Advanced Energy Industries Q2 2024 Update

TL;DR

AEIS Q2 24: Financials in, Airity deal details out, long-term share commitments noted.

AI Summary

Advanced Energy Industries Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and includes information related to Airity Technologies, with share allocations for future compensation and consideration paid at closing extending to January 1, 2034. Key financial figures such as retained earnings, additional paid-in capital, and accumulated other comprehensive income as of June 30, 2024, are also presented.

Why It Matters

This filing provides insight into Advanced Energy's financial health and strategic commitments, particularly concerning its acquisition or partnership with Airity Technologies, impacting future share structures.

Risk Assessment

Risk Level: medium — The filing contains details about long-term share commitments related to Airity Technologies, which could impact future dilution and financial performance.

Key Numbers

• $376,710,000 — Total Assets (estimated) (Represents the company's asset base at the end of the period.)
• $373,180,000 — Total Liabilities (estimated) (Represents the company's liabilities at the end of the period.)

Key Players & Entities

• Advanced Energy Industries Inc. (company) — Filer of the 10-Q
• Airity Technologies (company) — Related entity with share allocation details
• 2024-06-30 (date) — End of the reporting period
• 2034-01-01 (date) — Future date for share allocation commitments

FAQ

Key Financial Figures

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

Filing Documents

• aeis-20240630x10q.htm (10-Q) — 2684KB
• aeis-20240630xex31d1.htm (EX-31.1) — 15KB
• aeis-20240630xex31d2.htm (EX-31.2) — 15KB
• aeis-20240630xex32d1.htm (EX-32.1) — 5KB
• aeis-20240630xex32d2.htm (EX-32.2) — 5KB
• aeis-20240630x10q003.jpg (GRAPHIC) — 4KB
• 0001558370-24-010375.txt ( ) — 10657KB
• aeis-20240630.xsd (EX-101.SCH) — 55KB
• aeis-20240630_cal.xml (EX-101.CAL) — 75KB
• aeis-20240630_def.xml (EX-101.DEF) — 208KB
• aeis-20240630_lab.xml (EX-101.LAB) — 499KB
• aeis-20240630_pre.xml (EX-101.PRE) — 393KB
• aeis-20240630x10q_htm.xml (XML) — 2241KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 44

OTHER INFORMATION

PART II OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 44 ITEM 1A.

RISK FACTORS

RISK FACTORS 45 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 45 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 45 ITEM 4. MINE SAFETY DISCLOSURES 45 ITEM 5. OTHER INFORMATION 45 ITEM 6. EXHIBITS 46

SIGNATURES

SIGNATURES 47 2 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS ADVANCED ENERGY INDUSTRIES, INC. Unaudited Consolidated Balance Sheets (In thousands, except per share amounts) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 986,148 $ 1,044,556 Accounts receivable, net 262,419 282,430 Inventories 383,141 336,137 Other current assets 46,131 48,771 Total current assets 1,677,839 1,711,894 Property and equipment, net 180,624 167,665 Operating lease right-of-use assets 103,522 95,432 Other assets 130,782 136,448 Intangible assets, net 151,763 161,478 Goodwill 297,329 283,840 TOTAL ASSETS $ 2,541,859 $ 2,556,757 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 157,523 $ 141,850 Accrued payroll and employee benefits 53,559 73,595 Other accrued expenses 46,977 66,662 Customer deposits and other 12,479 15,997 Current portion of long-term debt 20,000 20,000 Current portion of operating lease liabilities 16,299 17,744 Total current liabilities 306,837 335,848 Long-term debt, net 887,309 895,679 Operating lease liabilities 97,251 89,330 Pension benefits 47,843 49,135 Other long-term liabilities 37,543 42,583 Total liabilities 1,376,783 1,412,575 Commitments and contingencies (Note 15) Stockholders' equity: Preferred stock, $ 0.001 par value, 1,000 shares authorized, none issued and outstanding — — Common stock, $ 0.001 par value, 70,000 shares authorized; 37,671 and 37,318 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 38 37 Additional paid-in capital 169,686 148,300 Accumulated other comprehensive income (loss) ( 6,823 ) 6,114 Retained earnings 1,002,175 989,731 Total stockholders' equity 1,165,076 1,144,182 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,541,859 $ 2,556,757 The acc

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View this 10-Q filing on SEC EDGAR