$AEIS
ADVANCED ENERGY INDUSTRIES INC

2023 Q4 Form 10-Q Financial Statement

#000155837023017112 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $405.3M $410.0M
YoY Change -17.42% -20.59%
Cost Of Revenue $262.4M $262.7M
YoY Change -16.14% -19.2%
Gross Profit $142.9M $147.3M
YoY Change -19.65% -22.95%
Gross Profit Margin 35.25% 35.94%
Selling, General & Admin $54.93M $55.13M
YoY Change -4.31% -2.79%
% of Gross Profit 38.45% 37.42%
Research & Development $49.03M $50.39M
YoY Change -1.23% 1.27%
% of Gross Profit 34.32% 34.2%
Depreciation & Amortization $16.73M $9.749M
YoY Change 5.48% 14.6%
% of Gross Profit 11.71% 6.62%
Operating Expenses $111.0M $117.3M
YoY Change -2.68% 3.2%
Operating Profit $31.84M $30.06M
YoY Change -50.04% -61.25%
Interest Expense $5.612M -$3.800M
YoY Change -330.19% 92.11%
% of Operating Profit 17.63% -12.64%
Other Income/Expense, Net -$3.184M $4.464M
YoY Change -21.96% -50.07%
Pretax Income $16.20M $34.53M
YoY Change -70.76% -60.09%
Income Tax -$21.69M $874.0K
% Of Pretax Income -133.92% 2.53%
Net Earnings $37.50M $32.72M
YoY Change -14.27% -55.88%
Net Earnings / Revenue 9.25% 7.98%
Basic Earnings Per Share $0.87
Diluted Earnings Per Share $1.01 $0.86
COMMON SHARES
Basic Shares Outstanding 37.28M 37.65M
Diluted Shares Outstanding 37.85M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.045B $985.9M
YoY Change 127.66% 141.02%
Cash & Equivalents $1.045B $985.9M
Short-Term Investments
Other Short-Term Assets $48.77M $53.19M
YoY Change -7.98% -5.5%
Inventory $336.1M $364.0M
Prepaid Expenses
Receivables $282.4M $270.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.712B $1.673B
YoY Change 44.04% 41.61%
LONG-TERM ASSETS
Property, Plant & Equipment $263.1M $161.7M
YoY Change 77.22% 18.44%
Goodwill $283.8M $281.7M
YoY Change 0.86% 0.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.4M $110.0M
YoY Change 62.33% 40.11%
Total Long-Term Assets $844.9M $820.2M
YoY Change 5.13% 3.53%
TOTAL ASSETS
Total Short-Term Assets $1.712B $1.673B
Total Long-Term Assets $844.9M $820.2M
Total Assets $2.557B $2.494B
YoY Change 28.34% 26.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.9M $140.3M
YoY Change -16.79% -36.15%
Accrued Expenses $174.0M $137.4M
YoY Change -1.28% 1.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $20.00M $20.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $335.8M $314.8M
YoY Change -14.55% -27.29%
LONG-TERM LIABILITIES
Long-Term Debt $895.7M $899.8M
YoY Change 153.55% 151.26%
Other Long-Term Liabilities $181.0M $44.08M
YoY Change 340.45% 41.99%
Total Long-Term Liabilities $1.077B $943.9M
YoY Change 173.03% 142.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $335.8M $314.8M
Total Long-Term Liabilities $1.077B $943.9M
Total Liabilities $1.413B $1.393B
YoY Change 52.56% 41.53%
SHAREHOLDERS EQUITY
Retained Earnings $989.7M $956.2M
YoY Change 8.14% 9.15%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.144B $1.101B
YoY Change
Total Liabilities & Shareholders Equity $2.557B $2.494B
YoY Change 28.34% 26.32%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $37.50M $32.72M
YoY Change -14.27% -55.88%
Depreciation, Depletion And Amortization $16.73M $9.749M
YoY Change 5.48% 14.6%
Cash From Operating Activities $84.04M $72.50M
YoY Change 18.89% 11.02%
INVESTING ACTIVITIES
Capital Expenditures $14.21M $13.20M
YoY Change -26.7% -194.08%
Acquisitions
YoY Change
Other Investing Activities -$346.0K -$300.0K
YoY Change -90.41%
Cash From Investing Activities -$14.55M -$13.40M
YoY Change -36.7% -4.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.516M 473.2M
YoY Change 5.24% -4428.18%
NET CHANGE
Cash From Operating Activities 84.04M 72.50M
Cash From Investing Activities -14.55M -13.40M
Cash From Financing Activities -8.516M 473.2M
Net Change In Cash 60.97M 532.3M
YoY Change 53.93% 1219.5%
FREE CASH FLOW
Cash From Operating Activities $84.04M $72.50M
Capital Expenditures $14.21M $13.20M
Free Cash Flow $69.83M $59.30M
YoY Change 36.1% -25.25%

Facts In Submission

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40135000
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26091000
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32721000
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates in the Preparation of the Consolidated Financial Statements </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-indent:36pt;margin:0pt;"><span style="font-weight:normal;">The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The significant estimates, assumptions, and judgments include, but are not limited to:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:10pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.89%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:normal;margin-bottom:10pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">​</span></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:normal;margin-bottom:10pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">​</span></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">excess and obsolete inventory;</span></div></div></div><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">pension obligations;</span></div></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">acquisitions and asset valuations; and</span></div></div></div><div style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</div><div style="display:table-cell;padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">income tax and other provisions.</span></div></div></div></td></tr></table>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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