AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2022

Rhea-AI Summary

Axcelis Technologies reported strong first-quarter results for 2022, with revenue of $203.6 million, slightly down from Q4 2021. The company achieved an operating profit of $48.9 million and net income of $41.6 million, or $1.22 per diluted share. A record backlog of $625.1 million and bookings of $315.5 million were reported, alongside cash of $297.9 million. The company anticipates exceeding $850 million in revenue for 2022. Despite supply chain challenges affecting margins, an optimistic outlook for the second quarter predicts revenues between $205-215 million.

Positive

• Record bookings of $315.5 million.
• Record backlog of $625.1 million.
• Net income increased to $41.6 million, or $1.22 per diluted share.
• Company expects to exceed $850 million in revenue for 2022.

Negative

• Revenue slightly decreased from $205.7 million in Q4 2021.
• Gross margin for Q2 expected to decline to approximately 41%.

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.

FAQ

What were Axcelis Technologies' revenue figures for Q1 2022?

Axcelis Technologies reported revenue of $203.6 million for Q1 2022.

What is the expected revenue range for Axcelis in Q2 2022?

Axcelis expects revenues between $205 million and $215 million for Q2 2022.

What was the net income for Axcelis Technologies in Q1 2022?

The net income for Axcelis in Q1 2022 was $41.6 million, or $1.22 per diluted share.

How does Axcelis Technologies' backlog compare to previous quarters?

Axcelis reported a record backlog of $625.1 million, indicating strong demand.

What is the company's outlook for revenue in 2022?

Axcelis Technologies expects to exceed $850 million in revenue for the year 2022.