Business Wire | May 5, 2021 07:50AM EDT

Advanced Energy Announces First Quarter 2021 Results

May 05, 2021

DENVER--(BUSINESS WIRE)--May 05, 2021--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 first quarter ended March 31, 2021.

"Financial results for the first quarter reflected strong market demand, with double-digit year over year revenue growth and a record quarter in Semiconductor," said President and CEO Steve Kelley. "We see demand increasing through the balance of the year with tailwinds across all of our markets. We are focused on executing our strategy to grow faster than the market and accelerate earnings growth."

First Quarter Results

Sales were $351.6 million in the first quarter of 2021, compared with $371.0 million in the fourth quarter of 2020 and $315.5 million in the first quarter of 2020.

GAAP net income from continuing operations was $38.4 million or $0.99 per diluted share in the quarter, compared with $41.9 million or $1.09 per diluted share in the prior quarter, and $18.4 million or $0.48 per diluted share in the first quarter of 2020.

Non-GAAP net income was $49.7 million or $1.29 per diluted share in the first quarter of 2021. This compares with $57.3 million or $1.49 per diluted share in the fourth quarter of 2020, and $34.9 million or $0.91 per diluted share in the first quarter of 2020.

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

The company generated $54.3 million of operating cash from continuing operations during the quarter, made debt principal payments of $4.4 million, and paid $3.9 million in a quarterly dividend.

Discontinued Operations

The company's financial statements for all periods presented reflect results for the continuing precision power business, with the discontinued inverter business included in discontinued operations for all purposes. Further financial detail regarding the amounts related to the discontinued inverter business is available in the company's 2020 Annual Report on Form 10?K.

Second Quarter 2021 Guidance

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

Q2 2021

Revenues $360M +/- $15M

GAAP EPS from continuing operations $1.00 +/- $0.15

Non-GAAP EPS $1.25 +/- $0.15

Conference Call

Management will host a conference call today, May 5, 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/1368934). 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

March 31, December 31,

2021 2020 2020

Sales, net $ 351,620 $ 315,456 $ 370,969

Cost of sales 214,117 203,225 225,420

Gross profit 137,503 112,231 145,549

39.1 % 35.6 % 39.2 %

Operating expenses:

Research and development 40,168 34,770 36,529

Selling, general, and administrative 46,731 45,991 42,944

Amortization of intangible assets 5,384 5,006 5,065

Restructuring expense 1,038 656 5,226

Total operating expenses 93,321 86,423 89,764

Operating income 44,182 25,808 55,785



Other income (expense), net (507 ) (3,510 ) (6,221 )

Income from continuing operations, 43,675 22,298 49,564 before income taxes

Provision (benefit) for income taxes 5,284 3,900 7,703

Income from continuing operations 38,391 18,398 41,861

Income (loss) from discontinued 310 (320 ) - operations, net of income taxes

Net income 38,701 18,078 41,861

Income from continuing operationsattributable to noncontrolling 33 15 20 interest

Net income attributable to Advanced $ 38,668 $ 18,063 $ 41,841 Energy Industries, Inc.



Basic weighted-average common shares 38,328 38,358 38,280 outstanding

Diluted weighted-average common 38,583 38,570 38,533 shares outstanding



Earnings per share attributable to Advanced Energy Industries, Inc:



Continuing operations:

Basic earnings per share $ 1.00 $ 0.48 $ 1.09

Diluted earnings per share $ 0.99 $ 0.48 $ 1.09



Discontinued operations:

Basic earnings (loss) per share $ 0.01 $ (0.01 ) $ -

Diluted earnings (loss) per share $ 0.01 $ (0.01 ) $ -



Net income:

Basic earnings per share $ 1.01 $ 0.47 $ 1.09

Diluted earnings per share $ 1.00 $ 0.47 $ 1.09

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

March 31,

December 31,

2021

2020

ASSETS

Current assets:

Cash and cash equivalents

$

509,910

$

480,368

Marketable securities

2,854

2,654

Accounts and other receivable, net

236,916

235,178

Inventories

247,567

221,346

Income taxes receivable

5,321

4,804

Other current assets

37,514

35,899

Total current assets

1,040,082

980,249

Property and equipment, net

112,842

114,731

Operating lease right-of-use assets

100,924

103,858

Deposits and other assets

17,740

19,101

Goodwill and intangible assets, net

377,383

378,922

Deferred income tax assets

50,280

50,801

Total assets

$

1,699,251

$

1,647,662

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

162,616

$

125,224

Other accrued expenses

131,411

137,081

Current portion of long-term debt

17,500

17,500

Current portion of operating lease liabilities

15,346

16,592

Total current liabilities

326,873

296,397

Long-term debt

300,297

304,546

Non-current liabilities

225,806

231,379

Long-term liabilities

526,103

535,925

Total liabilities

852,976

832,322

Advanced Energy stockholders' equity

845,641

814,739

Noncontrolling interest

634

601

Total stockholders' equity

846,275

815,340

Total liabilities and stockholders' equity

$

1,699,251

$

1,647,662

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)



March 31, December 31,

2021 2020

ASSETS

Current assets:

Cash and cash equivalents $ 509,910 $ 480,368

Marketable securities 2,854 2,654

Accounts and other receivable, net 236,916 235,178

Inventories 247,567 221,346

Income taxes receivable 5,321 4,804

Other current assets 37,514 35,899

Total current assets 1,040,082 980,249



Property and equipment, net 112,842 114,731

Operating lease right-of-use assets 100,924 103,858

Deposits and other assets 17,740 19,101

Goodwill and intangible assets, net 377,383 378,922

Deferred income tax assets 50,280 50,801

Total assets $ 1,699,251 $ 1,647,662



LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:

Accounts payable $ 162,616 $ 125,224

Other accrued expenses 131,411 137,081

Current portion of long-term debt 17,500 17,500

Current portion of operating lease liabilities 15,346 16,592

Total current liabilities 326,873 296,397



Long-term debt 300,297 304,546

Non-current liabilities 225,806 231,379

Long-term liabilities 526,103 535,925



Total liabilities 852,976 832,322



Advanced Energy stockholders' equity 845,641 814,739

Noncontrolling interest 634 601

Total stockholders' equity 846,275 815,340

Total liabilities and stockholders' equity $ 1,699,251 $ 1,647,662

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

Three Months Ended March 31,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

38,701

$

18,078

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

310

(320

)

Income from continuing operations, net of income taxes

38,391

18,398

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

Depreciation and amortization

12,721

11,616

Stock-based compensation expense

5,701

3,048

Provision (benefit) for deferred income taxes

(5

)

(1,265

)

Discount on notes receivable

-

721

Net loss on disposal of assets

275

173

Changes in operating assets and liabilities, net of assets acquired

(2,819

)

(3,751

)

Net cash from operating activities from continuing operations

54,264

28,940

Net cash from operating activities from discontinued operations

(185

)

(418

)

Net cash from operating activities

54,079

28,522

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of marketable securities

-

10

Issuance of notes receivable

-

(1,000

)

Proceeds from sale of property and equipment

6

-

Purchases of property and equipment

(8,817

)

(6,134

)

Acquisitions, net of cash acquired

(3,604

)

-

Net cash from investing activities from continuing operations

(12,415

)

(7,124

)

Net cash from investing activities from discontinued operations

-

-

Net cash from investing activities

(12,415

)

(7,124

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on long-term borrowings

(4,375

)

(4,375

)

Dividend payments

(3,854

)

-

Purchase and retirement of common stock

-

(7,248

)

Net payments related to stock-based award activities

(4,214

)

(2,171

)

Net cash from financing activities from continuing operations

(12,443

)

(13,794

)

Net cash from financing activities from discontinued operations

-

-

Net cash from in financing activities

(12,443

)

(13,794

)

EFFECT OF CURRENCY TRANSLATION ON CASH

321

(1,505

)

NET CHANGE IN CASH AND CASH EQUIVALENTS

29,542

6,099

CASH AND CASH EQUIVALENTS, beginning of period

480,368

346,441

CASH AND CASH EQUIVALENTS, end of period

509,910

352,540

Less cash and cash equivalents from discontinued operations

-

-

CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period

$

509,910

$

352,540

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)



Three Months Ended March 31,

2021 2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 38,701 $ 18,078

Income (loss) from discontinued operations, net of 310 (320 )income taxes

Income from continuing operations, net of income 38,391 18,398 taxes



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

Depreciation and amortization 12,721 11,616

Stock-based compensation expense 5,701 3,048

Provision (benefit) for deferred income taxes (5 ) (1,265 )

Discount on notes receivable - 721

Net loss on disposal of assets 275 173

Changes in operating assets and liabilities, net of (2,819 ) (3,751 )assets acquired

Net cash from operating activities from continuing 54,264 28,940 operations

Net cash from operating activities from (185 ) (418 )discontinued operations

Net cash from operating activities 54,079 28,522



CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of marketable securities - 10

Issuance of notes receivable - (1,000 )

Proceeds from sale of property and equipment 6 -

Purchases of property and equipment (8,817 ) (6,134 )

Acquisitions, net of cash acquired (3,604 ) -

Net cash from investing activities from continuing (12,415 ) (7,124 )operations

Net cash from investing activities from - - discontinued operations

Net cash from investing activities (12,415 ) (7,124 )



CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on long-term borrowings (4,375 ) (4,375 )

Dividend payments (3,854 ) -

Purchase and retirement of common stock - (7,248 )

Net payments related to stock-based award (4,214 ) (2,171 )activities

Net cash from financing activities from continuing (12,443 ) (13,794 )operations

Net cash from financing activities from - - discontinued operations

Net cash from in financing activities (12,443 ) (13,794 )



EFFECT OF CURRENCY TRANSLATION ON CASH 321 (1,505 )



NET CHANGE IN CASH AND CASH EQUIVALENTS 29,542 6,099

CASH AND CASH EQUIVALENTS, beginning of period 480,368 346,441

CASH AND CASH EQUIVALENTS, end of period 509,910 352,540

Less cash and cash equivalents from discontinued - - operations

CASH AND CASH EQUIVALENTS FROM CONTINUING $ 509,910 $ 352,540 OPERATIONS, end of period

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

Net Sales by Product Line

Three Months Ended

March 31,

December 31,

2021

2020

2020

Semiconductor Equipment

$

180,716

$

133,625

$

165,757

Industrial and Medical

78,415

61,979

93,769

Data Center Computing

59,154

86,183

65,299

Telecom and Networking

33,335

33,669

46,144

Total

$

351,620

$

315,456

$

370,969

Net Sales by Geographic Region

Three Months Ended

March 31,

December 31,

2021

2020

2020

United States

$

131,598

$

116,697

$

142,102

North America (excluding United States)

26,247

47,634

40,999

Asia

149,591

110,975

144,505

Europe

40,422

39,136

41,919

Other Countries

3,762

1,014

1,444

Total

$

351,620

$

315,456

$

370,969

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)



Net Sales by Product Line Three Months Ended

March 31, December 31,

2021 2020 2020

Semiconductor Equipment $ 180,716 $ 133,625 $ 165,757

Industrial and Medical 78,415 61,979 93,769

Data Center Computing 59,154 86,183 65,299

Telecom and Networking 33,335 33,669 46,144

Total $ 351,620 $ 315,456 $ 370,969



Net Sales by Geographic Region Three Months Ended

March 31, December 31,

2021 2020 2020

United States $ 131,598 $ 116,697 $ 142,102

North America (excluding United 26,247 47,634 40,999States)

Asia 149,591 110,975 144,505

Europe 40,422 39,136 41,919

Other Countries 3,762 1,014 1,444

Total $ 351,620 $ 315,456 $ 370,969

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

March 31,

December 31,

2021

2020

2020

Gross profit from continuing operations, as reported

$

137,503

$

112,231

$

145,549

Adjustments to gross profit:

Stock-based compensation

350

222

122

Facility expansion, relocation costs and other

1,838

1,543

741

Acquisition-related costs

8

5,141

25

Non-GAAP gross profit

$

139,699

$

119,137

$

146,437

Non-GAAP gross margin

39.7

%

37.8

%

39.5

%

Operating expenses from continuing operations, as reported

$

93,321

$

86,423

$

89,764

Adjustments:

Amortization of intangible assets

(5,384

)

(5,006

)

(5,065

)

Stock-based compensation

(5,351

)

(2,826

)

(2,483

)

Acquisition-related costs

(2,028

)

(2,836

)

387

Facility expansion, relocation costs and other

(51

)

(385

)

(443

)

Restructuring charges

(1,038

)

(656

)

(5,226

)

Non-GAAP operating expenses

79,469

74,714

76,934

Non-GAAP operating income

$

60,230

$

44,423

$

69,503

Non-GAAP operating margin

17.1

%

14.1

%

18.7

%

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

(in thousands)



Reconciliation of Non-GAAP measure -operating expenses and operating Three Months Endedincome, excluding certain items

March 31, December 31,

2021 2020 2020

Gross profit from continuing $ 137,503 $ 112,231 $ 145,549 operations, as reported

Adjustments to gross profit:

Stock-based compensation 350 222 122

Facility expansion, relocation costs 1,838 1,543 741 and other

Acquisition-related costs 8 5,141 25

Non-GAAP gross profit $ 139,699 $ 119,137 $ 146,437

Non-GAAP gross margin 39.7 % 37.8 % 39.5 %



Operating expenses from continuing $ 93,321 $ 86,423 $ 89,764 operations, as reported

Adjustments:

Amortization of intangible assets (5,384 ) (5,006 ) (5,065 )

Stock-based compensation (5,351 ) (2,826 ) (2,483 )

Acquisition-related costs (2,028 ) (2,836 ) 387

Facility expansion, relocation costs (51 ) (385 ) (443 )and other

Restructuring charges (1,038 ) (656 ) (5,226 )

Non-GAAP operating expenses 79,469 74,714 76,934

Non-GAAP operating income $ 60,230 $ 44,423 $ 69,503

Non-GAAP operating margin 17.1 % 14.1 % 18.7 %

Reconciliation of Non-GAAP measure - income excluding certain items

Three Months Ended

March 31,

December 31,

2021

2020

2020

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

$

38,358

$

18,383

$

41,841

Adjustments:

Amortization of intangible assets

5,384

5,006

5,065

Acquisition-related costs

2,036

7,977

(362

)

Facility expansion, relocation costs and other

1,889

1,928

1,184

Restructuring charges

1,038

656

5,226

Unrealized foreign currency (gain) loss

(2,202

)

-

3,786

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

87

-

90

Tax effect of Non-GAAP adjustments

(1,284

)

(1,370

)

(1,532

)

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

45,306

32,580

55,298

Stock-based compensation, net of taxes

4,362

2,363

1,993

Non-GAAP income, net of income taxes

$

49,668

$

34,943

$

57,291



Reconciliation of Non-GAAP measure - Three Months Endedincome excluding certain items

March 31, December 31,

2021 2020 2020

Income from continuing operations, lessnon-controlling interest, net of income $ 38,358 $ 18,383 $ 41,841 taxes

Adjustments:

Amortization of intangible assets 5,384 5,006 5,065

Acquisition-related costs 2,036 7,977 (362 )

Facility expansion, relocation costs and 1,889 1,928 1,184 other

Restructuring charges 1,038 656 5,226

Unrealized foreign currency (gain) loss (2,202 ) - 3,786

Acquisition-related and other costs 87 - 90 included in Other income (expense), net

Tax effect of Non-GAAP adjustments (1,284 ) (1,370 ) (1,532 )

Non-GAAP income, net of income taxes, 45,306 32,580 55,298 excluding stock-based compensation

Stock-based compensation, net of taxes 4,362 2,363 1,993

Non-GAAP income, net of income taxes $ 49,668 $ 34,943 $ 57,291

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

Three Months Ended

March 31,

December 31,

2021

2020

2020

Diluted earnings per share from continuing operations, as reported

$

0.99

$

0.48

$

1.09

Add back (subtract):

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

0.30

0.43

0.40

Non-GAAP per share earnings

$

1.29

$

0.91

$

1.49



Reconciliation of Non-GAAP measure - per share Three Months Endedearnings excluding certain items

March 31, December 31,

2021 2020 2020

Diluted earnings per share from continuing $ 0.99 $ 0.48 $ 1.09operations, as reported

Add back (subtract):

Per share impact of Non-GAAP adjustments, net of 0.30 0.43 0.40tax

Non-GAAP per share earnings $ 1.29 $ 0.91 $ 1.49

Reconciliation of Q2 2021 Guidance

Low End

High End

Revenue

$345 million

$375 million

Reconciliation of Non-GAAP earnings per share

GAAP earnings per share

$

0.85

$

1.15

Stock-based compensation

0.08

0.08

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

$

1.10

$

1.40

View source version on businesswire.com: https://www.businesswire.com/news/home/20210505005157/en/

CONTACT: Brian Smith Advanced Energy (970) 407-6555 brian.smith@aei.com