Home Substantial portion AXCELIS TECHNOLOGIES INC Management report and analysis of the financial situation and operating results. (Form 10-Q)

AXCELIS TECHNOLOGIES INC Management report and analysis of the financial situation and operating results. (Form 10-Q)

0
Certain statements within "Management's Discussion and Analysis of Financial
Condition and Results of Operations" are forward-looking statements that involve
risks and uncertainties. Words such as may, will, should, would, anticipates,
expects, intends, plans, believes, seeks, estimates and similar expressions
identify such forward-looking statements. The forward-looking statements
contained herein are based on current expectations and entail various risks and
uncertainties that could cause actual results to differ materially from those
expressed in such forward-looking statements. Factors that might cause such a
difference include, among other things, those set forth under "Liquidity and
Capital Resources" below and under "Risk Factors" in Part I, Item 1A to our
  annual report on Form 10-K for the year ended December 31, 2021  , which
discussion is incorporated herein by reference. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. We assume no obligation to
update these forward-looking statements to reflect actual results or changes in
factors or assumptions affecting forward-looking statements, except as may
be
required by law.

Overview

We are primarily a producer of ion implantation equipment used in the
fabrication of semiconductor chips in the United States, Europe and Asia. In
addition, we provide extensive worldwide aftermarket service and support,
including spare parts, equipment upgrades and maintenance services to the
semiconductor industry. Our product development and manufacturing activities
currently occur primarily in the United States and South Korea. Our equipment
and service products are highly technical and are sold through a direct sales
force in the United States, Europe and Asia. Consolidation and partnering within
the semiconductor manufacturing industry has resulted in a small number of
customers representing a substantial portion of our business. Our ten largest
customers accounted for 60.7% of total revenue for the nine months ended
September 30, 2022.

For Axcelis and the rest of our industry, the first nine months of 2022 has been
a continuation of the unprecedented demand for chips and the capital equipment
required to produce them. At the same time, supply chain challenges also
continued during the first nine months of 2022. Axcelis' strong results in the
first nine months of 2022 demonstrate our ability to meet demand and manage
supply chain difficulties. The growing mature process technology market
continues to be an area of strength for Axcelis, with 84% of shipments during
the first nine months of 2022 going to mature foundry/logic customers.



Critical accounting estimates

Management's discussion and analysis of our financial condition and results of
operations included herein and in our Annual Report on Form 10-K for the year
ended December 31, 2021 are based upon our consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses and related disclosure of
contingent assets and liabilities. On an ongoing basis, we evaluate our
estimates and assumptions. Management's estimates are based on historical
experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.

                                       19

Contents

Management has not identified any need to make any material change in, and has
not changed, any of our critical accounting estimates and judgments as described
in Management's Discussion and Analysis of Financial Condition and Results of
Operations included in our Annual Report on Form 10-K for the year ended
December 31, 2021.

Operating results

The following table sets forth our results of operations as a percentage of
total revenue:

                               Three months ended           Nine months ended
                                  September 30,               September 30,
                                2022         2021           2022         2021
Revenue:
Product                           96.7 %       95.7 %         96.6 %       95.4 %
Services                           3.3          4.3            3.4          4.6
Total revenue                    100.0        100.0          100.0        100.0
Cost of revenue:
Product                           51.9         52.7           52.4         52.6
Services                           3.0          4.0            2.9          4.3
Total cost of revenue             54.9         56.7           55.3         56.9
Gross profit                      45.1         43.3           44.7         43.1
Operating expenses:
Research and development           9.0          9.4            8.6         10.7
Sales and marketing                6.4          6.5            5.9          7.4
General and administrative         6.5          6.8            6.3          7.3
Total operating expenses          21.9         22.7           20.8         25.4
Income from operations            23.2         20.6           23.9         17.7
Other (expense) income:
Interest income                    0.5            -            0.2            -
Interest expense                 (0.6)        (0.7)          (0.6)        (0.8)
Other, net                       (3.5)        (0.5)          (2.2)        (0.4)
Total other expense              (3.6)        (1.2)          (2.6)        (1.2)
Income before income taxes        19.6         19.4           21.3         16.5
Income tax provision               2.0          3.8            2.0          2.7
Net income                        17.6 %       15.6 %         19.3 %       13.8 %


Revenue

The following table presents our revenue from products and services:

                             Three months ended       Period-to-Period        Nine months ended         Period-to-Period
                               September 30,               Change               September 30,                Change
                             2022         2021            $          %        2022         2021             $          %

                                                                (dollars in thousands)
Revenue:
Product                    $ 221,540    $ 169,151    $    52,389    31.0 % 
$ 631,998    $ 435,916    $     196,082   45.0 %
Percentage of revenue           96.7 %       95.7 %                              96.6 %       95.4 %
Services                       7,635        7,543             92     1.2 %     21,949       20,828            1,121    5.4 %
Percentage of revenue            3.3 %        4.3 %                               3.4 %        4.6 %
Total revenue              $ 229,175    $ 176,694    $    52,481    29.7 % 
$ 653,947    $ 456,744    $     197,203   43.2 %


                                       20

  Table of Contents

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Product

Product revenue, which includes systems sales, sales of spare parts, product
upgrades and used systems was $221.5 million, or 96.7% of revenue during the
three months ended September 30, 2022, compared with $169.2 million, or 95.7% of
revenue for the three months ended September 30, 2021. The $52.4 million
increase in product revenue for the three-month period ending September 30,
2022, in comparison to the same period in 2021, was primarily driven by an
increase in the number of systems sold.

Deferred revenue includes payments received in advance of system sales as well
as deferral of revenue from systems sales for installation and other future
performance obligations. The total amount of deferred revenue at September 30,
2022 and December 31, 2021 was $122.6 million and $68.4 million, respectively.
The increase in deferred revenue was primarily due to the number of systems sold
and payments received in advance of sales.

Services

Services revenue, which includes the labor component of maintenance and service
contracts and fees for service hours provided by on-site service personnel, was
$7.6 million, or 3.3% of revenue for the three months ended September 30, 2022,
compared with $7.5 million, or 4.3% of revenue for the three months ended
September 30, 2021. Although services revenue typically increases with the
expansion of the installed base of systems, it can fluctuate from period to
period based on capacity utilization at customers' manufacturing facilities,
which affects the need for equipment service.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Product

Product revenue was $632.0 million, or 96.6% of revenue during the nine months
ended September 30, 2022, compared with $435.9 million, or 95.4% of revenue for
the nine months ended September 30, 2021. The $196.1 million increase in product
revenue for the nine-month period ending September 30, 2022, in comparison to
the same period in 2021, was primarily driven by an increase in the number
of
systems sold.

Services
Services revenue was $21.9 million, or 3.4% of revenue for the nine months ended
September 30, 2022, compared with $20.8 million, or 4.6% of revenue for the nine
months ended September 30, 2021.

Revenue categories used by management

In addition to the line item revenue categories described above, management also regularly disaggregates revenue into the following categories, which it deems relevant and useful:

? Systems and Aftermarket revenue, in which “Aftermarket” corresponds to:

A. The portion of product revenue related to spare parts, product upgrades, and

used equipment, combined with

B. Service revenue, which is the labor component of secondary market revenue


(Aftermarket purchases reflect current fab utilization as opposed to Systems
purchases which reflect capital investment decisions by our customers, which
have differing economic drivers);

? Revenue by geographical area, because the economic factors impacting

purchasing decisions may vary by geographic region; and

                                       21

  Table of Contents

Revenue from our customer market segments, as they may be subject to different

economic drivers at different times, impacting

? probability of buying capital goods during a given period.

Currently, management references three customer segments: memory, mature

state-of-the-art process and foundry technology and logic.

Aftermarket and systems revenue

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Included in total revenue of $229.2 million during the three months ended
September 30, 2022 is revenue from our Aftermarket business of $58.1 million,
compared with $50.5 million of aftermarket revenue for the three months ended
September 30, 2021. Aftermarket revenue fluctuates from period to period based
on capacity utilization at customers' manufacturing facilities, which affects
the sale of spare parts and demand for equipment service. Aftermarket revenue
can also fluctuate from period to period based on the demand for system upgrades
or used equipment. The remaining $171.1 million of revenue for the three months
ended September 30, 2022 was from system sales, compared with $126.2 million of
systems revenue for the three months ended September 30, 2021. Systems revenue
fluctuates from period to period based on our customers' capital spending.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Included in total revenue of $653.9 million during the nine months ended
September 30, 2022 is revenue from our Aftermarket business of $165.7 million,
compared with $149.4 million of aftermarket revenue for the nine months ended
September 30, 2021. The remaining $488.2 million of revenue for the nine months
ended September 30, 2022 was from system sales, compared with $307.3 million of
systems revenue for the nine months ended September 30, 2021.

Gross Profit / Gross Margin

The following table presents our gross profit / gross margin:

                           Three months ended        Period-to-Period        Nine months ended          Period-to-Period
                              September 30,               Change               September 30,                 Change
                            2022         2021            $          %         2022         2021           $            %

                                                                (dollars in thousands)
Gross Profit:
Product                  $  102,548    $  75,950    $    26,598    35.0 % 
$ 289,611    $ 195,693    $    93,918       48.0 %
Product gross margin           46.3 %       44.9 %                              45.8 %       44.9 %

Services                        773          562            211    37.5 %      2,658        1,268          1,390      109.6 %
Services gross margin          10.1 %        7.5 %                         

12.1% 6.1% Total gross profit $103,321 $76,512 $26,809 35.0% $292,269 $196,961 $95,308 48.4% Gross margin

                   45.1 %       43.3 %                              44.7 %       43.1 %


Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Product

Gross margin from product revenue was 46.3% for the three months ended September
30, 2022, compared to 44.9% for the three months ended September 30, 2021. The
increase in gross margin resulted from improved margins on Purion systems.

Services

Services revenue gross margin was 10.1% for the three months ended
September 30, 2022against 7.5% for the three months ended September 30, 2021. The increase in gross margin is attributable to changes in the composition of service contracts.

                                       22

  Table of Contents

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Product

Gross margin from product revenue was 45.8% for the nine months ended September
30, 2022, compared to 44.9% for the nine months ended September 30, 2021. The
increase in gross margin resulted from improved margins on Purion systems.

Services

Gross margin from services revenue was 12.1% for the nine months ended September
30, 2022, compared to 6.1% for the nine months ended September 30, 2021. The
increase in gross margin is attributable to changes in the mix of service
contracts.

Functionnary costs

The following table presents our operating expenses:

                                Three months ended        Period-to-Period       Nine months ended         Period-to-Period
                                  September 30,                Change              September 30,                Change
                                 2022         2021           $          %        2022         2021            $           %

                                                                   

(in thousands of dollars) Research and development $20,563 $16,707 $3,856 23.1% $56,267 $49,015 $7,252 14.8% Percentage of turnover

                9.0 %       9.4 %                               8.6 %       10.7 %
Sales and marketing               14,573      11,415          3,158     

27.7% 38,567 33,979 4,588 13.5% Percentage of turnover

                6.4 %       6.5 %                      

5.9% 7.4% General and administrative 14,983 11,996 2,987 24.9% 41,163 33,226 7,937 23.9% Percentage of revenue

                6.5 %       6.8 %                      

6.3% 7.3% Total operating expenses $50,119 $40,118 $10,001 24.9% $135,997 $116,220 $19,777 17.0% Percentage of revenue

               21.9 %      22.7 %                      

20.8% 25.4%


Our operating expenses consist primarily of personnel costs, including salaries,
commissions, incentive-based compensation, stock-based compensation and related
benefits and taxes; project material costs related to the design and development
of new products and enhancement of existing products; and professional fees,
travel and depreciation expenses.

Personnel costs are our largest expense, representing $31.4 million or 62.6% of
our total operating expenses for the three months ended September 30, 2022,
compared to $24.9 million or 62.1% of our total operating expenses for the three
months ended September 30, 2021. Personnel costs were $83.0 million or 61.0% of
our total operating expenses for the nine months ended September 30, 2022,
compared to $72.3 million or 62.2% of our total operating expenses for the nine
months ended September 30, 2021. The higher personnel costs for the three and
nine months ended September 30, 2022 are primarily due to increases in
personnel-related expenses to support growth as well as an increase in
incentive-based pay expense due to strong financial performance.

Research and development

                              Three months ended       Period-to-Period           Nine months ended           Period-to-Period
                               September 30,                Change                  September 30,                  Change
                              2022        2021            $             %         2022         2021             $           %

                                                                   

(in thousands of dollars) Research and development $20,563 $16,707 $3,856 23.1% $56,267 $49,015 $7,252 14.8% Percentage of turnover

            9.0 %       9.4 %                          

8.6% 10.7%


Our ability to remain competitive depends largely on continuously developing
innovative technology, with new and enhanced features and systems and
introducing them at competitive prices on a timely basis. Accordingly, based on
our

                                       23

  Table of Contents

Strategically, we establish annual R&D budgets to fund programs that we believe will solve customers’ high value, high impact ion implantation problems.

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Research and development expense was $20.6 million during the three months ended
September 30, 2022, an increase of $3.9 million, or 23.1%, compared with $16.7
million during the three months ended September 30, 2021. The increase is
primarily due to higher personnel expenses including an increase in
incentive-based pay expense as well as an increase in project materials and
related services for ongoing projects.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Research and development expense was $56.3 million during the nine months ended
September 30, 2022, an increase of $7.3 million, or 14.8%, compared with $49.0
million during the nine months ended September 30, 2021. The increase is
primarily due to higher personnel expenses including an increase in
incentive-based pay expense as well as an increase in project materials and
related services for ongoing projects.

Sales and Marketing

                                  Three months ended         Period-to-Period          Nine months ended       Period-to-Period
                                    September 30,                 Change                 September 30,              Change
                                   2022         2021           $              %        2022         2021           $          %

                                                                      (dollars in thousands)
Sales and marketing             $   14,573    $ 11,415     $     3,158     

27.7% $38,567 $33,979 $4,588 13.5% Percentage of turnover

                  6.4 %       6.5 %                                   5.9 %       7.4 %


Our sales and marketing expenses result primarily from the sale of our equipment and services through our direct sales force.

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Sales and marketing expenses were $14.6 million in the three months ended
September 30, 2022an augmentation of $3.2 millioni.e. 27.7%, against
$11.4 million in the three months ended September 30, 2021. The increase is primarily due to higher personnel expenses, including an increase in performance pay expenses and transportation costs.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Sales and marketing expenses were $38.6 million in the nine months ended
September 30, 2022an augmentation of $4.6 millioni.e. 13.5%, against
$34.0 million in the three months ended September 30, 2021. The increase is primarily due to higher personnel expenses, including an increase in performance pay expenses and transportation costs.

General and administrative

                                 Three months ended       Period-to-Period        Nine months ended       Period-to-Period
                                   September 30,               Change               September 30,              Change
                                  2022         2021           $          %        2022         2021          $           %

                                                                   (dollars

in thousands) General and administrative $14,983 $11,996 $2,987 24.9% $41,163 $33,226 $7,937 23.9% Percentage of turnover

                 6.5 %       6.8 %                     

6.3% 7.3%

Our general and administrative expenses result primarily from costs associated with our management, finance, information technology, legal and human resources functions.

                                       24

  Table of Contents

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

General and administrative expense was $15.0 million during the three months
ended September 30, 2022, an increase of $3.0 million, or 24.9%, compared with
$12.0 million during the three months ended September 30, 2021. The increase is
primarily due to an increase in personnel expenses and professional fees.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

General and administrative expense was $41.2 million during the nine months
ended September 30, 2022, an increase of $7.9 million, or 23.9%, compared with
$33.2 million during the nine months ended September 30, 2021. The increase is
primarily due to an increase in personnel expenses and professional fees.

Other (Expense) Income

                            Three months ended      Period-to-period         Nine months ended       Period-to-period
                              September 30,              change                September 30,              change
                             2022        2021          $          %           2022        2021          $          %

                                                              (dollars in thousands)
Other expense             $  (8,193)   $ (2,181)   $   6,012   (275.7) %   $ (17,183)   $ (5,579)   $  11,604   (208.0) %
Percentage of revenue          (3.6) %     (1.2) %                              (2.6) %     (1.2) %


Other (expense) income consists primarily of interest expense relating to the
finance lease obligation we incurred in connection with the 2015 sale of our
headquarters facility and other financing obligations, foreign exchange gains
and losses attributable to fluctuations of the U.S. dollar against local
currencies of certain of the countries in which we operate as well as interest
earned on our invested cash balances.

Other expense was $8.2 million for the three months ended September 30, 2022,
compared with $2.2 million for the three months ended September 30, 2021. The
increase in other expense was primarily due to an increase in foreign currency
exchange losses. Other expense was $17.2 million for the nine months ended
September 30, 2022, compared with $5.6 million for the nine months ended
September 30, 2021. The increase in other expense was primarily due to an
increase in foreign currency exchange losses.

During the nine-month periods ended September 30, 2022 and 2021, we had no material off-balance sheet risks such as foreign exchange contracts, option contracts or other hedging agreements.

Provision for income tax

                          Three months ended       Period-to-period         Nine months ended       Period-to-period
                             September 30,              change                September 30,              change
                           2022         2021          $          %          2022         2021          $          %

                                                             (dollars in thousands)
Income tax provision    $    4,726      $ 6,698   $  (1,972)   (29.4) %   $  13,002     $ 12,261   $     741       6.0 %
Percentage of revenue          2.0 %        3.8 %                               2.0 %        2.7 %


Income tax expense was $4.7 million for the three months ended September 30,
2022, compared to $6.7 million for the three months ended September 30, 2021.
The $2.0 million decrease was primarily due to the FDII deduction on export
sales. Income tax expense was $13.0 million for the nine months ended September
30, 2022, compared to $12.3 million for the nine months ended September 30,
2021. The $0.7 million increase was primarily due to a $63.9 million increase in
pretax income offset by the FDII deduction on export sales.

The effective tax rate for the three and nine months ended September 30, 2022
was less than the U.S. statutory rate of 21% due to forecasted FDII deductions,
Federal research and development tax credits and a favorable discrete item
related to equity compensation that reduces the annual tax rate. The effective
tax rate for the three and nine months ended

                                       25

Contents

September 30, 2021 was less than the U.S. statutory rate of 21% due to favorable
discrete items related to equity compensation in the period and Federal research
and development tax credits that reduce the annual tax rate.

The deferred income taxes of $28.4 million and $35.5 million as of September 30,
2022 and December 31, 2021, respectively, reflect the net tax effect of
temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes, as
well as the tax effect of carryforwards. We have recorded a $9.3 million
valuation allowance in the U.S. against certain tax credits and state net
operating losses due to the uncertainty of their realization. Realization of our
net deferred tax assets is dependent on future taxable income. We believe it is
more likely than not that such assets will be realized; however, ultimate
realization could be impacted by market conditions and other variables not known
or anticipated at this time.

Cash and capital resources

We had $308.6 million in unrestricted cash and cash equivalents at September 30,
2022 and $33.6 million in short-term investments, in addition to $0.8 million in
restricted cash. Management believes that maintaining a strong cash balance is
necessary to fund a continuing ramp in our business which can require
significant cash investment to meet sudden demand. Additionally, we are using
cash in our stock repurchase program and are considering both organic and
inorganic opportunities to drive future growth, for which cash resources will be
necessary.

Our liquidity is affected by many factors. Some of these relate specifically to
the operations of our business, for example, the rate of sale of our products,
and others relate to the uncertainties of global economic conditions, including
the availability of credit and the condition of the overall semiconductor
equipment industry. Our industry requires ongoing investments in operations and
research and development that are not easily adjusted to reflect changes in
revenue. As a result, profitability and cash flows can fluctuate more widely
than revenue. Stock repurchases, as discussed below, also reduce our cash
balances.

In the nine months ended September 30, 2022 and 2021 we generated
$93.2 million and $112.1 millionrespectively, cash from operating activities.

Investing activities for the nine months ended September 30, 2022 resulted in
cash outflows of $40.5 million, $6.9 million of which was used for capital
expenditures and $33.6 million used to purchase short-term investments.
Investing activities for the nine months ended September 30, 2021 resulted in
cash outflows of $5.7 million used for capital expenditures.

Financing activities for the nine months ended September 30, 2022 resulted in a
cash usage of $53.1 million. During the first nine months of 2022, $45.0 million
in cash was used to repurchase our common stock and $9.3 million was used for
payments to government tax authorities for income tax withholding on employee
compensation arising from the vesting of RSUs, where units are withheld by the
Company for taxes, as well as $0.7 million relating to the reduction of the
liability under the finance lease of our corporate headquarters. These amounts
were partially offset by $1.9 million of proceeds from the exercise of stock
options and purchase of shares under our 2020 ESPP during the first nine months
of 2022. In comparison, financing activities for the nine months ended September
30, 2021 resulted in cash usage of $40.7 million, $37.5 million of which related
to the repurchase of our common stock and $6.5 million related to payments made
to government tax authorities for income tax withholding on employee
compensation arising from the vesting of RSUs, as well as $0.6 million relating
to the reduction of our financing lease liability. These amounts were partially
offset by $3.9 million of proceeds related to the exercise of stock options
during the first nine months of 2021.

Under the rules of the U.S. Securities and Exchange Commission (the "SEC"), we
qualify as a "well-known seasoned issuer," which allows us to file shelf
registration statements to register an unspecified amount of securities that are
effective upon filing. On May 29, 2020, we filed such a shelf registration
statement with the SEC for the issuance of an unspecified amount of common
stock, preferred stock, various series of debt securities and/or warrants to
purchase any of such securities, either individually or in units, from time to
time at prices and on terms to be determined at the time of any such offering.
This registration statement was effective upon filing and will remain in effect
for up to three years from filing, prior to which time we may file another shelf
registration statement to maintain the availability of this financing option.

                                       26

  Table of Contents
On July 31, 2020, we entered into a Senior Secured Credit Facilities Credit
Agreement (the "Credit Agreement") with Silicon Valley Bank. The Credit
Agreement provides for a revolving credit facility in an aggregate principal
amount not to exceed $40.0 million. Our obligations under the Credit Agreement
are secured by a security interest, senior to any current and future debts and
to any security interest, in all of our rights, title, and interest in, to and
under substantially all of our assets, subject to limited exceptions, including
permitted liens. The revolving credit facility terminates on July 31, 2023. As
of September 30, 2022, we were in compliance with all covenant requirements of
the Credit Agreement. As of such date, no borrowings had been made under the
Credit Agreement, although a letter of credit for $5.9 million reduces the funds
available for borrowing under the credit line. We have no immediate plans to
borrow under the Credit Agreement, but we will use the facility for letters of
credit, for ongoing working capital needs and to fund general corporate
purposes, as desired. We entered into a First Amendment to the Credit Agreement
with Silicon Valley Bank in March 2021 to (i) align the covenants with our stock
repurchase program, and (ii) establish terms to transition from a Eurodollar
based interest rate option to an interest rate benchmark using a secured
overnight financing rate (known as "SOFR") published by the Federal Reserve Bank
of New York.

We believe that based on our current market, revenue, expense and cash flow
forecasts, our existing cash, cash equivalents and equity and debt financing
capacity will be sufficient to satisfy our anticipated cash requirements for the
short and long-term.

Commitments and contingencies

Significant commitments and contingencies at September 30, 2022 are consistent
with those discussed in Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and Note 16 to the consolidated
financial statements in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021.

© Edgar Online, source Previews