Advanced Energy(AEIS) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 revenue was $415.4 million, up from $405.3 million in Q4 2023, marking a year-over-year growth [3]. - Full year 2024 revenue decreased by 10% to $1.48 billion from $1.66 billion in 2023 [8]. - Q1 2025 revenue guidance is set between $392 million and $412 million [13]. - The company provided Q1 2025 revenue guidance between $372 million and $412 million [34]. Net Income and Earnings Per Share - GAAP net income for Q4 2024 was $49.1 million or $1.29 per diluted share, compared to a net loss of $14.1 million in Q3 2024 [4]. - Non-GAAP net income for Q4 2024 was $49.4 million or $1.30 per diluted share, compared to $46.7 million or $1.24 per diluted share in Q4 2023 [7]. - Non-GAAP net income for the full year 2024 was $140.3 million or $3.71 per diluted share, down from $184.0 million or $4.88 per diluted share in 2023 [11]. - Income from continuing operations, net of income tax for Q4 2024 was $49,062 thousand, compared to $37,891 thousand in Q4 2023 [31]. - Non-GAAP income, net of income tax for Q4 2024 was $49,359 thousand, an increase from $46,677 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]. - GAAP EPS from continuing operations for Q1 2025 is projected to be $0.48, with a range of +/- $0.25 [13]. - Non-GAAP earnings per share guidance for Q1 2025 is projected to be between $0.78 and $1.28 [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 $722.1 million, with outstanding debt of $564.7 million [10]. - Cash and cash equivalents at the end of 2024 were $722,086 thousand, down from $1,044,556 thousand at the end of 2023 [27]. - Total assets decreased to $2,261,894 thousand as of December 31, 2024, from $2,556,757 thousand in 2023 [26]. - Long-term debt decreased to $564,695 thousand as of December 31, 2024, from $895,679 thousand in 2023 [26]. Operating Performance - Gross profit for Q4 2024 was $154,705 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 $142,866 thousand in Q4 2023 [30]. - Non-GAAP gross profit for Q4 2024 was $157,852 thousand, compared to $144,528 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 $49,659 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 $113,694 thousand in 2023 [27]. - Research and development expenses increased to $211,834 thousand for the year ended December 31, 2024, compared to $202,439 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 $129,096 thousand in Q4 2023 [30]. - Stock-based compensation increased to $1,063 thousand in Q4 2024 from $472 thousand in Q4 2023 [30]. Revenue by Segment - Semiconductor equipment revenue for Q4 2024 was $226,838 thousand, up from $191,375 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].