Advanced Energy Industries, Inc. · NASDAQ:AEIS
Advanced Energy Industries — Q2 2022 Earnings Presentation
14 slides from Advanced Energy Industries's earnings presentation, Aug 3, 2022
Slide 1: Q2 2022 Earnings Presentation
Q2 2022 Earnings Presentation AUGUST 3, 2022 1
Slide 2: Safe Harbor
SAFE HARBOR The company’s guidance with respect to anticipated financial results, potential future growth and profitability, guidance on possible future results, future business mix, expectations regarding future market trends, future performance within specific markets and other statements herein o
Slide 3: Q2 2022 Summary
Q2 2022 SUMMARY • Q2 2022 results surpassed high end of guidance, while demand remains strong ‒ Revenue was a record $441 million; non-GAAP(1) earnings were $1.44 per share ‒ Semiconductor revenue reached another quarterly record and grew 30% Y/Y ‒ While delivering record-breaking revenue, backlog g
Slide 4: Delivered Solid Growth Across Our Markets
DELIVERED SOLID GROWTH ACROSS OUR MARKETS ($ in millions) INDUSTRIAL & MEDICAL Up 26% Y/Y & Up 27% Q/Q SEMICONDUCTOR EQUIPMENT • Grew 12% Y/Y and 12% Q/Q $105 organically Up 30% Y/Y & Up 13% Q/Q Q2 2022 • With SL Power, AE is now a top player Total Revenue in medical power • Reached another quarterl
Slide 5: Q2 2022 Financial Highlights
Q2 2022 FINANCIAL HIGHLIGHTS REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW $441 million 37.1% $38.0 million Up 11% Q/Q Up 50 bps Q/Q Up $28.0 million Q/Q NON-GAAP EPS(1) NON-GAAP OP MARGIN(1) CASH & INVESTMENTS(2) $1.44 15.8% $375 million Up 16% Q/Q Up 130 bps Q/Q Net Debt of $8.2 million (1)
Slide 6: Quarterly Revenue and Bookings Trends
QUARTERLY REVENUE AND BOOKINGS TRENDS ($ in millions) Revenue vs. Backlog $1,200 $1,000 $800 $600 Backlog Revenue $400 $200 $0 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 • Total revenue grew 11% Q/Q and 8% Q/Q organically • Total backlog at the end of Q2 2022 grew 15% Q/Q and 12% Q/
Slide 7: Revenue by Market
REVENUE BY MARKET ORGANIC GROWTH (figures in $ millions) Q2 2022 Q1 2022 Q2 2021 Q/Q Y/Y Q/Q Y/Y Semiconductor Equipment $228.8 $203.0 $176.7 13% 30% 12% 29% Industrial & Medical $105.0 $82.9 $83.2 27% 26% 12% 12% Data Center Computing $69.2 $76.2 $69.5 (9%) 0% (9%) 0% Telecom & Networking $38.0 $35
Slide 8: Income Statements
INCOME STATEMENTS (figures in $ millions, except percentage and EPS) Q2 2022 Q1 2022 Q2 2021 Q/Q Y/Y Revenue $440.9 $397.5 $361.3 11% 22% GAAP gross margin 36.8% 36.3% 37.4% GAAP operating expenses $109.4 $99.7 $94.0 10% 16% GAAP operating margins from continuing ops 12.0% 11.2% 11.4% GAAP EPS from
Slide 9: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW (figures in $ millions) Q2 2022 Q1 2022 Q2 2021 • Cash and marketable securities of $375 million (1) Cash & Investments(1) $374.8 $523.5 $510.0 • Operating cash flow from continuing ops of $38.0 million • Net Working Capital down slightly to 119 days Account Receivable $270
Slide 10: Guidance
GUIDANCE Q3 2022 Guidance Revenue $435M +/- $25M GAAP EPS from continuing operations $0.92 +/- $0.30 Non-GAAP EPS(1) $1.30 +/- $0.30 (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found at the end of this presentation Copyright © 2022 Advan
Slide 11: Quarterly Non-GAAP Financials
QUARTERLY NON-GAAP FINANCIALS(1) Quarterly Trend All figures from Continuing Operations (figures in $ millions, except percentage and EPS) 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Backlog 300.1 280.1 281.5 290.7 405.7 534.7 771.4 927.8 1,012.4 1,166.5 Revenue 3
Slide 12: 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 and amortization of intangible assets, as well as discontinued operations, and non-recurring items such as acquisition-related costs and restructuring expenses. The n
Slide 13: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (figures in $ thousands, except percentage and EPS) Reconciliation of Non-GAAP measure - Reconciliation of Non-GAAP measure - operating expenses and operating income excluding certain items Three Months Ended Six Months Ended income, excluding certain items Three Months Ended
Slide 14: Reconciliation of GAAP to Non-GAAP Guidance
RECONCILIATION OF GAAP TO NON-GAAP GUIDANCE Reconciliation of Q3 2022 Guidance Low End High End Revenue $410 million $460 million Reconciliation of non-GAAP earnings per share GAAP earnings per share $ 0.62 $ 1.22 Stock-based compensation 0.15 0.15 Amortization of intangible assets 0.19 0.19 Restruc
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