Advanced Energy Industries (AEIS) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 28, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		37,673,067
Entity Central Index Key	0000927003
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 657,288	$ 1,044,556
Accounts receivable, net	259,399	282,430
Inventories	377,740	336,137
Other current assets	51,281	48,771
Total current assets	1,345,708	1,711,894
Property and equipment, net	181,875	167,665
Operating lease right-of-use assets	86,003	95,432
Other assets	134,948	136,448
Intangible assets, net	145,290	161,478
Goodwill	299,036	283,840
TOTAL ASSETS	2,192,860	2,556,757
Current liabilities:
Accounts payable	133,006	141,850
Accrued payroll and employee benefits	62,743	73,595
Other accrued expenses	66,048	66,662
Customer deposits and other	11,351	15,997
Current portion of long-term debt		20,000
Current portion of operating lease liabilities	18,360	17,744
Total current liabilities	291,508	335,848
Long-term debt, net	564,000	895,679
Operating lease liabilities	80,264	89,330
Pension benefits	50,374	49,135
Other long-term liabilities	42,322	42,583
Total liabilities	1,028,468	1,412,575
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value, 1,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 70,000 shares authorized; 37,671 and 37,318 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	38	37
Additional paid-in capital	180,529	148,300
Accumulated other comprehensive income	2,089	6,114
Retained earnings	981,736	989,731
Total stockholders' equity	1,164,392	1,144,182
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,192,860	$ 2,556,757

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unaudited Consolidated Statements of Operations
Revenue, net	$ 374,217	$ 409,991	$ 1,066,639	$ 1,250,539
Cost of revenue	240,149	262,650	692,001	801,007
Gross profit	134,068	147,341	374,638	449,532
Operating expenses:
Research and development	53,561	50,391	155,732	153,414
Selling, general, and administrative	56,237	55,131	166,374	166,102
Amortization of intangible assets	6,772	7,049	20,519	21,186
Restructuring, asset impairments, and other charges	28,546	4,709	29,416	8,906
Total operating expenses	145,116	117,280	372,041	349,608
Operating income (loss)	(11,048)	30,061	2,597	99,924
Interest income	11,018	6,396	35,782	14,282
Interest expense	(6,378)	(3,780)	(20,461)	(9,368)
Other income (expense), net	(8,139)	1,848	(6,122)	1,425
Income (loss) from continuing operations, before income tax	(14,547)	34,525	11,796	106,263
Income tax provision (benefit)	(400)	874	4,552	13,405
Income (loss) from continuing operations	(14,147)	33,651	7,244	92,858
Loss from discontinued operations, net of income tax	(758)	(930)	(1,904)	(2,076)
Net income (loss)	$ (14,905)	$ 32,721	$ 5,340	$ 90,782
Basic weighted-average common shares outstanding	37,532	37,575	37,455	37,541
Diluted weighted-average common shares outstanding	37,532	37,854	37,785	37,842
Earnings (loss) per share:
Basic earnings per share	$ (0.38)	$ 0.90	$ 0.19	$ 2.47
Diluted earnings per share	(0.38)	0.89	0.19	2.45
Basic loss per share	(0.02)	(0.02)	(0.05)	(0.06)
Diluted loss per share	(0.02)	(0.02)	(0.05)	(0.05)
Net income (loss):
Basic earnings (loss) per share	(0.40)	0.87	0.14	2.42
Diluted earnings (loss) per share	$ (0.40)	$ 0.86	$ 0.14	$ 2.40

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unaudited Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (14,905)	$ 32,721	$ 5,340	$ 90,782
Other comprehensive income (loss), net of income tax
Foreign currency translation	12,401	(5,069)	3,251	(6,798)
Change in fair value of cash flow hedges	(1,738)	(1,822)	(5,474)	(3,840)
Defined employee benefit plan	(1,751)		(1,802)	(292)
Comprehensive income (loss)	$ (5,993)	$ 25,830	$ 1,315	$ 79,852

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 income (loss)			(2,013)		(2,013)
Net income (loss)				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 (loss)					90,782
Ending Balance at Sep. 30, 2023	$ 37	139,283	5,390	956,161	1,100,871
Ending Balance (in shares) at Sep. 30, 2023	37,280
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 income (loss)			(2,026)		(2,026)
Net income (loss)				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
Stock issued from equity plans		130			130
Stock issued from equity plans (in shares)	8
Stock-based compensation		7,506			7,506
Share repurchases	$ (1)	(1,530)		(38,469)	(40,000)
Share repurchases (in shares)	(378)
Dividends declared ($0.10 per share)				(3,830)	(3,830)
Other comprehensive income (loss)			(6,891)		(6,891)
Warrants and note hedges, net		(40,135)			(40,135)
Tax impact of convertible notes and note hedges		26,091			26,091
Net income (loss)				32,721	32,721
Ending Balance at Sep. 30, 2023	$ 37	139,283	5,390	956,161	1,100,871
Ending Balance (in shares) at Sep. 30, 2023	37,280
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 income (loss)			(7,969)		(7,969)
Deferred compensation		79		(79)
Net income (loss)				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 (loss)					$ 5,340
Ending Balance at Sep. 30, 2024	$ 38	180,529	2,089	981,736	$ 1,164,392
Ending Balance (in shares) at Sep. 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 income (loss)			(4,968)		(4,968)
Deferred compensation		1,033		(64)	969
Net income (loss)				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
Stock issued from equity plans	$ 19	(529)			(529)
Stock-based compensation		11,481			11,481
Share repurchases		(89)		(1,681)	(1,770)
Share repurchases (in shares)	(19)
Dividends declared ($0.10 per share)				(3,871)	(3,871)
Other comprehensive income (loss)			8,912		8,912
Deferred compensation		(20)		18	(2)
Net income (loss)				(14,905)	(14,905)
Ending Balance at Sep. 30, 2024	$ 38	$ 180,529	$ 2,089	$ 981,736	$ 1,164,392
Ending Balance (in shares) at Sep. 30, 2024	37,671				37,671

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	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	$ 0.10	$ 0.10

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,340	$ 90,782
Less: loss from discontinued operations, net of income tax	(1,904)	(2,076)
Income from continuing operations, net of income tax	7,244	92,858
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	51,824	49,764
Stock-based compensation	34,303	22,813
Amortization and write off of debt issuance costs and debt discount	3,036	378
Deferred income tax benefit	305	(996)
Other	1,041	394
Changes in operating assets and liabilities, net of assets acquired
Accounts receivable, net	23,604	35,135
Inventories	(41,187)	9,025
Other assets	576	4,121
Accounts payable	(8,778)	(26,203)
Other liabilities and accrued expenses	(21,718)	(59,049)
Net cash from operating activities from continuing operations	50,250	128,240
Net cash from operating activities from discontinued operations	(2,191)	(3,307)
Net cash from operating activities	48,059	124,933
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of long-term investments	(2,698)	(3,447)
Purchases of property and equipment	(44,045)	(46,782)
Acquisitions, net of cash acquired	(13,762)
Net cash from investing activities	(60,505)	(50,229)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings		575,000
Payment of fees for long-term borrowings	(105)	(12,985)
Payments on long-term borrowings	(355,000)	(15,000)
Dividend payments	(11,529)	(11,422)
Payment for purchase of note hedges		(115,000)
Proceeds from sale of warrants		74,865
Purchase and retirement of common stock	(1,770)	(40,000)
Net payments related to stock-based awards	(6,029)	(1,254)
Net cash from financing activities	(374,433)	454,204
EFFECT OF CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS	(389)	(1,795)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(387,268)	527,113
CASH AND CASH EQUIVALENTS, beginning of period	1,044,556	458,818
CASH AND CASH EQUIVALENTS, end of period	$ 657,288	$ 985,931

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 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 September 30, 2024, and the results of our operations and cash flows for the three and nine months ended September 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	9 Months Ended
ACQUISITIONS	Sep. 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. Airity focuses on high voltage power conversion technologies and products, which broadens our range of targeted applications in 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 Fair Value Cash $ 539 Current assets and liabilities, net 457 Property and equipment 42 Deferred tax liability (2,229) 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	9 Months Ended
REVENUE	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Semiconductor Equipment $ 197,497 $ 185,033 $ 565,721 $ 552,419 Industrial and Medical 76,837 115,226 239,359 365,849 Data Center Computing 80,653 68,286 195,519 187,021 Telecom and Networking 19,230 41,446 66,040 145,250 Total $ 374,217 $ 409,991 $ 1,066,639 $ 1,250,539 Revenue by Region Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 175,691 47.0 % $ 184,783 45.1 % $ 482,564 45.2 % $ 537,241 42.9 % Asia 163,212 43.6 178,190 43.5 467,110 43.8 543,871 43.5 Europe 34,892 9.3 46,088 11.2 115,258 10.8 164,867 13.2 Other 422 0.1 930 0.2 1,707 0.2 4,560 0.4 Total $ 374,217 100.0 % $ 409,991 100.0 % $ 1,066,639 100.0 % $ 1,250,539 100.0 % Revenue by Significant Countries Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 134,614 35.9 % $ 156,710 38.2 % $ 371,925 34.9 % $ 457,325 36.6 % Mexico 40,953 10.9 27,464 6.7 109,768 10.3 77,953 6.2 Taiwan 40,990 11.0 33,136 8.1 119,571 11.2 98,842 7.9 China 28,725 7.7 41,391 10.1 70,298 6.6 132,039 10.6 All others 128,935 34.5 151,290 36.9 395,077 37.0 484,380 38.7 Total $ 374,217 100.0 % $ 409,991 100.0 % $ 1,066,639 100.0 % $ 1,250,539 100.0 % We attribute revenue to individual countries and regions based on the customer’s ship to location. Excluding 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product $ 332,647 $ 369,129 $ 944,279 $ 1,118,284 Services and other 41,570 40,862 122,360 132,255 Total $ 374,217 $ 409,991 $ 1,066,639 $ 1,250,539 Other revenue includes certain spare parts and products sold by our service group. Significant Customers During the three months ended September 30, 2024, Applied Materials, Inc. and Lam Research Corporation accounted for 25% and 11%, respectively, of our total revenue. During the nine months ended September 30, 2024, Applied Materials, Inc. and Lam Research Corporation accounted for 27% and 10%, respectively, of our total revenue. During the three and nine months ended September 30, 2023, Applied Materials Inc. accounted for 23% and 21%, respectively, of our total revenue. No other customer’s revenue exceeded 10% of our total revenue in the periods presented. As of September 30, 2024, the account receivable balance from Applied Materials, Inc. accounted for 28% 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	9 Months Ended
INCOME TAX	Sep. 30, 2024
INCOME TAX
INCOME TAX	NOTE 4. INCOME TAX The following table summarizes tax provision (benefit) and the effective tax rate for our income (loss) from continuing operations: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income (loss) from continuing operations, before income tax $ (14,547) $ 34,525 $ 11,796 $ 106,263 Income tax provision (benefit) $ (400) $ 874 $ 4,552 $ 13,405 Effective tax rate (2.7) % 2.5 % 38.6 % 12.6 % 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. The previously announced Zhongshan, China factory closure impacted our effective tax rate in both the three and nine months ended September 30, 2024. For the nine months ended September 30, 2024, our effective tax rate was higher than the same period in the prior year due to 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	9 Months Ended
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE	Sep. 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 Other comprehensive income (loss) prior to reclassifications (5,069) 1,036 — (4,033) Amounts reclassified from accumulated other comprehensive income (loss) — (2,858) — (2,858) Balance at September 30, 2023 $ (19,621) $ 8,008 $ 17,003 $ 5,390 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) Other comprehensive income (loss) prior to reclassifications 10,816 444 (2,228) 9,032 Amounts reclassified from accumulated other comprehensive income (loss) 1,585 (2,182) 477 (120) Balance at September 30, 2024 $ (7,545) $ — $ 9,634 $ 2,089 Amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the Three Months Ended September 30, Nine Months Ended September 30, To Caption on Consolidated 2024 2023 2024 2023 Statements of Operations Foreign currency translation $ 1,585 $ — $ 1,585 $ — Other income (expense), net Cash flow hedges (2,182) (2,858) (7,718) (8,026) Interest expense Defined employee benefit plan 477 — 426 (292) Other income (expense), net Total reclassifications $ (120) $ (2,858) $ (5,707) $ (8,318) Earnings (Loss) Per Share The following table summarizes our earnings per share (“EPS”): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income (loss) from continuing operations $ (14,147) $ 33,651 $ 7,244 $ 92,858 Basic weighted-average common shares outstanding 37,532 37,575 37,455 37,541 Dilutive effect of stock awards — 279 330 301 Diluted weighted-average common shares outstanding 37,532 37,854 37,785 37,842 EPS from continuing operations Basic EPS $ (0.38) $ 0.90 $ 0.19 $ 2.47 Diluted EPS $ (0.38) $ 0.89 $ 0.19 $ 2.45 Anti-dilutive shares not included above Stock awards 371 27 4 84 Warrants 3,076 3,180 3,212 3,180 Total anti-dilutive shares 3,447 3,207 3,216 3,264 We compute basic earnings per share of common stock (“Basic EPS”) by dividing income (loss) 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 To repurchase shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Amount paid or accrued to repurchase shares $ 1,770 $ 40,000 $ 1,770 $ 40,000 Number of shares repurchased 19 378 19 378 Average repurchase price per share $ 93.58 $ 105.74 $ 93.58 $ 105.74 At , 2024, the remaining amount authorized by the Board of Directors for future share repurchases was $197.4 million with no time limitation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 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: September 30, 2024 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 157 — $ 157 Foreign currency forward contracts Other accrued expenses $ — 168 — $ 168 Investments Other assets $ — 9,668 — $ 9,668 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	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 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 September 30, 2024 we have $105.9 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 had interest rate swap contracts that fixed a portion of the interest payments on our Term Loan Facility. The interest rate swap contracts expired on September 10, 2024. In connection with the expiration, there are no longer any related balances for these contracts within accumulated other comprehensive income on the Consolidated Balance Sheets as of September 30, 2024. See Note 16. Long-Term Debt 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	9 Months Ended
ACCOUNTS RECEIVABLE, NET	Sep. 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 $259.4 million at September 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 (399) September 30, 2024 $ 1,457

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 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: September 30, December 31, 2024 2023 Parts and raw materials $ 273,793 $ 249,698 Work in process 19,502 14,595 Finished goods 84,445 71,844 Total $ 377,740 $ 336,137

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	9 Months Ended
INTANGIBLE ASSETS AND GOODWILL	Sep. 30, 2024
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL	NOTE 10. INTANGIBLE ASSETS AND GOODWILL Intangible assets consisted of the following: September 30, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 100,988 $ (69,407) $ 31,581 7.1 Customer relationships 170,486 (68,944) 101,542 8.8 Trademarks and other 27,219 (15,052) 12,167 4.9 Total $ 298,693 $ (153,403) $ 145,290 8.1 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amortization expense $ 6,772 $ 7,049 $ 20,519 $ 21,186 Estimated future amortization expense related to intangibles is as follows: Year Ending December 31, 2024 (remaining) $ 5,573 2025 22,148 2026 20,063 2027 17,815 2028 16,569 Thereafter 63,122 Total $ 145,290 The following table summarizes the changes in goodwill: December 31, 2023 $ 283,840 Additions from acquisition 16,601 Foreign currency translation and other (1,405) September 30, 2024 $ 299,036

RESTRUCTURING, ASSET IMPAIRMENT

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES	9 Months Ended
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restructuring $ 27,790 $ 4,709 $ 27,844 $ 8,906 Other charges 756 — 1,572 — Total restructuring, asset impairments, and other charges $ 28,546 $ 4,709 $ 29,416 $ 8,906 Restructuring We have the following restructuring plans in process: 2024 Plan On July 29, 2024, we approved actions in furtherance of our previously announced manufacturing consolidation initiatives intended to optimize our manufacturing footprint and cost structure, including the previously announced closure of our Zhongshan, China facility (the “2024 Plan”). In connection with the 2024 Plan, we recorded a $28.5 million charge during the third quarter of 2024 primarily associated with expected employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes, and other ancillary costs. The charge includes estimated liabilities for lease termination and facility exit costs, which could be subject to further adjustments. The remaining contractual rental obligations under the lease agreements are recorded in current portion of operating lease liabilities and operating lease liabilities on our Consolidated Balance Sheets. We expect to incur $1.0 million to $2.0 million in additional charges related to our announced actions and continue to evaluate our operations and cost structure, which could result in incremental restructuring charges in future periods. We anticipate the 2024 Plan will be substantially completed by the second quarter of 2025, with final activities concluding in 2026. 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 to incur approximately $1.0 million in additional charges 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. 2022 Plan This plan was approved to 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. The 2022 Plan is now complete. Changes in restructuring liabilities were as follows: 2024 Plan 2023 Plan 2022 Plan Other Total December 31, 2023 $ — $ 14,224 $ 2,930 $ 188 $ 17,342 Costs incurred and charged to expense 28,454 (698) 88 — 27,844 Costs paid (855) (7,653) (3,018) (188) (11,714) Foreign currency translation 457 — — — 457 September 30, 2024 $ 28,056 $ 5,873 $ — $ — $ 33,929 $28.3 million of the above restructuring liability is included in other accrued expenses and $5.6 million is included in other long-term liabilities on our Consolidated Balance Sheets. Charges related to our restructuring plans are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Severance and related charges $ 27,356 $ 4,709 $ 27,410 $ 8,906 Facility relocation and closure charges 434 — 434 — Total restructuring charges $ 27,790 $ 4,709 $ 27,844 $ 8,906 Cumulative Cost Through September 30, 2024 2024 Plan 2023 Plan 2022 Plan Total Severance and related charges $ 28,020 $ 16,405 $ 14,075 $ 58,500 Facility relocation and closure charges 434 — — 434 Total restructuring charges $ 28,454 $ 16,405 $ 14,075 $ 58,934 Other Charges Other charges relate to vacating and relocating facilities.

WARRANTIES

WARRANTIES	9 Months Ended
WARRANTIES	Sep. 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 2,088 Warranty expenditures (1,640) Effect of changes in exchange rates 155 September 30, 2024 $ 4,610

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2024
LEASES
LEASES	NOTE 13. LEASES Components of total operating lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 5,859 $ 5,629 $ 17,575 $ 16,965 Short-term and variable lease cost 897 1,100 2,474 3,170 Total operating lease cost $ 6,756 $ 6,729 $ 20,049 $ 20,135 Estimated future payments on our operating lease liabilities are as follows: Year Ending December 31, 2024 (remaining) $ 6,127 2025 22,557 2026 17,077 2027 13,616 2028 13,171 Thereafter 50,930 Total lease payments 123,478 Less: Interest (24,854) Present value of lease liabilities $ 98,624 In addition to the above, we have lease agreements with total payments of $32.8 million that commence on various dates in 2024 and 2025 and extend through 2040. In connection with the closure of our Zhongshan, China facility under the 2024 Plan ( Note 11. Restructuring, Asset Impairments, and Other Charges), liability The following tables present additional information about our lease agreements: September 30, December 31, 2024 2023 Weighted average remaining lease term (in years) 7.8 8.3 Weighted average discount rate 5.5 % 5.0 % Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash paid for operating leases $ 5,823 $ 5,683 $ 17,476 $ 17,290 Right-of-use assets obtained in exchange for operating lease liabilities $ 7,367 $ 9,271 $ 25,784 $ 11,900

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 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 September 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 the 2023 Incentive Plan; 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: September 30, 2024 Shares available for future issuance under the 2023 Incentive Plan 1,809 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 nine months ended September 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 11,914 $ 8,075 $ 34,303 $ 22,813 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: Nine Months Ended September 30, 2024 Weighted- Average Number of Grant Date RSUs Fair Value RSUs outstanding at beginning of period 917 $ 85.96 RSUs granted 546 $ 104.79 RSUs vested (286) $ 90.22 RSUs forfeited (87) $ 77.73 RSUs outstanding at end of period 1,090 $ 94.92 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: Nine Months Ended September 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	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 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	9 Months Ended
LONG-TERM DEBT	Sep. 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: September 30, December 31, 2024 2023 Convertible Notes due 2028 $ 575,000 $ 575,000 Term Loan Facility — 355,000 Gross long-term debt, including current maturities 575,000 930,000 Less: debt discount (11,000) (14,321) Net long-term debt, including current maturities 564,000 915,679 Less: current maturities — (20,000) Net long-term debt $ 564,000 $ 895,679 For all periods presented, we were in compliance with the covenants under all debt agreements. The following table summarizes interest expense related to our debt: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest expense $ 5,736 $ 3,528 $ 18,403 $ 8,818 Amortization of debt issuance costs 794 245 2,469 509 Capitalized interest (157) — (428) — Total interest expense related to debt $ 6,373 $ 3,773 $ 20,444 $ 9,327 Credit Agreement Our credit agreement dated as of September 10, 2019, as amended (the “Credit Agreement”) consist of a senior unsecured term loan facility (“Term Loan Facility”) and a senior unsecured revolving facility (“Revolving Facility”), both maturing on September 9, 2026. On September 9, 2024, we entered into an amendment to the Credit Agreement to increase the capacity on the Revolving Facility from $200.0 million to $600.0 million. This amendment was in connection with the concurrent prepayment, using existing cash on hand, of the full $345.0 million outstanding principal balance under our Term Loan Facility. For all periods presented, no amounts were outstanding on the Revolving Facility. The following table summarizes our availability to withdraw on the Revolving Facility: September 30, December 31, 2024 2023 Available capacity on Revolving Facility $ 600,000 $ 200,000 In addition to 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 $250.0 million. Any requested increase is subject to lender approval. The interest rate swap contracts previously entered into relative to the Term Loan Facility expired on September 10, 2024. Should we have future borrowings under the Term Loan Facility or Revolving Facility, they will bear interest, at our option, at a rate based on the Base Rate or SOFR, as defined in the Credit Agreement, plus an applicable margin. 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 $564.0 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 September 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 We use level 2 measurements to estimate the fair value of our debt. As of September 30, 2024, we estimate the fair value of our Convertible Notes to be $598.2 million.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES	Sep. 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: Nine Months Ended September 30, 2024 2023 Non-cash investing activities: Capital expenditures in accounts payable and other accrued expenses $ 7,200 $ 7,699 Cash paid for: Interest expense $ 17,975 $ 8,060 Income taxes $ 29,041 $ 45,040 Cash received from income taxes $ 1,627 $ 828 Depreciation expense $ 31,305 $ 28,578

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,905)	$ 32,721	$ 5,340	$ 90,782

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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)	9 Months Ended
	Sep. 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)	9 Months Ended
ACQUISITIONS (Tables)	Sep. 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 457 Property and equipment 42 Deferred tax liability (2,229) 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)	9 Months Ended
REVENUE (Tables)	Sep. 30, 2024
REVENUE
Schedule of disaggregation of revenue	Revenue by Market Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Semiconductor Equipment $ 197,497 $ 185,033 $ 565,721 $ 552,419 Industrial and Medical 76,837 115,226 239,359 365,849 Data Center Computing 80,653 68,286 195,519 187,021 Telecom and Networking 19,230 41,446 66,040 145,250 Total $ 374,217 $ 409,991 $ 1,066,639 $ 1,250,539 Revenue by Region Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 175,691 47.0 % $ 184,783 45.1 % $ 482,564 45.2 % $ 537,241 42.9 % Asia 163,212 43.6 178,190 43.5 467,110 43.8 543,871 43.5 Europe 34,892 9.3 46,088 11.2 115,258 10.8 164,867 13.2 Other 422 0.1 930 0.2 1,707 0.2 4,560 0.4 Total $ 374,217 100.0 % $ 409,991 100.0 % $ 1,066,639 100.0 % $ 1,250,539 100.0 % Revenue by Significant Countries Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 134,614 35.9 % $ 156,710 38.2 % $ 371,925 34.9 % $ 457,325 36.6 % Mexico 40,953 10.9 27,464 6.7 109,768 10.3 77,953 6.2 Taiwan 40,990 11.0 33,136 8.1 119,571 11.2 98,842 7.9 China 28,725 7.7 41,391 10.1 70,298 6.6 132,039 10.6 All others 128,935 34.5 151,290 36.9 395,077 37.0 484,380 38.7 Total $ 374,217 100.0 % $ 409,991 100.0 % $ 1,066,639 100.0 % $ 1,250,539 100.0 % Revenue by Category Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product $ 332,647 $ 369,129 $ 944,279 $ 1,118,284 Services and other 41,570 40,862 122,360 132,255 Total $ 374,217 $ 409,991 $ 1,066,639 $ 1,250,539

INCOME TAX (Tables)

INCOME TAX (Tables)	9 Months Ended
INCOME TAX (Tables)	Sep. 30, 2024
INCOME TAX
Schedule of tax provision (benefit) and the effective tax rate for income (loss) from continuing operations	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income (loss) from continuing operations, before income tax $ (14,547) $ 34,525 $ 11,796 $ 106,263 Income tax provision (benefit) $ (400) $ 874 $ 4,552 $ 13,405 Effective tax rate (2.7) % 2.5 % 38.6 % 12.6 %

STOCKHOLDERS' EQUITY AND EARN_2

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE (Tables)	Sep. 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 Other comprehensive income (loss) prior to reclassifications (5,069) 1,036 — (4,033) Amounts reclassified from accumulated other comprehensive income (loss) — (2,858) — (2,858) Balance at September 30, 2023 $ (19,621) $ 8,008 $ 17,003 $ 5,390 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) Other comprehensive income (loss) prior to reclassifications 10,816 444 (2,228) 9,032 Amounts reclassified from accumulated other comprehensive income (loss) 1,585 (2,182) 477 (120) Balance at September 30, 2024 $ (7,545) $ — $ 9,634 $ 2,089
Schedule of amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the Consolidated Statements of Operations	Three Months Ended September 30, Nine Months Ended September 30, To Caption on Consolidated 2024 2023 2024 2023 Statements of Operations Foreign currency translation $ 1,585 $ — $ 1,585 $ — Other income (expense), net Cash flow hedges (2,182) (2,858) (7,718) (8,026) Interest expense Defined employee benefit plan 477 — 426 (292) Other income (expense), net Total reclassifications $ (120) $ (2,858) $ (5,707) $ (8,318)
Summary of earnings per share	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income (loss) from continuing operations $ (14,147) $ 33,651 $ 7,244 $ 92,858 Basic weighted-average common shares outstanding 37,532 37,575 37,455 37,541 Dilutive effect of stock awards — 279 330 301 Diluted weighted-average common shares outstanding 37,532 37,854 37,785 37,842 EPS from continuing operations Basic EPS $ (0.38) $ 0.90 $ 0.19 $ 2.47 Diluted EPS $ (0.38) $ 0.89 $ 0.19 $ 2.45 Anti-dilutive shares not included above Stock awards 371 27 4 84 Warrants 3,076 3,180 3,212 3,180 Total anti-dilutive shares 3,447 3,207 3,216 3,264
Schedule of shares repurchases	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Amount paid or accrued to repurchase shares $ 1,770 $ 40,000 $ 1,770 $ 40,000 Number of shares repurchased 19 378 19 378 Average repurchase price per share $ 93.58 $ 105.74 $ 93.58 $ 105.74

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	September 30, 2024 Description Balance Sheet Classification Level 1 Level 2 Level 3 Total Fair Value Certificates of deposit Other current assets $ — 157 — $ 157 Foreign currency forward contracts Other accrued expenses $ — 168 — $ 168 Investments Other assets $ — 9,668 — $ 9,668 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

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	9 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Sep. 30, 2024
ACCOUNTS RECEIVABLE, NET
Schedule of accounts and other receivable	December 31, 2023 $ 1,762 Additions 94 Deductions - write-offs, net of recoveries (399) September 30, 2024 $ 1,457

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2024
INVENTORIES
Schedule of components of inventories	September 30, December 31, 2024 2023 Parts and raw materials $ 273,793 $ 249,698 Work in process 19,502 14,595 Finished goods 84,445 71,844 Total $ 377,740 $ 336,137

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	9 Months Ended
INTANGIBLE ASSETS AND GOODWILL (Tables)	Sep. 30, 2024
INTANGIBLE ASSETS AND GOODWILL
Schedule of intangible assets	September 30, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) Technology $ 100,988 $ (69,407) $ 31,581 7.1 Customer relationships 170,486 (68,944) 101,542 8.8 Trademarks and other 27,219 (15,052) 12,167 4.9 Total $ 298,693 $ (153,403) $ 145,290 8.1 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amortization expense $ 6,772 $ 7,049 $ 20,519 $ 21,186
Schedule of estimated future amortization expense related to intangible assets	Year Ending December 31, 2024 (remaining) $ 5,573 2025 22,148 2026 20,063 2027 17,815 2028 16,569 Thereafter 63,122 Total $ 145,290
Schedule of changes in goodwill	December 31, 2023 $ 283,840 Additions from acquisition 16,601 Foreign currency translation and other (1,405) September 30, 2024 $ 299,036

RESTRUCTURING, ASSET IMPAIRME_2

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES (Tables)	9 Months Ended
	Sep. 30, 2024
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES
Schedule of restructuring, asset impairments, and other charges	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restructuring $ 27,790 $ 4,709 $ 27,844 $ 8,906 Other charges 756 — 1,572 — Total restructuring, asset impairments, and other charges $ 28,546 $ 4,709 $ 29,416 $ 8,906
Schedule of changes in restructuring liabilities	2024 Plan 2023 Plan 2022 Plan Other Total December 31, 2023 $ — $ 14,224 $ 2,930 $ 188 $ 17,342 Costs incurred and charged to expense 28,454 (698) 88 — 27,844 Costs paid (855) (7,653) (3,018) (188) (11,714) Foreign currency translation 457 — — — 457 September 30, 2024 $ 28,056 $ 5,873 $ — $ — $ 33,929
Schedule of charges related to restructuring plans	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Severance and related charges $ 27,356 $ 4,709 $ 27,410 $ 8,906 Facility relocation and closure charges 434 — 434 — Total restructuring charges $ 27,790 $ 4,709 $ 27,844 $ 8,906 Cumulative Cost Through September 30, 2024 2024 Plan 2023 Plan 2022 Plan Total Severance and related charges $ 28,020 $ 16,405 $ 14,075 $ 58,500 Facility relocation and closure charges 434 — — 434 Total restructuring charges $ 28,454 $ 16,405 $ 14,075 $ 58,934

WARRANTIES (Tables)

WARRANTIES (Tables)	9 Months Ended
WARRANTIES (Tables)	Sep. 30, 2024
WARRANTIES
Schedule of changes in product warranty obligation	December 31, 2023 $ 4,007 Net increases to accruals 2,088 Warranty expenditures (1,640) Effect of changes in exchange rates 155 September 30, 2024 $ 4,610

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2024
LEASES
Components of operating lease cost	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 5,859 $ 5,629 $ 17,575 $ 16,965 Short-term and variable lease cost 897 1,100 2,474 3,170 Total operating lease cost $ 6,756 $ 6,729 $ 20,049 $ 20,135
Schedule of estimated future payments on operating lease liabilities	Year Ending December 31, 2024 (remaining) $ 6,127 2025 22,557 2026 17,077 2027 13,616 2028 13,171 Thereafter 50,930 Total lease payments 123,478 Less: Interest (24,854) Present value of lease liabilities $ 98,624
Schedule of additional information about lease agreements	September 30, December 31, 2024 2023 Weighted average remaining lease term (in years) 7.8 8.3 Weighted average discount rate 5.5 % 5.0 % Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash paid for operating leases $ 5,823 $ 5,683 $ 17,476 $ 17,290 Right-of-use assets obtained in exchange for operating lease liabilities $ 7,367 $ 9,271 $ 25,784 $ 11,900

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2024
STOCK-BASED COMPENSATION
Summary of information related to stock-based incentive compensation plans	September 30, 2024 Shares available for future issuance under the 2023 Incentive Plan 1,809 Shares available for future issuance under the ESPP 556
Schedule of stock-based compensation	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 11,914 $ 8,075 $ 34,303 $ 22,813
Summary of changes in RSUs	Nine Months Ended September 30, 2024 Weighted- Average Number of Grant Date RSUs Fair Value RSUs outstanding at beginning of period 917 $ 85.96 RSUs granted 546 $ 104.79 RSUs vested (286) $ 90.22 RSUs forfeited (87) $ 77.73 RSUs outstanding at end of period 1,090 $ 94.92
Summary of changes in stock options	Nine Months Ended September 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)	9 Months Ended
LONG-TERM DEBT (Tables)	Sep. 30, 2024
LONG-TERM DEBT
Schedule of long-term debt	September 30, December 31, 2024 2023 Convertible Notes due 2028 $ 575,000 $ 575,000 Term Loan Facility — 355,000 Gross long-term debt, including current maturities 575,000 930,000 Less: debt discount (11,000) (14,321) Net long-term debt, including current maturities 564,000 915,679 Less: current maturities — (20,000) Net long-term debt $ 564,000 $ 895,679
Schedule of interest expense and unused line of credit fees	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest expense $ 5,736 $ 3,528 $ 18,403 $ 8,818 Amortization of debt issuance costs 794 245 2,469 509 Capitalized interest (157) — (428) — Total interest expense related to debt $ 6,373 $ 3,773 $ 20,444 $ 9,327
Schedule of availability to withdraw on Revolving Facility	September 30, December 31, 2024 2023 Available capacity on Revolving Facility $ 600,000 $ 200,000

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES
Schedule of supplemental cash flow information	Nine Months Ended September 30, 2024 2023 Non-cash investing activities: Capital expenditures in accounts payable and other accrued expenses $ 7,200 $ 7,699 Cash paid for: Interest expense $ 17,975 $ 8,060 Income taxes $ 29,041 $ 45,040 Cash received from income taxes $ 1,627 $ 828 Depreciation expense $ 31,305 $ 28,578

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
	Jun. 20, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Value of shares issued		$ (529)	$ (173)	$ (5,327)	$ 130	$ 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
Value of shares issued	$ 15,600
Vesting period	3 years
Airity Technologies \| Shares allocated to consideration paid at closing
Business Acquisition [Line Items]
Value of shares issued	$ 4,500
Airity Technologies \| Shares considered future compensation
Business Acquisition [Line Items]
Value of shares issued	$ 11,100

ACQUISITIONS - Consideration Pa

ACQUISITIONS - Consideration Paid (Details) - Airity Technologies $ in Thousands	Jun. 20, 2024 USD ($)
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	Sep. 30, 2024	Jun. 20, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill (not deductible for tax purposes)	$ 299,036		$ 283,840
Airity Technologies
Business Acquisition [Line Items]
Cash		$ 539
Current assets and liabilities, net		457
Property and equipment		42
Deferred tax liability		(2,229)
Intangible assets		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		9 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 374,217	$ 409,991	$ 1,066,639	$ 1,250,539
Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	100%	100%	100%	100%
North America
Disaggregation of Revenue [Line Items]
Revenue	$ 175,691	$ 184,783	$ 482,564	$ 537,241
North America \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	47%	45.10%	45.20%	42.90%
Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 163,212	$ 178,190	$ 467,110	$ 543,871
Asia \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	43.60%	43.50%	43.80%	43.50%
Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 34,892	$ 46,088	$ 115,258	$ 164,867
Europe \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	9.30%	11.20%	10.80%	13.20%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 422	$ 930	$ 1,707	$ 4,560
Other \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	0.10%	0.20%	0.20%	0.40%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 134,614	$ 156,710	$ 371,925	$ 457,325
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	35.90%	38.20%	34.90%	36.60%
Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 40,953	$ 27,464	$ 109,768	$ 77,953
Mexico \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	10.90%	6.70%	10.30%	6.20%
Taiwan
Disaggregation of Revenue [Line Items]
Revenue	$ 40,990	$ 33,136	$ 119,571	$ 98,842
Taiwan \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	11%	8.10%	11.20%	7.90%
China
Disaggregation of Revenue [Line Items]
Revenue	$ 28,725	$ 41,391	$ 70,298	$ 132,039
China \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	7.70%	10.10%	6.60%	10.60%
All others
Disaggregation of Revenue [Line Items]
Revenue	$ 128,935	$ 151,290	$ 395,077	$ 484,380
All others \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenue (as a percent)	34.50%	36.90%	37%	38.70%
Semiconductor Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 197,497	$ 185,033	$ 565,721	$ 552,419
Industrial and Medical
Disaggregation of Revenue [Line Items]
Revenue	76,837	115,226	239,359	365,849
Data Center Computing
Disaggregation of Revenue [Line Items]
Revenue	80,653	68,286	195,519	187,021
Telecom and Networking
Disaggregation of Revenue [Line Items]
Revenue	19,230	41,446	66,040	145,250
Product
Disaggregation of Revenue [Line Items]
Revenue	332,647	369,129	944,279	1,118,284
Services and other
Disaggregation of Revenue [Line Items]
Revenue	$ 41,570	$ 40,862	$ 122,360	$ 132,255

REVENUE - Significant Customers

REVENUE - Significant Customers (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Benchmark \| Applied Materials, Inc
Revenue, Major Customer [Line Items]
Significant concentration risk	25%	23%	27%	21%
Revenue Benchmark \| Lam Research Corporation
Revenue, Major Customer [Line Items]
Significant concentration risk	11%		10%
Accounts Receivable Benchmark \| Applied Materials, Inc
Revenue, Major Customer [Line Items]
Significant concentration risk			28%		26%

INCOME TAX - Schedule of Tax Pr

INCOME TAX - Schedule of Tax Provision Benefit) and Effective Tax Rate for Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAX
Income (loss) from continuing operations, before income tax	$ (14,547)	$ 34,525	$ 11,796	$ 106,263
Income tax provision (benefit)	$ (400)	$ 874	$ 4,552	$ 13,405
Effective tax rate	(2.70%)	2.50%	38.60%	12.60%

INCOME TAX - Narrative (Details

INCOME TAX - Narrative (Details)	3 Months Ended		9 Months Ended
INCOME TAX - Narrative (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	$ 1,165,076	$ 1,142,883	$ 1,144,182	$ 1,125,279	$ 1,095,913	$ 1,066,267
Ending Balance	1,164,392	1,165,076	1,142,883	1,100,871	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	(6,823)	(1,855)	6,114	12,281	14,307	16,320
Other comprehensive income (loss) prior to reclassifications	9,032	(2,166)	(5,184)	(4,033)	1,022	399
Amounts reclassified from accumulated other comprehensive income (loss)	(120)	(2,802)	(2,785)	(2,858)	(3,048)	(2,412)
Ending Balance	2,089	(6,823)	(1,855)	5,390	12,281	14,307
Accumulated Foreign Currency Adjustment Attributable to Parent
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	(19,946)	(17,385)	(10,796)	(14,552)	(13,019)	(12,823)
Other comprehensive income (loss) prior to reclassifications	10,816	(2,561)	(6,589)	(5,069)	(1,533)	(196)
Amounts reclassified from accumulated other comprehensive income (loss)	1,585
Ending Balance	(7,545)	(19,946)	(17,385)	(19,621)	(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	1,738	4,094	5,474	9,830	10,031	11,848
Other comprehensive income (loss) prior to reclassifications	444	395	1,405	1,036	2,555	595
Amounts reclassified from accumulated other comprehensive income (loss)	(2,182)	(2,751)	(2,785)	(2,858)	(2,756)	(2,412)
Ending Balance		1,738	4,094	8,008	9,830	10,031
Defined Employee Benefit Plan
Components of and changes in accumulated other comprehensive income (loss), net of income taxes
Beginning Balance	11,385	11,436	11,436	17,003	17,295	17,295
Other comprehensive income (loss) prior to reclassifications	(2,228)
Amounts reclassified from accumulated other comprehensive income (loss)	477	(51)			(292)
Ending Balance	$ 9,634	$ 11,385	$ 11,436	$ 17,003	$ 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (6,378)			$ (3,780)			$ (20,461)	$ (9,368)
Other income (expense), net	(8,139)			1,848			(6,122)	1,425
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(14,905)	$ 15,029	$ 5,216	32,721	$ 27,140	$ 30,921	5,340	90,782
Accumulated Other Comprehensive Income (Loss) \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(120)			(2,858)			(5,707)	(8,318)
Foreign currency translation \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	1,585						1,585
Cash flow hedges \| Reclassified from accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(2,182)			$ (2,858)			(7,718)	(8,026)
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	$ 477						$ 426	$ (292)

STOCKHOLDERS' EQUITY AND EARN_5

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income (loss) from continuing operations	$ (14,147)	$ 33,651	$ 7,244	$ 92,858
Basic weighted-average common shares outstanding	37,532	37,575	37,455	37,541
Dilutive effect of stock awards		279	330	301
Diluted weighted-average common shares outstanding	37,532	37,854	37,785	37,842
EPS from continuing operations
Basic EPS (in dollars per share)	$ (0.38)	$ 0.90	$ 0.19	$ 2.47
Diluted EPS (in dollars per share)	$ (0.38)	$ 0.89	$ 0.19	$ 2.45
Anti-dilutive shares	3,447	3,207	3,216	3,264
Stock awards
EPS from continuing operations
Anti-dilutive shares	371	27	4	84
Warrants
EPS from continuing operations
Anti-dilutive shares	3,076	3,180	3,212	3,180

STOCKHOLDERS' EQUITY AND EARN_6

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Narrative (Details)	Sep. 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
Warrants
Debt Instrument [Line Items]
Exercise price	$ 179.76

STOCKHOLDERS' EQUITY AND EARN_7

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE
Amount paid or accrued to repurchase shares	$ 1,770	$ 40,000	$ 1,770	$ 40,000
Number of shares repurchased	19	378	19	378
Average repurchase price per share	$ 93.58	$ 105.74	$ 93.58	$ 105.74
Remaining amount authorized by Board of Directors for future share repurchases	$ 197,400		$ 197,400

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 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	$ 157	$ 163
Forward Contracts \| Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure	168
Interest Rate Swap \| 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	9,668	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	157	163
Fair Value, Inputs, Level 2 \| Forward Contracts \| Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure	168
Fair Value, Inputs, Level 2 \| Interest Rate Swap \| 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	$ 9,668	$ 5,952

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Foreign exchange forward
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 105.9	$ 0

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	9 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
Accounts receivable, net	$ 259,399	$ 282,430
Balance at beginning of period	1,762
Additions	94
Deductions - write-offs, net of recoveries	(399)
Balance at end of period	$ 1,457

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INVENTORIES
Parts and raw materials	$ 273,793	$ 249,698
Work in process	19,502	14,595
Finished goods	84,445	71,844
Total	$ 377,740	$ 336,137

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 298,693	$ 293,787
Accumulated Amortization	(153,403)	(132,309)
Total	$ 145,290	$ 161,478
Weighted Average Remaining Useful Life (in years)	8 years 1 month 6 days	8 years 6 months
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100,988	$ 97,961
Accumulated Amortization	(69,407)	(60,412)
Total	$ 31,581	$ 37,549
Weighted Average Remaining Useful Life (in years)	7 years 1 month 6 days	6 years 9 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 170,486	$ 168,685
Accumulated Amortization	(68,944)	(58,835)
Total	$ 101,542	$ 109,850
Weighted Average Remaining Useful Life (in years)	8 years 9 months 18 days	9 years 6 months
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27,219	$ 27,141
Accumulated Amortization	(15,052)	(13,062)
Total	$ 12,167	$ 14,079
Weighted Average Remaining Useful Life (in years)	4 years 10 months 24 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTANGIBLE ASSETS AND GOODWILL
Amortization of intangible assets	$ 6,772	$ 7,049	$ 20,519	$ 21,186

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS AND GOODWILL
2024 (remaining)	$ 5,573
2025	22,148
2026	20,063
2027	17,815
2028	16,569
Thereafter	63,122
Total	$ 145,290	$ 161,478

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Change in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
INTANGIBLE ASSETS AND GOODWILL
Balance at beginning of period	$ 283,840
Additions from acquisition	16,601
Foreign currency translation and other	(1,405)
Balance at end of period	$ 299,036

RESTRUCTURING, ASSET IMPAIRME_3

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Restructuring, Asset Impairments, and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES
Restructuring	$ 27,790	$ 4,709	$ 27,844	$ 8,906	$ 58,934
Other charges	756		1,572
Total restructuring, asset impairments, and other charges	$ 28,546	$ 4,709	$ 29,416	$ 8,906

RESTRUCTURING, ASSET IMPAIRME_4

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jul. 29, 2024	Dec. 31, 2023
2024 Plan
Restructuring Cost and Reserve [Line Items]
Expected additional charges	$ 28.5		$ 1
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	28.3
Other long-term liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 5.6
Minimum \| 2024 Plan
Restructuring Cost and Reserve [Line Items]
Expected additional charges		$ 1
Maximum \| 2024 Plan
Restructuring Cost and Reserve [Line Items]
Expected additional charges		$ 2

RESTRUCTURING, ASSET IMPAIRME_5

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Changes in Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Beginning balance			$ 17,342
Cost incurred and charged to expense	$ 27,790	$ 4,709	27,844	$ 8,906	$ 58,934
Cost paid			(11,714)
Foreign currency translation			457
Ending balance	33,929		33,929		33,929
2024 Plan
Restructuring Reserve [Roll Forward]
Cost incurred and charged to expense			28,454		28,454
Cost paid			(855)
Foreign currency translation			457
Ending balance	28,056		28,056		28,056
2023 Plan
Restructuring Reserve [Roll Forward]
Beginning balance			14,224
Cost incurred and charged to expense			(698)		16,405
Cost paid			(7,653)
Ending balance	$ 5,873		5,873		5,873
2022 Plan
Restructuring Reserve [Roll Forward]
Beginning balance			2,930
Cost incurred and charged to expense			88		$ 14,075
Cost paid			(3,018)
Other
Restructuring Reserve [Roll Forward]
Beginning balance			188
Cost paid			$ (188)

RESTRUCTURING, ASSET IMPAIRME_6

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES - Changes in Restructuring Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 27,790	$ 4,709	$ 27,844	$ 8,906	$ 58,934
2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			28,454		28,454
2023 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			(698)		16,405
2022 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			88		14,075
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	27,356	$ 4,709	27,410	$ 8,906	58,500
Employee Severance \| 2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges					28,020
Employee Severance \| 2023 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges					16,405
Employee Severance \| 2022 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges					14,075
Facility relocation and closure charges
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 434		$ 434		434
Facility relocation and closure charges \| 2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges					$ 434

WARRANTIES - Narrative (Details

WARRANTIES - Narrative (Details)	9 Months Ended
WARRANTIES - Narrative (Details)	Sep. 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	9 Months Ended
	Sep. 30, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 4,007
Net increases to accruals	2,088
Warranty expenditures	(1,640)
Effect of changes in exchange rates	155
Balance at end of period	$ 4,610

LEASES - Components of Operatin

LEASES - Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
LEASES
Operating lease cost	$ 5,859	$ 5,629	$ 17,575	$ 16,965
Short-term and variable lease cost	897	1,100	2,474	3,170
Total operating lease cost	$ 6,756	$ 6,729	$ 20,049	$ 20,135

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
LEASES
2024 (remaining)	$ 6,127
2025	22,557
2026	17,077
2027	13,616
2028	13,171
Thereafter	50,930
Total lease payments	123,478
Less: Interest	(24,854)
Present value of lease liabilities	98,624
Payments for lease agreements that commence in the future	$ 32,800

LEASES - Other Lease Cost Infor

LEASES - Other Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	7 years 9 months 18 days		7 years 9 months 18 days		8 years 3 months 18 days
Weighted average discount rate	5.50%		5.50%		5%
Cash paid for operating leases	$ 5,823	$ 5,683	$ 17,476	$ 17,290
Right-of-use assets obtained in exchange for operating lease liabilities	7,367	$ 9,271	$ 25,784	$ 11,900
Zhongshan, China
Lessee, Lease, Description [Line Items]
Operating lease right of use asset, decrease	20,700
Operating lease liability, decrease	$ 20,700

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) plan shares
Stock-based incentive compensation plans \| plan	2
Awards term	10 years
Modification of stock-based compensation expense \| $	$ 1.8
The 2023 Incentive Plan
Shares available for future issuance	1,809
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 11,914	$ 8,075	$ 34,303	$ 22,813

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 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	546
RSUs vested \| shares	(286)
RSUs forfeited \| shares	(87)
RSUs outstanding at end of period \| shares	1,090
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 85.96
Weighted Average Grant Date Fair Value, granted \| $ / shares	104.79
Weighted Average Grant Date Fair Value, Vested \| $ / shares	90.22
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	77.73
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 94.92

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Time Based shares in Thousands	9 Months Ended
	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Debt:
Gross long-term debt, including current maturities	$ 575,000	$ 930,000
Less: debt discount	(11,000)	(14,321)
Net long-term debt, including current maturities	564,000	915,679
Less: current maturities		(20,000)
Net long-term debt	564,000	895,679
Term Loan Facility
Debt:
Gross long-term debt, including current maturities		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	$ 564,000

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
LONG-TERM DEBT
Interest expense	$ 5,736	$ 3,528	$ 18,403	$ 8,818
Amortization of debt issuance costs	794	245	2,469	509
Capitalized interest	(157)		(428)
Total interest expense related to debt	$ 6,373	$ 3,773	$ 20,444	$ 9,327

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 09, 2024	Sep. 08, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Borrowing capacity		$ 600,000	$ 200,000
Balance	$ 0
Available capacity	600,000			$ 200,000
Increase in borrowing capacity	$ 250,000
Outstanding principal balance		$ 345,000

LONG-TERM DEBT - Convertible Se

LONG-TERM DEBT - Convertible Senior Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 12, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 13, 2023
Debt Instrument [Line Items]
Long-term Debt		$ 564,000	$ 915,679
2.50% Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 575,000
Interest rate	2.50%
Long-term Debt		564,000
Redemption price of the principal amount to be redeemed	100%
Conversion price	$ 137.46			$ 179.76
Debt fair value		$ 598,200

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION AND OTHER DISCLOSURES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non-cash investing activities:
Capital expenditures in accounts payable and other accrued expenses	$ 7,200	$ 7,699
Cash paid for:
Interest expense	17,975	8,060
Income taxes	29,041	45,040
Cash received from income taxes	1,627	828
Depreciation expense	$ 31,305	$ 28,578