Advanced Energy Industries, Inc. (NASDAQ:AEIS) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET

Company Participants

Edwin Mok - VP of Strategic Marketing and IR

Steve Kelley - President and CEO

Paul Oldham - CFO

Conference Call Participants

Steve Barger - KeyBanc Capital Markets Inc.

Quinn Bolton - Needham & Company

Pavel Molchanov - Raymond James

Operator

Greetings, and welcome to the Advanced Energy Second Quarter 2023 Earnings Call. [Operator Instructions]. Please note, this conference is being recorded.

At this time, I'll turn the conference over to Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Mr. Mok, you may begin.

Edwin Mok

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy second quarter 2023 earnings conference call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO.

Before I begin, I’d like to mention that we will be participating in several investor conferences in the coming months. If you have not seen our earnings press release and presentation, you can find them on our website at ir.advancedenergy.com.

Let me remind you that today’s call contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management’s estimates as of today, August 3, 2023, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance.

On today’s call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Excludes our non-GAAP results are stock compensation, amortization, acquisition-related costs, facility expansion and related costs, restructuring charges and unrealized foreign exchange gain or losses. A reconciliation between GAAP and non-GAAP measures can be found in today’s press release.

With that, let me pass the call to our President and CEO, Steve Kelley.

Steve Kelley

Thanks Edwin, and thanks for joining the call today. Second quarter revenue and earnings per share exceeded guidance with another record quarter in the industrial and medical market. We continue to experience robust design win activity across our product portfolio, as customers shift their focus from solving supply chain issues to designing innovative new products.

Over the past 12 months, we've launched multiple new differentiated platforms, which will enable our customers to win in their end markets. High interest in our new products and technologies is driving a deeper level of customer engagement, particularly in the semiconductor, industrial and medical markets.