Advanced Energy Q3 Sales Dip Slightly to $373M

TL;DR

AEIS Q3 sales down slightly to $373M, watch Airity Tech deal impact.

AI Summary

Advanced Energy Industries Inc. reported its third-quarter results for the period ending September 30, 2024. The company's total net sales for the quarter were $373.18 million, a slight decrease from $376.71 million in the same period last year. The filing also details share-based payment arrangements and common stock activity, including shares considered for future compensation and those allocated for the Airity Technologies acquisition on June 20, 2024.

Why It Matters

This filing provides insight into Advanced Energy's recent financial performance, indicating a minor revenue decline which could impact investor sentiment and future growth projections.

Risk Assessment

Risk Level: medium — The slight decrease in sales and the ongoing integration of acquisitions like Airity Technologies introduce moderate financial risks.

Key Numbers

• $373.18M — Net Sales (Q3 2024) (Slight decrease from Q3 2023)
• $376.71M — Net Sales (Q3 2023) (Prior year comparison)
• 20700000 — Share-Based Payment Arrangement (Related to employee compensation)

Key Players & Entities

• Advanced Energy Industries Inc. (company) — Filer
• Paul Oldham (person) — Contact Person
• Airity Technologies (company) — Acquisition Target
• $373.18 million (dollar_amount) — Q3 2024 Net Sales
• $376.71 million (dollar_amount) — Q3 2023 Net Sales
• June 20, 2024 (date) — Airity Technologies Acquisition Date
• September 30, 2024 (date) — End of Reporting Period

FAQ

Key Financial Figures

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

Filing Documents

• aeis-20240930x10q.htm (10-Q) — 2883KB
• aeis-20240930xex31d1.htm (EX-31.1) — 15KB
• aeis-20240930xex31d2.htm (EX-31.2) — 15KB
• aeis-20240930xex32d1.htm (EX-32.1) — 5KB
• aeis-20240930xex32d2.htm (EX-32.2) — 5KB
• aeis-20240930x10q003.jpg (GRAPHIC) — 4KB
• 0001558370-24-013949.txt ( ) — 11011KB
• aeis-20240930.xsd (EX-101.SCH) — 53KB
• aeis-20240930_cal.xml (EX-101.CAL) — 74KB
• aeis-20240930_def.xml (EX-101.DEF) — 206KB
• aeis-20240930_lab.xml (EX-101.LAB) — 502KB
• aeis-20240930_pre.xml (EX-101.PRE) — 384KB
• aeis-20240930x10q_htm.xml (XML) — 2349KB

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 (Loss ) 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 25 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 43

OTHER INFORMATION

PART II OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 43 ITEM 1A.

RISK FACTORS

RISK FACTORS 43 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 44 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 44 ITEM 4. MINE SAFETY DISCLOSURES 44 ITEM 5. OTHER INFORMATION 44 ITEM 6. EXHIBITS 45

SIGNATURES

SIGNATURES 46 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 657,288 $ 1,044,556 Accounts receivable, net 259,399 282,430 Inventories 377,740 336,137 Other current assets 51,281 48,771 Total current assets 1,345,708 1,711,894 Property and equipment, net 181,875 167,665 Operating lease right-of-use assets 86,003 95,432 Other assets 134,948 136,448 Intangible assets, net 145,290 161,478 Goodwill 299,036 283,840 TOTAL ASSETS $ 2,192,860 $ 2,556,757 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 133,006 $ 141,850 Accrued payroll and employee benefits 62,743 73,595 Other accrued expenses 66,048 66,662 Customer deposits and other 11,351 15,997 Current portion of long-term debt — 20,000 Current portion of operating lease liabilities 18,360 17,744 Total current liabilities 291,508 335,848 Long-term debt, net 564,000 895,679 Operating lease liabilities 80,264 89,330 Pension benefits 50,374 49,135 Other long-term liabilities 42,322 42,583 Total liabilities 1,028,468 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 September 30, 2024 and December 31, 2023, respectively 38 37 Additional paid-in capital 180,529 148,300 Accumulated other comprehensive income 2,089 6,114 Retained earnings 981,736 989,731 Total stockholders' equity 1,164,392 1,144,182 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,192,860 $ 2,556,757 The accompanying

View Full Filing

View this 10-Q filing on SEC EDGAR