Advanced Energy Industries (AEIS) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	000-26966
Entity Registrant Name	ADVANCED ENERGY INDUSTRIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0846841
Entity Address, Address Line One	1595 Wynkoop Street, Suite 800
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	970
Local Phone Number	407-6626
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	AEIS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,358,977
Entity Central Index Key	0000927003
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 372,685	$ 544,372
Accounts and other receivable, net	270,839	237,227
Inventories	395,866	338,410
Other current assets	48,126	42,225
Total current assets	1,087,516	1,162,234
Property and equipment, net	126,793	114,830
Operating lease right-of-use assets	104,191	101,769
Deposits and other assets	29,644	19,669
Goodwill	280,885	212,190
Intangible assets, net	201,778	159,406
Deferred income tax assets	47,267	47,242
TOTAL ASSETS	1,878,074	1,817,340
Current liabilities:
Accounts payable	197,870	193,708
Income taxes payable	22,665	9,226
Accrued payroll and employee benefits	58,478	55,833
Other accrued expenses	45,343	53,445
Customer deposits and other	27,754	22,141
Current portion of long-term debt	20,000	20,000
Current portion of operating lease liabilities	16,911	15,843
Total current liabilities	389,021	370,196
Long-term debt, net	363,001	372,733
Operating lease liabilities	99,099	95,180
Pension benefits	62,228	67,255
Deferred income tax liabilities	8,804	9,921
Other long-term liabilities	31,041	30,559
Total liabilities	953,194	945,844
Commitments and contingencies (Note 17)
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; 37,392 and 37,589 issued and outstanding at June 30, 2022 and December 31, 2021, respectively	37	38
Additional paid-in capital	121,982	115,706
Accumulated other comprehensive loss	(5,634)	(1,216)
Retained earnings	807,843	756,323
Advanced Energy stockholders' equity	924,228	870,851
Noncontrolling interest	652	645
Total stockholders' equity	924,880	871,496
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,878,074	$ 1,817,340

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Unaudited Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000	1,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	70,000	70,000
Common stock, shares issued (in shares)	37,392	37,589
Common stock, shares outstanding (in shares)	37,392	37,589

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unaudited Consolidated Statements of Operations
Sales, net	$ 440,949	$ 361,311	$ 838,408	$ 712,931
Cost of sales	278,791	226,278	531,934	440,395
Gross profit	162,158	135,033	306,474	272,536
Operating expenses:
Research and development	48,009	40,119	91,623	80,287
Selling, general, and administrative	55,022	48,110	104,340	94,841
Amortization of intangible assets	6,523	5,513	12,032	10,897
Restructuring expense (benefit)	(161)	211	1,057	1,249
Total operating expenses	109,393	93,953	209,052	187,274
Operating income	52,765	41,080	97,422	85,262
Other income (expense), net	3,249	(3,662)	2,407	(4,169)
Income from continuing operations, before income taxes	56,014	37,418	99,829	81,093
Provision for income taxes	11,203	1,876	18,156	7,160
Income from continuing operations	44,811	35,542	81,673	73,933
Income (loss) from discontinued operations, net of income taxes	180	(102)	82	208
Net income	44,991	35,440	81,755	74,141
Income from continuing operations attributable to noncontrolling interest	21	31	7	64
Net income attributable to Advanced Energy Industries, Inc.	$ 44,970	$ 35,409	$ 81,748	$ 74,077
Basic weighted-average common shares outstanding	37,520	38,389	37,535	38,359
Diluted weighted-average common shares outstanding	37,710	38,586	37,754	38,589
Earnings per share:
Continuing operations: Basic earnings per share	$ 1.19	$ 0.93	$ 2.18	$ 1.93
Continuing operations: Diluted earnings per share	1.19	0.92	2.16	1.91
Discontinued operations: Basic earnings (loss) per share				0.01
Discontinued operations: Diluted earnings (loss) per share				0.01
Net income:
Basic earnings per share	1.20	0.92	2.18	1.93
Diluted earnings per share	$ 1.19	$ 0.92	$ 2.17	$ 1.92

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unaudited Consolidated Statements of Comprehensive Income
Net income	$ 44,991	$ 35,440	$ 81,755	$ 74,141
Other comprehensive income (loss), net of income taxes
Foreign currency translation	(8,679)	1,068	(12,771)	(5,873)
Change in fair value of cash flow hedges	2,026	(2)	7,939	2,007
Minimum pension benefit retirement liability	269	(31)	414	(67)
Comprehensive income	38,607	36,475	77,337	70,208
Comprehensive income attributable to noncontrolling interest	21	31	7	64
Comprehensive income attributable to Advanced Energy Industries, Inc.	$ 38,586	$ 36,444	$ 77,330	$ 70,144

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interest	Total
Beginning Balance at Dec. 31, 2020	$ 38	$ 105,009	$ (2,605)	$ 712,297	$ 601	$ 815,340
Beginning Balance (in shares) at Dec. 31, 2020	38,293
Stock issued from equity plans		(4,645)				(4,645)
Stock issued from equity plans (in shares)	93
Stock-based compensation		5,701				5,701
Dividends declared ($0.10 per share)				(3,854)		(3,854)
Other comprehensive income (loss)			(4,968)			(4,968)
Net income (loss)				38,668	33	38,701
Ending Balance at Mar. 31, 2021	$ 38	106,065	(7,573)	747,111	634	846,275
Ending Balance (in shares) at Mar. 31, 2021	38,386
Beginning Balance at Dec. 31, 2020	$ 38	105,009	(2,605)	712,297	601	815,340
Beginning Balance (in shares) at Dec. 31, 2020	38,293
Share repurchase						(6,503)
Net income (loss)						74,141
Ending Balance at Jun. 30, 2021	$ 38	110,099	(6,538)	772,342	665	876,606
Ending Balance (in shares) at Jun. 30, 2021	38,381
Beginning Balance at Mar. 31, 2021	$ 38	106,065	(7,573)	747,111	634	846,275
Beginning Balance (in shares) at Mar. 31, 2021	38,386
Stock issued from equity plans		956				956
Stock issued from equity plans (in shares)	67
Stock-based compensation		3,277				3,277
Share repurchase		(199)		(6,304)		(6,503)
Share repurchase (in shares)	(72)
Dividends declared ($0.10 per share)				(3,874)		(3,874)
Other comprehensive income (loss)			1,035			1,035
Net income (loss)				35,409	31	35,440
Ending Balance at Jun. 30, 2021	$ 38	110,099	(6,538)	772,342	665	876,606
Ending Balance (in shares) at Jun. 30, 2021	38,381
Beginning Balance at Dec. 31, 2021	$ 38	115,706	(1,216)	756,323	645	$ 871,496
Beginning Balance (in shares) at Dec. 31, 2021	37,589					37,589
Stock issued from equity plans		(2,430)				$ (2,430)
Stock issued from equity plans (in shares)	52
Stock-based compensation		3,906				3,906
Share repurchase		(254)		(6,340)		(6,594)
Share repurchase (in shares)	(82)
Dividends declared ($0.10 per share)				(3,789)		(3,789)
Other comprehensive income (loss)			1,966			1,966
Net income (loss)				36,778	(14)	36,764
Ending Balance at Mar. 31, 2022	$ 38	116,928	750	782,972	631	901,319
Ending Balance (in shares) at Mar. 31, 2022	37,559
Beginning Balance at Dec. 31, 2021	$ 38	115,706	(1,216)	756,323	645	$ 871,496
Beginning Balance (in shares) at Dec. 31, 2021	37,589					37,589
Share repurchase						$ (23,613)
Net income (loss)						81,755
Ending Balance at Jun. 30, 2022	$ 37	121,982	(5,634)	807,843	652	$ 924,880
Ending Balance (in shares) at Jun. 30, 2022	37,392					37,392
Beginning Balance at Mar. 31, 2022	$ 38	116,928	750	782,972	631	$ 901,319
Beginning Balance (in shares) at Mar. 31, 2022	37,559
Stock issued from equity plans		763				763
Stock issued from equity plans (in shares)	63
Stock-based compensation		5,016				5,016
Share repurchase	$ (1)	(725)		(16,293)		(17,019)
Share repurchase (in shares)	(230)
Dividends declared ($0.10 per share)				(3,806)		(3,806)
Other comprehensive income (loss)			(6,384)			(6,384)
Net income (loss)				44,970	21	44,991
Ending Balance at Jun. 30, 2022	$ 37	$ 121,982	$ (5,634)	$ 807,843	$ 652	$ 924,880
Ending Balance (in shares) at Jun. 30, 2022	37,392					37,392

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Unaudited Consolidated Statements of Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 81,755	$ 74,141
Less: income from discontinued operations, net of income taxes	82	208
Income from continuing operations, net of income taxes	81,673	73,933
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	28,877	25,744
Stock-based compensation expense	8,986	9,145
Provision for deferred income taxes	(1,977)	(1,663)
Loss on disposal of assets	374	446
Changes in operating assets and liabilities, net of assets acquired
Accounts and other receivable, net	(27,790)	(9,025)
Inventories	(52,109)	(73,211)
Other assets	(5,402)	(1,752)
Accounts payable	2,491	80,269
Other liabilities and accrued expenses	(3,585)	(6,483)
Income taxes	16,003	(9,337)
Net cash from operating activities from continuing operations	47,541	88,066
Net cash from operating activities from discontinued operations	55	(377)
Net cash from operating activities	47,596	87,689
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(25,476)	(14,203)
Acquisitions, net of cash acquired	(145,779)	(18,686)
Net cash from investing activities	(171,255)	(32,889)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term borrowings	(10,000)	(8,750)
Dividend payments	(7,595)	(7,728)
Purchase and retirement of common stock	(23,578)	(6,503)
Net payments related to stock-based awards	(1,667)	(3,258)
Net cash from financing activities	(42,840)	(26,239)
EFFECT OF CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS	(5,188)	(1,753)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(171,687)	26,808
CASH AND CASH EQUIVALENTS, beginning of period	544,372	480,368
CASH AND CASH EQUIVALENTS, end of period	372,685	507,176
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	2,461	1,952
Cash paid for income taxes	$ 9,982	$ 21,393

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Advanced Energy Industries, Inc., a Delaware corporation, and its consolidated subsidiaries ("we," "us," "our," "Advanced Energy," or the "Company") 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. Our plasma power solutions enable innovation in complex semiconductor and thin film plasma processes such as dry etch, strip and deposition. Our broad portfolio of high and low voltage power products are used in a wide range of applications, such as semiconductor equipment, industrial production, medical and life science equipment, data center and telecommunication. We also supply related sensing, controls, and instrumentation products for advanced measurement and calibration of radio frequency ( RF ) power and temperature, electrostatic instrumentation products for test and measurement applications, and gas sensing and monitoring solutions for multiple industrial markets. Our network of global service support centers provides a recurring revenue opportunity as we offer repair services, conversions, upgrades, refurbishments, and used equipment to companies using our products. In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position of the Company as of June 30, 2022, and the results of our operations and cash flows for the three and six months ended June 30, 2022 and 2021. The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and other financial information filed with the SEC. Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The significant estimates, assumptions, and judgments include, but are not limited to: ​ ● excess and obsolete inventory; ● pension obligations; ● acquisitions and asset valuations; and ● taxes and other provisions. ​ Significant Accounting Policies Our accounting policies are described in Note 1 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021 . We reclassified certain prior period amounts within these consolidated financial statements to conform to the current year presentation. New Accounting Standards From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, will not have a material impact on the consolidated financial statements upon adoption. New Accounting Standards Adopted ​ In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 806) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . ​ We adopted ASU 2021-08 on a prospective basis effective January 1, 2022. The adoption will impact subsequent business combinations and require recognition and measurement of acquired contract assets and liabilities in accordance with ASC 606. Specifically, we will account for the related revenue contracts of the acquiree as if we originated the contracts. did not impact acquired contract assets or liabilities from prior business combinations. New Accounting Standards Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" "Reference Rate Reform (Topic 848): Scope" ​ Our Credit Facility (refer to Note 18. Credit Facility Note 7. Derivative Financial Instruments

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 2. ACQUISITIONS SL Power Electronics Corporation 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. We accounted for this transaction as a business combination. This acquisition added complementary products to Advanced Energy’s medical power offerings and extends our presence in several advanced industrial markets. The components of the fair value of the total consideration transferred were as follows: ​ ​ ​ ​ ​ Cash paid for acquisition $ 146,863 Less cash acquired ​ ​ (3,484) Total fair value of purchase consideration ​ $ 143,379 ​ We allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess allocated to goodwill. The following table summarizes the estimated preliminary values of the assets acquired and liabilities assumed. ​ ​ ​ ​ ​ ​ Fair Value Current assets and liabilities, net ​ $ 12,320 Property and equipment ​ ​ 4,177 Operating lease right-of-use assets ​ ​ 4,996 Deferred tax asset ​ ​ 546 Intangible assets ​ ​ 55,300 Goodwill (deductible for tax purposes) ​ ​ 71,036 Operating lease liability ​ ​ (4,996) Total fair value of net assets acquired ​ $ 143,379 ​ Goodwill represents SL Power’s assembled workforce and expected operating synergies from combining operations. We are still evaluating the fair value for the assets acquired and liabilities assumed. Accordingly, the purchase price allocation presented above is preliminary. SL Power’s results of operations were included in our consolidated financial statements from the date of acquisition. During the three and six months ended June 30, 2022, SL Power contributed $12.9 million in revenue to our Consolidated Statements of Operations. TEGAM, Inc. On June 1, 2021, we acquired 100% of the issued and outstanding shares of capital stock of TEGAM, Inc., which is based in Geneva, Ohio. We accounted for this transaction as a business combination. This acquisition added metrology and calibration instrumentation to Advanced Energy’s RF process power solutions in our Semiconductor and Industrial and Medical markets. The components of the fair value of the total consideration transferred were as follows: ​ ​ ​ ​ ​ Cash paid at closing $ 15,430 Cash paid for indemnity holdback released in June 2022 ​ ​ 1,800 Less cash acquired ​ ​ (177) Total fair value of purchase consideration ​ $ 17,053 ​ We allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess allocated to goodwill. The following table summarizes the values of the assets acquired and liabilities assumed. ​ ​ ​ ​ ​ ​ ​ Fair Value Current assets and liabilities, net ​ $ 3,475 Property and equipment ​ ​ 755 Operating lease right-of-use assets ​ ​ 425 Intangible assets ​ ​ 6,900 Goodwill (deductible for tax purposes) ​ ​ 5,917 Other non-current assets ​ ​ 31 Other non-current liabilities ​ ​ (25) Operating lease liability ​ ​ (425) Total fair value of net assets acquired ​ $ 17,053 ​ Goodwill represents TEGAM’s assembled workforce and expected operating synergies from combining operations. TEGAM’s results of operations were included in our consolidated financial statements from the date of acquisition. ​

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
REVENUE
REVENUE	NOTE 3. REVENUE Nature of goods and services Products Advanced Energy provides highly engineered, mission-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. Our power solutions enable innovation in complex semiconductor and thin film plasma processes such as dry etch, strip and deposition, high and low voltage applications such as process control, data center computing, networking, telecommunication, medical equipment, life science applications, industrial technology and production, scientific instruments, clean technology production, advanced material production and temperature-critical thermal applications such as material and chemical processing. We also supply related sensing, controls, and instrumentation products for advanced measurement and calibration of RF power and temperature, electrostatic instrumentation products for test and measurement applications, and gas sensing and monitoring solutions for multiple industrial markets. Our network of global service support centers provides a recurring revenue opportunity as we offer repair services, conversions, upgrades, refurbishments, and used equipment to companies using our products. Services Our services group offers warranty and after-market repair services in the regions in which we operate, providing us with preventive maintenance opportunities. Our customers continue to pursue low cost of ownership of their capital equipment and are increasingly sensitive to the costs of system downtime. They expect that suppliers offer comprehensive local repair service and customer support. To meet these market requirements, we maintain a worldwide support organization in the U.S., the People’s Republic of China ("PRC"), Japan, Korea, Taiwan, Germany, Ireland, Singapore, Israel, and Great Britain. Support services include warranty and non-warranty repair services, upgrades, and refurbishments on the products we sell. As part of our ongoing service business, we satisfy our service obligations under preventative maintenance contracts and extended warranties which had previously been offered on our discontinued inverter products. Any up-front fees received for extended warranties or maintenance plans are deferred. Revenue under these arrangements is recognized ratably over the underlying terms as we do not have historical information which would allow us to project the estimated service usage pattern at this time. Performance obligations Our unsatisfied performance obligations primarily relate to customer purchase orders for products we have not yet shipped. We expect to fulfill the majority of these performance obligations within one year. As a result, we elected not to disclose the amount of these remaining performance obligations. Disaggregation of revenue The following tables present additional information regarding our revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Semiconductor Equipment ​ $ 228,797 ​ $ 176,671 ​ $ 431,754 ​ $ 357,387 ​ Industrial and Medical ​ 104,951 ​ 83,197 ​ 187,849 ​ 161,612 ​ Data Center Computing ​ ​ 69,161 ​ ​ 69,458 ​ ​ 145,399 ​ ​ 128,612 ​ Telecom and Networking ​ ​ 38,040 ​ ​ 31,985 ​ ​ 73,406 ​ ​ 65,320 ​ Total ​ $ 440,949 ​ $ 361,311 ​ $ 838,408 ​ $ 712,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Product ​ $ 403,977 ​ $ 325,522 ​ $ 766,853 ​ $ 644,401 ​ Services ​ ​ 36,972 ​ 35,789 ​ ​ 71,555 ​ 68,530 ​ Total ​ $ 440,949 $ 361,311 ​ $ 838,408 $ 712,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 United States ​ $ 174,293 ​ $ 139,525 ​ $ 333,035 ​ $ 271,123 ​ North America (excluding U.S.) ​ ​ 31,824 ​ 26,112 ​ ​ 55,803 ​ 52,359 ​ Asia ​ 180,181 ​ 148,803 ​ ​ 342,228 ​ 298,394 ​ Europe ​ 49,851 ​ 44,491 ​ ​ 96,516 ​ 84,913 ​ Other ​ 4,800 ​ 2,380 ​ ​ 10,826 ​ 6,142 ​ Total ​ $ 440,949 $ 361,311 ​ $ 838,408 $ 712,931 ​ ​ During the three months ended June 30, 2022, Applied Materials, Inc. and Lam Research Corporation accounted for 20% and 15%, respectively, of our total revenue compared to 20% and 10%, respectively, of our total revenue during the same period in the prior year. During the six months ended June 30, 2022, Applied Materials, Inc. and Lam Research Corporation accounted for 21% and 14%, respectively, of our total revenue compared to 20% and 10%, respectively, of our total revenue during the same period in the prior year.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 4. INCOME TAXES The following table summarizes tax expense and the effective tax rate for our income from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Income from continuing operations, before income taxes ​ $ 56,014 ​ $ 37,418 ​ $ 99,829 ​ $ 81,093 ​ Provision for income taxes ​ $ 11,203 ​ $ 1,876 ​ $ 18,156 ​ $ 7,160 ​ Effective tax rate ​ ​ 20.0 % ​ 5.0 % ​ 18.2 % ​ 8.8 % ​ Our effective tax rates differ from the U.S. federal statutory rate of 21% for the three and six months ended June 30, 2022 and 2021, respectively, 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 effective tax rate for both the three and six months ended June 30, 2022 was higher than the same periods in 2021 primarily driven by the global impact to our provision from capitalizing and amortizing research and development expenses rather than immediately expensing them starting in 2022 as required by the 2017 Tax Cuts and Jobs Act. Congress has proposed tax legislation to delay the effective date of this change, but it is uncertain whether the proposed delay will ultimately be enacted into law. Additionally, there were beneficial discrete events in 2021 that did not recur in 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 5. EARNINGS PER SHARE We compute basic earnings per share ("EPS") by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The diluted EPS computation is similar to basic EPS except we increase the denominator to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if our outstanding stock options and restricted stock units had been converted to common shares (when such conversion is dilutive). The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Income from continuing operations ​ $ 44,811 ​ $ 35,542 ​ $ 81,673 ​ $ 73,933 ​ Less: income from continuing operations attributable to noncontrolling interest ​ 21 ​ 31 ​ 7 ​ 64 ​ Income from continuing operations attributable to Advanced Energy Industries, Inc. ​ $ 44,790 ​ $ 35,511 ​ $ 81,666 ​ $ 73,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted-average common shares outstanding ​ 37,520 ​ 38,389 ​ 37,535 ​ 38,359 ​ Assumed exercise of dilutive stock options and restricted stock units ​ 190 ​ 197 ​ 219 ​ 230 ​ Diluted weighted-average common shares outstanding ​ 37,710 ​ 38,586 ​ 37,754 ​ 38,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations: ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.19 ​ $ 0.93 ​ $ 2.18 ​ $ 1.93 ​ Diluted earnings per share ​ $ 1.19 ​ $ 0.92 ​ $ 2.16 ​ $ 1.91 ​ ​ Share Repurchase To execute the repurchase of shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in thousands, except per share amounts) 2022 2021 2022 2021 ​ Amount paid or accrued to repurchase shares ​ $ 17,019 ​ $ 6,503 ​ $ 23,613 ​ $ 6,503 ​ Number of shares repurchased ​ 230 ​ 72 ​ 312 ​ 72 ​ Average repurchase price per share ​ $ 74.12 ​ $ 90.34 ​ $ 75.68 ​ $ 90.34 ​ ​ There were no shares repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares. At June 30, 2022, the remaining amount authorized by the Board of Directors for future share repurchases was $104.8 million. In July 2022, the Board of Directors approved an increase to the share repurchase plan that changed the remaining amount authorized for future repurchases to a maximum of $200.0 million with no time limitation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 6. FAIR VALUE MEASUREMENTS The following tables present information about our assets and liabilities measured at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Description ​ Balance Sheet Classification ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ Marketable securities ​ $ — ​ $ 2,162 ​ $ — ​ $ 2,162 Interest rate swaps ​ Deposits and other assets ​ ​ — ​ ​ 12,372 ​ ​ — ​ ​ 12,372 Total assets measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 14,534 ​ $ — ​ $ 14,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ Other current liabilities ​ $ — ​ $ 67 ​ $ — ​ $ 67 Contingent consideration ​ Other current liabilities ​ ​ — ​ ​ — ​ ​ 1,779 ​ ​ 1,779 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 67 ​ $ 1,779 ​ $ 1,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Description ​ Balance Sheet Classification ​ Level 1 Level 2 Level 3 Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ Marketable securities ​ $ — ​ $ 2,296 ​ $ — ​ $ 2,296 Interest rate swaps ​ Deposits and other assets ​ ​ — ​ ​ 2,739 ​ ​ — ​ ​ 2,739 Total assets measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 5,035 ​ $ — ​ $ 5,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ Other current liabilities ​ $ — ​ $ — ​ $ 1,738 ​ $ 1,738 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ — ​ $ 1,738 ​ $ 1,738 ​ The fair value of foreign currency forward contracts is based on the movement in the forward rates of foreign currency cash flows in which the hedging instrument is denominated. We determine the fair value of interest rate swaps by estimating the net present value of the expected cash flows based on market rates and associated yield curves, adjusted for non-performance credit risk, as applicable. See Note 7. Derivative Financial Instruments

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS Changes in foreign currency exchange rates impact us. 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 economically offset the fluctuations of our assets and liabilities due to foreign exchange rate changes. The following table summarizes the notional amount of outstanding foreign currency forward contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Foreign currency forward contracts ​ $ 63,743 ​ $ — ​ 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 components of other income (expense), net in our Consolidated Statements of Operations. In April 2020, we executed interest rate swap contracts with independent financial institutions to partially reduce the variability of cash flows in LIBOR indexed debt interest payments on our Term Loan Facility (under our existing Credit Agreement dated September 10, 2019, as amended). These transactions are accounted for as cash flow hedging instruments. The interest rate swap contracts fixed a portion of the outstanding principal balance on our term loan to a total interest rate of 1.271%. This is comprised of 0.521% average fixed rate per annum in exchange for a variable interest rate based on one-month USD-LIBOR-BBA plus the credit spread in our existing Credit Agreement (see Note 18. Credit Facility The following table summarizes the notional amount of our qualified hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Interest rate swap contracts ​ $ 246,969 ​ $ 255,719 ​ The following table summarizes the balances recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets for qualifying hedges. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Interest rate swap contract gains ​ $ 9,975 ​ $ 2,107 ​ See Note 6. Fair Value Measurements 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.

ACCOUNTS AND OTHER RECEIVABLES,

ACCOUNTS AND OTHER RECEIVABLES, NET	6 Months Ended
	Jun. 30, 2022
ACCOUNTS AND OTHER RECEIVABLES, NET
ACCOUNTS AND OTHER RECEIVABLES, NET	NOTE 8. ACCOUNTS AND OTHER RECEIVABLES, NET We record accounts and other receivables at net realizable value. Components of accounts and other receivables, net of reserves, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Amounts billed, net ​ $ 254,396 ​ $ 217,549 Unbilled receivables ​ ​ 16,443 ​ 19,678 Total receivables, net ​ $ 270,839 ​ $ 237,227 ​ "Amounts billed, net" represents amounts invoiced to customers in accordance with our terms and conditions and reflects an allowance for expected credit losses. These receivables are short term in nature and do not include any financing components. "Unbilled receivables" consist of amounts where we satisfied our contractual obligations associated with customer inventory stocking agreements. Such amounts typically become billable upon the customer’s consumption of the inventory. We anticipate invoicing and collecting substantially all unbilled receivables within the next twelve months. ​ The following table summarizes the changes in expected credit losses: ​ ​ ​ ​ ​ December 31, 2021 $ 5,784 Additions ​ 449 Foreign currency translation ​ ​ (30) June 30, 2022 ​ $ 6,203 ​

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2022
INVENTORIES
INVENTORIES	NOTE 9. INVENTORIES Inventories are valued at the lower of cost or net realizable value and computed on a first-in, first-out basis. Components of inventories were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Parts and raw materials ​ $ 291,732 ​ $ 261,365 Work in process ​ 33,569 ​ 24,222 Finished goods ​ 70,565 ​ 52,823 Total ​ $ 395,866 ​ $ 338,410 ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	NOTE 10. PROPERTY AND EQUIPMENT, NET Property and equipment, net is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Useful ​ June 30, ​ December 31, ​ Life (in years) 2022 2021 Buildings, machinery, and equipment ​ 5 to 25 ​ $ 143,563 ​ $ 134,635 Computer equipment, furniture, fixtures, and vehicles ​ 3 to 5 ​ 33,968 ​ 33,490 Leasehold improvements ​ 2 to 10 ​ 53,176 ​ 48,370 Construction in process ​ ​ ​ 16,985 ​ 5,914 ​ ​ ​ ​ 247,692 ​ 222,409 Less: Accumulated depreciation ​ ​ ​ (120,899) ​ (107,579) Property and equipment, net ​ ​ ​ $ 126,793 ​ $ 114,830 ​ The following table summarizes depreciation expense. All depreciation expense is recorded in income from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Depreciation expense ​ $ 8,466 ​ $ 7,510 ​ $ 16,845 ​ $ 14,847 ​ ​

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2022
GOODWILL AND INTANGIBLE ASSETS
GOODWILL	NOTE 11. GOODWILL The following table summarizes the changes in goodwill: ​ ​ ​ ​ ​ December 31, 2021 ​ $ 212,190 Measurement period adjustments ​ ​ 40 Additions from acquisition ​ ​ 71,036 Foreign currency translation ​ ​ (2,381) June 30, 2022 $ 280,885 ​ ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
GOODWILL AND INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 12. INTANGIBLE ASSETS Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Gross Carrying Accumulated Net Carrying ​ ​ Amount ​ Amortization ​ Amount Technology ​ $ 98,440 ​ $ (40,847) ​ $ 57,593 Customer relationships ​ 164,157 ​ ​ (37,888) ​ 126,269 Trademarks and other ​ 27,027 ​ ​ (9,111) ​ 17,916 Total ​ $ 289,624 ​ $ (87,846) ​ $ 201,778 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Gross Carrying Accumulated Net Carrying ​ ​ Amount ​ Amortization ​ Amount Technology ​ $ 91,461 ​ $ (35,854) ​ $ 55,607 Customer relationships ​ 118,706 ​ ​ (34,187) ​ 84,519 Trademarks and other ​ 27,244 ​ ​ (7,964) ​ 19,280 Total ​ $ 237,411 ​ $ (78,005) ​ $ 159,406 ​ At June 30, 2022, the weighted average remaining useful life of intangibles subject to amortization was approximately 9.4 years. Amortization expense related to intangible assets is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Amortization expense ​ $ 6,523 ​ $ 5,513 ​ $ 12,032 ​ $ 10,897 ​ ​ Estimated amortization expense related to intangibles is as follows: ​ ​ ​ ​ Year Ending December 31, ​ ​ 2022 (remaining) ​ $ 14,041 2023 ​ 28,132 2024 ​ 25,081 2025 ​ 20,893 2026 ​ ​ 19,178 Thereafter ​ 94,453 Total ​ $ 201,778 ​

RESTRUCTURING COSTS

RESTRUCTURING COSTS	6 Months Ended
	Jun. 30, 2022
RESTRUCTURING COSTS
RESTRUCTURING COSTS	NOTE 13. RESTRUCTURING COSTS During 2018, we committed to a restructuring plan to optimize our manufacturing footprint and to improve our operating efficiencies and synergies related to our recent acquisitions. For the periods presented, we incurred severance costs primarily related to the transition and exit of our facility in Shenzhen, PRC and actions associated with synergies related to the Artesyn acquisition. The table below summarizes restructuring charges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Severance and related charges $ (161) $ 190 $ 712 $ 594 ​ Facility relocation and closure charges ​ ​ — ​ 21 ​ 345 ​ 655 ​ Total restructuring charges (benefit) ​ $ (161) $ 211 $ 1,057 $ 1,249 ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Cost ​ ​ Through ​ ​ June 30, ​ ​ 2022 Severance and related charges $ 21,092 Facility relocation and closure charges ​ ​ 7,160 Total restructuring charges ​ $ 28,252 ​ Our restructuring liabilities are included in other accrued expenses in our Consolidated Balance Sheets and related primarily to severance and associated costs. Changes in restructuring liabilities were as follows: ​ ​ ​ ​ ​ December 31, 2021 $ 9,263 Costs incurred and charged to expense ​ ​ 1,057 Costs paid or otherwise settled ​ ​ (8,307) Effects of changes in exchange rate ​ ​ (13) June 30, 2022 ​ $ 2,000 ​

WARRANTIES

WARRANTIES	6 Months Ended
	Jun. 30, 2022
WARRANTIES
WARRANTIES	NOTE 14. WARRANTIES Our sales agreements include customary product warranty provisions, which range from 12 Our estimated warranty obligation is included in other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation were as follows: ​ ​ ​ ​ ​ December 31, 2021 ​ $ 3,350 Additions from acquisitions ​ ​ 181 Increases to accruals ​ 3,435 Warranty expenditures ​ (1,472) Effect of changes in exchange rates ​ (52) June 30, 2022 ​ $ 5,442 ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES
LEASES	NOTE 15. LEASES Components of operating lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Operating lease cost ​ $ 5,729 ​ $ 6,052 ​ $ 11,448 ​ $ 11,973 ​ Short-term and variable lease cost ​ ​ 1,249 ​ ​ 284 ​ ​ 2,339 ​ ​ 1,126 ​ Total operating lease cost ​ $ 6,978 ​ $ 6,336 ​ $ 13,787 ​ $ 13,099 ​ ​ Maturities of our operating lease liabilities are as follows: ​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2022 (remaining) ​ $ 11,093 2023 ​ 20,282 2024 ​ 17,662 2025 ​ ​ 14,691 2026 ​ ​ 13,348 Thereafter ​ ​ 68,689 Total lease payments ​ ​ 145,765 Less: Interest ​ ​ (29,755) Present value of lease liabilities ​ $ 116,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2022 2021 ​ Weighted average remaining lease term (in years) ​ ​ 9.2 ​ ​ ​ 9.8 ​ Weighted average discount rate ​ 4.5 % ​ ​ 4.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 Cash paid for operating leases $ 5,471 ​ $ 6,021 ​ $ 11,097 ​ $ 11,979 ​ Right-of-use assets obtained in exchange for operating lease liabilities $ 7,681 ​ $ 5,040 ​ $ 12,222 ​ $ 7,232 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 16. STOCK-BASED COMPENSATION As of June 30, 2022, we had two active stock-based incentive compensation plans: the 2017 Omnibus Incentive Plan ("the 2017 Plan") and the Employee Stock Purchase Plan ("ESPP"). We issue all new equity compensation grants under these two plans; however, outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. On May 4, 2017, the stockholders approved the 2017 Plan and all shares that were then available for issuance under the 2008 Omnibus Incentive Plan ("the 2008 Plan") are now available for issuance under the 2017 Plan. The 2017 Plan and 2008 Plan provide for the grant of stock options, stock appreciation rights, restricted stock, stock units (including deferred stock units), unrestricted stock, and dividend equivalent rights. Any of the awards issued may be issued as performance-based awards to align stock compensation awards to the attainment of annual or long-term performance goals . The following table summarizes information related to our stock-based incentive compensation plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Shares available for future issuance under the 2017 Omnibus Incentive Plan ​ 1,533 Shares available for future issuance under the Employee Stock Purchase Plan ​ 642 ​ Restricted stock units ("RSU’s") are generally granted with a grant date fair value equal to the market price of our stock on the date of grant and with generally a three-year vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based requirements. ​ Stock option awards are generally granted with an exercise price equal to the market price of our stock on the date of grant and with either a three ​ 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. Stock-based compensation was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 Stock-based compensation expense ​ $ 5,058 ​ $ 3,444 ​ $ 8,986 ​ $ 9,145 ​ ​ Changes in our RSUs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ RSUs ​ Fair Value RSUs outstanding at beginning of period 627 ​ $ 76.37 RSUs granted 518 ​ $ 72.86 RSUs vested (132) ​ $ 85.71 RSUs forfeited (238) ​ $ 59.78 RSUs outstanding at end of period 775 ​ $ 77.54 ​ Changes in our stock options were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise Price ​ ​ Options ​ per Share Options outstanding at beginning of period 112 ​ $ 24.41 Options granted 76 ​ $ 85.97 Options outstanding at end of period 188 ​ $ 49.12 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17. 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 the loss can be reasonably estimated. We are not currently a party to any legal action that we believe would reasonably have a material adverse impact on its business, financial condition, results of operations or cash flows.

CREDIT FACILITY

CREDIT FACILITY	6 Months Ended
	Jun. 30, 2022
CREDIT FACILITY
CREDIT FACILITY	NOTE 18. CREDIT FACILITY In September 2019, in connection with the Artesyn Acquisition Agreement, we entered into a credit agreement ("Credit Agreement") that provided aggregate financing of $500.0 million, consisting of a $350.0 million senior unsecured term loan facility (the "Term Loan Facility") and a $150.0 million senior unsecured revolving facility (the "Revolving Facility" and together with the Term Loan Facility, the "Credit Facility"). In September 2021, we amended the Credit Agreement whereby we borrowed an additional $85.0 million, which increased the aggregate amount outstanding under the Term Loan Facility to $400.0 million. In addition, we increased the Revolving Facility capacity by $50.0 million to $200.0 million. Both the Term Loan Facility and Revolving Facility mature on September 9, 2026. The following table summarizes borrowings under our Credit Facility and the associated interest rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ Balance Interest Rate Unused Line Fee Term Loan Facility subject to a fixed interest rate ​ $ 246,969 ​ 1.271% ​ — Term Loan Facility subject to a variable interest rate ​ ​ 138,031 ​ 2.416% ​ — Revolving Facility subject to a variable interest rate ​ ​ — ​ 2.416% ​ 0.10% Total borrowings under the Credit Agreement ​ $ 385,000 ​ ​ ​ ​ ​ For more information on the interest rate swap that fixes the interest rate for a portion of our Term Loan Facility, see Note 7. Derivative Financial Instruments For all periods presented, we were in compliance with the Credit Agreement covenants. The following table summarizes our availability to withdraw on the Revolving Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Available capacity on Revolving Facility ​ $ 200,000 ​ $ 200,000 ​ In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may also 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 at identical terms to our existing Credit Facility. The fair value of the Term Loan Facility approximates the outstanding balance of $385.0 million as of June 30, 2022. The debt obligation on our Consolidated Balance Sheets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Term Loan Facility ​ $ 385,000 ​ $ 395,000 Less: debt discount ​ ​ (1,999) ​ ​ (2,267) Total debt ​ ​ 383,001 ​ ​ 392,733 Less current portion of long-term debt ​ ​ (20,000) ​ ​ (20,000) Total long-term debt ​ $ 363,001 ​ $ 372,733 ​ Contractual maturities of our debt obligations, excluding amortization of debt issuance costs, are as follows: ​ ​ ​ ​ ​ Year Ending December 31, ​ 2022 (remaining) ​ $ 10,000 2023 ​ ​ 20,000 2024 ​ ​ 20,000 2025 ​ ​ 20,000 2026 ​ ​ 315,000 Total ​ $ 385,000 ​ Interest expense and unused line of credit fees were recorded in other income (expense), net in our Consolidated Statements of Operations as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Interest expense ​ $ 1,338 ​ $ 979 ​ $ 2,460 ​ $ 1,964 ​ Amortization of debt issuance costs ​ ​ 142 ​ ​ 123 ​ ​ 277 ​ ​ 249 ​ Unused line of credit fees and other ​ ​ 47 ​ ​ 38 ​ ​ 101 ​ ​ 75 ​ Total interest expense ​ $ 1,527 ​ $ 1,140 ​ $ 2,838 ​ $ 2,288 ​ ​

OPERATIONS AND SUMMARY OF SIGNI

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	6 Months Ended
	Jun. 30, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Use of Estimates in the Preparation of the Consolidated Financial Statements	Use of Estimates in the Preparation of the Consolidated Financial Statements The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The significant estimates, assumptions, and judgments include, but are not limited to: ​ ● excess and obsolete inventory; ● pension obligations; ● acquisitions and asset valuations; and ● taxes and other provisions. ​
Significant Accounting Policies	Significant Accounting Policies Our accounting policies are described in Note 1 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021 . We reclassified certain prior period amounts within these consolidated financial statements to conform to the current year presentation.
New Accounting Standards	New Accounting Standards From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, will not have a material impact on the consolidated financial statements upon adoption. New Accounting Standards Adopted ​ In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 806) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . ​ We adopted ASU 2021-08 on a prospective basis effective January 1, 2022. The adoption will impact subsequent business combinations and require recognition and measurement of acquired contract assets and liabilities in accordance with ASC 606. Specifically, we will account for the related revenue contracts of the acquiree as if we originated the contracts. did not impact acquired contract assets or liabilities from prior business combinations. New Accounting Standards Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" "Reference Rate Reform (Topic 848): Scope" ​ Our Credit Facility (refer to Note 18. Credit Facility Note 7. Derivative Financial Instruments

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
SL Power Electronics Corporation
Business Acquisition [Line Items]
Schedule of components of fair value of total consideration transferred	​ ​ ​ ​ ​ Cash paid for acquisition $ 146,863 Less cash acquired ​ ​ (3,484) Total fair value of purchase consideration ​ $ 143,379
Schedule of fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ Fair Value Current assets and liabilities, net ​ $ 12,320 Property and equipment ​ ​ 4,177 Operating lease right-of-use assets ​ ​ 4,996 Deferred tax asset ​ ​ 546 Intangible assets ​ ​ 55,300 Goodwill (deductible for tax purposes) ​ ​ 71,036 Operating lease liability ​ ​ (4,996) Total fair value of net assets acquired ​ $ 143,379
TEGAM, Inc.
Business Acquisition [Line Items]
Schedule of components of fair value of total consideration transferred	​ ​ ​ ​ ​ Cash paid at closing $ 15,430 Cash paid for indemnity holdback released in June 2022 ​ ​ 1,800 Less cash acquired ​ ​ (177) Total fair value of purchase consideration ​ $ 17,053
Schedule of fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ Fair Value Current assets and liabilities, net ​ $ 3,475 Property and equipment ​ ​ 755 Operating lease right-of-use assets ​ ​ 425 Intangible assets ​ ​ 6,900 Goodwill (deductible for tax purposes) ​ ​ 5,917 Other non-current assets ​ ​ 31 Other non-current liabilities ​ ​ (25) Operating lease liability ​ ​ (425) Total fair value of net assets acquired ​ $ 17,053

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
REVENUE
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Semiconductor Equipment ​ $ 228,797 ​ $ 176,671 ​ $ 431,754 ​ $ 357,387 ​ Industrial and Medical ​ 104,951 ​ 83,197 ​ 187,849 ​ 161,612 ​ Data Center Computing ​ ​ 69,161 ​ ​ 69,458 ​ ​ 145,399 ​ ​ 128,612 ​ Telecom and Networking ​ ​ 38,040 ​ ​ 31,985 ​ ​ 73,406 ​ ​ 65,320 ​ Total ​ $ 440,949 ​ $ 361,311 ​ $ 838,408 ​ $ 712,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 Product ​ $ 403,977 ​ $ 325,522 ​ $ 766,853 ​ $ 644,401 ​ Services ​ ​ 36,972 ​ 35,789 ​ ​ 71,555 ​ 68,530 ​ Total ​ $ 440,949 $ 361,311 ​ $ 838,408 $ 712,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 2022 2021 United States ​ $ 174,293 ​ $ 139,525 ​ $ 333,035 ​ $ 271,123 ​ North America (excluding U.S.) ​ ​ 31,824 ​ 26,112 ​ ​ 55,803 ​ 52,359 ​ Asia ​ 180,181 ​ 148,803 ​ ​ 342,228 ​ 298,394 ​ Europe ​ 49,851 ​ 44,491 ​ ​ 96,516 ​ 84,913 ​ Other ​ 4,800 ​ 2,380 ​ ​ 10,826 ​ 6,142 ​ Total ​ $ 440,949 $ 361,311 ​ $ 838,408 $ 712,931 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
Schedule of tax expense and the effective tax rate for income from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Income from continuing operations, before income taxes ​ $ 56,014 ​ $ 37,418 ​ $ 99,829 ​ $ 81,093 ​ Provision for income taxes ​ $ 11,203 ​ $ 1,876 ​ $ 18,156 ​ $ 7,160 ​ Effective tax rate ​ ​ 20.0 % ​ 5.0 % ​ 18.2 % ​ 8.8 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
Reconciliation of weighted-average shares outstanding used in calculation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Income from continuing operations ​ $ 44,811 ​ $ 35,542 ​ $ 81,673 ​ $ 73,933 ​ Less: income from continuing operations attributable to noncontrolling interest ​ 21 ​ 31 ​ 7 ​ 64 ​ Income from continuing operations attributable to Advanced Energy Industries, Inc. ​ $ 44,790 ​ $ 35,511 ​ $ 81,666 ​ $ 73,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted-average common shares outstanding ​ 37,520 ​ 38,389 ​ 37,535 ​ 38,359 ​ Assumed exercise of dilutive stock options and restricted stock units ​ 190 ​ 197 ​ 219 ​ 230 ​ Diluted weighted-average common shares outstanding ​ 37,710 ​ 38,586 ​ 37,754 ​ 38,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations: ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.19 ​ $ 0.93 ​ $ 2.18 ​ $ 1.93 ​ Diluted earnings per share ​ $ 1.19 ​ $ 0.92 ​ $ 2.16 ​ $ 1.91 ​
Schedule of repurchase of shares of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in thousands, except per share amounts) 2022 2021 2022 2021 ​ Amount paid or accrued to repurchase shares ​ $ 17,019 ​ $ 6,503 ​ $ 23,613 ​ $ 6,503 ​ Number of shares repurchased ​ 230 ​ 72 ​ 312 ​ 72 ​ Average repurchase price per share ​ $ 74.12 ​ $ 90.34 ​ $ 75.68 ​ $ 90.34 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables present information about our assets and liabilities measured at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Description ​ Balance Sheet Classification ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ Marketable securities ​ $ — ​ $ 2,162 ​ $ — ​ $ 2,162 Interest rate swaps ​ Deposits and other assets ​ ​ — ​ ​ 12,372 ​ ​ — ​ ​ 12,372 Total assets measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 14,534 ​ $ — ​ $ 14,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ Other current liabilities ​ $ — ​ $ 67 ​ $ — ​ $ 67 Contingent consideration ​ Other current liabilities ​ ​ — ​ ​ — ​ ​ 1,779 ​ ​ 1,779 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 67 ​ $ 1,779 ​ $ 1,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Description ​ Balance Sheet Classification ​ Level 1 Level 2 Level 3 Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificates of deposit ​ Marketable securities ​ $ — ​ $ 2,296 ​ $ — ​ $ 2,296 Interest rate swaps ​ Deposits and other assets ​ ​ — ​ ​ 2,739 ​ ​ — ​ ​ 2,739 Total assets measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ 5,035 ​ $ — ​ $ 5,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ Other current liabilities ​ $ — ​ $ — ​ $ 1,738 ​ $ 1,738 Total liabilities measured at fair value on a recurring basis ​ ​ ​ $ — ​ $ — ​ $ 1,738 ​ $ 1,738

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of notional amount of outstanding foreign currency forward contracts	The following table summarizes the notional amount of outstanding foreign currency forward contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Foreign currency forward contracts ​ $ 63,743 ​ $ — ​
Schedule of notional amount of qualified hedging instruments	The following table summarizes the notional amount of our qualified hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Interest rate swap contracts ​ $ 246,969 ​ $ 255,719
Schedule of balances recorded in Accumulated other comprehensive loss	The following table summarizes the balances recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets for qualifying hedges. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Interest rate swap contract gains ​ $ 9,975 ​ $ 2,107

ACCOUNTS AND OTHER RECEIVABLE_2

ACCOUNTS AND OTHER RECEIVABLES, NET (Tables)	6 Months Ended
	Jun. 30, 2022
ACCOUNTS AND OTHER RECEIVABLES, NET
Schedule of accounts and other receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Amounts billed, net ​ $ 254,396 ​ $ 217,549 Unbilled receivables ​ ​ 16,443 ​ 19,678 Total receivables, net ​ $ 270,839 ​ $ 237,227
Schedule of expected credit losses	​ ​ ​ ​ ​ December 31, 2021 $ 5,784 Additions ​ 449 Foreign currency translation ​ ​ (30) June 30, 2022 ​ $ 6,203

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2022
INVENTORIES
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Parts and raw materials ​ $ 291,732 ​ $ 261,365 Work in process ​ 33,569 ​ 24,222 Finished goods ​ 70,565 ​ 52,823 Total ​ $ 395,866 ​ $ 338,410

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Useful ​ June 30, ​ December 31, ​ Life (in years) 2022 2021 Buildings, machinery, and equipment ​ 5 to 25 ​ $ 143,563 ​ $ 134,635 Computer equipment, furniture, fixtures, and vehicles ​ 3 to 5 ​ 33,968 ​ 33,490 Leasehold improvements ​ 2 to 10 ​ 53,176 ​ 48,370 Construction in process ​ ​ ​ 16,985 ​ 5,914 ​ ​ ​ ​ 247,692 ​ 222,409 Less: Accumulated depreciation ​ ​ ​ (120,899) ​ (107,579) Property and equipment, net ​ ​ ​ $ 126,793 ​ $ 114,830
Schedule of depreciation expense recorded in continuing operations	The following table summarizes depreciation expense. All depreciation expense is recorded in income from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Depreciation expense ​ $ 8,466 ​ $ 7,510 ​ $ 16,845 ​ $ 14,847 ​

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2022
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in goodwill	​ ​ ​ ​ ​ December 31, 2021 ​ $ 212,190 Measurement period adjustments ​ ​ 40 Additions from acquisition ​ ​ 71,036 Foreign currency translation ​ ​ (2,381) June 30, 2022 $ 280,885

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
GOODWILL AND INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Gross Carrying Accumulated Net Carrying ​ ​ Amount ​ Amortization ​ Amount Technology ​ $ 98,440 ​ $ (40,847) ​ $ 57,593 Customer relationships ​ 164,157 ​ ​ (37,888) ​ 126,269 Trademarks and other ​ 27,027 ​ ​ (9,111) ​ 17,916 Total ​ $ 289,624 ​ $ (87,846) ​ $ 201,778 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Gross Carrying Accumulated Net Carrying ​ ​ Amount ​ Amortization ​ Amount Technology ​ $ 91,461 ​ $ (35,854) ​ $ 55,607 Customer relationships ​ 118,706 ​ ​ (34,187) ​ 84,519 Trademarks and other ​ 27,244 ​ ​ (7,964) ​ 19,280 Total ​ $ 237,411 ​ $ (78,005) ​ $ 159,406
Schedule of amortization expense related to intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Amortization expense ​ $ 6,523 ​ $ 5,513 ​ $ 12,032 ​ $ 10,897 ​
Schedule of estimated amortization expense related to intangible assets	​ ​ ​ ​ Year Ending December 31, ​ ​ 2022 (remaining) ​ $ 14,041 2023 ​ 28,132 2024 ​ 25,081 2025 ​ 20,893 2026 ​ ​ 19,178 Thereafter ​ 94,453 Total ​ $ 201,778

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	6 Months Ended
	Jun. 30, 2022
RESTRUCTURING COSTS
Schedule of restructuring charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Severance and related charges $ (161) $ 190 $ 712 $ 594 ​ Facility relocation and closure charges ​ ​ — ​ 21 ​ 345 ​ 655 ​ Total restructuring charges (benefit) ​ $ (161) $ 211 $ 1,057 $ 1,249 ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Cost ​ ​ Through ​ ​ June 30, ​ ​ 2022 Severance and related charges $ 21,092 Facility relocation and closure charges ​ ​ 7,160 Total restructuring charges ​ $ 28,252
Schedule of restructuring liabilities	​ ​ ​ ​ ​ December 31, 2021 $ 9,263 Costs incurred and charged to expense ​ ​ 1,057 Costs paid or otherwise settled ​ ​ (8,307) Effects of changes in exchange rate ​ ​ (13) June 30, 2022 ​ $ 2,000

WARRANTIES (Tables)

WARRANTIES (Tables)	6 Months Ended
	Jun. 30, 2022
WARRANTIES
Schedule of changes in accrued product warranties	​ ​ ​ ​ ​ December 31, 2021 ​ $ 3,350 Additions from acquisitions ​ ​ 181 Increases to accruals ​ 3,435 Warranty expenditures ​ (1,472) Effect of changes in exchange rates ​ (52) June 30, 2022 ​ $ 5,442

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES
Components of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Operating lease cost ​ $ 5,729 ​ $ 6,052 ​ $ 11,448 ​ $ 11,973 ​ Short-term and variable lease cost ​ ​ 1,249 ​ ​ 284 ​ ​ 2,339 ​ ​ 1,126 ​ Total operating lease cost ​ $ 6,978 ​ $ 6,336 ​ $ 13,787 ​ $ 13,099 ​
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Year Ending December 31, ​ ​ 2022 (remaining) ​ $ 11,093 2023 ​ 20,282 2024 ​ 17,662 2025 ​ ​ 14,691 2026 ​ ​ 13,348 Thereafter ​ ​ 68,689 Total lease payments ​ ​ 145,765 Less: Interest ​ ​ (29,755) Present value of lease liabilities ​ $ 116,010
Schedule of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ December 31, ​ ​ 2022 2021 ​ Weighted average remaining lease term (in years) ​ ​ 9.2 ​ ​ ​ 9.8 ​ Weighted average discount rate ​ 4.5 % ​ ​ 4.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 Cash paid for operating leases $ 5,471 ​ $ 6,021 ​ $ 11,097 ​ $ 11,979 ​ Right-of-use assets obtained in exchange for operating lease liabilities $ 7,681 ​ $ 5,040 ​ $ 12,222 ​ $ 7,232 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
Summary of information related to stock-based incentive compensation plans	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 Shares available for future issuance under the 2017 Omnibus Incentive Plan ​ 1,533 Shares available for future issuance under the Employee Stock Purchase Plan ​ 642
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 Stock-based compensation expense ​ $ 5,058 ​ $ 3,444 ​ $ 8,986 ​ $ 9,145 ​
Summary of changes in RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ RSUs ​ Fair Value RSUs outstanding at beginning of period 627 ​ $ 76.37 RSUs granted 518 ​ $ 72.86 RSUs vested (132) ​ $ 85.71 RSUs forfeited (238) ​ $ 59.78 RSUs outstanding at end of period 775 ​ $ 77.54
Summary of changes in stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise Price ​ ​ Options ​ per Share Options outstanding at beginning of period 112 ​ $ 24.41 Options granted 76 ​ $ 85.97 Options outstanding at end of period 188 ​ $ 49.12

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	6 Months Ended
	Jun. 30, 2022
CREDIT FACILITY
Schedule of borrowings under credit facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ Balance Interest Rate Unused Line Fee Term Loan Facility subject to a fixed interest rate ​ $ 246,969 ​ 1.271% ​ — Term Loan Facility subject to a variable interest rate ​ ​ 138,031 ​ 2.416% ​ — Revolving Facility subject to a variable interest rate ​ ​ — ​ 2.416% ​ 0.10% Total borrowings under the Credit Agreement ​ $ 385,000 ​ ​ ​ ​
Schedule of availability to withdraw on Revolving Facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Available capacity on Revolving Facility ​ $ 200,000 ​ $ 200,000
Schedule of debt obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Term Loan Facility ​ $ 385,000 ​ $ 395,000 Less: debt discount ​ ​ (1,999) ​ ​ (2,267) Total debt ​ ​ 383,001 ​ ​ 392,733 Less current portion of long-term debt ​ ​ (20,000) ​ ​ (20,000) Total long-term debt ​ $ 363,001 ​ $ 372,733
Schedule of contractual maturities of debt obligations	​ ​ ​ ​ ​ Year Ending December 31, ​ 2022 (remaining) ​ $ 10,000 2023 ​ ​ 20,000 2024 ​ ​ 20,000 2025 ​ ​ 20,000 2026 ​ ​ 315,000 Total ​ $ 385,000
Schedule of interest expense and unused line of credit fees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2022 2021 2022 2021 ​ Interest expense ​ $ 1,338 ​ $ 979 ​ $ 2,460 ​ $ 1,964 ​ Amortization of debt issuance costs ​ ​ 142 ​ ​ 123 ​ ​ 277 ​ ​ 249 ​ Unused line of credit fees and other ​ ​ 47 ​ ​ 38 ​ ​ 101 ​ ​ 75 ​ Total interest expense ​ $ 1,527 ​ $ 1,140 ​ $ 2,838 ​ $ 2,288 ​

ACQUISITIONS - Consideration Tr

ACQUISITIONS - Consideration Transferred (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 25, 2022	Jun. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Revenue			$ 440,949	$ 361,311	$ 838,408	$ 712,931
SL Power Electronics Corporation
Business Acquisition [Line Items]
Cash paid	$ 146,863
Less cash acquired	(3,484)
Total fair value of purchase consideration	$ 143,379
Acquired percentage	100%
Revenue			$ 12,900		$ 12,900
TEGAM, Inc.
Business Acquisition [Line Items]
Cash paid		$ 15,430
Cash paid for indemnity holdback released in June 2022		1,800
Less cash acquired		(177)
Total fair value of purchase consideration		$ 17,053
Acquired percentage		100%

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 25, 2022	Jun. 01, 2021
Business Acquisition [Line Items]
Selling, general, and administrative expenses	$ 55,022	$ 48,110	$ 104,340	$ 94,841
SL Power Electronics Corporation
Business Acquisition [Line Items]
Current assets and liabilities, net					$ 12,320
Property and equipment					4,177
Operating lease right-of-use assets					4,996
Deferred tax asset					546
Intangible assets					55,300
Goodwill (deductible for tax purposes)					71,036
Operating lease liability					(4,996)
Total fair value of net assets acquired					$ 143,379
TEGAM, Inc.
Business Acquisition [Line Items]
Current assets and liabilities, net						$ 3,475
Property and equipment						755
Operating lease right-of-use assets						425
Intangible assets						6,900
Goodwill (deductible for tax purposes)						5,917
Other non-current assets						31
Other non-current liabilities						(25)
Operating lease liability						(425)
Total fair value of net assets acquired						$ 17,053

REVENUE - Revenue by Product Li

REVENUE - Revenue by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 440,949	$ 361,311	$ 838,408	$ 712,931
Sales Revenue, Net | Customer Concentration Risk | Applied Materials, Inc.
Disaggregation of Revenue [Line Items]
Percentage of total revenue	20%	20%	21%	20%
Sales Revenue, Net | Customer Concentration Risk | Lam Research Corporation
Disaggregation of Revenue [Line Items]
Percentage of total revenue	15%	10%	14%	10%
United States
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 174,293	$ 139,525	$ 333,035	$ 271,123
North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	31,824	26,112	55,803	52,359
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	180,181	148,803	342,228	298,394
Europe
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	49,851	44,491	96,516	84,913
Other countries
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,800	2,380	10,826	6,142
Semiconductor Equipment
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	228,797	176,671	431,754	357,387
Industrial and Medical
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	104,951	83,197	187,849	161,612
Data Center Computing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	69,161	69,458	145,399	128,612
Telecom and Networking
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38,040	31,985	73,406	65,320
Product
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	403,977	325,522	766,853	644,401
Service
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 36,972	$ 35,789	$ 71,555	$ 68,530

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Federal statutory tax rate	21%	21%

INCOME TAXES - Schedule of tax

INCOME TAXES - Schedule of tax expense and effective tax rate for income from continuing operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Income from continuing operations, before income taxes	$ 56,014	$ 37,418	$ 99,829	$ 81,093
Provision for income taxes	$ 11,203	$ 1,876	$ 18,156	$ 7,160
Effective tax rate	20%	5%	18.20%	8.80%

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted-average shares outstanding used in calculation of basic and diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EARNINGS PER SHARE
Income from continuing operations	$ 44,811	$ 35,542	$ 81,673	$ 73,933
Less: income from continuing operations attributable to noncontrolling interest	21	31	7	64
Income from continuing operations attributable to Advanced Energy Industries, Inc.	$ 44,790	$ 35,511	$ 81,666	$ 73,869
Basic weighted-average common shares outstanding	37,520	38,389	37,535	38,359
Assumed exercise of dilutive stock options and restricted stock units	190	197	219	230
Diluted weighted-average common shares outstanding	37,710	38,586	37,754	38,589
Continuing operations:
Basic earnings per share	$ 1.19	$ 0.93	$ 2.18	$ 1.93
Diluted earnings per share	$ 1.19	$ 0.92	$ 2.16	$ 1.91

EARNINGS PER SHARE - Share Repu

EARNINGS PER SHARE - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Amount paid or accrued to repurchase shares	$ 17,019	$ 6,594	$ 6,503	$ 23,613	$ 6,503
Number of shares repurchased	230,000		72,000	312,000	72,000
Average repurchase price per share	$ 74.12		$ 90.34	$ 75.68	$ 90.34
Shares repurchased from related parties				0
Remaining authorized by Board of Directors for future repurchases as of period end	$ 104,800			$ 104,800
Subsequent Events
Equity, Class of Treasury Stock [Line Items]
Stock repurchase plan authorized amount						$ 200,000

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 14,534	$ 5,035
Total liabilities	1,846	1,738
Foreign Currency Forward Contracts | Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	67
Contingent Consideration | Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,779	1,738
Certificates of Deposit | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,162	2,296
Interest Rate Swaps | Deposits and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	12,372	2,739
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	14,534	5,035
Total liabilities	67
Fair Value, Inputs, Level 2 | Foreign Currency Forward Contracts | Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	67
Fair Value, Inputs, Level 2 | Certificates of Deposit | Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,162	2,296
Fair Value, Inputs, Level 2 | Interest Rate Swaps | Deposits and Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	12,372	2,739
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1,779	1,738
Fair Value, Inputs, Level 3 | Contingent Consideration | Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 1,779	$ 1,738

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Transfer into Level 3, Liabilities	$ 0	$ 0
Transfer from Level 3, Liabilities	0	0
Transfer into Level 3, Assets	0	0
Transfer from Level 3, Assets	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Annual interest (as a percent)	1.271%
Average fixed rate	0.521%
Cash Flow Hedge | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Basis points at current leverage ratios	75
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 63,743

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Qualified Hedging Instruments (Details) - Interest Rate Swaps - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, notional amount	$ 246,969	$ 255,719
Balances recorded in Accumulated other comprehensive income (loss)	$ 9,975	$ 2,107

ACCOUNTS AND OTHER RECEIVABLE_3

ACCOUNTS AND OTHER RECEIVABLES, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables, net	$ 270,839	$ 237,227
Amounts billed, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables, net	254,396	217,549
Unbilled receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables, net	$ 16,443	$ 19,678

ACCOUNTS AND OTHER RECEIVABLE_4

ACCOUNTS AND OTHER RECEIVABLES, NET - Expected Credit Losses - (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
ACCOUNTS AND OTHER RECEIVABLES, NET
Balance as of beginning of period	$ 5,784
Additions	449
Foreign currency translation	(30)
Balance as of end of period	$ 6,203

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES
Parts and raw materials	$ 291,732	$ 261,365
Work in process	33,569	24,222
Finished goods	70,565	52,823
Total	$ 395,866	$ 338,410

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 247,692	$ 222,409
Less: Accumulated depreciation	(120,899)	(107,579)
Property and equipment, net	126,793	114,830
Buildings, machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 143,563	$ 134,635
Buildings, machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years	5 years
Buildings, machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	25 years	25 years
Computer equipment, furniture, fixtures, and vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years	3 years
Computer equipment, furniture, fixtures, and vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years	5 years
Computer and communication equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 33,968	$ 33,490
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 53,176	$ 48,370
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	2 years	2 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years	10 years
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,985	$ 5,914

PROPERTY AND EQUIPMENT, NET - D

PROPERTY AND EQUIPMENT, NET - Depreciation Expense Recorded in Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PROPERTY AND EQUIPMENT, NET
Depreciation expense	$ 8,466	$ 7,510	$ 16,845	$ 14,847

GOODWILL - Changes in Goodwill

GOODWILL - Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
GOODWILL AND INTANGIBLE ASSETS
Balance at beginning of period	$ 212,190
Measurement period adjustments	40
Additions from acquisition	71,036
Foreign currency translation	(2,381)
Balance at end of period	$ 280,885

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 289,624	$ 237,411
Finite-Lived Intangible Assets, Accumulated Amortization	(87,846)	(78,005)
Finite-lived intangible assets, net	$ 201,778	159,406
Amortization of weighted average remaining useful life	9 years 4 months 24 days
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 98,440	91,461
Finite-Lived Intangible Assets, Accumulated Amortization	(40,847)	(35,854)
Finite-lived intangible assets, net	57,593	55,607
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	164,157	118,706
Finite-Lived Intangible Assets, Accumulated Amortization	(37,888)	(34,187)
Finite-lived intangible assets, net	126,269	84,519
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	27,027	27,244
Finite-Lived Intangible Assets, Accumulated Amortization	(9,111)	(7,964)
Finite-lived intangible assets, net	$ 17,916	$ 19,280

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
GOODWILL AND INTANGIBLE ASSETS
Amortization expense	$ 6,523	$ 5,513	$ 12,032	$ 10,897

INTANGIBLE ASSETS - Estimated A

INTANGIBLE ASSETS - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS
2022 (remaining)	$ 14,041
2023	28,132
2024	25,081
2025	20,893
2026	19,178
Thereafter	94,453
Finite-lived intangible assets, net	$ 201,778	$ 159,406

RESTRUCTURING COSTS - Restructu

RESTRUCTURING COSTS - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		54 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges (benefit)	$ (161)	$ 211	$ 1,057	$ 1,249	$ 28,252
Severance and related charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges (benefit)	$ (161)	190	712	594	21,092
Facility relocation and closure charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges (benefit)		$ 21	$ 345	$ 655	$ 7,160

RESTRUCTURING COSTS - Changes i

RESTRUCTURING COSTS - Changes in Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		54 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance			$ 9,263
Cost incurred and charged to expense	$ (161)	$ 211	1,057	$ 1,249	$ 28,252
Cost paid or otherwise settled			(8,307)
Effects of changes in exchange rate			(13)
Ending balance	$ 2,000		$ 2,000		$ 2,000

WARRANTIES - Narrative (Details

WARRANTIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
Minimum
Product Liability Contingency [Line Items]
Standard Product Warranty Term	12 months
Maximum
Product Liability Contingency [Line Items]
Standard Product Warranty Term	24 months

WARRANTIES - Changes in Product

WARRANTIES - Changes in Product Warranty Obligation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 3,350
Additions from acquisitions	181
Increases to accruals	3,435
Warranty expenditures	(1,472)
Effect of changes in exchange rates	(52)
Balance at end of period	$ 5,442

LEASES - Components of Operatin

LEASES - Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LEASES
Operating lease cost	$ 5,729	$ 6,052	$ 11,448	$ 11,973
Short-term and variable lease cost	1,249	284	2,339	1,126
Total operating lease cost	$ 6,978	$ 6,336	$ 13,787	$ 13,099

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
LEASES
2022 (remaining)	$ 11,093
2023	20,282
2024	17,662
2025	14,691
2026	13,348
Thereafter	68,689
Total lease payments	145,765
Less: Interest	(29,755)
Present value of lease liabilities	$ 116,010

LEASES - Other lease cost infor

LEASES - Other lease cost information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
LEASES
Weighted average remaining lease term (in years)	9 years 2 months 12 days		9 years 2 months 12 days		9 years 9 months 18 days
Weighted average discount rate	4.50%		4.50%		4.50%
Cash paid for operating leases	$ 5,471	$ 6,021	$ 11,097	$ 11,979
Right-of-use assets obtained in exchange for operating lease liabilities	$ 7,681	$ 5,040	$ 12,222	$ 7,232

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 plan shares
Number of active stock-based incentive compensation plans | plan	2
2017 OMNIBUS Incentive Plan
Shares available for future issuance	1,533
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Option Awards
Awards term	10 years
Stock Option Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Option Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Employee Stock
Shares available for future issuance	642

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 5,058	$ 3,444	$ 8,986	$ 9,145

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at the beginning of period | shares	627
Granted | shares	518
Vested | shares	(132)
Forfeited | shares	(238)
Outstanding at the end of period | shares	775
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 76.37
Weighted Average Grant Date Fair Value, Granted | $ / shares	72.86
Weighted Average Grant Date Fair Value, Vested | $ / shares	85.71
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	59.78
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 77.54

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of stock option activity (Details) - Time Based shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at beginning of period | shares	112
Options granted | shares	76
Options outstanding at ending of period | shares	188
Weighted-Average Exercise Price per Share, Beginning Balance | $ / shares	$ 24.41
Weighted-Average Exercise Price per Share, Granted | $ / shares	85.97
Weighted-Average Exercise Price per Share, End Balance | $ / shares	$ 49.12

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2019
Line of Credit Facility [Line Items]
Additional borrowings	$ 85,000
Balance	400,000	$ 385,000
Fair value of long-term debt		385,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity				$ 500,000
Increase in borrowing capacity		250,000
Available capacity		200,000	$ 200,000
Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity				350,000
Balance		385,000	$ 395,000
Unsecured Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	200,000			$ 150,000
Increase in borrowing capacity	$ 50,000
Term Loan, Fixed Interest Rate
Line of Credit Facility [Line Items]
Balance		$ 246,969
Interest Rate		1.271%
Term Loan, Variable Interest Rate
Line of Credit Facility [Line Items]
Balance		$ 138,031
Interest Rate		2.416%
Revolving Facility, Variable Interest Rate
Line of Credit Facility [Line Items]
Interest Rate		2.416%
Unused Line Fee		0.10%

CREDIT FACILITY - Debt obligati

CREDIT FACILITY - Debt obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Debt:
Term Loan Facility	$ 385,000		$ 400,000
Less: debt discount	(1,999)	$ (2,267)
Total debt	383,001	392,733
Less current portion of long-term debt	(20,000)	(20,000)
Total long-term debt	363,001	372,733
Term Loan Facility
Debt:
Term Loan Facility	$ 385,000	$ 395,000

CREDIT FACILITY - Contractual m

CREDIT FACILITY - Contractual maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
CREDIT FACILITY
2022 (remaining)	$ 10,000
2023	20,000
2024	20,000
2025	20,000
2026	315,000
Total	$ 385,000	$ 400,000

CREDIT FACILITY - Interest expe

CREDIT FACILITY - Interest expense and unused line of credit fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CREDIT FACILITY
Interest expense	$ 1,338	$ 979	$ 2,460	$ 1,964
Amortization of debt issuance costs	142	123	277	249
Unused line of credit fees and other	47	38	101	75
Total interest expense	$ 1,527	$ 1,140	$ 2,838	$ 2,288