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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): May 3, 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 May 3, 2023, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended March 31, 2023. 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 May 3, 2023. 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: May 3, 2023 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 First Quarter 2023

 

Strength in Silicon Carbide Power Devices and Strong Purion Demand Drives Revenue Growth and Record Backlog

 

BEVERLY, Mass. — May 3, 2023 — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter of 2023.

 

Highlights include:

 

·The Company reported first quarter revenue of $254.0 million, compared to $266.1 million for the fourth quarter of 2022.

 

·Operating profit for the quarter was $51.4 million, compared to $56.1 million for the fourth quarter.

 

·Net income for the quarter was $47.7 million, or $1.43 per diluted share, compared to $57.0 million, or $1.71 per diluted share in the fourth quarter.

 

·Gross margin for the quarter was 40.9%, compared to 41.2% in the fourth quarter.

 

·First quarter ended with record systems backlog of $1.27 billion on quarterly bookings of $298 million.

 

President and CEO Mary Puma commented, “Axcelis delivered strong first quarter financial performance with a new backlog record, as a result of significant demand and solid execution by the Axcelis team. The Purion product family continues to gain share, especially in the mature process technology markets. Axcelis’ high value Purion product extensions were designed to optimize power and image sensor device manufacturing, uniquely positioning Axcelis to benefit from high growth in these markets.”

 

Executive Vice President and Chief Financial Officer Kevin Brewer said, “We are pleased with our first quarter 2023 financial results and are excited about the increased 2023 revenue expectation of greater than $1.03 billion, representing year over year growth of over 12%.”

 

Business Outlook

 

For the second quarter ending June 30, 2023, Axcelis expects revenues between $255-260 million. Gross margin in the second quarter is expected to be approximately 42%. Second quarter operating profit is forecast to be approximately $55 million with earnings per diluted share between $1.44-1.48. For the full year, the Company expects to achieve revenue greater than $1.03 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 $1.03 billion model.

 

 

 

News Release

 

First Quarter 2023 Conference Call

 

The Company will host a call to discuss the results for the first quarter on Thursday, May 4, 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/BI9e785ddb05a74fc6a117a8c7f718b6ff. 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 revenues, gross margin, operating profit and other guidance for our future financial performance and spending in our industry, 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 45 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 
   March 31, 
   2023   2022 
Revenue:        
Product  $246,007   $196,531 
Services   8,013    7,064 
Total revenue   254,020    203,595 
Cost of revenue:          
Product   142,771    107,642 
Services   7,230    6,187 
Total cost of revenue   150,001    113,829 
Gross profit   104,019    89,766 
Operating expenses:          
Research and development   23,773    16,973 
Sales and marketing   14,144    11,291 
General and administrative   14,745    12,579 
Total operating expenses   52,662    40,843 
Income from operations   51,357    48,923 
Other income (expense):          
Interest income   3,936    95 
Interest expense   (1,353)   (1,518)
Other, net   (1,038)   (1,617)
Total other income (expense)   1,545    (3,040)
Income before income taxes   52,902    45,883 
Income tax provision   5,205    4,269 
Net income  $47,697   $41,614 
Net income per share:          
Basic  $1.46   $1.25 
Diluted  $1.43   $1.22 
Shares used in computing net income per share:          
Basic weighted average common shares   32,744    33,245 
Diluted weighted average common shares   33,293    33,974 

 

 

 

News Release

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

   March 31,   December 31, 
   2023   2022 
ASSETS                
Current assets:          
Cash and cash equivalents  $164,479   $185,595 
Short-term investments   280,220    246,571 
Accounts receivable, net   189,597    169,773 
Inventories, net   262,054    242,406 
Prepaid expenses and other current assets   38,092    33,300 
Total current assets   934,442    877,645 
Property, plant and equipment, net   40,970    39,664 
Operating lease assets   10,660    12,146 
Finance lease assets, net   17,623    17,942 
Long-term restricted cash   6,653    752 
Deferred income taxes   35,428    31,701 
Other assets   34,050    33,791 
Total assets  $1,079,826   $1,013,641 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $60,473   $62,346 
Accrued compensation   14,180    35,540 
Warranty   9,599    8,299 
Income taxes   13,183    4,304 
Deferred revenue   156,876    123,471 
Current portion of finance lease obligation   1,297    1,229 
Other current liabilities   12,334    12,943 
Total current liabilities   267,942    248,132 
Long-term finance lease obligation   44,831    45,185 
Long-term deferred revenue   44,849    31,306 
Other long-term liabilities   20,383    21,762 
Total liabilities   378,005    346,385 
           
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,726 shares issued and outstanding at March 31, 2023; 32,775 shares issued and outstanding at December 31, 2022   33    33 
Additional paid-in capital   547,692    550,299 
Retained earnings   156,014    118,892 
Accumulated other comprehensive loss   (1,918)   (1,968)
Total stockholders’ equity   701,821    667,256 
Total liabilities and stockholders’ equity  $1,079,826   $1,013,641