0001113232 false 0001113232 2022-08-03 2022-08-03 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 3, 2022

 

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   000-30941   34-1818596
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

108 Cherry Hill Drive, Beverly, Massachusetts   01915
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (978) 787-4000

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share ACLS NASDAQ Global Select Market

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On August 3, 2022, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended June 30, 2022. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01   Financial Statements and Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release dated August 3, 2022. Filed herewith.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 3, 2022 Axcelis Technologies, Inc.
   
  By: /s/ KEVIN J. BREWER
    Kevin J. Brewer
    Executive Vice President
    and Chief Financial Officer

 

3

 

 

 

Exhibit 99.1

 

 

News Release

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022
System Bookings and Backlog Continue to Hit Record Levels

 

BEVERLY, Mass. — Aug. 3, 2022—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%.

 

 

 

News Release

 

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.

 

 

 

News Release

 

Company Contacts

 

Investor Relations:

Doug Lawson
978.787.9552

 

Editorial/Media:

Maureen Hart
978.787.4266

 

 

 

News Release

 

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 

 

 

 

News Release

 

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