ACLS
$62.83
Axcelis Tech
($1.89)
(2.92%)
Earnings Details
3rd Quarter September 2021
Wednesday, November 3, 2021 4:01:00 PM
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Summary

Axcelis Technologies Sees Fourth Quarter Above Estimates

Axcelis Tech (ACLS) reported 3rd Quarter September 2021 earnings of $0.81 per share on revenue of $176.7 million. The consensus earnings estimate was $0.71 per share on revenue of $170.1 million. Revenue grew 60.0% on a year-over-year basis.

The company said it expects fourth quarter non-GAAP earnings of approximately $0.84 per share on revenue of approximately $190.0 million. The current consensus earnings estimate is $0.71 per share on revenue of $175.50 million for the quarter ending December 31, 2021.

Axcelis Technologies, Inc. designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe and Asia.

Results
Reported Earnings
$0.81
Earnings Whisper
-
Consensus Estimate
$0.71
Reported Revenue
$176.7 Mil
Revenue Estimate
$170.1 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Axcelis Announces Financial Results For Third Quarter 2021

BEVERLY, Mass., Nov. 3, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the third quarter ended September 30, 2021.

Axcelis announced financial results for Q3 2021. The Company reports record Implant Systems Revenue and Backlog.

Highlights for the third quarter are as follows:

  • The Company reported third quarter revenue of $176.7 million, compared to $147.3 million for the second quarter of 2021. This includes quarterly system revenues of $126.2 million dollars, an implant systems record, compared to $100.1 million in the second quarter.
  • Operating profit for the quarter was $36.4 million, compared to $24 million for the second quarter.
  • Net income for the quarter was $27.5 million, or $0.81 per diluted share, compared to net income of $18.9 million, or $0.55 per diluted share for the second quarter.
  • Gross margin for the quarter was 43.3%, compared to 43.5% in the second quarter.
  • Shipped full family of Purion SiC Power Series™ implanters to leading power device chipmakers located in Asia and Europe.
  • Shipped multiple Purion™ high current and high energy implanters to a leading memory device manufacturer located in Asia.

President and CEO Mary Puma commented, "Axcelis delivered very strong third quarter financial performance driven by record implant systems revenue and solid gross margins. The mature and specialty markets, especially the implant-intensive power device segment, are generating significant market expansion. Axcelis is capitalizing on the strength of these segments with market leading Purion product extensions specifically designed to meet these customers' requirements. The Company is well positioned for long-term, sustainable growth."

Business Outlook
For the fourth quarter ending December 31, 2021, Axcelis expects revenues to be approximately $190 million. Gross margin in the fourth quarter is expected to be approximately 41.5%. Fourth quarter operating profit is forecasted to be approximately $37 million with earnings per diluted share of approximately $0.84. The Company also expects to exceed $640 million in revenue for the full year 2021.

Third Quarter 2021 Conference Call
The Company will host a call to discuss the results for the third quarter on Thursday, November 4, 2021 at 8:30 am 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 dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 4426677. 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 


Nine months ended





September 30,


September 30,




2021


2020


2021


2020


Revenue:














Product


$

169,151


$

104,799


$

435,916


$

334,126


Services



7,543



5,606



20,828



18,235


Total revenue



176,694



110,405



456,744



352,361


Cost of revenue:














Product



93,201



56,427



240,223



189,118


Services



6,981



5,817



19,560



17,634


Total cost of revenue



100,182



62,244



259,783



206,752


Gross profit



76,512



48,161



196,961



145,609


Operating expenses:














Research and development



16,707



14,867



49,015



45,513


Sales and marketing



11,415



9,763



33,979



27,404


General and administrative



11,996



9,649



33,226



28,726


Total operating expenses



40,118



34,279



116,220



101,643


Income from operations



36,394



13,882



80,741



43,966


Other (expense) income:














Interest income



51



106



124



658


Interest expense



(1,269)



(1,296)



(3,572)



(3,898)


Other, net



(963)



900



(2,131)



701


Total other expense



(2,181)



(290)



(5,579)



(2,539)


Income before income taxes



34,213



13,592



75,162



41,427


Income tax provision



6,698



2,807



12,261



6,119


Net income


$

27,515


$

10,785


$

62,901


$

35,308


Net income per share:














Basic


$

0.82


$

0.32


$

1.87


$

1.06


Diluted


$

0.81


$

0.32


$

1.83


$

1.04


Shares used in computing net income per share:














Basic weighted average common shares



33,537



33,477



33,643



33,159


Diluted weighted average common shares



34,089



34,174



34,339



34,070


 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)












September 30,


December 31,




2021


2020


ASSETS








Current assets:








Cash and cash equivalents


$

271,085


$

203,479


Accounts receivable, net



78,257



86,865


Inventories, net



196,812



161,076


Prepaid expenses and other current assets



23,990



19,371


Total current assets



570,144



470,791


Property, plant and equipment, net



32,921



29,840


Operating lease assets



8,106



4,542


Finance lease assets, net



19,563



20,544


Long-term restricted cash



756



753


Deferred income taxes



44,206



57,851


Other assets



35,282



40,303


Total assets


$

710,978


$

624,624


LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








Accounts payable


$

35,499


$

24,013


Accrued compensation



23,548



24,562


Warranty



5,741



4,280


Income taxes



623



654


Deferred revenue



54,502



21,221


Current portion of finance lease obligation



921



756


Other current liabilities



16,361



8,945


Total current liabilities



137,195



84,431


Long-term finance lease obligation



46,672



47,393


Long-term deferred revenue



3,738



1,837


Other long-term liabilities



11,694



9,361


Total liabilities



199,299



143,022










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 33,406 shares issued and outstanding at September 30, 2021; 33,633 shares issued and outstanding at December 31, 2020



33



34


Additional paid-in capital



559,913



570,102


Accumulated deficit



(50,017)



(91,969)


Accumulated other comprehensive income



1,750



3,435


Total stockholders' equity



511,679



481,602


Total liabilities and stockholders' equity


$

710,978


$

624,624










 

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SOURCE Axcelis Technologies, Inc.