10-Q Filing

AXCELIS TECHNOLOGIES INC CIK: 1113232 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-008317`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	acls-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 38 Cash Flow Statement 56 Stockholders Equity 21 Comprehensive Income 9

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.77M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$185.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$164.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.73M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$280.22M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$246.57M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.77M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.73M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$189.60M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$169.77M	USD	Point-in-time
Inventories, net	`InventoryNet`	$242.41M	USD	Point-in-time
Inventories, net	`InventoryNet`	$262.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.09M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$33.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$877.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$934.44M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$39.66M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$40.97M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$10.66M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$12.15M	USD	Point-in-time
Finance lease assets, net	`FinanceLeaseRightOfUseAsset`	$17.94M	USD	Point-in-time
Finance lease assets, net	`FinanceLeaseRightOfUseAsset`	$17.62M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$6.65M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$752.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$31.70M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$35.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$33.79M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$34.05M	USD	Point-in-time
Total assets	`Assets`	$1.01B	USD	Point-in-time
Total assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$62.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$60.47M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$14.18M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$35.54M	USD	Point-in-time
Warranty	`ProductWarrantyAccrualClassifiedCurrent`	$9.60M	USD	Point-in-time
Warranty	`ProductWarrantyAccrualClassifiedCurrent`	$8.30M	USD	Point-in-time
Warranty	`ProductWarrantyAccrualClassifiedCurrent`	$7.20M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$4.30M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$13.18M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$123.47M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$156.88M	USD	Point-in-time
Current portion of finance lease obligation	`FinanceLeaseLiabilityCurrent`	$1.30M	USD	Point-in-time
Current portion of finance lease obligation	`FinanceLeaseLiabilityCurrent`	$1.23M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$12.33M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$12.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$267.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$248.13M	USD	Point-in-time
Long-term finance lease obligation	`FinanceLeaseLiabilityNoncurrent`	$45.19M	USD	Point-in-time
Long-term finance lease obligation	`FinanceLeaseLiabilityNoncurrent`	$44.83M	USD	Point-in-time
Long-term deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$31.31M	USD	Point-in-time
Long-term deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$44.85M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$21.76M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$20.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$378.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$346.38M	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 75,000 shares authorized; 32,726 shares issued and outstanding at March 31, 2023; 32,775 shares issued and outstanding at December 31, 2022	`CommonStockValueOutstanding`	$33.00K	USD	Point-in-time
Common stock, $0.001 par value, 75,000 shares authorized; 32,726 shares issued and outstanding at March 31, 2023; 32,775 shares issued and outstanding at December 31, 2022	`CommonStockValueOutstanding`	$33.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$547.69M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$550.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$156.01M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$118.89M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.92M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$538.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$667.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$559.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$701.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`Revenues`	$254.02M	USD	1 Quarter
Total revenue	`Revenues`	$203.59M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$150.00M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$113.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$89.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$104.02M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$23.77M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$16.97M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$14.14M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$11.29M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$12.58M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.74M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$52.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$40.84M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$48.92M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$51.36M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$95.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.94M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.35M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.52M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.62M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.04M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-3.04M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$1.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$45.88M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.90M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$5.21M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$4.27M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$47.70M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$41.61M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.46	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.25	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.43	USD	1 Quarter
Basic weighted average shares of common stock	`WeightedAverageNumberOfSharesOutstandingBasic`	33.24M	shares	1 Quarter
Basic weighted average shares of common stock	`WeightedAverageNumberOfSharesOutstandingBasic`	32.74M	shares	1 Quarter
Diluted weighted average shares of common stock	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.29M	shares	1 Quarter
Diluted weighted average shares of common stock	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.97M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$47.70M	USD	1 Quarter
Net income	`ProfitLoss`	$41.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.85M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.62M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.25M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.70M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.20M	USD	1 Quarter
Provision for excess and obsolete inventory	`ProvisionForExcessAndObsoleteInventory`	$1.03M	USD	1 Quarter
Provision for excess and obsolete inventory	`ProvisionForExcessAndObsoleteInventory`	$1.07M	USD	1 Quarter
Accretion of discounts and premiums on marketable securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$2.84M	USD	1 Quarter
Currency loss on foreign denominated transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.34M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.76M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$11.49M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$21.11M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.79M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.85M	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.58M	USD	1 Quarter
Accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-22.98M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$6.42M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$47.16M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$858.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.89M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$1.80M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-175.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.56M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.77M	USD	1 Quarter
Expenditures for property, plant and equipment and capitalized software	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.24M	USD	1 Quarter
Expenditures for property, plant and equipment and capitalized software	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.50M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$61.81M	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$31.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.05M	USD	1 Quarter
Net settlement on restricted stock grants	`NetSettlementOnRestrictedStockGrants`	$-3.91M	USD	1 Quarter
Net settlement on restricted stock grants	`NetSettlementOnRestrictedStockGrants`	$-3.31M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$12.50M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$20.00M	USD	1 Quarter
Principal payments on finance lease obligation	`FinanceLeasePrincipalPayments`	$229.00K	USD	1 Quarter
Principal payments on finance lease obligation	`FinanceLeasePrincipalPayments`	$289.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$25.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$491.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.05M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-16.67M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-55.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.00M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.22M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.21M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.68M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.35M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.68M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.35M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$538.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$667.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$559.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$701.82M	USD	Point-in-time
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$47.70M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$41.61M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.19M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$50.00K	USD	1 Quarter
Change in pension obligation	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-9.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$25.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$491.00K	USD	1 Quarter
Issuance of common stock on restricted stock units, net of shares withheld	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-3.91M	USD	1 Quarter
Issuance of common stock on restricted stock units, net of shares withheld	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-3.31M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.70M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.20M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$12.50M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$20.00M	USD	1 Quarter
Balance	`StockholdersEquity`	$538.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$667.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$559.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$701.82M	USD	Point-in-time

Comprehensive Income 9 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$47.70M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$41.61M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.19M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$50.00K	USD	1 Quarter
Amortization of actuarial net gain and other adjustments from pension plan, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-9.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$50.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-1.18M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$47.75M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$40.44M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.