Record Revenue for 2023, Achieving Year-Over-Year Growth of 23%

BEVERLY, Mass., Feb. 7, 2024 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2023.

Axcelis (PRNewsfoto/Axcelis Technologies, Inc.)

Highlights include:

  • Record full year revenue, operating profit and EPS, enabling the Company to surpass its $1.1 billion revenue model.
  • Continued strong growth from the Purion Power Series™ product line.
  • Significant increase in Purion™ installed base drove record CS&I revenue.
  • Year-end systems backlog of $1.2 billion.

For the full year 2023, the Company reported revenue of $1.13 billion, compared with $920 million for the full year 2022, an increase of 23% and a company record. Systems revenue for the year was $883.6 million, compared to $692.1 million in 2022, an increase of 28%, also a company record. Operating profit was $265.8 million in 2023, compared to $212.4 million in 2022, a 25% increase and a company record. Net income for the year was $246.3 million with diluted earnings per share of $7.43, compared to net income of $183.1 million and diluted earnings per share of $5.46 in 2022, resulting in a 35% net income year over year increase. Gross margin for the year was 43.5%, compared to 43.7% in 2022.

The Company reported fourth quarter revenue of $310.3 million, compared to $292.3 million for the third quarter of 2023. Operating profit for the quarter was $79.1 million, compared to $71.7 million for the third quarter. Net income for the quarter was $71.1 million, or $2.15 per diluted share, compared to $65.9 million, or $1.99 per diluted share in the third quarter. Gross margin for the quarter was 44.4%, unchanged from the third quarter. The fourth quarter ended with bookings of $235.5 million and a systems backlog of $1.2 billion.

President and CEO Russell Low commented, "2023 was another outstanding year for Axcelis. As a result of strong execution by the Axcelis team and robust demand for the Purion Power Series product family, we achieved 23% year-over-year revenue growth during an industry downturn. We have developed a large and diverse customer base in the power market, and we continue to win business from new customers as well as expand our product footprint with existing customers. We believe that the mature process technology and memory segments, two markets in which Axcelis is well-positioned, will recover in the second half of the year, enabling strong growth in 2025."

Executive Vice President and Chief Financial Officer Jamie Coogan said, "We are extremely pleased with our 2023 results, and excited about our future growth. Our revenue and earnings per share finished above our revised guidance, and we ended the quarter with robust cash flow and a strong balance sheet. As we look to 2024, we will continue to make investments in R&D while managing expenses, setting us up to achieve our $1.3 billion revenue model in 2025."

Business Outlook
For the first quarter ending March 31, 2024, Axcelis expects revenues of approximately $242 million. First quarter operating profit is forecast to be approximately $45 million with earnings per diluted share of around $1.22. Gross margin in the first quarter is expected to be approximately 43.5%, and for the full year we expect it to improve year over year but could fluctuate quarter to quarter. We expect full year 2024 revenue to be similar to 2023, with revenue weighted toward the second half.

Fourth Quarter and Full Year 2023 Conference Call
The Company will release financial results for the fourth quarter and full year 2023 on Wednesday, February 7, 2024, at 4:00 p.m. Eastern Time (ET). The Company will host a call to discuss the results for the fourth quarter and full year 2023 on Thursday, February 8, 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://edge.media-server.com/mmc/p/su3u4oev. 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 


Twelve months ended





December 31,


December 31,




2023


2022


2023


2022


Revenue:














Product


$

300,603


$

258,584


$

1,095,650


$

890,582


Services



9,685



7,467



34,954



29,416


Total revenue



310,288



266,051



1,130,604



919,998


Cost of revenue:














Product



163,801



149,717



608,112



492,104


Services



8,591



6,813



31,191



26,104


Total cost of revenue



172,392



156,530



639,303



518,208


Gross profit



137,896



109,521



491,301



401,790


Operating expenses:














Research and development



24,911



22,089



96,907



78,356


Sales and marketing



16,659



15,032



62,805



53,599


General and administrative



17,275



16,311



65,794



57,474


Total operating expenses



58,845



53,432



225,506



189,429


Income from operations



79,051



56,089



265,795



212,361


Other income (expense):














Interest income



5,375



2,993



18,199



4,551


Interest expense



(1,320)



(1,475)



(5,347)



(5,576)


Other, net



4,300



8,189



(48)



(6,451)


Total other income (expense)



8,355



9,707



12,804



(7,476)


Income before income taxes



87,406



65,796



278,599



204,885


Income tax provision



16,350



8,804



32,336



21,806


Net income


$

71,056


$

56,992


$

246,263


$

183,079


Net income per share:














Basic


$

2.17


$

1.74


$

7.52


$

5.54


Diluted


$

2.15


$

1.71


$

7.43


$

5.46


Shares used in computing net income per share:














Basic weighted average shares of common stock



32,708



32,823



32,758



33,043


Diluted weighted average shares of common stock



33,031



33,262



33,165



33,542


 

Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)




December 31,


December 31,




2023


2022


ASSETS


Current assets:








Cash and cash equivalents


$

167,297


$

185,595


Short-term investments



338,851



246,571


Accounts receivable, net



217,964



169,773


Inventories, net



306,482



242,406


Prepaid expenses and other current assets



49,397



33,300


Total current assets



1,079,991



877,645


Property, plant and equipment, net



53,971



39,664


Operating lease assets



30,716



12,146


Finance lease assets, net



16,632



17,942


Long-term restricted cash



6,654



752


Deferred income taxes



53,428



31,701


Other assets



40,575



33,791


Total assets


$

1,281,967


$

1,013,641


LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:








Accounts payable


$

54,400


$

62,346


Accrued compensation



31,445



35,540


Warranty



14,098



8,299


Income taxes



6,164



4,304


Deferred revenue



164,677



123,471


Current portion of finance lease obligation



1,511



1,229


Other current liabilities



12,834



12,943


Total current liabilities



285,129



248,132


Long-term finance lease obligation



43,674



45,185


Long-term deferred revenue



46,208



31,306


Other long-term liabilities



42,074



21,762


Total liabilities



417,085



346,385










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,685 shares issued
and outstanding at December 31, 2023; 32,775 shares issued and outstanding at December 31, 2022



33



33


Additional paid-in capital



547,189



550,299


Retained earnings



319,506



118,892


Accumulated other comprehensive loss



(1,846)



(1,968)


Total stockholders' equity



864,882



667,256


Total liabilities and stockholders' equity


$

1,281,967


$

1,013,641


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2023-302056477.html

SOURCE Axcelis Technologies, Inc.

Copyright 2024 PR Newswire

Axcelis Technologies (NASDAQ:ACLS)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Axcelis Technologies.
Axcelis Technologies (NASDAQ:ACLS)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Axcelis Technologies.