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.

Axcelis Technologies, Inc. (PRNewsFoto/Axcelis Technologies, Inc.) (PRNewsFoto/)

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.

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