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Washington, D.C. 20549





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


Date of Report (Date of earliest event reported): February 8, 2023


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 February 8, 2023, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its fourth quarter and year ended December 31, 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 February 8, 2023. Filed herewith.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)







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: February 8, 2023 Axcelis Technologies, Inc.
    Kevin J. Brewer
    Executive Vice President
    and Chief Financial Officer





Exhibit 99.1


News Release  


Axcelis Announces Financial Results for Fourth Quarter and Full Year 2022


Achieved Record Annual Revenue, Gross Margin and EPS


BEVERLY, Mass. — Feb. 8, 2023—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2022.


Highlights include:


·Record full year revenue, gross margin and EPS, enabling the Company to surpass its $850M revenue model
·The power device market segment accounted for 39% of our 2022 shipped systems revenue, driven by strong growth of the Purion Power Series™ product line
·Year ending record backlog of greater than $1.1B


For the full year 2022, the Company reported revenue of $920 million, compared with $662.4 million for the full year 2021, an increase of 39% and a company record. Systems revenue for the year was $692.1 million, compared to $454.6 million in 2021, an increase of 52%, also a company record. Operating profit was $212.4 million in 2022, compared to $127.3 million in 2021, a 67% increase and a company record. Net income for the year was $183.1 million with diluted earnings per share of $5.46, compared to net income of $98.7 million and diluted earnings per share of $2.88 in 2021, resulting in a 86% net income year over year increase. Gross margin for the year was 43.7%, a 50 basis point improvement compared to 43.2% in 2021 and a company record.


The Company reported fourth quarter revenue of $266.1 million, compared to $229.2 million for the third quarter of 2022. Operating profit for the quarter was $56.1 million, compared to $53.2 million for the third quarter. Net income for the quarter was $57.0 million, or $1.71 per diluted share, compared to $40.3 million, or $1.21 per diluted share in the third quarter. Gross margin for the quarter was 41.2%, compared to 45.1% in the third quarter. Fourth quarter ended with bookings of $211.5 million and record systems backlog of $1.1 billion. Cash, cash equivalents and short-term investments were $432.2 million on December 31, 2022, compared to $342.1 million on September 30, 2022. This is net of $12.5 million of repurchased shares in the fourth quarter.


President and CEO Mary Puma commented, “2022 was another outstanding year for Axcelis. As a result of strong execution by the Axcelis team and robust demand for the Purion product family, we delivered record quarterly and annual revenues, and we surpassed our $850M revenue model. For the full year 2023 Axcelis revenues are expected to exceed $1 billion dollars and we are introducing a new long-term implant only model with revenue of $1.3 billion dollars that we believe is achievable within the next 2 to 3 years.”





News Release  


Executive Vice President and Chief Financial Officer Kevin Brewer said, “We are extremely pleased with our 2022 results, and very excited about our projected growth. As a result of the success of Purion and tight control of our cost structure, Axcelis’ profitability has improved significantly and we expect further gains in 2023 and beyond.”


Business Outlook


For the first quarter ending March 31, 2023, Axcelis expects revenues of approximately $240 million. Gross margin in the first quarter is expected to be approximately 41.5%. First quarter operating profit is forecast to be approximately $48 million with earnings per diluted share of around $1.25. For the full year, the Company expects to achieve revenue of greater than $1 billion. Assuming expected improvements in supply chain costs and product mix occur in the second half of the year, we would expect to achieve full year gross margins of approximately 44% as shown in the $1B model.


Fourth Quarter and Full Year 2022 Conference Call


The Company will host a call to discuss the results for the fourth quarter and full year 2022 on Thursday, February 9, 2023, 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/BI2c9198cd02354e0fb92ddec100489c61. 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.





News Release  


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



Maureen Hart





News Release  


Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)



   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
Product  $258,584   $198,529   $890,582   $634,445 
Services   7,467    7,155    29,416    27,983 
Total revenue   266,051    205,684    919,998    662,428 
Cost of revenue:                    
Product   149,717    109,335    492,104    349,558 
Services   6,813    6,865    26,104    26,425 
Total cost of revenue   156,530    116,200    518,208    375,983 
Gross profit   109,521    89,484    401,790    286,445 
Operating expenses:                    
Research and development   22,089    16,416    78,356    65,431 
Sales and marketing   15,032    13,569    53,599    47,548 
General and administrative   16,311    12,915    57,474    46,141 
Total operating expenses   53,432    42,900    189,429    159,120 
Income from operations   56,089    46,584    212,361    127,325 
Other income (expense):                    
Interest income   2,993    85    4,551    209 
Interest expense   (1,475)   (1,263)   (5,576)   (4,835)
Other, net   8,189    (140)   (6,451)   (2,271)
Total other income (expense)   9,707    (1,318)   (7,476)   (6,897)
Income before income taxes   65,796    45,266    204,885    120,428 
Income tax provision   8,804    9,517    21,806    21,778 
Net income  $56,992   $35,749   $183,079   $98,650 
Net income per share:                    
Basic  $1.74   $1.07   $5.54   $2.94 
Diluted  $1.71   $1.05   $5.46   $2.88 
Shares used in computing net income per share:                    
Basic weighted average common shares   32,823    33,295    33,043    33,555 
Diluted weighted average common shares   33,262    34,011    33,542    34,268 





News Release  


Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)



   December 31,   December 31, 
   2022   2021 
Current assets:          
Cash and cash equivalents  $185,595   $294,923 
Short-term investments   246,571     
Accounts receivable, net   169,773    104,410 
Inventories, net   242,406    194,984 
Prepaid expenses and other current assets   33,300    24,929 
Total current assets   877,645    619,246 
Property, plant and equipment, net   39,664    34,972 
Operating lease assets   12,146    9,242 
Finance lease assets, net   17,942    19,238 
Long-term restricted cash   752    757 
Deferred income taxes   31,701    35,454 
Other assets   33,791    34,331 
Total assets  $1,013,641   $753,240 
Current liabilities:          
Accounts payable  $62,346   $38,025 
Accrued compensation   35,540    30,732 
Warranty   8,299    6,424 
Income taxes   4,304    887 
Deferred revenue   123,471    60,454 
Current portion of finance lease obligation   1,229    979 
Other current liabilities   12,943    12,639 
Total current liabilities   248,132    150,140 
Long-term finance lease obligation   45,185    46,415 
Long-term deferred revenue   31,306    7,982 
Other long-term liabilities   21,762    9,744 
Total liabilities   346,385    214,281 
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,775 shares issued and outstanding at December 31, 2022; 33,240 shares issued and outstanding at December 31, 2021   33    33 
Additional paid-in capital   550,299    559,883 
Retained earnings (accumulated deficit)   118,892    (22,722)
Accumulated other comprehensive (loss) income   (1,968)   1,765 
Total stockholders’ equity   667,256    538,959 
Total liabilities and stockholders’ equity  $1,013,641   $753,240