ACLS Axcelis Technologies Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 31, 2024

 

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware		000-30941		34-1818596
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)

 

108 Cherry Hill Drive, Beverly, Massachusetts		01915
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (978) 787-4000

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ACLS	NASDAQ Global Select Market

 

 

Item 2.02 Results of Operations and Financial Condition

 

On July 31, 2024, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended June 30, 2024. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01   Financial Statements and Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated July 31, 2024. Filed herewith.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: July 31, 2024	Axcelis Technologies, Inc.
	By:	/s/ James Coogan
		James Coogan
		Executive Vice President
		and Chief Financial Officer

 

 

Exhibit 99.1

 

                     

News Release

 

Axcelis Announces Financial Results for Second Quarter 2024

 

·

Revenue of $256.5 million

·

Operating margin of 20.6%

·

Diluted earnings per share of $1.55

 

BEVERLY, Mass. — July 31, 2024—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2024. The Company reported second quarter revenue of $256.5 million, compared to $252.4 million for the first quarter of 2024. Gross margin for the quarter was 43.8%, compared to 46.0% in the first quarter. Operating profit for the quarter was $52.8 million, compared to $56.5 million for the first quarter. Net income for the quarter was $50.9 million, or $1.55 per diluted share, compared to $51.6 million, or $1.57 per diluted share in the first quarter.

 

President and CEO Russell Low commented, “Axcelis delivered strong financial results in the second quarter, exceeding our expectations. This was driven by better-than-expected conversion of evaluation units into revenue as well as continued robust demand in our Power segment - particularly silicon carbide, which continues to be a key growth driver for Axcelis. We are well positioned to execute on our long term strategy. As we look to the second half of the year, we expect revenue to be slightly better than the first half with momentum expected to build into 2025.”

 

Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are very pleased with our second quarter results. Revenue, operating margin and earnings per share exceeded our guidance for the period, and we delivered another quarter of healthy cash flow. Our product positioning and our disciplined cost structure provide a solid foundation on which to grow revenue and profitability as our markets recover.”

 

Business Outlook

 

For the third quarter ending September 30, 2024, Axcelis expects revenues of approximately $255 million, and earnings per diluted share of approximately $1.43.

 

Second Quarter 2024 Conference Call

 

The Company will host a call to discuss the results for the second quarter 2024 on Thursday, August 1, 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/BIc2d772b56d7b46c0a39772ba7468e5a0

 

Webcast replays will be available for 30 days following the call.

 

 

                     

News Release

 

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

 

 

                     

News Release

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

		Three months ended								Six months ended
		June 30,								June 30,
		2024				2023				2024				2023
Revenue:
Product		$	245,380			$	265,673			$	488,798			$	511,680
Services			11,132				8,297				20,085				16,310
Total revenue			256,512				273,970				508,883				527,990
Cost of revenue:
Product			134,759				146,741				262,670				289,512
Services			9,344				7,526				17,753				14,756
Total cost of revenue			144,103				154,267				280,423				304,268
Gross profit			112,409				119,703				228,460				223,722
Operating expenses:
Research and development			25,786				24,130				51,448				47,903
Sales and marketing			17,230				15,537				34,675				29,681
General and administrative			16,583				16,328				32,988				31,073
Total operating expenses			59,599				55,995				119,111				108,657
Income from operations			52,810				63,708				109,349				115,065
Other income (expense):
Interest income			6,051				4,307				11,566				8,243
Interest expense			(1,339	)			(1,349	)			(2,684	)			(2,702	)
Other, net			(257	)			(2,050	)			(1,968	)			(3,088	)
Total other income			4,455				908				6,914				2,453
Income before income taxes			57,265				64,616				116,263				117,518
Income tax provision			6,399				3,037				13,803				8,242
Net income		$	50,866			$	61,579			$	102,460			$	109,276
Net income per share:
Basic		$	1.56			$	1.88			$	3.14			$	3.34
Diluted		$	1.55			$	1.86			$	3.12			$	3.29
Shares used in computing net income per share:
Basic weighted average shares of common stock			32,598				32,775				32,618				32,759
Diluted weighted average shares of common stock			32,771				33,189				32,848				33,237

 

 

                     

News Release

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

		June 30,				December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	145,166			$	167,297
Short-term investments			403,143				338,851
Accounts receivable, net			188,080				217,964
Inventories, net			283,090				306,482
Prepaid income taxes			4,107				-
Prepaid expenses and other current assets			54,741				49,397
Total current assets			1,078,327				1,079,991
Property, plant and equipment, net			52,417				53,971
Operating lease assets			28,918				30,716
Finance lease assets, net			15,989				16,632
Long-term restricted cash			6,651				6,654
Deferred income taxes			55,441				53,428
Other assets			50,662				40,575
Total assets		$	1,288,405			$	1,281,967
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	45,782			$	54,400
Accrued compensation			16,069				31,445
Warranty			14,502				14,098
Income taxes			-				6,164
Deferred revenue			148,390				164,677
Current portion of finance lease obligation			1,452				1,511
Other current liabilities			17,984				12,834
Total current liabilities			244,179				285,129
Long-term finance lease obligation			43,004				43,674
Long-term deferred revenue			25,621				46,208
Other long-term liabilities			40,653				42,074
Total liabilities			353,457				417,085
Stockholders’ equity:
Common stock, $0.001 par value, 75,000 shares authorized; 32,617 shares issued and outstanding at June 30, 2024; 32,685 shares issued and outstanding at December 31, 2023			33				33
Additional paid-in capital			542,677				547,189
Retained earnings			396,718				319,506
Accumulated other comprehensive loss			(4,480	)			(1,846	)
Total stockholders’ equity			934,948				864,882
Total liabilities and stockholders’ equity		$	1,288,405			$	1,281,967

 

v3.24.2

Cover	Jul. 31, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2024
Entity File Number	000-30941
Entity Registrant Name	Axcelis Technologies, Inc.
Entity Central Index Key	0001113232
Entity Tax Identification Number	34-1818596
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	108 Cherry Hill Drive
Entity Address, City or Town	Beverly
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01915
City Area Code	978
Local Phone Number	787-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ACLS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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