Advanced Energy(AEIS) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $327.5 million, a decrease from $405.3 million in Q4 2023 and $425.0 million in Q1 2023[3] - GAAP EPS from continuing operations was $0.15, compared to $1.01 in the prior quarter and $0.84 a year ago[3] - Non-GAAP EPS was $0.58, down from $1.24 in both Q4 2023 and Q1 2023[3] - Gross profit margin for Q1 2024 was 34.5%, compared to 36.5% in Q4 2023 and 35.3% in Q1 2023[16] - Net income from continuing operations for Q1 2024 was $5,787,000, down from $31,752,000 in Q1 2023, representing an 81.8% decline[21] - Non-GAAP gross profit for Q1 2024 was $115,010,000, compared to $156,504,000 in Q1 2023, reflecting a decline of 26.5%[27] - Non-GAAP operating income for Q1 2024 was $21,492,000, down from $56,832,000 in Q1 2023, a decrease of 62.2%[27] - Operating expenses for Q1 2024 were $112,152,000, slightly lower than $115,073,000 in Q1 2023[27] - The company reported a net cash from operating activities of $7,283,000 in Q1 2024, down from $29,811,000 in Q1 2023[21] Cash Flow and Liabilities - The company generated $8.0 million in cash flow from continuing operations during the quarter[3] - Cash and cash equivalents at the end of Q1 2024 were $1,017,780,000, a decrease from $1,044,556,000 at the end of Q4 2023[21] - Total current liabilities decreased to $297,992,000 in Q1 2024 from $335,848,000 in Q4 2023, a reduction of 11.2%[21] - Long-term debt stood at $891,495,000 in Q1 2024, a slight decrease from $895,679,000 in Q4 2023[21] - The company experienced a foreign currency translation effect of $(1,201,000) on cash during Q1 2024[21] Future Guidance - Second quarter 2024 revenue guidance is set at $350 million +/- $20 million[6] - GAAP EPS guidance for Q2 2024 is $0.25 +/- $0.25, while Non-GAAP EPS guidance is $0.73 +/- $0.25[6] - Q2 2024 revenue guidance set between $330 million (low) and $370 million (high)[30] - Non-GAAP earnings per share guidance for Q2 2024 projected between $0.48 and $0.98[30] Management Outlook - Management anticipates improving demand and profitability for the remainder of 2024, indicating Q1 was a trough for the year[2] - The company is focused on expanding gross margins and controlling spending to enhance profitability[2] - Advanced Energy aims to gain market share through broad customer acceptance of new products and technologies[2] Earnings Impact Factors - Stock-based compensation impact on earnings per share estimated at $0.29 for Q2 2024[30] - Amortization of intangible assets expected to impact earnings per share by $0.19 for Q2 2024[30] - Restructuring, asset impairments, and other charges anticipated to affect earnings per share by $0.10 for Q2 2024[30] - Tax effects of excluded items projected to reduce earnings per share by $(0.10) for Q2 2024[30]