Achieved Record Annual Revenue, Gross
Margin and EPS
BEVERLY,
Mass., Feb. 8, 2023 /PRNewswire/ -- 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
Axcelis Achieved Record Annual Revenue,
Gross Margin and EPS
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."
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.
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,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Axcelis
Technologies, Inc.
|
Consolidated Balance
Sheets
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
ASSETS
|
|
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
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
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
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.