Advanced Energy Industries (AEIS) FY2019 results: revenue $789 million, up 9.7% on the year
Advanced Energy Industries Inc. (AEIS) reported revenue of $789 million for fiscal 2019, the year ended 31 December 2019, up 9.7% on the year before. Net income was $65 million, down 55.8%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$789 million
+9.7% on the year
FY2012FY2019
Operating margin
6.9%
23.9% a year earlier
FY2012FY2019
Net income
$65 million
-55.8% on the year
FY2012FY2019
Diluted EPS
$1.69
-54.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
789
719
671
+9.7%
Cost of revenue
473
353
315
+34.0%
Gross profit
316
366
356
-13.7%
Gross margin
40.0%
50.9%
53.1%
Research and development
102
76.0
58.0
+33.5%
Selling, general and administrative
143
108
93.3
+32.0%
Operating income
54.4
172
201
-68.3%
Operating margin
6.9%
23.9%
29.9%
Interest expense
3.0
0.2
0.1
+1,213.2%
Pre-tax income
67.2
172
198
-61.0%
Income tax
10.7
25.2
62.1
-57.6%
Effective tax rate
15.9%
14.6%
31.3%
Net income
64.9
147
138
-55.8%
Net margin
8.2%
20.5%
20.5%
Diluted EPS
$1.69
$3.74
$3.43
-54.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
48.4
151
183
-68.0%
Capital expenditure
25.2
20.3
9.0
+23.9%
Free cash flow
23.2
131
174
-82.3%
Free cash flow margin
2.9%
18.2%
25.9%
Cash from investing
-394
-114
-28.1
Cash from financing
339
-97.1
-31.3
Depreciation and amortisation
26.1
13.6
9.4
+92.4%
Share-based compensation
7.3
9.7
12.5
-24.5%
Buybacks
n/a
95.1
30.0
Diluted shares, weighted
38m
39m
40m
-2.2%
Shares outstanding at period end
38m
38m
40m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
677
607
521
+11.5%
Non-controlling interest
0.5
0.5
0.0
+6.6%
Debt
339
0.0
0.0
Operating lease liabilities
90.5
0.0
n/a
Other liabilities
426
209
213
+103.5%
Total liabilities and equity
1,532
816
733
+87.7%
Fixed assets
108
31.3
17.8
+245.7%
Goodwill
203
102
53.8
+99.1%
Intangible assets
184
54.9
33.5
+235.1%
Investments
2.6
2.5
3.1
+5.8%
Cash and equivalents
346
349
407
-0.8%
Receivables
n/a
n/a
87.4
Inventory
230
98.0
78.5
+134.7%
Other assets
458
179
51.9
+156.5%
Total assets
1,532
816
733
+87.7%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.