Advanced Energy Industries, Inc. (NASDAQ:AEIS) Q4 2022 Earnings Conference Call February 8, 2023 4:30 PM ET

Company Participants

Edwin Mok - VP of Strategic Marketing & IR

Stephen Kelley - President & CEO

Paul Oldham - EVP & CFO

Conference Call Participants

Quinn Bolton - Needham & Company

Scott Graham - Loop Capital Markets

Krish Sankar - Cowen

Atif Malik - Citi

Steve Barger - KeyBanc Capital Markets

Pavel Molchanov - Raymond James

Operator

Greetings, and welcome to the Advanced Energy Fourth Quarter 2022 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, Edwin. You may begin.

Edwin Mok

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy's fourth quarter 2022 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 at 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, February 8, 2023, and the company assumes no obligation to update them. Medium-term targets and long-term aspirational goals 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 loss. 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.

Stephen Kelley

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. We delivered strong results in the fourth quarter, taking advantage of healthy demand, improved component availability and solid manufacturing execution. For the full year, we achieved record revenue of $1.85 billion and record earnings per share of $6.49, thanks to robust demand across all of our markets and improved execution across the company. Sales into each of our markets grew 20% or more in 2022.