Advanced Energy Industries, Inc. (NASDAQ:AEIS) Q1 2022 Earnings Conference Call May 4, 2022 4:30 PM ET

Company Participants

Edwin Mok - Vice President of Strategic Marketing and Investor Relations

Stephen Kelley - President & Chief Executive Officer

Paul Oldham - Executive Vice President & Chief Financial Officer

Conference Call Participants

Quinn Bolton - Needham & Co.

Mehdi Hosseini - Susquehanna Financial Group

Steve Barger - KeyBanc Capital Markets

Paretosh Misra - Berenberg Capital Markets

Krish Sankar - Cowen & Co.

Hans Chung - D.A. Davidson

Graham Price - Raymond James

Operator

Good day, ladies and gentlemen, and thank you for joining us for this Advanced Energy First Quarter 2022 Earnings Conference Call. As a reminder, all phone participants are in a listen-only mode. [Operator Instructions] Also, please be aware that today's meeting is being recorded.

To get us started with opening remarks and introductions, I am pleased to turn the floor over to Vice President of Strategic Marketing and Investor Relations, Mr. Edwin Mok.

Edwin Mok

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy's first quarter 2022 earnings conference call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO. If you have not seen our earnings press release, you can find it on our website at ir.advancedenergy.com. There, you also find our earnings slide presentation.

Before I begin, I'd like to mention that we will be participating at several investor conferences in the coming months.

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 4, 2022, and the company assume 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. Excluded from non-GAAP results are stock compensation, amortization, acquisition-related costs, restructuring expenses and unrealized foreign exchange gains 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.

Stephen Kelley

Thank you, Edwin. Good afternoon, everyone and thanks for joining the call. First quarter revenue and earnings per share exceeded guidance, largely due to good manufacturing execution and our ability to secure additional key components. Our shipments into the semiconductor market were particularly strong. Demand is robust across all of our target markets, and our order book is at an all-time high.