Axcelis Announces Financial Results For Third Quarter 2021

November 3, 2021 at 4:01 PM EDT
The Company Reports Record Implant Systems Revenue and Backlog

BEVERLY, Mass., Nov. 3, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the third quarter ended September 30, 2021.

Axcelis announced financial results for Q3 2021. The Company reports record Implant Systems Revenue and Backlog.

Highlights for the third quarter are as follows:

  • The Company reported third quarter revenue of $176.7 million, compared to $147.3 million for the second quarter of 2021. This includes quarterly system revenues of $126.2 million dollars, an implant systems record, compared to $100.1 million in the second quarter.
  • Operating profit for the quarter was $36.4 million, compared to $24 million for the second quarter.
  • Net income for the quarter was $27.5 million, or $0.81 per diluted share, compared to net income of $18.9 million, or $0.55 per diluted share for the second quarter.
  • Gross margin for the quarter was 43.3%, compared to 43.5% in the second quarter.
  • Shipped full family of Purion SiC Power Series™ implanters to leading power device chipmakers located in Asia and Europe.
  • Shipped multiple Purion™ high current and high energy implanters to a leading memory device manufacturer located in Asia.

President and CEO Mary Puma commented, "Axcelis delivered very strong third quarter financial performance driven by record implant systems revenue and solid gross margins. The mature and specialty markets, especially the implant-intensive power device segment, are generating significant market expansion. Axcelis is capitalizing on the strength of these segments with market leading Purion product extensions specifically designed to meet these customers' requirements. The Company is well positioned for long-term, sustainable growth."

Business Outlook
For the fourth quarter ending December 31, 2021, Axcelis expects revenues to be approximately $190 million. Gross margin in the fourth quarter is expected to be approximately 41.5%. Fourth quarter operating profit is forecasted to be approximately $37 million with earnings per diluted share of approximately $0.84. The Company also expects to exceed $640 million in revenue for the full year 2021.

Third Quarter 2021 Conference Call
The Company will host a call to discuss the results for the third quarter on Thursday, November 4, 2021 at 8:30 am 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 dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 4426677. 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 


Nine months ended





September 30,


September 30,




2021

2020

2021

2020

Revenue:












Product

$

169,151

$

104,799

$

435,916

$

334,126

Services

7,543

5,606

20,828

18,235

Total revenue

176,694

110,405

456,744

352,361

Cost of revenue:












Product

93,201

56,427

240,223

189,118

Services

6,981

5,817

19,560

17,634

Total cost of revenue

100,182

62,244

259,783

206,752

Gross profit

76,512

48,161

196,961

145,609

Operating expenses:












Research and development

16,707

14,867

49,015

45,513

Sales and marketing

11,415

9,763

33,979

27,404

General and administrative

11,996

9,649

33,226

28,726

Total operating expenses

40,118

34,279

116,220

101,643

Income from operations

36,394

13,882

80,741

43,966

Other (expense) income:












Interest income

51

106

124

658

Interest expense

(1,269)

(1,296)

(3,572)

(3,898)

Other, net

(963)

900

(2,131)

701

Total other expense

(2,181)

(290)

(5,579)

(2,539)

Income before income taxes

34,213

13,592

75,162

41,427

Income tax provision

6,698

2,807

12,261

6,119

Net income

$

27,515

$

10,785

$

62,901

$

35,308

Net income per share:












Basic

$

0.82

$

0.32

$

1.87

$

1.06

Diluted

$

0.81

$

0.32

$

1.83

$

1.04

Shares used in computing net income per share:












Basic weighted average common shares

33,537

33,477

33,643

33,159

Diluted weighted average common shares

34,089

34,174

34,339

34,070

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)











September 30,


December 31,




2021

2020

ASSETS






Current assets:






Cash and cash equivalents

$

271,085

$

203,479

Accounts receivable, net

78,257

86,865

Inventories, net

196,812

161,076

Prepaid expenses and other current assets

23,990

19,371

Total current assets

570,144

470,791

Property, plant and equipment, net

32,921

29,840

Operating lease assets

8,106

4,542

Finance lease assets, net

19,563

20,544

Long-term restricted cash

756

753

Deferred income taxes

44,206

57,851

Other assets

35,282

40,303

Total assets

$

710,978

$

624,624

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

35,499

$

24,013

Accrued compensation

23,548

24,562

Warranty

5,741

4,280

Income taxes

623

654

Deferred revenue

54,502

21,221

Current portion of finance lease obligation

921

756

Other current liabilities

16,361

8,945

Total current liabilities

137,195

84,431

Long-term finance lease obligation

46,672

47,393

Long-term deferred revenue

3,738

1,837

Other long-term liabilities

11,694

9,361

Total liabilities

199,299

143,022








Stockholders' equity:






Common stock, $0.001 par value, 75,000 shares authorized; 33,406 shares issued and outstanding at September 30, 2021; 33,633 shares issued and outstanding at December 31, 2020

33

34

Additional paid-in capital

559,913

570,102

Accumulated deficit

(50,017)

(91,969)

Accumulated other comprehensive income

1,750

3,435

Total stockholders' equity

511,679

481,602

Total liabilities and stockholders' equity

$

710,978

$

624,624








 

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SOURCE Axcelis Technologies, Inc.