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REVENUE

3 Months Ended

Mar. 31, 2022

REVENUE

REVENUE

NOTE 3.    REVENUE

Nature of goods and services

Products

Advanced Energy provides highly engineered, mission-critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell, and support precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment.

Our power solutions enable innovation in complex semiconductor and thin film plasma processes such as dry etch, strip and deposition, high and low voltage applications such as process control, data center computing, networking, telecommunication, medical equipment, life science applications, industrial technology and production, scientific instruments, clean technology production, advanced material production and temperature-critical thermal applications such as material and chemical processing. We also supply related sensing, controls, and instrumentation products for advanced measurement and calibration of RF power and temperature, electrostatic instrumentation products for test and measurement applications, and gas sensing and monitoring solutions for multiple industrial markets. Our network of

global service support centers provides a recurring revenue opportunity as we offer repair services, conversions, upgrades, refurbishments, and used equipment to companies using our products.

Services

Our services group offers warranty and after-market repair services in the regions in which we operate, providing us with preventive maintenance opportunities. Our customers continue to pursue low cost of ownership of their capital equipment and are increasingly sensitive to the costs of system downtime. They expect that suppliers offer comprehensive local repair service and customer support. To meet these market requirements, we maintain a worldwide support organization in the U.S., the People’s Republic of China ("PRC"), Japan, Korea, Taiwan, Germany, Ireland, Singapore, Israel, and Great Britain. Support services include warranty and non-warranty repair services, upgrades, and refurbishments on the products we sell.

As part of our ongoing service business, we satisfy our service obligations under preventative maintenance contracts and extended warranties which had previously been offered on our discontinued inverter products. Any up-front fees received for extended warranties or maintenance plans are deferred. Revenue under these arrangements is recognized ratably over the underlying terms as we do not have historical information which would allow us to project the estimated service usage pattern at this time.

The following table summarizes deferred revenue, which relates to extended warranties and service contracts. We expect to recognize this revenue ratably through the year 2031. Deferred revenue is included in customer deposits and other long-term liabilities on our Consolidated Balance Sheets.

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2022			2021
Deferred revenue	​	$	6,165	​	$	7,067

​

Disaggregation of Revenue

The following tables present additional information regarding our revenue:

​

​	​	​	​	​	​	​	​	​
​		Three Months Ended March 31,					​
​	​	2022		​	2021		​	​
Semiconductor Equipment	​	$	202,957	​	$	180,716	​	​
Industrial and Medical	​		82,898	​		78,415	​	​
Data Center Computing	​	​	76,238	​	​	59,154	​	​
Telecom and Networking	​	​	35,366	​	​	33,335	​	​
Total	​	$	397,459	​	$	351,620	​	​

​

​	​	​	​	​	​	​	​	​
​	​	​	Three Months Ended March 31,					​
​			2022			2021
Product	​	​	$	362,876	​	$	318,879	​
Services	​	​	​	34,583		​	32,741	​
Total	​	​	$	397,459		$	351,620	​

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2022		​	2021
United States	​	$	158,742	​	$	131,598	​
North America (excluding U.S.)	​	​	23,979		​	26,247	​
Asia	​	​	162,047		​	149,591	​
Europe	​	​	46,665		​	40,422	​
Other	​	​	6,026		​	3,762	​
Total	​	$	397,459		$	351,620	​

​

During the three months ended March 31, 2022, Applied Materials, Inc. and Lam Research Corporation accounted for 22% and 13%, respectively, of our total revenue compared to 19% and 10%, respectively, of our total revenue during the same period in the prior year.

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