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目录

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​

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美国

证券交易委员会

华盛顿特区20549

表格 10-Q

​

​

☑

根据1934年证券交易所法案第13或15(d)条的季报告

​

截至2024年6月30日季度结束 2024年9月30日

或

☐

​

​

到         至          

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委员会档案编号： 000-26966

Graphic

先进能源工业，INC。

（依凭章程所载的完整登记名称）

​

特拉华州

84-0846841

(成立地或组织其他管辖区)

（联邦税号）

​

​

1595 Wynkoop Street，Suite 800, 丹佛, 科罗拉多州

80202

(总部办公地址)

（邮政编码）

​

(970) 407-6626

(注册人的电话号码，包括区号)

根据法案第12(b)条注册的证券：

​

每种类别的名称

交易标的（s）

每个注册交易所的名称

普通股，每股面值$0.001

AEIS

纳斯达克全球货币选择市场

​

请勾选是否公司：(1) 在过去12个月内已按照1934年证券交易所法第13或15(d)条的规定提交了应当提交的所有报告（或对于公司被要求提交该等报告的较短期间），以及(2) 过去90天内已受到该等提交要求的约束。 是 þ 否◻

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截至2024年10月28日，共有 37,673,067 每股面值$0.001的公司普通股，总股数.

​

​

​

目录

先进能源工业，INC。

表格10-Q

目 录

​

​

​

​

​

​

​

第一部分　财务资讯

​

​

​

​

项目 1。

未经审核的合并基本报表

​

3

​

​

​

​

合并资产负债表

3

​

​

​

​

综合损益表

4

​

​

​

​

综合损益总表)

5

​

​

​

​

股东权益合并报表

6

​

​

​

​

综合现金流量表

7

​

​

​

​

基本报表注

8

​

​

​

条目 2。

财务状况和业绩的管理讨论和分析

25

​

​

​

条目 3。

市场风险相关数量和质量的披露

42

​

​

​

条目 4。

控制和程序

43

​

​

​

​

第二部分其他资讯

​

​

​

​

项目 1。

法律诉讼

43

​

​

​

项目1A.

风险因素

43

​

​

​

条目 2。

未注册的股票销售和收益使用

44

​

​

​

条目 3。

债券不履行标准

44

​

​

​

条目 4。

矿山安全披露

44

​

​

​

条目 5。

其他信息

44

​

​

​

条目 6。

附件

45

​

​

​

​

签名

46

​

​

​

​

​

​

2

目录

第一部分 基本报表

项目1. 未经审计的合并财务报表

先进能源工业，INC。

未经审计的综合资产负债表

(以千为单位，每股金额除外)

​

​

​

​

​

​

​

​

​

​

​

九月三十日

​

12月31日

​

​

    

2024

    

2023

​

资产

 

​

  

 

​

  

 

流动资产:

 

​

  

 

​

  

 

现金及现金等价物

​

$

657,288

​

$

1,044,556

​

应收帐款净额

​

 

259,399

​

 

282,430

​

存货

​

 

377,740

​

 

336,137

​

其他流动资产

​

​

51,281

​

​

48,771

​

全部流动资产

​

 

1,345,708

​

 

1,711,894

​

物业及设备，扣除折旧后净值

​

 

181,875

​

 

167,665

​

营运租赁权使用资产

​

​

86,003

​

​

95,432

​

其他资产

​

 

134,948

​

 

136,448

​

无形资产，扣除累计摊销

​

 

145,290

​

 

161,478

​

商誉

​

 

299,036

​

 

283,840

​

总资产

​

$

2,192,860

​

$

2,556,757

​

​

​

​

​

​

​

​

​

负债及股东权益

​

 

​

​

 

​

​

流动负债：

​

 

​

​

 

​

​

应付账款

​

$

133,006

​

$

141,850

​

应付薪酬和员工福利

​

 

62,743

​

 

73,595

​

其他应计费用

​

 

66,048

​

 

66,662

​

客户存款及其他

​

 

11,351

​

 

15,997

​

长期债务的当期偿还

​

​

—

​

​

20,000

​

营运租赁负债的流动部分

​

​

18,360

​

​

17,744

​

流动负债合计

​

 

291,508

​

 

335,848

​

长期负债净额

​

​

564,000

​

​

895,679

​

营业租赁负债

​

​

80,264

​

​

89,330

​

养老金福利

​

​

50,374

​

​

49,135

​

其他长期负债

​

​

42,322

​

​

42,583

​

总负债

​

 

1,028,468

​

 

1,412,575

​

​

​

​

​

​

​

​

​

承诺和条件（附注15）

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

股东权益：

​

 

​

​

 

​

​

优先股，面额; 授权 $0.001 每股面额为 1,000 股份已授权 无 发行的 和杰出的

​

 

—

​

 

—

​

普通股, $0.001 每股面额为 70,000 授权股份为 37,671 和 37,318 发行的 和 未履行合约 于2024年9月30日和2023年12月31日，分别为　

​

 

38

​

 

37

​

资本公积额额外增资

​

 

180,529

​

 

148,300

​

其他综合收益累计额

​

 

2,089

​

 

6,114

​

保留收益

​

 

981,736

​

 

989,731

​

股东权益总额

​

 

1,164,392

​

 

1,144,182

​

负债总额及股东权益

​

$

2,192,860

​

$

2,556,757

​

​

​

​

​

​

​

​

​

​

附注是这些未经审计的合并财务报表的一个不可分割的部分。

​

3

目录

先进能源工业，INC。

未经审核的综合营运表

(以千为单位，每股金额除外)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

​

    

2024

​

2023

    

2024

    

2023

​

净收益

​

$

374,217

​

$

409,991

​

$

1,066,639

​

$

1,250,539

​

营业成本

​

 

240,149

​

 

262,650

​

 

692,001

​

 

801,007

​

毛利润

​

 

134,068

​

 

147,341

​

 

374,638

​

 

449,532

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

营业费用：

​

 

​

​

 

​

​

 

​

​

 

​

​

研发费用

​

 

53,561

​

 

50,391

​

 

155,732

​

 

153,414

​

销售、一般及管理费用

​

 

56,237

​

 

55,131

​

 

166,374

​

 

166,102

​

营业无形资产摊销

​

 

6,772

​

 

7,049

​

 

20,519

​

 

21,186

​

重组、资产减损和其他费用

​

 

28,546

​

 

4,709

​

 

29,416

​

 

8,906

​

营业费用总计

​

 

145,116

​

 

117,280

​

 

372,041

​

 

349,608

​

营业利益（损失）

​

 

(11,048)

​

 

30,061

​

 

2,597

​

 

99,924

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

利息收入

​

​

11,018

​

​

6,396

​

​

35,782

​

​

14,282

​

利息费用

​

​

(6,378)

​

​

(3,780)

​

​

(20,461)

​

​

(9,368)

​

其他收入（费用），净额

​

 

(8,139)

​

 

1,848

​

 

(6,122)

​

 

1,425

​

持续营运收入（损失），税前

​

 

(14,547)

​

 

34,525

​

 

11,796

​

 

106,263

​

所得税费用（利益）

​

 

(400)

​

 

874

​

 

4,552

​

 

13,405

​

继续营运所得(损失)

​

 

(14,147)

​

 

33,651

​

 

7,244

​

 

92,858

​

停止运作所致损失，扣除所得税后

​

 

(758)

​

 

(930)

​

 

(1,904)

​

 

(2,076)

​

净利润（损失）

​

$

(14,905)

​

$

32,721

​

$

5,340

​

$

90,782

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基本加权平均普通股份流通量

​

 

37,532

​

 

37,575

​

 

37,455

​

 

37,541

​

稀释加权平均普通股股份

​

 

37,532

​

 

37,854

​

 

37,785

​

 

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

每股收益（损失）：

​

 

  

​

 

  

​

 

​

​

 

​

​

继续营运：

​

 

  

​

 

  

​

 

​

​

 

​

​

基本每股盈利

​

$

(0.38)

​

$

0.90

​

$

0.19

​

$

2.47

​

稀释每股盈利

​

$

(0.38)

​

$

0.89

​

$

0.19

​

$

2.45

​

已停止操作：

​

 

​

​

 

​

​

 

​

​

 

​

​

基本每股损失

​

$

(0.02)

​

$

(0.02)

​

$

(0.05)

​

$

(0.06)

​

稀释每股损失

​

$

(0.02)

​

$

(0.02)

​

$

(0.05)

​

$

(0.05)

​

净利润（损失）：

​

 

​

​

 

​

​

 

​

​

 

​

​

基本每股盈利（亏损）

​

$

(0.40)

​

$

0.87

​

$

0.14

​

$

2.42

​

稀释每股盈利（亏损）

​

$

(0.40)

​

$

0.86

​

$

0.14

​

$

2.40

​

​

附注是这些未经审计的合并财务报表的一个不可分割的部分。

​

4

目录

先进能源工业，INC。

未经审核的综合收益（损失）合并报表

(以千为单位)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

​

    

2024

    

2023

    

2024

    

2023

​

净利润（损失）

​

$

(14,905)

​

$

32,721

​

$

5,340

​

$

90,782

​

其他综合收益（损失），扣除所得税

​

 

​

​

 

  

​

 

​

​

 

  

​

外币兑换

​

 

12,401

​

 

(5,069)

​

 

3,251

​

 

(6,798)

​

现金流量套期交易公允值变动

​

 

(1,738)

​

 

(1,822)

​

 

(5,474)

​

 

(3,840)

​

定义员工福利计划

​

 

(1,751)

​

 

—

​

 

(1,802)

​

 

(292)

​

综合收益（损失）

​

$

(5,993)

​

$

25,830

​

$

1,315

​

$

79,852

​

​

附注是这些未经审计的合并财务报表的一个不可分割的部分。

​

5

目录

先进能源工业，INC。

股东权益未经审核的综合报表

(以千为单位，每股金额除外)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

普通股

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累计

​

​

​

​

​

​

​

​

​

​

​

​

​

额外的

​

其他

​

​

​

​

总计

​

​

​

​

​

​

​

实收资本

​

综合

​

保留收益

​

股东权益

​

​

股份

​

金额

​

资本

​

收入（损失）

​

累积盈余

​

股权

2022年12月31日结余

    

37,429

​

$

37

​

$

134,640

​

$

16,320

​

$

915,270

​

$

1,066,267

从股权计划发行的股票

​

100

​

​

—

​

​

(1,991)

​

​

—

​

​

—

​

​

(1,991)

股份报酬

​

—

​

​

—

​

​

6,543

​

​

—

​

​

—

​

​

6,543

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,814)

​

​

(3,814)

其他全面损失

​

—

​

​

—

​

​

—

​

​

(2,013)

​

​

—

​

​

(2,013)

净利润

​

—

​

​

—

​

​

—

​

​

—

​

​

30,921

​

​

30,921

2023年3月31日结余

​

37,529

​

​

37

​

​

139,192

​

​

14,307

​

​

942,377

​

​

1,095,913

股票由股权计划发行

​

121

​

​

1

​

​

606

​

​

—

​

​

—

​

 

607

股份报酬

​

—

​

​

—

​

​

7,423

​

​

—

​

​

—

​

 

7,423

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,778)

​

​

(3,778)

其他全面损失

​

—

​

​

—

​

​

—

​

​

(2,026)

​

​

—

​

 

(2,026)

净利润

​

—

​

​

—

​

​

—

​

​

—

​

​

27,140

​

 

27,140

2023年6月30日结余

​

37,650

​

​

38

​

​

147,221

​

​

12,281

​

​

965,739

​

​

1,125,279

股份发行自权益计划

​

8

​

​

—

​

​

130

​

​

—

​

​

—

​

​

130

股份报酬

​

—

​

​

—

​

​

7,506

​

​

—

​

​

—

​

​

7,506

股份回购

​

(378)

​

​

(1)

​

​

(1,530)

​

​

—

​

​

(38,469)

​

​

(40,000)

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,830)

​

​

(3,830)

其他全面损失

​

—

​

​

—

​

​

—

​

​

(6,891)

​

​

—

​

​

(6,891)

warrants和票据避险，净

​

—

​

​

—

​

​

(40,135)

​

​

—

​

​

—

​

​

(40,135)

可转换票据和票务对沽空税的影响

​

—

​

​

—

​

​

26,091

​

​

—

​

​

—

​

​

26,091

净利润

​

—

​

​

—

​

​

—

​

​

—

​

​

32,721

​

​

32,721

2023年9月30日结余

​

37,280

​

$

37

​

$

139,283

​

$

5,390

​

$

956,161

​

$

1,100,871

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日结余

​

37,318

​

$

37

​

$

148,300

​

$

6,114

​

$

989,731

​

$

1,144,182

由股本计划发行的股票

​

116

​

​

—

​

​

(5,327)

​

​

—

​

​

—

​

​

(5,327)

股份报酬

​

—

​

​

—

​

​

10,591

​

​

—

​

​

—

​

​

10,591

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,810)

​

​

(3,810)

其他全面损失

​

—

​

​

—

​

​

—

​

​

(7,969)

​

​

—

​

​

(7,969)

延迟薪酬

​

—

​

​

—

​

​

79

​

​

—

​

​

(79)

​

​

—

净利润

​

—

​

​

—

​

​

—

​

​

—

​

​

5,216

​

​

5,216

2024年3月31日结余

​

37,434

​

​

37

​

​

153,643

​

​

(1,855)

​

​

991,058

​

​

1,142,883

从股权计划发行的股票

​

93

​

​

—

​

​

(173)

​

​

—

​

​

—

​

​

(173)

股票发行（附注2 购并）

​

144

​

​

1

​

​

4,463

​

​

—

​

​

—

​

​

4,464

股份报酬

​

—

​

​

—

​

​

10,720

​

​

—

​

​

—

​

​

10,720

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,848)

​

​

(3,848)

其他全面损失

​

—

​

​

—

​

​

—

​

​

(4,968)

​

​

—

​

​

(4,968)

延迟薪酬

​

—

​

​

—

​

​

1,033

​

​

—

​

​

(64)

​

​

969

净利润

​

—

​

​

—

​

​

—

​

​

—

​

​

15,029

​

​

15,029

2024年6月30日结余

​

37,671

​

​

38

​

​

169,686

​

​

(6,823)

​

​

1,002,175

​

​

1,165,076

从股权计划发行的股票

​

19

​

​

—

​

​

(529)

​

​

—

​

​

—

​

 

(529)

股份报酬

​

—

​

​

—

​

​

11,481

​

​

—

​

​

—

​

 

11,481

股份回购

​

(19)

​

​

—

​

​

(89)

​

​

—

​

​

(1,681)

​

​

(1,770)

分派的股息 ($0.10 元）

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,871)

​

 

(3,871)

其他综合收益

​

—

​

​

—

​

​

—

​

​

8,912

​

​

—

​

 

8,912

延迟薪酬

​

—

​

​

—

​

​

(20)

​

​

—

​

​

18

​

​

(2)

净损失

​

—

​

​

—

​

​

—

​

​

—

​

​

(14,905)

​

 

(14,905)

2024年9月30日账户余额

​

37,671

​

$

38

​

$

180,529

​

$

2,089

​

$

981,736

​

$

1,164,392

​

附注是这些未经审计的合并财务报表的一个不可分割的部分。

6

目录

先进能源工业，INC。

未经审核的现金流量统计表

(以千为单位)

​

​

​

​

​

​

​

​

​

​

截至九月三十日的九个月

​

    

2024

    

2023

营业活动之现金流量：

 

​

  

 

​

  

净利润

​

$

5,340

​

$

90,782

扣除：停止运作亏损，税后净利润

​

 

(1,904)

​

 

(2,076)

继续营运收入，扣除所得税后净额

​

 

7,244

​

 

92,858

调整以将净利润调节为营业活动产生的净现金流量：

​

 

  

​

 

  

折旧与摊提

​

 

51,824

​

 

49,764

股份报酬

​

 

34,303

​

 

22,813

摊提及拨销发行成本及债务折扣

​

​

3,036

​

​

378

透过未实现税收抵免的利益

​

 

305

​

 

(996)

其他

​

​

1,041

​

​

394

运营资产和负债的变动，扣除所取得的资产

​

 

​

​

 

​

应收帐款净额

​

 

23,604

​

 

35,135

存货

​

 

(41,187)

​

 

9,025

其他资产

​

 

576

​

 

4,121

应付账款

​

 

(8,778)

​

 

(26,203)

其他负债及应计费用

​

 

(21,718)

​

 

(59,049)

持续经营中的经营活动净现金流量

​

 

50,250

​

 

128,240

已停止营运的业务来源的营运活动净现金

​

 

(2,191)

​

 

(3,307)

经营活动产生的净现金

​

 

48,059

​

 

124,933

​

​

​

​

​

​

​

投资活动产生的现金流量:

​

 

  

​

 

  

长期投资购买

​

​

(2,698)

​

​

(3,447)

购买不动产和设备

​

 

(44,045)

​

 

(46,782)

并购，扣除所得现金净额

​

​

(13,762)

​

​

—

投资活动产生的净现金

​

 

(60,505)

​

 

(50,229)

​

​

​

​

​

​

​

融资活动产生的现金流量:

​

 

  

​

 

  

长期借款所得

​

​

—

​

​

575,000

长期借款费用支付

​

​

(105)

​

​

(12,985)

长期借款的支付

​

​

(355,000)

​

​

(15,000)

股息支付

​

​

(11,529)

​

​

(11,422)

支付购买票担保的款项

​

​

—

​

​

(115,000)

认股权证出售收益

​

​

—

​

​

74,865

购买和养老普通股

​

​

(1,770)

​

​

(40,000)

与股票奖励相关的净支付

​

 

(6,029)

​

 

(1,254)

融资活动产生的净现金

​

 

(374,433)

​

 

454,204

​

​

​

​

​

​

​

货币转换对现金及现金等价物的影响

​

 

(389)

​

 

(1,795)

​

​

​

​

​

​

​

现金及现金等价物的净变动

​

 

(387,268)

​

 

527,113

期初现金及现金等价物

​

 

1,044,556

​

 

458,818

期末现金及现金等价物

​

$

657,288

​

$

985,931

​

附注是这些未经审计的合并财务报表的一个不可分割的部分。

​

7

目录

先进能源工业，INC。

附注基本报表未经审核

(以千为单位，除每股数据外)

​

附注1. 业务描述和简报基础

Advanced Energy Industries, Inc.，一家特拉华州公司，及其合并附属公司（「我们」、「我们」、「我们的」、「先进能源」或「公司」）向全球客户提供高度工程化、重要的、精密的电源变换、测量和控制解决方案。我们设计、制造、销售和支援精密电源产品，将从公用事业或建筑设施输出的原始电力转换、精炼和修改，并将其转换为各种高度可控、可用的电力类型，以符合驱动各种复杂设备所需的必要要求。我们的许多产品使客户能够透过提高电力转换效率、功率密度、功率耦合和流程控制，在各种应用领域范围内减少或优化能源消耗.

在管理层的看法中，随附的未经审核的合并财务报表包含所有调整，包括正常的、经常性的调整，以公正地呈现2024年9月30日的Advanced Energy财务状况，以及截至2024年9月30日和2023年9月30日三个月和九个月营运和现金流量的结果

此处包含的未经审计的合并基本报表是根据美国证券交易委员会（“SEC”）的规则和法规编制的。根据这些规则和法规，省略了根据美国通用会计准则（“U.S. GAAP”）编制的基本报表通常包含的某些信息和附注披露。应该与我们截至2023年12月31日的年度报告在Form 10-K上披露的审计合并基本报表及附注一起阅读这些未经审计的合并基本报表以及向SEC提交的其他财务信息。

在编制合并基本报表时所用的估计方法

按照美国通用会计准则编制我们的合并基本报表需要我们做出影响资产和负债金额报告、财务报表日前的潜在负债披露以及利润和费用金额在报告期间报告的估计、假设和判断。重要的估计、假设和判断包括但不限于，库存过剩和陈旧、所得税和其他准备以及收购和资产估值。 过量和淘汰的存货、所得税和其他准备以及收购和资产估值。

​

重要之会计政策

我们的会计政策描述于附注1。经营概要及重要会计政策和估计 附注1.营运概要和重要会计政策和估计摘要 至于2023年12月31日结束的年度报告Form 10-k中我们的经过审计的合并财务报表。

​

8

目录

先进能源工业股份有限公司。

未经审计的综合财务报表附注 - (续)

(以千为单位，除每股数据外)

​

新的会计准则

从时间到时间，财务会计准则委员会（FASB）或其他标准制定机构会发布新的会计公告。 FASB会计准则编码（ASC）的更新通过发行会计准则更新（ASU）进行通知。 除非另有讨论，我们认为最近发布的指导意见的影响，无论是采纳还是将来采纳，对采纳后的综合财务报表不会造成实质影响。

新会计准则已发布，但尚未采纳。

2023年11月，FASb发布了ASU 2023-07 “节段报告（第280条）对可报告节段披露的改进。” ASU 2023-07扩大了披露要求，要求提供关于重要节段费用的额外信息。此外，ASU改进了中期披露，澄清了实体可以披露多个节段损益指标的情况，并为具有单一可报告节段的实体提供了新的披露要求。该指引将对我们在2024年12月31日结束的年度报告Form 10-k生效。我们不认为上述指导将对我们的合并财务报表产生实质影响。

2023年12月，FASb发布了ASU 2023-09 “所得税披露的改进。” ASU 2023-09要求提供有关报告实体有效税率调解的细分信息，以及有关所得税支付的额外披露。该指引将于2025年1月1日对我们生效。我们不认为上述指导将对我们的合并财务报表产生实质影响。

2024年3月，证监会发布了有关气候相关披露规则。这些规则并不改变会计处理方式，但它们大幅扩大了公司需要披露的气候相关信息。有几份请愿书提出对这些气候相关披露规则的挑战，并且在2024年4月，证监会自愿暂停了这些规则，以等待司法审查完成。我们不认为上述披露要求将对我们的合并财务报表产生实质影响。我们正在评估披露要求以及支持额外披露所需的业务流程、系统和控制更改。

​

​

​

​

9

目录

爱文思控股工业股份有限公司。

未经审核的合并基本报表附注 — (续)

(以千为单位，除每股数据外)

​

附注2. 收购事项

于2024年6月20日，我们收购了 100Airity Technologies, Inc.（“Airity”）发行和流通中资本股份的％，该公司位于加利福尼亚州红木城。我们将此笔交易视为业务组合。 Airity专注于高压电源转换技术和产品，扩大了我们在半导体设备、工业和医疗市场中目标应用的范围。

以下表格总结了支付的考虑:

​

​

​

​

​

​

​

考虑因素

支付结算时现金

​

$

14,301

爱文思控股普通股

​

​

4,463

应付款项结算

​

​

(654)

一年周年纪念日支付的赔偿留保款

​

​

1,500

购买考虑总公允价值

​

$

19,610

​

我们仍在评估已取得资产和负债的公允价值，包括已取得的部分
无形资产，包括其估计使用ful寿命、相关税务影响，以及所得的商誉。我们对购买考虑价值的初步分配如下：

​

​

​

​

​

​

​

公平价值

现金

​

$

539

流动资产及负债，净额

​

​

457

财产和设备

​

​

42

递延所得税负债

​

​

(2,229)

无形资产

​

​

4,200

商誉（不可在税务上扣除）

​

​

16,601

收购的净资产公允价值总额

​

$

19,610

​

我们将Airity的业务结果纳入我们的合并基本报表，从收购日期开始。

有关收购，我们已签订 协议 与某些前Airity员工合作。在截止日期，这些人收到总共 0.1 百万股爱文思控股普通股，价值$15.6 百万，根据2024年6月20日的收盘价计算，其中$4.5 百万分配给购买考虑，而$11.1 百万将作为未来薪酬。我们将在11.1 预期的获准期间内记录这笔$百万作为股本报酬支出。 三年期间相对于S＆P 500 IT板块指数进行度量，有潜在购股%的带有TSR数据量度的PSUs

​

10

目录

先进能源工业股份有限公司。

未经审计的综合财务报表附注 - (续)

(以千为单位，除每股数据外)

​

注3. 营业收入

营业收入拆分

以下表格提供有关我们营业收入的其他资讯：

营业收入按市场分析

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

​

    

2024

​

2023

    

2024

    

2023

    

半导体设备

​

$

197,497

​

$

185,033

​

$

565,721

​

$

552,419

​

工业和医疗

​

 

76,837

​

 

115,226

​

 

239,359

​

 

365,849

​

idc概念计算

​

​

80,653

​

​

68,286

​

​

195,519

​

​

187,021

​

电信和网路

​

​

19,230

​

​

41,446

​

​

66,040

​

​

145,250

​

总计

​

$

374,217

​

$

409,991

​

$

1,066,639

​

$

1,250,539

​

​

地域板块的营业收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

​

截至九月三十日的九个月

​

​

​

    

2024

​

    

2023

​

    

2024

    

    

2023

​

    

北美

​

$

175,691

    

47.0

%

    

$

184,783

    

45.1

%

    

$

482,564

    

45.2

%

    

$

537,241

    

42.9

%

​

亚洲

​

​

163,212

​

43.6

​

​

​

178,190

​

43.5

​

​

​

467,110

​

43.8

​

​

​

543,871

​

43.5

​

​

欧洲

​

​

34,892

​

9.3

​

​

​

46,088

​

11.2

​

​

​

115,258

​

10.8

​

​

​

164,867

​

13.2

​

​

其他

​

 

422

​

0.1

​

​

​

930

​

0.2

​

​

​

1,707

​

0.2

​

​

​

4,560

​

0.4

​

​

总计

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

​

按重要国家别收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

​

截至九月三十日的九个月

​

​

​

​

​

    

2024

​

    

2023

​

    

2024

    

    

2023

​

    

美国

​

$

134,614

    

35.9

%

    

$

156,710

    

38.2

%

    

$

371,925

    

34.9

%

    

$

457,325

    

36.6

%

​

墨西哥

​

​

40,953

​

10.9

​

​

​

27,464

​

6.7

​

​

​

109,768

​

10.3

​

​

​

77,953

​

6.2

​

​

台湾

​

​

40,990

​

11.0

​

​

​

33,136

​

8.1

​

​

​

119,571

​

11.2

​

​

​

98,842

​

7.9

​

​

中国

​

​

28,725

​

7.7

​

​

​

41,391

​

10.1

​

​

​

70,298

​

6.6

​

​

​

132,039

​

10.6

​

​

所有板块其他部分

​

​

128,935

​

34.5

​

​

​

151,290

​

36.9

​

​

​

395,077

​

37.0

​

​

​

484,380

​

38.7

​

​

总计

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

​

我们根据客户的交货地点将营业收入归因于各个国家和地区。在所述期间内，除上述特定国家外，没有任何个别国家的总合营业收入超过我们总合营收的10%。

按类别的营业收入

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

    

2024

​

2023

    

2024

    

2023

产品

​

$

332,647

​

$

369,129

​

$

944,279

​

$

1,118,284

服务及其他

​

​

41,570

 

​

40,862

​

​

122,360

 

​

132,255

总计

​

$

374,217

 

$

409,991

​

$

1,066,639

 

$

1,250,539

​

其他营业收入包括我们服务团队出售的特定备件和产品。

​

11

目录

先进能源工业股份有限公司。

未经审计的综合财务报表附注 - (续)

(以千为单位，除每股数据外)

​

重要客户

截至2024年9月30日止三个月内，applied materials inc和Lam研究公司占了 252024年6月30日和2023年12月31日的时间点，公司从Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收购中记录的关于监管和产品开发里程碑的待定支付负债的公允价值总和为2.779亿和2.887亿美元。公司使用概率加权情境折现现金流模型评估预期的待定支付负债和相应的与监管和产品开发里程碑相关的负债的公允价值，该方法与预期待定支付负债的初始计量一致。每个潜在情境应用成功概率，然后通过现值因子计算折扣，得出相应的现值。时间的流逝以及草拟的里程碑实现时间，现值因子，实现度（如适用）和成功概率的变化可能导致公允价值测量的调整。与监管和产品开发里程碑相关的待定支付负债的公允价值是以2024年6月30日和2023年12月31日的加权平均成功概率和现值因子计算的，成功概率分别为%和%，现值因子分别为%和%。付款范围的预测财政年度范围为2025年至2031年。所使用的不可观察的输入值按待定支付负债的相对公允价值加权。 11分别占我们总营业收入的%，在截至2024年9月30日为止的九个月内，applied materials inc及拉姆研究公司占了 272024年6月30日和2023年12月31日的时间点，公司从Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收购中记录的关于监管和产品开发里程碑的待定支付负债的公允价值总和为2.779亿和2.887亿美元。公司使用概率加权情境折现现金流模型评估预期的待定支付负债和相应的与监管和产品开发里程碑相关的负债的公允价值，该方法与预期待定支付负债的初始计量一致。每个潜在情境应用成功概率，然后通过现值因子计算折扣，得出相应的现值。时间的流逝以及草拟的里程碑实现时间，现值因子，实现度（如适用）和成功概率的变化可能导致公允价值测量的调整。与监管和产品开发里程碑相关的待定支付负债的公允价值是以2024年6月30日和2023年12月31日的加权平均成功概率和现值因子计算的，成功概率分别为%和%，现值因子分别为%和%。付款范围的预测财政年度范围为2025年至2031年。所使用的不可观察的输入值按待定支付负债的相对公允价值加权。 10分别占我们总营业收入的%，在截至2023年9月30日为止的三个月和九个月内，applied materials inc占了 232024年6月30日和2023年12月31日的时间点，公司从Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收购中记录的关于监管和产品开发里程碑的待定支付负债的公允价值总和为2.779亿和2.887亿美元。公司使用概率加权情境折现现金流模型评估预期的待定支付负债和相应的与监管和产品开发里程碑相关的负债的公允价值，该方法与预期待定支付负债的初始计量一致。每个潜在情境应用成功概率，然后通过现值因子计算折扣，得出相应的现值。时间的流逝以及草拟的里程碑实现时间，现值因子，实现度（如适用）和成功概率的变化可能导致公允价值测量的调整。与监管和产品开发里程碑相关的待定支付负债的公允价值是以2024年6月30日和2023年12月31日的加权平均成功概率和现值因子计算的，成功概率分别为%和%，现值因子分别为%和%。付款范围的预测财政年度范围为2025年至2031年。所使用的不可观察的输入值按待定支付负债的相对公允价值加权。 21分别占我们总营业收入的%，在提出的期间内，没有其他客户的营业收入超过我们总营业收入的10%。

截至2024年9月30日，applied materials inc的应收账款余额占 28我们总应收账款的%，截至2023年12月31日，applied materials inc的应收账款余额占 26我们总应收账款的%，在提出的期间内，没有其他客户的应收账款超过我们总应收账款的10%。

​

​

​

4.所得税备注

以下表格概述了我们继续营运的所得（亏损）的税务提供（利益）和有效税率：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

​

    

2024

    

2023

    

2024

    

2023

​

持续营运收入（损失），税前

​

$

(14,547)

​

$

34,525

​

$

11,796

​

$

106,263

​

所得税费用（利益）

​

$

(400)

​

$

874

​

$

4,552

​

$

13,405

​

有效税率

​

​

(2.7)

%

​

2.5

%

​

38.6

%

​

12.6

%

​

我们的有效税率与美国联邦法定税率不同 21主要是由于在低税率下营业收入丰厚的外国司法管辖区的收益，以及税收抵免，部分抵消了对外国业务征收的美国税收。

​

先前宣布的中国中山工厂关闭影响了我们在截至2024年9月30日的三个和九个月内的有效税率。截至2024年9月30日的九个月内，由于当前时期的有利离散项目较之前时期的较大有利离散项目较小，我们的有效税率高于前一年同期。

​

截至2024年1月1日，组织经济合作与发展组织（“OECD”）实施了15%的支柱II全球最低有效税率。超过140个国家同意实施支柱II全球最低税率。然而，每个国家的实施时间不同。迄今为止，我们已确定，由于一些税收司法管辖区要到2024年12月31日后才会实施支柱II，或者通过安全港测试满足，以防止支柱II下的最低税收，因此并不存在任何重要的全球最低税收义务。我们会继续监控各司法管辖区的变化，并在全年期间纳入任何适当的最低税收。

​

12

目录

先进能源工业股份有限公司。

未经审计的综合财务报表附注 - (续)

(以千为单位，除每股数据外)

​

注5。股东权益和每股盈利

累计其他综合收益（损失）

以下表格总结了其他综合收益的组成部分以及变动情况
（亏损），扣除所得税后。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

外币兑换

    

​

现金流量套期交易公允价值变动

    

​

定义员工福利计划

    

​

总计

2022年12月31日结余

​

$

(12,823)

​

$

11,848

​

$

17,295

​

$

16,320

未重分类之其他综合损益

​

​

(196)

​

​

595

​

​

—

​

​

399

从累积其他综合损益（损失）中重新分类的金额

​

​

—

​

​

(2,412)

​

​

—

​

​

(2,412)

2023年3月31日结束余额

​

​

(13,019)

​

​

10,031

​

​

17,295

​

​

14,307

其他综合收益（亏损）在重分类前

​

​

(1,533)

​

​

2,555

​

​

—

​

​

1,022

从累积其他综合损益（损失）中重新分类的金额

​

​

—

​

​

(2,756)

​

​

(292)

​

​

(3,048)

2023年6月30日结余

​

​

(14,552)

​

​

9,830

​

​

17,003

​

​

12,281

其他综合收益（损失）在重新分类之前

​

​

(5,069)

​

​

1,036

​

​

—

​

​

(4,033)

从累积其他综合损益（损失）中重新分类的金额

​

​

—

​

​

(2,858)

​

​

—

​

​

(2,858)

截至2023年9月30日的结余

​

$

(19,621)

​

$

8,008

​

$

17,003

​

$

5,390

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

外币兑换

    

​

现金流量套期工具公允价值变动

    

​

定义员工福利计划

    

​

总计

2023年12月31日余额

​

$

(10,796)

​

$

5,474

​

$

11,436

​

$

6,114

其他综合收益（亏损）在重分类前

​

​

(6,589)

​

​

1,405

​

​

—

​

​

(5,184)

从累积其他综合损益（损失）中重新分类的金额

​

​

—

​

​

(2,785)

​

​

—

​

​

(2,785)

2024年3月31日止结余

​

​

(17,385)

​

​

4,094

​

​

11,436

​

​

(1,855)

除其他外，综合损益（净利）在重新归类之前

​

​

(2,561)

​

​

395

​

​

—

​

​

(2,166)

从累积其他综合损益（损失）中重新分类的金额

​

​

—

​

​

(2,751)

​

​

(51)

​

​

(2,802)

2024年6月30日余额

​

​

(19,946)

​

​

1,738

​

​

11,385

​

​

(6,823)

除其他综合收益（损失）重新分类前

​

​

10,816

​

​

444

​

​

(2,228)

​

​

9,032

从累积其他综合损益（损失）中重新分类的金额

​

​

1,585

​

​

(2,182)

​

​

477

​

​

(120)

2024年9月30日结余

​

$

(7,545)

​

$

—

​

$

9,634

​

$

2,089

13

目录

先进能源工业股份有限公司。

未经审计的综合财务报表附注 - (续)

(以千为单位，除每股数据外)

​

​

从累积其他综合收益（损失）重新分类至财务报告中特定标题的金额为
综合营运概况表的合并基本报表情况如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

    

截至九月三十日的九个月

    

To Caption on Consolidated

​

   

2024

​

2023

​

    

2024

    

​

2023

​

营运报表

外币兑换

​

$

1,585

​

$

—

​

$

1,585

​

$

—

​

其他收入（费用），净额

现金流量套期保值

​

​

(2,182)

​

​

(2,858)

​

​

(7,718)

​

​

(8,026)

​

利息费用

定义员工福利计划

​

​

477

​

​

—

​

​

426

​

​

(292)

​

其他收入（费用），净额

总再分类

​

$

(120)

​

$

(2,858)

​

$

(5,707)

​

$

(8,318)

​

​

​

每股盈利（亏损）

以下表格总结了我们的每股收益（EPS）：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至 9 月 30 日止的三个月

​

截至九月三十日的九个月

​

    

2024

    

2023

    

2024

    

2023

继续营运所得(损失)

​

$

(14,147)

​

$

33,651

​

$

7,244

​

$

92,858

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基本加权平均普通股份流通量

​

 

37,532

​

 

37,575

​

 

37,455

​

 

37,541

股票奖励的稀释效应

​

 

—

​

 

279

​

 

330

​

 

301

稀释加权平均普通股股份

​

 

37,532

​

 

37,854

​

 

37,785

​

 

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

来自持续营运的每股盈利

​

 

  

​

 

  

​

 

  

​

 

  

基本每股收益

​

$

(0.38)

​

$

0.90

​

$

0.19

​

$

2.47

摊薄后每股收益

​

$

(0.38)

​

$

0.89

​

$

0.19

​

$

2.45

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

以上未包括反稀释股份

​

​

​

​

​

​

​

​

​

​

​

​

股票奖励

​

​

371

​

​

27

​

​

4

​

​

84

认股证

​

​

3,076

​

​

3,180

​

​

3,212

​

​

3,180

总抵减稀释股份

​

​

3,447

​

​

3,207

​

​

3,216

​

​

3,264

​

我们通过将普通股股东可得收入（损失）除以期间内普通股股东的加权平均持股数，计算普通股基本每股收益（“基本EPS”）

​

请查看 附注18. 长期负债 请参阅我们于2023年12月31日结束的年度报告第10-k表上有关我们可转换票据、票据避险和认股权证的信息以获取关于普通股每股稀释收益（“摊薄后每股收益”）的资讯，我们将根据需要将期间内普通股的加权平均持股数进行相应增加， 包括以下内容：

●如果我们未派发的股票奖励利用库藏股法转换为普通股，可能会有的附加普通股，我们将排除具有发行稀释效应的任何股票奖励；

14

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

●Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. When the stock price is lower than the strike price, there is no dilutive or anti-dilutive impact. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46 but below $179.76; and
●Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the $179.76 exercise price of the Warrants exceeded the average market price of our common stock.

Share Repurchase

To repurchase shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands, except per share amounts)

    

2024

    

2023

    

2024

    

2023

    

Amount paid or accrued to repurchase shares

​

$

1,770

​

$

40,000

​

$

1,770

​

$

40,000

​

Number of shares repurchased

​

 

19

​

 

378

​

 

19

​

 

378

​

Average repurchase price per share

​

$

93.58

​

$

105.74

​

$

93.58

​

$

105.74

​

​

At September 30, 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.

​

​

NOTE 6.     FAIR VALUE MEASUREMENTS

The following tables present information about our assets and liabilities measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

Description

​

Balance Sheet Classification

​

Level 1

​

Level 2

​

Level 3

​

Total
Fair Value

Certificates of deposit

​

Other current assets

​

$

—

​

​

157

​

​

—

​

$

157

Foreign currency forward contracts

​

Other accrued expenses

​

$

—

​

​

168

​

​

—

​

$

168

Investments

​

Other assets

​

$

—

​

​

9,668

​

​

—

​

$

9,668

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

Description

​

Balance Sheet Classification

​

Level 1

  

Level 2

  

Level 3

  

Total
Fair Value

Certificates of deposit

​

Other current assets

​

$

—

​

​

163

​

​

—

​

$

163

Interest rate swaps

​

Other assets

​

$

—

​

​

6,995

​

​

—

​

$

6,995

Investments

​

Other assets

​

$

—

​

​

5,952

​

​

—

​

$

5,952

​

​

15

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 7.    DERIVATIVE FINANCIAL INSTRUMENTS

Changes in foreign currency exchange rates impact our results of operations and cash flows. We may manage these risks through the use of derivative financial instruments, primarily forward contracts with banks. These forward contracts manage the exchange rate risk associated with assets and liabilities denominated in nonfunctional currencies. Typically, we execute these derivative instruments for one-month periods and do not designate them as hedges; however, they do partially offset the economic fluctuations of certain of our assets and liabilities due to foreign exchange rate changes.

At September 30, 2024 we have $105.9 million foreign currency forward contracts outstanding. There were no foreign currency forward contracts outstanding at December 31, 2023.

Gains and losses related to foreign currency exchange contracts were offset by corresponding gains and losses on the revaluation of the underlying assets and liabilities. Both are included as a component of other income (expense), net in our Consolidated Statements of Operations.

We had interest rate swap contracts that fixed a portion of the interest payments on our Term Loan Facility. The interest rate swap contracts expired on September 10, 2024. In connection with the expiration, there are no longer any related balances for these contracts within accumulated other comprehensive income on the Consolidated Balance Sheets as of September 30, 2024. See Note 16. Long-Term Debt for information regarding the Term Loan Facility.

See Note 6. Fair Value Measurements for information regarding fair value of derivative instruments.

As a result of using derivative financial instruments, we are exposed to the risk that counterparties to contracts could fail to meet their contractual obligations. We manage this credit risk by reviewing counterparty creditworthiness on a regular basis and limiting exposure to any single counterparty.

​

NOTE 8.    ACCOUNTS RECEIVABLE, NET

We record accounts receivable at net realizable value. Our accounts receivable, net balance on the Consolidated Balance Sheets was $259.4 million at September 30, 2024. The following table summarizes the changes in expected credit losses related to receivables:

​

​

​

​

​

December 31, 2023

   

$

1,762

Additions

​

 

94

Deductions - write-offs, net of recoveries

​

​

(399)

September 30, 2024

​

$

1,457

​

​

​

​

​

NOTE 9.    INVENTORIES

We value inventories at the lower of cost or net realizable value, computed on a first-in, first-out basis. Components of inventories were as follows:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Parts and raw materials

​

$

273,793

​

$

249,698

Work in process

​

 

19,502

​

 

14,595

Finished goods

​

 

84,445

​

 

71,844

Total

​

$

377,740

​

$

336,137

​

​

16

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 10.    INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

    

Gross Carrying 

    

Accumulated 

    

Net Carrying 

    

Weighted Average Remaining

​

​

Amount

​

Amortization

​

Amount

 

Useful Life (in years)

Technology

​

$

100,988

​

$

(69,407)

​

$

31,581

​

7.1

Customer relationships

​

 

170,486

​

​

(68,944)

​

 

101,542

​

8.8

Trademarks and other

​

 

27,219

​

​

(15,052)

​

 

12,167

​

4.9

Total

​

$

298,693

​

$

(153,403)

​

$

145,290

​

8.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

    

Gross Carrying 

    

Accumulated 

    

Net Carrying

​

Weighted Average Remaining

​

​

Amount

​

Amortization

​

 Amount

​

Useful Life (in years)

Technology

​

$

97,961

​

$

(60,412)

​

$

37,549

​

6.8

Customer relationships

​

 

168,685

​

​

(58,835)

​

 

109,850

​

9.5

Trademarks and other

​

 

27,141

​

​

(13,062)

​

 

14,079

​

5.6

Total

​

$

293,787

​

$

(132,309)

​

$

161,478

​

8.5

​

Amortization expense related to intangible assets is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Amortization expense

​

$

6,772

​

$

7,049

​

$

20,519

​

$

21,186

​

​

Estimated future amortization expense related to intangibles is as follows:

​

​

​

​

​

Year Ending December 31, 

    

​

​

2024 (remaining)

​

$

5,573

2025

​

 

22,148

2026

​

 

20,063

2027

​

 

17,815

2028

​

​

16,569

Thereafter

​

 

63,122

Total

​

$

145,290

​

​

​

​

​

The following table summarizes the changes in goodwill:

​

​

​

​

​

December 31, 2023

​

$

283,840

Additions from acquisition

​

​

16,601

Foreign currency translation and other

​

​

(1,405)

September 30, 2024

    

$

299,036

​

​

​

​

17

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 11.    RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

Details of restructuring, asset impairments, and other charges are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

2024

​

2023

    

2024

​

2023

​

Restructuring

    

$

27,790

​

$

4,709

​

$

27,844

​

$

8,906

​

Other charges

​

​

756

​

​

—

​

​

1,572

​

​

—

​

Total restructuring, asset impairments, and other charges

​

$

28,546

 

$

4,709

 

$

29,416

 

$

8,906

​

​

Restructuring

We have the following restructuring plans in process:

2024 Plan

On July 29, 2024, we approved actions in furtherance of our previously announced manufacturing consolidation initiatives intended to optimize our manufacturing footprint and cost structure, including the previously announced closure of our Zhongshan, China facility (the “2024 Plan”). In connection with the 2024 Plan, we recorded a $28.5 million charge during the third quarter of 2024 primarily associated with expected employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes, and other ancillary costs. The charge includes estimated liabilities for lease termination and facility exit costs, which could be subject to further adjustments. The remaining contractual rental obligations under the lease agreements are recorded in current portion of operating lease liabilities and operating lease liabilities on our Consolidated Balance Sheets.

We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods. We anticipate the 2024 Plan will be substantially completed by the second quarter of 2025, with final activities concluding in 2026.

2023 Plan

In 2023, we approved a plan intended to optimize and further consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align our expenses to revenue levels (the “2023 Plan”). We expect to incur approximately $1.0 million in additional charges through the second quarter of 2025. We anticipate the 2023 Plan will be substantially completed by the end of 2024, with the final activities concluding in the second quarter of 2025.

2022 Plan

This plan was approved to improve our operating efficiencies and drive the realization of synergies from our business combinations by consolidating our operations, optimizing our factory footprint, including moving certain production into our higher volume factories, reducing redundancies, and lowering our cost structure. The 2022 Plan is now complete.

18

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

Changes in restructuring liabilities were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024 Plan

    

2023 Plan

    

2022 Plan

    

Other

    

Total

December 31, 2023

​

$

—

​

$

14,224

​

$

2,930

​

$

188

​

$

17,342

Costs incurred and charged to expense

​

​

28,454

​

​

(698)

​

​

88

​

​

—

​

​

27,844

Costs paid

​

​

(855)

​

​

(7,653)

​

​

(3,018)

​

​

(188)

​

​

(11,714)

Foreign currency translation

​

​

457

​

​

—

​

​

—

​

​

—

​

​

457

September 30, 2024

​

$

28,056

​

$

5,873

​

$

—

​

$

—

​

$

33,929

​

$28.3 million of the above restructuring liability is included in other accrued expenses and $5.6 million is included in other long-term liabilities on our Consolidated Balance Sheets.

Charges related to our restructuring plans are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Severance and related charges

    

$

27,356

    

$

4,709

    

$

27,410

    

$

8,906

​

Facility relocation and closure charges

​

​

434

 

​

—

 

​

434

 

​

—

​

Total restructuring charges

​

$

27,790

 

$

4,709

 

$

27,844

 

$

8,906

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Cost Through

​

​

September 30, 2024

​

    

2024 Plan

    

2023 Plan

    

2022 Plan

    

Total

Severance and related charges

    

$

28,020

​

$

16,405

​

$

14,075

​

$

58,500

Facility relocation and closure charges

​

​

434

​

​

—

​

​

—

​

​

434

Total restructuring charges

​

$

28,454

​

$

16,405

​

$

14,075

​

$

58,934

​

Other Charges

Other charges relate to vacating and relocating facilities.

​

​

​

NOTE 12.    WARRANTIES

Our sales agreements include customary product warranty provisions, which generally range from 12 to 36 months after shipment. We record the estimated warranty obligations cost when we recognize revenue. This estimate is based on historical experience by product and configuration.

We include warranty obligation in other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation were as follows:

​

​

​

​

​

December 31, 2023

​

$

4,007

Net increases to accruals

​

 

2,088

Warranty expenditures

​

 

(1,640)

Effect of changes in exchange rates

​

 

155

September 30, 2024

​

$

4,610

​

​

​

19

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 13.    LEASES

Components of total operating lease cost were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2024

    

2023

    

2024

    

2023

Operating lease cost

​

$

5,859

​

$

5,629

​

$

17,575

​

$

16,965

Short-term and variable lease cost

​

​

897

​

​

1,100

​

​

2,474

​

​

3,170

Total operating lease cost

​

$

6,756

​

$

6,729

​

$

20,049

​

$

20,135

​

Estimated future payments on our operating lease liabilities are as follows:

​

​

​

​

​

Year Ending December 31,

    

​

​

2024 (remaining)

​

$

6,127

2025

​

 

22,557

2026

​

 

17,077

2027

​

​

13,616

2028

​

​

13,171

Thereafter

​

​

50,930

Total lease payments

​

​

123,478

Less: Interest

​

​

(24,854)

Present value of lease liabilities

​

$

98,624

​

In addition to the above, we have lease agreements with total payments of $32.8 million that commence on various dates in 2024 and 2025 and extend through 2040.

In connection with the closure of our Zhongshan, China facility under the 2024 Plan (see Note 11. Restructuring, Asset Impairments, and Other Charges), we expect to terminate the facility’s lease agreement before its expiration. During the third quarter of 2024, we reduced both the operating lease right-of-use asset and operating lease liability by $20.7 million.

The following tables present additional information about our lease agreements:

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

​

December 31, 

​

​

    

2024

    

    

2023

​

Weighted average remaining lease term (in years)

​

​

7.8

​

​

​

8.3

​

Weighted average discount rate

​

 

5.5

%

​

​

5.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

    

2023

    

2024

    

2023

    

Cash paid for operating leases

$

5,823

​

$

5,683

​

$

17,476

​

$

17,290

​

Right-of-use assets obtained in exchange for operating lease liabilities

$

7,367

​

$

9,271

​

$

25,784

​

$

11,900

​

​

​

​

​

​

20

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 14.    STOCK-BASED COMPENSATION

The Compensation Committee of our Board of Directors administers our stock plans. As of September 30, 2024, we had two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the “2023 Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”). The 2023 Incentive Plan was approved by stockholders on April 27, 2023 and amended and restated on November 2, 2023. We issue all new equity compensation grants under the 2023 Incentive Plan; however, outstanding awards previously issued under now inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans.

The 2023 Incentive Plan provides for the grant of awards including stock options, stock appreciation rights, performance stock units, performance units, stock, restricted stock, restricted stock units, and cash incentive awards.

The following table summarizes information related to our stock-based incentive compensation plans:

​

​

​

​

​

​

September 30, 2024

Shares available for future issuance under the 2023 Incentive Plan

​

1,809

Shares available for future issuance under the ESPP

​

556

​

Stock-Based Compensation Expense

We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. During the nine months ended September 30, 2024, stock-based compensation expense includes $1.8 million related to a modification for accounting purposes of prior awards. Stock-based compensation was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

    

Stock-based compensation expense

​

$

11,914

​

$

8,075

​

$

34,303

​

$

22,813

​

​

See Note 2. Acquisitions for information regarding future stock-based compensation expense related to the Airity acquisition.

Restricted Stock Units

Generally, we grant restricted stock units (“RSUs”) with a three year time-based vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based vesting requirements. RSUs are generally granted with a grant date fair value based on the market price of our stock on the date of grant.

​

Changes in our RSUs were as follows:

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

​

    

Weighted-

​

​

​

​

Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

RSUs outstanding at beginning of period

 

917

​

$

85.96

RSUs granted

 

546

​

$

104.79

RSUs vested

 

(286)

​

$

90.22

RSUs forfeited

 

(87)

​

$

77.73

RSUs outstanding at end of period

 

1,090

​

$

94.92

​

21

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

Stock Options

Generally, we grant stock option awards with an exercise price equal to the market price of our stock at the date of grant and with either a three or four-year vesting schedule or performance-based vesting. Stock option awards generally have a term of ten years.

Changes in our stock options were as follows:

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

    

​

    

Weighted-

​

​

​

​

Average

​

​

Number of

​

Exercise Price

​

​

Options

​

per Share

Options outstanding at beginning of period

 

89

​

$

76.69

Options exercised

 

(10)

​

$

26.32

Options outstanding at end of period

 

79

​

$

83.05

​

​

​

NOTE 15.    COMMITMENTS AND CONTINGENCIES

We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in intellectual property litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third party intellectual property rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred, and the amount of such loss can be reasonably estimated. We are not currently a party to any legal action that we believe would have a material adverse impact on our business, financial condition, results of operations or cash flows.

We maintain defined benefit pension plans for certain of our non-U.S. employees, including the United Kingdom. In light of the United Kingdom’s High Court ruling in the case of Virgin Media Ltd v. NTL Pension Trustees II Ltd & Ors, which was recently upheld on appeal, we are reviewing past amendments made to our United Kingdom pension plans to evaluate whether any changes were implemented in conflict with section 37 of the United Kingdom Pension Schemes Act 1993. Should there be a challenge to any previous amendments to our pension plan in the United Kingdom, we could face potential litigation and compliance risks. We continue to account for our United Kingdom pension arrangements in accordance with the plan agreements and amendments, as we believe they represent a mutual understanding and agreement among all parties.

​

​

22

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

NOTE 16. LONG-TERM DEBT

Long-term debt on our Consolidated Balance Sheets consists of the following:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Convertible Notes due 2028

​

$

575,000

​

$

575,000

Term Loan Facility

​

​

—

​

​

355,000

Gross long-term debt, including current maturities

​

​

575,000

​

​

930,000

Less: debt discount

​

​

(11,000)

​

​

(14,321)

Net long-term debt, including current maturities

​

​

564,000

​

​

915,679

Less: current maturities

​

​

—

​

​

(20,000)

Net long-term debt

​

$

564,000

​

$

895,679

​

For all periods presented, we were in compliance with the covenants under all debt agreements.

The following table summarizes interest expense related to our debt:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Interest expense

​

$

5,736

​

$

3,528

​

$

18,403

​

$

8,818

​

Amortization of debt issuance costs

​

​

794

​

​

245

​

​

2,469

​

​

509

​

Capitalized interest

​

​

(157)

​

​

—

​

​

(428)

​

​

—

​

Total interest expense related to debt

​

$

6,373

​

$

3,773

​

$

20,444

​

$

9,327

​

​

Credit Agreement

Our credit agreement dated as of September 10, 2019, as amended (the “Credit Agreement”) consist of a senior unsecured term loan facility (“Term Loan Facility”) and a senior unsecured revolving facility (“Revolving Facility”), both maturing on September 9, 2026. On September 9, 2024, we entered into an amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million. This amendment was in connection with the concurrent prepayment, using existing cash on hand, of the full $345.0 million outstanding principal balance under our Term Loan Facility.

For all periods presented, no amounts were outstanding on the Revolving Facility. The following table summarizes our availability to withdraw on the Revolving Facility:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Available capacity on Revolving Facility

​

$

600,000

​

$

200,000

​

In addition to our available capacity on the Revolving Facility, prior to the maturity date of the Credit Agreement, we may request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million. Any requested increase is subject to lender approval.

​

The interest rate swap contracts previously entered into relative to the Term Loan Facility expired on September 10, 2024. Should we have future borrowings under the Term Loan Facility or Revolving Facility, they will bear interest, at our option, at a rate based on the Base Rate or SOFR, as defined in the Credit Agreement, plus an applicable margin.

Convertible Senior Notes due 2028

On September 12, 2023, we completed a private, unregistered offering of $575.0 million aggregate principal amount of 2.50% convertible senior notes due 2028 (“Convertible Notes”).

23

Table of Contents

ADVANCED ENERGY INDUSTRIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands, except per share data)

​

The $564.0 million remaining outstanding principal amount of the Convertible Notes, net of unamortized issuance costs, continues to be classified as long-term debt as none of the conversion triggers occurred as of September 30, 2024. The redemption price is 100% of the principal amount plus accrued and unpaid interest. The Convertible Notes mature on September 15, 2028, unless earlier repurchased, redeemed, or converted. Interest is payable semi-annually in arrears in March and September.

Concurrent with the Convertible Notes issuance, we entered into hedges and sold warrants with respect to our common stock. In combination, the hedges and warrants synthetically increase the initial conversion price on the Convertible Notes from $137.46 to $179.76, reducing the potential dilutive effect.

We use level 2 measurements to estimate the fair value of our debt. As of September 30, 2024, we estimate the fair value of our Convertible Notes to be $598.2 million.

​

NOTE 17. SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES

Certain of our cash and non-cash activities were as follows:

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

2024

    

2023

​

Non-cash investing activities:

​

​

​

​

​

​

​

Capital expenditures in accounts payable and other accrued expenses

​

$

7,200

​

$

7,699

​

Cash paid for:

​

​

​

​

​

​

​

Interest expense

​

$

17,975

​

$

8,060

​

Income taxes

​

$

29,041

​

$

45,040

​

Cash received from income taxes

​

$

1,627

​

$

828

​

Depreciation expense

​

$

31,305

​

$

28,578

​

​

​

​

​

​

24

Table of Contents

ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This management discussion and analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the “SEC”) on February 20, 2024 (the “2023 Form 10-K”).

Special Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “report”) contains, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations, and plans are forward-looking statements, as are statements that certain actions, conditions, events, or circumstances will continue. The inclusion of words such as “anticipate,” “expect,” “estimate,” “can,” “may,” “might,” “continue,” “enable,” “plan,” “intend,” “should,” “could,” “would,” “will,” “likely,” “potential,” “believe,” and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions. These forward-looking statements are based upon information available as of the date of this report and management’s current estimates, forecasts, and assumptions. Although we believe that our expectations reflected in or suggested by these forward-looking statements are reasonable, we may not achieve the results, performance, plans, or objectives expressed or implied by such forward-looking statements. Forward-looking statements involve risks and uncertainties, which are difficult to predict and many of which are beyond our control.

Risks and uncertainties to which our forward-looking statements are subject include:

●volatility and business fluctuations in the industries in which we compete;
●our ability to achieve design wins with new and existing customers;
●our ability to accurately forecast and meet customer demand;
●risks related to global economic conditions, such as the impact of escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, or recession;
●risks inherent in our international operations, including the effect of trade and export controls, political and geographical risks, the impact of tariffs on our supply or products, and fluctuations in currency exchange rates;
●concentration of our customer base;
●risks associated with breach of our information security measures;
●our loss of or inability to attract and retain key personnel;
●disruptions to our manufacturing operations or those of our customers or suppliers;
●risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products;
●our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions;
●quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves;
●our ability to enforce, protect and maintain our proprietary technology and intellectual property rights;
●our ability to achieve cost savings, profitability, and gross margin goals;
●changes to tax laws and regulations or our tax rates;

25

Table of Contents

●changes in federal, state, local and foreign regulations, including with respect to privacy and data protection, and environmental regulation;
●effect of our debt obligations and restrictive covenants on our ability to operate our business;
●customer price sensitivity;
●risks related to our unfunded pension obligations;
●restructuring and severance activities;
●legal matters, claims, investigations, and proceedings;
●our estimates of the fair value of intangible assets; and
●the potential impact of dilution related to our convertible debt, hedge, and warrant transactions.

Actual results could differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Factors that could contribute to these differences or prove our forward-looking statements, by hindsight, to be overly optimistic or unachievable include, but are not limited to, the risks and uncertainties listed above and described in Part I, Item 1A in the 2023 Form 10-K. We assume no obligation to update any forward-looking statement or provide the reasons why our actual results might differ.

​

​

26

Table of Contents

BUSINESS AND MARKET OVERVIEW

Company Overview

Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell and support precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment. Many of our products enable customers to reduce or optimize their energy consumption through increased power conversion efficiency, power density, power coupling, and process control across a wide range of applications.

We are organized on a global, functional basis and operate as a single segment of power electronics conversion products. Within this segment, our products are sold into the Semiconductor Equipment, Industrial and Medical, Data Center Computing, and Telecom and Networking markets.

Recent Events

Airity Acquisition

On June 20, 2024, we acquired Airity Technologies, Inc. (“Airity”), which is based in Redwood City, California. This acquisition adds high voltage power conversion technologies and products, which broadens our range of targeted applications within our Semiconductor Equipment and Industrial and Medical markets. See Note 2. Acquisitions in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

2024 Restructuring Plan

In July 2024, we approved further manufacturing consolidation initiatives, including the previously announced closure of our Zhongshan, China facility. In connection with the 2024 Plan, we recorded a $28.5 million charge primarily associated with expected employment-related charges and facility exit costs. We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods. For additional information, see Note 11. Restructuring, Asset Impairments, and Other Charges in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

Credit Agreement Amendment

On September 9, 2024, we used existing cash on hand to prepay the full $345.0 million outstanding principal balance under our Term Loan Facility. As of September 30, 2024, our only outstanding debt is the Convertible Notes due in 2028. On the same date, we entered into an additional amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million. See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for additional information.

Product and Services

Our precision power products and solutions are designed to enable new process technologies, improve productivity, lower the cost of ownership, and provide critical power capabilities for our customers. These products are designed to meet our customers’ demanding requirements in efficiency, flexibility, performance, and reliability. We also provide repair and maintenance services for our products.

Our plasma power products offer solutions to enable innovation in complex semiconductor and thin film plasma processes such as dry etch and deposition. Our broad portfolio of high and low voltage power products is used in a wide range of applications, such as semiconductor equipment, industrial production, medical and life science equipment, data center computing, networking, and telecommunications. We also supply related sensing, controls, and instrumentation products primarily for advanced measurement and calibration of power and temperature for multiple industrial markets.

27

Table of Contents

Our network of global service support centers provides repair services, calibration, conversions, upgrades, refurbishments, and used equipment to companies that use our products.

End Markets Summary

The demand environment in each of our markets is impacted by macroeconomic conditions, various market trends, customer buying patterns, design wins, and other factors. Although we are currently experiencing a lower demand environment in certain markets, we continue to believe that the long-term market growth drivers support our long-term strategy, research and development efforts, and capital investments. However, in the short-term it is unclear how certain macroeconomic conditions, including the effect of higher interest rates impacting end customers’ capital investment, the timing of inventory digestion, and customer buying patterns, will affect customer demand and our revenue.

Semiconductor Equipment Market

The Semiconductor Equipment market is slowly recovering from a cyclical downturn, which began in the fourth quarter of 2022. Since the market bottomed in 2023, demand had modestly recovered in the first nine months of 2024, but a number of external factors continued to limit the market, including unfavorable macroeconomic conditions, prolonged weak demand for consumer electronics, low fab utilization, and U.S. export restrictions to China.

We continue to believe the long-term growth drivers will support cyclical growth for this market as more manufacturing capacity is needed to support increasing demand for semiconductor devices and related capital equipment.

Industrial and Medical Market

Beginning in the second half of 2023, the impact of weaker macroeconomic conditions started to impact demand for our products in the Industrial and Medical Market. In addition, in the first nine months of 2024, elevated inventory levels of our products following the supply chain crisis and extended lead times resulted in high levels of inventory rebalancing by our customers. We expect these factors will continue to limit our revenue levels in the near term, but we believe the long-term growth drivers will enable growth to return to this market after end markets recover and our customer inventories return to normal levels.

​

Data Center Computing Market

The Data Center Computing Market experienced weak demand starting in the first quarter of 2023 and continued until the first quarter of 2024, driven by reduced investments of our hyperscale customers, lower demand for Enterprise systems and the timing impact of large customer orders on our revenues. Starting in the second quarter of 2024, demand rebounded from both our hyperscale and enterprise customers, driven by accelerated investments in artificial intelligence and improved demand in the traditional server market, which we expect to continue for several quarters.

Telecom and Networking Market

Starting in 2023, leading companies in both the telecom and networking markets reported weakening demand. However, improved supply of critical components in 2023 drove higher customer orders and more than offset weakening market conditions, which continued in 2024. As end demand softens and customers rebalance their elevated inventory levels of our products, demand for our products declined meaningfully in the first nine months of 2024, which we expect to continue for several quarters.

​

​

28

Table of Contents

Results of Continuing Operations

The analysis presented below is organized to provide the information we believe will be helpful for an understanding of our historical performance and relevant trends going forward and should be read in conjunction with our “Unaudited Consolidated Financial Statements” in Part I, Item 1 of this report, including the notes thereto. Also included in the following analysis are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). A reconciliation of the non-GAAP measures to U.S. GAAP is provided below.

The following table sets forth certain data derived from our Consolidated Statements of Operations (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

    

​

Nine Months Ended September 30, 

​

​

​

2024

​

​

2023

​

​

2024

​

​

2023

  

Revenue

  

$

374,217

    

100.0

%

  

$

409,991

  

100.0

%

  

$

1,066,639

  

100.0

%

  

$

1,250,539

  

100.0

%

Gross profit

​

 

134,068

​

35.8

​

​

 

147,341

​

35.9

​

​

 

374,638

​

35.1

​

​

 

449,532

​

35.9

​

Operating expenses

​

 

145,116

​

38.8

​

​

 

117,280

​

28.6

​

​

 

372,041

​

34.9

​

​

 

349,608

​

28.0

​

Operating income (loss) from continuing operations

​

 

(11,048)

​

(3.0)

​

​

 

30,061

​

7.3

​

​

 

2,597

​

0.2

​

​

 

99,924

​

8.0

​

Interest income

​

​

11,018

​

2.9

​

​

​

6,396

​

1.6

​

​

​

35,782

​

3.4

​

​

​

14,282

​

1.1

​

Interest expense

​

​

(6,378)

​

(1.7)

​

​

​

(3,780)

​

(0.9)

​

​

​

(20,461)

​

(1.9)

​

​

​

(9,368)

​

(0.7)

​

Other income (expense), net

​

 

(8,139)

​

(2.2)

​

​

 

1,848

​

0.5

​

​

 

(6,122)

​

(0.6)

​

​

 

1,425

​

0.1

​

Income (loss) from continuing operations, before income tax

​

 

(14,547)

​

(3.9)

​

​

 

34,525

​

8.4

​

​

 

11,796

​

1.1

​

​

 

106,263

​

8.5

​

Income tax provision (benefit)

​

 

(400)

​

(0.1)

​

​

 

874

​

0.2

​

​

 

4,552

​

0.4

​

​

 

13,405

​

1.1

​

Income (loss) from continuing operations

​

$

(14,147)

​

(3.8)

%

​

$

33,651

​

8.2

%

​

$

7,244

​

0.7

%

​

$

92,858

​

7.4

%

​

29

Table of Contents

Revenue

The following tables summarize net sales and percentages of net sales, by markets (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

​

Change 2024 v. 2023

​

​

    

2024

​

    

2023

  

   

Dollar

    

Percent

​

Semiconductor Equipment

​

$

197,497

    

52.8

%

​

$

185,033

    

45.1

%

​

$

12,464

 

6.7

%

Industrial and Medical

​

 

76,837

​

20.5

​

​

 

115,226

​

28.1

​

​

 

(38,389)

 

(33.3)

%

Data Center Computing

​

​

80,653

​

21.6

​

​

​

68,286

​

16.7

​

​

​

12,367

​

18.1

%

Telecom and Networking

​

 

19,230

​

5.1

​

​

 

41,446

​

10.1

​

​

 

(22,216)

 

(53.6)

%

Total

​

$

374,217

​

100.0

%

​

$

409,991

​

100.0

%

​

$

(35,774)

 

(8.7)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

Change 2024 v. 2023

​

​

​

2024

​

    

2023

  

  

Dollar

    

Percent

​

Semiconductor Equipment

​

$

565,721

    

53.0

%

​

$

552,419

    

44.2

%

​

$

13,302

 

2.4

%

Industrial and Medical

​

 

239,359

​

22.4

​

​

 

365,849

​

29.3

​

​

 

(126,490)

 

(34.6)

%

Data Center Computing

​

​

195,519

​

18.3

​

​

​

187,021

​

15.0

​

​

​

8,498

 

4.5

%

Telecom and Networking

​

 

66,040

​

6.3

​

​

 

145,250

​

11.5

​

​

 

(79,210)

 

(54.5)

%

Total

​

$

1,066,639

​

100.0

%

​

$

1,250,539

​

100.0

%

​

$

(183,900)

 

(14.7)

%

​

Total revenues in the three month period decreased from the same period in the prior year due to customer inventory rebalancing, resulting in lower demand in our Industrial and Medical and Telecom and Networking markets. This offset a modest revenue recovery in the Semiconductor Equipment market from the trough level a year ago and a demand recovery in the Data Center Computing market.

Total revenues in the nine month period decreased from the same periods in the prior year due primarily to customer inventory rebalancing, resulting in lower demand in our Industrial and Medical and Telecom and Networking markets. The Semiconductor Equipment market modestly recovered from the cyclical trough in 2023, and revenue in the Data Center Computing market was impacted by weak demand in the first quarter followed by a rebound beginning in the second and third quarter driven by investments in artificial intelligence.

​

30

Table of Contents

Revenue by Market

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Semiconductor Equipment

​

$

197,497

​

$

185,033

​

$

12,464

 

6.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Semiconductor Equipment

​

$

565,721

​

$

552,419

​

$

13,302

 

2.4

%

​

The increase in Semiconductor Equipment revenue for the three month period was primarily due to improved demand for our products compared to the same period in the prior year. The revenue for the nine month period modestly increased from the cyclical trough in 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Industrial and Medical

​

$

76,837

​

$

115,226

​

$

(38,389)

 

(33.3)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Industrial and Medical

​

$

239,359

​

$

365,849

​

$

(126,490)

 

(34.6)

%

​

The decrease in Industrial and Medical revenues for both the three and nine month periods was primarily due to lower demand and customers working down their elevated inventories compared to a record year in 2023 and shortened lead times following the supply chain crisis.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Data Center Computing

​

$

80,653

​

$

68,286

​

$

12,367

 

18.1

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Data Center Computing

​

$

195,519

​

$

187,021

​

$

8,498

 

4.5

%

​

The increase in Data Center Computing revenue for the three and nine month periods was due to increased hyperscale investments mostly driven by artificial intelligence adoption, and, to a lesser degree, a recovery in demand for traditional enterprise servers.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Telecom and Networking

​

$

19,230

​

$

41,446

​

$

(22,216)

 

(53.6)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Telecom and Networking

​

$

66,040

​

$

145,250

​

$

(79,210)

 

(54.5)

%

​

31

Table of Contents

The decrease in Telecom and Networking revenues for both the three and nine month periods was due to the prior year benefit of improved supply of critical components. This enabled fulfillment of outstanding orders in 2023, which did not continue in 2024. In addition, we experienced a slow demand environment and inventory rebalancing from our customers, which we expect to continue.

Gross Profit and Gross Margin

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Gross profit

​

$

134,068

​

$

147,341

​

$

(13,273)

 

(9.0)

%

Gross margin

​

​

35.8

%

​

35.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Gross profit

​

$

374,638

​

$

449,532

​

$

(74,894)

​

(16.7)

%

Gross margin

​

​

35.1

%

​

35.9

%

​

​

​

​

​

​

For both the three and nine month periods, the decrease in gross profit was largely due to the decline in revenue and higher operating costs based on investments made in 2023. Gross margin declined in both periods due to the decline in volume, which drove manufacturing utilization lower. This was partially offset by more favorable product mix, savings realized from our restructuring programs, and lower premiums paid for scarce parts.

Operating Expenses

The following table summarizes our operating expenses (in thousands) and as a percentage of revenue:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

​

    

2024

​

  

2023

​

Research and development

​

$

53,561

    

14.3

%

  

$

50,391

    

12.3

%

Selling, general, and administrative

​

 

56,237

​

15.0

​

​

 

55,131

​

13.4

​

Amortization of intangible assets

​

​

6,772

​

1.8

​

​

​

7,049

​

1.7

​

Restructuring, asset impairments, and other charges

​

 

28,546

​

7.6

​

​

 

4,709

​

1.1

​

Total operating expenses

​

$

145,116

​

38.8

%

  

$

117,280

​

28.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

    

2024

​

  

2023

​

Research and development

​

$

155,732

    

14.6

%

  

$

153,414

    

12.3

%

Selling, general, and administrative

​

 

166,374

​

15.6

​

​

 

166,102

​

13.3

​

Amortization of intangible assets

​

​

20,519

​

1.9

​

​

​

21,186

​

1.7

​

Restructuring, asset impairments, and other charges

​

 

29,416

​

2.8

​

​

 

8,906

​

0.7

​

Total operating expenses

​

$

372,041

​

34.9

%

  

$

349,608

​

28.0

%

​

​

​

32

Table of Contents

Research and Development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Research and development

​

$

53,561

​

$

50,391

​

$

3,170

 

6.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

(in thousands)

Research and development

​

$

155,732

​

$

153,414

​

$

2,318

 

1.5

%

​

During the three and nine month periods we experienced an increase in R&D related to higher stock-based compensation expense as well as higher program and materials cost compared to the same periods in the prior year. This was partially offset by lower variable compensation cost.

Selling, General and Administrative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Selling, general, and administrative

​

$

56,237

​

$

55,131

​

$

1,106

 

2.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Selling, general, and administrative

​

$

166,374

​

$

166,102

​

$

272

 

0.2

%

​

Selling, general, and administrative expense remained constant due to actions taken to control costs, including headcount reduction and lower variable employee compensation, partially offset by higher stock-based compensation cost.

Amortization of Intangibles Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Amortization of intangible assets

​

$

6,772

​

$

7,049

​

$

(277)

 

(3.9)

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Amortization of intangible assets

​

$

20,519

​

$

21,186

​

$

(667)

 

(3.1)

%

​

Amortization expense remained constant. We acquired new intangible assets in the Airity acquisition, but this was offset by certain other intangible assets reaching the end of their estimated useful life.

​

33

Table of Contents

Restructuring, Asset Impairments and Other Charges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Restructuring, asset impairments, and other charges

​

$

28,546

​

$

4,709

​

$

23,837

 

506.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Restructuring, asset impairments, and other charges

​

$

29,416

​

$

8,906

​

$

20,510

 

230.3

%

​

The increase in restructuring, asset impairments, and other charges is primarily driven by the timing of our restructuring plan decisions.

2024 Plan

In July 2024, we approved further manufacturing consolidation initiatives, including the previously announced closure of our Zhongshan, China facility. In connection with the 2024 Plan, we recorded a $28.5 million charge primarily associated with expected employment-related charges and facility exit costs. We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods.

For additional information about this and prior year restructuring plans, see Note 11. Restructuring, Asset Impairments, and Other Charges in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

​

34

Table of Contents

Interest Income, Interest Expense, and Other Income (Expenses), net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Change 2024 v. 2023

​

​

    

2024

    

2023

   

Dollar

    

Percent

​

​

​

(in thousands)

Interest income

​

$

11,018

​

$

6,396

​

$

4,622

 

72.3

%

Interest expense

​

$

(6,378)

​

$

(3,780)

​

$

(2,598)

 

68.7

%

Other income (expense), net

​

$

(8,139)

​

$

1,848

​

$

(9,987)

 

540.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

Change 2024 v. 2023

​

​

​

2024

    

2023

  

Dollar

    

Percent

​

​

​

(in thousands)

Interest income

​

$

35,782

​

$

14,282

​

$

21,500

 

150.5

%

Interest expense

​

$

(20,461)

​

$

(9,368)

​

$

(11,093)

 

118.4

%

Other income (expense), net

​

$

(6,122)

​

$

1,425

​

$

(7,547)

 

529.6

%

​

We experienced an increase in interest income on higher cash balances, due in part to proceeds from the issuance of the Convertible Notes in the third quarter of 2023, our ability to concentrate cash in investment accounts, and higher short term market interest rates.

Interest expense increased due to interest associated with the Convertible Notes and a higher interest rate on the portion of our Term Loan Facility subject to a variable interest rate. We prepaid in full the Term Loan Facility on September 9, 2024, and the interest rate swap contracts expired on September 10, 2024. Should we have future borrowings under our Term Loan Facility or Revolving Facility, those borrowings would be subject to a variable rate.

See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for information regarding our debt.

Other income (expense), net consists primarily of foreign exchange gains and losses and other miscellaneous items. We had unrealized foreign exchange losses during the three and nine months ended September 30, 2024 compared to unrealized gains in the same periods in the prior year. Additionally, during the three months ended September 30, 2024, we incurred costs associated with foreign currency translation adjustments related to liquidated foreign operations and debt discount and fees associated with our Term Loan Facility prepayment. There were no such costs during the same periods in the prior year.

​

​

35

Table of Contents

Income Tax

The following table summarizes tax provision (benefit) (in thousands) and the effective tax rate for our income from continuing operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Income (loss) from continuing operations, before income tax

​

$

(14,547)

​

$

34,525

​

$

11,796

​

$

106,263

​

Income tax provision (benefit)

​

$

(400)

​

$

874

​

$

4,552

​

$

13,405

​

Effective tax rate

​

​

(2.7)

%

​

2.5

%

​

38.6

%

​

12.6

%

​

Our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations.

​

The previously announced Zhongshan, China factory closure impacted our effective tax rate in both the three and nine months ended September 30, 2024. For the nine months ended September 30, 2024, our effective tax rate was higher than the same period in the prior year due to smaller beneficial discrete items in the current period relative to the larger beneficial discrete items in the prior period.

​

As of January 1, 2024, the Pillar II minimum global effective tax rate of 15% enacted by the Organization for Economic Cooperation and Development (“OECD”) was effectuated. More than 140 countries agreed to enact the Pillar II global minimum tax. However, the timing of the implementation for each country varies. To date, we have determined that there was an immaterial global minimum tax liability as a result of Pillar II, as certain tax jurisdictions either will not have Pillar II enacted until after December 31, 2024 or satisfied the safe harbor test to prevent any minimum tax under Pillar II. We continue to monitor the jurisdictions for any changes and include any appropriate minimum tax throughout the year.

​

36

Table of Contents

Non-GAAP Results

Management uses non-GAAP operating income and non-GAAP earnings per share (“EPS”) to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives and make business decisions, including developing budgets and forecasting future periods. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not prepared in accordance with U.S. GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.

The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other non-recurring items such as acquisition-related costs, facility expansion and related costs, and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses and operating income from continuing

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

operations, excluding certain items (in thousands)

    

2024

    

2023

    

2024

    

2023

    

Gross profit from continuing operations, as reported

​

$

134,068

​

$

147,341

​

$

374,638

​

$

449,532

​

Adjustments to gross profit:

​

 

  

​

 

  

​

 

  

​

 

  

​

Stock-based compensation

​

 

1,046

​

 

615

​

 

2,931

​

 

1,587

​

Facility expansion, relocation costs and other

​

 

868

​

 

171

​

 

2,337

​

 

1,188

​

Acquisition-related costs

​

​

—

​

​

44

​

​

(13)

​

​

194

​

Non-GAAP gross profit

​

 

135,982

​

 

148,171

​

​

379,893

​

​

452,501

​

Non-GAAP gross margin

​

​

36.3%

​

 

36.1%

​

 

35.6%

​

 

36.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses from continuing operations, as reported

​

 

145,116

​

 

117,280

​

​

372,041

​

​

349,608

​

Adjustments:

​

 

  

​

 

  

​

 

  

​

 

  

​

Amortization of intangible assets

​

 

(6,772)

​

 

(7,049)

​

 

(20,519)

​

 

(21,186)

​

Stock-based compensation

​

 

(10,868)

​

 

(7,460)

​

 

(31,372)

​

 

(21,226)

​

Acquisition-related costs

​

 

(1,581)

​

 

(611)

​

 

(4,781)

​

 

(2,654)

​

Facility expansion, relocation costs and other

​

 

(488)

​

 

—

​

 

(488)

​

 

—

​

Restructuring, asset impairments, and other charges

​

 

(28,546)

​

 

(4,898)

​

 

(29,416)

​

 

(9,095)

​

Non-GAAP operating expenses

​

 

96,861

​

 

97,262

​

 

285,465

​

 

295,447

​

Non-GAAP operating income

​

$

39,121

​

$

50,909

​

$

94,428

​

$

157,054

​

Non-GAAP operating margin

​

​

10.5%

​

 

12.4%

​

 

8.9%

​

 

12.6%

​

​

37

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from continuing operations, excluding certain items

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands, except per share amounts)

    

2024

    

2023

    

2024

    

2023

​

Income (loss) from continuing operations, less non-controlling interest, net of income tax

​

$

(14,147)

​

$

33,651

​

$

7,244

​

$

92,858

​

Adjustments:

​

 

​

​

 

​

​

 

  

​

 

  

​

Amortization of intangible assets

​

 

6,772

​

 

7,049

​

 

20,519

​

 

21,186

​

Acquisition-related costs

​

 

1,581

​

 

655

​

 

4,768

​

 

2,848

​

Facility expansion, relocation costs, and other

​

 

1,356

​

 

171

​

 

2,825

​

 

1,188

​

Restructuring, asset impairments, and other charges

​

 

28,546

​

 

4,898

​

 

29,416

​

 

9,095

​

Unrealized foreign currency loss (gain)

​

​

3,993

​

​

(1,604)

​

​

691

​

​

(2,817)

​

Other costs included in other income (expense), net

​

​

3,665

​

​

(1,516)

​

​

3,665

​

​

(1,516)

​

Tax effect of non-GAAP adjustments, including certain discrete tax benefits

​

 

(4,172)

​

​

(1,101)

​

​

(5,292)

​

​

(3,273)

​

Non-GAAP income, net of income tax, excluding stock-based compensation

​

​

27,594

​

​

42,203

​

​

63,836

​

​

119,569

​

Stock-based compensation, net of tax

​

​

9,412

​

​

6,299

​

​

27,099

​

​

17,794

​

Non-GAAP income, net of income tax

​

$

37,006

​

$

48,502

​

$

90,935

​

$

137,363

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average common shares adjusted for stock awards

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

(in thousands)

​

2024

    

2023

    

2024

    

2023

​

Diluted weighted-average common shares outstanding

​

​

37,532

​

​

37,854

​

​

37,785

​

​

37,842

​

Dilutive effect of stock awards

​

​

360

​

​

-

​

​

-

​

​

-

​

Non-GAAP diluted weighted-average common shares outstanding

​

​

37,892

​

​

37,854

​

​

37,785

​

​

37,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of non-GAAP measure

​

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

Per share earnings excluding certain items

    

2024

    

2023

 

2024

    

2023

Diluted earnings (loss) per share from continuing operations, as reported

​

$

(0.38)

​

$

0.89

 

$

0.19

​

$

2.45

Add back:

​

​

​

​

​

​

​

​

​

​

​

​

Per share impact of non-GAAP adjustments, net of tax

 

​

1.36

 

​

0.39

​

​

2.22

​

​

1.18

Non-GAAP earnings per share

​

$

0.98

​

$

1.28

​

$

2.41

​

$

3.63

​

Liquidity and Capital Resources

Liquidity

Adequate liquidity and cash generation is important to the execution of our strategic initiatives. Our ability to fund our operations, acquisitions, capital expenditures, and product development efforts may depend on our ability to generate cash from operating activities, which is subject to future operating performance, as well as general economic, financial, competitive, legislative, regulatory, and other conditions, some of which may be beyond our control. Our primary sources of liquidity continue to be our available cash, cash generated from operations, and available borrowing capacity under the Revolving Facility (defined in Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements”).

38

Table of Contents

As of September 30, 2024, our cash and cash equivalents totaled $657.3 million, while our available funding under our Revolving Facility was $600.0 million. Additionally, we generated $50.3 million of cash flow from continuing operations in the nine months ended September 30, 2024. We believe our sources of liquidity will be adequate to meet anticipated debt service, share repurchase programs, and dividends. During the ordinary course of business, we evaluate our cash requirements and, if necessary, adjust our expenditures to reflect the current market conditions and our projected revenue and demand. Our capital expenditures are primarily directed towards manufacturing and operations and can materially influence our available cash for other initiatives.

In addition, we may seek additional debt or equity financing from time to time; however, such additional financing may not be available on acceptable terms, if at all.

Debt

On September 9, 2024, we used existing cash on hand to prepay the full $345.0 million outstanding principal balance under our Term Loan Facility. On the same date, we entered into an additional amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million.

As of September 30, 2024, our only outstanding debt is the $575.0 million Convertible Notes, which mature on September 15, 2028 and carry a 2.5% interest rate.

See Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements” for additional information.

The interest rate swap contracts previously entered into related to the Term Loan Facility expired on September 10, 2024. Should we have future borrowings under our Term Loan Facility or Revolving Facility, those borrowings would be subject to a variable rate.

As of September 30, 2024, no amounts were outstanding under the Revolving Facility, and we had $600.0 million in available funding.

In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million. Any requested increase is subject to lender approval.

For more information see Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

Dividends

During the nine months ended September 30, 2024, we paid quarterly cash dividends of $0.10 per share, totaling $11.5 million. We currently anticipate that a cash dividend of $0.10 per share will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions, and other factors.

39

Table of Contents

Cash Flows

A summary of our cash from operating, investing, and financing activities is as follows (in thousands):

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

    

2024

    

2023

Net cash from operating activities from continuing operations

​

$

50,250

​

$

128,240

Net cash used in operating activities from discontinued operations

​

 

(2,191)

​

 

(3,307)

Net cash from operating activities

​

 

48,059

​

 

124,933

Net cash used in investing activities

​

 

(60,505)

​

 

(50,229)

Net cash used in financing activities

​

 

(374,433)

​

 

454,204

Effect of currency translation on cash and cash equivalents

​

 

(389)

​

 

(1,795)

Net change in cash and cash equivalents

​

 

(387,268)

​

 

527,113

Cash and cash equivalents, beginning of period

​

 

1,044,556

​

 

458,818

Cash and cash equivalents, end of period

​

$

657,288

​

$

985,931

​

Operating Activities

Net cash from operating activities from continuing operations for the nine months ended September 30, 2024 was $50.3 million, as compared to $128.2 million for the same period in the prior year. This $77.9 million decrease was primarily due to lower net income from continuing operations. Additionally, during the current year, we had a significant use of cash for inventories due to a strategic inventory buildup as well as lower cash flow from accounts receivable as a result of a decline in revenue. In addition, we had unfavorable changes in accounts payable, accrued expenses, and other liabilities.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2024 was $60.5 million, primarily driven by the following:

●$44.0 million in purchases of property and equipment largely driven by investments in our manufacturing footprint and capacity;
●$13.8 million for the Airity acquisition; and
●$2.7 million in purchases of investments.

Net cash used in investing activities for the nine months ended September 30, 2023 was $50.2 million, primarily driven by the following:

●$46.8 million in purchases of property and equipment largely driven by investments in our manufacturing footprint and capacity; and
●$3.4 million in purchases of investments.

Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2024 was $374.4 million and included the following:

●$355.0 million for repayment of long-term debt;

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Table of Contents

●$11.5 million for dividend payments;
●$1.8 million for repurchase of common stock; and
●$6.0 million in net payments related to stock-based award activities.

Net cash from financing activities for the nine months ended September 30, 2023 was $454.2 million and included the following:

●$562.0 million net proceeds from issuance of long-term debt;
●$74.9 million proceeds from the sale of Warrants;
●$115.0 million for purchase of Note Hedges;
●$40.0 million for repurchase of common stock;
●$15.0 million for repayment of long-term debt;
●$11.4 million for dividend payments; and
●$1.3 million in net payments related to stock-based award activities.

Effect of Currency Translation on Cash

During the nine months ended September 30, 2024, foreign currency translation had a minimal impact on cash. See “Foreign Currency Exchange Rate Risk” in Part I, Item 3 for more information.

​

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Note 1. Summary of Operations and Significant Accounting Policies and Estimates to the consolidated financial statements in the 2023 Form 10-K describes the significant accounting policies and methods used in the preparation of our consolidated financial statements. Our critical accounting estimates, discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the 2023 Form 10-K, include assessing excess and obsolete inventories, accounting for income taxes, and estimates for the valuation of assets and liabilities acquired in business combinations.

Such accounting policies and estimates require significant judgments and assumptions to be used in the preparation of the consolidated financial statements and actual results could differ materially from the amounts reported based on variability in factors affecting these estimates.

​

​

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ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk and Risk Management

In the normal course of business, we have exposure to interest rate risk from our investments and the Credit Agreement. We also have exposure to foreign exchange rate risk related to our foreign operations and foreign currency transactions.

See “Risk Factors” set forth in Part I, Item 1A of the 2023 Form 10-K and Part II of this report, for more information about the market risks to which we are exposed. There have been no material changes in our exposure to market risk from December 31, 2023.

Foreign Currency Exchange Rate Risk

We are impacted by changes in foreign currency exchange rates through revenue and purchasing transactions when we sell products and purchase materials in currencies different from the currency in which product and manufacturing costs were incurred. Our reported financial results of operations, including the reported value of our assets and liabilities, are also impacted by changes in foreign currency exchange rates. Assets and liabilities of substantially all our subsidiaries outside the U.S. are translated at period end rates of exchange for each reporting period. Operating results and cash flow statements are translated at average rates of exchange during each reporting period. Although these translation changes have no immediate cash impact, the translation changes may impact future borrowing capacity, and overall value of our net assets.

The functional currencies of our worldwide facilities primarily include the United States Dollar, Euro, South Korean Won, New Taiwan Dollar, Japanese Yen, Pound Sterling, and Chinese Yuan. We are subject to risks associated with revenue and purchasing activities and costs to operate that are denominated in currencies other than our functional currencies, such as the Singapore Dollar, Malaysian Ringgit, Mexican Peso, Philippine Peso, and Thai Baht. Historically, the impact of changes to these particular exchange rates has not been material to our operating results.

From time to time, we may enter into foreign currency exchange rate contracts to hedge against changes in foreign currency exchange rates on assets and liabilities expected to be settled at a future date, including foreign currency, which may be required for a potential foreign acquisition. Market risk arises from the potential adverse effects on the value of derivative instruments that result from a change in foreign currency exchange rates. We may enter into foreign currency forward contracts to manage the exchange rate risk associated with intercompany debt denominated in nonfunctional currencies. We minimize our market risk applicable to foreign currency exchange rate contracts by establishing and monitoring parameters that limit the types and degree of our derivative contract instruments. We enter into derivative contract instruments for risk management purposes only. We do not enter into or issue derivatives for trading or speculative purposes.

Interest Rate Risk

At the present time, a change in interest rates does not have an impact upon our future earnings and cash flow because our only outstanding debt is the Convertible Notes, which carry a fixed 2.5% interest rate. However, increases in interest rates could impact the decision to borrow under our Credit Agreement, ability to refinance existing maturities, and acquire additional debt on favorable terms.

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For more information see Note 16. Long-Term Debt in Part I, Item 1 “Unaudited Consolidated Financial Statements.”

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ITEM 4.       CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures, which are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Principal Executive Officer (Stephen D. Kelley, President and Chief Executive Officer) and Principal Financial Officer (Paul Oldham, Executive Vice President and Chief Financial Officer), as appropriate, to allow timely decisions regarding required disclosures.

As of the end of the period covered by this report, we conducted an evaluation, with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures pursuant to the Exchange Act Rule 13a-15(b). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024. The conclusions of the Chief Executive Officer and Chief Financial Officer from this evaluation were communicated to the Audit and Finance Committee. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. We intend to continue to review and document our disclosure controls and procedures, including our internal controls over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.

Changes in Internal Control over Financial Reporting

Our assessment of the effectiveness of internal control over financial reporting excludes Airity, which we acquired in a business combination on June 20, 2024. See Note 2. Acquisitions in Part I, Item 1 “Unaudited Consolidated Financial Statements.” Airity’s total assets and total revenue excluded from management’s assessment represent less than 1% of the related consolidated financial statement amounts as of September 30, 2024.

Aside from the above, there was no change in our internal control over financial reporting that occurred during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS

We are involved in disputes and legal actions arising in the normal course of our business. Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our financial condition, results of operations, or liquidity.

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ITEM 1A.     RISK FACTORS

Information concerning our risk factors is contained in Part I, Item 1A, “Risk Factors” in the 2023 Form 10-K. The risks described in the 2023 Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or operating results. There have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K.

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ITEM 2.       UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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To repurchase shares of our common stock, we periodically enter into stock repurchase agreements, open market transactions, and/or other transactions in accordance with applicable federal securities laws. Before repurchasing our shares, we consider the market price of our common stock, the nature of other investment opportunities, available liquidity, cash flows from operations, general business and economic conditions, and other relevant factors.

The following table summarizes these repurchases during the three months ended September 30, 2024:

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Month

    

Total
Number of
Shares
Purchased

    

Average
Price Paid
Per Share

    

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs

    

Maximum
Dollar
Value of
Shares that
May Yet be
Purchased
Under the
Plans or
Programs

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(in thousands, except price per share data)

July 1 to July 31, 2024

​

​

—

​

$

—

​

​

—

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$

199,192

August 1 to August 31, 2024

​

​

—

​

$

—

​

​

—

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$

199,192

September 1 to September 30, 2024

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​

19

​

$

93.58

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​

19

​

$

197,404

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At September 30, 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.

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ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

None

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ITEM 4.       MINE SAFETY DISCLOSURES

None

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ITEM 5.       OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, no director or officer adopted or terminated a “Rule 10b5-1 trading arrangement” or a “Non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K).

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ITEM 6.       EXHIBITS

The exhibits listed in the following index are filed as part of this Quarterly Report on Form 10-Q.

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Exhibit

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Incorporated by Reference  

Number

​

Description

Form

File No.

Exhibit

Filing Date

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10.1

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Amendment No. 4 to Credit Agreement by and among Advanced Energy Industries, Inc., the guarantors party thereto, Bank of America, NA as the administrative agent, and the lenders party thereto

8-K

000-26966

10.1

Sep. 11, 2024

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31.1

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Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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​

​

Filed herewith

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​

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31.2

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Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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​

​

Filed herewith

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32.1

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Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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​

​

Filed herewith

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​

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32.2

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Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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​

Filed herewith

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101.INS

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Inline XBRL Instance Document

(The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

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​

​

Filed herewith

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101.SCH

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Inline XBRL Taxonomy Extension Schema Document.

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​

​

Filed herewith

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​

​

​

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101.CAL

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Inline XBRL Taxonomy Extension Calculation Link base Document.

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​

​

Filed herewith

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101.DEF

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Inline XBRL Taxonomy Extension Definition Link base Document.

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​

​

Filed herewith

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101.LAB

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Inline XBRL Taxonomy Extension Label Link base Document.

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​

​

Filed herewith

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101.PRE

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Inline XBRL Taxonomy Extension Presentation Link base Document.

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​

​

Filed herewith

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​

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​

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104

​

Cover Page Interactive Data File

(Formatted in Inline XBRL and contained in Exhibit 101)

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​

​

Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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ADVANCED ENERGY INDUSTRIES, INC.

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Dated:

October 30, 2024

/s/ Paul Oldham

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Paul Oldham

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Chief Financial Officer and Executive Vice President

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/s/ Bernard R. Colpitts, Jr.

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​

Bernard R. Colpitts, Jr.

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​

Chief Accounting Officer and Controller

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46