0001113232 false 0001113232 2022-05-04 2022-05-04 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 4, 2022

 

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   000-30941   34-1818596
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

108 Cherry Hill Drive, Beverly, Massachusetts   01915
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (978) 787-4000

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share ACLS NASDAQ Global Select Market

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On May 4, 2022, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended March 31, 2022. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.   Description
99.1   Press Release dated May 4, 2022. Filed herewith.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 4, 2022 Axcelis Technologies, Inc.
   
  By: /s/ KEVIN J. BREWER
    Kevin J. Brewer
    Executive Vice President and Chief Financial Officer

 

3 

 

 

Exhibit 99.1

 

 

 

News Release

 

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—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.

 

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.

 

 

 

 

 

 

News Release

 

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.

 

 

 

 

 

 

News Release

 

Company Contacts

 

Investor Relations: 

Doug Lawson
978.787.9552

 

Editorial/Media: 

Maureen Hart
978.787.4266

 

 

 

 

 

 

News Release

 

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 

 

 

 

 

 

 

News Release

 

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