Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, ERP

Axcelis Announces Financial Results for Third Quarter 2023


Financial Results Continue to be Driven by Strong Purion Demand in the Global Silicon Carbide Power Device Market

BEVERLY, Mass., Nov. 1, 2023 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter of 2023.

Highlights include:

President and CEO Russell Low commented, "Axcelis delivered strong third quarter financial performance due to robust demand for the Purion product family, especially in the silicon carbide power market. Axcelis is the only company with a product line that can deliver complete recipe coverage for all power device applications. We are the technology leader and the supplier of choice providing the best device manufacturing capabilities. This uniquely positions Axcelis to benefit from high growth in this market. Axcelis expects to achieve revenue of greater than $1.1 billion in 2023."

Executive Vice President and Chief Financial Officer James Coogan said, "We are very pleased with our third quarter 2023 financial results. Revenue, EPS and gross margins all finished well above guidance. Axcelis has had the rare opportunity to grow revenue 20% year over year as well as improve profitability during a significant industry downturn. This is a result of strong product positioning and continued strong execution in a challenging environment."

Business Outlook
For the fourth quarter ending December 31, 2023, Axcelis expects revenues of approximately $295 million. Gross margin in the fourth quarter is expected to be approximately 45%. Fourth quarter operating profit is forecast to be approximately $73 million with earnings per diluted share of approximately $2.00. For the full year, the Company expects to achieve revenue of greater than $1.1 billion and to achieve full year gross margins of approximately 43.6% as shown in the $1.1 billion model.

Third Quarter 2023 Conference Call
The Company will host a call to discuss the results for the third quarter on Thursday, November 2, 2023, 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/BI1a199f2035664eafaa3226da79b560e5. 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 revenues, gross margin, operating profit and other guidance for our future financial performance and spending in our industry, 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 


Nine months ended





September 30,


September 30,




2023


2022


2023


2022


Revenue:














Product


$

283,367


$

221,540


$

795,047


$

631,998


Services



8,959



7,635



25,269



21,949


Total revenue



292,326



229,175



820,316



653,947


Cost of revenue:














Product



154,798



118,992



444,311



342,387


Services



7,844



6,862



22,600



19,291


Total cost of revenue



162,642



125,854



466,911



361,678


Gross profit



129,684



103,321



353,405



292,269


Operating expenses:














Research and development



24,093



20,563



71,996



56,267


Sales and marketing



16,465



14,573



46,146



38,567


General and administrative



17,446



14,983



48,519



41,163


Total operating expenses



58,004



50,119



166,661



135,997


Income from operations



71,680



53,202



186,744



156,272


Other income (expense):














Interest income



4,580



1,111



12,824



1,558


Interest expense



(1,325)



(1,333)



(4,027)



(4,101)


Other, net



(1,260)



(7,971)



(4,348)



(14,640)


Total other income (expense)



1,995



(8,193)



4,449



(17,183)


Income before income taxes



73,675



45,009



191,193



139,089


Income tax provision



7,744



4,726



15,986



13,002


Net income


$

65,931


$

40,283


$

175,207


$

126,087


Net income per share:














Basic


$

2.01


$

1.22


$

5.35


$

3.81


Diluted


$

1.99


$

1.21


$

5.28


$

3.75


Shares used in computing net income per share:














Basic weighted average shares of common stock



32,807



33,011



32,775



33,116


Diluted weighted average shares of common stock



33,159



33,389



33,208



33,638


 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)











September 30,


December 31,




2023


2022


ASSETS


Current assets:








Cash and cash equivalents


$

142,300


$

185,595


Short-term investments



318,710



246,571


Accounts receivable, net



192,327



169,773


Inventories, net



312,223



242,406


Prepaid expenses and other current assets



49,481



33,300


Total current assets



1,015,041



877,645


Property, plant and equipment, net



47,169



39,664


Operating lease assets



31,082



12,146


Finance lease assets, net



16,981



17,942


Long-term restricted cash



6,650



752


Deferred income taxes



44,323



31,701


Other assets



40,448



33,791


Total assets


$

1,201,694


$

1,013,641


LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:








Accounts payable


$

60,061


$

62,346


Accrued compensation



26,535



35,540


Warranty



11,464



8,299


Income taxes



582



4,304


Deferred revenue



148,299



123,471


Current portion of finance lease obligation



1,438



1,229


Other current liabilities



12,799



12,943


Total current liabilities



261,178



248,132


Long-term finance lease obligation



44,070



45,185


Long-term deferred revenue



53,730



31,306


Other long-term liabilities



41,745



21,762


Total liabilities



400,723



346,385










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,772 shares issued and
outstanding at September 30, 2023; 32,775 shares issued and outstanding at December 31,
2022



33



33


Additional paid-in capital



543,577



550,299


Retained earnings



261,521



118,892


Accumulated other comprehensive loss



(4,160)



(1,968)


Total stockholders' equity



800,971



667,256


Total liabilities and stockholders' equity


$

1,201,694


$

1,013,641










 

SOURCE Axcelis Technologies, Inc.


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