Axcelis(ACLS) - 2024 Q4 - Annual Results

Financial Performance - For the full year 2024, Axcelis reported revenue of $1.02 billion, a decrease of 9.7% compared to$ 1.13 billion in 2023[2] - Fourth quarter revenue was $252.4 million, down from$ 256.6 million in the third quarter of 2024, with a gross margin of 46.0%[3] - Operating profit for the full year 2024 was $210.8 million, compared to$ 265.8 million in 2023, reflecting a decline of 20.7%[2] - Net income for 2024 was $201 million, with diluted earnings per share of$ 6.15, down from $246.3 million and$ 7.43 per share in 2023[2] - Net income for Q4 2024 was $49,956 million, a decrease of 29.5% compared to$ 71,056 million in Q4 2023[16] Future Outlook - Axcelis expects first quarter 2025 revenues of approximately $185 million and earnings per diluted share of approximately$ 0.38[6] - The company plans to focus on product innovation and cost management to capture long-term growth opportunities[4] Cash and Assets - Cash and cash equivalents decreased to $123.5 million as of December 31, 2024, from$ 167.3 million a year earlier[14] - Total assets increased to $1.35 billion as of December 31, 2024, compared to$ 1.28 billion in 2023[14] - Cash, cash equivalents, and restricted cash at the end of the period stood at $131,064 million, unchanged from the previous year[16] Cash Flow and Financing - Net cash provided by operating activities for the twelve months ended December 31, 2024, was$ 140,818 million, down from $156,869 million in the previous year, reflecting a decrease of 10.2%[16] - Cash flows from investing activities showed a net cash used of$ 108,726 million for the twelve months ended December 31, 2024, compared to $100,858 million in 2023, indicating an increase in cash outflow of 7.4%[16] - The net cash used in financing activities for the twelve months ended December 31, 2024, was$ 71,192 million, compared to $68,268 million in 2023, indicating an increase of 2.7%[16] Shareholder Returns - The company returned capital to shareholders through buybacks, exiting the year with a stronger balance sheet[4] - The company repurchased$ 60,489 million of common stock in the twelve months ended December 31, 2024, compared to $52,499 million in 2023, representing an increase of 15.2%[16] Expenses - Depreciation and amortization expenses for Q4 2024 were$ 4,267 million, up from $3,581 million in Q4 2023, reflecting an increase of 19.2%[16] - Stock-based compensation expense for the twelve months ended December 31, 2024, was$ 20,951 million, an increase of 14.8% from $18,269 million in 2023[16] Operational Changes - The company experienced a significant change in operating assets and liabilities, with a net decrease of$ 46,381 million in Q4 2024 compared to a slight increase of $264 million in Q4 2023[16] - The effect of exchange rate changes on cash and cash equivalents resulted in a decrease of$ 3,013 million in Q4 2024, contrasting with an increase of $1,128 million in Q4 2023[16]