Advanced Energy Industries, Inc. · NASDAQ:AEIS
Advanced Energy Industries — Q1 2019 Earnings Presentation
12 slides from Advanced Energy Industries's earnings presentation, May 7, 2019
Slide 1: Q1 2019 Earnings Presentation
Q1 2019 Earnings Presentation May 7, 2019 Yuval Wasserman Paul Oldham President & CEO EVP & CFO
Slide 2: Safe Harbor Statement
Safe Harbor Statement The company’s guidance with respect to anticipated financial results for the second quarter ending June 30, 2019, potential future growth and profitability, our future business mix, expectations regarding future market trends and the company’s future performance within specific
Slide 3: Key Messages
Key Messages • Q1 revenue within guidance range while non-GAAP EPS above guidance range ― Revenue of $140.7 million, non-GAAP* operating margin of 14.5%, and non-GAAP* EPS of $0.58 (approx. $0.47 excluding discrete tax benefit) ― Macro and market conditions were challenging in Q1 but our team execut
Slide 4: Semiconductors
Semiconductors • Semiconductor revenue of $67.5M, -19% q/q and -50% y/y ― Including service Revenue down -15% and 42% from last years peak ― Environment remains challenging, with incremental weakness in memory partially offset by a pick up in foundry/logic • Incremental weakness in DRAM, but in earl
Slide 5: Industrial and Service
Industrial and Service • Industrial Technologies revenue of $44.6M, +7% q/q and +27% y/y ― Revenue from solar cell manufacturers was strong in Q1, reaching 2nd highest quarterly revenue ― Solar project timing impacted Q2, but demand for c-Si cell manufacturing remains strong ― Demand for consumer el
Slide 6: Q1 Revenue by Application
Q1 Revenue by Application ($ in thousands) Q1’19 Q4’18 Q1’18 Q/Q Y/Y Semiconductors $67,514 $83,480 $136,010 (19.1%) (50.4%) Industrial Technologies $44,598 $41,559 $35,199 7.3% 26.7% Global Service $28,631 $29,122 $24,408 (1.7%) 17.3% Total Revenue $140,743 $154,161 $195,617 (8.7%) (28.1%) 6 6
Slide 7: Q1 2019 Income Statement
Q1 2019 Income Statement ($ in Millions, except percentage & EPS) Q1’19 Q4’18 Q1’18 Q/Q Y/Y Revenue $140.7 $154.2 $195.6 (8.7%) (28.1%) GAAP gross margin % 46.7% 48.8% 53.0% GAAP operating expenses $53.9 $55.6 $47.5 (3.0%) 13.5% GAAP operating margin from 8.4% 12.7% 28.7% continuing ops % GAAP EPS f
Slide 8: Q1 2019 Balance Sheet and Cash Flow
Q1 2019 Balance Sheet and Cash Flow • Generated $6.9 million in cash flow from continuing operations in Q1 ($ in Millions) Q1’19 Q4’18 • Cash and Investments balance increased to Cash & $353.7 $351.8 $353.7 million Investments • Paused share repurchase Accounts $102.4 $100.4 Receivable ― Due to larg
Slide 9: Q2 2019 Guidance
Q2 2019 Guidance* Q2 2019 Revenue $130M - $140M GAAP EPS from continuing operations $0.10 - $0.25 Non-GAAP** EPS $0.25 - $0.40 *Estimates as of Q1 2019 earnings conference call. The company assumes no obligation to update guidance. **Q2 2019 non-GAAP measures exclude the impact of non-cash related c
Slide 10: Non-GAAP Measures
Non-GAAP Measures This presentation 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 we
Slide 11: Reconciliation of GAAP to non-GAAP Measures
Reconciliation of GAAP to non-GAAP* Measures Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items (in thousands) Three Months Ended Reconciliation of Non-GAAP measure - income excluding certain items Three Months Ended March 31, December 31, 2019 2018
Slide 12: Reconciliation of Q2 2019 Guidance
Reconciliation of Q2 2019 Guidance* Low End High End Revenues $130M - $140M Reconciliation of Non-GAAP** earnings per share GAAP earnings per share $0.10 - $0.25 Stock-based compensation 0.06 - 0.06 Amortization of intangible assets 0.05 - 0.05 Restructuring and other 0.08 - 0.07 Tax effects of excl
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