AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2022
System Bookings and Backlog Continue to Hit Record Levels
BEVERLY, Mass., Aug. 3, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter 2022.
Highlights for the second quarter are as follows:
- The Company reported second quarter revenue of $221.2 million, compared to $203.6 million for the first quarter of 2022.
- Operating profit for the quarter was $54.1 million, compared to $48.9 million for the first quarter.
- Net income for the quarter was $44.2 million, or $1.32 per diluted share, compared to $41.6 million, or $1.22 per diluted share in the first quarter.
- Gross margin for the quarter was 44.8%, compared to 44.1% in the first quarter.
- Record systems backlog of $869.5 million and bookings of $432.8 million in the second quarter.
- Cash, cash equivalents and restricted cash were $287.9 million on June 30, 2022, compared to $297.9 million on March 31, 2022. This is net of $12.5 million of repurchased shares in the second quarter.
President and CEO Mary Puma commented, "Axcelis delivered outstanding second quarter financial performance well above our guidance due to robust demand and our strong execution. It is an exciting time for Axcelis with significant growth in the ion implant TAM, solid customer demand for our products and long term growth prospects in the power device market. System bookings and shipments continue to hit record levels. As a result, Axcelis now expects to achieve revenue of greater than $875 million in 2022."
Business Outlook
For the third quarter ending September 30, 2022, Axcelis expects revenues of $220 - $228 million. Gross margin in the third quarter is expected to be approximately 42%. Third quarter operating profit is forecast to be between $44.5 - $47.5 million with earnings per diluted share between $1.10 - $1.15. For the full year, the Company expects to achieve revenue of greater than $875 million with gross margins of approximately 42.5%.
Second Quarter 2022 Conference Call
The Company will host a call to discuss the results for the second quarter 2022 on Thursday, August 4, 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/BI9300aa06c3a84686ae778970f11de3e8
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 | Six months ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
Revenue: | |||||||||||||
Product | $ | 213,926 | $ | 140,156 | $ | 410,458 | $ | 266,765 | |||||
Services | 7,251 | 7,118 | 14,314 | 13,285 | |||||||||
Total revenue | 221,177 | 147,274 | 424,772 | 280,050 | |||||||||
Cost of revenue: | |||||||||||||
Product | 115,754 | 76,688 | 223,395 | 147,022 | |||||||||
Services | 6,242 | 6,572 | 12,429 | 12,579 | |||||||||
Total cost of revenue | 121,996 | 83,260 | 235,824 | 159,601 | |||||||||
Gross profit | 99,181 | 64,014 | 188,948 | 120,449 | |||||||||
Operating expenses: | |||||||||||||
Research and development | 18,731 | 16,623 | 35,704 | 32,308 | |||||||||
Sales and marketing | 12,703 | 12,177 | 23,994 | 22,564 | |||||||||
General and administrative | 13,602 | 11,217 | 26,180 | 21,230 | |||||||||
Total operating expenses | 45,036 | 40,017 | 85,878 | 76,102 | |||||||||
Income from operations | 54,145 | 23,997 | 103,070 | 44,347 | |||||||||
Other (expense) income: | |||||||||||||
Interest income | 352 | 40 | 447 | 73 | |||||||||
Interest expense | (1,250) | (1,274) | (2,768) | (2,303) | |||||||||
Other, net | (5,051) | (15) | (6,669) | (1,168) | |||||||||
Total other expense | (5,949) | (1,249) | (8,990) | (3,398) | |||||||||
Income before income taxes | 48,196 | 22,748 | 94,080 | 40,949 | |||||||||
Income tax provision | 4,007 | 3,842 | 8,276 | 5,563 | |||||||||
Net income | $ | 44,189 | $ | 18,906 | $ | 85,804 | $ | 35,386 | |||||
Net income per share: | |||||||||||||
Basic | $ | 1.34 | $ | 0.56 | $ | 2.59 | $ | 1.05 | |||||
Diluted | $ | 1.32 | $ | 0.55 | $ | 2.54 | $ | 1.03 | |||||
Shares used in computing net income per share: | |||||||||||||
Basic weighted average common shares | 33,096 | 33,677 | 33,170 | 33,696 | |||||||||
Diluted weighted average common shares | 33,562 | 34,311 | 33,770 | 34,473 | |||||||||
Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) | |||||||
June 30, | December 31, | ||||||
2022 | 2021 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 287,167 | $ | 294,923 | |||
Accounts receivable, net | 146,120 | 104,410 | |||||
Inventories, net | 213,063 | 194,984 | |||||
Prepaid expenses and other current assets | 33,378 | 24,929 | |||||
Total current assets | 679,728 | 619,246 | |||||
Property, plant and equipment, net | 35,572 | 34,972 | |||||
Operating lease assets | 10,879 | 9,242 | |||||
Finance lease assets, net | 18,590 | 19,238 | |||||
Long-term restricted cash | 753 | 757 | |||||
Deferred income taxes | 33,715 | 35,454 | |||||
Other assets | 32,499 | 34,331 | |||||
Total assets | $ | 811,736 | $ | 753,240 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 49,410 | $ | 38,025 | |||
Accrued compensation | 17,150 | 30,732 | |||||
Warranty | 8,348 | 6,424 | |||||
Income taxes | 321 | 887 | |||||
Deferred revenue | 62,685 | 60,454 | |||||
Current portion of finance lease obligation | 1,101 | 979 | |||||
Other current liabilities | 13,955 | 12,639 | |||||
Total current liabilities | 152,970 | 150,140 | |||||
Long-term finance lease obligation | 45,822 | 46,415 | |||||
Long-term deferred revenue | 8,864 | 7,982 | |||||
Other long-term liabilities | 17,153 | 9,744 | |||||
Total liabilities | 224,809 | 214,281 | |||||
Stockholders' equity: | |||||||
Common stock, $0.001 par value, 75,000 shares authorized; 33,094 shares issued and | 33 | 33 | |||||
Additional paid-in capital | 549,401 | 559,883 | |||||
Retained earnings (accumulated deficit) | 39,582 | (22,722) | |||||
Accumulated other comprehensive (loss) income | (2,089) | 1,765 | |||||
Total stockholders' equity | 586,927 | 538,959 | |||||
Total liabilities and stockholders' equity | $ | 811,736 | $ | 753,240 | |||
SOURCE Axcelis Technologies, Inc.
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