EX-99.1 2 tm2427563d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

NEWS RELEASE  

 

Axcelis Announces Financial Results for Third Quarter 2024

 

·Revenue of $256.6 million
·Operating margin of 18.3%
·Diluted earnings per share of $1.49

 

BEVERLY, Mass. — Nov. 6, 2024—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2024. The Company reported third quarter revenue of $256.6 million, compared to $256.5 million for the second quarter of 2024. Gross margin for the quarter was 42.9%, compared to 43.8% in the second quarter. Operating profit for the quarter was $46.9 million, compared to $52.8 million for the second quarter. Net income for the quarter was $48.6 million, or $1.49 per diluted share, compared to $50.9 million, or $1.55 per diluted share in the second quarter.

 

President and CEO Russell Low commented, "Axcelis executed well in the third quarter with results relatively in-line with our expectations. While we anticipate a near term digestion of mature node capacity through the first half of 2025, customer engagement is strong and our long-term growth opportunity remains squarely intact highlighted by attractive secular growth in silicon carbide, a cyclical recovery in our memory and general mature markets, market share gains in advanced logic and regional penetration of the Japan market.”

 

Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are pleased with the financial performance delivered by our team thus far in 2024. Our cash generation remains strong, we are engaging with customers across a number of key growth opportunities, and we are investing in our product roadmaps while maintaining discipline in our overall cost structure. All of this, when coupled with our strong balance sheet, put us in position to capture the growth opportunities that lie ahead and drive long-term value creation for shareholders.”

 

Business Outlook

 

For the fourth quarter ending December 31, 2024, Axcelis expects revenues of approximately $245 million, and earnings per diluted share of approximately $1.25.

 

Correction of Historical Backlog

 

During the preparation of the Company’s third quarter financial statements, the Axcelis internal financial team identified an error in the calculation of backlog, beginning in 2019 through the second quarter of 2024. For example, corrected backlog as of June 30, 2024 was $879 million, compared to previously reported backlog of $994 million. Backlog as of September 30, 2024 was $758 million.

 

 

 

 

NEWS RELEASE  

 

The corrected historical figures for 2019 through the second quarter of 2024 have been posted to the Investor section of the Axcelis website at investor.axcelis.com.

 

Third Quarter 2024 Conference Call

 

The Company will host a call to discuss the results for the third quarter 2024 on Thursday, Nov. 7, 2024, 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/BI64036dd04ee74de4bea3e1ba939fae67

 

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.

 

 

 

 

NEWS RELEASE  

 

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

 

 

 

 

NEWS RELEASE  

 

Axcelis Technologies, Inc. 

Consolidated Statements of Operations 

(In thousands, except per share amounts) 

(Unaudited)

 

   Three months ended   Nine months ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
Revenue:                    
Product  $246,826   $283,367   $735,626   $795,047 
Services   9,738    8,959    29,822    25,269 
Total revenue   256,564    292,326    765,448    820,316 
Cost of revenue:                    
Product   136,379    154,798    399,049    444,311 
Services   10,215    7,844    27,968    22,600 
Total cost of revenue   146,594    162,642    427,017    466,911 
Gross profit   109,970    129,684    338,431    353,405 
Operating expenses:                    
Research and development   26,395    24,093    77,843    71,996 
Sales and marketing   16,808    16,465    51,483    46,146 
General and administrative   19,854    17,446    52,842    48,519 
Total operating expenses   63,057    58,004    182,168    166,661 
Income from operations   46,913    71,680    156,263    186,744 
Other income (expense):                    
Interest income   6,560    4,580    18,126    12,824 
Interest expense   (1,333)   (1,325)   (4,017)   (4,027)
Other, net   3,225    (1,260)   1,257    (4,348)
Total other income   8,452    1,995    15,366    4,449 
Income before income taxes   55,365    73,675    171,629    191,193 
Income tax provision   6,789    7,744    20,593    15,986 
Net income  $48,576   $65,931   $151,036   $175,207 
Net income per share:                    
Basic  $1.49   $2.01   $4.63   $5.35 
Diluted  $1.49   $1.99   $4.61   $5.28 
Shares used in computing net income per share:                    
Basic weighted average shares of common stock   32,550    32,807    32,595    32,775 
Diluted weighted average shares of common stock   32,675    33,159    32,780    33,208 

 

 

 

 

NEWS RELEASE  

 

Axcelis Technologies, Inc. 

Consolidated Balance Sheets 

(In thousands, except per share amounts) 

(Unaudited)

 

   September 30,   December 31, 
   2024   2023 
ASSETS          
Current assets:          
Cash and cash equivalents  $120,066   $167,297 
Short-term investments   459,341    338,851 
Accounts receivable, net   183,543    217,964 
Inventories, net   290,954    306,482 
Prepaid income taxes   10,748     
Prepaid expenses and other current assets   57,441    49,397 
Total current assets   1,122,093    1,079,991 
Property, plant and equipment, net   54,454    53,971 
Operating lease assets   30,391    30,716 
Finance lease assets, net   15,668    16,632 
Long-term restricted cash   6,653    6,654 
Deferred income taxes   58,938    53,428 
Other assets   49,928    40,575 
Total assets  $1,338,125   $1,281,967 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $54,047   $54,400 
Accrued compensation   23,070    31,445 
Warranty   14,547    14,098 
Income taxes       6,164 
Deferred revenue   138,682    164,677 
Current portion of finance lease obligation   1,399    1,511 
Other current liabilities   20,519    12,834 
Total current liabilities   252,264    285,129 
Long-term finance lease obligation   42,671    43,674 
Long-term deferred revenue   25,344    46,208 
Other long-term liabilities   42,252    42,074 
Total liabilities   362,531    417,085 
           
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,504 shares issued and outstanding at September 30, 2024; 32,685 shares issued and outstanding at December 31, 2023   33    33 
Additional paid-in capital   545,350    547,189 
Retained earnings   432,429    319,506 
Accumulated other comprehensive loss   (2,218)   (1,846)
Total stockholders’ equity   975,594    864,882 
Total liabilities and stockholders’ equity  $1,338,125   $1,281,967