Axcelis Technologies, Inc. · NASDAQ:ACLS
Axcelis Technologies — Q3 2024 Earnings Presentation
13 slides from Axcelis Technologies's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2024 EARNINGS PRESENTATION NOVEMBER 7, 2024
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation and discussion contain forward-looking statements, including our expectations for the future market for our products, revenues, profits, and other results that are forward-looking statements under the SEC’s safe harbor provision. These forward-looking statemen
Slide 3: Q3 Summary
Q3 SUMMARY REVENUE DILUTED EPS $257M $1.49 Strong sequential growth in Image Sensors, offset by decline in Power and General Mature Softer bookings as some customers digest investments in mature node capacity Favorable EPS impact from FX gains and better than expected tax rate 3
Slide 4: Q3 Shipped Systems Revenue by Segment
Q3 SHIPPED SYSTEMS REVENUE BY SEGMENT matu re n od r es we 23% GENERAL MATURE po 18% SILICON IGBT 19% IMAGE SENSOR 38% SILICON CARBIDE (SiC) 1% MEMORY 4
Slide 5: Mature Process Technology Nodes
MATURE PROCESS TECHNOLOGY NODES SHIPPPED SYSTEM REVENUE IN Q3 2024 POWER GENERAL MATURE IMAGE SENSOR 57% OF TOTAL SHIPPED SYSTEM REVENUE 23% OF TOTAL SHIPPED SYSTEM REVENUE 19% OF TOTAL SHIPPED SYSTEM REVENUE • Revenue from Silicon Carbide (SiC) • Revenue moderated on a Q/Q basis, • Strong demand fr
Slide 6: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY NO SHIPPED SYSTEM REVENUE IN Q3 2024 1% OF SHIPPED SYSTEM REVENUE IN Q3 2024 • Making progress with evaluation systems, • Shipped a system in Q3 for DRAM, with including our Purion Dragon tool at an additional revenue expected in Q4 advanced r
Slide 7: Summary Thoughts
SUMMARY THOUGHTS NEAR TERM DIGESTION OF CAPACITY: 1H 2025 REVENUE EXPECTED TO BE LOWER THAN 2H 2024 LONG TERM GROWTH OPPORTUNITIES REMAIN ENTIRELY INTACT SECULAR GROWTH MARKET RECOVERY SHARE GAIN IN GEOGRAPHIC IN POWER – IN MEMORY & ADVANCED LOGIC EXPANSION TO PARTICULARLY GENERAL MATURE JAPAN SILIC
Slide 8: Q3 Revenue Detail
Q3 REVENUE DETAIL (in millions) Q3 2023 Q2 2024 Q3 2024 Systems Revenue $231.4 $198.6 $201.1 CS&I Revenue $60.9 $57.9 $55.5 Total Revenue $292.3 $256.5 $256.6 Geographic Breakdown (% of Systems Revenue) China 35% 55% 71% US 19% 11% 10% Korea 12% 9% 1% Europe 19% 8% 7% Taiwan 4% 6% 5% Japan 3% 0% 0%
Slide 9: Bookings and Backlog
BOOKINGS AND BACKLOG - Identified error in calculation of backlog dating back since 2019 - Corrected historical backlog can be found on slide 13 - Do not anticipate any correction to any other previously reported financial information (in millions) Q3 2023 Q2 2024 Q3 2024 Systems Bookings $198 $105
Slide 10: Q3 Additional Financial Detail
Q3 ADDITIONAL FINANCIAL DETAIL Select Income Statement Select Balance Sheet & Cash information (in millions) Q3 2023 Q2 2024 Q3 2024 Flow Information (in millions) Q3 2023 Q2 2024 Q3 2024 Revenue $292.3 $256.5 $256.6 Cash, Cash Equivalents & $461.0 $548.3 $579.4 Short-Term Investments Gross Margin 4
Slide 11: Outlook
OUTLOOK Q4 2024 Revenue ~$245M Gross Margin ~42.5% Operating Expenses ~$60M Tax Rate ~15% Diluted Earnings Per Share ~$1.25 11
Slide 12: Appendix
APPENDIX 12
Slide 13: Corrected Historical Backlog (2019 - Q2 2024)
CORRECTED HISTORICAL BACKLOG (2019 - Q2 2024) As of December 31, March 31, June 30, (in millions) 2019 2020 2021 2022 2023 2024 2024 Corrected Backlog $84 $111 $415 $1,020 $1,061 $973 $879 Previously Reported Backlog $99 $116 $461 $1,125 $1,212 $1,121 $994 Variance $(15) $(5) $(46) $(105) $(151) $(1