BEVERLY, Mass., Feb. 7, 2022 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the fourth quarter and full year ended December 31, 2021.
Highlights include:
- Record full year revenue, operating profit and gross margin
since becoming an independent public company in 2001, enabling the
Company to surpass its $650M revenue
model two years ahead of plan.
- Continued strong growth of the Purion Power Series™ product
line, which accounted for 29% of our 2021 systems revenue.
- Closure of four Purion evaluation units in the fourth quarter
and a total of six for the full year, which strengthens our
position across all market segments.
- Expanded manufacturing capacity with the opening of the new
Axcelis Asia Operations Center in Korea.
AXCELIS ANNOUNCES Q4 FY21 FINANCIAL RESULTS, Company Reports Record
Full Year Revenue, Gross Margin and Operating Profit
For the full year 2021, the Company reported revenue of
$662.4 million, compared with
$474.6 million for the full year
2020, an increase of 40% and a Company record. Systems revenue for
the year was $454.6 million, compared
to $293.6 million in 2020, an
increase of 55%, also a Company record. Operating profit was
$127.3 million in 2021, compared to
$58.0 million in 2020, an almost 120%
increase and a Company record. Net income for the year was
$98.7 million with diluted earnings
per share of $2.88, compared to net
income of $50.0 million and diluted
earnings per share of $1.46 in 2020,
resulting in a 97% year over year increase. Gross margin for the
year was 43.2%, a Company record, compared to 41.8% in 2020.
The Company reported fourth quarter revenue of $205.7 million, above guidance, compared to
$176.7 million for the third quarter
of 2021. Operating profit for the quarter was $46.6 million, above guidance, compared to
$36.4 million for the third quarter.
Net income for the quarter was $35.7
million, or $1.05 per diluted
share, above guidance, compared to $27.5
million in the third quarter, or $0.81 per diluted share. Gross margin for the
quarter was 43.5%, above guidance, compared to 43.3% in the third
quarter. Cash, cash equivalents and restricted cash were
$295.7 million on December 31, 2021, a Company record, compared to
$271.8 million on September 30, 2021. This is net of $12.5 million of stock buybacks in the
quarter.
President and CEO Mary Puma
commented, "2021 was an outstanding year for Axcelis. We delivered
the highest annual revenue since we became an independent public
company, and we surpassed our $650M
revenue model two years ahead of plan. It is an exciting time with
unprecedented growth in the industry and robust customer demand for
our products in all market segments and geographies. As a result of
the strength of demand in this environment, we expect to achieve a
quarterly revenue run rate supporting our $850 million revenue model this year."
Executive Vice President and Chief Financial Officer
Kevin Brewer said, "Axcelis' fourth
quarter and full year 2021 financial performance was exceptional
thanks to the continued outstanding work of our employees and
supply chain partners. For the full year 2021, operating profit
increased almost 120% on a 40% increase in revenue, highlighting
the significant leverage in our business model."
Business Outlook
For the first quarter ending March 31,
2022, Axcelis expects revenues of approximately $193 million. Gross margin in the first quarter
is expected to be approximately 43%. First quarter operating profit
is forecasted to be approximately $41
million with earnings per diluted share of approximately
$0.92.
Fourth Quarter and Full Year 2021 Conference Call
The Company will host a call to discuss the results for the fourth
quarter and full year 2021 on Monday,
February 7, 2022 at 5:00 p.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 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: 3608769. 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
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
198,529
|
|
$
|
115,777
|
|
$
|
634,445
|
|
$
|
449,903
|
|
Services
|
|
|
7,155
|
|
|
6,422
|
|
|
27,983
|
|
|
24,657
|
|
Total
revenue
|
|
|
205,684
|
|
|
122,199
|
|
|
662,428
|
|
|
474,560
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
109,335
|
|
|
63,272
|
|
|
349,558
|
|
|
252,390
|
|
Services
|
|
|
6,865
|
|
|
5,952
|
|
|
26,425
|
|
|
23,586
|
|
Total cost of
revenue
|
|
|
116,200
|
|
|
69,224
|
|
|
375,983
|
|
|
275,976
|
|
Gross
profit
|
|
|
89,484
|
|
|
52,975
|
|
|
286,445
|
|
|
198,584
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
16,416
|
|
|
16,320
|
|
|
65,431
|
|
|
61,833
|
|
Sales and
marketing
|
|
|
13,569
|
|
|
11,342
|
|
|
47,548
|
|
|
38,746
|
|
General and
administrative
|
|
|
12,915
|
|
|
11,238
|
|
|
46,141
|
|
|
39,964
|
|
Total operating
expenses
|
|
|
42,900
|
|
|
38,900
|
|
|
159,120
|
|
|
140,543
|
|
Income from
operations
|
|
|
46,584
|
|
|
14,075
|
|
|
127,325
|
|
|
58,041
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
85
|
|
|
80
|
|
|
209
|
|
|
738
|
|
Interest
expense
|
|
|
(1,263)
|
|
|
(1,313)
|
|
|
(4,835)
|
|
|
(5,211)
|
|
Other, net
|
|
|
(140)
|
|
|
1,617
|
|
|
(2,271)
|
|
|
2,318
|
|
Total other (expense)
income
|
|
|
(1,318)
|
|
|
384
|
|
|
(6,897)
|
|
|
(2,155)
|
|
Income before income
taxes
|
|
|
45,266
|
|
|
14,459
|
|
|
120,428
|
|
|
55,886
|
|
Income tax provision
(benefit)
|
|
|
9,517
|
|
|
(215)
|
|
|
21,778
|
|
|
5,904
|
|
Net income
|
|
$
|
35,749
|
|
$
|
14,674
|
|
$
|
98,650
|
|
$
|
49,982
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.07
|
|
$
|
0.44
|
|
$
|
2.94
|
|
$
|
1.50
|
|
Diluted
|
|
$
|
1.05
|
|
$
|
0.43
|
|
$
|
2.88
|
|
$
|
1.46
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares
|
|
|
33,295
|
|
|
33,548
|
|
|
33,555
|
|
|
33,257
|
|
Diluted weighted
average common shares
|
|
|
34,011
|
|
|
34,318
|
|
|
34,268
|
|
|
34,128
|
|
Axcelis
Technologies, Inc.
|
Consolidated
Balance Sheets
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2021
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
294,923
|
|
$
|
203,479
|
|
Accounts receivable,
net
|
|
|
104,410
|
|
|
86,865
|
|
Inventories,
net
|
|
|
194,984
|
|
|
161,076
|
|
Prepaid expenses and
other current assets
|
|
|
24,929
|
|
|
19,371
|
|
Total current
assets
|
|
|
619,246
|
|
|
470,791
|
|
Property, plant and
equipment, net
|
|
|
34,972
|
|
|
29,840
|
|
Operating lease
assets
|
|
|
9,242
|
|
|
4,542
|
|
Finance lease assets,
net
|
|
|
19,238
|
|
|
20,544
|
|
Long-term restricted
cash
|
|
|
757
|
|
|
753
|
|
Deferred income
taxes
|
|
|
35,454
|
|
|
57,851
|
|
Other
assets
|
|
|
34,331
|
|
|
40,303
|
|
Total
assets
|
|
$
|
753,240
|
|
$
|
624,624
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
38,025
|
|
$
|
24,013
|
|
Accrued
compensation
|
|
|
30,732
|
|
|
24,562
|
|
Warranty
|
|
|
6,424
|
|
|
4,280
|
|
Income
taxes
|
|
|
887
|
|
|
654
|
|
Deferred
revenue
|
|
|
60,454
|
|
|
21,221
|
|
Current portion of
finance lease obligation
|
|
|
979
|
|
|
756
|
|
Other current
liabilities
|
|
|
12,639
|
|
|
8,945
|
|
Total current
liabilities
|
|
|
150,140
|
|
|
84,431
|
|
Long-term finance
lease obligation
|
|
|
46,415
|
|
|
47,393
|
|
Long-term deferred
revenue
|
|
|
7,982
|
|
|
1,837
|
|
Other long-term
liabilities
|
|
|
9,744
|
|
|
9,361
|
|
Total
liabilities
|
|
|
214,281
|
|
|
143,022
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 33,240 shares issued and
outstanding at December 31, 2021; 33,633 shares issued and
outstanding at December 31, 2020
|
|
|
33
|
|
|
34
|
|
Additional paid-in
capital
|
|
|
559,883
|
|
|
570,102
|
|
Accumulated
deficit
|
|
|
(22,722)
|
|
|
(91,969)
|
|
Accumulated other
comprehensive income
|
|
|
1,765
|
|
|
3,435
|
|
Total stockholders'
equity
|
|
|
538,959
|
|
|
481,602
|
|
Total liabilities and
stockholders' equity
|
|
$
|
753,240
|
|
$
|
624,624
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2021-301476793.html
SOURCE Axcelis Technologies, Inc.