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Exhibit 99.1
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| News Release |
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2021
The Company Reports Record Implant Systems Revenue and Backlog
BEVERLY, Mass. — November 3, 2021—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.
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.
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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.
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Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
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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 | ||||||||||||
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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 | ||||
