AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2022

May 4, 2022 at 4:01 PM EDT

Demand Drives Record Bookings and Backlog, Company Expects to Exceed Revenue of $850 Million in 2022

BEVERLY, Mass., May 4, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter 2022.

Highlights for the first quarter are as follows:

  • The Company reported first quarter revenue of $203.6 million, compared to $205.7 million for the fourth quarter of 2021.
  • Operating profit for the quarter was $48.9 million, compared to $46.6 million for the fourth quarter.
  • Net income for the quarter was $41.6 million, or $1.22 per diluted share, compared to $35.7 million, or $1.05 per diluted share.
  • Gross margin for the quarter was 44.1%, compared to 43.5% in the fourth quarter.
  • Record systems backlog of $625.1 million and bookings of $315.5 million.
  • Cash, cash equivalents and restricted cash were $297.9 million on March 31, 2022, compared to $295.7 million on December 31, 2021. This is net of $20.0 million of repurchased shares in the quarter from a newly authorized $100 million share repurchase program.
Demand Drives Record Bookings and Backlog, Company Expects to Exceed Revenue of $850 Million in 2022

President and CEO Mary Puma commented, "As a result of significant demand and our strong execution, Axcelis delivered exceptional first quarter financial performance well above our guidance. The industry is in the strongest cycle ever seen and continues to be driven by 5G, big data and the electrification of the automotive industry. We have record bookings and backlog and the Purion product family continues to gain share, especially in the high growth power market."

Executive Vice President and Chief Financial Officer Kevin Brewer said, "It is an exciting time for Axcelis with solid growth in the industry and solid customer demand for our products. The Company is on track to exceed $850 million in revenue one year ahead of previous expectations, despite a challenging supply chain and logistics environment. These challenges will impact gross margins in the near term, but we continue to make solid progress on margin improvement initiatives."

Business Outlook
For the second quarter ending June 30, 2022, Axcelis expects revenues of $205-215 million. Gross margin in the second quarter is expected to be approximately 41%. Second quarter operating profit is forecast to be approximately $41 million with earnings per diluted share of approximately $1.00. The Company also expects to achieve revenue of greater than $850 million in 2022.

First Quarter 2022 Conference Call
The Company will host a call to discuss the results for the first quarter 2022 on Thursday, May 5, 2022 at 8:30 a.m. ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com. If you would like to ask a question, the dial in number is 866.374.5140 (404.400.0571 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Conference ID: 80711508#. Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)










Three months ended




March 31,




2022

2021

Revenue:






     Product

$

196,531

$

126,609

     Services

7,064

6,167

          Total revenue

203,595

132,776

Cost of revenue:






     Product

107,642

70,334

     Services

6,187

6,007

          Total cost of revenue

113,829

76,341

Gross profit

89,766

56,435

Operating expenses:






     Research and development

16,973

15,685

     Sales and marketing

11,291

10,387

     General and administrative

12,579

10,013

          Total operating expenses

40,843

36,085

Income from operations

48,923

20,350

Other (expense) income:






     Interest income

95

33

     Interest expense

(1,518)

(1,029)

     Other, net

(1,617)

(1,153)

          Total other expense

(3,040)

(2,149)

Income before income taxes

45,883

18,201

Income tax provision

4,269

1,721

Net income

$

41,614

$

16,480

Net income per share:






     Basic

$

1.25

$

0.49

     Diluted

$

1.22

$

0.48

Shares used in computing net income per share:






     Basic weighted average common shares

33,245

33,715

     Diluted weighted average common shares

33,974

34,643

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)










March 31,


December 31,




2022

2021

ASSETS






Current assets:






     Cash and cash equivalents

$

297,141

$

294,923

     Accounts receivable, net

118,987

104,410

     Inventories, net

203,838

194,984

     Prepaid expenses and other current assets

28,740

24,929

          Total current assets

648,706

619,246

Property, plant and equipment, net

35,500

34,972

Operating lease assets

9,403

9,242

Finance lease assets, net

18,914

19,238

Long-term restricted cash

755

757

Deferred income taxes

36,226

35,454

Other assets

32,692

34,331

          Total assets

$

782,196

$

753,240

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






     Accounts payable

$

50,759

$

38,025

     Accrued compensation

10,538

30,732

     Warranty

7,203

6,424

     Income taxes

1,734

887

     Deferred revenue

60,477

60,454

     Current portion of finance lease obligation

1,039

979

     Other current liabilities

15,747

12,639

          Total current liabilities

147,497

150,140

Long-term finance lease obligation

46,128

46,415

Long-term deferred revenue

14,363

7,982

Other long-term liabilities

14,935

9,744

          Total liabilities

222,923

214,281








Stockholders' equity:






     Common stock, $0.001 par value, 75,000 shares authorized; 33,064 shares issued and
     outstanding at March 31, 2022; 33,240 shares issued and outstanding at December 31, 2021

33

33

     Additional paid-in capital

554,633

559,883

     Retained earnings (accumulated deficit)

4,019

(22,722)

     Accumulated other comprehensive income

588

1,765

          Total stockholders' equity

559,273

538,959

          Total liabilities and stockholders' equity

$

782,196

$

753,240








 

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SOURCE Axcelis Technologies, Inc.