Revenue, Gross Margin and EPS Beat
Guidance
BEVERLY,
Mass., May 1, 2024 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the first quarter ended March 31,
2024.
The Company reported first quarter revenue of $252.4 million, compared to $310.3 million for the fourth quarter of 2023.
Gross margin for the quarter was 46%, compared to 44.4% in the
fourth quarter. Operating profit for the quarter was $56.5 million, compared to $79.1 million for the fourth quarter. Net income
for the quarter was $51.6 million, or
$1.57 per diluted share, compared to
$71.1 million, or $2.15 per diluted share in the fourth
quarter.
President and CEO Russell Low
commented, "Axcelis is off to a good start in 2024. The Company
delivered strong financial results in the first quarter, as a
result of continued execution by the Axcelis team combined with
strength in the implant intensive power device segment and robust
shipments to China. The power
device segment, particularly silicon carbide, continues to drive
our business. We continue to win business from new customers
globally as well as expand our product footprint with existing
customers, with our highly differentiated and enabling Purion™
Power Series product line."
Executive Vice President and Chief Financial Officer
Jamie Coogan said, "We are pleased
with our first quarter results and look forward to a solid 2024.
Our revenue, gross margin and earnings per share finished above our
guidance for the period, and we ended the quarter with robust cash
flow and a strong balance sheet. We are monitoring the recovery in
our memory and general mature markets and continue to expect
revenue levels in the second half to increase over our anticipated
revenues in the first half of the year."
Business Outlook
For the second quarter ending June 30,
2024, Axcelis expects revenues of approximately $245 million. Gross margin in the second quarter
is expected to be approximately 43.5%, as we anticipate closing
several evaluations in the period, which typically carry lower
gross margins. For the full year we expect gross margins to improve
year over year. Second quarter operating profit is forecast to be
approximately $47 million with
earnings per diluted share of around $1.30.
First Quarter 2024 Conference Call
The Company will host a call to discuss the results for the first
quarter 2024 on Thursday, May 2,
2024, at 8:30 a.m. ET. The
call will be available to interested listeners via an audio 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/BI3597bb3b60b345b3a930f23a61948ca3.
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.
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
Axcelis
Technologies, Inc. Consolidated Statements of
Operations (In thousands, except per share
amounts) (Unaudited)
|
|
|
|
Three months
ended
|
|
|
|
March
31,
|
|
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
Product
|
|
$
|
243,418
|
|
$
|
246,007
|
|
Services
|
|
|
8,954
|
|
|
8,013
|
|
Total
revenue
|
|
|
252,372
|
|
|
254,020
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Product
|
|
|
127,912
|
|
|
142,771
|
|
Services
|
|
|
8,409
|
|
|
7,230
|
|
Total cost of
revenue
|
|
|
136,321
|
|
|
150,001
|
|
Gross profit
|
|
|
116,051
|
|
|
104,019
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
|
|
25,662
|
|
|
23,773
|
|
Sales and
marketing
|
|
|
17,445
|
|
|
14,144
|
|
General and
administrative
|
|
|
16,405
|
|
|
14,745
|
|
Total operating
expenses
|
|
|
59,512
|
|
|
52,662
|
|
Income from
operations
|
|
|
56,539
|
|
|
51,357
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
|
|
5,516
|
|
|
3,936
|
|
Interest
expense
|
|
|
(1,346)
|
|
|
(1,353)
|
|
Other, net
|
|
|
(1,710)
|
|
|
(1,038)
|
|
Total other
income
|
|
|
2,460
|
|
|
1,545
|
|
Income before income
taxes
|
|
|
58,999
|
|
|
52,902
|
|
Income tax
provision
|
|
|
7,404
|
|
|
5,205
|
|
Net income
|
|
$
|
51,595
|
|
$
|
47,697
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.58
|
|
$
|
1.46
|
|
Diluted
|
|
$
|
1.57
|
|
$
|
1.43
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
Basic weighted average
shares of common stock
|
|
|
32,638
|
|
|
32,744
|
|
Diluted weighted
average shares of common stock
|
|
|
32,926
|
|
|
33,293
|
|
Axcelis
Technologies, Inc. Consolidated Balance
Sheets (In thousands, except per share
amounts) (Unaudited)
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
133,963
|
|
$
|
167,297
|
|
Short-term
investments
|
|
|
396,228
|
|
|
338,851
|
|
Accounts receivable,
net
|
|
|
208,544
|
|
|
217,964
|
|
Inventories,
net
|
|
|
312,170
|
|
|
306,482
|
|
Prepaid expenses and
other current assets
|
|
|
54,544
|
|
|
49,397
|
|
Total current
assets
|
|
|
1,105,449
|
|
|
1,079,991
|
|
Property, plant and
equipment, net
|
|
|
53,032
|
|
|
53,971
|
|
Operating lease
assets
|
|
|
29,557
|
|
|
30,716
|
|
Finance lease assets,
net
|
|
|
16,310
|
|
|
16,632
|
|
Long-term restricted
cash
|
|
|
6,652
|
|
|
6,654
|
|
Deferred income
taxes
|
|
|
54,525
|
|
|
53,428
|
|
Other assets
|
|
|
41,094
|
|
|
40,575
|
|
Total
assets
|
|
$
|
1,306,619
|
|
$
|
1,281,967
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
39,853
|
|
$
|
54,400
|
|
Accrued
compensation
|
|
|
16,413
|
|
|
31,445
|
|
Warranty
|
|
|
14,355
|
|
|
14,098
|
|
Income
taxes
|
|
|
26,850
|
|
|
6,164
|
|
Deferred
revenue
|
|
|
164,700
|
|
|
164,677
|
|
Current portion of
finance lease obligation
|
|
|
1,503
|
|
|
1,511
|
|
Other current
liabilities
|
|
|
12,894
|
|
|
12,834
|
|
Total current
liabilities
|
|
|
276,568
|
|
|
285,129
|
|
Long-term finance lease
obligation
|
|
|
43,328
|
|
|
43,674
|
|
Long-term deferred
revenue
|
|
|
43,718
|
|
|
46,208
|
|
Other long-term
liabilities
|
|
|
41,262
|
|
|
42,074
|
|
Total
liabilities
|
|
|
404,876
|
|
|
417,085
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 32,605 shares issued and
outstanding at March 31, 2024; 32,685 shares issued and outstanding
at December 31, 2023
|
|
|
33
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
546,979
|
|
|
547,189
|
|
Retained
earnings
|
|
|
358,303
|
|
|
319,506
|
|
Accumulated other
comprehensive loss
|
|
|
(3,572)
|
|
|
(1,846)
|
|
Total stockholders'
equity
|
|
|
901,743
|
|
|
864,882
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,306,619
|
|
$
|
1,281,967
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-first-quarter-2024-302133499.html
SOURCE Axcelis Technologies, Inc.