AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022

August 3, 2022 at 4:01 PM EDT

System Bookings and Backlog Continue to Hit Record Levels

BEVERLY, Mass., Aug. 3, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter 2022.

Highlights for the second quarter are as follows:

  • The Company reported second quarter revenue of $221.2 million, compared to $203.6 million for the first quarter of 2022.
  • Operating profit for the quarter was $54.1 million, compared to $48.9 million for the first quarter.
  • Net income for the quarter was $44.2 million, or $1.32 per diluted share, compared to $41.6 million, or $1.22 per diluted share in the first quarter.
  • Gross margin for the quarter was 44.8%, compared to 44.1% in the first quarter.
  • Record systems backlog of $869.5 million and bookings of $432.8 million in the second quarter.
  • Cash, cash equivalents and restricted cash were $287.9 million on June 30, 2022, compared to $297.9 million on March 31, 2022. This is net of $12.5 million of repurchased shares in the second quarter.

President and CEO Mary Puma commented, "Axcelis delivered outstanding second quarter financial performance well above our guidance due to robust demand and our strong execution. It is an exciting time for Axcelis with significant growth in the ion implant TAM, solid customer demand for our products and long term growth prospects in the power device market. System bookings and shipments continue to hit record levels. As a result, Axcelis now expects to achieve revenue of greater than $875 million in 2022."

Business Outlook
For the third quarter ending September 30, 2022, Axcelis expects revenues of $220 - $228 million. Gross margin in the third quarter is expected to be approximately 42%. Third quarter operating profit is forecast to be between $44.5 - $47.5 million with earnings per diluted share between $1.10 - $1.15. For the full year, the Company expects to achieve revenue of greater than $875 million with gross margins of approximately 42.5%.

Second Quarter 2022 Conference Call
The Company will host a call to discuss the results for the second quarter 2022 on Thursday, August 4, 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, or by registering as a Participant here:

https://register.vevent.com/register/BI9300aa06c3a84686ae778970f11de3e8

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 


Six months ended





June 30,


June 30,




2022

2021

2022

2021

Revenue:












Product

$

213,926

$

140,156

$

410,458

$

266,765

Services

7,251

7,118

14,314

13,285

Total revenue

221,177

147,274

424,772

280,050

Cost of revenue:












Product

115,754

76,688

223,395

147,022

Services

6,242

6,572

12,429

12,579

Total cost of revenue

121,996

83,260

235,824

159,601

Gross profit

99,181

64,014

188,948

120,449

Operating expenses:












Research and development

18,731

16,623

35,704

32,308

Sales and marketing

12,703

12,177

23,994

22,564

General and administrative

13,602

11,217

26,180

21,230

Total operating expenses

45,036

40,017

85,878

76,102

Income from operations

54,145

23,997

103,070

44,347

Other (expense) income:












Interest income

352

40

447

73

Interest expense

(1,250)

(1,274)

(2,768)

(2,303)

Other, net

(5,051)

(15)

(6,669)

(1,168)

Total other expense

(5,949)

(1,249)

(8,990)

(3,398)

Income before income taxes

48,196

22,748

94,080

40,949

Income tax provision

4,007

3,842

8,276

5,563

Net income

$

44,189

$

18,906

$

85,804

$

35,386

Net income per share:












Basic

$

1.34

$

0.56

$

2.59

$

1.05

Diluted

$

1.32

$

0.55

$

2.54

$

1.03

Shares used in computing net income per share:












Basic weighted average common shares

33,096

33,677

33,170

33,696

Diluted weighted average common shares

33,562

34,311

33,770

34,473

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)










June 30,


December 31,




2022

2021

ASSETS






Current assets:






Cash and cash equivalents

$

287,167

$

294,923

Accounts receivable, net

146,120

104,410

Inventories, net

213,063

194,984

Prepaid expenses and other current assets

33,378

24,929

Total current assets

679,728

619,246

Property, plant and equipment, net

35,572

34,972

Operating lease assets

10,879

9,242

Finance lease assets, net

18,590

19,238

Long-term restricted cash

753

757

Deferred income taxes

33,715

35,454

Other assets

32,499

34,331

Total assets

$

811,736

$

753,240

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

49,410

$

38,025

Accrued compensation

17,150

30,732

Warranty

8,348

6,424

Income taxes

321

887

Deferred revenue

62,685

60,454

Current portion of finance lease obligation

1,101

979

Other current liabilities

13,955

12,639

Total current liabilities

152,970

150,140

Long-term finance lease obligation

45,822

46,415

Long-term deferred revenue

8,864

7,982

Other long-term liabilities

17,153

9,744

Total liabilities

224,809

214,281








Stockholders' equity:






Common stock, $0.001 par value, 75,000 shares authorized; 33,094 shares issued and
outstanding at June 30, 2022; 33,240 shares issued and outstanding at December 31, 2021

33

33

Additional paid-in capital

549,401

559,883

Retained earnings (accumulated deficit)

39,582

(22,722)

Accumulated other comprehensive (loss) income

(2,089)

1,765

Total stockholders' equity

586,927

538,959

Total liabilities and stockholders' equity

$

811,736

$

753,240








 

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SOURCE Axcelis Technologies, Inc.