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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): November 2, 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 November 2, 2022, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended September 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 November 2, 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: November 2, 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 THIRD QUARTER 2022
System Backlog Continues to Hit Record Levels

 

BEVERLY, Mass. — Nov. 2, 2022—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter of 2022.

 

Highlights for the third quarter are as follows:

 

Revenue for the quarter was $229.2 million, compared to $221.2 million for the second quarter of 2022.

 

Operating profit for the quarter was $53.2 million, compared to $54.1 million for the second quarter.

 

Net income for the quarter was $40.3 million, or $1.21 per diluted share, compared to $44.2 million, or $1.32 per diluted share in the second quarter.

 

Gross margin for the quarter was 45.1%, compared to 44.8% in the second quarter.

 

Record systems backlog of $1.1 billion and bookings of $337.1 million in the third quarter.

 

Cash, cash equivalents and short-term investments were $342.1 million on September 30, 2022, compared to $287.2 million on June 30, 2022. This is net of $12.5 million of repurchased shares in the third quarter.

 

President and CEO Mary Puma commented, “We are pleased that Axcelis delivered strong third quarter financial performance well above our guidance, due to robust demand for our Purion products and strong execution by the Axcelis team. Axcelis is well positioned for growth in 2023, driven by continued strength in the highly implant intensive power market.”

 

Business Outlook

 

For the fourth quarter ending December 31, 2022, Axcelis expects revenues of $232-240 million. Gross margin in the fourth quarter is expected to be approximately 40-41%. Fourth quarter operating profit is forecast to be between $41-45 million with earnings per diluted share of $1.00-1.10. For the full year, the Company expects to achieve revenue of greater than $885 million with gross margins of greater than 43%.

 

Third Quarter 2022 Conference Call

 

The Company will host a call to discuss the results for the third quarter of 2022 on Thursday, November 3, 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/BI9be1e3f05ec14c00a451864e1872d4f5. Webcast replays will be available for 30 days following the call.

 

 

 

 

 

News Release

 

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

 

 

 

 

 

News Release

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

   Three months ended   Nine months ended 
   September 30,   September 30, 
   2022   2021   2022   2021 
Revenue:                    
Product  $221,540   $169,151   $631,998   $435,916 
Services   7,635    7,543    21,949    20,828 
Total revenue   229,175    176,694    653,947    456,744 
Cost of revenue:                    
Product   118,992    93,201    342,387    240,223 
Services   6,862    6,981    19,291    19,560 
Total cost of revenue   125,854    100,182    361,678    259,783 
Gross profit   103,321    76,512    292,269    196,961 
Operating expenses:                    
Research and development   20,563    16,707    56,267    49,015 
Sales and marketing   14,573    11,415    38,567    33,979 
General and administrative   14,983    11,996    41,163    33,226 
Total operating expenses   50,119    40,118    135,997    116,220 
Income from operations   53,202    36,394    156,272    80,741 
Other (expense) income:                    
Interest income   1,111    51    1,558    124 
Interest expense   (1,333)   (1,269)   (4,101)   (3,572)
Other, net   (7,971)   (963)   (14,640)   (2,131)
Total other expense   (8,193)   (2,181)   (17,183)   (5,579)
Income before income taxes   45,009    34,213    139,089    75,162 
Income tax provision   4,726    6,698    13,002    12,261 
Net income  $40,283   $27,515   $126,087   $62,901 
Net income per share:                    
Basic  $1.22   $0.82   $3.81   $1.87 
Diluted  $1.21   $0.81   $3.75   $1.83 
Shares used in computing net income per share:                    
Basic weighted average common shares   33,011    33,537    33,116    33,643 
Diluted weighted average common shares   33,389    34,089    33,638    34,339 

 

 

 

 

 

News Release

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

   September 30,   December 31, 
   2022   2021 
ASSETS          
Current assets:          
Cash and cash equivalents  $308,552   $294,923 
Short-term investments   33,576     
Accounts receivable, net   173,893    104,410 
Inventories, net   226,507    194,984 
Prepaid expenses and other current assets   32,614    24,929 
Total current assets   775,142    619,246 
Property, plant and equipment, net   38,778    34,972 
Operating lease assets   11,893    9,242 
Finance lease assets, net   18,265    19,238 
Long-term restricted cash   749    757 
Deferred income taxes   28,372    35,454 
Other assets   33,062    34,331 
Total assets  $906,261   $753,240 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $54,020   $38,025 
Accrued compensation   28,557    30,732 
Warranty   8,482    6,424 
Income taxes   540    887 
Deferred revenue   101,169    60,454 
Current portion of finance lease obligation   1,164    979 
Other current liabilities   13,924    12,639 
Total current liabilities   207,856    150,140 
Long-term finance lease obligation   45,508    46,415 
Long-term deferred revenue   21,420    7,982 
Other long-term liabilities   16,587    9,744 
Total liabilities   291,371    214,281 
           
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,937 shares issued and outstanding at September 30, 2022; 33,240 shares issued and outstanding at December 31, 2021   33    33 
Additional paid-in capital   549,735    559,883 
Retained earnings (accumulated deficit)   70,893    (22,722)
Accumulated other comprehensive (loss) income   (5,771)   1,765 
Total stockholders’ equity   614,890    538,959 
Total liabilities and stockholders’ equity  $906,261   $753,240