8-K
AXCELIS TECHNOLOGIES INC (ACLS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2021
Axcelis Technologies, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-30941 | 34-1818596 |
|---|---|---|
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 108 Cherry Hill Drive, Beverly, Massachusetts | 01915 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(978) 787-4000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
| ¨ | Written<br>communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, par value $0.001 per share | ACLS | NASDAQ Global Select Market |
Item 2.02 Results of Operations and Financial Condition
On November 3, 2021, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended September 30, 2021. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated November 3, 2021. Filed herewith. |
| 104 | Cover<br>Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 3, 2021 | Axcelis Technologies, Inc. | |
|---|---|---|
| By: | /s/ KEVIN J. BREWER | |
| Kevin J. Brewer | ||
| Executive Vice President | ||
| and Chief Financial Officer |
3
Exhibit 99.1
| News Release |
|---|
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRDQUARTER 2021
The Company Reports Record Implant SystemsRevenue 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<br> Company reported third quarter revenue of $176.7 million, compared to $147.3 million for<br> the second quarter of 2021. This includes quarterly system revenues of $126.2 million dollars,<br> an implant systems record, compared to $100.1 million in the second quarter. |
|---|---|
| · | Operating<br> profit for the quarter was $36.4 million, compared to $24 million for the second quarter. |
| --- | --- |
| · | Net<br> income for the quarter was $27.5 million, or $0.81 per diluted share, compared to net income<br> of $18.9 million, or $0.55 per diluted share for the second quarter. |
| --- | --- |
| · | Gross<br> margin for the quarter was 43.3%, compared to 43.5% in the second quarter. |
| --- | --- |
| · | Shipped<br> full family of Purion SiC Power Series™ implanters to leading power device chipmakers<br> located in Asia and Europe. |
| --- | --- |
| · | Shipped<br> multiple Purion™ high<br> current and high energy implanters to a leading memory device<br> 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.
| News Release |
|---|
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.
| NewsRelease |
|---|
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
| News Release |
|---|
Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three<br> months ended | Nine<br> 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<br> revenue | 176,694 | 110,405 | 456,744 | 352,361 | ||||||||
| Cost<br> of revenue: | ||||||||||||
| Product | 93,201 | 56,427 | 240,223 | 189,118 | ||||||||
| Services | 6,981 | 5,817 | 19,560 | 17,634 | ||||||||
| Total<br> cost of revenue | 100,182 | 62,244 | 259,783 | 206,752 | ||||||||
| Gross<br> profit | 76,512 | 48,161 | 196,961 | 145,609 | ||||||||
| Operating<br> expenses: | ||||||||||||
| Research<br> and development | 16,707 | 14,867 | 49,015 | 45,513 | ||||||||
| Sales<br> and marketing | 11,415 | 9,763 | 33,979 | 27,404 | ||||||||
| General<br> and administrative | 11,996 | 9,649 | 33,226 | 28,726 | ||||||||
| Total<br> operating expenses | 40,118 | 34,279 | 116,220 | 101,643 | ||||||||
| Income<br> from operations | 36,394 | 13,882 | 80,741 | 43,966 | ||||||||
| Other<br> (expense) income: | ||||||||||||
| Interest<br> income | 51 | 106 | 124 | 658 | ||||||||
| Interest<br> expense | (1,269 | ) | (1,296 | ) | (3,572 | ) | (3,898 | ) | ||||
| Other,<br> net | (963 | ) | 900 | (2,131 | ) | 701 | ||||||
| Total<br> other expense | (2,181 | ) | (290 | ) | (5,579 | ) | (2,539 | ) | ||||
| Income<br> before income taxes | 34,213 | 13,592 | 75,162 | 41,427 | ||||||||
| Income<br> tax provision | 6,698 | 2,807 | 12,261 | 6,119 | ||||||||
| Net<br> income | $ | 27,515 | $ | 10,785 | $ | 62,901 | $ | 35,308 | ||||
| Net<br> income per share: | ||||||||||||
| Basic | $ | 0.82 | $ | 0.32 | $ | 1.87 | $ | 1.06 | ||||
| Diluted | $ | 0.81 | $ | 0.32 | $ | 1.83 | $ | 1.04 | ||||
| Shares<br> used in computing net income per share: | ||||||||||||
| Basic<br> weighted average common shares | 33,537 | 33,477 | 33,643 | 33,159 | ||||||||
| Diluted<br> weighted average common shares | 34,089 | 34,174 | 34,339 | 34,070 | ||||||||
| News Release | ||||||||||||
| --- |
Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
| December 31, | |||||
|---|---|---|---|---|---|
| 2020 | |||||
| ASSETS | |||||
| Current<br> assets: | |||||
| Cash<br> and cash equivalents | 271,085 | $ | 203,479 | ||
| Accounts<br> receivable, net | 78,257 | 86,865 | |||
| Inventories,<br> net | 196,812 | 161,076 | |||
| Prepaid<br> expenses and other current assets | 23,990 | 19,371 | |||
| Total<br> current assets | 570,144 | 470,791 | |||
| Property,<br> plant and equipment, net | 32,921 | 29,840 | |||
| Operating<br> lease assets | 8,106 | 4,542 | |||
| Finance<br> lease assets, net | 19,563 | 20,544 | |||
| Long-term<br> restricted cash | 756 | 753 | |||
| Deferred<br> income taxes | 44,206 | 57,851 | |||
| Other<br> assets | 35,282 | 40,303 | |||
| Total<br> assets | 710,978 | $ | 624,624 | ||
| LIABILITIES<br> AND STOCKHOLDERS’ EQUITY | |||||
| Current<br> liabilities: | |||||
| Accounts<br> payable | 35,499 | $ | 24,013 | ||
| Accrued<br> compensation | 23,548 | 24,562 | |||
| Warranty | 5,741 | 4,280 | |||
| Income<br> taxes | 623 | 654 | |||
| Deferred<br> revenue | 54,502 | 21,221 | |||
| Current<br> portion of finance lease obligation | 921 | 756 | |||
| Other<br> current liabilities | 16,361 | 8,945 | |||
| Total<br> current liabilities | 137,195 | 84,431 | |||
| Long-term<br> finance lease obligation | 46,672 | 47,393 | |||
| Long-term<br> deferred revenue | 3,738 | 1,837 | |||
| Other<br> long-term liabilities | 11,694 | 9,361 | |||
| Total<br> liabilities | 199,299 | 143,022 | |||
| Stockholders’<br> equity: | |||||
| Common<br> stock, 0.001 par value, 75,000 shares authorized; 33,406 shares issued and outstanding at September 30, 2021; 33,633 shares<br> issued and outstanding at December 31, 2020 | 33 | 34 | |||
| Additional<br> paid-in capital | 559,913 | 570,102 | |||
| Accumulated<br> deficit | (50,017 | ) | (91,969 | ) | |
| Accumulated<br> other comprehensive income | 1,750 | 3,435 | |||
| Total<br> stockholders’ equity | 511,679 | 481,602 | |||
| Total<br> liabilities and stockholders’ equity | 710,978 | $ | 624,624 |
All values are in US Dollars.