Q4 Highlights:
- Revenue of $252.4
million
- Operating Margin of 21.6%
- Diluted earnings per share of $1.54
BEVERLY,
Mass., Feb. 10, 2025 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the fourth quarter and full year ended December 31, 2024.
For the full year 2024, the Company reported revenue of
$1.02 billion, compared with
$1.13 billion for the full year 2023.
Systems revenue for the year was $782.6
million, compared to $883.6
million in 2023. Operating profit was $210.8 million in 2024, compared to $265.8 million in 2023. Net income for the year
was $201 million with diluted
earnings per share of $6.15, compared
to net income of $246.3 million and
diluted earnings per share of $7.43
in 2023. Gross margin for the year was 44.7%, compared to 43.5% in
2023.
The Company reported fourth quarter revenue of $252.4 million, compared to $256.6 million for the third quarter of 2024.
Gross margin for the quarter was 46.0%, compared to 42.9% in the
third quarter. Operating profit for the quarter was $54.5 million, compared to $46.9 million for the third quarter. Net income
for the quarter was $50 million, or
$1.54 per diluted share, compared to
$48.6 million, or $1.49 per diluted share in the third quarter.
President and CEO Russell Low
commented, "Axcelis exited the year on a strong note, with fourth
quarter revenue and profitability exceeding our expectations. As we
look ahead to 2025, we anticipate a near term cyclical digestion
period, as customers absorb the robust investments they've made
into mature node capacity over the past few years – particularly in
China. We are focused on capturing
the long-term growth opportunities that lie ahead by investing in
product innovation, managing our costs, and working closely with
customers on their technology roadmaps – all of which will put us
in an even stronger position for the next upturn."
Executive Vice President and Chief Financial Officer
Jamie Coogan said, "We are pleased
with our financial execution in 2024. Despite a decline in revenue,
we were able to deliver higher gross margins, generate solid free
cash flow, return capital to shareholders via buyback, and exit the
year with a stronger balance sheet that allows us to invest during
this cyclical digestion period and drive long term value
creation."
Business Outlook
For the first quarter ending March 31,
2025, Axcelis expects revenues of approximately $185 million, and earnings per diluted share of
approximately $0.38.
Fourth Quarter and Full Year 2024 Conference Call
The
Company will host a call to discuss the results for the fourth
quarter and full year 2024 on Tuesday,
February 11, 2025, 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/BIb4b94bbc1cf744869eeb20b9a9be88a7
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
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
241,254
|
|
$
|
300,603
|
|
$
|
976,881
|
|
$
|
1,095,650
|
|
|
Services
|
|
|
11,163
|
|
|
9,685
|
|
|
40,984
|
|
|
34,954
|
|
|
Total
revenue
|
|
|
252,417
|
|
|
310,288
|
|
|
1,017,865
|
|
|
1,130,604
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
125,402
|
|
|
163,801
|
|
|
524,451
|
|
|
608,112
|
|
|
Services
|
|
|
10,792
|
|
|
8,591
|
|
|
38,760
|
|
|
31,191
|
|
|
Total cost of
revenue
|
|
|
136,194
|
|
|
172,392
|
|
|
563,211
|
|
|
639,303
|
|
|
Gross profit
|
|
|
116,223
|
|
|
137,896
|
|
|
454,654
|
|
|
491,301
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
27,654
|
|
|
24,911
|
|
|
105,497
|
|
|
96, 907
|
|
|
Sales and
marketing
|
|
|
16,563
|
|
|
16,659
|
|
|
68,046
|
|
|
62,805
|
|
|
General and
administrative
|
|
|
17,475
|
|
|
17,275
|
|
|
70,317
|
|
|
65,794
|
|
|
Total operating
expenses
|
|
|
61,692
|
|
|
58,845
|
|
|
243,860
|
|
|
225,506
|
|
|
Income from
operations
|
|
|
54,531
|
|
|
79,051
|
|
|
210,794
|
|
|
265,795
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6,277
|
|
|
5,375
|
|
|
24,403
|
|
|
18,199
|
|
|
Interest
expense
|
|
|
(1,444)
|
|
|
(1,320)
|
|
|
(5,462)
|
|
|
(5,347)
|
|
|
Other, net
|
|
|
(719)
|
|
|
4,300
|
|
|
539
|
|
|
(48)
|
|
|
Total other
income
|
|
|
4,114
|
|
|
8,355
|
|
|
19,480
|
|
|
12,804
|
|
|
Income before income
taxes
|
|
|
58,645
|
|
|
87,406
|
|
|
230,274
|
|
|
278,599
|
|
|
Income tax
provision
|
|
|
8,689
|
|
|
16,350
|
|
|
29,282
|
|
|
32,336
|
|
|
Net income
|
|
$
|
49,956
|
|
$
|
71,056
|
|
$
|
200,992
|
|
$
|
246,263
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.54
|
|
$
|
2.17
|
|
$
|
6.17
|
|
$
|
7.52
|
|
|
Diluted
|
|
$
|
1.54
|
|
$
|
2.15
|
|
$
|
6.15
|
|
$
|
7.43
|
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares of common stock
|
|
|
32,424
|
|
|
32,708
|
|
|
32,552
|
|
|
32,758
|
|
|
Diluted weighted
average shares of common stock
|
|
|
32,514
|
|
|
33,031
|
|
|
32,704
|
|
|
33,165
|
|
|
Axcelis
Technologies, Inc.
Consolidated Balance
Sheets
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
123,512
|
|
$
|
167,297
|
|
|
Short-term
investments
|
|
|
447,831
|
|
|
338,851
|
|
|
Accounts receivable,
net
|
|
|
203,149
|
|
|
217,964
|
|
|
Inventories,
net
|
|
|
282,225
|
|
|
306,482
|
|
|
Prepaid income
taxes
|
|
|
6,420
|
|
|
—
|
|
|
Prepaid expenses and
other current assets
|
|
|
60,471
|
|
|
49,397
|
|
|
Total current
assets
|
|
|
1,123,608
|
|
|
1,079,991
|
|
|
Property, plant and
equipment, net
|
|
|
53,784
|
|
|
53,971
|
|
|
Operating lease
assets
|
|
|
29,621
|
|
|
30,716
|
|
|
Finance lease assets,
net
|
|
|
15,346
|
|
|
16,632
|
|
|
Long-term restricted
cash
|
|
|
7,552
|
|
|
6,654
|
|
|
Deferred income
taxes
|
|
|
68,277
|
|
|
53,428
|
|
|
Other assets
|
|
|
50,593
|
|
|
40,575
|
|
|
Total
assets
|
|
$
|
1,348,781
|
|
$
|
1,281,967
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
46,928
|
|
$
|
54,400
|
|
|
Accrued
compensation
|
|
|
25,536
|
|
|
31,445
|
|
|
Warranty
|
|
|
13,022
|
|
|
14,098
|
|
|
Income
taxes
|
|
|
—
|
|
|
6,164
|
|
|
Deferred
revenue
|
|
|
94,673
|
|
|
164,677
|
|
|
Current portion of
finance lease obligation
|
|
|
1,345
|
|
|
1,511
|
|
|
Other current
liabilities
|
|
|
26,018
|
|
|
12,834
|
|
|
Total current
liabilities
|
|
|
207,522
|
|
|
285,129
|
|
|
Long-term finance lease
obligation
|
|
|
42,329
|
|
|
43,674
|
|
|
Long-term deferred
revenue
|
|
|
43,501
|
|
|
46,208
|
|
|
Other long-term
liabilities
|
|
|
42,639
|
|
|
42,074
|
|
|
Total
liabilities
|
|
|
335,991
|
|
|
417,085
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 32,365 shares issued and
outstanding at December 31, 2024; 32,685 shares issued and
outstanding at December 31, 2023
|
|
|
32
|
|
|
33
|
|
|
Additional paid-in
capital
|
|
|
548,654
|
|
|
547,189
|
|
|
Retained
earnings
|
|
|
470,318
|
|
|
319,506
|
|
|
Accumulated other
comprehensive loss
|
|
|
(6,214)
|
|
|
(1,846)
|
|
|
Total stockholders'
equity
|
|
|
1,012,790
|
|
|
864,882
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,348,781
|
|
$
|
1,281,967
|
|
|
|
|
|
|
|
|
|
|
Axcelis
Technologies, Inc.
Condensed
Consolidated Statements of Cash Flows
(In
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
49,956
|
|
$
|
71,056
|
|
$
|
200,992
|
|
$
|
246,263
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,267
|
|
|
3,581
|
|
|
15,809
|
|
|
13,069
|
|
|
Stock-based
compensation expense
|
|
|
5,380
|
|
|
5,239
|
|
|
20,951
|
|
|
18,269
|
|
|
Other
|
|
|
(442)
|
|
|
(14,565)
|
|
|
(11,532)
|
|
|
(23,503)
|
|
|
Change in operating
assets and liabilities, net
|
|
|
(46,381)
|
|
|
264
|
|
|
(85,402)
|
|
|
(97,229)
|
|
|
Net cash provided by
operating activities
|
|
|
12,780
|
|
|
65,575
|
|
|
140,818
|
|
|
156,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property, plant and equipment and capitalized software
|
|
|
(4,658)
|
|
|
(10,153)
|
|
|
(12,181)
|
|
|
(20,656)
|
|
|
Other changes in
investing activities, net
|
|
|
13,779
|
|
|
(16,526)
|
|
|
(96,545)
|
|
|
(80,202)
|
|
|
Net cash provided by
(used in) investing activities
|
|
|
9,121
|
|
|
(26,679)
|
|
|
(108,726)
|
|
|
(100,858)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common
stock
|
|
|
(15,131)
|
|
|
(15,001)
|
|
|
(60,489)
|
|
|
(52,499)
|
|
|
Other changes from
financing activities, net
|
|
|
588
|
|
|
(22)
|
|
|
(10,703)
|
|
|
(15,769)
|
|
|
Net cash used in
financing activities
|
|
|
(14,543)
|
|
|
(15,023)
|
|
|
(71,192)
|
|
|
(68,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
(3,013)
|
|
|
1,128
|
|
|
(3,787)
|
|
|
(139)
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
4,345
|
|
|
25,001
|
|
|
(42,887)
|
|
|
(12,396)
|
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
131,064
|
|
$
|
173,951
|
|
$
|
131,064
|
|
$
|
173,951
|
|
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SOURCE Axcelis Technologies, Inc.
