Advanced Energy Industries (AEIS) 10-Q30 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 26, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
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		37,672,536
Entity Central Index Key	0000927003
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Balance

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

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
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)	37,671	37,318
Common stock, shares outstanding (in shares)	37,671	37,318

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unaudited Consolidated Statements of Operations
Revenue, net	$ 364,947	$ 415,508	$ 692,422	$ 840,548
Cost of revenue	237,206	268,428	451,852	538,357
Gross profit	127,741	147,080	240,570	302,191
Operating expenses:
Research and development	52,335	51,413	102,171	103,023
Selling, general, and administrative	55,013	55,613	110,137	110,971
Amortization of intangible assets	6,800	7,075	13,747	14,137
Restructuring, asset impairments, and other charges	625	3,154	870	4,197
Total operating expenses	114,773	117,255	226,925	232,328
Operating income	12,968	29,825	13,645	69,863
Interest income	12,119	4,301	24,764	7,886
Interest expense	(6,956)	(2,858)	(14,083)	(5,588)
Other income (expense), net	638	982	2,017	(423)
Income from continuing operations, before income tax	18,769	32,250	26,343	71,738
Income tax provision	3,165	4,795	4,952	12,531
Income from continuing operations	15,604	27,455	21,391	59,207
Loss from discontinued operations, net of income tax	(575)	(315)	(1,146)	(1,146)
Net income	$ 15,029	$ 27,140	$ 20,245	$ 58,061
Basic weighted-average common shares outstanding	37,474	37,573	37,417	37,524
Diluted weighted-average common shares outstanding	37,777	37,803	37,733	37,804
Earnings per share:
Basic earnings per share	$ 0.42	$ 0.73	$ 0.57	$ 1.58
Diluted earnings per share	0.41	0.73	0.57	1.57
Basic loss per share	(0.02)	(0.01)	(0.03)	(0.03)
Diluted loss per share	(0.02)	(0.01)	(0.03)	(0.03)
Net income:
Basic earnings per share	0.40	0.72	0.54	1.55
Diluted earnings per share	$ 0.40	$ 0.72	$ 0.54	$ 1.54

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unaudited Consolidated Statements of Comprehensive Income
Net income	$ 15,029	$ 27,140	$ 20,245	$ 58,061
Other comprehensive loss, net of income tax
Foreign currency translation	(2,561)	(1,533)	(9,150)	(1,729)
Change in fair value of cash flow hedges	(2,356)	(201)	(3,736)	(2,018)
Defined employee benefit plan items	(51)	(292)	(51)	(292)
Comprehensive income	$ 10,061	$ 25,114	$ 7,308	$ 54,022

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	Total
Beginning Balance at Dec. 31, 2022	$ 37	$ 134,640	$ 16,320	$ 915,270	$ 1,066,267
Beginning Balance (in shares) at Dec. 31, 2022	37,429
Stock issued from equity plans		(1,991)			(1,991)
Stock issued from equity plans (in shares)	100
Stock-based compensation		6,543			6,543
Dividends declared ($0.10 per share)				(3,814)	(3,814)
Other comprehensive loss			(2,013)		(2,013)
Net income				30,921	30,921
Ending Balance at Mar. 31, 2023	$ 37	139,192	14,307	942,377	1,095,913
Ending Balance (in shares) at Mar. 31, 2023	37,529
Beginning Balance at Dec. 31, 2022	$ 37	134,640	16,320	915,270	1,066,267
Beginning Balance (in shares) at Dec. 31, 2022	37,429
Net income					58,061
Ending Balance at Jun. 30, 2023	$ 38	147,221	12,281	965,739	1,125,279
Ending Balance (in shares) at Jun. 30, 2023	37,650
Beginning Balance at Mar. 31, 2023	$ 37	139,192	14,307	942,377	1,095,913
Beginning Balance (in shares) at Mar. 31, 2023	37,529
Stock issued from equity plans	$ 1	606			607
Stock issued from equity plans (in shares)	121
Stock-based compensation		7,423			7,423
Dividends declared ($0.10 per share)				(3,778)	(3,778)
Other comprehensive loss			(2,026)		(2,026)
Net income				27,140	27,140
Ending Balance at Jun. 30, 2023	$ 38	147,221	12,281	965,739	1,125,279
Ending Balance (in shares) at Jun. 30, 2023	37,650
Beginning Balance at Dec. 31, 2023	$ 37	148,300	6,114	989,731	$ 1,144,182
Beginning Balance (in shares) at Dec. 31, 2023	37,318				37,318
Stock issued from equity plans		(5,327)			$ (5,327)
Stock issued from equity plans (in shares)	116
Stock-based compensation		10,591			10,591
Dividends declared ($0.10 per share)				(3,810)	(3,810)
Other comprehensive loss			(7,969)		(7,969)
Deferred compensation		79		(79)
Net income				5,216	5,216
Ending Balance at Mar. 31, 2024	$ 37	153,643	(1,855)	991,058	1,142,883
Ending Balance (in shares) at Mar. 31, 2024	37,434
Beginning Balance at Dec. 31, 2023	$ 37	148,300	6,114	989,731	$ 1,144,182
Beginning Balance (in shares) at Dec. 31, 2023	37,318				37,318
Net income					$ 20,245
Ending Balance at Jun. 30, 2024	$ 38	169,686	(6,823)	1,002,175	$ 1,165,076
Ending Balance (in shares) at Jun. 30, 2024	37,671				37,671
Beginning Balance at Mar. 31, 2024	$ 37	153,643	(1,855)	991,058	$ 1,142,883
Beginning Balance (in shares) at Mar. 31, 2024	37,434
Stock issued from equity plans		(173)			(173)
Stock issued from equity plans (in shares)	93
Stock issuance (Note 2 Acquisition)	$ 1	4,463			4,464
Stock issuance (Note 2 Acquisition) (in shares)	144
Stock-based compensation		10,720			10,720
Dividends declared ($0.10 per share)				(3,848)	(3,848)
Other comprehensive loss			(4,968)		(4,968)
Deferred compensation		1,033		(64)	969
Net income				15,029	15,029
Ending Balance at Jun. 30, 2024	$ 38	$ 169,686	$ (6,823)	$ 1,002,175	$ 1,165,076
Ending Balance (in shares) at Jun. 30, 2024	37,671				37,671

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
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, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 20,245	$ 58,061
Less: loss from discontinued operations, net of income tax	(1,146)	(1,146)
Income from continuing operations, net of income tax	21,391	59,207
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	33,918	32,966
Stock-based compensation	22,389	14,738
Amortization of debt issuance costs and debt discount	1,630	254
Deferred income tax benefit	(42)	(786)
Loss (gain) on disposal and sale of assets	(16)	192
Unrealized gain on investment	(567)
Changes in operating assets and liabilities, net of assets acquired
Accounts receivable, net	18,390	46,044
Inventories	(49,255)	(17,688)
Other assets	5,008	2,859
Accounts payable	14,331	(17,448)
Other liabilities and accrued expenses	(52,304)	(64,834)
Net cash from operating activities from continuing operations	14,873	55,504
Net cash from operating activities from discontinued operations	(876)	(3,090)
Net cash from operating activities	13,997	52,414
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of long-term investments	(2,401)	(3,128)
Purchases of property and equipment	(31,406)	(33,623)
Acquisitions, net of cash acquired	(13,762)
Net cash from investing activities	(47,569)	(36,751)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term borrowings	(10,000)	(10,000)
Dividend payments	(7,658)	(7,592)
Net payments related to stock-based awards	(5,500)	(1,384)
Net cash from financing activities	(23,158)	(18,976)
EFFECT OF CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS	(1,678)	(253)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(58,408)	(3,566)
CASH AND CASH EQUIVALENTS, beginning of period	1,044,556	458,818
CASH AND CASH EQUIVALENTS, end of period	$ 986,148	$ 455,252

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
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”) provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell and support precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment. Many of our products enable customers to reduce or optimize their energy consumption through increased power conversion efficiency, power density, power coupling, and process control across a wide range of applications . In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly Advanced Energy’s financial position as of June 30, 2024, and the results of our operations and cash flows for the three and six months ended June 30, 2024 and 2023. The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the U.S. 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, 2023 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, income taxes and other provisions, and acquisitions and asset valuations. Significant Accounting Policies Our accounting policies are described in Note 1. Summary of Operations and Significant Accounting Policies and Estimates 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 Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands disclosure requirements to require additional information about significant segment expenses. In addition, the ASU enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new disclosures requirements for entities with a single reportable segment. This guidance will be effective for us in our Annual Report on Form 10-K for the year ending December 31, 2024. We do not expect the above guidance to materially impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional disclosure on income taxes paid. This guidance will be effective for us on January 1, 2025. We do not expect the above guidance to materially impact our consolidated financial statements. In March 2024, the SEC issued climate-related disclosure rules. These rules do not change accounting treatment, but they significantly expand the climate-related information companies are required to disclose. Several petitions were filed challenging these climate-related disclosure rules and, in April 2024, the SEC voluntarily stayed the rules, pending completion of judicial review. We do not expect the above disclosure requirement to materially impact our consolidated financial statements. We are evaluating the disclosure requirements and changes to our business processes, systems, and controls to support the additional disclosures.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2024
ACQUISITIONS
ACQUISITIONS	NOTE 2. ACQUISITIONS On June 20, 2024, we acquired 100% of the issued and outstanding shares of capital stock of Airity Technologies, Inc. (“Airity”), which is based in Redwood City, California. We accounted for this transaction as a business combination. This acquisition adds high voltage power conversion technologies and products, which broadens our range of targeted applications within our Semiconductor Equipment and Industrial and Medical markets. The following table summarizes the consideration paid: Consideration Cash paid at closing $ 14,301 Advanced Energy common stock 4,463 Settlement of payables (654) Indemnity holdback payable on the one-year anniversary 1,500 Total fair value of purchase consideration $ 19,610 We are still evaluating the fair value of the assets acquired and liabilities assumed, inclusive of the acquired intangible assets, including their estimated useful lives, related tax impacts, and resulting goodwill. Our preliminary allocation of the fair value of purchase consideration was as follows: Fair Value Cash $ 539 Current assets and liabilities, net 372 Property and equipment 42 Deferred tax and other liabilities (2,144) Intangible assets 4,200 Goodwill (not deductible for tax purposes) 16,601 Total fair value of net assets acquired $ 19,610 We included Airity’s results of operations in our consolidated financial statements from the date of acquisition. In connection with the acquisition, we entered into agreements

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2024
REVENUE
REVENUE	NOTE 3. REVENUE Disaggregation of revenue The following tables present additional information regarding our revenue: Revenue by Market Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Semiconductor Equipment $ 188,321 $ 173,177 $ 368,224 $ 367,386 Industrial and Medical 79,104 127,603 162,522 250,623 Data Center Computing 72,964 59,076 114,866 118,735 Telecom and Networking 24,558 55,652 46,810 103,804 Total $ 364,947 $ 415,508 $ 692,422 $ 840,548 Revenue by Region Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 North America $ 172,794 47.4 % $ 171,516 41.3 % $ 306,873 44.3 % $ 352,458 42.0 % Asia 151,955 41.6 186,498 44.9 303,898 43.9 365,681 43.5 Europe 39,813 10.9 56,213 13.5 80,366 11.6 118,779 14.1 Other 385 0.1 1,281 0.3 1,285 0.2 3,630 0.4 Total $ 364,947 100.0 % $ 415,508 100.0 % $ 692,422 100.0 % $ 840,548 100.0 % Revenue by Significant Countries Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 129,495 35.5 % $ 147,109 35.4 % $ 237,311 34.4 % $ 300,615 35.8 % Mexico 42,934 11.8 23,617 5.7 68,815 9.9 50,489 6.0 Taiwan 39,108 10.7 29,345 7.1 78,581 11.3 65,706 7.8 China 22,682 6.2 53,192 12.8 41,573 6.0 90,648 10.8 All others 130,728 35.8 162,245 39.0 266,142 38.4 333,090 39.6 Total $ 364,947 100.0 % $ 415,508 100.0 % $ 692,422 100.0 % $ 840,548 100.0 % We attribute revenue to individual countries and regions based on the customer’s ship to location. Apart from the specific countries listed above, no individual country exceeded 10% of our total consolidated revenues during the periods presented. Revenue by Category Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product $ 325,368 $ 369,881 $ 611,632 $ 749,155 Services and other 39,579 45,627 80,790 91,393 Total $ 364,947 $ 415,508 $ 692,422 $ 840,548 Other revenue includes certain spare parts and products sold by our service group. Significant Customers During the three months ended June 30, 2024, Applied Materials, Inc. and Lam Research Corporation accounted for 26% and 10%, respectively, of our total revenue. During the six months ended June 30, 2024, Applied Materials, Inc. and Lam Research Corporation accounted for 28% and 10%, respectively, of our total revenue. During the three and six months ended June 30, 2023, Applied Materials Inc. accounted for 19% and 20%, respectively, of our total revenue. No other customer’s revenue exceeded 10% of our total revenue in the periods presented. As of June 30, 2024, the account receivable balance from Applied Materials, Inc. and Lam Research Corporation accounted for 31% and 10%, respectively, of our total accounts receivable. As of December 31, 2023, the account receivable balance from Applied Materials, Inc. accounted for 26% of our total accounts receivable. No other customer’s account receivable exceeded 10% of our total accounts receivable in the periods presented.

INCOME TAX

INCOME TAX	6 Months Ended
INCOME TAX	Jun. 30, 2024
INCOME TAX
INCOME TAX	NOTE 4. INCOME TAX 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, 2024 2023 2024 2023 Income from continuing operations, before income tax $ 18,769 $ 32,250 $ 26,343 $ 71,738 Income tax provision $ 3,165 $ 4,795 $ 4,952 $ 12,531 Effective tax rate 16.9 % 14.9 % 18.8 % 17.5 % Our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations. For both the three and six months ended June 30, 2024, our effective tax rate for 2024 was higher than the same period in the prior year primarily due to the impact of smaller beneficial discrete items in the current period relative to the larger beneficial discrete items in the prior period. As of January 1, 2024, the Pillar II minimum global effective tax rate of 15% enacted by the Organization for Economic Cooperation and Development (“OECD”) was effectuated. More than 140 countries agreed to enact the Pillar II global minimum tax. However, the timing of the implementation for each country varies. To date, we have determined that there was an immaterial global minimum tax liability as a result of Pillar II, as certain tax jurisdictions either will not have Pillar II enacted until after December 31, 2024 or satisfied the safe harbor test to prevent any minimum tax under Pillar II. We continue to monitor the jurisdictions for any changes and include any appropriate minimum tax throughout the year.

STOCKHOLDERS' EQUITY AND EARNIN

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE	6 Months Ended
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE	Jun. 30, 2024
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE	NOTE 5. STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of, and changes in, accumulated other comprehensive income Foreign Currency Translation Change in Fair Value of Cash Flow Hedges Defined Employee Benefit Plan Total Balance at December 31, 2022 $ (12,823) $ 11,848 $ 17,295 $ 16,320 Other comprehensive income (loss) prior to reclassifications (196) 595 — 399 Amounts reclassified from accumulated other comprehensive income (loss) — (2,412) — (2,412) Balance at March 31, 2023 (13,019) 10,031 17,295 14,307 Other comprehensive income (loss) prior to reclassifications (1,533) 2,555 — 1,022 Amounts reclassified from accumulated other comprehensive income (loss) — (2,756) (292) (3,048) Balance at June 30, 2023 $ (14,552) $ 9,830 $ 17,003 $ 12,281 Foreign Currency Translation Change in Fair Value of Cash Flow Hedges Defined Employee Benefit Plan Total Balance at December 31, 2023 $ (10,796) $ 5,474 $ 11,436 $ 6,114 Other comprehensive income (loss) prior to reclassifications (6,589) 1,405 — (5,184) Amounts reclassified from accumulated other comprehensive income (loss) — (2,785) — (2,785) Balance at March 31, 2024 (17,385) 4,094 11,436 (1,855) Other comprehensive income (loss) prior to reclassifications (2,561) 395 — (2,166) Amounts reclassified from accumulated other comprehensive income (loss) — (2,751) (51) (2,802) Balance at June 30, 2024 $ (19,946) $ 1,738 $ 11,385 $ (6,823) Amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the Three Months Ended June 30, Six Months Ended June 30, To Caption on Consolidated 2024 2023 2024 2023 Statements of Operations Cash flow hedges $ (2,751) $ (2,756) $ (5,536) $ (5,168) Interest expense Defined employee benefit plan (51) (292) (51) (292) Other income (expense), net Total reclassifications $ (2,802) $ (3,048) $ (5,587) $ (5,460) Earnings Per Share The following table summarizes our earnings per share (“EPS”): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income from continuing operations $ 15,604 $ 27,455 $ 21,391 $ 59,207 Basic weighted-average common shares outstanding 37,474 37,573 37,417 37,524 Dilutive effect of stock awards 303 230 316 280 Diluted weighted-average common shares outstanding 37,777 37,803 37,733 37,804 EPS from continuing operations Basic EPS $ 0.42 $ 0.73 $ 0.57 $ 1.58 Diluted EPS $ 0.41 $ 0.73 $ 0.57 $ 1.57 Anti-dilutive shares not included above Stock awards — 144 55 121 Warrants 3,166 — 3,183 — Total anti-dilutive shares 3,166 144 3,238 121 We compute basic earnings per share of common stock (“Basic EPS”) by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. See Note 18. Long-Term Debt ● Additional common shares that would have been outstanding if our outstanding stock awards had been converted to common shares using the treasury stock method. We exclude any stock awards that have an anti-dilutive effect; ● Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. When the stock price is lower than the strike price, there is no dilutive or anti-dilutive impact. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46 but below $179.76 ; and ● Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the $179.76 exercise price of the Warrants exceeded the average market price of our common stock. Share Repurchase At , 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $199.2 million with no time limitation. There were no share repurchases during any periods presented.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
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, 2024 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 184 — $ 184 Foreign currency forward contracts Other accrued expenses $ — 28 — $ 28 Interest rate swaps Other current assets $ — 2,163 — $ 2,163 Investments Other assets $ — 8,895 — $ 8,895 December 31, 2023 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 163 — $ 163 Interest rate swaps Other assets $ — 6,995 — $ 6,995 Investments Other assets $ — 5,952 — $ 5,952

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS Changes in foreign currency exchange rates impact our results of operations and cash flows. We may manage these risks through the use of derivative financial instruments, primarily forward contracts with banks. These forward contracts manage the exchange rate risk associated with assets and liabilities denominated in nonfunctional currencies. Typically, we execute these derivative instruments for one-month periods and do not designate them as hedges; however, they do partially offset the economic fluctuations of certain of our assets and liabilities due to foreign exchange rate changes. At June 30, 2024 we have $172.0 million foreign currency forward contracts outstanding. There were no foreign currency forward contracts outstanding at December 31, 2023. Gains and losses related to foreign currency exchange contracts were offset by corresponding gains and losses on the revaluation of the underlying assets and liabilities. Both are included as a component of other income (expense), net in our Consolidated Statements of Operations. We have executed interest rate swap contracts that fix a portion of the interest payments related to the outstanding principal balance on our Term Loan Facility to a total interest rate of 1.172%. The interest rate swap contracts expire on September 10, 2024 and are accounted for as cash flow hedging instruments. See Note 16. Long-Term Debt The following table summarizes the notional amount of our qualified hedging instruments: June 30, December 31, 2024 2023 Interest rate swap contracts $ 211,969 $ 220,719 The following table summarizes the amounts, net of tax, recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets for qualifying hedges. June 30, December 31, 2024 2023 Interest rate swap contract gains $ 1,738 $ 5,350 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 RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
ACCOUNTS RECEIVABLE, NET	Jun. 30, 2024
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	NOTE 8. ACCOUNTS RECEIVABLE, NET We record accounts receivable at net realizable value. Our accounts receivable, net balance on the Consolidated Balance Sheets was $262.4 million at June 30, 2024. The following table summarizes the changes in expected credit losses related to receivables: December 31, 2023 $ 1,762 Additions 94 Deductions - write-offs, net of recoveries (160) June 30, 2024 $ 1,696

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2024
INVENTORIES
INVENTORIES	NOTE 9. INVENTORIES We value inventories at the lower of cost or net realizable value, computed on a first-in, first-out basis. Components of inventories were as follows: June 30, December 31, 2024 2023 Parts and raw materials $ 278,269 $ 249,698 Work in process 17,710 14,595 Finished goods 87,162 71,844 Total $ 383,141 $ 336,137

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
INTANGIBLE ASSETS AND GOODWILL	Jun. 30, 2024
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL	NOTE 10. INTANGIBLE ASSETS AND GOODWILL Intangible assets consisted of the following: June 30, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 100,257 $ (66,005) $ 34,252 7.3 Customer relationships 169,327 (64,606) 104,721 9.0 Trademarks and other 27,102 (14,312) 12,790 5.1 Total $ 296,686 $ (144,923) $ 151,763 8.3 December 31, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 97,961 $ (60,412) $ 37,549 6.8 Customer relationships 168,685 (58,835) 109,850 9.5 Trademarks and other 27,141 (13,062) 14,079 5.6 Total $ 293,787 $ (132,309) $ 161,478 8.5 Amortization expense related to intangible assets is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amortization expense $ 6,800 $ 7,075 $ 13,747 $ 14,137 Estimated future amortization expense related to intangibles is as follows: Year Ending December 31, 2024 (remaining) $ 11,735 2025 21,541 2026 19,826 2027 17,923 2028 16,690 Thereafter 64,048 Total $ 151,763 The following table summarizes the changes in goodwill: December 31, 2023 $ 283,840 Additions from acquisition 16,601 Foreign currency translation and other (3,112) June 30, 2024 $ 297,329

RESTRUCTURING, ASSET IMPAIRMENT

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES	6 Months Ended
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES	Jun. 30, 2024
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES	NOTE 11. RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES Details of restructuring, asset impairments, and other charges are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restructuring $ 84 $ 3,154 $ 53 $ 4,197 Other charges 541 — 817 — Total restructuring, asset impairments, and other charges $ 625 $ 3,154 $ 870 $ 4,197 Restructuring We have two restructuring plans in process: 2023 Plan In 2023, we approved a plan intended to optimize and further consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align our expenses to revenue levels (the “2023 Plan”). We expect additional charges of $1.0 million to $2.0 million to be incurred in future periods through the second quarter of 2025. We anticipate the 2023 Plan will be substantially completed by the end of 2024, with the final activities concluding in the second quarter of 2025. On July 29, 2024, we approved actions in furtherance of our previously announced manufacturing consolidation initiatives intended to optimize our manufacturing network and cost structure. In connection with these actions, we estimate we will incur $25.0 million to $30.0 million primarily associated with employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes, facility exit costs, and other ancillary costs. We expect to recognize the majority of these charges during calendar year 2024 with any remaining charges to be recognized in the first half of 2025. 2022 Plan This plan was approved to further improve our operating efficiencies and drive the realization of synergies from our business combinations by consolidating our operations, optimizing our factory footprint, including moving certain production into our higher volume factories, reducing redundancies, and lowering our cost structure. We anticipate the 2022 Plan will be substantially completed by the end of 2024. Our restructuring liabilities are included in other accrued expenses in our Consolidated Balance Sheets. Changes in restructuring liabilities were as follows: 2023 Plan 2022 Plan Other Total December 31, 2023 $ 14,224 $ 2,930 $ 188 $ 17,342 Costs incurred and charged to expense (4) 57 — 53 Costs paid or otherwise settled (6,994) (2,987) (188) (10,169) June 30, 2024 $ 7,226 $ — $ — $ 7,226 Charges related to our restructuring plans are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Severance and related charges $ 84 $ 3,154 $ 53 $ 4,197 Cumulative Cost Through June 30, 2024 2023 Plan 2022 Plan Total Severance and related charges $ 17,099 $ 14,044 $ 31,143 Other Charges Other charges relate to vacating and relocating facilities.

WARRANTIES

WARRANTIES	6 Months Ended
WARRANTIES	Jun. 30, 2024
WARRANTIES
WARRANTIES	NOTE 12. WARRANTIES Our sales agreements include customary product warranty provisions, which generally range from 12 to 36 months after shipment. We record the estimated warranty obligations cost when we recognize revenue. This estimate is based on historical experience by product and configuration. We include warranty obligation in other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation were as follows: December 31, 2023 $ 4,007 Net increases to accruals 1,295 Warranty expenditures (1,265) Effect of changes in exchange rates 137 June 30, 2024 $ 4,174

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2024
LEASES
LEASES	NOTE 13. LEASES Components of total operating lease cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 5,856 $ 5,656 $ 11,717 $ 11,336 Short-term and variable lease cost 910 987 1,577 2,070 Total operating lease cost $ 6,766 $ 6,643 $ 13,294 $ 13,406 Estimated future payments on our operating lease liabilities are as follows: Year Ending December 31, 2024 (remaining) $ 11,473 2025 20,492 2026 17,902 2027 15,494 2028 15,102 Thereafter 62,966 Total lease payments 143,429 Less: Interest (29,879) Present value of lease liabilities $ 113,550 In addition to the above, we have lease agreements with total payments of $36.0 million that commence on various dates in 2024 and 2025 and extend through 2040. The following tables present additional information about our lease agreements: June 30, December 31, 2024 2023 Weighted average remaining lease term (in years) 8.5 8.3 Weighted average discount rate 5.3 % 5.0 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for operating leases $ 5,844 $ 5,824 $ 11,564 $ 11,668 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,579 $ 2,420 $ 18,417 $ 2,628

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14. STOCK-BASED COMPENSATION The Compensation Committee of our Board of Directors administers our stock plans. As of June 30, 2024, we had two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the “2023 Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”). The 2023 Incentive Plan was approved by stockholders on April 27, 2023 and amended and restated on November 2, 2023. We issue all new equity compensation grants under these two plans; however, outstanding awards previously issued under now inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. The 2023 Incentive Plan provides for the grant of awards including stock . The following table summarizes information related to our stock-based incentive compensation plans: June 30, 2024 Shares available for future issuance under the 2023 Incentive Plan 1,817 Shares available for future issuance under the ESPP 556 Stock-based Compensation Expense We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. During the six months ended June 30, 2024, stock-based compensation expense includes $1.8 million related to a modification for accounting purposes of prior awards. Stock-based compensation was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 11,384 $ 7,937 $ 22,389 $ 14,738 See Note 2. Acquisitions for information regarding future stock-based compensation expense related to the Airity acquisition. Restricted Stock Units Generally, we grant restricted stock units (“RSUs”) with a three year time-based vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based vesting requirements. RSUs are generally granted with a grant date fair value based on the market price of our stock on the date of grant. Changes in our RSUs were as follows: Six Months Ended June 30, 2024 Weighted- Average Number of Grant Date RSUs Fair Value RSUs outstanding at beginning of period 917 $ 85.96 RSUs granted 529 $ 104.71 RSUs vested (256) $ 87.78 RSUs forfeited (78) $ 76.18 RSUs outstanding at end of period 1,112 $ 95.14 Stock Options Generally, we grant stock option awards with an exercise price equal to the market price of our stock at the date of grant and with either a three Changes in our stock options were as follows: Six Months Ended June 30, 2024 Weighted- Average Number of Exercise Price Options per Share Options outstanding at beginning of period 89 $ 76.69 Options exercised (10) $ 26.32 Options outstanding at end of period 79 $ 83.05

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 15. COMMITMENTS AND CONTINGENCIES We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in intellectual property litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third party intellectual property rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred, and the amount of such loss can be reasonably estimated. We are not currently a party to any legal action that we believe would have a material adverse impact on our business, financial condition, results of operations or cash flows. We maintain defined benefit pension plans for certain of our non-U.S. employees, including the United Kingdom. In light of the United Kingdom’s High Court ruling in the case of Virgin Media Ltd v. NTL Pension Trustees II Ltd & Ors, which was recently upheld on appeal, we are reviewing past amendments made to our United Kingdom pension plans to evaluate whether any changes were implemented in conflict with section 37 of the United Kingdom Pension Schemes Act 1993. Should there be a challenge to any previous amendments to our pension plan in the United Kingdom, we could face potential litigation and compliance risks. We continue to account for our United Kingdom pension arrangements in accordance with the plan agreements and amendments, as we believe they represent a mutual understanding and agreement among all parties.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2024
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 16. LONG-TERM DEBT Long-term debt on our Consolidated Balance Sheets consists of the following: June 30, December 31, 2024 2023 Convertible Notes due 2028 $ 575,000 $ 575,000 Term Loan Facility due 2026 345,000 355,000 Gross long-term debt, including current maturities 920,000 930,000 Less: debt discount (12,691) (14,321) Net long-term debt, including current maturities 907,309 915,679 Less: current maturities (20,000) (20,000) Net long-term debt $ 887,309 $ 895,679 For all periods presented, we were in compliance with the covenants under all debt agreements. Contractual maturities of our gross long-term debt, including current maturities, are as follows: Year Ending December 31, 2024 (remaining) $ 10,000 2025 20,000 2026 315,000 2027 — 2028 575,000 Total $ 920,000 The following table summarizes our borrowings: June 30, 2024 Balance Interest Rate Convertible Notes due 2028 $ 575,000 2.50% Term Loan Facility due 2026 at fixed interest rate due to interest rate swap 211,969 1.17% Term Loan Facility due 2026 at variable interest rate 133,031 6.19% Total borrowings $ 920,000 The interest rate swap contracts expire on September 10, 2024. After that date, this portion of our Term Loan Facility will be subject to a variable interest rate. For more information, see Note 7. Derivative Financial Instruments The following table summarizes interest expense related to our debt: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest expense $ 6,365 $ 2,701 $ 12,667 $ 5,290 Amortization of debt issuance costs 855 131 1,675 263 Capitalized interest (271) — (271) — Total interest expense related to debt $ 6,949 $ 2,832 $ 14,071 $ 5,553 Convertible Senior Notes due 2028 On September 12, 2023, we completed a private, unregistered offering of $575.0 million aggregate principal amount of 2.50% convertible senior notes due 2028 (“Convertible Notes”). The $563.3 million remaining outstanding principal amount of the Convertible Notes, net of unamortized issuance costs, continues to be classified as long-term debt as none of the conversion triggers occurred as of June 30, 2024. The redemption price is 100% of the principal amount plus accrued and unpaid interest. The Convertible Notes mature on September 15, 2028, unless earlier repurchased, redeemed, or converted. Interest is payable semi-annually in arrears in March and September. Concurrent with the Convertible Notes issuance, we entered into hedges and sold warrants with respect to our common stock. I Credit Agreement Our credit agreement dated as of September 10, 2019, as amended (the “Credit Agreement”) consists of a senior unsecured term loan facility (“Term Loan Facility”) and a senior unsecured revolving facility (“Revolving Facility”). Both mature on September 9, 2026. On March 31, 2023, we executed an amendment to the Credit Agreement to transition the benchmark interest rate from LIBOR to SOFR. The impact of this transition was not material to our consolidated financial statements. On September 7, 2023, we entered into an additional amendment to the Credit Agreement to amend certain definitions, covenants, and events of default. The following table summarizes our availability to withdraw on the Revolving Facility: June 30, December 31, 2024 2023 Available capacity on Revolving Facility $ 200,000 $ 200,000 As part of our available capacity on the Revolving Facility, prior to the maturity date of the Credit Agreement, we may request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $115.0 million. Any requested increase is subject to lender approval. We use level 2 measurements to estimate the fair value of our debt. As of June 30, 2024, we estimate the fair value of our Convertible Notes to be $597.8 million, and the par value of the Term Loan Facility approximates its fair value.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES	Jun. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES	NOTE 17. SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES Certain of our cash and non-cash activities were as follows: Six Months Ended June 30, 2024 2023 Non-cash investing activities: Capital expenditures in accounts payable and other accrued expenses $ 8,065 $ 7,808 Common stock used as consideration in business combination $ 4,463 $ — Cash paid for: Interest expense $ 12,397 $ 5,291 Income taxes $ 23,568 $ 38,008 Cash received from income taxes $ 742 $ 225 Depreciation expense $ 20,171 $ 18,829

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,029	$ 27,140	$ 20,245	$ 58,061

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2024
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, income taxes and other provisions, and acquisitions and asset valuations.
Significant Accounting Policies	Significant Accounting Policies Our accounting policies are described in Note 1. Summary of Operations and Significant Accounting Policies and Estimates
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 Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands disclosure requirements to require additional information about significant segment expenses. In addition, the ASU enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new disclosures requirements for entities with a single reportable segment. This guidance will be effective for us in our Annual Report on Form 10-K for the year ending December 31, 2024. We do not expect the above guidance to materially impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional disclosure on income taxes paid. This guidance will be effective for us on January 1, 2025. We do not expect the above guidance to materially impact our consolidated financial statements. In March 2024, the SEC issued climate-related disclosure rules. These rules do not change accounting treatment, but they significantly expand the climate-related information companies are required to disclose. Several petitions were filed challenging these climate-related disclosure rules and, in April 2024, the SEC voluntarily stayed the rules, pending completion of judicial review. We do not expect the above disclosure requirement to materially impact our consolidated financial statements. We are evaluating the disclosure requirements and changes to our business processes, systems, and controls to support the additional disclosures.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
ACQUISITIONS (Tables)	Jun. 30, 2024
ACQUISITIONS
Schedule of consideration paid	Consideration Cash paid at closing $ 14,301 Advanced Energy common stock 4,463 Settlement of payables (654) Indemnity holdback payable on the one-year anniversary 1,500 Total fair value of purchase consideration $ 19,610
Schedule of fair value of assets acquired and liabilities assumed	Fair Value Cash $ 539 Current assets and liabilities, net 372 Property and equipment 42 Deferred tax and other liabilities (2,144) Intangible assets 4,200 Goodwill (not deductible for tax purposes) 16,601 Total fair value of net assets acquired $ 19,610

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2024
REVENUE
Schedule of disaggregation of revenue	Revenue by Market Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Semiconductor Equipment $ 188,321 $ 173,177 $ 368,224 $ 367,386 Industrial and Medical 79,104 127,603 162,522 250,623 Data Center Computing 72,964 59,076 114,866 118,735 Telecom and Networking 24,558 55,652 46,810 103,804 Total $ 364,947 $ 415,508 $ 692,422 $ 840,548 Revenue by Region Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 North America $ 172,794 47.4 % $ 171,516 41.3 % $ 306,873 44.3 % $ 352,458 42.0 % Asia 151,955 41.6 186,498 44.9 303,898 43.9 365,681 43.5 Europe 39,813 10.9 56,213 13.5 80,366 11.6 118,779 14.1 Other 385 0.1 1,281 0.3 1,285 0.2 3,630 0.4 Total $ 364,947 100.0 % $ 415,508 100.0 % $ 692,422 100.0 % $ 840,548 100.0 % Revenue by Significant Countries Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 129,495 35.5 % $ 147,109 35.4 % $ 237,311 34.4 % $ 300,615 35.8 % Mexico 42,934 11.8 23,617 5.7 68,815 9.9 50,489 6.0 Taiwan 39,108 10.7 29,345 7.1 78,581 11.3 65,706 7.8 China 22,682 6.2 53,192 12.8 41,573 6.0 90,648 10.8 All others 130,728 35.8 162,245 39.0 266,142 38.4 333,090 39.6 Total $ 364,947 100.0 % $ 415,508 100.0 % $ 692,422 100.0 % $ 840,548 100.0 % Revenue by Category Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product $ 325,368 $ 369,881 $ 611,632 $ 749,155 Services and other 39,579 45,627 80,790 91,393 Total $ 364,947 $ 415,508 $ 692,422 $ 840,548

INCOME TAX (Tables)

INCOME TAX (Tables)	6 Months Ended
INCOME TAX (Tables)	Jun. 30, 2024
INCOME TAX
Schedule of tax expense and the effective tax rate for income from continuing operations	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income from continuing operations, before income tax $ 18,769 $ 32,250 $ 26,343 $ 71,738 Income tax provision $ 3,165 $ 4,795 $ 4,952 $ 12,531 Effective tax rate 16.9 % 14.9 % 18.8 % 17.5 %

STOCKHOLDERS' EQUITY AND EARN_2

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)	Jun. 30, 2024
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE
Summary of the components of and changes in accumulated other comprehensive income (loss), net of income taxes	Foreign Currency Translation Change in Fair Value of Cash Flow Hedges Defined Employee Benefit Plan Total Balance at December 31, 2022 $ (12,823) $ 11,848 $ 17,295 $ 16,320 Other comprehensive income (loss) prior to reclassifications (196) 595 — 399 Amounts reclassified from accumulated other comprehensive income (loss) — (2,412) — (2,412) Balance at March 31, 2023 (13,019) 10,031 17,295 14,307 Other comprehensive income (loss) prior to reclassifications (1,533) 2,555 — 1,022 Amounts reclassified from accumulated other comprehensive income (loss) — (2,756) (292) (3,048) Balance at June 30, 2023 $ (14,552) $ 9,830 $ 17,003 $ 12,281 Foreign Currency Translation Change in Fair Value of Cash Flow Hedges Defined Employee Benefit Plan Total Balance at December 31, 2023 $ (10,796) $ 5,474 $ 11,436 $ 6,114 Other comprehensive income (loss) prior to reclassifications (6,589) 1,405 — (5,184) Amounts reclassified from accumulated other comprehensive income (loss) — (2,785) — (2,785) Balance at March 31, 2024 (17,385) 4,094 11,436 (1,855) Other comprehensive income (loss) prior to reclassifications (2,561) 395 — (2,166) Amounts reclassified from accumulated other comprehensive income (loss) — (2,751) (51) (2,802) Balance at June 30, 2024 $ (19,946) $ 1,738 $ 11,385 $ (6,823)
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the Consolidated Statements of Operations	Three Months Ended June 30, Six Months Ended June 30, To Caption on Consolidated 2024 2023 2024 2023 Statements of Operations Cash flow hedges $ (2,751) $ (2,756) $ (5,536) $ (5,168) Interest expense Defined employee benefit plan (51) (292) (51) (292) Other income (expense), net Total reclassifications $ (2,802) $ (3,048) $ (5,587) $ (5,460)
Summary of earnings per share ("EPS")	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income from continuing operations $ 15,604 $ 27,455 $ 21,391 $ 59,207 Basic weighted-average common shares outstanding 37,474 37,573 37,417 37,524 Dilutive effect of stock awards 303 230 316 280 Diluted weighted-average common shares outstanding 37,777 37,803 37,733 37,804 EPS from continuing operations Basic EPS $ 0.42 $ 0.73 $ 0.57 $ 1.58 Diluted EPS $ 0.41 $ 0.73 $ 0.57 $ 1.57 Anti-dilutive shares not included above Stock awards — 144 55 121 Warrants 3,166 — 3,183 — Total anti-dilutive shares 3,166 144 3,238 121

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	June 30, 2024 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 184 — $ 184 Foreign currency forward contracts Other accrued expenses $ — 28 — $ 28 Interest rate swaps Other current assets $ — 2,163 — $ 2,163 Investments Other assets $ — 8,895 — $ 8,895 December 31, 2023 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 163 — $ 163 Interest rate swaps Other assets $ — 6,995 — $ 6,995 Investments Other assets $ — 5,952 — $ 5,952

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of notional amount of qualified hedging instruments	June 30, December 31, 2024 2023 Interest rate swap contracts $ 211,969 $ 220,719
Schedule of amounts, net of tax, recorded in accumulated other comprehensive income (loss)	June 30, December 31, 2024 2023 Interest rate swap contract gains $ 1,738 $ 5,350

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Jun. 30, 2024
ACCOUNTS RECEIVABLE, NET
Schedule of accounts and other receivable	December 31, 2023 $ 1,762 Additions 94 Deductions - write-offs, net of recoveries (160) June 30, 2024 $ 1,696

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2024
INVENTORIES
Schedule of components of inventories	June 30, December 31, 2024 2023 Parts and raw materials $ 278,269 $ 249,698 Work in process 17,710 14,595 Finished goods 87,162 71,844 Total $ 383,141 $ 336,137

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
INTANGIBLE ASSETS AND GOODWILL (Tables)	Jun. 30, 2024
INTANGIBLE ASSETS AND GOODWILL
Schedule of intangible assets	June 30, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 100,257 $ (66,005) $ 34,252 7.3 Customer relationships 169,327 (64,606) 104,721 9.0 Trademarks and other 27,102 (14,312) 12,790 5.1 Total $ 296,686 $ (144,923) $ 151,763 8.3 December 31, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 97,961 $ (60,412) $ 37,549 6.8 Customer relationships 168,685 (58,835) 109,850 9.5 Trademarks and other 27,141 (13,062) 14,079 5.6 Total $ 293,787 $ (132,309) $ 161,478 8.5
Schedule of amortization expense related to intangible assets	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amortization expense $ 6,800 $ 7,075 $ 13,747 $ 14,137
Schedule of estimated future amortization expense related to intangible assets	Year Ending December 31, 2024 (remaining) $ 11,735 2025 21,541 2026 19,826 2027 17,923 2028 16,690 Thereafter 64,048 Total $ 151,763
Schedule of changes in goodwill	December 31, 2023 $ 283,840 Additions from acquisition 16,601 Foreign currency translation and other (3,112) June 30, 2024 $ 297,329

RESTRUCTURING, ASSET IMPAIRME_2

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES (Tables)	6 Months Ended
	Jun. 30, 2024
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES
Schedule of restructuring, asset impairments, and other charges	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restructuring $ 84 $ 3,154 $ 53 $ 4,197 Other charges 541 — 817 — Total restructuring, asset impairments, and other charges $ 625 $ 3,154 $ 870 $ 4,197
Schedule of restructuring liabilities	2023 Plan 2022 Plan Other Total December 31, 2023 $ 14,224 $ 2,930 $ 188 $ 17,342 Costs incurred and charged to expense (4) 57 — 53 Costs paid or otherwise settled (6,994) (2,987) (188) (10,169) June 30, 2024 $ 7,226 $ — $ — $ 7,226
Schedule of charges related to restructuring plans	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Severance and related charges $ 84 $ 3,154 $ 53 $ 4,197 Cumulative Cost Through June 30, 2024 2023 Plan 2022 Plan Total Severance and related charges $ 17,099 $ 14,044 $ 31,143

WARRANTIES (Tables)

WARRANTIES (Tables)	6 Months Ended
WARRANTIES (Tables)	Jun. 30, 2024
WARRANTIES
Schedule of changes in product warranty obligation	December 31, 2023 $ 4,007 Net increases to accruals 1,295 Warranty expenditures (1,265) Effect of changes in exchange rates 137 June 30, 2024 $ 4,174

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2024
LEASES
Components of operating lease cost	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 5,856 $ 5,656 $ 11,717 $ 11,336 Short-term and variable lease cost 910 987 1,577 2,070 Total operating lease cost $ 6,766 $ 6,643 $ 13,294 $ 13,406
Schedule of estimated future payments on operating lease liabilities	Year Ending December 31, 2024 (remaining) $ 11,473 2025 20,492 2026 17,902 2027 15,494 2028 15,102 Thereafter 62,966 Total lease payments 143,429 Less: Interest (29,879) Present value of lease liabilities $ 113,550
Schedule of additional information about lease agreements	June 30, December 31, 2024 2023 Weighted average remaining lease term (in years) 8.5 8.3 Weighted average discount rate 5.3 % 5.0 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for operating leases $ 5,844 $ 5,824 $ 11,564 $ 11,668 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,579 $ 2,420 $ 18,417 $ 2,628

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2024
STOCK-BASED COMPENSATION
Summary of information related to stock-based incentive compensation plans	June 30, 2024 Shares available for future issuance under the 2023 Incentive Plan 1,817 Shares available for future issuance under the ESPP 556
Schedule of stock-based compensation	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 11,384 $ 7,937 $ 22,389 $ 14,738
Summary of changes in RSUs	Six Months Ended June 30, 2024 Weighted- Average Number of Grant Date RSUs Fair Value RSUs outstanding at beginning of period 917 $ 85.96 RSUs granted 529 $ 104.71 RSUs vested (256) $ 87.78 RSUs forfeited (78) $ 76.18 RSUs outstanding at end of period 1,112 $ 95.14
Summary of changes in stock options	Six Months Ended June 30, 2024 Weighted- Average Number of Exercise Price Options per Share Options outstanding at beginning of period 89 $ 76.69 Options exercised (10) $ 26.32 Options outstanding at end of period 79 $ 83.05

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jun. 30, 2024
LONG-TERM DEBT
Schedule of long-term debt	June 30, December 31, 2024 2023 Convertible Notes due 2028 $ 575,000 $ 575,000 Term Loan Facility due 2026 345,000 355,000 Gross long-term debt, including current maturities 920,000 930,000 Less: debt discount (12,691) (14,321) Net long-term debt, including current maturities 907,309 915,679 Less: current maturities (20,000) (20,000) Net long-term debt $ 887,309 $ 895,679
Schedule of contractual maturities of gross long-term debt	Year Ending December 31, 2024 (remaining) $ 10,000 2025 20,000 2026 315,000 2027 — 2028 575,000 Total $ 920,000
Schedule of borrowings	June 30, 2024 Balance Interest Rate Convertible Notes due 2028 $ 575,000 2.50% Term Loan Facility due 2026 at fixed interest rate due to interest rate swap 211,969 1.17% Term Loan Facility due 2026 at variable interest rate 133,031 6.19% Total borrowings $ 920,000
Schedule of interest expense and unused line of credit fees	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest expense $ 6,365 $ 2,701 $ 12,667 $ 5,290 Amortization of debt issuance costs 855 131 1,675 263 Capitalized interest (271) — (271) — Total interest expense related to debt $ 6,949 $ 2,832 $ 14,071 $ 5,553
Schedule of availability to withdraw on Revolving Facility	June 30, December 31, 2024 2023 Available capacity on Revolving Facility $ 200,000 $ 200,000

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES
Schedule of supplemental cash flow information	Certain of our cash and non-cash activities were as follows: Six Months Ended June 30, 2024 2023 Non-cash investing activities: Capital expenditures in accounts payable and other accrued expenses $ 8,065 $ 7,808 Common stock used as consideration in business combination $ 4,463 $ — Cash paid for: Interest expense $ 12,397 $ 5,291 Income taxes $ 23,568 $ 38,008 Cash received from income taxes $ 742 $ 225 Depreciation expense $ 20,171 $ 18,829

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2034	Jun. 30, 2024	Jun. 20, 2024
Business Acquisition [Line Items]
Fair value of shares	$ (173)	$ (5,327)	$ 607	$ (1,991)
Airity Technologies
Business Acquisition [Line Items]
Acquired percentage							100%
Shares issued						0.1
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration]						us-gaap:ShareBasedPaymentArrangementEmployeeMember
Fair value of shares						$ 15,600
Vesting period						3 years
Airity Technologies \| Shares allocated to consideration paid at closing
Business Acquisition [Line Items]
Shares issued					4.5
Airity Technologies \| Shares considered future compensation
Business Acquisition [Line Items]
Shares issued					11.1	11.1

ACQUISITIONS - Consideration Pa

ACQUISITIONS - Consideration Paid (Details) $ in Thousands	6 Months Ended
ACQUISITIONS - Consideration Paid (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Business Acquisition [Line Items]
Advanced Energy common stock	$ 4,463
Airity Technologies
Business Acquisition [Line Items]
Cash paid at closing	14,301
Advanced Energy common stock	4,463
Settlement of payables	(654)
Indemnity holdback payable on the one-year anniversary	1,500
Total fair value of consideration transferred	$ 19,610

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill (not deductible for tax purposes)	$ 297,329	$ 283,840
Estimated useful lives (Years)	8 years 3 months 18 days	8 years 6 months
Airity Technologies
Business Acquisition [Line Items]
Cash	$ 539
Current assets and liabilities, net	372
Property and equipment	42
Deferred tax and other liabilities	(2,144)
Intangible assets (3 to 10 year estimated useful lives)	4,200
Goodwill (not deductible for tax purposes)	16,601
Total fair value of net assets acquired	$ 19,610

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 364,947	$ 415,508	$ 692,422	$ 840,548
Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	100%	100%	100%	100%
North America
Disaggregation of Revenue [Line Items]
Revenue	$ 172,794	$ 171,516	$ 306,873	$ 352,458
North America \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	47.40%	41.30%	44.30%	42%
Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 151,955	$ 186,498	$ 303,898	$ 365,681
Asia \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	41.60%	44.90%	43.90%	43.50%
Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 39,813	$ 56,213	$ 80,366	$ 118,779
Europe \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	10.90%	13.50%	11.60%	14.10%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 385	$ 1,281	$ 1,285	$ 3,630
Other \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	0.10%	0.30%	0.20%	0.40%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 129,495	$ 147,109	$ 237,311	$ 300,615
United States \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	35.50%	35.40%	34.40%	35.80%
Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 42,934	$ 23,617	$ 68,815	$ 50,489
Mexico \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	11.80%	5.70%	9.90%	6%
Taiwan
Disaggregation of Revenue [Line Items]
Revenue	$ 39,108	$ 29,345	$ 78,581	$ 65,706
Taiwan \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	10.70%	7.10%	11.30%	7.80%
China
Disaggregation of Revenue [Line Items]
Revenue	$ 22,682	$ 53,192	$ 41,573	$ 90,648
China \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	6.20%	12.80%	6%	10.80%
All others
Disaggregation of Revenue [Line Items]
Revenue	$ 130,728	$ 162,245	$ 266,142	$ 333,090
All others \| Revenue benchmark \| Geographic concentration
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	35.80%	39%	38.40%	39.60%
Semiconductor Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 188,321	$ 173,177	$ 368,224	$ 367,386
Industrial and Medical
Disaggregation of Revenue [Line Items]
Revenue	79,104	127,603	162,522	250,623
Data Center Computing
Disaggregation of Revenue [Line Items]
Revenue	72,964	59,076	114,866	118,735
Telecom and Networking
Disaggregation of Revenue [Line Items]
Revenue	24,558	55,652	46,810	103,804
Product
Disaggregation of Revenue [Line Items]
Revenue	325,368	369,881	611,632	749,155
Services and other
Disaggregation of Revenue [Line Items]
Revenue	$ 39,579	$ 45,627	$ 80,790	$ 91,393

REVENUE - Significant Customers

REVENUE - Significant Customers (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue benchmark \| Applied Materials, Inc
Revenue, Major Customer [Line Items]
Significant concentration risk	26%	19%	28%	20%
Revenue benchmark \| Lam Research Corporation
Revenue, Major Customer [Line Items]
Significant concentration risk	10%		10%
Accounts Receivable Benchmark \| Applied Materials, Inc
Revenue, Major Customer [Line Items]
Significant concentration risk			31%		26%
Accounts Receivable Benchmark \| Lam Research Corporation
Revenue, Major Customer [Line Items]
Significant concentration risk			10%

INCOME TAX - Schedule of Tax Ex

INCOME TAX - 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAX
Income from continuing operations, before income tax	$ 18,769	$ 32,250	$ 26,343	$ 71,738
Income tax provision	$ 3,165	$ 4,795	$ 4,952	$ 12,531
Effective tax rate	16.90%	14.90%	18.80%	17.50%

INCOME TAX - Narrative (Details

INCOME TAX - Narrative (Details)	3 Months Ended		6 Months Ended
INCOME TAX - Narrative (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAX
Federal statutory tax rate	21%	21%	21%	21%

STOCKHOLDERS' EQUITY AND EARN_3

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Components of and changes in AOCIL, net of income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	$ 1,142,883	$ 1,144,182	$ 1,095,913	$ 1,066,267
Ending Balance	1,165,076	1,142,883	1,125,279	1,095,913
Accumulated Other Comprehensive Income (Loss)
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	(1,855)	6,114	14,307	16,320
Other comprehensive income (loss) prior to reclassifications	(2,166)	(5,184)	1,022	399
Amounts reclassified from accumulated other comprehensive income (loss)	(2,802)	(2,785)	(3,048)	(2,412)
Ending Balance	(6,823)	(1,855)	12,281	14,307
Foreign Currency Translation
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	(17,385)	(10,796)	(13,019)	(12,823)
Other comprehensive income (loss) prior to reclassifications	(2,561)	(6,589)	(1,533)	(196)
Ending Balance	(19,946)	(17,385)	(14,552)	(13,019)
Change in fair value of cash flow hedges
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	4,094	5,474	10,031	11,848
Other comprehensive income (loss) prior to reclassifications	395	1,405	2,555	595
Amounts reclassified from accumulated other comprehensive income (loss)	(2,751)	(2,785)	(2,756)	(2,412)
Ending Balance	1,738	4,094	9,830	10,031
Defined Employee Benefit Plan
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	11,436	11,436	17,295	17,295
Amounts reclassified from accumulated other comprehensive income (loss)	(51)		(292)
Ending Balance	$ 11,385	$ 11,436	$ 17,003	$ 17,295

STOCKHOLDERS' EQUITY AND EARN_4

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Amounts Reclassified from AOCIL to Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (6,956)		$ (2,858)		$ (14,083)	$ (5,588)
Other income (expense), net	638		982		2,017	(423)
Total reclassifications	15,029	$ 5,216	27,140	$ 30,921	20,245	58,061
Accumulated Other Comprehensive Income (Loss) \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	(2,802)		(3,048)		(5,587)	(5,460)
Change in fair value of cash flow hedges \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(2,751)		(2,756)		(5,536)	(5,168)
Defined Employee Benefit Plan \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	$ (51)		$ (292)		$ (51)	$ (292)

STOCKHOLDERS' EQUITY AND EARN_5

STOCKHOLDERS' EQUITY AND 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income from continuing operations	$ 15,604	$ 27,455	$ 21,391	$ 59,207
Basic weighted-average common shares outstanding	37,474	37,573	37,417	37,524
Dilutive effect of stock awards	303	230	316	280
Diluted weighted-average common shares outstanding	37,777	37,803	37,733	37,804
EPS from continuing operations
Basic EPS (in dollars per share)	$ 0.42	$ 0.73	$ 0.57	$ 1.58
Diluted EPS (in dollars per share)	$ 0.41	$ 0.73	$ 0.57	$ 1.57
Anti-dilutive shares	3,166	144	3,238	121
Stock awards
EPS from continuing operations
Anti-dilutive shares		144	55	121
Warrants
EPS from continuing operations
Anti-dilutive shares	3,166		3,183

STOCKHOLDERS' EQUITY AND EARN_6

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Narrative (Details)	Jun. 30, 2024 $ / shares
Convertible Notes due 2028 \| Minimum
Debt Instrument [Line Items]
Stock price	$ 137.46
Convertible Notes due 2028 \| Maximum
Debt Instrument [Line Items]
Stock price	179.76
Warrant
Debt Instrument [Line Items]
Exercise price	$ 179.76

STOCKHOLDERS' EQUITY AND EARN_7

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Share Repurchase (Details) shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE
Remaining amount authorized by Board of Directors for future share repurchases \| $	$ 199.2
Share repurchases (in shares) \| shares	0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Certificates of deposit \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	$ 184	$ 163
Foreign currency forward contracts \| Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure	28
Interest rate swaps \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	2,163
Interest rate swaps \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis		6,995
Investments \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	8,895	5,952
Fair Value, Inputs, Level 2 \| Certificates of deposit \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	184	163
Fair Value, Inputs, Level 2 \| Foreign currency forward contracts \| Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure	28
Fair Value, Inputs, Level 2 \| Interest rate swaps \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	2,163
Fair Value, Inputs, Level 2 \| Interest rate swaps \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis		6,995
Fair Value, Inputs, Level 2 \| Investments \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	$ 8,895	$ 5,952

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Annual interest (as a percent)	1.172%
Foreign exchange forward
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 172	$ 0

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, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, notional amount	$ 211,969	$ 220,719
Balances recorded in accumulated other comprehensive income (loss)	$ 1,738	$ 5,350

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	6 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
Accounts receivable, net	$ 262,419	$ 282,430
Balance at beginning of period	1,762
Additions	94
Deductions - write-offs, net of recoveries	(160)
Balance at end of period	$ 1,696

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Parts and raw materials	$ 278,269	$ 249,698
Work in process	17,710	14,595
Finished goods	87,162	71,844
Total	$ 383,141	$ 336,137

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 296,686	$ 293,787
Accumulated Amortization	(144,923)	(132,309)
Total	$ 151,763	$ 161,478
Weighted Average Remaining Useful Life (in years)	8 years 3 months 18 days	8 years 6 months
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100,257	$ 97,961
Accumulated Amortization	(66,005)	(60,412)
Total	$ 34,252	$ 37,549
Weighted Average Remaining Useful Life (in years)	7 years 3 months 18 days	6 years 9 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 169,327	$ 168,685
Accumulated Amortization	(64,606)	(58,835)
Total	$ 104,721	$ 109,850
Weighted Average Remaining Useful Life (in years)	9 years	9 years 6 months
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27,102	$ 27,141
Accumulated Amortization	(14,312)	(13,062)
Total	$ 12,790	$ 14,079
Weighted Average Remaining Useful Life (in years)	5 years 1 month 6 days	5 years 7 months 6 days

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INTANGIBLE ASSETS AND GOODWILL
Amortization of intangible assets	$ 6,800	$ 7,075	$ 13,747	$ 14,137

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS AND GOODWILL
2024 (remaining)	$ 11,735
2025	21,541
2026	19,826
2027	17,923
2028	16,690
Thereafter	64,048
Total	$ 151,763	$ 161,478

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Change in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
INTANGIBLE ASSETS AND GOODWILL
Balance at beginning of period	$ 283,840
Additions from acquisition	16,601
Foreign currency translation and other	(3,112)
Balance at end of period	$ 297,329

RESTRUCTURING, ASSET IMPAIRME_3

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Restructuring, asset impairments, and other charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES
Restructuring	$ 84	$ 3,154	$ 53	$ 4,197
Other charges	541		817
Total restructuring, asset impairments, and other charges	$ 625	$ 3,154	$ 870	$ 4,197

RESTRUCTURING, ASSET IMPAIRME_4

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) plan	Jun. 30, 2023 USD ($)	Jul. 29, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of restructuring plans in process \| plan			2
Cost incurred and charged to expense	$ 84	$ 3,154	$ 53	$ 4,197
2023 Plan
Restructuring Cost and Reserve [Line Items]
Cost incurred and charged to expense			(4)
Minimum \| 2023 Plan
Restructuring Cost and Reserve [Line Items]
Expected additional charges	1,000		1,000
Minimum \| 2023 Plan \| Subsequent Events
Restructuring Cost and Reserve [Line Items]
Expected additional charges					$ 25,000
Maximum \| 2023 Plan
Restructuring Cost and Reserve [Line Items]
Expected additional charges	$ 2,000		$ 2,000
Maximum \| 2023 Plan \| Subsequent Events
Restructuring Cost and Reserve [Line Items]
Expected additional charges					$ 30,000

RESTRUCTURING, ASSET IMPAIRME_5

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Changes in Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance			$ 17,342
Cost incurred and charged to expense	$ 84	$ 3,154	53	$ 4,197
Cost paid or otherwise settled			(10,169)
Ending balance	7,226		7,226
2023 Plan
Restructuring Reserve [Roll Forward]
Beginning balance			14,224
Cost incurred and charged to expense			(4)
Cost paid or otherwise settled			(6,994)
Ending balance	7,226		7,226
2022 Plan
Restructuring Reserve [Roll Forward]
Beginning balance			2,930
Cost incurred and charged to expense			57
Cost paid or otherwise settled			(2,987)
Other
Restructuring Reserve [Roll Forward]
Beginning balance			188
Cost incurred and charged to expense
Cost paid or otherwise settled			(188)
Ending balance

RESTRUCTURING, ASSET IMPAIRME_6

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Changes in Restructuring Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 84	$ 3,154	$ 53	$ 4,197
2023 Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges			(4)
2022 Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges			57
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges
Severance and related charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 84	$ 3,154	$ 53	$ 4,197	$ 31,143
Severance and related charges \| 2023 Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges					17,099
Severance and related charges \| 2022 Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges					$ 14,044

WARRANTIES - Narrative (Details

WARRANTIES - Narrative (Details)	6 Months Ended
WARRANTIES - Narrative (Details)	Jun. 30, 2024
Minimum
Product Liability Contingency [Line Items]
Product warranty term	12 months
Maximum
Product Liability Contingency [Line Items]
Product warranty term	36 months

WARRANTIES - Changes in Product

WARRANTIES - Changes in Product Warranty Obligation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 4,007
Net increases to accruals	1,295
Warranty expenditures	(1,265)
Effect of changes in exchange rates	137
Balance at end of period	$ 4,174

LEASES - Components of Operatin

LEASES - Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LEASES
Operating lease cost	$ 5,856	$ 5,656	$ 11,717	$ 11,336
Short-term and variable lease cost	910	987	1,577	2,070
Total operating lease cost	$ 6,766	$ 6,643	$ 13,294	$ 13,406

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
LEASES
2024 (remaining)	$ 11,473
2025	20,492
2026	17,902
2027	15,494
2028	15,102
Thereafter	62,966
Total lease payments	143,429
Less: Interest	(29,879)
Present value of lease liabilities	113,550
Payments for lease agreements that commence in the future	$ 36,000

LEASES - Other Lease Cost Infor

LEASES - Other Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
LEASES
Weighted average remaining lease term (in years)	8 years 6 months		8 years 6 months		8 years 3 months 18 days
Weighted average discount rate	5.30%		5.30%		5%
Cash paid for operating leases	$ 5,844	$ 5,824	$ 11,564	$ 11,668
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,579	$ 2,420	$ 18,417	$ 2,628

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) shares in Thousands	6 Months Ended
STOCK-BASED COMPENSATION (Details) shares in Thousands	Jun. 30, 2024 plan shares
Stock-based incentive compensation plans \| plan	2
Awards term	10 years
The 2023 Incentive Plan
Shares available for future issuance	1,817
Restricted Stock Units (RSUs) \| Minimum
Vesting period	3 years
Employee Stock
Shares available for future issuance	556
Employee Stock \| Minimum
Vesting period	3 years
Employee Stock \| Maximum
Vesting period	4 years

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 11,384	$ 7,937	$ 22,389	$ 14,738
Modification of stock-based compensation expense			$ 1,800

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, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding at beginning of period \| shares	917
RSUs granted \| shares	529
RSUs vested \| shares	(256)
RSUs forfeited \| shares	(78)
RSUs outstanding at end of period \| shares	1,112
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 85.96
Weighted Average Grant Date Fair Value, granted \| $ / shares	104.71
Weighted Average Grant Date Fair Value, Vested \| $ / shares	87.78
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	76.18
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 95.14

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Time Based shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at beginning of period \| shares	89
Options exercised \| shares	(10)
Options outstanding at ending of period \| shares	79
Weighted-Average Exercise Price per Share, Options outstanding at beginning of period \| $ / shares	$ 76.69
Weighted-Average Exercise Price per Share, Options exercised \| $ / shares	26.32
Weighted-Average Exercise Price per Share, Options outstanding at end of period \| $ / shares	$ 83.05

LONG-TERM DEBT - Debt Obligatio

LONG-TERM DEBT - Debt Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt:
Gross long-term debt, including current maturities	$ 920,000	$ 930,000
Less: debt discount	(12,691)	(14,321)
Net long-term debt, including current maturities	907,309	915,679
Less: current maturities	(20,000)	(20,000)
Net long-term debt	887,309	895,679
Term Loan Facility
Debt:
Gross long-term debt, including current maturities	345,000	355,000
Convertible Notes due 2028
Debt:
Gross long-term debt, including current maturities	575,000	$ 575,000
Net long-term debt, including current maturities	$ 563,300

LONG-TERM DEBT - Contractual Ma

LONG-TERM DEBT - Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
2024 (remaining)	$ 10,000
2025	20,000
2026	315,000
2028	575,000
Total	$ 920,000	$ 930,000

LONG-TERM DEBT - Borrowings (De

LONG-TERM DEBT - Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Balance	$ 920,000	$ 930,000
Term Loan Facility due 2026 at fixed interest rate due to interest rate swap
Line of Credit Facility [Line Items]
Balance	$ 211,969
Interest Rate	1.17%
Term Loan Facility due 2026 at variable interest rate
Line of Credit Facility [Line Items]
Balance	$ 133,031
Interest Rate	6.19%
Convertible Notes due 2028
Line of Credit Facility [Line Items]
Balance	$ 575,000	$ 575,000
Interest Rate	2.50%

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LONG-TERM DEBT
Interest expense	$ 6,365	$ 2,701	$ 12,667	$ 5,290
Amortization of debt issuance costs	855	131	1,675	263
Capitalized interest	(271)		(271)
Total interest expense related to debt	$ 6,949	$ 2,832	$ 14,071	$ 5,553

LONG-TERM DEBT - Convertible Se

LONG-TERM DEBT - Convertible Senior Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 12, 2023	Jun. 30, 2024	Dec. 31, 2023	Sep. 13, 2023
Debt Instrument [Line Items]
Long-term Debt		$ 907,309	$ 915,679
2.50% Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 575,000
Interest rate	2.50%
Long-term Debt		$ 563,300
Conversion price	$ 137.46			$ 179.76
Redemption price of the principal amount to be redeemed	100%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2.50% Convertible Notes
Line of Credit Facility [Line Items]
Debt fair value	$ 597,800
Revolving Credit Facility
Line of Credit Facility [Line Items]
Available capacity on Revolving Facility	200,000	$ 200,000
Increase in borrowing capacity	$ 115,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES
Capital expenditures in accounts payable and other accrued expenses (non-cash investing activity)	$ 8,065	$ 7,808
Common stock used as consideration in business combination	4,463
Cash paid for:
Interest expense	12,397	5,291
Income taxes	23,568	38,008
Cash received from income taxes	742	225
Depreciation expense	$ 20,171	$ 18,829