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AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2022
[May 04, 2022]

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2022


Demand Drives Record Bookings and Backlog, Company Expects to Exceed Revenue of $850 Million in 2022

BEVERLY, Mass., May 4, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter 2022.

Highlights for the first quarter are as follows:

  • The Company reported first quarter revenue of $203.6 million, compared to $205.7 million for the fourth quarter of 2021.
  • Operating profit for the quarter was $48.9 million, compared to $46.6 million for the fourth quarter.
  • Net income for the quarter was $41.6 million, or $1.22 per diluted share, compared to $35.7 million, or $1.05 per diluted share.
  • Gross margin for the quarter was 44.1%, compared to 43.5% in the fourth quarter.
  • Record systems backlog of $625.1 million and bookings of $315.5 million.
  • Cash, cash equivalents and restricted cash were $297.9 million on March 31, 2022, compared to $295.7 million on December 31, 2021. This is net of $20.0 million of repurchased shares in the quarter from a newly authorized $100 million share repurchase program.
Demand Drives Record Bookings and Backlog, Company Expects to Exceed Revenue of $850 Million in 2022

President and CEO Mary Puma commented, "As a result of significant demand and our strong execution, Axcelis delivered exceptional first quarter financial performance well above our guidance. The industry is in the strongest cycle ever seen and continues to be driven by 5G, big data and the electrification of the automotive industry. We have record bookings and backlog and the Purion product family continues to gain share, especially in the high growth power market."

Executive Vice President and Chief Financial Officer Kevin Brewer said, "It is an exciting time for Axcelis with solid growth in the industry and solid customer demand for our products. The Company is on track to exceed $850 million in revenue one year ahead of previous expectations, despite a challenging supply chain and logistics environment. These challenges will impact gross margins in the near term, but we continue to make solid progress on margin improvement initiatives."

Business Outlook
For the second quarter ending June 30, 2022, Axcelis expects revenues of $205-215 million. Gross margin in the second quarter is expected to be approximately 41%. Second quarter operating profit is forecast to be approximately $41 million with earnings per diluted share of approximately $1.00. The Company also expects to achieve revenue of greater than $850 million in 2022.

First Quarter 2022 Conference Call
The Company will host a call to discuss the results for the first quarter 2022 on Thursday, May 5, 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. If you would like to ask a question, the dial in number is 866.374.5140 (404.400.0571 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Conference ID: 80711508#. Please dial in at least 15 minutes in advance to ensure a timely connection to the call. 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




March 31,




2022


2021


Revenue:








     Product


$

196,531


$

126,609


     Services



7,064



6,167


          Total revenue



203,595



132,776


Cost of revenue:








     Product



107,642



70,334


     Services



6,187



6,007


          Total cost of revenue



113,829



76,341


Gross profit



89,766



56,435


Operating expenses:








     Research and development



16,973



15,685


     Sales and marketing



11,291



10,387


     General and administrative



12,579



10,013


          Total operating expenses



40,843



36,085


Income from operations



48,923



20,350


Other (expense) income:








     Interest income



95



33


     Interest expense



(1,518)



(1,029)


     Other, net



(1,617)



(1,153)


          Total other expense



(3,040)



(2,149)


Income before income taxes



45,883



18,201


Income tax provision



4,269



1,721


Net income


$

41,614


$

16,480


Net income per share:








     Basic


$

1.25


$

0.49


     Diluted


$

1.22


$

0.48


Shares used in computing net income per share:








     Basic weighted average common shares



33,245



33,715


     Diluted weighted average common shares



33,974



34,643



 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)












March 31,


December 31,




2022


2021


ASSETS








Current assets:








     Cash and cash equivalents


$

297,141


$

294,923


     Accounts receivable, net



118,987



104,410


     Inventories, net



203,838



194,984


     Prepaid expenses and other current assets



28,740



24,929


          Total current assets



648,706



619,246


Property, plant and equipment, net



35,500



34,972


Operating lease assets



9,403



9,242


Finance lease assets, net



18,914



19,238


Long-term restricted cash



755



757


Deferred income taxes



36,226



35,454


Other assets



32,692



34,331


          Total assets


$

782,196


$

753,240


LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








     Accounts payable


$

50,759


$

38,025


     Accrued compensation



10,538



30,732


     Warranty



7,203



6,424


     Income taxes



1,734



887


     Deferred revenue



60,477



60,454


     Current portion of finance lease obligation



1,039



979


     Other current liabilities



15,747



12,639


          Total current liabilities



147,497



150,140


Long-term finance lease obligation



46,128



46,415


Long-term deferred revenue



14,363



7,982


Other long-term liabilities



14,935



9,744


          Total liabilities



222,923



214,281










Stockholders' equity:








     Common stock, $0.001 par value, 75,000 shares authorized; 33,064 shares issued and
     outstanding at March 31, 2022; 33,240 shares issued and outstanding at December 31, 2021



33



33


     Additional paid-in capital



554,633



559,883


     Retained earnings (accumulated deficit)



4,019



(22,722)


     Accumulated other comprehensive income



588



1,765


          Total stockholders' equity



559,273



538,959


          Total liabilities and stockholders' equity


$

782,196


$

753,240










 

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SOURCE Axcelis Technologies, Inc.


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