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Advanced Energy(AEIS) - 2024 Q4 - Annual Results
AEISAdvanced Energy(AEIS)2025-02-12 21:01

Financial Performance - Q4 2024 revenue was 415.4million,upfrom415.4 million, up from 405.3 million in Q4 2023, marking a year-over-year growth [3]. - Full year 2024 revenue decreased by 10% to 1.48billionfrom1.48 billion from 1.66 billion in 2023 [8]. - Q1 2025 revenue guidance is set between 392millionand392 million and 412 million [13]. - The company provided Q1 2025 revenue guidance between 372millionand372 million and 412 million [34]. Net Income and Earnings Per Share - GAAP net income for Q4 2024 was 49.1millionor49.1 million or 1.29 per diluted share, compared to a net loss of 14.1millioninQ32024[4].−Non−GAAPnetincomeforQ42024was14.1 million in Q3 2024 [4]. - Non-GAAP net income for Q4 2024 was 49.4 million or 1.30perdilutedshare,comparedto1.30 per diluted share, compared to 46.7 million or 1.24perdilutedshareinQ42023[7].−Non−GAAPnetincomeforthefullyear2024was1.24 per diluted share in Q4 2023 [7]. - Non-GAAP net income for the full year 2024 was 140.3 million or 3.71perdilutedshare,downfrom3.71 per diluted share, down from 184.0 million or 4.88perdilutedsharein2023[11].−Incomefromcontinuingoperations,netofincometaxforQ42024was4.88 per diluted share in 2023 [11]. - Income from continuing operations, net of income tax for Q4 2024 was 49,062 thousand, compared to 37,891thousandinQ42023[31].−Non−GAAPincome,netofincometaxforQ42024was37,891 thousand in Q4 2023 [31]. - Non-GAAP income, net of income tax for Q4 2024 was 49,359 thousand, an increase from 46,677thousandinQ42023[31].−DilutedearningspersharefromcontinuingoperationsforQ42024was46,677 thousand in Q4 2023 [31]. - Diluted earnings per share from continuing operations for Q4 2024 was 1.29, with non-GAAP earnings per share at 1.30[33].−GAAPEPSfromcontinuingoperationsforQ12025isprojectedtobe1.30 [33]. - GAAP EPS from continuing operations for Q1 2025 is projected to be 0.48, with a range of +/- 0.25[13].−Non−GAAPearningspershareguidanceforQ12025isprojectedtobebetween0.25 [13]. - Non-GAAP earnings per share guidance for Q1 2025 is projected to be between 0.78 and 1.28[34].CashFlowandAssets−Thecompanygenerated1.28 [34]. Cash Flow and Assets - The company generated 132.9 million in cash flow from continuing operations for the full year 2024 [10]. - Cash and equivalents at year-end 2024 were 722.1million,withoutstandingdebtof722.1 million, with outstanding debt of 564.7 million [10]. - Cash and cash equivalents at the end of 2024 were 722,086thousand,downfrom722,086 thousand, down from 1,044,556 thousand at the end of 2023 [27]. - Total assets decreased to 2,261,894thousandasofDecember31,2024,from2,261,894 thousand as of December 31, 2024, from 2,556,757 thousand in 2023 [26]. - Long-term debt decreased to 564,695thousandasofDecember31,2024,from564,695 thousand as of December 31, 2024, from 895,679 thousand in 2023 [26]. Operating Performance - Gross profit for Q4 2024 was 154,705thousand,resultinginagrossmarginof37.2154,705 thousand, resulting in a gross margin of 37.2%, compared to 35.3% in Q3 2023 [28]. - Reported gross profit from continuing operations for Q4 2024 was 154,705 thousand, an increase from 142,866thousandinQ42023[30].−Non−GAAPgrossprofitforQ42024was142,866 thousand in Q4 2023 [30]. - Non-GAAP gross profit for Q4 2024 was 157,852 thousand, compared to 144,528thousandinQ42023,resultinginanon−GAAPgrossmarginof38.0144,528 thousand in Q4 2023, resulting in a non-GAAP gross margin of 38.0% [30]. - Non-GAAP operating income for Q4 2024 was 56,078 thousand, up from 49,659thousandinQ42023,withanon−GAAPoperatingmarginof13.549,659 thousand in Q4 2023, with a non-GAAP operating margin of 13.5% [30]. - Operating income for the year ended December 31, 2024, was 36,607 thousand, down from 113,694thousandin2023[27].−Researchanddevelopmentexpensesincreasedto113,694 thousand in 2023 [27]. - Research and development expenses increased to 211,834 thousand for the year ended December 31, 2024, compared to 202,439thousandin2023[27].−Thecompanyreportedadecreaseinoperatingexpensesfromcontinuingoperations,asreported,to202,439 thousand in 2023 [27]. - The company reported a decrease in operating expenses from continuing operations, as reported, to 120,695 thousand in Q4 2024 from 129,096thousandinQ42023[30].−Stock−basedcompensationincreasedto129,096 thousand in Q4 2023 [30]. - Stock-based compensation increased to 1,063 thousand in Q4 2024 from 472thousandinQ42023[30].RevenuebySegment−SemiconductorequipmentrevenueforQ42024was472 thousand in Q4 2023 [30]. Revenue by Segment - Semiconductor equipment revenue for Q4 2024 was 226,838 thousand, up from 191,375thousandinQ42023[28].−NorthAmericarevenueforQ42024was191,375 thousand in Q4 2023 [28]. - North America revenue for Q4 2024 was 187,382 thousand, slightly up from $187,240 thousand in Q4 2023 [29].