Axcelis Technologies Q3 2024 10-Q Filed

TL;DR

Axcelis Q3 10-Q shows $325M+ in operating lease assets and $326M+ in finance lease assets.

AI Summary

Axcelis Technologies Inc. filed its 10-Q for the period ending September 30, 2024. The company reported significant financial figures, including $325.04 million in operating lease right-of-use assets and $326.85 million in finance lease right-of-use assets. The filing also details various current and non-current liabilities related to operating and finance leases.

Why It Matters

This filing provides insight into Axcelis's financial obligations related to its leased assets, which can impact its cash flow and overall financial health.

Risk Assessment

Risk Level: medium — The significant amounts tied up in lease assets and liabilities indicate substantial financial commitments that could be affected by economic downturns or changes in lease terms.

Key Numbers

• $325.04M — Operating Lease Right-of-Use Assets (As of September 30, 2024)
• $326.85M — Finance Lease Right-of-Use Assets (As of September 30, 2024)

Key Players & Entities

• AXCELIS TECHNOLOGIES INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 32504000 (dollar_amount) — Operating Lease Right-of-Use Asset Value
• 32685000 (dollar_amount) — Finance Lease Right-of-Use Asset Value

FAQ

Key Financial Figures

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

Filing Documents

• acls-20240930x10q.htm (10-Q) — 1991KB
• acls-20240930xex31d1.htm (EX-31.1) — 12KB
• acls-20240930xex31d2.htm (EX-31.2) — 13KB
• acls-20240930xex32d1.htm (EX-32.1) — 7KB
• acls-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-014856.txt ( ) — 7413KB
• acls-20240930.xsd (EX-101.SCH) — 41KB
• acls-20240930_cal.xml (EX-101.CAL) — 73KB
• acls-20240930_def.xml (EX-101.DEF) — 146KB
• acls-20240930_lab.xml (EX-101.LAB) — 389KB
• acls-20240930_pre.xml (EX-101.PRE) — 277KB
• acls-20240930x10q_htm.xml (XML) — 1340KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 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 21 Overview 21 Critical Accounting Estimates 21 Results of Operations 22 Liquidity and Capital Resources 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Revenue: Product $ 246,826 $ 283,367 $ 735,626 $ 795,047 Services 9,738 8,959 29,822 25,269 Total revenue 256,564 292,326 765,448 820,316 Cost of revenue: Product 136,379 154,798 399,049 444,311 Services 10,215 7,844 27,968 22,600 Total cost of revenue 146,594 162,642 427,017 466,911 Gross profit 109,970 129,684 338,431 353,405 Operating expenses: Research and development 26,395 24,093 77,843 71,996 Sales and marketing 16,808 16,465 51,483 46,146 General and administrative 19,854 17,446 52,842 48,519 Total operating expenses 63,057 58,004 182,168 166,661 Income from operations 46,913 71,680 156,263 186,744 Other income (expense): Interest income 6,560 4,580 18,126 12,824 Interest expense ( 1,333 ) ( 1,325 ) ( 4,017 ) ( 4,027 ) Other, net 3,225 ( 1,260 ) 1,257 ( 4,348 ) Total other income 8,452 1,995 15,366 4,449 Income before income taxes 55,365 73,675 171,629 191,193 Income tax provision 6,789 7,744 20,593 15,986 Net income $ 48,576 $ 65,931 $ 151,036 $ 175,207 Net income per share: Basic $ 1.49 $ 2.01 $ 4.63 $ 5.35 Diluted $ 1.49 $ 1.99 $ 4.61 $ 5.28 Shares used in computing net income per share: Basic weighted average shares of common stock 32,550 32,807 32,595 32,775 Diluted weighted average shares of common stock 32,675 33,159 32,780 33,208 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 Nine months ended

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 September 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

View Full Filing

View this 10-Q filing on SEC EDGAR