Strength in Silicon Carbide Power Devices
and Strong Purion Demand Drives Revenue Growth and Record
Backlog
BEVERLY,
Mass., May 3, 2023 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the first quarter of 2023.
Strength in Silicon Carbide Power Devices
and Strong Purion Demand Drives Revenue Growth and Record
Backlog
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.
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
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
|
|
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
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.