |
|
|
(4,898 |
) |
|
|
(625 |
) |
|
|
(29,416 |
) |
|
|
(9,095 |
) |
Non-GAAP operating expenses |
|
|
96,861 |
|
|
|
97,262 |
|
|
|
95,086 |
|
|
|
285,465 |
|
|
|
295,447 |
|
Non-GAAP operating income |
|
$ |
39,121 |
|
|
$ |
50,909 |
|
|
$ |
33,815 |
|
|
$ |
94,428 |
|
|
$ |
157,054 |
|
Non-GAAP operating margin |
|
|
10.5 |
% |
|
|
12.4 |
% |
|
|
9.3 |
% |
|
|
8.9 |
% |
|
|
12.6 |
% |
SELECTED OTHER DATA (UNAUDITED) (in thousands, except per share data) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Non-GAAP measure - Income excluding certain items |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Income (loss) from continuing operations, less non-controlling interest, net of income tax |
|
$ |
(14,147 |
) |
|
$ |
33,651 |
|
|
$ |
15,604 |
|
|
$ |
7,244 |
|
|
$ |
92,858 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortization of intangible assets |
|
|
6,772 |
|
|
|
7,049 |
|
|
|
6,800 |
|
|
|
20,519 |
|
|
|
21,186 |
|
Acquisition-related costs |
|
|
1,581 |
|
|
|
655 |
|
|
|
1,877 |
|
|
|
4,768 |
|
|
|
2,848 |
|
Facility expansion, relocation costs, and other |
|
|
1,356 |
|
|
|
171 |
|
|
|
161 |
|
|
|
2,825 |
|
|
|
1,188 |
|
Restructuring, asset impairments, and other charges |
|
|
28,546 |
|
|
|
4,898 |
|
|
|
625 |
|
|
|
29,416 |
|
|
|
9,095 |
|
Unrealized foreign currency loss (gain) |
|
|
3,993 |
|
|
|
(1,604 |
) |
|
|
(1,545 |
) |
|
|
691 |
|
|
|
(2,817 |
) |
Other costs included in other income (expense), net |
|
|
3,665 |
|
|
|
(1,516 |
) |
|
|
— |
|
|
|
3,665 |
|
|
|
(1,516 |
) |
Tax effect of non-GAAP adjustments, including certain discrete tax benefits |
|
|
(4,172 |
) |
|
|
(1,101 |
) |
|
|
(498 |
) |
|
|
(5,292 |
) |
|
|
(3,273 |
) |
Non-GAAP income, net of income tax, excluding stock-based compensation |
|
|
27,594 |
|
|
|
42,203 |
|
|
|
23,024 |
|
|
|
63,836 |
|
|
|
119,569 |
|
Stock-based compensation, net of tax |
|
|
9,412 |
|
|
|
6,299 |
|
|
|
8,993 |
|
|
|
27,099 |
|
|
|
17,794 |
|
Non-GAAP income, net of income tax |
|
$ |
37,006 |
|
|
$ |
48,502 |
|
|
$ |
32,017 |
|
|
$ |
90,935 |
|
|
$ |
137,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Non-GAAP measure - Weighted-average common shares adjusted for stock awards |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Diluted weighted-average common shares outstanding |
|
|
37,532 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
Dilutive effect of stock awards |
|
|
360 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP diluted weighted-average common shares outstanding |
|
|
37,892 |
|
|
|
37,854 |
|
|
|
37,777 |
|
|
|
37,785 |
|
|
|
37,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of non-GAAP measure - per share earnings excluding certain items |
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
||||||
Diluted earnings (loss) per share from continuing operations, as reported |
|
$ |
(0.38 |
) |
|
$ |
0.89 |
|
$ |
0.41 |
|
$ |
0.19 |
|
$ |
2.45 |
||||
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Per share impact of non-GAAP adjustments, net of tax |
|
|
1.36 |
|
|
|
0.39 |
|
|
0.44 |
|
|
2.22 |
|
|
1.18 |
||||
Non-GAAP earnings per share |
|
$ |
0.98 |
|
|
$ |
1.28 |
|
$ |
0.85 |
|
$ |
2.41 |
|
$ |
3.63 |
||||
SELECTED OTHER DATA (UNAUDITED) |
||||||||
|
|
|
|
|
|
|
||
Reconciliation of Q4 2024 Guidance |
||||||||
Low End |
High End |
|||||||
Revenue |
|
|
|
|
||||
Reconciliation of non-GAAP earnings per share |
|
|
|
|
||||
GAAP earnings per share |
$ |
0.18 |
|
$ |
0.76 |
|
||
Stock-based compensation |
|
0.31 |
|
|
0.30 |
|
||
Amortization of intangible assets |
|
0.19 |
|
|
0.18 |
|
||
Restructuring, asset impairments, and other charges |
|
0.29 |
|
|
0.21 |
|
||
Tax effects of excluded items |
|
(0.14 |
) |
|
(0.12 |
) |
||
Non-GAAP earnings per share |
$ |
0.83 |
|
$ |
1.33 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030348629/en/
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