Call Start: 08:30 January 1, 0000 9:01 AM ET
Axcelis Technologies, Inc. (NASDAQ:ACLS)
Q1 2022 Earnings Conference Call
May 5, 2022, 8:30 AM ET
Company Participants
Mary Puma – President and Chief Executive Officer
Kevin Brewer – Executive Vice President & Chief Financial Officer
Conference Call Participants
Patrick Ho – Stifel Nicolaus
Mark Miller – The Benchmark Company
Hans Chung – D.A. Davidson & Co.
Operator
Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company's results for the first quarter of 2022. My name is Sylvana I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facility question-and-answer session towards the end of this conference. [Operator Instructions]. I would now like to turn the presentation over to your host for today's call. Mary Puma, President and CEO of Axcelis Technologies. Please proceed, ma'am.
Mary Puma
Thank you, Sylvia. With me today is Kevin Brewer, Executive Vice President and CFO, and Doug Lawson, Executive Vice President of Corporate Marketing and Strategy. We are all participating in this call remotely, so I would like to apologize in advance for any technical difficulties. If you've not seen a copy of our press release issued yesterday, it is available on our website. Playback service will also be available on our website as described in our press release. Please note that comments made today about our expectations for future revenues, profits, and other results are forward-looking statements under the SEC Safe Harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our Form, 10-K annual report and other sec filings, which we urge you to review. Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.
Good morning and thank you for joining us for our first-quarter earnings call. 2022 has begun exactly as 2021 ended for both Axcelis and the industry, with significant demand for chips in the capital equipment required to produce them. Turning to Axcelis, specifically, the adoption of the full Purion product family has been strong and continues to gain momentum across the large and growing customer base. Customer satisfaction remains our top priority. Today, despite the challenging supply chain and logistics environment, solid execution by the full Axcelis team has allowed us to keep up with this high level of customer demand, need shipments, and maintain high levels of customer satisfaction. I would like to thank our dedicated employees once again for delivering these results under these challenging conditions. As a result of this demand and our strong execution, our first-quarter financial performance was well above our guidance. Revenue for the first quarter was $203.6 million with earnings per share of $1.22, gross margin of 44.1%, and the quarter-end cash balance of $297.9 million. Our aftermarket business or what we refer to as CS&I, continued to contribute significantly to our revenue and gross margin. CS&I revenue in Q1 was $51.8 million.