Advanced Energy Industries (AEIS) Q4 FY2023 earnings: revenue $405 million, down 17.4% on the year

Advanced Energy Industries Inc. (AEIS) reported revenue of $405 million for Q4 FY2023, the quarter ended 31 December 2023, down 17.4% on the same quarter a year earlier. Net income was $38 million, down 14.3% on the year, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$405 milliondown 17.4%

Net income$38 milliondown 14.3%

Diluted EPS$1.01

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	405	410	n/a	n/a
Cost of revenue	262	263	n/a	n/a
Gross profit	143	147	n/a	n/a
Gross margin	35.3%	35.9%	n/a
Research and development	49.0	50.4	n/a	n/a
Selling, general and administrative	54.9	55.1	n/a	n/a
Operating income	13.8	30.1	n/a	n/a
Operating margin	3.4%	7.3%	n/a
Interest expense	7.2	3.8	n/a	n/a
Pre-tax income	16.2	34.5	n/a	n/a
Income tax	-21.7	0.9	n/a	n/a
Effective tax rate	-133.9%	2.5%	n/a
Net income	37.5	32.7	n/a	n/a
Net margin	9.3%	8.0%	n/a
Diluted EPS	$1.01	$0.86	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	84.0	72.5	n/a	n/a
Capital expenditure	14.2	13.2	n/a	n/a
Free cash flow	69.8	59.4	n/a	n/a
Free cash flow margin	17.2%	14.5%	n/a
Cash from investing	-14.5	-13.5	n/a	n/a
Cash from financing	-8.5	473	n/a	n/a
Depreciation and amortisation	16.8	16.8	n/a	n/a
Share-based compensation	8.2	8.1	n/a	n/a
Buybacks	n/a	40.0	n/a	n/a
Dividends paid	3.8	3.8	n/a	n/a
Dividend per share	n/a	$0.10	n/a	n/a
Diluted shares, weighted	38m	38m	n/a	n/a
Shares outstanding at period end	37m	37m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,144	1,101	n/a	n/a
Debt	916	920	n/a	n/a
Operating lease liabilities	89.3	89.8	n/a	n/a
Other liabilities	408	383	n/a	n/a
Total liabilities and equity	2,557	2,494	n/a	n/a
Fixed assets	168	162	n/a	n/a
Goodwill	284	282	n/a	n/a
Intangible assets	161	168	n/a	n/a
Cash and equivalents	1,045	986	n/a	n/a
Receivables	282	n/a	n/a	n/a
Inventory	336	364	n/a	n/a
Other assets	281	532	n/a	n/a
Total assets	2,557	2,494	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	410	405	327	365	374	415	405	442	463	489	511	574
Cost of revenue	263	262	215	237	240	261	254	278	289	300	310	338
Gross profit	147	143	113	128	134	155	150	163	174	189	201	236
Gross margin	36%	35%	34%	35%	36%	37%	37%	37%	38%	39%	39%	41%
R&D	50.4	49.0	49.8	52.3	53.6	56.1	54.2	59.0	59.1	60.1	62.4	65.0
SG&A	55.1	54.9	55.1	55.0	56.2	58.2	59.0	60.2	59.8	63.4	62.3	69.4
Operating income	30.1	13.8	0.9	12.9	-11.0	34.0	30.6	31.6	49.2	56.6	68.3	95.1
Operating margin	7%	3%	0%	4%	-3%	8%	8%	7%	11%	12%	13%	17%
Interest expense	3.8	7.2	7.1	7.0	6.4	4.6	4.2	4.2	4.2	4.1	4.1	3.3
Pre-tax income	34.5	16.2	7.8	18.6	-14.5	40.6	29.9	29.3	52.3	57.2	70.0	66.6
Tax rate	3%	-134%	23%	17%	n/a	-21%	17%	13%	11%	8%	4%	18%
Net income	32.7	37.5	5.4	14.8	-14.9	48.7	24.7	25.2	46.2	52.3	66.8	54.1
Net margin	8%	9%	2%	4%	-4%	12%	6%	6%	10%	11%	13%	9%
Diluted EPS	$0.86	$1.01	$0.14	$0.40	-$0.40	$1.29	$0.65	$0.67	$1.20	$1.31	$1.58	$1.28
Operating cash flow	72.5	84.0	7.3	6.7	34.1	82.7	28.9	45.2	78.7	80.5	-6.0	85.0
Capital expenditure	13.2	14.2	16.6	14.8	12.6	12.7	13.9	28.1	27.9	37.5	36.6	49.5
Free cash flow	59.4	69.8	-9.3	-8.1	21.4	69.9	15.0	17.1	50.8	43.0	-42.6	35.5
Buybacks	40.0	n/a	n/a	n/a	1.8	n/a	0.5	23.2	0.0	6.5	0.5	0.0
Dividends paid	3.8	3.8	3.8	3.8	3.9	3.8	3.8	3.9	3.9	4.0	3.8	4.1
Shares outstanding	37m	37m	37m	38m	38m	38m	38m	38m	38m	38m	38m	40m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0000927003-24-000003: the filing on EDGAR. All of Advanced Energy Industries Inc.'s filings: EDGAR company page.

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