Axcelis Technologies Files 10-Q for Q2 2024

TL;DR

Axcelis 10-Q filed! Q2 2024 results are in, check for performance details.

AI Summary

Axcelis Technologies Inc. reported its financial results for the period ending June 30, 2024. The company's filing indicates a fiscal year end of December 31st. Specific financial figures and performance details for the quarter are not detailed in this header information.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Axcelis Technologies, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the lack of specific financial details in the provided header necessitates a medium risk assessment for immediate interpretation.

Key Numbers

• 20240630 — Reported Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20240801 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• AXCELIS TECHNOLOGIES INC (company) — Filer
• 0001113232 (company) — Central Index Key
• BEVERLY (location) — Business Address City
• MA (location) — Business Address State
• 01915 (location) — Business Address Zip
• 978-787-4000 (phone_number) — Business Phone
• EATON SEMICONDUCTOR EQUIPMENT INC (company) — Former Company Name
• 20000501 (date) — Date of Name Change

FAQ

Key Financial Figures

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

Filing Documents

• acls-20240630x10q.htm (10-Q) — 1914KB
• acls-20240630xex31d1.htm (EX-31.1) — 12KB
• acls-20240630xex31d2.htm (EX-31.2) — 13KB
• acls-20240630xex32d1.htm (EX-32.1) — 7KB
• acls-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-010589.txt ( ) — 7266KB
• acls-20240630.xsd (EX-101.SCH) — 42KB
• acls-20240630_cal.xml (EX-101.CAL) — 73KB
• acls-20240630_def.xml (EX-101.DEF) — 149KB
• acls-20240630_lab.xml (EX-101.LAB) — 392KB
• acls-20240630_pre.xml (EX-101.PRE) — 281KB
• acls-20240630x10q_htm.xml (XML) — 1283KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 4 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30, 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 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 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 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 Six months ended June 30, J

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 June 30, 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

View Full Filing

View this 10-Q filing on SEC EDGAR