Advanced Energy Industries Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Advanced Energy Industries Inc. has filed its 2023 10-K annual report, detailing financial data and equity information.</b>

AI Summary

ADVANCED ENERGY INDUSTRIES INC (AEIS) filed a Annual Report (10-K) with the SEC on February 20, 2024. The filing is a 10-K annual report for Advanced Energy Industries Inc. for the fiscal year ending December 31, 2023. The company's Standard Industrial Classification code is 3679 (Electronic Components, NEC). The filing includes data related to common stock, retained earnings, and additional paid-in capital for fiscal years 2020 through 2023. Comprehensive income components such as accumulated translation adjustment and accumulated other comprehensive income are detailed for the same period. Information regarding time-based equity awards and the Omnibus 2023 Incentive Plan is also present.

Why It Matters

For investors and stakeholders tracking ADVANCED ENERGY INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Advanced Energy Industries Inc.'s financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and growth. The detailed breakdown of equity, retained earnings, and comprehensive income components offers insights into the company's capital structure and profitability trends over the past few years.

Risk Assessment

Risk Level: low — ADVANCED ENERGY INDUSTRIES INC shows low risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not inherently contain new, high-risk information.

Analyst Insight

Review the detailed financial statements and equity disclosures within the 10-K to understand Advanced Energy Industries Inc.'s financial health and capital management strategies.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240220 — Filing Date (Filed as of Date)
• 37429000 — Value (Associated with Selling General and Administrative Expense)
• 37318000 — Value (Associated with Selling General and Administrative Expense)

Key Players & Entities

• ADVANCED ENERGY INDUSTRIES INC (company) — Filer name
• 0000927003 (company) — Central Index Key
• 3679 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of Incorporation
• 840846841 (tax_id) — IRS Number
• 1934 Act (regulation) — SEC Act
• 000-26966 (filing_id) — SEC File Number
• 24650908 (filing_id) — Film Number

FAQ

Industry Context

Advanced Energy Industries Inc. operates in the electronic components sector, providing power and control technologies for various industries.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, specifically the 10-K form, for annual reporting to the SEC.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity from prior years.
2. Review the statements of comprehensive income to understand revenue, expenses, and net income trends.
3. Examine disclosures related to equity, such as common stock and retained earnings, to assess capital structure evolution.

Year-Over-Year Comparison

This filing is the 2023 10-K, providing the latest annual financial overview for Advanced Energy Industries Inc.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value AEIS Nasdaq Global Select

Filing Documents

• aeis-20231231x10k.htm (10-K) — 3609KB
• aeis-20231231xex10d32.htm (EX-10.32) — 39KB
• aeis-20231231xex10d33.htm (EX-10.33) — 36KB
• aeis-20231231xex10d34.htm (EX-10.34) — 42KB
• aeis-20231231xex19d1.htm (EX-19.1) — 101KB
• aeis-20231231xex21d1.htm (EX-21.1) — 75KB
• aeis-20231231xex23d1.htm (EX-23.1) — 6KB
• aeis-20231231xex31d1.htm (EX-31.1) — 13KB
• aeis-20231231xex31d2.htm (EX-31.2) — 13KB
• aeis-20231231xex32d1.htm (EX-32.1) — 8KB
• aeis-20231231xex32d2.htm (EX-32.2) — 7KB
• aeis-20231231xex97d1.htm (EX-97.1) — 56KB
• aeis-20231231x10k003.jpg (GRAPHIC) — 4KB
• aeis-20231231x10k004.jpg (GRAPHIC) — 54KB
• aeis-20231231xex19d1001.jpg (GRAPHIC) — 6KB
• 0000927003-24-000003.txt (&nbsp;) — 15245KB
• aeis-20231231.xsd (EX-101.SCH) — 72KB
• aeis-20231231_cal.xml (EX-101.CAL) — 104KB
• aeis-20231231_def.xml (EX-101.DEF) — 276KB
• aeis-20231231_lab.xml (EX-101.LAB) — 741KB
• aeis-20231231_pre.xml (EX-101.PRE) — 552KB
• aeis-20231231x10k_htm.xml (XML) — 3143KB

BUSINESS

BUSINESS 4 ITEM 1A .

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 25 ITEM 1C. CYBERSECURITY 25 ITEM 2.

PROPERTIES

PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 27 ITEM 4. MINE SAFETY DISCLOSURES 27 PART II 28 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 28 ITEM 6. RESERVED 29 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 ITEM 7A .

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 44 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 87 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 87 ITEM 9B. OTHER INFORMATION 88 ITEM 9C . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 88 PART III 88 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 88 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 88 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 89 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 89 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 89 PART IV 89 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 89 ITEM 16. FORM 10-K SUMMARY 94

SIGNATURES

SIGNATURES 95 2 Table of Contents Special Note Regarding Forward-Looking Statements This annual report on Form 10-K 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, 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 are subject to risks and uncertainties, many of which are difficult to predict and/or beyond our control, including but not limited to: 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, including but not limited to economic uncertainty, market volatility, rising interest rates, inflation, or recession; risks inherent in our internat

BUSINESS

ITEM 1. BUSINESS 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 . Advanced Energy is organized on a global, functional basis and operates in the 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. We incorporated in Colorado in 1981 and reincorporated in Delaware in 1995. Our executive offices are located at 1595 Wynkoop Street, Suite 800, Denver, Colorado 80202, and our telephone number is 970-407-6555. Recent Acquisitions On April 25, 2022, we acquired 100% of the issued and outstanding shares of capital stock of SL Power Electronics Corporation ("SL Power"), which is based in Calabasas, California. This acquisition added complementary products to Advanced Energy's medical power offerings and extends our presence in several advanced industrial markets. For additional information, see Note 2. Acquisitions in Part II, Item 8 "Financial Statements and Supplementary Data." Products 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

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View this 10-K filing on SEC EDGAR