Axcelis Announces Financial Results for Fourth Quarter and Full Year 2024
Q4 Highlights:
- Revenue of
$252.4 million - Operating Margin of 21.6%
- Diluted earnings per share of
$1.54
For the full year 2024, the Company reported revenue of
The Company reported fourth quarter revenue of
President and CEO
Executive Vice President and Chief Financial Officer
Business Outlook
For the first quarter ending
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
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
CONTACTS:
Investor Relations Contact:
Senior Vice President, Investor Relations and Corporate Strategy
Telephone: (978) 787-2352
Email: [email protected]
Press/Media Relations Contact:
Senior Director, Corporate & Marketing Communications
Telephone: (978) 787-4266
Email: [email protected]
Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) | |||||||||||||
Three months ended | Twelve months ended | ||||||||||||
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) | |||||||
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, | 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 | ||||||||||||
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 | |||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2024-302371721.html
SOURCE Axcelis Technologies, Inc.