Record Revenue for 2023, Achieving
Year-Over-Year Growth of 23%
BEVERLY,
Mass., Feb. 7, 2024 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the fourth quarter and full year ended December 31, 2023.
Highlights include:
- Record full year revenue, operating profit and EPS, enabling
the Company to surpass its $1.1
billion revenue model.
- Continued strong growth from the Purion Power Series™ product
line.
- Significant increase in Purion™ installed base drove record
CS&I revenue.
- Year-end systems backlog of $1.2
billion.
For the full year 2023, the Company reported revenue of
$1.13 billion, compared with
$920 million for the full year 2022,
an increase of 23% and a company record. Systems revenue for the
year was $883.6 million, compared to
$692.1 million in 2022, an increase
of 28%, also a company record. Operating profit was $265.8 million in 2023, compared to $212.4 million in 2022, a 25% increase and a
company record. Net income for the year was $246.3 million with diluted earnings per share of
$7.43, compared to net income of
$183.1 million and diluted earnings
per share of $5.46 in 2022, resulting
in a 35% net income year over year increase. Gross margin for the
year was 43.5%, compared to 43.7% in 2022.
The Company reported fourth quarter revenue of $310.3 million, compared to $292.3 million for the third quarter of 2023.
Operating profit for the quarter was $79.1
million, compared to $71.7
million for the third quarter. Net income for the quarter
was $71.1 million, or $2.15 per diluted share, compared to $65.9 million, or $1.99 per diluted share in the third quarter.
Gross margin for the quarter was 44.4%, unchanged from the third
quarter. The fourth quarter ended with bookings of $235.5 million and a systems backlog of
$1.2 billion.
President and CEO Russell Low
commented, "2023 was another outstanding year for Axcelis. As a
result of strong execution by the Axcelis team and robust demand
for the Purion Power Series product family, we achieved 23%
year-over-year revenue growth during an industry downturn. We have
developed a large and diverse customer base in the power market,
and we continue to win business from new customers as well as
expand our product footprint with existing customers. We believe
that the mature process technology and memory segments, two markets
in which Axcelis is well-positioned, will recover in the second
half of the year, enabling strong growth in 2025."
Executive Vice President and Chief Financial Officer
Jamie Coogan said, "We are extremely
pleased with our 2023 results, and excited about our future growth.
Our revenue and earnings per share finished above our revised
guidance, and we ended the quarter with robust cash flow and a
strong balance sheet. As we look to 2024, we will continue to make
investments in R&D while managing expenses, setting us up to
achieve our $1.3 billion revenue
model in 2025."
Business Outlook
For the first quarter ending March 31,
2024, Axcelis expects revenues of approximately $242 million. First quarter operating profit is
forecast to be approximately $45
million with earnings per diluted share of around
$1.22. Gross margin in the first
quarter is expected to be approximately 43.5%, and for the full
year we expect it to improve year over year but could fluctuate
quarter to quarter. We expect full year 2024 revenue to be similar
to 2023, with revenue weighted toward the second half.
Fourth Quarter and Full Year 2023 Conference Call
The Company will release financial results for the fourth quarter
and full year 2023 on Wednesday, February 7,
2024, at 4:00 p.m. Eastern Time (ET). The Company
will host a call to discuss the results for the fourth quarter and
full year 2023 on Thursday, February 8,
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://edge.media-server.com/mmc/p/su3u4oev. 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
Axcelis
Technologies, Inc. Consolidated Statements of
Operations (In thousands, except per share
amounts) (Unaudited)
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
300,603
|
|
$
|
258,584
|
|
$
|
1,095,650
|
|
$
|
890,582
|
|
Services
|
|
|
9,685
|
|
|
7,467
|
|
|
34,954
|
|
|
29,416
|
|
Total
revenue
|
|
|
310,288
|
|
|
266,051
|
|
|
1,130,604
|
|
|
919,998
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
163,801
|
|
|
149,717
|
|
|
608,112
|
|
|
492,104
|
|
Services
|
|
|
8,591
|
|
|
6,813
|
|
|
31,191
|
|
|
26,104
|
|
Total cost of
revenue
|
|
|
172,392
|
|
|
156,530
|
|
|
639,303
|
|
|
518,208
|
|
Gross profit
|
|
|
137,896
|
|
|
109,521
|
|
|
491,301
|
|
|
401,790
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
24,911
|
|
|
22,089
|
|
|
96,907
|
|
|
78,356
|
|
Sales and
marketing
|
|
|
16,659
|
|
|
15,032
|
|
|
62,805
|
|
|
53,599
|
|
General and
administrative
|
|
|
17,275
|
|
|
16,311
|
|
|
65,794
|
|
|
57,474
|
|
Total operating
expenses
|
|
|
58,845
|
|
|
53,432
|
|
|
225,506
|
|
|
189,429
|
|
Income from
operations
|
|
|
79,051
|
|
|
56,089
|
|
|
265,795
|
|
|
212,361
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
5,375
|
|
|
2,993
|
|
|
18,199
|
|
|
4,551
|
|
Interest
expense
|
|
|
(1,320)
|
|
|
(1,475)
|
|
|
(5,347)
|
|
|
(5,576)
|
|
Other, net
|
|
|
4,300
|
|
|
8,189
|
|
|
(48)
|
|
|
(6,451)
|
|
Total other income
(expense)
|
|
|
8,355
|
|
|
9,707
|
|
|
12,804
|
|
|
(7,476)
|
|
Income before income
taxes
|
|
|
87,406
|
|
|
65,796
|
|
|
278,599
|
|
|
204,885
|
|
Income tax
provision
|
|
|
16,350
|
|
|
8,804
|
|
|
32,336
|
|
|
21,806
|
|
Net income
|
|
$
|
71,056
|
|
$
|
56,992
|
|
$
|
246,263
|
|
$
|
183,079
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.17
|
|
$
|
1.74
|
|
$
|
7.52
|
|
$
|
5.54
|
|
Diluted
|
|
$
|
2.15
|
|
$
|
1.71
|
|
$
|
7.43
|
|
$
|
5.46
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares of common stock
|
|
|
32,708
|
|
|
32,823
|
|
|
32,758
|
|
|
33,043
|
|
Diluted weighted
average shares of common stock
|
|
|
33,031
|
|
|
33,262
|
|
|
33,165
|
|
|
33,542
|
|
Axcelis
Technologies, Inc. Consolidated Balance
Sheets (In thousands, except per share
amounts)
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2023
|
|
2022
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
167,297
|
|
$
|
185,595
|
|
Short-term
investments
|
|
|
338,851
|
|
|
246,571
|
|
Accounts receivable,
net
|
|
|
217,964
|
|
|
169,773
|
|
Inventories,
net
|
|
|
306,482
|
|
|
242,406
|
|
Prepaid expenses and
other current assets
|
|
|
49,397
|
|
|
33,300
|
|
Total current
assets
|
|
|
1,079,991
|
|
|
877,645
|
|
Property, plant and
equipment, net
|
|
|
53,971
|
|
|
39,664
|
|
Operating lease
assets
|
|
|
30,716
|
|
|
12,146
|
|
Finance lease assets,
net
|
|
|
16,632
|
|
|
17,942
|
|
Long-term restricted
cash
|
|
|
6,654
|
|
|
752
|
|
Deferred income
taxes
|
|
|
53,428
|
|
|
31,701
|
|
Other assets
|
|
|
40,575
|
|
|
33,791
|
|
Total
assets
|
|
$
|
1,281,967
|
|
$
|
1,013,641
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
54,400
|
|
$
|
62,346
|
|
Accrued
compensation
|
|
|
31,445
|
|
|
35,540
|
|
Warranty
|
|
|
14,098
|
|
|
8,299
|
|
Income
taxes
|
|
|
6,164
|
|
|
4,304
|
|
Deferred
revenue
|
|
|
164,677
|
|
|
123,471
|
|
Current portion of
finance lease obligation
|
|
|
1,511
|
|
|
1,229
|
|
Other current
liabilities
|
|
|
12,834
|
|
|
12,943
|
|
Total current
liabilities
|
|
|
285,129
|
|
|
248,132
|
|
Long-term finance lease
obligation
|
|
|
43,674
|
|
|
45,185
|
|
Long-term deferred
revenue
|
|
|
46,208
|
|
|
31,306
|
|
Other long-term
liabilities
|
|
|
42,074
|
|
|
21,762
|
|
Total
liabilities
|
|
|
417,085
|
|
|
346,385
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 32,685 shares issued
and outstanding at December 31, 2023; 32,775 shares issued and
outstanding at December 31, 2022
|
|
|
33
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
547,189
|
|
|
550,299
|
|
Retained
earnings
|
|
|
319,506
|
|
|
118,892
|
|
Accumulated other
comprehensive loss
|
|
|
(1,846)
|
|
|
(1,968)
|
|
Total stockholders'
equity
|
|
|
864,882
|
|
|
667,256
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,281,967
|
|
$
|
1,013,641
|
|
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SOURCE Axcelis Technologies, Inc.