Axcelis Announces Financial Results for Third Quarter 2024
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Revenue of
$256.6 million - Operating margin of 18.3%
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Diluted earnings per share of
$1.49
President and CEO
Executive Vice President and Chief Financial Officer
Business Outlook
For the fourth quarter ending
Correction of Historical Backlog
During the preparation of the Company's third quarter financial statements, the
The corrected historical figures for 2019 through the second quarter of 2024 have been posted to the Investor section of the
Third Quarter 2024 Conference Call
The Company will host a call to discuss the results for the third quarter 2024 on
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
About
CONTACTS:
Investor Relations Contact:
Senior Vice President, Investor Relations and Corporate Strategy
Telephone: (978) 787-2352
Email: David.Ryzhik@axcelis.com
Press/Media Relations Contact:
Senior Director,
Telephone: (978) 787-4266
Email: Maureen.Hart@axcelis.com
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Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three months ended |
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Nine months ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue: |
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Product |
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$ |
246,826 |
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$ |
283,367 |
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$ |
735,626 |
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$ |
795,047 |
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Services |
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9,738 |
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8,959 |
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29,822 |
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25,269 |
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Total revenue |
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256,564 |
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292,326 |
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765,448 |
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820,316 |
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Cost of revenue: |
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Product |
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136,379 |
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154,798 |
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399,049 |
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444,311 |
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Services |
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10,215 |
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7,844 |
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27,968 |
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22,600 |
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Total cost of revenue |
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146,594 |
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162,642 |
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427,017 |
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466,911 |
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Gross profit |
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109,970 |
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129,684 |
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338,431 |
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353,405 |
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Operating expenses: |
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Research and development |
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26,395 |
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24,093 |
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77,843 |
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71,996 |
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Sales and marketing |
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16,808 |
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16,465 |
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51,483 |
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46,146 |
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General and administrative |
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19,854 |
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17,446 |
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52,842 |
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48,519 |
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Total operating expenses |
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63,057 |
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58,004 |
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182,168 |
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166,661 |
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Income from operations |
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46,913 |
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71,680 |
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156,263 |
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186,744 |
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Other income (expense): |
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Interest income |
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6,560 |
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4,580 |
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18,126 |
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12,824 |
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Interest expense |
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(1,333) |
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(1,325) |
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(4,017) |
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(4,027) |
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Other, net |
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3,225 |
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(1,260) |
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1,257 |
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(4,348) |
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Total other income |
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8,452 |
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1,995 |
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15,366 |
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4,449 |
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Income before income taxes |
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55,365 |
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73,675 |
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171,629 |
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191,193 |
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Income tax provision |
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6,789 |
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7,744 |
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20,593 |
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15,986 |
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Net income |
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$ |
48,576 |
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$ |
65,931 |
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$ |
151,036 |
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$ |
175,207 |
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Net income per share: |
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Basic |
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$ |
1.49 |
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$ |
2.01 |
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$ |
4.63 |
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$ |
5.35 |
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Diluted |
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$ |
1.49 |
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$ |
1.99 |
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$ |
4.61 |
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$ |
5.28 |
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Shares used in computing net income per share: |
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Basic weighted average shares of common stock |
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32,550 |
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32,807 |
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32,595 |
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32,775 |
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Diluted weighted average shares of common stock |
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32,675 |
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33,159 |
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32,780 |
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33,208 |
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Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) |
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2024 |
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2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
120,066 |
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$ |
167,297 |
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Short-term investments |
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459,341 |
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338,851 |
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Accounts receivable, net |
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183,543 |
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217,964 |
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Inventories, net |
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290,954 |
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306,482 |
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Prepaid income taxes |
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10,748 |
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— |
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Prepaid expenses and other current assets |
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57,441 |
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49,397 |
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Total current assets |
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1,122,093 |
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1,079,991 |
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Property, plant and equipment, net |
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54,454 |
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53,971 |
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Operating lease assets |
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30,391 |
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30,716 |
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Finance lease assets, net |
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15,668 |
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16,632 |
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Long-term restricted cash |
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6,653 |
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6,654 |
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Deferred income taxes |
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58,938 |
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53,428 |
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Other assets |
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49,928 |
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40,575 |
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Total assets |
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$ |
1,338,125 |
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$ |
1,281,967 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
54,047 |
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$ |
54,400 |
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Accrued compensation |
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23,070 |
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31,445 |
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Warranty |
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14,547 |
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14,098 |
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Income taxes |
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— |
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6,164 |
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Deferred revenue |
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138,682 |
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164,677 |
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Current portion of finance lease obligation |
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1,399 |
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1,511 |
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Other current liabilities |
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20,519 |
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12,834 |
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Total current liabilities |
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252,264 |
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285,129 |
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Long-term finance lease obligation |
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42,671 |
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43,674 |
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Long-term deferred revenue |
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25,344 |
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46,208 |
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Other long-term liabilities |
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42,252 |
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42,074 |
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Total liabilities |
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362,531 |
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417,085 |
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Stockholders' equity: |
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Common stock, |
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33 |
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33 |
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Additional paid-in capital |
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545,350 |
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547,189 |
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Retained earnings |
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432,429 |
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319,506 |
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Accumulated other comprehensive loss |
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(2,218) |
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(1,846) |
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Total stockholders' equity |
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975,594 |
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864,882 |
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Total liabilities and stockholders' equity |
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$ |
1,338,125 |
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$ |
1,281,967 |
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