System Backlog Continues to Hit Record
Levels
BEVERLY,
Mass., Nov. 2, 2022 /PRNewswire/ -- 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.
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
|
|
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
|
|
|
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
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.