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BEVERLY, Mass., Feb. 7, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2021.
Highlights include:
For the full year 2021, the Company reported revenue of $662.4 million, compared with $474.6 million for the full year 2020, an increase of 40% and a Company record. Systems revenue for the year was $454.6 million, compared to $293.6 million in 2020, an increase of 55%, also a Company record. Operating profit was $127.3 million in 2021, compared to $58.0 million in 2020, an almost 120% increase and a Company record. Net income for the year was $98.7 million with diluted earnings per share of $2.88, compared to net income of $50.0 million and diluted earnings per share of $1.46 in 2020, resulting in a 97% year over year increase. Gross margin for the year was 43.2%, a Company record, compared to 41.8% in 2020.
The Company reported fourth quarter revenue of $205.7 million, above guidance, compared to $176.7 million for the third quarter of 2021. Operating profit for the quarter was $46.6 million, above guidance, compared to $36.4 million for the third quarter. Net income for the quarter was $35.7 million, or $1.05 per diluted share, above guidance, compared to $27.5 million in the third quarter, or $0.81 per diluted share. Gross margin for the quarter was 43.5%, above guidance, compared to 43.3% in the third quarter. Cash, cash equivalents and restricted cash were $295.7 million on December 31, 2021, a Company record, compared to $271.8 million on September 30, 2021. This is net of $12.5 million of stock buybacks in the quarter. President and CEO Mary Puma commented, "2021 was an outstanding year for Axcelis. We delivered the highest annual revenue since we became an independent public company, and we surpassed our $650M revenue model two years ahead of plan. It is an exciting time with unprecedented growth in the industry and robust customer demand for our products in all market segments and geographies. As a result of the strength of demand in this environment, we expect to achieve a quarterly revenue run rate supporting our $850 million revenue model this year."
Executive Vice President and Chief Financial Officer Kevin Brewer said, "Axcelis' fourth quarter and full year 2021 financial performance was exceptional thanks to the continued outstanding work of our employees and supply chain partners. For the full year 2021, operating profit increased almost 120% on a 40% increase in revenue, highlighting the significant leverage in our business model."
Business OutlookFor the first quarter ending March 31, 2022, Axcelis expects revenues of approximately $193 million. Gross margin in the first quarter is expected to be approximately 43%. First quarter operating profit is forecasted to be approximately $41 million with earnings per diluted share of approximately $0.92.
Fourth Quarter and Full Year 2021 Conference CallThe Company will host a call to discuss the results for the fourth quarter and full year 2021 on Monday, February 7, 2022 at 5:00 p.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 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: 3608769. 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 Lawson978.787.9552
Editorial/Media:Maureen Hart978.787.4266
Axcelis Technologies, Inc. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
(Unaudited) | |||||||||||||
Three months ended | Twelve months ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||
Revenue: | |||||||||||||
Product | $ | 198,529 | $ | 115,777 | $ | 634,445 | $ | 449,903 | |||||
Services | 7,155 | 6,422 | 27,983 | 24,657 | |||||||||
Total revenue | 205,684 | 122,199 | 662,428 | 474,560 | |||||||||
Cost of revenue: | |||||||||||||
Product | 109,335 | 63,272 | 349,558 | 252,390 | |||||||||
Services | 6,865 | 5,952 | 26,425 | 23,586 | |||||||||
Total cost of revenue | 116,200 | 69,224 | 375,983 | 275,976 | |||||||||
Gross profit | 89,484 | 52,975 | 286,445 | 198,584 | |||||||||
Operating expenses: | |||||||||||||
Research and development | 16,416 | 16,320 | 65,431 | 61,833 | |||||||||
Sales and marketing | 13,569 | 11,342 | 47,548 | 38,746 | |||||||||
General and administrative | 12,915 | 11,238 | 46,141 | 39,964 | |||||||||
Total operating expenses | 42,900 | 38,900 | 159,120 | 140,543 | |||||||||
Income from operations | 46,584 | 14,075 | 127,325 | 58,041 | |||||||||
Other (expense) income: | |||||||||||||
Interest income | 85 | 80 | 209 | 738 | |||||||||
Interest expense | (1,263) | (1,313) | (4,835) | (5,211) | |||||||||
Other, net | (140) | 1,617 | (2,271) | 2,318 | |||||||||
Total other (expense) income | (1,318) | 384 | (6,897) | (2,155) | |||||||||
Income before income taxes | 45,266 | 14,459 | 120,428 | 55,886 | |||||||||
Income tax provision (benefit) | 9,517 | (215) | 21,778 | 5,904 | |||||||||
Net income | $ | 35,749 | $ | 14,674 | $ | 98,650 | $ | 49,982 | |||||
Net income per share: | |||||||||||||
Basic | $ | 1.07 | $ | 0.44 | $ | 2.94 | $ | 1.50 | |||||
Diluted | $ | 1.05 | $ | 0.43 | $ | 2.88 | $ | 1.46 | |||||
Shares used in computing net income per share: | |||||||||||||
Basic weighted average common shares | 33,295 | 33,548 | 33,555 | 33,257 | |||||||||
Diluted weighted average common shares | 34,011 | 34,318 | 34,268 | 34,128 | |||||||||
Axcelis Technologies, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(In thousands, except per share amounts) | |||||||
(Unaudited) | |||||||
December 31, | December 31, | ||||||
2021 | 2020 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 294,923 | $ | 203,479 | |||
Accounts receivable, net | 104,410 | 86,865 | |||||
Inventories, net | 194,984 | 161,076 | |||||
Prepaid expenses and other current assets | 24,929 | 19,371 | |||||
Total current assets | 619,246 | 470,791 | |||||
Property, plant and equipment, net | 34,972 | 29,840 | |||||
Operating lease assets | 9,242 | 4,542 | |||||
Finance lease assets, net | 19,238 | 20,544 | |||||
Long-term restricted cash | 757 | 753 | |||||
Deferred income taxes | 35,454 | 57,851 | |||||
Other assets | 34,331 | 40,303 | |||||
Total assets | $ | 753,240 | $ | 624,624 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 38,025 | $ | 24,013 | |||
Accrued compensation | 30,732 | 24,562 | |||||
Warranty | 6,424 | 4,280 | |||||
Income taxes | 887 | 654 | |||||
Deferred revenue | 60,454 | 21,221 | |||||
Current portion of finance lease obligation | 979 | 756 | |||||
Other current liabilities | 12,639 | 8,945 | |||||
Total current liabilities | 150,140 | 84,431 | |||||
Long-term finance lease obligation | 46,415 | 47,393 | |||||
Long-term deferred revenue | 7,982 | 1,837 | |||||
Other long-term liabilities | 9,744 | 9,361 | |||||
Total liabilities | 214,281 | 143,022 | |||||
Stockholders' equity: | |||||||
Common stock, $0.001 par value, 75,000 shares authorized; 33,240 shares issued and outstanding at December 31, 2021; 33,633 shares issued and outstanding at December 31, 2020 | 33 | 34 | |||||
Additional paid-in capital | 559,883 | 570,102 | |||||
Accumulated deficit | (22,722) | (91,969) | |||||
Accumulated other comprehensive income | 1,765 | 3,435 | |||||
Total stockholders' equity | 538,959 | 481,602 | |||||
Total liabilities and stockholders' equity | $ | 753,240 | $ | 624,624 | |||
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SOURCE Axcelis Technologies, Inc.
