Advanced Energy Industries, Inc. (NASDAQ:AEIS) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET

Company Participants

Edwin Mok - Vice President of Strategic Marketing and Investor Relations

Steve Kelley - President and Chief Executive Officer

Paul Oldham - Chief Financial Officer

Conference Call Participants

Quinn Bolton - Needham & Company

Krish Sankar - TD Cowen

Steve Barger - KeyBanc Capital Markets Inc.

Operator

Greetings, and welcome to the Advanced Energy First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Thank you, sir. You may begin.

Edwin Mok

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy Q1 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, May 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 detailed 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. Good afternoon, everyone. Thanks for joining the call. First quarter revenue and earnings per share exceeded our guidance. Strength in the Industrial and Medical market as well as improved component supply drove year-on-year revenue growth of 7%. Our operations team executed well, quickly turning critical components into revenue late in the quarter.