Axcelis Technologies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Axcelis Technologies Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational information.</b>

AI Summary

AXCELIS TECHNOLOGIES INC (ACLS) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Axcelis Technologies Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 108 Cherry Hill Drive, Beverly, MA 01915. The company was formerly known as Eaton Semiconductor Equipment Inc. until May 1, 2000. The filing includes references to US GAAP accounting standards for leases and financial instruments.

Why It Matters

For investors and stakeholders tracking AXCELIS TECHNOLOGIES INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's financial health and operational status through this filing is crucial for evaluating its stock performance and future prospects in the semiconductor equipment industry.

Risk Assessment

Risk Level: low — AXCELIS TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess the company's growth trajectory and financial stability.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2000-05-01 — Date of Name Change (Former company name change date)

Key Players & Entities

• AXCELIS TECHNOLOGIES INC (company) — Filer name
• EATON SEMICONDUCTOR EQUIPMENT INC (company) — Former company name
• BEVERLY (location) — Business address city
• MA (location) — Business address state
• 01915 (location) — Business address zip
• 978-787-4000 (phone) — Business phone number

FAQ

Industry Context

Axcelis Technologies Inc. operates in the semiconductor equipment industry, providing ion implantation and related technologies crucial for chip manufacturing.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze segment performance and revenue drivers if available in the detailed filing.
3. Compare key financial metrics with previous quarters and industry benchmarks.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value ACLS Nasdaq Global Select

Filing Documents

• acls-20240331x10q.htm (10-Q) — 1440KB
• acls-20240331xex31d1.htm (EX-31.1) — 12KB
• acls-20240331xex31d2.htm (EX-31.2) — 13KB
• acls-20240331xex32d1.htm (EX-32.1) — 7KB
• acls-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-006510.txt (&nbsp;) — 6378KB
• acls-20240331.xsd (EX-101.SCH) — 41KB
• acls-20240331_cal.xml (EX-101.CAL) — 72KB
• acls-20240331_def.xml (EX-101.DEF) — 150KB
• acls-20240331_lab.xml (EX-101.LAB) — 385KB
• acls-20240331_pre.xml (EX-101.PRE) — 280KB
• acls-20240331x10q_htm.xml (XML) — 1097KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 3 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 4 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Overview 20 Critical Accounting Estimates 20 Results of Operations 21 Liquidity and Capital Resources 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

- OTHER INFORMATION

PART II - OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29 2 Table of Contents PART 1—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three months ended March 31, 2024 2023 Revenue: Product $ 243,418 $ 246,007 Services 8,954 8,013 Total revenue 252,372 254,020 Cost of revenue: Product 127,912 142,771 Services 8,409 7,230 Total cost of revenue 136,321 150,001 Gross profit 116,051 104,019 Operating expenses: Research and development 25,662 23,773 Sales and marketing 17,445 14,144 General and administrative 16,405 14,745 Total operating expenses 59,512 52,662 Income from operations 56,539 51,357 Other income (expense): Interest income 5,516 3,936 Interest expense ( 1,346 ) ( 1,353 ) Other, net ( 1,710 ) ( 1,038 ) Total other income 2,460 1,545 Income before income taxes 58,999 52,902 Income tax provision 7,404 5,205 Net income $ 51,595 $ 47,697 Net income per share: Basic $ 1.58 $ 1.46 Diluted $ 1.57 $ 1.43 Shares used in computing net income per share: Basic weighted average shares of common stock 32,638 32,744 Diluted weighted average shares of common stock 32,926 33,293 See accompanying Notes to these Consolidated Financial Statements (Unaudited) 3 Table of Contents Axcelis Technologies, Inc. Consolidated Statements of Comprehensive Income (In thousands) (Unaudited) Three months ended March 31, 2024 2023 Net income $ 51,595 $ 47,697 Other comprehensive (loss) / income: Foreign currency translation adjustments ( 1,731 ) 50 Amortization of actuarial net gain and other adjustments from pension plan, net of tax 5 — Total other comprehensive (loss) / income ( 1,726 ) 50 Comprehensive income $ 49,869 $ 47,747 See accompanying Notes to these Consolidated Financial Statements (Unaudited) 4 Table of Contents Axcelis Technologies, Inc. Consolidated Balance Sheets (In

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1. Nature of Business Axcelis Technologies, Inc. ("Axcelis" or the "Company") was incorporated in Delaware in 1995 and is a producer of ion implantation equipment used in the fabrication of semiconductor chips in the United States, Europe and Asia. In addition, we provide extensive worldwide aftermarket service and support, including spare parts, equipment upgrades, used equipment and maintenance services to the semiconductor industry. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments which are of a normal recurring nature and considered necessary for a fair presentation of these financial statements have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for other interim periods or for the year as a whole. The balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. As of March 31, 2024, there have been no material changes in the Company's significant accounting policies, other than with respect to the Company's accounting policy for derivative financial instruments, which it had not held in prior periods, as described in Note 2 below. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, fil

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View this 10-Q filing on SEC EDGAR