Advanced Energy Industries, Inc. · NASDAQ:AEIS
Advanced Energy Industries — Q1 2021 Earnings Presentation
13 slides from Advanced Energy Industries's earnings presentation, May 5, 2021
Slide 1: Q1 2021 Earnings Presentation
Q1 2021 Earnings Presentation MAY 5, 2021 1
Slide 2: Safe Harbor
SAFE HARBOR The company’s guidance with respect to anticipated financial results for future periods, 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 conf
Slide 3: Q1 2021 Summary
Q1 2021 SUMMARY • Solid Q1 2021 results above guidance midpoints • Revenue of $352 million and non-GAAP(1) earnings of $1.29 per share • Sales into semiconductor market reached another quarterly record • Operating cash flow of $54.3 million, up $25 million Y/Y • Demand increasing across all of our t
Slide 4: Strong Performance in Semi and Industrial
STRONG PERFORMANCE IN SEMI AND INDUSTRIAL SEMICONDUCTOR INDUSTRIAL & DATA CENTER TELECOM & EQUIPMENT MEDICAL COMPUTING NETWORKING $181M, up 35% Y/Y $78M, up 27% Y/Y $59M, down 31% Y/Y $33M, down 1% Y/Y • Record quarterly revenue • Strength in FPD, battery • Industry digestion following • Reflects fu
Slide 5: Q1 2021 Financial Highlights
Q1 2021 FINANCIAL HIGHLIGHTS REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW $352 million 39.7% $54.3 million Up 11% Y/Y Up 190 bps Y/Y Up $25 million Y/Y NON-GAAP EPS(1) NON-GAAP OP MARGIN(1) CASH & INVESTMENTS $1.29 17.1% $513 million Up 42% Y/Y Up 300 bps Y/Y Up $158 million Y/Y (1) Non-GAAP
Slide 6: Aspirational Goals and Long-Term Vision
ASPIRATIONAL GOALS AND LONG-TERM VISION 3-YEAR LONG TERM FISCAL 2020 ASPIRATIONAL VISION RESULTS GOALS (6-8 YEARS) Revenue $1.42B $1.65B $2.50B Non-GAAP EPS(1) $5.23 $7.50 $12.00 ROIC(2) 23% 23% 20% (1) Non-GAAP financial measures can be found at the back of this presentation (2) ROIC calculated as
Slide 7: Q1 Revenue by Market
Q1 REVENUE BY MARKET (figures in $ thousands) Q1 2021 Q4 2020 Q1 2020 Q/Q Y/Y Semiconductor Equipment $180,716 $165,757 $133,625 9.0% 35.2% Industrial & Medical $78,415 $93,769 $61,979 -16.4% 26.5% Data Center Computing $59,154 $65,299 $86,183 -9.4% -31.4% Telecom & Networking $33,335 $46,144 $33,66
Slide 8: Q1 2021 Income Statement
Q1 2021 INCOME STATEMENT (figures in $ millions, except percentage & EPS) Q1 2021 Q4 2020 Q1 2020 Q/Q Y/Y Revenue $351.6 $371.0 $315.5 -5.2% 11.5% GAAP gross margin 39.1% 39.2% 35.6% GAAP operating expenses $93.3 $89.8 $86.4 4.0% 8.0% GAAP operating margin from 12.6% 15.0% 8.2% continuing ops GAAP E
Slide 9: Q1 2021 Balance Sheet & Cash Flow
Q1 2021 BALANCE SHEET & CASH FLOW (figures in $ m illions) Q1 2021 Q4 2020 • Cash and investments rose by $30 million Cash & $512.8 $483.0 Investments • Receivables increased to $237 million Accounts • DSO increased by 4 days to 61 days $236.9 $235.2 Receivable • Inventory increased to $248 million
Slide 10: Q2 2021 Guidance
Q2 2021 GUIDANCE Q2 2021 Revenue $360M +/- $15M GAAP EPS from continuing operations $1.00 +/- $0.15 Non-GAAP* EPS $1.25 +/- $0.15 * non-GAAP measures exclude the impact of non-cash related charges such as stock-based compensation, amortization of intangible assets and unrealized foreign exchange gai
Slide 11: Non-GAAP Measures
NON-GAAP MEASURES Advanced Energy’s non-GAAP measures exclude the impact of non-cash related charges such as stock-based compensation, amortization of intangible assets, and unrealized foreign exchange gain or loss on long-term facility lease and pension obligations, as well as discontinued operatio
Slide 12: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 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, Reconciliation of Non-GAAP measure - operating net of income taxes $ 38,358 $ 18,383
Slide 13: Reconciliation of Q2 2021 Guidance
RECONCILIATION OF Q2 2021 GUIDANCE Low End High End Revenue $345M - $375M 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 e
Advanced Energy Industries — Q1 2021 Earnings Presentation on 6ix