Axcelis Announces Financial Results For Second Quarter 2017
The Company reported second quarter revenue of
In 2017, the Company adopted Accounting Standard Update No. 2016-09 (ASU 2016-09), which addresses accounting for equity compensation expense and related tax effects. In the second quarter, this new standard had a
President and CEO
Business Outlook
For the third quarter ending
Second Quarter 2017 Conference Call
The Company will host a conference call today at
Use of Non-GAAP Financial Results
Adjusting net income to exclude the effects of income tax benefits and provisions of ASU 2016-09 is a non-GAAP financial measure. Since the Company is not a cash income tax payer in the US and ASU 2016-09 has had a significant impact on our reported net income in the second quarter, management will use adjusted net income and adjusted net income per diluted share to assist in our understanding of the Company's operating and financial performance. The Company believes the presentation of these non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. The presentation of supplemental non-GAAP information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with GAAP.
Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the
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978.787.9552
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978.787.4266
Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three months ended June 30, |
Six months ended June 30, |
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2017 |
2016 |
2017 |
2016 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
96,539 |
$ |
58,859 |
$ |
178,517 |
$ |
121,034 |
|||||||||||
Services |
6,251 |
5,592 |
11,166 |
10,938 |
|||||||||||||||
Total revenue |
102,790 |
64,451 |
189,683 |
131,972 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
57,689 |
34,638 |
104,486 |
74,902 |
|||||||||||||||
Services |
6,039 |
4,682 |
11,421 |
8,523 |
|||||||||||||||
Total cost of revenue |
63,728 |
39,320 |
115,907 |
83,425 |
|||||||||||||||
Gross profit |
39,062 |
25,131 |
73,776 |
48,547 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
11,256 |
8,478 |
21,151 |
17,114 |
|||||||||||||||
Sales and marketing |
7,485 |
5,790 |
14,534 |
11,750 |
|||||||||||||||
General and administrative |
7,791 |
6,232 |
14,848 |
12,274 |
|||||||||||||||
Restructuring charges |
— |
— |
— |
282 |
|||||||||||||||
Total operating expenses |
26,532 |
20,500 |
50,533 |
41,420 |
|||||||||||||||
Income from operations |
12,530 |
4,631 |
23,243 |
7,127 |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
111 |
54 |
180 |
108 |
|||||||||||||||
Interest expense |
(1,336) |
(1,338) |
(2,447) |
(2,385) |
|||||||||||||||
Other, net |
16 |
(238) |
(138) |
(297) |
|||||||||||||||
Total other expense |
(1,209) |
(1,522) |
(2,405) |
(2,574) |
|||||||||||||||
Income before income taxes |
11,321 |
3,109 |
20,838 |
4,553 |
|||||||||||||||
Income tax (benefit) provision |
(2,611) |
172 |
(2,600) |
(332) |
|||||||||||||||
Net income |
$ |
13,932 |
$ |
2,937 |
$ |
23,438 |
$ |
4,885 |
|||||||||||
Net income per share: |
|||||||||||||||||||
Basic |
$ |
0.46 |
$ |
0.10 |
$ |
0.78 |
$ |
0.17 |
|||||||||||
Diluted |
$ |
0.42 |
$ |
0.10 |
$ |
0.72 |
$ |
0.16 |
|||||||||||
Shares used in computing net income per share: |
|||||||||||||||||||
Basic weighted average common shares |
30,589 |
29,097 |
30,183 |
29,066 |
|||||||||||||||
Diluted weighted average common shares |
33,168 |
30,701 |
32,779 |
30,607 |
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Axcelis Technologies, Inc. |
||||||||||||
June 30, |
December 31, |
|||||||||||
2017 |
2016 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
108,558 |
$ |
70,791 |
||||||||
Accounts receivable, net |
48,561 |
50,573 |
||||||||||
Inventories, net |
122,574 |
113,853 |
||||||||||
Prepaid expenses and other assets |
36,639 |
29,310 |
||||||||||
Property, plant and equipment, net |
31,617 |
30,840 |
||||||||||
Restricted cash |
6,793 |
6,864 |
||||||||||
Total assets |
$ |
354,742 |
$ |
302,231 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
27,606 |
$ |
24,996 |
||||||||
Accrued compensation |
12,170 |
5,142 |
||||||||||
Warranty |
3,872 |
2,668 |
||||||||||
Income taxes |
255 |
240 |
||||||||||
Deferred revenue |
14,902 |
11,009 |
||||||||||
Sale leaseback obligation |
47,692 |
47,586 |
||||||||||
Other liabilities |
9,807 |
9,135 |
||||||||||
Total liabilities |
116,304 |
100,776 |
||||||||||
Commitments and contingencies |
||||||||||||
Stockholders' equity: |
||||||||||||
Preferred stock, $0.001 par value, 30,000 shares authorized; |
— |
— |
||||||||||
Common stock, $0.001 par value, 75,000 shares authorized; |
31 |
30 |
||||||||||
Additional paid-in capital |
546,491 |
535,408 |
||||||||||
Accumulated deficit |
(308,266) |
(331,704) |
||||||||||
Accumulated other comprehensive income (loss) |
182 |
(2,279) |
||||||||||
Total stockholders' equity |
238,438 |
201,455 |
||||||||||
Total liabilities and stockholders' equity |
$ |
354,742 |
$ |
302,231 |
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