Axcelis Announces Financial Results For Third Quarter 2017
The Company reported third 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. This accounting change has no impact on the Company's operating results or cash flow, but can both positively and negatively impact net income and earnings per share. In the third quarter, this new standard decreased net income by
President and CEO
Business Outlook
For the fourth quarter ending
Third Quarter 2017 Conference Call
The Company will host a conference call today at
Use of Non-GAAP Financial Results
Adjusted net income and net income per diluted share excluding the effects of income tax benefits and provisions of ASU 2016-09 are non-GAAP financial measures. Since the Company is not a cash income tax payer in the US and ASU 2016-09 can have a significant impact on our reported net income, 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
About
Company Contacts
Investor Relations:
978.787.9552
Editorial/Media:
978.787.4266
Axcelis Technologies, Inc. |
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Consolidated Statements of Operations |
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(In thousands, except per share amounts) |
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(Unaudited) |
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Three months ended |
Nine months ended |
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September 30, |
September 30, |
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2017 |
2016 |
2017 |
2016 |
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Revenue: |
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Product |
$ |
98,161 |
$ |
59,302 |
$ |
276,678 |
$ |
180,336 |
|||||||||||
Services |
6,321 |
6,348 |
17,487 |
17,286 |
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Total revenue |
104,482 |
65,650 |
294,165 |
197,622 |
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Cost of Revenue: |
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Product |
58,056 |
36,360 |
162,542 |
111,262 |
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Services |
6,675 |
5,186 |
18,096 |
13,709 |
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Total cost of revenue |
64,731 |
41,546 |
180,638 |
124,971 |
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Gross profit |
39,751 |
24,104 |
113,527 |
72,651 |
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Operating expenses: |
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Research and development |
11,003 |
8,493 |
32,154 |
25,607 |
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Sales and marketing |
6,801 |
5,992 |
21,335 |
17,742 |
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General and administrative |
8,112 |
5,988 |
22,960 |
18,262 |
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Restructuring charges |
— |
— |
— |
282 |
|||||||||||||||
Total operating expenses |
25,916 |
20,473 |
76,449 |
61,893 |
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Income from operations |
13,835 |
3,631 |
37,078 |
10,758 |
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Other (expense) income: |
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Interest income |
219 |
53 |
399 |
161 |
|||||||||||||||
Interest expense |
(1,337) |
(1,342) |
(3,784) |
(3,727) |
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Other, net |
138 |
(55) |
— |
(352) |
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Total other expense |
(980) |
(1,344) |
(3,385) |
(3,918) |
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Income before income taxes |
12,855 |
2,287 |
33,693 |
6,840 |
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Income tax provision (benefit) |
1,014 |
136 |
(1,586) |
(196) |
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Net income |
$ |
11,841 |
$ |
2,151 |
$ |
35,279 |
$ |
7,036 |
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Net income per share: |
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Basic |
$ |
0.38 |
$ |
0.07 |
$ |
1.15 |
$ |
0.24 |
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Diluted |
$ |
0.35 |
$ |
0.07 |
$ |
1.07 |
$ |
0.23 |
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Shares used in computing net income per share: |
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Basic weighted average common shares |
31,274 |
29,221 |
30,550 |
29,118 |
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Diluted weighted average common shares |
33,524 |
31,037 |
33,048 |
30,760 |
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Axcelis Technologies, Inc. |
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Consolidated Balance Sheets |
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(In thousands, except per share amounts) |
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(Unaudited) |
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September 30, |
December 31, |
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2017 |
2016 |
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ASSETS |
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Cash and cash equivalents |
$ |
113,889 |
$ |
70,791 |
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Accounts receivable, net |
69,835 |
50,573 |
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Inventories, net |
123,441 |
113,853 |
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Prepaid expenses and other assets |
33,437 |
29,310 |
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Property, plant and equipment, net |
35,704 |
30,840 |
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Restricted cash |
6,799 |
6,864 |
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Total assets |
$ |
383,105 |
$ |
302,231 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Accounts payable |
$ |
33,594 |
$ |
24,996 |
||||||||
Accrued compensation |
15,829 |
5,142 |
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Warranty |
4,388 |
2,668 |
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Income taxes |
285 |
240 |
||||||||||
Deferred revenue |
16,432 |
11,009 |
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Sale leaseback obligation |
47,704 |
47,586 |
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Other liabilities |
10,471 |
9,135 |
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Total liabilities |
128,703 |
100,776 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or outstanding |
— |
— |
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Common stock, $0.001 par value, 75,000 shares authorized; 31,433 shares issued and outstanding at September 30, 2017; 29,518 shares issued and outstanding at December 31, 2016 |
31 |
30 |
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Additional paid-in capital |
550,058 |
535,408 |
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Accumulated deficit |
(296,425) |
(331,704) |
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Accumulated other comprehensive income (loss) |
738 |
(2,279) |
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Total stockholders' equity |
254,402 |
201,455 |
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Total liabilities and stockholders' equity |
$ |
383,105 |
$ |
302,231 |
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