EX-99.1 2 tm2413124d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

News Release

 

Axcelis Announces Financial Results for First Quarter 2024

 

Revenue, Gross Margin and EPS Beat Guidance

 

BEVERLY, Mass. — May 1, 2024—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 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.

 

 

 

News Release

 

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

 

 

 

 

News Release

 

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 

 

 

 

 

News Release

 

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