Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power Devices

BEVERLY, Mass., Aug. 2, 2023 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter of 2023.

Axcelis (PRNewsfoto/Axcelis Technologies, Inc.)

Highlights include:

  • The Company reported second quarter revenue of $274.0 million, compared to $254.0 million for the first quarter of 2023.
  • Operating profit for the quarter was $63.7 million, compared to $51.4 million for the first quarter.
  • Net income for the quarter was $61.6 million, or $1.86 per diluted share, compared to $47.7 million, or $1.43 per diluted share in the first quarter.
  • Gross margin for the quarter was 43.7%, compared to 40.9% in the first quarter.
  • Second quarter ended with systems backlog of $1.23 billion on quarterly bookings of $193 million.
Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power Devices

President and CEO Russell Low commented, "Axcelis delivered strong second quarter financial performance as a result of significant demand for the Purion product family, especially in the silicon carbide power market. Axcelis is the only company with a product line capable of covering all implant recipes in the mature process technology markets. We now believe it is possible to achieve $1.3 billion in revenue in the next one or two years, depending on market conditions."

Executive Vice President and Chief Financial Officer Kevin Brewer said, "We are very pleased with our second quarter 2023 financial results which finished well above guidance due to solid execution and continuing strong demand for Purion. We are upwardly revising expectations for 2023 revenue to greater than $1.1 billion, representing year over year growth of approximately 20%."

Business Outlook
For the third quarter ending September 30, 2023, Axcelis expects revenues of approximately $280 million. Gross margin in the third quarter is expected to be approximately 44%. Third quarter operating profit is forecast to be approximately $64 million with earnings per diluted share of approximately $1.72. For the full year, the Company expects to achieve revenue greater than $1.1 billion and to achieve full year gross margins of approximately 44% as shown in the $1.1 billion model.

Second Quarter 2023 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 3, 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/BI9757e7e7d17f4188872f4146e314ba26. 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 


Six months ended





June 30,


June 30,




2023


2022


2023


2022


Revenue:














Product


$

265,673


$

213,926


$

511,680


$

410,458


Services



8,297



7,251



16,310



14,314


Total revenue



273,970



221,177



527,990



424,772


Cost of revenue:














Product



146,741



115,754



289,512



223,395


Services



7,526



6,242



14,756



12,429


Total cost of revenue



154,267



121,996



304,268



235,824


Gross profit



119,703



99,181



223,722



188,948


Operating expenses:














Research and development



24,130



18,731



47,903



35,704


Sales and marketing



15,537



12,703



29,681



23,994


General and administrative



16,328



13,602



31,073



26,180


Total operating expenses



55,995



45,036



108,657



85,878


Income from operations



63,708



54,145



115,065



103,070


Other income (expense):














Interest income



4,307



352



8,243



447


Interest expense



(1,349)



(1,250)



(2,702)



(2,768)


Other, net



(2,050)



(5,051)



(3,088)



(6,669)


Total other income (expense)



908



(5,949)



2,453



(8,990)


Income before income taxes



64,616



48,196



117,518



94,080


Income tax provision



3,037



4,007



8,242



8,276


Net income


$

61,579


$

44,189


$

109,276


$

85,804


Net income per share:














Basic


$

1.88


$

1.34


$

3.34


$

2.59


Diluted


$

1.86


$

1.32


$

3.29


$

2.54


Shares used in computing net income per share:














Basic weighted average shares of common stock



32,775



33,096



32,759



33,170


Diluted weighted average shares of common stock



33,189



33,562



33,237



33,770


 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)











June 30,


December 31,




2023


2022


ASSETS


Current assets:








Cash and cash equivalents


$

132,504


$

185,595


Short-term investments



320,360



246,571


Accounts receivable, net



159,199



169,773


Inventories, net



299,841



242,406


Prepaid expenses and other current assets



38,265



33,300


Total current assets



950,169



877,645


Property, plant and equipment, net



43,156



39,664


Operating lease assets



31,998



12,146


Finance lease assets, net



17,305



17,942


Long-term restricted cash



6,652



752


Deferred income taxes



38,944



31,701


Other assets



33,494



33,791


Total assets


$

1,121,718


$

1,013,641


LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:








Accounts payable


$

60,504


$

62,346


Accrued compensation



17,216



35,540


Warranty



10,867



8,299


Income taxes



6,598



4,304


Deferred revenue



138,890



123,471


Current portion of finance lease obligation



1,367



1,229


Other current liabilities



13,018



12,943


Total current liabilities



248,460



248,132


Long-term finance lease obligation



44,455



45,185


Long-term deferred revenue



43,650



31,306


Other long-term liabilities



41,116



21,762


Total liabilities



377,681



346,385










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,836 shares issued and
outstanding at June 30, 2023; 32,775 shares issued and outstanding at December 31, 2022



33



33


Additional paid-in capital



540,120



550,299


Retained earnings



206,813



118,892


Accumulated other comprehensive loss



(2,929)



(1,968)


Total stockholders' equity



744,037



667,256


Total liabilities and stockholders' equity


$

1,121,718


$

1,013,641










 

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SOURCE Axcelis Technologies, Inc.

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