Advanced Energy Industries (AEIS) FY2020 results: revenue $1.4 billion, up 79.5% on the year
Advanced Energy Industries Inc. (AEIS) reported revenue of $1.4 billion for fiscal 2020, the year ended 31 December 2020, up 79.5% on the year before. Net income was $135 million, up 107.4%, and diluted earnings per share $3.50. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$1.4 billion
+79.5% on the year
FY2013FY2020
Operating margin
12.4%
6.9% a year earlier
FY2013FY2020
Net income
$135 million
+107.4% on the year
FY2013FY2020
Diluted EPS
$3.50
+107.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,416
789
719
+79.5%
Cost of revenue
874
473
353
+84.7%
Gross profit
542
316
366
+71.7%
Gross margin
38.3%
40.0%
50.9%
Research and development
144
102
76.0
+41.8%
Selling, general and administrative
189
143
108
+32.3%
Operating income
176
54.4
172
+223.6%
Operating margin
12.4%
6.9%
23.9%
Interest expense
5.1
3.0
0.2
+69.7%
Pre-tax income
158
67.2
172
+135.4%
Income tax
23.0
10.7
25.2
+114.9%
Effective tax rate
14.5%
15.9%
14.6%
Net income
135
64.9
147
+107.4%
Net margin
9.5%
8.2%
20.5%
Diluted EPS
$3.50
$1.69
$3.74
+107.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
201
48.4
151
+315.8%
Capital expenditure
36.4
25.2
20.3
+44.4%
Free cash flow
165
23.2
131
+610.5%
Free cash flow margin
11.6%
2.9%
18.2%
Cash from investing
-42.8
-394
-114
Cash from financing
-29.6
339
-97.1
Depreciation and amortisation
47.8
26.1
13.6
+82.7%
Share-based compensation
12.3
7.3
9.7
+67.5%
Buybacks
11.6
n/a
95.1
Diluted shares, weighted
39m
38m
39m
+0.1%
Shares outstanding at period end
38m
38m
38m
-0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
815
677
607
+20.4%
Non-controlling interest
0.6
0.5
0.5
+10.1%
Debt
322
339
0.0
-5.0%
Operating lease liabilities
96.0
90.5
0.0
+6.0%
Other liabilities
414
426
209
-2.7%
Total liabilities and equity
1,648
1,532
816
+7.5%
Fixed assets
115
108
31.3
+6.1%
Goodwill
210
203
102
+3.5%
Intangible assets
169
184
54.9
-8.2%
Investments
2.7
2.6
2.5
+1.5%
Cash and equivalents
480
346
349
+38.7%
Inventory
221
230
98.0
-3.8%
Other assets
450
458
179
-1.9%
Total assets
1,648
1,532
816
+7.5%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.