- Revenue of $256.6
million
- Operating margin of 18.3%
- Diluted earnings per share of $1.49
BEVERLY,
Mass., Nov. 6, 2024 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the third quarter ended September 30,
2024. The Company reported third quarter revenue of
$256.6 million, compared to
$256.5 million for the second quarter
of 2024. Gross margin for the quarter was 42.9%, compared to 43.8%
in the second quarter. Operating profit for the quarter was
$46.9 million, compared to
$52.8 million for the second quarter.
Net income for the quarter was $48.6
million, or $1.49 per diluted
share, compared to $50.9 million, or
$1.55 per diluted share in the second
quarter.
President and CEO Russell Low
commented, "Axcelis executed well in the third quarter with results
relatively in-line with our expectations. While we anticipate a
near term digestion of mature node capacity through the first half
of 2025, customer engagement is strong and our long-term growth
opportunity remains squarely intact highlighted by attractive
secular growth in silicon carbide, a cyclical recovery in our
memory and general mature markets, market share gains in advanced
logic and regional penetration of the Japan market."
Executive Vice President and Chief Financial Officer
Jamie Coogan said, "We are pleased
with the financial performance delivered by our team thus far in
2024. Our cash generation remains strong, we are engaging with
customers across a number of key growth opportunities, and we are
investing in our product roadmaps while maintaining discipline in
our overall cost structure. All of this, when coupled with our
strong balance sheet, put us in position to capture the growth
opportunities that lie ahead and drive long-term value creation for
shareholders."
Business Outlook
For the fourth quarter ending December 31,
2024, Axcelis expects revenues of approximately $245 million, and earnings per diluted share of
approximately $1.25.
Correction of Historical Backlog
During the preparation of the Company's third quarter financial
statements, the Axcelis internal financial team identified an error
in the calculation of backlog, beginning in 2019 through the second
quarter of 2024. For example, corrected backlog as of
June 30, 2024 was $879 million, compared to previously reported
backlog of $994 million. Backlog as
of September 30, 2024 was
$758 million.
The corrected historical figures for 2019 through the second
quarter of 2024 have been posted to the Investor section of the
Axcelis website at investor.axcelis.com.
Third Quarter 2024 Conference Call
The Company will
host a call to discuss the results for the third quarter 2024 on
Thursday, Nov. 7, 2024, at
8:30 a.m. ET. The call will be
available via webcast that can be accessed through the Investors
page of Axcelis' website at www.axcelis.com, or by registering as a
Participant here:
https://register.vevent.com/register/BI64036dd04ee74de4bea3e1ba939fae67
Webcast replays will be available for 30 days following the
call.
Safe Harbor Statement
This press release and the conference call contain forward-looking
statements under the Private Securities Litigation Reform Act safe
harbor provisions. These statements, which include our expectations
for spending in our industry and guidance for future financial
performance, are based on management's current expectations and
should be viewed with caution. They are subject to various risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements, many of
which are outside the control of the Company, including that
customer decisions to place orders or our product shipments may not
occur when we expect, that orders may not be converted to revenue
in any particular quarter, or at all, whether demand will continue
for the semiconductor equipment we produce or, if not, whether we
can successfully meet changing market requirements, and whether we
will be able to maintain continuity of business relationships with
and purchases by major customers. Increased competitive pressure on
sales and pricing, increases in material and other production costs
that cannot be recouped in product pricing and instability caused
by changing global economic, political or financial conditions
could also cause actual results to differ materially from those in
our forward-looking statements. These risks and other risk factors
relating to Axcelis are described more fully in the most recent
Form 10-K filed by Axcelis and in other documents filed from
time to time with the Securities and Exchange Commission.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered
in Beverly, Mass., has been
providing innovative, high-productivity solutions for the
semiconductor industry for over 45 years. Axcelis is dedicated to
developing enabling process applications through the design,
manufacture and complete life cycle support of ion implantation
systems, one of the most critical and enabling steps in the IC
manufacturing process. Learn more about Axcelis at
www.axcelis.com.
CONTACTS:
Investor Relations Contact:
David Ryzhik
Senior Vice President, Investor Relations and Corporate
Strategy
Telephone: (978) 787-2352
Email: David.Ryzhik@axcelis.com
Press/Media Relations Contact:
Maureen Hart
Senior Director, Corporate & Marketing Communications
Telephone: (978) 787-4266
Email: Maureen.Hart@axcelis.com
|
Axcelis
Technologies, Inc.
Consolidated
Statements of Operations
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
246,826
|
|
$
|
283,367
|
|
$
|
735,626
|
|
$
|
795,047
|
|
|
Services
|
|
|
9,738
|
|
|
8,959
|
|
|
29,822
|
|
|
25,269
|
|
|
Total
revenue
|
|
|
256,564
|
|
|
292,326
|
|
|
765,448
|
|
|
820,316
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
136,379
|
|
|
154,798
|
|
|
399,049
|
|
|
444,311
|
|
|
Services
|
|
|
10,215
|
|
|
7,844
|
|
|
27,968
|
|
|
22,600
|
|
|
Total cost of
revenue
|
|
|
146,594
|
|
|
162,642
|
|
|
427,017
|
|
|
466,911
|
|
|
Gross profit
|
|
|
109,970
|
|
|
129,684
|
|
|
338,431
|
|
|
353,405
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
26,395
|
|
|
24,093
|
|
|
77,843
|
|
|
71,996
|
|
|
Sales and
marketing
|
|
|
16,808
|
|
|
16,465
|
|
|
51,483
|
|
|
46,146
|
|
|
General and
administrative
|
|
|
19,854
|
|
|
17,446
|
|
|
52,842
|
|
|
48,519
|
|
|
Total operating
expenses
|
|
|
63,057
|
|
|
58,004
|
|
|
182,168
|
|
|
166,661
|
|
|
Income from
operations
|
|
|
46,913
|
|
|
71,680
|
|
|
156,263
|
|
|
186,744
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6,560
|
|
|
4,580
|
|
|
18,126
|
|
|
12,824
|
|
|
Interest
expense
|
|
|
(1,333)
|
|
|
(1,325)
|
|
|
(4,017)
|
|
|
(4,027)
|
|
|
Other, net
|
|
|
3,225
|
|
|
(1,260)
|
|
|
1,257
|
|
|
(4,348)
|
|
|
Total other
income
|
|
|
8,452
|
|
|
1,995
|
|
|
15,366
|
|
|
4,449
|
|
|
Income before income
taxes
|
|
|
55,365
|
|
|
73,675
|
|
|
171,629
|
|
|
191,193
|
|
|
Income tax
provision
|
|
|
6,789
|
|
|
7,744
|
|
|
20,593
|
|
|
15,986
|
|
|
Net income
|
|
$
|
48,576
|
|
$
|
65,931
|
|
$
|
151,036
|
|
$
|
175,207
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.49
|
|
$
|
2.01
|
|
$
|
4.63
|
|
$
|
5.35
|
|
|
Diluted
|
|
$
|
1.49
|
|
$
|
1.99
|
|
$
|
4.61
|
|
$
|
5.28
|
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares of common stock
|
|
|
32,550
|
|
|
32,807
|
|
|
32,595
|
|
|
32,775
|
|
|
Diluted weighted
average shares of common stock
|
|
|
32,675
|
|
|
33,159
|
|
|
32,780
|
|
|
33,208
|
|
|
Axcelis
Technologies, Inc.
Consolidated Balance
Sheets
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
120,066
|
|
$
|
167,297
|
|
|
Short-term
investments
|
|
|
459,341
|
|
|
338,851
|
|
|
Accounts receivable,
net
|
|
|
183,543
|
|
|
217,964
|
|
|
Inventories,
net
|
|
|
290,954
|
|
|
306,482
|
|
|
Prepaid income
taxes
|
|
|
10,748
|
|
|
—
|
|
|
Prepaid expenses and
other current assets
|
|
|
57,441
|
|
|
49,397
|
|
|
Total current
assets
|
|
|
1,122,093
|
|
|
1,079,991
|
|
|
Property, plant and
equipment, net
|
|
|
54,454
|
|
|
53,971
|
|
|
Operating lease
assets
|
|
|
30,391
|
|
|
30,716
|
|
|
Finance lease assets,
net
|
|
|
15,668
|
|
|
16,632
|
|
|
Long-term restricted
cash
|
|
|
6,653
|
|
|
6,654
|
|
|
Deferred income
taxes
|
|
|
58,938
|
|
|
53,428
|
|
|
Other assets
|
|
|
49,928
|
|
|
40,575
|
|
|
Total
assets
|
|
$
|
1,338,125
|
|
$
|
1,281,967
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
54,047
|
|
$
|
54,400
|
|
|
Accrued
compensation
|
|
|
23,070
|
|
|
31,445
|
|
|
Warranty
|
|
|
14,547
|
|
|
14,098
|
|
|
Income
taxes
|
|
|
—
|
|
|
6,164
|
|
|
Deferred
revenue
|
|
|
138,682
|
|
|
164,677
|
|
|
Current portion of
finance lease obligation
|
|
|
1,399
|
|
|
1,511
|
|
|
Other current
liabilities
|
|
|
20,519
|
|
|
12,834
|
|
|
Total current
liabilities
|
|
|
252,264
|
|
|
285,129
|
|
|
Long-term finance lease
obligation
|
|
|
42,671
|
|
|
43,674
|
|
|
Long-term deferred
revenue
|
|
|
25,344
|
|
|
46,208
|
|
|
Other long-term
liabilities
|
|
|
42,252
|
|
|
42,074
|
|
|
Total
liabilities
|
|
|
362,531
|
|
|
417,085
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 32,504 shares issued and
outstanding
at September 30, 2024; 32,685 shares issued and outstanding at
December 31, 2023
|
|
|
33
|
|
|
33
|
|
|
Additional paid-in
capital
|
|
|
545,350
|
|
|
547,189
|
|
|
Retained
earnings
|
|
|
432,429
|
|
|
319,506
|
|
|
Accumulated other
comprehensive loss
|
|
|
(2,218)
|
|
|
(1,846)
|
|
|
Total stockholders'
equity
|
|
|
975,594
|
|
|
864,882
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,338,125
|
|
$
|
1,281,967
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.